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. ■ «J. 'yM-Jl" ( P— ! 





Unilever and P&G 
8 join battle in China 


»i? 



Wine into water 

The demise of 
the liquid lunch 

Pam Id 



k :^T5 Jennes&e irantatsc 

■■■■ 

Mitterrand and 
| the Vichy legacy 

** Page 16 



yag_- , 


The executive 

Plaything or 
business tool ? 

Page 16 


FINANCIAL TIMES 



E u rope : s; r ’B us i hp'ss". ' N eyvSpajje r 


Travellers face 
extra checks as 
plague fears grow 



Germany and France introduced airport health 
checks on travellers from India, where pneumonic 
plague has lolled more than 40 people. The moves 
follow «rimtlar measures talrpn by the Gulf states, 
where thousands of Indians work, and by many 
Asian countries. Other European countries, such as 
Britain and the Netherlands, have not yet tightened 
controls. In India itself, suspected cases of the 
plague multiplied, and in Ahmedabad (pictured 
above) protective face masks sold steadily. Page 4 

Japanese ex- minis ter cleared: Takao 
F nfmami, 61, a former Japanese chief cabinet secre- 
tary. was acquitted of bribery in Tokyo. His had 
been a key name in the 1980s Recruit stocks-for-£a- 
vours scandal that tainted many senior Japanese 
politicians. Page 18 

Prince takes hotels stakes Saudi financier 
Prince al-Waleed bin Talal bin Abduhmz, who «>tw» 
to the rescue of Euro Disney earlier this year, is 
paying C$165m (US$123m) for 25 per cent of Cana- 
da's Four Seasons Hotels. The prince, largest single 
shareholder in US bank Citicorp, also has interests 
in San Francisco-based Fairmont hotels. Page 19 

IIS soldier dies in Haiti: US army officials were 
investigating the death erf a US soldier found with 
gunshot wounds in Port-au-Prince. Suicide is sus- 
pected. Page 6 

Lebanon’s first eurobond offering is launched 
today to help fund reconstruction of the war-tom 
country. The target of the issue was raised from 
$150 to $300m because of strong demand. Page 19; 
International bonds. Page 23 

Nigerian mHEtaiy tightens gfp: Nigeria’s 
ruler, Gen Sani Abacha, appointed an enlarged rul- 
ing council composed of military men only. Remain- 
ing civilian members were removed. Page 18 

Telecom Italia, main asset In Italy’s state-owned 
telecommunications sector, made first-half taxable 
profits of L2,175bn ($1.4bn), easing the way for the 
long-awaited privatisation of Stet, its parent com- 
pany. Page 19 

Plastics flotation planned: EVC International, 
a European plastics joint venture between ICI of the 
UR and Italy’s EniChem, plans to float about GO per 
cent of Its share capital on the Amsterdam stock 
exchange. Page 19; Lex, Page 18 

Baghdad prices surge: Food prices in Baghdad 
are soaring as Iraqis scramble to cope with a gov- 
ernment decision to cut rations by as much as half 
The weekend decision has brought the hardiest 
derisions since UN sanctions came into force more 
than four years ago. 

Hungary honours Soros: Hungarian-born 
financier and philanthropist George Soros was deco- 
rated by his native country for contributions to 
Hungary's modernisation. 

Call for debt write-offs: The International 
Monetary Fund and the World Bank should write 
off some of the debt owed them by very poor Afri- 
can countries, British parliamentarians from the 
all-party Parliamentary Group on Overseas Devel- 
opment said in a report. 

German taxpayers comptabe The league of 
German taxpayers accused government of wasting 
about DMGObn ($39bn) a year of taxpayers' money 
through carelessness and incompetence. 

Mazda of Japan is to stop sales in the US of 
offroad cars made by Ford. The end or the sales ven- 
ture is hitch on road towards closer co-operation 
between the two vehicle producers. 

Page9 

Rocket kiKs guests: More than 40 people were 
killed and about 70 injured in the Afghan capital, 
Kabul, when a rocket landed on a wedding party. 
Another rocket fell in a street, killing three people. 

Canal Plus, French subscription TV group, has 
taken a 24.9 per cent stake in Vox. the German sat- 
ellite TV company that went into liquidation in 
April. Page 19 

Channel record broken: American Chad 
Hundeby broke the English Channel swimming 
record by 23 minutes. He crossed from Dover to Cap 
Gris-Nez in 7hr I7min. 


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WEDNESDAY SEPTEMBER 28 1994 


■ STOCK MARKET INDICES 

*■ STBUJMG 

FT-5E IDO: .... -WB25 (ATI 

Yield *20 

FT-SE Etffofrack 100 . {+1 29) 

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NKkef . „1948M9 1-345.47) 

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£ Index 79.7 (79.9) 

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Long Bond 98% 

YWd. MOM 

■ LONDON MONEY 

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Brert 15-day (How) *1M2 (16.48) 

■ Oold 

Mar York Cttnex (Dec) -.1401 A (397 J) 
London -. 43954 (395.95) 


Italy 

By Robert Graham in Rome 


Italy's powerful trades union 
movement was last night headed 
for a general strike as the govern- 
ment ruled out ftnther compro- 
mises over pensions reform ami 
public spending cuts. 

At the same time, the govern- 
ment decided to bring forward 
the presentation of details of the 
1995 budget, which had originally 
been due tomorrow. This move 
demonstrated the rie terrpinatin n 
of Mr Silvio Berlusconi, the 
prime minister, to outflank the 
unions by showing the electorate 
an austerity budget which claims 
to spread sacrifices fairly. 

The budget is seeking to find 


s unions head for strike over pensions 

Government rules out further compromises and brings forward budget 


L48j000bn ($30bn) through spend- 
ing cuts and fresh revenues to 
hold the deficit to L138,000bn - 
just below 9 per cent of gross 
domestic product Extra revenue 
through a reform of the pensions 
system has been a central issue. 

A final meeting between the 
gnv p m mpnt and the heads ol the 
three main trades confederations 
was taking place last night But 
senior government officials said 
in advance that the time for con- 
cessions had passed. Union lead- 
ers considered a last minute com- 
promise unlikely and talked of 
the Inevitability of their long- 


threatened general strike. In 
three previous meetings over the 
past two weeks, the right-wing 
coalition government has sought 
to bead off a confrontation with 
the trades union movement Mr 
Berlusconi has already reduced 
the planned level of cuts in 
Italy’s generous but deficit-ridden 
state pensions system. The gov- 
ernment has given ground on 
plans to reduce the costly rate at 
which pensions accrue from 2 per 
cent a year closer to the EU norm 
of L5 per cent. 

Union leaders are still pressing 
for further changes in the propos- 


als. They are refusing to accept a 
proposal that pensioners should 
be penalised if they have made 
the necessary equivalent of 35 
years contributions but retire 
before the retirement age. 

Measures to freeze temporarily 
inflation adjustments for pen- 
sions are opposed, os is a plan to 
link future increases to the 
annual projected (but not actual) 
rate of inflation. More generally, 
the unions insist the government 
has adopted a short-term 
approach on budget needs 
instead of introducing long-term 
structural reforms. They also 


want a separation in the budget 
between transfers for pensions 
and other welfare payments. 

The call for a general strike is 
expected to be put to union mem- 
bers today. Union officials said 
yesterday the protest would not 
be limited to pensions but the 
entire thrust of the 1995 budget. 

The government is gambling 
on the unions losing public sym- 
pathy and hopes to avoid a trou- 
bled autumn by playing on fears 
of social instability as well as 
concerns for the prospects of 
what Is an increasingly strong 
industrial recovery. But now 


more trades unionists are pen- 
sioners than active workers. 
Already the government faces 
unrest from civil servants who 
are pledged to observe a national 
stoppage on October 13 to protest 
against stalled pay talks. Also 
yesterday, local transport work- 
ers began a three day series of 
stoppages, beginning in the north 
and ending in the south, to pro- 
test against the failure to renew 
contracts fallen due in 1992. 

All the coalition partners, 
including the troublesome North- 
ern League, have suddenly given 
an unprecedented display of 
unity over the budget, whose 
details were due to be released 
late yesterday. 



Partners in peace: Russia's president Boris Yeltsin speaks as US president BID Clinton listens during 
welcoming ceremonies at the White House yesterday . The two leaders began a two day summit by saying 
the former rivals are now partners in seeking world peace. Yeltsin said that it was exciting the two 
countries could ‘join hands’. Clinton was equally positive, he said: ‘Where we do disagree we can discuss 
onr differences in a climate of warm peace, not coM war*. Report, Page 18 pore Rn*» 


Fed holds 
off rate rise 
despite 
inflation 
fears 


By George Graham in 
Washington 

The US Federal Reserve indicated 
yesterday that there would be no 
immediate move to increase 
interest rates despite growing 
fears of rising inflatio n. 

In its traditional elliptical 
style, the Fed announced that 
yesterday's meeting of its policy- 
setting Federal Open Markets 
Committee had adjourned after 
more than four hours of discus- 
sions and would make no farther 
announcement. 

Financial market economists 
said the Fed could still act to 
tighten monetary policy before 
the next FOMC meeting on 
November 15. 

So far this year, the Fed has 
announced all of its five 
increases In short-term interest 
rates. When it raised both the 
discount rate and the Federal 
funds rate by half a percentage 


“expected to be sufficient, at 


tionary growth”. 

But economists, who had ear- 


in recent weeks by 


Most alarming to the financial 


Continued on Page IS 


Credit Lyonnais 
expects state aid 
after FFr4.5bn loss 


By Andrew Jack and 
David Buchan in Paris 

Crtdit Lyonnais, the embattled 
French banking group, yesterday 
announced a FFr4_5bn ($865m) 
loss for the first half of this year, 
and said the state bad agreed to 
help if its losses worsened fur- 
ther this year. 

The bank set aside further pro- 
visions against bad debts of 
FFrlO.lbn, which wiped out its 
operating profits of FFr5bn. A 
French state capital injection of 
FFr4.9bn this summer brought 
the bank’s ratio of own funds to 
assets to 8.1 per cent - only a 
shade above the internationally 
agreed minimum of 8 per cent. 

Mr Jean Peyrelevade. -Credit 
Lyo nnais chairman, acknowl- 
edged he had over-estimated the 
degree to which the bank could 
recover from past bad loans and 
investments on its own and out 
of current banking income. 

Credit Lyonnais was announc- 
ing results unexpectedly delayed 
from last Thursday, following 
emergency consultations between 
the bank, its auditors and the 
government 

Mr Peyrelevade denied some 
suggestions by the government 
that the state-controlled bank 
misled it saying that “we told 
them [ministers] everything we 
knew when we knew It”. 

He said the bank would try to 
contain this year's loss to last 
year’s level of FFriL9bn, but con- 
ceded that even before that level 
was reached “we would need a 
recapitalisation to avoid our sol- 
vency ratio falling below the min- 
imum". 

In addition to the government 
and other public sector share- 
holders in the bank providing the 
FFr4.9bn capital increase, the 
government has also guaranteed 
FFr40bn worth of its doubtful 
property loans. 


CONTENTS' 


For the first time, Mr Peyrele- 
vade raised the prospect that 
Credit Lyonnais might sell some 
of its international banking net- 
work, in addition to the already 
announced programme to sell 
some FFr20bn worth of the 
group's industrial and financial 
holding s. 

He resisted suggestions that 
the government bad made bank 
asset sales a condition of further 
help, but said Credit Lyonnais 
“might rectify the frontiers" of 
its banking business by, for 
instance, abandoning retail 
hanking in “some distant coun- 
tries”. 

This month Credit Lyonnais 
said it would reduce its retail 


Lex. 


.Page 18 


banking operation in the UK 
in favour of focusing on 
corporate banking and market 
trading. 

Some FFr3.4bn of the FFrLStra 
“exceptional" provisions in the 
first half were related to Credit 
Lyonnais's hanking subsidiaries 
of Altos, an investment bank 
whose high-risk operations had 
turned wrong; SDBO, which is 
the main banker to Mr Bernard 
Tapie; and of CLBN, the Dutch 
subsidiary whose loans to the 
American film business required 
further provisions. 

Mr Peyrelevade described a 
new and tougher regulatory cli- 
mate in which the bank's new 
auditors insisted that the bank 
must start taking precautions 
against the “latent risks" 
inherent in the bank’s past activ- 
ities. 

The auditors had only certified 
the first half accounts on 
condition that the state had 
guaranteed to help deal 
with these risks, the chairman 
said. 


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Study likely to upset European farm lobby 

Brussels report to 
push for wholesale 
reform of CAP 


By Lionel Barber in Brussels 

The European Commission will 
shortly release a controversial 
report recommending wholesale 
reform of the Common Agricul- 
tural Policy, including scrapping 
farm production quotas and set- 
aside payments to fanners. 

The report's recommendations 
challenge the view that favours 
step-by-step reform of the CAP 
and are certain to provoke a 
stormy reaction among the farm 
lobby in Europe, particularly in 
France. 

..But the. authors of the study 
argue that radical reform of the 
CAP would lighten the burden on 
taxpayers, reduce consumer 
prices, and ease the integration 
of farm-intensive economies of 
central and eastern Europe into 
the European Union. 

“The objective should be a 
level of market protection no 
higher than that enjoyed by 
other sectors in the EU econ- 
omy,” the report concludes. 

The discussion document was 
drawn up by a group of indepen- 
dent agriculture experts under 
contract by the Commission’s 
economic and financial affairs 
directorate. It is one of several 
internal Commission papers 


being prepared ahead of the 1996 
intergovernmental conference to 
review the Maastricht treaty. 

Its chief recommendations for 
reform of the CAP - which con- 
sumes more than half of the ElTs 
annual Ecu 70bn ($l02.8bn) bud- 
get - are: 

• EU form prices should be cut 
to near world price levels in a 11 
sectors. All remaining import 
levies and quotas should be 
transformed into flat-rate tariffs. 

• The phasing of form subsidies 
into national budgets over 7-10 
years. This would allow member 
states to decide how to share out 
the freed-up funds. 

• Member states liable to suffer 
heavy penalties through loss of 
EU financial support could be 
compensated through increased 
contributions from the regional, 
social and “cohesion" funds, 
established to assist poorer EU 
members. 

In a foreword to the discussion 
paper, the Commission makes 
clear that it does not support the 
“far-reaching" recommendation 
written by the report's authors 
who include a group of agricul- 
ture experts headed by Mr Arne 
Larsen, chief of staff to Mr Finn 
Gundelach, a former Danish 
vice-president of the Euro- 


pean Commission in the 1970s. 

“This is a really hot potato,” 
said a senior Commission official 
who referred to a “very painful 
debate” before the decision to 
publish the report. The consen- 
sus had been in favour of publi- 
cation in the interests of stimu- 
lating discussion and debate, the 
official explained. 

The most recent reform of the 
CAP was agreed in 1992 and is 
still being digested. By 1997, it 
aims to virtually eliminate export 
subsidies which EU producers 
use to dump food on world mar- 
kets, thereby reducing rampant 
overproduction. 

The report repeats the oft-cited 
criticism of the CAP for being 
over-bureaucratic, as well as 
causing environmental damage 
and trade tensions. It claims the 
proposed changes would allow 
member states to lower their EU 
budget contributions and reduce 
consumer prices. 

It would also increase the EU’s 
“flexibility towards trading part- 
ners and new entrant states,” 
says the report in reference to 
pressure to admit Poland, 
Hungary, the Czech Republic 
and Slovakia into the Union, 
possibly around the turn of the 
century. 



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© THE FINANCIAL TIMES LIMITED 1994 No 32,483 Week No 39 


LONDON - PARIS * FRANKFURT - NEW YORK - TOKYO 





FINANCIAL, TIMES WEDNESDAY SEPTEM BER 28 1994 


NEWS: EUROPE 


Ex-communists sure of seats in Bundestag 



Forty years of 
accepting the 
ideological cer- 
tainty of Marx- 
ism-Leninism 
may be one 
reason why the 
Party of Demo- 
cratic Social- 


East Germany’s former rulers expect to win in east Berlin, reports Judy Dempsey 


%;> ism (PDS). the 


to 


successor 
.y' east Germany’s 
former commu- 
GERMAN nist party, is 
ELECTIONS Plagued by 
October 16 doubt. The PDS 
is certain it 


will enter the Bundestag, or 
lower house of Germany’s fed- 
eral parliament, but not 
through winning 5 per cent of 
the federal vote, the minimum 
required by any party for par- 
liamentary representation. 

Instead, it is concentrating 
all its efforts on winning out- 
right three constituencies. This 
would mean the party would 
automatically qualify for repre- 
sentation according to what- 
ever proportion of the national 
vote it won. If it wins three 
constituencies, the PDS would 
then gain about 18 seats in the 
Bundestag. It could be in a 
position to play an important 
role in shaping the composi- 
tion of the next government 

“We are very optimistic 
about winning three seats in 
east Berlin. We might even 
pick up one in Potsdam and 
[the island of] Rflgen." says Mr 
Hanno Harnisch, the PDS's 
ebullient spokesman. The last- 


The German government and the Trenhand privatisation agency 
will provide a massive capital injection to Deutsche Waggonban, 
the east German rail carriage maker and one of the last big 
enterprises to he privatised, writes Judy Dempsey in Berlin. 

The subsidies, which wiQ run into “triple figures”, will finance 
restructuring and compensate for losses incurred following the 
virtual collapse of DWA's markets In Russia, Mr Gfinter 
Rexrodt, the federal economics minister, said yesterday. 

The government’s pledge to grant more financial support to 
DWA, estimated to total DM390m (£160m) for this year alone, 
coincides with the last weeks of the federal election campaign. 
The pledge is also another attempt to make DWA more attrac- 
tive for private investors. 

Before German unification, the giant complex, spread over 
three east German states, employed more than 25.000. That 
figure has since been reduced to 7,000 and more redundancies 
are forecast if the Treuhand presses ahead with "strategy DWA 
2000", a plan for producing a new generaton of passenger trains. 
Job losses will however be resisted by both the state govern- 
ments and IG Metall, the engineering trade union. 


est Allens bach opinion poll 
gives the PDS 4 per cent of the 
national vote and 19.5 per cent 
of the east German vote. 

But what makes the PDS so 
sure of victory in east Berlin? 
“We’ve got a good member- 
ship. the right candidates, and 
we are helped by a stupid cam- 
paign by the political establish- 
ment," says Mr Harnisch. 

There is no disputing the 
membership. The PDS boasts a 
membership of 23.000 in east 
Berlin, compared to Chancellor 
Helmut Kohl's Christian Demo- 
crats' 3,000. the Social Demo- 
crats’ 2,600 and the Free Demo- 
crats' mere 1,078. Many PDS 
members - over 90 per cent 


belonged to the former Com- 
munist party - are active at 
the grassroots leveL 
“I know these local PDS peo- 
ple," says 83-year-old Mrs 
Herta Plache. “They visit me 
and visit the pensioners' club. 
The other political parties 
don't seem to care about our 
problems. I don't care if the 
PDS are former communists." 

The party has also capital- 
ised on the city’s unemploy- 
ment rate, in some regions as 
high as 40 per cent 
But the choice of candidates 
- all known locally - has also 
played a big role in boosting 
the party’s chances. Mr Gregor 
Gysi, the PDS's charismatic 



East Berlin: “good membership, the right candidates, and a stupid campaign" 


anchorman, is standing in Mar- 
zahn-Hellersdorf, a sprawling 
high-rise suburb in the east of 
the city, where unemployment 
is running at 40 per cent “I’m 
voting for Gysi because I know 
Him He speaks our language. 
He stands up to the Wessis 
[west Germans], who are 
always accusing us of being 
fearints painted red," said Ms 
Birgit K fihn e, a 36-year-old 
unemployed engineer. 

Mr Stefan Heym, whose nov- 
els written under the former 


communist system tried to 
expose the regime’s corruption 
of the socialist ideal, is stand- 
ing in Berlin Mitte/Prenzlauer 
Berg, home to east Berlin’s 
intellectuals and youth cul- 
ture. Although the PDS is cer- 
tain Mr Heym will win, the 
SPD is fielding a strong candi- 
date - Mr Wolfgang Thierse, a 
member of the party's execu- 
tive board. 

Further east in the work- 
ing-class constituency of Lich- 
tenberg-Friedrichshain, the 


PDS is confident that Ms 
Christa Luft, economics minis- 
ter in the last communist gov- 
ernment will win. But again, 
the SPD is active. 

To counter the PDS’s sup- 
port, some CDU officials fear 
that voters mi ght s witch, from 
the CDU to the SPD in order to 
keep out the PDS. But Mr Har- 
nisch digmnnte this idea, as 
indeed do CDU supporters in 
the rapitei “Can a voter really 
swing that much just to keep 
us out? No!" he says. 


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EUROPEAN NEWS DIGEST 


Danish coalition 
put together 


Mr Poul Nyrup Rasmussen yesterday presented his new 
three- party min ority coalition government to Queen Mar- 
grethe following last week's Danish parliamentary elections. 
The new administration includes Mr Rasmussen’s Social Dem- 
ocratic party and the two small centre parties, the Centre 
Democrats and the Radical Liberals, which were members of 
the previous government. Individual appointments were 
expected to be announced later last night In a policy docu- 
ment agreed by the three coalition parties the government has 
promised to maintain a tig ht hold on expenditure and to 
reduce the budget deficit. Hilary Barnes, Copenhagen 


Cost of backing rouble 


The Russian Central Bank spent $2£bn (£1.6bn) in the past 
two T" nnf hs on intervention to support the rouble, reducing its 
foreign exchange reserves to below $5bn, a senior ban k official 
aaift yesterday. “It’s good for the central bank to raise its 
currency reserves but it means pumping roubles into the 
market, fuelling inflation," deputy central bank chairman 
Alexander Khandruyev told a news conference. “By cutting 
our reserves by &5bn we have introduced a stabilising ele- 
ment into the economy." The rouble fell to a record low of 
2,476 to the dollar on the Moscow Interbank Currency 
Exchange earlier, with the central bank refraining from inter- 
vention. Last week it dropped five per cent to the previous 
record low of 2,460 as the central bank stayed on the sidelines. 
Mr Alexander Potemkin, head of the central bank’s foreign 
operations, told Itar-Tass news agency last week the 5 per cent 
chop was the result of a top-level decision to abandon efforts to 
steer the rouble slowly lower in order to save valuable 
reserves. Reuter, Moscow 


League wins RAI channel 


Italy’s populist Northern League has been promised effective 
control of fiie third channel of the RAI, the state broadcasti n g 
organisation, in a deal struck between the main partners in 
the right-wing coalition government This represents a big 
concession to the League, which has been long campaigning 
for greater regionalisation of the RAI and in particular for the 
right to run a station out of Milan. The compromise follows a 
threat by the League to «ndn the government’s appointments 
to the board and editorial management of the RAI The edito- 
rial appointments were announced last week and involve a 
complete change in the existing controllers in favour of people 
considered sympathetic to the Berlusconi government How- 
ever, the League complained the choice was too narrow Mon- 
day’s agreement means the appointments to the third channel, 
will have to be revised. Robert Oraham, Rome 


Concern at Hungary economy 


Th e World Rank and the International Monetary Fund have 
written to Hungary’s new government to express their con- 
cern over the country’s poor financial and economic situation, 
the prime minister, Mr Gyula Horn, told par liam ent yesterday. 
The two groups warned that the state's high deficit could not 
be sustained and deep structural changes were needed in 
public expenditure, Mr Horn said. He said they believed the 
slowdown in reform in the past two years had cost Hungary 
its advantage as the pioneer of market-led reforms in the 
1980s. The prime minis ter, who heads a Socialist-dominated 
cabinet, said the government would draw up a three-year 
economic programme with the help of the two institutions and 
the European Union which would be presented to parliament 
by April 1995. He promised to accelerate privatisation, to limit 
spending and urged trade unions and employers to accept pay 
constraint Virginia Marsh. Budapest 


Fine for Colgate-Palmolive 


Hungary intends to fine Colgate-Palmolive, the US consumer 
and products group, Ft30m for what it considers “misleading 
advertising" in a toothpaste TV commercial. The decision 
follows a complaint by Procter and Gamble of the US. one of 
the company’s main rivals, to the economic competition office 
in Budapest Hie office said a commercial by Colgate-Palmo- 
live which claims calcium helps prevent tooth decay had not 
been scientifically proved and was therefore misleading. Col- 
gate-Palmolive, which claims It has a 20 per cent share of the 
Hungarian toothpaste market, said yesterday it would con- 
sider whether to appeal once it had received written notice of 
the office’s decision. Procter and Gamble was itself fined last 
year on the basis of misleading advertising last year after a 
complaint by Colgate-Palmolive. Virginia Marsh, Budapest 


German banks under fire 


Germany’s banks came under fire from the country’s main 
political parties yesterday, and the opposition Social Demo- 
crats (SPD) pledged to clip their wings if it wins the general 
election on October 16. Chancellor Helmut Kohl said he took 
seriously the complaints of small companies that big hanks 
were too powerful, and his liberal Free Democrat (FDP) coali- 
tion partners said bank representation on company boards 
should be limited. The comments were made in written replies 
to questions submitted by the Federation of Small and Medi- 
um-Sized Businesses, a lobby group representing 29,000 compa- 
nies. The SPD's shadow finance minister, Mr Oskar Lafontaine 
went furthest, saying he would take steps to limit banks’ 
power. Reuter, Bonn 


Biotech market growing 

The European market for goods that depend directly on the 
application of biotechnology is worth £30bn a year in sectors 
ranging from pharmaceuticals and animal health to nhpmtpgi 
and food, acco r ding to a survey undertaken by Ernst & Young 
and funded by the biotech industry. It estimates that 184,000 
jobs depend on biotechnology. However, the study found tha t 
companies plan to move future investment away from Europe. 
The US is the favoured location for the future, while Japan 
and other Asian countries are becoming popular. Companies’ 
reasons for preferring the US include greater public support 
for biotech investment, a more predictable science-based regu- 
latory structure and better access to skilled staff than in 
Europe. Owe Cookson, Science Editor 


ECONOMIC WATCH 


Swedish producer prices up 


Sweden: producer prices 

Annual 9b change 



94 


Producer prices in Sweden 
rose 08 per cent during July, 
contributing to a year-on-year 
rise of u per cent, reported 
the Swedish Bureau of Statis- 
tics. Import prices rose 0.9 per 
cent during the month and 
were up 54 per cent during 
the past 12 months. The 
monthly increase of import 
prices was bolstered by 
higher coffee prices, which 
contributed 0.2 points to the 
total rise, and higher prices 
on paper pulp, said SCB. 
Export prices, meanwhile, 
rose 0.8 per cent in the month 
and were up 5,0 per cent from 
12 months ago. The monthly 


1992 93 

ftlMIW n 1 ’ MW , 

.' _ “ mumua ago. l no mw — — j 

increase was attributed mainly to paper products, refined 
petroleum products and chemical products. AP-DJ and Reuter. 
Stockholm 

■ Hungary’s central budget deficit for the first eitfit months 
of 1994 amounted to Fti95J22bn (£l_2bn), or 59.2 per cent of the 
year’s target of Ft329^61bn, the MTI-Econews agency reported- 

■ Consumer prices in the western German state of Bavana 
rose 0.1 per cent in the month to mid-September and were UP 
2.9 per cent from a year earlier. 



: v 


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, r, - . . 

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■s\ 


FINANCIAL. TIMES WEDNESDAY SEPTEMBER 28 1994 


NEWS: EUROPE 


Wide relief over arms embargo 

Moslems accept delay, report Bruce Clark and George Graham 


There were sighs of relief in a 
bizarre mixture of places - 
from Downing Street and the 
Elysee to the embattled 
enclaves of eastern Bosnia - as 
it became clear yesterday that 
Bosnia's Moslem leaders would 
not press their friends in the 
OS administration for an early 
end to the arms embargo. 

Foreign ministries in at least 
three European capitals - Lon- 
don, Paris, and Bonn - were 
taking quiet pleasure In the 
fact that the one of the bitter- 
est transatlantic disputes since 
the second world war has for 
now been averted. 

Senior European officials 
had been warning that the 
standoff over arms supplies to 
Bosnia had the po tential to cre- 
ate the biggest diplomatic row 
between the US and its closest 
European allies since the Suez 
crisis of 1956. when Washing- 
ton opposed the Anglo-French 
intervention In Egypt 

They have stressed the dev- 
astating blow which such a cri- 
sis would deal to Nato's credi- 
bility, far exceeding any 


damage which the alliance 
may already have suffered 
from the relative mildness of 
its air activity over Bosnia. 

In their worst nightmares, 
the European states which con- 
tribute ground forces to the 
UN in Bosnia bad imagined a 
heavily contested withdrawal - 
with the risk of heavy casual- 
ties - as the Serbs took 
revenge on the international 
community for arming their 
Moslem and Croat enemies. 

Nato contingency plans for a 
withdrawal in hostile condi- 
tions have yet to be finalised, 
and it bag never been m a d e 
clear how much help the 
Americans would be prepared 
to offer. 

European governments have 
said that such an operation 
would require the involvement 
of US ground troops; but the 
US might in practice be reluc- 
tant to commit soldiers to an 
operation in which many could 
be killed. 

In Washington, US officials 
said the Bosnian government's 
willingness to wait six months 


more for the lifting of the 
United Nations arms embargo 
gives further opportunities to 
press the Bosnian Serbs to 
accept a peace settlement. 

“That five or six months 
could be very important in try- 
ing to persuade the Bosnian 
Serbs that they should accept 
the peace plan put forward by 
the contact group,” said Mr 
Warren Christopher, US secre- 
tary of state. 

The contact group, which 
includes the US, Russia, the 
UK and France, proposed a set- 
tlement that would give the 
Moslems and Croats 51 per 
cent of the territory of Bosnia - 
Hercegovina and require the 
Bosnian Serbs to reduce the 
portion they now control to 49 
per cent 

But the Bosnian Serbs con- 
tinue to reject the plan, and 
pressure has been steadily 
mounting in the US Congress 
to compel President Bill Clin- 
ton to break the UN-imposed 
arms embargo by supplying 
weapons to the Bosnian Mos- 
lems. 


Mr Christopher insisted that 
the idea of delaying the lifting 
of the arms embargo came 
from Bosnia, not the US. 

Nevertheless, the move 
offers a welcome relief to the 
US administration, which has 
been backed by Congress into 
a corner where it might be 
forced to break a UN embargo 
against the opposition not only 
of Russia but also of France 
and the UK, which have peace- 
keeping troops at risk in Bos- 
nia. 

Mr Haris Sdajdzic, the Bos- 
nian prime minister, first 
broached the idea to Mr Chris- 
topher last week and Mr Alija 
Izetbegovic, Bosnia’s president, 
discussed it with Mr Clinton on 
Monday. 

Mr Izetbegovic was expected 
to call formally for a delayed 
end to the arms embargo in a 
speech to the UN General 
Assembly yesterday afternoon. 

Mr Christopher said Bosnia's 
reasoning was affected by the 
onset of winter and the mili- 
tary situation. 

“They have indicated they 


thought in their own self-inter- 
est it was better not to have 
the lifting at this tune," Mr 
Christopher said. 

Some observers have warned 
that the immediate effect of 
lifting the arms embargo might 
be to harm the Bosnian Mos- 
lems more than the Serbs. It 
might be particularly disas- 
trous for the Moslem enclave 
of Srebrenica, which is sur- 
rounded by Serb forces to east- 
ern Bosnia. 

Mr Clinton, meanwhile, 
warned in his speech to the UN 
on Monday that the Bosnian 
capital of Sarajevo “once again 
faces the prospect of strangula- 
tion 

This is a term which can 
trigger air strikes under the 
existing policy of the North 
Atlantic Treaty Organisation. 

Mr Clinton called for “a new 
resolve by the United Nations 
to enforce Its resolutions”, a 
rail which administration offi- 
cials said reflected frustration 
at the unwillingness of UN 
forces in Bosnia to respond to 
Serb aggression. 


Rulings today on sex 
equality in pensions 

Norma Cohen on what will be the definitive 
word from the European Court of Justice 


Longuet hints he may Rome tax inspectors 
quit Paris government in corruption inquiry 


By David Buchan In Paris • 

Mr Gerard Longuet yesterday indicated 
he would resign as French trade and 
industry minister, if an investigation 
over the next month into the funding of 
his holiday villa and of his Republican 
party resulted in formal charges against 

him 

The embattled minister had previ- 
ously said he would not resign, even if 
charged. But he changed his mind after 
the justice minister decided to ask the 
Paris prosecutor's office to widen its 
“p reliminar y investigation” to the min- 
ister's villa. 

Mr Pierre Mehaignerie. the justice 
minister, said he expected the “prelimi- 
nary investigation” to be complete by 
the end of October, and promised to 
make its conclusions public. Mr 
Mehaignerie said he was widening the 
scope of tiie existing low-level inquiry - 
rather than immediately putting on the 
case an independent magistrate empow- 
ered to bring charges - ‘'out of a con- 
cern to comprehend, globally and in all 
serenity, a complex dossier”. 


Mr Longuet has denied the allegation 
that he let a contractor from his home 
region of Lorraine substantially subsid- 
ise the building of his St Tropez villa. 
But he said yesterday that, once 
assured of “an in-depth, balanced and 
confidential” roramirtaHrin of the mat. 

ter, “I naturally accept the laws of my 
country and the rule which the govern- 
ment has set itself." 

Prime Minister Edouard Balladur has 
said that ministers should resign if 
charged. 

The Paris prosecutor's office is 
already inquiring into whether Mr Lon- 
guet personally received money in 
1989-90 from companies which were also 
substantial donors to his Republican 
party (of which Mr Longuet had also 
been the treasurer), and into the 
extent to which he earned this money 
by providing genuine consultancy ser- 
vices. 

A tougher Law in 1990 on political 
party financing was accompanied by an 
amnesty for everyone c ommittin g ille- 
galities before that date, except mem- I 
bers of parliament. I 


By Robert Graham In Rome 

Rome magistrates are investigating for 
alleged abuse erf office the entire eight- 
man directorate at the Finance Minis- 
try responsible for tax inspection and 
evasion. 

The investigation relates to the tax 
treatment accorded the Femizzl-Mont- 
edison group during the transfer in 
1989 of chemical assets to form Eni- 
znont, the joint venture with Enl, the 
state oil concern. 

The senior ministry officials are 
alleged to have ignored potential tax 
liabilities totalling some L900bn 
(£367m) on the added value of Montedi- 
son’s assets in the joint venture. 

They are also alleged to have ignored 
a report from within the Finance Min- 
istry objecting to such favourable 
treatment of the group, then run by Mr 
Raul GardinL They have denied the 
allegations. 

This is the most serious investigation 
affecting any single group of officials 
throughout the past 2& years of cor- 
ruption scandals. This special director- 


ate at the Finance Ministry, known as 
Seat, is headed by Mr Luigi MazzQlo, 
wbo has held the post since February 
1990. 

It includes the directors- general of 
personnel and of information technol- 
ogy at the Finance Ministry, as wen as 
three magistrates, one of whom is sec- 
onded from the court of public 
accounts. 

The move by Rome magistrates 
comes at a time when Mr Giulio Tre- 
monti, the finance minister, has prom- 
ised to fight tax evasion. It Is unrelated 
to another investigation by Milan mag- 
istrates into bribes paid to officials of 
the Guardia di Finanza, the financial 
police, to make favourable tax assess- 
ments of businesses. 

Already most of the top politicians 
and business figures involved in set- 
ting up Enhnont, and then the 1990 
purchase of Montedison's 40 per cent 
stake by Eni for an inflated price, have 
been charged with corruption. Bribes 
paid out have totalled more than : 
L150bn and a seond trial of those j 
involved began this month. I 


T he European Court of 
Justice takes the 
unprecedented step 
I today of ruling simultaneously 
on six cases, each involving 
sex equality in pensions 
schemes. 

The r uling s are expected to 
provide the definitive word on 
how employers and scheme 
trustees are expected to pro- 
vide equal pensions for men 
and women - an issue which 
has been before the court since 
the end of the 1980s. 

In May 1990 it ruled that 
because pension benefits are in 
effect a form of deferred pay. 
the European employers' tradi- 
tion of offering more generous 
pension terms to women vio- 
lated sex equality laws. 

But having made its ruling, 
the court found it was flooded 
with cases asking how the rul- 
ing is to be applied. 

Last October, it settled what 
was probably the most conten- 
tious of those questions before 
it, ruling that no employer 
could retrospectively be 
required to provide equal pen- 
sions for men and women for 
periods of employment before 
May 1990. 

But numerous issues remain 
outstanding and they are not 
simply academic. Billions of 
pounds of expenditure by 
employers or billions of pounds 
of benefits to scheme members 
throughout Europe hang in the 
balance. 

One of the cases, Vroege v 
N.C.V Ins ti tut, WHO THEY 
asks the court whether 
employers who do not allow 
part-timers, mostly women, to 
obtain pension benefits are dis- 
criminating on the basis of sex. 
If so, actuaries at UK-based 
consultants R Watson calculate 
that part-timers could claim 
retrospective benefits as far 
back as 1976. which would cost 
UK employers alone some 
ElObn. 

Employers in other Euro- 
pean states, notably the 
Netherlands, Ireland. Germany 
and Belgium could free similar 
bills. Particularly hard hit will 
be employers who did not 
require their employees to con- 
tribute any portion of their pay 


to the pension scheme. While 
women in contributory 
schemes may be deterred from 
claiming retrospective benefits 
if they have to make retrospec- 
tive contributions, women in 
non-contributory schemes are 
unlikely to have such inhibi- 
tions. 

However, other pension 
experts note that the court has 
taken a tough stand on retro- 
spective rights and consis- 
tently agreed that employers 
did not need to provide them 
before May 1990. 

Moreover, the court is expec- 
ted to confirm an opinion last 
year of its Advocate General 
that although employers may 
equalise pension benefits by 
worsening conditions for 
women, they will have to 
improve what they offer men 
for employment service 
between May 1990 and what- 
ever date the scheme instituted 
equal pension rights. 

The outcome of the ruling 
could have significant implica- 
tions for the European insur- 
ance industry which sells 
annuities to those on the brink 
of retirement. 

The lead case before the 
court is that of C-oIoroll, a UK 
home furnishings and fabrics 
company which became insol- 
vent in 1969, leaving indepen- 
dent trustees in charge of 
maintaining numerous 
employee pension schemes. 

Among the questions the 
court must resolve is whether 
it is the trustees of the scheme 
or the employer itself which 
has the obligation to equalise 
benefits. For an insolvent 
employer such as Coloroll, 
improving benefits for men 
moans penalising female mem- 
bers of a scheme. 

The question is particularly 
thorny for UK, Irish and Dutch 
pension schemes. In the UK, 
hundreds of employers had 
become insolvent in the reces- 
sion of the early 1990s and 
their pension schemes have 
been unable to be wound up 
until this issue is resolved. 

Another issue arising from 
the Coloroll case is whether 
so-called defined contribution 
schemes - those in which final 


pension benefits are based on 
the investment returns of con- 
tributions - require employers 
to make equal contributions 
for men and women. Because 
women typically live longer 
than men, a woman will need a 
larger lump sum to purchase 
an annuity from an insurance 
company which will provide 
income until she dies. 

For the UK. the judgment 
will allow hundreds of pension 
schemes of insolvent employ- 
ers such as Coloroll to be for- 
mally wound up. Legal and 
General, the UK life insurer, 
estimates that these schemes 
hold assets of ESOQni to £900m 
which are likely to be invested 
in sucalled deferred annuities 
to pay pensions for thousands 
of workers. 

Other questions before the 
court are whether employers 
can "red circle" existing female 
scheme members to protect 
their benefits, whether married 
women can be barred from par- 
ticipating m occupational pen- 
sion schemes and whether the 
occupational scheme for Dutch 
civil servants is a social secu- 
rity scheme. 


THE FINANCIAL TIMES 

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4 


FINANCIAL. TIMES WEDNESDAY SEPTEMBER 28 1994 


★ 

NEWS: INTERNATIONAL 


Slums and fear fuel plague 

Stefan Wagstyl on India’s public health service concerns 



Delhi hospital doctors take a blood sample from a suspected plague vims carrier from Surat rw 


Keating party 
backs sale of 
22 airports 


Travellers 
face extra 
checks 

By Stewart Dalby 

Germany and France have 
become the first European 
countries to introduce extra 
health checks on travellers 
from India, where an outbreak 
of pneumonic plague has killed 
at least 43 people. 

Other European countries, 
including Britain and the 
Netherlands, said they saw no 
reason to introduce tighter 
controls yet. 

In London, the Immigration 
Department at the Home Office 
said: “The Department of 
Health has decided that 
current procedures at 
Heathrow Airport are adequate 
and no extra checks are 
necessary for the moment.” 

However, a close watch is 
being kept and new measures 
could be taken at any time. 

The decision by Germany 
and France follows new 
measures by Hong Kong. 
Pakistan. Sri Lanka, T hail and, 
some Gulf states and South 
Korea. 

Many Asian countries have 
sizeable populations of Indian 
expatriate workers. 

A Frankfurt airport 
spokesman said last night that 
doctors had boarded early 
morning (lights from India and 
checked passengers for 
symptoms of fever. All other 
flights from India would be 
monitored. 

France began conducting 
special medical e xamina tions 
at the main Paris airports over 
the weekend. The French 
health ministry said 
disinfectant measures on 
flights from plague-affected 
areas had been stepped up. 

The six Gulf states - UAE, 
Saudi Arabia. Oman. Kuwait, 
Bahrain and Qatar, where 
hundreds or thousands of 
Indians work - decided 
yesterday to screen all 
passengers arriving from India. 


African 

By Robert Taytor, 

Labour Correspondent 

Trade union rights violations 
in Africa remain “widespread 
and acute", according to a 
report produced by the Inter- 
national Confederation of Free 
Trade Unions. The document is 
to be discussed at the Pan-Af- 
rican conference on organised 
labour, opening today In 
Cotonou, Benin. 

Structural adjustment poli- 


T he flight of too plague- 
stricken patients from 
hospital in the city of 
Surat is a disturbing comment 
on public confidence in the 
Indian health service. 

After the patients ran away 
at the weekend because they 
felt they would be better off 
with their families, the author- 
ities surrounded the hospital 
with paramilitary troops to 
prevent more escapes. 

The outbreak erf pneumonic 
plague, which has claim ed at 
least 43 lives since it broke out 
in Surat last week, has high- 
lighted strengths and weak- 
nesses in the radian hea lth ser- 
vice. 

On the one hand, the author- 
ities seemed by yesterday to 
have brought the disease under 
control with no deaths 
reported since Monday. The 
rapid distribution of a simple 
remedy - the antibiotic tetra- 
cycline - has ensured that few 
victims have died once under 
medical care. 

On the other hand, the sick 
in Surat ran away from hospi- 
tal. Moreover, between 300,000- 
500.000 residents, some of them 
doctors and nurses, fled the 
city altogether rather than 
trust the health authorities to 
protect them. 

Ignorance about plague is at 
the root of these Tears. The last 
serious outbreaks of plague in 
India 30 years ago are within 
living memory of many 
Indians. They remember only 
the speed with which it strikes 
down victims, not the effective- 
ness of tetracycline which was 
not then as freely available as 
it is today. 

Dr K. K. Aggarwal. president 
of the Indian Medical Associa- 
tion, says: “There is absolutely 
no reason to panic. But people 
do panic because they are 
afraid they cannot get medi- 
cine and because they consult 
fellow laymen and quacks. 
Even some doctors do not 
know how to treat plague 


cies imposed by bodies such as 
the World Bank and the IMF 
as well as January’s devalua- 
tion of the CFA franc in the 
former French colonies in 
Africa are blamed for creating 
economic conditions wbere the 
exercise of trade anion rights 
has become a “virtual impossi- 
bility”. 

“The most widespread prob- 
lem is in situations tn which 
pressures to reduce public 
expenditure have brought tmi- 


because it is so rare.” 

But many doctors believe 
tha t inadequate public health 
services, which are responsible 
for monitoring co mmuni ty 
health and preventive medi- 
cine. contribute to popular 
ignorance and fear. Dr D. 
Banerji. professor emeritus at 
the centre of social heal th and 
community medicine at Jawa- 
harlal Nehru University, says 
it took the health authorities 
too long to respond to the 
Surat outbreak, so allowing 
panic to spread. “The govern- 
ment was not alert enough.” 

Dr L. M. Nath, dean of the 
All India Institute of Medical 
Sciences and head of its public 
health department, believes 
that the authorities should not 
be criticised Cor their handling 
of the Surat outbreak. Their 
actions were prompt, he says. 

But he believes that India 
has under-invested in public 
health and points out that the 
country has only one college of 
public health compared with 
146 medical colleges. He hopes 
the Surat outbreak will prompt 


lateral reductions in the col- 
lectively agreed wages of pub- 
lic employees or quite simply 
have led to the non-payment of 
wages for periods of several 
months,” says the report 

It points to pay cuts and 
detention of onion leaders in 
Cameroon. Niger. Gabon, 
Benin and Chad. 

Both in Zimbabwe and 
Malawi, trade unions have 
been bypassed by creation of 
parallel workplace bodies sub- 


a review. “Perhaps this cloud 
win have a silver lining .” 

But shortages of money wfll 
limit the scope for improve- 
ments in public health. There 
is a severe squeeze on public 
finances, particularly of India's 
states, which control health- 
care. The proportion of gross 
domestic product spent by the 
states on social services. 
Including health, has fallen 
from 5A per cent in 199061 to 
4.8 per cent in the year to 
March 1994, according to the 
World Bank. 

These concerns need to be 
pot in context While India’s 
population has risen 146 per 
cent since 1951. the number of 
doctors has soared 550 per cent 
and the number of hospitals 
300 per cent. Life expectancy at 
birth has almost doubled from 
32 years to 60.3 years. Smallpox 
has been eradicated and lep- 
rosy and other killer diseases 
greatly reduced. 

But the economic and social 
development which has made 
these gains possible has cre- 
ated ever-higher expectations 


ject to employer or govern- 
ment control. However,only 
Sudan, Libya and Equatorial 
Guinea among African states 
actually outlaw independent 
trade union activity. 

The report suggests trade 
unions have to operate “fre- 
quently in the context of seri- 
ous denials of basic civil fiber- 
ties”. In Lesotho, it argnes 
there has been “extreme and 
arbitrary brutality" against 
trade onions, while in 


of improvements in healthcare. 
It has also magnified problems, 
notably the spread of slums in 
large cities, including Bombay. 
Calcutta and Delhi. Because 
slums are often developed ille- 
gally by squatting on empty 
land, the authorities are 
unable to provide sanitation or 
other civil services, even 
where they could afford to. 

Dr ELK. Dutta, the director 
of the government's National 
Institute of Communicable Dis- 
eases says: “It's no secret that 
that the low levels of health in 
slums are a threat to the over- 
all g ain India hqg made in 
health standards.” 

Since the population of the 
slums is still growing and is 
forecast to grow further as the 
economy develops, the dangers 
to health will also multiply. Dr 
Nath says there is no answer 
except to increase spending not 
just on public health but also 
on services such as water and 
sanitation. But the cost will be 
enormous. “In India spending 
even one rupee a head is a a lot 
of rupees." 


Morocco, onion leaders have 
been jailed for exercising their 
right to free expression. 

The survey says as many as 
16 African countries make it 
“almost impossible” for 
unions to use legal strikes as 
an effective means of advanc- 
ing employees’ interests. 

The Challenge of Trade Union 
Rights in Africa from ICFTU. 
Bd Emile Jaapnam, 155B-1210 
Brussels. Belgium. 

Fax 32-2-21 8&L 15 


N Korea 
threatens 
to quit 
N-talks 

By Frances Wfflfcuns bi Geneva 

Crucial talks between the US 
and North Korea on Pyong- 
yang’s suspect nuclear pro- 
gramme appeared to have run 
into trouble yesterday as the 
US reported “no progress" and 
North Korea stepped up 
threats to pull out of the talks. 

The two delegations met yes- 
terday after consulting their 
respective capitals on terms of 
a settlement which would give 
North Korea safer nuclear 
technology in return for a 
freeze on its wnstfrig plutoni- 
um-generating reactors and a 
pledge to open nuclear sites to 
international inspection. 

However, a US statement 
after the tiling said there had 
been no progress. Mr Robert 
Gallucci, US chief negotiator, 
and Mr Kang Sok-ju. his North 
Korean opposite number, will 
meet again today. 

Earlier, Pyongyang repeated 
its threat to break off negotia- 
tions in response to the deploy- 
ment of US warships in the Sea 
of Japan. The move was 
unhelpfully described last 
week by the commander of the 
US Pacific Fleet as a ™«n-« of 
putting pressure on North 
Korea at the Geneva talks. 

“Now that the United States 
is seeking a military show- 
down, we cannot stick to talks 
indefinitely” a spokesman for 
the People's Armed Forces 
ministry said yesterday. 

Although the two sides may 
be talking down the negotia- 
tions to gain bar gaining advan- 
tage, it is hard to discern any 
tangible signs of progress on 
issues Washington says are 
vital to fleshing out the outline 
accord reached last month. 

Yesterday's statement from 
Pyongyang said North Korea 
would “never" allow special 
inspections of military sites. 
The US has masted all along 
that at same point Pyongyang 
will have to open to interna- 
tional inspection two nuclear 
Waste dumps which could pro- 
vide clues an whether North 
Korea diverted plutonium for 
atomic weapons. 

North Korea has also argued 
with US proposals for organis- 
ing and financing the provision 
of two light- water nuclear reac- 
tors. costing some $4bn, 
demanded extra cash as com- 
pensation for abandoning its 
graphite-moderated reactor 
programme, and refused a US 
offer to help ship to a third 
country 8,000 spent fuel rods. 


By NHdo Taft In Hobart 

The Australian government 
will go ahead with the sale of 
22 airports owned by the Fed- 
eral Airports Corporation after 
the ruling Labor Party backed 
a compromise sell-off proposal 
at its party conference in 
Hobart yesterday. 

But the government has 
been forced to make conces- 
sions over the shape of the sale 
and place significant con- 
straints on bidders, to secure 
support from left-wing fac- 
tions. 

These could affect the pro- 
ceeds received from the sell-off. 
Estimated sale revenue had 
previously been put at about 
A$2bn (£938m). 

The deal approved by the 
ALP conference requires that 
the airports are sold on leases 
of 50 years, rather than as free- 
hold. 

A controlling interest must 
r emain in Australian hands. 
Airlines, or their associated 
interests, will be unable to 
acquire more than a 5 per cent 
equity interest 

Measures will also be taken 
to prevent ownership concen- 
tration in the key east coast 
area. 

“Bundling" of airports for 
sale, especially across state 
will be minimised and. 
where possible, the airports 


By Mark Suzman in 
Johannesburg 

South Africa's Inkatha 
Freedom Party said yesterday 
it intends to sue President Nel- 
son Mandela, his African 
National Congress party and 
the South African police for 
R8m (£2 .2m) damages, follow- 
ing the killing of eight iff sup- 
porters outside the ANC head- 
quarters in Johannesburg last 
March. 

Announcing the lawsuits, Mr 
Themba Khoza, IFP political 
director, said summonses had 
been served on Mr Mandela 
and Mr Cyril Ramaphosa, ANC 
secretary-general for allegedly 
obstructing a police investiga- 
tion into the incident 

Summonses had also been 
served on Mr Sydney Mufa- 
madi, safety and security min- 
ister, and General Koos Cafitz, 
regional commissioner of 
police, for alleged inadequate 
protection of the marchers. 

The decision marks a new 
deterioration in relations 
between the ANC and Inkatha. 
partners with the National 
Party in the ruling National 
Unity government 

Before the April election. 
ANC and Inkatha supporters 
were frequently involved in 
dashes; in recent months they 
have been embroiled in dis- 


wiil be sold individually. 

Existing “award” employ- 
ment conditions for FAC staff 
must also be maintained. 

Finally, control of airport 
pricing and supervision to 
ensure competition between 
the properties will rest with 
the Prices Surveillance Author- 
ity and the Trade Practices 
Commission respectively. 

The ALFs hope is that local 
institutional investors will step 
forward as bidders, although 
the motion passed by the con- 
ference yesterday stated that 
state and local government 
bodies would also be encour- 
aged to become involved. 

To date, however, the most 
heavily-publicised interest in 
the airports has come from 
international operators, such 
as the British Airports Author- 
ity. 

The federal government will 
also refinance some of the 
smaller regional airports, 
which are at present loss-mak- 
ing, to make them more attrac- 
tive safe candidates. 

• Earlier in the day, the ALP 
conference passed a new ’^pri- 
vatisation” platform which, 
while moderating the party's 
stance on public ownership of 
key assets in some respects, 
specifically ruled out the sale 
of either Telstra, the large tele- 
communications group, or the 
Australia Post. 


putes within the KwaZulu/Na- 
tal provincial government. 

Inkatha has for several 
months been demanding a full 
investigation into the inning s, 
which occurred when a crowd 
of its supporters were appar- 
ently fired on by ANC security 
guards during a political dem- 
onstration. 

The timing of the announce- 
ment seems designed to deflect 
attention from the controversy 
surrounding Chief Mangosuthu 
Buthelezi, Inkatha party leader 
and home affairs minister. 

On Sunday night, the chief 
and a group of bodyguards 
interrupted a live broadcast by 
Prince Sifiso Zulu, a political 
rival instrumental in persuad- 
ing the Zulu King Goodwill 
Zwelithini to break off rela- 
tions with Chief Buthelezi last 
week. 

Chief Buthelezi has since 
apologised for the incident, 
saying he was not aware the 
television programme was still 
on the air, but his actions have 
been widely condemned, and 
Prince Sifiso Zulu has said he 
will press charges against the 
chief. 

The ANC has released a 
statement critical of Chief 
Buthelezi. President Mandela 
will not make a statement 
until he has discussed the 
issue with the cabinet today. 


Iraq prices increase after food rations 


A rush on staple foods is pushing up 
prices in Baghdad as Iraqis scramble 
to cope with a government decision to 
cut rations by as much as half, Reuter 
reports from Baghdad. 

The government decided on Sunday 
to reduce food rations, blaming a poor 
harvest and continuing UN trade 
sanctions, imposed to punish Iraq's 
1990 invasion of Kuwait 
Meagre as they were, the rations 
staved off starvation and made avail- 
able around half a person's basic 
needs at giveaway prices . 

"It is very worrying, particularly for 


children in poor families.” said Mr 
Thomas Ekval, United Nations Chil- 
dren's Fund (UNICEF) representative 
in Iraq. 

He feared an increase in malnutri- 
tion. 

Each Iraqi will now receive every 
month 6 kg 03 lb) of flour instead of 
nine, 1.25 kg (3.7 lb) of rice Instead of 
2.5 kg, 750 grammes (1.6 lbs) of sugar 
instead of 1.5 kgs, and 625 grammes 
122 ounces) of cooking oil instead of 
750. 

The UN hands out its own food 
rations to about half a million Iraqis 


it terms “destitute persons” and 
almost twice that number in northern 
Iraq, now under Kurdish rebel con- 
trol. 

Mr Ekval said the cut-back would 
reduce each person’s daily intake of 
calories and protein by as much as 

half 

Civil servants and members of the 
armed forces will receive 2,000 dinars 
a month each to meet the shor tfall. 
But the decision had an immediate 
impact on prices which reached 
unprecede n ted levels yesterday. 

Prices almost doubled, making it 


impossible for salaried people to make 
up for the cut in their rations. 

The official exchange rate is about 
500 dinars to the dollar and the illegal 
black market rate is between 600 to 
700. 

Flour almost doubled to nearly 200 
dinars a kg (100 dinars a pound), 
sugar from 230 dinars a kg to 
about 500. 

Prices of items left out of the new 
rationing system, such as razor 
blades, matches, shaving cream, salt 
and toothpaste, also doubled. 

The government said the measure 


are cut 


was to “organise economic condi- 
tions” and urged Iraqis to remain 
“steadfast" and be patient 
But it seems the decision, the 
harshest since sanctions came into 
force more than four years ago, was 
taken when it became dear that the 
embargo would not be eased or lifted 
soon as earlier thought 
The Official press 1amhagtod the US, 
which it said was behind efforts to 
maintain the Stiff regime of ganrtinng 
intact despite Baghdad's cooperation 
with the UN on dismantling its big 
weapons. 


trade union rights abuse ‘acute’ 


Inkatha intends 
to sue Mandela 
over killings 


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* 


NEWS: INTERNATIONAL 


I 


Leading 
indicators 
point to 
expansion 

Japan's index of leading economic 
indicators stood at 60.0 in July, the 
seventh straight month 
it was above the so-called 
“boom-or-bust” threshold of 50.0, the 

Economic Planning Agency (EPA) 
announced yesterday, AP-DJ reports 
from Tokyo 

The EPA considers a reading above 
SO as auguring economic expansion 
over the short term but a level below 
50 as heralding contraction. 

The June leading index was revised 
by the agency from the preliminary 
54.5 and May revised from the 
preliminary 58.3. 

An agency official briefing 
reporters on the data said there was 
no change in the agency's assessment 
that There is an increasing chance 
that the economy is entering a new 
phase". 

He also suggested that the 
coincident indicator, a key 
component in the index measuring 
the present state or the economy, 
stands a strong chance of exceeding 
50 in August, as the forecast by the 
Ministry of International Trade and 
Industry for a 1.6 per cent jnmp in 
industrial output would push that 
component of the index from 
negative to positive territory. 

Among components of the leading 
index, the counter-cyclical final 
demand-to-inventories index changed 
from negative to positive in July, the 
only part of the index that bHWmI 
direction from a month earlier. 


Japan lays its cards on UN table 

William Dawkins on the new approach that may win friends 


J apan, until yesterday a timid 
aspirant to the top table of world 
powers, has at last brought its 
international diplomatic ambitions 
into the open. 

Foreign minister Yohei Kono’s 
address to the United Nations, 
unprecedented in its directness, 
leaves no doubt that Japan, like Ger- 
many, believes the Security Council 
needs enlarging to reflect the growing 
importance of pacifist, non-nuclear 
powers in a post -cold war world. 

If Japan's hitherto tentative bid to 
become a permanent member of the 
council comes off, it promises to offer 
a different model of leadership to the 
present six members. 

Japan's dovish new government 
sees itself as no international police- 
man, but rather the champion of a 
global welfare state, in which rich 
countries concentrate on refugee 
relief, overpopulation, arms control, 
the environment and fighting Aids. 

This contrasts with the more asser- 
tive international presence favoured 
by Mr [chiro Ozawa, the political 
opposition’s main strategic thinker. 
Mr Ozawa believes Japan's pacifist 
constitution should be changed to 
enable it to take part in UN military 
peacekeeping activities Like a “normal 
country". 

Hie government and foreign minis , 
try lean towards interpreting 
the existing constitution flexibly, 
bo make the matiimnn non-military 
contribution to the UN's growing 
activities. Either way - the govern- 
ment’s gentle line or Mr Ozawa's 
assertive one - both lead Japan to 
assume international duties more 


commensurate with Its economic 

welghL 

Japan's new straightforwardness is 
partly a consequence of the growing 
chorus of international support for its 
desire to join the UN club. They 
include, over the past month, a visit 
from Mr Boutros Boutros Ghali, the 
UN secretary-general, who helpfully 
underlined that he saw no problem in 


As a symbol of its resolve, the min- 
istry appointed Its most senior diplo- 
mat, Mr Hisashi Owada, an avid advo- 
cate of membership, as its UN 
ambassador early this year. 

The arrival of the current govern- 
ment at the end of June, under a 
socialist prime minister, at first 
looked like a setback for the minis- 
try's UN ambitions. But the Social 


UN budget contributions 1994 



Japan assuming non- militar y perma- 
nent membership of the Security 
Council; and visits from senior minis- 
ters from 40 countries including the 
US, Britain, Australia, the Philippines 
and Malaysia. 

Mr Kono's speech is a success for 
the foreign ministry, which has been 
waging a patient behind-the-scenes 
campaign for UN membership since 
the end of the cold war and through 
three changes of Japanese govern- 
ment over the past year. 


Democratic party’s subsequent aban- 
donment of its traditional rigid 
anti-UN pacifism meant that for the 
first time in post-war history the full 
political spectrum supported member- 
ship. 

The ministry's main argument is 
that Japan deserves more influence in 
international affairs, as the world's 
largest aid donor, with a budget of 
YlJ)63bn (£&Sbn) this year, and the 
UN's second largest contributor, pay- 
ing just over 12 per cent of its budget. 


Moreover, Japan increasingly has 
something - even if it is delicately 
shaded - to say, contrary to its repu- 
tation for having no foreign policy, 
argue officials. It was Japanese influ- 
ence, for example, that ensured that 
the Khmer Rouge was involved in 
Cambodian peace talks In 1991. they 
maintain. 

T oday, Japan has clear feelings 
on the importance oF exerting 
more gradual pressure on 
North Korea, over its nuclear ambi- 
tions, than does the US. As a non- 
permanent member, it has to rely on 
other means to influence UN policy 
on this potentially explosive problem 
on its doorstep. 

Stung by the criticism it attracted 
for making a merely financial contri- 
bution to tbe 1991 gulf war, Japan has 
since stepped up its human contribu- 
tion to helping the world's trouble 
spots. 

Two prominent Japanese, Mrs 
Sadako Ogata, UN high commissioner 
for refugees, and Mr Yasushi Akasahi. 
UN special envoy to former Yugo- 
slavia, have played leading parts in 
Bosnia. Japanese troops have helped 
keep the peace in Mozambique and 
Cambodia, and recently embarked on 
a new mission, to help Rwandan refu- 
gees in Zaire, where a lightly armed 
Japanese contingent is now trying not 
to flinch at nearby gunfire. 

All this, Tokyo hopes, will be suffi- 
cient to persuade the requisite two- 
thirds of the UN general assembly 
and all five permanent council mem- 
bers that Japan has the credentials to 
join the top table. 


Taiwan beats 
Beijing over 
Asian Games 


By Laura Tyson in Taipei 

Taiwan yesterday won a 
marginal victory over Beijing 
in a fracas over whether a Tai- 
wanese official would be per- 
mitted to attend the Asian 
Games, starting in Hiroshima 
on Sunday. 

Beijing yesterday withdrew 
its threat to boycott the games, 
signalling on end to the two- 
month row. It had earlier 
warned of “grave conse- 
quences" if Tokyo were to 
grant Mr Hsu Li-teh. Taiwan's 
deputy premier, a visa to 
Japan. 

The matter was apparently 
settled at a meeting between 
Japan's foreign minister, Mr 
Yohei Kono, and his Chinese 
counterpart, Mr Qiun Qichcn, 
in Now York on Monday. 

Japan was put into an awk- 
ward position in lute July 
when the Olympic Council of 
Asia, organiser of the games, 
invited Taiwan's President Leo 
Teng-hui to attend the opening 
ceremonies, apparently by dint 
of Taiwanese lobbying efforts. 
Japan pressed the OCA into 
rescinding its invitation. Mr 
Hsu is to take his place. 

Observers said that while 
Taiwan's strategy was effective 
in eliciting attention and sym- 


pathy among Japanese politi- 
cians uml the general public, it 
could backfire. Japan would 
henceforth be ultra cunserva- 
tivc in dealing with Taiwan 
and other countries with sub- 
stantial legislative and popular 
support Tor Taiwan. 

"Hsu Li-teh will go to Japan, 
but his activities will be 
severely restricted to those 
relating to the Asian Games," 
said Mr Lu Ya-li. a politics pro- 
fessor at National Taiwan Uni- 
versity. “Japanese bureaucrats 
do not appreciate having their 
hands forced by foreign gov- 
ernments." 

Recently, Taipei appears to 
have embarked on a departure 
from its long-standing discreet 
approach to gaining interna- 
tional recognition, observers 
said. 

The new posture, demon- 
strated in the Asian Games 
incident, has emanated from 
the presidential palace rather 
than the foreign ministry, and 
appears to he driven almost 
exclusively by domestic poli- 
tics. they added. Fearing the 
rising strength of the pro-imte- 
pendencc opposition, the rul- 
ing Kuontintaiig is desperate 
for a foreign relations break- 
through ahead ol key elections 
in early December. 


Debt plan set for controversy 


Morocco in more state sell-offs 


By Phfflp Coggan 
In Valletta, Malta 

Commonwealth finance 
ministers are likely to welcome 
the UK’s Initiative on debt 
relief when they issue a com- 
munique at the end of their 
meeting in Malta today. 

Britain's Chancellor of the 
Exchequer. Mr Kenneth 
Clarke, has proposed that the 
debt burden of poor countries 
be relieved by extending the 
Trinidad terms, which cover 
bilateral debt, to debt owed to 
supra-national financial insti- 
tutions such as the Interna- 
tional Monetary Fund. 

The debt relief programme 


would be financed by sales of 
up to 10 per cent of the IMF's 
$40bn of gold reserves. 

The proceeds would be rein- 
vested in income-producing 
assets, and only the revenue 
earned from those assets used 
to finance the scheme. The 
overall value of the TMF's 
reserves would not be altered. 

While the support of the 
Commonwealth countries will 
be welcomed by the British 
government, it is likely to face 
serious opposition from coun- 
tries represented at the IMF 
meeting in Madrid next week. 

Some nations will be cau- 
tious about the gold sales, 
since this will be perceived as 


weakening the creditworthi- 
ness of the IMF. 

Mr Chris Uebenberg, finance 
minister of South Africa, 
which is an important gold 
producer, said yesterday that a 
gold might aisn have infla- 
tionary consequences. How- 
ever, Mr Liebenberg said he 
was in principle not against 
the proposal which needed 
more investigation. 

In his speech to the Malta 
meeting, Mr Clarke said: “For 
some of the poorest countries 
even frill Trinidad terms 
tomorrow would not allow 
them to escape from an unsus- 
tainable debt burden." 

“The IMF has played a key 


role in helping developing 
countries in both its lending 
and policy advice. But It must 
be on terms which countries 
can afford." 

Mr Clarke’s proposals would 
concentrate on poor, heavily 
indebted countries "which 
have displayed a credible and 
durable commitment to eco- 
nomic reform," the chancellor 
added. 

Mr Clarke proposes that the 
IMF’s enhanced structural 
adjustment facility (ESAF) 
should be extended and lend- 
ing made on easier terms, by 
lengthening the period over 
which the debt has to be 
repaid. 


Morocco will sell its stakes in five 
enterprises with a total turnover of Dir- 
hams 3.85bn ($438.4m) this year, the Pri- 
vatisation Ministry said yesterday, Reuter 
reports from Rabat 

The state has 35-99 per cent of the five 
groups: Banque Marocalne du Commerce 
Exterieur (BMCE), the Simef diesel and 
electric motor maker, the Sonasid steel 
mill, the Somas oil company and the 
Sochepresse publication distributor. 

"We expect to put on the market our 
stakes in these units before the end of the 
year," the ministry said. 

Privatisation Minister Abderrahman 
Saaidl stated on Monday that the five 
units “win be ceded as soon as the Soddte 
Nationale d'tnvestissement, the state 
investment agency, is privatised.” 

The government calls for bids today for 


its 67 per cent stake in SNI, of which 16 
per cent will be placed on the Casablanca 
bourse before the end of October. 

Since January. 12 state-owned enter- 
prises have been sold off, officials said. 
“Earnings from privatisation are esti- 
mated at Dirhams 900m in the first nine 
months of 1994,” the minister added. 

BMCE and Sonasid have turnovers of 
Dirhams 1.969tra and Dirhams I.603bn 
respectively and will be sold off quickly, 
Casablanca brokers said. 

When presenting the budget earlier this 
year, the Finance Ministry said the cur- 
rent privatisation programme would 
bring the state treasury an estimated Dir- 
hams 3J>bn in 1994. 

“We are on the right track. I am opti- 
mistic. We hope to reach the target by the 
end of the year because our plan is to 


privatise up to 40 enterprises before Janu- 
ary 1994," Mr Saaidl declared. 

• The Kuwait-based Arab Fund for Eco- 
nomic and Social Development has made 
a $72.5m-equivalent loan to Morocco 
towards financing electricity and irriga- 
tion projects under accords signed in 
Rabat on Monday. 

A first loan will finance 23 per cent of 
the cost of connecting the Spanish and 
Moroccan electricity grids. A second will 
cover 36 per cent of the cost of completing 
an irrigation network on the north bank 
of the Lonkkos River in north Morocco. 

Both loans are for 17 years with five- 
year grace periods and carry 4.5 per cent 
interest, officials said. 

Since 1975, the Fund has contributed 
finance to 26 projects in Morocco for the 
equivalent of 8966m. 




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FINANCIAL TIMES WEDNESDAY SEPTEMBER 28 W 



First US 

soldier 

dies 

in Haiti 

By James Harding in 
Port-au-Prince 

Senior US army officials were 
yesterday investigating the 
death of a US soldier, who was 
found with gunshot wounds in 
a northern suburb of Port-au- 
Prince. The sen-iceman was 
thought to be clearing out a 
guest house for exiled parlia- 
mentarians returning for 
today's convening of the 
National Assembly. 

The first death among Amer- 
ican troops came as the DS 
army took a visible initiative 
to restore democracy in Haiti 
yesterday by deploying troops 
and armoured vehicles to 
secure the parliament build- 
ings before the assembly con- 
vened by President Jean-Ber- 
trand Aristide votes on an 
amnesty law. 

Under the agreement 
between the US and the Hai- 
tian military the generals who 
usurped power From Mr Aris- 
tide will step down on October 
15th or when the amnesty law 
is passed, whichever comes 
first 

Swift passage of the legisla- 
tion could bring an end to the 
rule of Gen Raoui Cddras, 
Haiti's military leader. The 
amnesty is seen as a critical 
precondition for the reconcilia- 
tion of Aristide supporters and 
tbose still loyal to the military 
regime.The US was yesterday 
doe to fly back the 10 mem- 
bers of the Chamber of Depu- 
ties and the two senators in 
exile. 



The market upsets US plan, writes James Harding 

Haiti gun scheme backfires 


Resurgent 

Republicans 


The US military opened for 
business in Port-au-Prince yes- 
terday with a programme to 
buy back weapons from civil- 
ians. This appeared to be 
founded more on wishful 
thinking than respect for mar- 
ket forces. 

Haitians are being asked to 
hand in their guns as part of 
the US effort to secure a stable 
environment for the retirement 
of the existing military leader- 
ship and the restoration of 
elected President Jean-Ber- 
trand Aristide. Goodwill may 
be as much of a factor as the 
profit incentive. 

The price for handguns is 
US$50, for semi-automatic 
rifles $ioo, for automatic rifles 
$200 and for machine guns, 
mortars and artillery $300. 

On the black market, how- 
ever, firearms can fetch more 


than five times the amounts 
offered by the US army. A .45 
revolver, for example, could 
expect to find a buyer willing 
to pay as much as US$500. 

A further disincentive is that 
although the US is quoting 
prices in US dollars, it intends 
to pay out in Haitian currency 
at the official exchange rate. 
Considering one can get 18 
gourdes for a dollar on the 
streets as opposed to 1Z5 at 
official exchange outlets, guns 
for gourdes is a for less attrac- 
tive proposition than handing 
in weapons for hard currency. 

At the Bowen Military Air- 
field in downtown Port-au- 
Prince, where the first buyback 
facility was opened yesterday, 
officers acknowledged business 
had been ‘Very, very slow”. 

A high-walled truck had 
been parked on the disused 


runway to act as a receptacle 
for the hand-ins. Lost at the for 
end of the truck was a sorry 
collection of an old Ml carbine 
rifle, a Saturday Night Special 
.32 calibre pistol, and two .38 
revolvers. The infantryman on 
guard described their opera- 
tional quality as “shoddy at 
best”. 

The Haitian offering looked 
all the more paltry beside the 
guided missiles, hand gre- 
nades. aoiriTn cartridges, deto- 
nators, M855 magazines and 
84mm Five Launchers piled on 
on the tarmac. 

But US officers were putting 
an a brave face; “The first day 
is going to be a bit bumpy,” 
said one “hut when the news 
gets out and about people will 
start rolling in here.” And if 
they don’t, the US was promis- 
ing to be flexible on price. 


eye the 

By Jurek Martin In Washington 

Congr essman Newt Gingrich of 
Georgia yesterday paraded 
over 300 Republican candidates 
for Congress on the steps of 
the Capitol to sign the party's 
“contract with America.” 

The publicity stunt, though 
in the works for several weeks, 
stood in sharp contrast with 
the sense of depression settling 
on the Democratic Party in the 
wake of the death sentence on 
healthcare reform legislation 
pronounced by Senator George 
Mitchell the majority leader, 
on Monday afternoon. 

Mr Gingrich, currently the 
Republican whip in the House, 
is virtually certain to succeed 
Mr Bob Michel who is retiring, 
as minority leader after the 
November 8 elections. Were 
the Republicans, as he har- 
bours hopes, to win control of 
Hie House he would stand in 
line to become Speaker. 

His “contract," designed to 
galvanise the party in the 
upcoming campaign by offer- 
ing clear policy alternatives, 
commits the party to bring to 
the floor of Congress within 
10 Q days of the start of the next 
session in January a fistful of 
measures long on the Republi- 
can wishlist but never enacted 
by Congress. 

They include a constitutional 
amendment to balance the fed- 
eral budget, the line item veto 
empowering a president to 
e liminat e any specific item of 
spending of which be disap- 


polls 

proves, lower taxes, term lim- 
its for members of congress, 
and more spending on defence. 
It will be accompanied by a 
large advertising campaign. 

The Democratic response has 
been sharp in advance. Con- 
gressman Vic Fazio of Calif- 
ornia dismissed it as “a blood 
oath for the rich," Mr David 
Wilhelm, national committee 
chairman, called it “voodoo 
part two, the son of Reaganom- 
ics^ 

The White House has also 
questioned the contract's eco- 
nomics. Mr Leon Panetta, the 
chief of staff, called it “a 
fraud” that would require 
Sl,000bn in budget cuts. Ms 
Alice Rivlin, director of the 
budget office, could not see 
how the budget could be bal- 
anced under the contract 

But Mr Panetta did not rule 
out middle class income tax 
cuts next year. He said that 
while continuing to reduce the 
budget deficit was an overrid- 
ing concern there might be 
room for some reductions in 
taxes. 

Mr Gingrich’s counter was 
delivered in a weekend TV 
interview. “What the White 
House is telling the American 
people is that they have no 
intention of getting a balanced 
budget What we’re saying is 
that over the next eight years 
we're prepared to change the 
federal government as much as 
necessary to get a balanced 
budget” 


US consumer confidence falls for third month 


By George Graham 
in Washington 

US consumer confidence fell this 
month for the third month in a row, 
but the drop has been slight, 
and consumers remain optimistic 
enough about the future to 
keep the economy growing at a steady 
pace. 

The Conference Board, a New 
York-based business group whose 


monthl y s urvey is one of the most 
widely watched gauges of consumer 
sentiment in the US, said its 
confidence index fell to 88.4 in Sep- 
tember from 90.4 in August, but has 
still only dropped a little over 4 points 
from its peak in June. 

“Most of the decrease is caused by 
lower consumer expectations for the 
imm ediate months ahead. Still, the 
current level of consumer confidence 
has been associated, in the almost 30 


year history of this survey, with a 
reasonably lively economy," said Mr 
Fabian Linden who heads the Confer- 
ence Board's consumer research cen- 
tre. 

This signal of a slightly steadier 
pace of economic activity, whose larg- 
est determinant is the strength of con- 
sumer demand, came as the Federal 
Reserve’s policy-setting open markets 
committee met to discuss whether its 
policy of raising interest rates 


had yet done enough to calm the 
economy and head off potential 
inflationary pressures. 

According to the Conference Board, 
slightly more people said business 
conditions were bad in September, 
and more people said jobs are still 
bard to get than those who said jobs 
are plentifuL 

Fewer respondents showed interest 
in buying a new car or a new home in 
the months ahead, but plans 


for appliance purchases remained 
about the same. 

Although slightly more families 
said they expected conditions to 
improve in the near future, the num- 
ber who feared the economy would 
worsen rose significantly. 

On balance, the Conference Board 
said, optimists continue to 
outnumber pessimists, but on the out- 
look tor jobs pessimists still outnum- 
ber optimists. 


SEC seeks boost 
in powers 

The US Securities and Exchange Commission (SEC) is calling 
for legislation that substantially increases the watchdog agen- 
cy's power to oversee mutual fond activities. In a report to W 
presented to Congress today the SEC requests improved access 
to information “to monitor adequately mutual fund invest- 
ments. jn rinding investments hi derivatives". It is recom- 
mended that fluids use a “quantitative risk measure of deriv- 
atives in fond filings and that the SEC re-examine lererage 
restrictions put on funds by mutual fond oversight laws. The 
agency also requests that mutual funds keep additional 
records to “enable the inspection staff, among other things, to 
analyse a fund’s derivatives instruments." 'Hie agency asks 
that it be given power to require funds file information with 
the agency electronically and on a more fequent basis. Along 
with additional legislative powers, the SEC said it needs more 
money and more staff. The SEC report was requested by Rep 
Edward Markey, chairman of the House Telecommunications 
an«i F inanc e Subcommittee. AP. Neu> York 

Quebec cabinet appointed 

Mr Jacques Parizeau made another strong pitch for a separate 
Quebec, after being sworn in as the province's 26th premier. 
The separatist Parti Quebecois won the September 12 election 
with 77 National Assembly seats, against 47 for the federalist 
Quebec Liberals. But the vote was almost evenly split Mr 
Parizeau, 64, said he will now prepare for a referendum on 
sovereignty by the end of 1995 as he announced his 19-member 
cabinet in Quebec city. He clearly hoped to allay some of the 
PQ’s disappointment with the election result. Mr Parizeau 
appointed an old friend, Mr Jean Campeau. 63, a former 
president of the Caisse de Depot, the public pension plan 
manager, as finance minister, and Mr Bernard Landry. 57, a 
key minister in the 1976-84 PQ government, as deputy premier 
and minister for international affairs. Mr Paul Begin, PQ vice 
president and a strong independentist, was named as justice 
minister, Mrs Louise Beaudoin as inter-governmental affairs 
minister and Mr Daniel Pafile, a former vice president of the 
Quebecor international publishing and printing empire, as 
minister of industry and commerce. Robert Gibbens, Montreal 

Venezuelan economy contracts 

Venezuela's CDP contracted by 2.7 per cent during the first 
half of 1994, compared to the same period last year, according 
to p reliminar y figures released by the Central Bank of Vene- 
zuela. Venezuela's GDP registered negative growth of 1 per 
cent in 1993, and the government is projecting a 3.3 per cent 
contraction for 1994. The consumer price index for the Caracas 
metropolitan area rose by 29.4 per cent for the six-month 
period, compared with full-year 1993 inflation of 46 per cent 
The government estimates that inflation will reach 65 per cent 
this year, but it may top 80 per cent The bank also reported 
that international monetary reserves stood at $8£6bn at the 
end of June 1994, down from $ 12.71m at the dose of 1993. and 
an overall halance of payments deficit of around $2.7bn for the 
first half of 1994. Joseph Mann, Caracas 

Cardoso still well ahead 

The campaign of Mr Luiz In&do Lula da Silva, the left winger 
trailing in Brazil's presidential election race, received a lift 
yesterday when an opinion poll suggested his support has 
grown 3 percentage points in the last week. However, opinion 
polls still suggest that the front runner and former finance 
minister Mr Fernando Henrique Cardoso has enough of a lead 
to win the election in the first round next Monday. Angus 
Foster, Seto Paulo 



If the 

rjinforcsts arc 
being destroyed 
the rate of thousands 
trees a minute, how can planting -W 
just -i lundtul of seedlings nuke a difference? 

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

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

The ulljym of Mugunga. Zaire, tor example, eat 

papaya and mangoes from WWF trees. And rather than 

b.n mg to sell timber to buy other food, they can now 

vll the surplus fruit their nursery produces. 

Where trees arc chopped down for firewood, 
\V\\ F and the local people can protect them by planting 
fw-grmrmg varieties ft> form a renewable fuel source. 

This is panic ularly valuable in the Impenetrable 
Forest, Uganda, where indigenous hardwoods take 
two hundred years to mature. The Murlthamiu lotto 
trees planted by WWF and local villages can be 
harvested within five or six years uf planting. 

Where trees are chopped down to be used for 
construction, as in Panama and Pakistan, we supply 
i it her species dut 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 rounrries 
on an Jgroforesrry course at UPAZ University' in 
I Wi Kira. where WWF provides technical advice On 
grow ing vegetable and grain crops. 


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

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

In La Planada, Colombia, our experimental farm 

demonstrates how these techniques can be used to 

grow a family's food on a small four hectare plot. 

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

WWF tieldworkers arc now involved in over 100 

tropical forest projects in 45 countries around die world. 

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

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. 1c could be with a donation, 
or, appropriately enough, a legacy 

WWF World Wide Fund Fcr Nature 

(foiincit) WffcW WiWWt FvnOJ 

International Secretariat, 1196 Gland, Switzerland. 


FOR THE SAKE OF THE CHILDREN 

WE GAVE THEM A NURSERY. 


The Zambia Privatisation Agency is offering for sale 



O ffers are 

invited for the 
acquisition of up to 
seventy percent 
(70%) of the 
shareholding of 
the company; 
thirty percent 
(30%) of the 
shareholding will 
be offered to 
Zamb ians 
through a public 
flotation. 

The Enterprise 

ROP Limited is 
located in Ndola on 
the Copperbelt at the 
hub of the mining 
and industrial 
activity. The city is 
serviced by a network 
of national and 
international road, 
rail and air links. 

The company is one 
of two state owned 
enterprises producing 
edible oils, fots, 
toiletries, toothpaste 
and soaps. 

ROP is the leading 
producer of washing 


detergent powders. 
The equipment is 
well maintained. 

The machinery 
includes soap, 
hydrogenation and 
sulphonication plants 
and glycerine 
refinery. Potential for 
further expansion 
and modernisation 
exists. 

The Market 

ROP Limited's 
products are well 
established on the 
Zambian market. The 
company has good 
distribution networks 
through merchants, 
wholesalers and 
retailers. 

Workforce 

Well trained and 

experienced 

personnel. 

Tbtal number of 
employees is 560. 
Temporary and 
casual workers are 
hired from time to 
time. 


nelrmhwPrwolisahmAgtJ^fZPAjKBnaaliivimmAgncjoftht 
Government of 'Zombca. IV funetitut of AeAgotey is to plan, impltmsxi, arid 
control the primtmtim of State ami aVopi*® a Zambia. 


ROP 

LIMITED 



INVEST IN ZAMBIA. Africa's model country, one of the first to 
experience transition to plural polities and democracy and a 
leader in the implementation of a privatisation programme which 
will establish a market economy led by the private setior. 
Apart from privatisation, Zambia has put in place sound policies 
which have, in a short period of time, reduced inflation and 
stabilised exchange rates. The abolition of exchange controls in 
January, 1994 made the local currency, 
tte Kwacha, full y convertible. 

Bidders will be required to sign a confidentiality 
agreement and pay US$100 for receipt of a 
tender package. For further information about 
bid submission contact: 

The Director 

ZAMBIA PRIVATISATION AGENCY 
P O Box 30819, Lusaka, Zambia 
Tfelefox: 260-1-225270 

Telephone: 260-1-222858, 260-1-222859 



The closing date for bids is 
November 25th, 1994. 


ft RabScra L a nk * 9W b 


6 













BOP 


MITED 








V 




FINANCIAL TIMES 


WEDNESDAY SEPTEMBER 2S 1994 


NEWS: WORLD TRADE 


US fears delay of 
Uruguay Round law 


By Nancy Dunne 
in Washington 

US trade officials yesterday 
maintained that the long 
awaited legislation to imple- 
ment the Uruguay Round 
would be sent immediately to 
Capitol Hill. However, two 
obstacles continued to alarm 
business lobbyists: Republican 
partisanship and Senator 

Ernest Hollings. a South Caro- 
lina Democrat. 

As chairman of the senate 
commerce committee. Senator 
Hollings has the power to hold 
the legislation up for 45 days of 
hearings which would make 
passage this year impossible. 

The senator, who represents 
US textile producers, has 
already won big concessions in 
the legislation: strong anti- 
dumping language, which 
would make it more likely that 
high dumping duties be 
imposed on Imports, as well as 
a change in the rules of origin, 
meant to stem the flow of tex- 
tiles and apparel from large 
low-cost producers such as 
China. 

Gatt opponents believe the 
senator will abide by his long- 
stated threat to hold the imple- 
menting legislation for hear- 
ings. 

In addition, confusion sur- 
rounds the intentions of the 
Republicans, who traditionally 
support business intiatives. 
Having successfully killed off 
health insurance reform, they 
are nowr considering denying 
President Bill Clinton a trade 
victory. 

Last week Republican lead- 
ers urged the Clinton adminis- 
tration to give up efforts to 
pass health care this year in 



Senator Ernest Hollings; may use his delaying powers 


order to clear the schedule for 
passage of the Gatt legislation. 
On Monday Senator George 
Mitchell, the majority leader, 
complied. Now Senator Robert 
Dole, leader of the Republican 
minority in the Senate, report- 
edly is urging the administra- 
tion to delay submitting the 
legislation while Republican 
whips count votes. 

The delay would give Repub- 
lican strategists time to assess 
the fall-out for the November 
elections if the Republicans are 
perceived as obstructionist at 
any cost. 

Business lobbyists have 
mounted a “massive" cam- 
paign, including phone calls 
from key chief executive offi- 
cers to Republican senators. 
“They are being asked not to 
play politics with the Gatt." 
said one business lobbyist. 


“This is too important.’' There 
is a high degree of nervousness 
in the business community 
because once legislation is for- 
mally submitted to Congress 
for an up or down vote under 
s&called “East track rules”, a 
vote must be held within 90 
legislative days. 

This mpHns tha t the adminis- 
tration would not get a second 
chance next year. The legisla- 
tion could then, have to move 
to Congress like other bills, 
where it would be subject to 
amendment and filibuster in 
the senate. 

The administration has had 
to work in an environment of 
intense political warfare, 
which now has the Republi- 
cans threatening to destroy 
their own decade-long initia- 
tive because it was brought to 
a conclusion by Democrats. 


Foreign investors are offered fewer perks 

Eastern Europe varies 
widely on incentives 

By Frances waBams in Geneva Growth of foreign inv es tme n t in Eastern Europe 

CH 1.1. 1983 B3l. 1.1994 M 1.4.1994 



Most of the countries of 
central and eastern Europe 
have ceased to grant auto- 
matic tax or subsidy incen- 
tives to foreign investors and 
are increasingly treating 
domestic and foreign invest- 
ment on equal terms, a United 
Nations study shows. 

In a comparison of foreign 
investment legislation*, the 
UN Economic Commission for 
Europe (ECE) says govern- 
ments in the region continue 
to adopt a largely liberal 
approach to foreign invest- 
ment, though a “surprising 
variety” of treatment exists. 

Foreign investors in Hun- 
gary, Bulgaria, the Czech 
Republic and, with a few 
exceptions, Poland and Slo- 
vakia, do not have to seek spe- 
cial approval. In other coun- 
tries they do. Tax rates also 
vary widely. 

Despite these differences, 
the ECE notes a general trend 
towards even-bandedness 
between foreign and domestic 
investment. Thus there are 
now no discriminatory tax or 
subsidy benefits for foreign 
investments in the Czech and 
Slovak republics, and “for all 
practical purposes" Belarus, 
Poland, Slovenia and Bulgaria 
(though selected investment 
projects may receive help). 

Hungary, which has 
attracted far and away the 
largest amount of overseas 
investment in the region since 
1989, ceased offering incen- 
tives to new foreign investors 
from the beginning of this 
year. Not surprisingly, those 


Number of Foreign Investment Enterprises (000s) 

as 



Hungary Romania 
Smpc LW Esoncrnto Cern ui s si on far Ehecc 


tanner Framer Poland 
USSR*.. CzechodowaMa 


-includes Bdfc Soma, OS 5 


■ and Georgia 


countries with the most diffi- 
culties in attracting foreign 
funds - Ukraine, Romania and 
most central Asian republics - 
are most likely to have gener- 
ous incentives such as five-to- 
10-year tax holidays and 
reductions in profit tax. 

Russia too, despite its recent 
success in pulling in overseas 
investment, which has been 
largely due to privatisation, 
announced in June a wide- 
ranging incentive package, 
including a five-year profit tax 
holiday and exemption of cus- 
toms duties on imports of raw 
materials and components. 


The ECE says the number of 
foreign investment registra- 
tions in Russia more than dou- 
bled last year to nearly 8,000 
ami in Mar ch totalled 8,300. 
However, this compares with. 
22£10 in Hungary (whose 10m 
population is one-fifteenth of 
Russia’s) and 30,458 in 
Romania, though Romanian 
joint ventures are mostly very 
small. 

*East-We$t Investment Netos, 
No. 2 Summer 1994, available 
from Sales Section, UN Publica- 
tions, Palais des Nations, CH- 
IZll Geneva 10, annual sub- 
scription f80 (four issues). 


Nigeria selects consortium to build gas plant 


By Paul Adams h Lagos 

The Nigeria Liquefied Natural Gas 
Company has selected a consortium 
led by Kellogg of the US as the pre- 
ferred contractor for a turnkey con- 
tract to build a proposed natural gas 
liquefaction plant near Bonny in east- 
ern Nigeria. The contract is due to be 
awarded in the first quarter of 1995, 
provided that NLNG has completed 


the finan cing for the project, esti- 
mated to cost $4£bn. 

The Kellogg consortium includes 
Technip of France. Snamprogetti of 
Italy, and the Japanese Gas Company 
t JGC). The rival consortium Is led by 
Bechtel of the US. Kellogg and 
Bechtel, which have built most of the 
world's LNG plants, were both invited 
to re-bid using the Air Products lique- 
faction process after the Nigerian gov- 


ernment overturned the decision by 
technical advisers Shell to award the 
contract to Kellogg using a process 
deigned by Technip. 

That was the last of several false 
starts for the controversial project 
since its conception more than 20 
years ago. Last year the project was 
relaunched with Shell taking the lead 
and the Nigerian National Petroleum 
Corporation (NNPC) reducing its 


stake to 49 per cent Shell, Elf Aqui- 
taine and Agip hold another 49 per 
cent and the International Finance 
Corporation has agreed in principle to 
take the r emaining 2 per cent 
The crucial issue now is financ ing. 
The second stage of funding for the 
Nigeria LNG company is in place 
after the Nigerian government and Its 
foreign partners. Shell. Elf and Agip, 
recently increased the total share- 


holders’ capital in two escrow 
accounts to about film, a large part of 
the equity which it expects to need 
for the pntfect About 40 per cent will 
be equity and the rest loans. Schra- 
ders merchant hank is helping the 
company to raise finance from export 
credit agencies and other official cred- 
itors, while the International Finance 
Corporation will lead the commercial 
hank funding. 


The flight from Hong Kong was exhausting. 

Like a godsend, Raphael showed up with the perfect cure for jet lag. 

Or was it the butler at The St. Regis? 



nTSum ti Lmim Ci-uwv, 

MTlH iVLNUE ATW7IIS1WET MV YOHK NKK MMIK IUC — lUITNONE IliS) 1509" TEIQ I48M *1AX HUtTMO 

fOR UMVVA1X>NS CALL THfc ITT WEXAT>m ORUIV7IK RtSLRVATKW 'TfTJO WEAKEST YOU O* YTHJH nWYlL SPECIALIST 


WORE 01 



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• A ccncis e history of tho mdusinJicoiion ol the 
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• Air and water pollution, including a discussion of 
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• Rjil.ojds, navigable watcnvjys. and roads 
■ Each industrial sector, with output, capadiw and characteristics 

• Coal, resources, reserves, and production 

• Oil relmcnes. including capacnv jnd l«*2 throughput 

• Crude oil and product pipdinei 

• Natural gas holds . iescr.es and production 

• Natural gas processing and pipeline network 

• (W loots industry 

• Chemicals and pclrockmcdls output /capacity 

• Electric power industry, plants by type and output, 
and umhed go* by capacity 


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• Metallurgical industries, output 

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COMPANY 

NOTICES 


Cambridge Isotope 
Laboratories Inc 

The interim results for the above 
Company will be posted to 
shareholders on 30th September, 
1994. Copies will be available 
to members of the public upon 

S plication to the Company's 
C Registrars at the following 
address:- 

Barclay’s Registrars, 
Bourne House, 

34, Beckenham Road. 
Beckenham. Kent. BR3 4TU. 


CANADIAN PACIFIC UMITED 
(Incorporated in Conadi) 

ST. LAWRENCE & OTTAWA 
RAILWAY COMPANY 
Copies of the Balance Sheet of the above 
Company as at Decemb er 31 1993 air 
available and may be obtained (him this 
office during normal business boon. 
D.R. Kcast 
Deputy Secroary 
62-65 Trafalgar Square 
London WC2N SDY 


All Advertisement 
bookings arc accepted 
subject to our current 
Terms and Conditions, 
copies of which are 
available by writing to 

The Advertisement 
Production Director 
The Financial Times, 
One Southwark Bridge 
London SE1 9 HI, 

TeI :+44 71873 3223 

Fax: +44 71 873 3064 


Energy 
in the new 
South Africa 




A Study by 

Penspen Economics 
in amodaiion with the 
Energy Research Institute of 
University <rf Cape Town 


iViwprn fe-rmrarri ra, fYnafat Marw 

Tmranti Sr. Luoitan SGI 1 5EH. UR 
TteL- (+44) 171 5*25577 
Fas (+44) 171 587 0238 


WORLD TRADENEWSDjG|S^ 

Japan and US in 
last-ditch talks 

President Bill Clinton has given Tokyo until Fnda} to open a 
handful of its markets or risk punitive strikes on ewrythmg 
from car parts to glass. Mr Ron Brown, the US wmmerce 
secretary, Mr Mickey Kantor, the US trade repre&entotiw, am 
MrRyutaro Hashimoto. the Japanese trade mnater. were fast 
night helping their meeting would break the trade deadlock. 
FT Foreign staff and Reuter 

Pakistan sets its sights high 

Pakistan is next month expected to seek investments of up to 
SSbn for new transmission lines and oil storage facilities 
following this week's success in attracting investment m the 
country's energy sector. Despite the aggressive push, it is not 
entirely clear if the financing required for these proposed 
projects could be put together. Sponsors of new projects would 
be required to accept an 8020 or 7030 debt-equity ratio. Some 
investors hope that the Pakistani government will expedite its 
first $200m sovereign bond offer, on hold since the summer 
due to recent turbulence on international bond markets. 
Senior executives of private British power companies will visit 
Tci^mahari tu November to discuss possible Investment in 
Pakistan’s energy sector. Junior UK foreign office minister 
Tony Baldry said he would lead a mission of British business- 
men interested in joint ventures and partnerships with Paki- 
stani counterparts. Farhan Bokhari, Islamabad 

KLM seeks boost in India 

KLM Royal Dutch Airlines yesterday said it had applied for 
approval to start Sights to Madras and hopes to launch ser- 
vices from next spring as part of its attempt to open up a 
southern India gateway and expand services to existing desti- 
nations. At present KLM flies four times a week to Delhi, t hree 
Hm»a to Rnrnhfly and once to Calcutta. KLM needs extra 
capacity as load factors have been at 95 per cent for nine 
wirmthu of the year on Indian routes. In the cargo market, 
KLM is seeking to build up freighter flights from Dubai to 
Ttoiht, B ombay . Bangalore and Madras. Reuter, New Delhi 

Royal biscuits passed around 

Britain's Prince of Wales is launching his Duchy Originals 
biscuits on the export market Boxes of the exclusive oat and 
gingered biscuits are now on sale in France, Germany and the 
US. The company is now targeting Canada, the Irish Republic, 
the United Arab Emirates, Bahrain and Oman. The box is made 
from recycled or recyclable packaging and profits are donated 
to charity. Press Association, London 
CONTRACTS 

■ Haden Incorporated, a US unit of London-based Haden 
Maclellan Holdings, has signed a letter of intent for a 
$96mjbur-year contract with Russian car manufacturer AZLK. 
Haden will design, build and supervise installation of a high- 
tech paint shop at attic s Moskvich plant in Moscow. The 
agreement is contingent on its obtaining financing and appro- 
priate government approvals. Reuter, Detroit 

■ Cable & Wireless has been shortlisted to participate in a 
proposed regional telecommunications scheme in Indonesia. 
The company said It was the main foreign partner in the 
consortium of 10 members led by Indonesia’s PT Elektrindo 
Nusantara. Licences will be awarded to four or five joint 
ventures which win take over the operation of the existing 
domestic telephone system and expand the network in a 
specific region of the country, ft said in a statement Reuter, 
London 


INTERMATiONAL ECONOMIC INDICATORS: MONEY AND FINANCE 

This table shows growth rates liar the mast wtdaiy tallowed manures at narrow and broad money, a representative short- and long-term interest rate series and on average equity 
mail's! yield. AS Agrees am percentages. 



■ UNITED STATES 



■ JAPAN 




■ GERMANY 





MIOT 

he 

amt 

img 

Era** 

Kwrow 

Bread 

Short 


E«dy 

Nma 

tad 

Short 

Uwa 

Eta 


•rare 

Moqr 

Unt 

Maraal 

■atot 



Manat 


(Met 

■owr 


Mm 

Mm* 

Mark* 


Ml) 

W 

Rea 

tear 

HMd 

tw 

NS*Cai 

Rata 

Ma 

Wd 

W 

m 

Rn 

naa 

YMd 

1986 

9.0 

Si) 

8.00 

10^9 

na. 

5.0 

95 

662 

651 

aa. 

4.4 

5.1 

5.45 

864 

na. 

1086 

13J 

8-3 

0^9 

7-B7 

3.43 

66 

86 

5.12 

555 

0.84 

96 

86 

4.64 

5.90 

1.78 

1987 

11.8 

6.5 

6.82 

8-39 

3.12 

106 

115 

4.15 

464 

055 

96 

75 

4.03 

614 

251 

1988 

4.3 

5 2 

7.65 

&84 

361 

8-4 

104 

4.43 

4.77 

054 

96 

6.4 

454 

646 

2.61 

1989 

in 

3.9 

6.99 

8.49 

3.43 

4.1 

me 

551 

562 

0.48 

85 

5.7 

7.11 

694 

252 

1960 

3.7 

SJS 

8.06 

8^4 

360 

26 

8.5 

7.82 

6.01 

065 

45 

45 

8.48 

671 

211 

1991 

5.9 

3.3 

567 

7.85 

321 

5 2 

26 

761 

057 

a75 

5.1 

5.8 

965 

8.44 

2.38 

1992 

1ZA 

2.4 

3.75 

7X30 

265 

45 

-0.4 

468 

565 

160 

7.0 

86 

952 

7.77 

2.45 

1993 

11.8 

1.1 

322 

5-8Q 

2.78 

36 

1.4 

263 

4.18 

0.87 

9.4 

76 

768 

644 

211 

3rd qtr.1993 

12-2 

1.4 

ais 

5.81 

2.78 

36 

16 

263 

465 

060 

9.9 

8.1 

8.82 

854 

201 

4th qtr.1993 

10.5 

1.4 

3J4 

5J59 

2.73 

35 

1.4 

2.14 

357 

0.84 

86 

75 

654 

563 

1.79 

let qtr.1994 

9.8 

2 2 

3-52 

8.08 

2.75 

4.7 

16 

265 

368 

062 

11.1 

11.8 

568 

5.93 

1.75 

2nd qtr.1994 

7.5 

2 2 

4.40 

7X17 

2-90 

52 

15 

267 

4.05 

0.78 

11.4 

10.5 

568 

671 

1.72 

September 1983 

11.7 

1.4 

3.16 

525 

2.73 

26 

16 

248 

4.09 

0.79 

95 

75 

6.63 

612 


October 

10.9 

12 

325 

522 

271 

27 

16 

250 

365 

0.80 

96 

6.4 

864 

693 


November 

10.4 

1.4 

3.40 

5.70 

274 

32 

15 

999 

364 

064 

8.4 

75 

851 

566 


Deoember 

10.1 

1.7 

32S 

5.74 

2.74 

24 

1.4 

160 

365 

069 

&1 

86 

6.11 



January 1994 

9.7 

2.0 

320 

5.71 

2.72 

42 

16 

166 

354 

0.85 

115 

11.4 

560 



FWbrvmy 

ion 

22 

3.49 

567 

2.74 

46 

15 

266 

360 

h an 

116 

11.9 

561 

567 


March 

9.8 

25 

3M 

&47 

260 

56 

16 

2.13 

468 

a79 

105 

11.4 

554 



April 

0JJ 

2.7 

4.05 

6.94 

261 

56 

26 

213 

463 

080 

116 

10.8 

5.61 

6.43 


May 

7.0 


4j54 

7.17 

261 

5.0 

1.7 

208 

360 

0.78 

116 

ia7 





&5 

1.7 

4j57 

7.09 

2.89 

4.7 

15 

261 

464 

0.72 

115 

10.0 




My 

&2 

2.0 

4.75 

768 

261 

8.7 

1.9 

262 

452 

0.73 

9.7 

9.0 




August 

52 

1.7 

424 

722 

264 

56 

2.0 

218 

456 

0.74 

10.1 


560 

7.10 

1.74 


U FRANCE 




■ ITALY 





■ UNITED KINGDOM 




Item* 

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9ml 

Lmg 

Br*r 

&rom 

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Stmt 

IflBB 

Er**r 







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Ua 

Ma 

YMd 

M«W 

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Mm* 

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Mrtm 

TUd 

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Ma 

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1885 

1988 

1987 

1988 

1989 
1890 
1991 
1882 
1998 


65 

7 A 

10.03 

11.74 

ma. 

135 

135 

1454 

13.71 

na. 

4.7 

135 

1252 


6.9 

86 

7.79 

674 

265 

105 

85 

1355 

11.47 

1.41 

4.0 

155 




96 

858 

9.46 

2.7b 

10.4 

96 

1152 

1058 

164 

4.7 

14.6 



36 

8.5 

764 

9.08 

369 

75 

66 

1124 

1054 

271 

68 

176 



7-5 

95 

9.39 

8.79 

2.88 

7.1 

85 

1241 

1151 

248 

69 




3.8 

95 

1052 

862 

3.19 

95 

9.1 

11.98 

11.87 

284 

55 

16.1 




2.7 

662 

963 

358 

7.3 

60 

1153 

1350 

3.45 

2.4 

86 



-05 

5.5 

10.36 

857 

355 

67 

75 

1368 

1359 

353 

24 

5.1 



1.4 

-1.5 

855 

675 

351 

46 

7.1 

1052 

1153 

235 

4.8 

3.7 

569 

7.40 


3rd qtr.1993 
4th qtr.1993 
1st qtr.1994 
2nd qtr.1894 


-05 

15 

2-0 

29 


08 

-1-5 

-4.0 

-3.5 


7.74 

074 

6.29 

5-73 


658 

5.92 

6.88 

703 


3.14 

301 

2-85 

2.07 


rut. 

4.35 

3.60 

4.48 

408 

5.07 

407 

4.91 

4.01 


5.4 

86 

958 

1057 

159 

55 

35 

5.96 


7.4 

8.1 

859 

9.10 

262 

5.5 

45 



7.9 

76 

642 

669 

150 

5.5 

64 

5.31 


9.1 

75 

7.98 

954 

154 

68 

5.4 

553 

8.12 


Se p tember 1993 


3.91 

3.75 

307 

4.00 


January 1994 

February 

March 

April 

May 

June 

Jitiy 

August 


-0.8 

0.0 

759 

612 

368 

65 

69 

9-18 

9.66 

1.85 

5.5 



05 

-0.1 

859 

565 

362 

55 

75 

857 

964 

1.94 

5 A 



-1.5 

-1.0 

674 

602 

3.07 

67 

68 

9.08 

954 

215 

61 



15 

-15 

652 

5.79 

294 

75 

60 

8.72 

864 

157 




25 

-27 

651 

556 

282 

64 

7.1 

644 

689 

158 




25 

-3.7 

650 

563 

281 

75 

75 

857 

8.78 

1.74 

55 



26 

-4.0 

625 

637 

260 

85 

86 

8.43 

9.46 

1.77 

5.7 



5.8 

-55 

661 

6.85 

269 

10.4 

8.4 

8.11 

9.07 

158 

60 



15 

-45 

555 

664 

288 

95 

7.3 

750 

958 

1.49 




29 

-35 

557 

7,48 

3.14 

7^4 

65 

603 

10.48 

157 




61 

-1.1 

565 

758 

3.09 

7.7 

62 

8.43 

10.70 

154 

8.5 





559 

7.81 

296 



853 

11.49 

158 

65 

4.7 

558 


6.91 

6.81 

8.77 

6-2Q 

6.22 

6.61 

7.29 

7.66 

8.13 

854 

8.38 

8.52 


3.88 

3J31 

3.84 

3.61 

3.46 

3.49 

3.74 

3.87 

3.06 

4.18 

4.11 

3.94 


Monetary growth rates show me percentage change war the ooneaponang period in the prevtaua ysar. and am positive urfeaa othawisa stated, ab amumTr»». 
senonaly actuated series aw*** tar Japan and Italy. German monetary statistics now fdnn a continuous pan-German series. Monetary data buodS^ 

central bank sources. Interest ratarc short-term, period averages ot US - 90-day c om mei uM paper. Japan - 3-month certtifeatesot WEFA from 

3-month Ptoor. Italy - 3-month Euro-fa*. UK - 3-month Ubor tang-tan. prated average y«*fa on 1&W benctenam^S^ Franc ® " 

Equity market ytekt period averages of the gross dMdend yield on the relevant FT-A world Max. werost rates supphed by Douenream. 




. v i £?t,s“ »"arfor ■Svisr.sShjs' 'w-friv*::#:.* <« ..s t 

*• * v.- -! .* y . 




Published In all editions of the Financial Times worldwide, editorial In the survey will an al " 
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FINANCIAL TIMES WEDNESDAY SEPTEMBER 28 1994 * 


9 


NEWS: WORLD TRADE 


* Marketing cutback in US 

Mazda ends 
Ford sales 
agreement 


Malaysia launches ‘people’s car’ 

The ‘Mousedeer’ will provide a small alternative to the Proton, writes Kieran Cooke 


Proton: a jump start over the ‘Mousedeer’ 



Proton plant, near Kuala Lumpur 


By MicWyo Nakamoto in Tokyo 

Mazda, the Japanese car 
maker, is to cease selling recre- 
ational vehicles manufa ctured 
by Ford in the DS market 

Mazda said yesterday that it 
will not be receiving the 1995 
model of Ford's two-door recre- 
ational vehicle which Mazda 
has been marketing in the US 
as the Navajo. 

Mazda's sales of the two-door 
Navajo has slumped to 560 
units a month this year, down 
from about 650 units a month 
in 1990 when it began market- 
ing Ford's off-road vehicle. Hie 
move hi g hli ghts the difficulties 
vehicle manufacturers face 
when forming partnerships 
with competitors. 

The Japanese company, how- 
* ever, was continuing negotia- 
tions with Ford to receive and 
sell the more popular four-door 
version of the Navajo, but 
agreement was not expected. 

Ford holds a 245 per cent 
stake in the Japanese group 
and in June this year it 
strengthened its ties by 
increasing its representation 
on the Mazda board with the 
appointment of three Ford 
executives. 

The appointments at Mazda 
underlined the problems at the 
Japanese car maker due to the 
economic slowdown in Japan 
and overcapacity in other 
world markets. The Ford 
appointments were announced 
together with a major revamp 
of top management at Mazda, 
with five board members 
retiring. 

The end of the Mazda-Ford 
sales venture In the US is 
another bump in the road 
towards closer co-operation 
between the two vehicle 
producers. 

Negotiations between the 
two companies on the Euro- 
pean market, where Mazda 
would like to use Ford’s facul- 
ties as a manufacturing base, 
have so far yielded no results 


after collapsing at one point 
early last year. 

Mazda Is one of the last main 
Japanese car companies with 
no manufacturing base in 
Europe and last year the com- 
pany blamed a 23 per rent fall 
in overall exports in large part 
on slow demand in Europe. 
Seven of the eight Japanese 
manufacturers in the west 
European market saw the vol- 
ume of sales fall in the first six 

months off this year. 

Martin rHH not comment on 
its proposed venture with- Ford 
to manufacture pick-up trucks 
in Thailand. 

The companies started feasi- 
bility studies, to be completed 
next spring, of the South-East 
Asian pick-up truck market, 
after, which details of the ven- 
ture will be decided. 

Production was set to start 
in 1998. Mazda has a joint ven- 
ture production line with Japa- 
nese and Thai companies in 
Bangkok. 

Mazda said the Ford venture 
would run separately from the 
existing plant, now working at 
full capacity. 

Mazda holds 4 per cent of the 
Thai pick-up truck market, 
trailing Japanese car makers 
Isuzn. which holds 31 per cent, 
and Toyota, at 27 per cent. 
Ford only has a 05 per cent 
share. 

Pick-up trucks account for 90 
per rent of Thailand’s commer- 
cial vehicle market 

Among Japanese car makers 
Martin is particularly in need , 
of an alliance which could j 

help raise efficien cy by making 
better use of its facilities 
and goes some way towards 
furthering its global 

amhitinnB . 

The company is suffering 
under the twin burdens of its 
under-utilised state-of-the-art 
plant in which it invested 
heavily, and a large distribu- 
tion network for which it 
needs to supply a wide range of 
models. 


Skoda 
pins hope 
on new 
model 

By Vincent Boland Jn Prague 

Skoda Automobilovfi, the 
Czech car maker which is part 
of the Volkswagen group, is 
hopeful that the launch of its 
new Felicia model, due to roll 
off assembly lines in Novem- 
ber, will help revive the com- 
pany's flagging fortunes. 

Volkswagen, which is due to 
increase its stake from 31 per 
cent to 70 per cent next year, 
hopes so too. 

The company expects to pro- 
duce 11,000 Felicias by the end 
of the year and new assembly 
lines are currently being 
installed at its mam manufac- 
turing plant at Mlada Boleslav, 
north of Prague. 

The company's production of 
the Favorit model, introduced 
in 1988, ended earlier this 
month. 

A management and labour 
dispute over Skoda’s plans to 
lay off 800 workers could still 
threaten the timetable for the 
launch of the Felicia. 

The unio ns remain on strike 
alert while negotiations con- 
tinue to try to resolve the 
issue. 

Skoda made a loss of 
Kc456bn (5152m) last year on 
revenues of Rc35hn, and fur- 
ther losses are expected this 
year as a result of the fell in 
production due to the change 
of model. After producing 

220.000 cars last year produc- 
tion is expected to fall to 

180.000 this year before rising 
next year to 1993 levels. 

The company is trying to 
reduce its dependency on the 
domestic market, where cus- 
tomers have increasingly pre- 
ferred to purchase western car 
models in the last two years as 
incomes and spending power 
among Czechs has risen. Skoda 
is targeting new markets in 
Latin America and South-East 
Asia. Outside the Czech Repub- 
lic, Skoda’s main markets are 
Germany, Poland. Greece, the 
UK and Israel. 

The company has signed up 
new distributors in China, 
Ninth Korea and the countries 
of the former Soviet Union in 1 
an effort to expand sales in j 
those markets. I 


M alaysia has launched 
its second national 
car a decade after it 

began manufacturing the Pro- 
ton. Now the small 660cc Kan- 
cfl, manufactured 30km north 
of Kuala Lumpur, is appearing 
in the country's showrooms. 

The debut of the Kancfl - 
named alter the country's 
“Mousedeer". a pygmy deer 
which lives in tbs Malaysian 
jungle — is being hailed by Mal- 
aysia’s leaders as an important 
step in tixe country’s ambitious 
plans to be fully industrialised 
by the year 2020. They are con- 
fident that the KaurJI will fol- 
low Proton’s example and cap- 
ture a substantial slice of the 
domestic market Exports of 
the new car are already being 
discussed. 

But the Kancfl ’s success is 
by no means assured. Analysts 
forecast a rough ride before the 
second car project becomes 
profitable. The ganrn is manu- 
factured by Perusahaan Oto- 
mobil Kedua, or Perodua, a 
consortium of local companies 
with strong government inter- 
ests, together with Daihatsu 
and Mitsui of Japan. The four- 
seat sub-compact Kancil is 
modelled on the Daihatsu Mira 
and the Japanese company has 
a 25 per cent stake in the proj- 
ect 

Described as the “people's 
car”, the Kancfl is aimwi at the 
lower end of the market and at 
those mare affluent Mfriayraiiuy 
who feel the need for a second 
car. At present the cheapest 
car in Malaysia is the I300cc 
Proton Saga, which sells for 
around MS32.000 ($12500). The 
basic Kancil model will sell for 
about MS24.000. while a deluxe 
version will be M$2SJXX). 

Mr Mohar Badiozaman, Per- 
odua's chairman, says that 
response to the Kancil has 


Sams: Proton 

been very encouraging and the 
company plans to increase 
monthly production from 2,000 
to 3,000 units to meet demand. 
“We are very optimistic - the 
car has only just been 
launched and already we have 
bookings for 12.000 units." says 
Mr Mohar. 

Annual production is expec- 
ted to reach 45,000 within two 
years, though Perodua has 
capacity to produce 60,000 
units. The Kancfl, like the Pro- 
ton. will benefit from high 
duties placed on rival, 
imported care. A Proton costs 
between MJ15.000 and M$20500 
less than an equivalent 
imported make. Proton has 
now captured more than 70 per 
cent of the domestic market 

But the Kancil feces several 
problems. At least 50 per cent 
of the content of the car will 
initially be sourced from Dai- 
hatsu. Since the Kancil project 
was given the official go-ahead 
early last year the yen has 
increased more than 30 per 
emit against the Malaysian cur- 
rency. Perodua says it compen- 


sated for cost increases by cut- 
ting back on capital expendi- 
ture. It says the manufacturing 
start-up costs have been 
reduced from M$500m to 
M$330m. 

The Proton is produced in 
partnership with Mitsubishi of 
Japan. Proton says that after 
nearly 10 years’ production, 
local content is more than 70 
per cent But the higher cost 
items, such as transmission 
systems, are still imported 
from Japan. Proton has not dis- 
guised its frustration at what it 
perceives as Japanese delays in 
transferring technology and is 
looking at alternative suppliers 
in France and the US. 

Daihatsu has pledged to 
t ransfer technology as fast as 
possible. Perodua says that the 
level of local content in the 
Kancil will rise to 75 per cent 
within three years. 

Perodua, like all producers of 
mass market cars, needs to 
achieve economies of scale if it 
is to achieve profitability. This 
is a tough proposition. Malay- 
sia has a population of only 


Proton exports (OOOs) 
20 - 



1989 90 91 92 93 


19m. While the market for a 
small car might be buoyant in 
the short term, Perodua will 
have to export to stay alive. 

The Kancil will be hoping to 
follow the example set by Pro- 
ton. Mr Nadzmi Mohamed Sai- 
leh, the head of Proton, says 
that exports have been crucial 
to maintaining profitability. 
“The domestic market for our 
existing models is at near satu- 
ration point. To achieve econo- 
mies of scale we have had to 
increase production - that 
means we have no alternative 
but to increase exports." 

Last year Proton produced a 
record 116,611 cars. Of those 
more than 17,000 were 
exported, the bulk of them to 
Britain where it has been 
among the fastest selling cars 
at the lower end of the market. 
But sales in Britain appear to 
have peaked. 

Industry analysts say Proton 
sales were affected by the 
recent Malaysian ban on giving 
government contracts to Brit- 
ish companies. Proton advertis- 
ing in Britain now emphasises 


Japanese technology rather 
than the Malaysian origin of 
the car. Proton has benefited 
from its exemption from 
import duties under the EC’s 
generalised scheme of prefer- 
ences and sells in Britain for 
less than it does in Malaysia. 

Proton is now seeking to 
diversify into other export 
markets. It is selling 2.000 cars 
to Indonesia next year under a 
complicated barter arrange- 
ment. It is also introducing 
left-hand drive models for 
export to Latin America and to 
the European continent. 

But Proton's partner. Mitsu- 
bishi, is unhappy that the 
Malaysian car Is intruding into 
its own export markets. Dai- 
hatsu is likely to raise s imila r 
objections if the Kancil starts 
eating into its export sales. 

Though Malaysia’s leaders 
view the formation of a 
national cor industry as one of 
tbe country's great achieve- 
ments, it has been a costly 
exercise with hundreds of mil- 
lions of dollars of public funds 
poured into Proton. Despite a 
35 per cent Increase in turn- 
over last year Proton's pre-tax 
profits dropped 95 per cent to 
M$282m. 

Dr Mahathir Mohamad, Mal- 
aysia’s prime minister, was the 
driving force behind the estab- 
lishment of Proton. He has also 
played a lending role in bring- 
ing the Kancil to life. Critics 
accuse Dr Mahathir of being 
overly keen on prestige pro- 
jects: a third national car proj- 
ect, in which Proton will be 
teamed up with Peugeot- 
CitroSn, is already in the pipe- 
line. “The Kancfl will sell well 
in the short term.” says a 
Kuala Lumpur based industry 
analyst. “But 1 doubt that it 
will match the success of the 
Proton." 


BMW forecasts surge m Japanese sales 


By Michiyo Nakamoto 

The growing popularity of imported 
cars in Japan will almost triple rales of 
BMW care by the year 2000, according 
to forecasts by tbe Ge rman car maker. 

Mr Siegfried Richter, president of 
BMW Japan, said that the company 
expected to boost annual sales in Japan 
to 80,000 units in 2000, compared with 


last year. Mr Richter was encouraged 
in his optimistic outlook by the greater 
cost-co mpetitiv eness of imported cars 
and a growing acceptance of foreign- 
made vehicles by Japanese consumers. 

Hie trend was likely to take the for- 
eign share of Japan’s car market to 
more than 15 per cent by the torn of 
the decade, compared with about 6 per 
cent now, he said. Efforts by foreign 


vehicle manufacturers to penetrate the 
Japanese market are also being stepped 
up. BMW, for .example, plans to 
increase the number of dealers han- 
dling its cars to more than 200 from 
153 at present Foreign car makers 
have also been introducing attractive 
low-interest loans. 

The German car maker expects sales 
this year to rise 16 per emit to 30,000 


units. In the period from January to 
August sales have risen more than 12 
per cent to 18,689. 

Imported care raw a 40 per cent rise 
In the first six months of this year to 
137,000 units, according to tbe Japan 
Automobile Importers’ Association. In 
August alone, imported cars surged 70 
per cent marking the 10th consecutive 
monthly rise. 





I ; ! N A NCI A L. UMIiS 


INDIA’S ECONOMIC 
RENAISSANCE 


INDIA’S ECONOMIC RENAISSANCE 
— Opportunities for Trade, Finance and Investment 
New Delhi, 26 & 27 October 1994 

Given the breadth and pace of economic reform that has taken place in India since 1991, this 
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liberalisation programme and assess business and investment prospects. 

ISSUES INCLUDE 

• India as a World Trading Partner 

• The Strategic Issues Facing Foreign Investors 

• India's Evolving Financial Markets 

• Creating World-Class Indian Multinationals 

• Modernising India's Infrastructure — Challenges and Opportunities 

SPEAKERS INCLUDE 


• Dr Manmohan Singh 

Finance Minister 
Government of India 

• Sir Robert Wade-Gery KCMG KCVO 
Vice Chairman, Barclays de Zoete Wedd 
Former British High Comissioner to India 

• Mr DR Mehta 
Deputy Governor 
Reserve Bank of India 

• Mr Rodney B Wagner* 

Vice Chairman 

JP Morgan & Co, Incorporated 

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• -•■- ■ 


FINANCIAL TIMES WEDNESDAY SEPTEMBER 


28 1994 


NEWS: UK 


Defence work stays at home 


By Bernard Gray 


Ur Malcolm Rif&nd, the UK 
ddience secretary, said yester- 
day that the reluctance of 
other countries to open their 
defence procurement markets 
to competition meant that 
Britain would continue to use 
domestic sources ter the vast 
majority of Its equipment 
Replying to questions at the 
Royal United Services Insti- 
tute, Mr Rifkind said that at 
present some 90 per cent of 
pro curemen t expenditure went 


cm British-made equipment. He 
aflited that the go v er n ment did 
not object to a more open 
procurement policy, but that 
other countries did not agree. 
As a result, UK procurement 
policies were unlikely to 
change. 

Britain is currently consider- 
ing a number of large procure- 
ment deals involving Interna- 
tional competitors. These 
include transport aircraft for 
the Royal Air Force, attack 
helicopters for the army and a 
conventionally armed stand-off 


attack missile. AH involve US 
as well as European competi- 
tors. 

Mr Rifirind also responded to 
Russian president Yeltsin’s call 
at the United Nations on Mon- 
day for further nuclear arms 
reductions. He said that much 
of what Mr Yeltsin had said 
seemed to relate to existing 
agreements, but that the text 
“should be studied far any new 
nuggets”. 

As far as Britain's nuclear 
weapons were concerned, the 
UK had always worked on the 


hams of a minimnm credible 
deterrent, and the UK bad not 
been in competition with, other 
countries. 

In his speech to the Institute, 
Mr Rifkind said that there was 
a “quiet revolution” going on 

in. the nianag»fynHnfc culture Of 
the Ministry of Defence which 
had been assisted by the 
"Front Line First" review of 
costs. 

Mr Rifkind said that 17 
defence agencies had been cre- 
ated in the past 10 years and 
there was now a mnA greater 


emphasis on personal responsi- 
bility and accountability. A 
system of budget holders bad 
been established which would 
produce efficiency gains. 

However, the ministry had 
needed to go beyond that to 
meet the cost savings required 
by the public expenditure plan- 
ning totals. 

The front line first pro- 
gramme bad done this across 
services and departments 
which had produced many pro- 
posals for joint services solu- 
tions to problems. 


Chip group a 
to spend 
£100m on 


expansion 


By Andrew Adonis 


Chris Tighe on the death of an extraordinary industry in the north-east of England 


Shipbuilding tradition goes under 


T he loss of Swan Hunt- 
er's design team 
means the unthink- 
able is about to hap- 
pen - north-east Engl a nd , the 
source for many years of more 
than a thir d of the world's 
ships, is to see its last ship- 
builder die. 

The departure this Friday of 
virtually all the remaining 100 
designers brings to an end the 
struggle by Swan Hunter’s 
workforce and local commu- 
nity, unions, politicians and 
receivers Price Waterhouse to 
keep alive one of the world's 
great shipbuilding companies. 

Few industries have the 
grandeur and resonance of 
shipbuilding, in spite of the 
arduous toil it imposes on 
those who work in it 
Still fewer companies enjoy 
the exceptional co mmitm ent 
and loyalty Swan Hunter has 
sustained from its founding in 
the mid-Victorian era to today. 
Swan Hunter's employees and 
its reputation for quality form 
the bridge with that distant 
time before cars and aircraft 
Fourth-generation employees 
include Mr David Swan, 54. for- 
mer quality assurance inspec- 
tion manager - the last of the 
Swans and Hunters on the pay- 
roll. He is now unemployed, 
having been made redundant 
by the receivers in May. 

Joint receiver Mr Gordon 
Horsfield, an insolvency practi- 
tioner for 21 years, said: 
“There’s a sense of kinship 
which is quite extraordinary, 
something I’ve never really 
experienced before. It's a func- 
tion of history, of shared tri- 
umphs and disasters." 

Because Swan Hunter com- 
prises several historic Tyne- 
side shipyards the company's 
founding can be set at I860, 
1873 or 1874, when shipbuilder 
Charles Mitchell took over the 
Wallsend shipyard and made 
his brother-in-law Charles 
Sheriton Swan, David Swan’s 

great grw wdfa f.h^ jts Tnanag w. 

Mr Swan, trading under the 
name CJS. Swan & Company, 
travelled regularly to St Peters- 
burg to advise the Tsar on con- 
struction of ironclad battle- 
ships. His enthusiasm for 
marine engineering cost him 
dear, hi 1819 he leaned too far 
over the rail of a steamer's 
paddlebox, fell and was killed. 







Empty offices 
sought for 
winter homeless 


By Andrew Taylor 


Norti Nm wd Rcturaa 

The launch of the Mauretania in 1906: such events created kinship among employees, according to the receiver Gordon Horsfield 


In 1880 his widow bronght 
George Burton Hunter, later 
Sir George Hunter, into the 
business, His arrival started 
the company's rapid expansion 
as north-east Rn gland entered 
its greatest shipbuilding 
period. 

Among Swan Hunter's big- 
gest triumphs was the Maure- 
tania, which for 22 years held 
the Blue Riband as the world's 
fastest liner across the Atlan- 
tic. Launched in 1906, she com- 
bined sumptuous beauty with 
terhntofll innovation, thanks to 
Sir Charles Parsons, Tyneside- 
based inventor of the steam 
turbine. 

US president Franklin Roose- 
velt wrote, in a comment that 
could have applied equally to 
Swan Hunter itself, that nei- 
ther size nor speed alone could 
have given the Mauretania her 
fame. “That rested on some- 
tiring more Secure and mtang i. 
ble - on her personality, for 


the Mauretania was a ship 
with a fi ghting heart." 

Also exceptional was the 
supertanker Esso Northum- 
bria. a 253,000 tonne ship, 1443 
ft from stem to stem, launched 
in 1969. She towered so high 
that Swans had to pay the 
lighting bills of the homes 
overshadowed during construc- 
tion. Her launch was a logisti- 
cal challenge. The Tyne was 
only 167 ft wider than the ship, 
even with a large notch cut 
from the opposite bank to stop 
her slamming into Swans' Heb- 
bum yard. 

More recent triumphs 
include the aircraft carrier Ark 
Royal, currently visiting the 
Tyne after active service off 
the former Yugoslavia, and 
Illustrious, on which Swans 
worked day and night for the 
Falklands campaign. 

Swan Hunter has had bad 
times before, in periods of 
international recession. In the 


192%, its workforce turned to 
malting garden furniture to 
survive as a team. 

Recent decades have brought 
increasingly cut-throat compe- 
tition from Far East shipbuild- 
ers and rivals under more 
favourable subsidy regimes. 


E ven so, as recently as 
1975 the Swan Hunter 
group could claim to 
be Europe’s biggest 
shipbuilding and shiprepairing 
consortium, with worldwide 
activities and 33,000 employees 
in 10 UK shipbuilding yards 
and nine repair yards at home 
and abroad. 

The Type 23 frigate Rich- 
mond, to be banded over to the 
Navy on November 2, is the 
last of 2,700 vessels, merchant 
and naval, built by the com- 
pany. One of the most dignified 
aspKts of the receivership has 
been, the workforce’s unwaver- 
ing commitment to finishing 


their last three frigates on 
time, to top standards. 

After 16 months of receiver- 
ship, of worldwide marketing 
and dogged negotiating, Mr 
Horsfield has only now given 
up hope of a going concern 
sale. He said: “All the opportu- 
nities there have been explored 
and no buyer has been found." 

The Swan Hunter namn may 
be sold as part of the intellec- 
tual property rights. This 
means it could go overseas. 

For Mr Horsfield the work- 
force’s humour and dedication 
to high quality have made this 
a receivership of bitter-sweet 
memories. For the workforce. 
Swan Hunter’s demise is a 
tragic bereavement 

Mr Peter Hilton, 47, design 
team member and an employee 
for 30 years, said: “It's a fam- 
ily. The last people, you'll have 1 
to show them out and close the I 
door behind them. If you left I 
them, they'd just stay there." i 


A leading construction 
industry charity is struggling 
to And empty London office 
buildings to provide tempo- 
rary winter shelters for the 
homeless. 

Construction Industry Relief 
and Assistance for the Single 
Homeless (Crash), sponsored 
by some of the industry’s big- 
gest companies, provides 
matwialg, Ailk and finance to 
turn empty buildings tnto 
shelters under the govern- 
ment's Rough Sleepers Initia- 
tive. 

Landlords which lend nnlet 
buildings will save on rates, as 
the buildings will not be unoc- 
cupied while the charity will 
meet heating, maintenance 
and security bills. 

The scheme has been run- 
ning since 1990 but this year it 
is proving difficult to find 
buildings, even though estate 
agents estimate there are 8m 
sq ft of vacant office space in 
the West End area alone. 
Crash. TeL 81-994-9195 




•# 


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GEC Plessey Semiconductors 
(GPS), the UK’s largest semi- 
conductor manufacturer, yes- 
terday announced a £l00m 
($1 58m) expansion of its plant 
in Plymouth, which could dou- 
ble the group's turnover 
within three years. 

The investment is GPS s 
largest since 1990, reflecting 
fast-growing International 
demand for semiconductors 
for communications devices 
such as mobile phones and 
new multimedia products. 

More than 70 per cent of 
GPS’s output is exported. 

The move follows last 
week’s announcement of a 
£53 0m semiconductor invest- 
ment in Scotland by NEC, the 
Japanese electronics giant 

NEC’s Investment is in addi- 
tion to Its existing plant at 
Livingston, near Edinburgh. 
Scotland won the decision in 
competition with NEC’s larg- 
est semiconductor plant in 
Roseville, California. 

GPS's plant at Robo rough, 
Plymouth, is a state-of-the-art 
CMOS semiconductor plant, 
one of the company's four UK 
facilities. The expansion will 
quadruple its capacity and cre- 
ate a further ISO jobs. GPS's 
turnover is expected to reach 
about $320m this year, and 
could rise to more than $600m 
within three years. 

Mr Ernie Pusey. sales and 
marketing director, said 
the expansion would make the 
plant M one of the most 
advanced semiconductor facili- 
ties in the world”. 




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FINANCIAL TIMES WEDNESDAY SEPTEMBER 28 1994 







NEWS: UK 


Labour shifts its economic stance 


By Phifto Stephens, 

Podtfeai Edilor 

The leadership of the 
opposition Labour party yester- 
day cast itself in the role of 
ally to a vibrant market econ- 
omy as it Btaked out the 
ground on which it will fight 
the next general election. 

In a speech designed to mark 
a decisive break with postwar 
interventi onism and 1970s-style 
corporatism, Mr Tony Blau- 
said Labour’s prescription tor 
sustained economic growth 
was neither anti -mar icef nor 
anti-business. 


The last remnants of the par- 
ty's ideological baggage were 
discarded as the opposition 
leader rejected the "laisser- 
fiaire dogma” of the Conserva- 
tives and Labour’s past reli- 
ance on crude demand manage- 
ment in. favour of a new 
left-of-centre economic agenda. 

Mr Blair, who was speaking 
at a London conference along- 
side Mr Gordon Brown, the 
shadow chancellor, dismissed 
the idea that a future Labour 
government could solve the 
country’s economic problems 
through higher spending and 
higher taxes. 


Instead, its central objective 
would be build a new partner- 
ship between the public and 
private sectors which would 
reinforce rather than restrict 
the role of the market in pro- 
moting faster growth with low 
inflat ion 

In a co-ordinated operation 
ahead of next week's Labour 
party conference - the first 
since Mr Blair's election as 
leader in July - the two men 
warned that the party's social 
ambitions could be met only if 
It delivered a successful econ- 
omy. Economic growth rather 
than increased public spending 


would provide the route to a 
more cohesive, fairer society. 

Their speeches were dis- 
missed by senior Conservatives 
as a transparent publicity exer- 
cise. Mr Michael Portillo, the 
employment secretary, accused 
them of offering “slogans and 
buzzwords" but not a single 
concrete proposal. 

Mr Blair told the conference 
of academics and businessmen 
that a radical shift in Labour 
thinking to meet the realities 
of the 1990s would redefine the 
dividing lines between its 
strategy and that of the Con- 
servatives. 


Strasbourg backs 
more funds for 
Northern Ireland 


By David Gardner in 
Strasbourg and David Owen 

The European parliament 
yesterday voted for increased 
aid to help cement the peace 
process in Northern Ireland 
while giving a rare standing 
ovation to Mr John Hume, 
leader of the mainly Catholic 
Social Democratic and Labour 
party. 

The move came as unionists 
- responding to a warning by 
Mr Gerry Adams, the Sinn 
Fdin president, that the IRA 
might in time return to vio- 
lence under a new leadership - 
urged the government to make 
the IRA hand in its guns. 

Meanwhile, Mr Adams 
attempted to qualify his earlier 
remarks, made in an interview 
with the Boston Herald news- 
paper, saying he had been 
speaking hypothetically and 
did not believe that the peace 
process would faiL 

Mr Hume’s reception was for 
his part in brin g in g about the 
IRA ceasefire. It emerged that 
the dominant Socialist group 
at the Strasbourg assembly 
intends to get the parliament 
to nominate the SDLP*s lone 
MEP for the Nobel peace prize. 

The parliament voted over 
whetoiingly for more aid and a 
cessation of violence by all 
paramilitaries in the province 
in order to reach a settlement 
which “must earn the alle- 
giance and agreement of all 
traditions" in Ulster. 

The Rev Ian Paisley, leader 
of the hardline Democratic 


Unionist party and also an 
MEP, was the sole iH«e»nHng 
voice in the debate. 

He reminded the parliament 
that the IRA had still not 
agreed to a “permanent" cease- 
fire, and that Mr Adams had 
warned of a return to violence 
in three years if the IRA “does 
not obtain satisfaction". 

The vote was carried by 380 
votes to 5 but Mr Paisley's four 
apparent supporters later con- 
tacted the parliament authori- 
ties to say they had pressed the 
wrong voting button. 

Mr Peter Schmidhuber, Euro- 
pean Union commissioner in 
charge of the budget, wel- 
comed the parliament’s back- 
ing for increased funding. He 
said the commission proposed 
raising the ElTs contribution 
to the International Fund for 
Ireland from the Ecul&m 
(SI 8.6m) a year it has contrib- 
uted since 1989 to Ecu20m. 

The EU has already allocated 
EcuL23bn in aid to Northern 
Ireland for 1994-99 - up from 
Ecul.07bn in 1989-93 - to 
develop infrastructure, 
research and development, 
training and small businesses. 

Mrs Glenys Kinnock, the 
prominent Labour Euro-MP, 
was behind the effort to nomi- 
nate Mr Hume for a Nobel 
prize, never previously 
attempted by the parliament 
She was firmly against any 
attempt to include Mr Adams 
in the nomina tion, and said it 

“would hot be appropriate 
now" for the Sinn F6in leader 
to address the parliament 








a# 




■ a 


RbWImp 

Jaguar today unveils its XJ range of luxury saloons aimed at transforming the fortunes of the 
lossmaking UK carmaker, which was taken over by Ford in 1989 for £l-56bn ($2.48bn). The US 
carmaker is doubling its stakes rather than quitting, and expects to have invested another £lbn by 
the end of 1996. The XJ series, codenamed X300 during development, has cost more than £200m. 

Former sales agent sues 
regulator over work ban 


By Peter Marsh 

The self-regulating body for 
the life insurance industry is 
being sued by a former sales 
agent, who alleges that one of 
its rules contravenes the 
Treaty of Rome by preventing 
him practising Ms trade. 

The action has been brought 
against Lautro but is effec- 
tively against the Persona] 
Investment Authority, the new 
watchdog for the private inves- 
tor which is taking over Lau- 
tro’s role. 

If successful, the case could 
open the way for similar 
actions by some of the 100.000 
former insurance agents who 


have lost their jobs over the 
past four years. 

Liability for any damages 
would lie with the new author- 
ity's member organisations, 
which include banks, life insur- 
ers and independent financial 
advisers. 

The action centres an a rule 
operated by Lautro since 1991, 
and now adopted by the Per- 
sonal Investment Authority. 
This says that sales agents 
who owe £1.000 or more to a 
Lautro-registered insurer are 
not allowed to work for any 
other Lautro member. 

The writ against Lautro - on 
which neither It nor the new 
authority wanted to comment 


- has been brought by Mr 
Charles Bunbury. He nlahns 
that Lautro’s rule stopped Mm 
gaming further work as an 
insurance agent after he left 
Oaklife Insurance in 1991 with 
a debt of £17.000. He was 
unable to pay off this debt, 
became bankrupt and is now 
unemployed. 

Mr Bunbory's lawyer is 
thought likely to argue that 
the Personal Investment 
Authority's members should be 
liable for damages of several 
hundred thousand pounds to 
compensate his client. The 
case is unlik ely to come before 
the High Court before the end 
of next year. 


Political lobbyists and clients to be registered 


By David Owen 

Britain's Image-makers 
yesterday moved to polish 
their tarnished image by 
unveiling plans to strengthen 
the regulation of political lob- 
byists. 

The public relations industry 
is to introduce a register of lob- 
byists and their clients in 


response to controversy over 
the ways some MPs use outside 
interests to supplement their 
parliamentary salaries. 

This follows repeated calls 
by practitioners for parliament 
to regulate lobbying activities. 

The industry is following the 
example of the Association of 
Professional Political Consul- 
tants which published a code 


of conduct for professional lob- 
byists to try to avert charges 
that MPs sometimes face con- 
flicts of interest through their 
links with lobbying firms. 

The two organisations 
behind the latest move - the 
Public Relations Consultants 
Association and the Institute 
of Public Relations - portrayed 
it as an attempt to make more 


information available about 
the activities of lobbyists. 

Both bodies - which repre- 
sent consultancies and practi- 
tioners, including some lobby- 
ists - have also augmented 
their general codes of practice 
to i ncl u de specific guidelines 
for political consultants. 

The initiative comes as a 
House of Commons committee' 


investigates MPs’ outside inter- 
ests following newspaper reve- 
lations that two MPs were will- 
ing to put parliamentary 
questions to ministers in 
return for payments of £1,000. 

The inquiry is expected to 
dissuade MPs from supple- 
menting their salaries by act- 
ing as directors or consultants 
to lobbying companies. 


Britain in brief 




The central dividing line was 
between the right’s dogmatic 
reliance on market forces alone 
and a left approach that 
equipped business to prosper 
by promoting Investment in 
education and industry. 

On spending, the dividing 
line was between the Conser- 
vatives' increased spending on 
“unemployment, welfare and 
social decay" and Labour's 
desire to devote resources to 
economically and socially pro- 
ductive projects. On taxes, the 
the difference was not between 
high and low taxation but 
between fair and unfair taxes. 


Sharp drop 
in reported 
crime 

Figures showing the biggest 
fall fn recorded crime for 40 
years rekindled political dis- 
agreement over law and order 
policies yesterday. 

Crime recorded by police 
forces in England and Wales 
fell 5.5 per cent in toe year to 
June. Some 5,365,400 offences 
were recorded in the previous 
12 months, a fall of 311,500 
from last year's figures. 

Hr David Maclean, home 
office minister, said the fig- 
ures showed that rising crime 
was not inevitable. Mr Alan 
Michael, for the opposition, 
accused the government of an 
exercise in stage management. 
He said concentration on toe 
overall reduction had dis- 
guised increases In theft bum 
the person, violence, robbery 
and sexual offences. 


Mental patients 
‘risk to public 9 

Patients with severe mental ill- 
ness are being pushed out of 
London hospitals, posing a pos- 
sible risk to the public, the 
government's Mental Health 
Taskforce said yesterday. 

A severe shortage of emer- 
gency hospital beds in the cap- 
ital meant that patients were 
being discharged early to make 
way for others even more 
chronically iQ, it said. 


Opposition to 
county changes 

Consultative referenda held in 
10 counties by the Local Gov- 
ernment Commission have 
revealed strong opposition to 
government plans to restruc- 
ture local government in 
England. 

The government wants to 
replace the two-tier system of 
counties and districts with 
all-purpose unitary councils. 

AD households in the areas 
concerned were sent consulta- 
tion leaflets. The response rate 
was 5.47 per cent. 

In eight of the 10 counties 
covered, keeping two tiers, at 
least for part of the county, 
was the favourite option. 


Coal technology 
cuts emissions 

A new method of burning coal 
in large power stations which 
is expected to reduce emissions 
of pollutants is to be installed 
in Scottish Power's 2.400MW 
coal-burning station at Langan- 
net on the Firth of Forth. 

The technology will cut 
emissions of nitrogen oxide by 
70 per cent 


This announcement appears as a matter of record only 


The Management Buy-In of 


4* GRAM 


out of 


SARA LEE I>E 


was arranged by 



luSilll; D O N ’ T 

Vii§ c RACK 
;:!§§§ u n d e r 

'f -llllil PRESSURE 


INVESTMENT FUNDS 


The undersigned acted as advisers to the buyers 
Investment Management 8c Consulting Group b. 


September 1994 


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FINANCIAL TIMES WEDNESDAY SEPTEMBER 28 1994 


*■ 


MANAGEMENT 


13 





Turning lunchtime 
wine into water 

Richard Donkin bemoans the removal of the drinks 
cabinet from today's corporate dining rooms 


I t was a typical corporate 
dining room. Foot places set 
Tor lunch, na pkins, side plates, 
wine glasses. Would I like an 
aperitif?, asked the chairman. 
“Just a tomato juice, please.” His 
smile broadened as he revealed 
that he too was on tomato juice. 

So too was his colleague - a nd his 
colleague's colleague. 

“So yon don't drink at 
lunchtime?” he ventured. What 
should I say? There, standing 
provocatively, in the middle of the 
table, dribbling with condensation 
on its pond-green glass cooled 
side, was an uncorked bottle of 
Sauvignon. 

“Well, sometimes.” The bottle 
did the rounds, each host 
declining in turn. It was a bottle 
straight from Wonderland. “Drink 
me,” it said. So I did. Just a glass 
or so, but it was pure sin - and I 
knew it. 

There is no escaping the 
lunchtime culture change. One of 
the corporate miracles of the 
1990s has been the turning of wine 
into water. Drinking and the 
company lunch is becoming a 
Spartan affair in our aus tere 
industrial climate. Today's lunch 
is business (Tom the first forkful. 

The erosion of the chummy 
business lunch probably started 
with the “working lunch" some 
years ago and evolved into an 
in-house, buffet-style get-together, 
no table doth, peel-yonr-own fruit 
- more an excuse for a meeting 
than an excuse for lunch. The 
other type of in-house lunch, the 
one designed to impress your 
visitors, has survived after 
thriving during the heady 1980s, 
but even this is becoming more 
businesslike. 

In the City, at least, lunch has 
become the institution that sorts 
out the roundhead champion of 
the Protestant work ethic from the 
cavalier lush, more accustomed to 
keeping gentlemen's hours. The 
corporate roundheads are winning 
the battle as the executives of 
yesteryear are routed from their 
comfortable routines. 

The roundhead mawag w is easy 
to spot, he - or, increasingly, she 
- keeps a clean desk, works 
briskly and efficiently and uses 
lunch to stock up on lettuce-laced 


HUMC. WORKING LUNCHES’ 
W eze MoEE PecpUCTTVE 
WHEN NO-OHE CM £H*LL 
MAT «M> HAPPENED UTEfe. 



fuel for the rest of the day. The 
knife is a tool for stabbing borne a 
point, the fork and plate merely 
utilitarian thinking accessories. 
The greatest statement of all Is 
made by the glass of water. 

Whether effervescent or still, it 
says that yon mean business, that 
you did not come here to relax and 
epjoy yourself, that you are alert, 
sensible and a fully paid-up 
member of workaholics 
anonymous. 

There is nothing left 
for the cavaliers but 
to rlink their glasses 
of eau de tap and 
drink to the old days 

Dianah Worm an, a policy 
adviser at the Institute of 
Personnel and Development, says: 
“The latest thinking is that it is 
perhaps not a good idea to expose 
people to lots of alcohol at work. 
We are talking about something 
that undermines people's 
performance.” 

Woman identifies professions 
such as medicine, the police force 
and journalism where drinking 
cultures still exist, but she 
suggests the practice is on the 
decline. Her own organisation 
bans drink in the workplace 
except at retirement parties and 


the Christmas drinks party. The 
number of companies with strict 
alcohol and drugs policies is 
growing markedly. 

British Rail and Kailtrack, 
which introduced policies last 
year, not only insist that all their 
employees do not work under the 
influence of drink, but that their 
contractors also comply with the 
same policy. 

Ford, GEC, Nuclear Electric, 
Royal Rank of Scotland, sh**n and 
Whitbread were aD listed In a 
recent Incomes Data Services 
study as companies with alcohol 
policies. In 1980, Whitbread 
exchanged its traditional daily 
beer allowance, which could be 
drunk on site, for a periodic 
take-home arrange ment- in an 
attempt to promote sensible 

delnkStig - 

According to the IDS study, 
alcohol and drug misuse costs 
industry at least Elba a year. A 
fifth of large employers, it said, 
had formal alcohol polices, still 
lagging behind the two-thirds that 
now have smoking policies. The 
more stringent approach to 
alcohol in some companies has 
been influenced by changes in the 
law. The 1992 Transport and 
Works Act made it illegal for 
transport workers in 
safety-sensitive positions to report 
for duty having taken alcohol or 
drugs. Their employers must also 
use due diligence to prevent 
alcohol or drug use. 

Equivalent US legislation is 
even more draconian, covering 7m 
employees with a widespread nse 
of random-alcohol tests. 

As at British Rail, some 
employers are deciding that it is 
unacceptable to allow drinking for 
some and not for others. Woman 
says that those company directors 
who still have not consigned then- 
office drinks cabinets to the scrap 
heap might consider doing so. 

There seems no disputing that 
tiie roundheads have firmly 
secured the legal and moral high 
ground. In the new era of office 
prohibition, lean companies and 
performance-related everything, 
there is nothing left for the 
cavaliers to do but to cHnk their 
glasses of ean de tap and drink to 
the old days. 



Street wise: Sears chief executive Liam Strong put on his blue jeans to host a town meeting' with managers 

Nell Buckley on how a UK retailer is encouraging its 
different chains to co-operate with each other 

Break-Out: a new 
fashion at Sears 


I nside a warehouse on an indus- 
trial estate near Birmingham 
last month stood a high street, 
complete with a row of shops, 
fast food outlets, and an- amphi- 
theatre at one end with a giant 
screen and sound equipment 
This was not a theme park, or the 
UK's latest new town. It was cre- 
ated as the venue for a series of 
tr aining days for store managers 
from Sears, the UK fashion group 
whose chains include Dolcis, Wallis, 
Warehouse. Richards, and Olympus, 
as well as Selfridges department 
store in London. 

The shops were constructed 
within days from canvas and metal 
frames in redundant warehousing 
space, and disappeared just as 
quickly, but they served as an effec- 
tive environment In which store 
managers could meet and learn new 
skills. 

Such initiatives have played an 
important part in the regeneration 
of Sears - further evidence of which 
was provided by yesterday's rise in 
interim pre-tax profits from £38 -9m 
to gSLBm. 

Of the four large UK fashion 
groups which ran into difficulties 
around the turn of this decade - 
Next Storehouse, Burton and Sears 
- it was perhaps Sears, with 3,500 
stores under more than a dozen fas- 
cias, and about 35,000 full-time 
equivalent staff, that faced the most 
complex problems. 

It may not have been losing 
money - even if group profits fell 
from a pre-tax peak of £246m in tbe 
year to January 1988 to £81m in the 
year to January 1992 - and it had 
fewer debt worries than some com- 
petitors. The group, however, was 
sprawling and unwieldy. Communi- 
cations between stores and the cen- 
tre - and between stores them- 
selves - were poor. Functions were 
sometimes duplicated, and there 
were few structures allowing ideas 
and expertise to be passed from one 
chain to another 

As chains had been acquired, 
they had often been left to do things 
their own way. Burton, another 
fashio n retailer maria up of a num- 
ber of multiple chains , faced a simi- 
lar problem, with its high-street 
stores trading in competition with 
one another rather than cooperat- 
ing in certain areas and targeting 
different market segments. 

Another problem was that Sears 
would often be one of the biggest 
retailers In a town centre, but its 
turnover was split between ten or 
more stores which hardly knew one 
another. This denied Sears a poten- 
tially powerful voice in the town's 
affairs. 

T.iam Strong, the former market- 
ing director of British Airways 
appointed Sears chief executive in 
spring 1992, realised that as well as 
restructuring - the underperform- 
ing menswear businesses were sold 
and the shoe business British Shoe 


Corporation revamped - a culture 
change was needed. He hired Rod 
Tdylor, a former colleague at Brit- 
ish Airways, as director of human 
resources, and at a conference of 
the top 200 Sears executives in 
October 1992 launched the Sears 
Action Programme. The aim was to 
bring togetber different functions, 
such as buying, merchandising and 
marketing, and to get stores and 
c hains to work together. 

By the following February, the 
programme, now known as Break- 
Out, was showing results. Meetings 
between chains bad identified possi- 
ble cost savings of between £7m and 
£8m a year. 

Further evidence of the culture 
change could be seen at a confer- 
ence for the top 300 executives in 
March. “People started to stand up 
and say things like, 1 have 'stolen* 
this idea from worn ensw ear," says 
Taylor. 

Cooperation still did not go far 
enough, however. Taylor launched 
a Break-Out team, putting together 
17 people from Sears businesses 
with five consultants from Gemini 
Consulting, to deepen the process. 
He also introduced a management 
training programme at the centre 
and in the stores. 


At head office, where staff had 
been extensively reshuffled by 
Strong, the top 50 executives were 
invited to undertake a course uf 
executive coaching, weekly sessions 
of management training with con- 
sultants, at the company's expense. 
They were free to choose the coach 
and the skills they wanted to 
develop. All but two took up the 
Offer, and Taylor is confident that 
the £250,000 costs of the scheme will 
be more than recouped by the bene- 
fits. in the form of better-trained 
directors who can pass on their 

Skills 

At tbe stores level. Sears brought 
managers together in a series uf 
day-long tr aining events. The first 
ten regional Break-Out days, involv- 
ing 350 store and concession manag- 
ers at a time, were held a year ago. 
A follow-up series of eight “Sears 
retail days" for 450 managers at a 
time, was held last month in the 
mock-up high street in SolihulL 

Events began with a “town meet- 
ing" hosted by a jeans-wearing 
Liam Strong, at which managers 
were able to put questions to simi- 
larly casually attired managing 
directors of the retail divisions. 
These were frequently blunt - 
"How can we get head office to lis- 


ten to us?" was one question last 
month - but Taylor says the pro- 
cess was important for both sides. 
“Confronting the managers was a 
big learning process for the MDs. 
They realised answers that sounded 
like cotton wool were not going to 
be credible." 

After this town meeting, manag- 
ers moved into the store areas to 
participate in seminars on such sub- 
jects as visual merchandising and 
customer loyalty. They also held 
meetings with colleagues from their 
own towns to discuss forms of 
co-operation, such as cross-fascia 
training or joint security meas- 
ures. 

Strong says these events were 
important as a way of getting store 
managers talking to one another, 
and making them feel personally 
involved in the changes. 

The feedback from the retail days 
has been good and there have been 
visible changes in the stores. 

"People can only take away very 
simple messages from these 
events.” he says. “The two ideas we 
wanted them to take away is that 
we continue to be committed to 
change, but it is tough going. The 
second is that there is a lot they can 
do themselves." 




A BOLD NEW INITIATIVE 
FOR EURO-ASIAN TRADE 


The European Commission, in collaboration with the 
Financial Times, is holding an interactive forum to 
allow an invited audience of European and Asian 
industry leaders to air their views cm how EC trade and 
investment with Asia can be improved and developed. 

The two European Commissioners at the heart of the 
evolving policy on Asia, Mr Manuel Marin and Sir 
Leon Brittan, will spearhead the forum by making 
opening addresses and encouraging an active and frank 
exchange of opinions. The one-day forum - entitled 
' Towards a new European economic strategy for 
Asia’- will be held in the Conrad Hotel, Brussels on 
October 6, 1994. 

Other speakers include Dr Supachai Panichpakdi, 
deputy Prime Minister of Thailand: Dr Victor Fung of 
the Hong Kong Trade and Development Council: 
Viscount Etienne Davignon of Socidte Gdndrale de 
Belgique; Francois Peri got. President of UNICE; and 
Sooohoon Bac, President of Daewoo Electronics. 

The current rise of Asia is dramatically changing tbe 
world balance or power and it is estimated that, by the 
year 2000, half the growth in the global economy will 
come from East Asia and South East Asia alone. 

By staging this one-day event, the Commission wishes 
to underline that the EU must act now and strengthen 
its economic presence in Asia - or it will miss out on 
these lucrative new markets. 



For more information, please contact 
Financial Times Conferences 
102 - 108 Clerkcnwell Road, London EC1M SSA 
Telephone: 071-814 9770 fiix: 071-873 3975 



The Centre for Business and Policy Studies (SNS) 
in Stockholm announces its annual 
economic outlook conference on 

October 10 1994 

★ How does the international economic situation influence the Swedish economy? 

★ When can we expect the rate of unemployment to decline? 

★ Will Sweden be able lo keep the low rate of inflation? 

★ What policy can bring the Swedish economy in balance? 

This one day conference will assemble leading Swedish and international economic analysts and players. The 
conference will offer qualified analysis of the Swedish Economy from an international perspective. 

Minister of Finance - The New Government's Economic Policy 


Mr. Thomas Atkinson - The Current International Economic Situation 

Head of International 
Prospects Division OECD 
& Professor Barry Bosworth 
Brookings Institution 

Debate over the latest economic prognosis produced by the National Institution for Economic Research. 


Moderator 

Debaters: 


Debaters: 


fdas Eklund, Chief Economist, SE-Banken 

Alf Carling, Director of the National Institute for Economic Research 
Lars Heikensten, Chief Economist, Handelsbanken 
Nils Lundgren. Chief Economist, Nordbanken 

Sweden's Economic Policy 

Dan Anderson, Economist of LO (the Swedish Confederation of Trade Unions) 

Professor Assar Lindbeck, Institute for International Economic Studies, 

Stockholm University 

Thomas Franzen, Minister of Finance 

Professor Hans Tson Sodersfcrdm, Managing Director of SNS 


JNf 


Practical Information 

Place: IVAfWalteribergssalen), Grev Turegatan 16, Stockholm 

Time: Monday, 10th of October 1994, at 09.00 a.m. - 16.30 p.m. 

Fee: 2875 SEK(induding 575 SEK VAT) for SNS members/ subscribers and 600 SEK 

(including 150 SEK VAT) for researchers with their main activities at universities. 

Other attendants pay 4000 SEK(including 800 SEK WAT). Documentation, lunch 
and coffee is included in the fee that will be invoiced. 

Registration: October 3, at the latest on the form below. The registration is binding. If registration 

is withdrawn after October 3, the total fee will be invoiced. The number of attendants is 
limited. Your participation is confirmed by the invoice, if you are prevented to attend, 
you are free to transfer your registration to a colleague without extra charge. 

Please send your registration form to Susanne Rothschild-Lundin, who will also answer your questions as SNS, 

telefax +46 8 24 22 44. Mail address: Box 5629, S-l 14 86 STOCKHOLM, Phone 446 8 453 99 77. 

Registration Form 

Yes, 1 want to attend the SNS Outlook Conference on October 10,1994: 

Name: 

Company: 

Address: 


Phone 


Telefax: 


CJ I want to become a member of SNS. 







14 






On the 
trail of a 
sponsor 

E co-sponsorship, the 
Increasingly popular form 
of promotion, has hit the 
hiking trails of Switzerland. 

• The Swiss League for the Pro- 
tection of Nature* was looking 
for financing to restore a spec- 
tacular trail in a nature reserve 
high In the Bernese Oberland, 
when Thnberland, the US hiking 
shoe company, agreed to pat np 
funding for the project 
Thnberland had heard about it 
through Alp Action, a Geneva- 
based organisation set up by 
Prince Sadrnddin Aga Khan 
four years ago to mobilise funds 
for preservation projects in the 
Alps. The company will spend 
$120,000 (£76,000) for the initial 
restoration pins an ongoing 
commitment to maintenance. 

In re torn, the path, which 
rises more than 1,000m from 
Stechelberg at the bead of the 
Lauterbnmnen valley to Ober- 
hom just beneath the tumbling 
Breithorn glacier, has been 
named the Timberland Trail. 
The company's name or logo 
appears on explanatory bill- 
boards and signposts all along ! 
the 7km rente. 

Louis Ferran, Timberland’s 
international vice-president, 
says the company's investment 
was not simply aimed at selling 
more outdoor shoes and 
clothing. “Certainly, our 
products make no sense if the 
environment is not maintained. 
Bnt many companies use the 
environment in their 
marketing.” 

Timberland has a policy of 
trying to involve other people in 
its activities. It has participated 
in City Year, a youth service 
corps in the US, and it provides 
Its employees with time off for 
community service projects. But 
it had done little In Europe, 
where sales have been growing 
rapidly. This year, it expects 
$140m of its 8700m sales to come 
Cram Europe. In the SLPN, it 
found a partner with 100,000 
members Involved in preserving 
the environment 

Ian Rodger 

Contact Otto Sieber, SLPN 
secretary-general, tel Basle (41-61) 
312-7447. 


* FINANCIAL TIMES WEDNESDAY SEPTEMBER 28 1994 

BUSINESS AND THE ENVIRONMENT 



WUd at heart: EaMaternia's Mas, meadows and native trees aHow crop p rotection, good land use and wildlife dvaratty 

If you go down to 
the woods today 

Deborah Hargreaves visits Eskdalemuir forest, where 
wildlife thrives alongside a valuable timber resource 


Frances W illiams on why 
banks focus on lender liability 

Turning green at 
the thought 


R onnie Bose stands in a for- 
est glade pointing to the 
bank where roe deer can 
slip down under cover of 
willow trees to drink at the stream. 
As senior wildlife manager at Esk- 
dalemuir forest In Scotland, Rose 
has designed the woodland planting 
to provide clearings where deer can 
gather and feed. 

But Rose's efforts to provide a 
suitable habitat for the deer are not 
motivated purely by conservation. 
“I am here to make sure this invest- 
ment reaches the marketplace in 
the best condition possible," he 
says. 

Around 60 per cent of Britain's 
forests are privately-owned as a 
long-term investment for individu- 
als and pension, funds. Conifers take 
at least 30 years to mature and if 
the trees are damaged by animals 
before felling, their market value 
can be cut by up to a third. 

Eskdalemuir is Britain’s largest 
privately-owned forest covering 
11,000 hectares. Rose and his team 
of 10 wildlife specialists pursue a 
policy of active conservation to con- 
trol animal numbers on behalf of 45 
separate owners. 

Commercial forests planted in the 
past 30 years tend to be dominated 
by the sitka spruce, a species of 
North American conifer which 
adapts well to the UK climate, 
grows fast and straight and is much 
in demand from industrial timber 
users. 

But as Len Yuli, marketing direc- 
tor at Tilhill Economic Forestry, 
part of the Booker agribusiness 
group, which manages the Eskdale- 
muir forest, explains: “When we 
introduced these North American 
trees we did not bring the wildlife 
with them, so we have to build 
routes for British birds and animals 
into the American forest” 

The routes involve planting decid- 
uous trees such as oak, alder, hazel 
and willow in clumps to attract 
native birds and animals. Biodivers- 
ity not only looks better, bnt also 
helps to protect the trees. Short- 
eared owls, for example, prey on 
voles, which strip the bark from 
young trunks. 

Where there are few natural pred- 
ators, Rose must take their place. 
He has to shoot up to 1,000 deer 
each year out of a population of 
3,000 to keep numbers down and 
prevent damage. By designing 
meadows and open spaces within 
the conifer plantations, he can mon- 
itor the deer numbers and cull the 
old, sick or wounded. Rose says that 
he also has to play “referee" for 
three species which, if left alone 
would destroy many animals that 
benefit the forest. For this reason 
he kills mink, foxes and carrion 
crows which eat the eggs of the 
ground-nesting, short-eared owls. 

In order to monitor animal popu- 
lations, Rose must be aware of their 
habits and movements. For exam- 


ple, sika deer which strip the bark 
from trees only move Into a forest 
when the trees are 15 years old. 

Rose has created meadows in the 
forest to help bring the sika deer 
into the open. “To manage the deer 
population, you have to see them,” 
he explains. The trade-off is a 7 per 
cent loss of space for conifer plant- 
ing, but it helps ensure that the 
trees survive until maturity. It 
means “your investment gets to 
market in year 30”. 

Red deer must be watched when 
the trees are mature because they 
can damage the timber just days 
before it is chopped down, while roe 
deer prefer eating trees younger 
than two years. 

In spite of the damag e that some 
animals can do. Rose resists the 
idea of a “dead" forest where trees 
are planted so tightly that there is 
little room for other vegetation or 
animals - the type of forestry 
sharply criticised by environmental- 
ists. He has also established poods 
and lakes that act as fire barriers, 
and which support fish, dragonflies 
and other insects as well as reeds 
and wild flowers. The tops of the 

mountains, unsuitable for planting 

trees, are kept as grouse moors. 

Bskdalp is a showpiece forest for 
Tilhill. which manages 12 per cent 
of Britain's private woodlands. “It is 
a unique finest because it is on a 


scale to allow for this sort of wild- 
life management," said Martin Wil- 
kinson, forestry operations director. 

“It really brings the benefits. of 
crop protection, good land use and 
wildlife diversity at a pretty modest 
cost,” Wilkinson says. He reckons 
that the extra cost of Rose’s active 
conservation policy is not more 
than £5 per hectare and often £2 to 
£3 out of an annual running cost of 
up to £30 per hectare. 

B ritain's forestry industry has 
been criticised by many envi- 
ronmental groups for its lack 
of sensitivity to wildlife and the 
landscape. But Wilkinson says the 
days of planting unbroken ranks of 
conifers across miles of hillside are 
gone - new forests must meet a 
stringent set of environmental 
guidelines to qualify for grants. 
Today, conifer forests generally 
include 20 per cent of open space, 10 
per cent broad-leaved trees along 
streams and bo undaries , with 10 per 
cent of conifers other than sitka 
spruce. 

Wilkinson says: “Fifteen years 
ago we were encouraged to make 
maTimnm productive use of the 
land, but today people want more 
visual diversity.” 

The government still has plans to 
encourage more forestry planting in 
the UK where production meets 


only 12 pear cent of current need. It 
has just introduced a new direct 
grant scheme to encourage private 
landowners to plant more trees. 

The grants of £700 per hectare for 
planting conifers cover 70 per cent 
of the costs of starting a forest, but 
Wilkinson reckons it is not enough 
to encourage the level of start-up 
the government wants to see. Gov- 
ernment targets for new plantings 
of 33,000ha a year have never been 
met since they were set in 1987. 
New tree planting is currently run- 
ning at about 18,000ha a year. 

Foresters say trees cannot com- 
pete with the high price of agricul- 
tural land which is supported by 
European Union subsidies. The UK 
government introduced a farm 
woodland grant scheme to try to 
persuade farmers to plant more 
trees, but this has so far attracted 
only 4.000 to 5,000ha a year of new 
planting. 

Wilkinson mamt-ainw that forestry 
provides many ecological benefits 
and supports a greater diversity of 
species than the u pland sheep farms 
it often replaces. Tilhill reports that 
127 different breeds of bird and 17 
species of animal can be found in 
the Eskdalemuir forest. “We are 
providing a different micro-climate 
for wildlife and also a valuable 
resource which is much in 
demand.” 


M ention the word 

“environment" to your 
average commercial 

banker and watch him flinch. 
Never mind the booming market 
for environmental services, the 
investment opportunities, the 
growing demand by consumers for 
“green” products. 

His first thoughts are as likely 
to turn to the mounting bill for 
deanlng up toxic waste sites or 
fears of customers pushed into 
default by unforeseen 
environmental costs and 
regulations. 

A global survey of 60 banks 
conducted for the United Nations 
Environment Programme (Unep) 
found that the banks’ 
environmental policies focused 
predominantly on credit risk 
management. The environment 
was a negligible factor in equity 
finan cing; banks have yet to 
promote “green” business with 
enthusiasm. 

When senior officials from 45 of 
the world's biggest commercial 
banks met in Geneva this week to 
discuss environmental issues, the 
mam topic was lender liability for 
environmental risk and how to 
avoid it Quantifying risk came 
next followed by "greening” the 
banks’ own internal operations. 
Investing in sustainable 
development came a long way 
down the list for most of the 
banks at the gathering, which 
included Britain’s National 
Westminster, Citibank of the US, 
the Bank of Tokyo, Deutsche 
Bank, HSBC Holding of Hong 
Kong, the three major Swiss 
banks and Bank Dagang Negara of 

fndftnoaift 

According to Unep. which 
sponsored the two-day round 
table, the banking sector's anxiety 
over lender liability overshadows 
aU other environmental concerns. 
The problem arises because 
aimret everywhere lenders can be 
held responsible for some kind of 
environmental malpractice or 
simple misfortune of their clients. 
Even if banks are not legally 
liable they may lose their money 
if the customer defaults. 

The size of the risk is enormous. 
The cost of ^leaning up toxic 
waste sites in the US, where the 
tender liability problem is most 
acute, is put at up to $500bn 


(£Sl6bn). But even in the 
Asia-Pacific region, the World 
ftnnlr estimates $38bn a year will 
be needed for clean-up operations. 

A Unep report prepared for the 
meeting notes that bonks in 
industrialised countries have gone 
to great lengths to protect 
themselves from liability, ranging 
from environmental audits to 
mandatory bonds posted by 
borrowers to cover future 
potential environmental costs. 

Others have chosen a simpler 
course. In a 1990 survey of local 
commensal ban k s by the 
American Bankers' Association, 
nearly half said they no longer 
financed certain types of business, 
such as petrol stations, because of 
liability fears. Nearly two-thirds of 
the banks turned down loan 
applications on the same 
grounds. 

Defensive action by banks to 
limit risk exposure has seriously 
inhibited binding for dean-up 
projects and investments in 
environmental protection. 

"If a small percentage of the 
tiiriP 1 resources and talant that 
has gone into avoiding legal 
liability focused instead on finding 
new solutions to dean-up and 
environmental management 
issues, progress might be made," 
the report comments. 

It notes, however, that a number 
of governments are drawing up 
guidelines for lender liability to 
try to reduce the uncertainty. 

Unep favours schemes to pool 
environmental risk such as 
conedive liability funds and 
public-private sector partnerships , 
for clean-up and other 1 

environmental projects. 1 

The banks also swapped 
experience in making their own 
operations more 
environment-friendly, in areas 
such as energy efficiency and 
paper consumption. A study by 
Swiss Bank Corporation, for 
example, showed that a large bank 
uses as much electricity as a town 
of 60,000 people. 

Ms Hilary Thompson, head of 
environmental management at 
NafWest, says: “It's not going to 
be very easy for a member of the 
financial sector to turn round to 
customers and ask th em to do 
something if they haven't put 
their own house in order first" 


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PEOPLE 




MTM ends its lengthy search 


MTM, the chemicals company 
which almost collapsed two 
years ago, yesterday ended 
more than a year of manage- 
ment uncertainty by naming a 
new chief executive. 

The group has recruited Don- 
ald Nefi, managing director of 
Rocol - the chemical products 
subsidiary of Morgan Crucible 
- to oversee a new acquisition 
strategy aimed at establishing 
three or four core businesses in 
sectors such as bio-technology, 
ceramics and instruments. 

The appointment follows a 
six-month search for a replace- 
ment for Ken Schofield, who 


stepped down in June last year 
after completing a rescue 
restructuring. 

Neil, 51, is expected to con- 
tinue the reorganisation, 
which was dominated by the 
disposal last year of most of 
MTM’s assets to BTP, the fine 
c h emical company, for £100m, 
and the acquisition in March 
this year of Colin Stewart 
Minchem, the Cheshire-based 
chemical company, for 

£ll-8m r 

“We’ve been described as 
leaderless, but that was unfair. 
We simply delayed recruitment 
to ensure we had a new busi- 


ness capable of moving in the 
right direction," says David 
Swallow, chairman and acting 
chief executive, who will now 
revert to being non-executive 

chairman 

Before moving to Rocol, Nefi 
- a chartered chemist - was a 
director of Manders, the coat- 
ings and inks business, and a 
divisional director at Croda 
International, the chemicals 
group. 

He was chosen from a short 
list of eight candidates and will 
receive a basic annual salary of 
around £100,000 plus bonuses 
and share options. 


Insurance moves 

■ Paol Swain has been 
appointed a director of 
HORACE CLARKSON. 

■ Mike Dnnsmore has been 
appointed group treasurer and 
director of NICHOLSON 
IjKSLIE Management Services; 
he moves from The Bank 
Relationship Consultancy. 

■ James Magee, chief 
executive of Miller Knight has 
been appointed chief executive 
of ROBERT BISHOP and a 
director of Robert Bishop 
Southern. 

■ Charles Bridges has been 
appointed md of SEDGWICK 
Aviation. 

■ Eric Sandlund, formerly md 
of Jupiter Tyndall in Hong 
Kong, has been appointed md 
of PRUDENTIAL Portfolio 
Managers to set up investment 
operations in Hong Kong. Jim 
Sutcliffe, formerly deputy md, 
has been appointed md of 
Prudential’s home service 
division on the retirement of 


Tony Freeman; Alan Smith has 
been promoted to be the 
division’s marketing director. 

■ Michael Hannan (below), 
project manager, has been 
promoted to coo of the 
LONDON PROCESSING 
CENTRE, the jointly-owned 
company set up by the 
Institute of London 
Underwriters and the London 
Insurance and Reinsurance 
Market Association. 



Parayre joins 
Tarmac board 

Jean-Paul Parayre, former vice 
president of Croupe Lyonnaise 
des Eaux-Dumez, the large 
French water and construction 
group, has been appointed a 
non-executive director of Tar- 
mac, one of Britain’s biggest 
construction groups. 

Parayre. 57, who at one stage 
headed Transmancfae Link, the 
Anglo French construction 
consortium which designed 
and built the Channel tunnel, 
is based in France and is 
expected to help Tarmac 
strengthen its growing 
operations in the country. 

Tarmac, a founder member 
of Transmanche. says Parayre, 
who spent 12 years In the 
French civil service before 
joining Peugot where he organ- 
ised the takeover of Chrysler 
Europe, has valuable experi- 
ence of French government 

and Ind ustry 


Fallon’s post with mail order 


Ivan Fallon, the former deputy 
editor of the Sunday Times 
who specialises in writing biog- 
raphies of wealthy business- 
men, is joining the board of N 
Brown, Sir David Alliance’s 
family-controlled mail order 
business. 

Fallon, 51, stepped down as 
business editor of the Sunday 
Times a few months ago and is 
about to take up a senior exec- 
utive position with the Argus 
Group, the South African 
newspaper company In which 
Tony O'Reilly’s Independent 
Newspaper group is the biggest 
investor. Fallon, who was City 
editor of the Sunday Telegraph 
from 1979 to 1984 and deputy 
editor of the Sunday Times for 


nearly ten years, has made a 
speciality of getting to know 
rich and famous business folk. 

His books include The 
Brothers: the rise and faU of 
Saatdd and SaatcM and Bil- 
lionaire, the life and times of 
Sir James Goldsmith. His biog- 
raphy of Tony O'Reilly. The 
Player, is published tomorrow. 

The second youngest of six 
brothers. Fallon comes from an 
Irish literary family. His father 
was a poet and playwright and 
Ivan’s younger brother, Pad- 
raic, also an ex-journalist, is 
now chairman of Euromoney 
Publications and a non-execu- 
tive director of Allied Irish 
Banks. 

Sir David Alliance. 62. who 


arrived in Britain in the 1950s 
as a poor Immigrant from Teh- 
ran, has grown into Britain's 
biggest textiles magnate. He is 
best known as chairman of 
Coats Viyella but it has been 
the strong performance of N 
Brown, a Manchester-based 
home shopping group, which 
provides the bulk of an esti- 
mated family fortune of £200m. 

Sir David does not expect 
Fallon’s new job in South 
Africa to interfere with his 
new duties as a non-executive 
director of N Brown. However, 
it sounds as if Fallon will be 
too busy to pen Sir David's 
biography - even though he is 
tempted. “It's a fascinating 
story," says Fallon. 


Graham quits 
Specialeyes 

Differences of opinion on the 
board of Specialeyes, the loss- 
making USM-traded retail opti- 
cian, have led to the resigna- 
tion of Robert Graham, the 
retail operations director. 

A lthough Graham’s resigna- 
tion does not signal a split on 
the board, he Is believed to 
have had a difference of opin- 
ion over how the company 
should cope with an increas- 
ingly competitive market and 
lower margins. 

Specialeyes has seen a num- 
ber of board changes in the 
past two years. The most 
recent was the resignation in 
May of George Shand, the 
financial director. 

Mark Raines, Specialeyes 
managing director, assumes 
Graham’s responsibilities. 

Graham, formerly retail 
operations director of Habitat, 
Joined Specialeyes in Septem- 
ber last year. Specialeyes said 
at the time that his appoint- 
ment “completes the restruct- 
uring of the executive team”. 

Specialeyes incurred a pre- . 
tax loss of £481,000 for the 12 
months ended November 27 on 
a turnover from continuing 
activities of £20.S4m. The fig- 
ures compared with SL27m and 
£25A4m respectively for the 78 
weeks to November 28 1992. 

■ Bensons Crisps announced 
yesterday that Tony Fiddian, 
its finance director since 1985, 
had left the company for 
undisclosed reasons and his 
successor would be appointed 
in due course. 

Malcolm Jones, the chair- 
man, said he was prevented by 
confidentiality clauses from 
giving farther details. 

The Prestonbased company, 
which completed a big capital 
spending programme this year 
to lower manufacturing and 
storage costs, recently 
reported an interim pre-tax 
loss of £l.69m against a loss of 
£386,000 a year earlier. 

Like other crisp ami snack- 
makers, it Is suffering from a 
vicious price war in supermar- 
kets caused In part by excess 
manufacturing capacity. And 
there Is no relief in sight, 
according to Jones. 

Certain varieties of potatoes 
have been In short supply. 
Bensons has find price-scale 
supply contracts running to 
next June covering about 90 to 
95 per cent of its output, Jones 
says. But margins are so thin 
that other cost Increases 
would have to be passed on. 


m 



FINANCIAL TIMES WEDNESDAY 


SEPTEMBER 28 1994 


15 


% Television/ Christopher Dunldev 


Adult choices 
made at the 
Prix Italia 


S hould grown ups really 
take much notice of televi- 
sion? Is there not some- 
thing inherently childish 
and third rate about a 
medium which lionises Jeremy Bea- 
dle and Chris Evans? Flicking 
through Britain's four terrestrial 
c h a n n e ls on the Saturday morning 
before I went to Italy I found Ameri- 
can accented rock and roll on the 
first, an American lecturing on the 
retina on the second, American 
accented rock and roll on the third, 
and American football on the 
fourth. No doubt the broadcasters 
would tell us that Saturday morn- 
ings are for children and Open Uni- 
versity students, bat the weekend is 
not the only time that you find this 
sort of four-pronged Morton’s Fork, 
and it is not clear why broadcasters 
assume the English prefer all things 
American. 

" Happily the Prix Italia, held this 
year in Turin, has served, yet again, 
to prove that however much perni- 
cious rubbish is produced, however 
much politicians insist that televi- 
sion must be dominated by the 
profit motive, however depressingly 
popular such schlock as Gladiators 
and Neighbours may become, there 
are still people around the world 
using television as a medium for 
music and other arts, for grown up 
drama and - perhaps most impres- 
sively of all - as a vivid and telling 
way of showing us what is going on 
in parts of the world remote from 
us. What is more, according to the 
international juries at this broad- 
casting festival - the oldest in 
Europe and therefore, probably, in 
the world - a disproportionately 
large number of those people are 
British. 

There are three television catego- 
ries: music and arts, d rama and doc- 
umentary. From the 24 programmes 
submitted by 20 countries in music 
and arts the jury gave the Prix 
Italia to Strange Fish, an engross- 
ing, sad and funny ballet, choreo- 
graphed by Lloyd Newson for the 


DV8 company and produced by the 
BBC. Co-producer was Reiner Mor- 
itz, a sort of late 20th century 
renaissance prince of television who 
has spent his whole life putting his 
money (and anybody else’s that he 
can acquire) where his month is. in 
furtherance of the arts on televi- 
sion. There is no one else in Europe 
quite like Moritz, and it is gratify- 
ing to see his name associated with 
yet another prize winner. 

From 26 programmes submitted 
by companies in 20 countries, the 
drama jury selected The Snapper as 
Its winner. Another BBC produc- 
tion, this was written by Roddy 
Doyle, is set in Dublin, and tells the 
awful but hilar ious story of Sharon 
Curley’s unplanned, unwanted, and 
yet triumphant pregnancy. From 27 
programmes originating in 21 coun- 
tries the documentary jury chose 
Les Lapirov Passent A L 'Quest from 
La Sept in France as their w inne r. 
But the “ Special" prize in this cate- 
gory went, yet again, to the BBC, 
this time for Black Daisies For The 
Bride, a programme which com- 
bines Tony Harrison’s verse with 
documentary film from an Alzheim- 
er’s ward and moments of dramatis- 
ation from the earlier lives of the 
victims, creating a mixture of nos- 
talgia and bleakness. 

Out of six television prizes, the 
BBC won three and the rest of the 
world three (one each for France, 
Germany and Sweden). Seen along- 
side so much other material it 
should be said that the British win- 
ners did seem the right choices, a 
fact which forces reconsideration of 
the thoughts expressed in my open- 
ing paragraph. If Britain’s “third 
rate” television can look so good 
alongside other people’s, what on 
earth is it like living with theirs?. 
The answer, I suspect, is much the 
same as with ours, because so much 
of the material on the main chan- 
nels, especially during peak time, is 
similar or even identicaL Gladiators 
is an American format. Neighbours 
an Australian soap, Beadle’s cringe 


ARTS 



Scene from the BBC’s warning play in the drama section: ‘The Snapper* by Roddy Doyle 


television seems to have its counter- 
part in virtually every other coun- 
try, and everywhere television is 
looking to the hyperactive jokes- 
mith with a working class accent to 
carry those early morning and even- 
fog shows which are aimed at a 
mass audience largely concerned 
with doing something else while 
keeping half an eye on the box. 
Chris Evans is not alone. 

For the British viewer in Turin, 
having already seen the British win- 
ners, the most interesting pro- 
grammes were the other prize win- 
ners. A Fatal Affair from Sweden 
won the Special Prize in the drama 
category seemingly for reasons 
opposite to those required by the 
rules, instead of recognising some 
special quality (electronic wizardry 
perhaps, or an original technique) 
we were told that the jury was “par- 
ticularly pleased to note that an 
entry of such a standard, tradition- 
ally achieved by North American 
and British producers, can be sub- 
mitted by one of the smaller coun- 
tries taking part in the Prix". In 


other words the Swedes have joined 
the ranks of soap and mini series 
producers. Well whoopee. The win- 
ner of the Special prize for Music 
and Arts was a good though con- 
ventional performance-and-biogra- 
phy programme about a Swede - 
virtuoso trombonist Christian Lind- 
berg - made by ZDF of Germany. 

For me, however, television sud- 
denly began to seem d ramaticall y 
better than third rate and very defi- 
nitely not childish on the afternoon 
when I saw Les Lapirov promptly 
followed by the documentary De 
Overlevenden (“The Survivors") 
made by BRTN Belgium. In the 
French programme Jean-Luc Leon 
followed the Lapirovs, a family of 
Russian Jews, as they left the 
Soviet Union in 1981 to emigrate to 
Los Angeles. Then, ten years later, 
with the son grown from Russian 
boyhood to American manhood, 
L6on filmed them again as they 
returned to Moscow to visit family 
and friends. It could not be the 
whole story, of course, but this pro- 
gramme - which began before the 


fall of the Berlin Wall and ended 
after - spoke volumes about the 
reasons for the collapse of commu- 
nism in eastern Europe. 

To move from that to the Belgian 
programme was to move from Col- 
ditz to Auschwitz. De Ouerletxnden 
shows Albanians returning to the 
camps where they were incarcer- 
ated for 20, 30, even 45 years; where 
children were born and raised 
(according to nn p almost incredible 
statistic in this programme, more 
than half the Al banian population 
spent time in the camps). Most 
astounding and most moving of all, 
those going back today find the 
camps still occupied by former pris- 
oners who can now find nowhere 
else to live. Most infuriating of all. 
one ceU. instead of befog occupied 
by 15 or 20, contains just one per- 
son: Nexhmije Hoxha, widow of the 
despot Enver Hoxha, still acting 
like an arrogant aristocrat, refusing 
to answer the film crew’s questions 
and boasting of her service to her 
country. 

Even the Prix Italia may not be 


able to show us anything in the way 
of television material to compare 
with the work of Masaccio or Cor- 
elli, yet the programmes screened at 
this festival cannot be dismissed as 
third rate or childish. On the con- 
trary: the 70 or so programmes on 
view here suggested that there is as 
much serious, adult and demanding 
television being made today as 
there has ever been. The pro- 
grammes brought together in Turin 
suggested that television is doing as 
good a job as any mass medium, 
probably better, in offering the citi- 
zens of today’s world the means to 
see, and to a large extent under- 
stand, what is going on. Better still, 
the general standard in this year's 
festival was as high and arguably 
higher than at any time in the last 
20 years. 

We should thank the Italians 
(who. year after year, stoically take 
none of the top prizes from this 
event) for showing yet again what 
television at its best can be. and 
resolve to be more selective in our 
viewing. 


Qpera/David Murray 

Goodness triumphant in 
‘La Cenerentola’ 


Theatre/Antony Thomcroft 

Beautiful Thing 


L a bantd in trionfo was Fer- 
retti’s subtitle for La Cener- 
entola, Rossini’s Cinderella 
opera. That was a bit of lily- 
gilding: never has a happy ending 
been so earnestly, repetitiously sig- 
nalled. from the start of the opera. 
(Perhaps Ferretti was a little anx- 
ious; though La Cenerentola is a 
comic masterpiece, it has its cruel 
moments.) At Covent Garden on 
Monday, nonetheless, goodness tri- 
umphed so wonderfully - in the 
person of Olga Borodina - that the 
subtitle seemed to tell the plain 
truth. 

Miss Borodina’s Angelina looks 
pladd and artless, a sleepy pussy- 
cat From about the second tine of 
her favourite song, however, as the 
voice swung down into its rich low 
register, everyone suddenly realised 
that we were to get something 
extraordinary. There is translucent 
warmth and depth in her mezzo, 
but also an uncanny immediacy; 
one feels personally addressed. 
Though it Is a big voice, with power 
to spare, it always retains that qual- 
ity of modest, intimate confession. 


She went from strength to 
strength. The first passages of color- 
atura found her not quite focussed, 
but once adjusted she soared away, 
dazzling more with every number. 
At the close, in the great “Non pih 
mesta”, fluid art vied gloriously 
with radiant feeling. Somehow the 
poignant simplicity remained 
Intact, as if her Angelina has never 
expected anything, is amazed and 
delighted by what happens, but 
takes it all in her stride. 

This is a performance to treasure. 
Everybody else in this Cenerentola 
is well up to form, and more. Mich- 
ael Hampe’s production, elegant, 
unfussy and perfectly sympathetic, 
has again been revived by David 
Massarella; since half the cast are 
new to it, one should credit him 
with some degree of creative input 

The nasty step-sisters, for exam- 
ple - Jennifer Rhys-Davies and 
Christine Botes, both new - inhabit 
their roles with bright comic malev- 
olence, excellently mimed but stay- - 
fog well within credible bounds 
(and singing very well). The new 
Alcindoro, that curious Christian 


mystic who replaces the fairy god- 
mother. is Alas lair Miles, who has 
at least three-quarters of the appro- 
priate gra vitas and a fine, fervent 
uplift Don Magnifico, the stepfather 
so disgracefully awful that he can 
only be funny, is Simone Alaimo, 
whose Sicilian extravagance is 
probably all his own, ebullient and 
stylish. 

Returning from earlier casts we 
have Ratil Gimenez as the fairytale 
Prince Don Ramiro, and Francois 
Le Roux as his fly valet DandinL 
Gimenez Is a tong-standfog Rossi- 
nian stalwart; here he was in partic- 
ularly affecting voice, which in his 
case is tike very dry sherry with a 
strong kick. Last time round - with 
the enchanting Anne Sofie von 
Otter - I do not remember such a 
magical rapport between him and 
Angelina in their fired duet, each 
musing raptiy to himself or herself. 
This time it drew tears. 

Le Roux is again so personable 
and clever that a tittle vocal fudg- 
ing goes unnoticed. The new con- 
ductor is Bruno CampaneDa, who 
offers a rare combination of light. 



A performance to treasure: 
Olga Borodina as Angelina 


nervy touch and a rigorous way 
with quick tempi: quite right in 
Rossini, though the singers had to 
scramble a bit. I wouldn't have 
missed it for anything. 


fo repertory at the Royal Opera to 
October 15. 


T he wave of gay drama cur- 
rently breaking over Lon- 
don rolls back for the third 
time Beautiful Thing. Jona- 
than Harvey's soft hearted play 
about gay awakening on a south 
London council estate. After raptur- 
ous acclaim at the Bush, then the 
Donmar, it comes dose to hitting 
the rocks at the Duke of York’s, a 
colder, less intimate, arena. 

The problem is not the play. Har- 
vey has written a light hearted slice 
of cockney life with enough care- 
fully set up one-liners to grace a TV 
sitcom. The timing is the trouble. 

If only Jamie (Zubin Varla) and 
Ste (Richard Dormer), the teenagers 
who find bunking up together a 
mind blowing experience, could 
venture to Hampstead to see Poor 
Superman, where the realities of 
the gay scene for 30-pluses are laid 
bare, their joy might be dented. 
This is feel-good theatre for gays, 
who roar with approval at an end- 
ing happy enough to bring a tear to 
the eye of a Mills & Boon reader. 

Harvey has a sharp ear for work- 
ing class dialogue. “He ain’t seen 
life; he hasn’t even had a holiday", 
snaps hard pressed mum Sandra 
trying to warn Jamie off “I hate old 
people" says Leah, a desperate drop 


out “It’s alright if they’re dead." As 
the tower block neighbours gently 
spar and swap aphorisms we are 
given an unusually warm picture of 
inner city life, made even more 
glowing by Johanna Town’s light- 
ing. Sandra may be an abandoned 
single mum; Ste the beaten up son 
of a drunken father, but they are as 
chipper as Tommy Trtoder in a war 
time movie. As the velvet drapes 
fall at the end of the first act and 
Jamie and Ste exchange their first 
tentative kiss we enjoy the cosy 
escapist romance that delighted 
audiences in the 1950s when Ste 
would have been Stephanie. 

There is nothing to shock in 
Beautiful Thing and Harvey shows 
dramatic insight in making San- 
dra’s lover Tony (Rhys Ifens), the 
only genuinely decent person, the 
fall guy. As a tentative middle-class 
hippie, he is heartily despised by 
Londoners leading real lives. 

Varla and Dormer seem too old 
for their roles but Diane Parish as 
Leah Is a marvellously drawn self- 
victim, and Amelda Brown manages 
to turn Sandra into a budding 
Mother Courage, with a sense of 
humour. Hettie Macdonald directs 
deftly and anyone in favour of posi- 
tive disc rimina tion should enjoy it 


South Bank music 

Bruckner 
and Mahler 

O ne of those eternal pair- 
ings, like Wordsworth 
and Coleridge or Holmes 
and Watson, Bruckner 
and Mahler were featured on con- 
secutive nights at the Royal Festi- 
val Hall, the sixth symphony of 
Bruckner on Sunday, the ninth of 
Mahler on Monday. The first was 
played by the London Philharmonic 
nnder Franz Welser-Aldst as the 
opening concert of its new season. 
The atmosphere - and indeed the 
playing - spoke rather of a tired 
end to something rather than pas- 
tures new. The hall was half-empty, 
the orchestra’s handling of Bruck- 
ner’s difficult Idiom dutiful, even 
tepid, rather than forward -spring- 
ing or inspirational. 

How indispensable it is far a 
Bruckner orchestra to believe in 
every note it plays - however repe- 
titious the notes may be! Bruckner 
deals in great brute primordial 
lnmps of sound - the polar opposite 
of Mahler's sinuous, chameleon 
irony - and the players must invest 
even the most naked and obvious- 
seeming gestures with a sort of rev- 
erential sparkle. This never hap- 
pened on Sunday. One never had 
the sense that a musical universe 
was being created out of nothing. 
One got a sense that the players 
were bored and unimpressed. 

Trne, there were a few fully 
achieved moments, carrying the 
weight of Brncknerian mystery" for 
instance, that ominously cold 
change of harmony (strings, low- 
brass and low clarinet) at the end 
of the Adagio: or the brief upper- 
sting pizzicato figures which intro- 
duce the third movement Trio. But 
for all Welscr-MBst's Brucknerian 
pedigree, there was a feeling of dis- 
pensability about this performance. 
His account of Messiaen’s four sym- 
phonic meditations L ‘Ascension, an 
early (1933), pre-birdsong, very- 
beautiful work, was. however, 
strong: the third movement toccata 
splendidly athletic in Messiaen’s 
uniquely exultant fashion; the final 
movement’s prayerful, peculiar 
string sonority bitingly realised. 
And it was a bold fant wholly 
appropriate idea to preface Bruck- 
ner with music, albeit very differ- 
ent in character, by another com- 
poser who builds with mighty 
blocks of sound and builds to the 
glory of God. 

Mahler's ninth symphony, like 
his tenth, but signally unlike his 
eighth, seems to mark a retreat 
from confidence in any such glory, 
the cold reality of death now seem- 
ing all. Certainly in the reading 
given by the NHK Symphony 
Orchestra, Tokyo - on a European 
tour under Jerusalem-born conduc- 
tor Eliahu Inbal - it was the stark, 
pained, sardonic, unillusioned 
aspects of the work that were 
emphasised, by means of unyield- 
ing tempi and technically brilliant 
unsparing clarity of texture. 

This Japanese orchestra is aston- 
ishing skilful at rendering the 
score's fine detail and fiercely sing- 
ing ont its complexly interwoven 
strands of near-perpetual polyph- 
ony. In the first movement - per- 
haps Mahler's most extraordinary 
- I found tiiis forceful precision 
exhilarating, and objected only to 
an all too blazingly prominent first 
trumpet. But increasingly I came to 
miss the essential Mahlerian quali- 
ties of tonal refinement and rubato 
phrasing. There was something lit- 
eral-minded about the brilliant 
skill. In avoiding sentimentality, 
Inbal sacrificed inwardness. The 
Rondo-Burleske third movement’s 
touching pre-echo of the slow finale 
was indulged with but the barest 
lyricism; and the opening of the 
great Adagio, though Intoned by a 
mightily impressive body of 
strings, somehow failed to convey 
genuine weight of feeling. It studi- 
ously avoided warmth. 

Paul Driver 


International 

Arts 

Guide 


■ BONN 

Oper The next performances are 
Les Contes d'Hoffmann on Sat and 
Antonio Carlos Gomes’ opera U 
guarany on Sun. There are no 
performances next week: the 
company is preparing JQrgen Rose's 
new production of La travlata, which 
Opens on Oct 9 {0228-773667) 

■ COLOGNE 

Opemhaus Tomorrow, Sat next 
Tugs and Sun: James Conlon 
conducts Willy Decker’s new 
production of Puccini's Trittico, with 
cast Including Barbara Daniels, 

Jean- Philippe Latent and Jake 
Gardner. Fri, Mon: Der fliegende 
Hollander with Wolfgang Schfine 
and Lisbeth Balslev. Sun: Lortzing's 
Der WHdschutz (0221-221 8400) 
Phllhannonie Sat Sun: Cologne 
Chamber Orchestra plays Handel’s 
Water Music. Mon morning: Rudolf 
8arshal conducts Cologne Radio 
Symphony Orchestra In works by 
Musorgsky and Brahms. Mon 
evening: Gerd Albrecht conducts 
Hamburg State Philharmonic 


Orchestra in Brahms and Allan 
Pettersson, with violin soloist Frank 
Peter Zlmmermann. Tues: Chris 
Barber Jazz Band. Next Thurs: 
Murray Perahla {0221-2801) 

HaOe Katk Sat first night of Gflnter 
Kramer’s new production of King 
Lear (0221 -221 8400) 


■ COPENHAGEN 
Royal Theatre Tonight Helgi 
Tomasson's production of Sleeping 
Beauty. Tomorrow, Sat Mon: Peter 
Grimes. Fri, next Tues: Tosca. Sun: 
Contemporary Choreography for 
Contemporary Musk;. Repertory also 
Includes Peter Schaufuss’ 
production of La Syiphlde and John 
Cranko’s Onegin. A new production 
of Prokofiev’s Love for Three 
Oranges, directed by Flemming 
Fllndt, opens on Oct 7 (tel 3314 
1002 fax 3312 3692) 


■ DRESDEN 

Semperoper Tonight: new ballet 
mixed bill. Tomorrow: chamber 
music evening with members of 

Dresden Staatskapelte. Fri: La 
boheme. Sat Der Rosenkavalier. 
Sun: first night of new production of 
Un ballo in masehera, staged by 
Peter Konwitschny and conducted 
by ingo Metzmacher, with cast 
headed by Mario MaEagnini and 
Luana DeVoL Mon: The Cunning 
Little Vixen (0351-484 2323) 
Kufturpalast Sat Sun: Krzysztof 
Penderecki conducts Dresden 
Philharmonic Orchestra and Chorus 
In an all-Penderecki programme 
(0351-486 6666) 


■ FRANKFURT 


Atte Oper George Benjamin 
conducts Ensemble Modem In 
tonight’s Messiaen programme. 

Anne Sophie Mutter gives a violin 
recital tomorrow. Jazz stare Linda 
Hopkins. Doc Cheatham and George 
Kelly appear with Barrelhouse 
Jazzband on SaL Alfred Brendei 
plays Beethoven piano sonatas on 
Mon. Marek Janowski conducts 
Mahler’s Eighth Symphony on Mon 
late afternoon and Tues evening. 
These are the final events of the 
Frankfurt Festival (069-134 0400) 
Jahrhunderthalle Hoechst Libor 
Pesek conducts the Royal Liverpool 
Philharmonic Orchestra next Wed in 
works by James MacMillan, Walton 
and Strauss 0)69-360 1240) 

Oper The first production of the 
1994-5 season is Wagner’s Ring, 
conducted by Syivaln Cambreling 
and staged by Herbert Wernicke. 

The first of three cycles opens on 
Oct 11 (069-236061) 


■ GOTHENBURG 

Konserthuset Petter Sund toast 
conducts Gothenburg Symphony 
Orchestra tonight and tomorrow in 
works by Swedish composer 
Sven-Eric Johansen (031-167000) 
Operan Gothenburg's new 
harbourside opera house opens on 
Fri with the first of three inaugural 
gala performances. The first opera 
production is Karf-Birger BtomdahTs 
Aniara (1959), opening Oct 15. The 
first ballet will be Andrew Storer’s 
production of Prokofiev's Romeo 
and Juliet, opening Oct 21 
(031-131300) ' 


■ HAMBURG 

Staatsoper Tonight La boheme. 


Tomorrow: Henze’s ballet Undine, 
choreography by John Neumeier. 

Fit Die ZauberflOta Sat, Mon: 
ballets by Buhl, Neumeier and 
Brown. Sun: 11 trovatore with Michele 
Crider and Richard Margison 
(040-351721) 

MusikhaDe Fri: Anne Sophie Mutter 
violin recital. Oct 5: Mttsuko Uc hi da. 
Oct 7: Royal Liverpool Philharmonic 
Orchestra (040-354414) 

Deutsches Schauspielhaus Sat the 
new season opens with a revival of 
Kleist’s Das KSthchen von 
Heilbrorm. Oct 7: new production of 
Lessing's Nathan the Wise and 
Marlowe’s The Jew of Malta, In a 
combined five-act sequence 
directed by Anselm Weber 
(040-248713) 


■ HELSINKI 
Finnish National Opera Tonight 
Glass Sonata, choreography by 
Jorma Uotinen. music by Sibelius. 
Sun afternoon: new production of 
Joonas Kokkonen’s 1975 opera The 
Last Temptations. Mon: first of 
seven guest performances by Royal 

Swedish Opera (0-4030 2211) 


■ LEIPZIG 

Opemhaus Tonight choreographies 
by (jwe Scholz. Tomorrow: La 
boheme. Fri: Der fliegende 
Hollander. Sun: Stravinsky ballets 
choreographed by Uwe Scholz. 

Mon: Don Giovanni (0341-291036) 
Gewamfiiaus Tomorrow, Fit Paavo 
Berglund conducts Gewandhaus 
Orchestra in works by Haydn, 
Sibelius and Shostakovich. Sat 
Mahler’s Eghth Symphony 
(0341-713 2280) 


■ LYON 

Dmitri Hvorostovsky is baritone 
soloist with the Orchestra of the 
Lyon Opera next Wed. The Opera 
Ballet gives six performances of 
Angelin Preljocaj's production of 
Prokofiev's Romeo and Juliette 
starting on Oct 11, and the first new 
production of the season Is Berlioz’s 
La Damnation de Faust, starting Oct 
16 (tel 7200 4545 fax 7200 4546) 


■ MUNICH 

THEATRE 

Rerthalle Tonight, tomorrow, Fri, 
Sat, Sun: Peter Stein’s Moscow 
production of the Oresteia, 
performed in Russian with German 
surtitles (089-225754) 
Prinzregentsnth eater Tonight, 
tomorrow: Helner Mailer’s theatre 
piece Anatonmy of Titos, Fall of 
Rome. Fri: an evening with Otto 
Schenk (089-2916 1414) 

MUSIC/DANCE 

Gasteig Tonight Sergiu Celibidache 

conducts Munich Philharmonic 
Orchestra in works by Ravel and 
Debussy (089-4809 8614) 
Staatsoper Tomorrow, Sun; 
Bavarian State Ballet in John 
Neumeier’s choreography of A 
Midsummer Night’s Dream. Fri. next 
Tues and Sab Zubin Mehta/Heinz 
Frtcke conducts David AkJen’s 
production of Tannh&user, with cast 
headed by Ren6 Kollo, Bemd Wei Id, 
Nadine Secunde and Marilyn 
Schmiege. Sat, Mon: Nabucco with 
Renato Bruson, Dennis O’Neill and 
Julia Varady (089-221316) 
Herkteessaal der Resldenz Fri: 
Carlo Bergonzi farewell song recital 
(089-299901) 


■ STOCKHOLM 

• Stockholm is hosting this year’s 
World Music Days, organised by the 
International Society of 
Contemporary Music (Oct 1-8). The 
festival will present a wide scope of 
contemporary music from 40 
countries, most of it selected by an 
international jury. There will also be 
a chance to hear works by some of 
the composers who have featured 
strongly in the ISCM’s 72-year 
history, including Varese, Ginastera, 
Webern and Ruggles. Concerts take 
place in a variety of venues around 
Stockholm, and feature several of 
Sweden's leading ensembles. 
Festival co-ordination and 
Information: Swedish National 
Concert Institute (Svens ka 
Rikskonserter), PO Box 1225, 

S- 111 82 Stockholm (tel 08-791 4600 
fax 08-676 0018) 

• Niklas Widen conducts Royal 
Stockholm Philharmonic Orchestra 
and Chorus tonight and tomorrow at 
the Konserthuset In Handel's Israel 
in Egypt (08-102110) 

• The Royal Opera has Aida 
tonight, followed on Sat afternoon, 
next Mon and Tues by the Frankfurt 
Ballet in guest performances of 
William Forsythe’s Artifact 
(tickets 08-248240 information 
08-203515) 


■ STRASBOURG 

Theatre Municipal Ballet du Rhin 
opens the season on Fri with a 
retrospective of early 20th century 
choreographer Kurt Jooss. Repeated 
Oct 1 , 2. 4 and 5. The first opera 
production Is Salome, opening Oct 
12 (8875 4823) 


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 Timet 
MONDAY TO FRIDAY 
NBC/Super Charm eL FT Busi- 
ness Today 1330: FT Business 
Tonight 1730, 3230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euro news; FT Reports 0745. 
1315, 1545, 1815. 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News FT Reports 0230. 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News FT Reports 0430, 
1730: 





V 


_ L -r— • - -C.TJ 


Ian Davidson 



Revelations 
that President 
Francois Mit- 
terrand of 
France had 
murky links 
with the right 
wing before. 
• during and 
after the second world war 
have sent the French political 
class into a buzz of shock and 
horror. Socialists are dismayed 
that this latest blow to the rep- 
utation of their onetime leader 
wU) further contaminate their 
own damaged credibility. But 
not even his rightwing critics 
have crowed too loudly, for no 
political clan is quite comfort- 
able when the Vichy era is 
under discussion. 

That is the point of this con- 
troversy: it is not what it 
reveals about the dubious 
political debut of Francois Mit- 
terrand. but what it reveals 
about the feelings of the 
French today towards that 
inglorious chapter of their his- 
tory. They still have difficulty 
facing up to what happened 
between the fall of France in 
1940 and the liberation of Paris 
in 1944. when the Vichy gov- 
ernment of Marshal Petain 
submitted to the Nazi victors. 

Every so often old wounds 
are reopened by a new investi- 
gation. and each time the 
French react with consterna- 
tion, as if they had never heard 
of that traumatic era. Then the 
shock dies away, and the unac- 
ceptable past is again buried. 

So it is with the new book by 
Pierre Pean. Une Jeunesse 
Francaise*. It provides the full- 
est account yet of Mitterrand's 
early career, with many previ- 
ously unpublished details. But 
most of the story has long been 
known: that Mitterrand came 
from a conservative, bourgeois 
background, and started his 
political career Ear to the right 
of centre; that before joining 
the Resistance he worked for 
the Petain government, and 
was awarded the top Vichy 
decoration, the "Francisque”; 
and that he remained right of 
centre after the war. 

What is most disturbing 
about the book is not mainly 
what it reveals about Mitter- 
rand then , but what it reveals 
about Mitterrand now. Pean 
dears him of any anti-semi- 
tism under Vichy; but it is dis- 
maying that today Mitterrand 
should still be pretending that 
he did not then know about 
Vichy’s anti-semitic laws, even 
though they led to the deporta- 
tion of thousands of Jews to 
German extermination camps. 


Vichy 
casts a 
shadow 


France still 
refuses to 
accept shared 
responsibility 
for its past 


Given his bourgeois, provin- 
cial background in the unsta- 
ble years before the war. it is 
not surprising that Mitterrand 
should have flirted as a young 
man with the far right but the 
fact that his friends continued 
to include people from the Ear 
right, not just after the war but 
into the 1980s, will reinforce 
his opponents' conviction that 
Mitterrand has few political 
principles. 

Perhaps the bottom line is 
that the president refuses to 
accept France's historical and 
political responsibility for the 
debacle of 194044. As far as he 
is concerned, Vichy was a dif- 


The struggles 
between rival 
concepts of 
political legitimacy 
could rage on 


ferent regime, and nothing to 
do with the republic - in bet, 
nothing to do with us today. It 
is as if Vichy were an accident, 
without organic origins in 
French political history, for 
which no one was responsible. 

It is in such terms that the 
French have repeatedly 
refused to accept shared 
responsibility for their history. 
Throughout the political insta- 
bility of the 19th century, each 
succeeding regime was perma- 
nently under attack in terms of 
its essential legitimacy; and 
the rightwing tradition which 
rejected the legitimacy of 
republican democracy eventu- 
ally erupted in the anti-Semi- 
tism of the Dreyfus case in 
1894, when the Jewish army 
officer was falsely accused of 
spying for Germany. 

The P&tain regime was no 
doubt exceptional; it was not 
an accident Like the national- 


ism, of the late 19th century, it 
was a reaction to humiliating 
defeat by the Germans. The 
French have since tried to 
exorcise it as illegitimate: but 
unless they find some way of 
accepting collective responsi- 
bility for it. the struggles 
between rival concepts of polit- 
ical legitimacy will rage on, 
threatening instability. 

Throughout the 1950s, de 
Gaulle denounced the illegiti- 
macy of the Fourth Republic, 
of which Mitterrand was a 
leading figure; throughout the 
1960s, Mitterrand denounced 
the illegitimacy of de Gaulle 
and the Fifth Republic; and 
throughout the past 14 years 
the Gaullists have denounced 
the Illegitimacy of President 
Mitterrand. 

This process is gathering 
momentum once more, in the 
run-up to next spring’s presi- 
dential election. The conserva- 
tives ought to win that election 
easily. Yet they are split on 
ancestrally visceral grounds, 
and could throw it all away. 

If they were to unite behind 
the candidacy of Prime Minis- 
ter Edouard Balladur, he 
would surely win. But it seems 
more likely that there will be 
op to six rival candidates. 

Personal ambition is not the 
only factor. Jacques Chirac, 
leader of the Gaulllst party, 
has been trying and failing to 
be president since 1981, and he 
will not give way now. But the 
undertow of the Chirao-Balla- 
dur struggle is political legiti- 
macy. Chirac has as few politi- 
cal principles as anyone; but 
bis claim to legitimacy and the 
loyalty of his party is that he is 
an inheritor of genuine Gaull- 
ism, while Balladur is merely a 
modernising conservative. 

In 1988. Chirac conducted his 
presidential campaign as three. 
He frenziedly paced up and 
down, calling on President Mit- 
terrand to come out and fight 
Naturally, Mitterrand waited 
until Chirac had worn himself 
out and then took him to the 
cleaners. 

Today Chirac is again fren- 
ziedly pacing up and down, 
calling for the election to 
begin; once again he is likely 
to wear himself out - and split 
the Gaullist party in two. 

This intra-conservative 
struggle should be interesting , 
and possibly entertaining. We 
should remember that its his- ] 
boric roots pass through, the I 
unexorcised trauma of Vichy, i 


E xactly 30 years ago. 
the Hawker Siddeley 
company delivered its 
new HS 125 aircraft to 
its first customer. A small 
executive jet, designed, the 
company said, “to meet the 
demands of business houses 
for the highest standards of 
speed and comfort”, it became 
the biggest selling turbine-pow- 
ered civil aircraft ever built in 
the UK. 

This month the new Ameri- 
can owner of the Hawker fam- 
ily of executive jets, Raytheon, 
announced it was moving pro- 
duction of the aircraft from the 
UK to Wichita. Kansas. 

For Britain, once a leader in 
the corporate jet field, Ray- 
theon's move marks the end of 
a chapter in its aircraft indus- 
try, leaving it without a small 
jet manufacturing facility. 
“The UK's biggest postwar 
civO aircraft success story has 
just become one of the coun- 
try’s biggest-ever aeronautical 
embarrassments," said Flight 
International, the specialist 
aviation magazine, last week. 

However, the corporate jet 
industry is in trouble every- 
where, not just in the UK. 
Against the backdrop of a 
recession and heavy industrial 
restructuring, it has an image 
problem: businessmen, and 
shareholders, see executive jets 
as a toy, rather than a tool. 

The business jet bas gone 
from being a symbol of the 
dynamic, fast-moving, entre- 
preneurial corporation to one 
of corporate privilege and 
excess," said Mr Brian Barents, 
president of Leaijet, the US 
man ufacturer, which is now 
part of the Ganariian Bombar- 
dier industrial group. 

This image of self-indulgence 
has not only deterred company 
boards from placing orders for 
new aircraft, but also 
prompted governments to tar- 
get business jets as a source of 
additional tax revenues. 

In some countries, such as 
Italy and Venezuela, compa- 
nies have been discouraged by 
high taxation from maintain- 
ing their own flight depart- 
ments. In the UK, executive jet 
users have found it increas- 
ingly difficult to persuade tax 
inspectors that owning, leasing 
or flying a business aircraft is 
a legitimate business expense. 

In Japan, tight restrictions 
on private jet ownership have 
kept the lid on the market. 
There are only about 90 pri- 
vately owned business jets in 
the country, compared with a 
current fleet of 280 in the UK, 
364 in Germany, 492 in France 
and more than 4,000 in the US. 

Another factor that has 
reduced demand for corporate 
jets is mergers between big 


*Vne Jeunesse Francaise : Fran- 
cois Mitterrand 1934-1947, by 
Pierre Pian, Fayard, FFr160 


Quite simply the Royal Oak. 


M 

iUDEMARSPlGUET 


The master watch maker. 


F*ir inl.iniuipin jnd .,'ji.itrj.n?. pfciM.- »nlc In 
Aiiikiivin Pijhk'I Ov b .V Ije llrj*.u' ‘"RiLiiTl.irhJ 

Td *1 4l 21 In 




Q 


■ r*- . : 




FINANCIAL TIMES WEDNESDAY SEPTEMBER ^8 |W 


With production of executive jets set to end in the 
UK, Paul Betts examines the industry's problems 


Weighed down by 


high-flying image 


, jVaWS'- 



ness aircraft users and deliver- 
ing quality preducts that pro- 
vide exceptional value to the 

customer." In other words, 
producing better aircraft at f 
lower operating and acquisi- 
tion costs. 

"Selling cost-effective trans- 
portation. as opposed to lux- 
ury, is th* 1 key to growth for 
this industry." explained 
another manufacturer, adding 
that many companies found it 
increasingly difficult to justify 
to their shareholders the 
expense of owning an execu- 
tive jet. 

One reason for scepticism 
over cost-effectiveness my be 
that executive jets tend to 
spend little time flying - 
unlike large aircraft in com- 
mercial airline use. In Europe, 
the average is about 15 to 20 

min utes a day, or 300 hours a 

year, according to Mr Michael 
meffel, managing director of a 
new UK-based venture called 
jetCo. The company is introdu- 
cing in Europe a ti mesh are 
concept for corporate aviation, 
successfully developed in the 
US by New York-based Execu- 
tive Jet Aviation. 


K nown as fractional 
ownership, the attrac- 
tion for companies is 
it enables them to 
invest in a share of an execu- 
tive jet and enjoy the benefits 
of corporate aviation at a frac- 
tion of the aircraft's price (any- 
thing from 51m to $30m) and at 
more predictable operating 
costs. 

“A corporate aircraft is an 
extremely expensive asset with 
annual operating costs of 
$800,000 to Sim if you include 
fixed and variable costs as well 
as depredation," explained Mr 
Riegel. “We think fractional 
ownership schemes should 
help stimulate again demand 
for business aviation." 

All the main business air- 
craft manufacturers believe 
these new timeshare schemes 
will help boost future sales. 
But they do not expect them to 
provide the solution to the 
industry’s overall malaise. 

The US National Business 
Aircraft Association is now 
planning to intensify a public 
awareness campaign it 
launched last year with the slo- 
gan "No plane, no gain", in an 
effort to improve the general 
image of executive jets. 

But no recovery is likely 
before 1996, manufacturers pre- 
dict, and when it does occur it 
will be slow, especially in the 
US. “This has traditionally 
been a highly cyclical business, 
bat the peaks have steadily 
become smaller and the 
troughs deeper.” said Mr Rie- 
geL 


The prototype 125 in 1962 (top), and the Hawker 1000. the latest version in the family of mid-sized 
jets: the aircraft has become in an its versions the UK's biggest selling turbine-powered civil jet 


customers. “When two big 
companies get together, they 
also merge their separate fly- 
ing departments into one," 
explained a manufacturer. 

In addition, companies with 
large corporate flight depart- 
ments tend to take longer to 
replace their aircraft, or switch 
to char tering as a more cost-ef- 
fective form of business travel. 

Mr Gary Hay, head of mar- 
keting of Cessna Aircraft, said 
he found it sobering to think 
that 95 per cent of all executive 
jet sales in the US involved 
existing operators. This has 
created a fiercely competitive 
market for the remaining 5 per 
cent of new business. 

In these circumstances, the 
industry has been forced to 
step up the pace of a rationalis- 
ation. In the past 18 months, 
Textron of the US has absorbed 
Cessna Aircraft, and Bombar- 
dier has taken over Learjet 

This consolidation of the 
business aircraft industry has 
mirrored the broad restructur- 


ing in the world aerospace 
industry. The high cost of 
developing new products and 
the increasingly long lead time 
for new programmes to break 
even in a weak market have 
driven aircraft manufacturers 
to forge broad alliances, and 
partnerships to spread their 
risks and expand their interna- 
tional reach. It has also forced 
them to choose between the 
aerospace activities they could 
afford to maintain as competi- 
tive businesses and those they 
had to shed or find joint ven- 
ture partners to run. 

In the UK, the future of the 
jet manufacturing business has 
been In doubt since Raytheon 
acquired British Aerospace's 
Chester and Hatfield-based 
operations - where the venera- 
ble line of 125 business jets was 
developed and built. BAe could 
no longer rely on stretching 
the already long life of the 125. 
Rather than invest $lbn in 
developing a new business jet 
with more range and cabin 


comfort, BAe decided to sell 
the business- 

At the time of the BAe sale, 
there appeared to be some 
signs of improvement in the 
market But these were short 
lived. “Beginning in March, all 
manufacturers started to see a 
reduction in sales again," said 
Mr Roy Norris, president of 
Raytheon Corporate Jets. 

"There is simply not enough 
viable business for seven or 
eight competing manufactur- 
ers," said one corporate jet 
marketing executive. "There is 
bound to be more consolida- 
tion, since there is probably 
room for only three or four 
manufacturers.” 

This is not a universally held 
view in the industry. Others 
believe that better marketing, 
rather than consolidation, is 
the way forward far the Indus- 
try. it is time to reinvent the 
whole idea of business avia- 
tion," Mr Barents said. That 
process starts with ascertain- 
ing the needs of current busi- 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

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


Spotlight on 
the World 
Bank board 


Exclusion of Russia 
from Nato would be 


From Dr Michael Irwin. 

Sir, Martin Wolf (“Taming 
the beast or H Street", Septem- 
ber 26) was right to question 
the effectiveness of the World 
Bank's executive board "in 
supervising the bank's man- 
agement”. 

When 1 was the director of 
the bank's health services 
department in 1989-90, the 
board was generally regarded 
contemptuously by its senior 
staff. For example, I remember 
being at an internal seminar in 
May 1989 when Robert Pic- 
ciotto, then vice-president for 
corporate planning and budget- 
ing, stated that often the 
"mushroom approach” was 
taken with the board - “keep it 
in the dark, and feed it gar- 
bage". 

The World Bank's executive 
board is in an unusual posi- 
tion. With the exception of its 1 
American director, all its mem- ( 
bers receive generous salaries ! 
and benefits direct from the 
World Bank; and these are 
always adjusted according to 
rises in the bank staff emolu- 
ments. Is there any incentive 
to control staff salaries when 
one’s own income would be 
affected? 

Michael Irwin, 

26 First Street, 

London SW32SD 


gross provocation 


Improved 

university 

standards 


From Mr Peter Oppenheimer. 

Sir, Boris Fyodorov deserves 
support for his rebuttal 
(Letters, September 20} of Ger- 
man defence minister Volker 
Ruhe’s indefensible views on 
Nato membership. An exten- 
sion of Nato up to, but not 
beyond, the borders of Russia 
would be a gross provocation 
to Russia and inimical to Euro- 
pean security. It is true that, at 
an earlier stage, European 
security survived an analogous 
provocation in the shape of 
West Germany's rearmament 
and entry into Nato's military 
structure. But that change did 
not involve a shift of Nato's 
eastern frontier. 

The logic of Ruhe’s position 


is that the collapse of commu- 
nism and the dismantling of 
the Warsaw Pact is a pure 
external retreat by Russia, 
with no concomitant internal 
transformation of its values 
and ambitions. Some of us, to 
the contrary, are impressed by 
signs of fundamental change in 
Russia's political priorities. In 
particular, the country has 
shown Itself able to accomplish 
a significant degree of transi- 
tion from authoritarianism to 
democracy by its own internal 
volition. That is more than can 
be said for Germany, at least in 
this century. 

Peter Oppenheimer. 

Christ Church, 

Oxford OXl 1DP 


Small step in the right 
direction for pensions 

Fmm Mr J A IJneseu. I enmiintarincr Hi™ 


Hanson legacy 


From Mr Andrew Arends. 

Sir, Michael Cassell's review 
of the biography of Lord Han- 
son will clearly open the 
debate as to the nature of Han- 
son's legacy to the British 
industrial scene (Book review. 
“A deal too ter for king of capi- 
talism". September 22). 

Is it not part of that legacy 
that, to date. Hanson proteges 
have created from scratch 
three highly successful and 
well-regarded public companies 
(Tomkins, Wassail, and TT 
Group) with a combined mar- 
ket capitalisation of more than 
E32Sbn? 

Is that not a testimony to the 
spirit of entrepreneurial capi- 
talism that James Hanson and 
Gordon White have for the 
past 30 years so brilliantly rep- 
resented? 

Andrew Areods, 

110 Park Street. 

London W1Y3RB 


From MrJALwesey. 

Sir, In arguing that the pro- 
posed new pensions solvency 
requirement "will at best be 
useless”. Mr H R Wynne- 
Griffith (Letters, September 24/ 
25) points out that it is impos- 
sible for a company in dire 
financial straits to pay a sub- 
stantial cash injection into a 
pension fund. 

However, a pension fund 
insolvency is not necessarily a 
sudden, phenomenon, and the 
aim of the proposed solvency 
standard is to ensure that an 
ongoing fund remains continu- 
ally solvent. Members' benefits 
are then at least partially 
protected in the event of 
the sponsoring employer 


encountering dire financial 
straits. 

in the case of Swan Hunter, 
we are told that the pension 
fund is nearly 100 per cent 
fully funded on the new sol- 
vency requirement (“Swan 
Hunter pension example”. Sep- 
tember 24/25). Swan Hunter 
employees reading this along- 
side reports that they stand to 
lose up to 40 per cent of their 
pensions will doubtless view 
the proposed new solvency 
standard as only a small step 
in the right direction. 

J A Livesey, 

WUUam M Mercer, 

Clarence House. 

Clarence Street, 

Manchester M2 4DW 


Prom Professor Peter Watson. 

Sir, The suggestion in your 
report, “Universities want 
watchdog for standards” (Sep- 
tember 26), that there should 
be a national body to ensure 
standards of university teach- 
ing and learning are main- 
tained is a very curious one. 

The vice-chancellors who are 
apparently calling for a new 
national body are the very 
individuals who presumably 
are responsible for the stan- 
dards of their institutions. Sec- 
ond, industry learned long ago 
that the way to improve qual- 
ity or standards is to make 
individuals responsible for 
their own quality and not to 
impose. Third, the chances of 
achieving real consistency of 
standards across universities 
would be bureaucratic and 
expensive unless, heaven for 
bid, universities moved 
towards a system of nationa l 
examinations on the model of 
“A" levels. 

Surely the sensible route is 
to reinforce universities’ sense 
of their own responsibility for 
standards and quality. This 
would be achieved by ensuring 
that' universities were funded 
on the basis of the actual num- 
bers of students taught Then, 
as in the commercial world, 
they would have the induce- 
ment that if they felled to sat- 
isfy their customers they 
would not only lose them, but 
they would also lose revenue. 
Peter Watson, 
executive pro-vice-chancellor. 
University of Buckingham, 
Buckingham MK18 LEG 


Satirical? 


Strength at Saint Louis 


From Mr Michel BoQueplo. 

Sir, In the Lex column article 
on Aijo Wiggins Appleton (Sep- 
tember 22) reference was made 
to “the financial weakness of 
Saint Louis" and the piece 
questioned whether that Is 
bolding lack AWA’s Industrial 
progress. 

Your question is irrelevant 
because it is based on a false 
premise. Far from being finan- 
cially weak. Saint Louis has 
one of the strongest balance 


sheets in French industry as 
you yourself recognised only 
three weeks ago. 

We have gone on record 
recently to the effect that we 
have an aggressive acquisition 
strategy and a war chest of 
FFrrtm to fund it. 

Michel Roqueplo, 
financial director, 

Groupe Saint Louis, 

23-25 Av. Franklm-Roosevelt, 
75008 Parts, 

France 


From Mr Andrew Blackman. 
u Sir, Was the reference to 
“Aerostructures Humble" (Lex, 
September 24/25). the troubled 
aircraft components manufac- 
turer, merely a Freudian slip, 
or was it an admirable attempt 
to inject some satire into the 
Financial Times? As they say 
in Private Eye. I think we 
should be told. 

Andrew Blackman, 
assistant editor. 

Acquisitions Monthly, 

Lonsdale House, 

719 Lonsdale Gardens, 
Tunbridge Wells, 

Rent TNI INU 


,-i\ ' 


1 1 
* 




1 * * * 
,-l1 fll" 




Vels:- 


'i: . ?' • 


M * \ 






FINANCIAL TIMES WEDNESDAY SEPTEMBER 28 1994 


17 


★ 


FINANCIAL TIMES 

Number One Southwark Bridge, London SEI 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Wednesday September 28 1994 


Labour’s new 
economics 


“It is time." Mr Tony Blair ggld 
yesterday at the UK Labour par- 
ty’s conference on new policies for 
a global economy, “for a rebirth of 
the intellectual basis of left-of-cen- 
tre economic thinking." It is by 
this standard that his thoughts 
and those of Gordon Brown, the 
shadow chancellor, should be 
judged. What the party needs is 
not a long list of policies, but an 
intellectual framework on which 
to bang them. That it has. To beat 
"the crude and wasteful individu- 
alism" of the Conservatives, the 
Labour party is embracing aspects 
of the social market economy. 

Since the Conservatives have 
hardly found the key to an eco- 
nomic nirvana, they are vulnera- 
ble to a party that offers seem- 
ingly relevant ideas. In elucidating 
the vision. Mr Brown states that 
"new Labour sees modem eco- 
nomic intervention not as a con- 
trolling or directing force, ... but 
as working in partnership with 
people to make the market econ- 
omy truly dynamic”. 

The shadow chancellor has 
embraced theories that “atomised 
agents cannot - acting alone, 
without active government as a 
partner - deliver the kinds of 
investments that are the true 
source of dynamism in the mod- 
ern market economy”. His aim is 
to promote ‘Tong-term relations 
arid fyimmitrnantg ", referring spe- 
cifically to “the importance of 
respecting the implicit contracts 
between stakeholders if companies 
and people are to invest 
long-term". 

The Labour party’s vision 
means that there is now a dear 


choice between two competing 
approaches to the market econ- 
omy- It has also jettisoned much 
cumbersome baggage. Gone is the 
commitment to demand expansion 
as a remedy for unemployment. 
Gone is the simplistic commit- 
ment to taxing ami spending. In 
their place come recognition of the 
constraints imposed by the global 
economy and a willingness to 
buOd on the improvements in the 
macro-economic policy framework 
of the past two years. 

Yet tiie new model Labour party 
is not home free. It is far from 
clear,- for example, whether it is 
feasible to introduce features of 
the stakeholder capi talism of Ger- 
many and Japan into the very dif- 
ferent circumstances of the UK it 
is also not obvious how helpful 
success would be, since the conti- 
nental European version is show- 
ing marked symptoms of the sick- 
nesses that Labour identifies in 
the UK mass unemployment, 
sluggish economic growth and 
excessive public spending on “res- 
cue", rather than “renewal". 

To turn the new vision intn a 
credible set of policies for a mod- 
ern, market-oriented economy. 
Labour has still to travel a long 
way. But the distance it has gone 
is remarkable. Listen to the 
shadow chancellor announcing 
that “the old Labour language - 
tax, spend-and-borrow, nationalis- 


ation, state-planning, isolationism, 
full-time jobs for life for men 
while women stay at home - are 
as inappropriate to the demands of 
the hi hire as they were to the 
needs of the past”. This is a new 
Labour. How will the party react? 


Yeltsin’s panache 


With characteristic panache, 
Russia's President Boris Yeltsin 
has recaptured the initiative in 
international affairs with a bold 
set of proposals for disarmament 
and security. In his UN speech an 
Monday, he called for strategic 
disarmament to go beyond the 
Start-2 treaty, and threw his 
weight behind calls for an indefi- 
nite extension, of the Non-Prolifer- 
ation Treaty. He proposed a new 
system of guarantees for the secu- 
rity of non-nuclear powers. 

Without giving many details, be 
called for a fresh approach to 
regional security, and a new 
regime of controls for the interna- 
tional arms market. He wants the 
five nuclear powers to conclude a 
treaty that would stop the produc- 
tion of fissile materials for mili- 
tary use, and ban the reuse of 
such materials for making bombs. 

Mr Yeltsin is, in effect, hinting 
to the US that the world might 
take a few steps back towards the 
bipolar system of cold-war times. 
During the US-Soviet stand-off, 
the superpowers - and to a much 
lesser extent the UK, Prance and 
China - set limits to the behav- 
iour, and above all the arsenals, of 
countries within their own sphere 
of influence. Even at the height o£ 
the cold war, Washington and 
Moscow co-operated to keep 
nuclear arms out of rogue hands. 
That made for a more predictable 
world; the idea of returning to 
such simplicity is tempting. 

Sadly, the certainties of cold- 
war terror are impossible to recre- 
ate. No thing will easily change the 
fact that a dozen rising powers are 


eifhprr on the brink of nra priring a 
nuclear capacity or have one 
already. 

But if Russia is ready to play a 
foil part in ensuring that nuclear 
proliferation goes no further, that 
can only be welcome. Up to now, 
Russia has taken a softer Tine than 
the west with states such as North 
Korea and Iran. 

It would also be hard to disagree 
with the argument that even after 
Start-2, which leaves the US and 
Russia with 3.500 nuclear war- 
heads each, there will be room for 
further negotiated cuts. But Rus- 
sia’s progress towards fulfilling its 
existing arms control obligations 
will need to be much faster before 
its proposals for new reductions 
can be embraced. So far. Russia 
has been much slower than the US 
in implementing the post-cold war 
arms accords. This reflects conser- 
vatism on the Russian side, and 
also some delays in the disburse- 
ment of US funds which were sup- 
posed to finance the decommis- 
sioning of Soviet anus - including 
the money promised last January 
to Ukraine. 

Russia has been reluctant to let 
US experts near the heart of its 
nuclear programme, although it 
has accepted offers of US help to 
remove warheads from the other 
ex-Soviet republics. Many Russian 
arms experts view Start-2 as a bad 
treaty which locks in US strength. 
But if Russia's ambition to be co- 
sponsor of another world order is 
to be taken seriously, the least 
that other countries can expect is 
that Moscow should abide by 
existing promises. 


Don’t panic 


j infectious disease Is more 
ocathre of past cataclysms than 
ague. The historical resonance 
the Black Death, which wiped 
it one quarter of the people liv- 
g in Europe in the mid-14th cen- 
ry, is still strong enough to give 
frisson of alarm in the western 
>rid at the news of two out- 
eaks of plague in India. Some 
rtians have more recent memo- 
s of plague, as epidemics con- 
med there until antibiotics 
came widely available in the 
50s. So the local panic and mass 
acuation of the city of Surat is 
derstandable. 

However, in this case, the cus- 
mary advice issued by the 
tborities whenever there is an 
urming outbreak of disease - 
)NT PANIC - really is justified, 
tetracycline antibiotics are 
ministered as soon as symptoms 
pear, they will cure both forms 
plague; bubonic (transmitted by 
as and rodents) and pneumonic 
ansm i t teri directly through air- 
roe particles from the patient's 
jgs). Fortunately, the Yersinia 
uis bacteria that cause the dis- 
se have not developed signifi- 
ed antibiotic resistance. 

Fhe most important plague con- 
il policy for India is to ensure 
it adequate stocks of antibiotics 
; available to administer to any- 
e showing possible symptoms. 
Ldt means having enough 
rses. pharmacists and doctors - 
io must have been vaccinated 
ainst plague - on hand to diag- 
se the disease and dispense 
jgs. It is important not to give 
tibiotics to the whole popula- 


tion as a preventative measure, 
because that might encourage 

drug-resistant strains of bacteria 
to evolve. 

At the same time, the Indian 
authorities are right to take 
robust measures to stop people 
spreading infection by fleeing 
from plague-affected areas. The 
traditional policy of isolation can 
help to contain the disease. 

Outside India, there are discon- 
certing signs of overreaction to 
the outbreaks, with several coun- 
tries introducing heavy-handed 
airport screening of travellers 
arriving from any Indian destina- 
tion. Although it is sensible to 
make sure that all passengers 
from India are made aware of pos- 
sible plague symptoms - and 
warned to go straight to a doctor 
If they feel anything wrong - indi- 
vidual medical checks are not only 
a waste of time and resources but 

also create unnecessary worry. 

Conversely people planning to 
travel to India, whether an busi- 
ness or for tourism, should not be 
scared away, unless they were 
thinking of visiting the places 
directly affected by plague. 

Many other germs pose a far 
more serious and immediate 
threat to health in India and else- 
where in the world: cholera, dys- 
entery, tuberculosis and typhoid, 
for example. The trouble is that 
their names do not evoke quite 
the same dread as Hie plague. The 
world must remain on guard 
against the growing threat of new 
and reemerging infections, with- 
out reacting irrationally to 
ancient fears. 


W e’re going to paint 
Shanghai red.” 
enthuses a gung-ho 
Unilever executive, 
standing beside a 
small back-street kiosk covered in 
red flags advertising the Anglo- 
Dutch group's Omo detergent 
As toe global soap war reaches 
China's biggest city, he is battling 
head to head with toe Ariel and 
Tide brands of his global rival. Proc- 
ter & Gamble of toe US. The paler 
Ariel flags, first raised only a fort- 
night ago. flutter above a neigh- 
bouring store. 

Fighting for flag and shplf space 
store by store across Shanghai Uni- 
lever and Procter & Gamble both 
want to win a dominant position in 
this Important city. 

T heir ul tima te gnal , h o wev e r, is 
the country at large, the biggest vir- 
gin territory yet to fall to the mak- 
ers of internationally branded con- 
sumer goods. Both are pouring in 
money and people. Unilever alone 
plans to invest glOQm (£S4m) a year 
for the next five years to lift its 
Chinese sales from $200m this 
year to $LSbn by the wwi of toe 
decade. 

“China's top of the list" of Uni- 
lever’s target emerging economies, 
says Mr Morris Tabaksblat. the 
group's Dutch co-chairman. Its size 
and underdevelopment are “the 
great attraction to an branders like 
us", he says. 

Other companies Investing 
heavily in recent years to plant 
their brands include Coca-Cola and 
PepsiCo in soft drinks. Fosters and 
Miller (part of Philip Morris) in 
beer, McDonald's and Kentucky 
Fried Chicken (part of PepsiCo) in 
fast foods. United Biscuits and CPC 
in foods. 

But only toe three global giants - 
Nestte of Switzerland, Procter & 
Gamble Unilever - are likely to 
have the financial and human 
resources, marketing and distribu- 
tion skills to put a broad portfolio of 
products into national distribution. 
For the companies themselves, suc- 
cess in China is an important leg in 
tixe global race for dominance. 

Since China opened its doors to 
foreign investment in 1979, interna- 
tional companies have gazed in awe 
at the potential market of L2bn peo- 
ple. It was not until the late 1980s, 
however, that they were able to 
form their first joint ventures. 

For the big three consumer goods 
producers, the wait has proved 
worthwhile. It gave time for China 
to tackle rural, urban and then 
financial reform. The resulting 
rapid economic growth created a 
relatively affluent urban popula- 
tion. eager and able to pay much 
more for Unilever’s Magnum ice 
cream bars, Nestfe’s powdered 
milk and Procter & Gamble's 
shampoos than for inferior local 
brands. 

Money nan also be maife from less 


A consuming 
interest in China 

Big manufacturers of branded goods are fighting over a 
potential market of 1.2bn people, says Roderick Oram 


China’s consumers: spending power 



Gam CMna S&M BtaBatkad Bureau; 
MoNnaoy 


teas own of that Incan* 
on hotctfnB. hwnti. oducauon 
and olhar subettsed senOcaa. compand 
wnn 20 *M 09 h In altar S.EMV oounMu. 
Ctewan tiguren undM s t a tad. dun to undtecto a od tomma 


wealthy consumers, Unilever has a 
joint venture with the largest tooth- 
paste manufacturer in the world, a 
government-owned Shanghai com- 
pany. The venture, which already 
produces 550m tubes of toothpaste a 
year, has the biggest Chinese brand, 
Zhangua, with a 16 per cent market 
share. “We believe we can reach 
300m urban consumers plus another 
300m rural consumers who have 
access to turban distribution 
systems," says Mr Anton Lenstra, 
rtiairman of Unilever China. 

The big three have set themselves 
challenging financial goals. Nestle, 
for example, plans to bufld sates 
from SFrSOQm (£99m) a year now 
to SFrlbn wi thin the next few 
years. 

They are all working through 
joint ventures with local state- 
owned companies and tetring larger 
majority stakes in each successive 
venture as their experience grows. 
Nestle and Unilever, old hands in 
developing markets, sought out 
their Chinese partners on their 
own. Procter & Gamble, more at 
home in developed markets, broke 
into China with Hutchison 
Whampoa, the Hong Kong conglom- 
erate. 

Putting together some ventures 
can he a painstaking process. Nestte 
negotiated for 13 years before sign- 
ing its first deal - a powdered milk 
plant in Heilongjiang province (for- 
merly Manchuria). It drew 27 vil- 
lages into a milk gathering net- 
work, used Swiss experts to teach 
local agents animal husbandry and 
hygiene, and built chflMng centres 
to collect milk brought in by bicy- 
cle, wheelbarrow and on foot Pro- 
duction of milk powder and infant 
formula baa risen from 316 tonnes 
in 1990 to 10,000 this year and capac- 
ity is being tripled. 

All three international groups use 
both their global brands and local 
ones to reach a broader market. 
Unilever's concentrated Omo pow- 
der sells for 22 yuan (£1.63) a kilo- 
gramme. and regular Omo for Ynl7, 
while a leading regional brand 
acquired last week will sell for 
about YnlO, in line with other good 
domestic brands. 

On Ice cream, Unilever's prices 
range from under Ynl for a Chinese 
brand ice lolly to Yn6 for its inter- 
nationally known Magnum ice 


cream bar. A machine operator in 
one of Unilever’s Shanghai plants 
would have to work for nearly an 
hour to earn toe money to buy a 
Magnum. 

“We are pricing our products to 
where the consumer is prepared to 
pay." a foreign businessman says. 

One danger is competition bom 
local producers, which will rapidly 
improve their own quality to chal- 
lenge the multinationals. Foreign- 
ers argue, however, that the cost c£ 
making higher-standard products 
will force locals to charge prices 
similar to their s. Furthermore, any 
competition, whether from locals or 


other foreigners, will broaden prod- 
uct ranges and raise consumer 
demand for western-quality goods. 

Pricing is a relatively simple 
issue compared with the myriad 
organisational problems confront- 
ing foreign enterprises. Supplies of 
raw materials and packaging can be 
inadequate, services such as televi- 
sion advertising production sub- 
standard, and distribution a night- 
mare. 

It can take three weeks to deliver 
goods from Shanghai to Beijing - a 
distance of 1,000km - using the 
overburdened transport system. 
The government's hi g hl y ambitious 


rail, river and road development 
plans will take many years to com- 
plete. It will be another three years 
or so before foreign height compa- 
nies have built up their activities 
sufficiently to offer manufacturers 
effective cross-country distribution. 

The nation’s wholesaling and 
retailing system remains heavily 
dominated by the state-owned 
organisations. Entrepreneurs are 
still small scale and foreign retail- 
ers. new to China, tend to focus on 
upmarket consumers. Unilever can- 
not use, for example, toe extensive 
state-owned toothpaste distribution 
system to deliver soap powder into 
small towns. Until both distribution 
tiers function more like a western 
system, multinationals' sales efforts 
will be curtailed. 

One critical shortage, however, is 
of managerial staff Multinationals 
have begun recruiting directly from 
universities, where educational 
standards are high, particularly in 
languages and sciences. The first 
business programmes have begun, 
but employers still find they must 
invest heavily in training to instil 
western business practices and atti- 
tudes. 

A t least one multinational 

admits the shortage or 
white-collar personnel 
restricts growth. "We 
couldn't grow any faster 
if we wanted, because of that one 
constraint.” says a senior executive. 

Workers on the factory floor also 
need training, especially where 
using high technology such as com- 
puter controls on state-of-the-art 
production equipment. On a more 
mundane level, Unilever has had to 
make spitting a sacking offence in 
its ice cream factory to curb the 
Chinese habit. So far nobody has 
fallen foul of the measure. 

There remain political and eco- 
nomic risks in doing business in 
China, including concerns over 
whether the Beijing government 
can keep economic development 
and provincial governments under 
control. Brisk inflation and devalua- 
tion could badly distort foreign 
investors’ calculations of local and 
imported raw material costs and the 
selling price needed to cover them. 

Multinationals that have a repu- 
tation for being cautious and calcu- 
lating have set themselves ambi- 
tious growth targets. Shareholders 
will see little return over the 
medium term, as the money from 
profitable ventures is ploughed 
back into Chinese investments. 

Setbacks are inevitable, given the 
complexity of toe task and the 
strains on resources. But the big 
three have all decided over the last 
few years to commit themselves to 
heavy Chinese investments. 

As one foreign businessman says: 
“If you wait until the risks in China 
are lower, then you will simply be 
too late.” 


After a long period in the doldrums, aluminium prices are soaring, writes Kenneth Gooding 


Metal regains its shine 


R oad signs are going miss- 
ing. So are bridge rails. 
They could be aluminium, 
and sharp price rises in 
the past six mnntTis have made alu- 
minium worth stealing. 

In a sharp turnaround, prompted 
by production cuts, rising demand 
and investment fond interest, alu- 
minium prices have risen 54 per 
cent since last November. 

Less than a year ago prices were 
at an all-time low In real terms and 
the industry was suffering. Produc- 
ers worldwide were experiencing 
heavy financial losses. More than 
half the west’s aluminium smelters 
were not even covering their 
day-to-day operating costs. 

“It seemed that if the end of toe 
world wasn't going to happen 
tomorrow, it would certainly come 
next week,” said Mr Lloyd O’Car- 
roll, economist at Reynolds Metals 
of the US. the world's third largest 
al uminium group. 

The industry’s woes were not 
caused by the recession. Demand 
for aluminium has reached record 
levels every year since 1984, an the 
back of rapid growth in toe use of 
cans and foil and steady growth in 
demand from the construction 
industry and transport manufactur- 


ing. This continued in Asia when 
most of the industrialised world 
moved into recession. 

What took the industry by sur- 
prise was a massive rise in alumin- 
ium exports from Russia, following 
the collapse of the farmer Soviet 
Union in 1991. Russian aluminium 
exports to toe west tripled in 1991 to 
Im tonnes, and rose to 2m tonnes in 
both 1992 and 1993. In less than two 
years the supply of aluminium in 
the west had risen by 13 per cent 

Adjusting to the rise in Russian 
exports has taken three years. Pro- 
ducers delayed output cuts, initially 
because they lacked information an 
toe volume of the new supply, and 
because they believed the Russian 
industry could not survive. 

As a result, global stocks 
increased rapidly - aluminium held 
in London Metal Exchange-author- 
ised warehouses across the world 
climb ed to a record 2jjm tonnes, 
compared with a forma: average of 
about 150,000 tonnes. This glut inev- 
itably pushed prices down. Last 
November the LME aluminium 
price had dropped to $1,036 a tonne. 


AkaninhHn 

LME £mon!h ($ per tame) 
1,800 



from $2,204 in 1989 just before the 
Russian export surge. 

Since then, alumini um producers 
have announced plans to cut 1.25m 
tonnes of capacity, either perma- 
nently or temporarily. 

They have been prompted by an 
unprecedented trade agreement 
between toe European Union and 
five of the largest aluminium produ- 
cing countries, Australia, Canada, 


Norway, Russia and the US. 

The memorandum of understand- 
ing. signed in Brussels in February, 
identified a global oversupply of 
1 .5m-2m tonnes a year, and 
suggested cuts at that level for 
between 18 months and two years to 
restore toe balance of supply and 
demand. Russia agreed that if cuts 
were made in the west, it would cut 
output, by 5004)00 tonnes a year. 

Although Russia and western pro- 
ducers are unlikely to deliver all 
the cuts that were hoped for, toe 
deal laid the groundwork for a 
recovery in the market 

It attracted the attention of the 
investment funds, which saw it as 
the precursor to a recovery in 
prices. With bond prices falling and 
the stock markets weak, funds 
began buying aluminium and cop- 
per on toe LME. 

“The fluids' intervention was 
unprecedented and incredible in its 
size and volume," says Mr Roger 
Scott-Taggart, director of research 
at Alcan, toe world's second-largest 
aluminium group. “It was beauti- 
fully timed and their analysis that 


the aluminium market was due for 
a swift recovery spot on. 

"People in toe industry, peering 
over the rim of toe trenches, didn't 
believe there would be a serious 
recovery this year. But toe funds 
created that recovery on toe back of 
a much better market balance.” 

In the past six months, the rate of 
growth in industrial demand for 
al uminium has risen sharply, led by 
soaring demand in toe US and earli- 
er-tban -expected recoveries in 
Europe and Japan. During the 
recession, toe growth in global 
demand slowed from 3 per cent a 
year to 1.5 per cent Mr O'Carroll of 
Reynolds suggests that western 
world aluminium consumption is 
set to rise by 7 per cent in 1994 to 
16.7m tonnes. 

Over toe medium term, Mr O’Car- 
roll forecasts that annual growth 
could reach 3-5 per cent fuelled by 
the growing popularity of alumin- 
ium beverage cans, and the shift in 
the car industry from steel and cast 
Iron to al uminium . 

A year ago, producers feared they 
were not going to survive. Today, 
they are a happy crowd. At today’s 
price of more than $1,600 a frame, 
□early every smelter in toe world 
can operate profitably. 


Observer 


Pomp and 
circumstances 

■ A puff of white smoke goes up 
tomorrow as the City of London 
picks the next Lord Mayor to follow 
the much-travelled tor Paul Newall, 
toe lATnmm Brothers investment 
banker. The strong favourite is 
58-year-old Christopher Watford of 
City solicitors Allen & O very, a 
partner there since 1972. 

Perhaps the more interesting 
question, however, is who comes 
next White a rough batting order is 
long established among the Court of 
25 aldermen, 12 of whom have not 
"passed the chair” at any one time, 
private circumstances such as 
Lloyd’s losses - as well as more 
mysterious factors - can lead to 
names dropping by the wayside. 

Roger Cork, son of the late Sir 
Kenneth Cork who was also a Lord 
Mayor in his time, seems to have 
moved up the field, as has John 
Chalstrey, a surgeon at Barfs 
Hospital- Chalstrey is already 63, 
and hence would have some priority 
on age grounds. Richard Nichols, a 
solicitor, is admitted to toe office of 
Sheriff today, and also therefore 
becomes eligible to be Mayor. 

If, as it seems, two or three others 
have been passed over. Sir Peter 
Levene moves up the list as a 
consequence. The nearer he gets, of 
course, toe trickier life becomes in 
his current position as chairman 
and chief executive of Canary 
Wharf - the City's arch rival Then 


again, be doesn't have to worry 
about not picking up his K. 


Counterfeit 

■ Jean-Claude Lefranc is at it 
a gain. Having held his tongue since 
last year’s ERM crisis, the 
anonymous critic - describing 
hims elf as a collective of 
bureaucrats and bankers - has 
returned to toe pages of the French 
daily . Le Monde, firing a broadside 
at government economic policy. 

This time. Lefranc takes umbrage 
at the centre-right administration's 
allegedly sanguine view of public 
sector finances. His chief target - 
Nicolas Sarkozy, budget minister - 
is accused of various sins including 
disguising the true condition of toe 
nation's books and glossing over 
toe escalating debt burden. 

Who is Lefranc? All printable 
suggestions to the usual address. 


French leave 

■ Fun and games at the 
International Organisation of 
Consumers Unions’ 14th world 
congress, currently beavering away 
at Montpellier, France, under the 
title “Consumers in toe global 

mar ket". 

Edmond Al phander y, Fr ench 

economy minister, graced the 
meeting with his presence, giving 
the opening address at a gathering 
of 250 consumer organisations from 
80 countries. 



’Hey! Look! Michael Mates on the 
cover of Ttme and Newsweek! - 
only joking' 


The gist of his speech was that 
successful cross-border trade 

depends on two factors: information 

and toe resolution of disputes. ‘To 
reconcile global free trade with 
consumer rights, public authorities 
must push for better consumer 
information,” he said. 

Right on. Trouble is, Alphandery 
then announced a press conference 
- for French journalists only. The 
scribes from everywhere else 
complained - didn't that rather 
contradict his speech? Maybe, but 
tough luck. Alphand6ry’s staff told 
them: “None of you are allowed in." 
The French hacks all meekly 
trooped off while their 


international colleagues Aimed. 

Ah. the sweet smell of 
international cooperation. 


Mates forever 

■ Very interesting that Michael 
Mates should be the one sent to 
counteract the Irish republican 
propaganda being touted by Gerry 
Adams in the US. 

Mates is a generous man. He it 
was who gave Asil Nadir, the 
former Polly Peck boss currently 
gracing Scotland Yard’s “Wanted" 
notice board, a wristwatch on 
which was inscribed: “Don't let the 
buggers get you down.” 

He won’t be extending toe same 
gesture to Gerry Adams, that's for 
sure. For one thing , what on earth 
could he have carved on the watch? 
“Tempus fogit" wouldn't have quite 
the same panache But 
“Permanently yours” might work. 


Director's tonic 

■ Is Glaxo about to get a grip on its 
legendary payouts to top directors? 

Over toe past two years it has 
paid or made provisions to pay 
more than £17m to three outgoing 
directors. The big winner is 
chairman Sir Paul Girolami, with 
£9.6m in pay, bonuses and pension 
contributions. Then come Ernest 
Mario, former chief executive, with 
£5m, and Arthur Pappas, head of 
Glaxo’s Canadian and Latin 
American operations until this 


year, with more than £2m. 

Today's team members are 
comparative paupers. Mario's 
replacement is Sir Richard Sykes, 
whose £930,000 pay package is one 
third less than Mario’s. The 
company is still looking for a 
non-executive chairman at. say. 
£100.000 a year. 

Even so. if any of toe new boys 
slips off his perch or decides to take 
early retirement, Glaxo 
shareholders deserve to know the 
potential scale of toe pay-offs before 
toe event, rather than idler. 


Switched off 

■ Some of John Major’s ministers 
seem to have forgotten who helped 
them get into office all those years 
ago. While Labour’s shadow 
minister for national heritage. Mo 
Mowlam, recently made time to 
meet John Perriss, chairman of the 
media policy committee of toe 
powerful Institute of Practitioners 
in Advertising, Stephen Dorrell. 
government minister with the same 
portfolio, was too busy. 

Perriss, a resolute Conservative, 
also happens to be chairman of 
Zenith Worldwide Media, the 
media-buying arm of Saatchi & 
Saatchi, toe advertising agency that 
originated the powerful slogan 
“Labour isn't working”. 

DorreU’s civil servants will, they 
say. keep him abreast of the IPA's 
views. But who will keep Major 
informed about the feelings of his 
supporters? 




V 



is 



IMfJUGARMOUSt 


081 6892266 


FINANCIAL TIMES 

Wednesday September 28 1994 



Manufaaaterof 
Generating sets, 


sttery based systems 

Dale Pow er Systems pic 

IzuB FfflC^S 5^2^ 



Tension eases over Bosnian arms embargo 


Yeltsin offers upbeat 
message at US summit 


By Jurek Martin in Washington 

US and Russian presidents BQl 
Clinton and Boris Yeltsin opened 
their fifth summit in 18 months 
yesterday with mutual proclama- 
tions that US-Russtan relations 
had never been better. 

Mr Clinton told a large audi- 
ence on the sunny south lawns of 
the White House that the two 
countries were now partners not 
adversaries, adding “where we do 
disagree, we can discuss our dif- 
ferences in a climate of warm 
peace, not cold war". 

Mr Yeltsin was equally upbeat, 
saying It was “all the more 
exciting for the two countries to 
join hands” Perhaps with an eye 
on his nationalist opponents hack 
home who have attacked his 
co-operation with the US, be 
described the US as “a strong 
partner and not an easy one to 
deal with - just like Russia”. 

One potential source of dis- 
agreement - not only with Rus- 
sia but also with Britain and 
Prance - was eased yesterday 
when Mr Clinton confirmed that 
the Bosnian government had 
agreed to a delay of 4-6 months in 
the lifting of the UN arms 
embargo against former Yugo- 
slavia. 

Bosnian president Alia Izetbeg- 
ovic was due to address the UN 


general assembly later yesterday 
to prpiain his country’s decision. 

He was thought likely to attach 
great importance to the contin- 
ued presence over the winter of 
the UN peacekeeping force, 
largely ma ^ p up of British and 
French troops, whose withdrawal 
would probably have followed the 
end of the embargo. 

Mr Clinton had been under 
orders from Congress to seek a 
lifting of the arms ban, unilater- 
ally if necessary, by October 15 if 
the Bosnian Serbs refused to sign 
the peace plan drawn up by the 
western contact group, which 
includes Russia. 

Mr Yeltsin said his reaction 
would be “negative, of course" to 
any move to rearm the Bosnians, 
but Mr Clinton was able to say 
that the question was now 
“largely academic”. 

The Russian president's two 
days in Washington include talks 
on security and economic issues 
with Mr Clinton and other gov- 
ernment an d congressional Lead- 
ers. He was to sign an assortment 
of trade and investment agree- 
ments, worth over Hbn, later in 
the afternoon. 

The US has gone to some 
lengths to create the right mood 
for this s ummi t. For the first 
time, Mr Yeltsin was staying at 
Blair House, the official guest 


house, rather than the Ruslan 
Embassy. 

Also a White House ceremony 
was to honour servicemen from 
both countries killed in the last 
wax. some recompense, in US 
eyes, for the exclusion of Russia 
from the D-Day celebrations last 
June. 

But Mr Yeltsin can expect 
some pressure from the US to 
quicken the pace of economic 
reform. In a speech on Monday, 

Mr Lloyd Bentsen, the treasury 
secretary, urged a renewed Rus- 
sian commitment to fight 
inflation, proceed with more pri- 
vatisation and stabilise the 
rouble, without which, he said, 
promised western assistance 
of $l4bn-$16bn might be in 
jeopardy. 

The US was also treading 
warily over toe extent of support 
that could be publicly offered to 
Russian intervention in its “near 
abroad” (the former Soviet satel- 
lite states). 

Although grateful that Russia 
had not criticised the US occupa- 
tion of Haiti, acknowledgement 
of “spheres of influence, accord- 
ing to one US official, was "not 
something we consider in toe 
vocabulary.” 

Wide relief over arms embargo. 
Page 3 


Japanese politician cleared 
of Recruit bribery charges 


By William Dawkins m Tokyo 

Mr Takao Fujinami, a former 
c-hip f cabinet secretary and the 
most prominent figure to be 
charged in Japan's Recruit 
s hares -for-favours scandal, was 
yesterday cleared of bribery 
charges. 

The Tokyo District Court 
declared him not guilty of accept- 
ing Y20m ($205,000) and 20,000 
shares during toe mid-1980s from 
Recruit Cosmos, a property devel- 
oper, In return for political 
favours. 

The affair, in which, politicians 
received shares in Recruit before 
it was listed on the stock 
exchange and the price rose, 
damaged public trust in the polit- 
ical establishment It became a 
popular morality tale of the rapid 
economic growth and rise in 
asset prices of the late 1980s. 


Mr Fujinami, 61. a close aide to 
former Liberal Democratic party 
prime minis ter Mr Yasuhiro 
Nakasone, was the first politician 
to be charged aver the Recruit 

snandsl, in 1989. 

The court accepted Mr FtQma- 
mi’s claim that he bad received 
le gitimate political donations, not 
bribes, from Recruit. ‘Hie public 
prosecutor, who had argued for a 
3 /* year prison term and a 
Y42.7m fine, has said he will 
appeal. 

Once tipped as a potential 
prime minister. Air Fujinami was 
seen as toe scapegoat chosen to 
take the blame on behalf of toe 
LDP, his former party. Mr Fujina- 
mi’s political career was severely 
damaged, but this wfll perhaps 
prove to have been a temporary 
setback, if his ar qufttnl sticks. 

The scandal led to the resigna- 
tion of an LDP prune minister. 


Mr Noboru Takes hita, in 1989, 
tarnished Mr Nakasone’s reputa- 
tion, and contributed to the 
LDP’s defeat in last year’s gen- 
eral election. 

It also fuelled popular demand 
for political reforms, due to com- 
plete their final legislative stage 
in the parliamp-nter y session 
starting at toe end of this week. 

Senior LDP officials, including 
Mr Nakasone, said they looked 
forward to welcoming Mr Fujin- 
ami back to the party. 

Mr Fujinami, who left the LDP 
to stand as an indepe nde n t after 
his indictment, paid the price for 
his links with Recruit in last 
year's election, when he lost his 
seat to a strong LDP candidate. 

He bad maintained that re-elec- 
tion would be proof of voters* 
trust in bis innocence, a claim 
vindicated more than a year too 
late by yesterday's decision. 


Federal Reserve holds off a rate rise 


Continued from Page 1 

duction bottlenecks, pushing 
prices upwards. 

While the Fed’s first steps to 
tighten monetary policy earlier 
this year were widely accepted as 
necessary, its more recent 
increases in interest rates have 
provoked mounting opposition 


both from Democratic members 
of Congress and from business 
groups. 

Both feared that the Fed could 
kill off the economic recovery by 
raising interest rates too much. 

Most economists believe that 
yesterday’s FOMC will wait and 
give Mr Alan Greenspan, the Fed 
chairman, the option of raising 


the Federal Funds rate, which 
banks charge each other on over- 
night balances, some time in 
October if this month’s economic 
statistics show no signs that the 
economy is cooling down. 

New York COMES gold broke 
$400 an ounce and surged to a 
fresh 13-1/2 month high after the 
committee adjourned. 


Nigerian 
military 
regime 
tightens 
power grip 

By Paul Adams m Lagos 

General Sani Abacha yesterday 
tightened his control over 
Nigeria by bringing members of 
the armed forces into an expan- 
ded provisional ruling council 
and removing civilian members. 

The new line-up reflects the 
T Tfiw w n p r mnlsing stance of Gen 
Abacha since mid-Angnst 
towards anti-government strikes 
and protests in support of the 
presidential elytra* of the jailed 
opposition leader Mr Moshood 
Abiola. 

A challenge to Gen Abacha’s 
authority from within the 
regime during the two-month o3 
workers’ strikes led to the dis- 
missal of MaJ-Gen Chris Alii as 
head of the army last month and 
a number of changes in key posts 
in toe armed forces. 

Got Abacha has said he is pre- 
paring to hand over to a demo- 
cratically elected government 
but has banned political parties, 
closed newspapers, arrested 
civilian critics and detained Mr 
Abiola and charged him with 
treason for declaring himself 
president on the anniversary of 
his unofficial victory in last 
year’s general election. 

The evolution from a military 
junta with democratic sympa- 
thies into an authoritarian 
regime In nine months became 
clear earlier tills month with a 
series of decrees that strength- 
ened the gove r nment's unconsti- 
tutional powers and declared it 
had come to power in a “military 
revolution”. Last November the 
military claimed that it was 
invited to take control to rescue 
the country from anarchy. 

LtrGen Oladipo Diya, like Mr 
Abiola a member of the Yoruba 
tribe from the south-west, 
remains number two in toe 
regime but has lost influence 
since the Abacha government 
took control In November 1993. 

The 25-man ruling council is 
dominated by officers from the 
Hansttspeaking north which has 
held power for more than a 
decade. Yesterday’s changes 
included the dropping of four 
rivflian members in toe council 
formed by Gen Abacha. 

The council has never func- 
tioned as a policy making body 
and decisions have usually been 
taken by Geu Abacha with small 
groups of advisers. Although 
this is likely to continue, toe 
new body includes officers who 
are seen as loyal or indispens- 
able to the regime. 

The chief of defence staff and 
chiefs of the army, navy, air 
force and police are joined In the 
ruling council by the command- 
ers of toe four main infantry 
divisions which form the back- 
bone of the army. 

Other new members are the 
commander of the Lagos garri- 
son. the heads of the military 
intelligence services, and the 
commanders of the leading mfl>- 
tary staff organisations. 


FT WEATHER GUIDE 


Europe today 

A high pressure aree south-west of Ireland 
with a ridge extending into Ranee will 
provide settled conditions over much of 
western Europe. The Low Countries, southern 
England, France and Germany wfll have tog 
patches which could be dense. During most 
of the day, there will be doud interspersed 
with sunny spells. Active low pressure areas 
over Spain and northern Africa will produce 
rain and thunder, especially in southern and 
eastern Spain and the western 
Mediterranean. Italy and Greece will be 
mainly dry with sunny periods. Northern 
Europe will be windy and changeable. The 
Atlantic seaboard of Norway wfll have a lot of 
rain but Sweden win have some breaks in the 
doud. 

Five-day forecast 

A ridge of high pressure wfll keep most of 
western and central Europe dry and calm 
with tog during the night and sunny spells in 
the afternoon. The western Mediterranean 
and eastern Spain wiU remain unstable with 
thundery rain, which could be heavy at times. 
Northern Europe wiH stay cod, wet and 
windy as several active low pressure areas 
cross the region. 

TODAY'S -naHPBMTUHES 



Situation at 12 GM7. Tgmpmtuns mamum tar day. forecasts by Msteo Consult of the Nethartands 


AbuOtebi 

Accra 

Algiers 

Amsterdam 

Alliens 

Atlanta 

B. Aims 

BJwm 


Barcelona 


sun 

shower 

(air 

Cloudy 

tar 

loir 

fair 

doudy 

rah 

shower 


um 

BeHmg 

hair 

22 

Caracas 

Hr 

31 

BUS 

safest 

cloudy 

15 

Gardff 

dowdy 

16 

37 

Belgrade 

feW 

23 

Casablanca 

fair 

22 

31 

Bed in 

ctaudy 

13 

Chicago 

rain 

17 

28 

Bermuda 

shower 

30 

Cologne 

cloudy 

17 

16 

Bogota 

fair 

20 

Defer 

cloudy 

31 

30 

Bombay 

fair 

32 

Dates 

am 

31 

2? 

Brussels 

dowdy 

17 

Delhi 

sun 

34 

23 

Budapest 

tafr 

22 

Dubai 

sun 

36 

17 

Citagen 

Ur 

13 

Oubfei 

cloudy 

16 

32 

Cairo 

sun 

31 

Otenwnk 

fair 

27 

23 

Cape Town 

shower 

IS 

Bfrburgh 

shower 

18 


More and more experienced travellers 
make us their first choice. 


Lufthansa 


Faro 

1aW 

23 

Madrid 

shower 

23 

Rangoon 

doudy 

31 

Frarkfurt 

cloudy 

19 

Majorca 

shower 

25 

Raykjav* 

fair 

7 

Geneva 

shower 

19 

Malta 

felr 

29 

Rto 

reki 

18 

Qhrattar 

shower 

23 

Manchester 

cloudy 

16 

Rome 

fair 

27 

Glasgow 

ahower 

18 

Manila 

ahower 

32 

S-Prcco 

doudy 

22 

Hamburg 

doudy 

12 

Meqwwne 

shower 

15 

Seed 

fair 

23 

HaWrH 

shower 

11 

Mexico City 

I* 

17 

Singapore 

cloudy 

30 

Hong Kong 

cloudy 

30 

Mart 

fair 

31 

Stockholm 

fair 

12 

HonoMu 

fair 

31 

Mian 

fah 

23 

Stnsbotn 

fair 

18 

tetanbU 

fair 

28 

Montreal 

rain 

17 

Syrfaey 

fair 

21 

Jakarta 

faW 

31 

Moscow 

ahower 

15 

Tangier 

thund 

21 


doudy 

17 

Munich 

Shower 

18 

Tel Aviv 

Mr 

30 

Karacn 

fair 

33 

Nairobi 

Mr 

re 

Tokyo 

doudy 

25 

Kuwait 

sun 

40 

Naples 

fair 

27 

Toronto 

show 

18 

f-A'getas 

taw 

25 

Nassau 

showar 

32 

Vancouver 

ahowor 

18 

Las Palmas 

fair 

28 

New York 

shower 

22 

Venice 

showar 

23 

Una 

cloudy 

22 

Nice 

fair 

23 

Vfarra 

shower 

20 

Lisbon 

fair 

26 

Ntarata 

showa - 

32 

Warsaw 

doudy 

14 

London 

doudy 

18 

Oslo 

Ur 

14 

Washington 

fair 

24 

LUX.bowg 

doudy 

17 

Paris 

fair 

20 

Wefllngton 

rain 

13 


fair 

21 

Perth 

fair 

21 


doudy 

16 

fair 

24. 

Plague 

doudy 

18 

Zurich 

shower 

17 


THE LEX COLUMN 


EVC’s plastic problem 


The reasons why ICI and Italy’s 
Tftiinhpm eventually want to leave the 
PVC industry are easy to fath om . The 
European sector Is mature, hugely 
cyclical, and unpleasantly capital 
Intensive. EVC. their joint venture, 
gi«=n has a record of bleeding red ink. 
The company has achieved combined 
pre-tax losses over the last three years 
of Fl 827m. That raises the question 
why anyone else should pick up 
shares when the stock is floated. 

EVC has its attraction*- It moved 
into the black during the last six 
mon th* its management believes prof- 
its are set to expand rapidly as the 
gro u p rides toe economic eyrie and 
cuts costs. There is certainly scope for 
savings. EVC may be Europe’s largest 
PVC maker, but it is far from toe most 
pffifiiant if the new group can grasp 
the political nettle in Italy where it 
needs to cut staff, it can probably 
achieve its cost reduction targets. 

Of more concern is toe validity of 
Eve’s growth projections for the PVC 
market Demand for PVC pipes and 

window-frames - representing about 
SO per cent of the market - looks solid. 
But health and environmental fears 
make the prospects for PVC packaging 
far more uncertain. These concerns 
were heightened ibis month when the 
US Environmental Protection Agency 
published a new report on the subject 
Evian water wiH no longer be sold in 
PVC bottles and other manufacturers 
look set to follow. Mineral water bot- 
tles may represent just 4 per cent of 
the west European market, but that is 
still substantial given the ovsall sec- 
tor may expand at only L5 per cent a 
year. PVC is a risky product EVCs 
price vrill have to reflect that 

Sears 

The diversity of Sears' interests 
arguably helps insulate the group 
from the foil severity of a downturn in 
individual se gme nts of toe retail mar- 
ket But as yesterday's interim results 
show, toe range of the group's activi- 
ties also has the unfortunate effect of 
m uffling the impact of recovery. 

The figures showed unequivocal evi- 
dence of earnings momentum in at 
least three m ai n businesses, namely 
footwear, mail order and Selfridges. 
Results from all three reflected the 
successful implementation of well 
thought-out measures to cut costs, 
Anhanrg systems and boost sales by 
revamping store formats. Elsewhere 
things went wrong. The two black 
spots were the Adams childrenswear 
chain and the Olympus sports shops. 


FT-SE Imtex: 3008.5 (+8.7) 



The decline at Olympus can be blamed 
on testing conditions in sports foot- 
wear, but Adams suffered from trying 
to change too much too quickly. 

There is much to hope for at Sears. 
Margins, which were 6 per cent last 
year, are still a long way below the 10 
per cent which the management 
believes is achievable. The rolling out 
of new formats in footwear and the 
Selfridges’ revamp will certainly help 
narrow toe gap. But Adams’ problems, 
the worst of which have now been 
dealt with, highlight the lack of focus 
inherent in so broadly diversified a 
group. This is especially so within the 
loose agglomeration of businesses 
grouped under the High Street Fash- 
ion heading. Based on consensus fore- 
casts, the group will make pre-tax 
profits of £145m-150m this year, put- 
ting the shares on a premium to 
toe market Given that the group’s 
current low tax charge is rising, toe 
rating innkB demanding. 

Deferred tax 

UK finance directors must feel 
beleaguered. Last week the Account- 
ing Standards Board put noses out of 
joint by tightening up acquisition 
accounting. Tomorrow toe ASB meets 
to discuss deferred tax. Though it will 
be several months before proposals are 
published and these will be subject to 
consultation, the board Is leaning 
towards scrapping the current "partial 
provisioning” system. If this hap- 
pened. the reported earnings of some 
companies with heavy investment pro- 
grammes could decline sharply, 
according to research published today 
by brokers Colin Stuart. The snag 
with partial provisioning is that it 


gives finance directors considerable 
discretion over what tax charge to 
report. Deferred tax arises mainly 
when capital allowances exceed depre- 
ciation, so companies con massage 
reported earnings by varying their 
investment plans. This sits badly with 
the ASB’s drive to remove opportuni- 
ties for creative accounting. 

But there are also problems with the 
main alternative "foil provisioning”, 
under which deferred tax is immedi- 
ately charged against profits. The 
actual payment of tax may be deferred 
for many years. A tax liability post- 
poned dearly does not have the same 
financial impact as one due today. 

An attractive option would be to dis- 
count a company's deferred tax liabili- 
ties by its cost of capitaL Though 
there would be debate over what the 
appropriate cost of capital should be, 
there would be less discretion than 
under partial provisioning. Moreover, 
if a robust model for discounting 
deferred tax liabilities could be devel- 
oped for deferred tax. It would pave 
toe way for discounting other liabili- 
ties and assets. That would produce 
more finanHaiiy meaningful numbers 
and be a prize well worth securing. 

Credit Lyonnais 

Paradoxically the modest scale of 
Credit Lyonnais’ losses reported yea- 
today means the state-owned banking 
group mil remain in toe sure longer 
than it might have done. Mr Jean Pey- 
relevade, appointed by the govern- 
ment as chairman of the state-con- 
trolled group last year, dearly lost his 
battle to post an even bigger figure. 
This would have allowed him to clear 
the decks for the future by forcing the 
French state to Inject even more 
money. However, the government 
appears to have balked at the size of 
the capital injection necessary to 
ensure Credit Lyonnais met European 
solvency ratio requirements had even 
bigger losses been declared. Those 
believing governments should not sub- 
sidise poorly-run state-owned organi- 
sations may applaud toe decision, but 
it leaves credit Lyonnais in a desper- 
ate plight The need for disposals has 
been made more acute and Mr Peyrele- 
vade/as a forced sellar, will find it 
even harder to achieve decent prices 
for his assets. The year-on-year per 
cent reduction in general and adminis- 
trative expenses is a start, but future 
cuts will have to be more draconian. A 
dividend payment remains beyond the 
horizon and privatisation somewhere 
over the rainbow. 



0 






19 


★ 


Mercedes 

FINANCIAL TIMES 


Rental 

rOMPA YTTrc C, MAPOTC 

Conference calls: 

BBM0 the key to improved 

Available from only ST\ 

LUiVUTiiNJLCij Oc 1 5 

Waj/f business communications. 

£64 per day at your 


For the oesl service call ... 

nearest dealer 

©the financial times limited 1994 Wednesday September 28 1994 

0800 WO WO WO 


IN BRIEF 


Metali shares 

tumble further 


MetaDgesellschaft's shares tumbled to another low 
yesterday as analysts raised estimates of thi« year’s 
lasses in the face of confusion about the troubled 
German company’s prospects. Page 20 

Socflen climbs despite market uncertainly 

Socifite General e. one of France's largest banks, yes- 
terday reported consolidated group net profits up 
3A per cent to FFr2 .24bn <$420m) for the six months 
to June 30. Page 21 

Henkal to lead German Industry body 

Mr Hans-Olaf Henkel, who resigned three tracks 
ago as European head of International Business 
Machines, will be elected president of the Federa- 
tion of German Industry in November. Page 21 

India to relaunch sale of telecom equity 

India is preparing to revive the postponed interna- 
tional equity offering by VSNL, its international 
telecommunications monopoly, following the recent 
successful issue by Pakistan Telecom. Page 22 

Jardine outlines Singapore trading terms 

Jardine Matheson, the holding company for the 
diversified group of Jardine companies, has out 
lined arrangements for investors to trade on the 
Singapore stock exchange. Page 22 

Prance to raise FFr20bn In bond sales 

The French government yesterday unveiled details 
of its plans to open the government bond market to 
individual investors. Page 23 

Acatos bi £27m alliance with ADM 

Acatos & Hutcheson, the edible oil and fat manufac- 
turer, is forming a strategic relationship with 
Archer Daniels Midland, the US agribusiness group. 
Page 24 

Yufe Catto up 42% but warns on margins 

A sharp increase in first half profits at Yule Catto, 
the chemical and building products group, was yes- 
terday overshadowed by a warning that rising raw 
material prices could hamper future growth. 

Page 25 

Dotting Kbidersiey slips to £9m 

Darling Kindersley Holdings, publisher of illus- 
trated reference books, expects a “reasonable con- 
tribution" to group profits this year from its new 
generation of multimedia products. Page 26 

Acquisition helps lift Huntleigh 74% 

Huntleigh Technology, the USM-quoted medical 
equipment manufacturer, reported a 74 per cent 
increase in first half profits following a maiden six- 
month contribution from Nesbit Evans. Page 27 


Coffoe futures recover after oariy setback 

Coffee futures prices suffered a setback In London 
and New York yesterday following rainfall that 
brought light relief to drought-hit coffee plantations 
in Brazil. Page 28 


Companies In this issue 


> 


20th Centoay Inds 

21 JBA HokSnge 

26 ! 

Acatos & Hutcheson 

24 Jacks (Wlfllam) 

26 , 

American Inti Group 

21 Jardine Matheson 

22 

Archer Daniels 

24 KteartoJd 

26 

Argentata 

2D Kredyt Bank 

20 

AromaScan 

24 Lafarge Coppde 

20 

Ashbourne 

24 Low(Wm) 

26 

Alreus 

26 Lyles (S) 

26 

BPM 

20 MTM 

14 . 

Baltic 

24 Marzotto 

20 

Bangkok Land 

22 Mercedes-Benz 

21 

Baring Emerging 

26 Metaflgeseiischaft 

20 

Bensons Crisps 

14 Muckkjw (A8J) 

26 

British Airways 

29 My Klnda Town 

27 

Britton Group 

25 N. Brown 

14 

Bratton Estate 

27 Nesttt 

17 

CRA 

22 PBK 

20 

Canal Pius 

19 Paramount 

26 

Clarke Nlckote 

26 Procter & Gamble 

17 

Clayhfthe 

26 S Wales Electricity 

26 

Culver Holdings 

26 S Western Bectrie 

26 

Daknter-Benz 

19 Schroder Split Fund 

26 

De La Rue 

29 Schraders 

29 

Dorilng Kindersley 

26 Sears 

25, 13 

EVC International 

19 Sharollnk 

29. 26 

Eastern Electricity 

26 Sip 

19 

Eko Stahl 

22 Smith New Court 

29 

EniChem 

19 SoctttA GfrWrata 

21 

Enterprise OB 

29 Spedaleyes 

14 

Fortune Oil 

24 Stet 

19 

Four 1 Seasons Hotels 

19 Suteer 

21 

General Accident 

25 Sycamore 

24 , 

Qlm>o 

26 Tanayong 

22 

Go-Ahead 

29 Tarmac 

14.20 : 

Goortwad Group 

26 Telecom Italia 

10 

Halstead (James) 

24 Tosco 

26 

Hagemarm 

22 TransTec 

2S 

Herald Inv Trust 

26 Unflever 

17 

Hewlett-Packard 

21 United Industries 

26 

House of Fraser 

24 VSNL 

22 

Huntleigh Tech 

27 Vox TV 

19 

IBM 

21 Wellington U ‘writing 

25 

ICI 

19 Wensum 

28 

W 

19 Wiggins Group 

26 

(ntermecfiatQ Cap 

26 Yufe Catto 

25 


Market Statistics 


AAnnuat reports servtea 3031 


Bmctnrert Govt bonds 22 

Bond futures and options 22 

Bond prices and ytetds 22 

Commodates prices 28 

Dnridends announced. IK 24 

BUS currency raws 38 

Ewnbond prices 22 

Rnd interest Indices 22 

FT-A Wort) IntSces Back Page 

FT Goto Mnes hutet BackPage 
FTflSMA hO bond SVC 22 

FT-SE Actuaries indices 29 


Foreign exchange 38 

Gifts prices 22 

Lifle equity options Back Page 
London share service 3831 

London trad! options BackPage 
Managed funds sendee 32-38 
Money martets 38 

New Ml bond issues 22 

Recent Issues. UK 29 

Short-term tnt rates 38 

US Merest rates 22 

World Stock Uartrets 37 


Chief price changes yesterday 


FRANKFURT {MQ 


MS M Van 

524 

- 

12.5 

BarVknta 

423L5 

- 

&5 

Otw 

408 

- 

10 

uem 

m 

- 

15 

UortW* 

355 

- 

n 

MnrvofKCS) 

11&5 


T47 

Alcoa 

8811 

+ 


MBs 

371a 

* 

m 

Fort Onto 

21 

- 

2W 

unis Dew 

351 

- 

ti 

Moan Tec 

35* 

- 

*a 

Texas us 

B75t 

- 



PAMS{FFi) 




Accor 

612 


10 

cap 

1115 


28 

Damn 

728 


19 

Pmnota 

994 

+ 

21 

MBs 

Grad Don 

37* 

_ 

13 

fcapbysique 

TOKYO PM 

ante 

“ 

282 

ruis 

Adda Don 

613 

_ 

31 

Aoyanu Trad 

3250 

- 

ISO 

MN*a 

Ml 

— 

64 

RtfSpn 

<84 

— 

28 

Gao SeUyu 

BBS 

- 

G3 

Tori 

711 

- 

33 


Now York prices at i2J50p. 


LONDON (Pence) 

RNm 


Body snap m 

Zlfl 

+ 

9 

Coctaon 

239 

+ 

7 

De la Rue 

azr 

*■ 

21 

EunAmri ub 

250 

* 

9 

«e 

291 

+ 

7H 

Go-Mead 

143 

+ 

10 

htttaw 

425 

+ 

IS 

WOttim 

102 

+ 

10 

HUeCritD 

292 

4. 

8 

MBs 

AmnaSwi 

S3 

_ 

14 

Daman Crisps 

4-1 

- 

A 

DKfri 

1350 


40 


Eurooonr 

202 

- 

10 

Frandi Connectn 

255 

- 

10 

Hadamnd Foods 

120 

- 

5 

laris tow 

279 

- 

10 

Muridw(M4 

1404 

- 

12# 

Sim** 

1B7 

- 

51 

SmtnNewCnt 

400 

- 

14 

Spaodex 

283 

- 

10 

Tarmac 

132* 

» 

13H 

TransTec 

W 

- 

13 

VRKSM 

90 

- 

21 


Saudi prince buys 25% of Four Seasons 


EniChem 
and ICI 


By Bernard Simon h Toronto 

Prince Al-Waleed Bin Talaal the 
Saudi investor, is expanding his 
fast- growing leisure and enter- 
tainment interests by paying 
C$l65m (5122m) for a 25 per cent 
stake in Four Seasons Hotels, the 
Toronto-based luxury hotel 

nhain 

The prince, who is the largest 
single shareholder in Citicorp, 
the biggest US bank, has also 
acquired interests over the past 
two years in the Euro Disney lei- 
sure group, the New York depart- 
ment store Saks Fifth Avenue, 
and the San Francisco- based 


By Raymond Snoddy in London 

Vox, the German satellite 
television that went fnhn liquida- 
tion in April, received a boost 
yesterday when Canal Plus, the 
French subscription television 
group, took a 24.9 per cent stake. 

fjarml phis hag negotiated tha 
same terms as Mr Rupert Mur- 
doch’s News Corporation which 
took a 49.9 per cent stake in the 
channel in July, according to 
sources. 

Neither group has paid any- 
thing for the stake nor taknn on 
any of the estimated DM450m 
(5290m) debts of the channel 
since it was launched at the 
beginning of last year by Bertels- 
mann, the international media 
group, and other German part- 
ners. Both Canal Pins and News 
Corporation will Invest in the 
future of the channel and m ake 
their programming expertise 
available. 

Mr Marc Tessier, Canal Plus 
executive vice president for cor- 
porate development, said the 
company had became an investor 
in Vox “ because ifs a good part- 
nership - Murdoch, Bertelsmann 
and ourselves.'' 

Vox, which has to provide 
news and current affairs as a 
condition of its licence, was 
billed originally as “television for 
university graduates". 

The advertising-financed chan- 
nel managed to get only an audi- 
ence share of about 2 per cent 
although it is available to 73 per 
cent of the German population 
through cable, satellite and 
by broadcast on terrestrial 
frequencies. 


Fairmont hotel chain. Most 
recently, be joined Accor, the 
French hotel group, in an unsuc- 
cessful bid to buy the Meridien 
luxury hotel chain from Air 
France. 

Accor and the prince were 
defeated by a rival bid from 
FDrte. the UK hotel and restau- 
rants group. 

Prince Al-Waleed will pay C$22 
for each Four Seasons share, rep- 
resenting a 54 per cent premium 
on the market price. Althoug h 
Four Seasons' operating perfor- 
mance has Improved recently, 
analysts have expressed concern 
about its debt exposure. 


Canal Plus, which runs sub- 
scriptions channels in France 
and with partners In Spain, Ger- 
many and Africa, has never 
invested in advertising-funded 
television before. “We felt that it 
was worth making an exception 
in the case of the German mar , 
ket,” Mr Tessier said. 

Despite the difficulties of the 
channel, it Is believed there were 
other potential bidders, including 
Viacom, owner of MTV Net- 
works. and GS Capital Partners, 
an investment fund run by the 
US securities house Goldman 
Sachs. 

Canal Plus had considerable 
advantages in such a competi- 
tion. The French group already is 
an investor with Bertelsmann in 
Premiere, the German subscrip- 
tion television channel, and in 
July signed an agreement with 
Bertelsmann to develop jointly 
new pay television channels for 
Germany and other European 
markets. 

After a number of Vox inves- 
tors pulled out, Bertelsmann was 
left with more than the 24.9 per 
cent stake it was allowed to hold 
because of its other German TV 
interests. 

The stake which has now gone 
to Canal Phis was being held in 
trust until a buyer was found. Mr 
Tessier emphasised last night 
that Canal Plus was not holding 
the shares on Bertelsmann’s 
behalf. 

“We are equal partners and we 
have equal oblig a tions". Mr Tes- 
sier said. It is believed the three 
Vox partners will take decisions 
jointly on the future direction of 
the channel and its senior staff. 


The prince has also agreed to 
invest CSlOOm to acquire or 
develop hotels for Floor Seasons 
and its affiliated Regent chain, 
starting with a property under 
development in Riyadh, the 
Saudi capital. 

Mr Charles Henry, a former 
investment banker recently hired 
by the prince to oversee his hotel 
investments, said yesterday that 
“we see long-term value there 
which the market wasn't recog- 
nising". Mr Henry said Four Sea- 
sons fitted Prince Al-Waleed 's 
strategy of investing in capital-in- 
tensive, global businesses with 
strong brand names. 


By Andrew HM in Man 

Telecom Italia, the main operator 
in Italy's state-owned telecommu- 
nications sector, yesterday 
reported strong first-half results, 
easing the way for the long- 
awaited privatisation of Stet, its 
parent company. Last night, 
directors of hi, the state holding 
company which controls Stet, 
indicated privatisation could take 
place before the middle of 1995. 

Untfi. now, indecision about the 
form and timing of telecoms pri- 
vatisation has created uncer- 
tainty about the immediate 
future of the two companies. 

Telecom Italia made a pre-tax 
profit of lA175bn ($l-39bn) in the 
first half of 1991. The results are 
difficult to compare with previ- 


The deal follows a search by 
Mr Isadora Sharp, Four Seasons’ 
founder and chairman, for an 
outside investor with the 
resources to fiwanrg the chain's 
future expansion, who would at 
the same allow him to plan 
for retirement Mr Roger Gar- 
land, Four Seasons’ executive 
vice president, said the deal 
would provide liquidity for Mr 
Sharp's estate, while minimising 
disruption in management 
Mr Sharp, who turns S3 next 
week, wifi retain 65 per cent of 
Four Seasons' voting shares and 
will continue as chief executive. 
According to Mr Garland, Mr 


ous figures, however, because the 
company was only formed earlier 
this year, following a merger 
between Sip, the main telecoms 
operator, and four other state 
telecoms companies. Sip, which 
accounts for nearly 90 per cent of 
the new group, reported an 
interim profit in 1993 of L99L6bn. 

Telecom Italia forecast that fur- 
ther rationalisation would allow 
it to report full-year results 
“clearly better" than those of 
1993. It also forecast a reinforce- 
ment of its balance sheet, and an 
improvement in income, which 
increased by 25 per cent to 
L14J276bn in the first halt 

Mr Francesco Chirichigno, the 
managing director of Telecom 
Italia, said yesterday that the 
results showed the group was 


Sharp “has no intention to sell 
more shares". Prince Al-Waleed 
will appoint two directors to Four 
Seasons' board, and has a right of 
first refusal on Mr Sharp’s 
remainin g shares. He also has a 
“piggy-back" right to join Mr 
Sharp in selling their shares to a 
third party. 

Four Seasons and Regent own 
or manage 44 hotels and resorts 
in 19 countries. Expansion is 
likely to focus on Europe, the 
Middle East and Asia. It has “a 
long list of potential opportuni- 
ties which we'll have to liiwm 
with the prince," Mr Garland 
said. 


already a force among Italian and 
international companies. 

Telecom Italia and Stet, which 
owns about 60 per cent of Tele- 
com Italia as well as other tele- 
coms operations, are already 
quoted on the Milan stock 
exchange. In terms of overall 
market capitalisation they are 
bigger than Flat, the largest pri- 
vate-sector industrial company. 

In recent weeks, senior politi- 
cians have talked publicly about 
a possible merger between Tele- 
com Italia and Stet, which would 
further simplify the structure of 
the telecoms sector, but take 
time to achieve. 

In the first half. Telecom Italia 
reduced financial charges to 
L757.7bn. Total investment 
spending was L3,680bn. 


to float 
EVCin 
Amsterdam 

By Daniel Green In London and 
Ronald van de Kroi In Amsterdam 

EVC International, a European 
plastics joint venture between 
ICI of the UK and Italy's Eni- 
Chem, plans to float about 60 per 
cent of its share capital on the 
Amsterdam Stock Exchange in a 
deal likely to value the company 
at more than FI lbn ($574m). 

The flotation is scheduled to 
take place in November. EVC is 
Europe’s biggest maker of poly- 
vinyl chloride with about 19 per 
cent of the market and sales last 
year of FI 1.9bn. 

Half of the flotation proceeds, 
between FI 600m and FT 700m, 
will represent the sale of new 
shares. The other half will be of 
shares owned by ICI and Eni- 
Chem, whose combined stake 
will fall to about 40 per cent 

ICI will take an exceptional 
write-down of £125m ($197m) as 
EVC’s balance sheet Is restruc- 
tured. Mr Alan Spall, finance 
director, said this was largely a 
book adjustment as the way in 
which the accounting for EVC’s 
assets had changed. 

ICI and EniChem will under- 
take not to sell additional shares 
until after EVC’s results for 1995 
are published in early 1996. 

The PVC market, in common 
with that for other plastics, has 
been in deep recession since the 
end of the 1980s. EVC has made 
heavy losses since 1991. 

The price has recovered to a 
level last seen in 1991 thanks to 
higher demand from the con- 
struction and building materials 
sector, which accounts for 61 per 
cent of EVC’s sales. 

EVC is registered in Amster- 
dam. Its operations are co-ordi- 
nated from Brussels, and it has 
plants in Germany, Britain, 
Italy, Spain, Sweden, Switzer- 
land and Austria. Mr Nigel Tay- 
lor, finance director, said the 
Amsterdam had been chosen for 
the flotation to underline EVC’s 
pan-European character. 

The flotation will consist of 
two institutional share offers, 
for Dutch and international 
institutions, as well as a retail 
share offer in the Netherlands. 
S.G. Warburg Securities and DBS 
will act as global co-ordinators, 
while ING Bank of the Nether- 
lands will handle the Amsterdam 
listing. 

Mr Ettore dell Iso la, chief exec- 
utive officer, said EVC would use 
its part of the proceeds to reduce 
debt, giving it a d ebt-to-equrty 
ratio of less than 30 per cent 
Lex, Page 26 


Canal Plus 
takes stake 
in Vox TV 


Lebanon plans to raise $300m with first eurobond 



Tony AhSbmi 

Lebanese prime ™tninfa»r Rafik Hariri launched an issue of three-year eurobonds which was 
doubled to 5300m because of strong demand. Details, Page 20. Government bonds. Page 23 


Advance by Telecom Italia 
eases way for sale of Stet 


Barry Riley 


Prudence and pragmatism 
in German reporting 


It is just a year 
since Daimler- 
Benz decided to 
break ranks with 
the German corpo- 
rate establishment 
and seek a Wall 
Street fisting. Now 
there are glim- 
mers of a compromise approach 
to bridging the gulf between Ger- 
many and the rest of the global 
equity market 

Last year a weakened Daimler- 
Benz wished to tap the US capital 
market It also aimed to become a 
truly multinational enterprise, an 
ambition only attainable if it 
broke free otT its restrictive legal 
and accounting base in Germany. 

The group was exploiting a 
huge wave of US investor inter- 
est in foreign companies. Since 
1991 some 370 foreign companies 
have listed in the US, and the 
peak 1993 annual total of no is 
likely to be exceeded tins year. 
These companies include many 
PTnOTg in g markets. 

The US Securities and 
Exchange Commission considers 
that it has been flexible in 
responding tO the demand , but It 

has a formidable ratebook to 
Impose. Whereas emerging mar- 
kets with few capital market tra- 
ditions of their own have no 
hang-ups about conforming with 
US generally accepted accounting 
principles (GAAP), Germany has 
its own deep-rooted conventions. 

In particular, financial report- 
ing is dominated by the require- 
ments of creditors, who care little 
about the profit and loss account 
but want a conservative balance 
sheet while corporate taxes are 
levied on the basis of the pub- 
lished accounts, again encour- 
ages understatement 

Things have looked up consid- 



erably at Daimler since the group 
reported a German-style net 
profit of DM1 68m ($l09m) for the 
first half of 1993, but a US-style 
net loss of DM949m. Those fig- 
ures not only emphasised the 
group's trading problems but 
blew the gaffe on the idea that 
German accounting techniques 
are always conservative. In feet 
they are used to smooth out awk- 
ward dips; in recessions they are 
flattering. This year car produc- 


The prudence 
principle 
encourages the 
understatement 
of asset values 


tion has soared and is likely to be 
up by 15 per cent effectively to 
hill capacity of 585,000 vehicles. 
First half net profits are unam- 
biguously positive at DM462m on 
the German hasis and DM369m 
under US GAAP. 

A herd of regulators is attempt- 
ing to address these problems. 
The International Accounting 
Standards Committee has been 
promoting its international stan- 
dards for more than 20 years, but 
it is a private sector body backed 
by the big auditors and has little 
direct authority. The European 
Union has developed a harmon- 
ised framework for Europe, but 
its older legislation - in the 
Fourth company law directive - 
is now becoming dated. 

More recently the International 
Organisation of Securities Com- 


missions (IOSCO) has developed 
as a network of powerful statu- 
tory bodies. It is working closely 
with the IASC. But individual 
national bodies ranging from the 
SEC to the German Ministry of 
Justice are jealously guarding 
their own patches. 

Thus the Germans continue to 
promote the “prudence principle" 
which encourages the understate- 
ment of asset values and the 
building of reserves which can be 
used to smooth over setbacks. 
This approach clashes directly 
with the provision of accurate 
information to shareholders 
about an enterprise's short-term 
economic performance. But 
Daimler-Benz is optimistic that it 
can use options within the Ger- 
man Commercial Code to reduce 
the differences between the US 
and German syst e ms. 

For the time being a compro- 
mise solution to the German 
problem will apply. Companies 
wishing to tap the international 
markets will prepare global con- 
solidated statements according to 
US GAAP (or other international 
standards} but non-consolidated 
statements according to German 
rules. This will leave their 
domestic tax position unaffected, 
but ft will also limit their poten- 
tial for paying dividends. 

This might lead to confusion, 
not least for the managers trying 
to measure their achievements 
according to different and con- 
flicting principles. In practice, 
though, the domestic statements 
would probably be largely 
ignored even by domestic inves- 
tors. 

Eventually, perhaps, a kind of 
inverted Gresham's Law of 
Financial Reporting would apply, 
the good financial statements 
would drive out the bad. 


THs announcement appears as a matter ot record only. 

August 1994 

£1,762,316,639 

The Lords Commissioners of 
Her Majesty’s Treasury 

H.M. Treasury has realised the above proceeds 
from the sale of debt of privatised companies. 

The undersigned acted as advisor to H.M. Treasury. 


Salomon Brothers 





X 


FINANCIAL TIMES WEDNESDAY SEPTEMBER 


28 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Metall shares tumble further 


By Andrew Fisher In Frankfurt 


Metallgesellachaft's shares 
tumbled to another low yester- 
day as analysts raised esti- 
mates of this year's losses in 
the face of confusion about the 
troubled German company’s 
prospects. 

Mr Kajo NeuMrchen, the 
chief executive brought in to 
stem the losses and put the 
engineering, trading and chem- 
ical company on a recovery 
path, denied rumours that 
banks no longer supported its 
recovery plan. He repeated 
that an operating profit of at 
least DMlOOm t$64m) was 


expected next year and said 
the recovery programme would 
be pursued. 

The continued drop in the 
shares brought the closing 
price to DM118.50 - at one 
stage, they slid to DM101 - 
down DM14.70 on the day. This 
was a decline of 11 per cent - 
the same as Monday. At the 
start of this month they stood 
above DM200. 

One source of downward 
pressure was an estimate by 
Deutsche Bank Research put- 
ting the loss per share this 
year at about DM210, implying 
a total loss of DM3 bn, a rise of 
more than DM80 on its previ- 


ous estimate. DB Research 
referred to the negative state- 
ments emanating from the 
company In recent weeks. For 
next year. It expects a loss of 
only DM8 a share. 

Metallgesellschaft said 
recently that risk provisions of 
DMlbn set aside to cover losses 
on controversial oil contracts 
would have to be increased. 
The company approached col- 
lapse early this year before 
being rescued by its creditor 
banks, chiefly Deutsche Bank 
and Dresdner Ranh. 

Investors have been unset- 
tled by speculation that the 
company may reduce its share 


capital and then make a rights 
issue. Further restructuring, 
especially on the non-ferrous 
smelting side, is expected by 
some analysts. 

Reports of passible legal 
action and inves t igations into 
the company in the US are a 
further source of uncertainty. 

The New York district attor- 
ney’s office says it is looking 
into activities of companies 
“related to MetaUgeseUschafr. 
Responding to US articles 
shout the way the loss-making 
US oil contracts were handled 
late last year, Deutsche Bank 
said there had been no alterna- 
tive to their rapid unwinding. 


Lafarge lifts 
profits 50% 
to FFrl.04bn 


First eurobond for Lebanon 


By Graham Bowfey and 
Antonia Sharpe In London 


By John Ridding 
in Paris 


Lafarge Coppee, the French 
construction materials group, 
yesterday announced net prof- 
its of FFrL04bn (8190m) for the 
first half, an increase of 50 per 
cent compared with the same 
period In 1993. 

The increase was achieved 
on a rise of 8 per cent in sales 
to FFrl5.4bn and reflected a 
strong improvement in many 
of its business sectors and a 
reduction in financial charges. 
Earning s per share rose by 20 
per cent to FFr13.50. 

Lafarge Coppee said the 
first half saw significant recov- 
ery in prices and margins in 
the North American market, 
an improvement in the Span- 
ish market and increased prof- 
itability of its plaster 
operations in Europe, under- 
pinning a 38 per cent increase 
in operating profits to 
FFrt.Olbn. 

Performance was further 
improved by lower financial 
charges following a reduction 
in the company's debts. 

At the end of June this year, 
net debts stood at FFr4bn, 
compared with FFr5.4bn 
at the beginning of the 
year. 

The reduction partly 
reflected net gains of FFr2. Ibn 
from asset sales. 

The building materials group 
revealed a sharp increase in 
investments for the first half of 
the year, increasing expendi- 
ture by 22 per cent to 
FFriL36bn. 


Lebanon is to launch its first 
eurobond offering today to 
help pay for the rebuilding of a 
country torn apart by 16 years 
of civil war. 

The original target for the 
issue of three-year bonds, 
which bankers say is the first 
eurobond to emerge from the 
Arab world, was 8150m, but it 
was Increased yesterday to 
8300m. the maximum amount 
authorised by the Lebanese 
parliament, because of unex- 
pectedly strong demand from 
international investors. 

Mr Rafik Hariri, the Leban- 
ese prime minister who was in 
London yesterday, said the 
deal would allow the govern- 
ment to diversify its funding 
sources. 

“We are trying to finance our 


construction programme 
through several sources. This 
deal opens the door to the 
international capital markets,” 
he said. 

The proceeds of the euro- 
bond offering will be used 
mainly to the building 

of a ring-road around Beirut 
There are also plans to build 
-homes across the country to 
encourage people displaced by 
the 1975-1990 civil war to leave 
the ca pital. 

The total cost of Lebanon’s 
reconstruction programme is 
estimated to be about 811 b n, to 
be spent over the next eight to 
10 years. The government 
intends to finance the pro- 
gramme through the budget, 
Internal borrowings and bilat- 
eral agreements with other 
countries and international 
agencies such as the World 
Bank. 


It has already signed con- 
tracts to upgrade Beirut air- 
port and to modernise tele- 
phone, electricity and water 
systems. Improvements to Leb- 
anon’s infrastructure could 
revive the tourism industry, 
which provided about one 
quarter of its national income 
before the civil war. 

Merrill Lynch, the US bank 
which is arranging the offer- 
ing, reported strong demand 
for the bonds from a wide 
range of investors, including 
institutions and rich 
expatriates. The latter are 
expected to take up one-third 
of the issue. 

“This is a si gn that confi- 
dence in the future of Lebanon 
has returned," said Mr Riad 
Sal am p, gnvpTT K» T of Banque du 
Liban, the central 
bank. 

International bonds. Page 23 


Czech energy deal near completion 


By Vincent Boland in Prague 


A 8700m plan for restructuring 
the Czech Republic’s petro- 
leum industry is close to 
approval by the government, 
clearing the way for foreign 
investment in the sector. 

The cabinet is meeting today 
to discuss the industry follow- 
ing a recommendation by the 
council of economic ministers 
that four international oil 
groups. Shell. Conoco. Agip 
and Total be allowed to enter 
negotiations with the country's 
two oil refineries. This is some- 
thing they have been seeking 
for more than two years. 


The companies were confi- 
dent yesterday that their pro- 
posal which calls for splitting 
refining capacity from the pet- 
rochemicals division, would be 
waved through. 

They have jointly offered to 
pay 8180m for 49 per cent of 
the two refineries, at Litvinov 
and Kralupy outside Prague, 
and are committed to a 8520m 
five-year investment pro- 
gramme. 

Fierce domestic opposition to 
the proposal has led to several 
delays in reaching a derision 
on the industry's future. Che- 
mapol, the monopoly Czech 
importer of Russian oil, on 


which the country is depen- 
dent. has tabled a rival offer 
which promises to keep the 
two divisions together. But the 
lack of finance guarantees in 
its proposal has undermined 
its attempt to win control of 
the industry. 

The government originally 
supported Chemapol’s offer, 
but Mr Vaclav June, the com- 
pany’s chief executive, became 
the target of allegations that 
he was a secret police informer 
during the communist era. 
Senior ministers became con- 
cerned the controversy was 
damaging the Czech Republic's 
image abroad. 




CHINA & EASTERN 
INVESTMENT COMPANY LIMITED 


Preliminary a nnounc e me nt of final results for the year ended 31st July, 1994 


NET ASSETS 

REVENUE 

EXPENSES 

PROFIT BEFORE TAXATION 

TAXATION 

PROFIT FOR THE YEAR....- — 

FINAL DIVIDEND - PROPOSED 

PROFIT FOR THE YEAR, RETAINED . 


EARNINGS PER SHARE 

FINAL DIVIDEND PER SHARE..... 
NET ASSET VALUE PER SHARE .. 


OTHER TRANSFERS TO RESERVES .. 
Net profit on disposal of investments.. 
Increase in valuation of investments.... 


69,101,917 

2,728.160 

1.179.222 

1.548,938 

14,375 

1,534,563 

1.42&000 

106J63 


53,817,874 

2,166,789 

314,214 

U52^75 

22 

1*354536 

1.224.000 

12&536 


USS0.075 

USS0.Q7 

US$339 


USS 0.066 

USS0.06 

US$2.64 


US$4315,170 

US$10,962310 


US$2318371 

US$1301317 


EARNINGS PER SHARE 

The calculation of the earnings per share is based on profit for the year of USS1334363 (1993*. 
20,400300 shares) in issue. 

TAXATION 
The charge comprises 

Kong profits tax calcualtcd at 16.5% ( 1993: 17.5%) 
of the estimated assessable profit for the year 
Overseas withholding tax 


US$1352336) and on 20,400,000 shares (1993: 


13,000 

L 22 £ 

14375 


The estimated assessable profit has been partially ( 1993: wholly} set off by taxation losses brought forward of US$31,000 (1993: US$ 105,000). 
No provision has been made for deferred taxation os the timing differences involved are not significant. 


EXTRACT FROM THE CHAIRMAN'S STATEMENT 

China & Eastern's tenth year tuts seen the Company's net asset value increase to USS69.10m (USS339 per shore) an 28.4% advance from the USS53.82m 
(USS2.64 per share) reported last year. 

The main markets in which China & Eastern is invested provided a roller coaster ride during the year under review, with Hong Kong, Shanghai and 
Shenzhen indices posting gains of 64*5, 44% and 63*5 respectively in the six months to 31st January. 1994 and then falling 18%. 16% and 23% respectively 
in the following six months. Your investment managers cook advantage of these market movements by borrowing USS8 milli on in the 1st quarter of 1993. 
The gearing level was reduced to US$3 million as markets peaked in January 1994. 

The strong growth in China & Eastern's earnings has contained with the profit attributable to shareholders increasing by 13.5% to US$133m from 
USSl.35m in 1993. This growth, allows the Board to recommend a Goal dividend of US$0.07 per share an increase of 16.7% compared to last year. 

As indicated in the previous annual report we have increased the exposure to companies listed In China to 14.7% of net assets compared to 4.7% as at 31st 
July. 1993. A further 43% of net assets has also been invested in 7f shores (I993:nil) giving a direct exposure to Chinese companies of 18.9% of net assets. 

In addition □tins Eastern diversified (is exposure to the Chinese economy by investing in Taiwan where if now has 3.8% of net assets Invested. 

While China's growth rare has slowed its economy is still growing rapidly and it will remain the main engine of growth in Asia into tire next century as 
economic reform continues. In conclusion your Board view your Company's future prospects with confidence. 

FINAL DIVIDEND 

Your Board recommend tire payment of a final dividend of USSO07 per share in respect of the 1994 financial year (1993;US$0.06). 

REDEMPTION. PURCHASE OR CANCELLATION OF SHARES 

There was no redemption, purchase or cancellation of shares by I be Company or its subsidiaries during the year. 

By order of the Board 


GWHopkinson 
Company Secretary 
27 th September, 1994 


The animal report and accounts will be posted to shareholders on 10th October. 1994 and will be made available to the public at tire Company's Registered 
Office: Sth Floor, Prince's Building, Hong Kong, its Registrar*. Central Registration Hong Kong Limited, 19th Floor, Hopewell Center, 183 Queen's Road 
East. Hong Kong and its UK Transfer Agent: Barclays Registrars Lid.. Bourne House, 34 Beckenham Road, Beckenham, Kent BR3 4TU. The Annual 
General Meeting wtil be held at 1 130 am l London time) oa 15th November. 1994 at 155 Bisbopsgaie, London EC2M 3XY. 


The Register will dose at 4.00 pm on 1st November, 1994 and will re-open at 9.00 am on 16th November, 1994. AD transfers must be lodged with ibe 
Registrar nobler than 4JX) pm on 1st November, 1994. 


Polish banks 
plan cross 
shareholding 
venture 


Banco Popolare in the red 
after credit risk provisions 


By Andrew HU in MBan 


By Christopher Bobraki 
In Warsaw 


Two large Polish banks 
yesterday announced plans to 
purchase cross shareholdings 
as part of the contiinzing con- 
solidation of the sector 
inspired by the government’s 
frank disposal pr og ra mme. 

Under the agreement, the 

state-owned Pa wszechny Bank 
Kredytowy, based In Warsaw, 
is to increase its 8J> per cent 
stake in the private Kredyt 
Bank to between 20 per cent 
and 25 per cent of the bank’s 
equity following a new share 
issue. 

Meanwhile, the Kredyt 
Rank, founded four years ago, 
has pledged to buy up to 25 
per cent of the PBETs equity 
when it is privatised. 

The PBK which is capital- 
ised at 3375bn zlotys (8176m) 
is Poland’s second largest 
hawk and one of the nine com- 
mercial banks hived off from 
the central bank in 1989. Two 
of these have since been priva- 
tised and a third. Bank Prze- 
myslowo Handlowy (BPH), 
based in Krakow, is to be sold 
later this year. The remaining 
six are to be sold off by the 
end of 1996. 

The PBK said yesterday the 
move formed “the basis for 
establishing a strong Polish 
financial group able to com- 
pete with foreign hanks which 
are becoming increasingly 
active in the domestic mar- 
ket". 

The Kredyt Bank, which 
floated its shares on die War- 
saw stock exchange earlier 
this year, is capitalised at 
l.Ollbn zlotys. 

The PBK share purchase 
would come out of a planned 
new stock Issue of between 3m 
and 11m shares with the 
Kredyt Bank's strategic part- 
ner pledged to buy between 
1.9m and 4.4m shares. 

Kredyt Bank has 11.4m 
shares priced at 137,000 zlotys 
each. 

After six months of this year 
the PBK reported a net profit 
of l,532£bn zlotys on a bal- 
ance sheet worth 46,602.lbn 
zlotys while the Kredyt Bank’s 
net profit readied 81.6bn zlo- 
tys on a balance sheet worth 
&304.3bn zlotys. 


Banca Popolare di Milano, one 
of Italy’s larger retail banks, 
yesterday blamed past manage- 
ment, errors for exposing the 
hank to heavily indebted Ital- 
ian companies such as Fer- 
nxzd, the large holding com- 
pany. 

Mr Francesco Cesarinl chair- 
man since the spring, said the 
hank had to provide for had 
credit risks in Its first-half 
accounts, plunging BPM into a 
loss of L352bn ($220m). against 
profits of Ll7.7bn in the equiv- 
alent period last year. 

About L429bn was provided 
against bad loans, compared 
with Ll52bn in the first half of 
1993, but Mr Cesarinl said this 


would not affect the solidity of 
the Hawk, or its ability to com- 
pete in the overcrowded Italian 
market. 

BPM, which has paid heavily 
in the last few years following 
the collapse of its leasing 
operations, wifi concentrate on 
providing service to “economic 
players of dimensions," 

Mr Cesarinl said. 

In 1993. BPM had to 
renounce about L63bn of cred- 
its to Ferruza-Montedison, the 
industrial group which came 
close to collapse last year, but 
Mr Cesarini said the bank bad 
?iisn suffered from its exposure 
to other indebted Italian com- 


The Milanese bank was also 
hit by the general decline in 


interest march* a®* *** 
ness of financial markets in 
the first half. 

Banco Ambrosiano veneto, 
another of Italy's biggest 
banks, also announced first- 
half results yesterday which 
were affected by the less 
favourable market conditions. 

Profits reached L90^bn for 
the first hall up only L2bn on 
the equivalent period of 1993, 
after tax. write-downs, depreci- 
ation and provisions of L323bn 
against L242bn. 

However, the bank’s gross 
operating profit rose by 5.2 per 
cent to L528bn. while customer 
deposits rose 8.5 per cent, and 
indirect deposits by more than 
19 per cent compared with the 
situation on June 30. 1993, - 


Argentaria expands network 


By-Tom Sums in Madrid 


Argentaria, the Spanish 
state-controlled hanking corpo- 
ration which was partially pri- 
vatised last year, is to raise its 
domestic branch network by 
about 25 per cent to nearly 
2J300 offices with a three-year. 
Pta35bn (8273.4m) investment 
plan. 

The retail expansion follows 
Argentaria’s failure to take 
over Banesto, the troubled 
bank group which was recapi- 


talised earlier this year and 
acquired by Banco Santander 
in a public auction. 

Argentaria has a compara- 
tively low number of domestic 
outlets. Rival bank Banco Bil- 
bao Vizcaya, BBV, which also 
bid unsuccessfully for Banesto. 
has announced plans to add 
250 offices to the 2,900 units of 
its branch network. 

The Argentaria investment 
is viewed as preparing a 
growth strategy in advance of 
a global share offering, which 


is expected next year. Argen- 
taria claims the network 
expansion will lift its domestic 
customer base to 6m clients 
from 5m. 

In the course of two offerings 
last year, the government 
raised $2^bn by reducing pub- 
lic equity in the banking group 
to just over 50 per cent 

The planned Argentaria 
Three disposal could place a 
further 25 per cent of the 
state's shareholding on the 
market 


Sales recovery helps put 
Marzotto back in black 


Tarmac profits 
rise to £23. lm 


By Andrew Taylor In London 


By Andrew Hifl 


Marzotto, Italy’s largest textile 
and clothing group, yesterday 
forecast a “considerable 
increase’’ in full-year profits, 
after a return to profitability in 
the first half of 1994. 

The company, which is seek- 
ing to increase its exports, has 
begun to reap the benefits of a 
weak lira and gradual eco- 
nomic recovery. It reported 
group consolidated net profit of 
L9Kbn (86.3m) for the first six 
months of this year, against a 
kiss of L5.2bn in the equivalent 
period last year. Operating 
profits rose 50 per cent to 

L78.4bn. 


Marzotto’s thread, yam and 
textiles divisions were the 
main contributors to the recov- 
ery, but the clothing division 
also lifted profits. 

hi 1993, Marzotto retied on a 
strong contribution from Hugo 
Boss, the German menswear 
company it controls, to offset 
disappointing results from the 
Italian market However, in the 
first six months of this year, 
the company said the Italian 
clothing activities had also 
shown a “slight improvement”, 
as the decline in domestic con- 
sumer daman d bottomed OUt 
Group sales for the first six 
months of 1994 rose to L9B6bn, 
against T-Qgthn last tima. 


House sales have halved 
during the two weeks since UK 
interest rates rose by a half 
percentage point, according to 
Tarmac, the country's second 
largest housebuilder. It 
announced a nine-fold rise in 
pre-tax profits from £25m to 
£23. lm during the first six 
months of this year on a turn- 
over of £1.16bn (£1.3bn). 

Its shares fell from 146p to 
132Vip on fears that sales were 
being hit by the rate rises. It 
proposed a maintained interim 
dividend of 3p on earnings per 
share of 1.6p (0.6p restated 
loss). Stockbrokers Barclays de 
Zoete Wedd is forecasting foil- 
year pre-tax profits of £105m. 


This announcement appears as a matter of record only. 



Cerveceria y Malteria Quilmes S.A. 


Industrial, Comercial, Agrfcola y Ganadera 


US$30,000,000 

Financing for the construction of a malting plant 
at Tres Arroyos, Province of Buenos-Aires, Republic of Argentina 


US$26,000,000 

Senior Term Loan 


Provided by 

International Finance Corporation 

and through participations 
in the IFC Loan by 

Internationale Nederlanden Bank N.V Banque Nationale de Paris 

(lNG Bank) 


August 1994 


US$4,000,000 

Income Participating Loan 

Provided by 

International Finance Corporation 


s ABBEy 

NATIONAL 


Abbey National 
First Capital B.V. 


Can8100.000.000 
Subordinated Collared 
Floating Rate Notes 2004 


S150.000.000 . 

Floating rate notes 1997 


The Randfontein Estates 
Gold Mining Company , 
Vfitwatersrand, Limited 

Quupcmadto Ok RepUkof Sonfli Africa) 
RepsraikHi Number 01 / 00251/06 

Annual General Meeting 


The Top 
Opportunities 
Section 


Notice is hereby gioen that 
the notes will bear interest 
at 6.375% perannum from 

26 September 1994 to 27 March 
1995. Interest payable on 

27 March 1995 will amount to 
CanS31. 79 per Can $1,000 

note. CanS317.88perCanS10.000 
note and CanS3,178. 77 per 
CanS 100, 000 note. 


For the period 26 September 
J994 to 28 December 894 the 
notes will bear interest at 
6.00417% per annum. Interest 
payable on the relevant interest 
payment date 28 December 1994 
will amount to 3152.93 per 
SJO.OOO note and SI. 529^3 per 
000,000 note. 


Agent Morgan Guaranty 
Trust Company 


Agent Morgan Guaranty 
Trust Company 


JPMorgan 


JPMorgan 


The annual general meeting or (he 
membera of The Randfontein Estates 

Gold Mitring Company, Witwasrarand, 

Lmtad win be held in Bib boaid raom. 

121 Consolidated Building. Fox and 
Harrison Streets, Johannesburg, on 
Fnday. 28th October, 1994 at L0h20 

HoMcra of shae watrams to beater nay 

oottai copies of the annual report from 
foe London Sooaariea. Jotaanrabmg 
Consolidated Investment Company 
(Loadon). Li mited , 6 St James's I W 
London SW1A1NP. 

fahaoiKSbnrg Consolidated 

Investment Company (London), 

Limited 

Lwnton Secretaries 

28 September 1994 


Advertise your 
senior 

management 
positions 
to Europe's 
business 
readership. 
For information 
please contact: 


Philip 
Wrigley 
+44 71 873 3351 


iff ’ 

7 J , fi.’ ”*■ 


.Yfl 1 


(.1 


' r i!l f * * 



21 


lUUtb. 7 itMffcn i .. _ __ 


•are : 


1 Pro«, , 


FINANCIAL TIMES WEDNESDAY SEPTEMBER 28 1994 


Pands ,* 


**‘lps pul I.\, 
in Mack *4 

r. to. 


INTERNATIONAL COMPANIES AND FINANCE 


SocGen climbs Mercedes 

despite market orteSttf 
uncertainties components 


By Andrew Jack in Paris 

SocifetG Generate, one of 
France’s largest banks, yester- 
day reported consolidated 
group net profits up 3.8 per 
. .cent to FFrmbn ($42Qm) far 
the six mautbs to June 30. 

Mr Marc yteoot, chairman, 
said the group’s diversified 
structure helped offset declines 
caused by the uncertainty in 
global markets. _ 

The bank reported a substan- 
tial decline in provisions, down 
22 per cent to FFr2.74bn. 
Exceptional charges amounted 
to FFrSObn against FFrfibn. 

Mr Ytenot said the provi- 
sions reflected charges against 
loans to shmQ and medium- 
sized business, specialist sub- 
sidiaries and international 
credits. 

There was a 41 per cent drop 
in income from ' financial 
Instruments and currency 
transactions during, the first 
half, reflecting de clines in 
interest rates and a reduction 
in equity activity. 


- However, the bank stressed 
the decline was lower than 
those of many of its competi- 
tors during the period, and was 
offset by specialist investment 
and Tnanagpmpnt activities. 

Total revenue fell 1.7 per 
cent to FFrl9.9bn from 
FFr20-2bn, while administra- 
tive costs rose 2L2 par cent to 
FFrl3-8bn, leaving a 9.8 per 
cent reduction in operating 
profits to FFr6-05bn. 

The number of employees 
ML 3£ per cent to 44^63. How- 
ever, staff costs were up 1.7 per 
cent to FFr7. 77bn. Other 
administrative costs rose 2J. 
per . cent to FFr5 -38bn and 
depredation charges increased 
9 per cent to FFrfl77m. 

Balance sheet assets rose 5J2 
per cent to FFrX53bn in the 
half There was a 64 per cent 
increase in revenues, excluding 
certificates of deposit, to 
FFrS94m, and an &4 per cent 
jump in share capital to 
FFr45. 4 kl However, client 
deposits fell 1.9 per cent to 
FFrtSlm from FFWSSm. 


Engineering side 
holds back Sulzer 


By tan Rodger In Zurich 

-Sulzer, the Swiss heavy 
engineering and medical tech- 
nology group, yesterday 
reported a depressed SFr34m 
(US$26.5m) net profit for the 
first half ctf 1994, on sales up 3 
per cent at SFi2£8bxL 

As it was the first full 
interim income statement pub- 
lished by the group, no com- 
parative figures were given. 

Mr Erich Mailer, finance 
director, wmd sales .were abnor- 
mally low in the first half, 
mainly because there was no 
large contract invoicing by the 
engineering divisions. He fore- 
saw a better second half, but 
feared the negative impact of 
the s tron g Swiss franc. 

Mr Fritz Fahnd, chief execu- 
tive, softened his forecast, 
saying net income would 
at least reach last year's' 
level. In the spring he 


forecast an increase. 

Order intake rose '3 per cent 
in the first half to SHr&2bn, a 
6.5 per cent rise in local cur- 
rencies. Mr Fahrai said the 
positive trend had continued 
so for in the second half 

Rfiti, the troubled textile 

machinery subsidiary, is expec- 
ted ftp mate an A poraimg profit 

this year, thanks to lower costs - 
and steady sales. The Infra 
building equipment division 
has suffered a 10 per cent slide 
in ordera, but ishkely to main- 
tain its profit Sulzer Medica, 
which makes artificial hnwwm 
body parts, raised first-half 
sales by 4.4 per cent, in spite of 
the pressure in many countries 
an health care costs. Its sales 
and profit growth is expected 
tofollow the recenttrend. 

" The Winterthur division, 
which makes loc om o t i v es and 
hydraulic 'turbines, was held 
back by restructuring charges. 


IBM and Hewlett in fresh marketing war 


By Christopher Parkea 
to Frankfurt 

Mercedes-Benz is to spin off Its 
German engine valve factory 
into a DM53 Om ($344m) 
ground-breaking joint ve n tur e 
designed to reduce component 
costs. 

In the third such deal in as 
many months, its Bad Hom- 
burg works, which provides 
valves for all the group’s cars 
anil commercial vehicles, will 
be me rged into a new com- 
pany, MWP. 

The move-, follows agree- 
ments under which Keiper 
Becaro is to take charge itf car 
seat manufacture at the Dafan- 
ler Benz subsidiary’s Bremen 
factory, and Mercedes’ own 
production of power-steering 
units is to be merged with that 
of ZF. 

The deals are the earliest 
results of a drift in the group's 
components supply and manu- 
facturing strategy, outlined 
, earlier this year by Mr Werner 
’ Metier, chairman. - 

They will reduce the degree 
of vertical integration within 
Mercedes, gener a te cost reduc- 
tions as a resnlt of greater 
economies of scale, and ensure 
that the vehicle maker can 
maintain direct control over 
quality.' 

MWP, for example, will com- < 
bine the various component 
operations of Hahle-Wmemaxm ■ 
and Pleura with those of Mer- 
cedes, and m anufacture com- 
plete valve systems to be 
instaDed as a single unit bn 
the assembly Hm», 

The so-called "system sup- 
plier” grouping, with aggre- 
gate annual sales of DM530m 
and 3,100 employees, will sup- 
ply other customers as well as 
Mercedes from factories in 
Europe, Asia, and North and 
South America. 

Although the Mercedes fac- 
tory employs only 650 people, 

It Is the third largest engine 
valve supplier in Europe. 
Pleura is market leader in the 
US and Europe for valve seat- 
ing?;, turbo-charger parts and 
other components. 

Earlier this month, Keiper 
Becaro management moved 
into the car assembly plant at 
Bremen md took over its seat' 
operations. 


By Louise Kehoe to San Francisco 

International Business Machines and 
Hewlett-Packard, the two largest US 
computer companies, are eng agin g in a 
gJoves-off brawl over leadership in the 
$43bn mid-range computer market. 

HP threw the first punch last week 
when it arninami^ an aggressive mar- 
keting program to lure customers away 
from IBM's AS/400 computers with dis- 
counts of up to SO par cent for those 
willing to trade their IBM models for 
HP machines. 

In m ag azi ne advertisements HP is 
claiming that tha future of the AS/400, 


one of IBM’s most profitable product 
lines, is in doubt "But I see no dear 
future here,” says a fortune teller gaz- 
ing at a black bcoL the trademark col- 
our and shape of the IBM computer. 

HP also claims it has persuaded U of 
the top 15 software developers to 
rewrite programs designed for the AS/ 
400 to work an. HP computers, removing 
the biggest barrier to switching from 
IBM to HP computers. 

IBM struck back this weds with its 
own two-page newspaper advertise- 
ments, PhaTIflugr lw g HP'S elntew; grid 
vowing to match HP price discounts. 
"Nice try, HP,” the advertisements 


read. “To become number one in the 
business computer market it takes 
more than just shooting at the leader.” 

IBM, which is also d i stri bu ting a sev- 
en-page “fact sheer to customers, busi- 
ness partners and its sales force, claims 

HP’s minicomputer jjfn* is facing the 

end of Its technological life cycle, 
prompting the discounts. “We will meet 
or beat any offer that HP puts on a 
customer's table.” 

Intense competition is nothing new in 
the mid-range computer market, where 
HP, IBM, Digital Equipment and others 
have been dueling for many years. This 
specifically targeted marketing battle 


is, however, unprecedented and reflects 
HP’s determination to overtake IBM in 
a lucrative, high-growth segment of the 
computer market. 

HP dismissed IBM’s counter attack. 
Its claims that HP technology was ow- 
ning out of steam, "sounds like some- 
thing a desperate product manager put 
together over the weekend", the com- 
pany said. 

HP is attempting to hit IBM at a time 
when the market leader is most vulner- 
able. IBM’s AS/400 sales weakened in 
thri first half of this year, particularly In 
Europe, but have picked up «n recent 
weeks, according to market analysts. 


Henkel to be president of 
German industry body 


By M ch otrf Undemann to Bonn 
end Alan Cane In London 

Mr Hans-Olaf Henkel, who 
resigned unexpectedly three 
weeks ago as European head of 
International Business 
Machines, the US computer 
manufacturer, will be elected 
president of the Federation of 
German Industry in November. 

He is sole candidate for the 
post, considered to be the most 
Important and influential In 
German Industry. Mr Klaus 
Asche, chief executive of the 
Hamburg-based Holsten Brew- 
ery, had been the frontrunner 
for the job but stepped down 
when Mr Henkel declared an 
interest 

Mr Henkel is believed to 
have been the unanim ous 
choice of the Federation's 
seven vire-presidents, each rep- 
resenting an important sector 
of German industry. 

The Federation (Bnndesver- 
band der Deutschen Industrie 


or BDI), however, Is smarting 
from what it sees as the indif- 
ference of Chancellor Efolwmt 
Kohl's administration towards 
German industry. 

The organisation has sought 
to get politicians to lobby 
harder for German companies 
on trips abroad, panting to the 
contracts wan by British and 
French companies who have 
enjoyed more political su ppor t . 
Mr Henkel's p forWim is »gn as 
a move to give the organisa- 
tion a sharper edge. 

The appointment whmild also 
dampen speculation that he 
left IBM, recovering after sev- 
eral years of losses, because of 
disagreements with Mr Lou 
Gerstener, IBM chair man, over 
corporate strategy. 

Observers questioned 
whether IBM’s new structure, 
which gmphflaisfls commercial 
sectors over country manage- 
ment, would have weakened 
his authority. 

Mr Wanitei haw told analysts 


that such speculation was non- 
sense, pointing out that he wDl 
remain fhahnntw of IBM Ger- 
many after taking up the BDI 
presidency on January L 

Mr Henkel, 54, takes over 
from Mr Tyll Necker, who is 
stepping down after a third 
two-year term. Mr Necker. 64, 
came to the rescue of the 
organisation after Mr Heinrich 
Weiss, his predecessor, left - 
furious that the BDI was being 
paid so little attention. 

The BDFs determination to 
choose a leader with clout is 
underlined by Mr Henkel’s 
atypical background. He has 
been neither head nor owner of 
a large German company and 
will he the first senior 
executive from an interna- 
tional company to hold the 
post. 

He has already built a 
reputation in Germany for 

decisive a<*ti«n by talcing IBM 

out of ' the nationwide collec- 
tive wage talks run by the IG 



- jr 




Hans-Olaf Henkel: believed to be unanimous choice 


Metall Union, and by introduc- 
ing Sunday working, an exam- 
ple of workplace flexibility 
which is almost unheard of in 
Germany. 

In contrast, Mr Necker, head 
of a Mittelstand company mak- 
ing cleaning machinery, was 


known as a man who preferred ence. 


a less confrontational 
approach. 

Yesterday it became known 
that Mr Henkel has also 
accepted the post of chairman 
of the Berlin airports author- 
ity, a job which will also wield 
considerable political influ- 


AIG steps in to bolster earthquake-hit insurer 


By rochard Waters 
in New York 

American International Group, 

the insurance company , yester- 
day stepped in to support 20th 
Century Industries, a Califor- 
nian insurer whose capital 
base had been strained by 
$815m of losses from the North- 
ridge earthquake. 

AIG- said It was injecting 
$20Qm in the form of convert- 
ible preference shares and 
acquiring warrants to buy 
another 16m shares. 


The deal would give the US’s 
biggest property/casualty 
insurer rights to nearly 40 per 
cent of 20th Century's ordinary 
shares. 

20th Century was the worst- 
hit at the insurers affected by 
January's earthquake In 
southern California. At first it 
put its losses at $160m, but has 
since increased that estimate 
on a number of occasions. 
Total insured losses are now 
put at about three times the 
insurance Industry's original 
estimate of $7.5hn, as all insur- 


ers have discovered deeper 
structural damage to property 
than they originally expected. 

Under an agreement with Mr 
John Garamendi, California 
insurance commissioner, 20th 
Century has already retreated 
from the homeowners insur- 
ance market in California, the 
source of its probtems. 

For AIG, the deal represents 
a way into the auto insurance 
market in California, the larg- 
est in the country. 20th Cen- 
tury Is the fifth largest auto 
insurer in the state and one of 


the most efficient, with a ratio 
of expenses to income of only 
11 per cent, AIG said. 

Under the plan, which will 
involve AIG naming two direc- 
tors to the company’s board of 
12 , the two insurers will 
expand into auto insurance 
markets outside California. 

20th Century’s shares 
climbed $1% yesterday morn- 
ing to $11%; close to the $1L33 
conversion price of . the 9 per 
cent preferred stock bought by 
AIG. The warrants are exercis- 
able at $13% a share. 


Siecor makes 
$135m purchase 

Siecor, a joint venture between 
Germany's Si emens and Corn- 
ing of the US, has agreed to 
pay Si 35m cash for various 
telecommunications hardware 
and components businesses 
presently owned by Northern 
Telecom, the Canadian tele- 
phone equipment maker, 
writes Bernard Simon. 

The deal will expand both 
the size and product range of 
SSecor's components business, 
adding plants in Mexico. 
Puerto Rico and Canada. 


Thh tmaotmcmatt appears as a nmur of reronJ ml/. 


'Hia announcement is neither nn offer to seU nor a solicitation of an offer to buy these securities. 
The offer is made only by the Ptvs/teclus. 


Cross-border M&A and 
financial advisory expertise 
in the Nordic countries 




Banco Wie 


2,586,296 American Depositary Shares, 

representing 10,345,184 Common Shares 


Airtours 

Acquisition of 

SAS Leisure 
' Group 

lor SEK 870 million 


Bank Support 
Authority 


Sale of Gota Bank 
toNordbanken 


Compass 


Acquisition of the airport imumund 
nmuvt catering bu*inroc» of 

SAS Service 
. Partner 


For SEK 808 million 


Price U.S. $19.75 per ADS 


Morgan Grenfell advised Airtours 
and was the principal underwriter 
in the £82 million 
rights Issue 


Morgan Grenfell advised the 
Bank Support Authority in 
relation to the fairness of the terms of 
the sale of Gota Bank to Nmdbanken 


Morgan Grenfell advised Compass 
and was the principal underwriter in 
the £87 million rights issue 


April 19 94 


DvearSa 1993 


Jane 1993 


Copies of the Prospectus may be obtained in any Jurisdiction fmm die undersigned 
and such other dealers as may lawfully offer these securities in such Jurisdiction. 


Sardus 


Anpmtiua finance hcfl hl o of 

SEK 400 million 


Topdanmark 

Sale of Aktivbanken 
to Sydbank 

for consideration 
in excess of 
DKK 400 million 


WASA 

Sale of Hnax 
to GE Capital 

for consideration 
in excess of 
SEK 1 billion 


Morgan Grenfell led. underwrote 
and arranged SEK 400 million of 
settlor debtfadlkies to finance the 
buyout of Sardus from Cusks 


Morgan Grenfell advised 
Topdanmark 


Motgan Grenfell acted as principal 
financial adviser to 

WASA 


J.R Morgan Securities Inc. N M Rothschild and Smith New Court 


July 1993 


April 199* 


Angus 1993 


September 21, 199* 


Morgan Grenfell, increasingly active in advising Nordic corporates and acquirers of 
Nordic businesses, now has a team dedicated to meeting the advisory and financing 
requirements of companies in the Nordic region. 

For further information, please call Richard Tolkien, Bob Wigley or Hakan Winter. 


THE STARS PROGRAMME 
STARS1PLC 

£475,000,000 Ctaas A Floating FMa 
Mortoae* Badhad Securitkw 2029 


Notice it heathy grvan (hot the Rota of Interest has been fund at 
4,2875% and mat tha interest payable on thn relevant Interest 
• Payment Dote December 28, J.9P4 against Coupon No. 1 6 in 
lamatfofglQ^OO nominal oFlhe Nates wMb a £139 Sf. 

CmBANCO 


REUTERS IOOO JTT] 

24hour»«d>y-ortiy$100*inantM IvVj 


uwmmcwL 


TO VOW PC 


MORGAN 

GRENFELL 

Moigan Grenfell & Co. Limited 

Member of The Serurma and Futom Authority 

23 Great Winchester Street, London EC2P 2AX 
Telephone (+44) 71 S88 454S 
Ax (+44) 71 826 6180 


IZI 


A member of the 
Deutsche Bonk Group 







FINANCIAL TIMES 


WEDNESDAY SEPTEMBER 2S 1994 


INTERNATIONAL COMPANIES AND FINANCE 


India to relaunch 
international sale 
of telecom equity 


By Stefan Wagstyt 
in Now Delhi and 
Antonia Sharpe in London 

India is preparing to revive the 
postponed international equity 
offering by VSNL, its interna- 
tional telecommunications 
monopoly, following the recent 
successful issue by Pakistan 
Telecom which attracted 1900m 
from international investors. 

In meetings in Bombay this 
week, VSNL - which is 85 per 
cent state-owned - provision- 
ally agreed for the issue to be 
relaunched by the winners of 
the original mandate, Klein- 
wort Benson and Salomon 
Brothers, and Jardine Fleming, 
whose handling of the Pakis- 
tan Telecom sale has been 
widely praised. 

The bankers have indicated 
that they are ready to under- 
write VSNL’s offer of 17.5m 
shares at between RsLlOO ($35) 
and Rsl.200 a share. This fig- 
ure is well below the price of 
Rsl.400 which the government 
saw as a minimum when it 
launched the offer last May. 

It seems that Indian officials 
have reluctantly accepted that 
investors regarded the original 


offer as overpriced, and they 
now seem ready to agree to the 
lower figure. 

The original issue failed 
partly because of the ambitious 
pricing but also because hives' 
tor sentiment turned against 
emerging markets following 
the rise in interest rates in the 
US. 

Investment bankers now see 
a window of opportunity but 
warn that VSNL wfll have to 
move quickly because it was 
pgggntiaTiy relaunching a stale 
deal. “It would be better to go 
sooner rather than later 
because the demand niight- not 
be there in a couple of 
months , 1 * said one banker. 

At the lower price, the gov- 
ernment will receive about 
$650m from the offering - sig- 
nificantly less than the $lbn it 
had hoped to raise in May. If 
investor demand is sufficiently 
buoyant, a “green shoe" option 
of an additional 2.5m shares 
win be exercised. 

Bankers hope the Indian cab- 
inet wQl approve the issue in 
the next few days. The board of 
VSNL Is expected to 
rubber-stamp the deal at a 
meeting tomorrow. 


Hegemann group joins 
bidding for Eko Stahl 


By Judy Dempsey 
in Berfln 

The Bremen-based Hegemann 
group has put in a formal bid 
to buy eastern Germany's larg- 
est steel mill from the Treu- 
hand privatisation agency, 
Treuhand officials said yester- 
day. 

However, unlike Cockerill 
Santbre, the Belgian steel pro- 
ducer, which earlier this week 
confirmed that it was inter- 
ested initially in acquiring a 60 
per cent stake in the mill, 
Hegemann appears prepared to 
buy the entire Eko Stahl com- 
plex, which is based in Bran- 
denburg state. 

Officials said that Hege- 
mann, which has interests in 
construction, steel and ship- 
building, would guarantee 


about 2^00 jobs directly in the 
mill and invest between 
DMLlbn ($7lQm) and DMl^bn, 
but the level of investment 
would depend on the amount 
of state and government subsi- 
dies it receives. 

The attraction of subsidies, 
as well as a wish to stem for- 
eign competition, could be one 
of the reasons why Hegemann 
is interested in Eko Stahl, a 
steel analyst said. 

The Treuhand is expected to 
reply to Cockerill Sambre’s bid 
by October 10. but the agency 
would not say when it would 
be replying to Hegemann. 

The east German mill pro- 
duced 900,000 tonnes of steel 
last year, a fall of nearly 1.2m 
tonnes since it was placed 
under the agency's control in 
1990. 


CRA rules 
out deal 
over ‘three 
mines’ plan 

By Nikfd Taft En Syttoey 

CRA, the Australian mining 
group in which Britain's RTZ 
has a 48 per cent stake, yester- 
day refused to make conces- 
sions over its industrial rela- 
tions policy in return for a 
possible easing of the coun- 
try's restrictions on uranium 
mining. 

The issue had arisen at the 
rating Australian Labor par- 
ty's conference In Hobart, 
where there has been talk of 
delegates approving a relax- 
ation of Australia's long-stand- 
ing “three mines” policy- This 
limits uranium mining to 
three mine sites, one of which 
is now worked out 

If tiie policy was changed, 
CRA would be cue of the min- 
ing companies holding known 

uranium reserves which might 
then be developed. 

Some union delegates who 
hold key votes have sought to 
Hnk concessions on uranium 
mining to CRA’s industrial 
relations policy, which has 
encouraged employees to move 
towards individual staff agree- 
ments and away from central- 
ised awards. 

Yesterday CRA said that 
“the company's policy of offer- 
ing the choice to its award 
employees, at some locations, 
to work under staff conditions 
would not be affected by cur- 
rent debates about the future 
of the ALP'S three mines' pol- 
icy”. 

CRA considered the two 
issues be be “unrelated", and 
added that the use of ura- 
nium policy as a backdoor 
means of achieving industrial 
relations objectives” was 
“wrung”. 

The stand-off seems to sug- 
gest that any revision of the 
three mines policy is unlikely, 
although it is possible that tike 

evpangjftn of n raninm mining 

to other non CRA-owned sites 
might still be considered. 

• Broken Hill Proprie ta ry, the 
Australian steel and resources 
group, has won a second 
licence for the construction of 
a steel roll-forming plant in 
China. Work on the A$12m 
(US$R8m) plant will begin in 
October in the Guangzhou 
Economic and Technological 
Develop m ent district 


Jardine outlines terms of Singapore trading 


By Louisa Lucas ta Hong Kong 

Jardine Matheson, the holding company 
for the diversified group of Jardine 
companies, yesterday outlined the 
arrangements it has put in place for 
investors to trade on the Singapore 
stock exchange following Its with- 
drawal from Hang Kang 
Jardine companies have been listed 
on the Singapore exchange for three 
years but have never been traded there. 
However, Jardine directors believe this 
will become the natural market for 
trading from Hong Kong because the 


two markets are in the same time zone. 
Other listings are in London, Luxem- 
bourg and Australia, but stock is only 
traded in London and the colony. 

The company will bear the costs of 
switching out off the Hong Krmg clear- 
ing and settlement system and into the 
Singapore system. 

It has further arranged with nine 
local brokerages to levy a maximum 
commission charge of 05 per cent on 
retail transactions in shares of the com- 
panies. Normally, foreign brokers 
would need to pay this amount to the 
Singaporean brokerage, but under the 


■Tflwlme flTT fln gpjnwnb; selected broker- 
ages say the Singaporean party will 
take 025 per cent 

Shareholders wQl gnn find the cost of 
dealing more expensive than in Hong 
Tftmg . where the normal trade levy is 
0.42 per emit including stamp duty and 
transaction levy at participating broker- 
age GJL Gob. Securities. 

Singapore charges a dealing fee of 
0.05 per cent an the transaction value, 
but non-Singaporean investors are 
exempted from other fees. 

The arrangements initially effect 
shareholders of Jar dine Matheson and 


Farm, Hongkong Land and Mandarth 
Oriental International when they 
switch on March 31 next year. 

Jardine’s directors dismiss concerns 
of illiquidity in the Singapore market, 
which at the end of July tod a m arket 
capitalisation of USS137bn compared 
Stfa Hong Kong’s DSPOn ■ AggjJ 
daily turnover in Singapore - at S$675m 
(US$456m) according to Jardine - 'is art 
far off current Hong Kong levels, but 
half of that achieved in the final Quar- 
ter of last year. 


William Barnes reports on two developers switching from satellite cities to skytrains 

Thai property tycoons 
take to the rails 


T wo rival Sino-Thai 
brothers known for 
their grandiose property 
development schemes are 
again courting con tr ov er sy in 
Bangkok with pinna to build 
$4hn worth of elevated urban 
railways across the Thai capi- 
tal. 

The move Into transport pro- 
jects by Mr Anant Kanjanapaa, 
52, president of Bangkok t jnH, 
and his brother Mr Keree Kan- 
j ana pas, 44, executive chair- 
man of Tanayong, comes at a 
time when properties in then- 
satellite cities on the outskirts 
of Bangkok are proving diffi- 
cult to sell to the public. 

The brothers say they are 
business visionaries; their crit- 
ics their business ven- 
tures are often too ambitious 
and poorly executed. 

The satellite cities - the core 
of both companies - are being 
built on land acquired in the 
1960s and 1970s by the patri- 
arch of the family, Mr Mongkol 
Kanjanapas, now 73. a Chi- 
achou Chinese who immi- 
grated to Thailand in the 1830s. 
Tanayong and Bangkok 

Tj>nd were Hgfgri in Marah 1991 

and February 1992 respec- 
tively. after the brothers 
returned to Thailand from an 
extended period in Hong Kong. 
Much of the family business is 
still in Hong Kong, where the 
family name is Wong. 

Inspired by the success of 
Hong Kong's satellite cities, 
each brother developed a new 
town in Rangk nk dominate d by 
high-rise buildings, but Thais 
appear reluctant to move into 
such complexes. 

Rangknit Land's 640-hectare 
Muang Thong Than! city, on 
the capital's northern out- 
skirts, is planned as a self-con- 
tained community with a hotel 
and a university; Tanayong’s 
243-hectare Thana City 


includes a prominent golf 
course. 

Mr Anant says: “By the end 
of this year there will be more 
than 10,000 families in Muang 
Thong Thant. ..there will be 
tremendous life and 50,000 
jobs. It will be the best part of 
Bangkok in every respect.” 

But one property analyst fa 
a Bangkok stockbroker 
recently wrote that Muang 
Thong Thani is “a dreadful 
place lacking character and 
souL 

“The fact that no one’s living 
there doesn't help.” 

‘Muang Thong 
Thani dty is 
a dreadfal 
place ... the fact 
that do one’s living 
there doesn’t help’ 

The largest project - 27 “pap- 
ular condominium” towers 
co ntaining 26,000 apartments 
for low-income earners - is 
nearly completed, but only 
about 10 per cent of the units 
have been occupied. 

Similar and cheaper hnrn » s 
in more modest schemes are 
available nearby. Bangkok 
Land has been giving away a 
car worth Btl60,000 ($6,400) 
with every BtS13,000 apartment 
to attract buyers. 

Only two of eight “ indus trial 
condominium" towers have 
been transferred to the buyers, 
although the project was com- 
pleted in. June 1993 and subse- 


quently reported by Bangkok 
Land to be 100 per cent sold. 

“They are too good for Thai 
manufacturers who aren’t used 
to multistorey factories,” says 
Mr Anant. Two of the indus- 
trial buildings are to be con- 
verted into commercial com- 
plexes “with a convention 
centre as big as Singapore’s", 
he s aid . 

Bangkok Land, like Tana- 
yong, has previously booked 
partial pgymgntn as complete 
sales in its accounts, a practice 
which could punch awkward 

h ole s in the rrtmjanlfls * cash- 
flow if large numbers of buyers 
walk away from their often 
modest nHHai payments. 

Bangkok Land reported a 3 
per cent rise in consolidated 
net profits to BtSASbn for the 
year to end-March 1994, but 
total sales for the year fell 25 
per cent to Btl2.7bn from 
Btl6Afan in 1993, while net debt 
grew to Bt20bn in March firm 
Btl6bn in December. 

Accounts receivable (money 
promised by buyers but not yet 
paid) stood at Bt26.8bn - 
nearly all on completed prop- 
erty. 

By one stockbroker’s esti- 
mate, 45 per cent of Bangkok 
Land's 1994 gross profit may 
have come from sales from its 
extensive land holding s. 

Tanayong's net debt is a rela- 
tively comfortable Bt50Qm and 
accounts receivable amount to 
Bt&2bn, but Mr Keree admits 
he was forced to relaunch 
Thana City, an the eastern side 
of Bangkok. 

“We’ve had to make them 
more affordable after the prop- 


erty market's consolidation,” 
he said “Unless apd until the 
traffic situation improves peo- 
ple are going to find it easier to 
live in more accessible areas.” 

Tanayong's consolidated 
profits dropped 53 per cent in 
the year to March 1994 to 
Bt257m; t h e re is also still no 
sign that significant strategic 
diversification - promised at 
the time of its flotation - will 
come about soon. 

Tanayong and Bangkok 
Land have both rediscovered 
the virtues of the city centre: 
Tanayong's three “Regent" 

In-fighting and 
planning inertia 
has delayed 
mass transit 
railways in the 
capital for decades 

towers, with a total of nearly 
14200 apartments, have sold 
quickly. Meanwhile, Bangkok 
Land has launched “Grand 
Metro" - three towers of 2,000 
apartments with extensive 
retail space. 

Despite their unresolved dif- 
ficulties with the Bangkok 
property market, both compa- 
nies have plunged into the 
swamp of bureaucratic infight- 
ing and planning inertia that 
has delayed the development of 
mass transit railways in the 
capital for. decades. 

Mr Keree says the move into 
transport Is “quite logical. We 
realised a long time ago that 


infrastructure problems were 
frn rtpring our bus in e s s, hinder- 
ing the country." 

City mass transit systems 
around the world rarely if ever 
make a profit Yet Tanayong's 
24km inner -city rail franchise 
is unsubsidised and has no sig- 
nificant sweeteners in the form 
of concessions to develop prop- 
erty along the route, unlike 
some other schemes. 


S 


i emeus, of Germany, 
recently replaced the 
. _ Anglo-French GEC Als- 
thom consortium as lead con- 
tractors for the train system. 
Tanayong’s transport subsid- 
iary said GEC Als thorn could 
not provide a satisfactory fin- 
ancing package. 

Mr Anant of Bangkok Land 
v»a« spoken of plans to build 
Asia’s tallest building - a 90- 
storey office and residential 
tower over the depot of Bang- 
kok Land's 20km “Skytrain" 
franchise. 

The two brothers and their 
companies could profit from 
rapid flotations of their trans- 
port subsidiaries on the Thai 
stock exchange. 

“With Bol [board of invest- 
ment] tax privileges they can 
be listed immediately on the 
stock market without any 
earnings or a track record,” 
says Mr Neil Semple, research 
manager for HG Asia in Bang- 
kok. 

But both transport projects - 
designed independently of each 
other - have been delayed in 
recent months by demands 
from environmentalists that 
the railways go under rather 
than above ground. 

Mr Anant remains defiant in 
tiie face of criticism of housing 
and railway schemes. “Leave 
me alone. Let me do it." he 
says. “1 will deliver. Let me 
prove it” 


LVMH 


moEthennessy. louisvurnoN 

REPORTS 36 % INCREASE IN NET INCOME 

In ihe first six months of 1994. the LVMH Group recorded net sales of FF 12 bill km. an increase of 19.6 * 
over the comparable 1993 period. 

Group income from operations, amounting to FF 2,645 million, rose by 3Q.5 %, reflecting the Increase in sales, 
improved profitability in all the Group's segments of activities and favorable exchange rates, notably of (be 
Japanese yen. 

Net income, totaling FF 4.751 million. Includes the capital gain recorded on the occasion of Guinness's 
acquisition of a 34 % interest in Mofi Henncssy. 

Excluding unusual hems, net income rose by 36 % to FF 1.271 million in the fiat half of the year. 

Sales and income from operations broke down as follows : 


In FF millions 


Sales 

Income from operations 


1993 

1994 

1993 

1994 

• Champagne and Wines 

1,802 

1,920 

86 

118 

• Cognac and Spirits 

2.554 

2,854 

781 

912 

• Luggage and Leather Goods 

2,434 

3.188 

968 

1,395 

■ Perfumes and Beauty Products 

2,858 

3,088 

326 

352 

on a compa/aMs structural basa 

2,444 

2.922 

275 

327 

■ Other activities 

m Madmg iKdCtng company axponaes 

387 

951 

'(134) 

‘(132) 

LVMH 

10/J35 

12,001 

2,027 

2,645 


In Ihe Champagne and Wares segment, the recovery in income from operations stems from the rise in sales 
and the initial impact or lower grape prices and production costs. 

In Cognac and Spirits, a rebound in Japanese sales following price adjusrernents unpiemeiued in March, as 
well a* lower uu\-dc-\ic prices, arc the main reasons behind the improvement in income from operations. 

In luggage and Leather Goods, the strong rise in sales - particularly of "Cuir Epi" and Taiga" - and tight 
control over operating expenses resulted in a 44 % increase in income from operations. 

In the Perfumes and Beauty Products segment, the increase in sales • 20 % on a comparable structural basis - 
reflets successful recent product launches, bolstered by significant advertising and promotional efforts. 
Guinness's contribution to L VMM's net income rose by 10 %, primarily reflecting its improved results. 

LVMH. THE WORLD'S LEADING LUXURY PRODUCTS GROUP 


THE KOREA- EUROPE FUND LIMITED 

lBTrnufcnul tVpmmn Rccc ipw cased by Mmpa Gammy That Ctnpony at New York 

ANNUAL GENERAL MEETING 

Nonce is trn*y g™ ** *“”=1 M Meeting of the Korea •Europe Fend Mmifarf trio be 
bsM it UMM ua, od nnarOiy 3) DcWa l*M * tUatkti Hone. St Alterii Aware. St Ptttt Pm, 
CsosaCT, Chafed Hank, » eandder ud. if ferofta fit. pm die fafcwta* lesotadotu. which mD 
Nr proposed ns Onban B rro fali w 

I. Ttal itic Ripen i/ Durewn «nJ Bid Amsab be ndopfcd 

1 Tta po Gnl Dfrhlcal be paMiaraprciot fee year ended 30 lure 1994 

J. TTwSlrJafca A Osee Irrr-dMcdsti Director of ibcCorajaaj. 

4. Ttai Mi l eggy HiU be rc-ctcard as a Dnrtmf of feeempoar. 

5. Ttai Mr. Joeag - Wanag Cm be re^tMed as * Director of fee Cgtnpsay. 

h. Thai Mr B e rnin i 5 m ■ Baibosn In itdccvd u a Dtrccfcjr of Ac CUupauy. 

Th# Mb I bn Kim be elected IS a Dinamof iteCVnpuy. 

4 Thu Mi. Yaoa - SWX Ylm be cbm! as I DkrOcr of fee Company, 
v. Tim KPMG Pea Man. tei be rt>j|yotaiaJ m Anfton at the Compel*. 

10. Thai fee Basal be auibosiKd ro opce fee Aadten* ROnofeba. 

teftmlOtfin. 

BmfcMH-me 
ShMaa'sllms 
SL Parr Fbrt. Gucnory 


By Order of fee Board 

Sdtrodn taen m a rM e m a tnc aiLaaifcd 
Seamy 

Voting Arrange m ents for IDR • Holders 

me ■ HnMw Irish tn innfl frills ih. *-»!*■ I~-J I- — ~4... 

- IDR . IfoUen mas deliver fee (DR'S m the DcporiWy if fes law oq J7 Oaabcr IW4 at fee 
iMeupKahha. 

- laausmSccanlies Depannwu - hdrpheee SOS 8642- fafc* 21753 MORBK Bl, laswafe* fee 
iefuatoty » to fee Banner la arts* voire feoold be eta, and indicate nj wham fee [DR's 
itmdJ be retained after fee menmg- 

• Or ioows EUROCLEAX at CEDEL to blodt fee nuuber at shares ta which they warn to vole 
oe feetf hefaatf. 

• Copies ot fee Anno a] Repair or fee Company arc arailstita U fee Depositary's mfecss a 
■Jiaalbfe*; 

DiTmwry. Mut pan tiaanmiy Thar Caapary ef Sew Tor* JJ Avenue dee Am, 3 1 040 Brvseh. 

Srfcnas 


US $300,000,000 
L'Aaxiliaire du Crtidit 

Foncierde France 

Subordinated Guaranteed 

Floating Rata NoteR due £QQ 2 
Far the period from September 28, 1994 
to March 29. 1995 the Notes will carry 
on blerat rate of SVJ per uunm 
artlh an interest amount of US 
per US SovOOO and of US S2.7W.70 per 
US OD0.000 Note. 

The relevant interest payment dare will 
be March 28, 1996. 

A^utBtafc 

n 

Banque Paribas 

UUIMBQUIG 


oRf 



Sovereign (Forex) Ud. 

24hr Foreign Exchange 
Margki IrtxSng FocSty 
CfopfifoBn 
Dn B y Fum Sanaa 
fti: 071-931 9188 
free 071-431 7114 
VfntiirrtuhnrVrrrslrr..) 
loadon SWTWOBf 


MJNORCO 

NOTICE TO HOLDERS OF BEARER 
SHARE CERTIFICATES 
PAYMENT OF COUPON No. 14 

With reference to the tx»ce of interim dividend advertised in 
(he press on September 16, 1994 the following info million is 
pubfasbed for the guidance of holders of bearer share certificates. 

The dividend of 38 cents was declared in United States 
cnnency The dividend will bepaidanor after November 9, 1994, 
against surrender of Coupon No. 14 detached from be arer Mare 
certificates as follows: 

(a) at the offices of the Cotporation's Continental paying agents: 
Banque G4s6rale da Luxembourg Crftfit dn Notd 
14, rue Aldringen 
Luxembourg 

Grand Dochy of Luxembourg 

(b) at the London Securities i 
Stock Exchange Services 
London EC3P 3 HP. Unless parsons depositing coupons at 
such office request payment in United States dollars fin which 
case they most oompiy with any applicable F-arhangc Control 
regulations), payment will be made in United Kingdom 
nuituty other 

(i) in respect of coupons lodged on or prior to November 2, 
1994, at the United Kingdom currency equivalent of 
the United States currency value of the dividend on 
October 25, 1994; or 

(if) in respect of coupons lodged on or after November 3, 
1994. at the prevailing rata of exchange on the day 
the proceeds are remitted to the Loodoo Securities 
Department of Barclays Bank pic. 

Coupons must be left for at least foor dear days for examin- 
ation (eight days if payment in United States c nr rency has been 


1) and may be presented any weekday (Sat unlay 
excepted) between the boon of 10 a-m. and 3 pan. 

United Kingdom income tax will be deducted from payments 
to any person in the United Kingdom m r es pect of coupons 


34, rue des Madronos 
75008 Paris 
France 

of Barclays Bank pie, 
168 Fonduirch Street, 


non-residence declaration forms. Where such deduction is made 
the net amount of the dividend, after deducting United i 
Income tax at 20% will be 30.4 oents (United States) per i 

In the case of payments made in United Kingdom currency 
the sterling equivalent of the net dividend wQl be calculated in 
accordance with sub- paragraph (b) above. 

Copies of the Interim Report of Nfinorco for tbe 12 months 
to June 30, 1994 will be available from the Registered Office of 
the Corporation and the offices of the paying agents ref erred 
to above. 

By Order of the Board 
N Jordan, Secretary 
r 26, 1994 

i SodM Ananyme RCLmmbowi No. B121» 



C.P. POKPHAND CO. UD. 

(Incorporated in Bermuda sritft limited liability) 

US$150M0M0 
Floating Rate Notes 
due March 1999 

In accordance with the provisions of the Floating Kate 
Notes, notice is hereby given that for the period from 
26/9/94 to 27/3/95 the Notes will carry an Interest 
Kate of 6.5875% per annum calculated on a principal 
amount oh 


US$16,651.74 per Note of US$500,000 

Standard & Chartered 

Standard Chartered Asia Limited 
as Kefoem Agent 


B|i 

| Technical Analysis Software 1 

1 INDEX] 

[A 


\ Tc( ; (0442) 87S0i5 • Pax (0442) 676834 | 


ALLIANCE "“LEICESTER 
ASaeee & Leicester Bufldbg Society 
£200,000,000 
Floating Rate Notes 
due 1998 

Far the interest period 23rd 
September, 1994 tn 23rd Dec- 
ember. 1994, the Notes will 
carry a rare of inreiesc of 
5.89844% per annum with 
interest amounts of £147.06 per 
£10,000 and £1,470.57 per 
£100,000 Note, payable on 
23rd December, 1994. 

UmJon feel i ffof g Sir t Egfamte. 




C um pou r, Loodoo AgarEtok 


AUUANCE Hr LEICESTER 
ABmce & Lactster BuBdug Society 
£200,000,000 
Floati n g Rate Notes 
due 1997 

For the interest period 21st 
September, 1994 tn 21sc Decem- 
ber, 1994 the Notes will cany a 
rate of inrerest of 6.125% per 
annum with interest amounts of 
£152.71 per £10,000 and 
£1,527.05 per £100,000 Note, 
payable on 21st December. 1994. 
fee Imnfaus Stock Ecdanae. 




Co mpan y, London AgnuBuk 


- 

CLIENT 

trading 

RF.RKEI.EY FUTURES IIMITEl 1 


ROOM 

88 DOVER STREET, LONDON WK SRB H 


PHWE CUENTS 
WELCOME 

TEL: 071 629 OSS FAX: 071 496 0022 


Johannesburg Consolktated 
Investment Company, Limited 
(tutpr fe d In fee 
ftoputfc Qt Souft AMca) 
RsgWraflon foarfewot/OMaWS 

NOTICE OF ANNUAL 
GENERAL MEETING 

The annual general meeting of 
ordinary shareholders of 
Johannesburg Conaoltdated 
Investment Company, Lim ited wB be 
hold In the board room, C u ne oW ted 
Bonding, Fox and Harrison streets, 
Johannesburg, on Thursday, 
20 October. 1894 at 12 noon. 

Holders of share w a ar a nt a to bearer 

may obtain capias of the annual report 

from the London Secretaries, 
Johannesburg Consolidated 
investment Company (London). 
Limited. 6 St Jamotfs Plata. London 
SW1A1NP. 

Johannesb u rg Consot dste d 
Investment Coopsny (London). United 
London SaemMas 

28 Semmaar 1094 


BARINGS B.V. 

*MM < PaM'*Unfeanrfh«<fc>g 

Marer w* vi Momm 

U.S. $150,000,000 
Guaranteed Floating Rata 
Notes due 2001 


BARINGS pta 

HknMMiMBMSir. 
eg— S —— Mfe 1 

ftritip months Sept e mber 28.1994 
S3 December 2S. 1994, (ha Notes wfll 
bear Interest sf 5,625% per annum. 
The interest payable on the rele«Mt 
Wwwt ps>*h 0 rt data, December ffl. 
1S94 wfl be’U.S. SM.22 per U.S. 
*1,000 Note. LLS. *142.19 per US. 
*10.000 Note and U.S. SI <421 JBB par 
U.S. 5100,000 Nora 

bata,**ta* Q 

September 28. 1994 CHA8C 



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,,r ‘‘ !r:,,i 




FINANCIAL TIMES WEDNESDAY SEPTEMBER 28 1994 


INTERNATIONAL CAPITAL MARKETS 


Treasuries steady as Fed considers rates move 


By Frank McGurty in New York 
and jKirtJn Brice in London 

US Treasury bonds held fairly 
steady yesterday morning as 
the Federal Reserve’s policy- 
making arm considered the 
merits of a sixth increase in 
short-term interest rates this 
year. 

By 1pm. the benchmark 30- 
year government bond was l A 
lower at 96$ with the yield ris- 
ing to 7.805 per cent At the 
short end. the two-year note 
was off £ at 99g. to yield 6.492 
per cent 

At the opening, the uneasy 
calm which had dominated the 
previous session held prices 
dose to their starting values. 
Traders were generally reluc- 
tant to make fresh co mmi t- 
ments until receiving news 
about any decision reached by 
members of the Fed's Open 


Market Committee, who were 
meeting in Washington. 

Most observers were expect- 
ing the central bank to opt for 
delaying its next move to 
tighter credit conditions until 
after the November piccHp u g . 
An announcement from the 
Fed was expected during the 
early afternoon. 

Early trading was compli- 
cated by the government's auc- 
tion of $17.25bn in new two- 
year notes, scheduled to begin 
at 1pm. 

Primary dealers, who are 
authorised to participate in 
such sales, attempted to drive 
down prices at the short aid. in 
an effort to wrest concessions 
from the Treasury when it 
awarded the Issue. 

That strategy proved to be 
marginally successful, as bond 
prices across the maturity 
range dipped in light trading. 


'Hie downturn might have 
been steeper but for some posi- 
tive economic news. The Con- 
ference Board said its index of 

consumer confidence had 
fallen this month to 88.4, 
against a reading of 90.4 in 
August. 

The fall in the index, which 
had been expected to show lit- 

GOVERNMENT 

BONDS 

tie change on August, encour- 
aged the notion that consumer 
inflat ion was still not a threat 
to the value of fixed-rate 
Investments. 

The favourable surprise tent 
some support to the market, 
but its effect was to build a 
floor in prices, rather than pro- . 
vide a springboard for an 
advance. 


However, the tone was 
expected to shift dramatically 
in one direction or the other as 
the afternoon's events 
unfolded. 

■ Trading in European bond 
markets was very thin yester- 
day, with few Investors pre- 
pared to commit themselves 
before knowing the impact an 
US interest rates of the Federal 
Open Market Committee meet- 
ing in the US. 

■ German government bonds 
shrugged off data showing that 
year-on-year inflation in the 
month to mid-September was 
2L9 per rap t, a fan from the 
previous month's figure of 3 
pa* cent 

“The market is waiting on 
the FOMC and has completely 
ignored these good inflation 
figures," said Mr Pio 


de Gregorio, European econo- 
mist at Nat West Markets in 
London. 

The market will be watching 
today's Bundesbank council 
meeting for a change in inter- 
est rates, but Mr de Gregorio 
said that he did not think there 
would be a change in rates 
before the German election on 
October 16. 

The December bund future 
was around 89.01 in late trad- 
ing, up 0.09 points on the day. 

■ The yield on 10-year Italian 
government bonds Ml 7 basis 
points to 1L76 per cent yester- 
day. 

Mr Andrt de Silva of Pai- 
neWebber said the optimism 
was prompted by hopes that 
trade union agreement on a 
cut in spending on pensions 
would allow the government to 
reduce its deficit. 


■ DE government bond trad- 
ing lan guished in the shad ow 
of the FOMC meeting and 
today’s 10-year gilt auction- 

Mr Robert Thomas at Nat- 
West Markets said he expected 
the auction to meet with good 
demand, but added that other 
gilts were being sold in order 
to buy the auction stock. He 
said: “This is not new money 
mwmg into market." 

Mr Kevin Adams at BZW 
expected the auction to be cov- 
ered between 1.5 and 2 times, 
but added that the switching 
out of other gilts may mean 
“the after-market may be very 
heavy water". 

This tnpant that- Jf fho Fed 
had increased rates, the mar- 
ket could gain in the morning, 
but trade off in the afternoon. 
The spread of gilts over bunds 
could widen to 165 basis points, 
he said, against 151 yesterday. 


Taiwan may scrap GDR 
offering for China Steel 


Indover Bank launches three-year FRN 


By Laura Tyson in Taipei 

Taiwan may cancel a planned 
issue of global depositary 
receipts in state-run China 
Steel Carp in favour of domes- 
tic offerings. 

Amid discord over the pace 
cf privatisation of the island's 
biggest steel-maker, a 450m 
share offering - 6 per cent of 
the company's equity - to 
overseas investors has been 
postponed indefinitely. Mr Yen 
Chi-li. spokesman for China 
Development Corp, which 
served as the lead underwriter 
for previous domestic offer- 
ings, said yesterday. 

The S350m to 5400m GDR 
offering was to have been 
la unched by Hw m«i of fhk 
year. Instead, the Commission 
of National Corporations under 
the Ministry of Economic 
Affairs has proposed offering 
another 950m shares to local 


Investors first. The proposal 
awaits Cabinet approval. 

If the market can success- 
fully absorb so large an offer- 
ing, the government win likely 
scrap the GDR issue in favour 
of further domestic offerings. 

The government must sell 
1.3bn more of its shares to 
achieve privatisation. Follow- 
ing several tranches of sell- 
offe, China Steel is now 67.1 
per cent government-owned, 
with the Ministry of Economic 
Affairs holding most of the 
government's shares. 

Merrill Lynch, which was to 
manage the GDR issue, could 
not be reached for anmingnt 

Observers believe market 
conditions could allow the pri- 
vatisation to be completed 
domestically as the stock mar- 
ket traditionally rallies Wding 
up to elections. Key provincial 
and mayoral elections will be | 
held in early December. 


j By Graham Bowrtey 

There was a dearth of new 
i eurobond issues yesterday, 
with bond markets nervous 
«hp«d of the US FOMC mone- 
tary policy meeting. 

Syndicate managers said 
conditions have worsened in 
recent days, with eurobond 
spreads over the underlying 
gov e rnment bond market wid- 
ening most markedly in the 
dollar and sterling sectors. 

INTERNATIONAL 

BONDS 

“The dollar market has 
recently hatm mutorpinnprf by 
good retail flows but these 
have now slowed. 1 ’ said Mr 
Tim Sheet, senior vice-presi- 
dent at MdJar Peabody. 

“The dollar market is suffer- 
ing from uncertainty caused by 
the FOMC, quarter-end consid- 
erations and the fact that retail 


NEW INTERNATIONAL BOND ISSUES 


% 

Pricre 

Matactty 

Fare 

Si 

Spread 

Book rumar 

fa) 

10G5OR 

Oct 1987 

n.TSR 

- 

HSBC Markets 

zero 

100X0R 

Oct 1995 

OOOfl 

- 

SocfatA GAnfaale 


US DOLLARS 

Mowr Bert# 125 (a] lOOOOfl 00.1987 0X5R - HSBC MrtMa 

Soc. Grit AocaptanoaW 75 xaro 100J0R Oct- 1995 HOOP SocfatA Gjnjato 

Hna) terms and non-cadbfale urteae stated. The yield spread (over rel ev ant gover nm ent bondfel launch is euppled by the lead manager. 
tFloattag me nrte. R: fated f»-olfer price; fees are ahoarn at the re-oRar level. a) 3-mth Ubor *87Wbp- b) Redemption proceeda Med 
to baelcat of Latin American dabL 


flows out of Switzerland and 
Benelux countries have 
slowed, particularly at the 
long-end of the market," he 

naid 

Attention today is likely to 
turn to Lebanon’s debut euro- 
bond offering of S300m of three- 
year fixed-rate notes, Increased 
yesterday from 5150m due to 
unexpectedly strong dmand. 

The bonds are expected to 
carry a coupon of around 10 
per cent, yielding around 325 to 
350 basis points over DS gov- 
ernment bonds. 

Indover romk, a D utch sub- 
sidiary Of the Tnrimiftgian cen- 


tral bank, launched Its first 
foray into the international 
capital markets with a $12Sm 
offering of three-year floating- 
rate notes, offering a spread of 
67% basis points over three- 
month Libor. 

Lead manager HSBC Mar- 
kets said 70 per cent of the 
bonds were sold into Europe, 
with the remainder placed in 
South East Asia. “This is the 
bank's first transaction and it 
was anxious to come into the 
mainstream of the market, 
which at the moment is the 
short-term, floating-rate dollar 
sector,” it said. 


The Kingdom of Belgium's 
DMlbn offering of five-year 
bands, which was inrmchpri on 
Monday, was priced yesterday 
to yield 25 basis points over 
German government bonds, 
which «iwna syndicate manag- 
ers said was expensive. 

Hongkong International Ter- 
minals, a subsidiary of Hutchi- 
son Whampoa, is expected to 
launch a 51.74m offering of 10- 
year floating-rate notes in the 
next 10 days. 

The notes will carry a cou- 
pon of Libor plus 85 basis 
points, with a call option at the 
end of the fourth year. 


France plans to 
raise FFr20bn in 
retail bond sales 


By John Rkkfing in Paris 

The French government 
yesterday unveiled details of 
its plans to open the govern- 
ment bond market to individ- 
ual investors, announcing that 
it will sell FFl20bn of bonds to 
the public in the year from the 
beginning of October. 

The government had 
intended to offer about 
FFrlObn in the scheme but 
strong demand from banks 
which will serve as the retail 
network has prompted an 
increase. 

The French economy minis- 
try said that the aim of the 
scheme was to encourage long 
term savings by individuals 
and to provide a facility which 
is already available in many 
Industrialised economies. 

In the US, for example, 
savings bonds represent about 
5 per cent of federal debt. 
Under the French scheme, for- 
eign individuals will also be 
able to subscribe to the issues. 

Mr Edmond Alphanttery, the 
French economy minister, 
denied the move was aimed at 
reducing the country’s depen- 


dence on foreign investors, 
who have reduced their hold- 
ings of French bonds tins year. 

"You have to look at the 
amounts involved. The total 
borrowing programme for 1994 
is for FFrSOObn. In raising 
FFr20bn from private investors 
the state is not trying to find a 
new means to finance its debt." 
be said. 

Mr Alphand$ry added that 
he thought the sale of French 
bonds by foreign investors was 
a temporary phenomenon, 
which was normal in a period 
of bond market turbulence. 

Under the terms of the 
scheme, investors are to be 
offered 10-year bonds with a 
face value of FFr2,000. They 
will pay banks a fixed commis- 
sion of 2 per cent. The first 
bonds to be sold to Individuals 
will have a coupon of 7.5 per 
cent, while the annual yield is 
expected to be about 7.8 per 
cent after commission costs. 
This compares with a forecast 
inflation rate of 1.8 per cent for 
1995, and a return of just under 
5 per cent on money market 
funds, the most popular 
savings instrument in France. 


Czech fund attracts $66m 


By Vincent Boland in Prague 

The Prague stock market has 
received a further boost from 
international investors after 
Nikko Securities and Oppen- 
hetoer & Co said they bad 
raised S66m for the Czech 
Republic Fund, with an option 
to raise a further 510m. 

Shares in the fund, which 
will invest mainly in quoted 
Czech stocks, were offered 
internationally, and began 
trading on the New York Stock 
Exchange on Monday. 


The fund is the first geared 
to the Czech Republic to have 
an NYSE listing, and is due to 
be listed on the Osaka Securi- 
ties Exchange on October 5. 

Japanese investors bought 
3m shares and US investors 
1.150.000, with a further 250.000 
sold internationally, according 
to Nikko Securities. 

The fund will have a mini- 
mum of 65 per cent of its assets 
invested on the Prague bourse, 
with the rest spread among 
other markets in central 
Europe. 



iSlllP^ 









WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Red Day's Week Month 

Coupon Date Price change YMd ago ago 


Austria 9000 0SVO4 92.5900 

Belgium 7.250 04/04 91.8000 

Canada ■ 6.500 08/04 64.1000 

Danmark 7.000 12AM 817700 

France BTAN 8.000 05/88 101.8750 

OAT 5500 04AM 828600 


10.10 9.35 

8uB3 235 
BX4 6.68 
9X2 &7B 

7.58 7X4 

8X1 788 


Italy 

■ NOTIONAL ITALIAN GOVT. BOND pTP) FUTURES . 

(UFHET Lira 200m lOOttre at 100 % 

Open Sett price Change High Law Eat vol Open M. 
Dec 98.79 89.63 <063 9980 9880 48260 64018 

Mar 99X8 *0.83 0 736 

■ ITALIAN OOVT. BOND PIFJ FUTURES OPTIONS (JJFFEJ Lfct20Qm 100tt»a(100% 


FT-ACTU AR1 ES FIXED INTEREST INDICES 

Price brtces Tue Day's Mon /teemed 

UK Qffia Sap 27 change % Sep 28 interest 


— Low coupon yield — — Mertum cauianjMd- — Mgh coupon yield — 
Sep 27 Sop 26 Yr. ago Sap 27 Sep 26 Yr. ago Sep 27 Sep 26 Yr. ago 


Eat vol Open InL 

1 Up to 5 ywra (24) 

119.15 

* 0.10 

119X1 

1.77 

6X9 

Sym 

&81 

6.82 

6X4 

8X9 

8X7 

6X3 

9.01 

9.02 

6.73 

46260 64016 

2 5- IS years pi) 

13871 

-007 

13601 

1.76 

9X8 

IB.yra 

8.79 

8.77 

7.12 

8.93 

8.91 

7X7 

9.14 

9.12 

7.50 

0 736 

3 Over 16 years (9) 

151.63 

-0XS 

16200 

1.96 

9.81 

20 yrs 

8.72 

6.69 

7X5 

8.93 

8.91 

7X3 

9.01 

8X9 

7.52 

4 Inedesmabtos (B) 

174.12 

-041 

174X4 

131 

8.83 

Irrertt 

8,70 

8.71 

7X1 








Italy 

8500 

08AM 

82X400 

*0X30 11/45+ 

11X1 

11X5 

Strtcs 

Price 

Dec 

Mar 

Dec 


Japan No 119 

4.800 

08/99 

103.8440 

*0.040 

3X4 

3X1 

4.14 



4.100 

12/03 

07/4660 

*0X20 

4.49 

4X6 

4.77 

ssso . . 

2.05 

2X3 

1X2 

r« 

Netherlands 

5.7S0 

01AM 

88X300 

*0.070 

7X4 

7X4 

7X5 

10000 

1.78 

2.70 

2.15 

3X2 

Spam 

aooo 

06AM 

82.0600 

*0X60 

11.10 

11X7 

10X3 

10060 

1X3 

2X9 

240 

3X1 

UK (Ms 

6.000 

08/99 

89-12 

*1/32 

a7i 

6X3 

8X4 

Efe vri. toreL Cafe 2376 PMa 4017. Prevtaue dte'a open ML. Cafe 12l« Pure 17062 


6.750 

11/04 

86-20 

-4/32 

8X2 

9X2 

8X0 







9.000 

10/08 

100-30 

-4/32 

8 X 8 

8X7 

8X2 






U3 Treasury- 

7X50 

08AM 

97-25 

-8/32 

7X7 

7X2 

7X1 






7X00 

11/24 

96-15 

-9/32 

7X0 

7X0 

7.48 






ECU French Govt) 

6.000 

04AM 

B2X300 

+0070 

8X9 

8X1 

8X5 

Spain 






London ctootag feere Yak mid-day 
t Qm factoring wflhhoklng tax or 13X per i 
Prfcnt U9. UK to 32mfa. ctftes ta dadra) 

IIS INTEREST RATES 

LuncNbiw 


SUM* MUS MMMfontf 


■ NOTIONAL 3PAM8H BOND FUTURES (MEFF) 
Open Settprice Change Mgh 
Dec 86.10 88.78 *085 8880 


Lew Eat vet Open W. 
8883 34820 72832 


Mae rate ___ 
Narknrato. 

ntUmk 


Ow north . 
7 % itonartt. 
8*2 TTnt rnsdi 


Trassuy Bis and Band Ytaftb 

483 Teoyare 

_ — — 4J6 fares jear 

— . — 483 Rn 

&4B 10-jner 

680 softer 


BOND FUTURES AND OPTIONS 
Franca 

■ NOTIONAL FRENCH BOND FUTURES (MATTF) 

Open Settprice Cluroga Hgh Low Eat vol Open Im. 
Doc 11080 11086 -006 110.78 110M4 82867 129X83 

Mr 109.66 10982 -006 10982 10986 S3 7.198 

Jun 109.18 109.20 -0.08 109.18 109.16 8 380 


■ LONG TERM FRENCH BOND OPTIONS (MA71F) 


Striia 

• — - — 

- CALLS - 

■■■■ »• ■■ 

— — - 

— PUTS — 



Price 

Oct 

Oec 

Mer 

Oct 

Dec 

Mar 

110 

. 

1X2 

2.16 

0.16 

1.19 

9 9ft 

111 

0X2 

1X7 

- 

0.00 

1.62 

- 

112 

0.03 

0X3 

- 

- 

214 

- 

113 

0.01 

0X0 

- 

- 

288 

- 

114 

- 

0X0 

- 

- 

3X7 

- 


Est vol UU. Crib 108S7 Puts 10.738 . Privta* Ov* op*" «*. CrtS 24*857 PUB 327.048 

Germany 

■ NOTIONAL GERMAN BUND FUTURES (UFFET DM2S0800 IQOtha <* 100* 

Open Settprice Chenga Wtfi Lew Eat vol Open hit 
Oec 88.78 89.00 *0.06 89.05 88.72 60697 143319 

Mar 88.18 8882 *080 8880 88.13 596 1348 


■ BUM) FUTURES OPTIONS tUFFS 0M250X0Q polraa of 100% 


UK 

■ NOTIONAL UK OLT FUTURES (UFFET CSOXOQ 32nda ol 100% 

Open Salt price Change High Low Eat vol Open W. 
Sep 06-17 B628 -0-04 96-25 96-17 169 18150 

Dec 96-31 9601 -003 9606 98-22 32161 91829 

Mar 96-13 -003 0 0 

■ LONG Qtt-T FUTURES OPTIONS (L 1 FFE) 650,000 64tha of 10QN 

State CALLS PUTB 

Price Dec Mar Dec Mar 

W 1-64 2-38 1-62 3-12 

100 1-22 2-11 2-20 3-49 

101 0-61 1-61 2-59 4-25 

Est. vcL WA Cris 2330 Pda 3682. PMM opart tat, Cafc 48064 Pun 32S34 


Ecu 

■ ECU BOM) FUTURES Q4AT1F) 

Open Sattprica Change Hgh Low Est vol Open Im. 
Oec 76.56 79X6 *0X8 79L66 7048 1,657 8X17 


■ US TREA 8 URY BOND FUTURES (C 8 T) 3100,000 32ntiB 0 ! 100 N 



Open 

Latest 

Change 

«9h 

Lmr 

EsL VOL 

Open fan. 

Dec 

9948 

99-07 

- 0-02 

99-09 

99412 

1S4M12 

383/470 

Mar 

96-18 

98-16 

-0-03 

98-19 

96-12 

9,451 

15/463 

-ton 

97-27 

97-23 

-04 >2 

97-27 

97-23 

11X35 

833 


Sbta 

Price 

No» 

Dec 

CALLS ~ 
Jan 

Mar 

Nov 

Dec 

PUTS — 
-tan 

Mar 

8900 

0X3 

1.16 

1X0 

1X3 

ass 

1.16 

1.88 

201 

8980 

0X0 

0X1 

0.79 

1.11 

1.10 

1/41 

1X7 

9 90 

9000 

0.41 

0.70 

0X2 

0X1 

1/41 

1.70 

230 

259 


Eat. rat Mri. Crib 12953 Pm 7408. ntataus day's open tot. cue 191 95S Pise 184886 


UK GILTS PRICES 


■ NOTIONAL LONQ TERM JAPANESE OOVT. BOND FUTURES 

(LFFQ YIQOm IQOIIW Cf ICON 

Open Oosa Change High Lew Est wri Open InL 
Dec 10053 10849 108-53 1610 0 

Mar 107.60 107.80 107X0 10 0 

■ IRE c uerete traded on APT. M Open Hemt apa. am far pmtaus day. 


•w fM4 

Had MteE+er- lfeh Urn 


M- — 1994— 

ted McaC+er- Ufa Urn 


_YMS_ — 1994 _ 

m awai tee 


StetW Sim eh Her ten! 

TTOI9PC 19918 8.98 

1 S0C1M <1.79 

EoJI 3pc Sag ISQO-QS — 305 

10VJK1« MB 

Twistexiaestt 1203 

1 tec 1996 1298 

15LM1BB68 13-70 

EB*13VpelB9e# 1226 

Opawrian l Opt 1990. — 064 

Tm Cm 7p« I9671L— 7-21 

Ttm131tfC 19978-— 11-89 
fa* ’02X1987 1001 

TtoH VkprlWTtt SB7 

1281 

HriKlflSB - tt«S 

1rin7teXM9Btt 7J6 

Trite 7.15 

T^e19BS-l — 1208 

TrianPascriBW 1290 

1093 

1rite«ye 199089 927 


Rw b Rtban Tana 

Btill2>rtC19B9 

Tim I 0 <tpe 1999 

Trite Gpe IB9Sft 

Cttmenten 10 l«pe 1988.. 
Trite Fte feta 1999 

we anon 

Tma tape 2000 

' i a* am 

7Deam» 

7pea»1A 

9Vpcanz 

Bpenmn 

i ape aw 


556 icon 
6.77 102 

5.B3 OUri 
6.72 IKS 
7.10 100 

7.44 106 

739111*Bl 
7.79 103d 

am loan 

MB B7A 

air non 

&21 104% 
a 38 100B 

S56H7W 
&62 103d 

aw oavtt 

850 B4,i* 
860 11511 
&68I22B* 
am -nan 

876 1Q2H 


8ffl 112* 
8B5 108* 
872 BW 

an iosa 
- a# 
an iooA 

905 TI7U 
808 1D4U 
887 m 
867 89* 
9.11 103*2 
801 BSil 
aos loeic 


iow 

SIS 

— 117H 

11U 

unH 
121H 
1144 
*4 110.5 
*4 131B 
*4 H4S 
*■* i*4 
*A ID 
*4 1314 
*4 i«A 
** 12SU 
*4 1104 


*4 1204 
+4 1214 

*4 lOlfi 
*4 121H 

1004 

itfid 

*4 136B 
*4 ISA 
-i 10 M 
-4 1014 
-4 1234 
J, 113B 
-4 1Z7A 


Iritellhpc 2001-4 — 1038 
RntenSfeK 1986-4— 4*3 

CDPNtrian9>2pc2004 821 

Trite Mipc2Q0*» 7 M 

CDte9<2 9c200S 819 

Trite 121jpe 200W — IMS 
71ri*200e» 847 

fec 2002 -«n 862 

Trite 11 lipc 2003-7 — 10W 

Trite BIjjk SDB7 tt 077 

ia«jpe 20W-B 1071 

Tubs fee 2ff*n 892 


Trite fee 2000 ur 

ItteaBIMpcaOlO 7n 

aw9poui2oinn, — on 

Trite BpcSOiatt- 867 

Itan 5<2Pc20flB-)St~- 7J3 

Trin fee 201 3n Ml 

7*0; 2012-1 m — on 

Trite Mipc 201 7JL— 875 
EtdiTfec 2013-17— 842 


825 11<N 
7*4 714 
81S103fe0 
8B2 85% 

86910300 
831 1194 
801 914 

880 020d 

831 113% 
890 9S% 

830 1284 
8831000* 


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803 101 A 
8B1 101 *3 
856 72A 

873 92%M 

875 90% 
873 100 

866 12713 


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iej 3 Tim apenaw. 

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-A 125A 
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-4 128% 

-A 1«W. 
-% l«E 
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-A 1104 
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-4 IMS 


— 1184 
-A HA 
-A iwfl 

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-4 117B 
-a n4% 
-A IZMi 
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-% 59% 
-A 5443 
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-a 

-4 37% 


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2%tctt3 (78BJ 858 361 180^ W, 173% I5&A 

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fee-98 NOS 366 360 16BA -*4 18W IBM 

2%«TN PM 369 361 150% *4 1684 140% 

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4%pe-3(^ — (1381) 154 198 107% *% 12B{J 105% 

Pieapacfee real radampdon ratoon pejKed taWton of (1) 10% 
and fU B9C (b) flgwee In pererthetea show RPI base far 
fadadng pa 8 morota prior to beua) and Am been adptead to 
etCad rabaaing d fW to loo In January 1087. Cermrafan (actor 
1846. RPI far Jmusy 1994: 1416 and far Augtet 1084: 144.7. 

Other Fixed Interest 


YlsU |334 

Ndn U tad PiteeE*ar- ^ itm 


A&feaaDet 11%2D10 

AstaiDet 10%pc2D08__ 

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hferiGBp8%peTD_ 

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13peW-2 

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MLMr.fecr 

n«Mngta3%pc2nzi. 

4%pe820» 

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665 823 

866 818 
856 870 

804 
962 
1221 

1850 1811 
1050 
872 
852 

1824 883 

449 843 

- 462 

- 480 
1213 


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142 116 

__ 116% 83% 

103% 99% 

+% 115% T08 

-s ins 137 S 

— 149% 13 

— 44% 33% 

— 48% 28% 

„ 138% 112 

78 88 % 

180% T 2 &H 

— 145% 123% 
159% 1*1% 


5 Al stocks (80) 


6 Up to 5 years® 

7 Over 5 years (11) 

8 Al stocKa (13) 

Dabanturea and Loana 

9 Doha & Loans (76) 
Avanga gnm ladampdon ft 


-0.05 134S8 


18462 -0.02 184^5 -008 

17TOT *0.09 17092 074 

171J7 *008 171.44 008 


12563 -033 125.74 2M7 

■ are Inn rime. Caen Bandc Inc OH-nfa 


— Mtetton 8 %— ■ — 

Sap 27 Sep 26 Yr. age 

4.08 4.06 254 
3.83 3.04 3.19 


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Sap 27 Sep 28 Yr. ago 

294 2.91 173 

3.74 3.74 3.01 


6.07 Up to 5 yre 4.08 4.06 254 294 2.91 1.73 

365 Over Byre 183 3.94 119 3.74 3.74 3.01 

4JM 

— — B year yield 18 year yield 25 year ytoJd 

Sep 27 Sep 25 Yr. ago Sap 27 Sep 26 Yr. ago Sep 27 Sep 26 Yr. ago 

8.15 9-91 9.80 7.62 965 9.82 8.17 0.79 9.75 861 

Medtam: Bri-lOkH: Htfc UH and mar. » Fla yWd. yvs Yoar to data. 


FT FIXED INTEREST INDICES 

Sep 27 Sep 26 Sep 23 Sap 22 Sap 21 Yr i 


Ugh- Lo*- 


CULT EDGED ACTIVITY INDICES 

Sep 26 Sep 23 Sep 22 Sop 21 Sap 20 


Govt Seca. (UK) 9010 9027 90X3 9006 8071 101-87 107.04 . 89.54 Qlt Edged bargaina 101.0 116.1 1223 91.8 137.9 

Fried Manet 107.17 107X0 10768 10087 10050 12266 133X7 10050 5-dny averag e 1128 1146 1128 104.4 1028 

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» nd Fried bam 1026. BE aaMy tadcaa riteatd 1874. 


FT/ISMA INTERNATIONAL BOND SERVICE 


Usted an the IteBat Mamaflond bond* lor aMdi frere ta an adequate secondary marieaL Lalaat prieea at 7110 pm on September 27 
baaed Bid Oter Qi 0 . Yield taued BU Otfar Chg. Yield 


UO OOU 6 R STRNQHIS 
Abbey ted Tneeuy 6 % 03 _ 

Afesrla RwJrce 7% 98 

Maria B% GO 

BmkalTofeo^BB 


.1000 BB% 
.1000 100% 
_ 400 103% 
.100 101% 


Balgtaift (B 

1000 

883 7% 87 

150 

aewiGaa 02 i 

1500 

Cteada 9 96 

1000 

Oaug Kong Fri 5% 88 

600 



Court EtmpeB 98 

100 

CrirS Fonctar 8 % 88 

300 

Demerit 5% BB _ , 

1000 

EaatJfetaiftahtyftM _ 

flOO 

ECSCB%96 

183 

FS17%K 

250 

BBB%® 

1000 

BacdeFiareeBBB 

200 

EoafroaftBB 

wo 

B*4n Bank Japan 9 ® 

600 

Ejjcd Dp* Cwp ft 96 

ISO 

FedenfNteMaT740 04 _ 

— 1 OT 

FMandft 87 

3000 

Rnrrt)Efeott9%95 

200 

Fbrf Motor Cm* 6 % 08 _ 

1600 

Oan Bac CapBri 9% BB 

300 

GMAC9% 86 

200 

W & Jtete Rn 7% 97 _ 

200 

bear /mar Da* 7% 98 

200 

My6%23 

3600 

Japan De* at ft 01 

600 

KtertBte Par 1098 

360 

Korea Bk Pores ft 03 — 

1360 

UCH RnBB7 

200 

■tetatete &c 7% CB 

— 1 COO 



0nten7%® 

— 3000 

QnreKantratotekftOl — 

200 

Pebo4feBda7%88 

200 

Qjebeo ft 08 

150 

Qrtrec Aov9B6 

200 


150 

SAS1DS9 

200 



SpohB%89 

_1SOO 

State Bk 1BW ft 96 

200 

9aedte5%96 

2600 

Sasrfeh Eqnt 8 % M 

700 

Tokyo Beo Parer 8 % W _ 

1000 

TriiyoUfropQlsftSB 

200 

Toyore Utter 5% 98 

ieoo 

Unfed Kingdom 7% D 

— 3000 

Whfa Bsrift 99 

1600 

Hbrtdferirft 87 

— 1500 


DBJTSCflE MNK STRAIGHTS 
Arabia 6 % 24 2000 80% 


Ctat Fender 7% 03 

Denari 6% BB 

DfefeF»maB%D3 

D«UdriBkF*i7%03 _ 

fflctfaoo 

SB 8% 00 

Finland 7% 00 

Wf7%BB 

LKB BBdbA-WfaaS 6% OB . 

NcteerB% 98 

OBritofl%01 

Spain 7% 03 

SeedeiSW 


.2000 95% 

.2000 87% 

. isn so% 
.2000 97% 
.2900 96 

.1300 85% 
.3000 SD% 
, 5000 100% 
.2260 86 % 
.18)0 97% 

.1500 88 % 

.4000 86 % 

.2500 102 % 


B0 -% 119 

100% 747 

103% 783 

102% 7.06 

«3% -% 8.16 

HE 759 

10 % . 852 

103% -% 858 

90% &S7 

86 % -% 890 


102% 752 

102% -% 879 

102 873 

105% -% 7X1 


97% -% 8X2 

98% -% 737 

103% 851 

06% 758 

104% 851 

103 -% 720 

W1% 748 

101% -% 854 

79% -% B5B 
102% -% 756 

104% -% 828 

85% -% 851 

101% 742 

88 -% 117 

100% -% 750 

85% -% 829 
188% -% 750 

101 858 

86 % -% 829 

108% -% 757 

104% 7.78 

104 -% 7.19 

108% 140 

107 -% 7.48 

BB 755 

102% 888 

99% 859 

102% 873 

88 -% 812 
102 % &se 

95% -% 759 

96% -% 759 

104% -% 7*1 

104% -% 889 


60% -% 831 
96% *% 735 


96% 4% 755 

96% 7.40 

9ft -% 7X4 

99% -% 750 

100% -% 7.W 

eft 812 

97% -% 867 


UritellfeBdDm7%B7- 
VUmegen Ind Rn 7 03 . 

VHcrtd Barit 015 

World Bar* S% 03 

Mtoril Boric 5% 00 


.5500 100% 
. 1000 04% 

.2000 19% 

.3000 69 

.1250 109% 


884 
*% 706 

850 
-% 7.76 

*% 861 


709 

RMSB HMHC STRMQHTO 





882 

Man Da* Barit BIO 

_ 100 

9ft 

100% 

ft 

888 

Austria 4% 0Q 

>1000 

98% 

96% 


&87 

Court Etrtrea 4% S3 

-250 

99% 

88% 

ft 

880 

Dmneric4%* 

>1000 

93% 

9ft 


887 

BBftOi 

_ 300 

105% 

106% 

ft 

7X2 

Bee da Franco 7% 08 

_ 100 

1® 

108 

ft 

7.18 

Rriand7%» 

_300 

108% 

1® 

*% 

823 

Hjuntfaf Mafar Fin 8% 97 100 

1CB 

1® 


7® 

Icrind7%a0 

_100 

108 

108% 

-1 

879 

Kobe ft 01 

— 240 

1® 

103% 


873 

iumfcftra... 

— 400 

100 

100% 


7X1 

ttebec Hjrio 5 08 

_ im 

64% 

85% 


741 

«CF704 

-450 

107% 

1® 


889 

wend Bertt 6 03 

_ 150 

9ft 

98 

ft 

7X4 

WbridBaric 7® 

_ GOO 

106% 

1® 


749 







YENSTRAKIHTS 

6dcMn599 

EBftOO 

FHtedB%9B 

fatar Amer Dor 7% 00 . 

bdyftOl 

Jfete0tefeS89_ 
JteanDerA6%0l - 
MppcnTdTd5% 96 . 

NMteftW 

SNCF 8% 00 

Spam 5% 02 

Saedte 4% 88 

Wortd Be* 6% 02 


103 103% 

110% 111% 
105% 105% 
114 114% 

92% 92% 

100% 103% 

111 % 111 % 
104% 106% 

104% 104% 

111 111% 
107% 107% 

101% 101% 
104% 104% 


«% 434 

4% 4X4 

117 
*% 4X8 

*% 453 

*% 4X1 

«% 45B 

131 
*% 142 

*% 4 JS 

t% 4X0 
♦% *55 


orm STRAIQKTS 

GMnmeeliKftnU* HXS 106% 10ft 

KBDaihdjsttkftOSLfT _3000 100 101 

World 8e*8B8 LFr 1000 100% 101% 


ABNAnaoftam. 


1000 95% 86% -% 7X8 


Bank Nad Gemeeraen 7 03 R _ 1503 85% 95% 750 

Afeartririafae a 10%9BC8 600 103% 104 -% 758 

BN Canada W% 99 CS 150 104% 105% -% 333 

Mdi Ctrinfcb 10 86 CS 500 103% 108% -% 758 

BB 1D% 8BCS 130 105% 106% -% 928 

Sec da Fiance 9% 99 CS Z75 102% 109% -% 950 

Gan Bk CafN 10 96 C3 .300 102% 103% -% 807 

KAVmtRnlOOICS -400 103 103% -% 934 

IfeponTalTH 10% 99CS 200 104% 105% -% 058 

OrtstoSmcS .1500 91% 92% -% 05« 

Onttto Hyde 10% 69 CS 500 108% 108% -% W2 

OdV Ksnbolteft 10% 09 CS — 150 104% 105% -% 104 

Quebec Aw 10% 98 CS 200 104% 104% -% 0X1 

BeigUn 0% 98 Ecu -1250 102% 102% 759 

Court Bacpe 9 01 Ecu 1100 100% 101% 885 

CmakycmteOgSECti— — 125 101% 102% *% 732 

BB 10 87 Ecu 1185 104% 104% 759 

FacoddSbB ift 9BEcu 500 104% 1(M% 8Xl 

feriylftOOEoi 1000 107% «B% 887 

Span 9 98 Ecu 1000 1® i®% 7® 

Urted Kingdom 9% 01 Ew — 2750 1® 1®% 889 

ADC 10 99 AS -1® 101% 101% ♦% 864 

Omm » AuseteB 13% 99 AS _ ICO 1M% 114% <% 1051 

88 7% 90 AS -350 9«% 95% *% 9X7 

NSW Ternary Zm 0 20 AS — TOOO 7% 6 *% 1027 

R4iartt7%C3AS .125 65 6ft -% Tft44 

9tafaBltF6W9®AS 300 ®% 92% *% 1845 


SbiAtetGwlR>9® AS ISO 9Z ®% 1053 

UMWsrAusbrta12BBAS — 150 106% 1®% 4% 859 

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64% 85% i% 9X7 

the mart laud la h nflm of anarey urn Ctag. tteOav on cfer 
caaad. Crapon dnai b MMnun. SpreaMferti cb«n teMnonri clkred 


Abbey Nad Trasiy BQ3C_ 

Alarce tries 11% 97C 

BSttiLmdft 23 C — 

Dernorti B% BB C 

8810070 

rtteax 10% 97 E 

rtnscn 10% 97C 

.HS8CHt*faps11ffl®E — 

tSy Ift 14 C 

Japan Day Bk 7 00 C 

Land Sacs 9%07E 

0ntarto11%01 C 

FfaMtgan ft 03 E 

SrwtmTnrt 11%B9C 

Triryo Bk Pwrer 11 01 E — 

Abbey NewndO 96 NZS 

TCNZRnft 02NZS 

CreritUxriGOl FFr 

Bee da France ft 22 FFr . — 
SNCFftWFFr 

FLOATING RATE MOTES 


hatred Bid Offer Chg. YMd 

_ 1000 aft 90% 879 

— 1® 105% 10ft 853 


_ ireo aft 
._ ire 105% 

— ISO 66% 

— BOO 82% 

— 6J7 

— IM 103% 

— SCO 10ft 

— 153 1®% 

— 400 104% 

— 200 901’ 

— 200 96% 

_ 100 106% 
— . 250 9*% 

_ ISO 107% 
_ 150 10ft 
_ 100 83% 

— 75 95% 

— 7000 88% 

-3000 9ft 

— 4500 104 


86% -% 1057 

92% •% 957 


104% -% 966 

9ft 9.11 

98% 1(1® 

108% 174 


10ft -% 164 

84% 950 

06% *% mi2 

eft 8ie 

98% -% 850 


Atafcey fed Treesuy -A ® — 

Banco Ffama 0 90 — 

Bafeii n A 97 DM 

BFCE-4UE9B 

Brttentaai0 96E — 

Cteada -% 90 

CCCEOOBEcu — 

Oec* Lyonnria f, DO 

Dterwk-%98 

DrertierFnnmAWDM — 

Ferro CW 3*010 97 

Frtend 097 

Intend 098 

Italy % 96 

UeBaden4MBi1Ffa-%ee — 

ItopfctertiPBpSaiO 

Atatarta A06 

NeirZeriand-% 00 

OnotoOSB 

HrrteO 98 

Sprite Genaata 0 98 

8— W l. Bate -056 96 DM 

Stale Ek Vctoria 555 89 

Sweated 98 

Sawden-%01 

Unaed Klrgdom-% 98 


STTURMT K3H» The rtfa la e» paid fa nctari 
fljQATwn rate NOTE* Da ui4eM h dote 

coupon 

COMmiBU BOMtee Dnmktead ri rfake i 
e»i« ritaOhe prtca d nqririg rioee ter me 


coNvemsLE bonds 


D mwrfa K B B taft 05 — . 

OittQrtal6 88 

Grid Krigcpfa 7% re w 

HamonftOBC 

Hansen Amertca 2X9 01 - 

HarieyPiriBE 

[fedSacsft ®£ 

Laanre 7% 05 C — 

Mori Bn* 2% 03 

Mout ha Fti 6% 97 

Nafl Pcmrft 08 E 

Ogden E® 

Panrnolft M 

Surfemo Barii 3% 04 — 
SuiMm7%06C — 

Tea® Cfete 8 OS E - 

Teas b B b u ii t ite 2% ® - 
• No HamtefaniWtert. ■ 
t Orly are mnret mdrer : 


Cgn*. 

haired Price Bd OSer Prem. 


400 62% 

— 250 86 ' 

65 15554 

580 25STS 

— 1000 

400 

84 872 

—.80 864 

— 200 23325 

100 2X83 

250 433 

86 30577 

— 500 585097 
300 -TftMft 

— 155 35 

— 200 251 

— 300 82% 

■ pMDue day's pfee 
suppled a pen 


94 95% 
100 % 101 % 
114% 115% 
105 106% 
73% 74% 

9ft 96% 
81% 33% 
65 87 

106 % 101 % 
112% 113% 
9ft 88% 
89% 00% 
77% 7B% 


Brtm of 0n ridotoa: M remrt read ta h name ri oremy mca Ctag. dvOov an rfer 

a aim odterin a rt capon An b mnrrun. Opreed iiterti ebon UHnorte rihnd rare c gipu mc m mem raid tr UB dcrin. Cxpolha am, 

utere o t ie m tee hrirnkid On iFhteJkiri te amort cl bend par dew mnn d namnyd riianre an w eion nee faed at MM Mm>Reeoi4age pmrten of Ore 
i bond am dre ml naan pace ri are chars. 


C The Ffandri Umaa UL 1991 Ftapmbrtkn h rehrir or h pan ki ny tarn not paoifead rebhoa nton i 


, Dm reerted by baanafenri G c o r to Martrei Anoriten 


• TOp’ dtoefc. XT Tambae to nonmidmi on aorihrefan. E Auction baate ad & dMdand. Ooring nriFprteea ree ritem ta pounds. 




24 



FINANCIAL TIMES WEDNESDAY SEPTEMBER 28 1 994 


COMPANY NEWS: UK 


House of Fraser loss deepens 


By David Btackwefl 

Flotation costs of £&5m pushed 
House of Fraser, the depart- 
ment store group, deeper into 
the red at the halfway stage. 

The pre-tax loss for the six 
months to the end of July grew 
from £800.000 to £4.5m, on total 
sales 7 per cent ahead at 
£325. 6m (£304- 7m). 

On a like-for-like basis, oper- 
ating profits were 11 per cent 
higher at £3.4m on a 10 per 
cent sales increase. 

Mr Andrew Jennings, man- 
aging director, said the store 
refurbishment programme was 
on schedule, and he was fading 
the crucial last four mo nths of 
the year “with en thusiasm and 
confidence”. The shares, 180p 
at the April flotation, closed up 
4p at 211 p. 

Operating profits almost dou- 
bled to £7.ixn (£3. 6m), boosted 
by business rate refunds of 
£3.7m. The group expects a fur- 
ther ftftm of rate refunds this 
year. 

Mr Richard Scott, finance 

Sycamore’s 
£1.7m financing 
deal to proceed 

By CaroRne Southey 

Sycamore, the laboratory, 
office and garden furniture 
manufacturer, said the princi- 
pal parties bad agreed, with 
some amendments, to go 
ahead with the financing pack- 
age announced in August. 

The deal involves the issue 
of £l.7m convertible loan 
stock. Royal Bank of Scotland 
and Tufton Capital, a corpo- 
rate recovery specialist, who 
have agreed to subscribe to 
the new stock, will make the 
funds available to Deanes Fur- 
niture, a wholly owned subsid- 
iary of Sycamore, which will 
make advances to Its parent 
Part of the long-term finance 
will be a secured loan and the 
balance a convertible loan 
which will enable holders to 
convert into 80 per cent of the 
enlarged capital of die com- 
pany or, in certain circum- 
stances, Deanes. 

Shareholders will not be 
invited to subscribe new capi- 
tal at this stage. They will be 
given the opportunity to sub- 
scribe to new shares after the 
interim results for the year to 
March 30 1996 are released. 


director, said the like-for-like 
improvement reflected aggres- 
sive marketing and better 
focusing on more profitable 
markets. He described the 10 
per cent sales rise as a “good 
achievement when you con- 
sider there has been practically 
no inflation". 

The four stores opened since 
1990 had shown a 23 per cent 
rise in sales, while the Lake- 
side Thurrock store was 29 per 
cent ahead. 

A 14 per cent rise in sales of 
ladies’ and men’s fashion - a 
key part of the group’s strategy 
- was balanced by slow growth 
hi furniture. 

The group spent £3.5m pro- 
moting its in-house credit card, 
lifting the number of active 
cardholders from 476,000 to 
641,000. Cardholders now 
account for 30 per cent of sales, 
and spent 25 per cent more 
than ftiP average customer. 

The figures included an 
£800,000 gain on a property dis- 
posal and interest payments of 
£3 An (£3.6m). 


By Christopher Price 

Baltic, the specialist finan ce 
company, more than doubled 
pre-tax profits from £l.58m to 
£3.95m lor the six months to 
June 30. 

The results were boosted by 
£1.6m from the recovery of 
debts previously written off, 
lower costs associated with the 
strategy of moving away from 
the leasing business, and 
improvements -in margins in 
non-recourse financing . 

Mr Peter Conroy, finance 
director, said the company was 


Fortune OH, the oil and gas 
exploration and production 
company, could pay its first 
dividend soon, after reporting 
interim results showing a 
return to profit. 

The group said the recent 
capital reconstruction had 
opened the way far “dividends 
from future profits” and the 
board was considering an 
appropriate dividend policy. 
However, a decision on a final 
pay-out had not been token. 

Fortune announced after-tax 
profits of £578,000 for the six 



Andrew Jennings: store 
refurbishment on schedule 


A maiden interim dividend 
of L7p has been declared. The 
loss per share before excep- 
tional items was L2p (0.2p), but 
excluding exceptionals, earn- 
ings per share were 1.3p (O.lp). 


considering new sources of 
profits, incl uding finqnc iffl ser- 
vices, to replace the declining 
leasing portfolio. 

Turnover fell 12 per cent to 
£8.14m (£9-29m), although the 
decline on continuing 
operations was just 1 per cent, 
from £6.24m. Basic earnings 
per share increased fro m L6p 
to 8.6p; from L2p to 7.6p fully 
diluted. The dividend rises 
from 05p to lp. 

Improved liquidity enabled 
Baltic to purchase 3.1m of its 
shares, resulting in £3.4m 
being returned to shareholders. 


months to June 30 against 
losses of £163,000. Turnover 
jumped from £226,000 to 
£34. lm. Earnings per share 
were 0.05p (L63p losses). 

Mr Daniel Chiu, chief execu- 
tive, said he was confident the 
group would Show a sl gnfflcant 
improvement this year. For- 
tune also said the mooring ter- 
minal in Maoming, south 
China, in which it had a major- 
ity stake, would begin operat- 
ing some time after November. 

Fortune is more than 47 per 
cent held by Chinese investors. 


• COMMENT 

Stripping out exceptionals 
leaves House of Fraser with a 
loss of £500,000 - a flat result, 
reflected in toe level of the div- 
idend which the City had 
hoped would be nearer 2.4p. 
Sales were down in August but 
started to improve this month, 
and the benefit of the refizr- 

h ish mant a will Show through 
in the run-up to Christmas. 

However, a 1.2 percentage 
point Improvement in 
bought-in margins has disap- 
peared in mark downs, mainly 
on fashion items, while a dis- 
count of 10 per cent on the first 
purchase with a Frasercard 
has cost £3JJm. The move to 
maturity of the four stores 
opened since 1990 Is a big fac- 
tor b ehin d the improved like- 
for-like figures. Forecast prof- 
its of £45m for the fun year. 
Tiring to £52m for 1395-96, give 
forward multiples of 1(15 and 
just under 14 - a 9 per cant 
premium to the sector which is 

high, eno ugh. 

AromaScan 
shares fall 
sharply to 82p 

By Simon Davies 

Shares in AromaScan yes- 
terday fen 14p to 82p, leaving 
the shares 18 per cent below 
their August flotation price. 
The company, which has devel- 
oped an “electronic nose” to 
detect odours, said it was not 
aware of any reason for the 
fan 

AromaScan is the second NM 
Rothschild-sponsored flotation 
to suffer a slide within the past 
week. Aerostructures Hamble 
fell 40 per cent last Wednesday, 
after the company issued a 
negative trading statement 

AromaScan, however, 
claimed that business was on 
target and that it had suffered 
no operational difficulties. 

Brokers said there had been 
a steady stream of small sell- 
ers, plus rumours that a mar- 
ket TnalfPr had built up a large 
selling position. Turnover an 
the day was only 90,950 shares. 

The company is developing 
commercial uses for its odour 
detection technology. Investors 
were warned in the prospectus 
that “an investment in the 
company involves a higher 
than no rmal degree of risk”. 


Ashbourne 
to raise 
£50m via 
flotation 

By Tim Burt 

Ashbourne Holdings, one of 
Britain's largest nursing home 
businesses, yesterday 
announced plans for a stock 
market flotation valuing the 
company at between £80m and 
£90m. 

The company, bam out of a 
management buy-out from 
Stalds, the hotels and cashto 
group, aims to wipe out its 
debts by raising up to £50m 
from a placing and open offer. 

Since the buy-out, its ability 
to expand has been hampered 
by net borrowings of £49m 
inherited from Stakis, carry- 
ing interest rates of between 5 
per cent and 20 per cent 

If fully token up, the share 
issue - sponsored by 
Charterhouse Bank with 
Cazenove acting as brokers - 
should enable the group to 
embark on an ambitious 
expansion programme. 

“Ashbourne has the largest 
proportion of private patients 
in the industry and we want to 
exploit our market share at 
new rites,” said Mr Tom 
Hamflton, chief executive. 

The group, which currently 
operates 19 nursing homes, is 
keen to buy building land 
around London and develop 
existing sites acquired before 
Stakis sold the business for 
£50m. 

Farther expansion would be 
funded by up to £30m of fresh 
borrowing, of which between 
£10m and £15m has been set 
aside to build three three new 
nursing homes next year. 

Growing demand for such 
homes helped lift operating 
profits from £4m to £5J5m in 
the 12 months to October 3 
last year, and Mr Hamilton 
said profits this year should 
reach £6m on turnover of 
about £23m (£2L6m). 

“The company has 

anha tantia! nn nHHw il tor 

losses which will mean it is 
unlikely to pay any 
mainstream corporation tax 
before 1997,” he added. 

Mr Hamilton detuned, 
however, to say whether the 
company’s institutional 
investors - led by Electra 
Eingsway — had decided to sen 
their stake as part of the 
placing and open offer. 


Baltic lifted to £3.95m 


Fortune Oil back in black 


Acatos £27m alliance with 
US agribusiness group 


By Andrew Bolgor 

Acatos & Hutcheson, the edible 
oil and fat manufacturer, is 
forming a strategic relation- 
ship with Archer Daniels Mid- 
land, the US agribusiness 
group which supplies A&H’s 
biggest refinery in London's 
Docklands. 

ADM is injecting £27m into 
A&H through buying 9.5m new 
shares in the UK group, repre- 
senting 22.5 per cent of its 
enlarged equity. 

A&H is also forming a 50-50 
joint venture with the US 
group to build and operate an 
edible ofl refinery and bottling 
and canning plant beside 
ADM*s existing oil seed crush- 
ing plant at Erith in Kent 

A&H is the biggest supplier 
of own-label food oils and mar- 
garine in the UK, with about a 
9) per market share. 

The new Investment will 


enable it to become one of the 
lowest cost producers in 
Europe. 

It has long wanted to link 
with an international company 
as a step to expanding beyond 
the UK, and this is an objective 
the ADM link would achieve, 
said Mr Ian Hutcheson, chair- 
man and chief executive. 

ADM is one of the largest 
agricultural products compa- 
nies in the world with 165 oper- 
ating plants. 

Some £14m of the subscrip- 
tion proceeds will be used to 
pay for A&H’s share of the 
costs of building the refinery 
and the bottling and canning 
plant and for the redevelop- 
ment of A&H’s existing facili- 
ties to concentrate hard oil 
refining at Orchard Place, in 
London's Docklands. A further 
nOm wOl be used for the con- 
struction of the new packing 
factory at Orchard Place. 


ADM is subscribing for 
shares at 288p. the level at 
which they dosed before the 
deal was first flagged In 
August 

A&H’s shares yesterday 
closed lp lower at 2S9p. 

A&H also announced that 
agreement has been reached 
for a reconstruction of the 38 
per emit shareholding in the 
group currently controlled by 
Acatos Limited, a private com- 
pany which owns the shares 
previously owned by Mr 
Hutcheson, his family and 
other parties. 

A&H wOl acquire the entire 
share capital of Acatos in 
exchange for new shares in the 
group. After the reconstruction 
and ADM's subscription, the 
Hutcheson family trusts will 
own 17.7 per cent of the 
grotto's enlarged share equity 
and Mr Hutcheson will own &3 
per cent 


Halstead advances 14% 


By Peter Pearse 

James Halstead lifted pre-tax 
profits and turnover to record 
levels in the year to June 30 an 
the back of improved exports 
by the core floorcavering side 
and solid progress at Driza- 
Bone, the Australian stock- 
man’s coat company. 

The Manchester-based group 
increased profits by 14 per cent 
to £9.9m (£8.7m) on turnover 
up 16 per cent to £69.1m 
(£59.4m). 

Mr Stephen Knight, ffnanca 
director, said that floorcover- 
ings contributed about two 
thirds of turnover and “more 
than that of profit". Some 
£7.5m, including £6.5m in the 
year was spent cm vinyl floor- 
ing technology in the Manches- 
ter manufacturing base. He 
said tills would lead to better 
flexibility to service customer 
needs, productivity gains, 
increased capacity, and new 
products with different mima 
and finishes. 

Mr Knight said UK sales had 
risen “marginally'’. According 
to its own research, it had held 
its 55 per cent market share in 
homogeneous sheet vinyl floor- 
ing, without entering discount 
wars. Exports, however, grew 
by 30 per cent The group sells 


to 46 countries, with Europe, 
and especially Germany, the 
strongest markets. 

Phoenix, the motorcycle 
accessories distributor, had 
turnover of about £8m. It 
added new products to its ros- 
ter and, said Mr Knight, bene- 
fited from the “greater number 
of large bikes bought by mid- 
dle-aged riders”. However cur- 
rency pressures “torpedoed" 


profits growth. Conway saw 
farther decline In its camping 
products, offset by good 
demand for security cabins. 

Driza-Bone had a record year 
with sales of £7m, of which 30 
per cent were exported. 

A Anal dividend of 4.75p 
makes a total 15 per cent 
higher at 7.5p (6.5p). Earnings 
grew 11 per cent to 22.5p 
(20.33P). 


DIVIDENDS ANNOUNCED 



Current 

payment 

Data of 
payment 

Carres - 
pondng 
dividend 

Total 

for 

year 

Total 

taut 

year 

Baltic int 

1 

Oct 31 

0.5 

- 

1.5 

Baring Emerging fin 

02* 

Nov 18 

- 

- 

- 

Britten Group Int 

It 

Nov 16 

08 

- 

1.5 

Brixton Estate Jnt 

2L95 

Dec 7 

2.825 

- 

8 


0.13 

Oct 27 

Oil 

- 

025 

Dorflng ICstay fin 

Z2 

Dec 14 

5L2 

3.3 

32 

European Smaller — fin 

058 

Nov 8 

1.55 

0.56 

1.55 

Goodhead Group — fin 

005 

. 

005 

005 

005 

Halstead (James) fin 

4.75 

Dec 2 

4 

7.5 

05 

House of Fraser Int 

1.7 

Dec 1 

- 

- 

- 

HuntWgh Tech§ int 

2.75 

Oct 3 

2 

- 

42 

IntermetSate Cap Int 

3.75 

Oct 31 

- 

- 

- 

JBA Holdings Int 

08 

Dec 2 

- 

- 

- 

Mucfctow (A8LQ fin 

32346 

Oct 3 

3.14 

0286 

8.103 

Pansnount fin 

02t 

Nov 18 

015 

02 

015 

Schroder Spfit lot 

3.6 

. 

3375 

- 

72 


1.05 

Dec 5 

1 

- 

328 

Tarmac Int 

3 

Dec 9 

3 

. 

5.5 

TnansTac .Int 

1.3 

Jan 16 

13 

. 

32 

Wensunt , Int 

1.5 

Nov 21 

0625 

. 

2 

YufaCatto int 

2.6 

Nov 24 

2.5 

- 

62 


DMdsnds shown pence per share net except where otherwise stated tOn 
Increased capital. §USM stock, a- US cents. 




4 


A quiet Summer for Flemings 


South Africa 


Hong Kong 


India 



Singapore 


Thailand 


Taiwan 



£ 


Jardine Fleming 

The leading edge in Asia Pacific. 


Jardine Fleming Securities Ltd. 
Tfcl: (052) 843-8888 
Fax (852)810-6558 


FLEMINGS 

INTERNATIONAL INVESTMENT BANKING 


Robert Fleming & Co. Limited 
Tel: (44-71) 638 5858 
Fax: (44-71) 382 8414 . 


These anrvxiruxm&us appear as a mamrof record only. 

LMraa^gmanbtr^TheUmiiariSi^Exchar^aiviThe5aMrUiatwdFmuTesAuihaH^lJmi«iL 


RESULTS FOR 1993/94 


* Pre-Tax Profit 

$ Increased Dividend 

* Property Portfolio valued at 

* Strong Balance Sheet 


£10.10m (£9.67m) 

6.2861p net (6.103p) 
£220.99m (£206.83m) 



A&J MUCKLOW GROUP pic 
Largest owner of Industrial 
Trading Estates in the Midlands 

MUCKLOW 

T&o AannalKqxaTaad AosHimswffljbe circulated to sfiaiHhafctara on 17th October 1994 


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18.12 

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Ashbourne 

A malar UK Nursing Haines Group specialising tai die private pay ranker 


Placing and Offer for Sale 


Prospec tus Registration Hotline (24 hours) 

0 800 44 88 22 

' of ihotflrccuw of AaUm 
_ J Bta 4 , “w*«rf , n*Sc 
i ofsecUon 57 Of the FHttdcii] Sen**, . 


mi prepaid t? i 

KsaafBKS 


u„, 15% 

off electricity 




021 423 3018 

Powerline 


FINAWCIAJL TlMgg 1 1 


MANAGEMENT REP ORTS 

(authoritative I 
market 
reports 

-A wnmuU w 

;a «i* «s &««■€«. amp 


J^*^*j * “‘•“swrrrmst 

■*- 44 (0)71 814 9770 
+44 <W)*7X 814 9778 








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FINANCIAL TIMES WEDNESDAY SEPTEMBER 28 1994 

COMPANY NEWS; UK 


Recovery continues at Ylll f,^ a ,"" 

0 r_ __ n/ . up 42% but 

Scars With 38 % rise warns on 


By Paggy Hofinger 

Sears yesterday announced a 
38 per cent Increase in interim 
pre-tax profits, confirming Hip 
recovery that began more than 
a year ago at the retailing 
group, which Includes such 
names as Self ridges and Dolds. 

For the six months to July 31 
profits rose from £38.9m to 
£53-8m on sales 4 per cent 
higher at £949.6m. 

Mr liam Strong, chief execu- 
tive, who has led the group 
away from Interim losses in 
1992 of £97m. said the improve- 
ment reflected Sears' ability to 
get “more pounds of profit for 
every pound of sales”. 

The company dismissed sug- 
gestions that It would not be 
able to maintain such momen- 
tum in the longer tenn. “Seers 
Is stm very much in the pro- 
cess of upgrading its retail 
skills.” ft said. 

Sears compares itself with 
Marks and Spencer, which 
operates in many of the same 
markets but achieves higher 
margins. "Their trading mar- 
gin last year was 13 per cent 
and ours was 6 per cent;” the 
company said. “We reckon 
there is still some way to go." 


• PreHBx profiMoss. gm 

FVwngial yews ID 31 4*1 1 

fc 6 monte to July 31 I 


• -100 1 1- -t-ii-l- t l—J 

-3980 90/ 91/ .00 W 84/ • 
/SO .81.92 93 94 .95 
aowreD MBSfa aaKflCBt^ 

The profits improvement was 
helped by strong growth In 
underlying sales. Like-for-like 
retail sales were almost 5 per 
cent up. The trend continued 
in the second half with like-for- 
like sales in the first seven 
weeks about 7 per cent ahead 

Sears enjoyed strong interim 
profits growth in all divisions, 
with the exception of its chil- 
dren's wear business, the 
Olympus sports shops on the 
high street, and the shoes joint 
venture In Germany and the 
Benelux countries. 

Problems in the two UK busi- 


nesses left profits from high 
street fashion 69 per cent down 
at CT Sm The riapHnp Tnpgfrod a 
substantial improvement in 
womenswear, the group said. 
Recession in Germany left the 
joint venture with losses of 
£3Jm (£600,000 profits). 

Sears reported its strongest 
growth in Selfridges, the Lon- 
don department store, which 
Increased sales by 12 per cent 
to 2l07.7m and profits by 52 per 
cent to fiUm. 

Footwear, where Sears 
claims about 20 per cent of the 
UK shoe market, showed a 5JJ 
per cent like-for-like sales 
improvement. Sales and profits 
were. helped by the success of 
new concepts such as the 
self-service Shoe Express, and 
Shoe City, a large format out- 
of-town store. Trading profits 
were 24 per cent ahead to 
211.2m, cm overall sales 3 per 
cent ahead to £261 .5m. 

Cost-cutting helped the Free- 
mans home shopping business 
lift profits 91 per cent to ciftm. 
Rrrhiriing one-off charges prof- 
its rose by 21 per cent 

The dividend is Tnrraa«*d by 
5 per cent to L05p (lp). Earn- 
ings rose to L85p (l-45p). 

See Lex 


GA loses life insurance ‘tie’ 
with North of England 


By ABson Smith 

General Accident, the 
composite insurer, is to lose its 
ability to sell life insurance 
products through North of 
Wn gianri B uilding Society from 
the end of this week. 

The ending of the “tie" - by 
Which North Of En gland sold 
GA life products through its 
branch network - is a result of 
the society's merger with 
Northern Rock Budding Soci- 
ety, which win create the tenth 
largest society. 

Northern Rock is tied to 
Legal & General for life insur- 
ance products, and financial 
services regulation means that 
the merged society is not 
allowed to maintain ties with 
both insurers. 


Though Northern Rock is 
keeping the relationship with 
L&G at present, the move 
mman against a background of 
shifting patterns of alliances 
between life insurers and soci- 
eties. 

Some of the very largest soci- 
eties, including Halifax and 
Nationwide, have announced 
plans to set up their own life 
insurance subsidiaries. This 
should give them more control 
over the products sold, and 
ahnnld also be more profitable 
than merely taking commis- 
sion from a life company. 

Some insurers also think the 
relationships must change. Mr 
R fi l Jack, general manag er of 
GA Life, said earlier this year 
that greater transparency 
should be introduced. Ties 


between life insurers and 
banks and societies had not 
sufficiently benefited custom- 
ers in the past, he added. 

GA life said yesterday that 
it was “disappoonting” to lose 
the relationship with North of 
England, bid: that it aimed to 
remain a significant force in 
terms of links with societies. It 
is tied to eight others, though 
most of them are gmaTier than 
North of England. 

Building socie ties produced 
about 10 per cent of its busi- 
ness, it said. 

GA Life's link with North of 
En gland goes back only a year. 
Before then, the society had 
acted as an indep endent finan- 
cial adviser, able to sell life 
and pensions policies from any ■ 
product provider.. 


TransTec profits warning 


By Patit Cheesowright, 
Midlands Correspondent 

Profits dipped sharply during 
the first half at Trans- 
Tec, the West Midlands special- 
ist engineering group, and Mr 
Geoffrey Robinson, chairman, 
warned that second-half results 
would not match last year's. 

The announcement yester- 
day set off a fall of more than 
19 per cent in TransTec's 
shares which, in 1992, traded at 
more t h a n 500p. The shares 
lost I3p to 54p, valuing the 
company at £5l.7m. 

The 46 per cent fell in pre-tax 
profits from £5.58m to £3m 
checked the fast profits growth 
that has taken place since the 


company emerged from Cen- 
tral & Sherwood, the engineer- 
ing group controlled in the late 
1980s by Mr Robert Maxwell. 

Mr Robinson promised in the 
second half a “significant 
Improvement over the first 
hair but he added that, “given 
the acute downturn in what 
has historically been our most 
profitable segment”, it was 
unlikely to match the second 
half of last year. 

The most profitable segment 
ha« been the control and man- 
ufacturing technology division. 
Although its turnover rose to 

£3L23m from £2L56m. it turned 
in a £41,000 loss against profits 
of £3 .2m. 

TransTec attributed the prof- 


its decline to “an absence of 
new orders from the aerospace 
sector” and heavy development 
costs on new products to be 
Introduced in the second half. 
Mr Robinson said the dearth of 
orders from aerospace custom- 
ers became apparent in March. 

The interim figures ware sal- 
vaged to same extent by the 
increase in profits erf the auto- 
motive division, the problem 
area of 1993. Pre-tax profits 
rose to £3.13 from £L42m. 

Group turnover of £94.18m 
compared with £&L9Sm. Oper- 
ating profits declined to £3.72m 
from ffi-Qfrn On earnings per 
share down at JL5p from 4jp, 
TransTec maintains its interim 
dividend at L3p. 


warns on 
margins 

By Tim Burt 

A sharp increase In first half 
profits at Yule Catto, the 
chemical and building prod- 
nets group, was yesterday 
overshadowed by a warning 
that rising raw material prices 
could hamper future growth. 

Although the group saw pre- 
tax profits increase 42 per cent 
from £9 .26m to £L&2m in the 
six months to June BO, it said 
margins were likely to come 
under pressure following price 
rises of up to 90 per cent for 
some petrochemicals. 

“Higher raw material costs 
are starting to 1 hi pant on our 
chemicals business and we 
will have to push up prices 
progressively over the coming | 
months,” said Mr Alex j 
Walker, chief executive. 

Prices for chemicals such as 
Styrene, used in latex, have 1 
increased from about £820 a 
tonne to more than £500. 

The group has tightened cost 
controls to reduce the effect of 
higher prices, but Mr Walker 
hinted that its speciality chem- 
icals business could see a dtp 
in tiie second half 
Profits increased by 29 per 
cent from £9.51m to gtaAm in 
that division following contri- 
butions from Synthomer 
Chemie, the German latex 
company acquired for £UL2m 
last year, and buoyant sales in 
east Asia, where it has size- 
able adhesive operations. 

Increased demand from the 
construction industry, mainly 
in continental Europe, helped 
the building products division 
report a 43 per cent increase in 
profits to £2.61m (£l-83m). 

The two divisions helped lift 
operating profits of continuing 
operations from £10.8m to 
£l&8m. Turnover rose 14 per 
cent to £160.1m (£l40.6m) 
including £3. 15m (£6. 73m) 
from discontinued operations. 
Last September's £29. 7m 
rights issue, which funded the 
Synthomer acquisition, helped 
reduce net borrowings from 
£20.7m to £6.46m, equivalent 
to gearing of 10.4 per cent 
Earnings per share, adjusted 
far the rights, rose from 6.4p 
to 8p and the interim dividend 
is increased to 2JSp (L5p). 

The shares, which fell 9p to 
284p earlier this week, 
regained 8p to dose at 292p. 

• COMMENT 

Yule Catto is better equipped 
than most to cope with costlier 
raw materials. It has improved 
volumes and reduced over- 
heads, mostly through the dis- 
posal earlier this year of its 
loss-making facades business 
in the Netherlands. But it will 
be difficult to force price 
increases on unwiHing custom- 
ers. The only consolation is 
t hat all chemical manufactur- 
ers are in the same boat, so 
market share is unlikely to be 
affected. If it can contain the 
cost rises, full-year profits 
could reach £29m. tike most 
other chemicals companies, 
the shares - on a forward mul- 
tiple erf 17 - are at a premium 
to the market Unlike some, 
however, they look a reason- 
able if unexciting prospect 


Lower costs help Britton to £3.75m 


By Peter Pearse 

Buoyed by lower polymer prices, pre-tax 
profits at Britton Group, the packaging 
company which on June 13 swallowed the 
larger NMC. jumped froth £520,000 to 
£3.75m in the six months to June 30. 

Turnover rose from £6JSm to £30m. The 
shares edged ahead lp to 153p. 

The results this time are essentially 
those of Britton's UK polythene subsid- 
iaries - Taco and the now renamed 
Geiplas. 

However, the figures also include 18 
days of profits and turnover - £790,000 and 
£6. 45m respectively - from NMC, the 
London-quoted but US-based folded car- 
tons company. 


The acquisition will result in Britton's 
turnover increasing to about £200m. 

NMC also brought with it some UK poly- 
thene packaging subsidiaries - NMC Secu- 
rity Products, Precision Packaging and 
NMC Coatings - which are to be inte- 
grated into Britton's polythene division. 

While Britton's operating profits jumped 
to £3J5m (£554400), cm a like-for-like basis 
they rose 20 per cent 

Operating margins at the continuing 
businesses -rose from 11 to 13.4 per cant, 
while the NMC figure was 1&3 per cent 
Tonnage volume grew by 9.6 per cent, 
helped by a lower average selling price per 
tonne of £938 (£983). 

Mr Simon Beart, finance director, said 
that just as the lower prices had been 


passed on to customers, so would the cur- 
rant higher ones- Britton had a long book 
of six weeks of polythene supply, he said- 
_ Mr Robin Williams, chief executive, said 
Taco wotdd concentrate on high margin 
areas like feminine hygiene and adult 
incontinence products, with less emphasis 
on nappies. Geiplas makes industrial pack- 
aging and Intermediate handling products. 

Capital expenditure planned for 1995 is 
between £L5m and ElSzn, mostly for the US 
but inducting £5m for buildings and the 
increase of capacity in the UK operations. 
Gearing is expected to hold at the current 
33 per cent level. 

The interim dividend is lifted to lp 
(0.6p), payable from earnings of 4.79p 
(2.78p>. 


Further evidence of shift in character of the market’s capital base 

Lloyd’s agency launches £30m fund 


By Richard Lapper 

Wellington Underwriting 
Agencies, the largest manag- 
ing agency at the Lloyd's 
Insurance market, yesterday 
announced plans to launch a 
£30m listed investment com- 
pany whkh Will supply exclu- 
sive support for its seven syn- 
dicates. 

The announcement provides 
farther evidence of the shift in 
the character of the market's 
capital base, traditionally sup- 
plied by Individual Names, 
trading with unlimited liabil- 
ity for their losses. 

Earlier this week, Hiscox 
Group, another Lloyd's 
agency, said it intended to 
float Htorot Dedicated Insur- 
ance Fund, and other Lloyd’s 
agencies, including RJ Kiln, 
are expected to announce simi- 
lar plans in the next few 


Unlike the Lloyd's invest- 
ment trusts floated after 
Lloyd's raised some £800m in 
corporate capital last year, the 
new single agency or “dedi- 
cated” vehicles, only support 
the syndicates of a single 
agency, allowing a closer rela- 
tionship between the investor 
and the agency’s insurance 
business. 

The new company, Welling- 
ton Underwriting, wifi come to 
the market by way of a placing 
of 30m shares at £1 each. Wel- 
lington intends to raise about 
half the money from overseas 
and is offering US institutions 
the opportunity to invest 
through ADRs. 

Other overseas funds could 
fmm Australia. Germany 
and Switzerland. The company 
will supply about £55m in 
capacity to Wellington syndi- 
cates, less than 10 per 
cent of the capacity managed 


by the agency. 

Sponsors to the company are 
Noble & Com p any, while the 
brokers are drag Middleton & 
Company, both of which 
advised the launch of Pre- 
mium Trust and Premium 
Underwriting at the end erf last 
year. 

Alex Brown & Scats are act- 
ing as US adviser to the com- 
pany- Impact Jtey is scheduled 
for the end of October. Inves- 
tors must make a minimum 
investment of £1,000. The Wet 
hngton group itself is buying a 
£5m stake. 

Mr Anthony Cooper, chief 
executive of Wellington Under- 
writing, said that the pre- 
emption rights of existing 
Names would be honoured and 
that the development would 
benefit Names by giving “addi- 
tional stability and secur- 
ity to the existing capital 


Mr Cooper said that Welling- 
ton had no plans to create an 
insurance company, but the 
launch of the new fund created 
a series of long-term 
options for the group’s devel- 
opment. 

Mr Julian Avery, chairman 
of Wellington Members 
Agency, added that “it will 

offer [Names] an opportunity 

to invest directly, and on a 
limited liability basis, in Wel- 
lington managed syndicates. It 
could also lead, at some future 
date, to a means far tradi- 
tional unlimited liability 
Names to transfer their under- 
writing to a limited liability 


Ifiscox, which announced its 
flotation plans an Monday, is 
also planning a rights Issue to 
raise in extra, capital for 
the frmd, launched last year 
after an offer far subscription 
raised £ll-2m. 


Tj0# Johannesburg Consolidated 
/ I P Investment Company, Limited 

■r\ 1^ (Registration No. 01/00429/06) 

Gold Mining* and Exploration Companies 

Highlights from the Chairman's Reviews of KW Maxwell for 
the year to 30 June 1994 

Rasdfimtein Estates again produced very satisfactory results, with profit after tax rising to R276.3 million (B208.5 
million). Dividends rose to R171.2 milli on (RS8.6 million). 

Western Areas' profit after tax nearly trebled to R1S9.9 million (R66.2 milli on). After some years of no dividends 
the mine paid a total of R125.0 million this year (R10.1 million). 

H J Joel's profit before capital expenditure dropped to R3J2 million (R14.S million) but good progress was made 
towards redeveloping the mine. 

South Deep continued with its development plan to access and mine out reef in the proposed shaft pillar area as 
well as to refine its plans to bring the mine into production. 

The Randfontein Estates Gold Mining Company Witwatersrand Limited 

Ragtatratimi No. 01/00251/06 

Year ended Year ended 

Remit* in brief 30 June 1994 30 June 1993 

Tbns milled (000) 7.917 6,054 

Grade g/t 4.1 3.9 

Gold Produced leg 32*62 31,667 

Average Price received R/kg 40,347 33,956 

Profit before tax Ron 44S.7 260.0 

Tki and lease due Rm 172.4 51.5 

Capital expenditure Rm 93 J 

Dividends declared Rm 171.2 SS.6 

Dividend* per share ce nt* 280 145 

life of mine reserves at a gold price of R44.000 per kilogram (S3 90 per ounce) at 31 March 1994: 

Ibns Kilograms Ounce* 

52^697,000 434,787 13,978,724 

The mine produced a very satisfactory result, with rises in profit after tax of 33% and dividends of 93%. Nonetheless 
the unexpectedly high grades mined at Cooke 3 this year cannot be relied on to continue and development there has 
revealed loner than estimated levels of ore reserves. During the year; re-examination of Kimberley Reef reserves at 
Doomkop caused a reduction of previous estimates by 66%. This makes the current work via the subvertical prospect 
shaft at Doomkop all the more crucial. 

It will not therefore be possible forRandfontein to operate at current milling rates for many more years. Milling rates 
are likely to decrease steadily over the next few years in order that the remaining reserves can be optimally exploited 
and the current infrastructure productively utilised. The actual rate of decrease in output will be determined by the 
findings at Doomkop. 

Tfor the 1995 fi nancial year indications are that the mine's profits after tax will fall somewhere between the results or 
the past two years. Much will, of course, depend on the rand price for gold. 

Western Areas Gold Mining Company Limited 

Raffattatum No. 5S/03MB/06 


at a gold price of R44.000 per kilogram (S390 per ounce) at 31 Marrh 1994: 
Kilograms Ounces 

434,787 13.978,724 


■ 


Year ended 

Year ended 

Result* in brief 


30 Jane 1994 30 June 1903 

Ibns milled 

(000) 

2,266 

2,184 

Grade 

g It 

7.0 

6.3 

Gold Produced 

to 

15,877 

13,710 

Average Price received 

RAg 

39,920 

34,073 

Uranium produced 

tons 

274.7 

278.6 

Profit before tax 

Rm 

196.6 

66.2 

Tkx and lease paid 

Rm 

6J 

_ 

Capital expenditure 

Rm 

39.5 

298 

Dividends declared 

Rm 

125.0 

10.1 

Dividends per share 

cents 

310 

25 

Life of mine reservea at a gold price of R44.000 per kilogram ($390 per ounce) at 31 March 1994: 



Tbna 

92^805,000 


Kilograms 

685,191 


Ounces 

22 , 061,548 


Although excellent, this year's result would have been better still had the steel drum shaft of the Sub-Vertical 2 (SV2) 
Shaft winder not broken in January and had the number of days of lost production during the last quarter of the 
financial year not occurred. It is also particularly pleasing that the reserves have been built up to some 35 million tons 
which gives the mine the flexibility to mnmtnin its current production level of 212,000 tons per month. 

H J Joel Gold Mining Company Limited 

Raglrindau No. BS/OlWfi/DB 




Year ended 

Year ended 

Raanhain brief 


30 June 1994 

30 June 1993 

'Ibns milled 

(000) 

622 

835 

Grade 

eft 

5.7 

6.0 

Gold Produced 

to 

3,567 

5,041 

Average Price received 

R/to 

39,046 

34,018 

Profit for the year 

Rm 

3.2 

14.8 

Tbx and lease paid 

Rm 

- 

- 

Capital expenditure 

Rm 

38.4 

26.8 

Life of mine reserves at a gold price of R45.000 per kilogram ($384 per ounce) at 30 Jane 1994: 



Thu* 

24,900,000 


Kilograms 

187,184 


Ounces 

6,016,496 


The 1994 financial year was spent redeveloping the mine with the objective of establishing an adequate base for 
future sloping operations. As a result, ore reserves were increased to 351,000 tons from 276,000 tons and the 
foundations laid to build up these reserves to a level in excess of 1 million tons by June 1995, with an ultimate target 
of 2 million tons. 

The company successfully concluded a righto issue in April 1994. raising R276 million after expenses. Part of the 
proceeds was used to redeem R150 million preference shares issued to JCI and the balance will be utilised, 
together with increased operating profits, to fund capital expenditure and provide working capital associated with 
H J Joel's revised development programme. We expect that the present capital base should be sufficient to meet 
this programme, retire all remaining debt and provide an operational base to enable the payment of dividends 
within two to three years. 

South Deep Exploration Company Limited 

R^twmfcmN a. 88/03931/06 

Ufa of mine reserves at a gold price of R44,000 per kilogram l$390 par ounce) at 31 Much 1994: 

Tbnfl Kilograms Ounce* 

U&£4Z000 1,192,040 38.324,968 

The process followed during the past few years to access the South Deep deposit from the Western Areas’ South Shaft 
with a view to confirming the geological and geophysical evaluations of this area, has proved to be ideal. The degree of 
confidence in our evaluation of the quality and nature of the reefs and hence the proposed methods of mining has been 
elevated enormously. South Deepfa current programme of mining out the VCR in the proposed shaft pillar area carries 
with it the advantages of releasing values that would otherwise be locked up for decades to come and of providing 
greater stability for the shaft by means of the backfill programme. 

Since the financial year-end the Boards of Western Areas and South Deep have announced that negotiations are in 
progress with a view to combining the mining interests of the two companies. It is believed that an enlarged mine would 
provide valuable synergies and make it possible to realise the development of South Deep more expeditiously. The 
discussions are continuing and shareholders will be advised of the outcome once a conclusion has been reached. 

All the companies mentioned above are incorporated in the Republic of South Africa. 

Copies of the Annual Reports are available from the London Secretaries, Johannesburg Consolidated Investment 
Company ( London X Limited, 6 SL James’s Place, London SW1A INP. 


BANCO BILBAO VIZCAYA 


SECOND QUARTERLY DIVIDEND 1994 

The Board of Directors of Banco Bilbao Vizcaya SA. 
has approved the payment of the second quarterly 
dividend for the Financial Year 1994 on all shares 
issued, numbered 1 to 231,000,000 as follows: 


a;. 3 «nrv(^f on 



Grom Dividend 
38 ptas 

Date of payment: 
Payment As the 


Tax 

9.60 ptas 


Net Dividend 

28 JS 0 ptas 




■ * V . 


on or after 10th October 1994 


As the shares are represented by entries 
in tfru* offiriwl register maintained by the 
Servicio de Compensacidn y Uqmdactfn, 
SA. (the "SCL"), the payment of the 
dividend will take place through the 
members of the SCL. 


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FINANCIAL TIMES WEDNESDAY SEPTEMBER 1994 



COMPANY NEWS: UK 


Dorling Kindersley slips to £9m 


By Andrew Bother 

Dorling Kindersley Holdings, 
the publisher of highly Illus- 
trated reference boohs, expects 
a “reasonable contribution" to 
group profits this year from its 
new generation of multimedia 
products. 

The group Is this week 
la unching five CD-ROM prod- 
ucts - which combine words, 
pictures and text on personal 
computers - at recommended 
prices ranging from £49499 in 
the UK and #6045130 (about £40- 
£80) in the US. Titles include 
The Ultimate Human Body and 
Incredible Cross-Sections. 

Mr Peter Gill, finance direc- 
tor. said profitability would 
depend partly on whether 
prices were held at this level - 
particularly in the US, where 
earlier multimedia products 
had been discounted. 

DK reported a 6.3 per cent 
drop in pre-tax profits, from 
£&65m to £9.04xn, in the year to 
June 30, in spite of increasing 
sales by 23 per cent to £107m 
(£87 .4m). 

The group blamed the short- 
fall on Investment in new busi- 
nesses, distribution problems 
and a slower than expected 


By Christopher Price 

The tentative revival in the UK 
property market helped A&J 
Mucklow Group, to a 4 per cent 
rise in pre-tax profits, from 
£9. 67m to £10.1m, for the year 
to June 30. 

Mr Albert Mucklow, chair- 
man of the property develop- 
ment and investment com- 
pany, cautioned that the 
recovery in both rental income 
and capital values was “slow 
and patchy,” and unlikely to 
show through to gr ou p profits 
for same time. "The ball is still 
in the tenants' court. But rents 
have stopped felling now, and 
we are beginning to see the 
start of some recovery." 

Rental income and t urn ove r 



Peter Kindersley: UK market 

hindered by NBA uncertainty 


take-off by DK Education, 
which supplies kits to schools. 

Mr Peter Kindersley, chair- 
man and chief executive, said 
the UK bookshop market was 
flat and the situation was not 
being helped by uncertainty 
over the future of the Net Book 
Agreement, which allows pub- 
lishing groups to set minimum 
prices. 

DK said it was disappointed 
by the proposed withdrawal of 
the publisher Hodder Headline 
from the NBA, as it believed 
the agreement’s abandonment 
would result in the closure a I 


edged forward to £20.53m 
(£20J2m). But some of the posi- 
tive gi gnala seen at the interim 
results stage had faded in the 
second half. Evidence erf this 
was seen in the group’s indus- 
trial vacant? levels, the 245,000 
sq ft decline in the first half 
falling to 27,000 sq ft daring 
the second half However, the 
overall industrial vacancy level 
draped nearly 300,000 sq ft to 
1.48m over the year. 

Mr Mucklow said that starts 
on two new projects - a 48,000 
sq ft factory and office block 
and a smaller office develop- 
ment In Birmingham - had 
been made. "We wouldn't have 
started unless we were confi- 
dent that the market is Improv- 
ing," he insisted. He added that 


Darting Ktoderstey 


Share price (pence) 

360 - 



smaller, independent book- 
shops and the av ailability of 
fewer titles. Mr Gill said: "If 
there is a snowballing effect 
with other publishers joining 
Hodder, then there may be an 
impact" 

DK Adult division increased 
sales by 23 per ent to £62m, 
representing 58 per cent of 
total turnover. Best-selling 
titles were on sex, gardening 
and pasta. DK Children's divi- 
sion increased sales by IS per 
cent to £3L7m, comprising 30 
per cent of total turnover. 

Earnings per share fell 15 per 


the West Midlands commercial 
property market seemed to be 
in a healthier state than fli p 
southern regions. 

Mucklow had also acquired 
two new proper ti es, at a cost of 
£L33m. since the year-end. One 
is a 6,200 sq ft partially let 
Office building In f*imringt«mi 
the other a 135,000 sq ft indus- 
trial estate in Mitcham, Surrey. 

A review of the company’s 
portfolio had resulted in a val- 
uation marginally np rm thp 
previous year at £221m. Earn- 
ings per share rose from &42p 
to 7.53p, while the net asset 
value advanced from 144p to 
15 7p. The final dividend is 
3.2346p for a total of 6.286p 
(6.103p). The shares fell 12£p to 
14&5p . 


cent to a.4p (95p). A proposed 
final dividend of 2J2p main- 
tains the total at 3.3p. 

• COMMENT 

The quality of OK's products 
continues to dazzle, but uncer- 
tainties cloud aspects of its 
markets. Although the UK now 
accounts for only 25 per cent of 
group sales, the break-up of 
the NBA would not be wel- 
comed by a publisher which 
enjoys premium prices. Invest- 
ment in TnuMmudia is ivw rea- 
son why administrative 

expenses jumped from £19m to 

ffB wi , but it is mwb harder to 
estimate tha profits potential 
of the new CD-ROM products - 
not least tmHi the f^tent of 
retail discounting is estab- 
lished. Having sorted out last 
year's distribution problems 
should help forecast profits 
reach nearly Siam in the cur- 
rent year. That puts the 
shares, up 2p to 299p yester- 
day, cm a prospective multiple 
of 28 — Dearly double thp mar- 
ket average. The rating reflects 

Hip pr un ri inn which investors 
are prepared to pay Car a stoke 
in the new information revolu- 
tion. but leaves no roam for 

riiRap p nnitnient 

French launch 
of Glaxo drug 

By Daniel Green 

Glaxo has finally launched its 
migraine drug Imigran in 
France, despite failing to 
secure government agreement 
for its availability on the 
French rmHmiai health service. 

Patients will have to pay for 
the drug, at FFrl42£ (£l7.l0p) 
per ii flAirtinn plus the pharma , 
cists mark-up. This is about 
the amount paid by the UK 
National Health Service. 

Sales of Imigran, which 
promises to become one of 
Glaxo’s biggest sellers, were 
£243m last year. 

France has among the lowest 
drug prices in Europe but the 
largest per bead cons um ption. 


ICG meets 
flotation 
forecasts 
with £9.7m 

By Richard Gourfay 

Intermediate Capital Group, 
the specialist lender of mezza- 
nine finance, reported first- 
half pre-tax profits up 60 per 
cent at £9.7m, in line with 
expectations at the time it 
floated in June. 

Earnings per share were 
l&Sp, up 59 per cent on the 
pro forma figures for the six 
months to July 31 1993. 

Mr James Odgers, managing 
director, said the companies in 
which ICG had invested were 
performing strongly. The 
group had made £50m of new 
1 mm in the first half in the 
UK, France, Italy and Sweden. 

Some £36^m of these loans 
were on ICG’s own balance 
sheet with the balance taken 
up by clients for whom the 
group is manag in g funds. 

After loan repayments, there 
was a net increase in lending 
of 7 per cent ICG lends to 
unquoted companies and takes 
an equity stake or right to an 
e qui t y option. It receives net 
interest and dividends, which 
it describes as its core income, 
and which in the first half rose 
by 7 per cent to £45m. 

It also realises some of the 
capital gains it makes on 
shares in Investments that 
float. Profits from this were 
£5-5m from five flotations and 
me trade sale. 

ICG said the rate of increase 
in profits was beneficially 
affected by the high level of 
capital gains and was not rep- 
resentative of the increase 
likely for the fun year. 

ICG's share price has hardly 
moved from its flotation price 
of 225p. "This is not a stock 
far the short term or toe unso- 
phisticated," said Mr Odgers. 
“We think we had a very good 
start and are gradually tenting 
to our investor base - but the 
passage of time is as impor- 
tant as talk.” 

A 3.75p dividend is declared. 


Mucklow improves to £10. lm 


Eastern Electricity in 
£160m power plant order 

r™-,. ...I. offai-t nf thp station 


By Michael Smith 

Eastern Electricity has ordered 
a £l60m gas-fired power station 
at King's Lynn, Norfolk, in one 
of three moves announced yes- 
today which it said underlined 
its strategy of becoming a lead- 
ing independent electricity 
generator. 

The company is spending 
£lQm to take foil ownership of 
the 360 MW Peterborough 
power plant, of which it 
already has 50 per cent It has 
also reached agreement to buy 
part of the output of tine Schoo- 
ner gas field in the North Sea. 

The investments in the 
340MW King’s Lynn station 
and Peterborough could take 
gearing to about 30 per cent in 
1S95-96, although this may vary 
depending on how Eastern 

ffnanfipn thorn The rampany is 
currently cash neutral. 

Eastern said yesterday that 
fnllnwimr cnmnletfon nf the 


King’s Lynn station at the end 
of 1996, the gross assets of its 
generat io n division would be 
about £450m. 

It exports King’s Lynn and 
Peterborough to contribute 
about £40m to pre-tax profits in 
1997. Last year it made pre-tax 
profits of £177m. 

The King's Lynn project is a 
further disappointment for the 
coal industry following an 
announcement last week by a 
group of companies, including 
Midlands Electricity, that they 
are building a 750 MW power 
station on Humberside. 

The King's Lynn power sta- 
tion, to be built by Siemens, is 
likely to displace about lm 
frames of coal a year. 

Mr Doug Swinden, group 
strategy director, said that the 
project would provide a good 
return on the investment even 
if the price in the electricity 
wholesale pool were to remain 

o+ lmrolc 


The peak effect of the station 
on group gearing would be 12 
per cent in 1995-96 and this 
would then fall because of the 
station's cash generation. 

The acquisition of 50 per 
cent of Peterborough from 
Hawker Siddeley Management, 
a BTR subsidiary, will bring 
£175m of non-recourse debt on 
to the group’s balance sheet 
It will increase gearing by 21 
percentage points in 1994-95 
but this falls to 10.3 percentage 
points in 19&J-2QQ0. 

Peterborough made operat- 
ing profits of £3.9m and pre-tax 
profits of £840,000 in the six 
months to March after starting 
full operation in December. 

Eastern expects to buy about 
f?p n m of gas from the Schoo- 
ner fiel d from Shell and Esso 
over the nine years from 
autumn 1996. It has already 
agreed to buy the entire output 
of the Johnston gas field in 

n Vi.l< rtnmc a etalco 


Sharelink price drops after 
warning on interim losses 


By CaroTtne Southey 

Shares in Sharelink 
Investment Services, the tele- 
phone based stockbroker 
finatnH last July, fell by more 
than 38 per cent yesterday 
after the company warned of 
losses at the interim stage. 

Shares in the Birmingham- 
based company fell by 5lp to 
dose at 187p after Shardmk 
announced it expected pre-tax 
losses of about £500,000 for the 
six months to September 80. 

Mr David Jones, chief execu- 
tive, said low market volumes 
had caused Sharrilnlr to trade 
"at below break even” in the 
first four monthB although 
trading had improved in 
August 

Sharelink warned in January 


that earnings could suffer if 
the decline in DK equity mar- 
ket trading volumes persisted. 

Mr Jones also pointed to 
expenditure of £700,000 on 
development projects, such as 
the MarketMaster service 
launched yesterday, which 
would benefit ShareHnk’s prod- 
uct profile by. 

Total investment in the first 
bit Tiwitba reached v-i -2Sm 

Even with depressed vol- 
umes, operating profits were 
expected to be about £200,000 
at the interim stage, Mr Janes 
said. In its Gist figures after 
wiming to market. Share- 
link announced interim pretax 
profits of £3.68m (£785,000), 
inflated by ci 47m from han- 
dling part of the government 
sale of BT shares. 


Mr Jones said yesterday that 
the board remained positive 
about prospects for the full 
year, as revenues in the second 
half were traditionally stronger 
than in the first. 

The company intended to 
maintain an interim dividend 
of 3p and, in the absence of 
unforeseen circumstances, to 
recommend an unchanged 
final of 6p. 


European Smaller 

European Smaller Companies 
raised net assets per share 
from 116.7p to 135.3p in the 
year ended June 30. 

Earnings per share were 
Q.78p (1.79p). The dividend has 
been cut to 0-56p (1.55p). 


NEWS DIGEST 


pressure on selling prices. 


Goodhead 
back in 
the black 

Goodhead Group, the printing 
and publishing company, 
turned a £17m pre-tax loss into 
a profit of £40,000 for the year 
to May 31, struck after a 
£130,000 profit (£14m loss) on 
the disposal of discontinued 
operations and a loss of £43,000 
(£309,000) on the sale of fixed 
assets. 

Turnover fell 25 per cent 
from £37.4m to £28 .2m, with 
discontinued operations contri- 
buting £2.2Bm (£11 -8m). 

Earnings per share, fully 
diluted, were 0-fip (85-9p losses) 
and the proposed final divi- 
dend is unchanged at 0.05p. 

JBA at £264,000 

In its first set of results as a 
listed company since its flota- 
tion in June, JBA Holdings, 
the software company, turned 
in an interim pre-tax profit of 
£264.000 against a loss of 
£l.07m. 

Turnover for the six months 
to end June was up by 29 per 
cent to £38. 5m (£29.9m). 

There is an interim dividend 


of 0.8p, a proforma increase of 
33 per cent Earnings per share 
came out at 0.19p against 
losses of 2.87p. 

Electricity shares 

South Wales Electricity has 
bought another 476,000 of its 
own shares at a cost of 23 An. 
Swalec now owns 4.1m of its 
own shares, representing 4 per 
cent of the total shares in issue 
at March 31 1994. 

Meanwhile, South Western 
Electricity has bought a fur- 
ther 250,000 of its own shares 
for £l.B8m, bringing its total to 
5.5m. This represents about <L5 
per cent of the issued ordinary 
share capital 

Clayhithe offer 

Cl ay hi the, the finance and 
management provider, has 
made a recommended offer for 
the 29.5 per cent of Horstmann 
not already owned by it for up 
to £-L2m cash. 

The offer of 600p per share 
values Horstmann, which 
makes electronic timers and 
controls and data acquisition 
and controls systems, at 
214.1m. There is a share alter- 
native on the basis of 19 new 
Clayhithe ordinary shares for 
every two Horstmann held. 

For the year to Man* 31 1994 


Horstmann’s pre-tax profits 
were £2.5m on turnover of 
£19 .9m. 

Clayhithe announced earlier 
this year that it intentfed to 
become a specialised electron- 
ics and engineering company 
focused on Horstmann. 

Paramount higher 

Paramount, the public house 
operator, raised pre-tax profits 
fay 17 per cent from £450,000 to 
£527,000 in the year ended May 
31. Turnover was £lm higher 
at £3J6m. 

Fully diluted earnings per 
share came to Q.6p (0.43p) and 
the final dividend has been 
stepped up from 0.15P to 0.2p, 
on capital increased by June’s 
£5.4m rights issue. 

Tesco/Wm Low 

Tesco has received valid accep- 
tances for its revised offer for 
William Low in respect of 
5L9m ordinary shares, repre- 
senting about 95.84 per cent of 
William Low’s issued ordinary 
capital. 

Acceptances for the revised 
convertible preference offer 
have been received in respect 
of 3L35m shares, representing 
about 96.71 per cent of the 
issued convertible p refere n ce 
capital. 


Schroder Split Fund 

Schroder Split Fund had a net 
asset value per capital share of 
74.97p at July 31 compared 
with 80£3p a year earlier. 

Net available revenue for the 
six trtonthg to end July slipped 
to £2.21m (£2_24m) for earnings 
of 3.91p (3.95p) per income 
share. The interim dividend is 
lifted to &6p (3J375p). 

Culver rises 

Culver Holdings, the motor 
dealership and insurance brok- 
ing group, achieved a near dou- 
bling of pre-tax profits from 
£183,000 to £350,000, in the half 
year to June 30. 

Turnover jumped to £22Jm 
(£11 Jm) mainly as a result of 
acquisitions made in- the sec- 
ond half last year. The interim 
dividend is lifted to 0.13p 
(O.llp), payable from earnings 
of 0J4p (0.3p) per share. 

Herald Inv Trust 

hi its first results since incor- 
poration on December 10 last 
year. Herald Investment Trust, 
which specialises in small com- 
munications companies, 
announced a decline in net 
asset value from 98.7p on Feb- 
ruary 16 to 95p on June 30. 

This 3.7 per cent decline 


compares with a 146 per cent 
fell in the FTSE-Small Cap 

Tndpr 

After tax of £80,000, profit 
stood at £234000 to give earn- 
ings per share of DJJ6p. 

Wensum well ahead 

Higher sales and improved pro- 
ductivity helped the Wensum 
Company, clo thing manufac- 
turer. turn in a substantial 
increase in pre-tax profits for 
the half year to July 30, up 
from £56,000 to £509.000. 

Turnover was up by 35 per 
cent to £5^9m (£4 12m). Earn- 
ings per share were 4.56p 
(0.56p) and there is an 
increased interim of 1.5p 
(O.G25p). 

Wiggins reduces loss 

Wiggins Group, the property 
developer, reduced pre-tax 
losses from £3A8m to £L58m In 
the year to March 31 after 
exceptional costs of £971,000 
against ^ Mw 

Wiggins also announced the 
sale for Elm of six acres of the 
175-acre Kent International 
Business Park, of which 30 
acres are owned and the 
remainder optioned by the 
group. 

Turnover in the period was a 
minimal £28,000 (£1.41 ra). 


Losses per share worked 
through much lower at 0.7p 
(244p). 

Klearfold climbs 

Klearfold, the Pennsylvania- 
based packaging company with 
a London listing, reported pre- 
tax profits for the first half erf 
1994 ahead from SI -lm to $Lto 
(£L01m). 

Turnover was $27.9m 
(32l.4m). Earnings per share 
were 63 cents (42 cents) and 
an in t e rim dividend of 1 cent is 
being paid this time. 

Atreos at £418,000 

A second half toss of £133,000 
at Atreus, the shower screen 
and mirror supplier, left the 
company which came to the 
market last year, with a pre- 
tax profit of £418,404 for the 12 
months to March 3L Turnover 
was £6.7m. 

As forecast at the time of the 
listing, the dividend is 0.75p 
with a recommended final of 
0488p. However, the company 
does not expect to pay an 
interim for 1994 reamings per 
share came to 0.67p. 

United Inds recovers 

United Industries has returned 
to profit with £563^00 pretax 


for the six months to July 2, 
compared with losses of £1 .5m 
for the previous Trine months. 
It is paying its first dividend in 
more than three years with an 
Interim of 0.lp. 

Turnover was £23. 6m 
(£19 ,2m) including acquisitions 
of £7 .87m and £L19m (£L39m) 
from discontinued operations. 
Earnings per share were 0A6p 
(3-77p losses). 

Wm Jacks advances 

W illiam Jacks, the motor car 
retailer owned by Johan Hold- 
ings of Malaysia, continued to 
improve with an advance In 
interim pre-tax profits from 
£65,000 to £272,000. 

Turnover for the six months 
to July 31 was up by 50 per 
cent from to ggtflm. 

Earnings pm* share worked 
through at L43p (0.22p losses). 

S Lyles picks up 

A generally higher level of 
activity, particularly in the sec- 
ond six months, helped S 
Lyles, the yarn spinner and 
dyer, turn in a pre-tax profit of 
£566,000 for the year ended 
June 30. against an £89,000 loss 
previously. 

Turnover rose 16 per cent to 
£163m (£L48m) which reflected 
changes in product miv and 


Fjmmp per Share camp to 
10.37]) (l-39p) while a final divi- 
dend of 2Jip makes a total of 
8.5p (3ip). 

Clarke Nickolls 

Clarke, Nickolls & Coombs, the 
restructured property group, 
announced a first half pre-tax 
profit of £513,000 against a 
restated loss of £205,000, and 
returned to the dividend list 
with an interim of O.lp. 

Turnover for the six months 
to June 30 was ahead at £2 ,89m 
(£L6m). 

Earnings per share were 
0-28p against losses of 0.13p. 
The directors said they expec- 
ted to recommend a final of 
O.lp - tiie last payout was in 
199L 


Baring Emerging 

Baring Emerging Europe 
Trust, which came to the mar- 
ket in January, had a net asset 
value per share at end-July of 
79 cents. At January 31 the 
value was 96 cents. 

Net available revenue in 
respect of the year to July was 
$380,000 (£240,500), equivalent 
to earnings per share of 032 
cents. 

A dividend of 0.2 cents Is pro- 
posed. 


ARTAL LUXEMBOURG S A. 


W. bwlrard Royal n«9 Luxembourg 
R.CS. lairnnhowg 8 44.471 
«cun Urn .Vdinuuin aonl prtts d uiiOw ) 


L'ASSEMBLEE GENERALE EXTRAORDINAIRE 

qul 5* Ucndra k 07 ocubre 1994 1 (2.00 henna an litgc dr b BanqtM de 
Luxembourg H> 14 boutenmi Royal L-2449 Luxembourg 
aSn de dtllMrer nr lex potna mtvana; 

ORDRE DU JOUR 

1. Modification do I'utidc 10 dev itehiti do U ndW pour Ut 

dem ur la Inn, niivaalei 

iL'mmbkc tftelnde «*norIle k tmtdm 40 riife social, oa i tout 
embv endruit cL la commune du tUgm aortal 1 iadlqoor au lea 
ron lo ca tion a. la 3e aanaedl do mole da owl i 11.00 Ura. 

Si « jmtnl mM par nil luodi npttd<parujadiit/«o 
malmli fcrid. lauamUde gtotnlc Mn, au cbooc do oanani 

d'adnunMiwIcon. conuqutc poor coil la pramh i lamed] prdcfdaat, 

■ait te premier noted, iiiiraat, k la mtnir Imu 


Le C. 


2. Divan, 
lil d ‘ A d m 


nil la Induction uifUln: 

MMS SkmlwUin an Indly conv m ad to attend lie 

EXTRAORDINARY GENERAL MEETING 

wtab v»lll be beU on October 7. 1994 M 12 nocw, at ih« had office of 
knque dc Luumbowg . U bouJcnnl Royal, 1-1449 Lnxembamf. in 
order ta Axcun the fo&ooing 

AGENDA 

1. Amendment o( article 19 of die Artidca of AmdilisB at ti» 
Company, to be read aa Ulmn: 

•TltamuJ tfeaenl merlin* of die company b ta be IhU at tka affko 
of tile company or at any other place mentiaoad on tin mmoolion oa 
tie 3rd Saturday of May at 1 1 ul 
if tltii day Itappana to be follomal by a mvnday or preceded liy a 
ihunda* and/or a (ruLy nfndi la a pnUk holiday, the maatmrf «iQ lal 


m aa > —mj WlUti) W 41 pUOUT IWUUJ, mm IQ— I 111 if WlU lAMf 

pb**. tolhe* an (ha aattnday. or on the Mloariiig aotmday, 41 

iha unr timaj. 

2. Miacella 


The Board of Directors 


ARTAL GROUP S.A. 


39. bcmlevud Royal L-2449 Luxembourg 
&CSL I n a cm bo ur g B 44.470 
MrmWtnr, lm Actioomkea ml pr«a d’aaautar i 


L'ASSEMBLEE GENERALE EXTRAORDINAIRE 

qul % ttendca ie 07 odoter 1994 i 11,00 boat* m Mgr <fc b Basque dr 
[ un-nih ouf tU 14 boulevard Royal L-2449 l . m m n bo m y 
a&s de diiibtra mr lex potna mfcuar 

ORDRE DU JOUR 

l. Modification do lartidr IV dee -*■*-*- da L aoctftf pour Ini 
■burner L tenaur muveotn 

iL'aammUde jtutnli anzraoSe m tiendn an tOfr racial , m 

autre nJnit de la da rbrfe aooial A mdlqoer mr les 

ronvocatiotie, le 3e aa iimdi da mail da coal k 15.00 hemtu. 

Si a jour ext xnivi par urn lmdl on prtkftU pax uo pmdi ct ho 
vandradi Ur is. lam m ihlfa dlnfm l i aam. am ckom du co rn e il 
d'admaiiatiHtiuu, e w nw p fc pour soft le pmni a r tiiie di prdeddant, 
aoK le prosier msiedi xnivont, 2 la «2ma heuxu 

2. DiiuiiL 

La Cornell d 'Adis in ixtration 


rail la traJuetinn andlaiaei 


MMSSkamlmid. 


r bnJy nn v aj to attend the 


EXTRAORDINARY GENERAL MEETING 

wfckb wiflbr hrki on Oaobcr 7, 1994 s 1 1 ul. s tbe bod office of 
Bmque de Lunmbaurg. 14 boultvad Royal. L-2449 Lmrmlxxuy. la 
order in dtxus die fcOcmUig 

AGENDA 

1. Amendment of aatklr 19 of (he AzUdm of Axxoaetlan of the 
Company, to he raid aa foSowa; 

• The annual fnml morfinf ef the eampamy u to he held it the agios 
of the company oral anyothm place maotionadon tha 


(he 3rd Satmday of May at IS (lol 
l£ this Jay ktppasa te hi faOmmd by a menJay or pmeeded by a 
thuruLy and/or a CriJay whid, la a pohlic holiday, die mmtfcqf uiB take 

plan-, cither ou tbe pealing aatnrday. or on the fnftl.iitfaafamday, at 
tha acme tinuj 


2. MiacaDaneene. 


Tha B 


f Direct.,. 


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Registered No. 9SB96. 

VAT Rcglnretka) No. GB 27* 537 1 21. 


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Uretaafomwenbentataed trim Ure cite of d« Unto Sem^ 

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FINANCIAL. TIMES WEDNESDAY SEPTEMBER 28 1994 ★ 


27 




K ' v drf »ps 3! 
nUr im loss, 




COMPANY NEWS: UK 


Brixton Estate 
up at £16.4m 


Early promise comes to nought 

Alan Cane sees a gloomy pattern emerging in computing services 


Azlaun Group 


Clinlcaf Computing Coda Group 


McDonnell Systems 



By Simon London 
Property Correspondent 

Improvements in rental Income 
helped Brixton Estate turn in a 
26 per cent increase in pre-tax 
profits tor the six months to 
end June, up from £13m to 
£l&4m. 

The letting market picked 
up over the summer but has 
been, especially strong in the 
last six to eight weeks,” said 
Ur Terence Nagle, managing 
director. 

"We are seeing demand from 
Industrial companies who have 
suddenly found themselves 
short of space.” 

Brixton has let 400,000 sq ft 
of office and Industrial space 
stnne January and is negotia- 
ting cm a further 180.000 sq ft 

If these negotiations are 
completed, the proportion of 
empty space in Brixton’s port- 
folio will fall from 7.5 per cent 
at the Of the last flnanHal 
year to 5.5 per cent. 

However there was no sign 
of widespread increase in rents 
even though vacancy rates 
ware falling. 

Net rental income increased 
from £28. 4m to £33.2m in the 


By Tbn Burt 

Hnntleigh Technology, the 
USM -quoted medical equip- 
ment manufacturer, reported a 
74 per cent increase in first 
half profits following a maiden 
six-month contribution from 
Nesbit Evans. 

Gains by the hospital bed 
manufacturer, acquired for 
£lL8m in November last year, 
helped lift pre-tax profits from 
£3. 03m to £5 .27m in the six 
months to June 30. 

Mr Rolf S child, chairman, 
said the subsidiary - renamed 
Huntleigh Nesbit Evans 
Healthcare - contributed about 
£lm to operating profits of 
£5JUm (£2J8m). 

The improvement was 
achieved on sharply increased 
turnover of £35.4m (£ 16.3m), 
with the proportion of UK sales 
rising from 23 per cant to 50 
per cent of the total following 


six months, reflecting addi- 
tional lettings and acquisi- 
tions. Brixton spent £5Qm 
acquiring properties during the 
period, bringing its outlay on 
acquisitions to £l23m since its 
ElOOm rights issue m May 1933. 

The average yield on 
acquired properties is 10.7 per 
cent, well above the long-term 
cost of funds. 

The company had been buy- 
ing office and Industrial prop- 
erty, concentrating on London 
and the western half of the 
home counties. 

In addition to acquisitions, 
work is about to start on the 
speculative redevelopment of 
136,000 sq ft in Birmingham 
and 69,000 sq ft of industrial 
space tn Woking. 

Net interest costs were 
higher at £is.8m (£13.8m), 
although interest capitalised 
on developments amounted to 
only £2. 14m against £4. 46m last 
time. AdffliTriH fcra tiQTi Bf pptiBpa 
were £L44m (£l.fim). 

Earnings per share were 
5.47p - or 5~28p excluding a 
£442,000 profit on the sale of 
properties - against 5.5p. The 
interim dividend is increased 
from 2£25p to &85p. 


the Nesbit Evans deaL 

Mr Schfld, however, hinted 
that the full- year results might 
not show the same growth. 

"With the acquisition of Nes- 
bit Evans, the consolidated 
profits are likely to be 
weighted towards the first half 
owing to the seasonality of the 
UK market,” he warned. 

He also sounded a note of 
caution about overseas 
operations, particularly in the 
US where there had been regu- 
latory delays in winning FDA 
clearance for some products. 

Huntleigh’s new French sub- 
sidiary made a loss following 
its launch late last year, but 
Mr Srhflrf said it was perform- 
ing above initial expectations. 

Bantings per share rose from 
7.45p to 12J8p, and the board is 
lifting the interim dividend to 
2.7Sp(2p). 

The shares closed up 5p at 
433p. 


Almost half the computing 
software and services compa- 
nies floated on the main mar- 
ket in the past 18 months have 
seen their share prices decline 
precipitously after returning 
results below expectations. 

The latest, McDonnell Infor- 
mation Systems - where the 
shares fell from 2l6p to 11% 
last week on pre-tax profits 
£4m short of analysts' forecasts 
- is especially surprising. 

MDIS, 25 years old. and a for- 
mer subsidiary of the US aero- 
space group McDonnell Doug- 
las before a leveraged 
management buy-out two years 
ago, had been regarded as an 
unspectacular, solid performer 
with niche markets in police, 
public sector and banking soft- 
ware. 

The flotation in March, valu- 
ing MDIS at £260m, was the 
largest in the UK computing 
services sector this year. Other 
disappointments have proved 
to be Coda, a supplier of inter- 
national accounting software; 
Data and Research Services, 
which specialises in optical 
mark rec ognition ; Azlan, a dis- 
tributor of networking prod- 
ucts; and Clinical Computing, 
the specialist in mod foal soft- 
ware. 

Inevitably, the problems 
experienced by these compa- 
nies is casting a shadow on 
computing services; not a sec- 
tor the City understands par- 
ticularly well in any case. 

Their difficulties may also 
affect the prospects of compa- 
nies such as Computer Man- 
agement Group, a large Anglo- 
Dutch concern which plans to 
come to market next year and 

Which a similar l-gp n tatinn 

to MDIS for sound manage- 
ment and planning. 

The market will be watching 


closely the performance of 
recently floated companies 
such as Quality Software Prod- 
ucts, which reports today. It is 
a supplier of large-scale bank- 
ing software where one or two 
sales can make a large differ- 
ence to profitability. 

Mr Clay Ui-pmUgb cha irman 
of Admiral Computing Group, 
one of the few UK computing 
services companies to improve 
profitability through the reces- 
sion, said: "This hurts the 
industry because computing 
services is many industries in 
one". 

The lumping together of 
many different fetnrin of activi- 
ties - from software develop- 
ment to computer maintenance 
- in the single category is part 
of the problem. 

Each of the companies had 
different reasons for its failure 
to perform to expectations. 
MDIS failed to sell more copies 
of a highly priced hanking soft- 
ware product; Coda saw a 
decline in popularity of the 
computers on which its soft- 
ware runs; DRS and Clinical 
Computing experienced delays 
in orders caused by circum- 
stances outride their control; 
Azlan, which issued a profits 
warning in June, said buying 


patterns had changed. 

None of this cuts any ice 
with Mr Richard Holway, pub- 
lisher of a newsletter* which 
reports the financial perfor- 
mance of the UK computing 
services industry. Pointing out 
that some of the more rarefied 
issues such as Division, a sup- 
plier of virtual reality, and 
Fhonelink, an on-line informa- 
tion service, could rightly be 
regarded as speculative, he 
goes on: “The real shocks have 
come from companies with pre- 
viously sound performances.” 

Of all the computing services 
cnrnpBTiipq to come to market 
in the past decade, only 4 per 
cent have not suffered a rever- 
sal. Five per cent have gone 
brake, 57 per cent have made a 
loss at some Hm* and 34 per 
cent have experienced reduced 
profits before tax. 

Mr Holway makes two 
points: 

• The quality Of flaminga for 
software and services compa- 
nies is not as sound as they 
would have people believe. Mr 
Martin Read, manag in g direc- 
tor of Logics, has emphasised 
the importance of repeatable 
revenues in improving the 
quality of a company's earn- 
ings. MDIS, DRS and Clinical 


Computing, however, proved to 
be heavily dependent on orders 
that feflori to materialise. 

• The forecasting skills of 
software and services compa- 
nies leave much to be desired. 
A competent company should 
be able to forecast its perfor- 
mance for the following three 
months with reasonable accu- 
racy. Yet Mr Jerry Causley, 
MDIS chairman has said he 
believed until the beginning of 
September that he would make 
his target for the year. 

Are trading problems, which 
companies know about or sus- 
pect, being ignored or brushed 
over in the haste to complete a 
listing? Some recently floated 
companies say the way their 
brokers handled their flotation 
was “a shambles". Mr Holway 
snaps: "The issues should have 
been delayed or investors 
warned. They were nor. 

The beneficiaries, inevitably, 
are venture capitalists, com- 
pany directors who sold shares 
and the brokers themselves. 
The losers are small investors 
and the Industry’s credibility. 

* System House, Bichard Hoi - 
way Lid, New Acre 18 Great 
Austins. Farnham Surrey. 0252 
724584. 


My Kinda Town ahead of forecast 


By Caroline Southey 

My Kinda Town, the American theme 
restaurant owner and operator, achieved 
animal results ma rginall y ahead of flota- 
tion forecasts. 

The company was incorporated on Janu- 
ary 20 and commenced trading on May 9, 
prior to its flotation on May 10. 

Pro forma results for the year to July 3 
show pre-tax profits of £l-93m against a 
forecast of £1.9m. In the period from Jan- 
uary 20 to July 3 pre-tax profits stood at 


£210,000. Turnover for the year totalled 
£23m while sales in the January to July 
period reached £&5m. Earnings pm* share 
came out at (L53p for the foil year. 

As stated in the placing document, a 
dividend is not being proposed although 
an interim dividend is expected in respect 
of the six months to January 1 1995. 

MKT operates 31 restaurants and bars 
in nine countries. It was formed in 1977 
with the opening of The Chicago Pizza Pie 
Factory followed by the Chicago Rib 
Shack, Henry J Beans and Chicago Meat-. 


packers. 

Mr Stuart McDonald, chairman, said 
MKT had continued its expansion by 
opening Henry J Bean’s franchises in Bue- 
nos Aires and Bangkok. Construction had 
also started an a Chicago Meatpacker in 
Frankfurt and a Henry J Beans in 
Cologne. 

The group was founded by American 
entrepreneur Mr Bob Payton, who was 
killed in a car accident in July. 

The shares. Issued at lOp, dosed 
unchanged yesterday at 13%p. 


Acquisition helps lift 
Huntleigh 74% to £5m 


BRIXTON ESTATE pic 
INTERIM REPORT 1994 


Net Rental Income 
Investment Profit 


to 30th June 

Year 

1994 

1993 

1993 

£m 

£m 

fm 

33.18 

28.40 

€0.20 

15.98 

12.98 

30.48 


Earnings per share 5.2Bp 5.50p 11.66p 


■ 16.8% increase in net rental income. 

■ 23.1% increase in investment profit. 

■ Interim Dividend 2.95p per share 
- up 4.4%. 

■ 400,000 sq.ft, let to new tenants 
since 1st January. 

■ £123 million of UK properties 
acquired since May 1993 rights 
issue yielding10.7%. 

A copy of tha fufl Interim Rapoct, which hoc boon Mot to jfl ihwahoUan. 

may ba nhraliiail him Tha Sauatary, 22-24 By Haca. London ECIN CTO. 


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all will be revealed. 

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WEDNESDAY SEPTEMBER 2S 1994 



COMMODITIES AND AGRICULTURE 


Coffee futures 
recover after 
early setback 


By Alison Maitland 

Coffee futures prices suffered a 
sharp setback in London and 
New York yesterday following 
rainfall that brought light 
relief to drought-hit coffee 
plantations In Brazil 

But prices recovered later in 
the day as prospects of further 
dry. warm weather kept the 
market in fairly bullish mood 
about the prospects of a sub- 
stantial shortfall in nest year's 
crop. 

The second position robusta 
contract in London was down 
$128 a tonne at one stage, fol- 
lowing an overnight fall in 
New York. But it rallied to 
close only $58 lower at 54425. 

In New York, the December 
arabica contract was 3.85 cents 
lower at 222.95 cents a pound 
in afternoon trading after trad- 
ing 7 cents lower. 

One trader said speculators 
had sold long positions after 
prices had failed at several 
attempts to break decisively 
into new high ground. 


The Nigerian cocoa season is 
getting off to a slow start after 
heavy rains and a crippling 
national political crisis, traders 
and farmers said yesterday, 
reports Reuters from Lagos. 

“Farmers have begun drying 


“There's been a little clear- 
out, led by New York, but the 
backgro und hasn’t changed," 
he said. 

The sharp recovery in prices 
this year to near nine-year 
highs on the back of two 
severe frosts in Brazil in June 
and July has led to expecta- 
tions that producers will 
increase output. 

At a meeting of the Interna- 
tional Coffee Organisation in 
London yesterday, Mr Guy-Al- 
ain Gauze, commodities minis- 
ter for Ivoiy Coast, said his 
country planned to raise out- 
put from about 147,000 tonnes 
to 250.000 tonnes in the next 
two to three years. 

A new five-year international 
coffee agreement, due to come 
into effect on Saturday, is 
designed to encourage a 
greater flow of information on 
coffee trade between producer 
and consumer countries. How- 
ever, it Is not yet clear whether 
enough countries have ratified 
for it to enter into force auto- 
matically. 


their beans. But initially there 
was far too much ram,” said 
Mr Omctfeso FemL administra- 
tive secretary of the Ondo 
State Farmer's Congress. 

Nigeria's animal cocoa out- 
put is about 130,000 tonnes. 


Singapore 
link to 
extend oil 
futures 
trading 

By Robert Confine 

A move to link oil futures 
trading in London and Singa- 
pore was announced yesterday 
In a development that will 
extend trading of the Brent 
crude oil contract to about 18 
hours a day. 

The International Petroleum 
Exchange is London and the 
Singapore International Mone- 
tary Exchange said that they 
would establish a mutual 
clearing system in which 
Brent contract s opened on one 
wriianffl could be liquidated 
on the other. 

An additional benefit would 
be that members of the respec- 
tive exchanges would be able 
to trade on the other without 
baying a seat on that 
exchange. 

Mr Peter Wildblood, the 
XPE’s chief executive, said that 
the link-up- which is expected 
to be in place by the second 
quarter of 1995, "should even- 
tually broaden the trading 
base of the Brent contract,” 
the current daily volume of 
which is about 50,000 con- 
tracts. 

The co-operative arrange- 
ment should ensure "instant 
liquidity” in the Singapore 
market, according to Mr 
Wildblood. 

At present there Is no Asian 
benchmark crude that inves- 
tors in the region can trade in 
their own time zone. 


Slow start for Nigerian cocoa 


Trans-World leads Russian aluminium rush 


By Kenneth Gooding, 

Minfog Correspondent 

A battle for ownership of 
Russia's biggest aluminium 
smelters is being waged now 
that they have been privatised, 
according to western traders. 

Trans-World Metals, a Lon- 
don-based company, is reputed 
to be leading the attack In 
order to protect its commercial 
position. Trans-World is now 
probably the biggest trade- of 
Russian aluminium and a 
substantial exporter of alu- 
mina, an intermediate mate- 
rial to Russia, 

Mr David Reuben, chairman 
of the Trans-World group, said 
yesterday suggestions that his 
organisation had tafcan a con- 
trolling interest in two Russian 
smelters were wide of the 
mark. However, consortia 
organised and prompted by 
Trans-World had accrued sub- 
stantial ijfan»hn1Htng i! in fhf* 
order of one third, in the four 
biggest Russian aluminium 
smelters. Between them these 
smelters account for about 
two-thirds of Russia’s alumin- 
ium production capacity. 



They are Bratsk, the world’s 
biggest aluminium smelter 
with an annual capacity of 
850,000 tonnes; Krasnoyarsk 
(760,000 tonnes); Novokuznetsk 
(280,000 tonnes) Sayansk 
(270,000 tonnes). 

Mr Reuben said: "We are 
working with many companies 
and funds in Russia to assist 
our situation there. We have 
put a huge investment into 
Russia in the past three years”. 
He said shareholders' mpaHugs 
might be called in order to pro- 


mote changes at some smelt- 
ers. He also stressed, however, 
that Trans-World’s direct 
shareholdings in the smelters 
were small "We see this as a 
long-term investment.” he 
"I believe In the future of Rus- 
sia a nd would have no hesita- 
tion in investing more there.” 

Mr Reuben said Trans-World 
bad been interested in acquir- 
ing shares in the Russian 
smelters sinra the privatisation 
process started two years ago. 
(AH the smelters are now joint 
stock companies but the cen- 
tral go v e rnm ent retains a 20 
per cent interest). A consor- 
tium lead by Trans-World had 
built a 20 per cent sharehold- 
ing in the Bogoslovsk smel t e r 
(160,000 tonnes a year) but sold 
this a few months ago. Another 
consortium, in which Trans- 
World was not involved, bad 
built up a fyrrtmTKng - interest 
in the Volvograd smelter 
(170400 tonnes). 

Trans-World has been very 
active in the past few years 
establishing joint ventures, 
trading partnerships and 
cooperation with metal suppli- 
ers, refiners and smelters 


across what was once the 
Soviet Union. Its most impor- 
tant relationship is with Tran- 
sis, in which it has no share- 
holding but has contractual 

arrangements for Transis to 
operate on Trans-World’s 
beh a lf in Russia and for Trans- 
Worid to work tor Transis out- 
side the country. 

Trans-World takes credit for 
mining to the rescue of both 
Bratsk and Krasnoyarsk three 
years ago when they were in 
danger of running out of vital 
taw materials because of short- 
ages of foreign currency. 
Trans-World put up cash to 
“kick-start” production again. 

Consequently, Trans-World 
hcpqmg thp biggest supplier of 
raw materials to these smelt- 
ers, which they mainly paid for 
with aluminium for export 

Trans-World also helped 
Bratsk set up a joint venture 
company, RemI, in T endon to 
raise capital and possibly get 
better terms for its aluminium. 

In May bulk alumina han- 
dling facilities costing "several 
million dollars" were opened at 
the east coast port of Vanino 
by a company jointly owned by 


Trans-World and the port 

authority. This has opened up 
one of the bottlenecks that 
restricted alumina imports to 
Russia and has provided a logi- 
cal link between Australia, tha 
world's biggest alumina sty- 
plier, and Siberia's big alomm- 
him smelters. • 

Analy sts point out that the 
position of trading houses like 
Trans-World is less secure fol- 
lowing the recent international 
trade agreement between some 
of the big aluminium produc- 
ing nations that promised 
Eunds to the Russian industry 
if it joined in a worldwide cut 
In production. For example, 
both Aluminium Company of 
America (Alcoa), the world's 
biggest aluminium group, and 
Pechiney, Europe’s biggest, 
have recently confirmed that 
they are talking to Krasno- 
yarsk about upgrading the 
smelter, particularly with a 
view to reducing pollution. 

“Having a big shareholding 
in tiie smelter would help pro- 
tect Trans-World's toll smelt- 
ing operations there if one of 


Bigger world sugar crop forecast despite beet 


Statistics agency F.O. Licht 
estimates the world’s 1994-95 
sugar ontput at 113.453m 
tonnes, up from last season’s 
110478m, reports Reuters from 
Ratzeburg. Germany. 

Licht yesterday forecast beet 
sugar production at 36.389m 
tonnes, down from last sea- 
son's 39.404m, while putting 
saw cane sugar output at 
77.064m tonnes, up from 
70.974m in 1993-94. 


The total while sharply 
above last season’s, remained 
well below the 1164m tonnes 
produced three years ago, it 
noted. 

Licht expected the general 
supply situation to tighten, 
despite its higher production 
estimate. "Consequently 
another drawdown in stocks 
will be needed, but the gap 
may not be sufficient to upset 
the market greatly,” it 


suggested. 

While warning that higher 
prices would hurt demand it 
suggested that "most produc- 
ers can probably look forward 
to another year of satisfactory 
prices.” 

• Analysts remain conserva- 
tive on European Union sugar 
output after exhausted crops 
mostly failed to make up for 
bad weather, rep o rt s Beaters 
from Paris. 


An unusual combination of 
rain and drought attacked 
yields in member countries, 
hringing output back towards 
“normal” levels after two 
record seasons, they said. 

"Apart from France and Bel- 
gium, where tire latest beet 
tests show some catching up, 
we might now scale down our 
output estimates a bit,” said C. 
Czarnlkow analyst Mr Christo- 
pher Pack. 


problems 

The London broker recently 
predicted EU beet output of 
15.627m tonnes (raw value) 
compared with 17,408m in 
199344. 

Rain delayed spring sowings 
in Europe and a summer heat- 
wave put severe stress on 
crops in July. Although 
August rain brought relief, 
cool and wet conditions In Sep- 
tember limi ted root growth, 
analysts explained. 


Reuters in US commodity news venture 


By AHson MaWand 

Reuters, the information and 
media group, yesterday 
announced that it was forming 
a joint venture with a farmers’ 
co-operative in the US to mar- 
ket commodity information to 
North American commodity 
businesses. 


The venture, which will be 
based in Kans as City, will 
bring together Reuters Amer- 
ica and Fa rmland industries, 
one of the biggest farmer- 
owned agricultural marketing 
and manufacturing co-opera- 
tives in the US, Reuters said. 

The 50-50 venture will be 
Called Market rn TnranTrirHtinnR 


Group, offering price quota- 
tions and analysis of commod- 
ity news, weather and markets, 
primarily by satellite. 

Reuters has been taking 
advantage of the sharp price 
rises for many commodities 
this year, expanding editorial 
coverage in Asia. Europe, 
Africa and the Americas. 


MARKET REPORT 


Copper and aim 


II 


Jnium lead afternoon rally at LME 


AH base metals clawed away 
from earlier lows in afternoon 
trading at the T/tnrinn Metal 
Exchange yesterday when flur- 
ries of renewed speculative 
interest emerg ed after copper 
and aluminium held above sup- 
port. 

COPPER snapped to a high 


of $2462 a tonne for three 
months delivery before drifting 
back to $2458. stfll down on 
Monday's $2464 close but tip 
from its low of $2454. 

Continuing consumer inter- 
est and support just below 
$1,600 a tonne sa w th e three 
months ALUMINIUM price 


chase higher on the hack of 
short-covering. It finally set- 
tled at the day's high of $1615, 
a gain of $7 from Monday’s 
dose. 

NICKEL prices moved higher 
with copper but the market 
never fully recovered from its 
earlier mauling following the 


annmmrmpnt of another size- 
able LME stocks rise. 

ZINC followed the same pat- 
tern and climbed from its low 
of $1426 a tonne to end the day 
at $1431 a tonne, a $14 loss 
overalL 

Compiled from Reuters 


u— who uw woqa 
(St nt Mrreteyte dose) 
tam 


WumWan 

-20025 

to 2029050 

AIuhMwi a*oy 

-120 

to 25040 

Copper 

-1050 

to 365050 

Laad 

*3,800 

m 370.875 

Mdcet 

♦1032 

to 144070 

3rw 

*000 

to 1034000 

Tin 

+30 

to 32,185 


COMMODITIES PRICES 


BASE METALS 


Precious Metals continued 


GRAINS AND OIL SEEDS 


SOFTS 


MEAT AND LIVESTOCK 


LONDON METAL EXCHANGE 

(Prices (tam Amalgamated Metal Trading) 


■ ALUMINIUM, 90.7 PURITY ($ per tonne) 



Cash 

3 mths 

Ctoss 

1683-64 

1607-8 

Pntrrioua 

1583.5-84.5 

1607-6 

Hgh/tow 


161571598 

AM Official 

1577-78 

1801 -2 

Kerb date 


1814-5 

Open bit 

252.132 


Total dally turnover 

55,192 


■ ALLMINIUM AULOY (S per tome) 


Close 

1645-50 

1680-61 

Previous 

1648-68 

1685-70 

HHgMow 


1665/1660 

AM Official 

1646-50 

1000-65 

Kerb dose 


1860-5 

Open InL 

3.135 


Total drty tumow 

453 


■ LEAP (S per tonne) 



Close 

618-18 

632.5-33.0 

Previous 

0165-100 

632-33 

HJohflow 


634/829 

AM OfflcM 

616.5-17.0 

631.5-32.0 

Kart) dose 


633-4 

Open tot 

40080 


Total daHy turnover 

7,93ft 


■ NICKEL (S per tome) 


Cioee 

6360-85 

8483-85 

Previous 

B425-30 

6525-30 

Hgh/tow 

6362 

6520/8450 

AM Official 

8382-83 

6480-85 

Kerb dose 


0480-5 

Open ktL 

65.847 


Total daHy turnover 

16,095 


■ TIN (5 per tome) 



Ctom 

5345-55 

5430-35 

Previous 

5377-82 

5455-60 

MfllWlow 


5450/5410 

AM Official 

5345-55 

5425-30 

Kerb dose 


5430-40 

Open tot 

18010 


Total dally turnover 

4.330 


■ ZINC. specW Mgh grade (S per tonne) 

Close 

1002-5-30 

10280-270 

Previous 

10210-220 

10440-48.0 

Hlghflow 


104371026 

AM Official 

1013-14 

1037-370 

Kerb ctosa 


1031-2 

Open InL 

960 IS 


Total deny turnover 

18.614 


■ COPPER, grade A (S per tome) 


OOM 

2544-45 

2560-57 

Previous 

2553-54 

2661 .6-62.0 

Kghriow 

25480 

2562/2553 

AM Official 

25460-49.0 

2557.5-580 

Ke*o dose 


2556-0 

Open tot 

214006 


Total daHy turnover 

64.997 


■ LAC AM OfflcM E/S rata: 10756 

LME Cteetoa E/S rats 1.5778 


Spot 15770 3nffKl.S749 BnftEl0722 9nffis.-1.5B85 

■ HTQH ORADE COPPER (CQME3Q 


0to» 


dpsa 

Chee dto 

Mgh low 

tot Vai 

Sep 12400 -LSI 126.00 12100 

1,725 509 

Oct 1S0.2S -100 121.00 12000 

2051 583 

Nn 11800 -000 

118.40 118.40 

711 IIS 

DSC 11803 -*003 

11&40 117.80 43.170 5.712 

Jm M7.Q0 *045 

- 

573 W 

m lira) *mo 

- 

439 90 

DM 


50,754 7037 


PRECIOUS METALS 


■ LONDON BULLION MARKET 
(Pnees auppOed by N M RoHiediM) 


Qold (Troy ozj 

CK»e 

Oesning 

Mcnung Ox 
A ft ernoon fix 
□ay's Htgti 
Day's Lew 
Previous dose 


5 price 
39530-395.40 
3W.40-334.60 
394.15 
38500 
396.1 0-396410 
394.00-394.40 
395.70-30&20 


C oqtfv. 

250348 

251349 


■ GOLD COM EX (100 Troy az^ 3/tray ozj 



Sift 

OMf 



0P«S 



pries 

■tap 

Hi* 

km 

to 

VOL 

S*P 

3980 

+3J 

- 

. 

30 

. 

Oct 

398.1 

+30 

3885 

3950 

IRtVi 

937 

Mae 

399J 

+18 

- 

- 

- 

- 

Use 

401.4 

+30 

4010 

3970107.258 22,489 

Fffi 

404.7 

+30 

4040 

4014 18079 

228 

*9 T 

40ft2 

+30 

4080 

4050 

7.137 

142 

Total 


17B.1II 

27083 




■ PLATINUM NYMEX (50 Troy oz.; S/froy CttJ 


Oet 

41ft4 

+1.1 

4190 

4170 

7,158 

1007 

Jn 

4240 

+1.1 

4240 

4220 11218 

1022 

Apr 

4270 

+1.1 

4Z70 

4280 

2.-W7 

31 

Jd 

4310 

+1.1 

- 

• 

467 

1 

Out 

4330 

+1.1 

- 

- 

329 

1 

Total 





23067 

3,162 

■ PALLADIUM NYMEX (100 Troy oz.; $Aroy at) 

Sta 

155.10 

+000 

. 

. 

34 

11 

Deo 

15505 

■005 150J5 

15400 

5,191 

171 

Mr 

15805 

-O0B 

157.70 

155l2E 

1.178 

14 

Jun 

15705 

-O0B 

157.75 157.75 

152 

- 

TaW 





6016 

198 

■ SILVER COMEX (100 Troy as.; Centsftroy azj 

Sta 

5710 

*00 

5680 

8880 

282 

83 

Oat 

5720 

+90 

- 

- 

8 

. 

Hw 

5715 

+80 

- 

- 

91,033 1303* 

Dec 

5780 

+80 

5770 

5680 

40 

1 

Jsn 

5780 

+80 

5780 

5710 10073 

439 

tor 

5840 

+80 

5840 

5770 

4008 

99 

Totol 




IlftBOi 

13019 


ENERGY 


■ CRUDE OW- NYMEX (42000 US flnlln- S/berrel) 



Latest 



Ofm 




cnenpe 

HW 

Lai w 

tat 

HW 

17.72 

*005 

17.72 

1707 880*4 41,106 

0« 

1703 

+0.03 

1705 

17.73 63038 20238 

Jm 

1703 

+0.04 

1704 

17.85 43001 

5009 

Fail 

1700 

+000 

1708 

1709 21,783 

3086 

tor 

1705 

- 

17.98 

1705 17032 

1082 

ftpr 

18.00 

+0.11 

- 

• 13080 

2,194 

Total 




382,791 82072 

■ CRUDE OIL IPE (VbarreQ 




URM 

■ton 


Opmi 



Price 

□hangs 

HW 

Lot U 

Vet 

Nov 

1607 

+006 

18.80 

1043 64037 17,446 

Dec 

18.70 

♦OJJfl 

10.73 

1808 39,188 

5,937 

Jen 

19.78 

+0.07 

1800 

1604 13,742 

1.858 

m 

1803 

-003 

1803 

1803 8039 

170 

Her 

16.75 

+aio 

18.75 

16.74 5.777 

286 

Apr 

1808 

- 

- 

- 1,587 

630 

Total 




187013 28,187 

■ HEATING Oft. NYMEX (42000 US pfe; dUS psK) 


Istott 



Open 



price 

eWnge 

HW 

Iai U 

vet 

Oet 

*705 

+ai7 

4805 

47.70 18088 

17.746 

Km 

48.73 

+006 

4800 

4805 31,139 

1Z0B1 

DM 

5000 

+006 

5030 

4900 41,497 


Jen 

51.10 

+0.16 

5100 

5000 29.844 

25*3 

U 

5105 

+008 

5105 

5140 15.794 

753 

tor 

5105 

+058 

81.88 

5105 13022 

983 

TaW 




176,106 46,137 

■ GAS OH. PE ffitare) 




Sett 

osys 


0m 



pries 

CWBff 

KW 

Um to 

Vs) 

Oct 

14903 

-205 

16000 

14803 29062 

5014 

Nm 

13200 

-050 13300 

15205 19081 

2074 

0« 

154.75 

-ISO 15605 154.75 71,058 

21549 

Jn 

15700 

■205 157.75 

168.75 14001 

1094 

Feb 

158.25 

-1.75 158.75 15800 5037 

534 

tor 

15825 

-1.78 18850 

15500 6.700 

755 

TaW 




104086 12030 

■ NATURAL GAS NYMEX (10,000 ItmBu; 5/unBu.j 


Latest 

Day’s 


Open 



im dMoe 

Mod 

Loer M 

m 

Nor 

1090 

-0026 

1.720 

1070 32,707 

15.184 

Dec 

1080 

-0030 

2015 

1580 30,118 

2,722 

Jn 

Z0S2 

-0011 

2-080 

2057 18,112 

1013 

M 

1.990 

-0003 

2000 

1590 14024 

631 

tor 

1040 

-0-003 

1050 

15*0 110*3 

<83 

Apr 

1010 

-0010 

1020 

1500 8088 

472 

Total 




10002 2J03 


Loco Lein Mean i 
1 month 


■ UNLEADED OASOUNE 


2 months ~ — 

3 months .. — 

SBnr Rx 
Spot 

3 mom n s 
E months 
1 year 
Odd Coins 
Krugerrand 
Maple Leal 
T4ow Sovereign 


.4.53 8 months . 

___. ..402 

NYMEX HftOOQ U8 Offifc; CAB OSItot 


.4.55 12 months 

.4.61 

S.1G 


Latest 

price 

itors 

ctraige 

HW 

Op* 
Ins to 

Vet 

pftray oz. US da aqutv. 

OCA Cr FV-A 

Oct 

44.75 

+0jU 

44.75 

43.45 14043 

13,457 

eft 33.90 

364.45 

37005 

384 JO 

Wv -Ml 
wareenp 

Nov 

4409 

+003 

4400 

4305 24.554 

13057 

573.45 

Dae 

63.10 

+000 

5300 

5200 12,149 

2043 

581 JSJ 

Jm 

SUO 

+0.41 

53.00 

£30 7007 

511 

588.68 

M 

<aan 

+001 

5300 

5200 3074 

253 

* price 
397-400 
406.05*40805 
B2-S5 

C oqutv. 

262-255 

58-81 

tor 

Tatri 

54.10 

♦4L21 


- 1074 

71088 

2 

30079 


■ WtWAT LCE (E per tonne) 



Srit 

price 

K» 

HW 

Loer 

op* 

tat 

W 

Hov 

10806 

+0.10 

10805 

10600 

2078 

83 

J* 

10800 

+0.15 

10800 

10820 

1006 

71 

tor 

11005 

+aio 

■ 

• 

1023 

- 

May 

11200 

+0.15 

11200 

112-25 

1083 

20 

M 

11400 

+000 11400 

11400 

237 

11 

TotN 





7009 

185 


■ WHEAT CST p^OOtxi min: canta/BOfc buehei) 


Daa 

391/2 

-574 

39672 

39V2 47433 10023 

Mar 

39910 

-47B 

«2ffi 

388ft) 19005 

3065 

Hay 

388ft) 

-372 

38OT 

384ft) 2,611 

448 

JN 

3587* 

-374 

SM 

354ft) 4819 

606 

Sep 

359/1) 

-4ft) 

3827* 

363ft) 99 

24 

Dea 

3677* 

-4/4 

370ft) 

387/4 81 

* 

Total 




74040 14070 

■ MAIZE CST (5000 bu mto; centa/Sffib buahel) 

Dec 

21 S/8 

-1ft> 

2187* 

215/4 135.128 14081 

■far 

225/8 

-1/0 

ZZB74 

225/2 42081 

3,133 

toy 

233/0 

-1ft) 

234ft) 

232/8 18075 

1012 

Jul 

237/6 

■07B 

238/4 

237/2 17043 

1,148 

fire 

241/2 

-1ft) 

242/0 

2*1/2 1,198 

33 

Ore 

24512 

-0/8 

248/0 

2*4/8 8,788 

133 

TotN 




219030 10,700 

■ BARLEY LCE (E per tonne) 



Nov 

10305 

*0.10 

. 

- 482 

- 

Jm 

10500 

-ais 

- 

- *10 

- 

tor 

107J5 

*Dl10 

10773 10740 100 

10 

toy 

1O90B 

- 

- 

*6 

- 

Total 




10*8 

.10 

■ SOYABEANS CST (5JXXBU into; ceflUIBOti taohri) 

MW 

554/2 

. 

55BM 

55218 78072 

11,198 

Jn 

S84/B 

+0/4 

56674 

563/2 19/708 

1019 

tor 

574/2 

• 

578/2 

573/0 11,781 

608 

toy 

581/0 

-012 

562/4 

579ffi 802S 

523 

Jul 

58615 

- 

568ft) 

585/0 11089 

458 

Are 

587/8 

- 

- 

- 209 

23 

TotN 




132040 14014 

■ SOYABEAN Oft. CST (BOJHXXbs: centsftb) 

Oet 

2S.77 

-0.07 

2802 

2503 18063 

3.771 

Dm 

2403 

•0.1* 

25.13 

2404 38057 

8006 

Jn 

24.84 

-0.11 

24 B0 

2445 8035 

2^34 

HU 

2*00 

■0.14 

2440 

2405 8084 

827 

toy 

2401 

■0.12 

2415 

24,00 507B 

782 

Jot 

zuo 

-008 

2305 

2300 3011 

418 

total 




82,418 14083 

■ SOYABEAN MEAL C8T (100 tons; S/ton) 


act 

1614 

+00 

1650 

1840 110*4 

2082 

DSC 

165.8 

+04 

166.8 

18*0 44067 

804* 

Jn 

187.4 

+0.4 

187.7 

1870 10022 

1078 

tor 

1710 

+00 

1714 

1700 11,071 

777 

toy 

17X7 

+04 

1730 

173.1 G0BS 

254 

Jd 

1780 

+0.4 

1780 

1780 3071 

*61 

Total 




88,791 

12048 

■ POTATOES LCE (E/tonna) 



Nov 

1500 

. 

. 

. 

• 

tor 

105.0 

- 

- 

- 

- 

ftpr 

2999 

*50 

2230 

2190 1083 

129 

toy 

2370 


- 

- 

. 

Jn 

1070 

• 

- 

- 

- 

Total 




1033 

1H 

■ FRBQKT (BIFFEX) LCE (SIQ/Mre pdrt} 


sre 

1821 

+1 

. 

. 323 


Oet 

1855 

-6 

1883 

1855 749 

31 

Ns* 

1845 

-IS 

1858 

ISO 185 

24 

Jn 

1985 

-2 

ieao 

irae rag 

51 

w 

1803 

- 

15» 

1886 417 

3 

Jut 

1446 

■8 

1450 

1430 107 

30 

TotN 

Ctom 

Pm 


2090 

139 

BH 

1816 

1809 





Mner Metals 

Bropean free market, from Metal BJtatln. S 
per lb In wnrehoure. unless otherwise stated 
(test week's In brackets, where changed). Antt- 
moqr 88-8%, S per toreie, 5050-8000 (B0OO- 
5,650). Bhmuac min 98.98%, bra Iota 3.75- 
4.00 (3.75-4.00). Cadmium: min. 99.5%, 
190-210 (150-165) cents a pound. Cobalt MS 
free market. 99.8%, 2730-28.20 E7-2B): 
99.3%, 2S.50-2S.90 (24.60-2630). Mercury, 
min. 99.99%. S par 76 It) flask, 110-130. 
Molybdenum: drammed motybdc adds, 3.30- 
330 (3.7S-&8Q. Sefenfctm: min 993%, 336- 
435. Tungsten ore: standard min. 85%. 3 par 
tonne unit (10kg) WO* ctf. 43-53 (37-47). 
Vanadium min. 98%. elf, 135-1.50 (1.40- 
1.5Q- Uranium: Nubxed exchange vatoa. 7.10. 


■ COCOA LCE (Ertoma) ■ LIVE CATTLE CME (4O0OOthg; canta/toa) 



Salt 
Price i 

□W* 

stolon 

to* 

Dpre 

leer tat 

Vet 


Silt 

Pries 

Iteyte Opee 

ctosgs Mgt to kt 

M 

sre 

984 

+11 

- 

5 

- 

ON 

89.150 

-0058 88000 60075 24045 

5JS8 

Dee 

997 

+2 

999 

986 27,429 

947 

On 

68J00 

-0025 86.125 68000 21021 

3710 

tor 

1029 

- 

1831 

1019 38,427 

704 

Feb 

87050 

-0225 67025 67.800 14078 

1050 

toy 

1041 

-1 

1042 

1038 12074 

100 

ftpr 

68.100 

-0275 89/400 80050 9046 

984 

Jd 

1055 

+2 

1095 

1059 

46 

JDD 

68000 

-0250 a*9*n nflnm 2058 

48 

TIM 

1099 

+4 

“ 

- 9039 

104088 20*0 

to 

TotN 

S075 

-0275 05050 65050 1089 12 

72098 11041 


■ COCOA CSCE (10 tonnes; Stems) ■ LIVE HOGS CME (4O0OOK)s; centaribs) 


1350 +1 1381 1347 41,730 ft 150 

1400 -1 1411 1396 15,731 828 

1430 0 1440 1428 5.164 00 

1458 -6 1482 1460 2339 10 

I486 S 1304 10 

1511 -6 - - 4.820 74 

79306 7,187 

■ COCOA QCCO) (SDffa/tanna) 


Sep 26 Pries fm. dqr 

Ddy 1028.11 103490 

■ COfTEE LCE QTtemcj 


4163 -100 4235 4160 1.208 159 

4023 -60 4045 3955 11002 2003 

3078 -61 4000 5920 14009 2018 

3801 -44 3910 3845 7092 214 

3847 -48 3060 3795 2065 109 

3808 -85 3810 3800 1 029 25 

38025 ft7Z7 

■ *C* C8C6 (370OOfcs; cents/fca) 

DM 21905 -608 22400 21905 22.497 5053 

tor 22300 -448 22600 22300 6082 908 

My 22500 -60S 22700 22405 3,488 258 

M 22505 -800 22800 22800 1,117 67 

Stp 225.78 -800 22B0D 22B0O 480 83 

Die 2280S -800 22900 2Z70O 827 48 

TBM 87,151 0083 

M COPreg OCO) (US oerrta/pound) 

top 28 Mbs Prw. dty 

Comp, dal* 20908 20902 

15 (to amp 20304 20205 

■ Mo7 PREMEJM RAW 8U0AH LCE {esots/Ibs) 

Oet 1270 -0.10 1200 1200 1,101 882 

Jn 1102 

Mr 1206 --- 90 - 

Totll 1,191 062 

■ WHITE SUQAR LCE (S/tanna) 

Dae 32870 -300 38200 32700 3023 320 

Hr 32900 -300 332.70 32ft00 7054 380 

May 32900 -300 33200 32600 1004 165 

Aag 329.10 -300 33200 33600 1075 93 

Oet 31200 -300 - 414 

Dso 311.70 -300 4 

TOW 14,174 MB 

■ 3UQAR *11' CSCE (1 12,000fcs; canteftbe) 

Oet 1204 -0.14 12.70 1243 1ft723 8047 

tor 1245 -0. 15 1200 123510203911089 

toy 1246 -0.14 120B 123* 18,443 1089 

06 1235 -0.14 1246 1203 10.467 1075 

Oot 1212 -0.11 1204 1205 8079 1,006 

tor 1107 413 1100 1108 106 24 

TtM 1Q087 24092 

■ COTTON NVCE (BftOOOtes; osntaffito 


Oet 87.70 -058 89.40 6700 501 302 

Use 8700 -007 87 JO 8800 27.788 6041 

tor 006 -OL42 8900 8805 10043 813 

My 7000 -457 70 l77 7000 6089 408 

M 7105 -000 7105 7001 3081 98 

Oot 8800 -000 6800 8800 468 4 

TBM 60088 9029 

■ ORAWOE JUICE NVCE (150OOfca; certtaftta) 


9705 -100 9040 9500 U97 ftSBB 

101.10 -106 10800 10005 8077 1,707 

10406 -100 105.70 10270 4,466 389 

10700 -1.76 10800 10700 1,039 104 

11075 -100 - - 609 4 

11305 -100 - - 28 8 

23088 5088 


VOLUME DATA 

Open Interest and Volume data ahoam for 
contracts traded on COM EX NYMEX CST. 
NVCE. CM& CSCE and IPE Grade Ol an one 
day hi anaara. 


toy 

Jot 

Sep 

Tew 




INDICES 

■ REUTERS (Base: 1 8/9731 «1 00) 


Sep 27 Ssp 20 month ago yaar ago 
2113.1 21208 21044 1B87.0 

■ CRB Futures (Bane: 1967-100) 


Sep 26 Sep 23 month ago yaw ago 

23204 232-74 23220 215.71 


ON 

37275 -0L375 37000 37200 

8082 

1.748 

toe 

37050 -0050 38000 37.725 1Z7E2 

1099 

M 


-0075 38,173 36050 

4001 

521 

W 

38.750 

-0.460 39260 38726 

2040 

334 

Joe 

44025 

4L37S 44 IKK) 48000 

875 

78 

to 

42025 

-0250 4X050 42025 

118 

10 

TeM 



U11I 

4093 


■ PORK BHUB CME (4Q0OCtae; centalhs) 


M 

31100 

0.150 39000 38000 

7,772 

970 

Mar 

39200 

0078 30080 39075 

679 

97 

toy 

40.100 

0200 40*50 40.100 

169 

S 

JN 

40000 

0200 41000 40080 

205 

33 

to 

TOW 

39050 

0.150 30050 39060 

45 

8080 

4 

1,109 


LONDON TRADED OPTIONS 

Strtoa price S tonne — CaBs— — Puts — 
■ AUJNMUM 


(99.7%) LME 

ON 

Jsi 

Oot 

Jan 

1800 

16 

73 

18 

57 

1825 — 

6 

81 

34 

70 

1650 

2 

so 

86 

84 

■ COPPER 





(Grade A) LME 

ON 

Jan 

Oct 

Jan 

2500 

61 

117 

7 

06 

«WI 

28 

91 

24 

88 

2500. - 

9 

09 

55 

116 

■ COFFEE LCE 

Nov 

Jan 

Nov 

Jan 

9600 

438 

524 

16 

135 

3850 

39* 

462 

21 

184 

arm . 

351 

481 

2 a 

183 

■ COCOA LCE 

Deo 

Mar 

Dec 

Mr 

975 

52 

102 

30 

48 

1000 _ .. 

39 

88 

42 

60 

1090 

21 

85 

74 

08 

■ BRENT CRUDE WE 

Nov 

Dec 

Nov 

Dec 

1650.. 

37 

03 

98 

67 

1700 

14 

42 

70 


1750 

6 

29 

- 

- 


LONDON SPOT MARKETS 


■ CRUDE OO.POB (per bemVNov) 

+ar- 

Dubai 

S1622-&32U 


Brora Stand (dated) 

SI 808-808 

-0020 

Brent Sand { Nov) 

S18>*1-&43u 

-0040 

W.T.L (Tpm eeQ 

S1706-707U 

-0088 

■ OIL PRODUCTS NWEprcmpt deterey CTF (tome) 

Rwrfun Quota 

Si 03-1 72 

-3 

On OB 

3151-152 

-1 

Heavy Fuel 08 

373-75 

-1 

Nc+JJlai 

*1 89-180 

-1 

JN fuel 

Si 71-172 

-2 ■ 

ftwSw ftrpui oanwa 



■ CITHER 



Odd fxr tray azft 

539600 

-026 

SSvre- (per boy az)f 

665.00 

•200 

Platinum (per troy oeJ 

5*1 aoo 

-1.75 

PaSadum (per any ozj 

$15600 

-000 

Copper (US prod) 

132.0c 


Laad (US prod.) 

3825c 


Th (Kusta Limpur) 

1308m 

+009 

Tta (Naw York) 

2500c 

-2-0 

Cattle (Bve vrek^flJtO 

11S08p 

+008" 

Sheep (Jve wtephJ3T40 

87.7Bp 

+OAT 

Pigs (9va vre^hijC 

75,77p 

+006- 

Lon. day sugar (raw) 

S3114 

+3.4 

Lon. 86 y sugar (wte) 

*3382 

+2.8 

Tale & Lyle report 

ESI 2.0 

+3.0 

Bwley (Eng. fseCQ 

una 


Make {US No3 Yelow) 

Si 38.0 


Wheat (LB Dark tortfl 

21800 


Rubber (Nov)f 

saoop 

+100 

Ritober (Decty 

8920p 


RLtober KLRSS Nol Oct 

33700m 

+200 

Coconut OH (PhtQfi 

tllBlIb 

-60 

Ratal Ol (Matey. )§ 

S8220C 

-70 

Copra PWM 

5420 


Soyabeena (US) 

&1680E 


Colton Outlook ‘A 1 index 

74.10c 

-0.40 

Wocflopa (84s Super) 

463p 



gpgfanroiriMWt»sretosMKLppsncs 4 <B.CB»iis>tL 
r it-egM*. « Mri eyl sn centsta. u Nor. i Oat. 1 3«Ca 
w Ssp . V London PhystaS. § OF RaSentain. 1 Biteon 
rrnfeK doss. 6 9 md 8Jh wBoM (Head. - crimps ai 
week. S Prica n tor preview dey. 



CROSSWORD 


No.8,570 Set by GRIFFIN 

I* Is I 1? I [7 i 15" 



Across clues have no definitions but are all mww»t^ wjt 
sport Down clues are normal. 


ACROSS 

1 Protester loses his head (6) 

4 An unusual corselet (8) 

10 Las runs round flat (7) 

11 Instruct her to be less hard (7) 

12 Interview an ex-copper (4) 

15 Went in prison first (6,4) 

10 Love to write on a ruler (6) 

16 Wind blew me last bit of way 
(7) 

20 Teacher I abandoned carrying 
tricycle CO 

21 IPs OK to rest when shattered 

24 & of target outside range 
( 10 ) 

28 Sounded sad, people say (4) 

28 Catch All Black in centre (7) 

29 Offender takes very little 
money CO 

80 A rug sure needs Shaking (8) 

81 G aHte o left without rfam-inp 

_ . DOWN 

1 Dislike having to declare 1 
introduced boy (8) 

2 Brightest bar in Church 
street (9) 

3 Woman starts rowing at anv 

time! (4) y 

5 Need trained dog to enter as 
required ffl) 

6 Once Bill shot beater to 
aggravate! (10) 

7 Numbers on key strung up (5) 


8 Skate round redhead with 
sex-appeal - something 
unusual! (6) 

9 Heard you on pipe, exerriring 
( 5 ) 

14 To run off with one couple is 
lawful (10) 

17 Moving book back before 
m e ss i ng with an oil (9) 

18 University library opens in 
vault having small cavities 
( 8 ) 

19 He's In the back on the South- 
East train (8) 

22 Covers pupil needing one car 
badly <6) 

23 Drinks said to irritate (5) 

25 Treat sick fish (6) 

27 Cover hole by swimming area 
(4) 

Solution 8£60 




T 






Hllii 


'"'inn 


FIN ANCIAJL TIMES WEDNESDAY SEPTEMBER 28 1994 


LONDON STOCK EXCHANGE 


MARKET REPORT 


Shares steadier but await news from the FOMC 


By Tony Byland, 

UK Stock Market Editor 

Selling pressure lifted somewhat in 
the UK stock market yesterday »nri ( 
although investors remained can* 
tious ahead of news Grom the US 
Federal Reserve's Open Market 
Committee meeting, the FT-SE 100 
Index managed to regain the 3,000 
mark. 

Traders said that technical pres- 
sures had slackened, and that mar- 
ketmakers had largely succeeded in 
passing on the lines of stock left 
with them by the recent spurt of 
tra din g programmes. But two more, 
albeit smaller, programmes were 
reported yesterday and nervousness 
over the medium term outlook for 
equities continued to restrain trad- 
ing volume. 

A firm opening on Wall Street, 


more than 15 Dow points up in UK 
hours, helped London at the close, 
as did a steadier trend in bond mar- 
kets. However, the nhqnrpt that a 
tightening of Federal Reserve credit 
policy could emerge in the wake of 
yesterday's FOMC meeting contin- 
ued to overshadow London. 

The FT-SE 100-share Index closed 
8.7 up at 3,008.5, having touched 
3,011 J earlier. The market's return 
to relative TmmTMi was also encour- 
aged by a better tone in stock faring 
futures, where the December con- 
tract an the Footsie traded briefly 
during the day at a genuine pre- 
mium, In contrast with its recent 
performance. 

The improvement in the market's 
technical position may help share 
prices rally over the immediate 
term - provided that same invest- 
ment support for equities reappears. 


However, few analysts believe that 
the clouds have lifted in any perma- 
nent sense. 

Market concern that institutional 
investors are downgrading their 
equity holdings were further 
increased when Mr Barton Biggs, 
strategist at Morgan Stanley, the US 
investment bank, reduced the 
weighting of European stocks in his 
global portfolio by 2 percentage 
points to 6 per cent. 

The two trading programmes 
spotted yesterday appeared to range 
across the full breadth of the stock 
market, taking in non-Footsle as 
well as blue chip issues. The FT-SE 
Mid 250 Index, drawing less benefit 
horn stock index futures than the 
FT-SE 100 Index, slipped 3.9 to 
3^17.5. 

Trading volume improved only 
slightly, the day's Seaq total of 


544.9m shares comparing with 
515,8m In the previous session. Mon- 
day's retail business was worth 
£1.22bn, at the low end of daily 
averages but still a healthy figure 
from the point of view of the Lon- 
don based securities industry, and 
an indication that the big institu- 
tions are not absent from the Lon- 
don equity market 

Trading statements from leading 
British companies produced some 
features but again failed to encour- 
age the stock market as a whole. In 
the construction sector, good fig- 
ures from Tarmac stimulated confi- 
dence in the progress of recovery in 
the domestic economy but brought 
out profit-takers in the shares. 

In a generally uncertain retail 
sector, the first-half report from 
Sears was followed by increased 
activity in the shares although no 


lasting Improvement in the share 
price. 

Recoveries in bank shares, in the 
leading pharmaceuticals and in 
selected consumer stocks was 
ascribed to the clearing away of the 
debris left behind by the recent sell- 
ing bout 

These sectors featured in the 
series of selling programmes 
reported since the middl e of last 
week and are also closely linked to 
activity in the Footsie stock index 
future contract, which has been 
leading the market lower. 

Marketmakers are believed to 
have cleared their trading hooks, 
for the time being at least, and 
would therefore respond readily to 
any sign of buying interest in equi- 
ties. But the market is likely to be 
poised for any reaction on Wall 
Street to the FOMC meeting. 


FT-5E-A All-Share tndax 

1,675 

1,650 

uks - — — 

1,600 — — 

1,575 

1.550 • 

1.525 

1,500 — 

1,475 

1,450 

JU Aug & 

5ojrea; FT Omptuta 1994 

■ Key Indicators 

Indices and ratios 


Equity Shares Traded 

Turnover by volume (mSttort. Excluding: 
tot ra -m ori uri budnew and ovoraoee turnover 
1,000 • 



FT-SE 100 

FT-Sfi Mid 250 

FT-SE-A 350 

FT-SE-A AU-Share 
FT-SE-A All-Share ytcrid 

3008.5 

3517.5 
1516.8 

1507.56 

3.90 

+8.7 

-3.9 

+3.0 

+2.34 

(3.90) 

FT Ortflnary Index 
FT-SE-A Non Fins p/e 
FT-SE 1 00 Fut Dec 

10 yr Gilt yield 

Long gllt/equlty ytd ratio: 

2340.0 
18.47 

3018.0 
S.01 
2_26 

+8.6 

(16.45) 

+9.0 

(8.99) 

P-25) 

Best performing sectors 


Worst performing sectors 

.-1.2 



..... +1.4 



-0.8 



..... +1.2 

3 Water 


..-..-0.8 






... -0.7 

5 Extractive Industries 


_... +1.0 

5 Bectrtdty ...» 


-0.6 


*U !ht| 


profit 


u - | 5 r 


>**H) ai[ ! 


CROSSWORD 


1*111 
1 1 * 


Heavy 
fall in 
Sharelink 


Lingering worries that the 
recent poor performances and 
extreme turbulence in band 
and equity markets could have 
taken a heavy toll an dealing 
profits around the trading 
decka of the City’s merchant 
and clearing banks suddenly 
increased after Sharelink, the 
Birmingham-based stockbro- 
ker, warned that it would 
make a £500,000 interim loss. 


Sharelink plunged 51 to an 
all-time low of I87p - com- 
pared with a peak 434jp reached 
in November last year - fol- 
lowing the warning of the loss, 
which it said was caused by 
expenditure on development 
projects. More worrying for 
market analysts was news that 
low UK market volumes 
throughout the first six 
months of the financial year 
had caused Sharelink to trade 
at below break even for the 
first third of the year. But the 
company said it expected to 
make operating profits of 
£200,000 for the first hall 
The Shamiink news caused 
ripples of selling among other 
stocks Involved in market trad- 


EQUITY FUTURES AND OPTIONS TRADING 


Stock index futures moved 
higher yesterday, and although 
tradng volume was low - at 
under 10,000 contracts - the 
market's broad undertone was 


said by dealers to be much 
improved. 

Ahead of the FOMC meeting 
in the US, it was mostly a day 
of waiting on events, with just 


■ FT-SE 100 INDEX RITURES (UFFQ E2fi par fas Index point 



Qoan 

Sett price 

Change 

High 

Law 

Esl vat 

Open InL 

Dec 

30144) 

301641 

+ao 

3030J) 

3000.0 

10453 

61166 

Mw 

3QS&5 

3041.5 

+&0 

3038.5 

3038.5 

10 

2105 

■ FT-SE MD 260 MDEX FUTURES (UFFE) £10 per Ml Max point 


Dec 

3520.0 

36284) 

+4.0 

3530.0 

Mann 

300 

3388 


■ FT-8E MD 2SO INDEX FUTURES (OMLX) £10 perfufi hflax point 

Dae 352&0 0 

Al upon knanat Ogma ora tor prantoua day. t Exact vofenw (town. 

■ FT-SE 100 INOEX OPTION HffFE} (-3008) CIO per tut Index point 

28SO 2900 2860 3000 8050 3100 31G0 3200 

CPCPCPCPCPCPCPCP 
Oct 187 12*i 126*2 20*a 80 34 68 S3 36 79*g 28 114*2 10*2 195*2 S 201 

Nw 190*2 29 1M 41*2 119 55 90 7B*z 96 101^44*2131*2 30*2 IBB 10*2 207*2 

DSC 200*2 *2*2 171*2 57 140*2 75*2 112 98*2 96*2 120*2 GO 148*2 48 181*2 32*- 218 

Jn 234*2 88*2187*2 71 100*280*2188*2 109 108*2 132 88>z 159*2 B 188^ 80*2 225 

Jurrf 258 105*2 197*2 143 181 195*2 198*2255*2 

Ctfa'ljtiS fab 9£17 

■ EURO STYLE FT-SE 100 INDEX OPTION flJFFE) £10 per he Mw point 


■ EUWOTYLE FT-SE 100 INDEX QPT10W|JFFQ 910 par Mtmwcpohl 

2825 2870 2828 2976 3006 8078 3125 8176 

Oct 190*2 10*2147*2 17 167*2 27 74 43 46*2 65*2 28 97 16*2 134 7*2 176 

Nm 211 22*2 172*2 33*2 137 48 108*2 58 78*2 BS*2 58 115*2 38 147 24*2 183 

Dec 226*2 35 198*248*2 158 94 128 B3*2 98*2 105*2 79 131*2 65 180*2 38*2 193 
Mm 270*2 80*2 203 90 MB 130 100 181 

Juif 311 81*2 247 113 190 151*2 140 197*2 

Q* 483 Pds 137 * Umtartjtag Mr vakn. Ptanfcmt cm an CaaaC « Httttnan priced 
t lag daM wp*y mono* 

■ EURQ8TYLE FT-SE MID 250 INDEX OPTION (OMLX) CIO par M Index point 

3600 SEED 3600 3060 3700 3780 3800 3BSD 

Dot ns* 82% 131*2 1M|W%N0% 

Cab D Ma 0 SoUanaM price* and rtrat an Mm at uopei 


ing activities. Smith New 
Court, London's leading 
marks [making firm, retreated 
14 to 400p. 

Merchant banks were 
affected by a bearish research 
note published by NatWest 
Securities which took the view 
that the market is Bxppntinp 
too much in terms of mergers 
and acquisition activity. 

Mr Stephen Kirk, NatWest 
Securities’ merchant banks 
analyst, said: “Future profits 
are likely to disappoint and we 
retain our negative stance on 
the sector." 

Schraders, which dropped SO 
to 1403p, is NatWest's only 
straight sell in the sector, 
although it recommended 


9,478 cont ra cts traded in the 
December FT-SE 100 future, 
down from 16,295 on Monday. 

The independent traders 
mostly had the field to 
themselves and as a result the 
December contract moved 
around sharply at times. 

Dealers said the moot 
encouraging aspect of the 
session was the solid, general 
support shown when the 
contract touched 3,000 around 
midday. 

Once or twice the premium 
to the cash market extended 
to some 20 points, which put 
foe premium, briefly, in excess 
of fair value for the first time In 
weeks. 

December peaked at 3,030.3 
Just before foie afternoon dose 
and ended nine points up at 
3,018. At this level the 
premium to the cash market is 
9% and the premium to fair 
value around 18. 

Traded option volume was 
34,570 lots, down from a 
previous 39,507. FT-SE 
turnover was 10,776 but the 
Euro FT-SE was barely traded. 
British Gas was easily the 
most active individual stock 
option with 3,040 contracts. 
HSBC managed 1,955 lots and 
BP 1,705. 


m 

■ 1 

fl 

| I T - SE Actuaries Share indices 

i he UK Series | 

m 

WK ■ 

S 


Year DM. Eon. P/E Xd aefy. Total 


■ i*. 1 


Bap 27 cftflrit Sap 26 Sap 83 Sep 22 ago yMdtt yield* ratio 


c ■ 
* 1 


■ I 1 

■ If 


FT-SE 100 300BJ 

FT-SE Md 2S0 3517J 

FT-SE MM 2&0 ax tnv Trusts 3617.; 

FT-Se-A 360 151 BJ 

FT-SE SmaBCap 1327 A 

FT-Se BmaSCep ax bw TVurM laOQjOl 

FT-SE-A ALL-SHARE 1607.51 

■ FT-SE Actuaries All-Share 


+03 28994 30202 3021-2 3036.9 
-0,1 3521.4 3500.9 3682.1 3437.6 
-G.1 3522.4 3561.0 3584.0 3449.1 
+02 1513.8 1628.7 1626.1 1510.9 
-0.4 1634.12 1844.06 1B4&45 1766.61 
-0.4 180BS3 1616.83 1818.85 1785^6 
+4L2 1505*2 151958 1617.35 1509S7 


Day's Yaw Dfv. Earn 

Bep 27 chgeM Sap 28 Sap 23 Sap 22 ago yjsMB yjsjdH 


10 MNERAL EXTRACTION (18) 

12 Extractive mau etrt e eW 
IS Oil, ImograteriP) 

ia oa BgjgMtoH fi EafltUl 

20 QEN MANUFACTURERSpH) 

21 Btttllng 6 Ccnetiucaonp3) 

22 Burning Mate A Marahe<32) 

23 ChemfcetoCSI} 

24 DtveraMlad InduB&talsflO) 

25 Electronic 8 Bent &Mp<34) 

26 EngbMrtn|j(70> 

27 Engineering. Vahlctoe(l8 

28 Printing. Paper & PtXgPQ 

29 Textflea 6 /ipparalgO) 

30 CONSUMER 00008(97) 

31 Brewsriee(17) 

32 Spirits. When & Ctders(l0) 

33 Food Manufecturara(2S) 

34 Household Gooda|13) 

38 Health Oare(21) 

37 P1wmacemteel8p2) 

38 Tobeooofl) 

40 8BMCES(221) 

41 Dlatitoutora(3lJ 

42 Lattune & Hoteto(25) 

43 Medietas) 

44 RetaMm. FoocRiS) 

45 FleteBero, GenaroQ4E) 

46 Support ServtoM(41) 

49 Ttonepor1(16) 

51 Otftar Sendees 8 
60 UrBJTlESfSS) 

62 Etoctridtrflh 

64 Qu DtaMPuflonE) 

68 TstocommurteattoraW 
68 WMerflg 

68 wafeattfigaaga 

70 FINANCIALS(1M} 

71 BankoflO) 

73 Instnnceri7) 

74 Ufe Aaoirancen 

75 Merchant Banka® 

77 Other Fhundalpq 

79 Proparty(41) 

80 MVSSTMOIT THUSTSftSq _ 
99 FT-SE-A ALL-SHARECBSq 


— 2648.01 2888.24 2689.42 2310.00 
+1.0 3862.07 4Q18.15 4008*1 3235X0 
-04 2576.18 2S93J56 2587.83 2248S0 
+Ofl 188093 190748 1916JB 1B72-50 

+03 1882.58 188847 166346 189 7 40 
-1 2. 1087.48 1077 J7 107723 1161.60 
-0.3 1B4&5B 166448 184847 1B4540 
2362.17 2387.15 2402.40 221340 
+0.7 176241 1762.12 178844 184840 
+14 188841 191248 1699.34 217840 
+03 181026 162341 181345 186840 
-0.1 228841 228748 227B.38 1888.10 
+04 280748 2629.43 233349 243220 
-04 168141 1600-56 1B0348 1883.70 

401 2672.80 270147 2698.40 2756.00 
-06 2175.62 220646 218948 204240 
+02 276021 276347 274846 269440 
+042252.02 2281.B12284.70 229740 
+06 235248 2474.78 244741 2561 40 
-03 185222 1B5&B8 108440 172540 
+032843.97298042 296742 3038.90 
-0.5 3473. OS 348946 3489.98 41SBA0 
+03186034198271 198148188340 
+14 2498.18 2506.02 248248 2702.80 
+02 2063.17 2054.87 2028.77 1842.70 
+04 2754.82 2773.74 275747 2S3940 
+08 1876.78 1701.78 1780.73 1730.00 
-0.1 162244182749 1B1847 187020 
-04 150348 151448 151744 1B2840 

221146 223448 221744 227840 

-01 1268.12 127448 128147 1287.00 


-0.1 233842 238042 238448 2339.10 
-06 2454. 68 260747 263444 201040 
-04 183341 198847 2037.18 2164.40 
+08 1832.60 198441 183062 2128.10 
-08 Mg IBB 1H1B .39 195940 
+02 1828.03 184343 1643,18 162147 

+02 2109.84 2127.77 2113.08 220040 

2739.49 2784,62 272742 2667.70 

+14 1 185.45 1187.84 118840 1462.00 
+1X 2275.88 233241 2343.77 2884.70 
-OB 2823.79 2941.76 2B83.QZ 901940 
-07 185148 1369. 73 167047 178020 

1460-50 147147 1453.75 1600.10 

274033 2778,65 277016 256000 

+02 150022 161058 1517.35 150647 


3.48 5.17 

018 &10 

348 S .M ) 

2. IB t 

443 5.10 

071 5,17 

4.01 4.98 

082 444 

5.10 6.18 

083 6.59 

015 4.83 

4.42 2.71 

004 542 

423 B41 

444 7.81 

447 742 

443 742 

448 8.31 

080 745 

344 348 

4.46 745 

845 846 

3.28 043 

082 7.13 

040 4.73 

240 5.40 

084 044 

344 846 

241 045 

340 5.72 

349 241 


440 004 

076 1008 
022 t 
a jr ana 
548 1010 

098 050 

447 033 

4.40 1048 

545 947 

p w wan 
068 1149 
094 054 

4.14 449 

034 148 


1028 104.78 113848 
2086 9845 130944 
1944 10149 130040 
17.12 5048 117441 
2848 4071 141742 
24.14 4446 140004 
1748 48.08 1187.10 

P/E Xd SC|. Total 
ratio ytd Return 

24.44 6142 1064.48 
2447 8024 110843 
2145 8540 105544 
t 3003 110245 

2073 8144 982.70 
2545 2015 624.82 
24,53 55.15 98012 
2083 7013 1048.58 
2017 8080 92248 
1848 5746 93077 
2348 4643 1037.48 
6046 7038 109844 
21.99 7070 11 0088 
17.71 <049 98843 

15.17 10006 82033 

1544 5143 968.59 
1648 8089 827.02 
1091 7841 98144 

1545 66.79 84070 
42.89 3843 962.71 
15.88 125.18 94444 
1040 21747 71041 
1075 47.41 926.79 
1646 67.72 67348 
2449 5048 101640 
2143 6544 968.18 
1349 6146 100945 
1845 3748 88446 

1029 31 .20 91008 
2047 5841 86022 
7030 2340 100543 


1014 73X2 90028 
11.64 6048 101444 
t 0078 B8041 
15.06 6022 62012 
032 6035 90098 
1047 5141 115018 

12X3 9646 83849 
1085 11444 62346 
1149 5345 92140 
1448 126.11 88241 
1023 8448 67443 
1347 83.18 98542 
28.47 3940 B33.82 
5141 51.99 92246 
1748 4005 1167.10 


■ Hourly movements 

Open 840 1040 1140 1240 1340 1440 1640 18.10 Hlflh/dey Ura/dey 

FT-SE 10D 30014 30005 3005.6 30084 30072 8004.2 30044 30064 30084 30114 30000 

FT-SE MU 250 35184 35204 35108 35192 36104 35108 36100 36154 35108 3521.8 3514.9 

FT-S6-A350 15142 1517.1 1615.7 15174 15104 15152 15152 1515.7 1616.7 15174 15134 

Hm oi FT-SE IDO CVo/a ntglv 3X0pff. D** to* Mbm FT-SE 100 19M High: 35203(2/2 ) Low 287M OW 

■ FT-SE Actuaries 350 Industry baskets 

Open OOO 1040 1140 1240 1340 1440 1540 16,10 C Icae Pnwteua Owoge 

Bldg S Cnstnai 1006.3 1005.1 1004.4 1001.8 9884 8808 8908 9964 992.0 08OB 10064 -105 

nwnmwtua 28104 2924.8 29234 2931.1 28207 2818.7 29164 29174 28225 28244 29154 +04 

1821.7 16244 18182 18101 1818.1 18185 18185 18072 18001 18001 19232 -14.1 

BaAa 27774 27703 2788.1 2771.7 27712 27074 2788.1 Z778X 2773.fi 2773.6 2773.1 +05 


isampitoaD»'nte 

•FT^rendfer 

inae+aa+audU 


aragsagaraarai 

I AkScbBL to wtoNi RNSTAT, Ftzroy 

li Exch+no* rt L Wto U _>CnoO<OT 

IW m jpm trade maria eid aetvee mm el Si 
l By wo WM Compan». t Sartor PIE mttoa 


m Shoe todcaa Sovtoe. hHUi ooma a range alt 
riauee. i>« pwioioi Otmat London ECZA «DL 
FT-SE tOO. the FT-SE MU 250. FT-9C Actuarial 3G 
rind Ktogdom end Mpublc nf Mato and the FT* 
• vmmm tt Actuate* end the FaaJty of «usilej 
±k of Mena Urrttod t8M. C The FVanoM TVnas 
i London Bead, D*Nne» end TH+ RnaneM Tlm+* | 
r then 80 »» not ohown. t VMae ob nagott*. 


Clcae Pnwteua Owoge 

8808 10064 -185 

28244 29154 +8.4 

18001 19232 -14.1 

2773.8 2773.1 +05 

Mris mm 11» Flnaelri Tlmea 
eernne and pqsarMeed 

I Mid ta FT-SE Aatuoto* hvAMriry 

; Actuarial M-Ekm indai hi 
ntor ■ eondad hi el gnund iUm. 
LMBd 18M. At ngna maennd. 
Mod.Ha FT-SE Actum. 


reducing holdings in Kleinwort 
Benson, marginally firmer at 
467p, and Haxnbns, a penny 
easier at 268p. 

Enterprise wanted 

Enterprise Oil was the pick 
of an otherwise subdued oil 
sector, the shares moving 
ahead 7 to 387p after sustained 
buying Interest from Goldman 
Sachs, the influential US 
investment bank. 

Goldman was said to have 
pinpointed Enterprise as the 
cheapest oil stock in the world, 
after Saga. Petroleum, on the 
basis of a prospective cash flow 
multiple for 1995. The invest- 
ment bank was also said to 


■ Major Stocks Yesterday 

VoL Cloilng Do/. 


at 

ASDAGroupf 
ADboy Nuomtt 
Alban Ftohar 
AIM Dcm+cqt 
AngAoi WUv 
Aigos 

Aasoc. BrtL Ports 

BAAt , 

BATIndat 

BET 

BBC 

BOCt 

BPt 

BPOfevto. 

BTt 

OTIWPokfl 


Barit of Scostendf 17V 

Bucbtysf 2.100 

Boat 1X00 

BkadrcMt 2X00 

Bookar UM 

Bootat 1200 

Bowoot 1,100 

aft. Aannpacat 872 

MWlAkoopt 3200 

artUth Qaat 0200 

MWiLmd 1200 

MWtSMf 8,700 

Bund 1200 

BrnWi Caaoeit 2 2i 

BUIon 2.1 DO 

Catria&Wknt . MOO 

CaSMy SdimpoMt 80# 


000s erica done 

1.100 

334b 


ajoo 

81 M 


1X00 

385 

+2 

324 

47 


1300 

972 

+a 

IBB 

530 

-a 

480 

31S 


4,100 

26B 

+t 

2.100 

268 


4*7 

608 

-7 

1.100 

258 

+1 

sea 

478 

-1 

3,700 

412 

-2 

1.700 

104 


1200 

300 

+10 

1X00 

884 

-12 

5X00 

380 

-2 

2X00 

2BB 

-1 

10.000 

370 


4X00 

24ftl2 

+3 

fi.mn 

311 

-1*7 

979 

201 

-a 

2.100 

560 

+4 

1X00 

514 

-0 

2X00 

284 

+0 

1X00 

409 

+Z 

1X00 

590 

-h 

1.100 

402 


872 

468 



3200 364 1 ! 
6200 300 

1200 870 

8,700 106*2 
1200 171 

*21 855 

2,100 oa 
5200 an 


Cnurt 
Carton Corn™ t 
CoanVtyala 

Oomm Untont 

Cocriaon 

Couunridsf 

awu 

Dtama 

Eamm Sao.t 
East hUand Bact. 
Eng China Ctaya 
Eotopriaa Otf 


7S 280 +4 

483 BIB +1 

1X00 107 +1 

1400 4H « 

2400 230 +7 

2.100 4SB 

980 443 +14 

835 82? +21 

75S IBS -6 

953 740 +3 

234 723 -3 

878 363 +10 


ainmaaf 
HSBC [73p Halt 


Enuvprin. 0»f 1200 307 +7 

BnuHLMi E70 250 +0 

PM TOO 17D Uf 

Fkona 2.100 117 -1 

FaVai a Col it. tm i33’j 

FortnT 1400 217 

0«n.AccM«itt US 547 

Qonoral Eteolt 3200 281 +7^ 

OOMOt 3200 574 +3 

OMmad, 185 337 

Qob«cm+ 3200 511 +3 

Qrand Matt 2200 402 +1 

OUST 1400 MO « 

onef 074 in «s 

OS® if 437 601 +1 

OiAnnst . 1400 462 +>a 

HS8C[73prta|t 1X00 888 

Htov im M i BSD 317 -8 

htonaont 9-000 234 nJ 1 . 

Hoitaom CmriUd BIB 188 +2 

Hava 484 277 -t 

HM donn 3,400 ITS +2 

m 175 am -i 

K3t 1400 826 +6 

toovaqxit 1200 425 +15 

Jomon Mmtwir 520 651 -13 

KfeulMart 2400 483 -1 

KtohSOM 1.100 500 +15 

LMbrolat 1.700 ISO 

LKWSacwUaat i.<00 eiflij «3>a 

Upon. 92 730 -4 

Lagal a oananlt 1400 443 +8 

UotUB Mftay 838 333 *3 

Unda Bankf 1400 542 «fl 

LA8MO 1400 152 +1 

London Bact M8 689 -fi 

Irmrno 2200 132^ -lj 

Uoaa 1400 104 -l 

uavt 302 444 +3 

mfi m 139 -a 

MowaO E51 790 

Motaltanoot 4.100 40* -*j 

Mkfndl BlCL SIB 753 -B 

Montaci (WmJ 270 131 +2 

NFC 1.400 171 +5 

NatWaal BanKt 3200 474 -3 

NaricmriPowt 13B8 448 -6 

Nut 544 243 +2 

NnaiWHtwoat aoo 524 -> 

Nonnori Boo. 259 758 -3 

Nqflhon Foodft 1.700 107 +1 

Nomao 373 793 -l 

Faano nt 1400 572 +13 

P 5 Ot 9» 028 -1 

PH0M 2400 IBS +2 

Pm+aOint 1.200 BID -4 

Pmtuanat +400 300 +5 

RMCf 523 930 +3 

FTTZt 4400 863 ,7 

hri 1.+00 237 -2 

Rank Ont 2400 407 *1 

Ftaddu CClrimant 1-100 502 +7 

RKftndt 972 010 +2 

Read WLt 09Z 748 +10 

RemoMt 1400 229 -2 

Rauoraf , 2400 489 +9*a 

Bo&Ttojwt , 2X00 181 +6 

*l*B«fenat 1400 4S2 

r.v v a karaHT 2400 275 *5 

Sambuyt 2X0 38* +6 

Butaxtont 11T 1403 -30 

SocmWi 8 Naw-t «3 «a Jj 

SOOL Hjcto-eoot 1,100 373 -4 

GcotUMi Ronart AAOO 381 

Saanf 13400 iob -u* 

Bedgmnk 82 * ms -i 

Saanori 2400 417 -3 

Sown Ttonrt 125 rai -a 

BM Tranopont 2400 StflO -a 

Stobet 445 548 -3 

Sttugn Earn 824 235 *1 

Sntf W.H) 447 454 -1 

ftTriSi B Ngphawt *90 145 4i 

am Beeenamt ^ 1.700 4M 

6nri0 BMCharn us.t 1.000 3 ez « 

Snriria Inctt. , 2400 *33 -1 

Souhem Bacxf *05 716 -7 

SaudlWatoaSKL 292 792 -2 

South WtoR Wear 949 621 H5 

Soon WML Brno. 200 749 

SMMHWUV ^ 36 582 -1 

SMMM QaffiLt 1.100 249 -5*2 

Snahoiaa 1400 m -4 

Sun ARncrt 1X00 320 +B 

TIN 44 218 

TlOroupt 9T» 

TSBt 1400 211 

Taman 13400 iKh -13>i 

Teas Lyta 684 42S +1 

Tkytar modnm *01 12* 

Taicot 1600 230 +3 

HHOMlMHlt 772 04 -3 

Thant B*t 891 an +a 

Tmridnaf 7400 209 +3 

Trtriaioar Hnoa 2400 88 +1 

UtaT 4B1 336 -8 

Ur3wt 922 1102 +12 

Untaa Btaeueaff aaoo 3io +* 

ssr" us iA +i 

SSEST liS 3 - 

Welrii Water 126 838 -4 

WaaanWnar >3Z na ^ 

Whomat 1400 5&h **» 

wtanma nogt-t *.«o •« 

Mb Cotraon 010 1*9 -1 

Iriom 3400 137 -3 

WMwIayt 7S7 ♦’ 

YorioUdBacL 173 FI “5 

VartahtraWWa M W ■* 

Zanecat axoo bo 2 +6 

Based on aatano whara tor a aetoctwn tri m#jr 

aacurttM iMt ihrovgh m« SEAO ayatstn 

yaauidn uMI 430pm. TBKtoe ot ona mffllpnor 
mom am toundad do+n. t Wfc*H an FT-SE 
100 Max consttaont 


1 III III, ■ Ml !"■ ■ J||B| 

unrig rooatr 

Nm* 

PsatapnT 

P80t 

PMamn^ 

P ma-Oan t 


S3’, 

Hyt a, Boodanat 

K 


O atmnItHtt . 

M" nap ° nt 

Smipn Ebb 
S rrMM.KJ 
BnriBit Nafriourt 
Sm>o Beecnomt 


^A^f 

TIOwpt 


Thant ent 

Tonri*«t 

Tiafaigw Hduh 
Urriaaa 
Univart 
Untaa BiacutMT 
UKL Mmecepem 


Writh Water 


vnaercaHdULt 
m Cotraon 


have highlighted the potential 
for further upgrading of Enter- 
prise's Scott and Nelson oil 
fields. Other ofi sector analysts 
said Enterprise shares were at 
the low end of the trading 
range and oversold. 

BA pressured 

British Airways shed 7 to 
364p following further skir- 
mishing in the trans-Atlantic 
air fores war with the news 
that Northwest Airlines has 
put out a special five-month 
offer, cutting rates by up to 50 
per cent 

Northwest is the fourth larg- 
est US carrier and its aggres- 
sive price move sparked trad- 
ing volume of 2.5m in BA 
shares. 

Bus operator Go-Ahead was 
10 higher at 143p on the back 
of a buy recommendation from 
Panmure Gordon foDowing last 
week's Strang interim results. 

News of yet more share buy- 
backs by the regional electric- 
ity companies foiled to trigger 
any outperformance by the 
stocks involved. 

Seeboard slipped 3 to 417p in 
spite of announcing that it had 
bought in 750.000 shares at that 
price, while South Wales 
acquired 476,000 at prices 
between 795p and 803p. South 
West, steady at 749p, said it 
had bought in 250,000 shares at 
752p. 

De La Rue, the banknote 
printing group, was among the 
FT-SE 100’s best performers, 
racing up 21 to 92Tp after buy 
recommendations from UBS 
and S.G. Warburg Securities. 

Ahead of this morning's City 


NEW HIGHS AND 
LOWS FOR 1994 

NEW MOHS 89. 

ELECIKHC & ELECT EQUP (1) TO Ip. 
BKONEBWO ft) 8TO. StmL EXTRACTIVE 
INOS 08 Honany. ImoOi PtaWxrix POQO 
MMJUF CH Bar (AO). INVESTMENT TRUSTS 
(to LEISURE & HOTELS (4) Braial Serna. Ftm 
Chons Hettfey* Nathan Da WDi. Znsm. 
RETAILERS, OB+ERAL (1) Syto. TEXTILES 8 
APPARfi. (1] Wsnsum, TRANSPORT CQ Ga 
-AlmA PAD 6V«c Pta. 

NEW LOWS (10S|. 

OH.TS H) BANKS (1| ElpSto Sato. 
WOWEM EBW FiAa ST A. BUBJXNQ 5 
CNS1RN (10) Ban. Bne. Biyan. Clerasn 
(MA Mggs 8 HR. Uhb {JL Oo, A NU. Witoon 
BCMdOL Wteon ia. Wlmp+V <G). BLDQ MATL8 
A MCHTS HHwwoj'Wto M, Maya M . 

Tm* sap. nsmmm»s (iij cwik 
S klmy Cmri, Optoma Eii m i ^ W o Coma. 
Eunxtolu. FamnS Flnr... Lex Santoa, Lana 
ScppBM, MBgaM, PanaragoL Rasa 
Pni BWaHU RffiLS n Bato, TomUna. 
ELBCTRNC 6 ELECT BQUP (0 Boomapa 
Du+afcg s Mb, Tiriannlm WaaoLoac. 
ENQMEERMQ 99 AramMCrifl, H0 8 Smith. 
Maggri L Mogin Cructri* 7wpc Pit, Keotranio 
Tech. TmnaTaa vmn kitL. wtanoe 
EXTRACTIVE INDS (11 Staimln. POOD MANUF 
(2) Ewmd, LkrigOB. HEALTH CARE (2) AAK 
Unfteti Drag. HOUSBWUl 00008 (1) 

LMnhaoL IIIVHIMRII TRU8T8 (14) 
INVESTMENT COMPAMES n JF Pocrito WHO. 

Lota Am. Extra VkL, LBSURE 8 HOTELS (1) 
Tring imL. UF6 ASSURANCE (11 DasalMIc 
MEDIA n BMw Ma Capyrigra Piamoriaa, 
SMKTV, OIL EXPLORATION A PROD (1) 

Enape Enwyr. Other fMancial n) 

Abaneai To. BWD Sots. 3Ml DotoML MAI. 
Beam Tgt. Stmratrk. OTHER SB1VS A BU8NS 
m PI«WW PHARHACEUTICALB (9 
□ranpan. Praaut tod.. PR1NQ, PAPER A 
PACKQ (4) Hunan Amriey. PahOde tori.. Swtt. 
SUbw, PROPtam n ARed Lon. 5hpc Pit, 
CL8, DaeHn, Ex-Lands 7Wpc Cm. 2020. 

FMdar Khg, Hanmoion, McMw (ABA Pari. 
Southend, RETAILERS, OEmtAL a Carer/ 
Cmeils. Coteto. SUPPORT B8HV8 (S) ACT. 
Coats Cansuatoo, Mead 4. NOW. StartcNey. 
TELBOOMMUNICATIONS (1) Clltris & Whnleea, 
TEXTtLEB 8 APPAREL (4) Clwmttad M n PWppa. 

Drtda Heal LonotL nctatto. TRANSPORT A 
Map* NfcMass. Ttobsti & Britton. Tmmpert 
Dav. Americans (0) togenuO-Rand. Mori 
Lynch, NYMEX 

meeting with analysts, Wil- 
liams Holdings advanced 9 to 
337p. Turnover in the shares 
was 3.6m, but the most active 
diversified industrial was Tom- 


kins with 7.3m changing hands 
and the shares 3 firmer at 209p. 
The story among dealers was 
that a major securities house, 
possibly NatWest Securities, 
bad finally cleared a big over- 
hang of Tomkins stock. 

British Steel moved up 3 to 
165'sp on 8.7m shares dealt, 
with Goldman Sachs said to be 
especially active in the compa- 
ny’s stock options, where the 
equivalent of 1.2m shares were 
traded yesterday. 

Some smaller engineering 
stocks had a bad day, Whessoe 
plummeting 21 to 96p. Transfer 
Technology tumbled 14 to 54p 
following weak half-year 
results and a cautious forecast 
about full-year earnings. 

Johnson Matthey was 13 
lower at 551p in spite of the 
generally bullish tone of the 
company's US presentation to 
analysts. 

Turnover in Anglo-US con- 
glomerate Hanson rose to 9.9m 
and the shares gained 3V« at 
234p after NatWest Securities 
recommended the stock and 
upgraded profits expectations. 

Raising its current year fore- 
cast by £30m to 980m, NatWest 
held its estimate for the follow- 
ing year at £1.34bn. The securi- 
ties house said recent weak- 
ness in the stock due to 
technical selling by US Inves- 
tors now provided a good buy- 
ing opportunity for the shares. 

A poor interim results meet- 
ing with analysts left retailing 
group Sears 1V4 lighter at 106p. 

However, Hoare Govett con- 
tinues to favour the stock and 
analysts at the broker said: 
"We think Sears has managed 
the process from pure recovery 


to growth well The mid-term 
earnings growth potential 
looks encouraging.” 

House Of Fraser, which 
reported interim figures for the 
first time, put on 4 at 211p. 

A strong recommendation 
from NatWest Securities 
boosted Body Shop, the shares 
advancing 9 to 2l8p. Advising 
investors to add to holdings, 
NatWest said: “The restruc- 
tured management and retail 
focus is unlocking the interna- 
tional growth potential. ' 

A broker’s recommendation 
helped the leading stocks in 
the food retailing sector shake 
off some or the recent gloom 
that has brought a slide in 
share prices as fears of an 
impending price war look bold. 

Credit Lyonnais La ing said 
the recent retreat in the top 
stocks in the sector had been 
overdone and current levels 
provided a good buying oppor- 
tunity. Argyll Group hardened 
a penny to 266p and Tesco put 
on 2 at 230p. J.Sainsbury, 
down sharply in recent ses- 
sions, closed 3 ahead at 394p. 

Hazelwood Foods relin- 
quished 5 to 120p as Hoare 
Govett became the latest secu- 
rities house to downgrade prof- 
its expectations. Hoare cut its 
forecast by £6m to £39m for the 
year to March 1995. citing “the 
sharp increase in potato prices 
and other competitive pres- 
sures in the non-food division". 

MARKET REPORTERS: 

StBve Thompson, 

Joel Kflbazo, 

Jeffrey Brown. 

■ Other statistics. Page 23 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


CMS PUS 

QpOm oa Jw Bpr Oct Jw 5pt 

WUdhu) 540 38M - - 3» - - 

PS71 | 589 B - - 24h - - 

Atgyt 260 W 21 » 29 0 14H 19 

(-266 ) 280 414 12 16H 18 28 31 

ASM BO 4U 7W IK 2» 4Vi 5V4 

[t2 ) 7D 1 3 B 9M 11 12 


RISES AND FALLS YESTERDAY 


MMmp 360 1B2BHWM BM 19 24 
(-354 ) 390 4 13M 23Vi 31 37 41H 

MOMMA 420 1B28M 37 12 22M 2BH 
(*423 ) 460 SH 12H 21 40 48h 54 

BOM 500 JBJ* 46W B7Vt 3 13 ISM 
(-520) 550 BM IB 32 25 38 44 

BP 390 18 2BM 37 7 15 20H 

r399 ) 420 5 ISM 23H 25 32 37 

BtfasM 180 v» isam 3H a ii 
nasi 180 2 8H llto 16tt 20 22 

Bn 500 28 3SM 41 8 24 3 

(•514 ) 550 4H 13 18tt 41 57H B1M 

CMaim 390 21 3B4BM11M23M 29 
(-398 ) 420 TO 21 33 2fi 40 46 

GounuM 420 41 91K 80H 2 9 14» 

[•465 I 460 IStt ZTtt 30H 14W 2BM 31 h 
ConnUtan <83 161* 3flt 3BW 11 19H 31M 
1*496 ) 543 3H 18 IBM 50 G2H 55 

ra BOO SM 83 77 10H 27 40 

[-324 ) 550 13 3BK 01 34M 61 H 65 

ntflMwr 460 KM 4714 591* BM 18 23 
r«2 ) 500 11 22M S8H 24)* 34 42 

Land Sear 800 27 38 81 5M 18 21 
C61B ) 880 BM 14H ZBM 37 48 49 

Marta & S 380 21H SOM 3BM 4 11H 15b 
[-405 ) 420 5 1BX 24K 19 27 30U 

MUM 460 23 38 481* B 17 29 
(*473) GOO 7 IBM 281* 31 37H 52 

BriMury 390 IBM 2BV* 37 9 21M 25 

1*386 1 420 4H 18 24 28 38fa 42 

SUM Trane. 650 47 88 71 2M SH 18 
COM ) 700 12M 30 IB 1B2BH40H 

Sorahoura 180 22 2B 29 It* 4 B 
(-198 ) 200 6M12H 17 7 12 17 

TmMgar BO BH 11 UH 2 S 8H 
(-55 ) 80 2 5H I 7 10H 11H 

(Mew 1100 38 481* 88 21M 41 54H 
(*1101) 1180 8H SH 48 58 B8H 54 

Zeneca BOO Z2H 481* OBH 18 32 4BH 

ran) bso g zsw ssh sih b2m 7a 

PpTtn HnMIhyMMMq 


Brand Mtt 390 SH S 42 9H20M2SH 
<*402 ) 4S0 111* 1BH 27h 25H 37H 39H 

LsfinriB 140 24 S 31 2 4M 7M 

H58 ) 180 10H IB 1BH 8 13 1BH 

IM StoCLta 300 IB 2SH 30 10H 14H 22H 

r310 ) 330 0 14 1BH 31 S3 41H 

Option 9ip On Mar Sep Dec Mar 

Ffeone 110 BW 12H IB 1 5h 7H 

H18 ) 120 1 7 11 5h 1IH 13H 


Opaon Mov ft* Hr Hw Fn May 

BrR Mn 480 a 45» 33H 22H 31H 40H 

T467 ) 500 12H 28H » 47H 55H S4H 

BAT Ml 380 33H 4BV* 501* 8 131* 23 

f*12 ) 420 16W 29 33 20V* 27 38 

BTH 300 221*311* » 8V* 11 17 

(*312 ) 330 7H 1BH 21 22H Z7 34 

BrflTMmm 380 201* 28 33 7H1SH1BH 
(*368 ) 390 7 1I1BH 25 33H 36 

Canoysctl 420 46 HB9H 3 7H 14 

r«6 ) 460 17 29M » 1BV* a 31H 

Extern Bee 700 B 82 061* 13 V 3*H 

r?45 ) 750 a 63 89 331* 47 56H 

Bukvma 42D37H4BH 54 6 11 17 

1*457 ) 480 13H 24H 30H 23H 28H 38H 

EEC 250 13H Z3H 29H 5H 9» 13 

(*231 ) 300 BM 13b 181* 15 20 22H 


("234 ) 
laano 
(151) 

La hk 

nasi 
p s o 
1*828 ) 
PMngton 
1*185 ) 
PradertM 
(*289) 

mz 

r8B3) 

(MtnQ 

(*510) 

total Inca 

(*277 ) 

Teen 

P230) 

1MM 

nasj 

KMana 

1*334) 

OpBon 

BAA 

r«7B) 

Dmain 
(*483) 
Optfan 
Afibey Nan 
(*385 ) 
Aimed 
rz7) 
BBtM 
(*558 ) 

Bha Ckde 
C283 ) 
BrtBBh Bn 

C2M 1 

DCOM 

n») 

Wsdowi 
1*175) 
Lcratw 
C132I 
Mdl Power 
T445 ) 

Scot Rmr 
(W1 ) 
9aen 
HOB) 
Fdna 
(*216) 
Temoc 
(*132 J 
TLan EM 
f»8) 

7S8 

(*211 1 

Tomkfls 

("209 J 

MMcoan 

(*87B ) 

Option 


— Cam PUs — 

Mnr ftb May to* Feb Mg 
220 19 2ZH 25 31+ 7 9 

240 BH lit* 15 12 17 1BH 

134 22 - - 3 - - 

1B4 i — — 11 — — 

180 1714 22 28 G BH 13H 

200 7 13 17 17 20H24H 

600 481* B2M 72H 11H 20H 34 
850 18 33H 46H 34H 44H 80 

1B013H15H 22 6 9 13 

200 41* TV* 121* IBM 22 25 
280 27 331* 37 4 7H 13H 

300 131* 2114 2SH 12 18 23H 
850 83 B4 83 1ZH 23H 35 
BOO 311* 54B4H30H 45 58* 
500 21 38 47 IBM 25 40W 

550 8 1 7M 2BH 55 5BM 73 

260 261* 38 40 5H 11H 16 

280 18 28 28H 14H 20M 28 


220 171* 24 291* BM DM 14 

240 7 13H 18 18 20 24 

180 19 231* - 5 8 - 

200 914 1414 IBM 121* IBM 19 

325 19 - - 71* - - 

354 | - - 25 - - 

Oct Jaa Apr Oa Jan Apr 

475 IB 255* 35 914 IBM 23 

500 5 14 231* 26 33 3BM 

460 40 48 58 4M 15 18M 

500 12 24 33Vt IBM 32H 35 

Sag Dae Mar Sep Oec Mar 


360 2714 38 47 
XO 214 201* 29 
25 3 4 8 

30 1 2 3 

550 11H 3GH 49V* 
BOO 1 14 28 
280 a 2DH 29 
300 1 TO 1914 

280 11V* 171* 25 
300 1 BM IBM 

180 11 21 24 

200 1 11 14 


1 7 15H 

BM IBM 31 

1 2 3 

4 514 BM 

IM 19 31 
43 49 60 

2 12M IBM 
IB MM 29M 

1 11 18 

12 M 26 
1 B 13 

13 18 24 


160 18 21 28M 1 3 7 

180 TM 8 14 6M 12 15 
130 4 12 IBM IM 7M 11M 

140 1 7 11M 8 13M 17 

420 27M 39M 48 1 11M 17M 

460 1 17 881* 161* 31 M 37 

360 2314 » 4S t 11M IS 
3S0 IM 2DM 28M 12 M 29 
100 7M 11 13 1 4 55* 

110 1 5M 7M 5M 8M 11 

200 IBM 23M 28 1 5M 9 

220 IM 12 17 5 16 IBM 

130 4M 12 17M IM 10M 12 
140 1 8 14 BM 165* IBM 

850 52 7B BOM 2 IBM 2954 
1000 BM 47 B1M BM X 515* 
200 13 20M2SM 1 BM 12 
220 1 BM 14M 11 IBM 23 

200 101* IS 2414 1 8 11 

220 1 BM 1«M 13M 17M 22 

SO 31 BOM 79 1 23 35M 

700 IM 33 5314 26 4714 60* 
Oct Jan Apr Od Jn Apr 


Sam 550 35 BE 8714 9M 2254 35M 

(*573 ) 600 1DM 31 43 38 40 BZ 

IBCntM 850 SBM 81 BBH 7H 23 39M 

raw ) 700 a B1M BBM 27 44M 84 

Rama 482 22 - - 11 - - 

tries ) 475 14 - - 17 - - 

OpMcn Mw Mi Mw HW Fab May 

RMri-HBitt 180 1217M31M 8 I2M 16 

nei I 3X5 45* 9 13 211* 2454 28H 

* Undo ty tog rac urtty p rfcg P unriqna ri»n era 
MMd Ari Ctoutrip trie priUL 
Saptoiriaor 27 Total contracts: 34.579 Calls: 
13X43 Puts 20.936 


FT GOLD MINES INDEX 



28 

% ehg 
on dby 

Ssp 5^ Itar 

3 22 W 

|Md % 

SZmek 
«8B LnB 

Gold ISbbi tadn m 
■ hatomttadkn 

232531 

-0J 

2381X2 2278X3 1793.72 

1J2 

2357X0 167183 

Abba (IQ 

3565.75 

+0J6 

3543.16 3437 J6 222422 

3.88 

3643.16 222*22 

AaMufafl) 

2912X8 

-OX 

232123 2S5XS 1834.42 

1.78 

3013X8 1829X5 

North Amtiea fii) 

1872.81 

-0 A 

1887.78 185121 1537.25 

174 

7039X5 1459.45 


BittMi Funds 

Other Ffaud Irrtamt 

Mineral Extraction 

General Manufectuwri 

Consunw Gooda 

Services 

UtfflDM 

Rnanctata ...» 

rirvesment Trusts 

Othera 

Totals 

□era bond on ttnee na if ri — I 


TRADITIOI1AL OPTIONS 


Rlaoo 

FoBa 

Soma 

30 

30 

10 

1 

3 

11 

28 

87 

B3 

S3 

160 

383 

37 

50 

100 

81 

131 

305 

3 

31 

11 

47 

131 

188 

42 

106 

318 

31 

41 

31 

300 

790 

1440 


First DoaUngs 
Lest Dealings 


September 20 Expiry 

October 7 Settlement 


De ca mper 29 
January 13 


CaH&Allance Res, GRP Laiauro, Dorlfcig Kfeidgratoy, Etem, Panther Sea, Regent 
Carp, Boot Hydro, Tadpole Tech, Tutiow CHL PutK CftP Leisure, TuBow 06. 

LONDON RECENT ISSUES: EQUITIES 

Isaue Aim MkL done 


price paid 

D UD 

cap 

(Cm.) 

1994 

Mail Low Slock 

price 

p 

+A 

Nat 

cfv. 

Mr. 

cov. 

Ora 

yld 

R/E 

net 

100 

F.P. 

18.1 

102 

95 Beacon Inv Tat 

95 



. 



_ 

FF. 

1X2 

48 

39 Do. Weranto 

40 


- 

- 

- 

- 

&125 

F.P. 

1(L2 

130 

11B Compel 

119 

-4 

VMM.0 

11 




FP. 

1-30 

1*2 

1 Cairtl Foods Witt 

1^ 


- 

- 

- 

- 

- 

F.P. 

34X 

82 

01 Emerging M»s C 

B1 


- 

- 

- 

- 

112 

FP. 

21X 

120 

11B Indopendam Parts 

120 


LN4J) 

2.1 


U5 

190 

F.P. 

1BX 

195 

1B0 MbcUb too 

180 

-« 

RNOO 

2Jt 

•WJ 

7.7 

80 

FP. 

24.1 

86 

78 Rytand 

85 


IMS 

1.7 


UA 

- 

FP. 

3X0 

44 

27 Sutar Witt 98104 

30 

♦1 

- 

- 

- 

- 

_ 

F.P. 

114.7 

370 

371 TampMon E New 

371 

-1 

- 

- 

- 

- 

- 

FP. 

12X 

212 

192 Da Witt. 2004 

202 


- 

- 

- 

- 


RIGHTS OFFERS 

Issue Amount Latest 


Ooabig +or- 


price 

p 

paid 

up 

Rerun 

dtfe 

1994 

Ffloh Low 

Stock 

price 

P 


475 

Nl 

4/10 

58pm 

15pm 

CommercU Union 

22pm 

+1 

360 

Ml 

21/10 

48pm 

13pm 

B4AP 

17pm 

+4 

180 

Nl 

17/10 

0pm 

2pm 

Jannyn Inv. 

2pm 


252 

Ml 

11/11 

34pm 

7pm 

Weir 

7pm 



RNANCIAL TIMES EQUITY INDICES 

3ep 27 Sep 2B Sep S3 Sep 22 Sep 21 Yrego -Ugh tow 

Onfttory Share 2340.0 2331.4 2347.2 2340.2 2337.6 2328^ 271M 2240.fi 
Ord. tflv. yltfd 4.39 4.41 4.37 4.30 4.40 4.00 4X0 3X3 

Earn. ytd. 96 tul 6.33 635 UO HU B3) 4.70 (L34 3^2 

P/E ratio net 17.43 17.38 17J1 1720 18.84 27.15 33X3 1&B4 

FVE ratio rril 17.89 17.64 17.76 17.B7 17.B1 25.06 3080 17.08 

■For 199*. OftSrary Stars Max Hnee cenyritoUoi ; Ngh 27138 3AS/0K Vw <a* 2BW40 
FT Onfnoy Store Mae brae tide 1/7/3A. 

Ordnory Shore hourly changae 

Open 9430 IOlOO 11X30 12J30 13JX1 14450 ISjOO 1BJ0 Htfi Low 
»«P-S 2334^ 2333.4 2336.fi 2335.3 2334.9 2334.8 2336X 2340.9 2341.5 2327.3 


SEA a bagabts 23,734 

Equity turnover (Em)t 
Equity bargtrinsT 
Shams traded (mQT 
TBtdMeag mw-iraaiai tu dnaee end i 


Sep 28 

Sep 23 

Sep 22 

Sep 21 

Yr ego 

24^26 

23^14 

23^83 

24J11 

30.142 

72223 

11500 

1337.8 

1356.8 

188BS 

24,990 

27^47 

26JS4 

27.107 

33,407 

462.6 

609.4 

489 J) 

475.9 

523.4 


Ceppign. the HnaieU lime Unrirad 1964. 

F)guns in bndaai stow mirriMr cd compuriee. Basts U9 Dariara. Base Vafcoc 100600 31/12/S2L 
Pradsceeasr field MmelndacBep 27: SBaxidsyMctonaK -t.i pons Yea apK 179X i Potkri. 
LOW prtoas imriUlt lor 0Hs aettion. 


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 
forther details please telephone: 

Philip Wrigley on +44 71 873 3351 







LONDON SHARE SERVICE 


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FINANCIAL TIMES WEDNESDAY SEPTEMBER 28 1994 


LONDON SHARE SERVICE 



160 118 
« 29 


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36 


CURRENCIES AND MONEY 


FINANCIAL TIMES WEDNESDAY SE PTEMBER 2$ 

MONEY MARKET FUNDS 


markets report 


POUND SPOT FORWARD AGAINST THE FOUND 


Dollar edges down 


Sep 27 


Closing Changer BUWfer 
nitd-polnt on day spread 


DaytaMd 
Hgh tow 


One month Three months One year Bank Of 
Rate %PA ROES ft PA Raw MPA Eng. Index 


The dollar fell by nearly a 
pfennig In late trading yester- 
day as markets waited to see If 
the US Federal Open Markets 
Committee, the policy-making 
arm of the Federal Reserve 
Board, would raise interest 
rates, writes Motoko Rich. 

Against the yen, the dollar 
closed in London at Y98135G, 
down from 98.70. Against the 
D-Mark, it finished at DML547 
from DM15551. 

The D-Mark strengthened 
slightly on the European 
crosses, although political 
uncertainty In advance of the 
October 16 general election 
limited the upside of the Ger- 
man currency. 

The markets focused closely 
an the progress of the Italian 
budget and bounced the lira 
around, reflecting the travails 
of Prime Minister Silvio Ber- 
lusconi in his attempt to pass a 
suitably tough deficit-cutting 
budget for 1995. 

■ A market expectation that 
the FOMC meeting would yield 
either no movement, or at 
most a 50 basis point hike, 
pushed the dollar down against 
the D-Mark. Most investors 
have already priced in a 50 
basis point hike, and anything 
else was expected to be nega- 
tive for the dollar. 

Meanwhile the dollar was 
tightly range-bound against 
the yen as the markets awaited 
the outcome of trade talks 
between the US and Japan 
before the September 30 dead- 
line for sanctions. 

Mr Ryutaro Hashimoto, 
Japan's trade minister, arrived 
in Washington yesterday and 
indicated Japan would make 
an effort to reach a deal with 
the US on the auto sector, the 
area which has been the most 
likely target for sanctions. 

The dollar moved positively 
against the yen on the back of 
these c omments and analysts 
became increasingly optimistic 
that a reasonable compromise 
would be reached. 

Mr Avinash Persaud, cur- 
rency strategist at JP Morgan, 
said: "There was a belief that 
US officials had a dollar deval- 
uation policy but that view is 
receding," he said. "So we may 
be overplaying the importance 
of these trade talks." 

■ Although political concerns 


Against the Yen {V par S) . 
702 - v - — ~ — — 



sr-' »■ 1 

JVC . 490* 

Souqs fttefrewn- ‘ 


rep 27 

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TJ77D 

15720 

1 mth 

15765 

15710 

3 mn 

1-5748 

1J6B9 

1 »r 

1.5590 

1J54Z 


kept the market apprehensive 
about the D-Mark, thin trading 
helped the German currency 

ytiflin fetfn , An ri a pah 

Its position against most other 
European currencies. 

Against the French franc, it 
closed unchanged at FFr3.417. 
Against the Danish krone, it 
finished at DKrS-928, up from 
DKr3.92fi and against the Swiss 
franc, the D-Mark closed at 
SFrO.829, up from SFriUBS. 

The D-Mark is unlikely to get 
any inspiration from tomor- 
row’s meeting of the Bundes- 
bank council, where changes 
In interest rates are not largely 
expected. 

In recent days the central 
bank’s nffiHaia have been mak- 
ing comments which suggest 
that a cut in rates, which has 
been anticipated in some quar- 
ters, is improbable. 

B undesbank council member 
Mr Reimut Jochimsen said the 
hank should pursue a cautious 
monetary policy while a fur- 
ther reduction in inflation may 
prove difficult because of ris- 
ing commodity prices. 

In addition, yesterday’s pre- 
liminary national cost of living 
figures for September came in 
at 23 per cent, basically flat 
against 3 per cent for August 

These factors contributed to 
a market expectation that the 
Bundesbank wifi hold its fire 
tomorrow. But Mr Adrian Cun- 
ningham, currency economist 
at UBS, said this situation 
would not hold forever. “There 
is still scope for rate reduc- 


tions if the trend in inflation 
continues to go down and the 
money supply shows a deceler- 
ation of growth,” he said. 

■ The lira slipped against the 
D-Mark to as low as L100950 in 
early trading as markets 
responded negatively to the 
Mure of the Italian govern- 
ment to reach an agreement 
with trade union leaders on 
plans to reform Italy’s pension 
system. 

But hopes that ministers 
could pass a budget as early as 
last night raised optimism 
about the lira The Italian cur- 
rency was further bolstered 
when Prime Minister Silvio 
Berlusconi ann ounced the 
deficit reduction in the 1995 
budget could exceed the previ- 
ously planned 45 trillion bra. 

Mr Jeremy Hawkins, econo- 
mist at Bank of America said: 
"If the government stands up 
to the unions, even if they go 
on strike, that should be good 
for the lira in the long term. 
The markets want to see a gov- 
ernment that has the strength 
of its convictions." 

Against the D-Mark, the lire 
finished in London at L1006, 
unchanged from its Monday 
closing rate. 

■ Sterling tracked the dollar 
down in late trading, showing 
that it has not detached com- 
pletely from the US currency. 

Against the dollar, the pound 
closed in London at $1,577, up 
from ?L5743 and against the 
D-Mark, it finished at DM2.4396 
from DM2.4482. 

■ The December short sterling 
contract traded 16450 lots to 
finish unchanged at 93.19, 
allowing for a short-term inter- 
est rate of 651 per cent 

In the UK money markets, 
the Bank of England provided 
late assistance of £l55m after 
forecasting a shortage of 
£300m. Overnight rates traded 
between 4 % and 6% per cent 

German call money was 
quoted at between 450 and 4.40 
per cent 


Austria 

(Sen) 

17,1898 

-00598 

002 - 790 

172376 17.1000 

17.1853 

02 

17.1534 

04 

. 

. 

114.9 

Belgium 

(BFr) 

50.1652 

-02124 

390-913 

503070 50.1320 

50.1552 

02 

602002 

-03 

48.7202 

09 

1105 

Denmark 

(DKi) 

95802 

-O0305 

749-855 

9 60S IL5737 

asss 

-as 

96993 

-as 

06138 

-aa 

1105 

Finland 

m 

7JQ92 

-0.0138 

S8B - 195 

7.7380 7.0980 

- 

- 

• 

- 

• 

- 

852 

Franca 

(FFi) 

633*3 

-003 

279 - 406 

03528 83276 

83341 

Oh 

83299 

02 

82583 

09 

1102 

Gennoiy 

(DM) 

2.4396 

-00066 

382 - 409 

2.4466 24375 

2A $ 30 

Oh 

24351 

0.7 

24008 

1.6 

125.7 

Greece 

W 

37ZS1 

-0£22 

096 - 606 

372.627 371.663 

- 

- 

. 

. 

- 

- 

_ 

Inland 

m 

147113 

-00008 

105 - 121 

1.0135 1.0087 

1.0112 

Ql2 

1X114 

-0.1 

1.0144 

-03 

106.1 

Italy 

w 

2453.82 

-079 

225 - 638 

246^20 2452^1 

245072 

-28 

2*7012 

-27 

251232 

-28 

705 

Lutemboug 

(LPi) 

50.1852 

-02124 

390 - 913 

503070 50.1220 

5ai592 

02 

502002 

-03 

49.7202 

09 

1105 

NMherfenda 

(FD 

2.7335 

-00093 

321-348 

2.7437 2-7304 

27334 

05 

27293 

os 

26917 

1.5 

1206 

Norway 

(NWJ 

106885 

-OA294 

836 - 334 

1ttni8 1QOT19 

108883 

OO 

106805 

-0.1 

10.0929 

OO 

85.7 

Portugal 

(a) 

248.709 

-ores 

520 - 898 

240291 248.514 

250439 

-03 

253.619 

-7.9 

- 

- 

- 

Spain 


202.416 

-0239 

205 - 557 

202.705 207-200 

202831 

-25 

202501 

-2.1 

205.771 

-1.7 

85.7 

Sweden 

(SKil 

11.7540 

-0026 

437 - 842 

11J001 11.7360 

11.773 

-1 JO 

118205 

-23 

12034 

-24 

7S2 

Swtaorfand 

(SFfJ 

2.0213 

-00063 

108 - 227 

20242 20187 

20187 

1 JS 

20127 

1.7 

1.9711 

25 

1229 

UK 

03 

- 

. 

- 

- 

• 

- 

- 

- 

- 

- 

79.7 

Ecu 


1-2776 

-00056 

769 - 783 

10803 12788 

12779 

-03 

1-278 

-ai 

12729 

0.4 

- 


India 


AiMrieaa 

Argcrttea {Peso) 1.5771 
Brad pi) 1.3628 

Canada fCS 2.1262 

Mexico (NswPko) 54421 

USA ($} 1-5770 

PacUefflfhMe EaattWMca 
Australia (AS) 2.1324 

Hong Kong {h«S) 12.1859 
(Rs) 49.4686 
00 154.7GB 

(MS} 4.0372 

Now Zealand (NZ3) 2.6166 

PhBpptees (Peso) 404580 
Saudi Arabia PR) 5.9151 
Singapore (S$) 26419 

S Africa (Com) (FQ 5.6051 
S Aftfca (Ha) (FQ 86707 
Sauttl Korea (Won) 1261.21 
Taiwan (TO 41-3391 

Thailand (BQ 303482 

tarn maa tor Gap 2ft. BkVMtar 
imfcot but are toa»«d by cures — , 
ifata red Am (Mu Spat tabtos de+red 


+00027 786 - 777 1.5780 1.5719 

+0007 GOG - 645 1.3790 13600 


Malaysia 


+00065 

251 -273 

21273 

21213 

21266 

02 

21234 

05 

21121 

07 

87A 

+0.0842 

385 - 477 

5J483 

53171 

- 

- 

. 

. 

- 

• 

- 

+00027 

765 - 775 

1.6775 

1J5717 

1^765 

04 

1.5748 

06 

1.559 

1.1 

620 

+03088 

310-338 

21342 

21230 

21324 

ao 

21337 

-02 

21518 

-09 

_ 

+00204 

816-901 

121981 121481 

12182 

04 

121808 

02 

12188 

ao 

- 

+00880 

469-901 

404000 423040 

- 

- 

- 

- 

- 

- 

- 

-0025 

856 - 883 

156.410 154JS30 

154249 

22 

153X04 

35 

147289 

4.4 

1804 

-00033 

361 - 382 

4.0410 

4.0307 

- 

- 

. 

- 

- 

- 

- 

+00047 

136 - 196 

26107 

26116 

28206 

-1.8 

28283 

-12 

26506 

-1JI 

- 


23437 23359 
16088 55701 
6.6948 66681 


+02348 269 - 891 405900 403156 
+00107 130 - 172 08181 54858 

+00009 403 - 434 
+00277 021 - 080 
-00044 S28 - 880 

+1.14 067 - 184 126127 12S8/40 - - - - - 

+01081 201 - 681 41.3500 413(414 - - - 

+00616 179 - 744 303750 302490 - - - 

to The Pound Spat table avr only am UhaMnl ptaKM. Forward MM as fM dkactfy quotad to to 
itaa. OwtingMax cdeutatad by On Baft of Bxpast Barn towage 1986 ■ 100BU, OBa and MdkatH In bodt 
tan THE WWRanERS CUSSING 8POT RATES. Sana MbM m raundad by tha F.T. 


DOLLAR SPOT FORWARD AGA'MST THE DOLLAR 


Sap Z7 £ 

Mnoay 170971 - 171.159 
km 275400-2757.00 

l&Mft 0.4682 - 0.46BB 
MHO 384093-3603.7 
Audi 394555 - 3950.40 
UA£ 5.7830 - 5.7855 


108.4S0- 10RH» 
174800 - 175000 
82970 - 02978 
330353 - 231280 
250200 - 250550 
80715 - 10735 


Sop 27 

dosing 

irid-prim 

Change 
on boy 

Bld/taffar 

spread 

Day'll mid 
high low 

One month Three raontha 
FWa MPA R«S MPA 

Om year J.P Morgan 
We MPA index 

Gurops 




’ 










Austria 

<Sch) 

10.8075 

-00665 

080 - 900 

104330 104850 

10.8876 

0X1 

108873 

OO 

108125 

0.7 

1040 

Batgfcsn 

(BFi) 

31.8105 

-01885 

040 - 170 

31.9370 31.8040 

31.7955 

08 

31.7005 

02 

31 6855 

-02 

105.6 

Danmark 

(DKr) 

6.0750 

-00298 

735 - 784 

0.0990 

BJT735 

6J» 

-1J0 

60955 

-12 

6.186 

-16 

1042 

Finland 

(FM) 

44866 

-00171 

835 - 835 

42164 

42835 

4.8875 

02 

48856 

02 

48315 

-09 

804 

Francs 

FFr) 

52849 

-00281 

B2S - 872 

53060 

52825 

52867 

-04 

52884 

-03 

52964 

-02 

1062 

Germany 

(D) 

13470 

-00081 

486 - 473 

1.5534 

1^466 

1^471 

-Ol 

16463 

02 

164 

06 

1064 

Greece 

(W 

238.060 

-08 

900 - 200 

238£O0 235200 

MRTOi 

-1.4 

238JB75 

-14 

230/425 

-14 

68.7 

Iratand 

oq 

1J594 

+0004 

688 - 601 

15601 

1^529 

15592 

Ol 

1.5572 

08 

16379 

1.4 

- 

Italy 

H 

156000 

-825 

550 -850 

1666.00 

1565.50 

150025 

-3.3 

15B86 

-32 

1615 

-aa 

752 

Lutamboiag 

(Lftl 

312106 

-01896 

040- 170 

312370 312040 

31.7966 

08 

91.7905 

02 

316865 

-02 

1052 

Nathartando 

(FQ 

1.7333 

-0.008 

330 - 338 

1.7426 

1.7330 

1.7334 

-Ol 

1.7338 

-OT 

1.7261 

04 

105.4 

Norway 

(Wri 

6.7777 

-00303 

767 - 787 

68052 

6.7787 

8.7837 

-1.1 

82042 

-16 

8- 6762 

-14 

052 

Portugal 

(Es) 

167.710 

-075 

040-780 

158200 167.640 

168.435 

-&6 

159.76 

-62 

18448 

-42 

949 

rr _ i _ 

(Pta) 

128J66 

-041 

300 - 410 

128.730 128200 

12864 

-2.7 

12925 

-22 

132205 

-OB 

806 

Swodan 

(Sid) 

7/4834 

-00293 

482 - 675 

7.4993 

7/4492 

7/4879 

-22 

7489* 

-26 

76734 

-OO 

006 

Swttzortand 

5Sf=n 

1281? 

-08056 

812 - 822 

12BB1 

12812 

12805 

12 

1278 

12 

1284 

14 

1086 

UK 

B 

1J770 

+00027 

765 - 775 

1.6775 

1J717 

1^783 

04 

16748 

06 

1689 

1.1 

882 

Ecu 


12344 

+00074 

341 -348 

12340 

12301 

12337 

07 

12324 

06 

12254 

07 

- 

SDRf 

- 

1/46588 

- 

- 

- 

- 

_ 

. 

. 

- 

- 

- 

- 

funerion 














Argentina 

(Foari 

1.0001 

. 

000-001 

irooi 

1.0000 

- 

- 

- 

- 

- 

- 

- 

Brazil 

m 

08640 

+0003 

630 - 650 

0/8780 

02830 

- 

- 

- 

- 

- 

re 

to- 

Canada 

(csa 

12483 

+00012 

480 - 485 

1.3512 

12480 

12482 

OO 

12482 

aa 

12543 

-04 

844 

Mwdco {New Paso) 

32B76 

+0.035 

850 - BOO 

33900 

3/3850 

32885 

-0.4 

33803 

-03 

32977 

-02 

- 

USA 


- 

- 

- 

re 

. 

. 

. 

. 

re 

- 

re 

05.0 

nre.MT, C^liNm FM + fm lire 
racfuC/MKXM EMrntmnCm 












AuabaOa 

m 

12522 

+00012 

517 - 526 

1.3635 

1-3430 

12525 

-02 

12532 

-03 

12605 

-06 

08.7 

Hang Kona 

|HKS) 

7.7273 

-0.0003 

270 - 276 

7.7275 

7.7Z70 

7.727 

ao 

7.7279 

0.0 

7.7428 

-02 


India 

Pa) 

312888 

+00013 

650 - 725 

312750 312850 

31/4538 

-03 

316888 

-22 

. 

. 


Japan 

(V) 

98.1360 

-0665 

000 - 700 

98.7000 98.1000 

97.905 

2.8 

97/415 

2J 

9428 

32 

1504 

ninlmn^re 

wtmywi 

(MS) 

26800 

-00065 

696-606 

2^672 

2£595 

22508 

42 

26395 

32 

2.813 

-2.1 


New ZMIand 

INZ« 

1J8S92 

+0.0001 

578 - 608 

1/6814 

1^570 

12801 

-07 

1.662 

-07 

1.8873 

-06 

— 

PWtoptoea 

(Poao) 

25.8550 

+0100 

800 - 300 

25.7300 25/0500 

- 

- 

- 

■ 

- 

. 


Saudi Arabia 

(SR) 

27509 

+0/0004 

607 - 510 

3.7610 

3.7506 

3.7522 

-04 

3.7563 

-08 

3.7749 

-06 


Singapore 

(SS) 

1/4860 

-0002 

645 - 866 

1/4873 

1.4840 

1/4837 

1.1 

14818 

09 

1475 

0.7 

re 

S Mrica (Con. 

(R) 

25543 

+047115 

536 - 650 

3J5SSO 

a53S5 

3.5688 

-52 

36981 


3.8748 

-34 

— 

S Africa (HnJ 

W 

42300 

-O01 

200 - 400 

42400 

4.1700 

42637 

-92 

42225 

-a? 

. 

. 

re 

South Korea 

{Won) 

799.750 

-086 

600-900 

sol.ioQ 78aeoo 

802.75 

-46 

80625 

-32 

82475 

-3.1 

re 

Taiwan 

OS) 

20213B 

+0.0238 

100 - 175 

202180 282100 

262338 

-02 

262738 

-02 

- 

at 

re 

ThaSand 

PD 

242600 

-OjOI 

400 - 600 

242600 242400 

25X225 

-36 

25.15 

-32 

23.83 

-2.7 

- 


tEOfl nt« lor Sep 26. Btafctoar apt 
but are MpSad by cured Manat « 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Sap 27 BP OIV 

FFr 

DM 

C 

L 

n 

NKr 

Ea 

Pta 

SKr 

SFr 

E 

CS 

$ 

Y 

Ecu 

Belgium 

(Bft) 

100 

10.10 

1821 

4262 

2210 

4890 

5449 

2129 

4852 

4036 

2243 

4/029 

1284 

4238 

3.144 

308/4 

2648 

Danmark 

(DKr) 

5228 

10 

8298 

2646 

1255 

2581 

2253 

11.16 

2692 

2112 

1227 

2.110 

1244 

3219 

1648 

1816 

1233 

Franc* 

(FFi> 

6019 

1160 

10 

2227 

1213 

2943 

8279 

1221 

2964 

2422 

14.10 

Z425 

1200 

2661 

1292 

1852 

1632 

Germany 

(DM) 

2057 

3228 

3417 

1 

0415 

1008 


4279 

1022 

8228 

4213 

0629 

0410 

0872 

0647 

63.43 

0524 

Ireland 

OQ 

4821 

9.476 

0243 

2.412 

1 

2428 

2.703 

1066 

248.0 

200 2 

1122 

1299 

0988 

2-103 

1660 

153.0 

1283 

Italy 

W 

2246 

0381 

0240 

0299 

0241 

100. 

0.111 

0435 

1014 

8251 

0478 

0282 

0041 

0287 

0264 

6207 

0252 

Netherlands 

P) 

1828 

3205 

3.049 

0892 

0370 

8976 

1 

3208 

9120 

7428 

4299 

0738 

0368 

0778 

0577 

66.00 

0487 

Norway 

(NK>) 

4827 

8270 

7203 

2284 

0247 

2297 

2659 

10 

2322 

1896 

11.00 

1282 

0238 

1281 

1.477 

1442 

1.198 

Portugal 

m 

2017 

3252 

3251 

0281 

0407 

8882 

1299 

4294 

100 

B128 

4.72S 

0813 

0.402 

0895 

0634 

6220 

0613 

Spate 

(PBD 

2478 

4733 

4118 

1205 

0600 

1212 

1260 

5277 

1222 

m 

5205 

0266 

0494 

1250 

0779 

78/43 

0831 

Sweden 

(SKr) 

42.89 

8.153 

7.083 

2270 

0860 

2088 

2228 

9289 

211.7 

1726 

10 

1.720 

0251 

1209 

1242 

131.7 

1287 

Swttaartand 

(SFr) 

2482 

4740 

4.124 

1207 

0600 

1214 

1252 

5285 

123.1 

1001 

6214 

1 

0/485 

1.052 

0780 

7866 

0632 

UK 

W 

5018 

9680 

0334 

2/439 

1211 

2453 

2.733 

1068 

248.7 

2024 

11.78 

2.021 

1 

2.126 

1677 

154.7 

1277 

Canada 

(CS) 

2369 

4208 

3.920 

1.147 

0478 

1104 

1286 

5224 

1172 

M2) 

5627 

0251 

0470 

1 

0742 

72.77 

0.001 

US 

A 

3121 

8.076 

5285 

1647 

0241 

1555 

1.733 

8.772 

157.7 

1282 

7.451 

1282 

0834 

1648 

1 

96.10 

0810 

Japan 

M 

3242 

6.183 

5287 

1677 

0254 

1588 

1.767 

0904 

1802 

1306 

7685 

1208 

0848 

1674 

1219 

ioa 

0825 

Ecu 3928 7602 8628 1210 0792 1821 2.140 8283 1942 

DreMi Kranar, French Franc, Uoreaalwi Khnar, and llnartMi Kronor pm 10; Bdriai tare Yen, Eacudo. Urn and taw 

1606 
par tea 

0201 

1683 

0783 

1.886 

1235 

121.1 

1 


1 51 tbs Dodar Spot tabto ihoa arty tha last taaa dadmrt ptacaa. Forward Man as oat dbacdy quoad to tha maim 
. UK Nred A ECU are quotad In U8 onancy. JP. Morgan nonofcirt todfcea Sap 2& Baaa towage ISNMCH 


ERAS EUROPEAN CURRENCY UNIT RATES 

Sap 27 Ecu eon. Rata dungs % +/- fram % spread Dfv, 

on day 


lataa 


against Ecu 


can. rata « waahaat tod. 


Nefharianda 

Balglum 

Ireland 

Qermmiy 

Ranca 


Portugal 

Spain 


2.19672 

402123 

0008828 

1.94964 

663883 

7.43B7B 

192354 

154260 


2.15073 

304891 


-Q.00118 

-0.0369 


0795731 +0001589 

1 SI 952 -0.00086 


OG57G5 

7-S3796 

180578 

150151 


-000508 

-000163 

-0138 

+0.189 


NON BM MEMBERS 
OrmmcM 264.513 

Italy 1733.19 

UK 0788746 


292.458 -0091 

193053 -030 

0788828 +0002775 


-ana 

-1.85 

-1.59 

-104 

029 

108 

1.41 

ais 


1056 

708 

-002 


508 

6.12 

4.88 

400 

2.08 

1.79 

1.74 

0.00 


-609 

-4.18 

3L18 


-8 

13 

11 

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-2 

-9 

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120 CMapada, Loudn BQOlss 071-8828800 
Suk444cc ■ - | 4* 138.1 437 MU 

KKMlOOrellilMl^— I 4JS - UO I 4831 Mb 

WaotaniTrast HU tamal Chagas Act 

IMMDMTDMn.^Mfbn.1 UE 0782 WH Ml 

C1MOO* 1 Bn 184 I 888 Or 

£MOO-C14aBB___ UO UI MO Or 

£1,00044000 — .1 4JB. 180 I 40*1 Or 


aura. Oreo CMbacM ret «r hum moa w 
Mttn «eooM( or re itabi Hl n i « tare ire Man re. 
Mb Rita V Mare «Mk Otar reren kr OMieOn M 
MOc ire reams re 6a*s CNb Orea tre MidM to 


cp oc c yre tarewreo j M tm. 

« hme8 Htare a redtoa k on HM*. 


Ere renaai rMMaat by na Ewopaaa OomiMhin. ClaiandM reh doocmang raWkw atrangh. 
Ponortrea ctagn «a tor Ew a pedtfw cftanga dcnotaa a reoh cunancy. Dtaagmea (bom On 
rtato btaaren Dm nreaita; Hit paontaga reNrea bawaan Bm aobal nrehat and Ebu canM i«Hi 
tetioarancir.anaBi»ni atai« ai> ynlil pre ani ore dr+tatton ui tm nmwufa manrerea %cm Ita 


■ D-MARK NTUn (3 MM) DM 125,000 par DM 


(|M»4 Yen 12A par Yen 100 



Open 

latest 

Change 

w 

Law 

Eat- vot 

Open teL 


Opon 

tonal 

Changa 

Hgh 

Low 

EaL vd 

Dec 

08430 

08447 

+00008 

08406 

08438 

28,017 

71250 

Doc 

12188 

12243 

+00065 

12257 

1.0180 

23267 

Mar 

08482 

08482 

+02014 

08482 

08462 

18 

4287 

Mar 

1.0320 

12328 

+00081 

12335 

12320 

58 

Jun 

- 

02467 

- 

- 

- 

1 

478 

Jun 

- 

1.0387 

- 



1 


{I7iwa SMOng red Itatan Lta auapretod Mm B«4 A4uMnM oaiciared by On flnrestal itare 
■ WS UU W PWASNS/SOWiemS 831^60 (canta par pound) 


44390 

2380 

452 


■ «WW FfUNC PimiWi (IMM) SFr 12S300 par SFf 


■ SIWWMMQ WITlBWHi (B4M) £82500 par £ 


Dec 

0.7764 07808 +00017 

Q.T820 

07734 12248 

36.448 

Dec 

16710 16720 

+02030 16742 

Mar 

07836 

07842 

4 

633 

Mar 

- 16700 

16710 

Jun 

0.7848 

- 

40 

60 

Jun 

12850 

16850 


15708 


9.484 31354 

61 277 

1 B 


oa 

- CALLS - 
Nov 

Dec 

Ocf 

— PUTS - 
Nov 

Dec 

r 

728 

724 

729 

- 

028 

034 

I 

421 

429 

625 

009 

028 

077 

1 

228 

326 

320 

028 

083 

1/49 

1 

027 

164 

227 

1.10 

124 

263 

li 

023 

074 

121 

220 

328 

425 

IL 

- 

028 

089 

527 

528 

520 

1 |w*a 


WORLD INTEREST RATES 


MONEY RATES 

Saptertear Z7 Over 

rltta 

One 

month 

Three 

mtha 

Six 

into 

One 

year 

tomb. 

biter. 

Die. 

rata 

Repo 

rate 

Belgium 

4» 

5 

5ft 

5ft 

8 ft 

7.40 

460 

_ 

wreak ago 

4Ja 

5 

5ft 

5ft 

8 ft 

7.40 

460 

- 

Franca 

6 Vi 

5ft 

5ft 

5| 

8 ft 

520 

_ 

8.75 

weak ago 

« 

35 

5ft 

69 

8 ft 

520 

— 

6.75 

Germany 

428 

4.95 

5.03 

523 

5.83 

8.00 

460 

4.85 

weak ago 

4.67 

425 

525 

523 

5.63 

620 

460 

425 

Intend 

4* 

5» 

8 ft 

6 ft 

7ft 

- 

_ 

625 

weak ago 

4ft 

5V, 

6 ft 

6 ft 

7ft 

- 

- 

825 

Italy 

8 ft 

a vi 

aft 

9ft 

10 ft 

- 

760 

BM 

week ago 

8 ft 

8 * 

8 ft 

9ft 

1011 

— 

760 

025 

a ■_ 

vmvmnmntn 

424 

521 

5.12 

623 

5.72 

_ 

825 

_ 

weak ago 

4.84 

8.01 

5.11 

5.31 

5.75 

_ 

520 

_ 

Swftzartand 

sr. 

3A 

4 

4ft 


8225 

3.00 

_ 

week ego 


3ft 

4ft 

4ft 

48 

8-825 

3.50 

_ 

US 

4Tt 

4ft 

5ft 

3ft 

8 ft 

_ 

420 

_ 

week ago 

4« 

4ft 

5 

5ft 

sa 

- 

4.00 

_ 

Japan 

2 te 

2 ft 

2 ft 

Zft 

2 H 

- 

1.78 

— 

week ago 

Z'.fc 

2 ft 

2 ft 

2 ft 

2 ft 

- 

1.75 

- 

■ 6 UBOfl FT London 








Interbank Fbdng 

- 

3ft 

5ft 

5(1 

Oft 

- 

- 

- 

wreak ago 

- 

5ft 

6 ft 

5ft 

** 

- 

- 

- 

US Dote CDa 

- 

4.79 

5.03 

526 

5.93 


_ 

_ 

weak ago 

- 

4.7B 

420 

525 

528 

_ 

_ 

_ 

SDH Unload Da 

- 

3ft 

3ft 

3ft 

4 

_ 

_ 

_ 

week ago 

- 

3ft 

3ft 

3ft 

4 

- 

- 

- 


■ THWM MONTH KUHOMAW WITUM8 (LBTE)* PMIm pctoto of 10056 


% 

Open 

Salt price 

Change 

Hgh 

Low 

Eat. vol 

Open M. 

Dec 

94.71 

94.70 

-0.01 

04.71 

94-06 

18278 

193043 

Mar 

9421 

9420 

-0.02 

9422 

9428 

14518 

171807 

Jun 

93.91 

9320 

-002 

9321 

9327 

10593 

105975 

Sap 

8365 

9364 

-0.02 

93.55 

9361 

8347 

67214 

■ THR 

h Ho+mt buroura nrr-RATS puturis (uffe) 

LI 000m points of 10094 


Open 

Salt price 

Changa 

Hlpi 

Low 

Eat vol 

Open bit 

Dec 

9052 

9065 

+011 

90.67 

9040 

8402 

31606 

Mar 

8925 

8928 

+0.13 

68.86 

8821 

2833 

18217 

Jm 

88.15 

8923 

+0.10 

8924 

8010 

882 

15827 

Sop 

8828 

88.02 

+0.11 

89.03 

8823 

216 

14630 

■ Tin 

te HOlfTH nmo SWISS FRAMC PUTUHteS [IJFFq SFrlm polnta or 100% 


Open 

Sett price 

Changa 


Low 

Eat vol 

Open tot 

Dec 

96.60 

9523 

+0.02 

9824 

QSJU 

4S7T 

22896 

Mar 

9021 

9522 

+021 

9524 

96.19 

914 

11532 

Jun 

94.68 

9428 

- 

9468 

9427 

81 

6083 

Sop 

9468 

9465 

-0.0Z 

9465 

9466 

3 

910 

■ THRSK MKKni ECU FVTUnBS Etoulm petota eft 100% 



Open 

Sea price 


HkJh 

Low 

Eat «d 

Open InL 

Dec 

9365 

8365 

- 

9365 

93.49 

269 

7478 

Mar 

8228 

8226 


9228 

8223 

65 

66 B1 

Jun 

8261 

9262 

+0.01 

9261 

92.49 

106 

2483 

Sap 

92.10 

82.12 

- 

' 92.10 

9229 

9 

1008 


' L8TE uuaa nttod on APT 


ECU Ltabad Oo mM ntre 1 itate 5K 3 mth* 5A; 
ataa ara oOmd ima tar Sltan quoted la 0 m man 
Cay. The barba anc Bankara TVum. Bank of Tokyo. 


term 


B mils: BK: 1 yore 83. 1 UBOfi MHM Ung 
“ W »rear ntarenoa brea m il«n aach areUio 
rereqn and Nafloml wareiMar. 

US • C0» red 80R LMed DapoOM fig). 


MOUTH VUIIOOIOIIAB QMM) Sim PQtola of 10099 


EURO CURRENCY INTEREST RATES 

Sap 27 Short 7 days One Drw 

worth months 


notion 


Sfac 

rncnttw 


Om 

yaar 


Dae 

Mar 

Jm 


Opart 

MW 

83.74 


Latest Change 

94.11 +002 

83.74 +0.01 

93J3S +001 


H9h 

tW.11 

83.75 

93.40 


Low 

9U8 

83.72 

9357 


Eat. vor Open tot. 
81,362 622,788 


Belgian Fame 
Daman Krona 
EMM* 

Dutch Cutldar 
French Franc 
PWuBueM Etc 
SpartttPwoa 
Storing 
Swiss Franc 
Can. DoBar 
US Collar 
Kafian Ltra 

Yon 

Asian SSing 
Shon tarn rare t 


s%-rt 

4fl - i& 
^ - *11 
5^-5i4 
12h - Irt 
7A - ri 
5V5*» 
3^-34 
4JZ-4S 
4lt-4}| 
9-?^ 

- 2& 
ii -12 

raeafl tor lha 


5B-4B 

6%-£Uj 

4^-4% 

6 - 

5,i-« 
93a -91 b 
7*1 - 7ft 
5>+ -Pi 
3*|.3^ 
412-44, 
4S-4B 

aiJ -2ii 

1>B - 11* 

US Dolor on 


5-4% 
Oil -3% 
4{| - 4JJ 
5-4% 

Bi - Sil 

10ta - 9% 
7A-7H 
8»2-5% 

til 'A 

B-4% 
B>4 - 8>i 

2%-2i 

21 .- 2 % 

1 Van, otaanc 


5% -5% 
6%-eij 
5i-4fi 
5A - 5 ti 
5% - 5*2 


6 % -5% 
7% -7% 
Sk-Sl* 
8% -6% 
S4I-5H 


10 % - 10 % 10 % . ioa 

75 -7a 



tea days' nonce. 


a* -M 

7%-7% 

sa-sA 

«,-5% 

10 % ■ 10 % 
Wi-8% 
7% -7% 
4ft- 4,». 
68-611 
W-BA 

10 % - 10 
2ft -2% 

4% -4% 


■ IWTWmUHY8<LLPirnJH— (IMM) yim per 10096 


Doc 

Mar 

■ton 


94A4 

94^5 

93.33 


94A4 

94J25 

93J2 


+ 0.01 


94L84 

94^5 

93-89 


84.83 1,510 

9125 1,633 

B3JB 12 


17,388 

8A83 

Z33Q 


AM Opon Mailt Ago. as far prertous day 
9 BUHOMABK 0PT10IIS (UFg PMIm petou of 100% 


Strike 

Price 

Oct 

Nov 

GALLS - 
Dae 

Mar 

Oct 

Nov 

9450 

022 

024 

028 

018 

nrq 

024 

9478 

005 

028 

013 

010 

0.10 

014 

0000 

001 

0.03 

025 

(LOS 

031 

033 


mm 


«*orad rata 



Open 

Salt price 

Change 

«9* 

Low 

EaL vol 

Open teL 

Dec 

9426 

94.05 

•0.02 

94.06 

9423 

9205 

48.062 

Mar 

9057 

9867 

•0.01 

8367 

9364 

7278 

34682 

Jun 

93.17 

83.16 

-0.03 

93.17 

83.13 

8.830 

26259 

Sep 

32.8* 

92.84 

-003 

9268 

92.82 

1269 

IS. 864 

■ THREE MONTH 

■UKODOLL 

ARt^FE)* Sim prirtte of 100ft 




Open 

Sett price 

Change 

Wflh 

Low 

Eat vol 

Opai tat 

Dec 


04.10 

-0.01 



0 

2044 

Mar 


8074 

■021 



0 

1425 

Jun 


8008 

•001 



0 

274 


Dae Mar 
Om 038 
018 055 

035 075 

Ere *ol to te, are a 3038 Puts asm Pmtaw dayk opan in, CWta 10SSW Puis 188308 
■ BWW SWM8 FBAHC OPTWHB (UFFE) SFr 1m pctoto of 1QQS4 

Strike 
Price 


CAULS 

Dec Mar 

0.19 013 

0.08 007 

002 004 


Jun 

OOB 

005 


9975 
9800 

Ere voL total Care 0 Pus a Prmtoua ekyv open tt. Cola 1970 Puts 013 


PUTS 

Dec Mar 

008 041 

0.18 0.60 

OM 062 


Jun 

071 

082 


Sofia 
Prioo 
1-500 
1.598 
1.590 
1-978 
IjSOO 
1S2B 

Rretoua Ikyta «at, ON 1787 Put* 1280 . Prw. reyta opon M. CMta 44A3BS PM 3B1 «7 


UK INTEREST RATES 


LONDON MONEY RATES 

Sap 27 Ow- 7 days One Hire Six 

iUght note* month months months 


Ons 


0%-4% 9% - 6 «- 5A 5ft - 6ft OA-Bi 7% - 7% 

5%-5& Sft-5% B& -8% 7ft -7& 
5% -5% 6% - 5ft 


Water* Staring 
Qtafng CDs 
Trawiry BHo 
Btfrtc QBs 

Local auhoity depa. 4ft - 4ft BA - 5i‘. 0? - 5ft 5ft - 6H S-8ft 7ft - 7ft 
Dloccunt Marta* daps 5% - 4% 5ft - 4% 


5^-6% 5)2-5% 6ft - 6% 


UK 


: boas landtog rare 5% par cant ton September 12. 1B9< 
Up to 1 1-3 3-6 64 

month 


9-12 


3% 


3% 


Cods ot Tre dap. (£100,000) 1% 4 3% 

Owls efta dsp. undvCTOCLOOOh 1%pc. DaxtaRi wttaHwn tor cate Ipa. 

Are reutar re rt aasoum UtoQne. 8300 tad res Sag. &jwt Hwnre Malta up rey Aug 31 . 
169* .ABaad tea fw partM Sop £0, IBB* to Oe* 2S, IBB*. Sctamai 1 1 M 052pe. Hatanmea rata far 
£p J 8B+ aa ,B94 " “0 *1' ■ 1 ' 8eh »rre w ft V U 78pa flnanaa Karereaa Are ePypc im 


■ VHHBB MOUTH STHJNQ WntWPOJFFQ Esooroo prints of 100% 


Open 

Satpcfco 

Change 

High 

Low 

Eat vol 

93.17 

83.19 

- 

8322 

93.14 

16367 

8224 

8267 

-0.01 

9260 

«a 99 

11422 

9169 

9169 

■023 

9122 

9125 

6182 

SI .16 

91.16 

•023 

9120 

91.13 

1517 


Dae 

Mar 

Jun 


Itocfed on APT. AM Open Maw Cga. ora lor pnntoua day- 


51994 

63748 


OPTION* (LffFE) ESDQOQO pdffla Of 100% 


50248 

401638 







27606 

282204 

Pries 

Dee 

Mar 

Jun 

Dec 

Mar 



8300 

069 

013 

016 

020 

065 



9325 

024 

0 .M 

Oil 

030 

1.06 



8380 

0.13 

024 

025 

044 

127 


B*. VOL total, ere* S3S2 Ads 4048. Prsvioui Otfa opon tot, Colo 270470 Pun 171S58 


Jun 

1£7 

1.77 

ite 


BASE LENDING RATES 


Adsm A Compcny 5.75 

AtodTnreBa* _A25 

AS Bam 5.73 

•Havy Anstecher A75 

Dor* fif Santa 5.73 

Banco Bttop Vtaoqre- S.7S 

Bar* ol Cyprus 875 

Bankotbriand 6.78 

Bankofrndta — .,5.75 

Bar* cfSwtond &7S 

Bodays aanfc 173 

BritBkofMUEaa &25 

•Grown Shiptey & CO lta A7G 
CL Boric Nsdritand ... 3.75 

Q*or*NA JUS 

Qydoodate Bor* i73 

ThoCoopersthm Gar*. 6.75 

CouBi&Ca 5.75 

CredB Dmnnab 5-7S 

Cyprus Populff Bur* _5.?S 


% 

DuneoiLawriB 5.75 

Erela Bar* Urdu _ 9.75 
mandri&QnBank^. &5 
•Rated Ftarring 1 Oo _ 875 

GWbank &75 

•Gdhnaaa Mahon 5.7S 

HoUb Bo* AQ ailcti . 5.75 

•HrinbroaBar* 5.75 

HritatfaaGer tor Bk, 5.75 

•Ht&rruol 5.75 

CI-fcxmaOQ 5.75 

Honftnna&fihs^haL 5^5 

JJsnhtodgaBar* 5.75 

•LaapaUJos*to&9cno873 

UWtaBa*.. -«5.75 

MughnejBartiUd 5.73 

NWadBei* 5.75 

* Mount BanMng 6 

NriWestonstar 5.75 

•ftaaatws 875 


* RratughaQuoantoo 
Corporrian Urrttsd la no 
krogerautrnrtoodaa 

a baridng tofOtuSon. 8 
Hayal BkriScodand 5.75 
•SmBh&VWrmnSacs. 5.75 

TSB 5,75 

•UnHadBkriWiwril- SL7S 
UnOy That Bank Pta „ S.75 

Western Tnjre 5^5 

Wtewray Iddtar ..„ 6.75 
Yawfrearti 5.75 

• Msmbani ol London 
invflsMiem Santo no 

AssodoDon 

•toadmWswaon 



071 329 S2S2 


The nmuhl mol for tha MTloU* Invcror 

Market-Eye 

London, arocic bxomncue 



Signal 


C !30t software applications O 
O R7 DATA FRO 1 .’ $10 A DAY O 
C S i 'j j , : i J SOFTWARE GUIDE C 

Call London T4 - (0; 71 231 3356 
tor your guide ond Signal price list. 


Petroleum Argus Daily Oil Price Reports 

— fi.t? 'J.'-L':. f'.iC'r! :n!orn:.lf.iOn you r'Ou7 LI : f o lot tiiobai CVl/OS 

' ^ Petroleum Arqus 

CALL '.'O'.V ‘.-.■■i Price T c \!.Ar. 71! " ri 



ECU Rutumple 

vSfi‘ r " * vJSB 

Bteavta 

Sl\ in N JM 


1^1 





FUTURES i OFTiOf.-S 6RCKFR3 




ROUND 

TRIP 


execij:icn aiu'f 


D Se^UnRUdocfchabea 
KniaetestndBnamceUfi5. 



QOtdw aeatta. W m Om aMe 
to exerate jawonkr std amfrm 
yoarBtaiwtdejtoinecal 
NcdytwrtMnfairfoBrcBstooOT 


We cannot give you one j 
reason \diy you should trade i 
futures at Lind-Wakiock. . . j 

i 
i 
i 
i 
i 
i 
i 
i 

I gsssgr" SESST** J 

I 
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Bttw firoa when thqi%e twW. 
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mmMb 

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bjfaH-prireGnm 

Q 24-%HH i scrTice.ttjncaBptifi8aii 


naUiieihEBatidB. 

Serrke “atru," Ste cniwcy 
conredm at teAfisduaial istee 
nrioB-bnibses. 

FMotifirsnosetfirtiyliod- 
Wdod k the urieHW dnee ef 




Rtatexte 


Winafoptiorefl 


Fte^V»toetoin*+caitoi I kidu(lDat»ridint 
«EStaivtoeitotte64totare»inwiri 
nitoitaLibitt 


rewnurecsnvnKt 


aod«+. 
forwryow. 


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tOEHpBfliHirentordlftiSa. ■ 


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t..- 










MMtavtag(1/UH| 20118 303Q0 20277 234008 30 

N Mntagp/l/BQ IDBBfl 10837 10857 1138.10 3/2 

CnOffAnOirraiSQ 39705 40278 «HS2 46008 2/2 

ItolM MB(271/B1) 1071.34 108478 108803 12ZZ2B 1/2 



BEL2D (1/10T) 

*»« 

Bacspa (29/1383) 

Matas Wfeffl 975) 
«*W»f(1075) 
PuttioS (4n«3) 

CMi 

KKBbi P1/12/B0) 


138405 138501 139702 1S4205 90 

M 528510 545320 65TM0O 13/B 

M 418778 4172.70 42509 109 

» 4341.40 438700 480800 230 

M 2085.48 2881.12 2MB8B 1/2 


PGAGra P1/12/B0) M 40737 4048.7 487120 28® 

Dmt 

QgBPtagwffiprt®3) 3(871 35818 351.18 41570 2/2 

HMM 

hex Gnoesnagq ias24 ibsok ibs&i innun 4/2 

tan 

9 250 01/12/91 127842 127847 1281.75 16BS2B 2/2 

nc4opinaw) iboitb ibeus ibzzjs zien ao 


W «M(3V12/5B) 77MB 78408 78832 8B827 18/5 75701 Wt 

Ctnaraf)a*fl/f263) Z2T05 Z2326 22(70 2*89 26 21489 27/6 

waponawft 2055.73 2DB&87 208812 2sn.11 iss rats 2tw 

Man 

«mspviaw «aa #4703 8529 iib 49 ian aoaw as/s 

HaqUCoog 

fc/« SanjpWWfl BE1024 984303 9832*7 1238108 471 838844 4/5 

k* 

I& SBaMISTBI MUSE 449853 443853 458008 27/9 34049 571 

CtnonOMZ) 50724 61819 51257 8129 571 44872 12/7 

'SLwm 183873 183503 185507 208216 2DT1 194.M 1/7 

tty 

BttaQjmn 9(1872 68051 67214 68819 BI7.17 10H 9*9 ion 

MB Grant HAW) HB30 10880 10830 1M89 106 949 10/1 

-Mpa 

MM 225 (165/481 198809 1961408 W 208201 136 173BBM 471 

•H 300 [1710/82) 28804 3807 (0 31U1 13* 26822 471 

**(4/ira» 158276 158521 « 1712W W» «*» «* 

2od S*C*n frVlASQ 2231-43 S23702 tf W6M 677 187031 471 


1957.48 27/e 
80100 5/5 


39705 Z m 
101108 BIB 


32989 20*4 
38839 24® 
186848 286 

390100 474 

34821 276 

MB1.1B 3/1 

128508 4/7 
188818 4/7 

T57JS1 276 
214830 276 
18889 206 

80887 256 

838804 46 

34849 571 

44872 1277 

UB4.14 1/7 


CBS mnBengPd 83 4Z7.1 427.7 429* 4549 31/1 

C3S * a* (End 83) 2582 2687 ZBBJ 2B49 31/1 

Q*L 40n/768) 208858 207500 208003 243384 373 

Hannr 

Otto SEMGYMO) 104108 103870 10(504 1211.10 2673 

M9n 

Hank Cam) P/l/B5) 293407 294420 298838 330837 4/1 

MMW7) 38811 28810 28970 32289 18/2 

SBNM7pom(2>V7a 66605 56854 STUB 84101 471 

J5EBtffan/7B) 24220V 2(480 24880 25849 76 

JSE M. (2819/719 81640f 82030 83820 B7579 156 

Mtoa 

nnaOmew/UBOr 105201 104812 1029.3 1OE01 27/9 
99i 

Madid SE (30/1269 29734 297.17 29883 *801 31/1 

awoton 

ManunMan n/2/37) 142200 14310 14283 18039 31/1 

fall] hi fail 

Mn Bk M £1/12*8) 123503 133409 123201 19334 3V1 

SBC Saiand (T/4A7) 91893 92109 92874 109309 31/1 

TMMEB 

WM0aw8V4!Ofi68r 702810 7025.76 693028 704821 176 


4089 216 
2579 216 

194551 11/7 

98001 216 

29703 M 

28129 206 


174909 14/2 
54489 191 


28103 8/7 
KS42D Bf! 


115707 1877 
89.10 1377 


Mutiri* 384904 383175 3837.13 387838 359305 397831 4102 

pim (4/4) (31/1/M 0/7/39 

Hama Bands 97.13 9723 8729 18U1 9843 10927 5499 

01/11 (1319 fwnora) 71/1 (WT) 

Tranpai 149803 149141 150654 188209 149803 188209 1202 

(2/q (266) (2/264) (8/7732} 

HUB 177.10 >7800 17897 22708 17505 2S84B 1850 

(371) (206) (31663) 0/4/33 

DJ fed. Doys high 388043 (387048 ) Low 3S0U0 (380851 ) (Thocreticj**) 

Dsry*t> N01 384801 (385002 | Low 382036 082001 I (Mtutft) 


48882 45867 48107 4829 43802 

0/2) m 

545.49 54302 54801 58883 61005 

0561 01*fl 

4846 4853] 44 2A 48M 4109 

046) m 

25409 25301 25402 25771 24814 

(29 (4/6 

453JB 455l23 (5401 48709 42207 

(2/5} (28/6) 

75503 757.46 76844 80303 69179 

(1873) (246) 


WSECOHL 
Ana IAMM 
HASDA0 COP 


Dow Jones Ind. Dtv. Yield 

S 3 P M. Ob. yield 
S & P bid. P/E redo 


Sop 23 Sep 18 Sep 0 Yea- ego 

2.76 809 2.71 208 

Sep 21 Sep 14 Sep 7 Year ago 

2.41 207 207 2.51 

2004 2001 2006 2702 


Bmdnk SET (30W7$ 159225 1495.72 15089 T75173 4/1 11989 4M 

Ibtof 

ManU CkmKJbn T88B) 

2B2S81B 259710 2577803 288839 13/1 1298070 2473 


MS CadUtt (1/1/70)6 6260* 628 8300 8449 26 


■ STAHPARP Atm POORS BOO MMX RflUHB 5500 tknea Index 

Open LalesJ Change Hgh Low EsLvoL OpenlnL 
Dec 463.05 464.70 +106 46400 46205 51.795 203.042 

Mar 46605 467.95 *000 46800 46800 468 6054 

Jim - 47100 - 47100 46B.75 14 2.049 

Open nano upom are ta previous day. 


Enrtnuc 100PB/1MO 134034 133805 134173 184818 31/1 130348 216 

tou Tip-100 (28*S» 117843 117504 11BU8 131101 2/2 1U30D £1/8 

JCapaUgn (11/1338) M 33703 337.78 385.19 571 ‘29828 21/3 

Barings Emorf/IAQ 1899 191.79 19001 HUS 286 14105 £1/4 

■ CJIC-40 STOCK INDEX PtfTURUB (MAUF) 

Open Sell Price Change High Low Est upL Open M. 
Sep 1B97.0 18880 - 18140 18960 25.495 22.487 

Oct 18020 18040 -00 18210 19020 6.105 15085 

Dec 19285 18130 18280 18260 100 100 

Open Ware* agm* tor piwtaua am- 


■ MEW YORK ACTWE STOCKS 

Monday Skids ciosa Donoi 


WUKO 

FOrd Moor 

Teas Mi 

Genliokn 

Am Quanto 

RratDBa 

TMafenot 

OiySkr 


USE DanpJI/vn) 1148G0 1157.18 117832 131448 5/1. 

- ta Bap 2* T«un Watfaad Noe 082206 W"* CorepB. 1 
aid Mnhg - GDO; Austho Traded. BH3 0, EC* Q*U t*B Ben, 
DW -TlW JSE CWd - 2*7; Ml **** 


ttwa Ht<iy 

price an day 
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36 -2 

26* +H 

B8M -3M 

46* +M 

99V, -v 

49* +1H 

650 -K 

44 +* 

34H +U 


■ THflDWQ 6/CTHmY 

• vtame pnBeq 

Sep 28 Eeo 23 Sep 2 ? 

New YOfc SE 278826 297080 302062 

Anar 11137 18854 14.139 

nasdaq mm m-m mwh 

nvee 

Issues Traded 2037 2080 2083 

Rian 978 89 1007 

Fdla 1,134 1057 1.155 

IkEtonMl 727 730 701 

Naw Hghs 32 33 21 

New UM 189 154 118 


O. F TZGERALD 


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IDMM priori leeched during toe i%8)r each 


Keeping an eye out for the markets, fancy a free trial- 


►PULSE 

■Ji Hutchisi :>n 

■ ■ Telecom 


Instant access to up-to-the-minute share prices from 
anywhere in the world 


Whether you're doing business in Berlin or hatching deals in Hong 
Kong, FT Cityline International can link you with all the UK stock 
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i 


Complete details below and send to: FT Cityline International, 
Number One Southwark Bridge, London SE1 9HL 


Name: .... 
Address: 


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a pm dose September 27 


lift 7b ACM GvtSp 696 12S 
12 B$ACMG*l5a 1.08127 327 6% 8*2 8% ft 

11$ ftAGUM* 1.08 127 96 (ft S'; 8% ft 

ft fl AGMManegd 072 87 12 ft ft ft ft 

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ft ft tone find 7 21 ft 8>2 ft 

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ift ft Act»3 038 36 2 374 ift 10 10 

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1ft iftAdansES* 048 28 0 138 17*4 174 ift 

64 4ft AD Men 100 80 758 6ft S% GO ft 

3ft 16$Ad*Mc 100 101 12 4480 30 2ft 2ft ft 

67« 5Mw9 Grp 016 3.1 8 92 ft ft ft 

20 15 AM ten 0.10 0X111 3® 17% 1ft ift -ii 

SB 1 ? 49% Aaoon ADR <-47 05 12 1*3 ®V Sft 5ft ft 

Eft 445 b Mm 2.75 00 7 1935 48% Aft 4ft ft 

384 2ft Aflac 046 1.4 14 1749 3ft 334 3ft ft 

224 iftAlHimsi 088 42 14 3082 20% 2ft 2ft ft 

4 1$*ieentoe 1 38 J% ft 2% 

aft 3B$AkPlC* 058 2.1 25 9M Aft 4ft 4ft *36 


101 74 874 74 ft 

161 74 071} 7 4 ft 

327 ft 8% ft ft 

96 ft ft 84 ft 

12 04 ft 84 ft 

21 M 134 134 ft 

21 ft 84 ft 

4 Z7 Z7 27 

374 104 10 10 

017 15% 14% Ift ft 


58*2 49$ AflJM A 
Eft 44ft AstTHL 
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224 ift Wmnsi 


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39% 24 Atttne Frl 

2)4 194 Ainas he 46 «a a*2 zw a»2 +4* 

17 14% AkleasBi 1.B411X12 21 ift ift 164 

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18% IftAWaAtr 0.20 li 24 1117 ift 18 1ft ft 

214 lftttaqH 0.35 £0 30 363 18% 174 174 ft 

17% 134 Atari 031 M 755 ift 14$ 14% 

2ft 1ft AtoCuB 028 1.2 16 56 23% 2ft 234 -4 

22% 174 AKUftrA 028 13 16 54 21% 214 2l% ft 

30% 2ft Altai 044 1.5 23 3903 28% 284 28% ft 

274 19% AIcnAI 030 1.1 71 5896 2ft 2ft 2ft -4 

6ft 4ft AtaS V00 16 43 1067 624 B1% Gl$ ft 

304 234 AksBraM 070 26 4 959 274 26% 27% ft 

224 14 AtoAl O10 05113 132 19% 19% 1ft ft 

24% 17AleghLud 048 22 20 1015 22% 22 22% ft 

26% 194 AflegP 154 &2 10 2455 20 tflft 20 

ZZ4 iftAtaiOon* 016 08 17 783 21 2ft 21 ft 

29 20 Megan 0.U 1.1 16 1535 2ft «% 25% ft 

4% (lATta I 304 4 nil 4 

27% 174 Alta Cw 164 00 21 81 20% 2ft 20% ft 

10*2 9ABnce Q 018 1.9 96 ft ft ft ft 

27% 21 4 AW MSb 090 35 14 5S 23 224 23 ft 

40% 33% Afc»g 057 20 7 2927 344 34% 34% ft 

2ft 2* ASM Dp 088 13 19 965 27% 27 27 

7 4$Mwa» 24 834 ft 6 6% +4 

35 214 Atom® 12 2219 32% 324 32>2 ■% 

BE4 644 Ahm 150 1X139 6005 u67% 86% 874 ♦!$ 


33 1 * 33M 33^ 

20% 2ft 20% 


174 174 
14% 14% 
23% 23% 
21% 21% 
284 28% 


28 2QMergm 0.4* 1.1 161535 2ft 264 
4% i" ATkn « 304 4 6li 

274 17% AOfcaCri 164 00 21 B1 20% 20% 

10*2 9ABncea 018 1.9 96 ft ft 

27% 2lbAUH» 090 35 14 5S 23 224 

404 33% AkSq 057 2.0 7 2927 344 34% 

ft 24 ASH Dp 088 13 19 966 27% 27 

7 ftMMllg 24 034 ft 6 

35 214 Atom® 12 2719 324 324 

B64 644 Aim 150 15138 6005 u87% 86% 874 
30% 204 Ala I* A 39 3964 ft dft 20% 

11% 7% AsnGmhc 056125 776 7% 87% 7% 

ft t% Am Prods * 025 14 » 29 74 7% 7% 


25J ft 
20% ft 


84 6%Amfflfil 008 1.1 13 4322 74 74 7% 

20AHK331M 052 23 1 5 87 23 224 224 


44*n£M( 

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1.3 46 3104 464 *5% 
2.7 64 8% 8% 


31 20b Am Bantek O10 0 4 3821471 274 2ft Z7M 

37% 29$ AmBtnd 250 5.7 102173 ft 34% 36 

254 184 Am BuaPnJ 080 35 14 63 22% 22 22% 

6 6% Am CAP he 065 05 112 7% 74 7% 

ft 1&4 Am CM 1^4 9.0 jo 88 174610% 174 
2ft 19% Am Cap Or 1.08 55 0 72 18$m9% 1ft 
994 424 AwQpn 155 19 57 1800 99% 984 994 

374 r?4 AmBPW 2.40 75 16 3211 304 30% ft 

334 254 AmEapr 050 25 1311916 31 30% 30% 

30% 24% AmGart 1.18 45 23 5813 27% 27 27% 


ft 19% Am can CV l.na 55 0 72 
99% 424 AwCfan 155 19 57 1800 
37% 274 AmBPw 2.40 75 16 3211 
334 254 AmEmr 050 25 1311916 
304 24% AmQ«8 T.T8 45 23 5813 
94 8 Am GMh 077125 Z77 

274 22 Am HBn Pr 230 17 8 115 


B% 05% ft 
234 234 234 


2% 2% AmHortb 
96% 8T$AnM 


96% 81% AmUl 046 OS 15 3754 

114 7An0pptac 150 116 228 

30 23$Anftamx 048 13 161 

34 19AoiJ>Rgdt 040 1 7 9 497 

8% 7% Am Real Es 044 56 5 52 

274 21 AmSkrx 048 25 7 1714 


252 ID 12 3015 58% 584 ft 
075 285 9 18 2% 2% 2% 
046 OS 15 3764 90% 89% 89% 
150 T26 228 7% 7% 7% 

088 13 161 26% 26% 2 ft 

040 17 9 497 24 23% 24 


22% 18 Am HOT 5% 155 6.7 z20 184 184 184 +4 

324 26 Am War 158 41 11 14? 2ft 264 2ft ft 

43% 364 Amtell t 1.92 4.7 14 2*91 41 40 404 ft 


434 34% Amnwi he 13 14 5 61 37% 


434 3ft Ameren h 
T74 11% Angfek 
Bi4 50$ Amoco 
94 ft AmpajPW 
4% 3% Amrehca 
34% 29%AmfflUh 
44 24 Araanra 
5ft 42% Amorim 
33% 23% Analog 


13 14 5 61 37% 36% 374 

024 1 4170 6S 17 184 17 

23 38 15 4968 3% ®b 57% 

019 15 6 10 8% 8% 8% 


ft AmpeoPU 010 15 6 10 8% 
3% Amrehca 012 25103 3 44 


I 24 % Angafca 
47% AriJidi 


150 4.5 10 397 31% 
10 S3 2% 
030 07 52 3209 44% 
30 3*25 31% 
094 14 24 103 Z7% 
150 10 34 2359 53% 


2*4 25% AM Wf 267105 3 2ft 025 


43% 434 ft 
30 31% *1% 
27% 27% +4 
524 52% -% 


34 19% Arnhem 21 385 32 31 It ft -4 

a 14%AM»rh 044 26 17 84 174 1*4 174 ft 

WAmCp 158 38 7 2073 33% 3ft 3ft ft 

294 224 Apart* Dp x 029 1.1 35 559 25% 2S% 25% ft 

10% ftApaMuiF 073 85 225 9 84 8% 

24 14% AJU 40 T62 234 23% 23% -% 

7% 4AppUUgQ 1 689 4% 44 4% ft 

24% 184 Ajgjl Pw A 012 05 38 41 23% 23% 23% ft 

2ft 214 ArcftDn 010 04 lB7186n2ft 25% 25% -4 


51 43%*wOwral 250 5.0 22 73 49% 49% 
51% 45$ArM»4SP 450 95 JlOO 48% 46% 
6% 4% Anneo 3 555 6% 6 


-4 

13 


6% 4% Anna) 3 855 6% 6ft 

29 ZSAnncolIP 110 5.0 nOO 2ft 2ft 234 ft 
57% 43% AmMW 158 29 33 766 *5 44 44% ft 

4ft 33% AfTO* BBC 15 457 37% 37 37% -% 

7% 4% Alta Dp 2 2 5% 54 5% 

33% 23% Alta hdx 076 32 13 946 24 23% 24 ft 

34% 21%Aarca 040 15107 2458 U3<% 34% 34% 

314 22% AahWDta 040 1.4 11 321 29% 29% 2ft 

44% 334 AMI 150 25 121709 35% 35 35 ft 

25% 16%/WaPaeF OZ7 15 113 ift 18% 184 -% 

3% 1% Anatom 028 9.7 7 119 2$ 2% 2% ft 

37 28%AK»Gnx 012 04 21 66 32% 32 32 ft 

57% 49% ATiT x 1X2 14 17126 54% 54% 54% ft 

253%22B%A8I»2 250 15 3 242241% 241% ft 

38% 30% ADta Gas 258 65 13 216 31 304 3ft ft 

94 5% AntaSos 028 42 7 S 6% 6% 6% 

21% 1ft AMcEmrx 1.54 9 3 9 307 1ft 1ft 16% ft 

1U%92%AOtt 550 54174 1555101% 100% 101 
10 44AOH 0 333 ft 5% ft ft 

204 18% AtaMEngr 088 45 8 45 18% 184 1B% 

12% 8% AttwdsADR 034 38 102688 9% 9 9ft 


24% 17% Aug* 

12% 8% AicbtaFd 
56% 47% AuOjQ 
204 U4 Aromco < 
19 7% Art* 

46 904 Amar 
62% 43% Aronfr 

u4 io%AydtaC«p 
7% 5$Adar 


9% 9 9 ft 

016 07 26 106 22 214 21% +% 

0.10 15 201 9% 94 ft ft 

060 1.1 25 1541 S6% 55% 55% ft 

044 18 12 104 18 15% 18 ft 

DD* 9 4 4 781 9% 9% 9% ft 

0.60 15 20 1038 37% 36% 37% ft 

2.00 14 17 1022 60 59% 59% 

9 5 10% 10% 1ft ft 

24 395 7% ft ft ft 


384 31 4 BCE 2.68 
9% 84 Bn AM 051 
ft 3 Baton 020 
17% 16% Baker FeM 040 
22% i; BntaH 046 
77% ;i 4 Baton Be 040 
SO 1 : 24% toSCp 960 
154 8% BMW O.0S 
9% 6%BaB» 

25% 20% BtaGE 152 
70% 13% Ball Bnk® 050 
38 304 BncOne 7 24 
3% 2ft Banahn V I 14 


75236 2BQ5 35% 35% 3S% 
3 1 27 41 6% 8% 6% 

45 8 61 4% 4% 4% 

25 198 164616% 18% 

15 43 4868 18% 18% 184 
1.7 22 17 23 224 23 

12 26 385 274 27% 27% 
05 15 140 10% 10% 10% 

17 968 7% 7% 7% 
OB 12 4988 22% 22% 22% 

1.0 30 82 204 204 264 

4.0 10 4621 31% 0304 31 

46 9 ill 264 3 25 

05 5 X 11% 11 11% 

35 7 G26 30% 294 2S% 

37 218 1% 1 1% 

1 3 18 36 53% 534 53% 

15 9 5926 46% 45% 45% 
65 16 82 082 B2 

33 11 4817 27% 2ft 26% 
86 13 45% *5% 4ft 

17 5 1471 304 30% 30% 
7 0 6 46% 046 464 

75 IB 76% 478 76% 
5.4 5 3574 66% 65% Bft 
30105 39 38 35% 36 

25 29 1533 25 24 % 24% 

3 7 53 4 37% 37% 37% 

38 10 3807 434 *2% 434 
0 4GSD7IS2 ||13 12% 13 

25 14 2344 38% 384 38% 


11% 9% BjncoGefflH 072 
3*4 27 Bapnm 15* 


344 77BapHa«ai 15* 
1% % BantTnas 

63% *9%&ntl0< D 7D 

504 »% 1 ® 

96 83-4 821 Baa 556 

23% 22% Difisai 058 


«ft *S4BkBoanP JM 


334 25BanWf 1 10 
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95 7684nMmB 600 
84%6J%EJ*Ta 360 

38% SOBcOys 108 
30% 224 Bare iCR) 0.60 
33 291; Banes bp |.40 
43% 3ft Bana 1 64 
13 8% BaOII 005 
53% 34 4 BouscD 09B 
284 21 % Bader 155 
2ft 234 Bay Steal 146 
22% 19% BO TriB38 T.72 
3% 15% BaarSPns 060 

504 464Beasg>Mi 10a 

37% 274 Btmnga OH 
32% 23BecMnznki 0*0 
46% 34% BednO 174 


18 4110018 27% 2ft 27% 
59 14 31 25 24% 24% 

as 44 20% 20% 20% 
35 4 2283 1ft II I ft 16 
65 20 47d4ft 484 

11 21 2 30% 30% 30% 

1.4 23 333 284 28 2a 

15 16 4588 u4ft 45% 48% 



FINANCIAL, TIMES 


WEDNESDAY SEPTEMBER 2« 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


■Via 

I8M » W a am Pm. 

MgB law as* Dli % t Me a* la* Onto Ck a 

17% 12% AM 048 3 8 21 173 13 12% 12% ft 

16% lZ%ALia«A 1118 U 36 77 15% 15% 15% 

77% 57% AM 1.B8 2JI 27 4367 774 75% 77 +1% 

72% 52AM 90 8970 534 US! 4 51% -1% 

5 3% MW 12 225 3% 3% 3% ft 

58% 38% ASA 2.00 17 35 1704 534 52% 534 +1% 

31% 25% Atffittt. 676 24 1810001 31% 30% 31% +% 

15% 11%AMUPT 050 24 H 78 14% 14% 14% 

23% 17% ABM tod 052 £4 8 21% 21% 21% 

15% 11% AqxnceSi 2* 129 14% 14% 14% ft 

31 22% AGEUDX 644 15 29 299 24% 234 23% ft 

12% 9%«CUGWh 1.09 112 97 94 09% 94 -ft 

10% 7% AGMBlQR) 080115 


IHQ1ELI 

When you srjy with us 

in LIMASSOL (Cyprus) 

slay in much - 

with >t)ur cnmpf imenciry copy of ihe 



HU UvStoefc 

7% SBadPr 
50% 49Bena 
194 14% Bel H 
83% S3MS8I 
SS 43% Wo A 
254 3J% Barts 
«9 56%BMiH3P 
44 34%8nf 


38% 27% Batata A 

1% 4 Ban^taB 

19% 134 BaigBr 


rggsoisiosBartH 
104 B Berry Mr 


39% 19 Beat Buy 
28% 26% Bam a 2. 


55% 51%B8WW« 
24% 1ft Bats 


630 1 J (4 1803 24% d24 24% -ft 
46 488 26>i 254 +4 


24% 1ft BatS 
53% 42% ML 
18% 1l49ayBt 
214 iftBkwafi 
32% 23%BtiringroS 
23% iftBBack 
224 IBBUeAHH. 
104 ftBdaddtdr 
8% 6%Bktoefcta 
10% 0%BkfBtaTot 

4ft 37% Stack 
31%23%abtto 
8% 6% BbaCHp 
14% 948MCM 

50% 42%BoahO 
30% lOBomCx 
21% IQBolB&H 
2S% 9% Bento Ora 
18% llBonta 
22 18% Basin Cart 
29% 20% Bnaatr 
36% iftDadRa) 
34% 29% BSE Prop 
90% 6ft EMgS 
334 19% BrtataM 
99% 50% BMfin 
74% 55% DM 


54% 3SBKGaa 
78% 56% BP 

27 iftaPftwtwe 

28 l8BStoa 
714 53% BT 
28% 22% EHynO 
38% 32% BnmGpi 

8 ftBnmSh 
304 2*%DrfinB 
32% 24% Brfarx 
4% 3% BUT 
25% 174 Brmwk 
18% 13%Bnx9faUM 

41 aftButayan 
28% iftDxicoat 
60% 474 flto« 

48% 37% Brin Rase 
1ft 16 Batten flex 


W W lb On 

Hr % E root U* tata 

056 61 3 40 5% S% 5% 

£76 55 16 4907 50% 54 34% 

050 £1 17 IX 19% 1ft 19% 

£78 69 27 2899 57% 59% B6% 

680 1£ 23 82 B1% Sft 50% 
65* £2 Z7 906 28% 24% 24% 
450 75 8 564 5ft 58% 

1.72 43 12 2S 40 39% 3ft 
047 1.7 17 48B 28% 27% 28% 

0J04 45 20 B45 1 H 1 

648 25 22 341 1ft 15% 18% 

51 1 199001880018860 

640 41 34 14 9% ft S% 

24 5339 39% 38% 3ft 

£50 £4 9 2ft 28% 26% 

5-00 65 19 624 52% 52% 

040 15 8 1288 21% 20% 2ft 

1-44 3.0 23 03 48 474 <7% 

32 8913 144 14% 14% 

610 as 23 747 15% 15% 15% 

640 15 58 768 28% 26% 2ft 

640 15 22 2221 22% 22% 22% 

U2 65 12 90 20% 20 20% 

673 17 103 8% dft 8% 

07512.0 1585 6% dft ft 

670 82 373 ft 9% 8% 

1£S £7 27 2BBB 48% 46% 4ft 

aio 64 2434121 27% 28*2 27% 

612 1.7 111 6% 64 8% 

058 05 0 486 14% 13% 14% 

150 £3 11 8088 44% Aft 43% 

680 £0 7 1881 30 2*4 30 

60S 04 34 2B1 1ft 1ft 16% 

1.10 45590 1685 24% 23% 23% 

630 £2 1712760 13% 13% 13% 

155 61 8 3 20% 20% 20% 

680 £1 15 10001)23% 29% 2ft 
6Z7 08 919 33% 32% 32% 

250 75 7 70 30% 30% 30% 

154 £8 12 533 71 7ft 7ft 

21 2013 2ft 244 25 

£92 55 15 9047 Sft 57% 58 

1.77 £1 13 689 57% 57% 574 
357 67 25 29 45% 4ft 45% 
17* £3 25 3688 7ft 74% 75 

1-5B 7.4 7 281 21% 214 21% 
632 IJ 28 1482 028% 25% 26 

377 6.4 15 487 Sft 574 5ft 

155 £6 13 578 24 23% 24 


20 2ft 
dft ft 


150 4.7428 111 X 34% 34% 
032 07 4 337 ft 8% ft 


095 14 4 342 27% 27% 274 
058 £3 25 4661 2ft Oft 2ft 
30 10 4% 4% 4% 
644 £2 34 3521 20 ift 19% 

032 1.9 41 84 16% 1ft 1ft 

250 7.7 10 ** 36% X 36% 

9 2858 13% 13 13 

t£0 £4 18 3924 50% 4ft 50% 


ft 4% 4% 
20 Ift 19% 


9 2858 13% 13 13 

t£0 24 16 3924 50% 4ft 50% 
£55 15 19 W37 37% 37% 37% 
1X2 95 20 60 1ft 016 IE 


35% 25% C3 .... _ 

38133% CBS £00 05 16 508345% 341 344% *3% 

25 19% CMS ED 054 35 11 «SB 21% 21 21% -ft 

82% 93% CNAFn 16 102 8* 6ft Oft •% 

54% 44% CPC* 1.38 £7 18 3353 50% 49 50 +1 

18% UCPtCvp 056 11 19 272 18% 18 1ft ft 

92% 68 CSX 1.7* 25 20 3597 09% 88 69% +1% 

29 iglaCTSQxpx 640 14 22 3 2B% 2B% 28% 

24% 1ft CaUeBMAro 054 34 17 BE 14% 18% 19 ft 

S3 33CaUeton 11 1023 46% 44% 46% *1% 

28*; 24% CatMC 056 £1 13 911 27% 28% 27 -% 

23% 1ft CM OU 618 68190 160 19% 18% 19 

17% 10% Cnacaoeon 875 2885 B17% 17% 17% -ft 


648 15 32 2522 27% 26% 26% -h 
£00 66 16 596345% 341 344% +3% 


23% lftCXMOU 
17% 10% (taaGritoBn 
59 3ft CasBnWl 
2% 1%C5lta>E 
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37% 20%Caital15x 150 74 9 

42% 22%DntdM9ax 352135 6 713 


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170 » % Si 

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13 24% 24% 24% 


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15 iftenCBp 32 7 13 13 13 

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13% 8% Canffn 050 66 1 3813 9% 9 9% ft 

45% 22% Cato 620 05 91127 23%d22% 22% •% 
30% 22% cam trim £00 85 6 196 23% 23% Z3% ft 

25% 21% CenOLnul 148 67 12 78 21% £1% 21% ft 


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12% 12 OnBiC 670 67 0 357 12% 12% 


35% 35 35% 

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354 55 18 1917 81% 90% 60% 


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34 ft 
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32% ft 
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20% 13% ktocRS 16 622 16% 18% 19% ft 

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632 10 24 108 33% 32$ 33% ft 


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080 IX 8 857 «2b 41$ 41$ ft 

0.40 1J 21 404 23 22$ 2$ ft 

25 171 13% 12% 11% ft 


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12 851 11% 11% 11% ft 

1 78 1$ 1% 1% 

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21b Mb 0X4 1.1 6 460 
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7% ®% 7% ft 


075 95 68 7$ ®% 7$ 

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640 £8 28 3» 14% 14% 14$ 

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1X0 A9 40 24% 24% 24$ 

1X0 £7 75 12$ 12% 12$ 

1.14 AO 13 228 28% 28$ 28% 

648 IX B 1» 25$ 25% 25% 


7% ft 
77% ft 


8 5%RHM> 

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4% 3%flpSRe#y 


(41$ 33%Rayt*n 
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52$ 43%Ru>i4>Ny 
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114$ 96$RDuUi 
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23 15%Duddck 
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28 2i$mteS 
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114 41® 6$ 6% 

0X0 £6 41 « 21% 21$ 

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130 3X T2 9® 40$ 

632 68188 1316 40 38$ 

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5 200 7$ 7% 

630 OX 14 1150 36$ 36% 

17 11 618 618 

632 5X 6 530 6 5% 

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21 118 1B% 19$ 

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tail 28 2Gb 26% 

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640 IX 25 652 31% 30% 

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^ 4 


9% ft 
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36$ +b 
618 


43$ 

16% -% 
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17 

36% ft 
20 % 


20 % 

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35% -% 

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55% -% 


a% -% 

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12 ft 
29% ft 


20$ ifi% s Ana re dad 
13 10% sot) US Qir 638 
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14% 13% Sdiha te m 
20% 13%Steteds 0X0 


4-6 63 47 17% 17 17% ft 

12 23 15 11% 11% 11% 

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2X 9 274 18% 15% 15$ -% 
27 11M 3 S% Z7% ♦$ 

to n$ 6% 8% ft 
64300 35 57$ 56$ 57 -H 
BX 14 19 28% 27$ 27$ ft 
£B 4 1231 40% 9ft 39% ■% 
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1ft 15% 18 
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x c 


^Uf 



FINANCIAL TiME$ WEDNESDAY SEPTEMBER 28 1994 ★ 


39 


4pmetaeSaixbmbB r S7 


NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


4 pm dcso September 2T 


Hte Lm Stock 


_ m w 

Mi k E 


WBi 


tax 


TO. PI 
Bfe> K t 


Wp 


Continual from previous pafio 


32%5ataalfc» 
13% 11% Sterna Dr 
32% 39$ Steam 

25 1?%SnDgtt 
ID 7%femft~ 
17% 13% SFnfid 


1« (3 65479 33% liE 32% 


032 23 
OM 13 
1-52 03 
0.16 1.B 


356 15% 12% 12% 
5 19S6 40% (09$ 40 

9 591 11% 18% 18% 
9 1023 9 8% 8% 

9984 u17$ 17% 11 


i 


« 31% Sartaftf* 230 83 15 97 33 32% 32% 

26% 18% EtaiFbP 010 04 72 5245 23 22% 22% 

20 19% SVBLh 044 U 15 3406 23% 22 22% 

»%«%5*anBCBni 232 U 11 570 43% <3 43% 

20 % 12% S UMP _ 1.00 7.7 9 5SB7 13 12% 13 •% 

41% 31% SteOTfRP 31 487 40% 40% 40% 

2JM 24 16 5837 70% 68% 70% 

1JD U 23 2870 55% 54% 55% . , 
030 0.9 14 2076 29% 28% 29% +1% 
29 9 9 8% 9 +% 

0.12 03 » 493 42% 42 Si\ 

0-10 06 15 83 16% 18 18 

088 U 17 2998 83 6Z*i 

59 23% 22? 

VO 10 


71% 54% ScMl 
83 50* Set** 

33% 23% Sctm>(Cl 
18% 8% SEdwBnr 
45% 24% SOM 
18% Uteni 
08% 37% swap 
28% IBhSCMHNfttf 021 OS 
12% 9% ScuddrtEoF 016 14 


18% i3%SaaCU! 070 43 8 70 18% 1 
18% 14$ SaaCI 4825 1.46 07 to 18 II 

32% r ~ 


. 28% Seagrai 
29% 22%SHplBi 
38% 26% SuM AM 
55% 42% Start 
13% 11% SafeaS* 
39% ZStaammu 
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40% ZSSoquaB 
29 22%SmCp 
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25 13$ Stew hd 



040 13 38 7170 31% .. _ 

30 208 23% 23% _ . 

24 201 33% 32% 32% 

1.60 13 7 4890 48% 48% 48% 

034 74 66 11% d11% 11% 

022 OB 95 7B9 34 33% 34 

030 2L2 8 47 27 20% 26% 

050 1317 ID 32 32 32 

0.42 13 20 1425 26% 25% 25% 

MB 17 13 100 25 24% 24% 

- 022 1 J 17 2117 14% 14% 74% 

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ftbobdi 099 28 12 10 ID 10 -1% 

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Volvo B 017 3 148 18% 18% 10% +% 


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R 



V 




40 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


AMERICA 


Dow ahead as 
Fed debates 
rise in rates 


Wall Street 


Blue chips forged ahead yester- 
day morning as the Federal 
Reserve's policy-making arm 
met to consider raising interest 
rates again, writes Frank 
McGurty in New York. 

By 1 pm, the Dow Jones 
Industrial Average was 16.49 
higher at 3,865.73, while the 
more broadly based Standard 
& Poor’s 500 was up a scant 
0.88 at 461.72. But the Nasdaq 
composite was off 0.87 to 754.76 
and the American SE compos- 
ite dipped 039 to 452.75. 

Volume on the Big Board 
was a moderate 157m shares by 
early afternoon. 

After weeks of speculation 
over the Fed meeting, the big 
day finally arrived. In early 
trading, investors held back 
from fresh commitments as the 
members of the Fed's Open 
Market Committee discussed a 
wirth rhang p in monetar y pol- 
icy since February. 

Most economists were 
expecting the central bank to 
opt to delay its move to tighter 
credit conditions for a month 
or two. An announcement was 
expected by the Fed during the 
early afternoon. 

In the meantime, investors 
received some evidence that 
the economy was cooling. The 
Conference Board said that its 
September influx qf mnKimiw 
confidence hafl fallen from its 
August levels. Most analysts 
had expected the index to hold 
steady. 

It was a hopeful sign for 
investors, who feared that the 
prospect of accelerating infla- 
tion would prompt the Fed to 
lift rates yesterday, although it 
was unlikely that the reading 
would have had any influence 
on the outcome of the FOMC 
meeting. 

Bonds held steady amid the 
uncertainty, but blue chips 
were able to make some prog- 
ress in the morning hours, car- 
rying through a flurry of buy- 
ing that lifted the Dow 
industrial index by 17 points 
the previous day. 

The gains were fractional, 
with the exception of Alcoa. 
The aluminium supplier's 
stock climbed $ 1 % to $86%, 
lifted by a “buy" reoommenda- 


Brazil sees foreign sales 


Sdo Paulo dipped 03 per cent 
in light midday trade as for- 
eign investors continued to sen 
ahead of the first round of Bra- 
zil’s presidential elections on 
October 3. The Bovespa index 
of the 55 most active shares 
was 430 lower at 52321 at 1300 
local time in turnover of 
RS219m ($253. lm). 

Analysts commented that 
the market remained confident 
that Mr Fernando Henrique 
Cardoso, the centre-right can- 
didate, would tie up the elec- 


tions in the first round; but 
some sceptical investors appar- 
ently preferred to take profits 
after a new opinion poll show- 
ing that the popularity of the 
leftist candidate Mr Luiz brack) 
Lula da Silva had risen. 

The state telecoms issue 
Telebras preferred was flat at 
R$51. while Vale do Rio Doce 
preferred rose 03 per cent to 
RJ166.50. Petrobras preferred 
dropped 2.8 per cent to 
RS152JjO, hit by an open-ended 
strike by oilworkers. 


S Africa picks up from low 


Johannesburg picked np from 
the day’s lows In late after- 
noon trade as investors 
returned to key stocks after 
the recent heft)' declines. 

Analysts cautioned, how- 
ever, that future direction 
would depend on the country's 
credit ratings, expected 
shortly from the leading credit 
agencies, and South Africa's 
weighting in key emerging 
market indices. 

They added that the market 
had now absorbed Friday's dis- 


count rate rise and poor 
August inflation data. 

The overall index finished 34 
down at 5,583, baring earlier 
touched 5,556, for a two-day 
loss of 172 points. 

The gold shares index was 
26 softer at 2,422 and industri- 
als gave up 32 to 6,171. 

De Beers slipped to an early 
R97 before recovering to close 
50 cents firmer on balance at 
R99.50. Anglos finished R2£0 
weaker at R235 and SAB 
improved Rl.50 to R81. 


FT-ACTUARIES 'WORLD INDICES 


EUROPE 


Most bourses falter, short of initiative 


tion from PaineWebber. 

Elsewhere, share prices were 
mixed, with corporate news 
moving a few individual issues 
higher and lower. By early 
afternoon, the declines on the 
Big Board were holding a 
slight edge on advances. 

In telecommunications, 
Nynex gained $1% to $37% 
after submitting a seven-year 
framework agreement for regu- 
lating phone services in New 
York state, its primary market 
A coalition of telecom provid- 
ers, including MCI and AT&T, 
is offering active opposition to 
the proposal. 

In retailing. Gap Stores lost 
$1% to $30%. CS First Boston 
lowered its estimate of the 
company's third-quarter and 
fim-fll 1995 earnings. 

Micron Technology, the 
semiconductor supplier, 
receded $% to $35%. Trading in 
the shares remained brisk fol- 
lowing a CS First Boston down- 
grade. Texas Instruments was 
down $% to $67% even though 
Morgan Stanley placed it on its 
“buy” list 

20th Century Industries, the 
insurance group hard hit by 
thp California frarihqnalm las t 
winter, jumped $1% to $11 an 
news that American Interna- 
tional Group had agreed to 
help shore up its financial posi- 
tion as part of a broad strategic 
alliance. AIG receded $% to 
$89%. 

A downward drift on the 
Nasdaq was led by Lotus 
Development, which shed 
$Z&to $35#. Fresh Choice, a 
restaurant chain, lost $2% to 
$21 on disappointment over its 
third-quarter results. 

Canada 

Toronto relinquished early 
gains to trade mixed at mid- 
day, the TSE 300 composite 
index standing 336 higher at 
4^44.68 in low volume of 20.4m 

shar ps. 

Six of the 14 sub-indices were 
higher, led by real estate and 
construction which put on 2.0 
per cent as Intrawest rose C$% 
to C$13%. Foot Seasons Hotels 
put on C$2% to C$16% after the 
Saudi Arabian prince ALWal- 
eed Bin Talal Bin Abdulaziz A1 
Saud agreed to take a 25 per 
cent stake. 


'Die lack of a decision on US 
interest rate during European 
market hours left most bourses 
short of initiative, writes Our 
Markets Staff. 

AMSTERDAM was on hold, 
the AEX index rising just 0.19 
to 400.66 with shares receiving 
a slight boost from gains in the 
Dutch bond market and in Ger- 
man bunds. 

Aegon was FI 2.40 lower at 
FI 99.40 after news that the 
company planned an early 
redemption of a convertible 
bond which could inflate the 
number of shares outstanding 
by as much as 8 per cent 

Helneken and Unilever put 
in firm performances as inves- 
tors turned from cyclical to 
defensive stocks. Each gained 
FI 2.00, at FI 238.30 and 
FI 196450 respectively. 

Philips closed unchanged at 
FI 54 after the Dutch gover- 
ment said it intended to give 
the company a FI 100m 
research grant for digital radio 
and television, ^nfl the Euro- 
pean Commission said it 
intended to take a favourable 
view towards a joint venture 
bring set up by Philips Light- 
ing and osram, of Germany. 

PARIS spent a day waiting, 
not very happily, for the FOMC 
and results from its own corpo- 
rate sector. The CAC 40 index 
fell 1.44 to 130138 in turnover 
of FFr2.49bn. 

Its mood looked negative: 
Monday's forecast of a "very, 
very sharp" 1994 recovery from 
Peugeot was greeted with a fall 
of FFr21 to FFr772; the Canal 
Plus acquisition of 24.9 per 
r-ont in German television 

ASIA PACIFIC 


Aegon 

Share price (EH) 
105 


FT-SE Actuaries Share Indices 


Wednesday S eptember 28 1994 

Biggs cuts 
Japan, US 
in portfolio 



Sep 27 
tarty damps 


Op* 1150 1L30 1Z0Q 


THE EUROPEAN SERES 
tarn tcoo i&oo o» 


FT-SEEuntadilOO 

fT-8&Bnfte*2tt 


1336m 

137116 


1337.18 

137MB 


1337 JB 
127853 


133X27 

137850 


1337.9* 133850 133653 
13Z&2B 13TU0 137003 


134034 

1381.39 


5* as 


Sap 2a 


Saps 


Sep ?i 


Sap ao 


FT-SE Emtaadc 100 133005 

fT-SE EtnOBCk 200 138088 

Bm *w memt Hauer «» ■ waft zoo ■ 


134173 133432 134034 134033 

138088 137784 138132 138074 

13SUB tester WO - tmBfflQ- I3»28f PmSM 


90' 


1994 


Sep 


Source FT Graphite 


channel Vox left the French 
company's shares down FFr25 
at FFr802. 

The wain results of the day 
fen after hours. Soctete GdnSr- 
ale, just after the close, saw at 
least unchanged 1994 profits; 
the shares eased FFrl to 
FFr534. Credit Lyonnais, some 
minutes later, fell into the 
expected range with a first-half 
net attributable loss of 
FFrL5bn: here, the certificates 
fell another FFr13 to FFr374. 

On the plus side, Eurotunnel 
recovered 80 centimes to 
FFr21.90 after Monday's salt 
water leak scare, and Alcatel 
Aisthom rose FFr6 to FFr560 
although the industrial con- 
glomerate is expected to report 
sharply lower first-half net 
attributable profits this after- 
noon. 

FRANKFORT caught up with 
Monday's postbourse losses 
during the session, the Dax 
index declining 9.96 to 2,068.73; 


but turnover stayed thin, 
investors awaiting the Wash- 
ington rates decision and 
thought unlikely to take firm 
decisions an the market before 
the October 16 elections. 

Attention focused again on 
Metallgesellschaft, down 
another DM14.70 to DM11R50 
after a low of DM100 in Has 
trading. The shares were 
quoted at DM211 only four 
weeks ago, but the latest falls 
came in big turnover and deal- 
ers yesterday thought it too 
early to call the turn in this 
downslide. 

Turnover eased from 
DM5. 3bn to DM5.0bn. After 
hours, Siemens showed a rise 
an the day of DM5 to DM652.70 
after weakness inspired by a 
magazine article on Monday; 
the group said yesterday that 
it was considering spinning off 
parts of its plant-technology 
division. 

MILAN put in a strong per- 
formance on expectations that 
Mr SQvio Berlusconi’s govern- 
ment would finally unveil the 
1995 budget last night, with 
cuts of up to L48,000bn from 
public expenditure. 

The Comit index rose 8.77 or 
1.3 per cent to 680.91 as Mr 


Berlusconi also held out hopes 
that the government might be 
about to publish a new calen- 
der of privatisations, or reve- 
nue targets from disposals. 

One Milan, dealer commented 
that the market was prepared 
to overtook the threat of a 
national strike by trade 
anions, which had earlier 
rejected proposed reforms to 
cut the cost of of the country’s 
pensions system. “If that is the 
price that we have to pay for a 
strong budget, then so be it" 

He added that the market 
was also supported tor expecta- 
tions of positive six-month fig- 
ures from the 

tinrm companies and from Fiat 

Elat led the market higher, 
picking up L101 to L6.793, 
while Telecom Italia rose L109 
or 2J3 per cent to L4.435 and 
Stet added L131 or 2 ^ per cent 
to L4.752. 

ZURICH adopted a weaker 
bias, the SMI index slipping 5.1 
to 2,581.0. with investors 
unwilling to open new posi- 
tions. 

Registered shares in Sulzer, 
under pressure last week, 
picked up from early lows to 
finish SFrl easier at SFr923 
after the group released lower 


than expected first-half net 
profits. However, analysts com- 
mented that the positive out- 
look for the full year and the 
perception that the first-half 
figure, while low, was also 
influenced by seasonal factors, 
helped to support the stock. 

dba gave up SFifl to SFi‘745, 
while BBC was one of a few 
blue chips to move ahead, ris- 
ing SFr6 to SFH.,171. 

MADRID tried to go higher 
but ended fiat, with the gen- 
eral toflpT just 0.07 firmer at 
297.24. Turnover amounted to 
Pta20.6bn, boosted on the day 
by block trades arranged by 
JP Morgan. 

Strength in Repsol was the 
most consistent feature of the 
session, the shares rising 
another Pta40 to Pta3.190. but 
in the haytfcing sector B ank in- 
ter and Popular came late with 
gains of Pta200 to Ptall.750, 
and Ptallfl to Ptal5,3l0 respec- 
tively. 

BRUSSELS ended mixed, 
with the Bel 20 index easing 
0.86 to 1,384435 in thin turnover 
of BFrtbn. 

The Luxembourg-based steel- 
maker Arbed stole the show 
with a rise of BFr270 to 
BFr4,770 after it said that a pri- 
vate offering of lm shares had 
been priced at BFr4£50, and 
oversubscribed. 

WARSAW accelerated its 
recent declines in thin trading, 
the Wig faflgx falling 405.5 or 
45 per cent to 8,705.2. Turn- 
over shrank by 26.7 per cent to 
37l.6bn zlotys. 

Written and edited by William 
Cochrane and Mkhael Morgan 


News that Morgan Stanley had 
reduced the weighting of equi- 
ties in Japan, the US and 
Europe in its new, global 
model portfolio made its first 
impact in Tokyo trading on 
Tuesday, Reuter reports . 

However, details came too 
late to have an effect oa Mon- 
day's Wall Street performance. 

Mr Barton Biggs. Morgan 
Stanley’s global strategist, 
reduced the weighting of huge 
US stocks by 2 percentage 
points to 11 per cent, and of 
small US stocks by 1 percent 
age point to 7 per cent. 

He lowered the weighting of 
European shares by 2 percent- 
age points to 6 per cent 

Japan 

Indices robased On local twins) 



$e 

o 

pa 


Nikkei falls below 19,500 to five-month low 


Tokyo 


Stocks plummeted in thtn trad- 
ing to their lowest levels since 
April as arbitrageurs unwound 
positions following a plunge in 
index futures prices, unites 
Robert Patton in Tokyo. 

The Nikkei 225 average fell 
345.47 to finish at 19.468B9. the 
first close below support at 
19,500 since April 4. After 
reaching the day’s high of 
19 ,829. 16 during the morning, 
the index declined to a low of 
19,404.18 in the final half-hour 
of trading. 

On September 19, when the 
Nikkei 225 last approached the 
19,500 mark, public funds 
moved in to arrest the decline. 
This time, public funds, com- 
prising state run postal savings 
and insurance, seemed to 
remain on the sidelines. 

Volume was an estimated 
231m shares, little changed 
from Monday's 239.41m. The 
Topix index of all first section 
stocks shed 22.46 to 1.562.75, 
while the second section lost 
5*58 at 2£3L43 in volume esti- 
mated at 5 . 99 m shares. Losers 
surged ahead of winners by 7® 
to 227, with 159 issues 
imrhflyi gpfl But in London the 
ISE Nikkei 50 index gained 2.63 
at L279.43. 

As on Monday, most traders 
stayed on the sidelines, 
reflecting uncertainties sur- 
rounding the US-Japan frame- 
work talks and Tuesday’s 
meeting of the US Federal 
Open Market Committee. Yes- 
terday was also the last trad- 
ing day for delivery of Septem- 
ber index futures. 

The thinness of the market 
made it vulnerable to a wave 
of afternoon selling that began 
with futures traders closing 
positions. The ensuing decline 
in futures prices triggered 
dumping of speculative stocks 
and unwinding of arbitrage 
positions. The resulting price 
slide was accelerated by index- 
linked selling and rumours 
that Morgan Stanley was cut- 


ting the weighting of Japanese 
stocks in its portfolio. 

Japan Telecom, being closely 
watched ahaafl of pert month's 
listing of Japan Tobacco, fell 
Y30.000 to another low of 
Y4.G2m. Other telecommunica- 
tions stocks were mixed. Nip- 
pon Telegraph and Telephone 
dipped Y1.000 to Y884,000. but 
DDL which lost Y8JX)0 on Mon- 
day, rallied Y7,000 to Y878.000. 

Steelmakers suffered losses 
in some of the heaviest trading 
of tiie day. Nippon Steel, the 
volume leader, edged down Y2 
to Y385. Kobe Steel slipped Y5 
to Y326, Kawasaki Steel lost Y6 
to Y432 and NKK ticked down 
Y1 to Y289. 

Elect ricals also came under 
fire. Matsushita Electric Indus- 
trial receded Y30 to Yl.600, 
Fujitsu Y10 to Y1.040, Hitachi 
Y10 to Y955 and Oki Electric 
Industrial Y5 to Y755. 

In Osaka, the OSE average 
slid 257.66 to 2L843.87 in vol- 
ume of 36^m shares. 


golds sector following a bullion 
price decline in New York, and 
by lower commodity prices in 
the US. 

The gold shares index 
dropped 46.5, or nearly 2 per 
cent, to 2J43A Newcrest Min. 
mg lost 29 cents at A$&50 and 
Placer Pacific 5 cents at A$333. 

SINGAPORE took a last min- 
ute dive and the Straits Times 
Industrial index relinquished 
9.97 to close at 2^8£U54 The fall 
was caused mainly by a loss of 
60 cents in Cycle & Carriage to 
S$12A0, and a 30-cenl retreat 
to S$ll by Sembawang Corp 


Before that, investors 
s eeme d to believe that the Fed- 
eral Reserve meeting could 
yield at most a 50 basis-point 
increase in interest rates, and 
that this would be acceptable. 

MANILA combined fears of 
another rise in US interest 
rates with worries about delays 
in the implementation of the 
value added tax (VAT), which 
could put more pressure an the 
Philippine government deficit 
The composite index ended 9.93 
down at 2,93427. 

BOMBAY, also risk-averse, 
fell an fears of a plague attack 


in western India. Following 
M o n day 's halt in trading, the 
BSE 30-share index lost 51.97 at 
444456. 

SEOUL registered a strong 
rebound in bine chips as the 
composite index finished 888 
better at a new closing high of 
1,052.01. In spite of the rise, 
declining issues outnumbered 
gainers by 452 to 367. 

KARACHI, similarly, 
majored on index heavy- 
weights as the KSE 100 index 
rose 17.48 to 2^37.65. Investors 
took positions in energy and 
synthetics, said a dealer. 


Mar - 1904 S«p 

Source FT GnpMA 

and Japanese issues to 5 per 
cent from the previous 8 per 
cent 

Mr Biggs said he saw the 
Federal Reserve in a “tighten- 
ing mode", which meant that 
stocks could languish at best 
and at worst could be in the 
second leg of the bear market 
that began in February. 

“Central banks are so 
obsessed with fighting the last 
war, the inflation war, that 
they choke off what could be a 
new era of growth by raising 
interest rates," he said. 

Mr Biggs raised the weight- 
ing of gold to 4 per cent from 2 
per cent commenting that the 
charts of the various commod- 
ity indices were very bullish. 
“I want to have 8 per rent in 
cash and 4 per cent in gold, 
just in case," he added. 

Mr Bi^s maintained the 
weighting of emerging mar- 
kets equities and debt posi- 
tions, breanse “the fundamen- 
tals are steadily improving 
and the money flows are still 
staggering", he said. 


Roundup 


Lassitude afflicted several of 
the region's equity markets, as 
investors sat on their hands in. 
advance of yesterday's FOMC 
meeting in Washington. How- 
ever, there were one or two 
winners. 

HONG KONG closed mildly 
weaker in drowsy trading, the 
Hang Seng luflev pflsing 3389 
to 9,61084 in turnover down 
from HK$380bn to BE$285bn. 

HSBC, the most active issue, 
lost 25 cents at HK$87.50- It 
was followed by Hongkong 
Land, down 10 cents at 
HK$19.35, while Hong Kong 
Telecom was 10 cents off at 
HKJ1580. 

Sino Land, the most active of 
the new index entries on Mon- 
day. retreated 12.50 cents to 
HK$8.625, and Johnson Electric 
declined HK$1 to HKS2180. 

SYDNEY was nervous about 
interest rates as the All Ordi- 
naries index dipped 16.2 to 
2,0138. Resources issues were 
dragged down by falls in the 


Jointly compiled By The Fkmnctai Timas UdL. Goldman. Sachs & Co. and NatWnai Socuwm Lid. hi contunctton with the Institute c# Actuaries end the Faculty at Actuates 
NATIONAL AND 

MONDAY SfiPTBWBIgB 1894 — 


REGIONAL MARKETS 
figures >i parentheses 
show ismbar at trios 
of stock 


US 

□attar 

Max 


Day’s 

Ctamge 

% 


Pound 

Sterthg 

index 


Yen 

Index 


DM 

Index 


Local Local 
Cwrcnoy % chg 
Index on day 


FRIDAY SEPTEMBER 23 1994 DOLLAR INDEX 

Gross US Poind Local Yost 

ON. Dote Storitoe Yen DM Currency 82 week 52 week ago 
YMd Index index Index Index index Low (approx} 




Austria (IQ . . . 

„ 186.85 

Belgium (37) 

164.89 

Canada (103) — 







Hong Kong (56) 

.__J87i 2 





Malaysia {97) 

575.02 


.—J2Q&2 6 




192.75 


soutfi AMca (59) 

Spain (42) 

311PB 

138.74 


J2ZL76 

Switaortond (47) . 

UMed Kingdom (204) 

16451 








Padfe &aoki (746)... 

170.71 

North America (61 9) 

164.99 

Pacific Ex. Japan (279).. 
World Ex. US (16451 

£65.72 

_.17l.71 

World Ex. UK (1957) 

World Ex. Sa AI. pi a?) 
world Ex. Japan (1692) ., 

17453 

1752? 

18031 


03 

-18 

- 1.6 

-0.8 

-0.7 

1.1 

-1.7 

-18 

0.1 

-1J8 

ao 

-09 

-1.5 

2.4 

- 1.1 

-02 

- 1.1 

-05 

-as 

- 1.0 

-on 

-15 

-u 

0.3 

- 1.2 

- 0.6 

-O.B 

-in 

02 

- 1.2 

-0.3 

-as 

-04 

-0.5 

-0.3 


16093 106.62 138.16 

17587 116.58 151.07 
15026 10287 13381 

129.74 8585 11188 

236.30 156.55 20288 
166.96 11082 14385 
156.78 103.86 13489 

13002 88.12 114.19 

374.08 24782 321.16 
192.43 127.49 16681 
78.00 5187 66L90 

15182 10088 13a08 
541.52 358.76 464.80 
2273.46 1506.15 1961.75 

196.13 12984 168.38 

6&13 45.17 58,54 

181*2 12028 15583 
347.68 23a 33 28048 

293.14 19481 25186 

130.85 8686 112.17 

20980 139.99 130.12 

TS6.02 102.70 133.09 
18184 120.07 155.80 

177.16 117*7 15289 


15a 64 
204.02 
160.76 
159.75 
17481 
14289 
25024 
161 .710 
16486 
105.06 
175.48 


105.09 

135.16 

10681 

105.83 

115.41 

9488 

165,78 

107.13 

10889 

10935 

11684 


138.19 
175.15 
138.02 
137.14 
14886 
12287 
21483 
13882 
141.11 
W.7Q 
150. S3 


15386 

15180 

130.12 

134.38 

20&34 

16B8S 

133.75 

114.19 

394.09 

185.10 

96.70 

10038 

58039 

884882 

165.81 

63.78 

17011 

25288 

28047 

13584 

248.78 

131.37 

18184 

18012 

14982 

20041 

111.45 

12071 

18489 

13005 

23880 

13060 

14584 

14786 

17051 


0.1 

-08 

- 1.0 

-a? 

-02 

1.0 

— 1.1 

-18 

ai 

-14 

04 

0.1 

- 1.1 

1.1 

-04 

-08 

-05 

- 0.1 

-22 

-08 

- 0.8 

-as 

-18 

02 

-08 

-03 

0.1 

-03 

08 

-0.7 

-02 

-08 

ao 

-Q.1 

-02 


3.61 
1.06 

425 
2.50 

1.43 
077 
3.17 
180 
388 

3.44 
1.60 
076 
1.48 
1.16 
3^48 
3.75 
186 
187 
£22 

426 

1.62 
185 
4.19 
229 

3.12 

1.44 
1.08 
184 
087 
2-48 
2.74 
184 
288 
228 
282 


17082 

166.75 

197.00 

139.03 

252.78 

17046 

18982 

143.62 


20787 

82.79 

16238 

58060 


15985 

17724 

15789 

13058 

237.38 

184.77 

15980 

13487 

37281 

195.30 

77.75 

152.47 

54011 


236785 221171 
21061 197.77 


7284 

19480 

371.19 
31289 

140.19 
22489 
16055 
19480 
187-56 

17055 

217.65 

172.10 

171.32 

18453 

153.00 

26048 

17382 

17!L27 

176.15 

19682 


68.12 

182.93 

34857 

283.83 

131.65 

211.19 

15041 

18383 

176.13 

16016 

20458 

16182 

16088 

T73J9 

14484 

25026 

162.76 

16459 

165.41 

17053 


105.19 
11057 
10381 

8587 

156.12 

10886 

10457 

88.70 

245.19 
12044 

51.13 
10028 
36048 
145581 
13007 
4480 
12031 
228 2a 
19024 
88.5B 
138 SO 
102.86 
12038 
115.83 
10533 
13465 
10029 
10531 

113.97 

3466 

18*59 

107.04 

10625 

108.79 

115.44 


136.75 153J3S 189.15 141.54 14333 

151*4 151 jtS 19089 18*84 164.84 

13458 131.40 177.04 14352 14352 

111-83 13554 14551 12054 12253 

20255 20650 275.79 22354 223.94 

14087 18089 181.70 10091 10091 

135.94 14025 18557 158.34 16558 

11551 11551 15O40 12459 12459 

318.74 39357 50656 29656 29098 

16657 18751 21650 162.65 162.66 

0047 9040 87.78 57.88 72.13 

130.36 10028 17010 12454 15254 

48001 574.63 621.63 40351 40091 

1892.62 8756.74 264758 166153 1672.41 

189.09 18035 21019 18025 18055 

6854 609* 77.99 5822 0054 

15659 179.06 211.74 16552 167.71 

298.02 253£4 37092 28062 26852 

25151 295.10 31454 188.17 18017 

11556 13006 155.79 12B5S 13358 

180.56 248.71 23155 175.83 187.41 

133.72 13253 17056 13754 13754 

15049 18353 214.96 181.11 1B3J7 

15056 187.56 19654 17095 107.14 


136.33 

17450 

13018 

13756 

14018 

12352 

713.96 

139.15 

14072 

141.42 

130.07 


15052 

206.08 

111.40 

127.10 
183.92 
13096 

237.11 
131.04 
14557 
147.48 
178.88 


17858 
222.18 
17086 
175.14 
182.73 
158.12 
29021 
176,65 

17859 
18003 
19550 


163.98 

173.19 

134.79 

14358 

175.07 

134.97 

20033 

14558 

165.96 

15854 

174.11 


The World index (21011 17013 -05 16S.B7 10953 142.40 14039 -QT 226 177.01 16023 10932 14012 146.56 18050 15855 


, TWftwtd TWtjbb Limned. Qamn Sam Mi Co. arid NttWtot Sosufteo LMnd. IBS? 

• 1 rfi wtaty PXBtaxw Ctunaw wftrcfte Octob» 3} lo ftp fY^wi Lnpe * Meafan-ai— Cap 

GO- I BWB IJ1CM utavaiiiob for M <KfttofL 


15358 

17025 

15756 

15653 

18117 

13457 

20191 

166.15 

16172 

165.48 

174.11 

16050 


is now israMXe km Neman SanrtM Lfcnted «nd Qdanov Sachs 4 


This announcement appears as a mutter of record only 


3i Group pic 

is pleased to have supported 
tfymf^ffying winners of the 


• • : • 



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Jfohn Byford 


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iBveilon ia iaduiiry 


3i pic. 91 Waterloo Road, London SE1 8XP. Tel: 071 92? 3131. Fax: 07 1 928 0058. 

3i Group pic and 3i pic Fibred in the owhia of Lnvrflmcn. huxiao. hy SIR. 




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