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FINANCIAL TIMES 




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* , T l 

a v •* * 


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WORLD 
ECONOMY 
AND FINANCE 






Tomorrow's FmanciaJ Times carries a special 
32-page survey on world economic and financial 
developments. The survey, published on the eve 
of this year’s IMF/World Bank annual meetings in 
Madrid, provides In-depth and up-to-the-minute 
coverage of the global economy in a period of 
profound and rapid change. 


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; - THURSDAY SEPTEMBER 29 v V^ •; u. 


Secretary-general 
of Mexican ruling 
party assassinated 

The secretary-general of Mexico's ruling party, Mr 
Josi Francisco Ruiz Massieu, was shot dead in the 
centre of Mexico City, shattering the fragile politi- 
cal peace following last month's presidential elec- 
tions. Mr Ruiz had been lipped as the country's 
next interior minister. Mexican financial markets 
‘ dropped sharply, with shares falling by 2.4 per cent 
Page IB 

Wellcome crttZcisod in IIS: UK drug com pan y 
Wellcome was criticised by the US Food and Drug 
Administration for manufacturing shortcomings in 
1 its main north American plant. Page 1% A welcome 
{ for Coats' Walls; Page 9; Lex, Page 16 
v 

. ;< Plague toll grows in India: A farther 500 cases 
of suspected pneumonic plague brought the total in 
India to 1.400. There were three more deaths, taking 
'< the official toll to 47. Page 4 

• UK companies censured over Pergau danu 

The government censured British companies Bal- 
four Beatty. Trafalgar House and GEC for providing 
incomplete information about the financing of the 
- deal to build Malaysia's Pergau dam. Page 9 

Alcatel profits warning: French engineering, 

- transport and telecoms group Alcatel Alsthom 
warned of a sharp fall in fall-year profits to about 
FFr4bn <*754m). compared with FFr7.06 bn in 1993 
because of losses in Germany and difficulties in 

- Brazil and Turkey. Page 17; Lex, Page 16 

, , - China's leaders seek to tighten grip: 

\\ China's ruling Communist party has approved a 

•. blueprint aimed at bolstering its hold cm power. 

Page 16 

Japan's opposition forms voting bloc; Nine 
Japanese opposition parties and groups formed a 
parliamentary voting bloc in a move towards the 
creation of the country’s first strong opposition 
party for nearly 50 years. Page 4 

: Chemical Banking stands fan on loans: 

Chemical Banking is prepared to lose its dominant 
position in the US syndicated loans market rather 
than give in to pressure for looser terms, chairman 
and chief executive Walter Shipley said. Page 17 

EU nears deal on car fuel conswnption: 

European Union environment ministers are close to 
agreeing guidelines for big cuts in fuel consumption 
of new cars, German environment minister Klaus 
Topfer said. Page 2i New Range Rover, Page 9 

Dutch group buys into Campari: Dutch food 
and beverages group BoIsWessanen is to take a 
stake of at least 33 per cent in Davide Campari- 
Milano, maker of Campari, one of the tew remain- 
ing independent international drinks brands. 

Page 17 

UniChem ki £5&4ra rights issue: 

Pharmaceuticals retailer and wholesaler UniChem 
announced a £58.4m (S92£m) rights issue to under- 
pin its expansion as one of Britain's largest suppli- 
ers of healthcare products. Page 18 

Axa to raise stake In US insurer: French 
insurance group Axa is to take majority control of 
Equitable, the US life insurer, by the end of the 
, ...••* year. Page 18 

! * t Russia seeks overhaul of diamond pact 

Yevgeny Bychkov, chairman of Russia’s committee 
on precious metals and stones, said his country’s 
, , .’. agreement with South African diamond group De 
. : : {.; Beers was “far from satisfactory" and must be 

' " changed. Page 3 

NatWest plans Indian investment National 
j .. Westminster Bank of the UK is planning to invest 
¥ • a ^ out £ 10m in HDFC Bank, a newly-formed 

5 joint venture Indian bank. Page 21 

Threat to force EU telecoms competition: 

Karel Van Miert, European competition commis- 
“ sioner, said he may force through the liberalisation 
of telecoms networks after Industry ministers failed 
to back moves to open them to competition. 


.'■A I 1 


Threat to Russian reform as rouble falls further 


By John Lloyd in Moscow 

A further plunge in the value of 
the Russian rouble yesterday 
raised fears that the country's 
economic reforms could be 
derailed and that the growing 
confidence of foreign investors 
would be undermined. 

The rouble fell 6 per cent on 
the Moscow interbank currency 
exchange, closing at Rbs2.631 to 
the dollar. The latest fall means 
that the rouble has lost 165 per 
cent against the dollar this 
month. The central bank, which 
has spent £L5bn supporting the 
currency, has indicated that it 


will stop intervening to preserve 
remaining hard currency 
reserves, which are estimated at 
S5bn. 

The depreciation, which is 
expected to ftiel inflation of 
around 8 per cent this month 
after a low in August of 4 per 
cent, migh t force the government 
into panic measures. It also risks 
delaying aid from international 
financial institutions, which 
would be wary of giving money 
to a government that was not In 
control of its finances. 

A senior western financial offi- 
cial in Moscow said: “We may get 
a crisis earlier than we expected 


because of what has happened on 
the rouble front . . . It’s starting to 
feel like loss of control." 

Senior officials in Washington, 
where Russian president Boris 
Yeltsin discussed economic 
issues with US president Bill 
Clinton yesterday, echoed the 
promise made on Monday by Mr 
Lloyd Bentsen. the treasury sec- 
retary. that Russia could expect 
up to SlObn immediate aid. 
mainly from the International 
Monetary Fund, if it adopted a 
tough reform programme. 

Queues formed yesterday at 
Moscow’s currency exchange 
points, as Muscovites attempted 


to change roubles into dollars at 
prices which at some points 
dropped to 2,750 to the dollar. 
Some of those waiting said they 
no longer trusted the government 
to protect the value of the rouble. 

The fall in the currency was 
the largest since the 7-3 per cent 
drop which came when Mr Yegor 
Gaidar, the former prime minis- 
ter. left the government of Mr 
Victor Chernomyrdin in January. 
The crisis may force the central 
bank to push up interest rates, 
despite its wish to reduce rates to 
encourage growth. “If the govern- 
ment very quickly returns to a 
tight monetary policy then a 


period of high inflation - which 
is now inevitable - could be just 
an interlude. But If not it could 
be much more dangerous,” Mr 
Gaidar said yesterday. 

Portfolio investment in the 
Russian economy, spurred by the 
low prices of many Russian 
stocks, has been flowing into the 
country at the rate of more than 
S200m a month. 

Investment in production and 
service facilities has also been 
growing but at a relatively low- 
level. 

Rouble fall threatens to undo 
everything. Page 3 


Rouble 

Against the 5 (London market rate) 
Roubles perS 
2.000 - - 



2.700 1 * 

Aug 1994 Sep 
Source: Data si roan 


IMF sees 
more growth 
in industrial 
nations 

Global economic outlook 
‘brightest for four years’ 

By Pete- Norman, Economics growth to 4 per cent from 2.4 per 



- " « v -'.-v 


* N ^ SET' 

- 


Editor, in Madrid 

Forecasts for growth in the 
industrialised world were yester- 
day revised upwards for the first 
time this decade by the Inter na- 
tional Monetary Fund, which 
declared that the recession and 
slow growth of the early 1990s 
was over. 

Describing the upwards revi- 
sions as a “happy event", Mr 
Michael Mussa, director of the 
IMF’s research department, told a 
news conference that the pros- 
pects for the world economy were 
brighter than at any point in the 
past three to four years. 

The IMF expects the economies 
of the industrialised nations will 
grow by 2.7 per cent this year 
and next compared with its 
previous forecasts, published 
five months ago. of 2.4 per cent 
for 1994 and 2.6 per cent for 
1995. 

According to its latest World 
Economic Outlook, published last 
night ahead of the annual meet- 
ings of the IMF and the World 
Bank, global output is expected 
to expand by 3.1 per cent this _ 
year and 3.6 per cent in 1995, or 
dose to the trend rate of growth 
of the past two decades. 

After revising upwards its esti- 
mate of last year’s world trade 


cent, the IMF expects continued 
strong expansion in the years 
ahead. It expects world trade will 
grow by about 7 per cent this 
year and just under 6 per cent in 
1995 and therefore at a faster rate 
than the average 5 per cent 
annual growth of the past 20 
years. 

Mr Mussa said the recovery in 
fiie industrial world was accom- 
panied by encouraging signs of 

Recession is dead and output 
is set to expand Page 5 

growth in Africa and a continued 
strong performance in Asia and 
some Latin American countries. 

Growth in the developing coun- 
tries as a group is expected to be 
twice as strong as in the indus- 
trial countries this year and next 
Although problems exist, notably 
in the former Soviet countries, 
activity is beginning to pick up 
in central and eastern Europe 
while recovery in the Middle East 
is expected in 1995. 

Mr Mussa said unemployment 
now seemed to have passed its 
peak in continental Europe and 
was "on the downslope" some 
months earlier than expected in 

Continued on Page 16 





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isfenaSOSWl 

m 



‘WvaV.- 

One of the survivors from the Baltic ferry disaster is moved on to a stretcher after being landed by helicopter at Turku in Finland pwwkaf 

Ferry tragedy may fuel safety fears 


By Hugh Camegy and 
Christopher Brown-Humes in 
Stockholm and Charles 
Batchelor in London 

Officials from Sweden. Finland 
and Estonia yesterday began 
investigating the capsize of the 
ferry Estonia in the Baltic Sea 
amid reports that water had 
flooded in through the bow doors. 

More than 800 lives were lost in 
Europe's worst maritime disaster 
since the second world war. 

The 21,794 tonne ferry, sailing 
from the Estonian capital of Tal- 
linn to Stockholm, sank within 
minutes early yesterday 40km 
south west of the Finnish island 
of Uto. There were 964 passengers 
and crew aboard, and a full cargo 
of cars and heavy trucks. 

The sinking is expected to 
renew calls for improvements in 


ferry safety despite international 
efforts to raise standards. Roll-on 
roll-off ferries present particular 
problems because of their large 
open car and truck decks. These 
lack the dividing bulkheads 
which give other vessels addi- 
tional protection against capsiz- 
ing. 

Shipping nations agreed on 
tougher rules governing the sta- 
bility of ships under the Safety of 
Life at Sea convention in 1990, 
although Britain. Sweden and 


eight other European nations 
have agreed even higher stan- 
dards which take effect on Satur- 
day. 

Last night. Mr Raimo Tulikai- 
nen, leader of the Finnish rescue 
operation, said helicopters and 
ships sent to the area had res- 
cued 126 people and recovered 42 
bodies. But he said 796 people 
were still missing and officials 
said there was little hope of find- 
ing anyone alive in the cold Bal- 
tic waters. Estline, the joint 


Swedish-Estonian operator of the 
ship, said it could not explain the 
sudden capsize and sinking of the 
ship. It said the last radio mes- 
sage from the bridge reported the 
engines bad failed and the ship 
was listing badly. 

However, crew member Henrik 
Sillaste said he saw water burst 
into the car deck past the bow 
loading ramp shortly before the 

Continued on Page 16 
Safety rules that failed. Page 2 


Companies face huge extra 
costs after pensions ruling 


Can Conservative Management 
Lead to Financial Strength in 
Todays Banking Environment? 


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By Norma Cohen, 

Investments Correspondent 

European employers face costs of 
billions of dollars after part-time 
workers - mostly women - won 
a significant victory in the Euro- 
pean Court of Justice yesterday 


The landmark ruling, one of a 


The court ruled that barring 


Because that decision was 


Employers' groups in the UK 


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ip THE FINANCIAL TIMES LIMITED 1994 No 32,484 Week No 39 


of the judgment which will 
reduce future pension costs. This 
is because employers which have 
typically allowed women more 
generous benefits through retire- 
ment at 60 may now cut these 
and force women to work until 
they are 65, the same as men. 

The UK government’s actuary 
has calculated that, at worst, yes- 
terday's ruling on part-timers 
could cost British industry £7bn 
(Sllbn). In the Netherlands, 
where over 30 per cent of the 
workforce is part-time, employers 
face a bill of up to FI lbn ($578m). 

The six separate cases decided 
yesterday were brought by indi- 
viduals and pension fund trust- 
ees seeking clarification of the 
court's key Barber v GRE ruling 
in May 1990. This concluded that 
employers could not offer mem- 
bers of one sex better benefits 
than the other. But it has been 
unclear since then just how 
equality should be applied. 

The effect of the court’s rulings 
will be to encourage employers to 
reduce pension rights for women, 
said Mr John Cunliffe, partner at 


iOflWTJEKTS:^V/» ^ 


McKenna and Co, one of the UK 
law firms involved in the case. 
“Barber is a man's judgment,” he 
said. 

Pension consultants said yes- 
terday the ruling may not impose 
as harsh a burden as employers’ 
groups fear. Employers which 
can provide “objective justifica- 
tion" for barring part-timers from 
joining their pension schemes 
will not be required to do so for 
either future or past service. 

Also, the court ruled, any pen- 
sion scheme member claiming 
retrospective membership in a 
scheme requiring employee con- 
tributions will have to pay all 
past contributions to receive ben- 
efits. 

Attacking the decision on 
part-time employment. Mr Tim 
Melville-Ross, director-general of 
the UK Institute of Directors, 
said; “The judgment will cost 
British industry billions of 
pounds but will have little effect 
in other member states which do 
not have the great advantages of 
Britain's funded company pen- 
sions.” 





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FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 


NEWS: EUROPE 


Baltic ferry disaster raises questions about effectiveness of international regulations 

Tragedy 
leaves 
Swedes 
in shock 


Safety rules that failed the Estonia 


It was a modem ship, well 
maintained and Swedish 
owned. But are even the best 
ro-ro ferries vulnerable? 


By Hugh Camegy in 
Stockholm 

News of the Estonia ferry 
disaster yesterday instilled a 
deep sense of shock across 

Sweden, a conn try more than 

most unaccustomed to such a 
jolting catastrophe. 

“Nothing like this has ever 
happened to us before," said a 
journalist on a leading news- 
paper. “We have not been 
involved in the great wars of 
this century, we have not suf- 
fered from natural disasters- 
We have not even lost one of 
our soldiers in the Bosnian 
peace-keeping operation. It 
will take a long time fbr the 
country to get over this.” 

Both Mr Carl Bildt, the out- 
going prime minister and his 
successor. Mr Ingvar Carlsson. 
described the ferry sinking, in 
which more than 500 of the 
838 victims were Swedish, as 
“the greatest catastrophe in 
Sweden's modern history.” 

Sweden, often joked about 
for its northern reserve and 
tranquillity, is more used to 
mobilising its aid agencies to 
help the victims of disaster in 
faraway places than to coping 
with trauma at home. Yester- 
day, crisis groups were set op 
in many cities and towns to 
offer support and counselling 
for bereaved families. 

The sheer scale of the fatali- 
ties had a profound impact on 
a nation of 8.5m people. But 
the shock was heightened by 
the popularity of Baltic cruises 
among ordinary Swedes, thou- 
sands of whom take short 
excursion trips on similar fer- 
ries to Finland, St Petersburg 
and the newly-independent 
Baltic states. 

The victims yesterday 
included a group of 53 pen- 
sioners from the central city of 
NorrkOping, 44 retired trade 
unionists from the western 
town of Borlange, 70 office 
workers from the Stockholm 
county police and 20 pupils 
from a bible school in the east- 
ern city of Jdnj Oping. 

Mr Bildt, like many Stock- 
holmers yesterday, recalled 
that he had himself sailed on 
the Estonia and said he knew 
several people who were 
aboard the ship when it sank. 
“Everybody feels great sorrow 
and joins with the relatives 
and their families,” he said. 


By Charles Batchelor, 
Transport Correspondent and 
Kevai Brown 

I f regulation alone could 
prevent ferries sinking, 
then the Estonia would 
never have gone down In the 
icy waters of Baltic. 

Shipping safety has engaged 
the attention of dozens of com- 
mittees sitting for thousands of 
hours in recent years and the 
conventions which roll out of 
the London headquarters of 
the International Maritime 
Organisation are constantly 
being revised and upgraded. 

All this earnest activity has 
still not prevented heavily 
laden ferries sinking in the 
coastal waters of the Philip- 
pines, Indonesia and Bangla- 
desh in recent years with enor- 
mous loss of life. The 
regulations are international in 
their scope but the losses have 
been their most severe in the 
developing world. 

It took the s inking of the 
Herald of Free Enterprise with 
the loss of 193 lives in March 
1987 to show that standards 
needed to be raised even in the 
traditional ship pin g nations. 

An official inquiry concluded 
that the British ferry, owned 
by P & 0. sank because a crew- 
man left the bow doors open. 
The ship's officers failed to 
notice because of a culture of 
“sloppiness” throughout the 
P & 0 subsidiary that operated 
the ship. 

The inquiry recommended a 
series of safety improvements. 


such as higher vehicle decks, 
closed circuit TV supervision 
of bow and stem doors, better 
emergency lighting, loading 
and stability checks, and pas- 
senger nnH vehicle listing. 

The loss of the Herald of 
Free Enterprise prompted the 
British government to push for 
a stricter interpretation of the 
international safety rules than 
most countries were prepared 
to accept. 

The result has been that the 
UK and nine other European 
nations, including Sweden, 
have imposed tougher regula- 
tions on the stability of ferries 
and have insisted on their 
more rapid application to exist- 
ing. as well as to new, vessels. 
These rules come into effect in 
two days’ time. 

These stability rules are 
unlikely to have had any 
impact on the Estonia, how- 
ever, which was regarded as a 
wed found vessel designed to 
operate in the frequently ice- 
bound Baltic. Investigators will 
undoubtedly be looking closely 
at how the crew carried out 
their duties. 

And for all the wealth of 
safety legislation there has 
been little progress in over- 
coming the biggest single 
safety problem on roll-on roll- 
off ferries - the open vehicle 
decks running from one end of 
the ship to the other, usually 
with doors at one or both ends. 

One survivor of yesterday’s 
sinking suggested that one of 
the forward loading ramps of 
the Estonia had not shut prop- 



aoonrfles 
320 km 


FINLAND 


f- Gulfofi* 

l Turku 

c- X 


STOCKHOLM 



TALLINN. 

Ji- -TV-: 

■ ESTONIA 


The Estonia sinks on 
way to Stockhoim: 12S 
people rescued, more 
than 800 tost 


SWEDEN 




LATVIA 


\ : - \ Lithuania" "' 


POLAND 



erly while another report 
suggested that the loading 
door seals were faulty. 

Shipowners maintain that 
ro-ro ferries are viable only if 
large n umb ers of vehicles can 
be loaded and unloaded 
quickly, allowing rapid turn- 
round tinw and frequent sail- 
ings. 

This means that neither 
space nor time is wasted, but 
comparatively small quantities 
of water Mitering the vehicle 
decks can cause the ship to 
develop a heavy list, and cap- 
size. 

This problem, called the free 
surface effect, was what sank 
the Herald. It can be pre- 
vented, but only by inserting 
vertical b ulkheads across the 
vehicle deck, which would 
slow loading. 

For all the good intentions 


transformed into international 
safety agreements, the IMO 
and governments around the 
world have come to realise that 
effective enforcement of the 
rules is still woefully lacking. 

The IMO is shifting its atten- 
tion to ensuring that its many 
maritime agreements are 
enforced and recently reached 
agreement to give port authori- 
ties greater powers to inspect 
visiting shipping. Traditionally 
the country under whose flag a 
ship sails is responsible Tor 
ensuring that the vessel is well 
built and well maintained. But 
the failure of many “flags of 
convenience" to take these 
duties serionsly has seen 
power shift to the authorities 
in the port where the ship 
docks. 

The west European countries 
work together to enforce ship- 


ping sta nd ards through their 
port organisations while simi- 
lar regional groupings of “port 
states" are being put together 
in other parts of the world. 

Estonia, newly independent 
after the break-up of the Soviet 
Union, has yet to establish a 
track-record in the supervision 
of the ships which sail under 
its flag. But the Swedish 
involvement in the ship’s own- 
ership is seen as a guarantee of 
quality. 

It will be some time before 
the official enquiries which are 
just beginning provide an 
explanation for the loss of the 
Estonia. But the loss of a rela- 
tively modem vessel in rough 
but not unusual seas raises 
worrying questions about the 
effectiveness of the regulations 
and their enforcement 


Lost symbol of economic rebirth in Baltics 


By Hugh Camegy and 
Christopher Brown-Humes in 
Stockholm 

The Estonia was until 
yesterday’s disaster a powerful 
symbol of blossoming trade 
and political ties between the 
Nordic countries and the 
newly independent Baltic 
states. 

Sweden and Finland espe- 
cially have built up economic 
and political links with 
Estonia, Latvia and Lithuania 
since the three became Inde- 
pendent in 1991. They have 


strongly supported the three in 
their efforts to remove Russian 
troops from their countries and 
have been the quickest among 
western countries to establish 
joint ventures and other trade 
connections. 

Estline, the company which 
operated the Estonia, is jointly- 
owned by the Swedish ship- 
ping company Nordstrom & 
Thulin and the state-owned 
Estonian Shipping Company. It 
was set up with a 10-year 
monopoly concession on the 
Stockholm-Tallinn route in 
1990 as the two sides antici- 


pated a rapid expansion of 
links when Moscow's hold over 
Estonia loosened. 

Although passenger and 
freight demand was initiall y 
disappointing, Estline began to 
take off two years ago and 
bought the Estonia early last 
year as its prestigious flagship, 
replacing a smaller ferry. The 
cost of $42m (£26. 5m) was 
largely financed by the Euro- 
pean Bank for Reconstruction 
and Development 

The ship’s role as a high-pro- 
file symbol of Estonia's emerg- 
ing economy was reflected in 


its name and its additional 
function as a training centre 
for the Estonian hotel and res- 
taurant industry. 

The growing passenger and 
freight tonnage using the 
Estonia was in line with the 
fast-growing trade between 
Sweden and Estonia. Estline 
passenger numbers tripled 
from 91,700 in 1990 to 280,000 
last year, prompting the com- 
pany to charter a second ship 
to double its capacity. 

At the same time, Swedish 
exports to Estonia jumped 
from SKr92m (£7.7m) in 1991 to 


SErSSOm in the first half of 
this year alone, while imports 
from Estonia reached SKrSOOm 
in the first six months of this 
year, compared with just 
SKitiQm in all of 1991. 

Economic ties between 
Estonia and Finland have 
grown even faster, .with Finn- 
ish exports to Estonia expected 
to approach FM3bn (£375m) 
this year, compared with less 
than FM400m in 199L At least 
three Estonian and two Finn- 
ish shipping companies now 
operate regular services on the 
75- dLle Helsinki-Tallinn route. 


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Property 

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TISERS 

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Sonya MacGregor 
+44 71 873 4935 


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Nato rallies to call of ‘expand or die’ 

The alliance meeting in Seville today will focus on enlargement, writes Bruce Clark 


J ust over a year ago, US 
Senator Richard Lugar 
warned Nato there was 
only one way it could survive 
without a communist threat 
It must go “out of area" - 
gear up for peacekeeping or 
peace enforcement operations 
outside its own geographical 
limits - or else go “out of busi- 
ness”. 

That was last year’s slogan. 
When Nato defence ministers 
gather today in Seville, they 
will hear a new rallying cry, a 
new formula for extending 
Nato's area of operations. It is 
called enlargement 
Instead of venturing beyond 
its frontiers, the alliance will 
be called on to extend those 
frontiers - to Include Poland, 
Hungary, the Czech Republic 
and Slovakia (known as the 
four Visegrad countries} and 
possibly others. 

The calls will be led by Mr 
Volker Rohe, the German 
defence minister who is the 
most outspoken advocate of 
early enlargement, and wants 
a firm commitment to incorpo- 
rate Poland by the year 2000. 

Mr William Perry, the US 
Defence Secretary. Is also 
impatient US officials want 
preparations for expansion to 
move into high gear this 


autumn, and they have started 
speaking about enlargement 
with the Kamp missionary zeal 
that they brought until 
recently to the “out-of-area" 
slogan. 

They are suggesting that 
Nato will have no reason to 
exist or to expect US support, 
unless it expands soon. In the 
pithy language favoured by 
Senator Lugar. the new US 
message is something like 
“expand or die". 

In practice, however, the 
“out of area” slogan has not 
proved to be a panacea for 
Nato, and enlargement is also 
likely to spark some acrimoni- 
ous debate in Seville. 

Nato's most spectacular “out 
of area” operation - policing 
the skies over Bosnia - is still 
proving to be a trying experi- 
ence for the alliance. 

The problem is that by most 
legal interpretations, Nato can 
only go "out or area" under a 
mandate from another organi- 
sation, such as the UN or the 
Conference on Security and 
Co-operation in Europe. 

And Nato's US commanders 
have barely concealed their 
fury over the cautious atti- 
tudes of the British and French 
generals who command the UN 
ground forces in Bosnia. Only 


after some very blunt soldier- 
to-soldier exchanges over the 
past two weeks have tempers 
cooled. One of the first fruits of 
this frank dialogue over tactics 
in Bosnia was last Thursday's 
air strike against a Bosnian 
Serb tank. 

A second problem with “out- 
of-area” operations, high- 
lighted in a study by left-wing 
defence analysts in Washing- 
ton, London and Berlin, Is the 
contrast in the peacekeeping 
doctrines used by European 
and US armies. While British 
generals distinguish dearly 
between keeping peace by con- 
sensus and imposing peace by 
force, the US military tends to 
blur the two. 

I f “out-of-area” operations 
have been contentious, the 
emphasis on enlargement 
promises to be even more so. 
There are sharply contrasting 
views on the Issue among Ger- 
man and US officials, and also 
within the Nato bureaucracy. 

In Washington, Bonn and 
other Nato capitals, the enthu- 
siasm of some politicians for 
expansion is tempered by the 
caution of military officers, 
who are all too aware of tie 
huge outlay of equipment and 
money that would be needed. 


Generals, more than politi- 
cians, remember that embrac- 
ing new Nato members is more 
than a political gesture: it is a 
commitment to treat an 
“attack on one as an attack on 
alT. 

The thorniest issue ministers 
will face is how far Nato 
should go in defying Russia, 
which in June became the 20th 
country to join Partnership for 
Peace, the Nato- inspired mili- 
tary cooperation programme 

Moscow has made plain that 
it would view Nato’s expansion 
to include the Visegrad coun- 
tries - particularly Poland - as 
an unfriendly act, unless the 
alliance also embraced Russia, 
something which would trans- 
form Nato's character. 

There are senior US, Ger- 
man. and British officials who 
see Moscow's hostility as a rea- 
son for treading carefully on 
enlargement. Supporters of 
this view use two arguments. 

One is that Nato should take 
seriously - as a basis for dis- 
cussion - Russian proposals 
for a grand partnership 
between a Russian-dominated 
Commonwealth of Independent 
States and Nato. 

This view may be anathema 
to cold warriors but it has its 
backers, especially in the Ger- 


man foreign Traniw iry . 

Another argument for cau- 
tion is that by incorporating 
the Visegrad countries too 
quickly and slamming the 
door. Nato will appear to aban- 
don both Ukraine and the Bal- 
tic states to Russian influence. 

Mr Malcolm Rifkind, the UK 
defence secretary, said yester- 
day Russian membership of 
Nato was "not a serious propo- 
sition”. He stressed Britain’s 
commitment to the sovereignty 
of Ukraine, caning it a “coun- 
try whose independence plays 
a crucial part in the new geog- 
raphy of Europe" .he 
A wild card in the debate is 
Turkey. Ankara fears that 
Moscow’s consent to Nato 
enlargement in northern 
Europe might be “bought” 
with concessions to Russian 
infiuanne on its borders. 

So Turkey, while supporting 
the idea of embracing the Vise- 
grad four, is also suggesting 
that Romania, Bulgaria and 
Albania be admitted. But most 
of the ministers meeting in 
Seville would need to drink 
plenty of sangria before they 
viewed that idea with any rel- 
ish. 

*Nato, Peacekeeping and the 
United Nations, a BASlCfBITS 
publication, £10, $15. 


EUROPEAN NEWS DIGEST 

Italian unions 
call for protests 

Italian trade union lenders yesterday called for countrywide 
protests in the run-up to a general strike on October 14 against 
the Berlusconi govenunmenTs austerity proposals in the 1995 
budget Plans for a four-hour general stoppage were formalised 
yesterday in the wake of Tuesday's night breakdown in talks 
between the government and the unions over pension reform 
and public spending cuts. Mr Silvio Berlusconi, the prime 
minister, presenting the 1995 budget at a press conference 
yesterday, described the general strike as "an error'’ and 
insisted the budget had sought to spread the burden of sacri- 
fices fairly. The twain thrust of the proposals has already been 
amply leaked; but the government at the last minute has 
decided to raise from L4S,Q00bn (£2bn) to L50,ffiX)bn the total 
sought in spending cuts and from new revenues. This will 
reduce the 1995 budget deficit to S pm* cent of GDP and allow 
for a primary surplus (the difference between receipts and 
expenditures less debt service outlays) of 2.1 per cent of GDP. 
The government has also sought to stiffen some of its propos- 
als on pension reform within the last 24 hours - a move 
prompted by the hardening of the unions’ position and 
designed to impress the financial markets. Robert Graham, 
Rome. 

Bull settles arson case 

Fiance’s Groupe Bull has settled the arson case brought by its 
insurers in an Illinois court this week, and has received a 
“substantial” but undisclosed payment from the insurance 
companies. New Jersey-based Allendale Mutual Insurance 
Company and its London-based affiliate. Factory Mutual Inter- 
national agreed to withdraw their claim that Bull had deliber- 
ately burned a Zenith Data Systems warehouse at Sechn, 
France, in 1991, resulting in the loss of large computer inven- 
tories. In return. Bull has withdrawn its claim that Allendale 
and FMI acted in bad faith to avoid paying Bull's Insurance 
claim. The two sides are stiD in dispute over the amount of 
insurance coverage Bull bad in place at the bwm* of the fire. 
That dispute will be decided in Illinois in early January. The 
settlement of the arson charges nearly three years of 
pre-trial wrangling, and came two days before the presiding 
judge would have ended arguments in the case. Laurie Morse, 
Chicago. 

Bonn targets tax haven 

Mr Then Waigel, German finance minister, said yesterday that 
Luxembourg's days as a tax-free haven were numbered as 
pressure grew within the European Union to bring the Grand 
Duchy’s tax regime in line with other countries. An estimated 
DM300bn (£123bn) of German funds has been switched to 
Luxembourg in recent years following tax changes in Ger- 
many. “Free movement of capital only makes sense if you 
don’t have any tax oases,” he said. The German finance 
minister has talked to the Swiss and the Austrians, who also 
manage exiled German funds, and said the Luxembourg gov- 
ernment was ready to reach a “constructive solution”. Mr 
Waigel also underlined his deter minat ion to make the D-Mark 
part of a common European currency but suggested the pro- 
cess could be made easier if the future currency had a differ- 
ent name. “We are bringing the D-Mark into a European 
currency and we could perhaps refer to it as the Euro-Mark, or 
refer to the Dutch currency as the Euro-Guilder. Such psycho- 
logical measures should be thinkable to allay peoples' fears,” 
he said. “We cannot go on talking about getting rid of the 
D-Mark.” Michael Lmdematm. Bonn 

Irish electricity jobs to go 

The ESB, Ireland’s state electricity company, plans to shed 
2990 jobs, nearly one third of Its workforce, and has given 
trade unions until the end of next month to agree a five-year 
rationalisation programme. The programme, intended to cut 
costs by KIOQm, was drawn up after a review of the ESB by 
consulting firm McKmsey & Co. The bulk of the jobs. 1,475, are 
to go in power generation with another 1,000 jobs to be lost in ' 
customer services and 400 in head office administration. 
McKinsey concluded that the ESB was efficient in the areas of 
fuel purchase and fund management but It did not match 
international standards of efficiency in other areas. The ESB 
trade unions said they would seek fewer redundancies. They 
opposed McKinsey’s approach of comparing the ESB with 
larger more efficient North American utilities. The ESB 
shake-up is the latest in a series erf crises at Irish state-owned 
companies. John McManus, Dubtm. 


ECONOMIC WATCH 


ti 


Swiss consumer prices stable 


SwHzinM^ 

Annual % change In Ctn ' . 
7 — : — : — — ~ 


2 

t - 



Switzerland’s September 
consumer price index was 
unchanged after a 0.4 per cent 
gain in August, giving an 
annual inflation rate of 0.6 
per cent, the Federal Statis- 
tics Office said. The rise in 
year-on-year inflation 
reflected the so-called basis 
effect, namely that prices 
were stable in September this 
year while they fell by a 
month-on-month 0.1 per cent 
in September last year. Com- 
pared with September 1993, 
Swiss-made goods rose by 1.0 
per cent in price this month, 
while imported products fell 
by 0.5 per cent. Prices for 


last aa 93 s 

Sowok DafaMraaro 

food, drink and tobacco products Increased 0.4 per cent in 
September from August, while rents and energy prices 
declined 0.1 per cent. Transport and telecommunications 
prices, meanwhile, also fell 0 J. per cent 
Belgian September year-to-year inflation edged up to 2.46 
per cent from 2.44 per cent in August, provisional official 
figures showed. 

Finland’s pr eliminar y current account was in balance in 
August after a revised FM2.9bn (£360m) surplus in July, 
according to figures released by the Bank of Finland. July’s 
surplus was revised down from a FM3bn surplus reported last 
month. 




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FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 


NEWS: EUROPE 


3 


Russia seeks 
overhaul of 
diamond pact 


By John Lloyd in Moscow 

The leading official in Russia’s 
diamond industry said that his 
country's present agreement 
with South African diamond 
group. De Beers, was “far from 
satisfactory” and would have 
to be radically changed. 

But Mr Yevgeny Bychkov, 
c hairman of the committee on 
precious metals and stones, 
emphasised that Russia 
wanted to work with De Beers, 
dispelling Tears that the rela- 
tionship between the group 
that controls more than SO per 
cent of world rough (uncut) 
diamond sales and one of the 
largest producers was near to 
collapse. 

Mr Bychkov wants the pres- 
ent agreement, which runs 
until the end of next year, to 
be substantially modified, and 
wants to sign an agreement 
after 19S5 “on a completely 
new basis”. 

Earlier this month, De Beers 
seemed to believe that the rela- 
tionship was in danger and 
that the prospect of excluding 
Russia from the monopoly 
because of allegedly unsanc- 
tioned sales of diamonds wonld 
have to be considered. 

Mr Bychkov also resolutely 
denied the estimations, tabled 
by De Beers in talks between 
the two sides this year, that 
“leakages” of diamonds from 
Russia outside of the agree- 
ment had totalled $500m 
(£316.4m) this year. Mr 
Bychkov said that Russia had 
sold only $12Qm worth of dia- 
monds independently from De 
Beers - and that had been cov- 
ered by agreements with the 
company. 

“Everything else sold is just 
small chang e. We know who is 
dealing illegally in diamonds 
here and what they are selling 
is very little,” he said. 

While Mr Bychkov would 
give few details of the negotia- 
tions between the two part- 
ners, he indicated that he 
wanted Russia's quota within 
De Beers" Central Selling 
Organisation (CSO) to be 
raised from its. present 26 per 


Alxnazy Rossti -Sakha, Russia's 
biggest diamond mining com- 
pany, is seeking S2bn (£l.2bn) 
to invest in two new diamond 
mines over the next 10 years, 
Mr Vladimir Piskunov, com- 
pany vice-president, said in 
London yesterday. The depos- 
its are in the Prilensk and Dal- 
dyino-Alakitsk regions, writes 
Kenneth Gooding, Mining Cor- 
respondent. He said that the 
company’s new Jubilee (or 
Ubilinnaya) diamond mine, 
which cost about $500m. 
would be in production next 
year. Mr Piskunov said the 
mine needed only $10m more. 
Western analysts pointed out 
that this implied the start-up 
would be at least three years 
behind the original schedule. 


cent of total CSO sales because 
of growing production in 
Russia, 

“We are producing more 
from Yakutia (the diamond 
producing region) than last 
year and next year we expect 
to produce more than this. So 
we want our quota to be 
raised." Mr Bychkov said. 

A rise in Russia’s quota 
would mean a fall in that of 
the other member countries - 
which include South Africa. 
Botswana and Australia. 

Another area of negotiation 
and dispute between the two 
sides concerns the joint ven- 
tures which Russia has formed 
with companies, especially 
from Belgium and Israel, to 
send diamonds abroad for pol- 
ishing. De Beers considers that 
these consignments are exports 
- while Russia believes that, 

since the diamonds remain the 

property of Russia and are 
returned to it, they cannot be 
counted as exports. 

The De Beers agreement 
allows Russia to sell freely 
only 5 per cent or the diamonds 
it produces, while the remain- 
der goes to the CSO. Mr 
Bychkov said that “the present 
agreement must be improved, 
and a future agreement made 
mutually advantageous, which 
it is not at present”. 


Multi-speed 
EU rejected 
by Strasbourg 


By David Gardner 
in Strasbourg 

The European Parliament 
yesterday rejected by an over- 
whelming majority the pros- 
pect of a multi-speed Europe, 
but said at the same time that 
if recalcitrant member states 
like the UK continued to block 
further EU integration they 
should be by-passed. 

In spite of the strong 
endorsement of a carefully 
drafted resolution, yesterday’s 
debate highlighted the confu- 
sion and division inside the EU 
over the future shape and pace 
of integration. 

Yesterday's resolution was 
backed by the two large Social- 
ist and Christian Democrat 
blocs, it addressed the ideas 
mooted this month by Ger- 
many’s governing Christian 
Democrats and the French gov- 
ernment. about a "hard-core" 
of Germany, France and the 
Benelux countries moving fas- 
ter towards economic, mone- 
tary and political integration, 
while tbeir partners followed 
more slowly in their wake. 

MEPs from Italy. Spain. 
Greece and Portugal expressed 
their countries' fear of exclu- 
sion. but still, in the main, 
backed northern MEPs’ denun- 
ciation of blocking tactics by 
countries such as the UK. The 
parliament said: “It would be 
inconceivable to exclude” 
member states ready and able 
to pursue integration with 
“equal rights and duties”. 

But it warned that “if a 
small minority of member 
states attempted to block all 
progress" in 1996. “ways would 
have to be found of allowing 
member states which want to 
pursue their efforts to achieve 
European integration to still 
do so". 

The Maastricht treaty review 
conference in 1996, which will 
decide on the extent to which 
the Union must tighten its 
links in order to bring in new 
east and central European 
states, will still see govern- 
ments in the driving seat. 

But the Strasbourg parlia- 
ment, with new powers under 
Maastricht, won the right to 
take part in the 1996 review by 
threatening this spring to 
block the current enlargement 
process, designed to bring the 
Nordic countries and Austria 


into the EU next year. Hie par- 
liament is increasingly show- 
ing that it is willing to use its 
veto and vetting powers to 
make its views heard. 

The resolution, alluding to 
recent British government 
comments about a multi-speed 
Union, also denounced the 
British and Danish opt-outs 
from the Maastricht treaty as 
the root of “dangerous specula- 
tion about an & la carle 
Europe", in which member 
states can dissociate them- 
selves from policies they dis- 
like. All but two of the 18 UK 


'After Maastricht 
there is already a 
two-speed Europe, 
but the mistake 
is to think this 
is permanent" 


Conservative MEPs remaining 
in Strasbourg abstained, 
regarding the debate as “pre- 
mature”, as Tory Euro-MP 
Brendan Donnelly put it. 

But amid the welter of multi- 
lingual mixed metaphors about 
ships and convoys, bares and 
tortoises, concentric circles, 
menus and “variable geome- 
try”, disgust at the ability of 
one state to use a veto to delay 
decisions outweighed distaste 
at an elitist "hard-core". 

The former Belgian minister 
and liberal MEP, Mr Willy de 
Clercq, said that "if one speed 
means standing still that can- 
not be”. Former French Social- 
ist prime minister Michel Roc- 
ard dismissed much of the 
debate as hypocrisy, pointing 
out that after Maastricht there 
is already a two-speed Europe, 
but “the mistake is to think 
this is permanent". 

Ms Elisabeth Guigou, the for- 
mer French Socialist minister 
for Europe, said an a la carte 
solution would be divisive, 
“but we cannot allow one 
country or group of countries 
to blodc progress.” Mr G (inter 
Rinsche, a German Christian 
Democrat leader, defending his 
party’s floating or a 
"hard-core” built round the 
Franco-German axis, argued 
t-hat the Union should use flex- 
ible formulas as the cement 
constructing integration. 


Rouble fall threatens to undo everything 



A street currency dealer checking a RbsSO.OOO note as he sells dollars in Moscow yesterday au» 


By John Lloyd and John 
Thornhill in Moscow 

Russian and foreign experts 
agree that if what Is driving 
the fall of the ronble - which 
dropped a farther 6 per cent 
yesterday - is not corrected, 
the government’s economic 
achievements over the first 
eight months of this year will 
be set at nought. In danger, 
now, is the future of its eco- 
nomic strategy, of farther 
assistance from the interna- 
tional financial institutions, 
and even of the government, 
they say. 

However, some dealers and 
bankers view It differently. 
One said the rouble's fall - by 
more than 16 per cent this 
month alone - was merely the 
Central Bank of Russia’s way 
of driving down the rate in 
order that it can sell hard cur- 
rency to help pay the govern- 
ment’s debts, especially 
delayed wage bills. 

Another said the central 
bank periodically adjusted its 
rate by intervening or (as 
now) refusing to intervene 
until a rate which suits it Is 
reached - “and then the rou- 
ble becomes relatively stable 
there". 

A third, more worriedly, 
said: “It should not get much 
worse. Bat if it does then the 
situation may ran out of con- 
trol very quickly." 

The less sanguine analysis is 
that it win get oat of control 


qnickly. Mr Yegor Gaidar, for- 
mer prime minister, leader of 
the main liberal party Russia's 
Choice and head of the Insti- 
tute for the Study of Problems 
of the Transitional Period, 
said yesterday that the rou- 
ble’s fall reflected the rise in 
money supply which bad been 
going on since April and was 
only now working its way 
through in higher inflation 
because of the long time lag 
between credit expansion and 


Inflation. 

The period in the summer 
when people bad found it more 
profitable to keep their money 
in roubles bad ended, he said, 
and there was now a flight to 
the dollar driven by fears of 
rising inflation. 

“This Is dangeroas 
. . . .because it carries the risk 
of long term stagnation which 
would not be ended by the 
time of the (parliamentary) 
elections at the end of 1995.” 


“The trouble is that every- 
one tends to move one way in 
Russia,” said a western 
finance official, "and this 
increases the speed of a col- 
lapse. And if you get the rou- 
ble falling rapidly, few govern- 
ments can sit back and watch 
it without attempting to clamp 
controls, like suspending trad- 
ing." 

The immediate effect of the 
drop will be a feed-through to 
higher prices for imported 


goods, and an upward twist to 
inflation already said to be ris- 
ing this month from last 
month's low of 4 per cent to a 
level estimated by the govern- 
ment at 7 to 8 per cent and by 
others to be up to 10 per cent. 

Mr Gaidar said that a rise 
this month and the next two is 
“inevitable” even if the gov- 
ernment immediately tight- 
ened its monetary policy. 

The finance ministry, sup- 
ported by the prime minister, 
has tried hard to screw down 
on spending - though extra 
credits were issued over the 
summer totalling Rbs7.000bn 
and Mr Gaidar said that mone- 
tary growth doubled in the 
second quarter of the year 
compared with the first. 

Already, the energy and mil- 
itary lobbies have opened the 
first rounds of the fight for 
more credits and the govern- 
ment's hopes of getting the 
1995 budget through the par- 
liament with the same ease as 
it did Uie 1994 budget earlier 
this year seem certain to be 
dashed. 

The danger signals come 
just as the International Mone- 
tary Fund is staging its annual 
meeting, in Madrid, where it 
will entertain Russian 
demands for a standby credit 
and other support 

Mr Lloyd Bentsen, the US 
treasury secretary, said in 
Washington on Monday that 
S8bn-$10bn could be available 
from the international finan- 


cial institutions plus a further 
Ssbn later to stabilise the cur- 
rency - if the Russian govern- 
ment managed to adopt and 

stick to a reform programme 
more rigorous than their pres- 
ent one. 

“The IMF should go to Rus- 
sia and see what the situation 
is. see if there is something to 
support Clearly it can’t sup- 
port any old programme,” said 
one US official yesterday. 

However, the difficulty for 
the IMF, as for the Group of 
Seven advanced industrial 
nations, is to risk losing the 
present government if it is not 
supported with more aid - or 
to lose the aid if it is applied 
to a defective programme. 

Mr Gaidar, in comments yes- 
terday, appeared to believe the 
Fund should be cautious. 
Asked what be would advise 
the IMF to do. he said: “1 
would look very' careful I y at 
the credit expansion in Russia 
in the past three to four 
months. I would look at the 
planned expenditure of the 
budget and the real possibili- 
ties of financing that expendi- 
ture - that's the fundamental 
problem and if it's not solved 
then support could be ineffec- 
tive.” 

As Mr Yevgeny Vasin, an 
economic adviser to President 
Boris Yeltsin, warned last 
week, “the government is 
standing on a very narrow 
strip of ground and can easily 
bc pushed off it”. 



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Discount 

shopping 

hits 

luxury 

stores 

By waKam Dawkins In Tokyo 

Japanese consumers’ growing 
appetite for discount shopping 
contributed to a decline in 
turnover at high-priced depart- 
ment stores and supermarkets 
last month. 

Sales at large retailers fell 
1.7 per cent In the year to 
August, more than wiping out 
a 1-2 per cent rise hi July that 
had appeared to break a 25- 
month run of declines. 

Department stores, where 
prices tend to be highest of all, 
were hardest hit, with a 3.6 
per cent sales fall, the Interna- 
tional Trade and Industry min- 
istry said. Supermarket sales 
stagnated. 

Discount stores have been 
the main beneficiary of a rise 
in consumer spending. Tet 
they are not Included in gov- 
ernment statistics on retailing, 
nor in official measures of 
inflation. 

Consumer goods prices are 
falling by 0.4 per cent annu- 
ally, twice as fast as shown by 
the latest government data, for 
July, a survey by Sanwa 
Research Institute shows. 
Sanwa estimates discounting 
is depressing gross domestic 
product by 0 .3 per cent a year. 

The rise m cheap imports is 
depriving Japanese manufac- 
turers of 0.8 per emit of pro- 
duction, worth Yl,800bn 
(£11.6bn) a year, Sanwa 
believes. 

Reuter reports from Tokyo: 
Japan’s Labour Minis try has 
told hundreds of companies to 
scrap discriminatory practices 
against women. Of 655 compa- 
nies investigated, 264 financial 
institutions and 51 broadcast- 
ing stations were found to vio- 
late Japan's equal employment 
law, the ministry said. 

The law requires employers 
to treat women equally in 
recruitment, wages and pro- 
motion, and forbids discrimi- 
nation in training, retirement 
and dismissal, bat lacks penal- 
ties. 


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FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 



NEWS: INTERNATIONAL 


Opposition 
forms voting 
bloc in Japan 


By William Dawkins in Tokyo 

Nine Japanese opposition 
parties and groups yesterday 
formed a parliamentary voting 
bloc, a decisive step towards 
creation of the first strong 
opposition party in nearly 50 
years. 

The new Kaikaku, or Reno- 
vation, group commands 187 
lower house seats, slightly less 
thaw the 200- member Liberal 
Democratic Party, the biggest 
member of the three-party gov- 
eminent coalition of conserva- 
tives and socialists. 

Renovation's birth fruit of 
intensive backroom negotia- 
tions over the summer puts 
pressure on the three-month- 
old government as it prepares 
for its first parliamentary ses- 
sion, due to start tomorrow. 
Group members aim to turn 
themselves Into a party proper 
in November, once they have 
settled on a leader. Former pre- 
miers Tsatomu Hata and Tosh- 
Da Kaifu are top contenders, a 
TV poll showed. 

Mr Ichiro Ozawa, who 
brought together the previous 
two government coalitions and 
helped form the group, will 
take behind-the-scenes control 
of Renovation as chairman of 
its action committee, s imilar to 
a chief whip. He Is unlikely to 
stand for the parly leadership, 
preferring to exercise influence 
from the wings. 

Renovation's moderate poli- 
cies are dose to the govern- 
ment, though its leading mem- 
bers lean toward a slightly 
more assertive foreign and 
defence stance. A statement 
yesterday promises “a politics 
of responsibility that does not 
postpone problems”. 


Its members broadly support 
the most important bills due to 
come to parliament this 
aut umn, on electoral and tax 
reform, but will seize on any 
weaknesses In the government 
coalition to woo defectors. 

Mr Ozawa's 62-seat Japan 
Renewal Party, dominant 
member of the previous two 
coalition governments, is Reno- 
vation's largest member, fol- 
lowed by the 52 -seat Komeito 
(Clean Government) party, 
supported by Soka Ga kk a i . a 
cash-and- vote-rich Buddhist 
organisation. 

Renovation's arrival springs 
partly from the finan cial and 
political incentives for the 
opposition to close ranks 
before a new political and elec- 
toral system takes effect at the 
turn of the year. 

From January, political par- 
ties will qualify for a Y30J>bn 
(£l98m) annual public subsidy, 
designed to reduce their depen- 
dence on corporate donors. 
Larger parties will qualify for a 
disproportionately larger sub- 
sidy than smaller ones, 
because the shareout is deter- 
mined by parties' spending in 
the previous year. 

The parties in Renovation 
have little chance of a com- 
bined majority if they individu- 
ally fight a general election 
under the new system. 

How much power to be 
accorded Mr Ozawa is another 
issue yet to be clarified, before 
the merger can be consumma- 
tedMr Ozawa's allies value his 
political skill but this is tinged 
with wariness of being domi- 
nated by him. Soka Gakkai 's 
position is sensitive because of 
Japan's separation of state and 
religion. 


Indonesia and its neighbours 

Real GDP growth, annual. % changa 
China 

14 


The latest battle lines 

Lower house of Japanese parliament, 611 seats 




1980 81 62 83 84 . 88 86 B7 68 

Sauce: Datastroam/SU forecast 


President Suharto: ‘protection is a temporary mea 


‘Favours’ blamed for putting 
Indonesia in second division 

Manuela Saragosa on accusations of politically motivated protection 


M ost economists agree that Indon- 
esia is poised to join its neigh- 
bours in the newly industria- 
lised economy ranks. Average annual 
economic growth of 6.6 per cent over the 
last 25 years has earned the country a 
reputation for stability and promising 
growth. 

However, disgruntled Indonesians say 
public and private monopolies that enjoy 
high tariff protection are an impediment 
to fester growth. 

With nearby Thailand and Malaysia 
averaging growth rates of between 8 and 
10 per cent a year, and an even faster pace 
in China, they are saying that 6.6 per cent 
Is not good enough. 

Most recently, they point to a presiden- 
tial decree giving tariff protection to a 
<I.7bn petrochemical plant in West Java, 
called Chandra Asri. The plant, due to 
come on stream next year, will produce 
olefin products for the first time in Indon- 
esia. The decree prevents cheaper olefin 
products from entering the country. 

It emerged that the plant is jointly 
owned by Mr Prayogo Pangestu, a well- 
connected tycoon with a majority stake in 
the big timber company PT Barito Pacific 
Timber, and President Suharto's son, Mr 
Bambang Trihalmodjo. 

Private-sector economists and opposition 
parties complain that decisions on protec- 
tion are arbitrary, with policy-makers 
fevouring their close contacts. Protection, 
they complain, depends on political 
favouritism rather than economic logic. 

Economists point to several of the coun- 
try's largest industries, such as food pro- 
cessing, petrochemicals and pulp and 
paper, all of which have been protected for 
decades by tariff barriers and import bans. 
They say that this could be costing the 
economy as much as 2 per cent in annual 
growth. 

"In the context of Indonesia, which is 
seeking to become a more competitive 
exporter, these barriers have a very impor- 
tant knock-on effect because they increase 
the cost of raw materials to downstream 
industries." says a Jakarta-based econo- 
mist 


An Indonesian campaign against 
prostitutes, beggars and suspected crimi- 
nals in Jakarta ahead of November’s Asia 
Pacific Economic Co-operation summit 
has led to increased human rights abases, 
Amnesty International said yesterday, 
Victor Mallet writes from Bangkok. 

The government had put in 15,000 mili- 
tary and police officers “to clear the 
streets of political and criminal ‘undesir- 
ables’," Mr Pierre Sane, secretary-general 
of the London-based human rights group, 
said in Bangkok. Excessive force had been 
used in breaking up peaceful demonstra- 
tions, with scores of alleged criminals 
shot dead. Amnesty said. 

Jakarta residents could not confirm 
how many extra troops bad been sent to 
the capital, but said government forces 
had been seen clearing beggars off the 
streets to improve Indonesia’s image for 
the summit meeting, to be attended by 
President Ctinton. Amnesty, which yester- 
day launched a report* on Indonesia’s 
human rights record, wants rights and 
labour issues raised during the summit 
* Indonesia and East Timor - Power and 
Impunity: Human rights under the New 
Order. 

The government has stood its ground an 
protection for the Chandra Asri plant Mr 
Sanyoto Sastrowardoyo, state minister for 
investment, says the tariff protection is 
necessary because industries such as 
Chandra Asri take a long time to make 
adequate returns on their investments. 
President Suharto says protection for 
industries is a temporary measure. 

The issue is made more sensitive by the 
fact that most of the largest Indonesian 
conglomerates are controlled by ethnic 
Chinese and there is growing resentment 
at their d ominant role In private business. 

There is also a more general assault on 
the role of "big business” in Indonesia’s 
economy. Monopolies in key sectors are 
being seen as preventing smaller compa- 
nies from setting up, thus limiting the 
benefits of growth to a small portion of 
Indonesia's 187m people. 


“It should be a level playing field but 
those who are benefiting the most are the 
big players,” says Mr Laksamana Sukardi, 
a prominent member of the opposition 
Democratic Party, the PDI. "That has 
accelerated the accumulation of wealth in 
a few hands." 

The government is not immune to these 
criticisms. Efforts have been made to 
reduce tariffs and liberalise the economy. 
Earlier this year a trade liberalisation 
package cut import duties on 739 goods, 
lifted non-tariff barriers on 27 commodities 
and removed import surcharges in 108 
Items. 

Many market -skewing measures remain, 
however. In the food-processing Industry, 
for example, the government controls the 
price of sugar, which keeps the cost of a 
key raw material artificially high. 

The pulp and paper Industry Is another 
that comes under intermittent attack. The 
domestic Industry is dominated by the 
Slnar Mas group, Indonesia's second-larg- 
est conglomerate. The Influence of Sinar 
Mas and other Indonesian paper manufac- 
turers has been sufficiently strong to 
ensure a 40 per cent tariff on imported 
paper. Indonesian printers complain that 
paper accounts for 70 per cent of their 
production costs, and many smaller print- 
ers have been forced to close. 

"There needs to be further deregulation 
but this has been met with a lot of resis- 
tance In the government because (many) 
areas of the economy deliver huge profits 
to key economic players," says a Jakarta- 
based economist 

The government is aware of the com- 
plaints and ministers advise patience: “We 
are going in the right direction,” says Mr 
Tunky Ariwibowo, minister of industry. 
But economists complain that there is no 
timetable for phasing out tariffs. 

“It does moves slowly here compared 
with other south-east Asian economies but 
deregulation has been a consistent policy,” 
says a Jakarta-based consultant "You 
have to remember that in a 10-year period 
Indonesia has moved from a highly-pro- 
tected import substitution economy to an 
export-oriented economy." 


Egypt rounds up militant 
suspects after shooting 

Tourism will feel the blow, writes Mark Nicholson 


Egyptian security forces 
yesterday rounded up more 
than 30 suspected Islamic mili- 
tants in Hurghada, 500km 
south of Cairo, following an 
attack by two gunmen late on 
Tuesday in which a German 
tourist and two Egyptians were 
shot dead. 

A second German shot in the 
attack was said yesterday to be 
"stable" after a bullet was 
removed from his stomach. 
Witnesses said two men drew 
up in a lorry, then opened fire 
with automatic weapons on a 
group of tourists in Hurghada's 
market, before fleeing into an 
adjacent residential area. 

The attack has raised fears 
of a renewed campaign by 
Is lami c militants against tour- 
ist targets following a five- 
month lull - the result largely 
of a tough and concerted secu- 
rity operation which the Egyp- 
tian government claimed had 
broken the back of militant 
Islamic groups. 

No group has claimed 
responsibility for Tuesday’s 
shooting. However the Gamaa 
al-Islamiyya, which previously 


claimed attacks on Nile cruis- 
ers, buses and tourist sites in 
Cairo and upper Egypt, said it 
was behind the attack earlier 
this month at Abu Tig in the 
south in which a young Span- 
ish tourist died. 


‘It makes no 
difference if the 
gunman is a 
lunatic or a 
terrorist’ 


Egypt's Red Sea resorts until 
now have been free of inci- 
dents throughout the Gamaa 
al-Islamiyya's two-year-old 
campaign to put pressure on 
the government by ruining the 
tourism industry. It Is also the 
first time gunmen have fired 
directly at tourists, rather than 
from a distance at cruise boats 
Or buses. 

The attack comes at a dam- 
aging time for tourism, which 


had begun a revival in the past 
months aided by the peaceful 
passage in Cairo of the recent 
International Conference on 
Population and. Development 

Mr Mamdouh al-Beltagui, 
Egypt's tourism minister, said 
only a few days ago the tourist 
arrivals were showing a 
"steady increase”, with arriv- 
als in July up nearly 15 per 
cent on a year ago and 35 per 
cent up in August - bettering 
even Egypt's record year in 
im 

Bookings for the main winter 
season, which traditionally 
draws Europeans to Egypt’s 
historic sites and beaches, are 
only now being offered by 
travel agencies. Diplomats and 
hoteliers in Cairo said they 
feared the attack could nip the 
industry’s revival in the bud. 

“It makes no difference if the 
gunman was a lunatic or a ter- 
rorist,” said a spokesman for 
the German embassy. "The 
effect Is the same." 

Germans are traditionally 
the second most numerous 
group of European tourists to 
Egypt after Britons. 


Buthelezi 
‘sorry’ for 
TV fracas 


South African Home Affairs 
Minister Chief Mangosuthu 
Buthelezi, who is also leader 
of the Inkatha Freedom Party, 
offered an unconditional apol- 
ogy for having burst Into a 
television studio on Sunday 
night to confront a political 
rival during a live broadcast, 
Mark Suzman reports from 
Johannesburg. 

The uncharacteristic apol- 
ogy by the combative minister, 
which came after he had been 
formally censored by the cabi- 
net for “a serious violation of 
the right to freedom of speech 
and freedom of the press," 
appears to have defused the 
controversy over the incident 
for the time being. However, 
Chief Buthelezi remains under 
continued political pressure 
over his relationship with 
Zulu king Goodwill Zwefithini 
who last week broke off rela- 
tions with the Chief. 

Speaking at a joint press 
conference with President 
Mandela in Pretoria, Chief 
Buthelezi said that he had 
apologised to the President 
and the nation as a whole for 
the incident. 


Clarke calls for 
laundering curb 


By PhSip Coggan in Valletta 

Mr Kenneth Clarke, UK 
Chancellor of the Exchequer, 
yesterday called for concerted 
International action against 
money laundering. 

“Money laundering poses a 
threat to every member of the 
Commonwealth,” said Mr 
Clarke in a speech to the Com- 
monwealth Finance Ministers’ 
meeting in Malta. He said it 
allowed drug traffickers to 
develop and expand their 
operations, illegal arms defi- 
ers to spread more and dead- 
lier weapons to terrorists, and 
International fraudsters to 
bleed economies dry. 

Rough estimates of the total 
amount of criminal money 
which may be laundered run 
up to $5O0bn (£333bn) a year. 

Mr Clarke said finance min- 
isters should take forward the 
recommendations of the 
Financial Action Task Force 
(FATF), set up by the Group of 
Seven countries in 1989. 

They should ensure financial 
institutions know their cus- 
tomers and do not operate 
anonymous bank accounts, he 
said. Financial institutions 


should pay attention to large, 
complex or unusual transac- 
tions, and develop pro- 
grammes against laundering. 

Finally, supervisory authori- 
ties should ensure financial 
institutions have adequate 
procedures in place to combat 
the laundering. 

Commonwealth finance min- 
isters called on their secretary- 
general to convene a meeting 
of senior officials from finance 
ministries and central banks 
to make progress on the FATF 
proposals. 

Meanwhile, the ministers 
“warmly welcomed” British 
proposals to extend debt relief 
for poor countries on debt 
owed to supranational institu- 
tions such as the International 
Monetary Fund. The communi- 
que called on the "IMF, the 
World Hanfc and other multi- 
lateral development banks to 
consider these proposals hi a 
constructive spirit”. 

The British plan, which 
would involve the sale of up to 
10 per cent of the IMF’s gold 
reserves, will be discussed at 
the IMF meeting In Madrid. 
Proposals for IMF gold sales 
have foundered in the past 


Leslie Crawford on reports of revenge killings which have exposed the failure of the UN in R wanda 

Inquiry begins into alleged Tutsi massacres 


United Nations experts flew into 
Rwanda yesterday to investigate 
whether the victorious Tutsi army 
has been involved in reported massa- 
cres of returning Hutu refugees. 

The allegations of systematic 
revenge killings were first made by 
the UN High Commissioner for Refu- 
gees (UNHCR) at the weekend. They 
have been denied by the army-in- 
stalled government in Kigali and have 
seriously embarrassed other UN agen- 
cies working with Rwanda's new 
authorities. 

Mr Boutros Boutros Ghali, the UN 
secretary-general, has ordered a news 
blackout on reports of the revenge 
killing s, which have exposed the fail- 
ure of the UN assistance mission in 
Rwanda to protect the lives of Hutu 
civilians. 


More than 2m Hutus fled Rwanda in 
July, when the Rwandan Patriotic 
Front, a Tutsi-led guerrilla army, 
defeated a Hutu government guilty of 
directing massacres against the coun- 
try’s minority Tutsi population. 
Human rights groups estimate up to 
im Tutsis were killed in the final 
three months of Rwanda’s civil war. 

The new government says it wants 
Hutu exiles to return. Without them, 
it cannot rebuild Rwanda's war-shat- 
tered economy or create stable politi- 
cal structures. The government also 
fears the teeming refugee camps in 
Zaire and Tanzania could prove fertile 
recruiting grounds for the remnants 
of a defeated Hutu army intent on 
revenge. 

But UNHCR officials suspended the 
repatriation of Hutus this week after 


a team of investigators uncovered evi- 
dence of recent mass graves and 
heard witness accounts of atrocities 
allegedly committed by soldiers of the 
Rwandan Patriotic Front 

“As an agency which protects ref- 
ugees we cannot In all conscience 
send Hutus back," a UNHCR official 
said yesterday in Geneva. 

Mr Pasteur Bizimungu, Rwanda's 
new president, has accused UNHCR of 
spreading malicious rumours. 

While the new team of UN investi- 
gators investigates further the con- 
duct of the Rwandan Patriotic Front 
several human rights groups have 
begun to criticise the Mure of the 
UN to deploy security troops inside 
Rwanda and to start International 
legal proceedings against those who 
masterminded the genocide of Rwan- 


da's Tutsi community. 

Only 26 human rights monitors 
have been deployed inside Rwanda, in 
spite of Mr Boutros Gbali's pledge to 
send 147 in August. UN-appointed 
human rights officials , briefed to 
gather evidence of war crimes, have 
been denied the personnel and finan- 
cial resources they need to proceed 
with investigations. 

The Paris-based International Fed- 
eration of Human Rights, in an open 
letter to Mr Boutros Ghali, asks: "Do 
these inadmissible delays by the inter- 
national community mean that Africa 
should be considered a second-class 
continent and that genocide against 
Africans is less serious than genocide 
in Europe?" 

Another report*, published today by 
African Rights, a London human 


rights group, argues that the UN is 
"squandering a golden opportunity to 
stop the cycle of impunity in 
Rwanda". 

The 442-page document includes 
dozens of testimonies of Tutsi survi- 
vors, and argues that enough evi- 
dence has been amassed to extradite 
those guilty of genocide from Zaire 
and other countries. 

It reminds the UN of its legal obli- 
gation under the Genocide Conven- 
tion to bring prosecutions for crimes 
against humanity. Ms Rakiya Omaar, 
a co-director of African Rights, says 
she hopes the report will shame the 
UN into taking action. ■ 

'Death, Despair and Defiance, by Afri- 
can Rights, u Marshalsea Road, Lon- 
don SE1 1EP, tet London (71) 717-1224 


Indian 
plague 
cases 
soar 
to 1,400 

By Stefan Wagsty! 

In New Defttl 

Plague cases multiplied In 
India yesterday as the authori- 
ties struggled to control the 
deadly disease and assuage 
domestic and international 
concern. 

The total of reported cases of 
suspected plague rose to 1,400, 
with about 500 new cases yes- 
terday. mainly In the western 
city of Surat, where pneu- 
monic plague broke out a 
week ago, and in the remote 
eastern part of Maharashtra 
state, where bubonic plague 
first struck a month ago. The 
government's national insti- 
tute for communicable dis- 
eases also recorded three more 
deaths, taking the official tdQ 
to 47, though unofficial esti- - 
mates ran es high as 100. 

The health authorities were 
anxiously watching for signs 
that 300,000-plns people who 0 
have lied Surat have spread 
the disease. About SO sus- 
pected cases have been 
recorded in Delhi, more than 
40 in the. tourist mecca of 
Rajasthan and about 50 in 
Bombay, the country’s com- 
mercial capital which lies 
dose to Surat Further isolated 
cases have been reported as 
faraway as Calcutta. 

Other countries have taken 
precautions against the dis- 
ease. Pakistan has banned 
flights from Bombay and is 
considering suspending ser- 
vices from Delhi. Saudi Arabia 
yesterday banned all flights 
from India, forcing a Jeddah- 
bound Air India Jet to turn 
bode in mid-flight 
The UK, US, Germany, and 
France are among countries 
which have started monitoring 
visitors from India and urging 
ffigm to report to a doctor If 
they develop fever-like symp- 
toms. Some governments, 
including the UK, have also 
urged their nationals to avoid 
travelling to Gujarat state, 
which includes Surat 
b Germany, which has put 
out the strongest warning, at 
least two tour groups have 
cancelled holidays to India, 
raising fears that the outbreak 
will affect the Indian travel 
industry. j 

The plague has also seri- 
ously disrupted business In 
Surat, a city of 2m with impor- 
tant textile, chemicals and dia- 
mond polishing industries. 

The Gujarat Chamber of Com- 
merce and Industry estimates 
the city is losing about 
Rs500m a day in turnover, due 
to the absence of owners, man- 
agers and workers who fled. 

The plague has prompted 
bursts of public anger at the 
failure of the health services 
to provide adequate care, par- 
ticularly in Surat, where pro- 
testors have stoned private 
clinics abandoned by their 
owners. 

No Pyongyang 
N-deal in sight 

Mr Robert Gallucci, US ambas- 
sador-at-large, and Mr Kang 
Sok-ju, North Korea's first 
deputy foreign minister, met 
yesterday morning In a hid to 
unblock stalled negotiations 
on eliminating Pyongyang's 
unclear capability, Frances 
Williams writes from Geneva 
The US said afterwards there 
had been "an extensive 
exchange of views” while 
North Korea described the dis- 
cussions as “serious and busi- 
nesslike". The two sides plan 
to meet again today. 

US officials had hoped to 
wrap np a deal with North 
Korea this week granting the 
isolated communist state safer 
atomic reactor technology in 
return far fall disclosure of its 
nuclear activities, current and 
past But additional demands 
by Pyongyang, going well 
beyond an outline agreement ; 

reached last month, qulekly j 

brought the talks to a stand- ' 
still. 

Nigeria wastes 
$12bn revenue 

Nigeria's military rulers 
squandered more than $12bn 
of oil revenue without proper 
accounting between 1988 and 
June 1994, an official report 
said, Reuter reports from 
Lagos. The money had been 
placed in accounts set up In 
1988 for special projects and to 
receive a windfall of oil reve- 
nue from the Gulf War, said 
Pius Okigbo, chairman of the 
panel on the reform and rear- , 
ganisation of the Central Bunk ’ 

of Nigeria (CBN). 

He called the handling of the 
accounts "a gross abuse of 
public trust” Money from the 
accounts was spent in less 
than six years on what could 
neither he adjudged genuine 
high priority nor truly regen- 
erative investment he said- 



FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 




★ 

NEWS; IMF WORLD ECONOMIC OUTLOOK 


Recession is dead and world output is set to expand 


By Peter Norman, Economics 
Editor, in Madrid 

The International 

S Monetary Fund has 
^ at last dared to call 
‘ an end to the reces- 
9 sion. Its latest 
World Economic 
-«u*v ’ Outlook says the 
broadening and strengthening of 
recovery in the industrialised coun- 
tries marks the end of the “long and 
unnsually severe downturn” in 
recent years. It expects world out- 
put to expand 3.1 per cent this year 
and 3.6 per cent in 1996, or at twice 
the rate for 1990 to 1993. 

The industrialised countries are 
forecast to grow by an average 2.7 
per cent this year and next, 
reflecting an increase of 0.4 percent- 
age points in forecast growth for 
1894, against the IMF’s last forecast 
in May and a slight upwards revi- 
sion of 0.1 points for 1995. 'Hie 
developing countries should grow at 
more than twice this rate: by a fore- 
cast 5.6 per cent this year and next 
The IMF draws comfort from 
stronger signs of a turnaround in 
continental Europe and more tenta- 
tive signs of recovery In Japan. It 
has raised its forecasts for German 
growth to Z3 per cent this year and 
2.8 per cent in 1995, up 1.4 and 0.6 
points respectively from the fore- 
casts published five months ago. 

It expects France to grow 13 per 
cent this year and 3 per cent next 
Its projections of 33 per cent and 3 
per cent growth for the UK in 1994 
and 1995 respectively are more bull- 


ish than the British government's. 

Canada and the US are seen as 
the fastest growing of the Group of 
Seven industrial countries this 
year, with forecast growth of 4.1 per 
cent and 3.7 per cent respectively. 
While Canada's growth is expected 
to slow to 33 per cent In 1995, the 
US's will decelerate to 2.5 per cent 
next year. This deceleration, which 
the IMF expects because of mone- 
tary tightening, would push US 
growth below the 2.7 per cent aver- 
age projected for G7 nations and the 
industrial world as a whole. 

The IMF’s growth forecasts for 
Japan have been raised OJZ percent- 
age points for this year and next to 
03 per cent and 23 per cent respec- 
tively. A “particularly positive” 
aspect of world economic develop- 
ments remains the rapid expansion 
of many Asian and some Latin 
American developing nations, such 
as Argentina, Chile an H Peru. 

The IMF draws comfort from 
large margins of slack between 
actual and potential output in many 
countries. Apart from the US, where 
little or no Black is left in output 
and labour markets, “output gaps” 
ranging from an estimated 1.7 per 
cent in Germany to 5.6 per cent in 
Japan reduce tnflntirm dangers. 

The report states all this gives no 
grounds for complacency. Areas 
exist where output continues to fall, 
as in the former communis t states 
of Russia, Ukraine and Belarus. 
Despite signs of improvement, eco- 
nomic conditions remain difficult in 
much of Africa. In the industrial 
countries, policy makers are faced 


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Met capital flows £Sbn) 



-20 


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. • ISIS 77 81 as so S3 

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with, riwnraiit taska if they are to 
secure a strong, long-running 
prpansinn with low inflatio n and 
high i n v e stment that ran help cut 
unemployment 

They must avoid the policy fail- 
ures of the 1960s and safeguard a 
high degree of price stability. That 
means acting promptly to raise 
interest rates in anticipation of 
inflationary pressures as recovery 
takes hold, and strengthening 
efforts to cut fiscal deficits. 

“A critical policy requirement is 
the need to deal with the large fis- 
cal imbalances that have lifted 
gross debt in the industrial coun- 
ties as a group to nearly 70 per 
cent of gross domestic product from 
40 per cent in 1978." 

Fiscal imbalances have contrib- 
uted to high real interest rates and 
weak private investment over the 
past decade. Governments recognise 


the problem and are acting, but con- 
solidation plans “in most cases... 
appear to be too modest”. 

The IMF draws a moral from the 
recent rise In worldwide bond 
yields, which hit countries with 
large fiscal imbalances such as 
Italy, Sweden and Finland hardest 
Here, an urgent need exists to 
strengthen the fiscal outlook, to 
establish greater credibility. 

But macroeconomic measures 
alone will not solve the world’s eco- 
nomic problems. Reducing struc- 
tural unemployment, which is 
Europe’s big problem, will need fun- 
damental labour market reforms, 
“including lowering and restructur- 
ing unemployment benefits and 
related prog ramme s, lowering mini- 
mum wages in some countries, 
reducing non-wage labour costs, lib- 
eralising employment and wage-set- 
ting practices, and strengthening 
training programmes”. 

The Uruguay Round needs to be 
Implemented. More liberalisation of 
markets is needed in many indus- 
trial countries. All countries must 
introduce reforms to curb rising 
budgetary costs of health care and 
pensions. The IMF predicts strong 
overall growth in the developing 
countries, but notes conditions 
vary. The most successful have cre- 
ated a stable macroeconomic envi- 
ronment, encouraged domestic 
savings and implemented structural 
reforms that increase efficiency. 

The Fund worries that the rise in 
private capital flows to developing 
nations over the past five years 
could in some cases backfire. In 


1989, net outflow from developing 
countries totalled $14bn; last year it 
exceeded Si30bn. 

Not all countries benefiting from 
capital inflows have done so 
because of investment opportunities 
or strong fundamentals. Some may 
have been beneficiaries of a "gen- 
eral enthusiasm for emerging finan- 
cial markets”. For them, “the risk 
of s udden changes in market senti- 
ment is particularly serious”. 

Those former communist coun- 
tries such as the Baltic states, the 
Czech Republic. Hungary. Poland, 
the Slovak Republic, Slovenia, 
Albania and Mongolia which imple- 
mented market reforms, “are now 
growing, or appear to be on the 
threshold of recovery, and prospects 
for continued growth are good.” 

In others, including Russia and 
the Ukraine, output continues to 
contract and more must be done to 
control infla tion- Enormous difficul- 
ties must still be faced over struc- 
tural reform in Russia and some 
other “transition” countries. 

Many banks and companies are 
Insolvent Large payments arrears 
have built up. Progress on land 
reform and form privatisation has 
been limited- Subsidies and cheap 
credits distort market signals. The 
framework for a market economy, 
including business laws, accounting 
s tandar ds, and a modern banking 
system, is only gradually being pit 
in place. “Widespread corruption 
and crime threaten to undermine 
support for market reforms.” 

The World Economic Outlook: to be 
published next month. 


Protections overview (annual % change) 



Current Projections 

DMfaroncas from May 
1994 Projections 


19B3 

1994 

1B96 

1994 

1995 

World output 

2.3 

3.1 

3.6 

0.1 

-02 

industrial eounotes 

1.3 

2.7 

2.7 

0.4 

01 

IS 

3.1 

3.7 

25 

-0.1 

-01 

Japan 

o.i 

0.9 

25 

02 

0.2 

Germany 

•1.1 

Z3 

2.6 

1.4 

0.6 

France 

-1.0 

1.9 

3.0 

0.7 

05 

Italy 

-07 

15 

2.B 

0.4 

03 

UK 

2-0 

&3 

3.0 

0.6 

02 

Canada 

22 

4.1 

30 

0.7 

-0.3 

Seven cowtries above 

1.4 

23 

2.7 

03 

0.1 

Other industrial cauntnes 

03 

2.4 

3.1 

08 

03 

EU 

■U3 

2.1 

2.9 

08 

03 

OevHopinq counties 

6.1 

5.6 

5.6 

0.1 

-02 

Africa 

1.0 

3.3 

40 

-0.1 

- 

Asa 

as 

ao 

7.3 

05 

-0.1 

Mdde East end Europe 

4-8 

1.4 

2.5 

-16 

-13 

Western Hemisphere 

3-4 

2.8 

33 

- 

-0.1 

Countries in transfer 

-ID 

-9.3 

•1.0 

•12 

-2.4 

Centra) and eastern Einpe 

-57 

-S.4 

1.4 

■2.3 

-1.0 

Excluding Belarus and Ukrame 

-2 3 

1.4 

3.1 

-0.5 

-05 

Russia 

-12.0 

-12.0 

-30 

-2 1 

-3.9 

Transeaucasus and central Asia 

-10.7 

-6.6 

OlI 

-1.8 

-2 4 

World trade volume 

4.0 

7 2 

5J 

1.4 

-04 

Industrial country import volume 

1.8 

7.2 

4.8 

1.8 

-04 

Developing country airport volune 

93 

72 

7.9 

-Of 

-1 3 

Commodity prices 

OB 

• 11.5 

-6.0 

- 

07 

-5.9 

In US dot are a barrel 

1673 

15.16 

15.15 

1.40 

058 

Mon fuel 

-18 

13.16 

65 

7.6 

4.4 

Consumer prices 

Industrial countries 

2.9 

2.4 

2.6 

-U1 


□evetopng countries 

463 

475 

13.2 

66 

12 

Countries m transition 

687.9 

330.8 

89 4 

407 

161 


Souqs: IMF 


Experts 
give some 
unusually 
outspoken 
advice 

By Peter Norman 

It is unclear whether it is the 
effect of global economic recov- 
ery or the heady sensation of 
celebrating its 50th birthday: 
but the latest World Economic 
Outlook from the IMF is more 
straightforward in the policy 
advice it gives its members 
than previous issues. 

It is partlqilariy outspoken 
about the need for the US to 
raise interest rates further. 

Early in its report, it 
declares that “further 
increases in policy-related (US) 
interest rates are needed. . . if 
overheating and a rise in infla- 
tion expectations are to be 
avoided”. 

The Fund later declares that 
“virtually all indicators now 
suggest that little or no slack 
is left in output and labour 
markets” In the US. It writes: 
“Given the current cyclical 
position, there Is an increas i ng 
need to move US monetary pol- 
icy to a neutral position con- 
sistent with potential growth 
of about 23 per cent a year by 
rai si n g Tates further." 

Explaining this advice, Mr 
Michael Mussa, director of the 
IMF's research department, 
said yesterday the Fund was 
not advocating a sharp rise in 
US rates. But it thought more 
tightening would be needed 
over the next six, nine or 12 
months. Central banks, such as 
the US Federal Reserve, needed 
to be leaders, not followers. In 
financi al markets. 

The Outlook points out that, 
in spite of recent increases, 
both short- and long-term US 
interest rates remain low com- 
pared with the 1980s as a 
whole, and even with the mid- 
1960s. The Fund maintains 
that, in real terms, US short 
rates averaged 43 per cent and 
long rates 6 per cent in 1985-90, 
against 1.5 per cent and 435 
per cent in mid-1994. 

The IMF also urges the US to 
take further steps to reduce its 
budget deficit to put its debt-to- 
GDP ratio on a downward 
trend. 

The Fund appears more sat- 
isfied with Japanese and Ger- 
man monetary policies. 
Although Mr Mussa said a 
small further drop in German 
rates was possible if the recov- 
ery slackened or inflation fell, 
the bottom for this business 
cycle had nearly been reached. 

The IMF warns Japan it will 
have to resume fiscal consoli- 
dation over the medium term, 
“including a comprehensive 
social security and tax reform 
to forestall an unsustainable 
increase in public debt as the 
population ages”. 

Some of its toughest words 
are reserved for Italy, which 
yesterday put forward new 
budget plans. “Credible efforts 
to put the unsustainably high 
debt ratio on a declining trend 
during the balance of the 
decade are essential for Italy's 
longer-term financial stability 
and growth prospects," it says. 

The IMF envisages a jump to 
5.5 per cent in three-months’ 
US interest rates next year 
from 4.4 per cent this year, 
against a rise to 2.7 per cent 
from 13 per cent for yen rates. 
It expects the three months 1 
D-Mark rate to slip slightly to 
43 tier cent from R.2 per rent 


UK told 
to cut 
public 
spending 
targets 

By Peter Norman 

The IMF last night told Mr 
Kenneth Clarice, the TJK chan- 
cellor, that he shonld cut pub- 
lic spending targets in his 
November budget to increase 
the credibility of Britain's eco- 
nomic policy. 

Mr Michael Mussa, director 
of the DHPs Research Depart- 
ment, also warned that further 
UK Interest rate increases 
would be needed at some point 
following this month's half 
percentage point increase in 
bank base rates. 

In its latest World Economic 
Outlook, the Fund said expen- 
diture restraint was critical to 
the government’s objective of 
eliminating public borrowing 
by the rad of this decade. 

It said that the decisions 
taken in last year’s two bud- 
gets to consolidate the UK’s 
fiscal deficit had already 
brought a sizeable reduction 
in both actual and structural 
deficits this year. “Reducing 
nominal spending ceilings in 
the upcoming budget to reflect 
lower-than-expected inflation 
will be important to enhance 
policy credibility," it added. 

The IMPs comments suggest 
that the government’s control 
totals in 1995/96 and 1996/97 
should be cat from the £263bn 
and £272.3bn agreed last 
November. Hie remarks could 
prove helpful to Mr Jonathan 
Aithen, the chief secretary, 
who is currently negotiating 
with spending departments to 
keep public spending for 1995/ 
96 and subsequent years inside 
the government’s limits. 

It is unclear how far the 
chancellor will be inclined to 
follow the IMPs advice. So for 
he has maintained that bitting 
the spending targets in this 
year’s public expenditure 
round would be tough. 

According to IMF estimates, 
the government’s consolida- 
tion plans should stabilise the 
UK’s ratio of net debt to gross 
domestic product at about 40 
per cent by 1997. 

The IMF painted a generally 
upbeat picture of the UK econ- 
omy. It forecast it would grow 
by a real 33 per cent this year 
and 3 per cent in 1995 - well 
above the government's fore- 
cast of 2.75 per cent growth 
for each year. 

It said that output growth in 
Britain began recently to out- 
pace potential. It estimated 
the output gap - a measure of 
spare capacity expressed as a 
percentage of GDP - at a rela- 
tively high 4 per cent, adding 
that it would be eliminated 
only in the medium term. 

However, it also predicted 
that Inflation, measured by 
the government’s “underiy- 
tag” measure of retail price 
inflation excluding mortgage 
interest payments, would aver- 
age 3.1 per cent next year. 
That would be higher than the 
23 per cent anticipated by the 
IMF for this year, and In the 
top half of the government’s 
1-4 per emit target range. 

In predicting a future inter- 
est rate rise, Mr Mussa told a 
news conference he was not 
talking in terms of weeks or 
months. However, some form 
of tightening of monetary con- 
ditions would be needed in the 
course of the evnanrion. 


The A340 has brought Delhi closer to Washington D.C. 

Hie A340 is the longest range aircraft in cm! aviation history, it can fly a fad complement of passengers, in true wid e-body comfort for over 16 hours non-stop. This opens up a whole new route 
network for the world’s airlines. For example, the A340 can easily fly non-stop aU the way from Frankfort to Santiago, New York to Cape Town or Delhi to Washington D.C. 



6 




★ 


FINANCIAL. TIMES THURSDAY SEPTEMBER 29 I9U4 


NEWS: THE AMERICAS 


US durable 
goods orders 
rise sharply 


By George Graham 
in Washington 

US durable goods orders rose 
sharply in August, the Com- 
merce Department reported 
yesterday, s ignalling that the 
US economy is continuing to 
expand steadily. 

The Commerce Department 
announced that new orders for 
manufactured durable goods 
rose by 6 per cent last month 
to $l54bn, a slightly steeper 
increase than had. generally 
been expected. 

The Increase provoked 
short-lived fears in the finan- 
cial markets that the Federal 
Reserve would need to raise 
Interest rates further to bring 
the pace of economic growth 
back, to a steadier and less 
inflation- prone level. 

But the jump was not much 
larger than had been antici- 
pated and was set against a 4 
per cent decline in July. After 
an initial flurry markets set- 
tled back to watch other indi- 
cators. 

The Federal Open Markets 
Committee, which sets the 
Fed's interest rate policy, made 
no announcement of any 
change in interest rates after 
its meeting on Tuesday. Finan- 
cial markets have interpreted 
this absence of any clear si gnal 


as m eaning that the FOMC 
gave Mr .Man Greenspan, the 
Fed chairman, considerable 
leeway to raise interest rates if 
economic data before Its next 
meeting in November show the 
economy still growing foster 
than can be sustained without 
an upsurge in Inflation. 

But the Fed chairma n was 
not expected to respond so 
soon after the FOMC meeting 
to one apparently strong eco- 
nomic statistic, particularly 
one as volatile as durable 
goods orders, which can 
bounce wildly because of a 
handful of new aircraft orders. 

Mi- Ron Brown, commerce 
secretary, said the durable 
goods data indicated Invest- 
ment was still an Important 
factor behind economic expan- 
sion. He called this "a positive 
sign for productivity growth 
prospects and for sustained 
moderation in inflation". 

The commerce department 
said motor vehicles and parts 
contributed to over half both of 
the rise in orders in August 
and of the foil in July because 
some car makers had retooled 
for the new model year a 
month earlier than usual. 

Transportation equipment, 
including aircraft, rose 19 J per 
cent in August after dropping 
14JS per cent in July. 


Strike hits 


By Richard Waters 

In New York 

Production in three of General 
Motors' North American plants 
stopped yesterday as a parts 
shortage began to be felt fol- 
lowing a walk-out on Tuesday 
by 11,500 workers at a parts 
plant in Flint, Michig an. 

The dispute threatens to stall 
most of CM'S North American 
plants. It has focused attention 
on the company's hiring prac- 
tices in the wake of soaring 
production volumes this year. 
The United Auto Workers 


GM plants 

union says the company is for- 
cing its members to work 
increasing overtime to raise 
production, rather than hiring 
new workers. 

As part of its effort to plug 
growing labour shortages in 
some plants, GM has also 
offered incentives to encourage 
workers to move to plants 
which are understaffed. 

The company has cut its 
hourly workforce in North 
America by around 50,000, to 

250.000, in the past three years 
in an effort to bring these 
operations back into profit 


Summit fails to resolve rift on Bosnia 



Good-humoured summit Yeltsin at a White House dinner auw- 


Yeltsin 

pledges 

‘lasting 

peace’ 

By George Graham 

President Boris Yeltsin of 
Russia yesterday promised a 
lasting peace between his 
country and the US as he 
approached the end of his 
two-day summit with US Presi- 
dent Bill Clinton. 

There are people in my 
country, though few, who say 
that our relationship with the 
US Is transient and that an era 
of confrontation will return. 
But I would like to tell yon 
that we have never fought .the 
US and I believe, and I can say 
as president of Russia, that we 
will never fight the US,” he 
said. 

At the Library of Congress, 
where the two presidents 
opened an exhibition on the 
Russian Orthodox Church and 
the indigenous peoples of 
Alaska, Mr Yeltsin continued 
the bonhomie and back-slap- 
ping that has marked this 
summit 

“There are some extremist 
radicals from my country - 
people of poor education, I 
think, and of very low origins 
- who demand Alaska back for 
Russia. But 1 don't think this 
is serious stuff,” Mr Yeltsin 
said, referring to the call 
sometimes made by Mr Vladi- 
mir Zhirinovsky, the Russian 
nationalist leader, for the 


return of Alaska, which the US 
bought from Russia in 1867 for 
i / Jul 

Some differences between 
the two countries remain unre- 
solved, although one of the 
sharpest disagreements, over 
whether to lift the embargo on 
arms deliveries to Bosnia, has 
at least been put on ice by the 
Bosnian government’s request 
for a delay. 

Mr Yeltsin yesterday 
repeated his opposition to lift- 


ing the embargo. “Now the 
Bosnian Moslems think they 
have to wait six months. Let’s 
wait for six mnnHut and than 
perhaps we can decide once 
and fair all that this should not 
be dona” 

US offi cials said some agree- 
ment was expected on another 
issue that has caused friction 
between the two countries: 
Russian sales of military 
eq uip m ent , especially subma- 
rines, to Iran. 


Haitian MPs fly back 
to draft amnesty law 


' By James Ha r di ng 
to Po rt au -Pr in ce 

US ef fo rts to achieve the first 
quorum of the Haitian legisla- 
ture in more than a year 
looked set to be rewarded as a 

rinmpn gxflqd pq riiamontnrians 

were flown in for the ceremo- 
nial opening of parliament yes- 
terday afternoon. 

The special session was con- 
vened by elected President 
Jean-Batxand Aristide primar- 
ily to pass a law granting 
amnesty to General Raoul C£d- 
ras and tbe army generals who 
seized power in a coup three 
years ago. The military leader- 
ship is expected to step down 
once the law Ls passed. The 
meeting yesterday was ceremo- 
nial and the business of draft- 
ing an amnesty law is due to 
get under way today. 

The deployment of US troops 
around the parliament build- 
ings is a farther Illustration of 
the significance the Clinton 
administration is placing on 
the amnesty law, which would 
not only mark the end of mili- 
tary rule but could pave the 
way for the reconciliation of 
Aristide supporters and C6dras 
loyalists. 

The conspicuous US pres- 
ence has led to criticism in the 
Haitian press that the nation's 
democratic Institutions are 
being violated. As a result, 
them will be no US army pres- 
ence inside the chamber. 

The delicacy of respecting 
Haitian sovereignty while 
sending in servicemen to 
secure its legislature even 
tripped up the deft Mr Stanley 


Schrager. US embassy spokes- 
man, who said: "We need a 
quorum, no. they ' seed a quo- 
rum." He added: “It [the parlia- 
ment] is a Haitian institution. 
It’s a convocation of the very 
important Haitian parliament" 
As well as the deputies and 
senators returning from the US 
and Canada yesterday morn- 
ing, ufl officials were hoping 
that some of the 13 parliamen- 
tarians in hiding In Haiti 
would also attend. The 82-per- 
son Chamber of Deputies has 
not mustered the necessary 42 

‘US military 
will not stand 
idly by while 
this looting 
goes on’ 


members to achieve a quorum 
in us months. 

US servicemen working side- 
by-side with Haitian police offi- 
cers guarding the legislature 
were expected to bar the U 
senators elected in January 
1993 in a poll which the US, 
among others, believes to have 
been stage-managed by the 
Cfedras regime. 

There was considerable 
interest outside the parliament 
buildings yesterday as to 
whether Gen GSdras, who as 
Haiti's M*mmanfl«r -in- «htef haw 
the constitutional right to 
attend the opening of parlia- 


ment. would come to the ses- 
sion, 

Mr Bernard Sanzaricq, presi- 
dent of the Senate, was under- 
stood to be preparing a draft of 
the amnesty law, although 
another draft that was due to 
be debated tost year before its 
author, the then Justice Minis- 
ter Guy Mallory, was assassi- 
nated, has found favour with a 
number of deputies and. unoffi- 
cially. with US embassy offi- 
cials. 

President Aristide, in con- 
vening parliament, has called 
on the assembly to debate not 
only the amnesty but also six 
other pieces of legislation, 
including the separation of 
police and army powers. 

Continued looting of human- 
itarian foodstores elsewhere in 
Port-au-Prince was a further 
cause of concern to US officials 
yesterday. The embassy 
announced that the transport 
of US AW food bad been tempo- 
rarily stopped, but did not give 
a date when the tines would be 
reopened. 

US army officials would not 
promise non-governmental 
organisations army protection, 
but pledged that the "US mili- 
tary will not stand idly 
by while this looting goes 
on". 

Mr Schrager confirmed that 
the surge in pillaging was a 
reflection of the breakdown of 
domestic policing. “Clearly we 
are seeing some police stepping 
back and letting the law and 
order situation evaporate.” he 
said, “but I can’t tell whether 
it’s by design or happen- 
stance”. 


Labour dispute may put hockey season on ice 


Already deprived of the most 
exciting part of the baseball 
season, North American sports 
fans now face the prospect of 
no ice hockey as a result of 
another labour dispute 
between owners and players, 
writes Bernard Simon in 
Toronto. 

Owners of the 26 US and 
Canadian teams which make 
up the National Hockey 
League (NHL) have threatened 
to lock out the players if a new 
collective agreement is not 


Owners threaten to lock out players if new deal is not hammered out 


hammered out in timi> for the 
scheduled opening of the sea- 
son on Saturday. Hopes were 
slim yesterday that the 
protracted and increasingly 
hostile negotiations would be 
concluded before the deadline. 
As in the six-week-old base- 
ball strike, the public is vent- 
ing its anger on both sides, 
especially in Canada, where 
hockey is the national sport 


and Hockey Night is the lon- 
gest-running programme on 
television. One Toronto news- 
paper columnist yesterday 
pinned the blame for the 
impasse on the “cowboy men- 
tality" of the two American 
lawyers who represent the 
owners and the players' union. 

The issues in the hockey dis- 
pute are similar to those which 
brought the baseball season to 


a premature end. In both cases 
they reflect the degree to 
which the entertainment ele- 
ment of sport has beat over- 
shadowed by business. 

The NHL posted revenues of 
about C$70Gm (US$522 ,3m) in 
1933, and expects a substantial 
increase in coming years 
thanks partly to a C$155m five- 
year contract signed recently 
with Mr Rupert Murdoch’s Fox 


television network. But the 
owners are demanding various 
concessions from the players to 
hold down spiralling salary 
bills, and to secure the future 

of financially strapped taama 

in relatively «nna ii markets 
such as the Canadian prairie 
city of Winnipeg and Hartford, 
Connecticut 

The players are concerned 
however, that the owners are 


moving towards a cap on sal- 
aries. The owners have already 
proposed a limit on first-year 
players’ pay of about C$275,000 
a year. 

With the exception of a few 
superstars, notably Wayne 
Gretzky of the Los Angeles 
Kings, hockey salaries are gen- 
erally well below those in base- 
ball But 75 players now earn 
more than G$lm a year - led 
by Mr Gretzky's C$8.4m - com- 
pared with just three players 
five years ago. 


0 


The engines are quietly humming at 37,000 ft. 
above the Indian Ocean. And you wish you 
could sleep. Then you remember who you are 
flying with. 


Lufthansa 






Il 





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and Server. 

All these system options give 
you one very important thing. 
Choice without compromise. 

OUR SOFTWARE: TRULY OPEN 

Our openness even extends to 
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FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 



NEWS: WORLD TRADE 


Negotiators want agreement with Brussels revised upwards to reflect market changes 

Japan to press EU over vehicle imports 


By Mtctayo Nakamoto in Tokyo 

Japan will press for an 
increase in vehicle exports to 
the European Union ihie year 
dne to stronger than expected 
growth in demand. The request 
will be made when trade nego- 
tiators meet for consultations 
in Brussels today. 

During the two-day talks, 
Japanese trade negotiators are 
expected to request that an 
agreement to maintain exports 
of Japanese vehicles to the EU 

at 984,000 units be revised 
upwards to reflect market 
changes. 

“The market is expected to 
grow more than we anticipated 
in March. The basic policy Is to 
increase exports if the market 


Japanese vehicle exports are likely to 
record a rise again in September, having 
seen a temporary decline in August, 
Reuter reports from Tokyo. The Japan 
Automobile Manufacturers' Association 
(Jama) said vehicle exports fell 8.8 per 
cmt from a year earlier to 325,174 units 
in August In July they edged up 0J3 per 
ceat from a year earlier to 405,578 


vehicles, the first year-on-year gain in 15 
months. Last month's decline was partly 
due to higher exports of new Honda 
Accords to the US in August 1893, Jama 
said. 

“August posted a short-lived decline. 
Exports in and after September are likely 


said Mr Hiroshi Snemasa, a senior analyst 


at Kankaic n Research Institute. 

However, Nissan reported that August 
exports marked the first year-on-year 
dedine in three months, dne to poor 
demand in Europe where domestic 
carmakers boosted their sales by 
providing incentives. Nissan's vehicle 
exports fell 11.7 per cent from a year 
earlier to 45^564 units. 


grows,” an official at the Minis- 
try of Trade and Industry said. 

Under an ^gr wrnRnt reached 
in 1991, Japan is committed to 
keeping its vehicle exports to 
the EG within an agreed level 
each year until the end of 1999, 
when the EU automobile mar- 
ket Is to be fully liberalised. 

The level of Japanese vehicle 
exports to the EU is deter- 


mined through consultation 
and depends on an agreed fore- 
cast for regional demand. The 
two sides have also agreed that 
if demand varies significantly 
from initial forecasts, the 
agreed level of exports could be 
revised. 

The Japanese authorities 
agreed in March to keep Japa- 
nese exports to the EU this 


year at 984,000 units on the 
basis of a forecast for overall 
market growth of 2 per cent 
That would have represented a 
nearly 18 per cent decline from 
the level of Japanese vehicle 
exports to the EU in 1993. 

However, M3ti now expects 
die EU vehicle market to grow 
5-6 per cent this year and 
wants the level of Japanese 


exports increased accturiingly. 
Vehicle registrations in (he EU 
between January and July 
have already risen 5-8 per cent 
to 7.5m units. 

Increasing the level of Japa- 
nese vehicle exports to the EU 
is likely to unsettle European 
vehicle producers. The Japa- 
nese share of the European 
market is expected to top 15 


per cent by 1898 front nearly 12 
per cent in 1992, according to 
DEL the UK-based analysts. 

But it is unlikely that Japa- 
nese v ehicle exports to the EU 
will actually increase signifi- 
cantly even if the quota is 
raised, as the strength of the 
yen has eroded the price 
advantage of Japanese cars 
exported to the EU. Japanese 
vehicle manufacturers have 
boosted manufacturing capac- 
ity in Europe is recent years, 
with Japanese plants already 
accounting for more than a 
fifth of British car production. 

The overall result has been 
that in the first eight months 
of this year, Japanese vehicle 
exports to the EU fell nearly 30 
per cent to 581456 units. 


Callback services help reverse Asia charges 

Victor Mallet on phone services that undercut monopolies 


O nly the most profligate 
managers could fail to 
be tempted: businesses 
in thrall to national telecom- 
munications monopolies in 
Asia are being offered savings 
of up to 50 per cent on interna- 
tional telephone calls by US 
“callback" companies. 

Such companies have 
already made an impact in 
Latin America and Europe. In 
south-east Asia, the growing 
popularity of money-saving 
callback services has been 
highlighted in recent weeks by 
protests from the state-con- 
trolled monopolies in Singa- 
pore and Thailand. 

Aimed at first at US expatri- 
ates and travellers seeking to 
avoid exorbitant international 
telephone rates and hotel sur- 
charges outside the US, the 
callback services are finding 
new customers in stockbroking 
firms and other businesses 
with high volumes of interna- 
tional voice and data calls. 

Customers typically save 
money by dialling a designated 
number in the US and hang in g 
up after one ring. A computer 
from the callback company 
immediately rings hack - a 
call from the US to Thailand is 
much cheaper than from Thai- 
land to the US - and allows the 
customer to dial on anywhere 
in the US or abroad. 
Seattle-based Kallback. one 


of the lending us “re-origina- 
tituT services, says that a cal- 
ler from Thailand dialling the 
UK via Kallback in the US 
would make savings of 38 per 
cent over the rate charged by 
the Communications Authority 
of Thailand (CAT) on an aver- 
age call; a call to Australia 
from Thailand using WaUhanh 
would be 23 per cent cheaper 
than a conventional call by 
direct dialling. 

“It's an arbitrage situation 
between countries," said Mr 
Joel Eisenberg, Kallback’s 
chief executive. “We have 
found a new market develop- 
ing among businesses in coun- 
tries that have very high rates 
like Thailand." 

Most of Kallback’s customers 
worldwide are individuals, but 
companies account for more 
than half its retTi volume. In 
Thailand, where traffic conges- 
tion in Bangkok keeps bum - 
ness executives in their care 
for hours at a time, half Kail- 
back's accounts are for mobile 
telephones. 

The state-owned CAT shares 
revenue with foreign tele- 
communications networks on 
calls both out of and into 
Thailand, but on outgoing 
calls it uses its monopoly 
control of all international 


US telephone company Telegroup has lannched a toll-free 
callback service for European subscribers which it says wiD 
more than halve weekday phone calls inside Europ e, Reuter 
reports from Brussels. The service, called Global Access, allows 
subscribers in Europe to route calls through telephone switches 
in the US and Europe to take advantage of lower prices. 

Telegroup says ft has 30,000 subscribers worldwide, of which 
half are in Europe. To make a call the subscriber dials the 
Global Access network in New York, using a touchtoiie phone, 
enters a code corresponding to his telephone number, and then 
hangs up. The subscriber is called back in a few seconds, 
receives a dial tame and then makes the calk 




* 

Callback 

savings* 


Q B 


traffic to add hefty premiums. 

flffiriaig from the CAT, an 
organisation with close Jinks to 
the Thai air force, recently 
denounced callback services 
and said they undermined 
Thailand’s national interest 

Similar protests were made 
in Singapore; international 
charges there are more moder- 
ate than Thailand’s, but the 
partly privatised Singapore 
Telecom (ST) has a monopoly 
until the year 2007. “It became 
a major issue,” said Mr Eisen- 
berg. “They said it [callback 
service] was illegal. Now Sing- 
apore Telecom has backed 
down." 

The Singapore government 
decided that ST should respond 
to the challenge by offering 
better service at competitive 
prices, although the callback 


companies, which already have 
about 40,000 users on the 
island, are not allowed to 
advertise in the Singapore 
media because they are not 
licensed to operate there. 

m Thailand the CAT has 
accused the callback compa- 
nies of breaking the law, but 
nsxme can find any law they 
are violating and the compa- 
nies have been advertising 
their sendees in the pr ess. 

“Thailand win probably have 
to do something similar to 
Singapore,” said a Bangkok 
stockbroker whose company 
recently subscribed to Kall- 
back, “which Is to admit that 
it's part of the service. The 
CAT are more concerned about 
their bonuses at the year-mid 
rather than the consumer.” 

There have been some cases 


Savings on 
cola (ram 
TMtend to: 

Ttoroogb 

domastic 

axLbuv 

Am 

totals 

Argentina 

2846 

7396 

Australia 

2396 

7296 

Belgium 

23% 

7296 

Franco 

2896 

7396 

Germany 

2896 

7396 

Italy 

2396 

7296 

South Africa 

2896 

7396 

Switzerland 

2896 

7396 

UK 

3896 

7796 

US 

38% 

7796 


' KaH back-supplied percentages 
baaed on a “typicar cafl wfth rffias 
effective In March 1984 


around the world of national 
telecommunications monopo- 
lies harassing callbac k compa- 
nies by dialing their numbers 
repeatedly and jamming their 
systems, but Mr Eisenberg said 
this had not happened to Kan. 
back. 

He added that it was proba- 
bly not worthwhile for monop- 
olies to alienate telephone 
users by attacking callback 


companies, given that the call- 
back services still account for 
less than one per cent of the 
total international market 

Thai monopolies do not give 
up easily, however. The Tele- 
phone Organisation of Thai- 
land (TOT) - another body 
influenced by the armed forces 
which has the monopoly of all 
domestic fixed-line traffic in 
Thailan d - is attempting to 
enforce a concession agree- 
ment giving a company called 
Lines Technology the exclusive 
right to provide domestic 
on-line data services. 

Critics of the TOT have ridi- 
culed the deal, pointing out 
that several companies, includ- 
ing hanire and business infor- 
mation companies, are already 
providing data services to their 
customers via TOT lines and 
are unlikely to stop. 

The CAT, as it tries to stifle 
competitors In its international 
fiefdom, has vowed to use 
unspecified “protection tech- 
niques'* against the callback 
providers, although it has yet 
to act 

“Thailand has still main- 
tained the CAT monopoly and 
the CAT is fighting tooth and 
nail to hold that," said Mr Dan- 
iel Kinsman a Senior Stock 
analyst at stockbrokers Jar- 
dine Fleming Thanakom. *T see 
no sign that they are willing to 
give it up any time soon.” 


WORLD TJW)ENEWSj31GEST 

US audio-visual 
industry seeks 
to woo Europe 

co-operate with its US counterpart and to let viewers make 
their own decisions about what they want to see . 

In a speech to be delivered at the American Chamber of 
Commerce in Paris, Mr Valenti said the US wants to see 1 V 
dynamically successful French audio-visual 
stronger the French industry became, the larger the French 
audience would be, he said. The US would get a share or the 
larger audlep**”- Cooperative efforts between European pro- 
ducers and the US film industry were already under way, he 
ssdd. Referring to French efforts to limit US tele vision pro- 
gramming in the EU. he said that new technologies “will defy 
restrictive regulation. “Barriers, protectionism, hedge rows ore 
out of place in a world of creative competition and expanding 
visual f *^' f **» He who builds walls to keep others from coming 
in. soon discovers that he has difficulty getting out,” he added. 
Nancy Dunne, Washington 

Caribbean in EU mission 

Four Caribbean prime ministers today embark on a mission to 
Europe to seek clarification on trade relations between Urn 
European Union and members of the African, Caribbean and 
Pacific (AGP) group. The mission wm meet representatives of 
the French, German, Greek and British governments and will 
express concern about the future of its European banana 
market It will also press the case of Caribbean rum producers 
who have been arguing for an increase in their EU rum quota. 
Canute James, Kingston 

Bouygues wins Nigeria deal 

Shell Nigeria has awarded a 3158m turnkey contract to Bouy- 
gues Offshore as part of a project to rebuild its Forcados oil 
terminal near Warn. Forcados was built nearly 25 years ago 
and the terminal and surrounding infrastructure is due to be 
modernised at an estimated cost of ftOOm. The work will be 
carried out in phases to minimise disruption to production and 
export at the terminal, which handles just under half of Shell 
Nigeria’s oil output 

Shell is the operator and 30 par cent equity partner In a joint 
venture in which the Nigerian National Petroleum Corpora- 
tion (NNPC) holds 55 per cent Elf Aquitaine 10 per cent and 
Agip 5 per cent. Paul Adams, Lagos ■ < 

■ Ikarus, the state-owned Hungarian bus manufacturer, has 
signed a contract to supply 400 buses to Indonesia, its biggest 
order from the country so for. The buses, to be used for city 
bus services, are due to be delivered by August of next year. 
The deal has been under discussion lor two years. Ikarus. one 
of Hungary’s largest companies, was badly hit by the collapse 
of Comecon, the former East bloc trading organisation, but in 
the past four years has successfully penetrated new markets 
in the Far East and western Europe* Virginia Marsh, Budapest 

■ Malaysia's Golden Hope Plantations is negotiating to set up 
its second palm oil refinery in China. Golden Hope’s first 
refinery in Jiangyin City will be operating by 'August 1995. 
Reuter, Lumpur 

■ Glaxo, Europe’s biggest drug company, has opened an office 
in Rangoon to help Burmese hospitals conduct research pro- 
jects. Glaxo has branches in 70 countries and is marketing Its 
products in 150 countries with total sales anw iupti » g to $!L6bn 
in 1993-94. Cfat Tun, Rangoon 



FINANCIAL TIMES 

EAST EUROPEAN MARKETS 


Reliable , comprehensive and objective - East European Markets, the twice monthly 
newsletter covering the rapidly changing emerging markets of Central and Eastern Europe 
including Russia and the rest 0/ Hie former Soviet Union. 

To recant a FUSE sample copy cmtacl: 

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FINANCIAL TIMES 
V tnlette n 

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If the 

raulixEss arc 
being destroyed 
the nee of thousands 
decs a minute, how can planting 
just a handful at seedlings nuke a difference? 

A WWF - World Wide Fund For Nature Dec 
mitserjr addresses some of the problems facing people 
tint can force them to chop down trees. 

Where hunger or poverty is the underlying cause 
of deforestation, nc can provide ftuit trees. 

The wHagns of Mugunga. Zaire, for example, cat 
papaya and mangoes from WWF trees. And rather than 
having to sell timber to boy other food, they can now 
sell the surplus huh their nursery produces. 

Where trees are chopped down for firewood. 
WWF and tire local people can protea them by planting 
tax-growing varieties to form a renewable fuel source. 

This is particularly valuable in rise Impenetrable 
Forest. Uganda, where indigenous hardwoods take 
two hundred years to mature. The Ihm 

trees planted by WWF and local villages can be 
harvested within five or six yean of planting. 

Where trees are chopped down to be used for 
construction, as in Panama and Pakistan, we supply 
other species (hat arc OS-growing and casSy replaced. 

These nw nurseries are just pan of the work wc 
do with the people of the tropical forests. 

WWF sponsors student} from developing comma 
On an jgroforcscry course at UPAZ University in 
Case Rica, where WWF provides technical advice on 
growing vegetable and grain crops. 


Unless 
is given, 
is exhaosred 
quickly by “slash 
and burn" forming methods. 
New tiaas of tropical forest would then hmc 
to be deared every two or three years. 

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

In La Pfanada, Colombia, our experimental form 
demonstrates bow these techniques can be used to 
grow a family’s food oo a small four hectare plot, 
(lutead of dealing the usual ten hectares of forest.) 

WWF Mdwoikets are now invoked in ova 100 
tropical forest projects in 45 countries around the world. 

The idea behind all of dus work is that tire ose of 
natural resources should be roscunaUc. 

WWF is ofiing for the rare of deforestation in die 
tropics in be halved by 199S, and for time to be no 
net deforestation by the end of the century 

Write to the Membership Officer at the address 
bekrw to find oat bow you can help us ensure tint 
this generation docs not continue to steal nature's 
capital from the next. It could be with a donation, 
or. appropriately enough, a legacy: 


(6i 


WWF Watt YWs Fund Fa Naue 


In Km an on a] Secretariat. M96 Gland, Switzerland. 


FOR THE SAKE OF THE CHILDREN 

WE GAVE THEM A NURSERY. 


0 mm 

■ : *4 ' tT. 

54 % of Chief Exeuthres bi 

If you want to maefi tWs Important audence, and decision makers worldwide 
please cal: 

Bna Pto In Copenhagen Kbsty Saunders to London 

Toe +45 33X34441 Tofc +44 071 8734823 

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FINANCIAL TIMES THURSDAY SEPTEMBER 29 1 994 


9 


NEWS: UK 


New Range 
Rover aims 
for luxury 

By Kevin Done 

Land Rover, the leading 
European, maker of four-wheel- 
drive sports/utility vehicles, is 
moving into new territory with 
the launch today of a new gen- 
eration Range Rover. 

Developed in a four-year. 
ESOOm investment programme 
as a luxury flagship for the 
Rover group, the new Range 
Rover is aimed at moving the 
company into direct competi- 
tion with established luxury 
car producers such as Merced- 
es-Benz, Jaguar, BMW and 
Lexus (Toyota). 

“The major business oppor- 
tunity is to appeal to a much 
wider group of traditional lux- 
ury saloon own be," said Mr 
John Towers, Rbver group 
rhfaf executive. * 

The only vehicle 
to have been ea 
Louvre in Paris 
art, the Range Ro 
in 1970, is already,^ bUWB1 v 
the world motor industry - 
executive/luxury mr with i 
ished wood trim tut with the 
capability of cro sing fields, 
streams, deserts a d jungles. 

The off-road cipability is 
being maintained, but Land 
Rover has spent heavily to 
develop the new Isnge Rover’s 
on-road credeniia ; as a luxury 
car. 

Priced betweed £31,950 and 
£43,950 and with top speed of 
125mph (2Q0kp 
Rover is being 
head-on compe 


the world 
at the 
a work of 
launched 
a classic in 
an 
pot 


of luxury cars 
jaguar XJ 
terday, the 
Mercedes-Benz) 
and the Lexus 
The new line) 
menl in a strat 
oped by Rover! 
BMW of 
this year, wi 
than double 
(faction by 
Productioi 
reach a : 
is forecast tol 


the Range 
mnched as a 
for buyers 
as the new 
unveiled yes- 
7 Series, the 
and S-Class 


only one ele- 
being devel- 
subsidiary of 
since early 
Eh could more 
Rover pro- 
late 1990s. 

expected to 
1 85,000 this year, 
100,000 for 
the first tonkin 1995, as sales 
are boosted the launch of 
the new Race Rover and by 
moves into ew markets. 

land Rovjr is also develop- 
ing a rangfof smaller Land 
Rover vehi 4 es as part of the 
group’s ElJbn, five-year new 
model faveanent programme. 


Pergau dam companies censured 


By James Btflz 

The government yesterday censured 
three of Britain's leading industrial 
companies for their role in helping to 
build Malaysia's Pergau dam, while 
playing down the part played by Mrs 
Margaret ’Thatcher (now Baroness 
Thatcher), the former UR prime minis- 
ter, in negotiations over the project. 

In a formal response to a recent 
House of Commons report on Britain’s 
offer of £234m to help build the dam , it 
criticised the main companies involved 
- Balfour Beatty, Trafalgar House and 
GEC - far providing Mrs Thatcher with 
incomplete information over the financ- 
ing of the deal. 


The government did not question the 
judgment made earlier this year by the 
Commons Foreign Affairs Committee 
that Lord Younger, the former defence 
secretary, had acted in a “reprehensi- 
ble'’ way by signing a protocol on arms 
sales that committed the UK to offer 
civil aid to Malaysia. 

Responding to the committee's judg- 
ment that Lord Younger should first 
have consulted the Foreign Office, 
which is responsible for the administra- 
tion of overseas aid. the government 
merely stated that h “acknowledges the 
importance of widespread consultation 
both within Whitehall and with over- 
seas posts". 

But the six-page government 


response rejects claims made by the 
Foreign Affairs Committee that a series 
of ministerial replies on the funding of 
the dam - including one given by Mrs 
Thatcher - were "jess open and less 

informative” than the House of Com- 
mons bad a right to expect 
Instead, in 17 written responses, the 
government directs dear criticism at 
the consortium of companies which had 
advised Mrs Thatcher on how much it 
would cost them to build the dam 
before negotiations with the Malaysian 
government in March 1989. 

In its report on the affair, the commit 
tee noted that the consortium led by 
Balfour Beatty had “put pressure" on 
Mrs Thatcher to make a firm offer to 


fund the Pergau project at a cost of 
£316m. Shortly after the deal was 
struck, the cost escalated to £397m. 
This increased the cover required under 
Britain’s Aid and Trade Provision. 

The government stated yesterday: “It 
would have been helpful if the consor- 
tium had been forthcoming about the 
risks of a significant price increase." 

One of the issues at the heart of the 
Pergau affair is the allegation by senior 
UK officials that the project was an 
“abuse" or the UK aid programme 
which would spoil the Malaysian envi- 
ronment The government stated yester- 
day that the aid would produce much- 
needed peak-time power in an environ- 
mentally friendly and sustainable way." 


Inequality 
fuelled by tax, 
study shows 


By Gillian Tetf 

The distribution of wealth 
across the UK is extremely 
unequal, with most households 
having no substantial savings 
other than their houses and 
pensions, a new economic 
study has shown. 

In a farther factor that may 
exacerbate Inequalities, the 
savings of the poor are apt to 
be taxed more than those of 
the rich, the research suggests. 

The study, by the Institute 
for Fiscal Studies in London 
for the Joseph Rowntree foun- 
dation, says the tax discrep- 
ancy is due to different savings 
methods used by rich, and poor. 

According to the survey, the 
average amount of wealth held 
by households is about £3,000, 
excluding pensions and hous- 
ing. That overall figure is 
skewed by a small number of 
very wealthy individuals - 
about half the households have 
savings of less than £450, the 
report notes. 

Poorer households tend to 
attract higher taxation, primar- 
ily because their savings are 
concentrated in interest-bear- 
ing accounts at banks and 
building societies, which are 
taxed more heavily than other 
forms of wealth. 

The poorer half-of-the popu- 


lation, hold some 60 per cent of 
their assets in interest-bearing 
accounts, much of the rest held 
in national savings accounts. 
Among households with 
between £50 and £450 worth of 
savings, SO per cent of that is 
in banks or building societies. 

The richest part of the popu- 
lation holds much of its wealth 
in specialised financial assets 
given generous tax treatment 
Shares, PEPs and other invest- 
ments such as unit trusts 
account for about half the 
savings of the richest top 5 per 
cent of the population. 

The report, which drew on a 
five-year research programme 
by the National Opinion Poll, 
notes that this profile has 
shifted in recent years, with a 
fall in the proportion holding 
interestbearing accounts. 

The IFC concludes: “Stocks 
of housing and pension wealth 
are the most important - often 
only - forms of wealth for 
most households. Only the 
minority of households have 
enough liquid financial wealth 
to provide for unexpected hard- 
ship, such as unemployment, 
before they actually retire." 
The Distribution of Wealth in 
the UK: by James Banks. 
Andrew Dilnot, and Harnish 
Low. IFS, 7 Ridgemount Street. 
London WClE 7AK £& 


Rail settlement reached 


By Robert Taylor 

The deal hammered out to 
settle the 15-week rail dispute 
is expected to win overwhelm- 
ing endorsement from the sig- 
nal workers over the next two 
days. 

But members of the signal 
workers union, the RMT. are 
still threatening to bring Lon- 
don Underground to a bait for 
24 hours tomorrow. 

The package accepted by the 
union executive and negotiated 
with Railtrack, the state-owned 
company that operates the net- 
work's infrastructure, is being 
put to a telephone poll of union 
members today and tomorrow. 
The main points of the deal 
are: 

• An average increase in total 
earnings, including overtime 
and supplements, for signal- 
men of 8 per cent this year; 

• A 20 per cent average 
increase in basic rates; 

• A one-off lump sum pay- 
ment averaging £480. 

• A further 2.5 per cent 
annual pay rise fine year back- 
dated to ApriL 

The first three elements of the 
deal are linked to fnture pro- 
ductivity Improvements. TTiey 
do not include any payments 
for past efficiencies - the 
demand made by the union 
that led to the dispute. 

Mr Jimmy Knapp, the RMT 
transport union's general sec- 
retary, said yesterday the deal 
was an “excellent" one far the 
signal workers as well as being 
a “sound investment for Rail- 
track and the railway industry 
generally. It is a victory for the 


replaces Sir Paul with Sir Colin 



Sr Co 

b uilding 

the 
ety, is 


. chairman of 

Redland and of 

iwide Building Sod- 
add to his list of 

Ips that of Glaxo, 

itical company. 

Ilin, 63 next month, 

Paul Girolami who 

the agm on Novem- 

ber 18/The changeover will 
take puce on May 17 next year 

when Sir Colin retires from 

EledlWi after 30 years there. 

Bori into a wealthy Scots 
famiH Sir Colin (right) has 
bad a stellar commercial 



A welcome for 
Coats] Walls 

i 

Wellcome hfrs found a finance 
director almost four months 
after the mt man in the job, 
John Precious, said he was 
leaving “to/pursue other oppor- 
tunities”. i 

The new incumbent is Rus- 
sell Walls (from Coats Vlyella. 
Walls has-been group finance 
director at' Coats for four years 
during which time he helped 
transfonuthe reputation of the 
company, In the City by adding 
an unprecedented level of 
opennest to the company’s 
accounts' 

Earlier this summer he and 
Coats swept the board at the 
first Investor Relations awards 
for best results presentations. 

Walls leaves the textiles 
industry after almost 30 years. 
After graduating from Glasgow 
University in pure science, he 
joined Coats Pa ton in 1966 at 
the age of 22. He held a variety 
of posts In the UK and over- 
seas before Joining the main 
board in 1990. 

He joins Wellcome at a 
tricky time; chairman and 
chief executive John Robb has 
come under pressure for hold- 
ing both posts, and the com- 
pany's second biggest product. 
Aids drug Retrovir, has had 
mixed fortunes in long-term 
clinical trials. 


career largely in construction 
and finance. He is now firmly 

part of the establishment with 

among other things, director- 

ships of the Bank of England 
and of S.G. Warburg, the mer- 
chant bank. 

He trained as a barrister 

before joining construction 

company Taylor Woodrow as a 

director at the age of 30. 

Within three years he switched 

to building materials company 

Redland, moving through the 

post of managing director of 

Redland T3es in 1967, becom- 


Meanwhile, at Redland, Sir 
Cohn is to be replaced as 

non-executive rjmtrman by 

Rudolph Agnew (left), 
chairma n mid chief executive 

of Consolidated Gold Fields 

between 1983 and 1989. 

Agnew has plenty of 
experience of construction 

markets and was previously 
chief executive of ARC which, 

like Redland, is a large British 

supplier of aggregates- He is 

currently chairman of Lasmo 

and Sterna Sealink UK. 


■ After a year-long search, 
Thames Water has appointed a 
managing director for its 
international contracting and 
consulting arm. 

Tony Eckford, a qualified 
engineer and deputy chairman 
and chief operating officer of 
the process and energy divi- 
sion of construction group 
Amec, will take over from 
next month. 

Eckford will be expected to 
continue the process begun by 
Thames's chief executive, 
Mike Hoffman, of bringing 
together the company’s non- 
regnlated international busi- 
nesses into one division. 

Thames, like other water 
companies, been pursuing 
international contracts to 
operate waste and water 
plants as a way of building 
nun-regulated income. The 
company is particularly keen 
to strengthen its presence in 
the Far East, Sooth America 
and, eventually, eastern 
Europe. There, the pace of eco- 
nomic activity is creating 
increased demand for water 
and waste services. 

Thames found the search for 
an international managing 
director difficult- It has been 
Raced to pay a generous remu- 
neration package, including 
performance-related bonuses 
and share options. Eckford 
will be on a rolling contract of 
at least two years. 


fag chairman and chief execu- 

tive of the whole company 
from 1977. He built a reputa- 

tion for innovative energetic 
management and an ability to 
pick able associates. 

His appointment ends a long 
search by Glaxo for a non-exec- 

utive chairman to work along- 
side deputy chairman and chief 
executive Sir Richard Sykes. 
Sir Cohn's salary, of around 

£200,000, is a fraction of the 

£1.4m package Sir Paul was 

paid in his last year as execu- 

tive chairman. 



Finance moves 



Hilary Wild, 45, who has been 
with Klemwort Benson Invest- 
ment Management since 1990, 
has been appointed managi n g 
director of Klemwort Benson 
Charities, the firm's fund man- 
agement division, where she 
will be responsible for manag- 
ing funds in excess of £500m. 

Wild's career is evidence 
that being a chartered accoun- 
tant does not necessarily lead 
to a dull life; die spent time in 
Greece - between 1981-84, as 
country representative for 
Marine Midland bank - and 
New York, where from 
1986-1990 she was chief of 
finance at the United Nations 
Children’s Fund. 

At UNICEF, which she found 
a very dynamic entity, Wild 
was primarily involved in 
overseeing the $350m 
short-term inv e s t m e nts of the 
organisation, as well as keep- 
ing a dose eye on cash-flows 
of the 100-plus field offices. 

Joining Klemwort Benson, 
she first was involved again in 
shipping finance, before tak- 
ing over as sales director of 
leasing and asset finance. She 
became a director of Klemwort 
Benson Ltd in 1992. 

In her new role site will be 
looking after the funds of 
more than 80 medical, educa- 
tional, religious and other 
charities. In July this year 
Klein wort launched two funds. 


the Chari guard UK Equity 
Fund and the Chari guard 
Fixed Interest Fund, the first 
an index- jinke d fond, the sec- 
ond a more conventional fund 
investing in government secu- 
rities. 

■ Scott Delman, formerly head 
of emerging markets corporate 
finance at Bank of America, 
has been appointed a director 
of FOREIGN & COLONIAL 
EMERGING MARKETS. 

■ Robert Kyprianou formerly 
director of portfolio 
management at Salomon 
Brothers Asset Management fa 
London, has been appointed 
head and chief investment 
officer of KIDDER PEABODY 
Asset Management 

■ Carol Goodwin, formerly md 
Of Canada Trust ’Rank in the 
Netherlands, has been 
appointed md of GUINNESS 
MAHON GUERNSEY and 
Michael Palin, formerly south 
coast regional director of Hill 
Samuel, director of business 
development 

■ Barry Martin has been 
promoted to general manager 
for Greece for ROYAL BANK 
OF SCOTLAND, based in 
Piraeus. 

■ Bill Dootson has been 

appointed md of HENRY 
COOKE, LUMSDEN’s private 
client division fa Manchester; 
he and Martin Robinson, md of 
Henry Cooke corporate 
financ e, join the group board. 

■ GregCremen has been 
appointed a director of 
GARTMORE Capital 
Management, and Sally 
Tennant, head of the European 
equities desk, has also been 
appointed md. Diane Wilde has 
been appointed a director of 
Gartmore Scotland. 

■ Patricia Maxwell-Arnot 
formerly a director of Lazard 
Brothers and bead of its 
European desk, has been 
appointed director of European 
equity investment at CREDIT 
SUISSE Asset Management 



Toiy Andrew 

Robert Horton: “An agreement to modernise working practices" 


steadfastness of the signal 
workers." 

Rail track's chairman, Mr 
Robert Horton, said: “At test 
we have reached an agreement 


to modernise the working prac- 
tices fa the railway industry. 
The essentials of tins package 
have been on offer the RMT 
executive since June." 


Britain in brief 


. ** ■« ■ JtY~* ' ■*'. ■ • , 



Ministers set 
to review 
energy trust 

Ministers will shortly be 
considering options for rescu- 
ing the troubled Energy 
Savings Trust, a central com- 
ponent of the government's 
energy-efficiency policy. 

A report by officials from 
the Treasury, the Department 
of Trade and Industry, and the 
Department of the Environ- 
ment on a review of the trust's 
long-term funding is 
understood to be near comple- 
tion. 

The trust's £700m budget up 
to the year 2000 was supposed 
to be funded by levies on gas 
and electricity consumers. But 
this year the gas industry reg- 
ulator stymied the scheme by 
refusing to authorise a levy on 
the grounds that it was a form 
of taxation. 


Rescue for new 
private hospital 

A private hospital set up to 
cater for patients from over- 
seas has been saved from the 
brink of receivership by its 
bankers and by the Scottish 
Office only three months after 
it opened. 

One lender to Health Care 
International, a £180m hospital 
at Clydebank near Glasgow, is 
understood to have become 
alarmed at the small numbers 
of patients being treated in the 
hospital. The consortium of 
banks agreed two weeks ago to 
advance more money and the 
Scottish Office speeded up pay- 
ment of a grant to ensure the 
company's survival. 

HCI is now attempting to 
raise a farther £l5m in equity 
by October 14 in order to reas- 
sure the banks. 

The 260-bed hospital offers 
aente treatment to patients 
who are unable easily to obtain 
treatment fa their home coun- 
tries and who cannot afford to 
go to the US for treatment. 
Some £29m fa public funding 
has been paid or committed to 
the project. 


Scrabble at 50 as 
Saga cuts age limit 

Yon no longer have to be 60 to 
play scrabble with pensioners 
fa Torquay, roll your woods 
along the bowling greens or 
Bournemouth or to go ball- 
room dancing on the cruise 
ship Canberra. 

Saga, the travel group which 
sells holidays to pensioners, is 
breaking with a 45-year tradi- 
tion and lowering the mini- 
mum age of its customers from 
60 to 50. 

Mr Roger De Haan, Saga's 
chairman and the son of its 
founder, said yesterday he had 
originally opposed the change 
but had accepted that his 
group should cater to the 
growing number or pensioners 
under 60. 

The change will lead to a 
large Increase in the size of 
Saga's market. There are 1 2 m 
UK residents over 60 and a 
farther 6m between the ages of 
50 and 60. 

Mr De Haan said: “I reckon 
there are going to be 6m 
deeply depressed people con- 
templating the thought that 
they qualify for Saga holi- 
days." 


Discount airline sales 
may get rules leeway 


The Civil Aviation Authority is 
considering scaling down plans 
to regulate airline ticket 
“bucket shops”, which sell air- 
line tickets at a discount, in 
spite of support for tougher 
legislation from consumer bod- 
ies, trading standards officers 
and tour operators. 


Satellite group aims 
up-market 

Eutelsat, the European satel- 
lite organisation, is planning 
to target the UK market in a 
campaign designed to take sat- 
ellite television more cp- 
markeL 

Until now the British mar- 
ket has been dominated by the 
channels on the Astra satellite 
system, particularly the sub- 
scription channels of British 
Sky Broadcasting. 

Eutelsat hopes to use new 
English language channels on 
its Hot Bird satellite, due to be 
launched at the end of 
November, to reach UK view- 
ers. 


Telecommunication 
professionals find 
Singapore engaging. 

See what holds 

your attention. 

The Asia Telecom Show *93 won't be the only successful convention that showcases Singapore as Asia’s leading 
meeting destination. Each month there are new exhibitions, new conferences and new meetings where you can 
exchange the latest on your industry or products. Not to mention a whole new world of entertainment in the city 
where the best of the East and West come together. Convention City Singapore. Your direct line to the world. 

xg- 


CONVENTIONS 1995 

□ 24-26 January 1995 
CINEASIA ’95 

□ 14-16 February 1995 
Trenchless Asia *95 

D 21-24 February 1995 
1st International 
Conference on Power 
Electronics & Drive 
Systems (PEDS *95) 

□ 23-26 February 1995 

1 1th World Congress on 
Paediatric and Adolescent 

Gynaecology 



□ 1-3 March 1995 
International Power 
Engineering Conference 
(IPEC ’95) 

□ 14-15 March 1995 

Pacific Rim Pest dr 
Weed Control Expo & 
Conference "95 

□ 19-23 March 1995 
JUVDT World STD/AIDS 
Congress 1995 

□ 24-26 March 1995 
2nd Singapore 
International Orthodontic 
Congress 

□ 30-31 March 1995 
SIBCON *95 - 7th 
Singapore International 
Bunkering Conference 


EXHIBITIONS 1995 

□ 10-12 February 1995 
Singapore Taisei 
International Coin 
Convention & Exhibition 

□ 14-16 February 1995 
World oFConcrete Asia ’95 

□ 21-24 February 1995 
Plastics Technology Asia *95 

□ 7-9 March 1995 
SEMICON/Tcst, Assembly 
& Packaging ’95 

□ 23-26 March 1995 
Golf Asia VS 

Q 29-31 March 1995 
Interdean Asia 


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IVec tend mr 

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0 ihc Singapore Contention S' Eihtbilion 
Calendar 

Name 

Title; 


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Far. 


AIT SWIM IT 


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lit Rod. Cunnidon House, 

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London WIR 5 PE. 

United Kingdom, 
hat: (071) 7*4 2 111 



Where the world comes together. 


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FINANCIAL TIMES THURSDAY SEPTEMBER » »«* 


NEWS: THE EUROPEAN PENSIONS RULING 


Court ends wait 
after four years 


By Norma Cohen, 

Inv estm e n ts Corespondent 

Employers throughout Europe 
have been awaiting: the defini- 
tive word on sex equality in 
pensions for four years. 

In May 1990 the European 
Court of Justice ruled in the 
landmark Barber v Guardian 
Royal Exchange case that pen- 
sions are a form of deferred 
pay. 

Article 119 of the Treaty of 
Rome, d ealing with sex dis- 
crimination by employers, says 
men may not be paid more 
than women, or vice versa. But 
women's pension entitlements 
have traditionally been higher 
th an men's because they have 
usually been allowed to retire 
earlier - although women are 
typically paid less than men. 

But the court gave no guid- 
ance on how employers were to 
carry out its judgments, and a 
series of cases came before it 
European employers, partic- 
ularly those in northern 
Europe with big occupational 
pension schemes, have waited 
for a series of decisions which 
could cost them billions. 

Yesterday the court put to 
rest most of the outstanding 
issues and, for the most part, 
provided answers likely to 
limit the cost to employers of 
equalising pension benefits. 

But the court made one rul- 
ing that surprised pensions 
consultants, opening a loop- 
hole allowing elements of 
inequality to continue in the 
calculation of benefits. 

In the Coloroll case the court 
ruled that employers could 
continue to rely on “sex-based 
actuarial rates’ 1 for the calcula- 
tion of transfer values and 
commutation values for those 
leaving the scheme. These take 
into account an actuarial 
assumption that women out- 
live men and will give rise 


to lower payments for men. 

Mr Martin Miles, pensions 
consultant at the actuarial 
firm of Bacon and Woodrow, 
said: “To some extent, this 
would seem to make a mockery 
out of equalisation." 

But commentators felt that 
in other respects women had 
not benefited from yesterday's 


sion schemes is frequently sex 
discrimination and should 
have ppded the practice long 
ago. 

The court ruled that part- 
time employees can claim ret- 
rospective benefits in respect 
of periods of employment dat- 
ing back to 1976. 

Hat jud gment hafi produced 


The European Court of Justice 
yesterday gave its eagerly awaited 
rulings on six cases which are 
expected to form a definitive 
framework under which employers and 
scheme trustees can provide equal 
pensions for men and women. 

FT Reporters analyse the decisions 
and reactions to them 


AH w cases hvohe issues of sex equafty b 
pension schemes arising from the European 
Court’s May 1990 bndmafr decision b Barber v 
Guerdfan Royal Exchange - that Commtaitty 
rnfea outlawing pay db akn awH on between men 
and women appfed to benefits under private 
occ upa tional pension schemes and that retire- 
mart ages should be equafeed. h the Dutch Ten 
Qever case last year, toe court ruled toe Barber 
judpnent dfd not apply ratroapeetiuely. The out- 
standing issues woe settled by. the court yestar- 


COLOROLL 

Trustees of toe pension schemes of Cotaroft, the 
UK watfeaper and home furnishings group which 
collapsed b 1390, have been unable to wind up 
the schemes because of uncertainty as a resuft 
of Berber. The trustees adoad the European 
Gout several questions: 

Qt fin pension scheme trustees bound by the 
equal treatment pri nd pte a set out in Barber, or 
Just employers? 

Ac Trustees are bound to apply the equal treat- 
ment nJes. 

Q: Where pensions are received ae a lump sum 
funded by contrtoutioos from, employer and 
worker and are used to buy an snmrity, is ft OK 
for employers to malts equal contributions for 
men and women or must the employer ensure 
I equal benefits? Should trustees have regad to 
actuarial factors showing women Eve longer than 
men when calculating contributions and benefits? 
A: Equal treatment rules are. satisfied provided 
employers pay equal contributtons. The use of 
actuarial factors varying according to sex is not 
covered by the Europerai equal treatment rufea. 
Cfc In equaling pensions are trustees aflowed to 
equaftse dawn the benefits of men and women? 


THE SIX CASES' 

Do they have to improve benefits tor-men accru- 
ing between May 1990 and whatever data, toe 
ccnyany took action to btobmwi t equal pension 
rights? 

A: Yes and Yes. 

Q: In men-oitty schemes, can men damr 
improvad bensfts they might have expected as a 
resuft of the Berber judgment If there had bean: 
woman members? 

A: No. - - 

SMITH v AVDS. SYSTEMS. 

A test case brougrt by five women, backed by - 
the Equal Opportunities Commission, who 
worked for Avdel Systems an engineering com- 
pany based in Wefwyn Garten Cfty. Herts. They 
were among 79 who brought dates before toe 
industrial tribund compteksno they wtn finan- 
dafiy worse off by toe raising in July 1991 of 
their reftement age from 80 to 65 faftoedng the 
Berber n£ng. 

Cte The court was asked whether ft was teg ft fanate 
for e mp faycr a to worsen pensfon provision for 
women in equafiefog pensions? . 

A: For periods of service after jm pie nMn tatton of 
equal pensfon rights, arap!ayera may raise toe 
retirement aga of women to that erf men worsen- 
ing their pension provision. Thb may not be . 
softened by ancSay measures designed to nren- 
teisa the adverse consequences. For periods 
between May 1990 and implementation of equal 
pension rights, advantages enjoyed by women as 
a result of lower retirement, sge may not be 
reduced. 

VROEGE V NCIV 

A Dutch case about rights of access to pension 
schemes by part-time workers. 

Q: Do the European equal tre at ment rules apply 


to acces s to pension' schemas and, if so, i s the 
right ftnfted fn time to the data o* the Barber 
judgment? 

Ai Yes. The right is not time limited by the 
Baber judpnant and stretches back to April 
1976. 

RSSCSBl V VOORHUIS HENGELO 
Another Dutch case on a sbriiar point 
€t Dathe.equripayruies apply to access to a 
pension . scheme which excluded married i 
women? 

if a worker can join a scheme retroactively must 
she pay baefc-eomributfora if toe scheme is a 
. contributory sch eme? 

A: Yes. That right Is not firwted in time to the 
date of the Berber judgment If a worker wishes 
to join a scheme retroactively she must pay 
contrfoutlone covering that period.' ' 

VAN DEN AKKER v SHBJ. . 

In 1986 Shaft equalised retirement ages at 05 but 
said it would protect pension rf^rta of existing 
women sefeme members by aBowing them to 
keep a-penstaosbte age of 60. 

Cfc After the data of the Barber judgment was ft 
legal for women', to continue to enjoy batter 
benefits than men; and can companies ring fence 
and protoetthe rights of existing member s at a 
pensfon schema ta this way? 

A: Na For periods between the- Barber judgment 
and eq ual i sa tio n ^ condtfons .tor male workers 
wodd have to be improved. 

ABPvBEUME 

Q to the Dutch dyf service occupational pensfon 
scheme covered iiy the aqua! tre a tm e nt rules? 

Ae Yes. It b not- permiseUe tor such e scheme to 
di s crimina te against ma rrie d men. 


r uling s- Mr John fi imWff e, part- 
ner at solicitors McKenna and 
Co and lead lawyer for one of 
the cases, said the general 
effect of the sex equality rul- 
ings hari been detrimental to 
women. He said: “These judg- 
ments have had the effect of 
reducing benefits for that por- 
tion of the population which is 
the lowest paid anyway." 

fn the UK between 80 per 
cent and 90 per cent of pension 
payments are made to men. 

One element of the ruling 
has significant Tm ptinatirtng for 
employers, particularly in the 
UK, Ireland and Germany. 

The court ruled that employ- 
ers will have to admit part- 
time workers to pension 
schemes if barring them consti- 
tutes an indirect form of dis- 
crimination. The court said 
employers had known since its 
judgment in 1976 that hairing 
part-time workers from pen- 


howls of outrage from 
employer groups. They say 
that their provision of pension 
■a-hpmw is voluntary and that 
there is no point in forcing 
them to bear higher costs. 

But pensions lawyers and 
actuaries say the cost of the 
r uling may not be nearly as 
much as might appear. Mr 
Cunliffe said: “These cases win 
have to be tested before the 
courts in each member coun- 
try" 

The judgment says article 
119 of the Treaty of Rome “is 
contravened only if the exclu- 
sion affects a much greater 

rnimhcr of women than men, 

unless the employer shows 
that it may be explained by the 
objectively justified factors 
unrelated to any discrimina- 
tion on grounds of sex’*. 

Thus, part-time workers win 
have to ask a court to deter- 
mine whether the employer 


has had an “objective justifica- 
tion” for barring tham from 
schemes. In the 1976 case an 
which the court based its ini- 
tial decision the employer 
argued - and the court 
accepted - that part-timers 
were barred from the scheme 
because they had less commit- 
ment to the company and the 
employer wished to discourage 

hiring thorn 

Mr Cunliffe said: “I think it 
win be very different as a prac- 
tical matter to convince UK 
courts of that” However, the 
presence of large numbers of 
foil-time women in the pension 
scheme or large numbers of 
men among the part-timers 
would certainly aid an employ- 
ers' case. 

Mr Cunliffe said it appeared 
unlikely that part-timers would 
take up the option to partici- 
pate in a contributory pension 
scheme, even if they were 


offered it He said: “Most part- 
timers are not going to want to 
join their pension scheme 
because their pay is so low in 
the first place.” 

Mr Roger Key, partner at 
consulting actuaries R. Watson 
and Co, said the biH for retro- 
spective benefits for part- 
timers could be as high as 
£10bn in the UK. 

As a practical matter, how- 
ever, most of that liability 
occurs in contributory schemes 
and the court yesterday ruled 
that any employee wishing to 
claim retrospective benefits 
would have to pay retrospec- 
tive contributions. Mr Key 
part-time workers were 
unlikely to have the sums nec- 
essary to buy retrospective 
benefits. 

Without the contributory 
schemes, Mr Key estimates UK 
employers' liability for retro- 
spective benefits at £lbn to 


£2bn. He added: “However, 

that is ivm/wih-a^ amnpg a 

relatively s mall number of 
employers.” 

About 20 per cent of the UK 
wor k force is part-time, concen- 
trated in banking, financial 
services and retailing. Many 
big UK supermarket chains 
have started admitting part- 
timers since the key sex equal- 
ity ruling in May 1990 - Marks 
and Spencer has done so since 
1975 - but employers in those 
sectors could still be hit with a 

significant bill 

Mr Key said employers 
might be stole to argue objec- 
tive justification in barring 
part-timers because of adminis- 
trative costs. Fart timers, he 
noted, had rapid job turnover 
and frequent changes in the 
numbers of hours worked each 
week. The costs of administer- 
ing pensions could be so great 
it would be unreasonable to 


force employers to include 
than in a scheme. 

Pensions consultants pointed 
out that employers. In other 
European Community states 
could face a significant bill- In 
the Netherlands, for instance, 
just oyer titan 30 per cent of 
the workforce is part time and 

much of that is fanalp 

Mr Bob Bunidch, a director 
at actuarial consultants Wil- 
liam M. Mercer Riedmulder in 
Amsterdam, said about half of 
Dutch pension schemes did not 
require worker contributions 
and most of these schemes 
excluded part-timers. 

He said: “The Dutch pension 
funds feel that if the femal e 
workers have to pay for the 
retrospective benefits they will 
not claim them.” 

the estimate of the cost to 
employers of part-time workers 
in non-contributory schemes is 
DFllbn. 


Employers fear backdated costs of up to £7bn 


By Ronald van de Kixri 
ki Amsterdam and 
Nicholas Denton 

Employers reacted anxiously 
to yesterday's ruling by the 
European Court of Justice that 
female part-timers could claim 
pensions retrospectively if they 
had been excluded from com- 
pany schemes. 

"The costs are substantial," 
said Mr Robbie Gilbert, 
employment affairs director of 
the Confederation of British 
Industry. 

The CBI highlighted a gov- 
ernment actuary’s report that 
backdated pension demands by 
part-timers could alone cost 
companies and their pension 
funds about £7bn. Beyond that 
there is the administrative 
expense of tracing employees 
who might have left a com- 
pany nearly 20 years ago. 
“There is a practical difficulty 
of tracking people down,” said 
Mr Gilbert. 

Analysts have stressed that 
the numbers represent a theo- 
retical maximum. Mr Paul 
Moloney, pensions officer of 
the GMB general union, went 
further and yesterday 
described the £7bn figure as 
“nonsense”. He added: “U 
employers had been prudent 
over the last few years and set 
aside some of the pensions sur- 
pluses they reaped then there 
would not have been any 
costs." 

Anxiety in business remains 
nevertheless. Ms Hilary Lan- 
gley of Watson consulting actu- 


Part-^ime workers across 


r ' ."?*»»• "a » 



aries said: “People are very 
concerned by the judgment It 
will be a nasty knock for 
employee pension schemes.” 

The strongest reaction to the 
European Court’s move came 
from the UK but the Nether- 
lands, with one of the highest 
rates of part-time working in 
Europe, was also affected. 

The Netherlands’ VB associa- 
tion of corporate pension funds 
said the change could cost 
Dutch pension funds up to 
FU.2bn (£436m). At least 


100,000 workers, and perhaps 
as many as 165.000. may have 
been excluded from their com- 
panies’ pension schemes in the 
Netherlands because they 
worked part time. 

The Federation of Nether- 
lands Industry noted reports 
that the statute of limitations 
of each individual country 
would apply. In the Nether- 
lands. employees have five 
years to claim back pay from 
an employer. With the Euro- 
pean Court equating pensions 


with pay, the same five-year 
limitation might apply to pen- 
sion rights, reducing the bill to 
industry. 

Business sectors responded 
to the resolution of the court 
cases with varying degrees of 
anxiety. “The burden will not 
fall evenly," said Mr Gilbert of 
the CBI. “The main burden 
wQl fall on those companies 
with relatively high numbers 
of part-timers.” Retailing and 
financial services would be 
hardest hit 


"It's not very good news," 
said Mr Nick Bubb. retail sec- 
tor analyst at US investment 
bank Morgan Stanley. “If it 
became law it would have a 
very significant Impact on food 
and food retailing." 

Part-time workers make up 
40 per cent of staff costs in 
non-food retailing. Mr Babb 
thought a retailer such as WJL 
Smith, with a large pensions 
surplus, could afford to finance 
back pensions better than 
some of its competitors. 


Kingfisher, the retailing 
group, said its scheme was 
open to part-time employees 
but only to those working 16 
hours or more a week. “That is 
not fixed," said Mr Peter 
Styles, group benefits man- 
ager. “We are looking gradu- 
ally to ease that” 

Kingfisher has a contribu- 
tory scheme and therefore 
could expect that employees 
would be cautious about mak- 
ing the retrospective contribu- 
tions that would entitle them 
to retrospective pension pay- 
outs. 

A manager at one Dutch 
company in the catering busi- 
ness said: “It’s not good for 
business if we’re confronted 
with surprises dating back 
from the 1970s. The ruling 
would effectively be rewriting 
the pay-and-conditions agree- 
ments we signed 20 years ago.” 

Most UK retailers played 
down the impact the European 
Court’s verdicts would have, at 
least on their pension funds, if 
not on their competitors. 
Tesco, the food retailing chain, 
said its non-contributory pen- 
sion scheme had been open to 
all part-timers for several 
years. 

Marks and Spencer said the 
decisi o n would have no impact 
on its provision of pensions for 
part-timers. M&S opened its 
scheme to part-timers in 1975 
while the court ruling only 
addresses the period after 1976. 
“I could see that for other com- 
panies it might make for finan- 
cial difficulties,” said Mr John 


Peachey, group pensions man- 
ager. “It does not matter for us. 
We are lucky in that respect 
because we grasped the nettle 
many years ago." 

Vender, the leading Dutch 
non-food retailer, said it expec- 
ted to feel only limited effects 
from the ruling, in spite of the 
large number of part-time 
workers in its workforce. Until 
the Barber case in 1990. 
part-time employees who 
worked less than 840 hours a 
year were excluded from the 
company's pension fund. “All 
our part-timers are now in the 
pension fund and have been 
since 1990,” the company said. 
“We don’t expect any great 
interest among people who 
worked just a few hours a 
week In the past to pay. the 
premiums that would allow 
them to draw a pension." 

Trade unions such as the 
GMB and MSF welcomed the 
ruling on part-time workers. 
“We have always said that 
part-timers have a right to join 
a pension scheme and it makes 
sense that it is backdated," 
said Mir Moloney of the GMB. 

But employees' organisations 
criticised the decision of the 
European Court that 
equalisation of pensions could 
in some circumstances involve 
the worsening of terms for 
women. “When people speak of 
a £7bn cost to employers on 
the issue of part-time workers 
they fail to realise that compa- 
nies are going to save many 
times that on the second rul- 
ing,” said Mr Moloney. 


Analysts 
beg time 
to digest 
judgment 

By Nicholas Denton, John 
Ridding and Lionel Barber 

An 84-page court judgment 
takes a good while to come 
through the fax machine, let 
alone to digest Many compa- 
nies. trade unions, pension 
funds and associations there- 
fore reserved comment yester- 
day. “We have to study the 
document carefully," was a 
typical remark. 

The European Commission 
was a prime example. It noted 
that several provisions of a 
July 1986 directive providing 
for equal treatment for men 
and women in occupational 
social security schemes, were 
now inoperable. As a result, 
the commission would propose 
certain charges. 

But beyond that Brussels 
declined to comment The com- 
mission statement resorted to 
the time-himoured formula: 
officials would have to study 
the judgment in detail. A fuller 
response is .only planned foe 
next Monday. 

The private sector, even in 
the countries most affected by 
the court's njing, was no more 
prepared. Tie benefits officer 
of one tearing UK retailer 
admitted: T haven't even 
heard of it" The London stock- 
market was largely oblivious 
to the event One retail analyst 
at an inlernaional investment 
hank describe! the whole sub- 
ject as “rather arcane". He said 
it was only ysterday morning 
that any of tie firm’s equity 
salesmen had questioned him 
on the issue. 1 guess 1 ought 
to bone up a b{," he said. 

That was ii the UK, the 
European corntry with the 
most developed- and exposed 
- private penaons industry. 
Some other Evropean coun- 
tries respondec to the Euro- 
pean Court jidgment with 
what amounted o inHiffiPWMw 
Hie dominant ^ntiment was 
that the chang e h the law was 
“nothing to do wth us". 

The BOA fedeal employers 
association in Germany said 
the ruling wouH have less 
impact in German than in the 
UK, but were relutant to com- 
ment in more defaL 
The French gbvrnment and 
employers said the ruling 
would have little Implication 
for their pensioi schemes, 
mainly because met pensions 
are covered by thi state sys- 
tem. The Ministry of Health 
and Soda! Affairs said that 
under existing pensins legisla- 
tion there was no dscrimina- 
tion between parttime and 
full-time employes, nor 
between male am female 
retirement conditions 
“I do not see that hese rul- 
ings will affect our existing 
system: it is not 'eally a 
French issue,” Raid ai official 
at the Patronat employers’ fed- 
eration. He said, howeier, that 
reforms of the state system 
aimed at enabling conpanies 
to create private tension 
schemes would have b take 
account of the r ulings . 

The French government 
plans to reform the gating 
system to ease the bunhn on 
the current pay-as-you-go state 
scheme. But the reform has 
been delayed, partly became of 
political sensitivity. 

The legal change in pennons 
may not be a French issue, nor 
a German onei nor one for 
most continental Euro jean 
countries. Still, few could com- 
pete in ignorance or indiffer- 
ence with one UK retail ana- 
lyst. European Court of 
Justice? Pensions ruling? He 
asked: “What ruling?" 


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Atlanta's claim to be the capital of the booming Southeast of the US is likely to be confirmed when it hosts the 1996 Olympic Games. This survey will cover the city's oreDaratinn* fnr th» 
Olympics, including the upgrading of the City's infrastructure. It will also examine its role as an international business centre in light of the growing importance of the Southeast re|on of the US ™ 

• The FT reaches more senior European decisiorvmakers responsible for business site selection than any other English language newspaper (source: EBRS 1993). 

• For a foil editorial synopsis and details of available advertisement positions, please contact 




Melanie Burton 

Financial Times, 14 East 60th Street New York, NY 10021 Telephone: 212-7524500, ext: 125 Fax: 212-3150704 

FT Surveys 






FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 *■ 


It 


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C lub Med in Ibiza has tem- 
porarily assumed a new 
identity: the entire 1,000- 
bed operation has been 
taken over and rebranded Club 
Pepsi Max, as Pep si -Cola mounts 
what must be one of the most ambi- 
tious pan-European promotions 
ever attempted. 

A total of 1,400 competition 
winners, most of them in their late 
teens and early twenties, have been 
flown from aU comers of eastern 
and western Europe, for a week's all 
expenses-paid holiday. To get there, 
they had to be successful in a 
variety of Pepsi Max promotions, 
from finding lucky-number 
ring-pulls, to compo sing slo gans — 

the exact competition details have 
been left to Pepsi marketers in ea ch 
country. 

Prizewinners are playing 
basketball with Magic Johnson, 
receiving tennis coaching from 
former Wimbledon champion Pat 
Cash and receiving fashion advice 
from supermodels Linda 
Evangelista and Karen Mulder, who 
have all been flown in by Pepsi. The 
entire multi-million dollar event has 
been designed to complement Pepsi 
Max’s sporty positioning as a 
low-calorie cola drink for youths 
wanting to “live life to. the Max”. 

The Ibiza event, gigantic in scale 
though it is, with Pepsi «tiH adding 
up the milWons of entries to the 
promotion across Europe, could be 
the start of something even bigger 
for Pepsi's parent company, 
PepsiCo. For the US group - which 
has in its stable Pizza tiut, KFC 
{formerly Kentucky Fried Chicken), 
as well as snack foods such as 
Walters Crisps - has also used the 
event to unveil plans for European 
growth and cooperation between 
its hitherto autonomous business 
divisions. 

Using the Ibiza venue during the 
weekend before the first batch of 
hreky prizewinners arrived, PepsiCo 
invited more than 600 trade 
customers, Including supermarket, 
petrol station and leisure park 
operators, to sample Club Pepsi 
Max hospitality and to listen to 
presentations about the company’s 
plans. 

In particular, the company 
wanted to get over the message that 
PepsiCo has more to offer than a 
brown fizzy drink. 

For example, it wants to see 
petrol stations and retailers who 
may currently stock Pepsi, also 
considering their snack products 
and even wanting to site 
quick-service KFC or Pizza Hut 
outlets on their premises. 

Says Charlotte Pinder, marketing 
director for Pepsi Max Europe: 
“We've been quite poor at working 
together with some of oar sister 
companies in the past. We’ve 
always been encouraged to be 
autonomous units.” 


MANAGEMENT: MARKETING AND ADVERTISING 


PepsiCo has combined an ambitious 
promotion with a plan to squeeze 
suppliers, writes Diane Summers 

Living life 
to the Max 



Reaching new heights; Supermodel Karen Mulder is helping Pepsi's venture 


This bas had its benefits In 
encouraging competition between 
PepsiCo's businesses, but It has also 
meant, says Pinder, that best 
advantage has not always been 
taken of the “huge overlap In target 
audience" between the businesses. 

Also under-exploited has been the 
overlap between the goods and 
services purchased by all the 
separate businesses. For the last 
year, PepsiCo's European heads 
have been meeting to see what 
economies of scale across 
operations might yield. 

The target is to save $100m (£66m) 
a year across Europe, out of costs of 
about $2bn, by using tbs combined 
muscle of the separate businesses. 


All this is due to happen within a 
year. 

According to Paul Steele, 
Pepsi-Cola's vice-president, sales 
and marketing in Europe: “When 
we went through the list it was 
surprising. For example. Pizza Hut 
buys an enormous quantity of 
cardboard for ■ their boxes; 
Pepsi-Cola buys cardboard for soft 
drinks trays. We’re looking at 
whether we can leverage that 
scale.” 

The same potential economies of 
scale could apply to the purchase of 
flour, salt, spices, cooking oil and 
TV advertising airtime, say the 
heads of PepsiCo's different 
divisions. Says Steele: “The 


businesses developed very 
separately. We didn’t have the scale 
to do this before, but it has 
suddenly become a very exciting 
proposition." 

The building of this scale in 
Europe, which was outlined for the 
first time to trade customers in 
Ibiza, is intended to take PepsiCo 
over the next six years from an 
organisation which reaps SO per 
cent of Its profits from the US. to 
one which is reliant for only 50 per 
cent of its business on the home 
market 

As an example of the kind of 
growth to be expected, David 
Williams, who is responsible for 
Pizza Hut in Europe, says there are 
plans to invest over $100m in his 
operation over the coming year; 
from 1,000 units today, the aim is to 
build to 6,000 across Europe by the 
end of the decade. 

Purchasing specialists agree the 
target of glOOm-worth of savings by 
cooperation between businesses on 
purchasing - equivalent to about 5 
per cent off PepsiCo’s European 
bills - looks realistic, when 
compared with other companies' 
experience. 

Mark Half, group purchasing 
director for Smith Kline Beecham 
worldwide, and a member of the 
Chartered Institute of Purchasing 
and Supply, agrees that “you can 
generate huge benefits out of this 
kind of focus”. 

His purchasing operation has 
taken about £200m over three years 
out of about £3bn of the group's 
costs world wide. But, he warns. 
PepsiCo could discover what many 
companies have found: “Identifying 
the savings is one thing, actually 
making them happen is another.” 

Another specialist in the area 
points out: “Americans have a 
relatively naive view of what 
happens In Europe. They tend to 
believe that getting synergies 
across Europe is the same as 
getting synergies across the US. As 
well as cultural differences, there 
just aren't the integrated supply 
chains that you have across 
America. They expect Europe to be 
the United States of Europe." 

At Club Pepsi Max over the past 
few days, PepsiCo is convinced that 
it has found the pan-European 
youth dream. Consumer research 
conducted by Pinder throughout 
Europe for the promotion resulted 
in “surprise within the company 
that teenagers in different countries 
are a much more homogenous 
group than anyone had imagined,” 
she says. There was universal 
excitement among young people 
about the idea of being a star for a 
week in the company of celebrities. 

The next year will see how far 
suppliers and trade customers can 
be persuaded to share PepsiCo's 
pan-European dreams and 
ambitions. 


The fast way to a 
Japanese stomach 

Emiko Terazono explains why Pillsbury succeeded 
where others failed in a challenging market 


C racking the Japanese 

market is rfannHnp enough 
for foreign food processing 
companies at any time; doing so in 
a period when demand is sluggish 
is even more challenging. 

Pillsbury Japan, the Japanese 
arm of the US food processing 
company, has managed to clear 
both hurdles by forming business 
relationships Japanese-style and 
introducing innovative products 
at lower prices. 

The company has seen strong 
growth in Japan at a time when 
most domestic and foreign food 
companies are struggling amid a 
sluggish economy and Increasing 
competition. 

Building on its “Green Giant” 
brand canned corn, PiDsbury 
Japan has carved itself a niche in 
the canned and frozen vegetables 
market, and sales have grown 
from Y2bn (£l3m) in 1987 to 
YlObn last year. 

Part of the success, says Toshi 
Mitamnra, president of Pfllsbnry 
Japan, has been in maintaining 
good relations with its Japanese 
partners, businesses Involved in 
product distribution and PR 
companies. 

It is essential to form a strong 
relationship with a company’s 
management - even if it means 
late night drinking sessions and 
karaoke - and to involve them in 
marketing plans from an early 
stage, he says. 

This aspect of doing business in 
Japan has been the Achilles heel 
for many foreign food makers. 
Forays into the Japanese market 
by companies which tried to go it 
alone such as Borden, the ice 
cream maker and Campbell Soup, 
have failed. 

But while establishing a 
favourable relationship with QP, 
which handles its canned 
vegetable line, and Nissnl, a 
frozen foods company, which 
distributes Green Giant frozen 
vegetables, Pillsbury says it was 
careful to retain control of 
product development and the 
marketing of its brands. 

Another important factor, says 
Mitamnra, is empowerment to the 
local head from the parent 
company. 


“Japanese companies will not 
take you seriously if the local 
president is not given full 
authority over decisions.” 

Mitamnra, who gained his 
expertise in the food Industry at 
Mortaaga, a Japanese dairy goods 
maker, and Mister Doughnuts of 
the US, adds that knowledge of the 
complex distribution system, the 
speed of introducing new products 
and knowing how to handle red 
tape at the Ministry of Health and 
Welfare is also important in the 
food business. 

Once in the Japanese market. 


It is essential to 
build a strong 
relationship with a 
company’s 
management - even 
if it means late night 
drinking sessions 
and karaoke 


expanding business has also been 
a challenge. Although Japan’s 
Y32,152bn food processing market 
is one of the world’s largest, 
growth has stagnated over the 
past few years. 

Pillsbury has tried to overcome 
this by introducing frozen 
vegetable products designed for 
the Japanese market. One product 
which other frozen food 
companies have followed is the 
burdock and carrot vegetable mix, 
often used in Japanese cooking. 

The research and development 
has paid off and the company now 
has 43.5 per cent of the frozen 
vegetable market 

“Product development is always 
necessary." says Mitamnra, 
adding that there is danger in 
total reliance on the parent 
company and the brand name. 

Mitamnra says foreign food 
companies have an advantage over 
domestic companies because they 
can offer cheaper imports. 

With discounting already a 
trend in the Japanese retail sector, 
foreign companies can attract 
consumers without hurting profit 


margins by bringing in low-priced 
products processed in their 
manufacturing bases abroad. 

Lower import prices as a result 
of the yen's recent rise have 
therefore helped Pillsbury expand 
its product range in Japan. This 
month it will start offering its 
Dough Boy baking products, and 
last month it opened a food 
research and development centre 
- its first overseas technology 
centre outside the US - to target 
the Japanese and Asian markets. 

The expansion in the region 
comes at a time when growth in 
the US food market, Pillsbory's 
core market, is slowing and 
companies arc being forced to look 
for earnings growth overseas. 

The fast-growing Asian 
economies present profit 
opportunities because a company 
can develop products in Asia and 
then offer them to the growing 
Asian population In the US 

Some analysts point out the 
danger in rapid expansion in new 
areas at a time when the Japanese 
economic recovery Is at an early 
and tentative stage. 

“Although market research may 
show demand, many foreign food 
companies have found themselves 
in trouble when trying to 
introduce new products,” says 
Patricia Horvath, foods analyst 
at brokers UBS Securities in 
Tokyo. 

At the same time this is a good 
moment to invest, says Mitamura. 
Most Japanese companies are 
reducing capital investment. 
Construction orders and property 
prices arc on the decline, which 
made it easy for Pillsbury to find 
a contractor to build its new 
technology centre. 

However, he adds that the 
environment surrounding food 
manufacturers in Japan is 
becoming increasingly tough 
because of the rise in 
retailers’ low-priced, 
private-brand labels. 

“In order to survive, food 
manufacturers have two choices. 
Either become a subcontractor for 
a retail group, or become a 
man uf acturer with brands that 
offer Innovative products at 
competitive prices,” he says. 



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12 


FINANCIAL TIMES 


THURSDAY SEPTEMBER 29 •*» 


TECHNOLOGY 


. >hh' 


Vanessa Houlder examines intelligent computers in a 
series on IT innovation in the financial services sector 

New tools for 
routine jobs 


A new generation of 

computing tools is 

being pressed into 
service in some of 
the most competi- 
tive and innovative 
sectors of the frnan- 
Hnanclgl rial services indus- 
services 1 try- “Intelligent” 
IT innovation computing tech- 
■ ■ ■■ niques are designed 
to imitate human behaviour in the 
way information is sifted and 
responses made. They include neu- 
ral networks, which are intercon- 
nected computing units that loosely 
resemble the function of neurones 
in the human brain; genetic algo- 
rithms, which help find the best 
solution from large amounts of 
data; and fuzzy logic, a tool tor deal- 
ing with imprecise information. 

They are being used in a range of 
applications, including credit 
assessment, fraud detection, fore- 
casting and portfolio management 
Banks believe they have the poten- 
tial to sharpen their competitive 
edge, since their adaptability and 
skill at manipulating large amounts 
of data often surpass traditional sta- 
tistical techniques. 

Almost every large financial busi- 
ness in Europe and the US is experi- 
menting with these tools, according 
to Sergio Focardt a partner of the 
Intertek Group, a Paris-based 
research organisation which has 
conducted a survey of advanced 
computational methods in 80 inter- 
national banks. This research, in 
which banks are typically investing 


up to S3m <£L8m) a year, is viewed 
as highly promising, he says. 

Some bankers are very enthusias- 
tic. “The potential is incredible,” 
says Bill Edisbury. manager of 
emerg ing t echnology at TSB bank. 

The TSB has been experimenting 
for five years with budding models 
using neural networks' ability to 
learn from experience. TSB General 
Insurance in Newport uses such a 
model to set premiums for personal 
loan protection insurance, based on 
data from phonal unemployment 
statistics and clahna histories. The 
bank, together with University Col- 
lege London, has also exploited the 
pattern-recognition ability of neural 
networks by building a model that 
was 57 per cent successful in fore- 
casting the direction of the long- 
dated gilts market 
But for every enthusiast there is 
a sceptic. Many financiers believe 
that these computational tech- 
niques promise more than they can 
deliver. Moreover, the secrecy that 
surrounds most banks’ experiments 
in the field is believed often to hide 
disappointing results. It is a tri- 
umph of optimism over experience. 
People’s experience has been mixed 
to poor,” says one banker. 

The performance of these tools 
depends largely on where and how 
they are used. Intertek’s Focardi 
believes that the success of the 
tools in forecasting markets' behav- 
iour lags behind their success in 
dealing with relatively simple ques- 
tions in credit assessment, fraud 
detection and marketing, where 


“the results are consistently good". 

He says: "Forecasting is a more 
difficult subject because of the 
intrinsic complexity of markets' 
behaviour, the possibility of struc- 
tural change and the lack of data.” 

Even enthusiasts such as Edis- 
bury believe that the take-up of 
tools by the financial mar kets 
may be slower than originally 
expected. 

The tools are not necessarily 
expensive or difficult to apply. One 
package, devised by Bight Informa- 
tion Systems, a software house, 
which is used in several banks, 
costs £10,000 and. can be used by 
anyone with spreadsheet skills. 
This system can run on a standard 
PC, although some users prefer 
high-performance computers. 

However, many people are reluc- 
tant to use neural networks because 
of toe difficulty in seeing how a 
particular decision was reached. 
This is a particular problem in loan 
evaluation work, where it is often 
necessary to explain why a loan has 
been turned down. 

Another problem is “overfitting”, 
where tiie model finds spurious pat- 
terns in a given set of data. “Neural 
nets are so easy to abuse," says 
Konrad Feldman, a researcher at 
UCL. “The fact they have learned 
something doesn't they can 
generalise.” 

One way in which these weak- 
nesses can be overcome is by com- 
bining neural networks with other 
innovative techniques in hybrid 
systems. For example, the parame- 





Colin Beere 

A model future: •The potential is incredible,’ says BS Bfisbuy (above) of the TSB 


ters used' by a neural network 
model can be refined using genetic 
algorithms, which attempt to breed 
the best solutions from a set of ran- 
dom solutions in a manner analo- 
gous to the mechanisms of biologi- 
cal evolution. They are being used 
to construct useful trading rules 
from a set of plausible rules and in 
portfolio management to find an 
ideal combination of assets. 

Neural networks and genetic algo- 
rithms can also be used in conjunc- 
tion with fuzzy logic. Fuzzy logic 
provides a mechanism for handling 
imprecise concepts, such as “small”, 
“big”, “high" and “low", which is 
particularly useful in loan evalua- 
tion and portfolio selection. 

Japanese banks have been in the 
forefront of these techniques. For 
instance. Yamaichi Securities uses 
fuzzy logic to make decisions for an 
investment fund; Nikko Securities 


uses a neuro-fuzzy system for a 
bond-rating programme. 

To a greater or lesser degree, all 
these computational tools are diffi- 
cult to apply. Paul Refenes, an 
expert in financial engineering at 
London Business School, doubts 
that there have been been any 
“wholesale” successes in applying 
these tools to the management of 
money, and says that difficulties in 
quantifying risk will mafcp banks 
reluctant to Hand over large sums 
of money to these machine 

Yet even if their scope to manage 
money autonomously proves lim- 
ited, they are expected to have a 
greater role in aiding research. 
“They could replace certain expert 
areas in the financial services sec- 
tor," says Edisbury, while Refenes 
says: “They will became a tool that 
traders and investment managers 
will have to use.” 


F raud investigators at the London Stock 
Exchange are testing pioneering “intel- 
ligent” technology in an attempt to 
crack insider dealing rings. 

The exchange recently conducted a pilot 
study with an automated insider deeding 
detection system, codenamed Monitars (Mon- 
itoring Insider Trading and Regulatory Sur- 
veillance), installed by SearchSpace, a com- 
pany that uses University College London’s 
research in intelligent systems. The atm is to 
detect dealing rings of several individuals, or 
one individual with several accounts. 

The problem, which is extremely difficult 
to solve using conventional techniques, such 
as statistical analysis, involves spotting the 


Tackling insider dealing 
with fuzzy logic 


“signature” of certain traders from a vast 
amount of electronic camouflage, explains 
Jason Kingdom a UCL researcher. 

It is an example of a pattern recognition 
problem that can be skilfully handed by a 
neural network, a computing device which 
has similarities with the structure and func- 
tion of nave cells in the brain. 

The neural network is used In conjunction 


with several other “intelligent” techniques. 
For example, it uses fuzzy logic, a mecha- 
nism for duaiitig with imprecise information, 
in order to be able to cope with some incon- 
sistencies in tiie patterns picked out. 

It also uses genetic algorithms, which use 
mechanisms inspired by biological evolution 
to search very large data sets. 

In tiie Monitars systems, a genetic algo- 


rithm is used to allocate resources by work- 
ing out which tint* of inquiry seem most 
promising. The machine is adaptable in that 
it starts with very precise criteria of what it 
should look for, which it gradually relaxes 
over time. 

It is also capable of working autono- 
mously, since it can set its own objectives. 

The London Stock Exchange has yet to 
deride whether to install the system perma- 
nently. “It is one of several means of analys- 
ing share movements which we are looking 
at to strengthen our regulatory operations 
here." 

Vanessa Houlder 


The magic way 
to keep in touch 

The latest personal communicators 
promise a wide range of new 
functions, writes Louise Kehoe 


It is “take two” for personal 
communicators, as a new set of 
players takes the stage with the 
launch in the US this week of 
Sony's “Magic Link", a 
second-generation of handheld 
devices combining 
communications a n d pers on al 
computer functions. 

Unlike the first “personal digital 
assistants”, such as Apple 
Computer’s Newton, which foiled 
to live up to the expectations of 
their makers, Magic Link owes 
much of its wizardry to an 
advanced data communications 
network called Persona Link, 
provided by AT&T. 

While Apple’s Newton is 
primarily a personal organiser, 
with some communications 
functions, the Magic Link is, first 
and foremost, a communicator. 
Weighing 20 oz, and measuring 
7 V4" by 5K”, the device automates 
many of the chores of 
communicating by electronic tnafl, 
pager, telephone or fox. 

The Sony product, and others 
from Motorola, Matsushita of 
Japan and Philips of the 
Netherlands which are expected to 
follow, are access devices for this 
new network. 

PersonaLink, which began 
operating in the US this week, is 
“a foundation, or platform for an 
electronic community." AT&T ' 
says. Similar to established- 
computer on-line services such' as 
Prodigy and CompuServe, 
PersonaLink allows users to said 
and receive electronic mail, access 
news services and go “electronic 
shopping”. 

PersonaLink is the first 
commercial network to support 
the use of "intelligent agents”. 
These are mobile programs that 
can be instructed to travel the 
network performing tasks such as 
searching for a particular product 
or data. “Agent” technology is the 
creation of General Magic, a 
Silicon Valley company backed by 
Apple Computer, Matsushita and 
Philips as well as Sony and AT&T. 

Magic Link uses General 
Magic's “Magic Cap” graphical 
interface, which presents 

functions fr> familiar srengg the 

desktop, complete with telephone. 


notepad and postcards that can be 
used to send brief messages a 
hallway with doors to rooms such 
as the library, for reference 
materials; and “downtown", wtth 
buildings that represent services 
such as a travel agent for booking 
airline flights. 

Initially, PersonaLink will 
primarily be a messaging sen-ice 
- with a difference. The service 
win offer users the ability to order 
inmming messages according to 
priority. PersonaLink also 
addresses another drawback of 
electronic mail - the need to know 
electronic mail “addresses", for 
which there is no central 
directory. PersonaLink 
subscribers can send messages to 
ea ch other simply by name. An 
agent will automatically search 
the directory of subscribers, 
deliver the message and bring 
back complete addressing 
information to the originator. 

Later this year subscribers will 
also have access to the 
PersonaLink Market Square, on 
electronic shopping mall. Through 
gateways to other electronic mail 
services, including the Internet. 
Pers onaLink subscribers will be 
able to reach and be reached by 
millions of people. They will also 
be able to send (but not receive) 
facsimile messages. 

For now, Sony's personal 
communicator offers only limited 
wireless communications via the 
SkyTel satellite paging network. 

An optional plug-in card adds 
paging. In January. Motorola 
announced the “Envoy” personal 
wireless communicator, also based 
on General Magic software, with a 
planned sale price of 51,500, (£950) 
but it has yet to come to market 

Sony's less ambitious approach, 

■ using conventional telephone lines 
rather than wireless services has 
helped keep the list price below 
51,000. It Is expected to tell at 
about $700. 

Aimed Initially at 
“technologically optimi&c mobile 
professionals”. Magic Iihk an9 : - . , 
PersonaLink could tighten the . 
load of business travellers who 
carry a notebook computer, 
cellular telephone and pager 
around in their bulging briefcases. 








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ARTS 


Cinema/Nigel Andrews 


Problem mothers 


T he seeing-double title of 
Ken Loach's new film. 
Ladybird, Ladybird, sets 
the mind musing on a 
question. Are there two 
different Ken Loaches? They obvi- 
ously look and sound identical: the 
pixie features with finely ruffled hair 
and saintly unblinking eyes, the 
wisp of Midlands in the voice. But 
the two men seem to make totally 
different film*; 

Ken One makes those Ironic, 
touching social comedies like Riff 
Raff and Raining Stones: all about 
Britain trying to smile through its 
dole-drums. Ken Two makes those 
strident message movies, loud with 
special pleading and pamphleteer- 
ing, like Hidden Agenda and now 
Ladybird. Ladybird. 

K1 is a seducer, K2 is an agitprop 
rapist, if beguiling and reasoning do 
not work, Ken JekyO turns into Ken 
Hyde and throws us to the ground, 
forcing open our defences. The new 
film's heroine is Maggie, a quadruple 
unmarried mother (four children by 
different fathers) whose offspring 
keep being dragged off into care: 
even, in one scene, straight from 
post-natal bliss in a maternity hospi- 
tal. 

But though she is both neurotic 
and neglectful - first seen acciden- 
tally imperilling her brood when she 
locks them in their hostel room 
shortly before a fire breaks out - she 
is not the demon in Loach's drama. 
That role is reserved for the social 
workers: presented without excep- 
tion as bureaucratic harpies sticking 
to the letter of an unfeeling law. 
Their job is to be always erne step 
ah<md of our heroine, nipping her 
dreams of full-time parenthood 
whenever they look like ripening. 

Emotionally, the film is so 
weighted towards Maggie that the 
welfare drones have no chance. She 
is played with scenery-chewing pas- 
sion by newcomer Crissy Rock. A 
dumpy blonde with sandpaper voice 
and rumpled face, she looks perma- 
nently as if she has just emerged 
from a detox clinic. In fact Maggie 


has surfaced from something just as 
bad - life with battering boyfriend 
Ray Winston - and is now learning 
how to batter, emotionally, her own 
new boyfriend, a do- gooding Para- 
guayan refugee called Jorge. 

As played by Vladimir Vega, a 
sweet, drained, soft-spoken presence, 
Jorge is the only recognisable 
human being in the film But even 
he wears a Loach placard round his 
neck. Ex-freedom fighter in his own 
country, his function is to nag us 
gently, insistently. Into equating 
British welfare bureaucracy with 
Latin American totalitarianism. He 
even has a speech - Loach stops the 
film in its tracks so we can listen - 

LADYBIRD, LADYBIRD (18) 

Ken Loach 

BAD BOY BUBBY (18) 

Rolf De Heer 

SPEED (15) 

Jan De Boot 

THE RED SQUIRREL (18) 

Julio Medem 

about governments needing to create 
misery in order to exercise power 
over their people. 

This equation is so outrageous 
that Loach should be hauled up and 
hung by the toes by all the children 
who have been rescued from genu- 
inely abusive parents by genuinely 
concerned social workers. 

Instead in Ladybird, Ladybird the 
cardboard carers are condemned by 
their patient voices and needling 
questionnaires. And mother-earth 
Maggie is sanctified by her scream- 
ing devotion to her tots and her flair 
far hurling invective at social visi- 
tors over the tea and biscuits. 

That Maggie can be a pain in the 
neck and a paradigm of bad parent- 
ing even Loach and screenwriter 
Rona Monro admit But they do not 
seem to consider that a dent in their 


argument In a sense they are right 
For there Is no argument dentable 
or otherwise, in a film like this: you 
cannot have a h uman issues debate 
without two sides that inhabit a 
human dimension. In Ladybird, 
Ladybird Maggie and her Para- 
guayan Galahad are presented as 
flesh and blood or more than fiesh- 
and-blood. Everyone else is a cipher, 
or a mark on Ken Two's well -pep- 
pered polemical dartboard. 

* 

What kismet decided that Bod 
Boy Bubby should open in the same 
week as Ladybird, Ladybird? Rolf De 
Heer's black Australian comedy, 
honoured with Silver I, ton at last 
year’s Venice Film Festival, is about 
an emotionally arrested young man 
(Nicholas Hope) escaping from 
decades of house arrest undo - a mer- 
cilessly “loving” Mum. 

This fat old crone - the sort of 
mother Loach's Map gjp might turn 
into given a minor increase in her 
possessive hysteria - has kept 
Junior at home as her pet, her baby, 
her lover. And home is a surreal. 
Beckettian hell of grey walls, mould- 
ering food and free-range cock- 
roaches. Watch Bubby eat one; 
watch actor Hope do it for real. 

In the absence of caring social 
workers, all frightened off the planet 
by Ken Loach, what can a poor boy 
do? Murder mother and briefly-re- 
turning Dad; smother them both in 
cKngwrap. Then step into the out- 
side world which not surprisingly, in 
this inside-out film from down 
under, is a kind of wacky Hades: 
Streets Of Fire meets Blade Runner. 
It is scarcely less claustrophobic 
than the home our hero has left 

But De Heer has a catchy Candida 
h umo ur. He is soon sta g in g witty 
confrontations between his all-inno- 
cent wild child and the special-inter- 
est groups that run planet earth. 
Bubby brings his perceptual inno- 
cence and untutored morals to the 
Salvation Army, a grunge rock 
group, a cerebral palsy ward. The 
film turns from horror comedy to 
satire, and thn change is so deft that 



Crissy Rock as Maggie with three of her children in Ken Loach’s ’Ladybird, Ladybird' 


we hardly notice when it happens. 

* 

Speed is a triple-jeopardy thriller 
about public transport Mad bomber 
Dennis Hopper plants the TNT on a 
crowded elevator, a city bus and a 
subway train - in that order - while 
SWAT cop Keanu Reeves runs about 
with the gloves and pliers and the 
gale-force warnings. 

The long central bus sequence is 
so suspenseful that you never want 
it to end. The vehicle cannot dip 
below 50 mph or it will explode. 
Therefore, with a beautiful female 
passenger (Sandra Bullock) taking 
the wheel from the injured driver, 
and Reeves ranting instructions at 
her side, we plough an through rush- 
hour traffic and minor obstacles (a 
pram, a truck, a 50-foot gap in the 


raised freeway), sure in our hearts 
that neither petrol nor plausibility 
will run out 

The audience's patience certainly 
does not Speed is near-perfect Holly- 
wood action fore, directed at the 
double by a Dutchman (ex-cinema- 
tographer Jan De Boni) and scripted 
by Gr aham Yost as if under the 
Influence of unnatural stimulants. If 
Keanu Reeves is taking over the 
action hero franchise from Sly and 
Anne, we welcome his fresh, youth- 
ful, Zen-buddyist approach. Bullock 
is a tough, funny heroine. And Hop- 
per is a natural for mad bomber 
roles. That bulbous, smouldering, 
no-neck head only needs a coat of 
black paint and a fuse to terrify 
unwary commuters into believing it 
is the real thing. 


Julio Medem's The Red Squirrel is 
a strange, tiresome fable from Spain. 
Boy (suicidal ex-rock singer) meets 
girl (amnesiac motorbike-crash vic- 
tim) and takes her off on a campsite 
holiday, claiming he is her longtime 
lover. The premise is interesting 
enough to explain why Hollywood 
optioned the film for a remake. But 
nothing that follows is of interest at 
alL The fey, fidgety script wanders 
squirrel-hke round the single loca- 
tion, finding and storing ideas and 
then seemingly forgetting where it 
put them. Minor characters remain 
minor, there is some silly animal 
symbolism; and we look back fondly 
to Medem's last feature, the daringly 
surreal Vacas (Cows), wondering 
where he buried and forgot the tal- 
ent that went into that. 



Le Cirque Invisible reopens Riverside 


R iverside Studios, the West Lon- 
don Arts venue which closed 
its doors in April, has 
reopened after the first phase 
of an extensive redevelopment pro- 
gramme. Gone are the comer bookshop 
and hotchpotch of small gallery spaces. 
A new, glass-fronted entrance (on Crisp 
Road) leads directly into a deep, 
brightly lit, grey and white foyer where 
a long counter houses both box office 
and reception. The cafe and bar area, 
although transitionally streamlined, 
r emains unresolved - the dark wood, 
bistro-style tables and chairs an irrita- 
tingly anachronistic element within the 
plain and rather industrial-looking inte- 
rior. 

But what of the studios? Seating 
capacity has been increased - to 500 
(from 370) in Studio 1 and 400 in Studio 
2 - at the expense of comfort Studio 3, 
redesigned for small scale projects, can 
accommodate an audience of just over 
100. The seats are of the small, shallow- 
backed, red plastic variety and the 
tightly packed rows offer minimal leg 
room. Should you actually lean back, it 
is likely to be against someone’s knees. 
When Riverside's director, William Bur- 
dett-Coutts, decided to add Robert 
Lepage's epic The Seven Streams of The 
River Ota to his autumn programme, he 
must surely have blanked out any 
thought for the comfort of his audience. 

Le Cirque Invisible, the show with 
which Burdett-Coutts has chosen to 
reopen Studio L lasts almost two hours, 
yet it is not the kind of event which 
compels viewers to sit quietly rigid. 
This self-contained mini-circas founded 
by Victoria Chaplin and Jean Baptiste 
Thierree (her husband) some 20 years 
ago (as Le Cirque Bonjeur and, subse- 
quently, Le Cirque Imaginaire) is not 


Victoria Chaplin 


AlaabUr Uidr 


really a vehicle for conventional, saw- 
dust-ring skills and turns. Indeed, it fea- 
tures Chaplin treading the high-wire 
and the couple's acrobatic son, James, 
on elasticated trapeze and on various 
custom build cycles. But Chaplin and 
Thierree subvert the whole character 
and vocabulary of circus performance 
and. in doing so, multiply its essential 
magic and fun. 

As the show's prize clown, Thierree 
injects the simplest tasks and ideas 
with totally absurd humour pulling off 
a wig of shaggy grey hair only to reveal 
his own, identical mop; placing an open 
book in front of a dozy rabbit; acciden- 
tally “amputating’' his finger whilst 
chopping carrots and celery at high 
speed. These antics - or maybe just 
Thierree's small but wildly inappropri- 
ate gestural flourishes - leave you 
weak with laughter. But Thierree also 
has an extensive solo repertoire of sur- 
realist, chameleon characters, such as 
the Magritte-inspired zebra man and 
tapestry man. The latter, dressed from 
head to foot in needlepoint-realised pas- 
toral scenes, carries a tapestry covered 
suitcase and peels a tapestry -skinned 
banana. 

As a conjuror, Thierree freely dabbles 
in the coloured handkerchief school of 
magic. Not that he aimed for - or 
achieves - the usual results: “a dog," 
he announces, letting a square of sfik 
waft to the ground and lifting it to 
reveal a plastic turd. He also treats his 
props with a schizoid combination of 
brutish disregard and motherly care: 
metal objects are tossed into the empty 
wings; a dropped satsuma is recovered 
with a napkin. Of Thierree's Gallery of 
walk-on/ walk-off joke characters, the 
most brilliantly perverse is an over- 
coated figure who clutches a spherical. 


newspaper wrapped object to his chest 
and rips away the covering to reveal 
Thierree’s bobbing, chattering head. 

The perfectly assessed brevity of 
these episodes contrasts with the more 
sustained quality of Chaplin's solos - 
most of which rely on the laboriously 
precise manipniafinn of large and heavy 
costumes for their clever, illusory 
effects. The most organic of Chaplin's 
designs is a free-standing, full length 
skirt structure in which she is hidden 
and which drifts and rolls precariously 
around the stage, like some decapitated 
Georgian dancer. 

While Chaplin works slowly and 
methodically, transforming herself into 
the unidentifiable creatures of a vivid 
imagination, Thierree tends towards 
more prosaically human roles embrac- 


ing both deliberate incompetence and 
irascible silliness. His comic mime take 
on the Pearlfishers duet - Thierree 
dressed as a medieval monarch and 
g rinning like a village idiot, mouthing 
the words and tugging discreetly at the 
jaws of the singing puppets on his 
knees - is rib-achingly funny. After her 
husband's tomfoolery, it is easy to treat 
Chaplin's contributions as mere recov- 
ery tune, but her more modest presence 
should not be underestimated. 
Together, Chaplin and Thierree have 
created a dream circus full of wondrous 
eccentricities. 

Sophie Constant! 

At Riverside Studios until October 16. 
(081-741 2255). 


A £1.5m boost for West End theatre 


T he West End theatre will 
receive a shot in the arm 
where it matters most today, 
in the balance sheet It will 
announce a deal with a group of compa- 
nies who are collectively investing 
£L5m in the London theatre over the 
next three years. 

The agreement has been put together 
by the Society of London Theatre, 
which represents the leading producers 
and theatre owners. Seagram, Radissan 
Edwardian Hotels, and Grolsch are the 
contributors to date, and other compa- 
nies are expected to add to the kitty 
soon. It could rise to £3m. 

The money wll be spent on promoting 
West End theatre, and bursaries for 
young actors and would-be producers. 
Some of the extra cash will go to the 
Theatre Investment Fund, which sup- 


ports plays put on by new producers. 

But the main impact of the sponsor- 
ship will be the West End Proms when, 
for a month, perhaps next September, 
150,000 tickets will be offered at sub- 
stantial discounts. The aim is to attract 
under -25s to the theatre. 

For Seagram and Grolsch there will 
be promotional spin ofls but also the 
practical pin of having their brands on 
exclusive sale in around 70 per cent of 
West End theatres. Radisson Edwardian 
becomes the society’s official hotel part- 
ner. This is the first big sponsorship 
deal gained by the society and comes at 
a time when the West End is holding its 
own fairly well. Ticket sales this year 
are on a par with 1983, which set a 
record. 


Concert 

National 
Power 
Piano final 


O n Tuesday the 
National World 
Power Piano 
Competition - no. 
sorry: the National Power 
World Piano Competition - 
came to Us finals in the Royal 
Festival Hall. The label does 
not trip off the tongue, and it 
sounds curiously displaced, 
which may be a negative asset 
in promoting It as a 
world-class contest. 

It was being held for the 
second time, after a 1991 start 
which culminated with four 
deeply unremarkable finalists. 
For the final 1994 event the 
Competition fielded not only 
Dirk Bogarde (as languid 
presenter) but the Princess or 
Wales (among the audience), 
which might seem like missing 
the point; on the other hand, 
this year’s jory was properly 
laden with real pianists, not 
the multi-national pedagogues 
of 1991. On the strength of this 
last concerto- round, they 
identified more promise - 
though I do not knuw what the 
whole field of candidates was 
like, nor did I hear the crucial 
semi-final solo recitals. 

Each contestant had to be 
ready to play either of two 
conccrti. one to be selected by 
the jury. Whether its choice 
was determined by 
programme-desiderata or by 
guesses about what each 
pianist might play best, we 
were not told. The eventual 
result seemed to exclude the 
first possibility, since it 
crowded the programme with 
three of the longest conccrti in 
the standard repertoire. 

E vgene Mursky. the 
19-year-old 

Uzbekistan! who won. 
played Tchaikovsky 
No. 1 with spirit, flair and 
much brilliance - hit-or-miss: 
there were a lot of wrong 
notes, too many for the 
patience of most recording 
engineers. Naturally enough, 
he cannot yet stamp every 
fustian passage with 
authority, and relied npon his 
conductor Jean-Claude 
Casadesus to guide the 
Philharmonia firmly through 
the piece. 

Popular opinion takes this 
concerto for grand pianism, 
but it is not very pianistic at 
all - not in the sense in which 
master composer-pianists 
write “pianistic" concerti, 
with idiomatic piano 
trouvailles. Tchaikovsky 
borrowed and devised a lot of 
ingenious, mechanical 
colour-effects for some 
abstract pianist's fingers, 
hoping that a real pianist 
might bring them off. 

Mnrsky’s fingers brought off 
many of them. 

Pan] Lewis, 22 and British, 
played Rakhmaninov no. 3, 
another warhorse, with more 
calculated assurance and a 
modicum of brilliance. 
Unfortunately nearly everyone 
- perhaps the judges too - 
remembered the performance 
by Artur Pizzarro that won 
him the last-but-one Leeds, 
and for fluent committed 
passion Lewis was not in the 
same league. The American 
Jeremy Denk, 24, delivered 
Brahms One tidily and in 
modest decent taste, without 
intruding any fresh thought 
upon it His semi-final recital 
must have been much better. 


tbe stem 

E 


David Murray 


Antony Thomcroft I Sponsored by National Power. 


International 

Arts 

Guide 


■ BOLOGNA 

Teatro Communale Tonight, 
tomorrow: Paolo Carignani conducts 
Orchestra of the Teatro Communale 
in Saint-Saens' Fifth Piano Concerto 
(Aide Ciccollni) and Franck's 
Symphony in D minor. (BlgDetteria. 
Ente Autonomo Teatro Communale 
tfi Bologna, Largo Respighi 1. 40126 
Bologna. (051-529999) 

■ FLORENCE 

Teatro Communale Tonight, Sun, 
next Tues: Zubin Mehta conducts 
Jonathan Miller’s production of Cosi 
ten tutte, with Kartta Mattila, Dolores 
Ziegler, Deon van der Waft and 
Alessaidro Corbefll (055-277 9236) 
Piccolo Teatro Tomorrow, Sat Sun: 
11 fikaofa di campagna, dramma 
glocoso by 18th century Italian 
composer BoWassare Galuppl 
(055-277 9236) 

■ LONDON 

THEATRE 

• The Venetian Twins: a transfer 
from Stratford of Rani it Bolt's new 


RSC version of Goldoni's 18th 
century Italian comedy, directed by 
Michael Bogdanov. Starts 
previewing tonight Press night next 
Wed (Barbican 071-638 8891) 

• The Slab Boys Trilogy: the first 
London revival since 1982 of John 
Byrne's comic trilogy, which follows 
the lives of three Paisley boys from 
desperate youth to despairing 
middle-age. The three plays can be 
seen Individ uafly or as a complete 
package on certain Saturdays. Final 
previews tonight and tomorrow, 
opens on Sat (Young Vic 071-928 
8363) 

• The Sisters Rosenswaig: 
Maureen Lipman, Janet Suzman and 
Lynda Bellingham in Wendy 
Wasserstein's Broadway success 
about three American Jewish sisters 
who have a reunion in London. The 
production has just moved to the 
West End after a successful run at 
Greenwich (Old Vic 071-928 7616) 

• The Children’s Hour Howard 
Davies directs die National Theatre's 
new production of Lillian Heilman's 
1934 drama, about a vengeful 
schooIgM who accuses her teachers 
of having a lesbian affair and sets In 
motion the collapse of their world. 
The cast is headed by Harriet Walter 
and Claire Higgins. Next 
performances Oct 4-7 and 19-24 in 
the Lyttelton (National 071-928 
2252) 

• The Playboy of the Western 
World: J.M. Synge's dark, cruel Irish 
comedy, in a brilliantly perceptive 
production directed by Lynne Parker 
(Almeida 071-359 4404) 

• The Seagull: Judi Dench heads 
a splendid cast in Pam Gams’ new 
version of the Chekhov play. In 
repertory in the OHwer with a new 
production of The Devil's Disciple, 


Shaw's 1897 satire on melodrama 
(National 071-928 2252) 

• The Winslow Boy. Peter 
Barkworth Is ideally cast as the stiff 
upper-lipped father battling Whitehall 
to prove the innocence of his son, 
who has been expelled from naval 
college. A well-made production of 
Terence Rattigan’s well-made 1946 
play (Globe 071-494 5065) 

• The Miracle Worker Jenny 
Seagrove is the beautiful heroine in 
William Gibson’s well-tailored 
tear-jerker about the blind infant 
Helen KeHer. Closes Oct B 
(Wyndham's 071-369 1736) 

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

• Beautiful Thing: the Bush 
production of Jonathan Harvey's 
uplifting play - about two boys who 
fail in love against a background of 
disintegrating families on a housing 
estate - has resurfaced in the West 
End following its sell-out success at 
the Don mar Warehouse In March 
(Duke of York's 071 -836 5122) 

• Once on the Island: following 
Broadway success and a sell-out 
season at the Birmingham Rep, 

Lynn Ahrens and Stephen Flaherty’s 
musical is welcomed into a specially 
created Caribbean environment at 
the Royalty. The fairy-tala story of a 
peasant girl's doomed love for an 
aristocrat Is directed by David Toguri 
and G wends Hughes. Just opened 
(The Island Theatre at the Royalty 
071-494 5090) 

• She Loves Me: the charming 
1963 Masteroff, Bock and Hamick 
musical about two longtime pen pals 
who don't know they work in the 
same parfumerie. Ruthle Henshafi 
and John Gordon Sinclair head the 


cast (Savoy 071-836 8688) 
OPERA/DANCE 

Covent Garden The Royal Opera 
has revivals of La Cenerentota with 
Olga Borodina, Raul Gimenez and 
Simone Alaimo (next performances 
tonight. Sat next Tues and Thurs, 
continues till Oct 15), and Tirandot 
with Sharon Sweet and Giuseppe 
Giacomini (final performance of this 
run on Mon). The next new 
productions are Das Rhelngold and 
Die Walkure, opening Oct 13 and 14 
(071-304 4000) 

CoSseum English National Opera's 
repertory consists of a new 
production of Tosca, conducted by 
Alexander Gibson and staged by 
Keith Warner, with Rosalind 
Plowright in the title role (next 
performance tomorrow, continues till 
Oct 27), and a revival of The Mikado 
(tonight, Sat, next Tues and Thurs). 
A new staging of Massenet's Don 
Quichotte opens on Oct 8 (071 -836 
3161) 

Sadat's Welts Cumbre Flamenca, a 
touring Spanish flamenco group, is 
in residence till Oct 8 (071-278 
8916) 

CONCERTS 

Barbican Tonight London 
Symphony Orchestra 90th birthday 
gala, conducted by Michael Tdson 
Thomas, Colin Davis and Mstislav 
Rostropovich. Tomorrow, Sat Paco 
Pena's Misa Flamenca- Sun: Til son 
Thomas talks about and conducts 
Strauss' Bn Heldenleben. Mon: 
Gennady Rozhdestvensky conducts 
RPO in Rakhmaninov. Schnittke and 
Prokofiev. Tues: gala concert for 
Save the Children Fund. Next Wed 
and Thurs: Tiison Thomas conducts 
world premiere of new work by John 
Tavener, plus Mahler’s Fourth 
Symphony - one of a series of LSO 


Mahler concerts throughout October. 
Oct 7: Anne Sophie Mutter violin 
recital (Q71-638 8891) 

South Bank Centre Tonight Franz 
Weteer-M6st conducts LPO in works 
by Beethoven, Wagner and Henze, 
with soprano Amanda Roocroft 
Tomorrow: Matthias Bamert 
conducts LPO in Bizet. Martin, 
Debussy and Musorgsky/RaveL Sat 
Andrew Davis conducts BBCSQ in 
Berlioz and Tristan Keuris. Sun: 
Jessye Norman. Mon, Tues and 
Wed: Shirley Bassey. Wed (QEH): 
Tallis Scholars sing Palestrina and 
Lassus (071-928 8800) 

■ MADRID 

Teatro Lirico La Zarzuela Tonight 
tomorrow, Sat Sun: Spanish 
National Ballet in a mixed bill, 
including choreographies by Victoria 
Eugenia and Josd Granero (01-429 
8225) 

■ MILAN 

Teatro aUa Scata Tonight Kenneth 
Montgomery conducts Handers 
oratorio La Resumezione. with vocal 
soloists including Eva Mel and 
Barbara Ftttoll. Sat John Eliot 
Gardiner conducts Orchestra 
Revolutiomaire at Romantique and 
Monteverdi Choir to Beethoven’s 
Ninth Symphony. Sun: Aldo Ciccdini 
piano redtaL Mon, Tues, Wed: Carlo 
Rlzzi conducts orchestral works by 
Gluck and Shostakovich, plus the 
world premiere of Marco Tutino's 
new clarinet concerto, played by 
Dimitri Ashkenazy. The October 
schedule includes concerts by 
Fludolf Buchbinder. Ruggero 
Raimondi, Francisco Aratia and the 
London Symphony Orchestra under 


Solti. Riccardo Muti conducts a new 
staging of Monteverdi's 
L'incoronazione di Poppea, opening 
Oct 14 (02-7200 3744) 

■ PRAGUE 

Dvorak Hall Gerd Albrecht conducts 
the Czech Philharmonic Orchestra 
tomorrow In its first concert of the 
new season. The programme 
consists of works by Fibich, Viktor 
Uilmann and Brahms. Mon: Josef 
Suk violin recital. Tues: Tstsuji 
Honna conducts Czech Radio 
Symphony Orchestra in Mozart, 
Rakhmaninov and Brahms, with 
piano soloist Kvita Bilynska. Next 
Wed: Gaetano Detogu conducts 
Prague Symphony Orchestra in 
Mahler's Seventh Symphony 
(02-2489 3352) 

■ ROME 

The Orchestra deil’Accademla 
Nazionale dl Santa Cecilia opens its 
1994-5 season next Tuesday with a 
special concert conducted by Carlo 
Maria GMInl. Pierre Boulez and the 
Ensemble InterContemporain open 

the chamber music series on Oct 
10, and the subscription series of 
orchestral concerts begins on Oct 
15 with a Bach and Stravinsky 
programme conducted by Daniels 
Gatti- Visiting artists to the opening 
month include Barbara Hendricks, 
Krystian 2 merman and Vladimir 
Spivakov. Guest conductors later in 
the season include Rozhdestvensky, 
GUini, MaazBl, Berio, Sinopoli and 
Sawaflisch. All concerts take place 
at the Auditorio di Via della 
Concfiiazione (06-6880 1044) 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

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

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

Friday: Exhibitions Guide. 

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

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euronews: FT Reports 0745, 
1315, 1545. 1815. 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News FT Reports 0430, 
1730; 







-Kl 



r>- 


FINANCIAL times 


THURSDAY SEPTEMBER 29 1994 


Powerful threat of 
German weakness 



Book 

REVIEW 


German politi- 
cians, particu- 
larly Chance 1- 
, lor Helmut 
Kohl, grossly 

underestimated 
the problems 
of transforming 
East Germany, 
and then made the task harder 
still through misjudged poli- 
cies, argues David Marsh in his 
book on Germany and Europe. 

In a shrewd and imaginative 
analysis of the impact of unity, 
Marsh develops a persuasive 
underlying thesis - the main 
threat to Europe comes not 
from German strength but 
from German weakness. 

As Financial Times Bonn 
correspondent from 1986 to 
1S9I and European editor since 
1991, Marsh witnessed German 
unification and the hesitant 
moves towards greater Euro- 
pean unity at first hand. 

The author provides a pow- 
erful account of how the deci- 
siveness with which Kohl 
seized the opportunity to 
merge the two Cennanys polit- 
ically deserted him when it 
rame to economic union. 

In 1990, Kohl talked of “flour- 
ishing landscapes" in the east 
within three or four years, and 
promised unity without pain - 
“no one will be worse off”. 

The reality was different. 
The combination of monetary 
union at a one-to-one rate, 
instant membership of the 
European Community, unreal- 
istic wage rises and the shrink- 
age of eastern markets led to 
the almost immediate collapse 
of east German industry. 

Economist Holger Schmied- 
ing described the impact on 
east Germany as “probably the 
greatest economic crisis ever 
to befall an advanced indus- 
trial economy in peace time", 
with a spectacular fail in out- 
put and employment 
Marsh describes how Kohl 
decided on immediate union 
overnight and then forgot to, 
or decided not to, inform the 
Bundesbank. “Seldom in the 
field of economic history had a 
step of such consequence been 
prepared with so little fore- 
thought" 

Against the advice ' of Karl 
Otto PdhI. then Bundesbank 
president, the government 
went for a one-tonne conver- 
sion rate "which gave 16m east 
Germans the opportunity to 
satisfy their pent-up yearning 


GERMANY AND 
EUROPE: 

The Crisis of Unity 
By David Marsh 

William Hdaemann. 236 pages. 

£17.99 

Published in German as 
Der zaudemdc Riese: Deutschland 
in Europe, C Bertelsmann. 

256 pages, DM39.60 

for western consumer goods, 
but simultaneously stripped 
them of the means to earn the 
future incomes necessary to 

pay the bill". 

Disastrously. Kohl and bis 
coalition government promised 
west Germans that unification 
could, be achieved, without tax 
increases. When east German 
Industry collapsed, annual pub- 
lic transfers of DMISObn were 
needed from the west to prop 
up Income and consumption. 
This was largely financed by 
borrowing (though, after the 
election, taxes were also 
increased) - so much so that 
the public sector borrowing 
requirement soared from 1 per 
cent of west German gross 
domestic product to 7 per cent 
in 1994. 

This was not the only con- 
sequence of the failure to put 
the financing of unification on 
a proper footing. The Bundes- 
bank - taking, as required by 
law, a strict view of its anti-in- 
flationary responsibility - 
increased interest rates three 
times In 1992 and again In July 
1993. The west German econ- 
omy, the growing uncompeti- 
tiveness of which had been dis- 
guised by an immediate 
consumption splurge, was 
plunged Into a deep recession. 

Marsh shows how the Bund- 
esbank's tough policies, which 
may have been necessary for 
Germany, fed through into 
other European economies 
where they were inappropriate. 
High German interest rates 
prolonged European recession 
and led to two exchange rate 
crises which weakened the 
European Monetary System 
and delayed further the goal of 
European monetary union. 

Marsh records a revealing 
telephone conversation that 
took place in October 1990 
between John Major, at that 
time UK chancellor of the 
exchequer, and P6hl before 
Britain joined the European 
exchange rate mechanism. The 


Bundesbank made it clear that 
it thought sterling was overval- 
ued at DM2.95. Major replied 
that Margaret Thatcher, then 
prime minister, insisted on 
going in at that rate. 

The author's judgment on 
Maastricht was that it was an 
understandable attempt, led by 
the French and enthusiasti- 
cally supported by Kohl, to 
bind the new unified Germany 
into a “European framework to 
make, in Thomas Mann's 
phrase, 'a European Germany 
not a German Europe’”. But 
because unification proved so 
much more difficult a task and 
had a much greater impact on 
the rest of Europe than most 
European politicians had 
believed, it was undermined 
almost from the start Marsh 
argues that “Europe will not 
be united until Germany Is 
united", and that Germany 
should concentrate on making 
a success of unification. 

The author presents a rela- 
tively optimistic scenario for 
the future. The German system 
of corporate and social consen- 
sus will adapt itself to neces- 
sary economic and industrial 
change. Self-sustaining growth 
will begin in east Germany. 
The European Union, led by 
Germany, will shift its focus to 
the eastern half of Europe and. 
prepare to admit Poland, Hun- 
gary and the Czech Republic. 
Plans for European economic 
and monetary union will be 
postponed, although a D-Mark 
zone will emerge with the pros- 
pect of a single currency in the 
form of the D-Mark. 

"A prerequisite fbr an effec- 
tive and self-confident Europe 
is an effective and self-confi- 
dent Germany with the ability 
to set the EC agenda along 
with its main European part- 
ners, France and Britain," the 
author concludes. 

But how is that to come 
about if Germany is so preoc- 
cupied with its internal prob- 
lems, if France resents German 
leadership, and If Britain con- 
tinues with its traditional pos- 
ture of continental reluctance? 
Maybe that is the subject for 
another book. 

Giles Radice 

The reviewer is Labour MP for 
Durham North. His own book 
on post-unification Germany 
will be published next year 


T he Nobel Prize-win- 
ning American econo- 
mist, Paul Samuelson, 
once said the stock 
market was good at predicting 
economic downturns; so good 
that it had predicted five out of 
the last three recessions. 

His point was, of course, that 
although financial markets 
contain useful information, 
they can often be wrong and 
should not be followed blindly. 
It is time to make the same 
point more loudly in relation 
to bond markets, financial 
futures markets and all the 
other markets which deal at 
one remove or another with 
fixed interest rate securities of 
varying maturity. 

One sometimes has the 
impression that the whole of 
economic policy is a play acted 
in front of a financial market 
audience. A Treasury perma- 
nent secretary, whom I visited 
in the pre-Thatcher days of 
“unbelieving monetarism”, bad 
a pile of reports on bis desk 
from the leading city monetary 
analysts of the day. The 
permanent secretary probably 
did not believe a single 
word, but he wanted to 
read them because he feared 
they Influenced the price of 
sterling. 

The markets that are now 
putting the fear of God into 
central bankers and finance 
ministers are no longer the for- 
eign exchange markets but the 
bond markets. The latter are 
said to be afraid of the resur- 
gence of world inflation, in 
spite of widespread evidence of 
an anti-inflationary climate in 
which intended price and pay 
increases are difficult to imple- 
ment The US is further along 
the economic cycle and dis- 
plays more evidence of infla- 
tionary tendencies than 
Europe - let alone Japan 
where deflation is the main 
threat But the Federal Reserve 
deserves some cheers fbr mak- 
ing its own decisions on the 
pace and extent of monetary 
ti ghtening and for not simply 
reacting to the bond markets 
and their spokesmen. 

How good are the bond mar- 
kets at predicting Inflation? 
The top chart shows UK infla- 
tionary expectations, based on 
the difference be teen the yields 
on conventional gilt-edged 
securities and the yield on 
indexed bonds. Because the 
inflationary expectation relates 
to a 10-year average, caution is 
required. But if the gilt-edged 
market is correctly signalling 
an increase in inflation, it is 
likely that recorded inflation 
rates will start to rise before 
too long. 

The forecasting record of UK 
gilts is decidedly mixed, hi the 



TH£ AMERICAN EXPRESS CARD IS WELCOMED BY CLUB EUROPE. THE ULTIMATE IN SPACE TRAVEL. 

British Airways 

The wotkCs favourite airiine 


ECONOMIC VIEWPOINT 

Calling the bond 
market bluff 


late 1980s, inflationary expecta- 
tions were above actual infla- 
tion, but the gilt market fore- 
cast gave no warning of an. 
inflationary boom until that 
boom bad almost burst In 1990. 
Nor did the gilt-edged market 
anticipate the steepness of the 
fell in UK inflation in the early 
1990S. 

In earlier years there were 
no indexed gilts to provide 
independent evidence of real 
interest rates. But nominal 
yields gave tittle warning of 
the lax monetary and fiscal 
policies of the early 1970s, until 
20 per cent-plus inflation was 
almost upon the UK. Once pos- 
itive real yields reappeared in 
the 1980s they gave little clue 
to the inflation cycle but were 
just erratically following 
actual events. 

I could not resist looking for 
comparison at an indicator 
that does not claim to peer 
ahead, but which does provide 
insight into what is actually 
happening: namely, some mea- 
sure of total spending in nomi- 
nal terms. Reflection suggests 
that the least bad measure is 
not nominal gross domestic 
product, but a variant known 
as domestic expenditure. This 
has two principal advantages 
for policy purposes. First, it 
excludes net exports (that is 
exports minus imports) and 
concentrates on domestic mon- 
etary flows that national 
authorities can influence. Sec- 
ond, an objective for domestic 
expenditure alone will leave 
room for an improvement in 
the balance of payments, with- 
out having any specific target 
for that balance. 

Some economists regard the 
mixture of real and inflation 
variables in a domestic expen- 
diture target as a drawback. 
But from a policy point of view 
it is an advantage. For it recog- 
nises that official monetary 
policies can only help provide 
the conditions for non-infia- 
tionary growth. How far a 
given flow of spending trans- 
lates into more real output and 
jobs, and how fer it is dissi- 
pated in price and pay 
increases, depends on the 


By Samuel Brittan 

Bonds not always best Inflation indicator 



> Inflation 

: JRP! - axcfejcBng morisoga 
gn% . tolerwsJ payroena from 197Q 

I 10 year git yWd 

onOfi, / 1. J 




fiV/w e--i— ] 

109S j£T ■ 




1} 1 1 1 1 1 • 1 1 

1 1 -1. 

t » r t i t 

1 1 i II' I.rh 

1870 73 74 78 

78 80 82 at ta 

88 BO 02 04 


Domestic expenditure (at current prices) 

AnnuaEeed hatf-yeariy growth rate Annual 96 change 

a* 



actions of economic agents 
such as businesses and trade 
unions. 

The result of plotting domes- 
tic expenditure is better than 
anything that could have been 
be expected. The third chart, 
which is a half-yearly moving 
average, shows that this mea- 
sure uncannily tracks the 
course of the 1990 recession, 
the subsequent recovery and 
die fact that domestic ex- 
penditure is still only grow- 
ing at just over S per cent a 
year. 

One should avoid a mono- 
manic approach. For instance, 
the third chart suggests that 
the UK is on course fbr a mod- 
erate non-inflationary expan- 



tern 


80 


M 


sion and does not on its own 
support a base-rate increase. 
But if it is taken in conjunc- 
tion with material and com- 
modity prices, industrial capac- 
ity surveys and other 
forward-looking indicators 
(including bond yields as one 
indicator among many), there 
is some Justification for the 
pre-emptive moderate base-rate 
increase that took place earlier 
this month. 

Precisely because the third 
chart appears too good to be 
true, the fourth chart plots the 
cruder year-on-year domestic 
expenditure increases over two 
and a half decades. The fit is 
still reasonable. It shows, for 
instance, the quickening pace 


of the boom from 1985 
onwards, even though the 
impact was first borne by the 
balance of payments and the 
effect on measured inflat- 
ion did not appear until 
193S40. 1Jt , f 

Obviously there would be dif- 
ficulties in practical monitor- 
ing. National income statistics 
are published with a lag and 
are afterwards revised. But 
they could be improved if there 
were sufficient Interest; and 
they can be estimated for 
recent and current periods 
where there are still no pub- 
lished figures. 

Some defeatists nevertheless 
suppose that governments and 
central banks have no alterna- 
tive but to follow financial- 
market expectations. For 
instance, forward contracts 
suggest that the UK base rates 

will be 7 per cent early next 
year and will then rise towards 
9 per cent 

C entral tanks are not 
however, compelled to 
do what the bond 
markets appear to be 
telling them to do. Since the 
beginning of 1994 world 
long-term bond ytelds have 
risen by 2-3 percentage points. 
About 1 percentage point rep- 
resents a rise in real intenst 
rates, perhaps reflecting a 
world capital shortage - which 
was prematurely diagnosed 
two or three years ago. 

The remainder of the rise in 
bond yields represents the 
increased inflation premium. 
Market opinion here deserves 
to be taken seriously, but not 
followed as If It were the word 
of God. The bond markets may 
be fighting the last war when 
they see inflation round every 
comer. Bondholders and deal- 
ers can still be as wrong as 
economic forecasters or 
finance ministers. Central 
bankers can and should be pre- 
pared to buck the market so 
long as they realise that if 
they are wrong and the mar- 
kets are vindicated, there will 
be a high price to pay in lost 
public standing. This time 
round central bankets will not 
be able to make scapegoats of 
governments or finance minis- 
ters. 

In the end, either bond rates 
will come down or short-term 
Interest rates will rise to meet 
them. If the Bundesbank or 
Bank of England is convinced 
that bond markets are wrong 
and inflation will not on aver- 
age be much above 2% per cent 
a year, then they should act on 
their beliefs - which means 
doing as little as possible. If 
they are not so convinced, they 
should tighten policy until 
they are. 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

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


Poll is not 
a blow to 
Labour 

From Mr Paid Richards. 

Sir, The recent News- 
night/NOP poll was reported 
by you with the headline 
“Blow for Labour in economy 
poll" (September 27). 

Polling is not a precise sci- 
ence. Like gazing at tea leaves, 
much is left to interpretation. 
The NOP poll reveals, for 
example, that 57 per cent of the 
sample believe that personal 
taxes would either stay the 
same or go down under a 
Labour government 

The poll shows that 63 per 
cent believe that the economy 

will be either stronger, or 
about the same. 

There is no room for compla- 
cency in the Labour camp, of 
course, but this evidence was 
collated after the long summer 
parliamentary recess, before 
Labour’s conference, and only 
a few weeks after Tony Blair's 
election, as leader. 

It is slightly unfair to report 
“a blow" to Labour’s economic 
credibility when there has 
been no public platform as yet 
for Mr Blair's new approach. 

As Labour's team begins to 
tackle the key issues of taxes 
and spending, the NOP poll 
shows that Labour is starting 
from a credible base. 

After all. even in 1992 labour 
gained support from some 
unlikely quarters. 

Paul Richards, 

109 H am mer sm ith Bridge Road, 
Condon W69DA 


Logic in targeting logistics 


From Mr Roger J Ireland 

Sir, We couldn't agree more 
with Charles Batchelor's 
assessment (Survey of Logis- 
tics. September 21) that corpo- 
rations most apply the same 
cost-control efforts to their 
logistics operations as they do 
to their other business func- 
tions, if they wish to remain 
competitive in the 1990s. Just 
one glitch in the distribution, 
inventory or customer delivery 
networks can mean the loss of 
millions of dollar in profits 
and, perhaps just as important, 
of customer confidence. 

At my company, where costs 


associated with getting our 
products to customers have 
increased in recent years rela- 
tive to other costs, we’ve 
undertaken what we call a 
“Pathfinder" project to find 
more direct pathways to 
customers and simplify logis- 
tics. 

We’ve set a target of reduc- 
ing costs by up to $80m by 
1996. We will do this by apply- 
ing to our logistics operations 
the same work process analy- 
ses that helped us overhaul our 
maintenance operations during 
the last four years, with expec- 
ted savings of about $80m a 


year. Early results from the 
Pathfinder have been equally 
encouraging. By the end of the 
summer we had identified 26 
projects to improve our 
operations, and have already 
realised annualise d savings of 
nearly $5m. 

Through this effort we 
expect to improve loading, 
scheduling and inventory con- 
trol and provide better cus- 
tomer service. 

Roger J Ireland,; 
project director, 

Union Carbide Corporation, 

39 Old Ridyebury Danbury, CT, 
US 


Government creating a PO problem 


From Mr Alan Johnson. 

Sir, Your report that minis- 
ters are “determined” to go 
ahead with a 51 pa cent share 
sale of Royal Mail and Parcel- 
force - thus breaking the link 
with Post Office Counters - 
must concern those who fear 
for the future of the nation- 
wide network of post offices 
(“Ministers determined to sell 
Post Office stake", September 
23). 

Nearly all informed opinion, 
including large mail users, has 
been that this preferred gov- 
ernment option does not ade- 
quately respond to the needs of 
post office customers, who 
must have continued access to 
some 19,000 outlets nationwide. 

Central to this is a concern 
that separating the Post Office 
will allow Royal Mail to seek 


alternative outlets for its prod- 
ucts. This will slowly drain 
Post Office Counters' income, 
which will in turn force the 
business to look closely at its 
10,000 subsidised sub-post 
offices. We recently revealed 
Post Office projections of 1,050 
sub-post office closures by 
1999. 

The government has sought 
to generate enthusiasm for 
these plans by guaranteeing 
the automation of benefit pay- 
ments in sub-post offices. Auto- 
mation is welcomed and in 
urban areas will cut down on 
fraud and improve efficiency. 
What automation cannot do in 
rural areas is increase the 
number of customers who go 
into the local sub-office - there 
the number of transactions is 
certain to decline as Royal 


Mail pic moves further away 
from the separated counters 
business which it currently 
supports.. 

The green paper deliberately 
avoids foresight and imagina- 
tion. It concentrates on the 
issue of ownership when it 
should have proposed a unified 
Post Office with genuine com 
merdal freedoms to meet the 
changing needs of customers. 

We. like most other inter- 
ested organisations, have 
argued that ownership of the 
Post Office was never a prob- 
lem - the government now 
Intends to make ft one. 

Alan Johnson, 

general secretary, Union of 
Communication Workers, 

UCW House, 

Crescent Lane, London SW4 
9RN 


The precise point of Irish interest 


From Dr A J McEvoy. 

Sir, Joe Rogaly, commenting 
on the future constitutional 
arrangement of the “island 
natlon(s)”, (“Breakaway 
Britain", September 23) should 
start from some minimal preci- 
sion concerning the present 
arrangement Constitutionally, 
of course, “Britain" does not 
exist 

In Hs beginnings, to consoli- 
date the kingdom as it emerged 
from the Wars of the Roses. 
England absorbed Wales; there 
remains a distinction on the 
rugby field and linguistically, 
but a uniform legal system is 
accepted. 

Later, to secure the WUliam- 
ite coup and eliminate Jacobite 
pretensions. Scotland was asso- 


ciated with England to form 
"Great Britain”, though some 
distinctively Scots legal, eccle- 
siastical and educational struc- 
tures survive. 

The “United Kingdom" incor- 
porating Ireland finds its ori- 
gin in the Act of Union. 1801, 
passed as a security measure 
during the French Revolution- 
ary and Napoleonic wars. With, 
petition of Ireland and of 
Ulster, since part of that prov- 
ince Is in the Republic of 
Ireland, Northern Ire land suc- 
ceeded to the role previously 
assigned to the whole island. 
Evidently that union, between 
Great Britain and Northern 
Ireland, which defines the pres- 
ent United Kingdom lacks the 
antiquity, the consensus and 


the stability found within 
Great Britain. And even there, 
the status of each nation is dif- 
ferent 

It is interesting to compare 
the treatment of Scotland at 
the present day with that 
administered to Ireland during 
the Repeal and Home Rule 
periods of the 19th century, 
and speculate on its eventual 
consequences. Therefore, aside 
from the lack of selfish eco- 
nomic and strategic interests 
in Northern Ireland (Downing 
Street Declaration), there can 
be no doubt of London's consti- 
tutional and political interest. 
A J McEvoy, 

Centre Uniaersitaire, 

CH'1015 Lausanne, 

Switzerland 


Don't defer 

From Professor D R MyddeUan. 

Sir, Lex (“Deferred tax”, Sep- 
tember 28) suggests replacing 
“partial provision" for deferred 
tax by “foil provision", with or 
without discounting. But if the 
American standard Is any 
guide, this could be very com- 
plicated. 

Deferred tax means income 
smoothing, which is often 
frowned on; and it fells to meet 
the Accounting Standards 
Board's definition of a liability. 

A better and simpler 
approach towards accounting 
for deferred tax is . . . don't. 

D R Myddelton. 
professor of finance and 
accounting, 

Cranfield School of 


Crtmfield. Bedford MK43 0AL 



< 










FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 ★ 


c 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex; 922186 Fax: 071-407 5700 

Thursday September 29 1994 


Paying for 
equality 


The courts are better at legal 
principles than they are at actuar- 
ial science. The attempt to com- 
bine the two can lead to a muddle, 
as it did yesterday when the Euro- 
pean Court of Justice pronounced 
on a number of issues arising in 
the wake of the Barber case, 
which involved sex equality in 
pen s io ns , on which the judgment 
was handed down in 1990. 

Headline reactions are likely to 
focus on the issue of retrospection, 
undo* which, part-time employees 
are entitled to reinstatement in 
company schemes as far back as 
1976. This could cost UK compa- 
nies up to £10bn on worst case 
estimates. On closer inspection, 
however, these costs turn out to 
be highly hypothetical, though 
still enough to worry certain 
financial companies, like banks 
and insurance companies, which 
run non-contributory schemes. 

The more important conse- 
quence of the process of pension 
fund equalisation is that women 
are. perversely, rather likely to 
end up worse off. For instance, the 
Coloroll pension scheme trustees 
can now go ahead with paying out 
equalised benefits, which means 
that at least in respect of service 
after May 1990 women will receive 
slightly less of the available funds. 

Many other terminated schemes of 
insolvent companies are in the 
same position. 

Core workers 

In many cases pension schemes 
have never been designed by 
employers to be ‘'fair”, but to cre- 
ate discriminatory incentives 
intended to be in the interests of 
the company - for instance, to 
direct extra benefits towards core 
long-term workers rather than to 
temporary staff or part-timers. 

Where such discrimination is 
based upon sex - but not on other 
factors - it is now outlawed. But 
although discrimination against 
mostly female part-timers may 
have been a practical consequence 
of their exclusion, it will never 
have been explicitly recognised by 
the employer and may never even 
have been intended. 

Although part-timers excluded 
from pension schemes are now 
able to claim retrospective incln- 
sion, the employer will still be 
able to claim that no sex discrimi- 
nation was involved and this will 
have to be tested in the national 
courts. Opinions vary on whether 

An end to the 
rail strike 


they will find it easy to make then- 
cases stand up. 

So the apparent victory of the 
part-timers may yet prove pyrrhic, 
but even so, the principle that 
employers should be subject to 
retrospective judgments going 
back 18 years is obviously unac- 
ceptable. So long as employers 
behaved reasonably in terms of 
general opinion and practice at 
the time, they should not be vul- 
nerable to unpredictable bolts 
from the legalistic blue. If the 
European Court continues to 
behave like this, it will be seen to 
have increased the risks of doing 
business in the EU, with Uttle jus- 
tification. 

Retrospective demands 

Paradoxically, the original Bar- 
ber judgment was implemented 
without retrospection (only, how- 
ever, after the separate Ten Oever 
case in 1993). But part-time work- 
ers can now claim 18 years’ worth 
of reinstatement The difference in 
treatment rfapwida upon a distinc- 
tion the European court has 
drawn between benefits paid by a 
scheme and the right to join a 
scheme in the first place. The lat- 
ter happened to have been covered 
by another judgment In 1986 
which in turn related back to the 
1976 judgment on the enforceabil- 
ity of Article 119 of the Treaty of 
Rome. None of this Euro-legalism 
will make much sense to the aver- 
age British or German company 
now faced with costly retrospec- 
tive demands from part-timers. 

Similarly, the rigid application 
of legal principles has led the 
court to rale out any provision of 
transitional relief for women who 
find that the Barber judgment has 
disadvantaged than. The reason is 
that the transitional provisions 
would themselves involve sex dis- 
crimination. But this is not the 
way in which employer/employee 
relations can be harmoniously 
conducted. 

Nevertheless, the soles of rul- 
ings published yesterday does at 
least clarify many previously out- 
standing issues. That legal con- 
straints should be placed upon 
pension schemes in order to pro- 
tect the interests of otherwise vul- 
nerable employees is sound 
enough in principle. But the Euro- 
pean court must find more flexible 
ways of handling such detailed 
and complex commercial problems 
if it is not to become discredited. 


Strikes are a no-win proposition in 
any industry. Once begun, how- 
ever, the role for ending them is 
that everyone must emerge a win- 
ner. Yesterday's welcome end to 
the rail signalworkers' dispute 
was no exception, with the three 
main players all claiming victory. 
In truth, the battle has cost both 
union and management dear. And 
the government for its part has no 
cause for self-congratulation. 

For the chairman of Railtrack, 
the state-owned company that 
runs British Rail's track and sig- 
nalling operations, the deal agreed 
with the signalworkers’ union in 
the early hours of yesterday morn- 
ing was a “victory for common- 
sense”. For Mr Jimmy Knapp, 
union leader for the striking sig- 
nalworkers, it was his members' 
persistence that had won the day. 

The package, like the dispute 
itself, is complicated enough for 
each claim to have some merit. In 
the long term, Railtrack has won 
most, perhaps, in achieving the 
much-needed reform of signal- 
workers' pay and conditions. The 
workers are receiving less in 
return than the RMT first 
demanded, but can claim to have 
delivered, by striking, an 8 per 
cent rise in average ea r ni n gs, if 
only for the current year. 

Whatever the immAriiatg tally of 
gains and losses, the entir e indus- 
try will suffer the effects of the 
dispute for years to come. Custom- 
ers have had four months to dis- 
cover alternatives to rail trans- 
port; demand may never fully 
recover. 

Less appetising 

That, and the E200m losses suf- 
fered by the rail operating compa- 
nies, will make rail franchises a 
considerably less appetising pros- 
pect for private investors than pre- 
viously hoped. 

Clearly, things could have been 
worse. Had the dispute continued 
into next week, striking signal- 
workers stood to lose valuable 
pension rights from October 1 
onwards. As far as Railtrack is 
concerned, restructuring of work- 
ing practice has always been an 
essential first step in building a 
modem and profitable national 
rail network. Disputes about 
implementation had already been 
simmering for seven years: allow- 
ing them to boil over later, when 
privatisation was already is toll 


swing, would doubtless have been 
even more damaging. 

Yet things could also have gone 
Ear better, had it not been for the 
government's ill-judged interven- 
tions. In fact, the dispute could 
have ended in early June, when 
both sides agreed a package, 
which Railtrack was subsequently 
forced to retract 

A private company would 
always have chosen an early end 
to the dispute, offering huger pay 
increases and recouping the extra 
cost with farther efficiency gains 
once employees were back at 
work. British had not been 
able to do this . Allowing BR’s suc- 
cessor to strike such a deal at the 
beginning of the summer would 
have vividly made the govern- 
ment’s own case for rail privatisa- 
tion. 

Problem-laden 

But rather than using it as a 
test of its rail privatisation plans, 
the government instead chose to 
view the affair as a test of its 
problem-laden approach, to con- 
straining public sector pay. 

The government claims that the 
agreed package for the signal- 
workers conforms to the two cen- 
tral requirements which that pol- 
icy imposes. The 3.7 per cent 
addition to Rail track’s paybill 
pays for itself In efficiency gains, 
while the basic 25 per cent pay 
increase is well within standards 
set earlier in the year by pay rises 
in the rest of British Rail and else- 
where in the public sector. 

Deals which appeared to deliver 
much larger “headline” pay 
increases to individual workers 
could not be accepted by the gov- 
ernment for fear of the lessons 
which other public sector workers 
might draw. But this merely 
shows how diffi cult it is for the 
go v er n ment to combine its desire 
to broaden the scope for a more 
flexible approach to individual 
public sector pay agreements with 
the blunt instrument of its three- 
year freeze on public sector pay 
bills overall- 

Holding down public sector 
labour costs is central to the chan- 
cellor’s medium-term fiscal strat- 
egy. The post mortems on this 
sorry dispute will drag oil But the 
chancellor has not been helped by 
being involved, even if indirectly, 
in a needlessly drawn-out and 
unpopular strike. 


F or the second time in six 
months, Credit Lyonnais, 
the embattled French 
hanking group, been 
forced to call in its 
owner, the French state, for help. 
This week, it set aside further 
heavy provisions against bad debts, 
reporting a first half net loss of 
FFr48bn (£540m), proportionately 
worse than the 1993 annual loss erf 
FFr6. 9bn. 

Mr Jean Peyrelevade, Credit 
Lyonnais chairman, conceded that 
the millstone of the late 1980s and 
early 1990s - when the bank had 
made an uncontrolled plunge into 
bad property lending, speculative 
film finance, and high-risk and low- 
yielding investments in other state 
companies - was too heavy for the 
bank to support alone. 

Unless buoyed up again by the 
state, the ship of Credit Lyonnais 
would almost certainly sink below 
the piinmnii fine of the internation- 
ally agreed solvency ratio of 8 per 
cent, and would almost equally cer- 
tainly have great difficulty in rising 
into profit in the near future. 

The new rescue, like the one in 
March, is likely to be in the form of 
a farther capital injection and extra 
loan guarantees by the state. Even 
with this summer's FFrtStm capital 
increase by the government and 
other state-owned shareholders, the 
first-half loss has depressed the 
bank’s solvency ratio of shareholder 
funds to loan commitments to 8.1 
per cent, dangerously naar the mini- 
mum. The state has now agreed 
that it would recapitalise the hank 
if the latter incurred any further 
loss in the second half of this year. 
Mr Peyrelevade said 
The chairman said the govern- 
ment had also agreed that, if thia 
year’s overall loss threatened to 
exceed last year's FFr6.9bn level, 
the state would step in to take fur- 
ther bad loans and risks off the 
bank’s balance sheet. In March 
some FFrfflbn in doubtfal property 
loans were put in a special state- 
backed company, whose potential 
losses are underwritten by the state 
to the tune of FPrl4bn. 

So the French government is 
already lumbered with a rescue 
package whose potential cost nearly 
equals that of the FFr25bn by which 
it is hoping to cot 1395 budget defi- 
cit for the entire country. 

In addition, some analysts are 
still sceptical that Mr Peyrelevade 
has announced anything like the 
provisions be will have to make to 
cover the legacy of the past 
“We feel that the process of going 
through the books by the manage- 
ment is not yet rigorous enough, 
and the full provisions are not yet 
reflected in these results,” Ms 
Susan Sternglass of Goldman .Sachs 
said yesterday. With last week's 
reports suggesting the h ank may 
need to make further provisions of 
up to FFr2Sbn, the government may 
yet be called on to make up much of 
the additional shortfall. 

Cynics would say that Mr Peyrele- 
vade has played a game of high- 
stakes poker with his shareholder, 
and won handsomely. 

Certainly, it looked like poker. 
Three days before Credit Lyonnais 
was initially scheduled to report its 
first-half results, Mr Peyrelevade 
went to see the French Treasury 
which was expecting a pro forma 
meeting with the bank chairman. 
But he apparently surprised and 
dismayed the Treasury officials by 
telling them he could not finalise 
the bank's accounts, because the 
need to make vastly higher provi- 
sions had just emerged. The new 
auditors would only certify the 
accounts if the state promised new 
help, he added. 

After a week of bargaining, the 
government gave in, and promised 
the help. Cynics, again, would say 
that Mr Peyrelevade was exploiting 
the fact that the French govern- 
ment could not possibly let the 
country's biggest bank go under, 
with a balance sheet of nearly 
FFr2.000bn. equivalent to a quarter 
of its gross domestic product 
Precisely the same concerns of 
systemic risk weigh, too. with those 
in the European Commission 
charged with the general task of 
vetting state aid. They are aware 
that a crash by Europe’s biggest 
ha nking network would reverberate 


More skeletons 
in the closet 


As the extent of its troubles are revealed, 
David Buchan and Andrew Jack examine 
the malaise at Credit Lyonnais 


Credit Lyonnais: high risk 


V 



Credit IffoonelM* major BSMts salem so Car In 1894 

By value (FFr bn) and percentage of stake sokJ 



(FFr) 


1%) 

FNAC (books and record chain) 

ZOO bn 


6S.0 

UAF $fe insurance) 

i.16bn 


16.0 

EssSor (speciafist ^ass) 

- 


2.7 

TH (television station) 

- 


6.0 

P&Tau/NPrrttempfi (notating) 

- 


4.0 

JAk*£en hotels 

190m appmc 

9.4 

Total asset sates 

SAn 



Provisions by profit contras 

(FFr bn) Fwthair Second half 

19S3 1993 

Fbsthatf 

1994 

Domestic banking 

2.0 

23 

2.6 

International banking 

25 

23 

2.7 

Others 

on 

0.1 

0 

Country risk 

-0.9 

-1.0 

-0.6 

Dutch aubokSary CLBN 

08 

30 

1.1 

Banking aubsidtartes 

1.4 

2.1 

3.4 

Investment portfolio 

1.2 

•0.2 

03 

Total 

70 

ion 

10.1 


Gross msuttiu rasnts (FFr bn) 



RrtfMT Seoond botf Hrathatf 

1993 1993 1994 


throughout the EU. 

A few French private h anks 
moaned about state aid last March 
to Credit Lyonnais, but they have 
kept quiet since, aware of how the 
group's problems have helped drag 
down their share prices. In contrast 
to the airline sector, where there is 
always British Airways to cry foul 
at aid to Air France. Credit Lyon- 
nais's banking competitors have 
stayed silent 

But Mr Peyrelevade has his price 
to pay,' too, in personal pride and 
group assets. This week he con- 
ceded “a double error” of judgment 


Cynics would say that 
Peyrelevade has 
played a game of 
high- stakes poker 
with his shareholder, 
and won handsomely 


when he took over the banking 
group last November after the 
disastrous mismanagement of his 
predecessor, Mr Jean- Yves Haberer. 
He said he had been wrong in think- 
ing that “the latent risks [arising 
from the Haberer-era activities 1 
could be absorbed by Credit Lyon- 
nais's current [banking] profits. But 
these profits in 1994 look like being 
FFr2bn less than we estimated”. 
The other error was to think that 
provisions against these risks could 
be “staggered”, a hope that Mr Pey- 
relevade said the bank's new audi- 
tors had disabused him of. 

Mr Peyrelevade also talked this 
week for the first time or selling off 
parts, admittedly peripheral parts, 
of bis group's core banking empire 
in addition to the sales of its indus- 
trial holdings already in train. In 


the first seven months of this year, 
Cridit Lyonnais has -she d FFi68bn 
in non-bank assets. Mr Peyrele- 
vade's target of selling FFrZObn of 
Credit Lyonnais’s FFlrSObn indus- 
trial holdings now looks like a mini- 
mum. The smooth withdrawal of 
such a big investor from the French 
market wdl not be easy with France 
still lacking capitalised pension 
funds to take up the alack. 

But the Credit Lyonnais affair 
highlights other structural failing s 
in French hanking groups, and in 
their regulation by the state. 
Defending himself against the accu- 
sation that, for tactical reasons, he 
deliberately kept the government in 
the dark until the last moment 
about the bank’s persistent prob- 
lems, Mr Peyrelevade said: “We told 
them [the government] everything 
we knew, when we knew it” 

He had taken the long-overdue 
step at the start of this year of insti- 
tuting a centralised risk-control 
committee for the Credit Lyonnais 
group to ensure better future con- 
trol. But he is still finding it diffi- 
cult to keep track of all the past 
skeletons falling out of the cup- 
boards. 

There are some specific reasons 
for this. One is Altus, a high-risk 
investment house which is part of 
the group. Mr Jean-Franpois Henin, 
who ran Altus from 199083, prided 
himself on the fact that he h»d mul- 
tiplied its balance sheet many times 
over without increasing its staff. 
The result was a chaotic back office, 
out of which dubious dossiers are 
still tumbling. Credit Lyonnais said 
this week it was busily engaged in 
getting out of as many of Altus’s 
contracts as possible. 

Another factor is its Socifite de 
Banque Occidentale subsidiary’s 
continuing problems with recoup- 
ing loans made to Mr Bernard 


Tapie. the deeply indebted business- 
man-politician. 

But perhaps the biggest reason 
for the accelerating clean-out of 
Credit Lyonnais is the way in which 
the bank’s branch managers and its 
new auditors were responding to 
what Mr Peyrelevade termed “the 
new climate". They were bringing 
to the surface all the bad loans and 
dud investments of the past. 

Certainly, the push for more rig- 
orous control appears to he coming 
from them rather than from exter- 
nal regulators, like the Bank of 
France and its Banking Commission 


The push for more 
rigorous control 
appears to be coming 
from below rather 
than from external 
regulators 


which were criticised by this sum- 
mer’s parliamentary inquiry for 
being slow in diagnosing and acting 
on Credit Lyonnais's problems. 

Mr Jean-Claude Trichet, the Bank 
of France governor, told MFs in 
May that he had not wanted to pres- 
ent the problem publicly before 
announcing a solution. He said that 
the authorities had felt it important 
“not to announce the fire before 
revealing the fire extinguisher”. 

Mr Trichet said he smelt smoke in 
September 1992 when he was direc- 
tor of the Treasury. But it was 
almost a year later before the Bank 
of France, as the organisation for- 
mally responsible for banking 
supervision, wrote to the govern- 
ment demanding it rescue its bank. 

As for the Banking Commission, 
it said it had started getting suspl- 


OBSERVER 


Say Hello to 
Jack's halo 

■ Jack Welch, boss of General 
Electric and patron saint of 
American management, is und er 
the media microscope. Time, 
Newsweek and Forbes all ran 
lengthy pieces on him this week, 
and Fortune did a job on him a few 
weeks back. An dealt with the same 
basic theme: whether the alleged 
fraudulent trading at GE’s broking 
subsidiary Kidder Peabody, which 
has cost GE hundreds of millions of 
dollars, is evidence that Welch’s 
halo has slipped. 

This week’s stories are mostly 
anodyne, and have an air of damage 
limitation. Hie earlier Fortune 
cover story was hard-hitting; it 
blamed the Kidder case squarely on 
GE’s corporate culture and linked it 
with earlier examples of corporate 
wrongdoing. Welch’s hard-driving 
style, the piece implied, might be 
forcing GE executives to cut 
comers. 

lime, by contrast, interviewed 
Welch and concluded that he was 
still basically OK. Forbes did the 
same and concluded he was 
absolutely fabulous. Round one to 
Fortune, round two to GE’s media 
relations people. 

In fact. Fortune's case looks to be 
based on a false premise: that 
without Welch. GE would be white 
as snow. Like many another 
old-established company, GE has its 
roots in the days of cartels and 


monopolies. A recent book on 
Welch, Control Your Destiny or 
Someone Else WiB, remarks that 
when GE lost its first anti -trust 
lawsuit in 1948 it only got its wrist 
slapped. “Subsequently,” the book 
says, “some GE middle managers 
ima gined themselves immune to 
punishment, expecting their bosses 
to wink at wrongdoing that helped 
a b usiness grow. Partly as a result, 
the company was caught many 
times in illegal actions." 

Over the years, Welch has done a 
great deal to change the GE culture. 
The job of GE people, he once told 
shareholders, is “to set and meet 
aggressive targets - always with 
unyielding integrity”. One more 
push, perhaps. 


Profit honoured 

■ Is Luis Angel Rojo tempting fate? 
The governor of the Bank of Spain 
has for the first time put his 
signature on an issue of PtaLOOO 
notes. And there, gracing the new 
green-tinted bills, are the portraits 
of Hernfin Cdrtes and Francisco 
Pizazro. The conquistadors of 
Mexico and Peru respectively were 
ultimately responsible for flooding 
the country with gold and silver, 
thus sapping Spain's 16th century 
industry and prostrating its 
economy with soaring price rises. 

Tjtin American central hank 
governors, gathered in Madrid for 
the IMF's jamboree, were Rojo’s 
guests at a conference yesterday. As 
such, they were undoubtedly too 



1 picked up Tony Blair’s 
ideological baggage cheap at a car 
boot sale’ 


polite to enquire why those who 
had plundered their domestic 
treasures should be so honoured. 


Moor or less 

■ After David O'Brien’s abrupt 
departure from National & 
Provincial Building Society, Leeds 
Permanent may well be 
congratulating itself on its lucky 
escape. Hie Leeds' doubts about 
O'Brien’s management style - 
which now seem to be shared by the 
N&P - was one of the rocks on 
which the planned merger between 
the two foundered last year. 


However, the Leeds mob ought to 
be careful about crowing at the 
misfortune of their Bradford rivals. 
N&P has lost and found a chief 
executive almost instantaneously, 
whereas the Leeds is still looking 
for a permanent successor to Mike 
Blackburn who escaped across the 
moor to the Halifax more than 18 
months ago. 


Communewealth 

■ Life will never be quite the same 
again in Brick Factory Village or 
October Banner Soviet Farm 
Central Village, both In the Moscow 
region. For their 
pastorally-challenged names - 
along with a couple of hundred 
others - are about to disappear, 
replaced with something a little 
more in tune with the times. Like 
Uttle Bankrupthampton, perhaps, 
or Crisisbottom-inthe-doldrums. . . 


Daily dose 

■ The state-owned BBC continues 
to do its bit for the development of 
commer cial radio. A recent triumph 
hag been the moving of the 
Financial World Tonight from 
Radio 4 to Radio Five live at a later 
ll.45pm time slot The programme, 
which used to be required bed-time 
listening for City types, had already 
lost fans when its slot was moved 
from 11.15pm to 9.45pm. 

Since its latest move, the 
programme’s weekly audience in 


15 


cious in 1991 after seeing Credit 
Lyonnais's balance sheet increase 
by 30 per cent over the previous two 
years, with a 200 per cent rise in 
industrial holdings. 

However, the Credit Lyonnais 
affair raises doubt about the capac- 
ity of the commission’s 350 staff to 
keep track of hydra-headed institu- 
tions like Credit Lyonnais with 550 
subsidiaries. 

The commission put 10 people on 
to Credit Lyonnais, starting with its 
subsidiaries. But they seem to have 
bit an information problem with 
CLBN, the bank's Rotterdam sub- 
sidiary which, among other ven- 
tures, bankrolled the ambitions of 
some dubious Italian financiers to 
buy MGM in Hollywood. Such is the 
legacy of these ventures that they 
still accounted for a tenth of the 
new FFrlO.lbn provisions 
announced this week. Credit Lyon- 
nais has now retained the expensive 
services of Mr Henry Kissinger to 
help it find a buyer for MGM. 

Neither French nor Dutch regula- 
tors will elaborate on their 
exchanges about CLBN, except that 
the Dutch central bank sought in 
1989, and eventually got, extra guar- 
antees from Credit Lyonnais in 
Paris on CLBN loans, while the 
French banking commission did try’ 
to get some information from its 
Dutch counterparts. 

M r Jean-Louis 
Butsch, head of the 
Banking Commis- 
sion, implied to the 
parliamentary 
Inquiry that this was not very satis- 
factory. It was, he noted, only at the 
start of 1993, when the European 
Union's Second Banking Directive 
came into force, that “professional 
secrecy vis a-vis our EU counter- 
parts was lifted". 

Another effect of that directive 
has been to transfer prudential 
supervision of a bank's branches to 
its country of origin. But that would 
not have helped at CLBN which, as 
a separately incorporated subsid- 
iary. stays under Dutch controL 
Mr Butsch 's team has moved from 
one troubled subsidiary to another 
since November 1991. finally advan- 
cing on Credit Lyonnais' headquar- 
ters on the Boulevard des Italians a 
year later for a six-month investiga- 
tion. Even then, however, the 
1992-93 deterioration in the econ- 
omy required them to make return 
visits to subsidiaries. 

In general terms, the Banking 
Commission still sees no need to 
change its regulatory procedures. 
But commercial banking sources 
said yesterday it might have to 
respond to the example set by 
Credit Lyonnais’s new auditors, by 
publishing tougher and clearer gen- 
eral guidelines on provisions for 
other French banks and their audi- 
tors to follow. 

Out of Credit Lyonnais’s prob- 
lems may yet come another useful 
precedent for other hanks to follow. 
With first-half operating results 
down by 25 per cent from the same 
period of 1993, the group appears to 
have a significant problem in rais- 
ing profitability on its core banking 
business. It shares with other 
French banks working conditions 
still largely governed by legislation 
dating from the 1930s. These treat 
bank employees like civil servants, 
more or less guaranteeing them pro- 
gressive promotion and firmly set- 
ting their working hours. The man- 
agements of the main h anks fried to 
change this in 1989, but their com- 
mon front against the banking 
unions crumbled when Mr Haber- 
er’s Credit Lyonnais broke ranks. 

“Peyrelevade now has the chance 
to use the shock of Ctedit Lyon- 
nais's problems to change our over- 
staffing and old-fashioned working 
rules, and to provide better ser- 
vices,” said a commercial banker 
yesterday. In Mr Peyrelevade’s 
quest to reduce operating expenses, 
most of the head tines have gone to 
the 1.000 job cuts he is making this 
year in the group’s French network. 

But he has also negotiated a 
small experiment with his unions to 
let Credit Lyonnais branches in 
Toulouse stay open in the evenings 
and on Saturday morning. With so 
much else about Credit Lyonnais 
that is execrable, this is one area 
where it may prove exemplary. 


the important London market has 
dropped from 120,000 to around 
26.000. All of which has opened up 
an opportunity for London News, 
the successor to LBC. It has 
poached BBC presenter Richard 
Shackletou to launch a nightly The 
Business World Tonight Tune In 
next Wednesday at 1080pm. 


Incensed 

■ Is England’s oldest Roman 
Catholic school, St Edmund's 
College, about to exchange its 
motto - Anita pro Fide, For the 
Ancient Faith - for a new 
catchphrase. “Fill ’er Up”? 

The Hertfordshire school, which 
has been providing a catholic 
education since 1568, is seeking 
planning permission for a petrol 
station and roadside cafo next to a 
proposed by-pass for the busy A10 
London to Cambridge road. 

Still, the diversification would fit 
in neatly with St Ed’s advice to 
departing pupils: they should “have 
regard to the welfare of others and 
he of service in the community”. 


Red light district 

■ The banker could not believe his 
eyes when an applicant for a 
personal loan reported that the 
value of his main residence was “at 
[east £25m". However, the loan was 
refused on the grounds of the 
customer’s address - HMS 
Endeavour. 


« 



X 




16 


SHEERfHAME 

Specified 
Worldwide 


Limited 
Tal: 0773 8S2311 


FINANCIAL TIMES 

Thursday September 29 1994 


EXCO 


Senate committee threat to WTO launch 

Clinton challenges US 
Congress over trade 


By Nancy Dunne in Washington 

US president Bill Clinton 
yesterday threatened to force 
Congress to pave the way for the 
new World Trade Organisation, 
the creation of which was put in 
jeopardy after US legislative 
approval ran into serious difficul- 
ties. 

The organisation, a corner- 
stone of the deal reached last 
December at the end of the 7-year 
Uruguay Round of multilateral 
trade negotiations, was to have 
come into existence in January 
1995. 

Enactment of the deal is 
already delayed in the European 
Union and Japan. Yesterday, its 
ratification was threatened by 
the decision of the chairman of a 
powerful US Senate committee to 
hold it up fill the end of the pres- 
ent Congressional session this 
autumn. 

The US administration, weak- 
ened by partisan attacks on the 
president, has made trade a cen- 
trepiece of its foreign policy. A 
defeat of the Uruguay Round of 


the General Agreement on Tariffs 
and Trade deal could be more 
serious over the long run than 
the loss of President Clinton's 
healthcare legislation. 

Senator Ernest Rollings, chair- 
man of the Senate Commerce 
Committee, which has partial 
jurisdiction over the legislation, 
said there is “no chance at all” 
that the Senate will vote on the 
bill before it adjourns on October 
7 for congressional elections. 

Delay has long worried other 
governments and US exporters, 
who are the most politically sig- 
nificant supporters of the trade 
agreement In the current envi- 
ronment of national cynicism, 
opponents have fanned the 
flames of protectionism and isola- 
tionism. 

Gatt legislation next year could 
face a more Republican but also 
more protectionist Congress. Fur- 
thermore, lawyers say it may be 
difficult to re-introduce the legis- 
lation under the special fast-track 
rules, which prohibit amend- 
ment 

Mr Clinton has met Senator 


Bollings, a self-described protec- 
tionist and a long-time defender 
of US textile producers, to urge 

his cooperation, bat apparently 
to no avail 

The senator said yesterday that 
he is p lanning “a series oF hear- 
ings” which will keep the bill sti- 
fled in his committee. Under Sen- 
ate rules, he can hold the bill up 
for 45 days. 

After a long delay to prepare 
the implementing legislation, the 
Clinton administration sent the 
package to Congress on Tuesday. 
Two House committees immedi- 
ately cleared the legislation for 
the House floor. 

The senator has been warning 
for months that he planned to 
take the full 45 days. This would 
not have been a problem if the 
legislation had been submitted 
on schedule in the summer. But a 
dispute over the budgetary impli- 
cations brought delay, as did 
opposition to an administration 
request for a new fast-track nego- 
tiating authority. 

Mr Hollings will be pressed by 
colleagues to drop his opposition. 


Killing of politician shatters 
Mexico’s post-election peace 


By Ted Bardacke in Mexico City 

The secretary-general of Mexico's 
ruling party, Mr Jose Francisco 
Ruiz Massieu. was shot dead in 
the centre of Mexico City yester- 
day, shattering the fragile politi- 
cal peace following last month’s 
presidential elections. 

The attack came just over six 
months after the party's presi- 
dential candidate, Luis Donaldo 
Colosio. was shot dead in 
Tijuana. 

Mr Ruiz, the number two figure 
in the Institutional Revolution- 
ary party (PRI) and former gover- 
nor of the state of Guerrero, was 
last week named as head of the 
PRTs majority delegation in the 
Chamber of Deputies, the lower 
house of congress. He was also 
said to have been in the running 
to become interior minister, in 


charge of internal security and 
politics. 

Mr Ruiz, 43, was shot in the 
neck as be drove away from a 
breakfast meeting with PRI depu- 
ties. The assailant, who witnesses 
said was armed with a 9mm semi- 
automatic weapon, is being held 
by federal agents. His identity 
was not immediately disclosed. 

Mexican financial markets fell 
sharply on the news. After three 
hours of trading, the stock 
exchange was down 2.4 per cent. 

There had been concern in the 
country that more political vio- 
lence might follow Mr Colosio's 
murder, the first assassination of 
a senior government figure in 
Mexico since the 1920s. 

His replacement, Mr Ernesto 
Zedillo, won the August 21 elec- 
tion, despite continuing public 
frustration that the motives 


behind Mr Colosio's death have 
yet to be explained. 

Mr Ruiz, a graduate of Essex 
University in the UK, had been 
named as a negotiator for Mr 
Zedillo in talks over political 
reform expected to begin next 

month 

At the breakfast Mr Ruiz 
explained to new PRI deputies 
the framework of both national 
political reform and internal 
reform of the ruling party, an 
outline of which had been 
announced the previous after- 
noon. 

The PRI has ruled Mexico 
under one name or another for 65 
years. Presidents since the 1960s 
have, like Mr Zedillo, pledged 
reform of the party bnt they 
have usually backed down in 
the fees of strong internal opposi- 
tion. 


Ferry sinks 


Continued from Page 1 

vessel foundered. “On the TV 
monitor in the machine room, we 
could see water rushing in on the 
car deck," he told reporters. 

Two Swedish maritime inspec- 
tors in Tallinn on Tuesday said 
the rubber seals around the bow 
doors were partly damaged, but 
not to a dangerous degree. They 
were not formally inspecting the 
vessel but said last night that if 
they had thought the equipment 
was dangerous condition, they 
would have raised the alarm. 

The stricken vessel sailed 
under the Estonian flag. 


IMF lifts growth forecasts 


Continued from Page 1 

April. However, the IMF's eco- 
nomic outlook document projects 
only a small decline in the Euro- 
pean Union's unemployment rate 
to an average of 1L5 per cent 
next year from 1L8 per cent this 
year. 

This compares with forecast 
unemployment of 6.3 per cent in 
the US and forecast jobless rates 
in Japan of IL9 per cent this year 
and 3 per cent in 1995. 

With recovery seemingly well 
established, the IMF is urging 
governments to learn from the 
errors of the 1980s and act 


promptly to curb inflationary 
pressures. In particular, it is rec- 
ommending that countries raise 
interest rates in advance of 
actual increases in inflation to 
ensure a lasting recovery. 

Mr Mussa yesterday also 
praised this month's increase in 
UK bank base rates to 5.75 per 
cent from 5.25 per cent as a 
"highly desirable initial step to 
contain future growth of infla- 
tionary pressure”. 

He said Mr Kenneth Clarke, the 
chancellor of the exchequer, was 
right to give priority to control- 
ling public expenditure before 
considering tax cuts. 


Ruling 
party aims 
to tighten 
grip on 
China 

By Tony Walker In Bejpng 


China's ruling Co mmunis t party, 
the world’s largest political 
organisation, has approved a 
plan aimed at bolstering its hold 
on power at a sensitive period In 
the transition to a new genera- 
tion of leaders. 

The Central Committee docu- 
ment emphasised the role of 
President Jiang Zemin at the 
“core" of the leadership and as 
successor to Deng Xiaoping, Chi- 
na’s 90-year-old senior leader. 

The resolution reflected grow- 
ing concern about a weakening 
of central control and a crumb- 
ling of communist authority, 
especially in rural areas where 
unrest has become common. 

China's leadership session, the 
first meeting of the more than 
300 Central Committee members 
since last year, coincides with 
growing worries about rising 
prices and social unrest. 

The country’s rulers stressed 
the need to strengthen “grass- 
roots organisations”. This Indi- 
cated recognition of the p arty’ s 
poor standing among rural 
dwellers who account for about 
80 per cent of the population of 
lJ2bn. Party membership nation- 
wide stands at about 40m. 

“The party's grass roots organ- 
isations are the foundations of 
the party’s operations and its 
combat effectiveness,” the docu- 
ment said. 

The four-day plenary session of 
the 14th Central Committee con- 
cluded just three days before 
China celebrates, on October 1, 
the 45th anniversary of the revo- 
lution. It coincided with persis- 
tent reports of Mr Haig's failing 
health. 

China's leadership has been in 
transition for the past two years. 
The expected demise of Air Deng 
has fuelled worries about the 
ability of a new gener a tion to 
assert its authority. 

The Central Committee docu- 
ment referred to “all the haz- 
ards” the party was encounter- 
ing in the new phase. 

This was an acknowledgment 
of the difficulties of managing 
the transition from a centrally 
planned system to a market sys- 
tem. 

China’s leaders, in their call 
for a reinvigoration of central 
authority, revealed deep-seated 
concerns about emergent region- 
alism with the growth of power- 
ful provincial interests and a 
corresponding loss of authority 
in Beijing. 

"Our country is currently 
undergoing extensive and pro- 
found social changes, and this 
requires our party to do better in 
upholding and improving demo- 
cratic centralism,” the statement 
said. It was “necessary to safe- 
guard central authority, and 
forcefully implement the party's 
line, principles and polities”. 

The Central Committee called 
tor a renewed campaign against 
corruption. 


FT WEATHER GUIDE 


Europe today 

Low pressure systems over the northern 
Atlantic and northern Europe will cause windy 
and unsettled conditions from the North Sea 
area into Russia. Scandinavia will be 
partieviariy chilly with rain along the 
Norwegian coast and wintry showers near the 
North Cape. Strong winds and showers will 
persist over Lapland. Finland and north-west 
Russia A frontal disturbance will generate 
rain over Scotland. Denmark, northern Poland 
and the Baltic states. High pressure near 
Brittany will promote light winds and cloud 
alternating with sunny spells over France and 
the Alpine countries. Thunder showers will 
affect much of eastern Spain and southern 
France. It will continue sunny and warm from 
Italy to Turkey with just the odd shower in 
Bulgaria 

Five-day forecast 

High pressure from Iceland to the UK and tow 
pressure over the far north of Europe wiU 
direct cold air south from the arctic. 
Scandinavia will remain quite cold with inland 
frost during the night Temperatures will also 
drop over some North Sea countries, in 
general, doud will be mixed with sun end 
continental Europe wlU stay mainly dry. 

TODAYS TEMPERATURES 



Situation at 1 2 GMT. Tempwatunw tmnomum for day. Forecasts by Mateo Consult of the Netherlands 



Maximum 

Bailing 

lair 

20 

Caracas 

shower 

32 


Cetane 

Belfast 

drzd 

ir 

Cardiff 

drza 

17 

Abu Dhabi 

sun 

38 

Belgrade 

fair 

25 

Casablanca 

fair 

22 

Accra 

shower 

30 

Berlin 

doudy 

18 

Chicago 

sun 

22 

Algiers 

cloudy 

25 

Bermuda 

Ur 

30 

Cologne 

ckudy 

18 

Amsterdam 

drzzl 

17 

Bogota 

doudy 

20 

Dakar 

fair 

28 

Athens 

sun 

29 

Bombay 

sun 

31 

Dates 

sun 

35 

Atlanta 

sun 

32 

Brussels 

cloudy 

17 

Delhi 

sun 

30 

B. Aires 

shower 

17 

Budapest 

lair 

23 

Dubai 

sun 

37 

B.ham 

doudy 

IB 

C.hagan 

ram 

14 

Dubfln 

cloudy 

17 

Bangkok 

Cloudy 

33 

Cairo 

sun 

32 

Dubrovnik 

fair 

27 

Barcelona 

thund 

23 

Capa Town 

shower 

17 

Edinburgh 

drzd 

17 


More 3nd more experienced travellers 
make us their first choice. 


Lufthansa 


Karachi 

Kuwait 

LAngeles 

Las Palmas 

Urns 

Lisbon 

London 

Lijx.bourg 

Lyon 

Madeira 


3im 

24 

Madrid 

fair 

21 

Rangoon 

shower 

32 

cloudy 

20 

Majorca 

show 

27 

Rsyklartk 

aun 

6 

fair 

21 

Malts 

fair 

28 

Wo 

fair 

22 

shower 

22 

Manchester 

drad 

17 

Rome 

ft* 

27 

rain 

16 

Mania 

fair 

32 

SLFraoo 

tab 

2 2 

dm! 

17 

Melbourne 

far 

12 

Seoul 

doudy 

23 

shower 

10 

Mexico City 

fair 

35 

Singapore 

doudy 

31 

fair 

29 

Miami 

ttand 

31 

Stockholm 

fair 

11 

fab- 

31 

Milan 

(air 

24 

Strasbourg 

lair 

21 

sun 

27 

Montreal 

shower 

11 

Sydney 

shower 

17 

fair 

32 

Moscow 

shower 

12 

Tangier 

shower 

22 

fair 

IS 

Mirich 

fair 

21 

Tel Aviv 

aun 

31 

fair 

34 

Nairobi 

cloudy 

28 

Tokyo 

rain 

22 

sun 

41 

Naples 

fab 

28 

Toronto 

fab 

16 

sun 

27 

Nassau 

doudy 

32 

Vancouver 

doudy 

16 

fair 

27 

New York 

doudy 

21 

Venice 

fab 

24 

Bur 

22 

l«cs 

shower 

22 

Vienna 

fab 

22 

sun 

25 

Nicosia 

fab 

27 

Warsaw 

doudy 

17 

lair 

19 

Oslo 

fair 

13 

Washington 

sun 

22 

fair 

18 

Paris 

fat 

20 

Weffinginn 

doudy 

14 

fair 

22 

Perth 

ahqwer 

18 

Winnipeg 

fab 

14 

fair 

24 

Prague 

doudy 

20 

Zurich 

fab 

to 


THE LEX COLUMN 


Wellcome wobbles 


The US Food and Drug 
Administration’s warning letter to 
Wellcome about manufacturing trig- 
gered painful memories of the crisis 
that engulfed Fisons. However, Well- 
come’s FDA-related difficulties appear 
tor less perilous. And. unlike Fisons. it 
could supply products from elsewhere 
if forced to halt US production. There 
are doubts about Wellcome, but com- 
plying with manufacturing standards 
is among the least of them. 

The most important question hang- 
ing over the company is whether it 
has a viable independent future. Such 
doubts have been behind the bid spec- 
ulation that has driven up its share 
price by 32 per cent since April. Well- 
come is only the largest drugs 
group in what is clearly an over-frag- 
mented industry. Within three years it 
will have to face the US patent expiry 
of Zovirax, its biggest selling medi- 
cine. And its ability to launch new 
products to compensate for Zovirax is 
in doubt three drugs have dropped 
out of the pipeline in recent months. 

Such arguments are not compelling 
Wellcome controls a commanding 
position in the East-growing anti-viral 
segment Because of its near monop- 
oly. the group is almost wholly pro- 
tected from the recent changes in the 
US market The company also has an 
Impressive strategy for generating 
non-p rescrip tion revenues frmn Zovi- 
rax after patent expiry. Finally, there 
are enough p romising products in the 
pipeline to cany the group forward 
after 1997. Competitors may well look 
on with envy. Investors, disillusioned 
by the 18 per cent toil in the share 
price since the 1992 share issue, 
should show more patience. 

US bonds 

It is difficult to see why the US bond 
market should have been in a positive 
mood yesterday. The Federal 
Reserve's decision not to raise interest 
rates on Tuesday night cannot be 
more than a temporary reprieve. Yes- 
terday’s durable goods data may have 
been distorted by the auto and aircraft 
sectors, but they still show underlying 
strength in manufacturing. On the 
most pessimistic reading, the Fed is 
now dithering while the economy 
strides ahead. There cannot be much 
comfort for the bond markets in that 

One explanation for yesterday's 
gains is that the market now believes 
in a trade deal between Japan and foe 
US which will remove the threat of 
sanctions and allow the yen to folL A 
weaker yen would be good news for 


FT-SE Index: 3087.7 (+30.2> 


WeOconw 

Share price relative to the 
FT-SE-A All-Share Index 



Source; FT Graphite 

bond markets everywhere because it 
would encourage Japanese institutions 
to step up their Investment abroad. 
But for the time being, this scenario 
smacks of wishful thinking. There 
would be a much greater chance of a 
weaker yen and a robust Japanese 
recovery if the Back of Japan were to 
cut interest rates aggressively. 

The chances are therefore that the 
bond markets will soon revert to their 
old anxieties about the Fed’s inten- 
tions. The question is now one of tim- 
ing. A welter of data in the second 
week of October will shed fresh tight 
on employment, capacity use and 
inflation. The Fed will then be under 
pressure again to show its muscle. As 
before, a small increase would simply 
leave the markets worrying about 
more rises to come. A large increase 
which signalled the end of the tighten- 
ing process would be the only real 
comfort 

MetaUgesellschaft 

Metallgesellschaft has developed 
into the 0 J. Simpson saga of the Ger- 
man corporate world, with each new 
lurid development subject to fasci- 
nated media attention. Damaging 
headlines this week indude a clash 
with a Nobel prize-winning economist 
over the handling of last year's deriva- 
tives crisis and a sharp profits down- 
grading from Deutsche Bank's 
research arm. The shares revived yes- 
terday but at DM134 they have fallen 
by more than a third since the begin- 
ning of the month. 

This performance reflects profound 
doubts about the pace of MG's recov- 
ery. Nine months after his appoint- 
ment as chief executive, Mr Kajo Neu- 


kirchen is still fire-fighting. Recent 
deals, notably the unscrambling of 
MG's bizarre ties to Castle Energy Cor- 
poration in the US and the sale of the 
group's mining operations, have 
capped potential liabilities and raised 
cash. But, as the group hinted earlier 
this month, a fresh injection of equity 
capital is likely to be required before 
too long. 

That is not the only concern. What 
is left after the succession of disposals 
In the past nine months is an unexcit- 
ing collection of low-margin busi- 
nesses, in sectors such as metals 
smelting, trading, plant engineering 
and specialty chemicals. The modest 
returns will hardly allow a speedy res- 
toration of the dividend, especially 
given the need for further rationalisa- 
tion in smelting. It is small wonder 
investors are losing patience. 

Alcatel Alsthom 

The news at Alcatel Alsthom goes 
from bad to worse. Not only were net 
profits for the first half of 1994 a third 
lower than in the first half of 1993; the 
group expects second-half profits to 
stay at the same depressed leveL This 
means full-year profits will be down 40 
per cent or more - much worse than 
the 10-20 per cent decline forecast by 
the group in January. 

The problems are In telecoms equip- 
ment particularly in Germany. Deut- 
sche Telekom, which in the past has 
been an easy source of profits for 
Alcatel, is driving harder bargains 
with suppliers as it prepares for priva- 
tisation. Capital expenditure is being 
reined in and margins are being 
squeezed. The snag is that margin 
pressure is not confined to Germany. 
It is only a matter of time before other 
large Alcatel customers such as 
France T6I£com and Telecom Italia 
demand similar price cuts. As compe- 
tition spreads through the telecoms 
services market, operators can no 
longer afford to feather-bed their sup- 
pliers. 

The long-term prospects are not all 
bleak. Alcatel has a good position in 
broad-band technology, which should 
prove a growth market as the race to 
build multimedia superhighways gath- 
ers pace. It has also gained a leading 
position in China, another fast-grow- 
ing market. But China is a fiercely 
competitive market with slim mar- 
gins. Moreover, despite recent cost 
cutting, Alcatel’s organisation remains 
bloated. The group's shares, which 
have dropped 37 per cent from their 
January peak, still look overvalued. 





MOVING STORY 

Prom October 1994, all Societe G&nerale Group businesses in London will be 
located in our offices in Exchange House in Broadgate. 

The move brings our banking operations together with our teams in UK 
and Continental equities , international bonds, futures and options, corporate 
broking, M& A and private client stockbroking. 

The move reflects and reinforces our commitment to provide a responsive, 
effective and coordinated service to our U K and international clients . 

So for us and for our customers, our moving story has a happy ending. 


. : i- .x, i 


Ewfcwg* Hoae. Primro* Stnti, Br vcjptt. Union EC2A 2HT. Td: 0171-762 44-U Fax am 7 ^ 




17 



★ 

FINANCIAL TIMES 

COMPANIES & MARKETS 

Cl THE FINANCIAL TIMES LIMITED 1994 Thursday September 29 1994 


For a wealthier L> us 
and a healthier 1 

•in ess 
ife 

| ill. "in i •ilirj ki ■c 

Tel 

r-.ui i iij IW5 2 ' 

ferd 

i 

• 

i 

• 


IN BRIEF 


Unichem eyes big 
time with cash call 

UniCheni, the acquisitive pharmaceuticals retailer 
and wholesaler, yesterday announced a £58.4m 
l $92. 3m) rights issue to underpin its expansion as 
one of Britain's largest suppliers of healthcare prod- 
ucts. Page 18 

NAP’s chief executive quits post 

Mr David O'Brien resigned as chief executive of the 
UK's National & Provincial Building Society yester- 
day , after the board said it wanted to replace him 
with the society's finance director. Page 18 

Well come shares fan on FDA warning 

Wellcome, the UK drug company, has been critic- 
ised by the Food and Drug Administration, which 
controls the sale of prescription medicines in the 
US, for manufacturing shortcomings in its mam 
North American plant Page 18 

Provisions cut and loan losses bolster ESC1 

Net profit at Banca CommerdaJe Italians edged up 
in the first half of 1994 to L15L3bn (896.5m). against 
Ll49.1hn in the equivalent period, as the bank 
struggled against difficult trading conditions and 
narrowing interest margins. Page 20 

Lean times spoil free lunch on Wall St 

Lehman Brothers has announced a review of its 
“meal-compensation programme” — meaning the 
securities house has decided it would no longer pro- 
vide free lunches to its 1,500 sales and trading staff. 
Page 20 

NatWest to invest ta Indian venture bank 

National Westminster Bank is to invest about £I0m 
(.$15,830) in a newly-formed joint venture Indian 
bank. It is the latest move by an international 
financial services group to take advantage of India’s 
economic liberalisation programme. Page 21 

Japanese warrants are down, but not out 

Symptoms of an ailing Japanese equity warrant 
market abound. However, most market participants 
say the market is suffering only a temporary mal- 
aise. Page 21 

US flotation lifts Jefferson Smurfit 

Jefferson Smurfit Group, the Dublin-based paper 
and packaging company, reported a surge in 
interim pre-tax profits, from IESO.Tm to l£251.6m 
(£24£L6m), thanks to the flotation of Jefferson Smur- 
fit Corporation in the US. Page 23 

Cattle's to buy eonsuner credit provider 

Cattle's is to expand its consumer credit operations 
with the acquisition of Welcome Group from Lon- 
don and Manchester, the finanrial services com- 
pany, for a consideration of up to £27.4m. Page 23 

Weinberg to head ’vulture’ fund 

Sir Mark Weinberg, one of the leading figures in the 
UK life industry, is to chair a new company with 
D00m capital to acquire life companies, close them 
to new business and manage their pxisting funds. 

The company is to be a joint venture with New 
York Life Worldwide. Page 24 

Beazer sales rise helps lift shares 6% 

The share price of Beazer Homes rose by more than 
6 per cent to 131p after the UK housebuilder 
announced sales had risen by a fifth since July 1. 
Page 25 


Companies in this issue 

Adwest 

24 

Frogmore Estates 

24 

Aer Lingua 

25 

Glaxo 

9 

Alcatel Alsthom 

17 

Global 

25 

Alcoa of Australia 

21 

Greenacre 

25 

Area fntl Ofl 8 Gas 

20 

HCG Lloyds Trust 

25 

Atari Corp 

20 

HDFC Bank 

21 

Axa 

17 

Kier 

25 

BAA 

27 

La Rlnascente 

20 

BQ 

20 

Lehman Brothers 

20 

Bailie Gifl Japan 

25 

MR-Oate Management 

25 

Beazer Homes 

25 

NatWest Bank 

21 

BolsWessanen 

17 

New York Lite 

24 

Brightstane Props 

25 

Orion Resources 

21 

British Airways 

27 

Quaftty Software 

24 

British Gas 

27 

Quayfe Muruo 

25 

British Steel 

27 

Rerfland 

9 

Bum Stewart 

25 

Reflex 

25 

Cattle's (Holdings) 

23 

Regent Inns 

25 

Chemical Banking 

17 

Sega Enterprises 

20 

Corpovan 

20 

Shell Transport 

27 

Credit Lyonnais 

15 

Signet 

23 

DCS 

25 

Smurfit (J) 

23 

Davide Camparl-MHan 

17 

St James Place 

24 

Development Sec 

24 

7) Group 

23 

Dow Oeutschlend 

21 

Toicor 

20 

Dyson (J&J) 

24 

Thames Water 

9 

BUn 

21 

Thorpe (FW) 

25 

EilUl 

24 

Wellcome 

9,27 

FBtronlc Comtek 

25 

Wttama Holdings 

24 









fftmual reports service 28^9 

Foreign estrange 

34 

Benchmarit Govt bonds 

22 

Gits prices 

22 

Bond fufeires and options 

22 

Ufle equity options Ba* Page 

Bond prices and yields 

22 

London share sendee 

2*29 

Commodities prfces 

26 

London bad! options Bask Page 

Dhttends announced, UK 

23 

Managed funds sendee 

30-34 

ems currency rates 34 

Eurobond prices 22 

(tad interest where 22 

FT-A World tncSces Back Pane 

Money markets 

New rid bond issues 

Recant issues. UK 

34 

22 

27 


27 

Snoa-Kfln HH IBS3 


FtTISMA km bond sve 

22 

US Interest rates 

22 

FT-SE Actuaries Indtees 

27 

WCrtd Stock Markets 

35 

| Chief price changes yesterday f 


RIANKFUKT PMN) 


PARIS (FW) 




Ware 

640 * 

7.5 

BDURues 

see 

4 

14 

HtaricM 

130 * 

113 

CradNat 

387 

+ 

126 

Sdvrtig 

964JS + 

17.5 

UMI 

887 

+ 

36 

Mh 



UFB Lficab 

390 

4 

13 

DUWBM 

ISO - 

10.5 

Palls 




Arxha 

669 - 

11 

Banc Comp 

489 

- 

16 

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520 - 

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730 

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615 

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676 

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21 

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3344k - 

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612 

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126 

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22 


Chemical takes hard line on loan terms 


US bank prepared to lose market dominance rather than relax covenants 


By John Gapper, Banking 
Ecfitnr, fn London 

Chemical Banking is prepared to 
lose its dominance of the US syn- 
dicated loans market rather than 
giving in to the pressure for 
looser terms, according to Mr 
Walter Shipley, the bank’s chair- 
man and chief executive. 

Mr Shipley said in an interview 
with the Finanrial Tunes that he 
had become so worried at the 
deterioration in loan covenants 
in the world's biggest syndicated 
loan market that Chemical might 
take strong measures. 

He said this would include ref- 
using to underwrite and lead 
manage loan syndications where 
Chemical believed that covenants 
- the financial ratios to which 
borrowing companies must 


adhere - did not provide enough 
protection. 

Margins on loans have nar- 
rowed sharply this year as hanks 
have competed to lend. Mr Ship- 
ley said Chemical was prepared 
to tolerate lower returns, but 
that it was not prepared to com- 
promise over covenants. 

He said that although there 
had been “some worrisome 
migration south" in margins this 
year, he was primarily concerned 
at the “rapid deterioration in 
terms and conditions" attached 
to syndicated loans. 

“It seems like the h ankin g 
industry has a very short mem- 
ory of the recent past, and we are 
prepared to see our market lead- 


ership position go away rather 
than chase down that path", he 
said in an interview in London. 

Mr Shipley said he was primar- 
ily concerned to protect Chemi- 
cal’s reputation as a high-quality 
underwriter. “It is a question of 
being firm and discip lined, and if 
we lose transactions, then that is 
banking", be said. 

Although a number of senior 
bankers have expressed concern 
at conditions in both the US and 
European syndicated loan mar- 
kets, Chemical’s strength is such 
that it could give a decisive lead 
to other banks. 

Chemical has established a 
dominant position in US syndi- 
cated loans since the 1991 merger 


of Chemical Bank and Manufac- 
turers Hanover, and the bank 
itself describes lending as the 
“backbone" of its product range. 

In the first quarter of this year. 
Chemical syndicated S53.3bn of 
loans around the world, com- 
pared with 540.7bn of syndica- 
tions by Citicorp and $3S.6bn by 
J.P. Morgan, according to Inter- 
national Financing Review. 

Mr James Lee, Chemical's 
senior managing director in 
charge of syndicated lending, has 
become a leading figure in the 
market, with other banks 
describing Chemical as setting 
some of the most aggressive 
terms. 

Chemical has just set a new 


European benchmark with an 
EcuSbn five-year facility for the 
kingdom of Spain at 4.5 basis 
points (hundredths of a percent- 
age point) over the London Inter- 
bank offered rate (Libor). 

The re-entry of smaller Japa- 
nese banks to international syn- 
dicated loan markets has brought 
comparisons with conditions in 
the Late 1930s, when loan margins 
went down sharply as banks 
competed for business. 

Banking regulators have 
started to warn of the dangers of 
deteriorating loan covenants as 
banks faced with weak demand 
for loans have competed for busi- 
ness in order to find a use for 
growing levels of capital. 



Chemical chief Walter Shipley 


Alcatel Alsthom warns 
of sharp fall in profits 


By John Ridding in Paris 

Losses at its German operations 
and diffinnltiea in Brazil and Tur- 
key. yesterday prompted Alcatel 
Alsthom, the French engineering, 
transport and telecoms group to 
warn of a sharp fall in ftill-year 
profits to about FFr4bn ($757m), 
compared with FFr7. 06bn in 1993. 

Mr Pierre Suard. chairman, 
said the forecast confirmed his 
warning that 1994 would be a dif- 
ficult year. But the expected 
decline is steeper than the 10 to 
20 per cent fall in net profits 
which he predicted in January. 

Announcing first-half profits of 
FFr2. Q2bn, a fall of 33 per cent on 
the first six months of 1993, Mr 
Suard said the second-half would 
be similar for three reasons. 

The downturn in Germany had 
proved worse than had been 


expected in January. Depressed 
demand and prices at SF-T -j its 
German subsidiary, should result 
in a fall in sales of about 20 per 
cent and losses of about Ecuaoom 
(8248m). SEL is responding by 
restructuring and imp lementing 
job cuts which will reduce the 
20,000 workforce by about 20 per 
cent by the end of 1995. 

Operations in Brazil and Tur- 
key are each expected to suffer 
exceptional losses of about 
FFrtOOm this year. In both coun- 
tries. government austerity pro- 
grammes had depressed demand, 
while rising inflation had cut the 
value of contracts. 

Mr Suard said 1994 was likely 
to be the low point of the group's 
fortunes and forecast an improve- 
ment is results in 1995, citing 
several positive factors. The com- 
pany had won more than 40 per 


cent of tbe supply contracts for a 
cable telephone network in east- 
ern Germany. In the US. he said 
that Alcatel Network Systems 
had won significant broadband 
and switching equipment con- 
tracts with US telecoms groups 
such as Pacific Bell and Bell 
Atlantic. 

The sharp fall in profits comes 
at a sensitive time. Mr Suard is 
one of a number of French busi- 
ness leaders to have been investi- 
gated in cases of alleged corrup- 
tion, while his group is also 
engaged in a fierce contest to win 
France's third mobile telecoms 
licence. 

Mr Suard said Alcatel and its 
principal partners, Stet of Italy 
and Socfcte G6n£rale of France, 
had the financial resources neces- 
sary for the investment in the 
network, which is estimated at 


Alcatel Alsthom 


Stare price relative to the 

CAC 40 Index 

105 - 



Souw FT GtopWte 


about FFriObn over the next few 
years. He said working capital 
generated by the group was rela- 
tively unaffe cted by the decline 
in profits and should be about 
FFrl2bn for the year, compared 
with FFrl3.6bn in 1993. 

The sensitivity of the contract, 
which pits Alcatel against Bouy- 
go.es, the construction group, and 
Lyannaise des Eaux. the utilities 
company, has delayed the 
announcement of the award. 

Lex. Page 16 


Campari deal for BolsWessanen 


By Ronald van de Krol in 
Amsterdam and Andrew H3I 
in Milan 

BolsWessanen, the Dutch food 
and beverages group, is to take a 
stake of at least 33 per cent in 
Davide Campari -Milano, the 
maker of Campari, one of the few 
remaining independent interna- 
tional drinks brands. 

The Dutch company agreed 
yesterday to transfer its Italian 
brands and production facili t ies 
to Campari for at least one third 
of the privately-owned company, 
a stake worth about L500bn- 
L600bn (S321m-$386m). 


BolsWessanen’s Italian brands, 
include Crodino, a leading non-al- 
coholic aperitif, as well as spar- 
kling wines, vermouth and min- 
eral waters, generating annual 
turnover equivalent to FI 370m 
(8210m). Campari, producer of 
Bitter Campari, Campari Soda 
and Campari Cordial, had world- 
wide sales of FI 450m in 1993. 

The alliance between BolsWes- 
sanen and Campari is aimed first 
at the Italian market, but should 
be a springboard for interna- 
tional co-operation in the near 
future. “The distribution net- 
works of the bath companies are 
complementary on a world- 


wide basis,” the companies said 
yesterday. 

Campari's private owners were 
initially reluctant to give up 
shares in the group, which have 
been held by the Campari family 
since I860. 

The deal is dependent on 
approval from Italy's anti-trust 
authorities. If the transaction 
goes ahead as planned in late 
1994 or January 1995, the two 
partners will control 30 per cent 
of the bitters sector of the Italian 
spirits market 

The exact size of BolsWessa- 
nen’s Campari stake is still to be 
determined, but it is unlikely to 


be more than a few percentage 
points higher than 33 per cent, a 
company spokesman said. 

Campari and BolsWessanen 
have also given each other the 
right to first refusal if either 
decides to sell its shares in the 
company, and BolsWessanen will 
be represented on the Italian 
company’s board. 

A downturn in results in Italy 
due to poor spring weather was 
one of the factors behind a 7.9 per 
cent decline in BoisWessanen's 
first-half results. BolsWessanen 
said profits in Italy will rise from 
1996 onwards because of the 
agreement with Campari. 


Self-styled ‘blue chips’ want wider access to capital 


Axa to take 
majority control 
of Equitable 


By Richard Waters in New York 

Axa, the French insurance group, 
is to take majority control of 
Equitable, the US life Insurer, by 
the end of this year. 

News of the move comes 
shortly after the September 19 
expiry of a standstill agreement 
between the two companies. 

Under it, Axa bad been limited 
to a 49 per cent interest acquired 
in 1992. The deal will take tbe 
French group's stake in the US 
insurer to 60.1 per cent, and her- 
alds the culmination of an ambi- 
tious move by Mr Claude B&bear. 
Axa's chairman to enter the US 
life insurance and investment 
market 

The 49 per cent interest was 
acquired for 8600m at a time 
when Equitable was struggling 
under the weight of underper- 
forming junk bond and real 
estate investments, and is worth 
about $l.4tm. 

Axa has injected ilbn into 
Equitable, some in the form of 
preference shares, as part of a 
rescue plan for the US insurer. 
Subject to the approval of Equita- 
ble shareholders, the preference 
shares will be converted into 
ordinary stock some time before 
the end of the year, the US 
insurer said late on Tuesday, 

The deal effectively brings for- 
ward Axa’s assumption of full 
control over the US group. Part 
of the preference stock was due 
to convert into ordinary shares 
next July. 

The timing of the deal could 


point to a further injection of 
capital by Equitable into its core 
US life insurance subsidiary 
before the end of this year. At the 
end of 1993, the US life company 
had a regulator)’ capital ratio of 
125 per cent, considerably lower 
than its main competitors, due 
largely to its real estate holdings. 

The planned changes to Equita- 
ble’s capital structure would 
strengthen its balance sheet and 
cashflow, said Mr Richard Jen- 
rette. One of his first actions as 
chairman of the US group had 
been to negotiate the original 
deal with Axa. 

Equitable said it planned to file 
a shelf registration for $300m of 
debt, a move which would add to 
its cash resources and increase 
its ability to inject capital into 
tbe life business. 

Aside from the need to bring 
its regulatory capital position 
closer to the level of its competi- 
tors, Equitable’s demand for addi- 
tional capital has grown as its 
business has expanded. It has 
been one of the most successful 
US insurers in the variable life 
and annuities business, one of 
the fastest-growing parts of the 
personal investment markeL 

At $19%. up $’,i during the 
morning yesterday. Equitable's 
shares are trading a third below 
their peak late last year. US 
interest rate rises since then 
have raised concerns about earn- 
ings at Donaldson Lufkin & Jen- 
rette, Equitable's securities arm, 
and Alliance Capital, its invest- 
ment management group. 


ii vvwb Trial wnv iw*0fc a 
o»* H«o»e .we tliii .1 


The Russians are 
coming - seeking 
western investors 


S enior managers of five of 
Russia's self-styled blue 
chip companies will today 
address institutional investors in 
London as part of a plan to 
attract more European and US 
capital to the country's growing 
equity market. Russia’s newly 
listed companies are already 
attracting at least $500m a month 
from foreign investors, with num- 
bers rising sharply in the last few 
months after share price rises. 

Some of the biggest companies 
are now seeking to improve their 
access to international markets 
by issuing global depositary 
receipts (GDRs) during 1995. 

The five companies are part of 
the London “roadshow” organ- 
ised by Moscow-based CA. a bro- 
kerage house founded in Novem- 
ber 1990. one of the largest 
market makers in Russian 
shares. 

• Unified Energy System of Rus- 
sia, an energy company which 
controls more than 90 per cent of 
power generation and transmis- 
sion and incorporates 69 regional 
utilities, powerlines and other 
systems, is one of the largest. 
Established as a joint stock com- 
pany in December 1992. its shares 
during the course of the year. 
Western investors are already 
estimated by CA to own 16 per 
cent of Unified Energy. 

• Foreign investors also own a 
large chunk - an estimated 6 per 
cent - of Norilsk Nickel, a min- 
ing company which produces 
about a fifth of the world’s out- 
put of nickel and of cobalt Some 
11.5 per cent of the company’s 
shares have already been sold 
and a further 10 per cent to 15 
per cent may be sold in the next 
year. 

• The Siberian Far East Oil 
Company (Sidanko) has grown to 
be the largest oil company in 
Russia and second only to Lukoil 
in Russia although it was only 
established in May 1984. 

• Tbe Russian government is 
preparing to privatise Transneft, 
which controls 100 per cent or the 
Russia's oil pipelines. 

• Almazy Rossii-Sakha, which 


controls Russia’s largest diamond 
mine in Russia, has been a joint 
stock company since May 1991. 

Over the past few months 
investors, including a range of 
specialist funds launched by US 
and UK institutions, seen some 
spectacular returns, in some 
cases np to 600 per cent 

US and UK 
funds have 
seen some 
spectacular 
returns 

"A lot of negatives come out of 
Russia. People like to dwell on 
crime and the pyramid selling 
scandals but there is a whole lot 
of brass among the muck," says 
Mr Richard Chenevix-Trench, 
head of emerging markets at Bar- 
ings Asset Management, which is 
planning to launch a SlQO-$2QOm 
fund for institutions next month. 

Investors, however must con- 
front a series of problems and 
some unusual risks. Most trading 
is over the counter. Price trans- 
parency is poor and insider trad- 
ing is common. According to CA, 
the government has only recently 
begun to address the issue of sec- 
uring property rights. 

The quality of information at 
many companies is often weak 
with been Russian managers fre- 
quently reluctant to give infor- 
mation or meet demands linked 
to due diligence. 

“In many cases we know the 
businesses of companies but 


when it comes to detailed 
accounts, things are much 
hazier”, says Mr Chenevix- 
Trench. “Valuing these compa- 
nies can be very difficult.’* 

The fact that privatisation was 
rapid in Russia means that 
employees and managers often 
directly own large chunks of 
equity, minimising the extent to 
which shareholders can influence 
the direction of the company. In 
particular these “worker- man- 
ager alliances” are able to secure 
continued government funding, 
given their responsibility for 
social services. 

Part of the legacy of the Soviet 
era, is that many medium and 
large firms remain responsible 
for tbe provision of hospitals, 
schools and kindergartens for 
their workers. Finns continue to 
carry out these functions despite 
privatisation. Vague notions of 
social responsibilities are one 
reason why many assets are val- 
ued so cheaply. 

Russian companies are now 
beginning to look beyond the 
short term. A number of banks 
are already planning GDR issues 
for early next year and utility 
companies could follow suit in 

1985. 

Mr Victor Tokarenko, manag- 
ing director of CA, says: “We are 
now ready for partnership with 
Western firms, not only specula- 
tive investment, but strategic 
investment which is part of a 
long-term investment policy. We 
are here to focus on investors 
Interested in normal profit” 

Richard Lapper and 
Liam Halligan 



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IS 


FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Czechs to reopen petroleum talks 


By Vincent Boland 
In Prague 

The Czech government is to 
reopen talks with four interna- 
tional oQ groups an the future 
of the country's petroleum 
industry, breaking months of 
deadlock over the role of for- 
eign investment in the 
sector. 

Mr Vladimir Dlouhy, the 
Czech trade and industry min- 
ister. said the government is to 
“create conditions for exclu- 
sive negotiations" between 
Shell, Conoco. Agip and Total 
and the Czech Republic's two 
oil refineries. Chemopetrol Lit* 

vinov and Eaocuk Kralupy. 


Stena Line 
rises 76% to 
SKr476m in 
first period 

By Christopher Brown- Humes 
in Stockholm 

Stena Line, the world's biggest 
ferry operator, yesterday 
announced a 76 per cent 
increase in profits to SKr476m 
($64m) for the first eight 
months. 

It said it expected profits of 
about SKr5Q0m for the full 
year, well ahead of last year's 
SKi273m. The group said mar- 
ket conditions in Scandinavia 
remained weak and there was 
fierce price competition on its 
UK routes. 

However, these factors were 
more than offset by higher vol- 
umes, cost-cutting, profits from 
a ship sale and lower financial 
costs. The group also said that 
its 1993 figures had been hit by 
SKr55m in restructuring costs. 

Turnover rose by 7 per cent 
to SKr6.67bn due mainly to 
increased volumes. Passenger 
numbers rose 6 per cent to 
10.9m from 10 3m, while freight 
traffic climbed 8 per cent to 
584,000 units. 

Lines around the UK saw a 
10 per cent increase In passen- 
ger volumes, but the benefit 
was eroded by price-cutting in 
the run-up to the full opening 
of the Channel Tunnel. 

Scandinavian routes were 
affected by lower consumer 
spending and the weak Swed- 
ish krona, which has affected 
travel between Sweden and 
Denmark/Germany. 


If the negotiations are suc- 
cessful it will be an important 
breakthrough for foreign com- 
panies seeking to invest in the 
country. 

Opposition to foreign partici- 
pation in the petroleum sector 
has come especially from Che- 
mapd, a monopoly importer of 
Russian oil. which tabled a 
rival proposal for the Industry 
and whose future could be 
under threat if the foreign oil 
groups agree terms with the 
refineries. 

Mr Dlouhy said the "basic 
conditions and criteria" for the 
negotiations would be 
announced by October 15 and 
would require approval 


by tbp mimril of ministers. 

The talks are expected to 
lead to agreement on a $70Qm 
investment package for the 
Industry. 

Representatives of the four 
companies, which have been in 
negotiations with the govern- 
ment for more than two years, 
described the announcement 
as "a substantial break- 
through” in their attempts to 
invest to the industry, which is 
estimated to need up to Slbn to 
bring it up to International 
standards. 

The four companies have 

offered $i80m for a 49 per cent 

stake in the two refineries, 
which process most of the 


Czech Republic's oil require- 
ments using supplies of Rus- 
sian oil. 

They have also pledged to 
spend a further $520m on a 
five-year investment pro- 
gramme of modernisation and 
environmental enhancement. 

The announcement appears 
to be a victory for Mr Dlouhy 
and the privatisation minister, 
Mr Jin SkaLlcky, who have 
argued strongly for foreign par- 
ticipation in the sector in oppo- 
sition to minis ters, including 
the prime minister, Mr Vaclav 
Klaus, who favour keeping the 
oil refining and petrochemical 
divisions of the industry 
together. 


Daimler-Benz enters insurance 


By Andrew Fisher in Frankfurt 

Daimler-Benz, the German 
industrial company, is setting 
up its own reinsurance com- 
pany to try to inject more com- 
petition into the industrial 
insurance market and keep 
down rising premiums. 

The move will be made 
through Debis. Its service and 
computer software subsidiary, 
which already has its own 
insurance operation serving 
Daimler subsidiaries and out- 
side customers. The new rein- 
surance company and a rein- 


surance broking firm will be 
based in Luxembourg. 

Daimler's decision comes as 
industrial companies in Ger- 
many are looking closely at 
insurance premiums as they 
reassess their total operational 
costs; other concerns like 
BASF chemicals also have 
reinsurance offsho ots. 

Siemens, the electrical and 
electronics group, has just 
switched a large part of its fire 
risk business for next year 
from Allianz of Germany to 
Factoiy Mutual of the US to 
save on premiums. 


In recent years, German 
insurance companies have 
raised fire risk premiums 
steeply to try to offset heavy 
losses resulting from overca- 
pacity and under-bidding. 

Mr Hans Adam, a Debis 
director, linked the company's 
reinsurance decision with the 
higher cost of fire insurance, 
the expense of product liability 
insurance in the US, and 
increasing risks on the envi- 
ronmental liability side. He 
said the whole market was 
becoming less transparent for 
industrial clients. 


Deutsche forms mortgage bank 


By Andrew Fisher In Frankfurt 

Deutsche Bank is putting its 
mortgage bank activities 
together to form a new organi- 
sation which will be the big- 
gest source of mortgage 
finance in Germany. 

By merging Frankfurter 
Hypotbekenbank and Deutsche 
Centralbodenkredlt. it will cre- 
ate a new bank with a balance 
sheet total of some DM72bn 
($46.5bn). The merged h ank 
Will be called Fr ankf urter 


Hypothekenbank Central- 
boden. 

Deutsche Bank owns more 
than 90 per cent of both hanks . 
Another group bank. Lubecker 
Hypothekenbank, with a bal- 
ance sheet total of DMl2bn. 
will also be included in the 
mortgage grouping through a 
management contract 

Mr Bemt Rohrer, who will be 
chief executive of the merged 
concern, said yesterday that 
this concentration of Deutsche 
Bank's mortgage activities 


would make it more competi- 
tive in a tough market and 
enable it to offer bigger indi- 
vidual property loans. 

The biggest mortgage bank 
in Germany is the Wiesbaden- 
based Deutsche Pfandbrief- 
und Hypothekenbank, but Mr 
Rohrer said the amalgamated 
Deutsche Bank subsidiary 
would be the biggest gran ter of 
mortgage loans in Germany, 
covering 45 par cent of com- 
mercial property business and 
55 pa- cent of residential. 


N&P’s chief executive quits post 


By Alison Smith in London 

Mr David O'Brien resigned as 
chief executive of National & 
Provincial Building Society 
yesterday after being told that 
the board wanted to replace 


him with the society's finance 
director. His successor, Mr 
Alistair Lyons, 40, was brought 
into N&P by Mr O’Brien soon 
after his own arrival four years 
ago. 

“We really felt we were mov- 


ing from a stage where David’s 
skills were very valuable to a 
stage where Alistair’s would be 
more appropriate," Lord Shut- 
tleworth, N&P chairman, said. 
“When 1 communicated this to 
□avid, he decided to resign.” 


FDA finds 
fault with 
Wellcome’s 
US plant 

By Daniel Green to London 

Wellcome, the UK drug 
company, has been criticised 
by the Food and Drug Admin , 
istration, which controls the 
sale of prescription medicines 
In the US, fin- manufacturing 
shortcomings in its main US 
plant 

The shares fell 19p to 659p 
in spite of Wellcome’s assur- 
ances that the FDA’s concerns 
were “fully addressed" at a 
meeting between ft and (he 
FDA earlier this month. It said 
the warning referred to the 
monitoring of manufacturing 
processes rather than to prod- 
ucts themselves. 

The warning also excluded 
the manufacture of pills, 
which make up most of the 
company’s sales and “probably 
more than 90 per cent” of the 
output of Zovirax, its top-sell- 
ing anti-viral drug. 

FDA conducts l ight ning 
inspection of all manufactur- 
ing plants licensed to make 
drugs for sale in the US. Warn- 
ing letters are not especially 
unusual, but Wefleome has not 
received any since 1979. 

Wellcome’s plant in Green- 
ville, North Carolina, is one of 
only two that makes virtually 
all the active ingredients in 
Wellcome’s medicines. The 
other plant is in the UK. 

It said following the meeting 
with the FDA it “pot in place 
immediate corrective mea- 
sures. We are currently in 
talks with the FDA to develop 
a long term strategy to ensure 
that standards are main- 
tained.” 

Lex, Page 16 

New finance director. Page 12 


Condom range 
from Benetton 

Benetton, the Italian clothing 
maker, win enter the interna- 
tional condom market by 
launching a new line of con- 
doms in Japan, AP-DJ reports 
from Milan. 

Benetton said its green and 
pink prophylactics would be 
produced and distributed on 
the basis of a Bernice agree- .. 
meat with the pharmaceutical ! 
company Okamato Industries, i 


Escom to form alliance 
with Siemens Nixdorf 


By Christopher Parkas 
to Frankfurt 

Escom, one of Germany’s 
fastest-growing personal com- 
puter companies, is to team up 
with Siemens Nixdorf (SNI), 
the loss-making information 
technology arm of the Siemens 
group. 

SNI will buy a 10 per cent 
stake in Escom during a rights 
issue due in November, and 
make between 80 per cent and 
9Q per cent of the smaller com- 
pany’s PCs and notebooks, 
according to Mr Helmut Jost, 
Escom sales director. 

“At the bottom line, we will 
be left to concentrate on sales 
and marketing, which has 
always been our main goal,” 
Mr Jost said. The company bad 
been obliged to manufacture 
its own products in order to 
maintain quality and reliable 
supplies to stores which turn 
over their stock 1.3 times a 
month. 

The group, which last year 
sold 300,000 PCs and laptops, 
virtually all under its own 
name, has more than 250 
Escom Office retail outlets - 
about half in Germany - was 
also negotiating a distribution 
agreement with the Otto Ver- 
sand mail order group. Mr Jost 
confirmed. But it was review- 
ing other potential partner- 
ships and franchise deals to 
expand distribution. 


Although Mr Jost could not 
rule out SNI increasing its 
holding, he stressed the 10 per 
cent level was fixed to ensure 
Escom could maintain an 
arm's length relationship. 

"We want to keep control of 
operations and stay fast and 
flexible," he said. Many of 
SNl's early problems stemmed 
from a culture clash between 
the conservatism of the Sie- 
mens group and the entrepre- 
neurial Nixdorf management. 
Losses have piled up since the 
1990 merger, although restruct- 
uring helped reduce the SNI 
deficit to DM4 19m (S272m) last 
year on sales of DM12bn. 

Escom, aimin g for sales of 
DMl.55bn and about DM30 m 
profits this year, is Germany's 
second-largest PC retailer after 
Vobis, and last year had an S 
per cent volume share of the 
domestic market. 

The aim of the company's 
founder, Mr Manfred Schmitt, 
who will retain a majority 
stake after the rights issue, is 
to win a 10 per cent to 15 per 
cent stake in the European 
market According to Mr Jost, 
this has become more realistic 
now the company could con- 
centrate on selling. “We went 
into the Netherlands last year 
and became number one 
within nine months," he said. 

Speed and quality were the 
keys to success, and quality 
was now assured by the Sie- 


mens link. “We are in the fresh 
vegetable business: you can’t 
moke a PC and stick it in a 
warehouse for two weeks." 
said Mr Jost. “We count on 
three weeks - maximum four 
- from concept stage to store 
delivery." 

Escom 's sales have increased 
at an annual average of 80 per 
cent since it was founded in 
1989. but its enthusiasm out- 
stripped its ability to finance 
its ambitions from its 
resources. 

Following last year’s rever- 
sal into a stock exchange quo- 
tation via the takeover of the 
Hako photo and video group, 
Escom's debts rose to DM251m 
from DM56m. 

Six months ago, Mr Karl- 
Michael Eickmeyer, finance 
director, said: “Escom is gasp- 
ing for capital." 

Although the company bad 
no problems with its banks, Mr 
Jost said, he admitted the Sie- 
mens tie-up would make life 
easier in financial circles. 

The link with SNI may free 
Escom’s hand in its search for 
marirprinff partners. Although 
Otto Versand remains keen, Mr 
Jost is not sure computers-by- 
post is such a good idea. He is 
unperturbed by this month’s 
arrival in Germany of Gateway 
2000, the large US direct-seller. 
“I don't see them as a potential 
threat. Mail order in Europe is 
not really so easy," he said. 


Unichem in $92.3m cash call 


By Ttoi Burt in London 

UniChem, the acquisitive 
pharmaceuticals retailer and 
wholesaler, yesterday 
announced a £58.4m ($92J27m) 
rights issue to underpin its 
expansion as one of Britain's 
largest suppliers of healthcare 
products. 

The group plans to use the 
funds to wipe out short-term 
borrowings, acquire retail out- 
lets and move into other 
health-related businesses. 

Acquisition strategies were 
also cited in two other rights 
issues announced yesterday by 
two other companies: Jefferson 
Smurfit, the Irish paper and 
packaging company, and Cat- 
tle's Holdings, the consumer 
credit group. 


Jefferson Smurfit outlined 
plans to raise l£155m ($23im) 
to partly fund its acquisition of 
the paper and packaging busi- 
ness of Compagnie de Saint- 
Go bain, the French glass and 
building materials group: 
while Cattle's Holdings said it 
was seeking £27 An for the 
purchase of two new subsid- 
iaries. 

Mr Jeff Harris, UniChem 
chief executive, said the move 
was vital if the group was to 
pursue an expansion which it 
started by spending £l65.6m on 
acquisitions and warehouse 
automation in the past three 
years. £49 An of it in the six 
months to June 30. 

Announcing a 17 per cent 
increase in first half profits, he 
said: “We could not maintain 


cmr growth without increased 
gearing or a rights issue. This 
is the best option.” 

If fully taken up, the issue or 
24.4m shares - underwritten 
by Barclays de Zoete Wedd and 
UBS - would eliminate borrow- 
ings leaving the group with 
about £35.4m in cash. 

Most of the group's new 
funds are expected to be 
invested in new retail outlets, 
although UoiChem has tar- 
geted surgical equipment and 
hospital supplies as areas for 
expansion. 

Nevertheless, improved per- 
formances at Unichem lifted 
interim pre-tax profits to £21m 
from £i8m, on turnover ahead 
11 per cent at £637.7m against 
£574. 1m. 

Other rights issues. Page 23 


FEMSV 


Fomento Economico Mexicano, S.A. de C.V 


has said a 22% interest in its hrewerr division 


Femsa Cerveza, S.A. de C.V. 


John Labatt Limited 


The undersigned assisted in the negotiations 
and ach'd us financial adi'isors to 
Fomento Economico Mexicano , SA.de CJ. 


J. K Morgan Securities [nc. S.G.Warburg & Co. Inc. 


Srfjtmittrr i (l 'N 


BANQUE NATIONALS 


USD 5SO.800.000 

Undated Sutardinfed FtaaUno Bute Nates 
Notice is hereby groan tfui me rate o( 
interest lor 0v period Irom Septemoef 
23th. 1994 to Uarcnsutn. 1995 has boon 
fixed at 5 7625 per cera pw annum The 
coupon amountdue lor tms per km is USD 
289 mper USDKl.OOOConcmlnJtion and 
USD S2.8S 726 par USD 100.000 don«i» 
nation and is payable on interest 
payment dam March 29th. IMS. 

Tte fiscal Agent 

Banque Nationalede Parts 
(Luxembourg) S.A. 


Sovereign (Focax) Lw. 
24hr Foreign Exchange 

Trading FodEty 
Competitive Prices 
Daily fax Service 
M: 071*931 VIM 
Fax: 071-931 7114 
AaelufthotifMaaBapd 
IwtwSWTWQK 


ILS.«200, 000,000 
Floating Rate Subordinated Loan 
Participation Certificates due 2000 

ksuod by Yornakhi International (DeutschlandlGmbH 
far me purpose of funding and maintaining a subordinated loan to 

The Hokkaido Taicushoku Bank limited 

jn oaa rdone tt wr t n th e provisions of the loan Agreement, notice Is 
hereby given that lor the three month Interest Period from September 
1994 to December 29. 1994 the toon P ar ticipation cer ti fic a tes 
wiU carry cm Interest Rale of 5.55* p.a. and th* Coupon Amount pw 
U.S. $250,000 nominal of the Note* will be U.S.53,507.29. 


September 29, 1 994, landon 

fly. Citibank, NA (Issuer Servian], Agent Bank CITIBANKS > 


DIVIDEND NOTICE 


PIAQER DOME NC. 

Notice thereby given that 
a regular quarterly 
(Svktend, bang Dividend 
No. 30 of seven and one- 
half cents (7140) U.S. per 
Common Share, has been 
declared payable on 
December 19, 1994 to 
shareholders erf record at 
the dose of business on 
November 18, 1994. This 
is a U.S. one cent per 
share increase from the 
previous dividend. 

Shareholders with ad- 
dresses in Canada or 
Australia wBI be paid the 
equivalent amount in the 
currency of their res- 
pective countoes, con- 
verted at an exchange rate 
in effect as at the record 
date. 

BY ORDER OF THE . 

BOARD 
John A. Eckersley 

Vice-President 

Secretary and 

General Counsel 
September 21. 1994 . 


THE ROYAL BANK OF CANADA 
us. $350000.000 Floating Rato 
Debentures due 2006 
In accordance Wtti the Terms and 
ContWans of the Debentures, the 
Interest rate lot the period 30th 
September, 1994 to 31* October. 1994 
has bean fbted at 5lWt per annum. 
On 31st October, 1994 interest af 
US. $4359375 per U-5. SUMO nominal 
amount of the Debentures will be 
due for payment The rate of in tere s t 
far tin period commencing 3l$t 
October, 1994 wiB be determined on 
27th October, 19S4. 

Agent Bank and 
Principal Paying Agent 
ROYAL BANK OF CANADA 
EUROPE LIMITED 


MORTGAGES 
NOTICE OF INTEREST 
RATE VARIATION 

The following Interest rates will apply from 
3 October 1994 for loans not yet drawn 
and from the first payment date on or after 
3 October 1994 for existing borrowers. 

Home Loan Rate 
7.99% per annum. 

Stabilised Charging Rate 
8.29% per annum. 

This notice does not apply to loans from 
Centrebank, a Division of Bank of Scotland. 


o^oBAmr OF SCOTLAim 

A FRIEND FOR LIFE 


Head Office: The Mound, Edinburgh EH1 1YZ. 


BACOB Overseas United 

Uncoqmlaan the Cayman ktanSs 
wtfi ameer flrtflMl 

Guaranteed Floating Rite 

Notes due 1997 
guaranteed by 

BACOB Savings Bank s.c. 

(tncarprmai « SoJ^urn as a 
a>ap*raifM> kmmdkabnywnpmrrl 

Nate n hereby eta* ma tar the 
“me months Harea Period from 
September 29. 894 to December 29. 
1994 the Notes wH carry an Into raa 

rale of 5.45% per annum. The merafil 
payable on the traeren payment date, 
December 29. 1994 wfl) be U.S 
$137.79 and Uii. $1,377.84 respee- 
Dvety tar Notes to danwnnatfans of 
U.S. $10000 and US. Si 00,000 

Bp lfe dost IMatai Bank, HJL _ 


SAKXJRA FINANCE ASIA LEVOTED 

r incorporated in the Cayman Islands i 

. ... us$ 1,200,000,000 

Subordinated Floating Rate Notes 2000 

InaaxMibiiK-u with die pit nihii nut of die Notes, notice is 
hurehy given that ihe interest rare t» >r the three month 
penod commencin'* 29th Sq-KemlxT, 1994 will ho 
pwannum. Coupon Payment Date 
-9ih Oeeemlxrr. 1994. 

Coupon Amounts will lx* 

! S on Ntl,cs oa-ss i juotund 

St i,rll^ ,inNolcsl,n!S * *».000 

‘ ** I .-*02.92 oil Notes of USS 100,000 

SAKURA TRUST 
INTERNATIONAL LIMITED 
Agent Bunk 


U-S41 75,000,000 

Phatra Thanakit Public Company Limited 

nrwDartpsnyj 

(bxmpcratodase finite conipany in Sanptok. TTtMantQ 
3-5 per cent Subordinated Convertible Bonds 2003 

ntmBamtsr) 

NOTICE IS HEREBY GIVEN to the holders of the outstanding 
Bonds that the Company has announced a righis share issue of 
203,080,604 shares with a record date of September 26. 1994. In 
accordance with the provisions of the Indenture constituting the 


The Property Finance Sourcebook 1994 

“MW. Wilh Urn book you arc 


Bonds the Conversion price has been adjusted from Thai Bah | 
752.10 par share la Thai Baht 155.93 per share effective 
September 29. 1994. 

Phatra Thanakit Public Company Limited 

SteJfemtwrZS. 1994 


TWwntnl > C lnwl&K 

Market-Eye 


London stock tacm.nr 









FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 


19 


jfc 



30 PINE STREET IS LONG GONE 
BUT THE FOUNDATION STILL REMAINS. 


In 1869, Marcus Goldman 
started a small company 
in downtown Manhattan. 

He spent his days amid 
the hustle and bustle of 
a growing city, providing 
short-term credit to local 


businesses. Over the past 
125 years, we have come 
a long way in size and 
scope from that first little 
office. Today, Goldman 
Sachs provides clients with a 
seamless web of services 


that covers the globe. Still, 
we find ourselves grounded 
in the basic principles 
set forth in our early 
days: commitment to 
clients, teamwork, individual 
excellence, creativity and 


integrity. In 1994, we take 
pride in how we got here, 
and we pay tribute to 
the beginnings that have 
always inspired us. It's 
a foundation we intend to 
build on in the years to come. 


WORKING; 
SINCE 
I 860 . 











financial times 


THURSDAY SEPTEMBER 19 1994 




INTERNATIONAL COMPANIES AND FINANCE 


Cut in provisions 
and loan losses 
helps bolster BCI 


By Andrew Hffl in Mian 

Net profit at Banca 
Commercials Italians edged up 
in the first half of 1994 to 
L151.3bn (396.5m), against 

Ll49.1bn In the equivalent 

period, as the bank struggled 

a gainst difficult t rading condi- 
tions and narrowing interest 
margins. 

All Italian hanks have been 
hit by the unfavourable envi- 
ronment, prompting a series of 
poor half-year results, particu- 
larly in comparison with a 
strong first half in 1993. 

BCI’s net operating profit fell 
43 per cent to L356bn. Net non- 
interest income was down to 
L651bn, against L783bn, and 
net Interest income dropped to 
LL281bn, against Ll/HMbn. 

Only reduced provisions and 
loan write-downs - down to 
L23ibn a gains t L274bn - and a 
lighter tax burden allowed the 
bank to push up net profits. 
However, consolidated first- 
half net profits, declared for 
the first time this sear, fell to 
U77.6bn from L185bn . 

However, BCI said it was 
well-placed to take 
advantage of any Improvement 
in the trading environment, 
and was continuing to 


put pressure ou costs. 

Total deposits at BCI rose to 
L98.942bn, compared with 
L88,88lbn at June 30 1993. 
Total funds under manage- 
ment. incl uding deposits, stood 
at L245.000bn against 
L220.000bzL However, loans to 
customers shrank from 
L54,319bn to L49.117bn because 
of weak demand, while total 
loans rose to L86£29bn against 
L84£41bn at the end of the first 
half of last year. 

Last week, the bank com- 
pleted a share issue which 
raised Ll ,5751m. The full con- 
version of the attached war- 
rants would bring in a further 
L787bn before the end of next 
year. 

BCI was controlled by Iri, the 
I talian state holding company, 
until March, when the sale of 
the Iri stake raised some 
L2,700bn for the government 
The announcement of a dis- 
counted issue of shares and 
warrants in May, so soon after 
the sell-off, was badly received 
by investors, but the share 
price has recovered. Yesterday 
it dosed at 14,081, against an 
opening mice of L3.977. 

The issue was priced at 
L3.000 a share and the privati- 
sation price was L5.400. 


Sales climb 4.6% 
at La Rinascente 


By Andrew HID 

Sales at La Rinascente, the 
Italian retail group, rose 4.6 per 
cent to L2,626bn ($L7bn) in the 
first half of this year. 

The group’s hypermarkets, 
supermarkets and cash-and- 
carry stores, which account for 
an increasing proportion of 
turnover, reported sales of 
Ll,734bn, up 6 per cent, while 
other outlets, including depart- 
ment stores, turned over 
L89L2bn, up 2 per cent on the 
equivalent period. 

Pre-tax profit edged up to 
L27bn in the first half of 1994, 
against L25-3bn. The company 
said the imbalance between 
the first and second halves - 


with the second six months 
accounting for most of the 
sales volume - made it impos- 
sible to forecast full-year 
results. 

Last year, net profits rose 
from Ll02.2bn to Ll.05.3bii, 
although the results were 
almost overshadowed by the 
sale of 33 per cent of the 
retailer by Fiat, the automotive 
and industrial group headed by 
Mr G ianni Agnelli, to Ifff the 
Agnelli family’s industrial 
holding company. The move 
was criticised by investors. 

La Rinascente has confirmed 
that Mr Luigi Araaudo, the 
deputy chairman, was now 
responsible for the operating 
management of the company. 


Sega and 
Atari link 
in wake of 
patent row 

By Louisa Kefroe 
hi San Francisco 

Sega Enterprises, the leading 
Japanese video game manufac- 
turer, and Atari Corporation, a 
US competitor, have agreed to 
form an “affiliation" under 
which Sega will purchase 
$40m of Atari stock. 

Under the terms of the 
agreement, which follows the 
settlement of a patent dispute, 
Sega will acquire an 8 per cent 
stake - about 4.7m shares - in 
Atari. It will also pay close to 
55 0m to acquire worldwide, 
non-exclusive rights to more 
than 70 of Atari’s patents. 

Last year Atari filed suit 
against Sega, charging that its 
patent controlling the way in 
which video-game action 
moves across the screen was 
Infringed by Sega. As part of 
the agreement. Atari will drop 
its legal claims. 

The companies also plan to 
license software for a specified 
number of video games to one 
another, so that the games 
will be available for both Sega 
and Atari machines. 

The companies said the 
agreements, which are subject 
to regulatory approval, will 
form the basis of a working 
relationship- 

Atari said it would use some 
of foe funds from the agree- 
ment to expand its marketing 
programme for the important 
Christmas season. It hopes to 
gain ground with its 64-bit 
game system, called Jaguar, 
which it claims is technically 
superior to the 32-bit systems 
offered by Sega and Nintendo. 

For Atari, an early leader in 
the video game market that 
lost ground to Nintendo and 
Sega in the 1980s, the agree- 
ment provides a much needed 
cash injection. In June, it said 
it had enough cash to fund its 
operations through to the end 
of tins year. 

Atari's revalues plummeted 
to $28.8m last year, from 
$127.3m in 1992, as it with- 
drew from the personal com- 
puter market. Losses in 1993 
were $48. 8m. 

Sega’s revenues for the year 
ended March 1994 were 
Y354bn ($3.6bn), giving a pre- 
tax profit of Y42.Stm, down 23 
pa- cent 


Lean times spoil a free lunch on Wall St 

Securities houses are stepping up cost-cutting programmes, writes Patrick Harverson 


O n Monday, Lehman 
Brothers announced it 
was reviewing its 
"meal-compensation pro- 
gramme”. Translated into 
English, this meant the securi- 
ties house bad decided it would 
no longer provide free lunches 
to its L500 sales and trading 
staff 

The move, which follows 
similar cost-cutting measures 
by other securities houses in 
recent months, was just the 
latest indication that Wall 
Street, after enjoying three 
years of fat profits, is going 
through some lean times. 

The attempt to rein in costs 
at Lehman go well beyond 
deciding to stop paying for 
traders’ pastrami-on-rye sand- 
wiches. The firm, headed by 
Mr Richard Fold, also 
announced this week it was 
sac k i ng 100 of its 300 domestic 
retail brokers as part of a 
restructuring of its private- 
client business. It was just the 
latest in a round of cuts which 
has seen the firm shed more 
than 700 jobs this year alone, 
out of workforce of more than 
8 £ 00 . 

Although the motives behind 
the redundancies at Lehman 
are unusual - since it was 
spun-off from American 
Express in a public share offer- 
ing eeri ier tHis year, the man- 
agement has been determined 
to trim the cost structure, (me 
of the more bloated on Wall 
Street - the securities industry 
as a whole is facing up to an 
unpalatable fact revenues are 
falling while expenses are 
steady or rising. 


This disturbing trend was 
most clearly illustrated last 
month when the New York 
Stock Exchange released sec- 
ond-quarter results of its mem- 
ber firms. Between them, the 
firms earned $16.4bn in reve- 
nues during the period, down 
from $ri7Jbn In the same three 
months of 1993. Expenses, how- 
ever. rose from $15_6bn to 
S17bn. 

As a result, NYSE firms - 
which together earned pre-tax 
profits of $2.4bn in the second 
quarter of last year - lost 
$622 .3m between April and 
June this year. It was the 
industry’s worst quarter since 
1987, the year of the October 
stock-market crash. 

Mindful of criticism that 
Wall Street has been slow to 
cut back on costs daring previ- 
ous downturns in the ea rn ings 
cycle, firms this year have 
been quick to prune their pay- 
rolls. Aside from Lehman, 
other big houses which have 
shed jobs recently Include Mer- 
rill Lynch, CS First Boston. 
PaineWebber, and Prudential 
Securities. Many of the cuts 
have been concentrated in the 
fixed-income trading and sales 
side, where the worldwide bear 
market in government and 
mortgageba^ed securities has 
left firms with shar ply tower 
revenues - or, in same cases, 
losses - in their bond busi- 
nesses. 

The job reductions 
announced so far this year are 
unlikely to be the last, say ana- 
lysts, some of whom remain 
critical of firms' slowness in 
reacting to the drop in reve- 



Bichard Fold: announced 
further staff cuts this week 

nues. Mr Michael Flanagan, 
who follows the securities 
industry for Upper Analytical 
in New York, says: ‘Tbs indus- 
try has been stow In adjusting 
costs in the hope that condi- 
tions would turn upward 
towards the end of the year. 
The possibility of that scenario 
developing now appears 
remote. So, for the remainder 
of the year the industry is 
going to be paying even more 
attention to cost controL" 

The impact of some firms’ 
inability to cut costs enough in 
the face of falling revalues will 
be evident next month when 
Wall Street releases its thirdr 
quarter results. 

Last week, Lehman provided 


a foretaste when it reported 
earnings for its fiscal third 
quarter, which ended on 
August 31. Revenues were 
down 19 per cent os earnings 
from brokerage commissions, 
trading, ?nd investment bank- 
ing all folL Expenses, however, 
were down only 5 per cent 
from a year ago, and Lehman's 
profits plunged 89 per cent to 
just sum. 

The results of other large 
firms are expected to be 
equally discouraging. Since 
February, the rise in US and 
European interest rates, the 
troubles of stock, bond and 
currency markets, and a drop- 
off in corporate debt and 
equity issuance have all taken 
their toll on Wall Street’s bot- 
tom line. 

The only positive aspect of 
the current environment is the 
steadiness of asset manage- 
ment revenues, and the robust 
health of the mergers and 
acquisitions business, which is 
thriving in the wake of a series 
of multi-million, and billion dol- 
lar doflis in the entertainment, 
defence, healthcare and tele- 
communications industries. 

These positive features, how- 
ever, have not been enough to 
offset the deterioration in 
other businesses: rising securi- 
ties underwriting and trading 
revenues fuelled the boom on 
Wall Street between 1991 and 
1993, and this is where firms 
are hurting the most today. 

They have also begun to suf- 
fer in other areas, say analysts. 
According to Mr Flanagan: 
"The industry’s poor results 
during the first two quarters of 


the year were concentrated pri- 
marily in trading and under- 
writing categories. Those two 
areas have not improved in the 
third quarter, and it’s becom- 
ing more evident that other 
revenue sources are also begin- 
ning to falter - such as [brofc- 
iflgi commissions and mutual 
fund sales. And the yield curve 
is flattening somewhat, which 
will further depress net inter- 
est income for firms.” 


II 


f the imme diate ftltttre for 
Wall Street is not partial- 
.tarty bright, there is cause 
for hope over the longer term. 
US interest rates will probably 
rise further, but the current 
round of policy tightenings 
appears to be nearer Its end 
than its beginning - so stabil- 
ity could return to earnings as 
early as next year. Also, for 
those big securities houses 
with formidable presences in 
capital markets outside the US. 
long-term growth prospects are 
even better. 

Economists predict a steady 
hv-rpaqp in demand for capital 
worldwide over the next 
decade, as less-developed econ- 
omies in Latin America, east- 
ern Europe and east Asia push 
for growth. With a greater con- 
centration of expertise in rais- 
ing money for corporations and 
governments on Wall Street 
than anywhere else in the 
world, a small group of US 
firms ted by Goldman Sachs, 
First Boston, Merrill Lynch, 
Morgan Stanley, and Salomon 
Brothers should be well-placed 
to feed the global hunger for 
capital 


Nicaragua in telecoms sell-off 


By Edward Orlebar 
In Managua 

The Nicaraguan government 
expects to sell a 40 per cent 
stake in Telcor, the national 
telecommunications company, 
by the end of the year, in what 
will be the first telecoms priva- 
tisation in Central America. 

Six foreign companies - 
France Telecom, Korea Tele- 
com, AT&T, G TE, Te lef6nica 
de Espafia, and STET Interna- 
tional - have pre-quahfied for 
the sale. The government will 
retain a 49 per cent share and 
the remaining 11 per cent will 


be offered to Telcor’s 3,300 
employees on preferential 
terms. 

Nicaragua has about 70,000 
telephone subscribers and, at 
less than two lines per 100 peo- 
ple, one of the lowest telephone 
densities in Latin America. 

Investors, who will have 
management control of the 
company, must expand the 
telephone network to 12 lines 
per 100 people by the end of 
the decade, says Mr Hj afrnar 
Ayestas, a consultant to 
Telcor. 

The concession is expected 
to-be granted for between 25 


and 30 years, with, exclusivity 
for seven years. 

Officials say the sale could 
raise more than $300m for the 
government 

The Nicaraguan congress 
has yet to approve the sale. 
However, despite some union 
opposition and scepticism from 
tire Sandinista party, the bill is 
expected to be approved next 
month. 

Telcor has embarked on an 
ambitious modernisation pro- 
gramme over the past three 
years, replacing an antiquated 
analogue network with a digi- 
tal system. 


Arco joins Venezuela in 
oil development scheme 


By Joseph Mann in Caracas 

Arco International Oil and Gas 
has signed a tetter of intent 
with Corpoven. a subsidiary of 
PD VS A, Venezuela's national 
oil company, covering the 
development of a heavy oil 
project requiring total invest- 
ments Of 

The plan Is to produce and 
upgrade heavy crude oil from 
Venezuela's Orinoco Belt for 
export, reaching shipments of 
200,000 barrels a day by 2004. 

The Orinoco Belt, located 
north of the Orinoco River, 


holds the world’s largest 
known reserves of heavy oils 
and bitumen. PD VS A, which 
estimates reserves in the belt 
at L2Q0bn barrels, has assigned 
strategic importance to devel- 
oping this heavy oil potential 
Arco, a subsidiary of Atlan- 
tic Richfield of the US, and 
Corpoven plan to upgrade 
heavy crude oil through a new 
industrial process to a lighter, 
more valuable off and later 
blend the product with other 
Venezuelan crudes. Exports 
are to be aimed mainly at US 
markets. 




BANQUE WORMS 


CONSOLIDATED RESULTS 


1 994 first-half results 


The Board of Directors of Banque \Afomw, chaired by Jacques-Henri 
Gougenheim, met September 21, 1994 to approve die Bank's 
consolidated accounts for the first six months of the year which 
show a loss of FRF 394 mfflion. These results nevertheless represent 
an improvement an the Ban Mi budgeted first-half performance. 

After taking these mid-year results into account, the Bank’s 
consolidated stockholders' equity exceeds FRF 4 Htion at June 30, 
1994. Total assets amount to FRF 65.1 billion, of which FRF 27.7 
Ullion represent customer outstandings. The Bank’s European 
solvency ratio increased to approximately 10 percent. This 
improvement reflects a substantial reduction In die Bank’s balance 
sheet during the past year (aver FRF IS bBIon) as the UAP Group 
cook owr Banque Worms' entire real estate investment and loan 
portfolios. 

Moreover, die Bank is about to enter into discussions with employee 
representatives leading to the contraction of its organizational 
structure and, by virtue among others of modernized systems, to 
reduced expenses. The results expected from these measures will 
lead to the re-establishment of the Bank’s capacity to contribute to 
the consolidated earnings of the UAP Group, of which it is an 
integral part „ 

Z 

D 

Indeed, the earnings forecast for the second half of 1994 presented | 
at die Board Meeting anticipates a substantially lower loss than that 8 
just recorded and, for 1995 consolidated figures, a return to break “ 
even, followed by a profit in 1996. 6 


VBlIlllllllBlllllllllIIIBIlllllVIlllllIllIllIIIVilllll 

Residential Property 
Securities No. 2 PLC 

£200,000,000 

Mortgage Backed Floating Rate Notes 2018 

Notice of Partial Redemption 

S.G.DParburg & Co. Lid. announce that Notes for the nominal amount 
of £4,000,000 have been drawn for redemption on 3 1 « October, 
1994. in accordance with Clause 5(b) of the Terms and 
Conditions of the Notes. 

The distinctive numbers of the Notes drawn, arc as followK- 

673 694 715 735 757 777 798 819 8 39 861 

881 903 923 947 967 991 1013 1035 1055 107<S 

1096 1116 1136 1157 1177 1199 1219 1241 1261 1282 

1302 1325 1846 1866 1886 1906 1927 1949 1969 1989 

On 31st October, 1994 there will become due and payable upon 
presentation of each Note drawn for redemption, the principal amount 
thereof, together with accrued interest to said date, at the office of:- 

S.G.Warburg 6c Co. Ltd. 

2 Finsbury Aivmte, London EC2M 2 PA 
Or one of the ocher paying agents named on the Notes. 

Interest will cease to accrue on the Notes called for redemption on and 
after 31st October. 1994 and Notes so presented for payment should 
have attached all Coupons maturing after that date. 

£76,300,000 nominal amount of Notes will remain outstanding 
alter 31st October, 1994. 

29ih September, 1994 

IIIIIIIIIlHlIllllllllllllllllllllllllllllllllllllllll 


O ; J 0 * soft, varc applications O 
G RT DATA FROM S10 A DAY G 
O Siksm! SOFTWARE cuioe C 
Call London 44 + (0> Ti 231 3556 
for your guide and Signal price list. 


NOTICE OF PAYMENT 
to Holders of 

OLYMPIA & YORK FIRST CANADIAN PLACE LIMITED 
1L00% Series 3 Secured Bonds dne 1993 

NOTICE h hereby given that on September 30. 1994 a partial payment of CdnJS 12. W 
for each Cdni 1,000 principal amount of Olympia & York first Canadian Race 
l imit ed IlK Scries 3 Secured Bonds due 1993 (jibe 'Series 3 Bonds’) will be available 
to holde rs from The Royal Trust Company, trustee under the Thai Deed dated as of 
September 19, 1988 purstnm to which die Scries 3 Bonds woe issued. Holders may 
obtain partial payment on this due by presenting the original Scries 3 Bond certificate 
toanyofdicfoflawtng paying agents 

Bonk of Montreal 
London Office 

HTOBxook, 2nd Hoot; 

London EC4N8ED 
Pryhnrf 

Banque In tern ationale a KrediabankN.V. 

LonantxnngSA 7 RuecTAjenbag 

2 Boulevard Royal 1000 Bnoeefles 

L ux e mb ourg 


Credit Suisse Bank of Montreal 

8 ftuadeptaz Main Office 

8021 Zurich First Canadian Place 

Switzerland Taranto, Ontario, M5X LAI 

fimiti 

Scries 3 Bonds present ed for payment wB be marked to show the partial payment 
and returned to the hoklet No interest or other income cm or hi respect of the 
payment amount will accrue to boidera presenting Series } Boods after September 30, 

1 994. 

fcfsou having an interest in Series 3 Bonds maintained in the Eurodear or Colei 
clearing systems need not prcsem. such Scries 3 Boods for payment, as arrangements 
have been t rade far the payments in respect of such Sate 3 Bonds to be made 
ttmugh the clearing systems. 

Any inquiries concerning the payment* may be (fceurd to the Principal Kiykog Agent, 
Bank of Montreal, London Office, Attention: Manager, fiscal Aacncte. telephone 
(447LV236-1010. 

Daed this 29th day of Sqxcmber, 199-i THE ROYAL TRUST COMPANY 

As Trustee 


U.S. $100,000,000 

Ffoatfng Rate Subordinated Loan Participation 
Certificates Due 2000 
Issue by 

Merrill Lynch Bank AG 

fmcorporatBd in tfw Pectoral RopubBc of Germany wtlti Bmitod Mobility) 

for the purpose of funding and maintaining 
a subordinated loan to 

The Saftama Bank, Ltd. 

C*KOfporato<f m Japan with ffnwed OabfBfy) 

Notice is hereby given that for the Interest Period from September 
29. 1994 to December 29. 1994 the Certificates will carry an Interest 
Rale of 5^75% par annum. The amount of interest payable on 
December 29. 1994 will tie U.S. $140.92 per U.S. $10,000 principal 
amount of Certificates. 


By: The Chase Manhattan Bank, NA 
London, Agent Bank 

September 29, 1994 


o 


CHASE 


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cpr 

First half 1994 


On September 21, 1994. CPU’s Board of Directors 
were Informed of the Group's activities and results for the Brst half or 1994. 

Group share of net profit was FRF I40.6M compared to FRF 155.SH 1 for the first half of 1993. 
Consolidated shareholder fe equity amounted to FRF 3.340a at June 30. 

1994 and the balance sheet totalled FRF 191 bn. The European solvency ratio was 9. 7 %. 


Proprietary trading 

The Group's exposure to Interest 
rate changes was substantially 
reduced. 

CPR and CGM hilly profited from 
the continuing decline in short- 
term Interest rates by developing 
transformation operations on ma- 
turities of less than 3 years, and 
also by tDversifylng arbitrage acti- 
vities on securities and new finan- 
cial Instruments. 

Paresco Inc’s activities were affect- 
ed by toe sharp rise in American 
interest rates at the beginning of 
the year. 

At June 30. 1994. proprietary trad- 
ing activities contributed, before 
goodwill amortization. FRF 11 2M 
to consolidated profits compared 
to FRF 1 22.2M during the first half 
of 1993. 

Auet ■cmogMent 

Assets under management, at CPR 
G ration for fond management and 
Schelcher-Prince for private 
clients, amounted to FRF 51 .2bn. a 
FRF 2 bn increase since December 
31. 1993. 

Subsequent to the merger with 
Banque Francaise tflnvestissement. 


In a difficult market eoifmaat, the Croup's 
risk management and control systems enabled 
CPU la stay «B course. 

Despite the sharp ran In the financial markets 
(taring the drat motet 1994. the contribution 
from proprietary trading activities continued to 
represent 95 % of Group profits. 
CHeat-orieuled activities -asset management and 
brokerage- accounted tor 35 % of cansoBdated 
profits before goodwill amortization. 

Conlribvliou of tho 3 boiSnossos 

as of Juno 30, 1994 


15% 


20 % 

Brokerage 


D,anae S‘ actfrttfes 


FRF 

25, QM 


FRF 
3S.5*t 


FRF 1 1 2M 




6596 Proprietary trading 

f a iwpfldnf cu from brioTT modwm «tarH rg f/n 
trar i73.4Unm IS7JBU at 300033) 


CPR Gestion has now acquired the 
statute of a bank. 

Net profits of asset management 
activities amounted to FRF 25.9M. 
representing 15 % of consolidated 
profit compared to FRF 18.1M for 
tbe first hair of 1993. 

Broksragd actteMei 

The year began with strong vo- 
lumes, but then fell significantly 
during the second quarter. 

CPR Iniermddlatlon. which has 
been appointed a Spdclallsle en 
Pensfons sur Vafeurs du Tr£sor 
(Primary dealer In Treasury security 
repos), is a leading operator In the 
securities repos market. 

Despite the decline in volumes to- 
wards the end of Lbe Mist half, acti- 
vity at Schelcher-Prince. the stock- 
broker. remained buoyant. 

Revenues and profits of (he 
Group's interbank brokers rose 
significantly. 

Foreign subsidiaries suffered from 
the difficult economic conditions, 
particularly (n Spain. 

Profits from brokerage activities 
amounted to FRF 35. 5M. 
a FRF 12M decline over the 
comparable period of 1993. 


Outfook 

Thanks to the quality of its staff. CPR remains confident about 
the Group's future expansion despite current uncertainties concerning the Interest rale markets. 



BANKING GROUP SPECIALISING IN ASSET MANAGEMENT AND BROKERAGE ACTIVITIES 

For further Information, contact 


PairicU Caspar -Td 33(1) 45 96 27 14 
CPR-4. dt6deLondr»- 75009 Paris. France 


Scccombe, Marshall and Campion (71) 800 40 04 



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. — "°r°>na-'1«cpncq lU.nt to vp^ oQ-fckren P«g«603 







—-*-'31 



FINANCIAL. TIMES THURSDAY SEPTEMBER 29 1994 


INTERNATIONAL COMPANIES AND CAPITAL MARKETS 


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NatWest plans to invest 
in Indian venture bank 


By Staten Wagatyt • ■ 

ki NvwXMM 

' National Westminster tbmir of 
the IK is planning to invest 
about £30m ($HL8m) in a new- 
ly-farmed joint venture Indian 

r - Tt is the latest move by -an 
intematianal awii ^ g 

group to take advantage of 
India's economic liberalisation 
programme. 

■ NatWest is propo sin g- to take 
a 20 per cant interest in HDFC 
Bank; winch is promoted by 
the Housing Development 
Finance Corporation, India’s 
larges t hou sing finance com- 
pany. HDFC would bold 35 per 
cent ' . 

/Hie deal Is expected to be 
signed rnearty October.. . 

HDFC Bank is one of 10 new 
privately-owned banks licensed 
by the Indian authorities as 
part of efforts by Mr P.V. Nora- 
tti«Ka Rao, prime minister, to 

fflyraliiM the wynwiffy , 

The authorities have also 
licensed five new - overseas 
banks - Dresdner Bank of Ger- 
many, Chase Manhattan of the 
US, the Bank of Mauritius, the 
Devel opmen t Bank of Singa- 
pore and Denmark's ENG Bank. 
Several other banks, inrindfng 


Germany's Commerzbank, are 
also mwrfiferhig applying for 

Uronroq, ‘ 

NatWest and the other new 
entrants , will Join about 24 for- 
eign hawlrg already operating 

in India - inoiwfHrip Standard 
Chartered Bank of the UK, 
Australian-owned ANZ GMnd- 
laya, and Citibank, American 
Express and Bank of America 
from the US. Unlike most Indi- 
an-owned banks , N wi g ** hanlra 
<wap»H Tta HrtnwHmrHnrq fn tha 

1970s, but .suffered until 
recently from -tight operating 
restrictions. 

The 'wrt g W 1 have 

granted new licences sooner 
bad it not been for the 1992 
Bs40bn (H*28bn) securities 
market tn which for- 

eign banks were accused of 
playing a prime nde. 

The Indian 

that tiie new banks will 
increase competit io n . India is 
dominated . by 28 state-con- 
trolled banks holding 90 per 
cent of banking assets. The 
encouragement given by the 
finance ministry and the 
Reserve Bank of India, the cen- 
tral bank, to foreign banks 
comes in the fanw of criticism 
from some politicians who 
have blamed all foreign tanini 


for the alleged wrongdoings of 
those involved in the securities 
scandal, such as Standard 

Chartered B anV and Pmhanlr 

Mr DR. Mehta, a deputy 
director of the Reserve Bank of 
India the central bank, said 
India very much wanted to 
encourage competition from 
foreign hsnfra and would dis- 
tinguish between scandal-af- 
fected banks and the rest 

NatWest, which was once 
represented 'in fo ri* 8 through 
one of ite-forerunners, the 
National Bank, tees the joint 
venture wf&HDFC as a better 
way of entering than establish- 
ing a wholly-owned hanking 
operation. 

They also think it will be an 
advantage to be tied to a 
strong local partner when bid- 
ding for government-related 
business such as p r iM thwHim 

The partners would offer 
shares to . the new bank's 
employees, and to employees 
awl shareholders of HDFC. The 
bank would be floated on the 
stock market early next year. 

NatWest is also planning to 
Open a representative or liai- 
son office in Bombay through 
which it could handl e non- 
banking business such as capi- 
tal markets activities. 


Alcoa output cuts 
njay be permanent 


ByNHddTattln Sydney 

^■7.* ”*■ 

Alcoa of Australia, the 
alumina -producer owned 
jointly by Alcoa in the US and 
Western Mining Corporation, 
warned yesterday that cut- 
backs in production at its Port- 
Ta T^ft Hhu n teii iiu ymnHwr nimbi. 

become pmnammt unless it 
seeded j*w power arrange- 
ments wtth tbe Victoria state 



- *.n» 


>Afcba,fhft. state gov- 
ernment, rihfna International 
- ’fifusPfovestment Cb*p(CiticL 
Ftrs&Nafional Resource Trust 
and Marubeni Almntotrim Aus- 
tralia — said it had been 
advi&d that the state electric- 
ity itgmnriaaton would -with- 
draw power supplied Under a 
supplemental agreement with 
effect from January L This, it 


said, would cause the smelter 
to operate at 'an' aluminium 
production capacity of around 
300,000 tonnes a year. 

The smritor had already cat 
production by around 26.000 
tonnes a year as a part of the 
global initiative to reduce out 
put -in response to serious 
intmatiwwi overs up ply, but it 
was envisaged that this reduc- 
tion would be temporary. 

The state authorities have 
.bear seeking to renegotiate the 
power arrangements since May 
1908. The smelter owners said 
they would “welcome the 
opportunity to agree an a satis- 
factory basis for acquiring 
additional power”, but offered 
to waive the three-month 
notice period so that the with- 
drawal of/the supplemental 
power would jte affective 
unmedlatoty.* 


Australians 
may float 
French mine 


By NOdd Tait 


Elfin, tile Western Australian 
mining aiwi am tli mn v fng con- 
tractor, and Orion Resources, a 
WA goldminer, said yesterday 
that they were considering 

floating the Salcigno gold proj- 
ect in Franca 

The companies, who were 
responding to a query from the 
Australian Stock Exchange, 
said they had engaged tire 
stockbroking company James 
Capel in London to explore 
possible options, and expected 
its findings to be presented 
within the next three months. 

- The project, near Carcas- 
sonne in south-west France, is 
thp country's last gold mine. 
Production has been budgeted 
to reach 90,000oz a year whm 
full capacity is reached. 


Dow bids for stake in east German operation 


ByJudyOempeey . 

In Berlin . 

Dow Deutschland, a subsidiary of Dow 
Chemical of the US, is reeking to buy a 
majority stake in east .Germany's 
former state oil and chemical 
operations after 11 completed an 
extensive- evaluation study, company 
officials said yesterday. 

An investment by Dow, which has 
been seeking & foothold In eastern 
Germany for some time, would boost 
prospects by the Treuhand privatisation 
agency to find additional partners for 
the Leuna/Bunn/BOhlen chemical 


complex m the eastern German state of 
Saxony- Anhalt. 

In its letter of intent to the Treuhand, 
Dow has targeted its interest on the 
steam cracker facilities at the 
Sflchrisrhg OMS m w k e in BOhlen. the 
electrochemical units and deriv ati ve 
operations , at. Bona, in Schkopau, and 
the polyolefin and intermediate 
chemical operations at Leuna. 

The decision on what it will buy will 
be nwdtt by the «>d of the year. 

AD three ferihties formed the nucleus 
of east Germany's chemical sector 
under the fn rnw wim nmn h riu 

Since untficatton. the Treuhand has 


been engaged in a massive 
restructuring programme aimed at 
attracting investors to install a new 
fttflam cracker facility and nil rtetoery 
In the region. 

Despite overcapacity in the chemical 
industry in Europe, a Dow official said: 
“Bast Germany is part of our long-term 
strategy In Europe. 

"We are looking for a better position 
to serve aQ of Europe, not only west, 
bat also eastern Europe." 

The official added Germany’s state 
and federal authorities were expected to 
provide “the normal grants” for such an 
investment Dow's European operations 


have an annual turnover of Ubn. 

The Treuhand has been providing 
generous financial investment 
incentives for the Leuna/Buna/BOhlen 
chemical sector in which 68^00 people 
had bean employed before 1990. Hus 
figure has sharply fallen to 12.300 
through closures, redundancies and 
early retirement schemes. 

At the same time, the Treuhand, 
backed by the finance ministry, has 
picked up tiie sector's DM3.5bn 
(*£27bn) old debts and has provided a 
farther DM5.5bn in real investments 
which will increased to DM8.7bn by 
1998. 


Japanese warrants are down, but not out 


As Mark Twato might have put 
it, reports of the' Japanese 
equity warrant market's death 
are greatly exaggerated. . 

True, symptoms of an ailing 
TnffrVp t abound: th** supply of 
~ hrmf)c with mai T jint» attached 
has slowed n m ftwiiy to. recent 
months, warrants have 
severely underperformed the 
underlying stock market of 
late arid volatility has 
sharply. 

In environment, Morgan 
Stanley recently stunned the 
trading community with its 
decision to pull out of warrant 
market-making, the second 
dqfpH-fari fhig year after Baring 
Brothers withdrew to January. 
In the D-Mark sector, where 
only some 40 warrants are 
actively traded, Commerzbank 
announced early this week 
that it, top, would stop mar- 
ket-making. ‘ 

However, most market par- 
ticipates say the market is suf- 
fering only a temp ora r y mal- 
aise from which it will recover 
when the environment 
improves. “It’s been a difficult 
time, but the TimTfarf- has sur- 
vived tough times before and 
will do so again," says a senior 
warrant dealer to London. 

The market for Japanese 
equity warrants - call options 
on stocks, stepped from bands 
issued by Japanese com panie s 
and then traded independently 
— baa had its ups and downs. 

Pushed to dizzy hei ghts in 
the late 1980s by the ragtag 
hull run to Japanese equities, 
warrants slumped when the 
Nikkei 22S fridar plunged from 
a high of 38^95 to a low of 
9niB9. to 1990, falling as low as 
14309 to 1992. They have shad- 
owed the stock market's lack- 
lustre performance through 
the Japanese recession. 


' Warrant temm* iw»« fluctu- 
ated accordingly. From a high 
of |87bn in 1989, issuance 
slipped to $29bn to 1991, £L6bn 
to 1993, and has totalled a mere 
&2bn in the year to date, 
according to data from Euro- 
money Baodware. 

Meanwhile, the expiry of 
more than SlOObn of warrants 
in the past two years alone has 
meant that a iri gnUlftant num- 
ber of maturing issues have 
not been replaced, thus redcc- 


DERWATIVES 


tog the absolute number of 
actively traded warranto 

This year's nwhwpirhy per- 
formance of the underlying 
market hasn’t helped. After a 
sport early in the year, the 
Nikkei ws Km langutehed to a 
narrow range between 19,000 
andZLOOO. 

“When the stock market is 
static and volatility faTIa, this 
erodes the time value of the 
warrants, <**™riwg them to fan 
in price,” says Mr CHff Ben- 
ford, head of trading to Far 
Eastern markets at Fleming 
Securities. 

Warrants dramatically 
underperformed stocks in 
recent months. After reaching 
a high of lj093 on June 17, the 
DJLShaw Warrant Index fell 
by 37 per cent to 689 tibia week,' 
compared with a 9.5 per cent 
drop in the Nikkei 22S during 
the same period. 

But according to Morgan 
Stanley, its main reason for 
palling out was that warrant 
market liquidity was drying 
up. 

.. .."We will continue to have a 
substantial presence in the 
market both through our cli- 


ent business and proprietary 
trading,” says Mr Charles Sto- 
nehfll. head of European 
equity operations at Morgan 
Stanley. “But what we believe 
is unattractive is a market- 
making requirement in a mar- 
ket of declining liquidity.'’ 

Following the liquidation at 
large warrant positions this 
year, some investors’ with- 
drawal from the market has 
rendered it less liquid, says Mr 
Stonehlll. "You can’t run a 
market far the benefit of the 
market makers — you to 
have some sophisticated inves- 
tors. If liquidity comes from 
market-makers dealing with 
each other, that’s false liquid- 
ity” 

Others fflsagree. "This is not 
a dealer-driven market, it’s 
driven by itwtjtff fl ffnai inves- 
tors - the dealers just proride 
additional liquidity,” argues 
Mr Louis Salkfnd, lmmagTOg 
director at DE Shaw Securities, 
one of the biggest warrant 
market-makers. Moreover, he 
adds, there is actually more 
liquidity in many warrants 
than to tiie underlying stocks. 

Some say it’s not so mod 1 
the market’s liquidity but its 
profitability, or lack of it, that 
persuaded Morgan Stanley to 
stop making markets. They say 
that houses with a well-estab- 
lished client base have been 
able to weather the storm more 
easily than those with large 
proprietary trading books. 
Largely tire big US houses, 
which have suffered most from 
.tins year’s downturn. 

"The houses with huge 
hedge books have enjoyed 
great profits to the past, and 
this is the first cold bath 
they’ve taken,” says Mr Ben- 
ford. Storp Flemings' business 
is driven by institutional inves- 


tor activity, "we can sit out 
these droughts - we’re not 
affected by the drop in volatil- 
ity because we don’t have a 
p roprieta r y book”, he says. 

Warrants, which tend to he 
highly geared, are a favoured 
way for hedge-traders to play 
the Japanese stock market. 
"Warrants are a speculative 
vehicle offering fast, liquid and 
leveraged exposure to the mar- 
ket," says one trader. 

Meanwhile, the U remaining 



»'»"• ___ 

-*£4- *Jl 1 Lii ♦ Zj 

.)■ . is»*v 
SttraKfro^Mto ■ ^ 

market-makers are expected to 
continue providing a liquid 
market The London-based 
warrant market-makers are 
Daiwa, Nikko, Nomura, Yam- 
wirhi . Goldman Sachs, Salomon 
Brothers, Robert Fleming, 
BZW, Cresvale, DE Shaw and 
Smith New Court 
However, despite a chorus of 
soothing statements from the 
market-makers, supply does 
remain an issue. New Japanese 
acco untin g rules, in trod u ced to 
April, which require that bond 
and warrant portions of new 
issues be accounted far sepa- 
rately, were seen to increase 
the issuers’ cost of fund tog and 


have slowed the flow of issues, 
with the convertible bond mar- 
ket taking up some of the 
slack. 

While the new rules do alter 
the playing field, they don’t 
justify predictions of doom for 
the warrant market according 
to Ur SalKtad at DE Shaw. 
"While warrant issuance has 
dropped off substantially since 
the new rules took 
effect... the recent shortage of 
warrant issues la probably 
more reflective of seasonal pat- 
terns and bearish sentiment in 
the warrant markets than a 
reaction to the changed regula- 
tory environment" 

Moreover, as the convertible 
market, which has seen a rise 
in issuance in recent months, 
approaches saturation, "there 
is increased interest from issu- 
ers who perceive the warrant 
market as still open for issu- 
ance.” says an official at 
Nomura. 

According to several market 
sources, the coming months 
are likely to see some large dol- 
lar offerings which could 
revive the warrant market - 
provided the stock market also 
shows some improvement and 
volatility recovers. “We need a 
pick-up in market volatility 
before we would regard the 
market as generally cheap,” 
the Nomura official says. 

Amid predictions of the mar- 
ket's recovery, even Morgan 
Stanley seems to be keeping its 
options open. "Though we 
don't feel optimistic about any 
immediate change in market 
conditions, that could change,” 
says Mr StonehHL “Some of 
these factors may be revers- 
ible, and if so, we will re-eval- 
uate our decision.” 

Conner Middefanann 


M1-MI5 TOLL MOTORWAY 
REPUBLIC OF HUNGARY 

ECU 329 MILLION (equivalent) 
LIMITED RECOURSE PROJECT FINANCING 
to ELS6 MAGYAR KONCESSZlGS AUTOpALYA RT. 


Arranger. 

Banque Nationals de Paris 

■ Co-Arranger 

European Bank for Re cons truction and Development 


FOREIGN CURRENCY D£BT FINANCING 

. .. . DEM 182385,000 

USD 106,407 A00 

Leader of Record 

European Bank for Re comuo cdon and Dndopneni 

Lead Banks and Underwriter* 

KmGtannalt flir ViaknuSm ■ Banque Nationals de Fans 
Oamehe Bank Group 

Came d'Epaxvne Group/Soa'dcd Can rode des Games (TEpaiene 
SockrfGdnfralc 
Banque Paribas « Commerzbank 
Auxilioacdu Cnfcfo Fonder de France 
Drcsdner Bank • Europa Bank 
Crednaastalt-Banlncrdn 


HUNGARIAN FORINT DEBT FINANCING 

HUF 12400 miffioo 

Amnmd and Provided by 
European Bank fiat Reconscrocptm ana Development. 

- -- O m d go a Kerafadcfafli 6 Hhdb—k- 

Qpgjgos TakarApAmdr £t Kcrcakrdrimi Bank 


General Agenc Banque Naoooale de Paris 
Security Agent: European Bank for Reconscrucnon and Development 
Advisor id die Hungarian Government: Motgui Graded & Co. limited 


© 


V 


Dec em ber 1993 


BNP 




. Bank of Tokyo (Curasao) Holding N.V. 
U.S.$800,000,000 

Subordinated Guaranteed 
Floating Rate Notes Di»e 2000 

Guaranteed an a subonS/utted basis 
as to payment of Principal and Interest by ' 

The Bank of Tokyo, Ltd. 

tn accordance whh the pro v is io ns of the Notes, notice is hereby given 
that tie rate of interest for (he Ibtcc months period 29lh September, 1994, 

10 29lh December. 1994. has been fixed at 5-500 per osu per annum. 
Coupon no. 17 will therefore be payable on 29th December. 1994 at 
UJLJ6,95l-39 per coupon from Notes of U^JSOOOOO nominal and 
UAS695-I4 percoupon from Notes of URS50.000 oomiML 

The Bank of Tbkyo, Ltd. 

London 

ittnrtal ' 

&tf,Sn*rr*bnl994 



MinrnwMiliMHMnnti 




HBKUSm 

Fokus- Bank AJ5. 

ust75.ooo.qoo . 
Subordinated Boating rate 
notes due 2004 

Notice is hereby given that for 

ttemizTtstjxitod 29 
September 1994 to 29 March 
7995 the notuwSt canyan 
interest rate of 6.8375% per 
-annum and that the interest 
payable on the tekoant interest 
payment date 29 March 1995 
wttl aihoent to USS34377 per 
VSSJOfQQD note and 
USS3J37. 74 perUSSWOOO 


note. 


Company 

JPMoigan 


1 Guaranty 


09 


EUROPEAN INVESTMENT BANK 

PTEWmOOOOOOO 
Hosting R*a Now Due 1998 
in accordance with ths tarns and 
condUona of the NoCn. the Intamt 
raw for the padod 30tfi Sapcamboc 
«04 to 30th March, 1995 has been 
feted at 1035% par annuin. The 
j m eraat p ay a bia onSOih Mardi, 1996 
udl be PTE S17S par PTC V000 
nortdnai 

Agent Bank and 
Ptfndpai Paying Agant 

ROYAL BANK 
OF CANADA 


usmutoMo 

BAITF 

GuanuUaed FtoaHn* Bate 
Note* due H96 with 

Chareoteed FVmt Wareasta 
Per the period from September 39, t9M 
ta March zs, 1886 the Notes wS cany 




iWtmtnUitnWpri 
ao iiitaut —lyiMiit of US 
US9BJX0 Note. 

The tetereat amonat per Floor Warrant 

terad* AiOSSlLOO - 

The bUrat amount per Fleer Wkrraat 

Uwd»B:UB*4.7I 

The reiewmt bitcmt payment dote win 
beNard>2B,B6fe 


ft 

Banque Paxibas 


up, 15% 

off electricity 


021 423 3018 

Powerline 


CREDIT LYONNAIS 
USD 50-000-006,- 

- UNDATED 
SUB ORDINATED 
STEP UP VARIABLE 

;j RATE NOTES 

Noteholders are hereby 
informed that tbe rate 
applicable fbrtheooaponN°6 
nas been fixed at 6,4875 %. 

The coupon N°6 will be 
prable at tbe price of 
USD 16.123,155 on 
Mach 24th, 1995, covering 
die period as from 
September 26th, 1994 

to March 23 rd, 1995 
tosrve), and representing 
179 toys of interest 
The Agent Bank and 


SI CREDIT UfONNAIS 



On Friday, September 30 
all will be revealed. 

On FHtiaK September 30 the FT IMF/Worid Economy Survey wtH be peMlshed with the Financial 
Tbnca. Its publication Is on the eve of tbe most Important date In the financial calendar, the IMF/Worid 
Bank Confer ence , which tN» year will be held Hi Madrid. 

The survey wHJ include extensive coverage of both macro and micro economic issues, analysis ^of 


financial and business fronds fn selected countries and radons, plus an authoritative assessmentioi Wtf ^ I 
woritTs financial markets. . * m ' .■&}'& 

• There wB also be profiles of some of the woritTs most InlhientiaMfiiaiicljd dstt 
In fact, be an essential document ae background to the proceedhigs. in Nttdrkta^SSS^s an invakiabST^^£| 
update on financial de ve lopments throughout the world. . .. : -r - 










FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 


INTERNATIONAL CAPITAL MARKETS 


Auction of benchmark gilt meets strong demand 


By Martin Brice in London and 
Frank McGurty hi New York 

UK government bond prices 
were poshed higher yesterday 
after the successful auction by 
the Bank of England of £2bn of 
sew stock. 

The auction - of 8% per cent 
gnts due 2005 - was covered 
1.74 times, dose to market fore- 
casts. and had a tail - the dif- 
ference between the top and 
average yield - of 1 basis 
point. 

Unsatisfied d*" 181 ™* for the 
bonds - which will become 
next year’s benchmark - after 
the auction drove prices 
hi gher There were rumours in 
the market that the Bank of 
Kn gtend moved to meet this 
demand by supplying an extra 
£l 00 m of gilts after the auction 
to help market-makers who 
found themselves short of 
stock. One trader said: “It is 
pretty rare for the Bank to sell 


other stock on the day of an 
auction, and it has supplied 
stock right along the yield 
curve." 

Traders believed that the 
Bank supplied EiflOm in total of 
the 7 per stock due 2001, 9 per 
cent stock due 2011. ami 8 per 
cent stock due 2013. 

They believed much of the 
new gilt went to long-term 
investors, and then market- 
makers who had been selling 
futures against the new bench- 
mark issue, found themselves 
short of stock and needed to 
cover their positions. 

“It has been a very technical 
market today, with a big 
squeeze. But cash volumes 
have been pretty pathetic. 
There hasn't been a lot of 
profit in it" 

The December long gilt 
future moved up 9 to 993 
before the close, and the 
spread over bunds was 151 In 
late trading. 


■ German government bonds 
followed US Treasuries 
upwards in the afternoon, with 
the December bund future 
around 89.60 in late trading, up 
(160 point on the day. 

GOVERNMENT "" 
BONDS 


Mr Adrian Owens. European 
economist at Tamalchl said: 
"The market had a much bet- 
ter feel to it, and the floating- 
rate note was well received." 

The DMlObn floating-rate 
bond met strong demand, trad- 
mu said. 

A total of DM4.49bn was 
issued yesterday, after DM3 bn 
was issued the day before. The 
Bundesbank withheld DM5L5bn 
for market-tending purposes. 

■ The performance of the Ital- 
ian government bond market 
yesterday was a reaction to 


domestic political events. 

The yield on the 10-year 
bond fet by 15 basis points to 
3X63 per cent on hopes of a 
reduced government deficit 
heralded by agreement on a 
budget 

"The Italian soap opera con- 
tinues,” said Mr Nfetl Williams, 
analyst at UBS in London. 

He said the market raised by 
almost a point on the news 
that the government's budget 
bad been finalised for presenta- 
tion to parliament, but fell 
back on news that the trade 
unions were planning a short 
strike in protest at pension 
cuts, and on news that the 
Northern League had dissoci- 
ated itself from the budget 

Mr WUhams said: “It win be 
a choppy ride from here on. 
The market will continue to 
ebb and flow on rumours of the 
deficit Itisa faarfnatiwg mar- 
ket to follow.” 

■ US Treasury bonds regained 


their poise yesterday mo rn in g 
as traders ignored an inconclu- 
sive report on durable goods 
orders. 

By midday, the benchmark 
30-year government bond was 
% better at 96& with (he yield 
slipping to 7.799 per emit At 
the short end, the two-year 
note was up & at 10Q&, to yield 
6d0 per cent 

Bonds were stronger over- 
night after retreating the previ- 
ous day on the flpetsion by the 

Federal Reserve to stand still 
with its current policy on 
interest rates. 

On the long end of the matu- 
rity range. Tuesday's in actio n 
by the Fed brought a mea- 
sure of disappointment Hold- 
ers of the most ioffetion-sensir 
tive securities would have 
prefered a more forceful 
response to recent signs of eco- 
nomic acceleration. 

Yesterday's economic news 
are essentially neutral for the 


Treasury market The Com- 
merce Department said orders 
of goods built to last more than 
a year had risen 6 per cent last 
month, against expectations of 
a 3.8 per cent increase. 

Bands slipped on the head- 
line figure, out quickly recov- 
ered. 

Most of the unexpected surge 
was attributed to aircraft 
orders, perhaps the most vola- 
tile of sectors. Without trans- 
portation, the August increase 
was only 2J3 per cent, a tame 
growth rate which traders 
were able to brash aside. 

Bonds gained additional sup- 
port from weakening gold 
prices and a firmer dollar. 

The market was stin facing 
the Treasury's afternoon auc- 
tion of Sllbn in. five-year notes. 
Despite a lukewarm reception 
far a two-year sale the previous 
day, traders were approaching 
the new issue with some confi- 
dence. 


Exam plan by 
US banking 
regulators 

US hanking regulators plan to 
give bank employees who sell 
mutual funds and other 
investment products an exami- 
nation similar to that given to 
brokers by the National Associ- 
ation of Securities Dealers, 
Renter reports from Washing- 
ton. 

The plan *rrmc to ensure that 
hank employees give accurate 
information to customers 
about the investment 
products they are buying, 
including risks of busring 
funds that are not 
insured. 

The US Comptroller of the 
Currency, Mr Eugene Ludwig, 
told a conference of the Con- 
sumer Bankers Association 
that regulators are finalising 
details of the testing pro- 
gramme. 


Warm reception for Lebanon’s debut offer 

ager HSBC Markets, the paper 


By Conner MBddeimann 

The launch yesterday of 
Lebanon's debut eurobond was 
a resounding success, meeting 
so much investor interest that 
although the size of the issue 


INTERNATIONAL 

BONDS 


was increased, it failed to sat- 
isfy all the demand, market 
participants -said 
After launching an initial 
3300m of the 10% per cent 
three-year bonds, lead manager 
Merrill Lynch raised the size to 
$400 m in response to 
“overwhelming” demand, 
according to a Merrill syndi- 
cate official- “The issuer 
wanted the deal to be tightly 
placed, and we convinced them 
that even $40dm would wiaka 
no difference in terms of 


market reception,” he said. 

Indeed, the bonds saw keen, 
demand from a wide variety of 
investors. “There has been a 
lot of demand from retail 
investors, several Institutions 
in the Gulf region, and the 
who's who of European funds 
and insurance companies," 
said the syndicate official. A 
large portion of the paper was 
said to have been bought by 
Lebanese expatriates. 

The bonds were priced to 
yield 325 points over the 
corresponding Treasury bill, 
largely as expected. The spread 
on the bid price narrowed to 
306 basis points over by the 
wwi of the day. 

In the D-Mark sector, the 
African Development Bank 
issued DM300m of TU per cent 
five-year bonds. Priced to yield 
24 bams points over the 8% per 
cent Treuhand notes, they saw 
good demand from German 


banks and i n ve stm ent funds in 
Benelux countries and Switzer- 
land, >?aid T Vntterhn Rank 

Meanwhile, Deutsche Bank 
and Morgan. S tanle y continued 
building the books for the 
World Bank’s DM2bn global 
bond, which is expected to 
have a five-year maturi ty 
be launched on Tuesday. 


The D-Mark sector today 
could see the launch of a 
DMI50m 10-year bond for a 
government-guaranteed Japa- 
nese borrower. 

SodH£ G&terale Acceptance 
made a rare appearance in the 
sterling sector, issuing £120m 
of 8% per cent three-year 
bonds. According to lead man- 


met with good demand from 
continental European retail 
investors, who have recently 
shown keen interest in short- 
dated sterling paper. The 
bonds were priced to yield 40 
baas points over the 8% per 
cent gilt due 1997. which was 
widely deemed to be fair. 


NEW INTERNATIONAL BOND ISSUES 



Amount 

Coupon 

Pika 

Maturity 

Fmm 

Sprawl Book runnar 

Bantosar 

US DOLLARS 

RL 

% 



% 

to 

LebeMw Rq)ub>c 

400 

10L12S 

89538R 

Oct-1997 

1 XOR 

482 S(ffi8K-S7) Menfl Lynch tnwmoilqnri 

STERLING 

Soa Q4a Aecapbnca 

120 

8575 

99577R 

Nov-1997 

O20R 

U0/t%*47) HSBC Mariceta 

D-MARKS 

African Dwritopmant Bank 

30Q 

755 

9953R 

OsLIBOB 

U25R 

Deutsche Bank 

ITALIAN LffiE 

DSL Rronoa 

lEObn 

1150 

10152 

Nov. 1898 

152S 

BC1 

uixurnouno francs 

Deutsche Bark LinsmbaiagM 

2© 

8X0 

102.45 

Dac.lS99 

1.75 

- BGUPartbas Lnartnug 


Rnoi tenns and non-ceBetjia uniass stated. The yttd spread (osar rate v e nt flom mn wg bond} at launch Is euppOed by ttM toad 
m a nager. ft fixed m-oftar price; teas ten shown at tea m-afler bvtL a) Long 1st coupon. 


NICAM launches 
innovative fund 


By Conner MMdehnann 

A new type of open-ended 
mutual fund is available to UK 
institutional and retail Inves- 
tors the Nikko Japan Return 
Reversal Fund, run by Nikko 
In te rnational Capital Manage- 
ment (NICAM). Investing in 
Japanese equities, it aims to 
outperform the broad Tokyo 
stock market index, TOF1X. 

Its investment, strategy is 
based on “mean reversion” the- 
ory, a concept derived from 
statistical evidence which 
shows that the price of a share 
tends to over or undershoot its 
intrinsic value, returning to its 
“real" value over time, NICAM 
states. 

Research conducted by two 
American academics has 
shown this trend to be particu- 
larly pronounced over the long 
term in the Japanese equity 
market, they state. Nlkko's 
fluid therefore aims to select 
fundamentally undervalued 
stocks at the bottom of their 
price cycle and capture their 
price recovery. 

Given expectations of a 
stronger Japanese stock mar- 
ket performance as the 
economic recovery gathers 
pace, “the timing of the launch 
makes sense," says a London 
dealer. 


Tfoe fund's investment strat- 
egy follows a three-stage 
approach to select the stocks 
which are deemed most likely 
to increase in value and out- 
perform TOPK. 

It begins with the selection 
of the worst-performing 25 per 
cent of stocks over the preced- 
ing eight years listed on the 
first section of the Tokyo stock 
exchange. 

Each stock is then measured 
to est ablish its level of under- 
valuation, and is judged to 
establish its potential value for 
performance, in order to 
remove stocks of fundamen- 
tally poor companies. 

Finally, the stocks are 
assessed cm the basis of spe- 
cific fundamentals, including 
net worth, risk, equity and 
financial solvency. The final 
portfolio will consist of GO to 80 
stocks and will be rebalanced 
each quarter to ensure that all 
stocks in the portfolio are 
likely to be undervalued and 
that those which have already 
reached their peak are 
removed. 

NICAM Munched an Institu- 
tional offshore fund using the 
return reversal strategy in Feb- 
ruary 1982, which, it says, has 
outperformed TOPK by more 
than 9 per nowt awi the Nikkei 
225 index by 22 per cent 


EC in insurance rule move 


The European Commission has 
dismissed newspaper reports 
that recent European Union 
rules on Insurance enmpantes' 
solvency requirements could 
harm the $l,500bn eurobond 
market. Renters reports. 

According to toe reports, 
insurance companies could 
lose their ability to own euro- 
bonds because a EU directive 
prohibits securities not traded 
in regulated markets to 
amount to more than 10 per 
cent of assets qualifying for 


the purpose of meeting sol- 
vency rales. 

But a Commission spokes- 
woman said the rules allowed 
EU countries to classify Euro- 
bonds as securities “suscepti- 
ble to be traded" in EU 
exchanges. 

The International Securities 
Market Association, the non- 
regulated market's body, 
agreed with the Commission's 
interpretation and said that 
the problem noticed in Britain 
could be solved. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Red Day's 

Coupon Dots Prtoa change 

Yield 

Week 

to* 

Month 

ago 

Italy 

■ NOTIONAL ITALIAN GOVT. S0M> (BTVJ FUTURES 
(UFFEJ* Ura 200m lOWn of 100% 




AuetnBa 

9 SXJO 

OBAN 

825100 

-0580 

1050 

1010 

957 

Open Sett price Charge 

Mrfi 

Low 

EsL «<* 

OpenM. 

Belgium 

75S0 

04AM 

925600 

40.660 

8.45 

863 

842 

Dec 9953 10055 +052 

100.65 

9863 

61000 

«p» 

Canada* 

6500 

06AM 

845500 

40.780 

857 

952 

881 

MOT 99,68 +4LBO 



D 

735 

Denmark 

7500 

12AM 

675700 

40500 

895 

820 

879 






France BTAN 

aooo 

05798 

1015250 

-0250 

7.43 

756 

751 






OAT 

5500 

04AM 

835000 

40550 

855 

822 

754 

■ ITALIAN GOVT. BOND (BTP) RffllRES OPTIONS AJFFB Um200m lOOOtS of 10054 

Gormary Treu 

7500 

09AM 

885600 

+0580 

752 

7 .71 

753 






IWy 

8500 

08AM 

835000 

+0560 1158T 

11.75 

11.81 

Strike •- — CALLS 



■ PUTS — 


Japwi No 119 

4500 

OWN 

1035040 

40060 

353 

357 

4.18 

Price Dae Mar 


Dec 


Mar 


4.100 

12AJ3 

97.4880 

40530 

4.49 

450 

4.70 

10000 2.13 258 


158 


350 

NeBibbnds 

5.750 

01AM 

885600 

+0530 

7M5 

754 

757 

10060 155 275 


210 


357 

Spain 

6500 

OSAM 

62.7900 

40570 

1057 

1154 

1152 

10100 150 254 


255 


358 

UKGtts 

6500 

08199 

88-23 

411/32 

852 

858 

833 

Eol veL Mri. CM* 10B1 Puts 0711. Pnriom day's open tat. Otee 13586 Puts US89 


6.750 

11AM 

86-08 

420732 

852 

954 

850 







9500 

10AJ8 

101-23 

+25732 

878 

897 

892 






uSThtecuy* 

7^50 

OSAM 

97-27 

+2/32 

758 

756 

750 







7500 

11/24 

96-15 

_ 

750 

753 

7 M 






ECU pooch Govt) 

6.000 

IMAM 


+0560 

859 

aai 

840 

Snafai 





London ctateg.riiaB Yah Irid-dte MMdK Loori ntetaN riandtrtL 

f Grow tnekikm mUMMng (sx st I2J par care pswtec try nosoridsnul 

■ NOTIONAL 8PAM8H BOND FUTURES WEFR 




Prices: US, UK In Sands. rilMra In daefcn* 



Sauce: MMS Mnstanl 

Open Sou price Change 

Hgh 

Low 

EeL voL 

Open tec. 

US INTEREST RATES 






Dec 8755 67.44 +867 

8/AS 

8750 

42983 

73.775 

UncMbna 



Treasury 8Bs and BcndVleMs 








0miaatei_ 


453 Ttaojoar 


— 8B2 






Mm nb 

7% Irinrii. 


4. 75 Thw je*r_ 


— 860 






Mririrannta 

9% Trite moMh. 


4.76 R*a yaar — 


_ 750 






FrtUnk 

4% Sri rwnffi _ 


&3B UFrw 


750 

IRC 





AaLbak ri Mtncndao. 

- a«i«r — 


S57 38-tesr 


751 

■ NOTIONAL UK GOT FUTURES OJFF^* £50500 32nde of 100S 



FT-AC11JARIES FIXED INTEREST DUNCES 

Price (rxficee MM Day's Tba Accrued xd«( —Low coopon yteW~ — Marikam coupon yWd- •— fflgfi ooupoa yWd — 

UKOflta Sap 28 change % Sap 87 interest yM Sop 28 Sep 27 Yr. ago Sap 28 Sap 27 Yr. ago Sap 39 Sop 27 Yr. apo 


1 Up to 5 years {?<] 

11957 

+0.18 

119.15 

1 M 

659 

5 yre 

871 851 828 878 

858 854 

854 801 

874 

2 5-15 yearn Pi) 

137.88 

+0.71 

13871 

1.79 

958 

15 ym 

658 879 7.10 852 

853 724 

3.03 9.14 

758 

3 Over IS yean (5) 

15357 

+1.08 

15153 

159 

951 

20 yrs 

864 872 723 882 

8S3 750 

851 201 

7-49 

4 IrradecvnabCtn 

17350 

-013 

174.12 

135 

883 

tarad.T 

877 878 7.41 




5 AS stocks (6C? 

13554 

+059 

13455 

158 

9.42 






todax-Balcad 







Sap 26 Sep 27 Yr. ago 

Sap 28 Sep 27 Yr. ago 


8 Up to 5 jump? 

18*57 

+014 

18452 

-007 

557 

Up to 5 yra 

453 458 257 

289 294 1.78 


7 Ow 5 yearn {11) 

17152 

+044 

17157 

075 

355 

Over 5 yra 

350 893 219 

321 3.74 202 


8 AIstoda(l3 

17257 

4041 

17157 

057 

454 






Dabantraam and Loana 







Sep 28 Sep 27 Yr. ago Sep 28 

Sep Z7 Yr. ago 

Sep 28 Sap 27 

Yt-.ago 

9 Debs & Loans (76) 

12855 

4074 

12833 

250 

816 


954 851 7.79 877 

955 81S 

871 9.79 

830 

Awne* gnm nOmpam ytaids an ato-n *km Cotpon Banda; Low; Ob-TWij MwStaK 8%-U»te; trifle 11* wid owe T Rat ytahL yld YMr to (rite. 



FT FIXED INTEREST INDICES 




CULT EDGED ACTIVITY INDICES 



Sop 28 Sep 27 Sep 28 Sep 23 Sep 22 Yr ago 

High* Low* 

Sep 27 Sep 26 Sep 23 

Sep 22 Sop 21 


Oort. Sacs. {UK) 90.43 80.10 8027 8023 9008 101.86 107.04 8054 OR* Edged bargains 104J5 101.0 118.1 1886 91.8 

Rod interest 107.02 107.17 10720 107.09 10087 12084 13087 10050 6-day av era ge 107.1 113.8 11*3 1128 1CKA 

- tor 168*. Omamom Svaulteo docs gjnyri sa ji 12M0 (VUSq. kn* 48.18 (3/V75L Rxsd hu nt Hgh sines L Om p faDon: 13367 (2 WW) , km 3053 ptVTH . Baris 100; Qomnma* Securis* iSftW 
2B nd Rod IntaRM 1823. SE sctMCy ndees (abated 1874. 


BOND FUTURES AND OPTIONS 


France 

■ NOTIONAL H8=NCH BOND FUTURES (MATTF) 



Open 

Sett price 

Change 

Hgh 

Low 

EiL voL 

Open InL 

Dao 

11090 

11122 

+058 

11120 

11056 

163.742 

127567 

Mar 

11014 

11048 

+056 

11042 

11014 

135 

7.198 

Jin 

10244 

10870 

+056 

10844 

10944 

2 

354 


■ LONG TCTM FRENCH BOND OPTIONS [MAT1R 


Strike 

Price 

Oct 

- CALLS - 
Dec 

Mar 

Oct 

— PUTS — 
Dec 

Mar 

110 

122 

216 

235 

053 

095 

- 

111 

038 

157 

152 

0.17 

140 

240 

112 

053 

153 

150 

050 

151 

292 

119 

- 

063 


- 

244 

. 

114 

- 

034 

- 

- 

- 

- 


EriidWA Crita 20044 Ms S42JS . Printout day* open tat. Crib 340817 Putt 320308. 


Geiiiiany 

■ WOnOWAL GERMAN BUND FUTURES QJFFQ- PM2S0.00Q lOOtea of 100W 



Open 

Sad price 

Change 

High 

Low 

Ejt tel 

Open kit 

Dec 

8805 

6957 

+057 

68.71 

8838 

173869 

144886 

Mar 

8850 

8888 

+056 

8880 

8850 

241 

1522 


■ BUND FUTURES OPTIONS (UFFEJ OM2505CKI points of 10094 












PHea 

New 

Dae 

Jan 

Mar 

NOV 

Dec 

Jan 

Mar 

80S) 

084 

1.17 

1.04 

152 

0.77 

1.10 

1.68 

154 

9000 

060 

051 

0.83 

1.10 

153 

154 

156 

222 

0060 

040 


065 

051 

153 

152 

227 

253 


ESL w(. Mri. Crib 9008 put* 11143. Prato* tta/a open InU Cate 1B8401 Puts 1B8B14 



Open Stttprioe 

Change 

Hgh 

Low 

EeL vd 

Open InL 

Sep 

99-25 100-14 

+0-20 

100-16 

99-24 

677 

16368 

Dec 

96-31 09-25 

+0-24 

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201 

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US 

■ US TREASURY BOND FUTURES (Cgfl *100000 Same Of TOOK 



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98-20 

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10.600 


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QJFrg yioprn looms at iqq% 

Open Cfcm Change high Low Eat vbl Open InL 
Dec 10&6S 103.65 108.43 1634 O 

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23 





FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 it 

Z COMPANY NEWS: UK AND IRELAND 


Rights issue announced to raise I£155m to help fund acquisition of Cellulose du Pin 

US flotation boosts Jefferson Smurfit 



AM)Ma ood 

Dermot Smurfit: looking to claw back losses in past four years 


Cattle’s £28m call to buy 
consumer credit provider 


By Deborah Hargreaves 

Jefferson Smurfit Group, the 
Dublin-based paper anH pack- 
aging company, reported a 
surge in interim pre-tax prof- 
its, from I£50.7m to I£25L6m 
(£248.6m). thanks to the flota- 
tion of Jefferson Smurfit Cor- 
poration in the US, in which it 
has retained a 46.5 per cent 
stake. 

The company also 
announced an underwritten 
l-for-10 rights issue to raise a 
net I£155m towards its !£684m 
acquisition of Cellulose du Pin. 
the paper and packaging 
operations of France's Compag- 
nie SaintrGobain, the purchase 
of which propelled it to the top 
of the European corrugated 
paper industry six weeks ago. 

The rights price of IE&30 rep- 
resents a discount to the mar- 
ket especially alter yesterday's 
rally, which took shares in 
London up 2lp to 421p. 

The group expressed opti- 
mism about growth prospects 
in its core markets. "We've got 


a very bullish outlook for the 
second halt it is time fbr this 
industry to start clawing tack 
some of thft losses it in 
the past four years." said Mr 
Dermot Smurfit, joint chair- 
man. 

The results were buoyed by 
net exceptional credits of 
l£206.9m, representing the 
write-back of a provision made 
against its investment in Jeff- 
erson Smurfit Corporation, 
which had been through a refi- 
nancing. and taking into 
account other gains and costs 
relating to the flotation. 

The underlying trading 
profit before interest and tax, 
including associate companies, 
rose only modestly to I£4l.8m 
(I£39m). But the company indi- 
cated it expected to see strong 
cashflow coming through from 
its operations as price 
increases were absorbed by the 
marketplace. 

“The recovery of raw materi- 
als costs been slower than 
we’d like, but it is starting to 
happen in most of our major 


markets," said Mr Smurfit. 
“We're not talking about price 
increases, bat price recovery; 
bringing prices back to where 
they used to be four to five 
years ago.” 

Earnings per share rose from 
7.4p to 5L6p, with the excep- 


tional item accounting for 
44. 6p. The company declared 
an interim dividend ot l.4p 
(12p). a 17 per cent increase. 

The group is looking to bene- 
fit from the industry's cyclical 
upturn over the next few 
years. 


“This year is not where it's 
at for the company. The full 
impact of strong product price 
action and the real benefits of 
the US restructuring will only 
flow through over the next 
couple of years,” said Mr Mich- 
ael Moroney, analyst at Good- 
body's stockbrokers In Dublin. 

• COMMENT 

Smurfit will take advantage of 
the paper industry's bo unce 
back from recession over the 
next couple of years. Fall-year 
profits are forecast at I£100m- 
IfllQm, or 16.5p a share, giving 
a heady prospective p/e of 
nearly 26. This drops sharply 
to about 12 on next year’s earn- 
ings forecasts, which go as 
high as 35p a share, buoyed by 
the price rises. The acquisition 
could have been funded from 
debt, but the rights issue looks 
a prudent move as it will give 
the acquisitive group some 
flexibility to look for takeover 
targets in Germany, where it 
sees a gap in its European port- 
folio. 


By Christopher Price 

Cattle's (Holdings) is to expand 
its consumer credit operations 
with the acquisition of Wel- 
come Group from London and 
Manchester, the financial ser- 
vices company, for a consider- 
ation of up to £2T7.4m 

The deal is to be financed by 
a 2-for-9 rights issue at lisp a 
share, which will raise about 
£27 5m. 

Cattle’s shares closed down 
7p at I35p yesterday. 

Welcome provides monthly 
credit facilities, mostly unse- 
cured personal loans and hire 
purchase agreements. 

It has a 39-strong branch net- 
work, concentrated in the Mid- 
lands and north of England, 
and a customer base or about 
33,000. 

Cattle’s main source of reve- 
nue, Shopacheck, makes 
smaller unsecured loans and 
product sales, with repayments 
made weekly to an army of 
door-to-door sales staff. 


There are also marked differ- 
ences in the rate of interest 
charged by the two companies, 
with Welcome's rate anywhere 
between 20 and 50 per cent and 
Cattle’s more than 50 per cent, 
although the company pointed 
out that its rates usually 
included administration and 
other fees. 

Mr Edward Cran, Cattle’s 
chief executive, said that Wel- 
come would benefit from the 
44,000 customers who used 
Cattle's own monthly credit 
facility, Shopaplan, which is 
run out of small retail out- 
lets. 

He added that the co-opera- 
tion between the group and 
London and Manchester, in 
which they have used each 
other's customers as leads for 
new business, would be devel- 
oped. 

Cattle’s is paying an initial 
£21.4m for Welcome. 

A further £2.5m is to be paid 
after three years, with ;m addi- 
tional £3.5m depending on the 


level of investment return gen- 
erated by Welcome by the end 

of 1996. 

Welcome, which started trad- 
ing five years ago. turned pre- 
tax losses of £U3m in 1991 into 
profits of £1.57m Inst year. 
Turnover nearly tripled in 
that time from £15.7m to 
£45 53m. 

Mr Cran said the deal would 
be earnings neutral in 1995. 
Analysts, who have pencilled 
in pre-tax profits of about 
£265m for Cattle's in 1995, said 
that it would require some £4m 
of profits from the new divi- 
sion and a further £Im from 
Cattle's other recent purch- 
ase, Rcedham. an Invoice fac- 
toring company, for that to 
happen. 

Mr Cran, who said that cur- 
rent trading in both the Shopa- 
c/iecfc business and the two 
new acquisitions was at record 
levels, asserted: 'There should 
be no problem whatsoever in 
achieving thuse kind of 
returns." 


■ i 

' * "U 




»--.r 





Cash calls send right signals 

Simon Davies reports on the announcement of further rights issues 


T he announcement of a 
further three rights 
issues yesterday, follow- 
ing Monday’s £235m rash rail 
from Reddtt & Colman, indi- 
cates renewed corporate confi- 
dence in the demand for 
new shares, after the summer 

lull 

However, the number of 
such offers is likely to be 
linked increasingly to mergers 
and acquisitions activity, as 
balance sheets are replenished 
by record net cash inflows, due 
to the improving economic 
back-drop. 

This week’s issues have an 
been linked to corporate pur- 
chases. while last year’s record 
£LL4hn of rights money was 
more frequently applied to 
patching up balance sheets. 

In part, the change in moti- 
vation reflects a waning of 
institutional demand, in the 
face of both an over-supply of 
flotations and the more volatile 
stock market conditions. 

Mr Richard Kersley, UK 


equity strategist at Barclays de 
Zoete Wedd Securities, said: 
“There is not the same wall of 
money that there was this time 
last year, particularly from the 
overseas institutions.” 

What money there is, has 
been drawn towards flotations. 
The Stock Exchange estimates 
that £5 51 bn was raised from 
rights issues in the first eight 
months of the year, while the 
corresponding figure for flota- 
tions was close to £9bn. 

However, James Capel 
expects rights issue activity to 
pick up in the last quarter, 
with a full-year forecast of 
£10bn. 

This would represent almost 
15 per cent of the stock mar- 
ket's capitalisation at the start 
of the year, which is close to 
the average figure since the 
late 1970s. 

The attraction of raising 
funds through share issues 
might be expected to increase 
with the turning of the UK 
interest rate cycle, which has 


raised the cost of long-term 
bank money. 

Analysts point out, however, 
that interest rates remain at an 
historically low level. In addi- 
tion, there is a limited need for 
cash. 

Statistics released last week, 
show that UK industrial and 
commercial companies gener- 
ated a capital account surplus 
of £4.7bn in the first quarter of 
1994, and £4.78bn in the second 
quarter. 

The figures demonstrate the 
highest level of corporate 
liquidity since the late 1970s, a 
consequence of low interest 
costs and capital expenditure, 
and the fact that earning s are 
increasing at a faster pace than 
dividends. 

By comparison, the first half 
of 1993 saw a £1.75bn capital 
outflow, although there was 
a £9l7m surplus for the 
full year. 

As a result, there has been a 
sharp decline in the number of 
so-called “rescue rights 


issues,” with the only substan- 
tial example being Eurot u nnel. 

Other large issues, from com- 
panies including Allied Lyons, 
Commercial Union, Reckitt, 
Williams Holdings and GKN, 
and to a lesser extent Lasmo, 
have been motivated by acqui- 
sitions. 

Analysts predict that the 
improvement in corporate pagh 
flow will result in a substantial 
revival in takeover activity, 
since companies have 
recharged their balance sheets. 

This would increase the flow 
of rights Issues, since the 
scars of the late 1980s can be 
seen in companies' preference 
for using capital markets 
rather than banks to fund 
expansion. 

M&A activity peaked at 
£275bn in 1969, bat had fallen 
to £7.06bn last year. 

However, Hoare Govett is 
forecasting a recovery to about 
£11 bn this year. This should 
be matched by increases in the 
number of rights offerings. 


Signet trims losses to £25.8m 
but warns on weaker sales trend 


By David Blackwell 

Signet, the Jewellery group 
formerly known as Ratners, 
cut its interim losses slightly 
but warned yesterday of a 
weaker sales trend continuing 
in the US and softer September 
sales in the UK. 

City analysts cut their fore- 
casts for full-year profits from 
£20m to £10m, and the shares 
dosed 3'/,p down at 28'/ip. 

The pre-tax loss for the six 
months to the end of July 
eased from £2&9m to £25 5m. 

Included in the latest figures 
are trading losses of £4.65m at 
the Salisburys luggage and 
handbag chain, which was sold 
last month, and a related pro- 
vision Qf£L6m. 

The group expects no further 
costs to arise from the dis- 
posal. 

The operating loss on con- 
tinuing activities fell from 
£7.32m to £3.06m. Sales were 
fid: at £375 5m, compared with 


£3755m previously. Interest 
payments rose from £l5J3m to 
£l6.6m. 

Mr James McAdam, chair- 
man, said it was too early to 
say whether the softening US 
sales trend would make it 
more difficult for the group to 
trade its way out of debt as the 
Christmas trading season 
would determine the final 
result 

The group’s attitude to a pos- 
sible financial reconstruction 
r emaine d the same as at the 
annual general meeting in 
July. 

“All our effort has been 
directed at trading,” Mr Mc- 
Adam said. 

“If you do not have a cake in 
the first place there is no point 
hi splitting it up." 

However, Mr Julian Treger, 
an adviser to the UK Active 
Value Fund - a large holder of 
US dollar convertible prefer- 
ence shares - said yesterday 
that the capital structure was 


Signet Group 

Share price (pence) 



arguably holding the company 
back. He added that the issue 
needed to be addressed in the 
interests of all shareholders. 
“The risk is, if they wait long 
enough there will not be a 
cake,” he said. 

Preference dividends have 
not been paid since early 1992, 
and arrears now stand at £78m. 


Net debt eased from £401.6m to 
£394 .5m. although the group 
attributed most of the improve- 
ment to exchange rate move- 
ments. 

The group now operates 616 
stores in the UK, mainly trad- 
ing as H Samuel and Ernest 
Jones, and 909 in the US, 
where jewellery sales rose by 5 
per cent to £240-8m. 

The closure of Ratners cut 
102 stores from the UK total, 
the main reason behind UK 
jewellery sales falling 7 per 
cent to £134 ,8m. UK ltke-for- 
like sales were 3 per cent 
higher. 

Mr McAdam said the group’s 
reorganisation of the UK side 
of toe business was virtually 
complete. Signet is now com- 
pleting the refurbishment or 
nine H Samuel and five Ernest 
Jones branches, and plans to 
reftirbtsh up to 150 stores next 
year. 

The basic loss per share was 
10£p (105p). 


TI pays up to £19.4m 
for German acquisition 


By Andrew Bolger 

TI Group, the specialist 
engineering company, has 
agreed to pay up to DM47.4m 
(£19.4m) for Technoflow, which 
makes flexible fuel carrying 
systems for European car man- 
ufacturers at plants in Ger- 
many and Spain. 

Technoflow Is being sold by 
Technofonn, a private German 
engineering group based in 
Kassel, to Bundy, the sector of 
TT which specialises in fluid 


carrying systems. 

Last year Technoflow made a 
pre-tax profit of £2m on sales of 
£17m. It had net assets of £6m 
at the year-end. 

IT is paying £5m for an ini- 
tial 25 per cent stake and will 
acquire the remaining share 
capital in two equal parts in 
1995 and 1996. 

Mr Karl Caprano, the chief 
executive of Technoflow, 
and the management have 
agreed to stay with the com- 
pany. 


DIVIDENDS ANNOUNCED 




Current 

payment 

Data ot 
payment 

Cones - 
ponding 
dMdend 

Total 

for 

year 

Total 

last 

year 


fin 

5.4f 

Nov 25 

5 2 

7.5 

72 

Boozer Homes — 

fin 

1.8 4 

Nov 18 

- 

1.8 


Bright-rtona Prop Int 

1 

Nov 3 

- 

- 


DCS Gfmr) 

fin 

05 

Dec 5 

nfl 

nU 

nil 

Dev Securities — 

Int 

0.1 t 

Nov 24 

nil 

nfl 

nil 

Eftth 

Int 

0.75 

Nov 24 

035 

- 

1 

Frogmore Este — 

—fln 

102 

Now 18 

12.4 

17 

16 

Global § 

Int 

0J2 

Nov 30 

02 

- 

05 

Greenacra § 

— int 

0.16 

Nov 25 

015 

- 

0.33 

Hand" HTand 

Ink 

1.4 V 

Nov 10 

1.4 

- 

5.6 

MR Data MVnent fin 

3.46 

Nov 17 

3.46 

5.536 

5.19 

Quafity Software int 

1 

Jan 16 

- 

- 

1-25 

Quayte Munro 

— fln 

6 

Nov 4 

3 

9 

6* 

Regent Inns 

— fin 

3.65 

Nov 18 

- 2-25 

5.4 

225 

Smwflt (J) 

— Int 

1.4* 

Jan 3 

1.2308 

- 

3.74 

Thorpe (FWJ 

— fin 

2J2 

Nov 18 

1.87 

02 

2.07 

UrtChem 

— int 

2-5 

Dec 30 

2 2. 

“ 

“ 


Dividends shown panes par share net except where otherwise stated. |On 
Increased capital §USM stock. 4 For nine-month period. (Gross, 4 Irish 
currency. *For 10 months. VSecond Interim making 2.8p to data. 


NEWS IN BRIEF 


has acquired 


£99,000 repayment of an inter- 
company loan. 


BLAGG: Rights issue received 
acceptances in respect of 
12.21m new ordinary shares 
(78JJ9 per cent). 

CHEMRING has received 
acceptances to its offer for 
Kembrey in respect of 26^9m 
shares (97.02 per cent). The 
offer has now closed. 

ELIZA TINSLEY Group is pay- 
ing £175,000 for JH Carter 
(Chains), a maker of chain and 
plastic sleeving into the indus- 
trial and DIY mar kets. 
EMERGING MARKETS Coun- 
try Investment Trust has 
raised £10 .5m, before expenses, 
in a placing of C shares, spon- 
sored by O Ulff & Partners. 
Applications for 17.42m C 


This announcement appears as a matter of record only. 

“ Mirror Group” 

£245,000,000 

Revolving Credit Facility 


Arranged by 

Samuel Montagu & Co. Limited 


bunds Provided by 


Midland Bank pic 
Credit Lyonnais 
SoduSte Generate 
The Toronto-Dominion Bank 
Banked Montreal 
Hambras Bank Limited 


Lloyds Bank Pic 
Nat West Markets 
Bankers Trust Company 
ABN AMRO Bank N.V. 
The Bank of Nova Scotia 
The Royal Bank of Scotland pic 


Agent 

Lloyds Bank Pic 



September /SW4 


Samuel Montagu 

Afmfe-rHSBCO Grury 


CONTRACTS & TENDERS 


On the Name of ABah, The Benef i cent, The UarcMul) 

Ministry of Interior 

General Authority fbr Policy Supplies 
Contracts and Purchases Department 
3, Kasr El-Nil Street, Cairo 


SALE OF TWO VESSELS, ANCHORING AT THE PORT 
OF SUEZ UNDER INTERNATIONAL PUBLIC AUCTION 

The General Authority fbr Police Supplies, Ministry of interior, announces an 
international public auction for the sale of the two Vessels: "Reef Star" and 
“Sky", at their present condition where they lie anchoring at Suez Port. 


PartfcMlais 

Type of Vessel 

Flag 

Length 
Breadth 
Gross Tonnage 
Net Tonnage 


Register. 
Commercial, Cargo 
St Vincent 
68 metres 
10 metres 
1800 tons 
490 tons 


Skv 

Commercial, Cargo 
Honduras 
50 metres 
8.08 metres 
1600 tons 
480 tons 


A provisional security deposit of US$10,000 shall be paid fbr participation in the* 
auction. 

Conditions and Specifications Documents are available at the premises at the 
Authority at the above address, against the payment of 250 US Dollars. 

The Auction Sitting shall be held at the premises of the Authority ( 3, Kasr El-Nil 
Street, Cairo) at 12.00 hr (noon), on Tuesday 15th November, 1994. 


APPOINTMENTS ADVERTISING 

Appears in the UK edition every Wednesday & Thursday and in the 
{international edition every Friday. For information onadvertising in this section 

please call: 

Philip Wrigley on +44 71 873 3351 


shares. Issued at 60p each, 
were received. 

PLANTATION & GENERAL 
Investments has sold the busi- 
ness of Presswork & Stamp- 
ings. its sub-contract pres- 
swork company, for a cash con- 
sideration slightly in excess of 
net asset value. 

RANGER OIL now has control 
of 21.26m ordinary shares (96.6 
per cent) in Union Jack Oil and 
the offer has been declared 
unconditional. It will compul- 
sorily acquire toe balance of 


Union Jack shares. 

RELYON GROUP has sold its 
foam manufacturing plant 
within its Pritex subsidiary to 
Vitafoam for £600,000 in cash. 
SOUTH WALES Electricity has 
bought 250,000 of its own 
shares at 810p. 

WATSON & PHILIP is spend- 
ing about £3m in rebranding 
the 335 stores in its conve- 
nience store network under the 
“Alldays" name. Its WAP 
Retail subsidiary will be 
renamed Alldays Stores. 


tfecrfii fttttttai TimftS plan^ fo piiWSafi a Survey on 

V New Broadcast and 
Communication Media 

' on Ttiosday, October A : . 

PubU&had In ail editions of the Financial Times worldwide, 
editorial In the survey will analyse developmen t s in the Cable 
and Satellite broadcasting Industry. To receive further 
Infor mati on, please contact; 

Aficia Andrews Tel: +44 (O) 71 873 3565 Fax: +44 (0) 873 3062 

FT Surveys 



The survey wll provide no in- 
depth report on developments 
and opportunities In IMS sector 
and will be of bit Brest to tire 
28,000 bustassa people Involved 
in decision making about fuel 
Hid energy who are readers of 
the Ftamdal Times. * 

if you would like further 
Information about advertising 
opportunities lo tbls survey 
please can: 

BILL CASTLE on 
Tel: +44 71 873 3760 
Ra: +44 71 873 3062 

or write to him at Financial 
Times. One Southwark Bridge. 

London SE19HL 

- ftwat UK WM 

FT Surveys 


LEGAL NOTICES 

SOUTHAMPTON (EASTLEIGH) 
AIRPORT DflVfLOPmENTS UMITCD 
HNDHCLP UMITEO 
RAKTRAN UMITCD 
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al a* <tr i fingH cowpaTn *0 b» Md d a* *o 

offlofaonBwfc* J*ffcor. Itt Or, Aui Umbo tCN JNU. 
«■ 1 1* twriOrebcr 1994 a ioJOl IB 40 mi 1 05 a 

attack Id fee momki| mfircihri). kt cfe papvic al k*»«( 

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alto hufctrcr Ml 1964 ad 
K jhwrM bwnia^jBtMjjhiii jaypnxY ernnUm 

NHCOOrUtadMWDOOCK 
6hn< Mawaw Kaomn 


COMPANY 

NOTICES 


GEKEHAL MOTORS 
C0RP0BATNM 

Further lo Ohs DMOCND DECLARATION olStSScnC 
1994. Notice Is now given llial lag Id toeing 
dhWMMi eatBamflpipaiBuraWrjah Sep 
199* amhet iidouIui to the DnusKny & hdrel 
of Cbira Forres felleg Benw Denooury SccW S. 


Gum Detn Mon Per Util 
las is* 

usmrrettiglo 
Crewfcds 1.5725 


,\m cans 

d 150D' < OMI5 

map cans 

OMBPWCffijrllnr 


BacfanBaiPLC 

K3SS DepraSarr 5a»K», 8 Apsf Court 
London EC2AWP 


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CIMANC-IAI. T, IVIES THURSDAY SEPTEMBER » «« 



COMPANY NEWS: UK 


New York Life and St James’s Place Capital create £100m venture 

Weinberg to head ‘vulture’ fund 



Sir Mark Weinberg: altering the dosed fond badness 


MkyAMM 


By Attson Smith 

Sir Mark Weinberg, one of the 
leading figures in the UK life 
industry, is to chair a new 
company with £l00m capital to 
acquire life companies, close 
them to new business and 
mana gp their existing funds. 

The company is to be a joint 
venture with New York Life 
Worldwide, a subsidiary of the 
fourth largest life insurance 
company in the United States. 
It owns Windsor Life, which is 
already in this area of business 
Ln a smaller way, having 
acquired six life companies in 
the past ten years. 

When the plan was origi- 
nally announced in November 
it was Intended to link up with 
a bank or building society as a 
way into “bancassurance” - 
the selling of financial prod- 
ucts to bank or society custom- 
ers through branch networks. 
This is now to be pursued sepa- 
rately. 

The main shareholders in 
the new company are St 
James’s Place Capital, the 
investment company run by 


Sir Mark and Lord Rothschild, 
and New York Life, which is to 
transfer the closed fund busi- 
ness of Windsor Life. 

Each will have a 30 per cent 
stake, while Scottish Amicable 
will subscribe SlOm, with other 
institutions expected to con- 
tribute the remaining £30m. 


Mr John Wybrew, the chair- 
man of Windsor life will be 
chief executive of the new com- 
pany. He expected the first 
acquisition within the next six 
months or so. 

He thought small and medi- 
um-sized mutually-owned 
Insurers would be most vulner- 


able. since they would suffer 
from their lack of access to 
capital. The position of UR 
subsidiaries of foreign compa- 
nies which have foiled to 
achieve critical mass was also 
highlighted. 

The plan is a version of what 
is known in the life insurance 
sector as “vulture life” because 
it depends on picking up bfe 
companies which cannot sur- 
vive on their own, and living 
off the business they have 
already acquired. Combining 
the investments managed by 
separate companies should 
bring cost savings. 

Rising costs of meeting regu- 
latory standards in selling 
financial products against a 
background of intensifying 
competition have led many life 
insurers to believe that the 
number of life companies open 
to new business will sharply 
fan over the next few years. 

Earlier this week, an analy- 
sis by Bacon & Woodrow, the 
actuaries, suggested that 
within a decade 40 per cent of 
life Insurers would be strug- 
gling to remain open. 


Williams pleases with 
acquisitions 9 progress 


Erith doubled 
to £1.23m 
midway 

Erith, the southern building 
materials group, yesterday 
reported pre-tax pro fi t s more 
than doubled from £523,000 to 
£1.23m for the first six months 
of the year. 

Mr Bryan Castledine, Chair- 
man and chief executive, said 
the recovery in the new hous- 
ing market had helped profits 
growth. However, activity In 
the home improvements mar- 
ket remained flat There was 
also a first contribution from 
eight branches acquired last 
year. 

They contributed £l.3m to 
total turnover, which 
advanced 17 per cent to 
£40.6m (£33-5m). Earnings per 
share improved to 1.88p 
(0.75p) and the interim divi- 
dend was increased from (UJ6p 
to 0.75p. 


By Peggy HolHnger 

W illiams Holdings yesterday 
announced its fifth acquisition 
in a year and aim told institu- 
tional investors that five 
recent purchases had improved 
their profits contribution by an 
estimated £13m since joining 
the group's stable. 

Silvani, an Italian fire protec- 
tion group, is being acquired 
for £16.5m. Mr Roger Carr, 
chief executive of Williams, 
said Silvani was “an essential 
part of the jigsaw” in building 
the group’s fire protection 
operation into a global busi- 
ness. It would add new prod- 
ucts and markets, and provide 
a solid base for further acquisi- 
tions in the sector. 

His comments came at an 
institutional briefing, during 
which Williams sought to set 


Itself apart from the ranks of 
other diversified industrial 
groups. 

Mr Nigel Rudd, chairman, 
said Wnhams had evolved into 
a focused industrial manufac- 
turing group, serving three sec- 
tors - fire protection, security 
and building products. 

The shares added 7p to 344p. 

Mr Carr gave a progress 
report on five recent acquisi- 
tions in each of the divisions, 
which together had cost £200m 
and had returned profits of 
£19m. After reorganisation, at 
a total cost of £16m, the busi- 
nesses were generating an esti- 
mated cram. “And there are 
further benefits to come in 
1996," said Mr Carr. 

The charges for Solvay 
Woodcare, purchased for £84m 
In July, would be slightly 
higher than expected at £8m. 


Development 
Secs returns 
to dividend list 

Development Securities, the 
property group, reported a pre- 
tax profit of £lm profit for the 
six months to June 30 follow- 
ing its return to profit in the 
second half of the previous 
year. Last year’s interim loss 
was £2. 6m. 

It is returning to the divi- 
dend list after four years with 
an interim payment of O.lp 
from earnings per share of O.-Jp 
C7.8p losses). 

Turnover fell 37 per cent to 
£9.7m. However, last year’s 
£15 .5m included £ 12.1m from 
discontinued operations. Oper- 
ating profits were £3.lm 
(£500,000 losses). 

Net assets at the end of the 
period were £82.2m, or 28.3p 
per share, compared with 
£8.1m, or 23.1p per share, a 
year earlier. 


Acquisitions 
help lift 
Adwest21% 

By Peter Pearsa 

Acquisitions and a sharp rise 
in profits from its automotive 
side enabled Adwest, which 
also has power systems and 
p ro pert y divisions, to report a 
21 per cent pretax advance for 
the year to June SO. 

Group profits rose to £11.4m 
(£$.42m) on turnover up by 
£10. 6m to £147.9xn. However, 
without the input from the 
five companies acquired In the 
year - which co ntri b u ted prof- 
its of £l.44m on turnover of 
£10.6m - group operating prof- 
its would have fallen to 
£9.73m (£lQJSm). 

Operating profits on the 
automotive side grew 45 per 
cent to £5. 04m on turnover up 
10 per cent to £9L4m, white 
power system s fell 19 per cent 
to £3.14m on turnover np 5 per 
cent at 253£m. Property prof- 
its slipped 6 per cent to £3m. 

On why automotive had 
swung from profits 11 per cent 
lower in the first half to 45 per 
cent ahead in the second, Mr 
Graham Menzies, chief execu- 
tive, explained that France in 
the first six months had been 
“grotty”: by the end of the 
year it became “super”. Some 
£42m of turnover is in France. 
The automotive acquisitions 
chipped in £580,000 and in the 
first half the group had paid 
£350,000 due diligence costs 
for companies it did not buy. 

On the positive side, the suc- 
cess of the Land Rover Discov- 
ery helped lift sales and 
improve margins and the ther- 
mostats business performed 
welL The Rousseau jacks busi- 
ness had doubled turnover to 
£10m since acquisition. 

Slippage in defence demand 
lay behind the power systems 
fall At the 2229m ri ghts fami* 
in September 1993, defence 
accounted for more than 50 
per cent of power systems 
turnover. The acquisitions had 
cut that to under 30 per cent 

The p t qper ly ride would be 
retained, though not devel- 
oped - it helped pay tile divi- 
dends, Mr Menzies said. A 
final of 5.4p (59p) lifts the 
total to 7.5p (7J2p), payable 
from earnings of 10.4p (10.5p). 


Frogmore shares up 25p 
as net assets rise 26% 


By Simon London. Property 
Correspondent 

Frogmore Estates yesterday 
surprised the stock market 
with a 26 per cent rise in net 
assets for the year to June 30. 
Shares rase 25p to 444p in 
response to figures which also 
showed a 54 per cent rise in 
pre-tax profits to £ 16.4m. 

The company spent £4Qm on 
acquisitions during the year, 
bringing total expenditure to 
March 1992. Much 
of this was cm retail properties, 
which now account for 25 per 
cent of its property assets. 

Mr Phillip Davies, managing 
directo r, said the company’s 
retail properties had shown 
especially good capital growth 
over the year. "We have been 
very deliberate in our acquisi- 
tions, always looking for an 
an gle rather than just picking 
up income-producing assets,” 
he qairi 

Frogmore also has a £H5m 
portfolio of trading properties, 
which are held for short-term 
gain and carried in the balance 


at the lower of cost or 
market value. 

Investment in housebuilding 
joint ventures increased by 
£10m to £38m during the year 
and residential trading prop- 
erty assets now amount to 
£4lm. Mr Davies said the resi- 
dential assets would be sold 
this year following refurbish- 
ment, although this should 
contribute to trading profits- 
Frogmore also plans to sell 
around 600 new homes this 
year, against 689. 

Net rental income rose from 
£169m to £20.im during the 
year, reflecting rents from 
acquired properties and addi- 
tional lettings. Around &P-2m 
annual i piyima baa been lost 
following early surrender of 
the lease on 180.000 sq ft of 
office space in High HoJborn 
for £7m cash. The rite is being 
considered for redevelopment. 

Housebuilding contributed a 
gross profit £4.6m against 
£3.lm last year. After a loss on 
sales of trading properties of 
£929.000 (£193,000 profit) and 
administrative expenses of 


£3.5m <£3m), operating profit 
for the year increased from 
E 15.6m to £20.4m. 

Net interest charges were 
higher at £5.6m (£5.lm) and 
taxation lower at £L7m (£2,4m) 
following the release of £3m 
provisions. Earnings per share 
were 29-8p <2l.lp). The final 
dividend is 13 -2p <l2.4p), mak- 
ing a total of I7p for the year, 

• COMMENT 

Yesterday's pleasing increase 
in net assets will consolidate 
Frogmore's reputation as one 
of the canniest companies In 
the sector. A June year-end 
meant that yesterday's figures 
included the best of the rise in 
commercial property values, 
but the company has outper- 
formed the wider market The 
acquisitions made over the last 
two years look well-timed. 
Even If the property market 
has gone off the boil. Frog- 
more's large portfolio of trad- 
ing properties and interests in 
housebuilding add spice to the 
oawrtng s mix. Yesterday's rise 
in the shares is fully justified. 


Quality Software makes 
strong advance to £604,000 


By Alan Cane 

Quality Software Products* 
shares rose 10p to 391p yester- 
day, as the Gateshead-based 
accounting software developer 
more than quadrupled pre-tax 
profits from £143,000 to £604,000 
in the first half of 1994. 

The results will be welcomed 
by Investors concerned about 
tile health of the computing 
services sector in the wake of a 
series of disappointing results 
from other companies, espe- 
cially in financial software. 

It also suggests that QSP is 
on track with Universal OLAS, 
a large-scale accounting pack- 
age which has cost the com- 
pany about £16m to develop 
over tile past six years. 

It has now sold the package 
to 19 clients at an average 


price of £200.000. 

Turnover rose 10 per cent to 
£797m (£6.6lm). Earnings per 
share increased from 2.1p to 
7.2p and an interim dividend of 
lp is declared. Gearing has 
been reduced to 21 per cent 
from 32 per cent 

The company has continued 
to invest heavily in Universal 
OLAS with £29m committed 
last year. The product, a modu- 
lar system which runs on a 
broad range of computing 
hardware and software, is now 
virtually complete and new 
developments have been initi- 
ated to create support for exec- 
utive decision making and 
group working. 

Mr Alan Mbrdain. chal pnaq, 
said that good progress had 
hw»n made is Increasing sales 
of products and services. 


expanding geographically and 
obtaining reference rites. 

QSP’s US partner, Global 
Software, has made its first 
sale of Universal OLAS to Avis 
in New York. It is expected 
that further partners will be 
announced within 12 months. 


Dyson acquisition 

As part of its diversification 
into ceramics and refractories. 
J&J Dyson has acquired Nor- 
ton of Stoke-on-Trent's Gimson 
secondary kiln furniture and 
chimney liner business. 

The business, which is expec- 
ted to make annual profits of 
about £250,000, has been 
bought through its subsidiary, 
Dyson Industries, at a cost of 
aan. 


CONTRACTS & TENDERS 


ENEtk 

ADVICE OF TENDER BY ABSTRACTS 

ENEA - The Italian National Agency for New Technology, Energy and the Environ- 
ment - with its head office in Viale Regina Margherita, 125 - 00198 Rome - telephone 
+39/6/85281 - cable ENEA-ROME, telex number 610183 - telefax number 
85282777, calls a tender by public auction to provide the service of subscription to 
foreign periodical publications for the years 1995-1996-1997, excluding the services of 
receipt and control. ENEA has the authority of cancellation. 

Award: art 16 paragraph 1 letter a) decree law number 358/92. 

Estimated amount: 2.2 billion lira a year. The bid has to be drawn up compulsorily in 
the Italian language and sent exclusively in a registered envelope to ENEA - Unite 
Coordinamento Procedure di Gara - Viale Regina Margherita, 125 -00198 Rome 
within 12.00 pm (under pain of exclusion) on the 14th November 1994. 

Bids will be opened starting from the 16th November 1994 at 9.30 am at the ENEA 
Head Office. 

Deposit: it amounts to 66,000,000 lira as envisaged by the law 10.6. 1982 number 348. 
In case of a stand-by or insurance letter of credit, it won’t be possible to benefit from the 
preliminary examination. The deposit will be returned after the award of the tender. 

The list of the documentation needed, the necessary requisites and the formalities 
which have to be observed (under pain of exclusion), are indicated in the unabridged 
edition of the call for bids appeared in the Gazette of the Italian Republic, section II 
dated 29.9.1994 N. 228. 

The call for bids was sent to the Office EC-Official Publications on the 23rd 
September 1994 which received it on same date. 

Specific technical news, ENEA general specification contract and procedures to enter 
the bid can be requested from ENEA - Unite Coordinamento Procedure di Gara - 
Viale Regina Margherita, 125 - 00198 Rome, from Monday to Friday (9.00 am - 4.00 
pm) and not later than 4.00 pm on the 26th October 1994. 



TAIWAN SUPPLY BUREAU TENDER ANNOUNCEMENT] 

Buyer: TAIWAN RAILWAY ADMINISTRATION (TRA) 

Purchasing Agent: TAIWAN SUPPLY BUREAU (TSB) 

3, Kai Feng Street, 1st Sec, Taipei, Taiwan R.O.C. 

Tel: (02) 3110814 Fax: (02) 3610995 

r 

INVITATION NO 


TENDER OPENING DATE 

DESCRIPTION OF SUPPLIES 

QTY/UNT/CAR 

TSB-9432-130(l) 

9:30am Nov 8 1994 

i. Diesel Multiple Unit (DMU) 

ii. Diesel Railcar (DRC) 

10 Units (30 Care) 

36 cats 

'For further details, please refer to the Tender Invitation. The Tender Invitation is waiting to 
be taken back (fee US$340) and welcome to participate. 


THE 

DAVID 

T HOMA S 

PRIZE 

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

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

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


The theme for the 1995 prize, worth not less than £3,000, is: 

DOES FREE TRADE THREATEN THE ENVIRONMENT? 

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

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


CLOSING DATE JANUARY 6 1995 


Applications to: 

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


Currency or Bond Fax - FREE 2 week trial 1 

1 

mu | i=r 

: Technical Analysis Software 

also daily gold and silver (axes Anno Whitby 1 

7 S-.V-Oo.v Lev.--:- -Vlfi 7(0 UK • ?<;* G7 i .10*4 

tju 'or o-.v :r iO yr.'r-. ... .-c,\ H 


»ili 

1JNDEXTA 


* 















S !»! 


FINANCIAL, TIMES THURSDAY SEPTEMBER 29 1994 


" ,r ‘ nub, 

Ct ' !li i6ii4,ti 


AS 


* y :* 

,1 


COMPANY NEWS: UK AND IRELAND 


Beazer sales rise helps lift shares 6% 


By Andrew Taylor, 

Construction Correspondent 

The share price of Beazer 
Homes rose by more than 
6 per cent to 13lp after 
Britain's fourth largest house- 
builder announced that rales 
had risen by a fifth since July 
1 and had not been dented by 
the recent rise in interest 
rates. 

The company also 
announced better than expec- 
ted pretax profits of £3&Sm for 
the nine months to June 30. 
This compared with £37 An for 
the 12 months to the end of 
September 1993. = 

.The City had been concerned 
that the rise of half a percent- 
age point in interest, rates 
might have upset the ho using 
market recovery following 
comments by Tarmac on Tues- 
day that net reservations had 


halved during the previous two 
weeks. 

Mr Dennis Webb, Beazer' s 
chief executive said: “We have 
seen no sign of a dip since 
interest rates Increased and 
volume sales are up by 20 per 
cent since June, compared 
with the corresponding 12 
weeks last year." 

The company is selling 
homes from 40 more rites than 
at the same stage last year fol- 
lowing its £31m purchase of 
John Mowlam’s housebuilding 
operations. 

Other large housebuilders 
yesterday agreed that sales 
had not fallen since interest 
rates rose on September 12, 
although some said that the 
traditional autumn surge had 
been more muted than expec- 
ted. 

Tarmac, the country’s sec- 
ond biggest housebuilder, had 


Bearer (fames 

Share price rotative to the 
FT-SE-A AU-Share Index 

105 « 


96 -1R 



. mm- - . 1994 Sep 

SouttwFTGiapNto 

said that its net reservations, 
after allowing for cancella- 
tions, had fallen to between 50 
and 70 a week, compared with 
between 100 and 150 before the 
interest rate rise. 

Mr Victor Benjamin. Bea- 


zer’g eh fl}i7n an , said yesterday: 
"While it is too early to evalu- 
ate the outcome of the recent 
interest rate increase, we 
believe that In the current 
market it is uncertainty over 
interest rates rather than the 
actual rates which unsettles 
consumer confidence. 

“A further modest rate rise 
should not impact on sales, so 
long as the national recovery Is 
maintained.” 

Beazer, which was floated 
earlier this year by Hanson, is 
paying a final net dividend of 
1.8p - which it says equates to 
5.4p for a full year. Kamings 
per share of 9-5p were equiva- 
lent to I2.7p for 12 months. 

The company sold 4,015 
hnn-ipg over the nine months, 
at an average of £62,000 after 
sales incentives, against 44305 
homes sold in the previous 12 
mnntTnj- Operating mar gins foil 


marginally to 13.3 per cent 
(13.6 per cent). 

• COMMENT 

The market had under-esti- 
mated the strength of Beazeris 
performance, hence yesterday’s 
bounce in the share price. Mar- 
gins in particular have held up 
better than the company fore- 
cast when it was floated. A 
strong balance sheet, with 
about £60m of raieh in hnnri 

after the Mowlem purchase, is 
a very healthy position. Pre-tax 
profits of £56m puts the group 
on a prospective p/e of just 
over 9, which still looks cheap. 
Longer term there must be 
some concern about what a 
volume housebuilder does 
when the market eventually 
turns down - hence Tarmac's 
decision to reduce the propor- 
tion of capital employed in UK 
housing. 


Falling whisky prices cut 
Burn Stewart to £4.2m 


By David Blackwell 

Falling whisky prices cut 
profits in half at Bum Stewart 
Distillers in the year to July 3. 
Pre-tax profits fell from £8. 12m 
to £4.19m on sales ahead from 
£38m to £40.6m. 

Mr Bill Thornton, chairman, 
described the year as "the most 
testing in the company’s short 
history" following intense com- 
petition in the value-fbr-money 
sector. 

"Price pressure is doing seri- 
ous damage to our profitabil- 
ity." 

Substantial changes bad 
been made in company strat- 
egy, with the focus on whisky 
bottled in Scotland. Cased 
sales in the UK and export 


markets were 43 per cent 
ahead by volume, and the com- 
pany no longer depended on 
bulk sales or a small group of 
customers. 

"If they had sold at our 1991 
bottled-in-Scotland prices prof- 
its would be at record levels,” 
said Mr Thornton. 

Of total sales by volume, 
only 18 per cent was accounted 
for by bulk exports - an area 
where the company feels reluc- 
tant to compete because of 
intense price competition. 

Bottled-in-Scotland sales 
accounted for the rest, with 48 
per cent going to own label 
customers and 34 per cent 
branded. While the overall 
reduction in average cased 
prices was 2 per cent, this con- 


cealed a cut of ll per cent in 
own label prices. 

Mr Thornton said there was 
a growing realisation that 
price discounting could not go 
on forever, and tie expected an 
improvement next year. 

Operating profits fell from 
£9. 66m to £5. 79m, reflecting 
increased costs of £34.8m 
(£2&3m) following investments 
in sales and marketing. 

The pre-tax figure included a 
gain of £298.000 from a dis- 
posal. Interest payable rose 
from £l.54m to £lBm. 

Earnings per share fell from 
9J53p to 5420p. 

The total dividend for the 
year is maintained at 5p, 
including an unchanged final 
of 3 .3p. . 


MR-Data Management at £6.35m as orders slide Examiner for Aer Lingus arm 


By Alan Cane 

Pre-tax profits at MR-Data 
Management Group fell 27 per 
cent for the year to June 30, 
from £8.76m to £6J5m, because 
of order slippage and higher 
than expected restructuring 
costs. 

The group had issued a 
warning in July which resulted 
in a 19 per cent fell in the 


share price; yesterday the 
shares rose 6p to I35p. 

Mr John Redmond, chair- 
man. said: "The affects of our 
reorganisation are complete 
and we are now in a stronger 
position to market our busi- 
ness services in the area of 
information management”. 

Turnover was flat at £40-52m 
(£40. 79m). Earnings per share 
were 8p (lOJJp) and a dividend 


NEWS DIGEST 


FW Thorpe 
rises 51% 
to £2.51m 

FW Thorpe's pre-tax profits for 
the year ended June 30 rose 
from £1.66m to £2.51m, an 
increase of 51 per cent Turn- 
over at tiu electronic and elec- 
trical equipment company was 
21 per cent ahead at £19 .5m 
against £16Jm. 

Earnings per share jumped 
to 13.7p (8.6p). The proposed 
final dividend is 22p (L87p) for 
a 32p (2.67p) total 

Kier grows to £6.8m 

Kier, the housing and con- 
struction group bought by its 
employees from Hanson In 
July 1992, announced pre-tax 
profits up from £5.6m to £6.8m 
for the year to June 30. 

Turnover of continuing 
operations slipped to £500 An 
(£5 12.2m). Earnings improved 
to I44p (I20p) per share. 

During the year Hanson's 
remaining 10 per cent of ordi- 
nary and preference shares 
was bought out for £8m. 

Quayle Munro rises 

Quayle Munro Holdings, the 
financial services group, 
reported pre-tax profits of 
£670,000 for the year to June 30 
against £540,000 for the previ- 
ous 10 months. 

Revenues more than doubled 
to ElBlm (£804.000). 

Earnings per share worked 
through at lL78p (3-7lp) and a 
proposed final dividend of 6p 
. Op) raises the total to 9P (6p)- 

Net asset value per share 
rose by 48 per cent over the 
year to 234p (158p). 

Baillie Giff Japan 

B aillie Gifford Japan Trust saw 
its net asset value fell by 3.3 
per cent from 792. 8p to 767.4p 
over the year to August 31. 

Net losses for the 12 months 
to the end of August were 
£388,886 (£168,892) for losses 
per share of 3.54p (l-54p). 

Reflex In the red 

Reflex Group, the Dublin-listed 
software and computing ser- 
vices company, reported 
interim pre-tax losses of 
l£122m (£12m) at June 30. The 
figure compares with profits of 
I£316,000 last year. 

The loss includes an excep- 
tional cost of K3134300 incurred 
with the group’s withdrawal of 
a number of unprofitable soft- 
ware products from the mar- 
ket A further IC220.000 in costs 
related to the closure of the 
Manchester sales and support 
operation. 

Losses per share were 6.1p 
(1.7p earnings). There is no div- 
idend. 

Global ahead 

Global Group, the USM-quoted 
meat trading and shipping ser- 
vices company, reported pre- 
tax profits ahead at £715,000 for 
the six months to June 30, 
against £678,000. Turnover was 
up from £40 .6m to £41m. 

Earnings per share were 
static at 0.38p (027p) and the 
interim dividend is unchanged 
at OJZp. 

Greenacre up 10% 

Greenacre Group, the nursing 
home operator, reported pre- 
tax profits for the six months 
to July 31 up 10 per cent from 
£7944)00 to £873,000. 

The figure was after 
Increased net interest payable 


of £165,000, against £45,000. 

Turnover for this 
USM-quoted company rose 36 
per cent to £4.52m, against 
£3.32m. At the end of the 
period the number of beds in 
operation and under develop- 
ment totalled 623 (575). 

Earnings per share were 
0.35p (0.32p) and the interim 
dividend is raised to 0.16p 
<0.15p). 

DCS jumps to £0.4m 

Shares of DCS increased by 13 
per cent to 68p alter the com- 
puter software supplier 
reported an 84 per cent 
advance in profits and a return 
to dividends. 

Turnover in the 12 months to 
June 30 rose to £628m (£5_55m) 
including £562,000 from two 
acquisitions in the final 
three months. 

Pre-tax profits jumped to 
E426J.44 (£231,406) and the com- 
pany returned to the dividend 
list after an absence of five 
years with a recommended 
payment of 0.5p. 

Earnings per share were 
■L32p (2.69p). 

Regent Inns 73% up 

Regent Ions, the pubs and res- 
taurants operator which came 
to the market in April 1993, 
announced a 73 per cent 
increase in pre-tax profits from 
£L34m to £2JHm in the year to 
July 2. 

Turnover advanced to £15Bm 
(£13m). 

Earnings per Bhare worked 
through at L3.1p (10.5p) and a 
proposed final dividend of 3£5p 
(2_25p) makes a total of 5.4p 
(225p). 

Brightstone Props 

Brightstone Properties, the 
commercial property invest- 
ment and management com- 
pany, yesterday announced its 
first results since it gained a 
listing on March 24. 

In the 14 weeks to June 30 
net prope r ty income came to 
£327,793. Net interest took 
£117,100, after which pre-tax 
profit amounted to £106264. 

An interim dividend of lp 
has been declared from earn- 
ings of l.OTp. 

Filtronfc prospectus 

The pathfinder prospectus has 
been published for FUtronic 
Comtek, a manufacturer of 
sophisticated micro-compo- 
nents for the mobile telecom- 
munications industry, which is 
coining to the market next 
month. 

The prospectus is expected to 
be published on October 18 
when the shares will be priced, 
with dealing commencing on 
October 24. The float, which is 
expected to carry a market cap- 
italisation of £60m, is being 
undertaken through a private 
placing that will atm to raise 
£25m, of which £14m will be 
new money. 

HCG Lloyd’s Trust 

HCG Lloyd’s Investment Trust, 
which was floated in December 
last year as a vehicle for lim- 
ited liability investment at 
Lloyd's, announced a net asset 
value of S9p per share as at the 
June 30 half-year end. 

Total net assets stood at 
£57.9m on June 30 against 
£66. im on December 31. 

At August 31, the date used 
by Lloyd’s for revaluation, the 
value of the portfolios had 
increased to £58-Sm, giving a 
net asset value per share of 

97p. 

Net revenue was £6584000. to 
give earnings per share of 
LOlp. 


of 5.53p will be paid, 6J> per 
cent ahead of the previous 
5.19p. Cash balances were 
£4JJm at *iia and of the year. 

MR-Data, which operates in 
the UK and US, provides a 
range of bureau services 
including large-scale laser 
printing, computer output on 
microfilm and document scan- 
ning an if transcription. 

It also markets software for 


tree-form text retrieval. 

Mr Mike Elliott, chief execu- 
tive, said restructuring charges 
had hit profits at the document 
image processing division, 
which made a £480,000 loss. 
Both the document filming and 
the map scanning businesses 
were now trading on an appro- 
priate cost base, he said. 

Three orders for the compa- 
ny’s Memex information 


retrieval software had been 
delayed. One, for the National 
Criminal Intelligence Service, 
had now been secured; the 
other two were expected to be 
concluded in the first half of 
the current year. 

The group is exploring 
moves into CD-ROM as an 
extension of its computer out- 
put on micro film (COM) busi- 
ness in the UK and US. 


By John McManus in Dublin 

Aer Lingus, the Irish Republic’s national 
airline, has put Team Aer Lingus, its aircraft 
maintenance subsidiary, into examiner-ship, the 
equivalent of administration under Irish law. 

The appointment of an examiner to the com- 
pany which employs 1.800 people, 1,200 of 
whom have been laid off already, follows the 
breakdown of negotiations between manage- 
ment and trade unions on restructuring. 

Team Aer Lingus provides line maintenance 
for the Aer Lin gas fleet but the bulk of its 


business comes from aircraft overhaul work for 
other airlines. The dispute is over the introduc- 
tion of new work practices. 

Team has accumulated losses of almost 
I£5&5m (£57^m) and a deficit in its balance 
sheet of l£l8.3m. The failure or the examiner- 
ship process would almost certainly result in 
its liquidation leading to the calling in of 
I£22£m of loans to Team guaranteed by Aer 
Lingus. Team also owes I£41.6m to its parent. 

The examiner has three weeks In which to 
report to the Irish high court on whether he 
believes a survival plan can be worked out 


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TOUWU1TMS numnllM— »» 


Russian smelter clean-up 
stalled by cash shortage 


Taiwanese cast their nets wider 

Pnlhirinn nnA nvfirfishinff has hit local catches, writes Laura Tyson 


By Kenneth Gooding, 

Mining Correspondent 

Norilsk, the world's biggest 
nickel producer, could not 
afford to renovate its Pechenga 
smelter, one of the world's 
biggest polluters, in Russia's 
Murmansk region, near the 
Finnish border, Mr Mars Altl- 
baev, logistics manager and 
the company's representative 
in London, said yesterday. 

He said that was the main 
reason Norilsk, still 48 per cent 
owned by the Russian govern- 
ment, was seeking foreign 
investment. 

The company has retained a 
Scandinavian consortium 
including Elkem and Kvaraer 
Engineering of Norway and 
Boliden of Sweden to carry out 
the Pechenga reconstruction, 
which Mr Altibaev said would 
cost a minimum of US$20Qm 
and up to Sl^bn, depending on 
what investment the company 
could attract 

Pechenga spews out about 


By Deborah Hargreaves 

The world is expected to lace 
another deficit year in sugar 
supplies after a worsening in 
prospects for this year’s crop, 
according to the latest report 
by E J). & F. Man, the UK com- 
modities bouse. Sugar produc- 
tion is forecast to be 110.7m 
tonnes for the next crop year 
(1994-1996) leaving a shortfall 
of 1.8m tonnes. 

World supplies are already 


Australian wool prices 
nosedived at sales this week 
after soaring since the start of 
the 1994-95 season, reports 
Renters from Sydney. But 
industry officials said the mar- 
ket remained well supported. 

The newly reweighted east- 
ern Australian market indica- 
tor had soared to an mid-week 


284,000 tonnes of sulphur diox- 
ide a year. Some falls on the 
nearby town of Nikel but 
prevailing winds take two- 
thirds across Finland and Nor- 
way where the acid rain it 
causes has severely damaged 
forests. 

Western observers suggest 
that the smelter, established in 
the 1330s and renovated in the 
1940s. has only a few years of 
life left. Pechenga produces 
about 100,000 tonnes a year of 
nickel in matte (an Intermedi- 
ate material), which Is sent to 
Montshegorsk for refining. 

Mr Altibaev said Norilsk was 
suffering from cash flow diffi- 
culties because the central gov- 
ernment took half the nickel 
output and paid in roubles at 
the domestic price - 47 per 
cent below world prices. The 
government also kept most of 
the income from its platinum 
group metals sales. The compa- 
ny's inability to pay on time 
had caused strikes in the May 
to August period when employ- 


tight after the unloading of 
stocks in the current crop year 
when production of 109.03m 
tonnes led to a deficit of 2.3m 
tonnes. The two deficit years 
come after 12 years' of produc- 
tion surpluses with supply 
tightness already pushing 
prices higher. 

A poor sugar crop in China 
and crop difficulties in Cuba 
combined with India's desire to 
increase imports and rebuild 
stocks could all contribute 


high of 829 rents a kilogram 
(dean) from 681 cents at the 
start of the current wool sea- 
son on July 1, before slipping 
slightly last week to close at 
808 cents. 

But at the Newcastle and 
Melbourne auctions this week 
the indicator fell by 37 cents to 
771 cents on Tuesday, and trad- 


ees needed cash for their holi- 
days. However, management 
had reached a compromise 
agreement with the trade 
unions that should prevent 
future strikes. 

Norilsk claims, in documents 
prepared for presentations to 
London financial institutions 
today, to account for 2L3 per 
cent of world nickel output; 2L2 
per cent of copper production; 
18-9 per cent of cobalt and 42 
per cent of platinum produc- 
tion. 

Mr Altibaev said Russian 
nickel exports to the west 
would be about 100,000 to 

105.000 tonnes this year, simi- 
lar to 1993 levels. If nickel 
prices rose, shipments would 
increase next year. He indi- 
cated that Norilsk's copper pro- 
duction, once about 400,000 
tonnes, would be less than 

300.000 tonnes this year of 
which up to 100.000 would be 
exported. He would not com- 
ment on platinum or cobalt 
production and exports. 


towards pushing prices higher. 
Man expects India’s output to 
reach 11.6m tonnes with con- 
sumption at 12.1m tonnes, lead- 
ing to imports for next year at 
similar levels to this year. 

China's cane crop has been 
badly damaged by flooding this 
year and stocks are dwindling. 
Man’s estimate for Cuba’s crop 
next year is 3.5m tonnes - 

500,000 tonnes below this sea- 
son's level pushing the country 
out of the top ten producers. 


ers were expecting further 
retrenchment as the market 
entered its period of peak offer- 
ings. 

“This is the correction every- 
one has been waiting for as the 
market has been rising so 
quickly,” suggested Mr Peter 
Klein, assistant director of the 
Wool Council of Australia. 


Monarch 

opens 

Venezuelan 
gold mine 

By Joseph Mann En Caracas 

Monarch Resources, a 
company registered in 
Bermuda, has opened the first 
underground gold mine to be 
developed in Venezuela for 
five decades. 

The company, whose shares 
are traded on the London and 
Toronto stock exchanges, 
invested about US$25m in the 
new mine, called La Camorra, 
located in Bolivar state. 

It expects La Camorra to 
produce around 220kg (7,070 
troy ounces) of gold a month. 
Reserves of ora it Uw mine 
site are estimated at 540,000 
tonnes with a gold content 
averaging 22 grams a tonne, 
according to company offi- 
cials. 

Exploration at the site began 
in 1988 and construction in 
1992. 

The company has invested a 
total of $S0m in gold 
operations in Venezuela since 
1987. 

At the same time, Canada's 
Placer Dome, which has 
Identified sizeable gold 
reserves at another site in 
Bolivar state. Las Cristinas, 
announced in Vancouver that 
it was raising its estimate of 
gold resources at the property 
from 7.7m troy ounces to 8.6m. 
The Canadian company is 
studying the development of 
an open pit mine at Las Cristi- 
nas, which could yield about 
6m ounces of gold. 

International companies 
have expressed considerable 
Interest in Venezuela's gold 
mining potential. However, 
potential investors complain 
about an outdated law cover- 
ing the mining sector and 
about controls on foreign 
exchange activities established 
in Jane of this year. 

Before exchange controls 
were imposed, a private Ven- 
ezuelan gold mining associa- 
tion estimated that investment 
in gold exploration and min- 
ing could reach 8142m this 
year. 


F ishmongers at Keelung 
port’s bustling fish mar- 
ket hawk scaly wares 
ranging from imported Norwe- 
gian salmon to Pacific tuna 
and squid caught off the Falk- 
land I s la n ds , 

Pollution and overfishing of 
nearby waters has forced Tai- 
wanese fishermen to scour 
ever more distant shores. The 
catch of neighbouring China 
nearly tripled from 1381 to 1990 
to become the world's biggest 
fisheries producer. 

Taiwan will soon sign an 
accord with the 15-nation 
South Pacific Forum allowing 
its fishermen uniform access to 
waters controlled by those 
countries, according to the 
country's ministerial-level 
Council of Agriculture. The 
South Pacific is an important 
fishing ground for Taiwan, 
especially for tuna and skip- 
jack. 

Forum members are Austra- 
lia, New Zealand. Papua New 
Guinea, Western Samoa, Fiji, 
Vanuatu, Kiribati, the Mar- 
shall Islands, the Cook Tciandc, 
Tonga, Tuvalu, Nauru. Nine 
Island, the Solomon Islands 
and the Federated States of 
Mlcronesia- 

Since the United Nations 


A headline indicating that 
Russia intended to stop export- 
ing GOLD sent the precious 
metal briefly to S4QQ a troy 
ounce yesterday. Once dealers 
read the accompanying story, 
the price swiftly dropped hack 
to dose in London at $39530, 
up 10 cents. 

Mr Valery Skripchenko, head 
of the naentiffe and toehniral 

department at Russia's Pre- 
cious Metals Committee, said: 
“We will set up a mechanism 
before the end of the year 
under which it will be unprofit- 
able to sell gold abroad but it 
will pay to sell it all domesti- 
cally". 

Analysts argued that Russia 
needed all the foreign currency 


switched recognition from 
Taipei to Beijing is *971, 
Taiwan has encountered diffi- 
culties in securing fishing 
grounds, especially from coun- 
tries with which it does not 
have diplomatic ties. 

In 1989 the quad-governmen- 
tal Overseas Fisheries Develop- 
ment Council was set up to 
negotiate fishing rights and 
help settle an escalating num- 
ber of fishing disputes. The 
government has already 
secured fishing rights within 
the 200-mile coastal zones of 
South Africa, Tuvalu. Tonga, 
Solomon Islands and Marshall 
Islands, all countries with 
which Taiwan mabrtui™ diplo- 
matic relations. 

Commercial fishing agree- 
ments have so far been 
reached with over 20 countries 
or territories, of which those 
with Tuttarregiq India and the 
Falkland Islands are the most 
important. Talks are under 
way with several other coun- 
tries including Vietnam and 
Burma. 

Although Taiwan does not 
appear in statistics compiled 
by the United Nations' Food 
and Agriculture Organisation, 
it ranked the 18th among fish- 
ing nations in 1990, and fells 


it could get, and gold was one 
source, while it would take 
many years to develop a 
domestic gold market. Also 
R ussia had not been a substan- 
tial seller of gold in the west 
this year, Mr Skripchenko said 
that Russia exported 6.6 tonnes 
of gold in the first five months 
of 1994 compared with 21 
tonnes in the same months test 
year. 

Substantial selling was seen 
when gold reached $398, deal- 
ers said. One analyst suggested 
that It was significant that 
gold could not hold on to a 
move through $400 despite the 
apparently bullish news from 
Russia. 

At the London Metal 


within the top five in produc- 
tion of both tuna and squid. 
Government efforts to curb 
growth in the domestic fishing 
industry cut the total catch to 
1517m tonnes in 1991 from a 
1990 peak of 2.455m. But pro- 
duction has risen since. 

Taiwan, a major fish 
exporter, sold just over a quar- 
ter of its catch overseas in 
1993. Tuna dominated ex ports 
and the biggest markets were 
Japan, Thailand and the US. 

F ish imports have grown 
to meet increased 
domestic consumption 
resulting from economic 
growth. Official figures show 
that Taiwan's imparts more 
than doubled over the past 
decade. Unofficial imports from 
China are also on the rise. Tai- 
wanese fishermen either pick 
up their illicit cargo from Chi- 
nese ports or buy the fish from 
Chinese boats at sea and smug- 
gle it into ports such as Kee- 
lung. 

With nearby waters depleted, 
nearly 60 per cent of the 1993 
catch came from distant seas. 
Tuna caught in distant seas 
through long-lining jumped 80 
per cent in 1993 from 1992. Last 
year’s catch of squid, caught 


Exchange most base metals 
ended the day on a firmer foot 
ing following sprees of specula- 
tive buying and short-covering. 

The three months delivery 
COPPER price briefly hit a 
high of $2J578 a tonne but did 
not have enough upside 
momentum to trigger stop-loss 
nuying orders hovering just 
above that level dealers said. 
It ended the day trading at 
$2£64 per tonne, up from Tues- 
day’s &558 close. 

Early Japanese buying and 
news that power to Alcoa's 
Portland smelter In Victoria, 
Australia, would be trimmed 
and could restrain production 
helped to underpin the ALU- 
MINIUM market. The invest- 


by a type of hook-and-liuc 
method called rigging, climbed 
22 per cent. The two species 
combined comprised one-third 
of the total catch last year. 

Despite Taiwan's pariah dip- 
lomatic status, which prevents 
it from joining International 
organisations, the government 
generally complies with inter- 
national maritime and fishing 
conventions. For instance, it 
banned whaling In 1983 and in 
1993, It outlawed drift net fish- 
ing following a United Nations 
resolution against the practice. 

As competition grows fiercer 
for fewer fish, Taiwanese fish- 
ing boats have encountered 
numerous disputes over fish- 
ing grounds from the South 
China Sea to the South Atlan- 
tic. 

Recognising the problems of 
overfishing, the government in 
1989 instituted a policy of try- 
ing to contain growth of the 
fishing industry. Through 
restrictions on boat-building 
and a boat buyback pro- 
gramme Taiwan's fleet was cut 
to 2S9S0 vessels lost year from 
peak of 32,340 in 1990. But 
remaining boats and those 
which are being built are more 
sophisticated and thus have a 
higher catching capacity. 


ment fund and consumer buy- 
ing that encouraged took the 
three months price to a high of 
$1,632 a tonne; but It slipped 
back to end at $1,675, up $13. 

London Commodity 
Exchange COFFEE futures 
ended weaker but off taws in 
sleepy London trade as many 
investors retreated to the side- 
lines for lack of news, traders 
said. 

“The market Is looking to 
stabilise around current lev- 
els," said one dealer, adding 
that it did not want to stray 
too far below $44)00 a tonne 
because of the continuing 
uncertainty about Brazil's 
weather conditions. 

Compiled from Realm 


Sugar deficit put at 1.8m tonnes 


Australian wool prices nosedive 


MARKET REPORT 

Gold traders discount Russian export move 




# t‘V 





v 1 




t 




COMMODITIES PRICES 


CROSSWORD 


BASE METALS 


Precious Metals continued 


LONDON METAL EXCHANGE 

(Mem from Amalgamated Metal Trading) 


■ ALUMINIUM. 98.7 PURITY (S par tanno) 



Cash 

3 rathe 

Close 

1606-7 

1831.6-32.0 

Previews 

1583-84 

1807-8 

High/low 

1602 

1832/1613 

AM Official 

1801.5-2.0 

1625-28 

Kerb cfaae 


1627.5-28 

Open lrt. 

252^39 


Total deBy turnover 

41.639 


■ ALUMNHM ALLOY (S per tome) 


Ckrae 

1655-65 

1675-80 

Pnwtoua 

1845-50 

1680-61 

HBgh/kw 


1876/1670 

AM Official 

18*5-55 

1665-70 

Kertj dose 


1870-6 

Open ht 

3.123 


■fatal dany tunowv 

503 


■ LEAD (8 per tonne) 



Close 

632-33 

646-47 

Previous 

816-19 

S323-3SL0 

rtgWkw 

628 

646/033 

AM Official 

827*28.0 

843-435 

Kart) dose 


844-5 

Open Ira. 

41,186 


Total daiy Hanover 

9.635 


■ NICKEL <S per tonne) 


Clow 

8445-55 

8545-50 

Previous 

6380-85 

6483-65 

HfflWtoi* 


6650/6490 

AM Official 

6440-46 

8540-41 

Keito clow 


6630-40 

Open ha. 

68,078 


Total dally turnover 

19.818 


■ TM ($ par tonne) 



Clow 

5340-50 

5426-30 

Prnvkma 

6345-55 

5430-36 

MflWtav 


54608410 

AM Official 

6380-70 

5440-30 

Kerb dow 


6410-20 

Open lrt. 

18593 


Total deny turnover 

14.190 


■ 23NC, apodal hlgti grade (S per tome) 

Chsse 

1018-19 

1042-43 

Previous 

1KXL5-3l5 

1028,5-27.5 

Htfvtaw 

1016 

1045/1034 

AM Official 

1018-17 

104O-WL5 

Kert) dose 


i04i-a 

Open lrt. 

08372 


Total dofly turnover 

16J217 


■ COPPER, grade A (S per tonne) 


Oose 

25686-59.5 

2568-69 

Previous 

2544-46 

2558-57 


2566 

2578/2584 

AM Official 

2568-67 

2573-74 

Kert) dose 


2664-5 

Open inL 

213,700 


Total daRy twnom 

61220 



■ LME AM OflfcW OS rate: 1J 1777 
LME CMwg rate: 1 0788 


3mJTs:lJ738 AoteljmS 9 iMhsl0B53 


■ HIGH QftADE COPPER (GOMEX) 



fart 

Owe change ffigC taw 

Qpn 

tat 

vm 

Sip 

12150 

-a«0 12825 11000 

1,344 

555 

Oct 

itaso 

■fl.75 121.40 11X90 

2,289 

Z78 

Nov 

11835 

■0.45 11130 11800 

731 

40 

DK 

1VLI0 

•025 1J9JB 11150 42,553 

4,871 

fan 

117.65 

■0.15 11015 11735 

573 

9 

Frit 

Tool 

117.15 

■005 117.50 117.00 

439 

5900 

MB 


PRECIOUS METALS 

m LONDON BULLION MARKET 
(Prices efapUed by N M RothscrtW) 


GeMfTtoy oz.) 

5 price 

fisquhr. 

Ctaae 

385.2S-3M.75 


Opening 

307.40-307.80 


Mamina fix 

261.694 

307 JO 

Afternoon fix 

250482 

39645 

DWs mgn 

898.10-398 J» 


Day’s Lew 

395^5-393.73 


Previous dose 

385l2O-395JS0 



Loco Ldn Mean GofcJ Untflnfl Rate* (I/a USS} 

1 month - — 402 6 months __AK3 


■ BOLD CQMEX (IQQTray oz^ S/tnoy <ttj 



srn 

Oaf 


am 


pfce 

Omasa 

a* 

tari tat Wri. 

Ufa 

394.5 

-35 

. 

. 30 

del 

3945 

-35 

3905 

394*4 4587 1501 

Nov 

396.1 

-35 

- 

- 

Doc 

3075 

-35 

4015 

3075 112,100 43529 

Feb 

4015 

-35 

4055 

4015 19/83 4.482 

Total 

404J 

45 

4085 

4055 7,440 921 

184597 51,139 


■ PLATPttJM NYMEX (50 TYoy oz.; Stray gtj 


Del 

4175 

-15 

4215 

4175 

5,440 

2578 

fan 

4215 

-2 A 

4255 

4215 14583 

2515 

far 

425.1 

-2.4 

4295 

425.1 

2,491 

161 

4ri 

4285 

-2.4 

4325 

4788 

473 

6 

Oct 

4315 

-2 A 

- 

. 

320 

- 

Trial 





22V** 

SB* 

■ PALLADIUM NYMEX (100 TK>y at; S/tray ox.) 

Sfa 

15610 

. 

_ 

_ 

as 

20 

Dec 

15456 

-130 15885 

164.25 

4570 

718 

Ibr 

155.65 

-150 

15875 

15885 

1534 

362 

Jta 

15873 

-1J20 

- 

- 

132 

1 

Total 





6282 

1599 


■ SE-VER CQMSX (100 Tmy or.; CoTtartray caj 


■fa 

5603 

-109 

5700 

5603 

142 74 

Oct 

5605 

-125 


. 

• 

Nor 

5625 

-119 

- 

- 

82.485 17569 

Dn 

5810 

-119 

5759 

5839 

44 3 

Jn 

5675 

-119 

- 

- 

10,462 374 

Trial 

5735 

-119 

5835 

5719 

4518 85 

118012 18.M5 


ENERGY 


■ CRUDE OtL NYMEX (43,000 US Vbcurd) 



triad 

WYa 


Open 



taw cftangi 


UM W 

YW 

Nov 

17.48 

•097 

1794 

1797 86981 

38,178 

Dm 

1751 

■098 

1796 

1794 B5098 

17958 

fan 

1772 

-095 

17.78 

1796 43043 

5.425 

Fab 

1792 

+091 

1792 

1792 21.482 

1958 

Mar 

1791 

-094 

1792 

17.77 17.548 

1912 

far 

1704 

+098 

- 

- 13914 

1988 

Trial 




380300 71038 

■ CRUDE CML IPE (S/barrri) 




Latari 

far* 


Opan 



prioa 

chugs 

m 


Vd 

Mov 

1838 

+001 

1038 

18 20 04.0*3 22.431 

Dec 

1630 

-093 

1991 

1838 41054 

B.789 

fan 

1867 

-009 

1697 

16.48 14950 

3977 

FM> 

I860 

■007 

1080 

1050 8038 

218 

Mar 

1858 

-098 

1898 

1048 5.878 

431 

far 

1852 

-0.16 

1898 

1051 1987 

5 

DM 




140929 32083 

■ HEATINQ OU. NYMEX (42000 US pSa; c/US gatoj 


Utaat 

fart 


faav 



pries dang* 


Ufa tat 

M 

Oct 

4750 

+920 

4090 

47.40 14,000 11043 

Nov 

4830 

+0.1 E 

4075 

4020 359S3 12918 

Dac 

4075 

+0.10 

6IUW 

4891 41914 

6955 

fas 

5005 

+095 

5030 

SOU 301265 

%426 

fab 

51.45 

+0.15 

5195 

5190 15981 

1 zn 

Mar 

5150 

+005 

5100 

51.10 12987 

I960 

Trial 




178.0K 36945 

■ GAS 00. K Stans) 




Sett 

oar* 


am 



Pries dangs 

«* 

Um iat 

vu 

Oct 

15000 

+075 15028 14895 27098 

4960 

■fa 

15150 

+050 152.75 1ST0O 16045 

3912 

DR 

15590 

+029 

15525 133.75 21934 

1 929 

fan 

135.75 

-025 15790 135.75 140BZ 

637 

Fa& 

15690 

■025 15025 15790 5077 

409 

Mar 

15825 

- 

15825 16790 5102 

541 

Total 




103,7TB 11986 

■ NATURAL GAS WYVEX (10000 ntnBDu 3/mnflu) 


Uteri 

far* 


Opan 



Ptica 

change 

Mgti 

Low tat 

Yd 

Ufa 

1J10 

-0906 

1.735 

1.705 31978 

9908 

Dm 

2900 

-0905 

2920 

1905 30.148 

2,161 

fan 

2070 +99» 

2980 

£065 10206 

1956 

m 

1995 +0900 

2900 

1966 14967 

909 

Mar 

1945 +0905 

1950 

1940 11934 

483 

far 

1910 

- 

1915 

1.910 S.SZ3 

526 

Trial 




180214 16022 


■ UNLEADED QASOLME 
NYMEX t«2JOO US BB*L;dUSB«e«j 


2 month* 

..„4.£6 12 mom 

— 5.18 

kwfe. : 

fesot 

p months 
s year 

p/iwyet 

361.45 

36890 

372.85 

3S6.1G 

us ets«<M v - 

STOJOO 

57896 

585.00 

60295 

Oold Coins 
Krugerrand 

Moota Leaf 

ttarcSovmrfgn 

S pries 
400-403 
407.00-408.05 
... 83-96 

C eqUftt. 
253-256 

58-62 



Uteri 

far* 



fan 



prioa dtanga 

Hod 

LOW 

tat 

Vd 

Oct 

4490 

+4M2 

4498 

4395 

10929 12902 

Hat 

44.15 

+OZ7 

44.70 

43.75 25913 15935 

Dac 

6295 

+4LZ7 

S110 

8270 

12,764 

4008 

fan' 

5295 

+0.17 

■gnn 

32-70 

7944 

2924 

M 

SUM 

+4)92 

5390 

S390 

3097 

333 

Mar'' 

6490 

+0.12 

• 

- 

1924 

51 

Trial 





70029 36,117 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (E par tonne) 

Smtt Oqft Opfln 

price change Mob Ura W VM 

far 10895 • 10&7D 1DB9S 2479 67 

fan mm - moo -toano i«o « 

Mar 11070 +0.15 11UM 11055 1,223 77 

llqr 11275 +0.13 11100 11273 MSB a 

Jut 114.70 +0.10 115.00 114.70 243 5 

Total 7,230 211 

■ WHEAT CST (50OQbu min; canaflWb bushel) 


SOFTS 

COCOA LCegaowne) 


MEAT AND LIVESTOCK 

UVE CATTLE CME faaOOOto; oenta/tw) 


Dec 

38816 

-2/4 

300/4 

385/4 47984 

8.737 

■tar 

30716 

-U2 

308/4 

30312 10904 

2988 

Mat 

384/2 

-1/6 

38510 

380/4 2943 

366 

M 

36414 

-2 to 

355/0 

351/4 4939 

1,147 

Sep 

357/4 

■1/4 

950/0 

35574 104 

5 

UC 

368 10 

-1/4 

- 

84 

5 

TcH 




74982 1X348 

■ MAIZE CST (5.000 bu rnkt centa/56ta bushel) 

Dac 

214* 

-1/0 

215/4 

214/4 135,703 18980 

Htar 

224/6 

-t/o 

225/4 

224/4 43926 

4.728 

Stay 

232/4 

-014 

23316 

232/0 17977 

1,111 

Jd 

23710 

■06 

237/6 

236/0 18960 

2985 

s n 

24016 

-0/4 

241/4 

vm 1912 

166 

Dec 

244/6 

-04 

246/6 

244/4 7936 

735 

Total 




222943 2SJU5 

■ BARLEY LCE Cdpor tame) 



Ibv 

10390 

+0.15 

10090 

10390 482 

3 

fan 

105.75 

+095 

- 

- 410 

- 

Mar 

10890 

+0L2S 

10890 

rnaoo 110 

15 

Bfar 

10095 

+040 

- 

48 

- 

Trial 




1/048 

18 

■ SOYABEANS CST (59O0tai nfa canta/BOta boring 

Hav 

548/4 

-5W 

683/0 

3*8/4 78988 17928 

fan 

558/4 

-02 

5836 

5M1B 21,423 

4.187 

Mar 

aea/4 

■sn 

57310 

66618 12911 

1.785 

Mat 

57510 

-616 

58010 

573/4 8918 

380 

M 

53018 

-an 

68516 

87S14 11978 

800 

Aog 

682/4 

■on. 

586/0 

581/0 268 

- 

Total 




134988 24038 

■ SOYABEAN OU. CST {809006* canta/rt) 




Srit 

faTi 


fall] 



Soft 

Dart 

om 



price 1 

cfcvogo 

M* 

low tat 

VM 


price 

dang* U* low 

tat 

VM 

Sap 

683 

-1 

663 

352 5 

3 

Oct 

68900 

-0950 60900 66900 23,422 

6903 

Deo 

832 

. -5 

1002 

331 27,401 

1.t13 

Dec 

68925 

-0975 G9.100 67975 21921 

Z747 

Mar 

1024 

-5 

1034 

1023 38918 

510 

Fab 

67975 

-0275 87975 67900 14948 

1909 

Mat 

1038 

-5 

1045 

1036 12908 

152 

Apr 

68975 

-0.425 00230 88900 

9948 

447 

M 

1047 

■8 

1055 

1047 5934 

25 

Job 

65.700 

-0900 6&200 85.700 

2.063 

75 

Sap 

1061 

■a 

1073 

1061 9939 

36 

Aiib 

a<so 

022S 85.700 85975 

1979 

21 

TOW 




103939 2970 

Trial 



71914 11,109 

■ COCOA CSCE po tonne* Stomas) 


■ UVE HOGS CME (409001m: oartatoa) 


Dac 

1341 

■a 

1377 

1340 41987 3,715 

Oct 

38900 

-0975 37950 38950 

7/B63 

1978 

Or 

1383 

-7 

1425 

1392 15976 

878 

Dac 

37975 

-0575 37950 J7.12S 12,782 

2,155 


1423 

-7 

1452 

1427 W11 

532 

Feb 

37.775 

■ttfco 3S9tt» 379in 

4,439 

872 

Jd 

1451 

-7 

1480 

1457 2981 

23 

Apr 

3ai2S 

-0926 38.700 38.100 

292S 

354 

Sap 

1478 

-7 

- 

- 1904 

- 


43975 

-0950 44900 43950 

1962 

227 

Dac 

ISOS 

-B 

1523 

1519 4L915 

5 

*v 

42275 

-0930 42M50 42975 

135 

37 

Total 




75971 8953 

Trial 



78,192 

5982 


■ COCOA PCCO) fSDRVtome) 


WP 27 
Drib™. 


.103525 


Piw. 1 Mp 
1025.11 


■ COFFEE LCE (Stoma) 


fan 

4038 

-125 

4090 

4050 1,112 

97 

far 

3961 

-42 

4005 

3960 10939 1*480 

Jon 

3848 

-32 

3985 

3820 15924 1938 

Bar 

3862 

-39 

3880 

3850 7924 

256 

Mat 

3801 

-48 

3B15 

3798 2924 

83 

Jri 

3785 

-43 

3780 

3770 1936 

7 

Total 




38901 

2981 

■ COFFEE *0* CSCE C37900KM: centoftba) 



Dec 


Mqr 

Jii 

Sap 


21X80 

217.50 


-6.15 22135 21230 21363 8,465 

-630 22545 21640 9361 1,119 

21000 -6 OO 228 SO 21930 3048 >45 

21 US -630 22630 Z19J5 1,123 53 

22030 -5.75 22510 22030 519 100 

22135 -630 22735 22130 664 60 

Totri 37,183 5932 

■ OOWiyOfflWcjii eto rt 


oct 

Bee 


Mat 

M 

Total 


2531 -038 2573 2545 15344 4308 

2432 -431 2433 2*33 38024 5713 

2431 -433 2430 24,25 8300 1393 

2430 -030 2432 2332 5579 1304 

2573 -038 2333 2570 5054 001 

2333 437 23.70 2550 3385 80S 


S«P 2/ 

Gnnp-itaW 


Me 

.20432 


he- far 

15 far weraoa 20439 20334 

■ No7 PBEMNJM RAW SUGAR LCE (Cantn/BM) 

del 12.70 +400 12.76 1232 13® 3D 

Jbb 1132 

Mar 1238 00 


■ SOYABEAN MEAL CHT (100 tens: Stort 


Tetri 



1,182 

327 







■ WHTTE SUQAB LCE Sftnrvte) 



DM 

1847 

■OJ 

1859 

1649 11087 

5,167 

— 





OM 

T847 

-09 

1854 

1643 44070 

8,425 

Doc 

32700 

-100 32800 32700 

3014 

324 

fan 

1665 

-ua 

1879 

1680 11042 

1900 

lln 

32540 

■000 32570 32590 

7082 

337 

Mar 

170.1 

-09 

1709 

1680 10058 

596 

Mat 

32540 

■900 32900 32540 

1044 

21 

May 

172.7 

■10 

1739 

17ZA 5027 

195 

Abb 

30.10 

•100 32900 32500 

1080 

38 

Jd 

17S7 

-09 

1755 

1759 3056 

183 

Oct 

31200 

+0.10 31290 31290 

414 

28 

Trial 




85139 iajm 

Dec 

31100 

+9.10 

4 

- 

■ POTATOES LCE (E/toraw) 



Tetri 



14,138 

744 

Mov 

1609 

. 

. 



■ SUGAR 11' CSCE (1120008m: oentato^ 


War 

105.0 

- 

. 

- 

. 

Oct 

1151 

-093 1202 1150 12005 7089 

Hr 

2219 

*10 

2250 

2210 1,180 

78 

Her 

1298 

-996 1201 123810007714074 

May 

2409 

+45 

- 

- 

- 

Mat 

1299 

■007 1200 1209 16065 1083 


Jea 1073 
Tetri 1,100 

■ WSOHTpH-BQ LCE (SlOflnri« poke) 


Oct 

TOJri 


1229 435 1228 1237 10353 1,127 
1236 436 12.14 1238 8376 67 


1136 431 


faP 

1628 

+8 

- 

. 

223 

. 

■ O 

Del 

1680 

+35 

1700 

1675 

732 

134 

NOV 

1876 

+97 

1675 

1889 

175 

212 

Dot 

fan 

1817 

+22 

1620 

1606 

730 

29 

Deo 

far 

1619 

*16 

1615 

1615 

420 

8 

Mar 

Jri 

1448 

- 

- 

- 

107 

, 

Mat 

Total 





2027 

383 

Jri 


Cfcfa 

FYW 





OCt 

on 

1628 

1616 





Total 


1172 1136 1360 42 

147360 2S379 


■ COTTON NVCS (50,000tt»; canta/fcnQ 

8530 +030 6550 6520 350 176 

67.44 +524 6735 0731 35268 7, HE 

m.12 +417 saw 6835 10.728 1,152 

7035 +415 7037 7440 5,748 IJSO 

7138 +0,10 7137 7130 4,041 440 

6EL7G -030 - <37 71 

SI 372 15749 

■ OHANQB JUtCE WVCE (IBJOOfce: centeBa) 


fav 

0870 

+005 8800 8770 

0762 1,158 

Jn 

10100 

+900 10200 10040 

6016 

76B 

Ibr 

10470 

+995 10600 103.60 

4488 

288 

m 

10705 

+9.18 10770 10700 

10*1 

23 

JU 

11006 

*9.10 

608 

4 

Sap 

11300 

+995 

26 

6 

Total 



22,723 2028 


Cotton 

LhmrpoQt-SfMl and Shipment sales amounted 
to 237 tonnes tor 8m week ended September 
23 aookmt 65 tomes in the previous weak, 
fr un i w o a demand brought moderate pu ra h o eae 
many In Central Men and American descrip- 
tions. OS growth made some headway. 


VOLUME DATA 

Open Interest and Volume data shown tar 
contracts traded an COMEX, NYMEX. CST. 
NYCE. CME, CSCE and IPE Crude Ot among 
day In areers. 


INDICES 

■ REUTERS (Base; 187^31=1001 


Sap 27 month ago year ago 
2113.1 2101.7 16832 


21062 

■ CUB Future* (Base; 1867-100) 


Sep 27 
231.66 


Sop 26 month ago ymar ago 
23224 233.66 215.37 


■ POBK BELLES CME (4O0OO8»: centa/ttM) 


HO 

38.125 +0025 39000 38700 

7,757 

721 

Mm 

39.150 

■0050 38000 38000 

861 

121 

Mat 

<0.150 +9050 40050 40.150 

161 

5 

Jri 

40000 

-O.10Q 41000 40000 

201 

17 

Am 

39050 

- 38050 35500 

48 

2 

Total 



8026 

818 


LONDON TRADED OPTIONS 

Strike prioa % tome — « Cefa— ~Pute — 
■ AUIMINRJM 


(BB.7K) LME 

Nov 

Feb 

Nov 

Fab 

1900 

48 

89 

30 

59 

1S2S 

96 

77 

42 

71 

1650 

20 

63 

Sfl 

84 

■ COPPER 





(Grata A) LME 

Nov 

Fab 

Nov 

Feb 

2800 

90 

129 

31 

75 


61 

103 

61 

98 

28 00 

39 

91 

79 

125 

■ COFFEE LCE 

Nov 

Jan 

Nov 

Jril 

3600 

405 

490 

24 

163 

3650 

363 

468 

32 

172 


323 

438 

42 

160 

a COCOA LCE 


Mar 

Dec 

Mar 

875 

49 

86 

32 

49 

1000 

36 

84 

44 

80 

1060.. _ 

19 

62 

77 

88 

■ BRENT CRUDE IPE 

Nov 

Dac 

Nov 

Deo 

I860 

27 

57 

. 

60 

1700- 

8 

38 

as 

. 

1750 

2 

22 

- 

- 


LONDON SPOT MARKETS 

■ emoe OIL FOB (per banri/Ncw) +«r 


Dttari 

S1502-504U 

+0080 

Brant Band {dated) 

516.14-9.17 

+0085 

Brent Blend (Nov) 

J1 6-47-9.50U 

+0065 

W.TX {1pm oaO 

S1705-706U 

+0090 

■ OtPFWOUCTSNWEfTOT^deArenrOTffonna) 

ftamtam QaaoOne 

SI 98-172 


One OR 

S751-1CZ 


Homy Fuel Ofl 

*74-76 

+1 

Naphtha 

Si 30-1 61 

+1 

Jri fuel 

*173-174 

+2 

nntaun Arps eereomenM 



■ OTHER 



Odd (par tray oz)$ 

*38590 

+9.10 

SStw (par troy 02 )# 

5510c 

-300 

Ftndnum (per toy azj 

$42000 

+200 

Pritaftjn (per tray az.) 

*15400 

-100 

Copper (U5 prod.) 

128.00 

-30 

Load (US prod) 

3805c 


Vn (Kuria Lump*} 

1303m 

-ao3 

Tin (New YorN 

2600c 


Cafflo ffve wfiiflWWC 

11401P 

+tur 

Sheep pva wrigfti)T40 

B70OP 

+0.78" 

nga (Rve urelghtJC 

75.12P 

♦t.00* 

Lai dny sugar 6 hwJ 

*aiaa 

-3.1 

Lon. day sugra (wte) 

*3360 

-30 

Tata & Lyfa stpert 

£3080 

-30 

Britay pig. feed) 

Unq. 


Mabn (US No3 Yelow) 

£1380 


Wheat Da* North) 

£M8Q0 


Rubber (Nqv)V 

eaoop 


Rubber (Decjf 

880Op 


Rubber KLRS3 Nol Oct 

3380dm 

+100 

CoaorutQU (PWIJ§ 

SMfLOz 

-150 

Prim on (MatayjS 

£63001 

+70 

cop™ ms 

*410 

-10 

Soyabeena (US) 

£1580* 


Cotton Outlook 'A' Index 

?30Oo 

■900 

Wooftops (64a Super) 

403p 



C per tonca urieva Mherariv dried. p pwetoeewm. 
t rinfawre m M fa fan cerate, u Non. t Oct- x Sepfoa. 
» Sap .¥ London Ptiyried. 9 CF RMMnv A Bidkxi 
c km. ♦ Mme UAe we%hf p ric— L - CTum* an 
e Pitas era far pMoue fay. 


No.8,571 Set by ALAUN 



ACROSS 

1 Take in the implications of 
the little book (6) 

4 Part of a h u man trunk and a 
head found in the wood (8) 

9 They Zook black when one 
walks off angrily (6) 

10 As against the overused 
“sorry" (8) 

12 How the camper gazed out at 
one? (8) 

13 the Foreign Office? (6) 

is Point to the right (4) 

16 Put on the list that's to go 
back to the benefactor (7) 

20 Isn't there an index of the 
famous? (7) 

21 Can bat don’t remain rooted 
to the spot (4) 

25 Awakens and takes a turn 
among the Dowers (6) 

26 A liking for the song the con- 
victs are singing? (3) 

28 They aim to be among one's 
best friends (8) 

29 Is mother by way of being a 
wet blanket? (6) 

80 As he turns round, taking off 
the coat (S) 

31 How the sky is when the 
weather’s heavy? (6) 

DOWN 

1 In the act of standing drinks, 
was sneered at (8) 

2 The champion showed out- 
rage at the trial (8) 

3 Lying to make us climb the 
tree (6) 

6 Comes back with “I don’t 
think much of the band!” ( 4 ) 


6 Vses as a base for attacks (4,4) 

7 Was taken or became sick at 
mid-morning (6) 

8 But backing her in - that's 
where your difficulty lies &3) 

II Was a manager, too, though 
an unsuccessful one (43) 

14 Agreed the tide of change bad 
engulfed everybody (7) 

17 Unwilling to speculate - just 
as bad as before 

18 Having no money or having it 
tied up (8) 

18 Father’s brothers (8) 

22 Fruit at long last. Slewed 
pears (6) 

23 Little creatures hiding under 
Upturned stone (6) 

24 Jam you get the last of from 
the jar (6) 

27 hi turning gold into base 
metal (4) 


Solution 8J570 





t 











27 


- « s 

v ; v 


M i ■ 


FINANCIAL TIMES 


THURSDAY SEPTEMBER 


29 1994 


LONDON STOCK EXCHANGE 


MARKET REPORT 


Fed decision encourages recovery in blue chips 


■ui vApor-Rjf 


■+" 

* «v 

II " l 

V ' 
* « 


• ■ 


By Teny Byiand, 

UK Stock Market Editor 

The decision by the Federal Reserve 
to leave its key interest rates 
unchanged touched off the expected 
technical rally in the UK stock mar- 
ket yesterday. Led forward by firm- 
ness in bond markets and by a spec- 
tacular return to a premium on the 
December stock index future con- 
tract. equities rebounded sharply 
dosing just under the best of the 
day after Wall Street opened the 
new session with a further gain of 
20 Dow points. 

There was no great increase in 
trading volume, however. Share 
gains were mostly moderate, but 
there were market hints of impend- 
ing bid moves in the pharmaceuti- 
cals and insurance sectors. 

After touching 3,039.3 in early 


dealings, the PT-SE 100-share Index 
trod water for most of the day, ral- 
lying to close at 3,033.7, a net 30.2 
higher on the session. A substantial 
nse in durable goods orders in the 
US, while not taken entirely at fa/f» 
value in London, indicated further 
strengthening in the US economy. 

The Fed’s decision a gamct a r at** 
change left markets to continue 
worrying about the timin g anH 
direction of global interest rates, 
with today's meeting of the Bundes- 
bank at the top of the list of con- 
cerns. Some analysts argued thq» 
the impending elections in both 
Germany and the US may render 
their respective central hanfcg less 
anxious to act on interest rates for 
the time being. 

Two relatively small trading pro- 
grammes were reported, perhaps 
linked to the strong upswing in 


stock index fixtures winch spurred 
activity in the blue chip sectors. 
The broader marfcgt was also firm, 
albeit less active. The FT-SE Mid 
2S0 Index regained 16.3 of its recent 
loss to close at 3£3&& 

Seaq-reported trading volume 
increased only slightly, from 545m 
shares on Tuesday to 575-5m yester- 
day. Non-Footsie trading made up 
around 58 per cent of the day's 
total, a relatively high parentage 
and an indication that some private 
investors may have re-entered the 
market. 

Retail, or genuine customer, busi- 
ness in UK equities returned a 
value total of £L38bn on Tuesday, 
confirming once again the presence 
of the big Institutions, which are 
believed to have been sellers of 
stock during the recent shakeout. 

Dealers believed that, barring any 


unexpected move by the Bundes- 
bank today, the recovery in the 
London stock market has further to 
run. The outlook for company prof- 
its find dividends is thnnght to have 
turned less confident however, and 
there is some uncertainty as to bow 
far the Footsie can run before the 
year-end, and whether it can meet 
the more optimistic of the forecasts 
fbom City analysts. 

The brighter mood in equities, 
which was also buttressed by the 
o utcome of the auction of £2bn of 
British government securities, 
brought the focus back on to indi- 
vidual stocks, rather than to factors 
influencing investors across the full 
range of the market 

Not all were favourable. Well- 
come met setting pressure in spite 
of the company's assurances that it 
had taken steps to meet comments 


from the US Federal Drug Adminis- 
tration. Most other blue chip doQar- 
influenced stocks performed well, 
however. 

Among the consumer and retail 
sectors, which have taken a pound- 
ing over the past week, store shares 
were generally firmer; the dull spot 
being Seats, which was still upset 
by tire half-time trading report. 
Ranking stocks moved higher with 
the market 

But analysts were wary of sug- 
gesting that the stock market had 
mad** a genuine an( i lasting recov- 
ery from the weakness of the past 
fortnight 

Friday afternoon will see the mid 
of the third quarter of the year, and 
the next two trading days could 
well bring some window-dressing 
operations by professional fund 
managers. 


FT-SE- A AR-Shara index 


1,675 

1,650 - 

1.625 

1.800 . 

1.575 / 

1*550 --/W- 

1.525 / 

1,500 — / 

1A7S /*?- •- - 
1,450 — - 

*M 

Some-.FTCnphee 


Equity Shaves Traded 

Turnover by volume [mfflksrt. EactatUng; 
tntra-martai butanes? and puarew turnover 
1.000 — 



Aoe Sep 


■ Key Indicators 
Indices and ratios 


FT-^ 100 

FT-SE MW 250 

FT-SE-A 350 

FT-SE+A AB-Share 
FT-SE-A Afl -ShOTe yield 

3038.7 

3533.8 
1530.1 

1510.76 

3.96 

♦302 

+16.3 

+13.3 

+12.2 

(3.99) 

FT Ordinary Index 2356.5 

FT-SE-A Non Fins p/e 18.61 

FT-SE IDOFut Dee 3056.0 

10 yr Gilt yield 8.91 

Long glft/equrty yld ratio: 2^5 

+16.5 

(18.47) 

+38.0 

(9.01) 

12-26) 

Best performing sectors 

1 Gas Dtsoi button ... 

+3.1 

Worst performing aectore 

1 Health Caro 

-1.1 

Z Tobacco 

3 Water . 

■■ — 

+2.5 

2 Other Financial 

-0.4 

4 Reteflats. Food 





5 Banks 


+1.4 

5 Household Goods 

-.....-0.1 


Gas wary 
ahead of 
meeting 

There was a sudden rush of 
nervous covering in British 
Gas shares, which delivered 
one of the best performances of 
the FT-SE 100 constituents 
ahead of today's crucial strat- 
egy meeting at the Queen Eliz- 
abeth H conference centre at 
Westminster. 

Analysts described today's 
meeting, which runs from 
8 -30am to noon and will be 


attended by analysts and fund 
managers from across the 
globe, as possibly the most 
important since the group was 
privatised in 1966. 

Dealers said British Gas 
shares have risen strongly in 
recent sessions and especially 
yesterday as some Institutions 
underweight in the stock 
moved into the market to try 
to reach level weightings 
ahead of the meeting. 

“It has been quite dear for 
some time that Gas will set out 
a progressive dividend policy 
at the meeting, as well as out- 
line the way ahead for the 
company after break-up forced 
on It by the authorities,'* com- 
mented one specialist. 


At the dose British Gas was 
9Vi higher at 299ftp after turn- 
over of 5.8m shares. 

Wellcome hit 

Pharmaceuticals group Well- 
come wilted under waves of 
wTlfng - from institutions after 
news that the US Food and 
Drug Administration had 
issued a written warning to 
Wellcome about production 
problems at its US manufactur- 
ing plant in Carolina. 

The news was badly received 
in the stock market, where 
Wellcome shares, buoyed 
recently by persistent talk that 
the company could be the tar- 
get of an overseas bid or a 


EQUITY FUTURES AND OPTIONS TRADING 


Stock Index futures advanced 


The FT-SE 100 December 


strongly yesterday in Improving contract pushed ahead steadily 
volume, with premiums to the throughout the session, 


cash market at times widening 
substantially. 


moving up from an opening 
low of 3,017 to a best of the 


■ FT-SE 100 M3EX FUTURES QJpFE) E2S par U facta point 



Open 

Sett price 

Change 

Hgn 

Low 

Eat vd 

Open tnL 

Dec 

3022.0 

30504) 

+3&0 

3065n 

3017.0 

14388 

50058 

Mar 

307&0 

30603 

+39.0 

30605 

30784) 

80 

2106 

■ FT-SE MD 250 KDEX FUTURES (UFFS CIO par AS fatta poM 



Doc 

3520.0 

3663.0 

+24,0 

3550.0 

36204) 

130 

3010 


■ FT-SE MD 250 MPEX FUTURES (OMUQ MO py Ml facta port 

dm asaao <f 

Al open Hm figure* an far gntw day. t ExscJ uohm i wt 

■ FT-SE 100 MDEX OPTION (UFFE) (*3038} £10 per fat facta point 

2850 2800 2950 3000 3050 3100 3100 3200 

CPCPCPCPCPCPCPCP 
DO a 9>i 15 &2 13 73»a 36 50 57 TBfi 87 IS 123*2 W? 1®j 

ttw 221*2 22 130 30 144^42^ US 1 ? 58 82^2 80*2 SB 107** 40 138 27 178% 

Dee 23«i232i2 IB 46 153 80*2 133 80 1M 100 88 IS Wj 154*2 4Z»2 TSSlj 

Jen Z50 <7 222 33*2 187 73 158 S3 BO^ 16Sh 51 107h 

Jtot 281*2 92 221 *2 128*2 168 175*2 124*2 232 

Ctf* MOO 5812 

m Eueosr(iEinr4»-M»eiDEx option (ureqeio par MiinimpoM 


2875 2926 2975 3026 3076 3125 3178 3225 

Oct 188 11>2l36*z 18 84*2 26 M 45 48 71 22*2 108 11 * 2 141*2 9 185 

NW 201 24>2 IB 38 128*2 51 87*2 70 71*2 83*2 50 121^33*2154*2 21 101*2 

Dec 217 38*2 180*2 51*2 148 88*2 118 87*2 81*2 HPa 88*2 138*2 « 168*2 33*2 200 
Kv 228 77 187 113 116*2 180 77*2 218 

JUff 272 101*2 212 137 159 179*2 115 231*2 

Crib mob no 1JB4 ■ Uwtartyfaa nsa ntn fmnfam daw an bate en maim prices 
t!o«<9Me«*aon8» 

■ EURO STYLE FT-SE IflD 390 MOEX OPTION (OMLX) £10 perftJ Mm point 


3500 3560 3800 » 

Oct 157** 75*i 1385, sn» 1145*121 \ 

CaU 0 nw 0 Satiknart pteea ad kAubb *o 1 


37D0 3780 3800 3880 


SE Actuaries Share Indices 


day of 3,062 by mid-afternoon. 

The contract dosed at 
3,056, up 38 points. At this 
level the premium to the cash 
market was 17.3, with the fair 
value premium around 19. 

Trading volume was Httie 
better than average, reaching 

13.453 contracts, up from 

10.453 on Tuesday. But 
dealers said there was plenty 
of broad based support 

On a number of occasions 
the premium to the cash 
market widened to 24 points, 
the best since mid-August, as 
stock futures attempted to 
provide cash equities with a 
strong lead. But at these 
premiums the cash market 
showed a marked reluctance 
to follow, said dealers. 

Activity was again mostly in 
the hands of locks. Some 
traders- thought Institutional 
business could soon start to 
return - possibly next week - 
once third-quarter book 
balancing was out of the way. 

Traded option turnover 
eased to 30,858 tats, down 
3,711 on the day. FT-SE and 
Euro FT-SE volume accounted 
for 13,759 of the total British 
Gas (4,073 lots} and HiUsdown 
(2,955) were the most actively 
traded stock options. 


i he U!< Series 


Day's Yew Dtv. Earn. PTE 

Sep 28*** Sep 27 Sep 28 Sep 23 ago yUUH y Md* ratio 


X0M*. TOM 
ytd noun 


FT-SE 100 3038. 

FT-SE MU 280 asaa.1 

FT-SE Md 2SO «c bw fronts 3531 ^ 

FT-8E-A 360 1530. 

FT-SE ShMCbp 18263 

FT-SE SneBCap « fa* frosts 1797.3 

FT-SE-A ALL-SHARE 1618.71 

■ FT-SE Actuaries AD-Shara 


■»1C 30005 29606 80202 30301 
*05 35173 3521.4 36609 3434.4 
+04 8517.7 36204 3501X1 34408 
408 1516X3 15108 15207 1517.0 
— 1827.42 1834.12 1844.06 176041 
-0.1 180000 180093 181083 178458 
406 1507-56 160022 161058 150092 


10 UNERAL EXTRACnONflO) 

12 Extractive fac*mfea{4) 

15 00 kftnatedG) 

16 08 EMtowUon 3 PtadflU 

20 OEH MANUPACmJRERSfUai 

21 BUMng 0 Conetiuctton{33) 

22 Brfdfag Matts « Mercfts(39 

23 Chamlcsbea 

24 DfeereUod todustriate(lQ 

25 Bectroric & Bnct BtfP(34) 

20 Engheartog(7q 

27 Engineering, VeNcta(12> 

26 Prttiino Paper & **8(28) 

29 Taflflea 8 AppantigO) 

30 CONSUME GOODGP7) 

21 Bramrieafl7) 

32 Spirits. Wines 6 CUerafHQ 
S3 Food Menufaoturert(23) 

34 Household 3oods<13) 

38 Haaflti Care(21) 

37 P h ennaeam te atetlg} 

38 Todacoofl) 

40 98MCESP21) 

41 Ohartbutorapl) 

42 Latoure & HotetegS) 

43 M«*a09) 

44 Batatas. FoodtlOJ 
46 Ftet'ders, G6nen*4£) 

48 Support Sarvtcesf41) 

49 Transport! 6) 

51 Other Servieaa P 
60 uramEspB} 

62 BecBtcRrfin 

64 Qua Dtetrturtlonp) 

66 TeteeornmunteationsW 

68 Watnrqa 


70 RNANCIALSC104J 

71 BanksfIC? 

73 faKroncefl7) 

74 Ltie Aasraance<8) 

75 Mercinnt BanMS) 

77 Other FhandaS24J 

JS-P wpffb tftt 

,80 WYESTMEHT TBUSTSP24 

89 FT-SE-A ALL-SHAREI888} 


Sep 28 cTOaH Sap 27 Sop 26 Sep 23 ago yield* ylaM* 

285638 408284487284681 260684 231080 048 5.18 

407385 +18 402018 3892.07 401015 316780 3.15 583 

257070 +02 285588 2575.13 269058 228000 3JS7 8S5 

1 92023 +18 1905126 1889.93 1997.49 188580 2.16 * 

190061 406 188062 188058 189097 169480 4.01 5X17 

106008 409 10S4.n 1067.48 1077371189.10 088 M3 

185088 +-1.0184054 184&5B 106P96 183040 097 4.93 

238033 403 2361-91 2382.17 2387.16 2202X10 331 433 

1814X50 +1.1 179059 1782S1 1782.12 193790 006 6.13 

1822^43 404 1915-67 188041 1912SQ 2187^0 092 056 

182086 +0.4 181081 181026 1979X71 1871-30 3.14 431 

228223 408 22BSXB 226001 2287.38 1«76X« 438 2.69 

281951 4012817.702807262820432433X10 3.04 $21 

1597.44 +06 156094 1581.51 1B0038 1892.80 <21 8 XT 

289494 407 267096 2672.99 2701 .07 273220 442 728 

218340 4-1X1 218293 217062 220028 201390 493 794 

278041 408 278592 279021279397270020 400 097 

227490 +06 226043 2262X72 228191 280040 426 027 

238998 -012371.78236298 247478 266590 393 7.72 

163018 -1.1 164794 166292 165066 1722.90 3X77 331 

wp» 403 295295 284097298092 299090 445 733 

364499 +05 345690 347308 348086 4080.70 012 Q7P 

1901.04 +09 188890 188094 1882.71 188460 325 038 

266391 41.1 2S25JS7 249019260002289090 068 7.06 

208594 404 206792 206017 206497 193080 398 471 

201087 413 278019275492 2773.742521X70 2.46 593 

171010 +1.4 168020 1675.78 1701.75 172340 3.78 991 

163044 405 162194 1822.84 162799 168050 322 082 

149098 149798 160398 151498 182430 291 048 

2225.89 407221197 221196223498227190 378 5. 08 

-0.1 126797 128012 127498 120190 


236496 +132337922330822380922351.60 446 796 

246483 +08 243080 2464B8 250797 202690 3.73 1002 

188074 +3-1 182048 193391 198047 218T30 003 * 

196080 4071944371932.601964.01214010 422 003 

184089 4291812.11 1P M 8Bia3i».B 3 1845.00 520 1294 

164398 409 163065 182008 184393 161796 393 045 

213898 *1.1 211387 210994 2127.77 2204.80 403 023 

277894 +1.4 273892273049 2754.82 2B8B90 434 1031 

1209.70 +1.0 119794 1185l45 118794 1450.70 5l59 078 

231092 402 230795 227598 2332.61 2882.30 064 028 

2894.36 -02 290OBB28Z3.T9 2941.T6 302290 358 11X1 

183026 -04183028185198183075179190 398 857 

146002 +1.4 146082 148T »7 IWHAn 4flH 433 

278790 409 274554 274033 277066 2557.70 292 195 

151076 +08 160798 150592 161998 150392 398 071 


1044 10470 115071 
2075 9005 1315X0 
1991 10159 1311X0 
1797 6039 118492 
2998 43.71 141891 
2411 4496 139898 
17.72 4008 119071 

P/£ Xd apj. Total 
Mo ytd Return 

2466 81.42 106892 
2459 9894 112404 
2199 8590 105793 
t 3003 111390 
2398 8194 96891 
25.75 2015 83197 
2477 55.15 87495 
29X71 7013 104044 
23X1 8090 63297 
1014 5798 94006 
2498 4693 104193 
7039 110086 
2290 7070 110057 
1790 4049 90393 
1697 10298 829.75 
15X9 8193 97007 
1082 8099 934.76 
1098 7031 95020 
1551 5079 84896 
42X4 MT! 94295 
100212018 94792 
1197 21797 80050 
1090 47X1 93013 
1074 07.72 88397 
2599 53X8 101058 
2191 8594 97083 
139B 5158 102390 
1076 3799 80071 
1020 3190 90097 
20X0 5691 87392 
7026 2390 1085.74 


1592 73X2 01098 
1191 6046 1020.79 
t 6079 90790 
1016 5092 83023 
049 0995 02415 

1891 5191 118195 
1950 88.05 84894 
11.1011494 83497 

11.71 53.05 830.13 
1492 12011 89396 
1091 8495 872.82 
1391 63.16 99151 
2998 3060 845.46 

61X8 5156 93098 

17.72 4006 119071 


■ Hourly movements 

open OOO 1090 11XM 12X» 1390 1400 IPOO 1010 Highway LpWdey 

SS SS ‘SS 5B SB SB SB SB SB SfK 

5SJ ^5 15292 1627X7 1527X 15299 16204 16309 15308 1517.7 

^VFT^iOOQ^NBhrltlpm Osy’. fa-: BJ53*n FT-SE !00 1894 Hleft: 3520JCW! , Lo-r STTM 

I. FT-SE Actuaries 350 Industry baskets 

•_ ** 10X70 11X70 12 90 1390 1490 IMP 1010 Q»e Pnwtaw Charge 

52^ w mo is i on., ^ “g jsj s ^ ;™ 

a*., an as ® SK fS? SX 7 is»i *37.1 

*5 S S St 78"3 23,03 23,23 23,33 27733 *233 


SeFrH^JitaBine hkn fa neOafifa Bum r**STM Ro^l Ji* J^pEsE MU S50 FT-SE AawfaS 3SD*nd lt« FT -36 iXttlta Incfy 
Unfed, bo* * *® O TrmMi Lknfed 1004, Al 

**Mfa«abyiL i vn, CoIlw t s«^PrE7i« a on*wlwW^ n “ 4hwr ’^ 


merger with one of the UK 
pharmaceuticals companies, 
lost 19 at 659p, having fatten 
to 647p at one point Turnover 
in Wettcome was a heavy 7Am 
shares, the highest since mid- 
July. 

Steel rides high 

British Steel continued to 
strongly outperform the mar- 
ket, climbing 6 to 17lftp as 
investors took a very positive 
view of the company's buoyant 
trading prospects. 

A big US securities house, 
said to be Goldman Sachs, did 
most of the day's more aggres- 
sive bidding and 32m shares 
changed hands as the stock 


TRADING VOLUME 


■ Major Stocks Yesterday 

VoL Goans OW* 
OOOi nriem chum 


ASOAQroupt 

tt*Ky)W*an*t 
MMtar 
AJSod Damocqt 


Aeaoc. Brit Porn 

EAAt 

BATVU8.t 


BMkafGesOMdt 

BmW 


SSS5S. 


£400 

333^ 

+1 


S<I 

+4, 

£300 

an 

♦3 

466 

47 


552 

STB 

+4 

fan 

S3B 

40 

648 

318 


£900 

208 

49 

£400 

288 

«2 

gee 

see 

♦1 

54 

200 

<e 

BIO 

487 

+9 

£400 

423 

+11 

£700 

105^2 

+i* 

950 

38B 

-6 

BSti 

884 


8X00 

3U 

-1 

£100 

304 

+8 

•NO 

371 


8,100 

2801, 

♦1 

4400 

314 

+3 

1.200 

203 

42 

4000 

957 

+7 

£400 

S2B 

+12 

1X00 

237 

*3 

1N0 

417 

40 

14X0 

934 

+4 

857 

482 


1.600 

464 

-4 


koh 


U4 

383 

+14 


taUiCeMt 

Buron 

CBOfaawhrt 

§Sgf «*-»t 

Carton Commit 

grttf 

Cootonn 

Cou«*fat 

a»u 


FM 

Paon* 

paay LCoLLT. 

Fortuy 

0«n.Accttrt t 
deCL 

aSldrSLt 


Qufcai— t 
HBBCPGptfWt 


Jafa—i M— fay 

saw 

LaMef 
Land 3eajfTBnrt 
Uparu 

UflUlOWi I f 

mp 

Lcotm 


32JXX) 171*2 *6 

3500 173 +2 

33z asi -4 

222 SB 

4X300 403 *10 

088 455 -1 

TW , 2B» 44 

1900 32a 413 

2.700 200 43 

1X300 SOT +11 

0,800 243 44 

STB 464 -2 

261 443 

372 830 43 

15* 184 -1 

5BB 782 «6 

472 728 43 

1.200 370 +7 

3XB0 382 ■« 

778 201 +2 

1900 1» -1 

1X00 117 

15DQ 135*2 +2 

1X8)0 ZTB5 +1*J 

6*1 B64 *7 

4400 2« 

4900 5* 46 

l» « 4 

79B 313 «2 

9200 4 or m 

1.400 S87 46 

B 38 107 

1.100 600 -1 

9.100 450 +3 

9200 70S 410 

35 321 44 

8500 255)4 +1 *4 

646 170 «8 

462 282 <6 

1900 178 

1.000 290 -2 

1900 aasxx +1012 

IX 00 440 415 

135 351 

1.100 480 47 

2M 556 -« 

£500 137 -2 

£300 625 40*2 

281 723 -7 

853 443 *2 

MOO 330 *3 

3900 554 4)2 

4900 133*; «1)a 

1200 601 42 

£700 IJIIj -1 

■lOXJOO 182 -a 

1X00 4®1 47 

1.100 132*2 -2*2 

1900 BOO +1 

29C0 408 44 

6S0 756 «3 

483 134 *3 

462 174 «3 

£500 462 46 

1900 454 46 

1200 247 44 

983 641 417 

184 783 47 

<71 197 

1X00 701 -8 

686 see 4i< 

577 635 47 

1900 188 41 

787 514 44 

£100 290 +1 

251 Ml 411 

£500 904 411 

100 238 *1 

532 411 44 

774 354 -1 

1900 922 412 

1X00 783 417 

1900 226 -3 

1900 478 48 

MOO 1B4*i vlll 

1900 419 -6 

1900 262 44 

901 399 46 

H 15 W -8 

£400 «S 42 

1900 372 -1 


Soaocmj 108 417 

Swot Tlwlt 818 S42 +11 

SmI TflrmpgiTf 3900 004*1 +4*2 

Staff 1X00 B46 -3 

tixsih Eata iJXffl 237 49 

8Mfi(NUU ^ 740 460 -4 

SmaniNeptxvrt 408 !4S*j 4*2 

3jtW BHMnrt MOO 4Z7h ++H 

SitM BaachaM Lfakt 1900 387 «6 

aronakafa. , 3900 427 -6 

Sexahwn Hact-t 1900 720 46 

SouftWMaaS'KO- 2900 795 43 

SoutfiWMlMttr 400 627 46 

Souli Iht BacL 83 748 

BadumlWKr KE 66S 43 

saNtaaant i,?w zm <s 

3adOM 1,700 107 -2 

SuiXXanoat 1900 322 49 

TIM ^ 19«5 47 

11 Qraeot 1.100 3*5 -1 

TBBt 2900 218 45 

Tkmac 6900 183 t*a 

TsUilyfa 1900 -*33 ifl 

Tutar.HMov £6 124 

Teocat , £000 238 *6 

Dmitat 9U SID ti> 

TtanBBt 1900 1007 40 

TbmMrat 7900 2» *9 

TMMMr5teua £100 80*2 +^ 

Unlgga 194 340 49 

IJNMt , 1900 1100 47 

DnMd BwuBat 350 818 43 

UKL MMW«9 <17 437 *1 

Vbtfatort 1700 1* +*S 

Wirttrflprrt 378 700*2 -1*j 

WMcenut 7900 999 -w 

Wabn Wear 24S 6g 44 

WUMCWUr 100 60S 47 


MOiten Wig 

W FP. 

NWNaKtaftt 


PoMfOent 

ss 

tataxrt 
Read taf 
Rataut 
flaororrt 


BortCWlBNOTa-t 
Bcefc Hyrte-Sao. 
Socotwi Pamart 


Tata t Lvfa 

T«yfarWbw*ow 

Teaesft 

Thera* Atart 
Than ast 
TbnMrt 
TMtarHeua 


WMrnrnet 
WafanVHer 
wbhfc wnr 
WMtraaot . 
Wfcffatfap. T 
IWi Conpen 


w eu raft 832 587 *3*2 

WUBHdtLt £300 344 47 

MiCeneen 483 146 -0 

Where/ 1900 141 44 

manevt 1900 7BB 46 

V ata taBta. U 7 « -1 

V a rteh*8 Water 201 630 412 

Zanocet 883 BOO -2 

Braed on n«W «ehm far a Mtfeaon of IMjer 

soortfas dealt ttreuah Are 3EAD ajetsm 
nmta «l L30pm Trade* el one mBonar 
men «a rmbxM dnm t h*4» an FT-SE 

10 Q h«e eendfUH 


broke throu^i to a new high 
for the year. 

On the back of firm steel 
prices and expanding produc- 
tion - output could rise by 5 
per cent this year - the shares 
have outperformed the market 
by 12 per cent over the past 
month and by 31 per cent on a 
12-month basis. 

US production is due to 
expand very strongly next year 
and new technology looks set 
to make British Steel one of 
the cheapest producers in 
North America. 

The talk among analysts is 
that US buyers of the stock, 
having run down their portfo- 
lios this year, could soon be in 
evidence. 

British Airways continued to 
lose ground, shedding 5 to 
329%p as four other major US 
airlines moved their trans-At- 
lantic fares down into line with 
the recent special nffim- fmm 
Northwest Airlines. 

Only L4m shares were dealt 
but the stock was clearly out of 
favour ahead of next week's 
traffic figures for September, 
which, are widely expected to 
make gloomy reading. 

Conversely, BAA has taken 
heart foam the air ticket redac- 
tions, advancing 9 to 487p on 
the expectation of growing pas- 
senger volume. Its September 
traffic figures are due out on 
October 13. 

Shell Transport came in for 
keen support after a profits 
upgrade by Nomura, the stock- 
broker, whose analyst Mr Nick 
Clayton raised his current year 
profits estimate to £3£5bn. The 
Nomura analyst czted evidence 
of petrochemicals prices and 


NEW HIGHS AND 
LOWS FOR 1994 

*EWMQH8Cta 

SREwencs pj ofata m»», nsmBurons 

HI REM, BJBCTmC 6 EUEX EOUP P) Notaa 
PrL. TC2. Thorpe (FWfl. ENOBEERMQ (1) Bnt 
SMCL EXTRACTIVE BOS <7| Anglo An Oota. 
Humane. Doocrtantafa. Hamaty. *na«fa 
Pfaawn. HTZ. Wiwmi Awe x FPOO MWUP 
08 Bm (4GJ. LrtDn PvL INVESTMENT 
TRUSTS 65 LOSURE 8 MOTOS 0) Brtsol 
ScriW. Monharn Cm,. 9<W>1. Timers. 
RETA0JS1& GOtBUL (1) S^to, TEXTILES 6 
42P4RH. ( 1 ) Wenmm. TRANSPORT a A«*od 
Okmueen. Oe-Mwed. 

NWIOWIM. 

BANKS ft) Esota, Sno. BUUMO * 
CNSTRN m BC. Lflfag (JL Do. A NV. Roto. 
When Bowderi IWsan [Q- BLDO KAILS & 
HCHTS (3) Aesus, EqMn McfcsK 
OBTWBUTOWB Alta. CMN S«r«N. 
tJ B w pffas Conpas. Lat S ennet. “"Q—ir. 
DfWStSRED MAS (I) BTR N)4m. ELECTRNC 
a OfCT EOUP M Bataom. DM Dan Ita. 
VIMi, BOMffiM n Amosoueturas 
Mambts, AMs, Ctyrmd sm, finrtts Ml. H 
TmnaTsc. Bd VBOCLES fi) AAF, 
EXTRACTIVE MOS (1) BWctS. FOOD MANUF 
(1) Onro kUL WHESTUOIT TRUSTS p] 
(NVESTlIEXr COMPANB (I) Laon Am. Ens 
YkL, LEISURE 6 H01B9 (1) MptB Aaperv. 

OB. DtPLOmmOM L PROD |1) Sea 

AtMB. OTiei RNANCWL |0 Abenfaen RUL 
MAI. ocean Cora- Seace Hun. St Jswi 
Plane Cap. Tomt Int. cmei SERVE 8 
BUSKS a Ptan-Me. PWpun. 
wwm ni niCAU ru prmib mu prtnq. 
PAPSt 6 PACM3 (7) ta- Thnnn. Fvvnen 
ta. Huokre Am4ey , PMane WU Plyau Sta 
9t Pme. PROPERTY fiq BHon. CLS. Bks. Ex 
-L ands, MOOO. Loa MwdBnt. AfacMsw (AAJL 
Okne, ML nk». fawn. 34M. SevS*. 
Sombaad 8pc Qv. 2Q2ft Wans CKy ol Lon. 
RETNLSW. QEWCtAL pi Aroao. Badantm 
Coney Caaiafa. Owan. Earn ROT*m, MR. 
Seas, &ntf> (WH). Saarahouee, SUPPORT 
8BIVS P) BSM. dtaro 4. Ntwo. TEXHLES A 
APPARS. {1J Shenacad, TRAMSPORT (3) Brttt, 
Afev^e, Do BVpc CM. M^ne McMaea, 
AIERKANS (1) Teman. 

volumes improving much more 
rapidly than previously expec- 
ted as being behind the 
upgrade. The stock moved up 
to 697p before closing a net 4’A 
ahead at 694'Ap; turnover ramp 
to 3^m. 

Switching from British 
Petroleum to Shell and evi- 


dence of renewed US selling of 
BP left the stock a poor per- 
former in the London market 
at 398p, down 2, after 396p. 

News of the £58.4m rights 
issue saw Cnichem tumble 22 
to 276p. 

British Aerospace declined 4 
to 464p against the general 
trend. The company's name 
has been linked with Fokker. 
of tiie Netherlands, over the 
development of a new 120-sea- 
ter plane. But the main talk 
among traders was the possi- 
bility of an imminent takeover 
by the company, with VSEL. 
up 5 at 973p. said to be a likely 
target 

Smiths Industries dipped 5 
to 427p following a large sale 
order by S.G. Warburg at 422p, 
and Lucas Industries also went 
in the opposite direction to the 
market in very heavy turn- 
over. easing 2 to 194p on 10m 
traded. 

Better than expected results 
triggered good support for Bea- 
zer, the housebuilding group, 
whose shares settled 8 higher 
at I31p. 

Among diversified industri- 
als. Tomkins had another busy 
day with 6.4m trades leading to 
a rise of 9 in the share price to 
2i8p as the market took advan- 
tage of the clearing of a major 
stock overhang. Williams 
Holdings rose 7 to 344p follow- 
ing yesterday's presentation to 
City analysts. 

Shares in Bass, a weak fea- 
ture after a trading statement 
from the group on Monday dis- 
appointed the market, moved 
sharply ahead after a leading 
broker urged investors to buy 
the stock. 


Bass jumped 12 to 506p in 
trade of 2.4m. when Smith New 
Court suggested that investors, 
and income funds in particu- 
lar. buy the shares for the 
healthy dividend expected with 
the group's final results. Bass 
made an interim dividend pay- 
ment of 6-6p and Smith New 
Court is expecting a dividend 
or I4.4p at the end of the year. 

Favourable results from 
property group Frogmore 
Estates not only boosted the 
company's shares but also 
cheered several other stocks in 
the sector. The shares 
responded by racing 25 ahead 

to 444p. 

A recommendation from Leh- 
man Brothers boosted BAT 
Industries, which finished 11 
ahead at 423p. 

Hotels group Forte, which 
reports figures today, put on 2 
at 2I9p ahead of today's fig- 
ures. Vague talk of a rights 
issue announcement with 
today’s figures was heard early 
in the session, putting pressure 
on the stock. The talk had 
faded by the second half. 

The market was disap- 
pointed with figures from jew- 
ellery group Signet. The 
decline in the US market was 
of particular concern to ana- 
lysts and several brokers 
downgraded full-year profits 
expectations by around £10m 
to £i6m. The shares retreated 
3 % to 28Up. 

MARKET REPORTERS: 

Steve Thompson, 

Joel KIbazo, 

Jeffrey Brown. 

■ Other statistics. Page 22 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


Cak Ms 

Optai Oct Jmi Apr Ofl Jan for 

AIM Dane 540 4214 - - 3 - - 

fSTB) 589 11 - -2111 - - 

Argfl 280 WH 24 80H 5 18 17H 

(*270 ) 280 • T3VS 21 15K 23H 28K 

MM 60 5 715 ■ 2 4H 5H 

r®2 ) 70 IK 3H 5 9 10H 11H 

Bit Atnaajv 380 13 M M 11 21 28 
fW) 390 3 It 22 33)4 40 44 

ttttUaA 420 17% 31 41 9 2&W27M 

(- 4Z7) 480 4 13*22* 38 45 51 
BOOM 500 40* 46 80* 2* 11* 18 

(434 I 550 7* 21* M 2ZJ4 35 <1* 

BP S80 17 29 38* 7 15* 21 

f388 ) 420 4*14*22* 25 33 38 

MM)8M 180 15 10* 24* 2* 8* 9 

(171 ) 180 3* • 14* 11 16 18* 

Bat 500 36* 44* 48* 5 18* 24 

(■328) S6D 7* 17 & 29* 47* 52 

MUM 390 a 4m s sis* a 

P407 | 420 11* 25* 37* S 34* 40 

CODMtt 430 a 48* 57* 2* 12 15* 

r*S2 ) 460 11* a M 16 30 33 

cam Ulan 463 34*40* 47 6* 13 27 

C5D7 ) 543 5* 16* 33* 39* 44 57* 


D 60046* 71 « 7 22* 36* 

n») 860 IT 41 67 27* 45* 81* 

n am e <80 3** es es 513 * 21 

1*490) SDO 13* a 43 19* a 38* 

UfldSeor 600 32* 42* a 4* 13 17 

P 624 ) 850 ■ 17* 36* 30 36 43* 

Marts S S 360 24 3Z* 42 3* 11 14* 
(■406 1 420 7 W* 25* 17 25 29 

ttriWnt 480 31 45 64 5* 14 2SM 
(•482 ) 500 8* a 39* 24* » 47 

seratay 380 18* 30* a a 20* 23* 
r&! ) 420 5* 18* a 26* 37 40 

SM Trans. 650 51* 68 73 2 6* 17 

r®5 ) 70014*32*43 16 aa 

Stntoue in a* 24* a 1* 4* 6* 
C797 ) 200 5* 12 16 7* 13 17* 

TtaMgar 60 9* 12* 18* 2 4* 6 

C87 ) 002* 710*6 9 10* 

IMM 1100 8 63* 72 16* 37* 63 

(1106) 1150 6 30 a 50 67 a 

taca 75D a 77 60* 3* 13*26* 

CT90 ) BOO 22 45* » IB 32 « 

Opfoa Maa F96 llir ta ftp tar 

fend Nat 390 a a 44* 6 18*21* 
c«6) 4a 13 22* 26*22* 34* 37 
Ladnto 140 a a a 2 * 5 e 

(168 ) 160 6* IS* 16* 9* 13* 17* 

IM Stall 300 19 27*31* B 13 22 
C312 ) 330 BH 16 IT* 28* 31 40 

Opooa Sap Bw Mar Stp par Mar 

Ran 110 8* 1ZK 18 1 5* 7* 

(116) ia 1 7 11 5*11*13* 

Oman tar Pah taf Mb* Fat Ub) 

MMTO 460 27 44 51* 24 32* 43 
r«4 } 5D0 tl* 26* 34 50 57 56* 

BAT Jodi 4® »» 34*36* 13* 22 32 

r«2) 460 7* 1722*4346*57* 

BIS 300 a 32* 87 6 11 18* 

TO*) 330 6 is a 21 a a 

M Mam 380 22* 27 S4 7 15 17* 
P371 ) 390 7* 12* 18* 23* a a 

cam? a* <2043* aas* raw* 
(*54 ) 460 16 a* a* 17* 23* 32* 

Etsfart Bac 750 31 88* 73 30 44 S3* 
(73) 800 17 a 51 m 75 S3 

fens 43) 42 60*67* 5 9 16 

|*45B) 460 15* a a 20* a 34 

EC 28D2BM2&814H0 12 

f293) 300 614*20* 14 10 21 


C343 ) 
Quite 

MA 

T4M) 

TtanaaMr 

rsoo) 

Option 


CUB Pina 

Way Fati Mgr Nro Feb Um 
2a 20*23* a 3 5* 8h 
240 7* 1216* 9 16 19 
134 28* - - 2* - - 

154 IS - - 9* - - 

180 IB a* a 6 10 14 
200 6 12 19 18 2 25 

600 SO* 86 18* 9 16 31* 

650 » 35 46* 30* 41 56* 
IN 14 16* 22* 5* 8* 12* 
200 4* 6* 13 16 21* 24* 
280 Z7* 34 37* 4 7* 13* 

300 14 22 23*11* TO 23 
900 37* 60* 71 25* 38* 55* 
950 16 36* 4756*67*83* 
500 28* 44 53* 14 21*35* 
550 I* asm 46 51 66 
2B0 17 26* 32 12* IS* 24 
300 9 77 23* 25* 29* 35* 

220 a a 34 4 8 11* 

240 9* 17 a 12 16*20* 
183 19 23* - 5 8 - 
200 9* 15 » 12 16* 16 
323 26* _-<*-_ 
354 6* - - 17* - - 

fld Jan Apr Oti Jan for 

475 a 30* 40* 6* 15 19 
500 7* 17*27* 16 27*31* 
500 21* a 43* 12 24* 27* 
550 4 13* 22* 43 55* 57* 

Bap Dab Bar Sap One Me 

380 a 41 46 1 B*1«* 

390 2* 21* 30* 4* T8 29* 

K 3* 4* S* 1 2 3 

30 1 2 3 3* 5 6 

560 17 40* 94 M 16 a 

600 1 16 a 36 44 56 

290 BM 22* 31 1 11 17 

300 11 13 21* IS* 22 27* 

an 21 24* 31 1 7* 12* 

300 1 13* 20* 4 18 20* 

IN 19 18* 23* 18* 13 

200 1 10* 14 14 19* 24* 

IN 18 21 26* 1 3* 6* 

IN I 6 14 5 12* 15 

130 IH n WH Hi 7 11* 

140 1 6 6* 10 13* 17* 

<a » 45* 56 1 8* IS 

480 1* 21 0 8* » 32* 
380 2ZH 30 44* 1 11* 15 

390 1 a 312*24* 2B* 

TQQ 5* 8 11* 14* 8 

110 14* 7 7* 11 12 

2 M is a a i a a 

2a 1 11* 18* 6 15* 18* 


RISES AND FALLS YESTERDAY 

5 

British Finds 

Othor Fixed Internet 

Mineral Extraction 

General Manufacturers 

Conauner Good* 

Servieaa 

UMties 

Rnandafe 

hrva aln ia n t Truss 1 

Others 

rotate t 

Data baaed » tinea meaflae Rafail en the London Share Santa 


TRADITIONAL OPTIONS 

Rret Daefinga September 2 S Expiry 

UctOeatoBD October 7 Sattanent 

Cans: ABanca Res, Amfeiex, Aran Energy, Greenwich Rea, l 
Gala: Ann Energy, Gramkh Res. 


LONDON RECENT ISSUES: EQUITIES 

la** Amt IAL Chse 


Rtaee 

FaBa 

Same 

54 

3 

13 

11 

a 

4 

60 

48 

84 

115 

136 

395 

45 

33 

109 

88 

95 

314 

27 

7 

11 

as 

107 

174 

148 

44 

33 

28 

285 

33 

863 

487 

1422 


December 29 
January 13 

Mdgs. Puts 6 


price pett 

P up 

cap 

(Em.) 

1894 

Hgh Low Stock 

price 

P 

W- 

Nat 

rtv. 

0*. Gn 
cov. yld 

Pit 

net 

100 

FJ>. 

18.1 

102 

95 Beacon bw Tm 

95 


_ 

_ 


. 

- 

F.P. 

IS 

48 

39 Da Warrants 

40 


- 

- 

- 

- 

S12S 

FJP. 

162 

130 

118 Compel 

119 


WN4.0 

£1 

42 

115 

a. 

FJ>. 

130 

1b 

1 Conn Foods Wrts 

li* 


- 

- 

- 

- 

- 

FJP. 

248 

02 

61 Emerging Mkls C 

82 

+1 

«a 

- 

- 

- 

112 

FJ>. 

214 

120 

119 Independent Parts 

120 


LN4^ 

2.1 

42 

145 

IN 

FJ>. 

182 

195 

180 Mactte Inti 

189 


WSI6J) 

22 

4M 

7.7 

80 

FJ>. 

24.1 

85 

78 Rytand 

85 


L«L5 

1.7 

5.1 

1«J) 

- 

fP. 

3X2 

44 

27 Suter WTO 96/04 

31 

+1 

- 

- 



- 

FJP. 

1164 

379 

371 Tempbnon E Nm» 

373 

+2 

- 

- 

ra 

- 

- 

FJ>. 

128 

212 

192 Da Wrts. 20M 

203 

*1 

- 

- 

- 

- 

- 

FJ>. 

2082 

380 

300 Wmx. & Dnfa Wtr 

360 


- 

- 


- 

- 

FJ>. 

33.7 

330 

330 Da MV 

330 


- 

- 

- 

- 


RIGHTS OFFERS 


teams 

Price 

P 

Amount 

paid 

up 

Latoa 

Renun. 

data 

1004 

HJ 0 h Low 

Stock 

Closing 

price 

P 

-Kir- 

475 

N» 

4/10 

59pm 

15pm 

ConaneroM Union 

32pm 

♦10 

160 

w 

17/10 

Bpm 

2 pm 

Jarmyn hv. 

2 pm 


500 

N1 

ia no 

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252 

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6 pm 

-1 


FINANCIAL TIMES EQUITY INDICES 

Sep ZB Sep 27 Sap 26 Sap 23 Sep 22 Yr i 


Owti ne ty Share 23505 2340.0 2331.4 2347.2 23402 2323.6 271*6 2240.6 


T an* 

130 

6* 12* 

18 

1 

SR 

12 

Old. t far. yield 

4.36 

4.38 

4X1 

487 

4.30 

4.(71 

4X8 

3.43 

P33 J 

140 

1 8* 

14 

9 

15 

10 

Earn, ykl 96 tuB 

628 

683 

835 

620 

624 

4.72 

884 

3.82 

Ttan as 

1000 18* 52* 67* 

3* 

31 

47 

P/E ratio net 

17.65 

17.43 

1788 

17.51 

1720 

27.06 

33X3 

1884 

noor) 

1060 

2 29 

« 

48 39*74* 

P/E ratio rtf 

1781 

17.69 

17.84 

17.78 

1787 

24.97 

3080 

1789 


T58 200 18 24* 29 1 S 10 

["216 ) 220 1 12* 17 5 13* 19* 

Kraus 200 19* 36 81 1 5 8 

{"217 ) 220 1* 14 T8 4* 12* 16* 

WHfconm 89) 11 46 08* 2 30*44* 

{*650 ) 700 1 28 46* 44 58 71 

Option Pet Jm Apr ta Jar Apr 

flta 55041 81*72* 72133 

rsao ) 000 12* 34 <7 31 45* N 

S&CTfaria 700 29* 67* 75 22 39* BO 

(*707 ) 750 tl 33 82 58* 66* 89* 

tan 475 17 - - 12* - - 

(*47B ) 487 11* - - 19* - - 

Option Wee HP Bg tar Fati May 

ftfcajw 180 14 20 23* 6 11 15 

H84) 3» 5* 11 14* 16* 22* 28* 

• Untieta B sacral* prte. P iart tfra atmm am 

based en ctane «0ar prtta 

S ept en ter 38, Total contracts: 30,545 Cak 


"For 1984. onmy snam Max tece cu r np lat fan. Wpn 27*34 2/02*4; low «SU 206/40 
FT Ordhay BMra Mae base Orta 1/7/35. 

Ordinary Share hourly c haitB— 

Open 9 lOO IMP ITjO 1200 13J0 UJ)Q 15J0 IMP Wflh Loaa 
2342X 23482 235C6 235BJ5 2353.1 2352/4 2351 J 23504 2356.7 236041 2341.6 



Sep 28 

Sep 27 

Sep 26 

Sep 23 

Sop 22 

Yr ago 

SEAQtaergaka 

24,483 

23,734 

24826 

23214 

23883 

20.627 

Equity trancTver (Envt 

- 

1376.7 

12222 

11502 

13378 

13078 

Equity bargakist 

- 

30207 

24^90 

27847 

20204 

32216 

Share traded (m?t 

- 

5162 

452.6 

509.4 

489.0 

44ft 


tBEUfaig fcl li s-na rta t MatoM* anl wall iumotier. 


16043 Pa* 14.502 


FT COLD MINES INDEX 



bp 

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n N 

Sep SB> Tara 

2B 23 apa 

few A 
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23S72B 

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3544.15 

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3585.76 354018 232202 

067 

3560.78 229588 

AiataBteft 

2832.47 

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291£38 282129 182985 

18« 

301389 182985 

Haft Mrta ( 11 ) 

191121 

+£0 

167281 1887.76 I49L25 

070 

20S8L65 145R4S 


Copiti^a, Th* Hrwndd TVrwa lintel 1S9*. 

R»m h kM anew ruiter 44 compafe. Btea US Dnflas. Ban Mduaa: HJQ6D0 31/12M2. 

PradaoaiaBrQold aawaaafac 6^128: 2B33;dai/a ebanga: +7 J pokes Year ape: IBOST PanW- 

Lifaar pifaea mai-Bthki far fafa Wfan. 


The FT can help you reat^i 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 rales'and 
" further details please telephone: . / * 

Philip Wrigley on +4471 873 3351 






X 


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FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 


LONDON SHARE SERVICE 


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nNANCIAL TIMES THURSDAY SEPTEMBER 


59 1994 


FT MANAGED FUNDS SERVICE 



























































































31 



































































































































FINANCIAL TIMES THURSDAY SEPTKMB 


5R 29 1994 
















































































































































































34. 




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5 


CURRENCIES AND MONEY 





MARKETS REPORT 


H£ PO-JND 


Dollar drifts upwards 


Ctoatag Change OdMfh 
rntd-polre on day spread 


Day** Md 

high to* 


Ona month Ifcra* months Ooeyaer Baric of 
Rare KPA Raw %PA Raw %PA Bng tndax 


Eunp* 


The dollar was slightly 
firmer against the yen yester* 
day as markets stretched to 
the limit of anticipation eyed 
the eleventh-hour trade talks 
between the US and Japan, 
writes Motoko Rich. 

In the absence of any real 
news from negotiators, the 
markets gave tile dollar the 
benefit of the doubt and 
bounced the US currency 
around at the upper end of its 
ranges against both the yen 
and the D-Mark. 

Against the yen, the dollar 
closed in London at Y98.720G, 
up from Y9&1350. Against the 
D-Mark, it finished at 
DM1.5467, down slightly from 
DM1347. 

In Europe, the lira remained 
the focus of attention as Prime 
Minister Silvio Berlusconi's 
cabinet approved the govern- 
ment’s budget proposals for 
1995 and Italy’s trade anions 
called a general strike for Octo- 
ber 14 in protest of the pension 
reforms included in the budget 
Against the D-Mark, the lira 
closed in L1007, down from 
Tuesday’s close of L1006. 

Sterling showed some poten- 
tial to test its upside against 
the dollar, but fell short of a 
real breach of important tech- 
nical levels. Against the dollar, 
it closed in London at $13784, 
up from $1377 and against the 
D-Mark, it finished at 
DM2.4412, up from DM2.4396. 

■ The dollar maintained a 
firm bias against the yen 
throughout the day although 
neither US nor Japanese offi- 
cials were forthcoming with 
any substantial de tails on the 
shape of their trade talks, 
which look set to continue 
right up until the deadline 
tomorrow. 

Mr Steve Barrow, economist 
at Chemical Bank, said: 
“Unfortunately for the market 
it has always looked like it 
would come down to the wire 
and that is the way it has 
proved.” 

Be said the market was 
assuming that the two sides 
would arrive at some compro- 
mise an most industrial sec- 
tors, and avoid sanctions. In 
the event of such an outcome, 
Mr Barrow said the markets 
would “just give a big yawn." 
The markets were slightly 


Yen 

Against the dodarflfpwQ 
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15591 

15807 


unsettled by comments from 
US Treasury Secretary LLoyd 
Bentsen, who said any trade 
sanctions that were imposed 
against Japan would he spe- 
cific, rather than broad-based. 

Earlier, the dollar took a dip 
as a stronger-than -expected 
August durable goods orders 
figure - which rose by 6.0 per 
cent on July’s figure - emerged 
from the US. It was the biggest 
gain since December 1992. 

■The lira was bounced around 
in choppy trading as the mar- 
kets continued their vigilant 
watch over Mr Berlusconi's 
progress with a budget for 
1995. The cabinet’s approval of 
the budget helped the lira to 
rise to L10O13 in the morning, 
and though the trade unions 
called a general strike for Octo- 
ber 16, they were largely dis- 
counted by the markets. 

The revelation by the North- 
ern League, one of Mr Berlus- 
coni’s coalition partners, that 
it would oppose certain mea- 
sures in the budget aimed at 
reforming the country's pen- 
sion system, gave the lira a 
fright. 

But in late trading the lira 
took strength from Mr Berlus- 
coni’s announcement of fur- 
ther budget details, which 
included a promise to slash the 
deficit by LGO trillion. 

Mr George Magnus, currency 
economist at S.G. Warburg, 
said the lira is still underval- 
ued. “But there is a long way 
to go before the lira can turn 


around to what most people 
regard as a reasonable value, 
around L950 to L980 against 
the D-Mark,” he said. 

■ Sterling attempted a push 
upwards against the dollar on 
the back of the strong US 
August durable goods orders. 
Mr Tony Narfield, UK treasury 
economist at ABN-AMRO, said 
traders were waiting for the 
pound to breach the important 
technical level of $139. 

“Once the pound breaks 
through $139 or $130. techni- 
cal traders will be asking why 
it does not go up to $1.70,” he 
■mid “While it is hard to see an 
independent rise of the pound, 
it mi ght tally with a general 
weaknening of the dollar." 

■ The short sterling futures 
contract for December rose by 
8 basis points, as recent UK 
tfun p flmic data fed through into 
the markets and traders began 
to revise interest rates sl ightl y 
downwards. 

Since Chancellor Kenneth 
Clarke raised base rates earlier 
fids month, the futures mar- 
kets have been pricing in rate 
hikes of up to 7 per cent in the 
December contract. Analysts 
have said such forecasts are 
highly exaggerated. 

The December contract set- 
tled at 9337, up from 93.19, dis- 
counting a short-term interest 
rate of 6.73 per cent 

Mr Norfield said the rate cur- 
rently priced in by the markets 
is sffli “im plausib le", but that 
investors are slowly curtailing 
their expectations of rate hikes 
because recent UK economic 
data has shown more balanced 
growth without signs of a con- 
sumer boom. 

■ In the UK money markets, 
the Banlc of Rn ^and forecast a 
shortage of £400m and pro- 
vided liquidity of £400m at 
established rates. Overnight 
rates traded between 3% and 
5%. 

German call money firmed to 
4.75/85 per cent from 430/40 per 
cent 

■ OTOmc unniMcms 

Sep 3 C S 

Him 171532 - 171537 108550 - 108550 
km 275800 - 275700 174800 - 175000 
RMK 04685- 04090 02869-02376 

KM 36481.3 - 385482 231250 - 231500 
Km 421425 - 421906 287000 - 287300 
UAE. 52883 - S799B 30715 - 18735 


Austria 

(Sch) 

17.1801 

40.9106 

716 - 884 

17*054 17.1279 

17.1758 

03 

17.1638 

04 

. 

_ 

114* 

Belgium 


511773 

+00121 

567 - 979 

50*580 50*510 

501873 

0 * 

502123 

-0* 

407323 

09 

118.7 

Denmark 

(DKr) 

9*834 

+00332 

794 - 674 

ft 5023 95521 

95832 

-08 

06023 

-Oft 

061 08 

-03 

lift* 

firiend 

(FM) 

7.7155 

+00063 

062 - 248 

7.7250 7*780 

- 

• 

. 

- 

. 

. 

85* 

France 

fRJ 

85S08 

-0^X05 

271 - 345 

8*434 6*087 

8*307 

0 * 

6*263 

02 

8*558 

OB 

110 * 

Germany 

53W 

2.4412 

+00018 

402- 422 

2.4453 2.4306 

2.4405 

04 

2.437 

07 

2 A02B 

1 * 

125* 

Greses 

m 

371*50 

-0391 

619-281’ 

372*19 37I.T45 

- 

• 

. 

• 

- 

. 

- 

intend 

m 

1*118 

+0*006 

111 * 12S 

1*136 1.0077 

1*117 

0 * 

1*119 

-Ol 

1*147 

-03 

106.1 

Italy 

H 

24S-15 

+6*3 

774 - 058 

2481.84 244071 

2465*6 

-2* 

247146 

-2.7 

252066 

-2.6 

784 

Luxanreoug 

(Lfi» 

Sai773 

+00121 

667 - 979 

502680 600510 

501673 

02 

502123 

-03 

49.7323 

03 

116.7 

temiirki 

IWUniNnCB 

tR) 

2-7329 

-00008 

318-340 

2-7379 2.72S1 

2J322 

03 

2*287 

08 

2*914 

1 * 

1207 

Norway 

WV) 

10*909 

+00023 

B85-9S1 

107172 1Q5S9 

108906 

0 * 

108927 

-Ol 

106961 

ao 

85* 

Portugal 


248*35 

+0126 

538- 135 

248.168 248*18 

250565 

-fl* 

253.745 

-7* 

. 

. 

_ 

span 

£Pa$ 

26*430 

+0014 

221 -6® 

202.783 201*57 

202*45 

-3JS 

203*15 

-2.1 

205.785 

-1.7 

65* 

SwMan 

(SKrl 

11.7723 

+00183 

819-838 

11.7833 11.7107 

11.7913 

-1* 

11*388 

-2* 

12*523 

-24 

75* 

Switzartand 

(SFr) 

2*199 

-00014 

186-212 

2.0227 2*135 

2*173 

1 * 

2*113 

1.7 

1*698 

2 * 

123.1 

UK 

n 

- 

- 

- 

- 

. 

. 

. 

- 


. 

79* 

Ecu 

- 

1*770 

-00006 

784 - 778 

1*788 1*746 

1*773 

-03 

1*774 

-Ol 

1*723 

04 

- 


Japan 


Americas 

Argentina {Peed 1*785 
Brazil n '-3808 

Canada <CS) 2.1183 

Mexico pewfteq) 55500 

USA IS} 1.5784 

PncMoMdde EostMMea 
AuatraDa (AS) 2.1323 

Hong Kong (HKS) 12.1860 
tnefa tpa) 495068 

(V) 156S20 
(MS) 40478 
New Zeeland (NZ5) 2.620B 

PMtoptoas (Peso} 403595 
Saudi Amble (SR) 5*210 
Singapore (SS) 22489 
S Africa (Com) (R) 5*108 

S Africa (Rn.) (R) S*888 

South Korea (Won) 12S1-68 
Taiwan (TS) 41.3758 

ThaSand (Bi) 38*968 

TSOR retro tar Sap Z7. Bktater i 

mafa* but ■» knoted by conwn I 


400014 780 -7B0 
-0.0010 587 - 825 
- M O M is3 - 202 
400079 447 - S53 
400014 780- 788 


13805 13784 
1*858 1*560 
2.1238 2.1167 
S35S6 53443 
1*805 1*752 


5*277 5*123 
2*515 2*404 
5.6185 5S0S6 
07054 8*434 


2.1187 

03 

2.1164 

as 

2.1061 

07 

88* 

1*73 

0 * 

1*783 

05 

1*807 

1.1 

82* 

2.1322 

ao 

2.1336 

-0* 

2.1518 

-08 


12.1921 

04 

12.191 

02 

12.168 

ao 

- 

15843 

3* 

154.465 

34 

14199 

44 

189* 

2.6248 

-1 * 

2*328 

-1* 

2*548 

-1* 

“ 

- 

- 

; 

- 

- 

- 

- 


-0*001 310 - 335 

400101 821 - 999 102122 12.1799 12.1921 
400381 661 - 270 49*720 404450 
4-1*61 733 - 907 158*10 154*50 15043 

400108 480 - 488 4*527 4*430 

40*043 191 -226 2*237 2*174 

405015 702 - 488 41.0490 40*655 
400068 191 - 229 
40008 489 - 508 
400057 082 - 134 
-0*018 434 - 941 
4048 068 - 271 1293*7 1260*3 

4-00367 584 - 922 41*249 41*240 
400507 711 -226 304280 39*580 

ads in ths Poml Spot Mato ahgw ooty too tan area daeoal 

»«— -awreiBtaaro Mma»dbyB»Brotfi<Enpawl.nron nrei torn > mod. oaw and 
I Ml THE CLOSING SPOT RATES. Soma vWuaa are aoWl by tho F.T. 


tome 

labadi 


DOLLAR SPOT FORWARD AGAINST THE DC'LLA; 


Sep 29 


Closing 

mM-pefca 


Change Sdfofter 
cn day 


Day's mid 
high low 



Ona mou t h Three mont hs 
Rate % PA Rata %PA Rate MPA 


Austria 

(Seri) 

10*845 

-0.003 

620 - 870 

10*045 10*410 

10*845 

00 

10*843 

ao 

108095 

07 

104.1 

QAMUM 

im 

5.280 

Bolgiurn 

(BFr) 

31.7900 

-0.0205 

850-950 

31 .8400 31*900 

31-775 

06 

31.77 

03 

31*65 

-0* 

105* 




Doranaric 

(DM 

6*716 

-00034 

706 - 728 

ft 0786 ft 0451 

6.0758 

-1* 

6.0921 

-1.4 

0.1618 

-1* 

104* 



Rriand 

(FM> 

4*682 

-00003 

835 - 928 

4*928 4*596 

4*872 

0 * 

4*852 

a* 

4*312 

-as 

604 


IN 

2Mt 

Franc* 

(FFr) 

6*780 

-00069 

770 - 790 

5*895 5*585 

1*737 

-04 

5*827 

-0.4 

12885 

-a* 

108* 

csAHsun 

4PD 

am 

Germany 

Pt 

1*467 

—QJ30Q3 

464 - 4® 

1*490 1*390 

1*453 

-Ol 

1*481 

Ol 

1*387 

05 

106.7 




Greece 

Prt 

231650 

-04 

vn - mvi 

236.070 234*00 

235*25 

-1 A 

236.475 

-1 A 


-1.4 

68 * 

TTWf r L.ir 



Ireland 

m 

1*800 

+OOOOB 

533 - 807 

1*679 1-5554 

1*599 

0.1 

1*576 

08 

1*386 

14 

- 

rota nB.<Mima s 

■ B*. Coffer 

my 

« 

1568.00 

+2 

750 - 850 

1558*5 1544.75 

1562*5 

-03 

1570* 

-3* 

1617 

-3* 

TO* 

PPWIIB -S— -re - 



UnomtxuB 

(LFr) 

31.7900 

-00205 

850 - 950 

31.6400 31.6900 

31.775 

06 

31.77 

0 * 

31*65 

-02 

105* 

cajaoo-wMW 

MQ 

4.13 

Nothariands 

(H) 

1.7315 

-00018 

312-317 

1.7336 T-72S0 

1*315 

OO 

1.7312 

Ot 

1.7245 

04 

105* 

OQAOO-CWJBi 

art 


Norway 

(NKr) 

6.7732 

-10045 

722 - 742 

ft 7856 8.7440 

6.7782 

-1.1 

6.7397 

-1.8 

6*707 

-14 

66.1 




Portugal 

(E=» 

157*50 

-008 

500 - 800 

157*00 157.070 

158*75 

-5* 

1S9.7 

-5* 

184.4 

-4* 

95* 

Banfers Pitas ftccasntlLiCA. 

Spain 

(Pta) 

128250 

-0105 

150 - 350 

128*60 127*50 

128*35 

-2.7 

129.1QS 

-2.7 

131.9 

-2* 

BO* 



Swreden 

(SKrt 

7.4564 

+0005 

537 - 630 

7.4630 7.4106 

7.4729 

-a* 

7*044 

-2* 

7*784 

-2* 

80* 




SwitzBriand 

(SFr) 

1*797 

-0002 

792- 802 

12812 1*745 

1*785 

i* 

1*76 

12 

1*82 

1.4 

108* 

naeBCM3«AN — 

xra 

244 

UK 

« 

1*784 

+0*014 

780 - 733 

1*305 1*782 

1*78 

03 

1*763 

0 * 

1*607 

1.1 

38.1 




Ecu 

- 

1*361 

+00017 

358 - 363 

1*387 1*339 

1*355 

0 * 

1-2343 

a* 

1*276 

07 

- 

Bream S&kito* ft Co lid 



SOftf 


- 1*6618 


Argan&na (Peso) 1*001 

Brazil (RQ 0*820 

Canada CCS) 1*427 

Mexico (Now Peso) 3*895 

USA (5) 

ft ii a Ml I . rest 1 1 1 — . EmMAUm 

KBCflic/MiCKSo tusuAinca 


AuetraKa 
Hong Kan g 
Mi 
Japan 
Mriaysta 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Sep 28 Bfir DKr FFr DM 


NKT 


SKr 


SFr 


(AS) 1*509 
7.7268 
(Rs) 31*660 
(Y) 88.7200 
(MS) 2*645 
New Zealand (NZS) 1*805 
PNUppires (Peso) 2*9300 
SeutS Arabia (SR) 3.7513 
Stagapore (SS) 1.4888 
S Africa (Com.) JR) 3*548 
S Africa (Fov) (R) 4*250 

South Korea (Won) 799*45 
Taiwan (TS) 20*136 

ThtSood (BO 24*600 

130R naa tar Sap 27. BdfOBm apreat 
tx* are irapSed by curare Interest rare 


cs 


- oao-ooi 

-0*02 610 - 630 
-0*056 424 - 429 
-KL0Q2 870 -920 


-0*013 504 - 514 
-0*005 283 - 273 
-0*038 600 - 700 
+0*85 900 - 500 
40*045 640 - 650 
+0*013 598 - 611 
+0*95 000 - 000 
+0*004 510 - 515 
+0*038 885 - 990 
+0*005 540 - 555 
-0*05 100-400 
-0.405 900 - 790 
- 100-175 
+0.01 500-700 
sin tha 
.1*. 


1*001 1*000 
0*650 0*810 
1*442 1*408 
aaa+n 


1*526 1*493 
7.7274 7 . 7283 
31*700 31*800 
96*500 97*900 
7 von 
1.8811 1*589 
Tfinmn 25.4500 
3.7515 3.7509 
1.4800 1.4820 
3*560 15495 
4*450 4*100 


1*426 0* 

3*905 -0.4 


1*511 

7.7256 

31.45 

98* 

2*563 


-0* 

0* 

-a* 

17 

4* 


1*615 -0.7 

3.7526 -0.4 
1.4874 1.1 

15703 ~S* 
4*587 -9.6 


1*426 0* 

*1 Tcrrt _n 


1*518 -0* 
7*273 0X3 

31*95 -19 
98.01 19 

1544 12 

1*633 -0.7 

17587 -0* 

1.4855 as 

15968 -4* 
4*175 -8* 


1*487 -14 
3*987 -0* 


1*592 -0* 
7.7423 -02 

95.465 13 
16176 -11 
1*686 -0.5 

17753 -as 

1.4788 tt7 
3*753 -14 

-11 


84* 

95.4 


96.5 


ISO* 


Ecu 


Belgium 

Mr merit 

Ranee 

Germany 

Ireland 

Italy 

If ■ i ..fnii 
muictUHiu) 

Noreray 

Portugal 

Spain 

ovropen 

Mbatand 

UK 

Canada 

US 

Japan 

BOu 

OanHi Krorwr, 


(BFr) 100 10.10 16*0 4*ffi 1016 4901 5.445 21*1 485* 4014 2148 4.024 1*93 4*24 1146 310* 2*45 


799.790 798*00 802*45 -4* 805*45 -13 824*45 

26*180 28*100 262338 -09 26*738 -OS - - 

24*700 24*370 25*325 -15 25.16 -3* 2164 -17 

r Swx taBto feo* enty tea tata tone dadmta pbrox. Fonrad onw ire not draaly Quond to Sia nartat 

8 ECU am Quoted la US c u rwicy. XP. Morgan ramral rndfce* Sap 27. Baaa emmga 1990-UJO 


Oh. 

tad. 


EHS EUROPEAN CURRENCY UNIT RATES 

Sop 28 Eoj can. Rasa Change H+Z-fram % spread 

rated against Ecu on day can, rate 


52.35 

10 


2*47 

1*55 

2566 

2*51 

11.16 

259* 

211* 

12*8 

2.107 

1*44 

2*11 

1.647 

162* 

1*33 

Natfwrites 

2-19672 

2.14669 

-0*0104 

-2.14 

5*2 

80*3 

11*0 

10 

2*30 

1*14 

2952 

3*80 

12*3 

298.7 

243* 

14.13 

2-424 

1*00 

2*44 

1*94 

187* 

1*33 

Bslghsa 

40*123 

394782 

+00091 

-1*3 

118 

20*5 

3.928 

3.413 

1 

0414 

1007 

1.118 

4*79 

101* 

82*2 

4*22 

0*27 

0410 

0*66 

0*46 

63*3 

0*23 

Intend 

n Hnnfiaif 

0.795641 

-000009 

-1*1 

4*5 

48.82 

9.479 

3*39 

2.414 

1 

2432 

2.702 

10*7 

24ft 1 

200* 

11*4 

1*97 

0*89 

2*96 

1*61 

154.1 

1*63 

Germany 

1*4964 

1*1967 

+000035 

-1*3 

4*8 

2*40 

0*90 

0*39 

0099 

0*41 

100 

am 

0435 

1012 

8*31 

0479 

0082 

0*41 

0*86 

0*64 

6*36 

0052 

Francs 

153883 

8*5527 

-0*0238 

0*S 

3*0 

18*6 

3*08 

3*49 

0893 

0370 

9001 

i 

3*13 

91*7 

74*8 

4*08 

0739 

0*66 

0775 

0*78 

57*3 

0487 

Denmark 

7.43679 

7*4098 

+0*0302 

1.40 

1*3 

46*3 

8*64 

7.792 

2*83 

0*46 

2300 

2*56 

10 

232.7 

1892 

11*1 

1*89 

0*35 

1*62 

1.478 

1417 

1.196 

Portugal 

192*54 

191726 

+0148 

149 

1.75 

2016 

3*52 

3*48 

0981 

0.406 

988* 

1*98 

4*97 

100. 

81*5 

4.731 

0811 

0402 

0*52 

0634 

62*2 

0*13 

apsH 

154250 

159*79 

♦0128 

3*6 

aoo 

24.79 

4.735 

4.116 

1*08 

0*00 

1215 

1*50 

5*82 

122* 

100. 

5*15 

0*96 

0494 

1*4? 

0780 

78*8 

0*31 







42.63 

8.142 

7.077 

2*74 

0659 

2089 

2*21 

9.082 

2114 

172.0 

10 

1.715 

0850 

1*00 

1*41 

1324 

1*06 

NON StM MEMBERS 





24*5 

4.746 

4.126 

1*08 

0*01 

1218 

1*53 

6*95 

1232 

1002 

5*30 

1 

0495 

1*60 

0782 

77.17 

0*32 

Greece 

264*13 

ottacna 

+0051 

10*8 

-0*2 

5017 

9*68 

8*30 

2441 

1.011 

2459 

2.732 

1089 

248* 

202.4 

11.77 

2*19 

1 

2.119 

1*78 

1518 

1*77 

■Wv 

1793.19 

1932.12 

+1*9 

7.7S 

-4.18 

23.68 

4*22 

3*31 

1.1® 

0477 

1180 

1*89 

1045 

1174 

95*2 

5*55 

0*53 

0472 

1 

0745 

73*3 

0803 

UK 

0786749 

0.788124 

-0*00504 

-008 

3*4 


(S) 31.79 
IV) 32*0 
38*9 


1073 
ft 15! 
7*04 


5*79 

5*47 

8*23 


1.647 

1.567 

1*12 


1641 

0848 

0792 


1558 

1578 

1828 


1.731 

1.754 

2-139' 


8.774 

6*61 

8*71 


157.7 

15B.7 

194* 


French Franc. Norwegian Knew, and T wacfrfi Kronor pet 10 Bdgton Franc, Yen. Fanirto. lka and Pawns par 


128* 
129* 
158* 
100 . 


7488 

7.555 

9*17 


1*79 

1*96 

1*61 


0834 

0842 

0783 


1*43 

1*60 

1*59 


1 

1*13 

1*38 


86.73 

ISO 

1210 


0*09 

0620 

1 


■ D-MARK FUTURES (IMM) DM 125*00 per OM 


(BWM) ran 12* per Yen TOO 


13 

11 

-2 

-10 

-10 

-23 


Ecu caastoBMataa^toa Ii ao p ai ii iG U naS Mu w.CBnanda* we tadaacwicfeg ranine a aa n gta- 

Percaompe cfcmgea am lor Eos a postore ritoga donates a we* oarency. CSvwganca ahowa dm 
otto batman tm spreads B» paemeMga riferanea batman tm aoud amrimemd Beo oartM ntea 
hai emancy. and taa tnroliiaan pemOed pa nmoa pe riii i l a nlnn ol dm cunencyewtadnaatonlia 
EeucaaMmte. 

(17/WBQ SMrtog and Htan Ua aiapendad taan BV4. AcMtment crinJated by tm RnancM Tlnaa. 


Money Market 
Trust Funds 


CM HO 


CAF 


OapeMeOmraHHai &0l 


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, (H S-W 

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nwm mi CM HD 

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'«3teu OBi-anacn 
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Sma.amKM*sni»4!S awrai .hi - 
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Money Market 
Bank Accounts 


Ateed Trust BnfcUd 
36 Opagata M. Lo*OM.ECM 24T 



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3 BO JB SOS 

490 338 ] 450 

3M SM | 350 1 

3 SO 




20 Momma, looms ec» mu on-easem 

MCA I 378 533 I 3«l M» 

Rwe*5000tt» 4H -I MB m 

omr rm mcs a. n w._l m -I uzl um 


am cn-<aius 
S3) m us] am 

,419 138 I 4a»| 

Oo*. I 4:5 Mdl 4ial aa 

Premium Acc 

SefiMHdiB&ftic. roi-anaw 
* 37S 731 I seal a* 

3S0 zea 338 n 

2J3 786 | 2JB 08 

are real mb m 

L30 » 13 1 131 1 OB 

Sm&l 

ia-a— him HlHB»B>rBHMi3U> aere 2Bnoi 

4 IS 209 I 4?lf Owr 

nsunmnia.. lew - azs ‘ 

TESS4VMBM 1488 -I SJJOl 



cKuno-cm£B9l 

fSMOO-CMM 


mtaa. Oman* or 34 

E+a»9 I 270 Z. 

ctum — I an a 

■timer. . I +JC 3 

TheCe ape n fl re Bei 
niansemm 

TP9« Ii 


mm 

its | xzsl os 
ZBi 383 or 
338 1 asel oa 


DHMnssa. 

Halted DemWmmTrwtUd 
ra«mS2:H«B.BMon ooi-mtmm 

IPN 

.1 52S 3 M I 5J5l OS 

United That Bank LM (farae* HUB 

HWWM. ofi- 


Mfarim 
nuBMdeein I r.» 
cmn-MteUi- 1 aoa 
sun- mar lea 


341 I 7. 45 3-HB 
ere | am B-atn 

ere I - 


SI SI s 

Weetam IMt tatareel Cbe^M Are 

ite tei eeim w i aw i n i m « , nrs2»*Mi 
CiajttH 1 323 33J 525 OS 

ssjwr-naflM sre i/a 3 os re 

njw knew <425 srel *e*t » 



m Unit rmeie. mt 
. — —11 i»i m u iim et 8Hc nre mam re. 
hmefb—i mem res dteHaH dMucSiner 
ree Hum ten awe cam Oram tm x 



Opart 

Latest 

Change 

High 

Low 

Est voi 

Open tat 


Open 

Latest 

Change 

High 

Low 

EaL vol 

Open taL 

Dec 

06478 

06470 

-0*014 

06498 

0*460 

31*90 

72*72 

Doc 

1*255 

1*195 

-0*067 

1.0285 

1*178 

19*03 

44*09 

Mar 

06468 

0*481 

-0*012 

06465 

06468 

29 

4*97 

Mar 

1*290 

1*275 

-0*056 

1.0290 

1*265 

193 

2.708 

Jem 

- 

06503 

- 

- 

- 

1 

476 

Jun 

- 

1*433 

~ 

- 

- 

1 

432 


m W Ann WA8K cm OPWOW £31*50 (cents per porex^ 


(TMM) SFr (25.000 per SFr 


■ irBUKI PUTUCS 0MA8 £82*00 per £ 


Dec 

0.7844 

07843 

-0.0003 07868 

0-7823 

15*97 

38.038 

Dec 

1*778 

1*778 

-00004 

1*790 

1*792 

Mar 

07652 

0.7876 

07882 

07852 

61 

654 

Mar 

1*740 

1*770 

-00012 

1*770 

1*730 

Jin 

- 

07905 

- 

- 

40 

BO 

Am 

- 

1*700 

- 

1*700 

1*880 


11798 32*94 

2 277 

1 S 


Stria 

Pries 

Oct 

- CALLS - 
Nor 

Dec 

Oct 

- PUTS — 
Now 

Dec 

1*00 

7.72 

7.71 

7*0 

. 

004 

027 

1*25 

131 

144 

175 

005 

021 

prw 

1*60 

2*9 

3.42 

3*3 

016 

067 

1*0 

1*76 

1*2 

1*8 

2*1 

0*3 

1*7 

2*1 

1*00 

031 

087 

148 

2.41 

300 

370 

1*25 

0*2 

0*2 

079 

4*7 

4*3 

149 


Wbmb' lNTEREST RATES 


MONEY RATES 

September 28 Over 

night 

One 

month 

Three 
mtha - 

St* 

mths 

One 

year 

Lamb. 

inter. 

Ota. 

rata 

Repo 

rate 

Belgium 

4» 

45 

51 

5S 

6ft 

740 

4.50 

_ 

weak ago 

4'.fc 

4B 

Si 

SS 

6* 

7.40 

4*0 

— 

France 

514 

Si 

54k 

5a 

ea 

100 

_ 

8.76 

week ago 

Si 

Si 

S% 

ss 

64 

100 

_ 

6.75 

Germany 

4.83 

4.95 

103 

123 

163 

6*0 

4.50 

4.86 

waek ago 

4*5 

4.95 

106 

5*3 

163 

6*0 

4*0 

466 

Ireland 

4H 

5Vi 

6i 

6i 

7a 

- 

- 

&25 

row* ago 

4i 

5Vf 

ea 

84 

7a 

- 

- 

&2S 

Italy 

8i 

BVi 

8tt 

9 

98 

_ 

7*0 

&25 

week ago 

Si 

BV> 

8* 

94 

10ft 

- 

7*0 

625 

Nattwrlanda 

4.84 

4.99 

112 

133 

171 

— 

5*5 

- 

week ago 

4*4 

4*9 

5.13 

135 

5.76 

_ 

5-25 

_ 

Switzerland 

aa 

33 

3B 

44 

4B 

61625 

3*0 

- 

week ago 

3D 

30 

*i 

<i 

43 

6.625 

3*0 

- 

US 

4* 

5 

sa 

Wn 

aa 

_ 

4*0 

_ 

week ago 

4* 

5 

s 

sa 

S3 

- 

4.00 

_ 

Japan 

21* 

Zte 

2W 

24 

2a 

- 

1.75 

_ 

week ago 

2V, 

2¥t 

214 

24 

2a 

- 

1.75 

- 


■ TTOCB eeOHTW EURWAOMt PUTUteES (IJFFQ* DMIm polnte d 10056 


Interbank Fbdng 

SIS 

sa 

5fl 

week ago 

sa 

sa 

Sft 

US Dollar CDs 

4.69 

5*5 

5.37 

waek ago 

4.69 

4.93 

527 

SDR Unhod Da 

3a 

3ft 

3% 

weak ago 

3a 

34 

3* 


■ SUBOR FT London 

Bft 

84 - - - 

5.93 - - - 

5.87 - 

4--- 
4--- 
fiCULMndOamidratea; r mdi: SfKc 3 nttfn 5fc 6 mite 1 yeen fifl- * 0008 Martre* Ms] 
mm ten eflarad ram tor SKkn quoted to ih« ncuMt by tour mtomnea bards at Horn each tmong 
day. Her bonhs are Bouton Tiuri, Bonk of Tekyo. Bad^l and m da nd WestnSrtftar. 
kU 0*04 am Shawl tar 8m rememc lionsr Ratot us S CDs and SOB urtod Oepoala |M> 

EURO CURRENCY INTEREST RATES 

Sep 28 Short 7 days Oie Urea 

term notice month months 



Open 

Sett price 

Change 

High 

Low 

Eat vol 

Open taL 

Dec 

94.72 

9*74 

+004 

94.75 

9171 

21256 

190384 

Mar 

94*1 

94-34 

+004 

04*5 

94*1 

18165 

171737 

Am 

93*2 

9394 

+0*4 

93*6 

83*1 

17183 

104772 

Sep 

33.66 

93*9 

+0*5 

33-61 

93*5 

8347 

87986 

« THRK MONTH EUDOURA BITJUnl HTTURCS (UFFQ 1 

LI 000m potato of 100* 


Open 

Sstr price 

Change 

wgh 

LOW 

Eat vol 

Open ire. 

Dec 

90*8 

90*8 

+023 

ao.92 

90*5 

14884 

32389 

Mar 

89*3 

9010 

+024 

9013 

89*1 

4238 

18384 

Jtm 

8946 

89*7 

+024 

89*4 

89-45 

2071 

16019 

Sep 

09.18 

89*5 

+023 

89*1 

89.16 

814 

14667 

■ THUS MONTH EURO SSTZSS NRAMC RDWES (UFFQ SFrlm points ol 100% 


Open 

Srit price 

Change 

M9» 

Low 

EaL vol 

Open taL 

Dec 

9163 

9171 

+008 

05.72 

ss*a 

10606 

24484 

Mar 

9554 

35-31 

+0*9 

8131 

9124 

968 

11593 

Am 

94.92 

94*6 

+008 

94*6 

94*2 

715 

Puli 

Sep 

94*9 

94*8 

♦Oil 

94.7D 

94*2 

128 

910 

■ nnaaoifni ecu wrunostufT^Ecuim potato of 100a 



Open 

Sett price 

Change 

High 

Low 

Eat VOI 

Open tat 

Doc 

83*7 

83*7 

+012 

93*8 

9336 

1777 

7464 

Mar 

92*8 

93-08 

+012 

33.07 

9098 

783 

5688 

Jun 

92*4 

92*0 

+008 

9260 

32*4 

127 

2631 

Sep 

92-14 

92*0 

+008 

o-7 an 

9214 

20 

1001 


' UFTE auras tmdad on APT 


■ TMEE MOUTH EURODOLLAR (Mri) £1m polnte Of 10CW 


Sbv 

months 


One 

year 


Dec 

Mar 

Jim 


Open 

94.13 

83.76 

8138 


94.11 

9174 

9137 


Change 

•0*1 

-am 

-0*1 


Ugh 

94,14 

93.77 

93*8 


low 

94*8 

9172 

9134 


Eat wot Qpen tat 
134*79 516*54 
93*19 408*25 

48*97 284*18 


Beipan Franc 

412 

-4)2 

4ii- 

412 

s- 

4^ 

ft - 

5*4 

ft 

-s\ 

ea 

-«a 

Danish Kitra 

5* 

-5% 

5% • 

% 

54 

•Sh 

64- 

ft 

7h 

-7h, 

ft 

-ft 

D-MJrff 

4% 

-*S 

415- 

4f2 

4!J 

•413 

54- 

413 

ft 

-ft 

ft 

-ft 

Dutch Guilder 


-4H 

- 

411 

5 - 

4% 

5A- 

8it 

ft 

-5V 

ft 

-ft 

French Franc 

sh 

-S^« 

5,1- 

6A 

5,?. 

-5& 

ft- 

ft 

ft 

-ft 

ft 

-ft 

hortuguese Esc. 

12% 



- 8 

10 



- 10 

1ft 

- 10L 

1ft 

- ift 

Spare* Peseta 

7,\ 

-7H 

7.1 - 

7h 

74 

-7H 

7\. 

7h 

ft 


9- 

a% 

Storing 

S*t 

- 5 

5% 

-5 


-5ft 

ft- 

ft 

ft 

-ft 

7.4 

-7A 

Sttes Franc 

3- 

2^1 

3^- 

av 

34| 

-ft 

aa- 

313 


-41, 

4S a 

-4»2 

Cat Dollar 

4* 

•4 A 

*h- 

4fi 

4S 

-4« 

«- 

S, 1 . 

5 11 

-sa 

ft 

-6*2 

US (Mar 


-4tf 

4S- 

412 

6.'* 

-43 

5»e- 

ft 

5K 

-« 

6ii 

-ft 

Barton Lka 

9 - 

7Hl 

8>i- 

7% 

Sir 

-Bl, 

8^- 

8'+ 

9 - 


ft 

-an 

Yen 

2.1 

-2'4 

=il ■ 

as 

2^ 

-2.*. 

2% ■ 

2A 

2.4 

-2\ 

2!i 

-ft 

flam SSJng 

12 

-13 

1%- 

He 

2^ 

-2% 

ft - 


4 - 

3b 

4% 

-ft 


■ US TREASURY pnLWmWB9(H^4) Sim per 10096 


Dec 

Mar 

Jun 


94*5 

94*7 

83*2 


94*5 

94*7 

9191 


- 0*1 


94.88 

94*7 


94*3 

94*3 

93*1 


1.126 

439 

31 


17*63 

8*81 

2*56 


AS Open haw Op* ore tor mutore day 
m EURO tAA K K OPTIOItg (UFF^ DMIm points ol 100% 


Short torn rated am cat tor ilia US DoHr and Yn adm Ho Aqnr nodes. 

■ THREE MOUTH PSOR FUTURES (MATIF) Parts taiaba* offered rate 


Strike 

Price 

Oct 

Nov 

CALLS - 

Dec 

Mi* 

Oct 

NOv 

PUTS — 

Dec 

8450 

0*8 

028 

030 

0.16 

002 

0*4 

008 

8475 

006 

0.10 

0.14 

110 

007 

Oil 

015 

9500 

CL01 

0*3 

0.05 

0*4 

0*7 

0*8 

0*1 


Hr 

034 

0*1 

0.70 


EaL ML read, CMs 3585 Puts 1866. Pnviov* day's qan H, Cate 1671*8 Pun 1S2881 



Open 

Sett price 

Change 

High 

Low 

EaL vol 

Open ire. 

S&fce 


~ CALLS - 


— HITS 

Dee . 

94.07 

94.11 

+006 

84.12 

94.07 

19*56 

48.13* 

Pfee 

Dec 

Mar 

Jim Dec 

Mar 

Mar 

93*9 

93*5 

+008 

93.67 

9159 

13*33 

34.068 

own 

0*5 

016 

011 004 

0*5 

Jun 

3119 

93*5 

+009 

83*6 

9119 

4*61 

25*66 

0575 

0*8 

0*8 

0*6 0.12 


Sap 

92*7 

. 92.92 

+0.08 

82*3 

92*7 

2*27 

20*91 

9600 

002 

004 

0*1 

073 

■ THKG MONTH EURODOLLAR flJFFQ" Sim petals of 10016 



Ek. wk tned. Cate 300 Pub a Pretoria day's wan tat, Ctota isrO PWn 618 


Open. 

Sett price 

Change 

High 

Low 

ESL VOI 

Open UK. 






Dec 

94.13 

94.13 

+0.03 

94.13 

84.12 

340 

2044 






MY 


93.75 

+0.01 



0 

7425 






Jun 


93.39 

+0.01 



a 

274 






Sep 


83.09 

-0.01 



0 

- 52 







Jun 

o*a 

086 


Praetous dtof‘8 to. Cete 3204 Putt 4A03 . Prm dayte span tou Ctote 448*83 Pin SBtJMS 


UK INTEREST RATES 


LONDON MONEY RATES 

Sep SB Over- 

night 


7d8ye 

notice 


One 


Three 


Sts 


One 

year 


taanrenk Staring 

5^-ft 

ft-ft 

ft -ft 

SJ3-5H 

ft -ft 

712-7% 

Sterttag CDs 

- 


ft -ft 

5jJ - ft 

e,i-ft 

7&-7H 

Treesray » 

- 

- 

ft - ft 

ft-sli 

- 

- 

Bar* Bfe 

- 

- 

ft-ft 

5H-ft 

ft -ft 

- 

Locto ariherty daps. 

4K-4« 

ft-Bi 

ft -ft 

sa-sa 

ft -ft 

7 i - 7,7, 

Dbeaunt Market daps 

S’a - ft 

ft - 5 

- 


- 


UK clearing bank baw landtag rate ft per cant tan September 12. 1994 

Up to 1 1-3 3-6 6-9 

month month mrthi months 

9-12 

months 

Certs of Tax dap. pi 00 * 00 ) 

ft 

4 

ft 

ft 

3*2 


Cana el T4K dep. under £100*00 a llipc. OapadB wShdann tor cadi a,pa 
Atm. lander rma or dtacamt SATQpc ECOO toted mm Ste. Emxwt Amcai Ueto ia>dte Ana 31, 
1884. Amm rate tar period Sap 28, 1 BB4 to Oet 2S. 1084. O on+ mu a 1 3 to Utoc B d te eno a naa tar 
pvtod-waa 1904 tDAugJI, 1SB4, Schamm we Vifi/spci nmaHbuae Brae Bee Jfcw <tem 


1 MOtoTTH 8TBOOQ FUTURES (Uffg £500*00 pans at 100% 


Open 

Ses price 

Change 

wgh 

Law 

EaL vol 

Open Ire. 

93*2 

93*7 

+0*8 

93*8 

93L19 

29009 

163740 

92*0 

92*4 

+007 

92*7 

02*8 

12148 

83381 

91*2 

91*7 

+0*8 

81*8 

91*0 

7818 

52403 

91*0 

91*3 

+0*7 

91*5 

91.17 

4788 

63520 


he 

Mar 

Am 


Traded on APT. AS Qw MemeT Ip « tar prefers toy. 


i ernow aJFPE) csoojqo potato ot ioo» 


State 

Price 

9325 

9350 

8375 


Dec 

0*7 

014 

0.06 


CALLS 


Mar 

0*9 

0.04 

0*2 


Jim 

Dec 

PUTS 

Mar 

Ju> 

012 

0*6 

1*0 

1.70 

0*8 

0*7 

1*0 

1*1 

005 

054 

143 

2.13 

i day's opwi tat Cate 

272601 Putt 173330 



BASE LENDING RATES 


% 

A4iam& Company ._ 5,75 

ASedT/ustBar* ftS 

ABBarti 5JS 

•Henry Pnabecher 17S 

BarkatBaroda.-. 175 

SmmBfcao Vtnxys. 5*5 
BankofCypiB 175 

Barit of batarei 5*6 

Barters tada 5.75 

BarttofScobm 6.75 

Bartleys Bank 5.75 

BrftOrOfMdEBrt.. S2S 
•aonnSMdv&OoUdATS 
CLBartr Nadaritos) ... 5.75 

CHbartcNA ___ft7S 

Oydaadtee Bank 675 

The CtxpeoM Barit 5.73 

CatoaftCn ._ft7S 

CrentLyrmneia — — 6.75 
Cypnia Poprier Baric -6.75 


Durob Lanrie ft75 
Enter BmAUiAed— &76 
FtaencW B Gan Sank _ 8* 
•Rotiert Ftemtag 8 On _ 5.75 

Gtatedr — 175 

•QAneasMtaan 5.75 

Hattb Baric AG amtfi. 575 

• Haiii o a Baric 5.75 

HeriabteaGenb»Bk.5J5 

•WSanuri. 5*5 

(XHoareftCo 575 

Hongkong & Shanghai. 525 
■Man Hodge Baric .... £75 
•Leopold Jorerii&Sane 575 

Uoytto Baric 575 

Meghra|Bto*LtQ 3.75 

nm w aa * 5.75 

'MnntBareg 6 

Natw o sentas kr : 175 

• fl BB Diire ar a 6.75 


• Ftodoghe Gteaantoo 
G typre ata nUtrfladbno 
longer adnriaed bb 
itsrHngMUkn 8 
HoyriBkriSreaend- its 
•S mith & warm Secs. 5,75 

TSB 175 

•Unfed B< of Kum*-. its 
U fer That Baric Pto- 176 

Western That 175 

Whteeaay LUa* — ITS 
Yortartra Bank 175 

■ Members - of London 
Inve stmen t Banking 


Hadntnb&aOai 



Commodities on the move - 
lime to speculate? 

Call Philip O'Neill 

ia: 071-329 3333 or Fax 071-329 3919 


INVESTORS - TRADERS - CORPORATE TREASURERS 
SATQUOTE™- Your single service for real time quotes. 
Futures * Options * Stods ♦ Forex * News * Via Satellite 

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TEL- 071 629 1133 FAX: 071 495 0023 

1 


PRESS FOR GOLD - 0839 800 411 

Dial now for Cold and SDvre prices, wnh 60 second updates U hours a day. 
For deuila el our fa* range ol Bnancta! tataraution services, caB 071-896 940ft 
Cafe arectoraed at : 39p/mto cheap rate. 49p/ndn afl other ume*. 
futu res Pager lid. 1»21 Great Tower 3t. London EC3« SAP. 

Futures Call 


TAX-FREE' SPECULATION 
IN FUTURES 


Ibatefe jtotofeeOdriB to bow jourltaxtd Baote^raa Up 
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FuilerMoney - the Global Strategy Newsletter 

Csvfsring Ssr'.n. euncr.c-os 1 •;cr>vno-',| l -., u - n _ ..... „ 0 
fu-.-^r:.;cnpvis ty Devin i 0 , i^c-tneuonci ■ Vj 

oc '»°*'- ~ 1 '‘' hi v wuo £!5 er US$22. cmue : £.»56 t* >jk i 
_ viovchero £ ' iO 0I •;S$26S. chccjuo or ! cere. 

~ rJ -g^u-u'sc- c‘ Chart Ans!v»-.s ltd 7 Swcilow il'r.c 1 1 .V15 

-it. Tn: : LCT-fisr. 71 .'29 296! '071 m liV) c C;7 . 7‘; .jj? ' 


NEW ! from FOREXIA FAX $ £ Dm ¥ 

A # TEAS PUBLIC RECORD OF ACCURATE SHORT TERM FOfttDQM EXCHANGE FOHSCASTW) 

AWTWEREWTME WORLD. GET TODAY'S VERY 
P AXFttO M 0V3O GMT EACH 
WEEKDAY, INSTANTLY DELIVERED TO YQUR FAX 

U81MC -nS HAMTSET ON YOUR FAX MACHINE INAL 444 81 332 7426 
« CA»6 OF DIFFICULTIES CALL US OH: +44^1 0488318 


pne Chart Equals One Hundred Stories 

,,c " n - Ch= ' 1 il.<. Sm'rsscar. g~d lr.:c;po!ionc! 

(°b : chodiV Curur-cy cnc'Fro r Co~Tr.^c;uoi ~r.s Frt?£* - 
- .0: crc.v£S:C.i3l !n-.’iJit6rs;J;adCTi Cr.d C*C0r<-.r,CPd rh.-srf 


'c' Lcrricn 7' ■ 724 7174 ;C?T in 'ji: 


. S - 3 >w, 

■OX 7 i - 439 494 



%l»'‘ 


24 HOLR 

tOKfclCN EXCHANGE 
l.niHltm 


OlUfflCYMMUCDBIff 
CORPORATION PLC 
UOMkraiy 
Loafea BCSftttU 
Tat (Vl-Stf 0800 
■tec 0714710970 


* f0REX * METflLS ‘BONDS -SOFTS 

r Objcitive cnolysis for prof&siional investors 

0962 879764 

TREND ReKusHaiiss. 32 SautHale Street. WiMMiter ' 

= Hants S023 9EH Pa* C-424 774CS7 








35 



FINANCIAL TI MES 


THURSDAY SEPTEMBER 29 1994 



WORLD STOCK MARKETS 


J- IRIb Uw TM Mt 


EUROPE 

MJS71M (Sep 28 /Sch) 


'“«s: k*r: 


+S 2JD0 1,750 is 

— 1.270 KX> 0J> 
*4 KM BOB 

*130f^0iaS0 ol 
♦a# 1.713 1,180 1J 
.-IJWIXSO IM 
+2 744 55B — 
+OT.OG7 845 1 J 
4*1.050 MS it 
43 4QB 403 i3 
+3 258 171 20 

+101.100 874 __ 

- W 328 1.7 

*7 MG i4 

+7 BOO <30 1.7 

+20 4,34$ 3,411 1J) 


BBflWHJHHBOUBB (Sop ZB / fis.) 


MMT 1015 

BMU* BSD 

CnxFf EZ1 

BOW 2X9jJ 

BK Iff 

23. ’ffl 

O'Mr BOB 

SS S 

ȣ tS 

a ™ 

1MW 482 


/“+ - 


’'I; 

t: 


Mon UH 
7,810 
SlOOO 
4X45 
16.706 

wuss 

S 3 ? 2^3 

QUPGea 12*50 
OB 2JOO 

Wgg 

203 
7.430 
1*7» 
Badb 5.340 
BblAC 2*16 
RMS 2X36 

G8L 4JB0 
i s GBU4* 3JBW 
SB) Qp 1X80 
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280 _ 333 251 1* 

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640 +7*0 ffllSl 679 40 
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756 -6 1*25 745 1* 

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««Bk STSLa -1*0 CT 377 18 
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MO* 1*32 -3 1*30 1,140 0* 

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MW 239 +1 290 228 1* 

DLW 408 +2 000 404 05 

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Daws 506 +3 607 47B 2* 

DrgMk 329 — 337 290 1* 

OndBk 391*0 —*O4fiB*0 340 SA 

330 +*0 618 485 1* 

285 +1 307 2E3 1* 

72S _ 730 590 1* 

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Hnh»F sea +1*0 bbi bkj i* 

Hlfla 342 -3 440 342 49 

995 -31*99 957 TA 

334 +420 3KL5D 28420 41 
014 +81*99 830 1* 

214 -1 2S3 208 2* 

BS 271* _ 31325850 17 

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XriBS 144 -1*0 169 131 _ 
Knot 900*0 +1050 849 SIB 41 
Kiwi 611 +8 558 431 48 

KHO 131*0 +420161*011510 _ 
noefcW 141*0 +1*0 17010278 3* 
Latmyr 850 -2 BOO 830 1* 

Lent 706 -IS BSO 060 IS 

Unda 807 +8 068 830 i* 

UnoH 355 _ 410 329 43 

Lurem IBS — 1 21550 157*0 _ 
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MAN Pf 307 -1 387 296 2* 

Kamam 393 +*0489*0 S87 1* 
ManrtiV 690 S 822 600 _ 

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Phtonm 602 +8 330 40 U 

Cornell 680 -11 BSO 058 04 

Praaag 464*0 +*8501*0 418 42 

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RmM 235.10 +410 313 243 24 

- 

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— 38.10 

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-40110*0 00*0 18 
+*0 5340 4400 — 
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+110190*0105*0 1* 
+ixo 208 ran 45 

+24019570 14S 1* 
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+ 40 nuo 39.10 4.4 
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+*Ci 90 8575 — 
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+1*0 23B175Q 10 
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45420 -480 654 418 04 _ 
338 -1X0 443 336 OX — 
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— ErtaB 


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213*3 12 — H8MB 


pap 28/ Kronen 


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660 -2 080 
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Hem 11X70 
Hon 9X40 
UdMr 14*00 
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Rfenc 3.420 

saaet 8X00 

SU 900 

SIFT 4*36 
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— 1*10 301 05 

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-401*70 BBI — 

♦10 1*801*70 — 

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♦20 1,700 940 — — 

-2 534 402 1* _ 

+20 6*00 3*20 — — 

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♦26 1*50 1*20 — — 
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+6 311 590 1.1 — 

— 1X001*40 — _ 

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+18 518 380 1* — 
+1 07S 550 — _ 

+1 898 355 — — 
+201*90 1*80 1* — 

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+70 3*40 4410 — — 

— 1*20 342 *4 _ 
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-101*20 1*30 — — 

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-30 1.410 1*20 IX — 
-6 311 315 — — 
+1 482 337 7* — 
-16 987 0*1— — 
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-8 763 571 1.1 - 

-202*702*60 — — 
-10 1*30 1.050 — — 
+10 2.780 2.430 — — 
+101*00 1*10 — — 

— 884 787 1* — 
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— 1*801*50 0* — 
-10 2*00 1 JDO — — 
+ 10 1,010 1*00 — — 

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-15 910 561 — — 
+0 570 415 — — 
+20 1*70 9B3 — 
♦3040201X80 — — 

— 327 349 — — 
+0 1*80 794 _ _ 

-23 885 887 1* — 
+24 1,120 961 — — 
+20 1,710 1*80 — 64* 
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♦18 7155 549 1* _ 

— 638 469 _ — 

+10 1,810 1*50 — — 
♦301*30 1X00 — 

+20 1.100 993 — — 
+30 4*40 3X00 _. — 

-2 708 521 03 — 
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— 4860 2*00 — 

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— 513 273 — — 

+1 5B5 300 — — 

-15 1,040 719 — 

+20 1*70 990 — — 
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— 1*50 1*10 — 
♦1 645 406 — 

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+2 1*59 BOS — 

+20 2*60 2*30 _ 
+3 782 638 — 
+201*30 788 — 
-ID 1*40 986 DS 
+10 938 912 — 
-20 2*20 1*80 — 
+1 G« 428 — 
-7 SCO 700 1* 
+3 403 321 — 

♦10 2*10 1*20 1* 
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-20 1X201*00 — 
+20 1*20 BSO 1.1 
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+4 000 711 _ 

+14 640 387 — 
-5 832 BBS - 
♦14 732 997 
-21 792 632 0.7 

+20 1X40 1,400 0.3 


-2 1*30 790 0.7 — 

WBartl 4480 +10 3*10 2*00 — _ 

-20 1*70 1*20 — — 

+11 724 520 — — 

1*00 +201*00 905 — — 

+0 S50 335 _ _ 


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927 +12 1*10 796 — — 


— 1*30 342 


— 512 361 1* 
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— 48802X30 _ 
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— 1*90 1.130 — 

— 1X601.120 ... 
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3SS 256 — 

-5 TOO iffl — 

+12 923 4*1 — 

— 1X601.110 — 
-40 2X20 2.100 

-7 828 700 09 
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♦IS 852 SIB — 

— 747 *26 - 

•40 2*901X20 - 

44 573 432 — 
♦B 837 404 — 
+22 1.100 337 — 

+10 1,690 1*90 - 
+6 475 390 
+7 485 233 
-61*30 SSI OX 

+5 349 252 — 

+281*19 864 — 

_ 734 611 IX 
Tl 1.120 315 ™ 
+401X201*90 — 
+1 BIS 674 — 
-201X20 1*50 ._ 
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-2 74© 610 — 
-10 2*10 1X30 1.1 
+13 >22 570 — 
-ID 882 379 OX 
-10 1X50 1*70 — 
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+2 60S *00 — 
+5 320 613 1* 
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— 351 560 *7 

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720 002 — 

-5 903 870 — 
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TNT 2*5 

TeCpM 4.15 
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Wltog 7X48) 

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HSanc* 55*5 
rtot«n 1QXOE1 


ToMoU 1.180 


570 


N01* 


1X70 +10 1*80 1.1*0 — — 

570 —1X10 1.450 — — 

015 +42 090 455 — _ 

333 -2 805 872 „ _ 

... -1 400 301 _ 

1.140 +20 1X20 1.1QO OX — 

— 880 743 OB - 

+9 489 378 — — 

— 403 337 — — 

-13 930 578 ._ — 

-2 940 770 0* — 
-2 440 310 — 73* 

—ID 1,100 845 — _. 
-12 1,110 700 — — 
-10 2*30 1*70 OX _ 
+7 782 605 — — 

_i*io bsb _ ._ 

_ 2X00 1X83 0.4 — 
+6 624 485 OX — 

— 4700 ? non _ _ 

• 10 4,440 3X38 ._ — 

. . +10 1*10 858 — — 

1*20 +101.170 065 — — 
1*30 +201.4301*20 — — 

— 330 305 — — 

-1 2S7 231 — — 

-2 925 SB5 — — 

♦12 781 S2B 1.1 — 

♦2 774 493 — — 
+3 484 315 _ _ 

-31 BIO 311 — _ 

-61*40 7B1 OX 

-o sea mo — 

— 2*00 1*00 _ _. 
+10 1*50 1*70 — — 

*5 815 590 _ — 

— 310 823 — — 

-1 656 400 0.7 — 
+1 351 579 — — 
+2 520 412 — 

-101.4*0 1*60 OJ - 
+01.140 855 — — 
♦10 7X00 5.710 — — 
-8 8X50 802 — — 
+2B 482 X1B- — 
+10 4130 1X10 — — 
♦402*001*30 — — 
♦101,110 837 — — 
-1 302 70E 1.1 
♦4 S20 450 — — 
-40 4190 1*60 0* — 
+1 350 B2S — — 

+5 795 476 — — 

-301*801X10 1.0 — 
—1 7B4 BS3 — — 

♦22 700 
+4 772 _ 

— 1*301*40 1* — 
♦14 017 460 _ — 
-20 1*00 1*50 0* _. 

-6 815 441 _ _ 
-161.110 981 — — 
-301*401,420 — — 

r*i= = 

♦3 934 345 — — 


7WBPW 2X20 
TVEfcn 3.150 
Tbfiaa 457 


+11 507 416 _. — 
+20 1*30 1.120 0.7 ... 

+« 632 421 

+20 1,720 1X60 — — 

+30 2*20 1,310 — _. 
-30 2*001X70 — — 

— 3*40 2X10 — — 
+30 3X60 2.7*0 _ .... 

-9 570 456 — 

-6 705 520 — — 

-10 2.750 2*00 — _ 
-10 4140 1X20 0.7 — 
+6 780 450 — . — 
+2 829 857 — ._ 
+2 730 540 _ _ 

1X50 1X80 — — 

+30 1*60 1.1 BO ._ — 
+5 736 575 _ _ 

+1 673 670 — 

-20 1*601*00 _ — 
+3 784 433 — — 
♦14 906 7G6 — — 
-6 414 ZBS _ — 
♦10 2*00 1*00 — — 
-10 690 421 1.0 — 
+00 4000 1.430 — 57* 
+11 754 515 — — 
♦2 733 S24 — — 
+10 4460 4690 — — 
+20 4250 1,780 — — 
+0 627 330 — — 
+30 1*50 965 — — 
-4 506 330 — — 
+8 680 432 — — 

-6B30WS— — 

+2 432 265 

-6 410 272 — — 
-10 1X00 835 — — 
-10 1*30 1,120 1* _. 
♦10 1X30 KM) — — 
♦i7 see 620 — — 
♦10 1*10 632 1* — 
+10 4230 1X40 - — 
+50 1X10 1*50 — — 
♦101*50 BOO _ _ 

-10 1*501.110 — — 
-10 4280 1*50 OX 
+101*50 1.120 — — 
♦1 564 3SO 1.1 — 

-ID SCO 727 09 50* 
+27 1*30 734 — — 
+22 1.120 780 — — 
♦17 939 336 — — 
+« 745 62B — — 

— 1,130 880 — — 
-10 1,180 B21 — — 

+2 7B3 442 — — 
♦18 745 406 — — 


HooLnd 47.70 
H(Cn6 14X031 
MOM 11 .70 
MCA* 35.7021 
HK Be 25.90*1 
MCUM 19X8 
MffttA 1BXM 
HKTd 1520 
HoOMt 7X0 
HUBMW 37.40 
2475 

1070 

JMaa 66*5 
JStra 31 40 
KM Buz 15X0 
Manoor 10X5 
NMMM 26XS 
KM 3B.UM 
SHKFT 56X0 
SWf8r 12.70 
9ME 4X1 
SknaO 1205 
SOW 4X0 

siecco 4*6 
SwtsA 61X010 
MreB 0LB8SI 
TdeBr asxom 

Wtral 32a 
IMtocft 17X00 
MioOn 11X0 
Wtwor 104001 


— 15X0 BXS 4.1 BX 

+.10 50 28X0 2* 249 

-. 15.701040 33 — 
♦XO 52 30X0 2J — 
♦JO 57 37 3*309 

— 81 59 47 68 6 

+.13 14 8.15 _. — 

+ 06 27*01380 1£ _ 

+.10 19.10 16*0 3X 15.1 
+.1018*0 10 OX — 

+X7 305 4 12 26 _ 
+X0 45 29*0 (X — 

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♦.75 80X0 47*5 3X 20* 
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+ X2 9X0 5 05 36 _ 

+.10 0050 3430 4 4 — 
+*0 24*5 13 43 21X 

_ 1530 ID. 90 1.7 75 
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-.15 35X0 20*0 3X — 
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-20 30*5 19X0 3* 240 
+*0 17.70 12 3* _ 

+.08 10X0 590 51 — 

+*0 42X0 77X0 TX — 

— 33*5 19*5 <X - 
— *5 13.10 7X0 0* — 

+ 1*5 B4XD 46-75 0* — 
+X0 3a50 24X0 0.4 _ 

♦.10 2S 12X0 21 1 24 0 
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♦.15 4450 20*0 3* — 
+*□ JB 30 ax EftX 
+XD 77 41*0 it BBX 
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-.12 615 175 33 13.7 
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+ 7X0 3X0 7X _ 

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+.0311*0 B 44 1BX 

+1 37X0 23 2* ... 

+ 50 41 25X0 41 - 

+X5 23X0 14 75 41 — 

-15 16X0 10X0 40 — 
-*0 17.401040 7.7 — 


45617 

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42000 

298200 

10386 

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16852 

12011 

1800 

72013 

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Cmtefta 
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44900 i 
44651 
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CanGtn 
Catan* 
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Caowic o 
Onpog 
CoratT 
373200 Cnacan 
33190 Cod 
35977 GraonX 
15900 OanoiA 


59035 

14551 

133852 

3400 

7870 

100500 
76475 
6200 
62600 
21 545 
1100 
500 
3KB 
I1951D 
200 
SON 
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33 -4 87 32 

360 -10 375 d3H 
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185 *5 135 ISO 
31 Ol 301| 

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FOMA 
Fores 
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25% ♦<?Sab25>7 
106 111 0100 
19% 13% 

Blj -% SffH B'j 

12 l! 411 

375 -S 380 375 
231 2 *a>2 23% 


10»2 — % SMHi ID'j 
13% -HS1JJ 13% 
18% XZSC 13% 
B>2 +'2* 0*» 9>4 

41 'c *' 

7 S7% 7 

21% -%S2i% 21% 
13*2 +%nv: 131+ 


400 

13000 

1100 

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22618 

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IftUOS 

4700 

11200 

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60304 

120705 

3450 

36213 

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723073 

46641 

108850 

177750 

853 

44M75 

834010 

410565 

241402 

6740 

27534 

7300 

1755 

71556 

1800 

291407 

33300 

339302 

350 


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UCap 

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Wastes 

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19% in% 

io>: . I '? 16‘- io'.> 
13% SUH U% 
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10% +l fi 310ilD% 
T*» S7% 7% 

41% +%«r, 41% 
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6% -%SS% 9% 
25 CJ% 75 
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17% nr- 17% 

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»I«X2D% 70% 

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io% no*.. io% 

13* -%S13t 13% 
31% -*4 131% 31% 
25% 32*5 25'; 

5% 15% (B% 

Id +%Slfr‘i 0% 
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2! 5 ♦? 


19% 

0% 


mi 

14% 


21 i +% 3271, 21 1, 
37% +l;*3.-(, J7% 


UOMTOEAL (Sep 28/Can 5) 
4pm dose 


HI A 13+1 «'«S1K 13'7 

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Nn B7 ->r 0^2 8G 1 .' 


00300 

10500 

7183m 

38686 

4200 


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axtsA 


160000 

24*33 

1200 

1400 

6070 

63450 


GiSIC 

ttvSlA 

itawhSn 

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Hnfl 


HMLJYSM(Sm2S/MYR1 


♦.ID 6.B0 
+*0 2fe75 
+30 iaio 
-*0 19X0 
-02 5*0 
-X6 5 65 
+02 6.05 
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-*0 24 10 
-.10 20X0 


77401 


Gnio 24 
HLbW 17.10 
17.10 
4*0 
Mlftap 4X2 
RB 4X0 
BmoD 7X0 
Taiaam 20*0 
Tarawa 13X0 


(5ep2S/SS) 


D8S 10X0*1 
Fr«Mv 17X0 

EdUr 4X7 

Haafar 3*4 

tacdcp K r n 

11X0 
1420a 
6X5 
14*0 

10*0 

SWT 3*8 

StraC 3.40 

TatLae 4*8 

UDB 10X0 


+.10 1470 
+.70 19X0 
-.07 448 
+ 06 450 

— 8X5 
+.40 12X0 
+.30 10. 70 
+X5 7X0 
+30 14X0 
+.10 17.10 
♦X4 3X0 
+ X0 4*3 
+X2 5*0 

— 11*5 


3X2 IX 
18.7S 1.1 
12X0 05 
1130 7.1 
110 IX 
*06 0 3 
3X2 1.1 
5.90 2.7 
16X0 0 7 
14X0 — 


1050 IX 
IS 0.7 
434 3.B 
ZXS 44 
4X2 55 
0 17 
11 1.4 
5.75 OX 
10.40 IX 
1110 IX 
414 OX 
416 47 
3X8 IX 
445 46 


143 

7000 

27370 

10910 

9303 

1956 

>2050 


BnpOa 

two 

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Intern 


Harm 

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- - AUSTHAUA (Sep 28/AustS) 


TORtMTO (Sep 28/CanS) 
4pmc*0S8 

T524§7 
203433 
182700 
496810 
8800 
172533 
1094630 
1500 
307538 
27380 
23S75 
738100 

A5PQ 
11887 
10057 


AUaE 

ABM6 

XcnAl 


2D%^lSC 19% 

19% -%ZA1»% 


AacoO 



BCWA 
BCTH 
BCE 
BCE 111 
BGR A 



237 
ITS 
17B 
340 
ia 
IK 
118 
120 
129 
T31 
113 
113 
46*0 

127 +1 HUD 97*0 IX 

150 — 233 129 42 

429 +2 475 351 IS 

434 +2 480 360 IX 

89JB -460 144 8S 42 

96 — 110 K 41 

8050 +50 122 82X0 44 

103 — 126 78 83 

138 +6 19 106 5X 

140 +4 170 105 55 


_ Hpq. 


♦7 1,._ 

+8 ME 712 — 

trSiSS’aM Z 

-ioi^’SSz 

+4 79 502 _ 

+4 89 497 _ 

— 4040 4430 — 

+6 52D 423 — — 
-19 790 881 — — 
+30 2X60 4430 — — 
+30 1X00 1*20 — — 
-B 350 309 — — 
+30 2*40 1*60 OX — 
+20 2*901*50 — — 
+9 520 383 — — 

+ ”i 5 § z 
ziM E z 

-fi 625 261 
-504210 V 


■#0 

♦17 753 522 — 
+5 910 770 IX 
+20 6.150 5X40 _ 
+12 744 420 _ 

isHw’-sa! Z 

+30 1.7701/480 OX 


= «- 3 «V= = 


if z 


84868 BrrKXTB 
500 


5«s»s 

27% +% 927% 27% 

i*-ii 

13% -%SlrilB% 

11% +% rtn? 11% 

21% +% SDG 71% 
s% BSSh 5% 


— Mama) 


727 — — 
+91X701*40 — — 
—20 1*20 1*70 — _ 

— 902 BQ2 — — 

+ 3 475 32S — — 

*3’^ 4m z z 

-8 1X40 TIB — — 

z 

-4 S72 2B4 — — 
+101*00 1*30 — — 
+10 4570 1 *90 0.7 — 
+J 


-T.jrc CnPlTT 

+20 833 533 — — 

— BSC 575 


— 5X5 3X0 OX _. 

--04 11.12 BSB 3X347 
+X3 8.10 3X6 IX 
-.10 11X0 7X5 3X 343 
+51 352 2X0 45 _ 

+X2 5.72 3.75 S.1 — 

-JM 4.79 3X0 4X — 

+XS 458 1X8 5X 5* 

— X4 2056 IS 1* 3QX 
-X3 39 448 4J 8.7 
♦.12 4X2 3.15 SX — 

— 1*6 0X4 — — 

-X8 15X0 1490 +4 34* _ TOKYO - MOST ACTIVE STOCKBc Wednesday. Saptamber 28. 1901 
-JB 103 SXS 10 16* 

- 5u4B 4.40 3X 1BX 
♦XZ 20X0 15X0 3.7 


61305 +hx*rv 
11728 UoncHi 
11550 MDSB 
50600 Matocn 
875506 Mime 
149465 M«aA) 
20000 MoUFd 
9097 MarTnTx 
8*9700 Mata! 

5239 MaMal 
225300 MM 
23174 MM 
157405 Mom 
5500 vtngta 
263070 NMb£a 
78241 NtaMO 
60000 HomaA 
1 875700 tfendaF 
427378 IfendaM 
30132 Morcrf 
07504 mild 
aesw N«a 
37350 Newaco 
12200 Nwna£ 
1225 0on» 
12900 DMM 
10080 PkaMt 
132445 PocoP 
791543 PWA 
185067 PaomA 
07300 PMM> 
61950 Rgau 
40625 PotCar 
5000 PttEn 
407130 noma 
13300 PoorCp 
15412 PcmrFn 
200 FbnrkY 
200 RsonS 
77 RDCnmn 
147300 RngOG 
44452 RenOSI 
71507 RanEn 
74500 ft«MP 
62850 

25575 RtoW 
337787 FfcoCrnfl 
1210980 RmBkC 
244433 Roy(M> 
1200 SntP 


B% +■■ SS% B% 

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12 ->] 517% 11 % 
315 -5 315 305 
20 to 

13% -% ms 13% 
14% 5U% 14% 

47 -% 47 45 

16 -%WS IB 

5% 55% M. 

io% -%re% *5 
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15+; -1. NUt >5% 
13% Wl 131.. 
16% -%SM% 1>% 
21% — % ff'% 21% 
28% +% 27% 

29 329 26% 

37i; +%Sr% J7>, 
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41% +%M1% 49% 
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5% 35% 51; 

14'; -% 515 14% 
17% $171; 17% 

6% +%S6% 6 

IB +% SIC 15% 
23*; S23% 23% 

27»; ST 1 ; 27% 
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21'; +%S71% 21% 
10% -%nc% 101, 
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21% O' *1% 
9% SB% 9>; 
8% +% »% 3% 
14% +% 514', 14% 
32 -2% 34 32 

20% +»; EDI- ia % 
49% -% S50 40% 
10% — *i SW, 01W. 
24% *>, C+% 24% 
13% +%S13% li 

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0% *% 89% 9% 
43% -4,545% 4XS 
450 4500450 

12% Slf. 12 
27% +%dS%27% 
16% +% SIGH 17n 
47% +1 643 46% 
14% ♦% Sl4% 14% 
20% -% STDS 20% 
7% 57% 7% 

14 — % S14S It 
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M -1 32 31 

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ib*S +iSnKroij| 
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S2D\20% 
13% -%»% 15% 


169707 BlMMB 
4750 BUCW 
37100 CamSKi 
1MC0) Cauda 
400 HhMC 
1200 GTCB 
35470 XnAi 


1B0G37 kEnfikC i 
2 ObaxA 
6250 unea 
63M Vanrn 


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20% -i, m. 20% 

Vi 

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17% SI.-’+ 17% 

5% »’i 5% 

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AFRICA 

SOUTH AFMCA iSop / Rtndi 


AmcoaJ 

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Dnatn 
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FNalBh 20*5 
Fragd 


08 50 
13*5 
34*5 
36.75 


Hrnet 


47 


25*5 
HtMU 34 

can 4 56m 
bnpwi 102 
JO 1MB 
Ora 79 
Ktoora 72.75 
Udfe 88 
lAkbali 10*5 
Nedcor 3025 
PaUaM 72 
ftaoBn 4X5 
Hanatn 67J5 
RmBrSp 24.75a) 
RmtaCnl' 50a) 
FtaSl 117 
Saffian 10.50 
SramcO 15 50 
SABrew 63 
autnAm 50 
BUM 32*5 
STM 148 
TMM 40 
TngHui 41X0 
VHootS 406 
WAran 72*5 
W Doup 220 

WHfti 8450 


• i- Mgk law rid PTC 

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123 9350 79 — 

255 115 7 0 
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34 16 IS 

.16 4 95 2.IS 1 1 .. 
-2 104 55 1 4 .. 

122 7b 1 0 — 
-1 94 50 8350 3.4 
+ 50 7 5 41 2 5 

. 100 75 15 — 

+ 50 22 15 50 

... 35 26 I H _ 

... 01 59.50 7* .. 

• 10 776 475 9B _ 

*X5 50X9 37 00 4H 
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.. 23.50 17 1.5 

120 72 1 4 

+25 1*50 8.70 - .. 

JO 15.25 1* .. 
+210450 TV 1.9 . 
-2 50 66 36.50 13 . . 

+*5 37 27 2 4 . . 

+4 164 102 20 ... 

— SO 40 IX ... 
.... 48*5 23*5 2X . 
+6 4BS 350 2X — 
+3*5 74.50 33 4 3 ... 

*5 22* 151 2.6 - 

+.50 80 44X0 3* — 


NOTES - ftlem on oai pagt an ea auakd «n ta 
bakdaMwnlmaadtWmd 
■kaa IWWlaai arav 1864. ma Toma 3 
Ifcnrad *n*n ■ Oaaenai mmim m Ea 
M anat k t> ranp Mi ■ E* ngMi. n E> m 


FT FREE ANNUAL R90RY8 SERVICE 
Tmcm wMi sa eom ammitamn mt «/ »» 
■agMadatiLMiwnM 
FTOiSS- Rag D61 77D671Q asm 24 boa naming 
anmea > t* on 770 aa ■ m m mtaa, *• 

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ban wB tin go t, as mafcg #•*. um o 


1700 


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♦200 16X00 iis» 47 
+S36 19,780 13,173 IX 
-2 1X40 070 _ 
+70 3,140 1X15 _ 
+» 6.100 S.81Q 1.1 
-15 3*65 1X70 _ 
♦460MK02&8 IX 
+7012.1M 0*68 41 
— 1D.1M 7*30 43 
+381X86 <80 _ 
♦IBS 6*50 4X05 40 
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-1 292 191 _ 

♦1 721 888 IX 
♦1 713 587 IX 
+6SSXB8 2.17B IX 
-81*40 1,015 IX 
— 250 190 1.7 
+1 747 GDI 3.4 

+6 070 723 2D 

+2 042 718 40 
_ 422 331 — 
+30 2*001X60 3.1 
_ 1,700 1X60 48 
-66 4X32 4400 2X 
-7 993 8» IX 


JrtSS 1X70 
4150 
10X00 
1*40 
1X00 

1J10 

KnMai 1X30 



-1 77B 805 0.7 

a a £z 

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„ 716 431 _ 

— 1*40 822 0.7 
_ 2X00 2.050 OJ 

+200 13,400 1 0*00 _ 
_ 1/470 1*10 OX 
♦41X50 BZ5 _ 
—10 1X80 1*00 _ 

— 44821X00 _ 
+5 42) 339 _ 

+10 800 518 OJ 
♦I 570 430 _ 
-30 2X70 2,490 _ 
+10 602 425 _ 

— 1*10 1,140 — 
+1 500 338 — 
+S 412 271 — 

+6 442 303 — 

♦1 720 301 — 


— — 

857 ♦101.11D 842 1* — 

14U0 -101*40 999 _ _ 

IS’S'Sz z 

♦305*104X10 0* — 
+201X001X50 1* — 
-9 744 832 _ — 
+50 4*20 2X00 0/4 BIX 
— 538 45B — ._ 
-2 779 0M 1* — 
-50 3*40 4410 ._ — 
+3 5B2 390 1.1 _ 
+ 3 610 440 IX _ 
-17 1X20 705 — - 
4*10 +40 4*50 3*30 — — 

608 -To »a 447 Z Z 
1*90 — 1X40 1*30 — — 

819 +19 704 515 — — 

4440 -4660 4110 OJ — 

1/470 +20 2,150 1*10 _ — 

1*90 +40 2X701*50 _ — 

944 -6 1X00 666 — — 

668 +6 0)9 415 

909 -20 1 XOO 870 — — 

5*10 +10 7*80 6*50 08 — 

8.150 —9*40 6,100 _ — 

4,100 +100 4*50 3*70 — — 
1*60 -10 1X001*80 OX — 

1*70 -50 1*801*60 — — 

1*40 -20 1X10 1*60 — — 

1*30 -101.100 S56 — — 

1.150 +10 1/4001.140 IX _ 


GUKkn 

Grtui# 

KWi 

MgNS 

KmaBti 

CM» 

KJdMn 
LaodLs 
Ucn H 



3X0 

2X6 3* 



3.40 

2X0 2X 


-X21430 

7X0 22 


+X6 

5.7D 

3X2 4X 



5X0 

4*0 1.1 



BXB 

6X0 B* 



1*2 

0.78 04 


+X1 

—.ID 

SS 

0*5 5.1 — 

4.16 5X 21* 

-xa 

1X2 

1*0 2X 



1.40 

DM — 

OX 

-XI 

145 

444 2X 


+in 

3X6 

2*0 _ 


+X2 

1X7 

0X6 SX 





♦JB 

a* 

2*1 7.1 
1.10 43 

44 

+X2 

1.78 

1*4 ax 


-.10 

2X6 

4D4 ax 

B.7 

+jn 

2JB 

1.12 2X 


+X2 

2X2 

1XS _ 


-JB11X0 

475 2X 41X 

— 

4X0 

4X3 EX 




Stocks 

Ctoxins 

Change 


Stocks 

Ckiekig 

Change 


Traded 

Prices 

on day 


Traded 

Prices 

on day 

Sumitomo MU Mn 

a*m 

960 

+26 

Sumitomo MO kid 

3.0m 

343 

+5 

Nippon StBol . . 

7An 

385 


Itochu Cap 

2.5m 

712 

♦17 

Kawasaki Stael 

5.0m 

438 

+6 

Kobe Steel 

2.5m 

327 

♦1 

NKK 

4J|D 

288 

-1 

Toshttn 

2.3m 

748 

♦1 

Mitsubishi Hvy 

aam 

757 

+5 

NBC 

2.3m 

1180 

♦10 


atawtw 

Sonfln* 

ahrt 


I 15.70 4.7 SIX 
446 6* — 
2X6 1X70* 
7.07 4X21X 
3.14 4* _ 
9X7 4JIIX 
5*5 IX _ 
BJBD.4 &0 
3.94 3X — 
1X0 43 — 
3X6 3X 24* 
1X7 5X — 
1*6 — — 
1X3 — — 
400 4X13X 
448 8.1 ._ 
5X0 IX — 
483 23 — 
4X0 4X 

i.is ax 

4*8 OX 
4X2 _. 

3X8 7.1 
5X5 4J 
8.10 4* 

4X5 — 

2*0 8X40.7 


INDICES 


US INDICES 


s* 

a 


Sap 

27 


-1994 


Htfi 


Sap 

Z7 


Sap 


-1SS4 


Gmm(zvuy77) 


M 2062350 205BQ57 25430*0 160 1775BJ0 ZOM 


flOntaffifl/lffl 
MMffig (1/1/M 


2714* 37138 37300 ZML9D 92 
1068.1 1068X 1083.7 1138,10 92 


CM Akfln(39l384) 40225 307X5 402*8 4BU9B 2/2 

BaflBdtatoCnfil) 1061.42 1071X4 1084X8 122425 V2 


1957/48 2745 
90460 Sfi 


397X5 27A 
ion *a ae 



BB*0(l/IA1) 

M 

BDMMcanan 

Uttieiitm 
COipealBt (197^ 
muD65(4no3 

cue 

PSA Gan (31/12001 

Dnak 

CBpanlagnsqiMV 

MM 

JLi f«X GamraC8fl2»90! 

Ran 

.. ? y SBF2H0Bl/12«fl 
VI* 1 * CSAC 40(31/12497} 

R^Sfcnrai/iasai 
ConmDSadYI/12fi9 

OAX (30712*711 


139847 1384X5 1385X1 1542X1 B/2 
W S2175X 52B51X ffitUUB 13« 


27/B 

3D 


«« 2B4Q08 2B4QOB 2S81.17 8)2 

4307 C7.1 427* 4B4X0 31/1 

2745 2B42 2887 294X0 31/1 

2066.60 2083 SO 207*80 2438X4 K 

1061X8 I041XB 1030.70 1211.10 2B/2 

Mark Carp Cnffl5» 2877X9 2854*7 294420 360820 4/1 

BW0W7) 2B91J 2B93.1 2881 X 32S8B 18/2 


PCpiwIfl TS) 

GBSTafeMM83 

CSS Al 8% (End 63) 
Cap. 40 (1/7769 
<MoSBMCM4S| 


406*0 2WB 
Z57X0 21* 


1945X1 11/7 


580X1 21* 


2917*3 BO 


Dow Jana* 

s«p 

27 

s*> 

26 

Sq> 

23 

1004 

Hdi Uw 

Stace Bnpldta 
a* Lot 

Inifcsftitfs 

3863X4 

3846*4 

3831.75 

waxe 

pi/U 

(■MW 

m 

367638 

pi/i»g 

41*2 

P7/32) 

Horae Bonds 

67X9 

67.13 

67*3 

(05X1 

PWO 

8648 

(1351 

100.77 

nanom 

6*X> 

(1/1081) 

Tmpit 

1496*6 

140BX3 

148041 

era 

1498X3 

06fl) 

1662*6 

erm 

1232 

p«b a 

UUtt 

177.70 

177.10 

176X0 

mat 

Oh) 

175X5 

(20*) 

25646 

(31W93) 

1050 

WX& 


U 4155X8 4167*8 42509 IM 320BXB 37)4 


OJ Ind Day's hUi 5891.86 P36BJ3 ) Law 3B2&72 0804X0 ) (PweredcBO 
Day% htpi 367VA5 (38*0*1 ) Low 3644X7 (3828*6 ) (AcM4) 


482X5 460X2 459X7 462X0 438X2 

om m 

hduatiWSf 546X2 545*9 543X2 568X3 510X6 

(15191 (2U4! 


C2®94) 


(I5W&4) 


4.40 

(1MB} 

3X2 

Cftwas 


4360X0 

<34140 

4ED0X0 233 

3666X0 24ft 

SB A6-4Tpm8/4f75l 

574.41 

566X5 

58454 

041X1 4/1 

SB32B 4/4 

Hnndal 

43*9 

43.46T 43X3 

4594 

41 JS 

4&4D 

564 

307081 

206546 

2192X9 IB 

166648 26ft 

SeA Africa 









H4® 

K«) 

TOB3 

(1/10/74) 





JSE Btt *Bft/7g 

2463X? 

24230 

24460 

23400 7 19 

170400 14/2 

NYSE Carp. 

254X7 

254X0 253X1 

207.71 

24114 

267*1 

4ft 

4807 X 

4B73* 

§ 

1 

aSOtXD 4/4 

Shd.CBW7BI 

62«0V 

6171X 

KMHfl 

B7S7X0 Ifift 

6446X0 10/1 





m 

(2TO 

(25/4/42) 





8odIi Sum 






AdbxUUIH 

453*2 

45578 45523 

mm 

422X1 

487X9 

29*1 

34021 

360.18 

465*0 2/2 

368X7 SX 

ttndknpe <4fl«r 

103670 

109201 

104512 

1052X1 27ft 

055X7 2/4 




ma 

TO 

wm 

(9/12/73 





Stafei 






IMSOAO enp 

735X7 

73563 7S7.46 

mm 

603*9 

80X93 

54X7 

18824 

18804 

191200 4/2 

16BL1B 3/1 

UM)SE(30/l2ftS 

301 XB 

207*4 

247.17 

356X1 31/1 

29143 6/7 




(16/3 

TO 

(18/3/94) 

(31/10/73 

1Z7642 

127047 

1505*0 2/2 

1205X6 4/7 

Aftiaariftw tUBBT) 

143220 

1422X0 

1421X 

180600 31/1 

1334*0 6/7 

■ RATOS 







19(71*6 

1902*2 

2355X3 X 

T80&V 4/7 









Sap 23 

Sep 16 

Sep 9 Y< 

•■r ago 





Seta Bb ta) Q1/12fta 12a® 

1225X3 

122490 

142434 31/1 

T157X7 18/7 

Dow Jones Ind. Dtv. Yield 

2.76 

2.09 

2.71 

2.88 

770X8 

764X6 

85B27 1X6 

757X1 27ft 

SBC Gomd (1/4ft7) 

8Z3X1 

91X53 

92150 

W032S 31/1 

60410 13/7 



Sep *1 

Sep 14 

Sep 7 Y< 

■or ago 

22185 

22920 

3465X0 2ft 

214690 27/6 

Takna 






S & P Ina Ov. yield 

2v41 

2*7 

437 

2X1 

2058.73 

206607 

2271.11 IBS 

1068X2 20ft 

WUgMePr^KftV 

<4 

702410 

702576 

704424 17ft 

S1S4X3 19ft 

S & P Ind. P/E ratio 

20.64 

20X1 

20.96 

27X2 


, ^/«MSEP1/I2*0) 


***£%&!*£ 



641.71 843X0 847X3 1194XB 18/1 

90148 0810*4 9643X3 12201X9 4/1 
440849 4444X8 4498X3 «B7U0 27® 
CWKWtlffi) 502.13 507*4 _ 51019 81200 571 
m * S& 185S.76 1838.73 1835X3 2)02.18 3071 


MB Sanu(3l7*4) 
BSESBO(19J9> 


ISB) DnrotfVlAQ 


Sic Comm n fid) 693X5 680X1 672.M 817.17 1015 
I (4/1*4) 1123.0 11030 1O80X 181109 105 



MM2250&V4q 19507X0 1946MB 1081438 2155481 IM 

: Itu 300 0/10*2 287.19 28504 290X17 311*1 13* 

TbpK(4fl*Q 1509X9 15B2J5 1585*1 171473 13® 

2nd sedan (t/l/B® 2219.43 223L43 2237X2 254296 6 ft 


80807 256 
830844 4* 

»w sn 

440*2 12/7' 
VBU4 1 n 


10/1 

ion 


17S60J4 4/1 
26B2Z 471 
1448X7 4/1 
187X33 VI 

02833 4/4 


BanMA SET (3QW7S) 1493X7 150225 M&72 T75X73 471 
IUbt 

IdanlU capital 1086) 26106* 26268* 25071X2888360 13/1 


KSapUH(l/V70ff 029,r 63W 628. MUO 2)9 


119800 4/4 


24/3 


591X8 4/4 


! FUTURES $500 times Max 



Open 

Latest 

Change 

Hgh 

Low 

EntvoL Open bn. 

Dec 

464 Jffl 

465.10 

♦1.15 

45535 

463X5 

74.113 

204X26 

Mar 

468.00 

488X0 

+1*5 

488X0 

468X0 

845 

7X84 

Jiai 

• 

472.10 

- 

472.10 

- 

14 

2X49 


Bimcfcl 00(25/1 0/90) 1348X1 1340X4 1339X5 154819 31/1 
Bao Top-IDO (28*19® IMbllimOOr 117534 1311X1 X. 
XapAgnCSinZflB) » 336.18 337X3 385.19 Gn 

flrtxp GmanU7/l/9a H 130X0 191.79 8U» 28* 

I (MATTF) 


l 21* 
TM30B 21* 
25829 21/3 
141 m 2W 


Open tag eg Spins are lor prmous dry. 


■ NEW YORK ACTIVE STOCKS ■ TRAOWB ACTIVITY 



Open 

Sett Price Change 

Hi* 

LOW 

En. voc Open M. 

Sep 

1917.0 

max 

♦7.0 

192S-0 

18800 

41X81 

22X07 

Oct 

19245 

1904X 

+7X 

1933.0 

18085 

11.713 

17*63 

Dec 

1338.D 

1939X 

+65 

1839.0 

1S2SX 

6 

200 


Tuosdaj 


Hank 
Wcnn 
Gen Uotoro 


noda 

KM 

5JS7X00 

4J1BXOO 

3X67X00 

3X51X00 


dose Qmoe 
price a thy 
31% -H 


3d 

3SH 


♦IM 


• vafearn 

Sep 27 Sap 26 Sep 23 
New York SE 290X12 270X26 Z97XB0 
Anar 13*62 13137 19X54 

wsoaa aaai aua a&ze 


+« NYSE 


Open Manat Ipum for pmitaua 


,: KLSE CflmWV4/88) 1140X3 11KX0 1157.18 OM* 5/1 

~ SK Sep 24. TMH 
andMW np - SCO: 

Tararda*^' Cmad U UnailHa T BB/PAX anaMierMi Index: Sap 28 • lauHXB +1347 


flfaria» «fnr 

3.768,700 

27¥i 

+% 

bates T«U 

?ww 

9 IKK 

Fred are 

3X38X00 

2754 

♦m 

naas 

1X06 

980 

Ooapaq 

2X50X00 

33H 

A4 

Me 

1.188 

1,143 

□vyder 

7,rew«ain 

45M 

♦IM 

Untaangad 

709 

737 

Am Barnet 

2X27,400 

27U 

+K 

MnrFfi#* 

35 

30 

2tti can 

2X1 9X00 

11 

+144 

Nh* Lorre 

131 

146 


ia -SKSW24 ™wi«WnadP*a 0923X4 Korea Camp Ea TOI7A1. BasaiaM* of allndcea lire lOJ oacape Aareaba AB Ckdnnr 
f ■JmbSi - sSftAMa^S d. BEL20. W7 Gan. UB Qan, SBF25a CACAO Ewe TH>-10a BBO On« Toronm CompAMM 6 
SSaSTSLl IM -TlOOO^ SSZ=637: JS6 a WMbb - 26*a H1SE ft_ Mu- MM MMrt and M - VL S5 


r Careakn. * CttwMted a 15*0 our. • 
4 Hie DJ M. hdM ttaorefl ea ) dffi/a htf» 
■ode wtano M acM orj’t Vfa *«* * 
Mag ffia day- (Hw epwaa in Bracken are 


730 
33 
154 

Eadudng bondn. i Muartt. p%a URu, Fhantt) enO Da a m i d lat 
and km w tie vrerepw of the Mdmt M Isweat prioaa readied dafng tfw d« by aaeh 
rre ddP*ad by TaMua) repreaare ma m lomw <*Mn Owr me kidgi nan reedmd 

pwAnui day*. V &*fea » anew nednubBaat 


D S ASTER RECOVERY 


Pulse. Ui^i Keeping an eye out for you. 


vc ’J fr: yru'v; •' Ir. a osastc-r sitElfc-n - ant c?! to the cSico. or vsct-i. tefes no otice ! g:i tc gjsto- 
vo’f o b; ir. a b:‘ o? ; :irn. Usfess you'd had 2,® fenSsC: xrasicc! ;; get a Puli*. ;-j oltirra:; 
•r t-izncisl in'c—atxn. 'li cnbus oersena! cstab-M? ? 3ciiiry ellows yc.i to ro!-?or yr._-r 

troc'.ci screen:- st i*.crk. V»'*rh x Pu se in year rocs.?; ycUve 3:.vsys £c; sonss£ rg to U rr cr. to. 

FANCY A FREE TRIAL? CALL 0 S 00 232 S 26 , Ext. 133 NOW. 


► PULSE 


Hutchison 

Telecom 


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\ 




financial times 


THURSDAY SEPTEMBER 


29 1994 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


1?h 12ft AW 
18ft 12% ALlabaA 
77% 57% AMP 
Tt\ 5i% m 
S 3%ARX 



31% 1B% Adtftae 
Bft SMwtGip 
20 1S«ra«X 
9% «%MpnAm 
65% 44%MCOL 
36% 25% Altac 

22% 15% Almsn 
4 1%/UMtfcc 
50% 38% AkPlC * 
38% 24 Attn m 

fflft 19% Htnpa he 
17 14 %AMm»x 
29%21%AtTOl 
18% 13% Atufct Afr 
21% 18% Atony to 
17% 13% «**l 
' . 19%/dOfi 
17%ACuhrA 

l«Ol 

Z7ft 19% AienH 
65*2 49'; «coe 
30% 23% Ata&wn 
22% 14 AfcxAI 

24% i7 Angn Lao 
26ft 19% AfcoP 
22% UftAfenGonx 
2B ZOAUpn 
4% SAThn 
27% 17% Aten Cap 
10*2 SAteaQ 
27% 21ft«dltsll 
40% 33%AtCJg 
29% 2* ABU Dp 

7 «%ABMSh 
35 2i%Mxmx 
87% 64% Alcoa 
30% 20% Aha Cp A 
11% 7%/MMic 


z% 

47% 


MK Si M 

Dk i nn M ImU 

a 48 18 27 It 75 72% «2% 12% 

0.18 1.1 37 240 18 15% 16 

1.98 2L2 27 4148 U7B 76% 77% 

92 7212 Eft 051 ft 52% 

12 86 3% 3% 

MO 38 34 853 53% 52 

. J 3%Ntt. 0-76 2.4 18133B1 U3lft 31% 

15% 11% AMU {¥ 0.50 13 11 115 13 

tt%1?%AWM OS 25 140 

15% il%Aqmcati 27 13 

31 5% ACE LUX 0.44 U 29 23 
12% 9% ACM Mh 1J0911J 
10% 7%ACMGa0w 080119 
10% fljMI&it Sp 036118 
12 6% ACM (M Si 1.09125 
11% 8% MM ten 1-00 127 
9% BUM Mute) 072 89 
' 8% AcmsO 044 II 17 277 

8% Pam Bad 7 16 _ - 

BJfcORb ON 25 13 27 27% 28% 27% 

5%AdM 036 16 2 419 10% 10 18% 

11% Aesan 123 850 16 16% 16 

18% 16% A03P* B®f 0.48 M 8 322 17% 17 17 

64 46%MltaD 100 59 +58 61% 

' 100 lOfl 13 8751 30% B\ X 

016 3.1 8 50 A 5% 5% 

O10 06113 182 17 16% 17 

U7 25 12 388 57% 57% 

2.76 631 7 3658 46% *6% 46% 

046 1-4 14 904 33*2 33% 33% 

OB8 42 15 1007 21 20% 

I 88 2% 2% 

098 2.1 28 1273 47% 48% 

ON 12 14 430 25% 24% 2*5 
47 238 26% 38% 26% 

1.8* 112 12 37 18% 16% 16% 

6478 28% » 28% 

020 12 24 816 16% 16% 18% 

035 ID 30 701 17% 17% 17% 

020 1.4 1049 14% 14% 14% 

ON 10 18 111 24 23% 23% 

028 11 18 49 22% 21% 22% 

044 15 a 4230 29% 28% a 
ON 1.1 71 5065 a% 36% 26% 

IN 15 43 1283 82 61% 81% 

070 25 4 300 27% 27 27% 

010 05114 847 19% 19% 19% 

048 2.1 21 781 22% 22% 22% 

IN 6.1 10 1087 20% 20 20% 

CIS 08 17 492 27% 20% 20% 

044 1.7 18 1019 26% 25% 26% 
t 458 % % % 

1.6* OO 21 241 21 20% 20% 

018 15 100 9ft 0ft A 

ON 16 14 10 3% 23% Z3% _ 

067 1.9 7 5474 35% 34% 35% «-1% 
088 37 IB 1190 27% 27 Z7% *% 

24 597 6% 

12 2245 32% 

IN 1.8136 7139n87% 

38 3592 21% 

ON 112 207 7% 

B% Am Praia x 025 13 S 29 7% 

6% Amnfid 008 1.1 13 2357 7% 

ON 23 15 170 
ON 1 J 48 2118 
024 3.7 89 . _ 

010 04 3512152 27% 

2N 17 10 4118 35% 

IBftAmBraM ON 35 14 2* 22% K% 22% 

Am Cap he 065 01 203 7% 7% 7% 

164 09 N 101 17% 17 17% 

IN 55 0 7 19% 619% 19% 


a 


*% 




20% 16% Am Cap Bd 
23% 1 9% Am Cap W 
99% <2% AnCysn 
37ft 27% AnS* 
33% 25% AnCipr 
38% 24% Anfieri 
5% Am Garth 
22 AM Mb Pr 


IN 15 57 4003 


99% 


9% 

27% 


20% 16% AmHalIBB 
66% 55%AmHome 
2% Am Hate 
. 81% AnM 
7 Am Opphe 
N 23% AflAnm x 
34 19Auftvst 
8% 7% Am Red Ea 
27% 21 AmSbtx 

22 % 

32% 2BAa Vrir 
43% 38% Amrtai x 
43% 34% Amaranhe 
17% HftAndrt 
61% 50% Amoco 
9% 6% AmpeoRH 


^ 3% Awe he i 


. _ 29% AmsauUi 
4% 2ft Anaon*) 
56% 42% Anterior 
33%23%Andao 
29? 


140 75 18 074 *7% JO% 30% 

ON 09 13 9381 31% 30% 30% +% 
1.16 <3 23 3496 Z7% 27% 27% +% 
077 105 IN B% 6 6% 

ON 95 8 316 23% 23% 23% -% 

066 16 It 50 18% 18% 18% -% 
2JH 4-9 1! 3643 59% 59% 59% +1 

075 274 S N 2% 2% 2% +% 

046 05 15 3834 91% 90 91% +1% 

IN 116 217 ^ ^ A 

2^ »% ^ *% 

SfcStSSt * 
26% 26% 28% 

41% 40% 

a 58 
8% B 
4% 4% 


211 
9 779 
5 116 
7 2233 
HD 


ON 13 
040 16 
044 5.6 
048 OO 
IS As MM 5S tJS 07 

IN 4.1 11 340 
IN 07 14 SIN 
128 14 S 27 
004 14176 340 
220 17 16 5800 
010 12 6 S 
0.12 0970 29 


140 44 10 8N 31% 31^ 



10 3Z7 2% 2*. . 

ON 07 64 3B9S 45% 44 46% +1% 

32 4266 33 31% 33+1% 

094 14 24 318 Z7% 27% 27% +% 

1.60 10 24 38«1 53% 52% 53% +% 

087 TOO 3 2S%U25% 25% 

22 1591 32% 31% 32% +% 

044 08 17 51 17% 17% 17% 

.. . 108 18 7 889 33% 33% 33% 

29% 22% Apache Op X ON 1.1 36 2964 25% 24% 25% +% 

10% 8% ApmUunf 073 U 349 9 Bft 8% 

24 14% An 38 4680 23% 22% 22% 


j 24ft AnQrtai 
55% 47% AMadl 
25% 25% AAR^MfT 
34 19%Artham 
18% i4%Aidniyh 
35% 30 Aon Cp 


4AWBPB 
18% AffliPwA 
i 21% AiCbOn 


012 05 N 7100 
010 04 18 4778 


1 315 ^ 04 


51 43%ArepOwxl ZN 11 22 456 50 

51% 45%Anacal9> 450 ae 2 46% 



jAlBCO 3 308 6% 6 6% 

29 23Amwr21P 2.10 9.1 7 23 (03 23 

57% 43% Anna* IN 09 33 918 44% 44% 44% 

45% 33% Anew Bee 15 1419 37% 37% 37% 

7% *%ArtaOp 2 54 5% 5% 5% 

078 M 13 338 24% 24 24% 

040 12105 3*17 34% 33% 33% 

040 1A 11 6B1 29% 28% 29 

IN 25 IS 1177 35% 34% 35% 

OZ7 15 IN 13% 16% 16% 
ON 102 7 239 2% 2% 2% 

i IB GW* 012 04 21 " 


1 33% Amw Bee 

7% 4%Artraap 
33% 23ft Arab 1)0 
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BE 

OUR 

GllEST. 


pH^emciA 


When vail stay with us 

In VALLETTA (Malta) 

slay in touch - 

with your complimentary copy of the 


FINANCIAL TIMES 

»U«CW1 ttniNiu NE«r)P*n« 



a* imM 

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24% 17% Oleg PnOs 040 
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46% 3*0Mdtf ON 
36% 16% owe 
37% 25% MW* 012 
48% 39% Baney ON 
85% 26% Ootaftl 040 
46% 34%OaoA> 154 
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31% 25% DonXjr 064 
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27% 20%0U<BRRr IN 
64 55% Oilftd 2N 
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29% 24% DuqU.1 105 
27% 22% DujaneUS IN 
29% 23%Dum«N 100 
a a Dad. <2 110 

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1.7 22 49 23% 23% 

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10 24 396 25% 25% 
12 11 6% 6% 

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12 


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17% ftBXM 
19 t4%EGSG 
40% 36% EByte 
27% 21% EixtUda 
27% 22% E Bap 
54% 39%UdOi 
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23% 19%EedWfBC* 
32% 21% EdhoaBm 
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7%EtegGon7 
56% EnueB 
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20% l6%Em»rana 
18 6%BWtarBdi 
55% 41% Endow ACR 
23% 19% Enugin CD 
31% %GagM 
16% 13EnWBte 
465376% Etoi 105 
34% 27% Error 
24% 16% EbtoiOK 
111% NEWOiAJC 
19% 12% EnanJi 
10% 5% Bnrcfi Bt 
37% 2Z% BdlH 
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30% SEqinte 
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19% 1D% EBql 
14 10%teapeH 
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16% 13% FT Death 
18% 11% FWritex 
38% 35% Baud 1 
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101% NFdCMegC 

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53% 51% Flat (J PI 
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41% 31% Reef 
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- E - 

020 1510 2E 
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144 08 9 997 
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- F - 


14 13% 13% 

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568 1579 111 
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104 10 13 3898 .. . 

208 10 668 (67*2 96% 

108 70 37 286 21%(C1% 
048 01 87 1387 

21 2546 624 

048 11 19 2N7 23% 

140 10 10 6921 80% 

IN 12 91 4467 31% 3A 
042 12 19 116 19 18% 

181388 2% 22% 
054 12 13 543 25% 25 

21 60 27% 28% 

028 20 35 IS 10% 1D% 

019 07 15 1486 22% 21% 

IN <7 9 387 39 36% 

1.16 12 15 1752 36% 36% 

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116 03 
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076 IB 170 21% 21% 

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<16 &0 a 52% 52% 

040 19 9 21 6% 6% 

IN 13 10 96 38% 38% 

IN 19 ItBWiM 
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ON U IS 2354 24% 24% 

IN 12 22 3438 23% lE3% 

049 12 19 63* 39% 36% 

IN 7.0 12 5« 28% 27% 

ON <6 10 IN 17% 17 

052 1.1 24 4381 49% 

54 *® 068% 

US 13 7 a 5% 

1J0 16 19 30 45% 

024 11 14 765 15% 

090 32 1220990 26% 

090 09 57 9% 

074 11 21 1173 35% 

ON 10 >7 53 13% 

IN 62 14 1900 32% 

004 04 548 10% 

ON 83 112 7% 

OX 09 162141 30% 

131601 32% 

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(US 1.1 8 2100 4% 

IN 14 4328171 1S% 

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078 11 8 33 24% 

94237 26% 

ON OS 6 277 78% 

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78% *% 
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57% 38GanDyn 
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15% 9% Gw Howe 
92% 49% am 
95% 46% Garter 
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3J0 7.4 15 52% 

IN 17 13 301 41 

IN 19 12 705 *3% 
2 127 14% 
IN 6.1 29 6265 31 

IN 71 3 10% 

1-00 OO 440 11% 
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1.70114 2 13% 

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ON 11 2131730 33% 
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IN 112 
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ON 1.7 221601 47% 
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IN 1.6 132962106% 
ON IS 24 3478 35% 
101 1S9 51% 

1 1383 2% 
16 512 17% 

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71% 75% azo x 
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ON 14148 394 23% 
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112 8.7 11 8 24% 

ON 09 7 3248 27% 
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35% 27% HNhr IN 13 >7 
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25% 3A 25% +ft 



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11% 11% 11% 

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4 192 A A 
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- N - 

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ON 1.1 45 93 

ON 10 15 785 
072 8.1 6 70 
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168 M 16 278 
295 89 13 37 
IN 49 11 3750 
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00 next page 




'* f 




Uf 




FINANCIAL TIMES THURSDAY SEPTEMBER 29 1994 ★ 


37 


'• 4 pm ckee September 28 


NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 




IBM 

Hl|fa LiwStak 


m w at 
N> * E »0« 


QT0I 


Continued from previous page 

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38 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Thursday September 29 1994 'L 


AMERICA 


EUROPE 


Strong upturn in Dow 
after Fed stands pat 


Wall Street 


US stocks rallied yesterday 
morning as investors warmed 
to the Federal Reserve's deci- 
sion to hold steady on interest 
rates, writes Frank McGurty m 
New York. 

By I pm. the Dow Jones 
Industrial Average was 23.54 
higher at 3.886.58. while the 
more broadly based Standard 
& Poor's 500 was up 3.22 at 
465.27. Hie Nasdaq composite 
was 4 .87 ahead at 760.24, while 
the American SE composite 
added 2.23 to 455.65. 

Volume on the Big Board 
was fairly heavy, with some 
191m shares traded by early 
afternoon. 

The strong upturn in share 
prices was essentially a fol- 
low-through to the relieved 
response to the Fed's inaction 
the previous session. Stocks, 
led by issues most sensitive to 
shifts in the economy, climbed 
steadily through the morning, 
in parallel with a solid advance 
by US government bonds. 

The positive sentiment 
suggested that there had been 
some concern that an immedi- 
ate move to lift interest rates 
could have set back the corpo- 
rate sector at an unfortunate 
juncture. 

Even although the Fed now 
appeared poised to lift rates 
whenever it deemed appropri- 
ate, equity investors took 
advantage of the lull to lift 
share prices with just two 
more sessions remaining in the 
third quarter. 

The economic news an offer 
yesterday morning was incon- 
clusive. The Commerce Depart- 
ment said that orders of dura- 
ble goods last month had 
jumped 6 per cent, against fore- 
casts of a 3.8 per cent rise. 


But most of the unexpected 
gain was linked to the trans- 
port sector, the most volatile 
component in the mix. That 
was enough to allow investors 
to brush aside the news and 
concentrate on a firmer dollar 
and a positive trend in bonds. 

Heavy equipment manufac- 
turers were among the stron- 
gest stocks. Caterpillar, a Dow 
industrial component, jumped 
$2% to 958%. while Deere 
climbed $1% to $69%. Clark 
Equipment added $1 to $69% 
and Eaton, a supplier of motor 
vehicle components, forged $1 
ahead to $47%. 

Cincinnati Milacron, a 
machine tool maker, bounded 
$2% higher to $28. a new 52- 
week high. An upgrading by 
Merrill Lynch was the catalyst 

Gap Stores bounced back $2 
to $33% thanks to favourable 
re-ratings by at least two Wall 
Street pundits. The stock bad 
retreated during the previous 
sessions when other analysts 
took the opposite view of the 
retailer. 

On the losing side. Masco- 
Tech dropped $1% to $11% after 
the industrial engineering con- 
cern reduced its earnings esti- 
mate for the full year. 

In media, CBS shed $9% to 
$334% on reports that the tele- 
vision network was faring 
poorly in the fall viewer rat- 
ings. 

On the Amex, Atari surged 
$1% to $6%, a 22 per cent gain 
on the day. The improvement 
came on news that Sega Enter- 
prises would buy 4.7m Atari 
shares as part of an broad stra- 
tegic agreement between the 
two computer-game makers. 

On the Nasdaq. Roadway 
Services backpedalled $3% to 
$55%. After the close of trading 
on Tuesday, the trucking com- 
pany announced a sharp 


Firm gold price aids S African recovery 


Johannesburg bounced back after two days of 
hefty decline as a firmer gold price polled buy- 
ers back into the oversold market. 

Gold bullion's rally, as well as gains for lead- 
ing world markets, eased nerves after the nega- 
tive inflation data, a bank rate rise, and weaker 
world markets that drove shares lower on Mon- 
day and Tuesday. 


The overall index recouped 56 at 5,639, after 
losing 172 points in the first two days of the 
week. Golds picked up 41 to 2,464 and industri- 
als advanced 78 to 6,249. 

De Beers collected a further 50 cents at R100, 
Anglos added R2 at R237 and Gencor put on 50 
cents at R14£0. Amic recovered R5 to R190 
after losing Rl3 on Tuesday. 


EMERGING MARKETS: IFC WEEKLY INVESTABLE PRICE INDICES 


Market 

No. of September 23 
stocks 1904 

DoHar terms 
% Change 
over week 

% Change 
on Dec '93 

Local currency terms 
September 23 % Change % Change 
199 4 over week on Dec "83 

Latin America 

(209) 

789.96 

+2.6 

+21.4 




Argentina 

(25) 

961.61 

-1.6 

-3J3 

590,067.57 

-1^ 

-33 

Brazil 

(57) 

445.43 

+3.9 

+91.4 

1.428^88^45 

+3.9 

+1,305.6 

Chile 

(25) 

736.84 

-0.1 

+33.5 

i^zais 

-03 

+283 

Cotambta' 

(11) 

903J9 

-ZD 

+40.1 

1^4754 

-02 

+45.4 

M®dco 

(68) 

1.020.64 

+2.9 

+1.4 

1,492.54 

+2.1 

+106 

FW 

(11) 

181.47 

+15^ 

+50.0 

249.68 

+153 

+57.0 

Venezuela 3 

(12) 

570.92 

+0.9 

-3-5 

2,231.18 

+09 

+57.0 

Asia 

(557) 

285.95 

-0^ 

-1.7 




China' 

(18) 

107.35 

-02. 

-28.1 

115.75 

-33 

-295 

South Korea' 

<150) 

147.18 

+3.3 

+24.6 

154.93 

+33 

+23.4 

Philippines 

(1® 

31 127 

+3.5 

-8.4 

381.18 

+0.0 

-142 

Taiwan. China" 

(90) 

159.48 

-1.0 

+18.0 

157.04 

-03 

+17.4 

India' 

P0) 

140.55 

-2.6 

+20.7 

155.43 

-2.0 

+207 

Indonesia* 

(37) 

110.84 

-32 

-11.1 

130.91 

-3.4 

-8.1 

Malaysia 

(105) 

322.32 

-1.0 

-4.9 

304.09 

-1.0 

-93 

Pakistan" 

(15) 

406.77 

+0.8 

+4.9 

564.90 

+0.8 

+7.0 

Sri Lanka* 

(5) 

208.29 

+0.1 

+17.5 

223^1 

-0.0 

+17.3 

Thaiand 

(55) 

43 a Ofi 

+1 2 

-8.3 

434.17 

-Z-7 

-10.1 

Euro/NHd East 

(125) 

115.98 

+0.7 

-31^ 




Greece 

(25) 

222.77 

-0.2 

-22 

355.45 

-0.0 

-7.6 

Hungary" 

(5) 

17669 

*02 

+7.3 

23 221 

•0.1 

+15.1 

Jordan 

(13) 

152.56 

-0.6 

•72 

2ia7S 

- 0.6 

-8.0 

Poland” 

(12) 

562.62 

-6.3 

-31 2 

82136 

-53 

-2S.6 

Portugal 

(25) 

123.64 

-Z9 

+aa 

134.42 

-2.4 

-2.7 

Turkey" 

(40) 

112.38 

+42 

-47.1 

1.798^6 

+5.1 

+23-0 

Zimbabwe* 

(5) 

263.77 

+0.3 

+30.5 

323.02 

+0.7 

+512 

Composite 

(891) 

377.84 

+1.1 

+6.2 





andtaa m cn ta Xata rt a> a n a m a *. end tnaUf changed am pamenog e meatmen tmm tw> pmtna Ft*»r. Best efc* r Dec 1383-100 «c*x ama noted 
tlJFai, 1 >837; HOC Jn 1992; (3Jan 5 1994 (40ec 37 t BSC (SUen 3 1932(6 Itm 4 7891; WHO, S 7994 WSsp 28 799ft fSWae I 7991; PCS 
Ok 37 >994 ItVOac 3l 1934 P2JDec 31 >394 03*10 •> >989; 044* 2 1993 

lima put in a sharply higher performance last week as foreign interest in the market 
was ignited by a $45m offering of ADRs in Banco Wiese on the New York Stock 
Exchange, the first ever international offering for a Peruvian equity. 

The issue was reported to have been 20 times oversubscribed, with the price rising to a 

16.5 per cent premium on the first day of trading. 

Foreign & Colonial Emerging Markets notes that Lima's positive mood was also helped 
by news that talks with foreign commercial creditors would resume following official 
recognition of all outstanding debts. 

The result was a 19.4 per cent increase on the week in average daily turnover to $15.5 m, 
according to figures From the Lima exchange. Wiese, Peru’s second largest bank, surged 

25.5 per cent on the week in domestic trading, pulling Banco de Credito, the country's 
largest bank, 17.7 per cent higher in its wake. 


Short covering. Wall Street lift bourses 


decline in third-quarter net 
income- 

Antec, which makes prod- 
ucts for comnnmications net- 
works, was marked down $6% 
to $26% after issuing a profits 
warning. 

Canada 

Toronto was mixed at midday 
as tarnished gold issues offset 
gains in forest stocks and 
industrial products. 

The TSE 300 composite index 
was up 3.30 at -LS&LgS at noon 
in volume of 289m shares. All 
hut three of Toronto's 14 sub- 
indices were higher. 

Forestry rose L2 per cent but 
precious metals fell 1.0 per cent 
when Comex gold sagged as 
the market digested comments 
from a member of Russia’s pre- 
cious metals committee indic- 
ating that the country would 
cut its domestic gold price and 
lower exports. 

Briskly traded shares 
included Nova Corp. C$% 
higher at C$14%- 

Mexico 

Mexico City fell rapidly as 
investors learned that the sec- 
retary-general of the ruling 
party, Mr Francisco Ruiz Mas- 
sieu, had been shot and seri- 
ously wounded outside a hotel 
in the capital 

The IPC inriPT of 37 leading 
shares fell 62.08 or 2J2 per cent, 
to 2,756.35 by late morning. 

Mexican shares also tinned 
sharply lower in US trading, 
but subsequently picked up 
from their worst levels, as the 
shooting, just seven months 
after the a«flKinatinn of the 
r uling party presidential candi- 
date, Mr Lois Donaldo Colosio, 
brought renewed concerns 
about political unrest 


Short covering lifted bourses 
in the morning, and Wall 
Street offered support in the 
late afternoon, writes Our Mar- 
kets Staff. 

PARIS started well, the 
CAC-40 Index peaking at 
1,925.99. It ran into trouble 
after lunch, rumours of a big 
seller in futures taking the 
index down fast to a low of 
1889.16, but rallied thereafter 
to dose 3.67 higher at L904A5 
in turnover of FFr3.19bn. 

Rumours also produced the 
main individual feature, LVMH 
rising FFr38 or -L2 per cent to 
FFIS89 on talk that a bank was 
buying the shares for the 
Christian Dior holding com- 
pany. Other winners included 
Peugeot, up FFi9 to FFr781, as 
analysts revised their forecasts 
following this week's figures, 
said Mr Frederick Sanvegrain 
at broker Ferri International. 

Among financials, Soci6t§ 
G6n£rale rose FFr6 to FFr540 
after a good first-half report 
and GnSdit Lyonnais recovered 
FFr8.20 to FFI38L20 after its 
report on fust-half losses. 

Losers included Lafarge Cop- 
pee, down FFr4.40 to FFr41950 
after a satisfactory first half. 
GAN, the insurance company, 
off FFrll at FFr290 on a profits 
warning; and Vallourec, the 
metal fabricator, down FFr30 
or 9.4 per cent at FFr290 after 


ASIA PACIFIC 


| FT-SE Actuaries Share indices 1 

Sep 28 

Henlf c teva 

Opan 

tun 

T+E EUROPEAN SERIES 
11 JO 1100 1300 1400 1600 Close 

FT-SEBmacfcTOO 
FT-SE Brandi 200 

1S47JB 

1387m 

1348.49 

13B8A4 

134642 13+687 134688 
1387.13 1387JS 1387.15 

134&03 

1387J5 

134544 1348.01 
138878 1388.74 



Sep 27 

Sep 28 Sep 23 

Sep 22 

9* 21 

R-SE Branek 100 
FT-SE Brandi 200 


134034 

138139 

1339JD9 134073 

138049 ISOaBB 

133432 
1377 J4 

13403* 

138332 


BM 1000 pmom. WMw too ■ m - 731837 Ul My. 100 - 134833 3W - 00883 1 IMS 


barely breaking even in the 
first si x month s. 

FRANKFURT followed its 
pattern of recent days, with 
share prices led by bund 
futures and activity restrained 
by the pending German elec- 
tions. The Dax index rose 9.39 
to 2,068.11 as turnover rose 
from DMSbn to DM5 .3bn. 

MetaHgeseUschaft staged one 
of its occasional rebounds, 
closing DM11.50 higher at 
DM130 following its drop from 
DM213 at the end of August In 
pharmaceuticals, Sche ring's 
rise of DM1750 to DM9&L50 fit- 
ted into a pattern of recent 
share price volatility. 

The star performer, once 
again, was SAP in computer 
software, up DM25 at a new 
closing high of DM899 after a 
DM24 gain on Tuesday. The 
stock had risen by more than 
200 per cent in the past year, 
noted Mr Jens Wlecking of 
Merck Finck in Dttsseldorf, 


adding that it was now looking 
expensive with a W gb market 
capitalisation to sales ratio. 

MILAN remained in mostly 
confident mood in response to 
the cabinet's approval of 1995 
budget measures, and the 
Comit index rose 12£4 or L9 
per cent to 6S&55, shrugging 
off the general strike called for 
October 14 by unions opposed 
to pension cuts. 

Prices edged back from their 
best levels late in file day, how- 
ever. after the Northern 
League, one of the coalition 
partners, gave notice of its 
opposition to elements of the 
proposed pension reforms. 

Hopes of improved first-half 
figures from Fiat today also 
provided support Fiat rose L53 
to L6R25 and Olivetti was up 
L75 at L2.150. 

Telecom Italia was up L157 
at IA560 after Tuesday's posi- 
tive first-half results and Stet 
climbed L250 to 1A935 ahead of 


its first-half figures, due out 
later that day. 

BCI was L122 higher at 
14095 on barely changed first 
half results, while Credito Itali- 
a no ro se L42 to 1^250. 

ZURICH edged higher, the 
SMI index rising 9.0 to 2^90.0. 
Banks, under pressure in 
recent sessions, were the big- 
gest beneficiaries of the earing 
worries about interest rates, 
with SBC up SFr4 to SFr370. 

Among insurers, Swiss Rein- 
surance was up SFrl2 at 
SFr638, lifted by some bargain 
fo-mt-frig after being sold 
in the week on uncertainty 
ahead of Friday's first-half 

earnings griTwinTTiftPiwiPTit 

Swissair picked SFrl7 to 
SFr852 amid recurring talk 
that it anight soon announce 
an aiWam* with another Euro- 
pean carrier. 

AMSTERDAM recovered on 
the back of Goman bunds, the 
AEX index rising 4.45 to 405.11. 

BolsWessanen picked up 
FI LTD or 5J per cant to FI 3540 
after the company announced 
it had reached an agreement to 
acquire at least 33 per cent of 
the Italian drinks maker 
Da vide Campari Milan . 

Gfiri Brocades, file biochemi- 
cal group, added 90 cents at 
FI 45.00 on the sale of its 
unprofitable yeast making 
activities in the US. 


DSM gained F2 3.10 at 
FI 154.60 following a positive 
presentation to analysts. 

MADRID'S relief on interest 
rates took the general Index 
bade through 300 with a rise of 
4.74 to 301, 98 . 

ADR stocks reflected a good 
morning an Wall Street, with 
Telefonica up Pta45 at Ptal.760, 
Repsol by Pta85 at Pta3,950 and 
Edndesa PtalOO better at 
Pta5^80. 

. BRUSSELS drew inspiration 
from the Fed’s decision to 
leave US interest rates 
imchnrtg pd and the Bel-20 
index rose 13J52 to 1398.47. 

Arbed, the Luxembourg 
steelmaker, rose a further 
BFT230 or 4.8 per cent to 
BFrS.000 in respouse to its 

anrtnii nwmen t on Tuesday 

that it had priced, and sold a 
lm-share p r i vate international 
offering at BFr4,550 a share, 
and on news of its positive 
oamtngc outlook. 

TEL AVIV followed Sunday’s 
28 per cent fen, and two days’ 
holiday, with a 2.7 per cent 
drop, the Mishtanhu fad**-* fall- 
ing 5.12 to 186.65. On Sunday 
afternoon, Israel's central hank 
raised its basic lending rate by 
1.5 percentage points to 15.5 
per cent. 

Written and edited by WRUam 
Cochrane and Michael Morgan 


Nikkei rises mildly, regaining 19,500 mark 


Tokyo 


Stepped-up corporate and pub- 
lic fund buying helped stocks 
post a modest recovery in a 
quiet trading session, writes 
Robert Patton in Tokyo. 

The Nikkei 225 average rose 
38.71 to 19.507.60. just above 
the 19,500 mark breached by 
Tuesday's 345.47 drop. The 
market traded in a relatively 
narrow range from a high of 
19. 566.01 to a low of 19,47920. 

Advancing issues outnum- 
bered declines by 541 to 432, 
with 206 stocks unchanged. 
Brokers attributed the rally to 
technical factors and the 
renewed participation of public 
funds, which had remained on 
the sidelines on Tuesday. Trad- 
ing volume improved from 
231.7m shares to Pftftm- 

The Topix Index of all first 
section stocks ended 6.84 up at 
1,569.59, but the second section 
index was off 12 DO at 2,219.43. 
The Nikkei 300 firmed 1.15 to 
287.19 and, in London, the 1SE/ 
Nikkei 50 index put on 2.74 at 
1,286.45. 

Japan Telecom fell for the 
third day this week, closing 
below Y4m for the first time 
since its listing on September 
6. The closely watched new 
issue shed Y70.000 to Y3D6m. 
Investors who bought the stock 
in a pre-listing public offering 
and auction paid between 
Y4.7m and Y6.6m. Some bro- 
kers felt that many were now 
selling to cut mounting losses. 

Rising gold prices took Sumi- 
tomo Mining up Y26 to Y980 in 
the day's highest volume of 
8Jhn shares. Steelmakers were 
heavily represented among 
active stocks. Nippon Steel, the 
second most active, ended flat 
at 7385, but Kawasaki Steel 
rose Y6 to Y438 and Kobe Steel 
inched up Y1 to Y327. 

Automobile shares made a 
strong showing. Toyota Motor 
gained Y2Q at Y2.030. Nissan 
Motor Y 8 at Y794 and Honda 
Y30 at Yi.630. Major trading 
houses also gained ground. Ito- 
chu moved ahead Y27 to Y712 
and Sumitomo Y22 to Y970. 

Matsushita Electric Indus- 
trial receded Y20 to Y1.580 
after Tuesday's news that it 
would issue two domestic con- 
vertible bonds totalling 
Y200bn. Other electricals fared 
better. Hitachi ruse Y7 to Y962, 


FT -ACTI/ARIES, WORLD INDICES 




jointly eompied by The Financial Times Ltd.. Goldman. Sachs & Co. and NaJWast Securities Ltd. in conjuictton wWi the institute at Actuaries and the Faculty of Actuaries 

NATIONAL AND 

TUESDAY SEPTEMBER 27 1994 


REGIONAL MARKETS 
Figures ki parentheses 
a how number of fines 


US 


Day's Pound 


□altar Change Storing Yen 


DM 


MONDAY SEPTEMBER 26 1994 

Local Local Oosa US Pcxmd 

Currency % chg Dtv. Dolor Staring Yen DM 


DOLLAR BiDEX - 

Local Ya 

Ctarency 52 weak 52 week eg 


of Stock 

Index 

% 

Index 

Index 

Index 

Index 

on day 

Yield 

Index 

Index 

Index 

Index 

Index 


Low 

(approx) 

Austraia (68) — 

— 109.53 

-0.8 

159.38 

105.16 

13035 

152.46 

-0.7 

3.64 

17039 

16093 

10532 

138.16 

153.56 

180.15 

14134 

14111 


. 185.23 

-0.9 

174.14 

11450 

148.98 

148 92 

-1.4 

1.08 

188.85 

175.97 

11038 

151.07 

151.00 

19839 

167/46 

16819 

Beigktin (37) — 

166.08 

0.7 

156.13 

103.02 

133.57 

13029 

ai 

434 

16439 

1S5-28 

10237 

133 31 

130 12 

17734 

14533 

145 03 

Canada (103) 

137.94 

0.1 

129.68 

85.57 

110.94 

134.67 

0 2 

2.49 

137.76 

123.74 

8535 

111.38 

134.30 

145J1 

12034 

122.39 


— 250.34 

0.0 

235-91 

155.66 

201.82 

207.34 

-0.5 

1.43 

25092 

23030 

15635 

202-86 

20834 

275.79 

22924 

22934 

Finland P4) 

_..._1 77.93 

0.3 

16727 

110J8 

143.10 

182^5 

0.0 

0.77 

17731 

16098 

11062 

14335 

182.55 

181.70 

109.11 

109.17 

Prince (97) — 

16726 

0.5 

1S7J4 

1(0.78 

13432 

138.80 

-ai 

3.17 

16048 

156.78 

10188 

13439 

138.75 

185.37 

1K.34 

167.65 


....„ 141.32 

0.1 

132.80 

87 60 

1 13.66 

113.66 

-05 

1.81 

14135 

133.02 

88.12 

114.19 

114.19 

15 a 40 

12733 

12736 


395 58 

-0.4 

371 ,B9 

245.39 

318.16 

392-45 

-04 

3.10 

39732 

374.08 

24732 

321.15 

394.09 

50636 

29636 

£9636 

Ireland |K) 

205.26 

05 

192^7 

127.33 

165.09 

185 48 

02 

3.44 

20434 

192.43 

127.49 

IBS 21 

185.10 

216.60 

18522 

16532 

Holy (30) 

B5.03 

2.7 

79.94 

52.75 

6833 

0081 

2.1 

136 

8233 

78.00 

51.67 

68.96 

96 76 

97.78 

57 83 

74.87 

j*an(4G9t 

1S9J5 

-1.0 

149.80 

38.85 

128.16 

9085 

-13 

0.78 

16039 

15132 

100.38 

130.03 

10038 

170.10 

124.S4 

152.07 

Malaysia (97) 

S73JS7 

-02 

539.32 

355.87 

481.40 

565.61 

-05 

1.48 

575 02 

54132 

358.75 

484.90 

56838 

621.63 

40927 

409.27 

Max ico ( 1£0 

_ 2374.94 

-1.8 

2232 69 

1473 23 

1910.07 

879009 

-08 

1.17 

2414.12 

227146 

1506.15 

1951.75 

8348.62 

2647.08 

166133 

167938 

Nettiariand (27) — 

joa.04 

0.4 

198.53 

123.68 

16013 

165.37 

-ai 

348 

20836 

19013 

12934 

16838 

165.61 

218.10 

18337 

18337 

Now Zealand f14) 

72.74 

0.5 


45.12 

5850 

64.00 

05 

3.73 

7040 

68.19 

45.17 

5834 

6178 

77.59 

5932 

S9.72 

Norway (23) — 

194.48 

0.9 

182.83 

12084 

156.41 

178 81 

0^ 

1.85 

1BZ.75 

18132 

120.2S 

155.83 

173.11 

211.74 

165 52 

170.18 

Singapore (44).—.. 

36721 

-0.5 

34522 

227.79 

295l34 

251.29 

-07 

1.66 

389.18 

347.68 

23033 

298 48 

£52.98 

37893 

280.07 

29C07 

South Africa (59) 

S0922 

-0.7 

290.70 

131.82 

24a69 

285 89 

-03 

024 

31138 

233.14 

19431 

251 66 

288.47 

31434 

197.50 

19730 


139.15 

05 

13082 

8032 

1T1.92 

13SJ1 

0.0 

426 

138.74 

130.65 

86.56 

112.17 

135.34 

155.79 

128.88 

135.83 

Sweden (36) 

— 224.34 

a7 

210.90 

139.16 

180 43 

247.53 

03 

132 

222.78 

209.80 

13033 

180 12 

246.78 

23135 

175.83 

191.39 

Swftzeriaid (47) 

16522 

tX4 

156.33 

102X9 

132.88 

131.29 

-Ol 

1 85 

18431 

155.02 

102.70 

13109 

13137 

178.56 

139.55 

140.05 

Unted Ktagdvn (204) 

13325 

0.4 

181-68 

119.88 

155.43 

181.68 

0.2 

4.18 

132.45 

181-24 

120 07 

155 60 

181^4 

£14.96 

181.11 

188.43 

USA (516} 

18851 

03 

177.31 

117.00 

151.89 

18081 

0.3 

088 

18012 

177.16 

117.37 

152.09 

188.12 

196.04 

178.95 

188.79 

EUROPE (717J 

189^9 

OS 

159.15 

105.01 

136.15 

149J0 

0.1 

3.11 

168.45 

156.04 

105.09 

136.19 

149-32 

17838 

154.79 

158.74 

Nordic (1161 

217.72 

OS 

204.66 

135.05 

1 7S.10 

20539 

Ol 

1.44 

ZIS.64 

204.02 

135.16 

175.15 

205.41 

222-18 

17119 

18032 

Pacific Basin (748). — , 

_. 16921 

-OS 

169.08 

104^7 

136.09 

109.94 

-1.4 

1.10 

170 71 

160 76 

10631 

138 02 

111.45 

17836 

134.79 

156.81 

Eum-PaeiBc (1465) 

160.12 

-OJ 

1S8J39 

104 91 

136.02 

125.77 

-07 

1 95 

169.63 

159.75 

105 83 

137.14 

128.71 

175.14 

14188 

15636 

North America (61 V) 

1B5.46 

02 

174JS 

115.04 

149.16 

184.87 

03 

2.87 

18439 

174.21 

115^1 

14936 

184^9 

102.73 

175.67 

184.89 

Europe Be. UK (513} 

152.56 

06 

143.42 

94 64 

122.70 

130.12 

Ol 

2.4ff 

151.73 

t4z.es 

34.06 

12237 

130.05 

158.12 

135.94 

137.75 

Pacric Eta Japan (279) — 

264.51 

-0.5 

248.87 

164438 

212.74 

235.40 

-03 

2.75 

265.72 

250^4 

165.78 

214.83 

236 60 

£9021 

20333 

20141 

World Ek. US (16*51 

m.18 

-0.3 

160 91 

106.18 

137.66 

129.87 

-07 

136 

171.71 

161.70 

107.13 

138.82 

13030 

178.65 

146.58 

156.B9 

World Ex. UK (1357] 

174J4 

-02 

163.80 

108.08 

14ai3 

144.40 

-0.4 

2.08 

174.53 

16430 

103 89 

14t.11 

145.04 

178 69 

15538 

164.61 

WOrid E*. So A/. (2103.. 

175.06 

-0.1 

164.59 

loasi 

140J7 

Wftfl? 

-0.4 

020 

17527 

16506 

109-25 

J41.70 

147.35 

laara 

15834 

166.44 

World Ex. Japan (1692) ._ 

188.78 

02 

175J8 

115.85 

15Q21 

1M6.« 

0.1 

Z.91 

18831 

175.46 

116.24 

150.83 

17531 

1*^0 

175.80 

17S.13 

The World Index (2161)-. 

. — 175.93 

-0.1 

185.39 

109.13 

141.49 

147.84 

-04 

228 

178.13 

165.87 

10939 

142.40 

148.39 

180» 

158. as 

16654 


Oki Electric Industry Y20 to 
Y775 and NEC Y10 to Y14S0. 

In Osaka the OSE average 
advanced 16.11 to 21,859.96 in 
volume of 39.7m shares. 

Roundup 

Unchanged US Interest rates 
after yesterday’s FOMC meet- 
ing hud only a limited effec t on 
the region. Taiwan was dosed 
for a holiday. 

SINGAPORE used the US 
Federal Reserve’s decision as 
an excuse to go bargain hunt 
ing, and Investors who had 
sold on expectations of a US 
interest rate rise were forced to 
cover sizeable short positions. 

The Straits Times Industrial 
index moved up 40.85 to 
2,330.69, with an estimated 
283m shares traded. 

Malaysian shares traded over 


the counter as measured by 
the UOB-OTC index closed 9.39 
down at L267.76. MBf Capital 
led the actives, falling 18 cents 
to S$1.88 in more than 24m 
shares dealt; while Samanda 
Holdings dropped 85 omits to 
S$5.60 after news that its 
attempt to take a stake in MBf 
Capital had failed. 

HONG KONG closed off its 
highs in thin trade, but buying 
linked to the September hytox 
futures settlement today 
helped the Hang Seng index 
finish a net 83-35 up at 9,693.49 
after touching 9,747.45. Turn- 
over edged up to HK$Z.98bn 
Cram HK$2.96bn. 

The Hang Seng H-share 
index jumped 31.62 or 2£ per 
cent to 1,409.68. Analysts raid 
shares in Chinese-incorporated 
companies were rebounding 
from recent weakness. 


SHANGHAI’S A share index, 
meanwhile, closed just over 5 
per cent better, up 45.36 at 
943.22 in turnover of YnSJJZbn, 
cm hopes for positive market 
news from the fourth plenary 
session of the 14th central com- 
mittee of fhe fihitipw Commu- 
nist party in Baling. 

SYDNEY stayed uncertain 
over the direction of interest 
rates, and the All Ordinaries 
index ended only 0.4 up at 
7. Brokers raid the mar- 
ket was disappointed that the 
US Fed left interest rates 
unchanged, and that they 
would have to rise sooner or 
later. WELLINGTON declined 
on High existing it H w nst rates, 
the NZSJ5-40 Index slipping 
I486 to 2,068.60. 

MANILA took a sharp tum- 
ble and Wall Street was partly 
to blame. PLDT dropped by 2.7 


CtgjrtBt*. TO* RrancM Tiros liMad, Q*hu»i Sadn and Go. and tttiVfatf SeaaOea txnftrf. 
LMW pneu unovataoto tar Ms coatan. 




September 29, 1994 

MeesPierson is pleased to announce that, as of today, it will fully participate 
in the new advertising screen 'ASSET* (Amsterdam Stock Exchange Trading System) 

for the full range of active shares introduced on ASSET: 

ABN AMRO Holding 

ING 

Aegon 

KLM 

Ahold 

KNPBT 

Akzo Nobel 

Royal Dutch 

BolsWessanen 

KPN 

CSM 

Nedlloyd 

Dordtsche Petroleum 

Oce-van der Grinten 

DSM 

Pakhoed 

Elsevier 

Philips Electronics 

Fokker 

Polygram 

Fortis AMEV 

Stork 

Gist-Brocades 

Unilever 

Hunter Douglas 

Van Ommeren 

Heineken 

VNU 

Hoogovens 

Wolters Kiuwer 

Euromoney: MeesPierson is' number one in research on Dutch stocks and execution. 

of Dutch securities transactions, *by far the strongest presence in the market.’ 

Further information: MeesPierson N.V., 

P.O. Box 243, 1000 AE Amsterdam 

Bart Ussel de Schepper, head of Equity Trading, Tel: +31 20 521 16 60. 

MeesPierson 

MERCHANT BANKERS SINCE 1720 


I 

b 

5- 

tr 

e 

h. 

L-. 

t: 

t 

fr- 

r 

Y 


per cent to 1,420 pesos follow- 
ing its $1% slide to $56% in 
New York overnight Brokers 
blamed foreign exchange 
appreciation in recent weeks. 

The composite Index fell 
.56.58 to 2377.69. The other 
main contributor to the fell 
was Meralco “A”, 3 8 per cent 
lower at 267.50 pesos because 
a state pension fund offer of 
shares, to its members at 250 
pesos was encouraging arbit- 
raglng. 

SEOUL saw profit-taking, fife 
composite intlw di pping 1 9.79. 
to 1,039.79. BOMBAY was still 
shaken by plague fears and the 
BSE SOshaze index lost 37.78 to 
end at a p rovisio nal 4,406-83. 
EUALA LUMPUR encountered 
heavy a fte rnoon profit-taking 
and the RTJtK firmipnKTte I nto 
shed 8.77 to 1440.83 after a 
morning high of i,isus. 


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