—-. 3 . ' ' .
Europe's ' feistriesp Newspaper FRIDAY NOVEMBER 20 1993
«. UK and Germany Oil prices fell almost $1 to five-year low BAe signs warn of dangers deal to By David Lasceflea in London efforts to shore up prices. Markets hit as Opec fails to agree production cuts chang if trade talks fail and Robert Corzlne in Vienna . The e of emphasis also reflects the fact that Iraq will Britain and Germany warned that failure to reach Od prices dropped to their lowest after failing to reach agreement Opec wished to remain a carteL low off prices. Mr Ah Ahmad Al- eventually have to he reinte- agreement on the Uruguay Round of trade talks point in five years yesterday as on a new production ceiling: This Mr Mehdi Varsa, research direc- Baghli, the Kuwaiti minister, grated into Opec’s production ceding on December IS would have Intolerable" conse- the markets reacted with disap- was despite the steady fall in the tor at Klainwort Benson Securi- said he ‘Tipped the fundamentals once United JJafctoas -sams- for quences for the developing world. It would ties rectify the situation^, turns barring it from exporting car perpetu- pointment to Opec’s failure to oil price since the last Opec min- in London, caDed the Opec would ate recession in western Europe lead to protec- isterial mee which although he said soine Opec pro- otb are. lifted. .. and reach agreement on production ting in September. A decision a “disaster" could . tionist measures. Page 18 cuts. communique said that- the Sep- lead to a price collapse similar to ducers which are dose to their -That is unlikely to happen The benchmark Brent crude tember output ceiling of 24J52m one in 1986, when prices fell mpqrj i y ^flight mafeo grilimfeny before weD_Jnto next year hut Indonesia Petrochemicals agreement near: Europe's price fell nearly 81 in early trad- barrels a day was “reasonable below $10 a barrel. production cuts. countries such as Saudi Arabia, petrochemicals Industry is close to agreeing plans wfll have to Kevin Done and Paul Bette ing to 814.18 on the overnight and objective" and should be He said Opec was "suffering Most analysts interpreted . which make a sub- By aimed at reducing losses running at hundreds news from the oil cartel's head- given time to work. from an absence of leadership’' Opec’s dectetoa as a move away stantial cut to accommodate Iraq, -in. London. of millions of dollars a month. Page 18 quarters m Vienna, though It Mr Peter Gignoux, head of the and persistently low prices would horn an emphasis!dn price to a are reluctant to do- so from a -* to Ci- Four-day week at VW: Volkswagen and the recovered slightly to close at energy desk at stockbrokers' force an emergency session well strategy df protecting market levellower than thepresadone. BRITISH AEROSPACE aims Metall 814.48. The its London, before the next scheduled confer- share. Growing output "by inde- take a leading rote in the devel- IG engineering union agreed a framework $14.18 price was Smith Barney in ; " opmentr aircraft deal to cut working times in VWs six German lowest point since autumn 1988 described yesterday's market ence at the end of March. pendent producers, faduding the- Nof so sBck as the market. of. indigenous in works by 20 per cent temporarily, but gave strik- when Opec overproduction also reaction as "a vehement backlash Most ministers refused to be UK. has- upset; Opec, which Page 16 and car indurtries in Indonesia fastest-growing regions ingly different views on how it would affect wages sent prices into decline. Opec to Opec's indecision'’, which drawn on what they might do If believes that snch countries are' Lex. WgeiB . Che of the and costs. Page 18 members dispersed yesterday raised questions as to whether faced with a prolonged period of getting a "free- ride? from its Commodities, Page 28 of the world. the compa- _ Rover group, UK Novelist Anthony Burgess dies at 76: i hy's motor vehicles subsidiary, Anthony Burgess, has signed a memorandum of one of Britain's greatest Kohl blames ‘campaign of personal attacks’ Joint candidate proposed understanding .'with the Indone- M ; and most prolific writers, sian government to lead the died in London aged development of a national car 76 after a long illness. project to design, develop and He had been, suffering manufacture a srnSU car Tor pro- from cancer. Burgess, duction in Indonesia. author of the controver- Heitmann BAe also agreed yesterday to sial novel A Clockwork consider forming a^joini venture Orange, wrote more to develop and manufacture than 50 works of fiction, regional -turboprop aircraft with theatre, television the Indonesian stateewned aero- drama and criticism. space company. PT Industri Pesa- He was also a composer, translator, linguist and quits race wat Terbang Nusantara (IPTN). ^ Joycean critic. Obituary, Page 15 With a population of almost 194m and an economy forecast to Japanese bank profits fall: Japan's leading grow at more than 6 par cent a banks reported sharply lower profits as the level -year in 1993 and 1994, Indonesia of problem loans continued to rise, forcing them has long had ambitions to into the unusual step of writing off loan losses. develop its car and sec- Page 18 for German aerospace tors as part of the. rapid indus- Commerzbank rises 52 per cent: trialisation of south-east Asia. Commerzbank, the smallest of Germany's big BAe said yesterday that it had three banks, reported a 52 per cent rise in operating signed the two agreements after profits to DM909m ($53Sm) in the 10 months ended meetings in London with Dr October. Page 18 presidency Bacharxudin Habihie, the Indone- sian minister for research and Spain's unions march: Spam's two biggest technology and chairman bath of unions staged marches in 50 Spanish cities against By Judy Dempsey in Bonn being swamped by foreigners and the Indonesian Agency lor Stra- the government's economic policy. Some 40.000 refugees. tegic Industries and of IPTN. were estimated to have marched in Madrid and Mr Steffen Heitmann, Chancellor His resignation will come as a According to the motor indus- nearly 60,000 in Barcelona. Page 3 Helmut Kohl’s chosen candidate relief to many east Gomans, who try^ memorandum, Rover will pro- Euro Disney turbulence: Euro Disney, the for the German presidency, yes- believed Mr Kohl had chosen a vide technology transfer and troubled leisure group, had another turbulent terday withdrew from the race relatively unknown easterner to technical support to a joint small
session on the Paris stock market when its shares amid mounting criticism ova;, his rein in the presidency. Mr filch" .carlprogramme, - . . fell sharply by 13 per cent during the morning controversial views on women, ard von WefasScker, the incum- The car would be sold initially In only to bounce back in the afternoon to close nationalism and Germany’s past bent, spoke out on several contro- the home market but subse- 8 per cent higher. Page 20 His resignation represents a versial Issues, including the quently would also .be aimed at personal blow for Mr Kohl who social and political responsibili- export markets. Production vol- Shanghai contract for Japanese: A had stubbornly defended Mr Heit- ties of unification. umes would be up to 50,000 a consortium of seven Japanese companies has mann as recently as last Wednes- Several eastern German offi- year with output probably won a contract worth an estimated S500m to 8600m day in a speech to the Bundestag. cials also argued that the west starting in 1996-97. to supply equipment for a new steel production Yesterday, the chancellor said German media coverage was con- It is understood that the car facility at the Baoshan complex, near Shanghai the justice minister from the descending and biased in the way Steffea Heitmann explains hta withdrawal from the presidential race to fee press in Dresden. amo<*«ifW would be based an the chassis Page 5 eastern state of Saxony had been it equated easterners with Mr platform of the present Metrn/Ro- views. before year’s federal Social its ver and would be powered Monitors for Russlam poll: Up to 1,000 the victim of a shameful cam- Heltmann’s nes Ran, prime minister of North damage next ,tian Union (CSU), . 100 by international observers are expected to descend paign. “The intolerable campaign In his resignation statement, Rhine Westphalia. and state elections. Bavarian sister party, after the Rover's 1.1 litre K-Series engine. on Russia to monitor next month's elections, of personal attacks and defama- Mr Heitmann appealed - sane The question Is whether the Moreover, if Mr Schroder was elections. “But others might' - In the early stages of the proj- at President Boris Yeltsin's invitation. Page 2 tion against Steffen Heitmann in German officials believe at the coalition government and the chosen, Mr Kohl would still get -tidnk ibis wouM'lrt Kohl off the ect Rover would supply mechanl- - the last fiew months shames all behest of Mr Kohl “to all par- SPD will seek a consensus candi- his easterner,- a goal he Is deter- hdtik, particularly' since- Rau cal components such as engines Bayer setback: Bayer, the leading German those who took part in it” ties in the interests of the inter- date. The president will be' mined to pursue, officials said.' would .win; if there was an elec-' and gearboxes from the UK, profits to fall chemicals group, expects by about the tie®, official Mr Heitmann. 49. created a nal unity of our country to agree elected by a special convention Sections of SPD would sup- ; tomorrow," an SPD per cent this year to DM2.2bn (SlJm) and remain 20 furore when. In reference to the on a joint candidate” [for presi- representing all the parliamen- port a consensus candidate in raid. . Continued on Page 18 unchanged in 1994, according to chairman Manfred V Holocaust, he said Germany need dent]. tary parties next May. anticipation of a possible coali- EuroAir sues BAe for $70m Schneider. Page 20 not be permanently shamed by He proposed Mr Richard Schro- Any horsetrading would suit tion with the CDU and the Chris- .- Editorial Comment, Page 17 over aircraft. Page 9 Write-offs hit Canadian bank: Writeoffs its past der, an opposition Social Demo- Mr KohL It may deflect criticism, stemming from the acquisition of a trust company He also suggested that women crat and a philosophy professor particularly among his - own and a discount brokerage firm helped push Toronto- should return to their traditional and theologian at the Humboldt Christian Democrats (CDU), over Dom inion Bank's fiscal 1993 earnings down by role as mothers, and that more University in Berlin, even though his miscalculated support for Mr almost a third. Page 22 attention should be paid to those the SPD have overwhelmingly Heitmann. It would also give the Germans who felt they were endorsed the popular Mr Johan- chancellor time to repair the Refugees dying: More than 100 Burundian refugees are dying of disease and malnutrition listened in "We've each day in crowded camps Rwanda, the United Nations refugee agency said in Geneva, About 700.000 Burundians fled their country after a Big Volvo shareholders failed coup in October touched off ethnic clashes. Printemps venture: Pinault-Printemps, the the tape you sent us, dynamic but heavily indebted French retail group, back merger with Renault is considering plans to enter the home shopping market by launching a television shopping service Ely in Stockholm Volvo is optimistic that the federation were in favour. * through La Redoute. its mail order subsidiary. Hugh Camegy Page 20 Fourth Fund's decision will set a Folksam, which three weeks Mr. Epstein, and in The proposal to merge Volvo's trend for other large sharehold- ago had opposed the merger, said Citic stake In Swire Aviation: China's car and truck operations with ers. It was quickly followed by it was swayed by French govern- involvement in Hong Kong's aviation industry Renault of France was boosted approval from Folksam, which ment assurances secured by deepened with Citic Pacific's HK$l20m <$l5m) yesterday when two big share- holds 88 per cent of Volvo votes. Volvo that Renault would be pri- acquisition of a 30 per cent stake in Swire Aviation. holders in the Swedish group With support from Renault the vatised, if market conditions our considered Page 21 announced their hacking for the allow, by the end of next year deal. and that a subsequent state Mexico banks plan: Mexico is set to open Lex .. Page 18 decision the Fourth golden share would not be used up its financial system to foreign competition The by Fund state pension fund and the Volvo dose to the to dilute Volvo’s 35 per cent early next year. The finance ministry plans to Folksam insurance group defied wind - Page 20 share in the merged company. give licences to as many as 25 US and Canadian opinion they'll never agree- issues have banks. Page 22 a spate of criticism of the Both been at the ment in Sweden and. transformed heart of Swedish criticism of the Zinc smelters deal: MIM Holdings, the prospects for approval of the Fourth Fund and Folksam agreement Australian metals group, and Germany’s Metallge- merger at a special shareholder secured, and further backing A key factor in both decisions sellsL-haft. which holds a 14.9 per cent in MIM, meeting on December 7. assured from investment compa- was the acceptance that Volvo make the Big Time. are negotiating to swap interests in two lossmaking “I hope that this is a turning nies within the Volvo empire. could not continue in the motor German zinc smelters which they own on a joint point.” said Mr Per Ldjdqulst, Volvo can now depend on about industry alone and bad to deepen i , basis. Page 20 head of investor relations at 31 per cent of the votes. its existing alliance with Renault Volvo. The “no" camp, led by Attlee- to survive the overcapacity in STOCK MARKET INDICES GOLD The Fourth Fund holds 7.5 per Parana, the small shareholders' world car markets. Folksam said So the answer is association, FT-SE 100 1^59) London $377.6 (376.0) cent of Volvo's voting capital and and the Fifth Fund it accepted the 35 per cent share Y*Sd 3M is the biggest shareholder after state pension fond, are at present of the new company apportioned FT-Sc Eurctrack ICO ..1,301)6 1*13.65] STERUNQ Renault which has 10 per cent of certain of only about 10 per cent to Volvo as a fair valuation, in FT-A Ad-Share _1^2Sl84 1*0.?%} the London: the group. But vote within the Fourth spite of a lari: of detail on how Niwa .17,22232 (*15531) illustrated S 14855 (1.488) Support from the Fourth Fund Fund how closely con- the valuation was arrived at. no, no, no." LONDON MONEY DU 2J42S (2-5375) was seen as vital because its tested the merger issue had Volvo's share price fluctuated 3-nra titertorti FFr 8JW75 (8.78) directors include senior industri- become. The board spilt 8-6 In wildly The most- . ... 5H* i5»VW yesterday. SFr 27325 Lflfe leng giitucne: Dec USA (???) alists, trade union leaders and favour of the deal, with represen- traded B share rose from SKr410 Y 161.26 (OecliSj’j (161X1) government officials. Its board tatives of white collar trade to SKr43l on early expectations 1E Index 61.7 (81.6) NORTH SEA OIL (Argus) said it would support the merger unions and a former Volvo chief that the merger would be unless significant new informa- executive, Mr Gunner Johansson, rejected, fell to at the capital to back a big idea is only half the secret. Brcot 15-dav [Jam S14J6 (15331 Tokyo Closeetas V 10823 then close Having tion emerged to cause a change among the dissenters. 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P THE FINANCIAL TIMES LIMITED 1993 No 32,228 Week No 47 LONDON - PARIS * FRANKFURT - NEW YORK TOKYO . ; u . / .
FRIDAY NOVEMBER 26 1993 NEWS: ELECTIONS IN RUSSIA Voters fed Bolshevik slogan of bread and peace
By John Lloyd In Moscow incomes, which rose the by 10 per result, the “feelgood’' factor is Others nod towards the .allevi- ously rich,- Mercedes-driving for Russia in lost prestige as grammes.;’ A •; presidential state ownership, although cent from January to Septem- Agrarians, slender, and the ordinary ation of their poverty. class now visible , in most much as in lost production. decree allowing the free pur- Communists and. ber this year compared with voter has a constant and con- If peace is -Widely defined to cities - is fuelling gdls for a Fearful that patriotism may chose and sale of land was- with the Liberal Democrats “Bread, peace last, have stagnated since. The suming interest in the cost of include personal security crackdown on corruption and. become- the sole preserve of signed last mouth and all par- •and the Dignity a»d Charity and land” is number of people with living. (with the Bolsheviks it was an organised crime as touch as on the far right and toft, Mr Amt; tteafhave had to take * post- group, dearly favour the. state. the 1917 slogan incomes below the subsistence It is a tribute to the relative end to the war) then it, too, is the soaring, rise in general ret Kozyrev, the; UberaBy-bt. tiott'tm it, The majority sup: .’The putt of electoral politics * that won the minimum, or upper poverty success of the policies of the an important election Issue. crime. rijingd foreign minister who is ports it with reservations. is presently towards the cen- Bolsheviks a line, hovers around Murmansk; (Liberal in . Communists neo-fascists 45 per last two years Oat few groups Mr Nikolai Travkin, leader of Real war also features -as standing , bay Even the and' the tres the A.'V-.i'V-Tfi-!' ' v 74-year hold on cent - down on last : Commu- year’s are overtly calling for a resto- the Democratic party called it candidates, especially the been taking a' hard , line in Agrarians, the twin defenders., Democrats) .and the 1 .v rC«’.vfcr*i power. Today, peak of 64 per cent, but still ration of subsidies. Instead, “the first issue In our cam- Communists, conjure up eth- recent weeks - threatening of socialist ownership, feel nists emphasise their peaceful >* js being ech- high. if liber- ELECTIONS very they are focusing on the need paign” .in his election broad- nic straggles In the Caucasus Armenia with . intervention impelled to say that they are intent; while the radical IN RUSSIA wl.in.flK ™- And the gap Is widening for a rise in state pensions and cast on Tuesday evening, and Central Asia to hammer, it does not apologise for an not against the free possession als (Russia's Choice) play up — test for the between the rich - being the wages, in student stipends and while the candidates of the the home their point that the col- attack on a Russian diplomat, of land, just its purchase and their patriotism. Parties and new parllamenL For bread, 20 per cent of the population in sickness and invalidity ben- far-right Liberal Democrats lapse of the Soviet Onion, pro- and Ukraine with sanctions If sale. On tire issue of tire priva- .electorates are new to each read standard of living- bread who receive 43 per cent of efit One political group- the say that “we will restore voked by Russian. President ft does not return its unclear tisation of enterprises, the other in the new Russia: but - prices now reflect Hie cost of total income -and the poor Dignity and Charity bloc- is order- by peaceful means, of Boris Yeltsin and leading missiles to Russia. reform consensus also appears for the moment, they can both prodaction, as do most foods - the 20 per cent who receive 7 devoted solely to the interests course”. The growing gap in members of his current gov- Land features fn all the fohave won the day. No party' .'say .that we are all centrists and commodities. And real per cent of Income. As a of pensioners and invalids. All incomes - with the conspicu- ernment, has been a disaster blocs' rhetoric and -pro- flatly advocates a~ return to now.'
Search The lucky thirteen.., for recipe to turn Radical reform nwiirtomw Lad by first deputy prime tanks to mWatar vigor Gaidar ESocof pro-government
Yetafn supporters. . sausage consisting ofaevwdl pofies end mowamente. Inctodtog Democrats fiusate, the - By Leyla Boulton Yabiotey Peasants' Party of Russia, the AsaocfaBMiot V Privatised and Private Enterpnsraure. and the Party
Democratic Wtfattva Considerably - Russia’s of ahead In tS . pofltng, al between 20 aid 30 per cent of the rote- Choice, the pro ‘aSss'issr Yeltsin bloc that began by - dominating the WmSskss V-'i-’?:- . v * Slower reform «. . ‘M. / ’.* agenda of the ELECTIONS election cam- VaMoka bloc . Led by Grigory Yuvtfctsky, IN RUSSIA as ' meet the political limits to WWxjuian ofWal name, tria
Mao has been . reform. ntefotanwd .' ^opSWpprt ok "Any government which Yabtako{Appta},asapunt>n the acronym - of the names c# '•V' * :* * * * * a&tESESsSJEwfcf* allows 80 per cent of industry ' £ Ti MWBtote rejedTtfte .. w-M '. few IW leaders Grigoty Yavlnsfy, X to go bankrupt won't even young freo tnatot economist have time to complete finan- Yuri Boldyrev, scientist, and Vtocftrir LuMrt. fbonsr - cial stabilisation because It Russian ambassador to Hie US. Hprornfaes. teas „• will be immediately thrown painful, but more effective motet reforms anda real -: out of office," says Denis Mr state tor the regions fri the tadaral state. Kisilyov, a Russian economist at the World Bank office in Moscow.
As the parties competing for Movcnieatfor Vfod pro-reform voters have DemoonMo Reforms enc4himflMid.fo :• Increased their promises of Led by Mayor Anatoly ' foxwrScA**’. ways to kick-start economic Sobchak of St. Patecnburg growth without a financial
1 Thb tiloc. eteo led by Gavriil ' -1 ' squeeze that will throw mil- K *’ ^ X. I %'. lions out of work, Russia's Popov former mayor of ; Hre Choice is having to respond Moscow, fa pro-retorm,but with a softening of its own pro- stresses political gramme. iridspendence bom YeRsin. tt Is caffing Ibr Ngtier. Centrist education for aU. the protection of low incomes and It is still promising radical pensions tram inflation; and a wider cBstributiart land reform, an elimination of of privately owned land. most subsidies and further lib- eralisation of foreign trade, but tad by AriostV VaWcy. Moatoftlw tnSde^bftiijAywfi) defend wtxiwtfti Oondrated-'tyte core grauivite it is having to fudge the issue mCwwa^conmto^t^ Party of Rumdan Unity and Accord Rusriefi (ft^Mlnduefriafateiwd of how much unemployment It Si of Ycurth.Sseft he^flo fijeltopfiacWMlic^ sft ewi.-Kiw- Led by Deputy Pramior Sergd Shakhnl. En^epranews.'lfm btootooufe-a Soviet tlm&k ft foF9t
THE FINANCIAL TIMES Published by The Financial Tines g,\ (Europe) GmbH, Nibdungenplatz 3, • 603 1 8 Frankfort am Main, Gammy. H49 Media builds an even balance from 13 blocs Telephone W 156 850, Fax ++49 69 S9&US1, Tdex 4I6N3. Rcnroatol by Edward Hnja Managing Director. Printer: DVM Drvcfc-vertriab und Mututiflg GmbH, Admu^-Raronddil- By John Lloyd and Leyla houses of the new parliament tiny of these donations is lax. removed: censorship appeared paign proper began: thereafter, Straee X 65263 Ncu-Isaiburg (owned - - Boulton the federal assembly have Russia has several Ross Perots - successful businessmen who are and will, anyway, not take only briefly after the suppres- each of the 13 competing blocs by HQniyet International). been completed, and have using their financial clout to win a political voice, writes place «n*fl after the event. sion of the parliamentary was allocated equal time on Rc*poc*u>Jc Editor; Richard Lambert, do Tbc Ftnuciar Times Limited, thrown up 13 blocs and more Chrystia Freeland in Moscow. Mr Rafis Kadyrov, who sports a Further, the linkage of revolt, and the daily newspa- the two main national chan- Number One Southwork Bridge, Lon- The Russian candidates covering a suit watch ^ than 600 and gold that would be at home on Wall Street, is money and campaigning looks per which is stfll banned, Sovy- nels, dolled out in 20-minute don SB1 9HL, UK. Shareholder* of the Financial Times (Europe) election cam- range of views from neo-liberal naming for a seat in the Russian parliament and the presidency improper. Mr Yegor Gaidar, etskaya Rossiya, won a court segments, with the times of GmbH art: The Financial Times (Europe) Lid, ; palgn. it is to Communist and neo-imperi- of Bashkortostan, an autonomous republic with inhabitants pPv 4m first deputy prime minister but judgement against the ban ear- -appearance determined by London And F.T. (Germany Advertis- " r V.J already alist - Ltd. London. fT clear, right. In one republic in the heart of the Urals. aim leader of tire mafo radical lier this week. While tire most drawing lots. •. ing} Shareholder of the - show mentioned two companies The • will not be fair. Chechnya - elections will fc . The brashest of the lot may be Mr Kizsan Qhnnzhinav, a bloc. Choice of Russia, held a prestigious dally, Izvestiya, is The party political broad- Ftancta) Tuan Limited. Number One probably not take place at all businessman who However. was elected president of Kalmykia, an autono- meeting last week with the pro-presidential and supports casts ace .wholly fascinating. Soothwvk Bridge, London-5E( 9HU - - . unlike the and in another Tatarstan mous republic to the south of Bashkotostan, after promising to heads of Russia's commercial Mr Gaidar’s movement, other At one end, they are fairly The Company atnooroonnad under the hws England and Wales. “elections" of insufficient candidates have pay each citizen $100 out of his own pocket hanks - which - of Chairman; ELECTIONS during he prom- papers - such as Pravda are -slick: Choice of Russia, with a DrALfictt. registered for the upper house. IN RUSSIA s °™‘ ised them protection from for-, strongly critical The liberal professional,, wen-staffed cen- ‘it. questions are FRANCE w The key now though the government he has dates at press conferences. eign competition, a promise daily Nezavisimaya Gozeta is tral election staff; produced . PiiMhtiing Director I. RoUey 168 Rue hiimess had nothing to do with the overall political context chosen. He has not, and may Their backing allows the par which quickly took the form of waspish about Mr Yeltsin earlier this and week a SOminute do Rivoii,-F-75044 Faria Cede* 01. Tele- it, they will be unfair in a within which the elections not declare his support for any ties to run the campaigns and a presidential decree. They met about the government - show Which nrirari dips from a phone.- (01) - 4297-0621, Fax tot) recognisahly democratic way, take place, and, crucially, the party. pay for media coverage: under in his party headquarters, not Television is - as ‘ every- concert with a smart Mr Gai- 4297-0629. Printer. SJV. Nwd Edair, 15121 Ran do Oaire, F-591Q0 Rodbak with money, personalities, coverage given to the parties The reformist the - main parties election rules, donations his office. Did they promise where the dominant medium. dar. Other parties have simply Cedes L Editor: Richard Lambert. image, showbiz, and arm-twist- and candidates by the media. are all linked to, or enjoy -ISSN U4S-2753. the from each enterprise are lim- support for the party? Had The rules of the game, drawn pushed, their . candidates in (S$N: Commission ntrtakire No 67808 D. ing taking place against a President Boris Yeltsin is support of, groups of enter- ited to a maximiitn of 20,000- they already given it? The site up with some advice from, tire front of cameras.
hackdrop of state^efined rules. • presently the only source of prises and banks. This is quite times the minimum wage to of tire meeting pointed to these British Broadcasting Corpora- The marvellous amateurism 'DENMARK The technical requirements legitimate power In Russia: overt: businessmen and Indus- parties and 200-tunes the mini- tion, specified that parties is gold dostto anyone attuned FinaneU. Times (Scaadinann) Ltd, for t'ne registration of parties trialists appear Vignngkknflert 42A» DK-H61 Copeo- government Is carried on on party slates mum wage to ah individual Most of the curbs on the cen- could hoy TV time up. to. to the; banalities of western bsgcoE. TWeptwoo 33 13 44 41. Fax 33 and candidates for the two through decrees he issues and and/or sit beside leading candi- candidate. However, the scru- tral press have now been November .22, when' the cam- party pditicals.-' - ; 93 5335.
£ FINANCIAL times: FRIOA^NOV 26 1993
r :*~- ••• - =-.y k^-fr-Nsr. NEWS: EUROPE B Spanish unions W; take to streets
By Tom Bums in Madrid
Spain's two largest unions joined forces yesterday evening to stage protest marches in SO cities against the government’s economic policy. However, they remain divided over organising a 24-hour general strike that has been tentatively scheduled for By David the third week of next month. Waller M Frankfurt ners Uib n.M» fc hnririwi hy a r The demonstrations were the first test of strength by the " r •- - . ' modest- 3 wjr-cen&in^&e oast Any attempt unions against government plans to restore competitiveness by to revive German . two years, and tod' fellen by imposing wage restraints, reducing benefits and overhauling and thereby curb nearly i per cent since the end labour market legislation to allow part-time employment, ootoestic unranploymart would of last -year. ... r - apprenticeships and easier dismissal procedures. wrong metUdne”, Hg. hiarrwxi nrt the . j-h* n to-fina d . w The Communist-led Commissiones Obrcras union has - (CCOO) Bundesbank’s chief eamondst on recession 'in'Gennany's called for national mobilisation to paralyse the country on most hnportant trading part- December 17, but the rival Union General de Trabajadores Speaking in Frankfurt, ners. Mr Any attempt to combat (UGT), which co-sponsored yesterday's protests, is more hesitant, utmar issing. member of tte' ; "^dficlizte'fa mqwtfe.tiy com- believing a full strike could backfire and prompt the government «ntm bank’s policy makmg ^qaetrtiye -sderyMnatipm ^wonld to take even tougher economic measures. council, appeared to be direct-^ _ prove inusaryTMr Easing redd, The two unions staged a successful 24-hour strike in December uig nis remarks at calls for as it' would -only serve to 1988 that forced the government to withdraw a planned youth European countries' to slash woreentradmgpartners^races- employment scheme and to increase pensions and unemploy- jnterest rates as a way' of diminish com- mans and danmifl for ment pay. A half-day general strike which they staged last May batmgunanploynMsnt - ^German- goods stffl ftnther. A in protest at social spending cuts was poorly attended, however. Mr feeing acknowledged that . devaluation would stoke up The government is due to meet the unions today in a last mere had been a m sharp fall in . Inflationary' pressures and trig- effort to salvage a social pact on incomes policy and labour Uerman exports si nce Gentian -ger a 'wage-price spiral which reforms which has been under discussion since September. Bat it reunification, and that this had rwquld.lead to more, not less has already warned that it will impose its policies next week if contributed to - German unem- inflation; there is no agreement The employers’ confederation, which held ’ ployment because lay-offs- were -v Mr Isslng’s comments follow separate talks with the government yesterday about the social concentrated inexportoriented . Bundesbank president Mr Spanish riot police restrain a student during a riot that broke out in Madrid after nationwide demonstrations by students demanding pact termed the proposed labour markets reforms as “too industries. Germany's trade Hans Treftmeyer’s remarks on the government spend more on education hum weak". surplus has fallen from Wednesday that governments DMl35bn {£53-50bn> in 1988 to should not try to buy economic DM34bn last year to DM28&h in recovery by means or rate cuts. the first mwithie - eight of the - Mr Johann Gaddnm, Bundes- Companies current year. bank' vice-president, however, Swiss to vote on introduction of VAT However, he rejected argu- awakened speculation of fur- ments that the fall in exports ther rate cuts in Germany in neglecting 1 By Ian Rodger in Zurich answer would be that no nega- pean Free Trade Association. exports, were introduced. the restauranrestaurant and hairdress- had been triggered by the Paris yesterday. He was quoted tive consequences have Swiss manufacturing compa- As is often the case in Swiss ing trades which dread being strength of the D-Miark, point- as saying Germany was ’’over Swiss voters pride themselves resulted from previous rejec- nies have become increasingly referendums, the balloting pro- brought into the tax net. ing that out measured against the' hump” on inflation and tax rebates on using their direct democ- tions in 1977, 1979 and 1991. nervous that exports to Europe cess will require considerable Polls indicate that it will the currencies of Germany’s 18 there was 'scope for further racy responsibly; if taxes need This time, however, there is will face increased costs when concentration from voters. probably be approved by a nar- most important trading part-. interest rate cuts; By Arxfrew Jack ki London to be raised, this action will be a sense of urgency. Federal the EEA comes into force next They can vote for 6.2 per cent row majority, but that the peo- approved in a referendum. government finances are in dis- year. Thus, their campaign to VAT or 6.5 per cent, which the ple will only approve a 6J2 per Millions of pounds in value That sense of responsibility array as soaring social security replace the existing 6.2 per government would prefer cent rate. Swiss voters would added tax rebates are will be tested on Sunday when spending in the recession led cent turnover tax, which because it would raise more prefer to keep the pressure on unclaimed across the EU. the Swiss will be asked, for the to record deficits. applies only to goods and capi- revenue. There is also an the politicians to cut spending according to a survey by fourth time, to vote on the Another coucem is the com- tal spending, with VAT has opportunity to vote in favour rather than let them have accountants Deloitte Touche introduction of a value added petitiveness of Swiss industry. been more passionate than on of adding another 1 percentage more money. Tohmalsu. fciv Last December, Swiss voters previous outings. point to help underwrite soar- In addition to VAT voters Nearly 80 per cent of compa- At a time when every other rejected joining the European It is estimated that Swiss ing public pension costs. wifi also decide whether or not nies do not reclaim all the VAT European government has long Economic Area (EEA). an industry would save SFr2.6bn a The VAT proposal has the to abolish tobacco and liquor they are entitled to receive since introduced VAT, it may expanded free trade area year if a 6.2 per cent VAT, foil support of all the main advertising, an issue brought By Ariane Genfflard services well political parties and business a referendum by concerned -anlmut in Bam conthiues . -to eomplam that bom countries in which they be asked why the Swiss have between the European Union applicable to as to c .*' T Sfl • But idea. The Swiss and the countries of the Euro- as goods and refunded from groups, with the exception of citizens. . stocks are i»o hi^k. they are not registered, and more rejected the >~nws Ah increasing number -of . add that prices could fell fur- than 20 per cent do not claim German businessmen believe titer as a result. any of their rebates. the economy has stabffised at ’V^The brighter outlook varies The survey, which ques- its lowest point expect from sector to sector. Manufec- tioned more than 600 compa- . and some export-led Improvement hirers of semi-finished goods nies, notes that almost a quar- in the coming months, accord- toy the aitxmtian remains bad ter of businesses pay VAT in ing to ffo, the Munich-based hut an export-led pick-up is countries where they are not economic institute. foreseeable over the next six registered, on transactions An Ifo study, which poUsSOto- months-* a view shared hy the such as one-off purchases, managers, says -the- business -chemical industry. But. manu- hotel bills and travel. About 8 community Is less pessimistic fectorers of consumer goods, per cent are paying more VAT than in previous months: e^pedaUy cars and electronics. than they were before 1993.
The survey lends weight to;a-„ wam.that orders will still not . Most say the primary reason statement by the Geftnad znatch 'fife 'September level. is that recoveries would cost industry federation, are decreasing L too much. A number of compa- that the economyia -stahtf ,aba*al»wgP4*ace than.' earlier. uies highlighted administrative The BDI points out production Wholesale and retail traders difficulties in receiving rebates plans and orders stopped foil- hit hy depressed domestic in Italy. Germany and France. ing at the begtoning of sum- -demand are -pessimistic. “The system clearly needs to mer and capacity utilisation More than 40 per cent of be simplified," Deloitte said. was dropping "very mildly -.-wholesalers say they expect Across the EU, British com-
the, . to fell; the worst result panies are the most likely to compared with beginning : order* J fit of the year. polled by the institute since foil to make refunds. Ifo notes that companies do Mai'.: The survey showed that just
not expect a pick-up in domes- , In eastern Germany, bust- 23 per cent of companies said tic demand but. that, export ness confidence Is up, mostly they had found their transport prospects are “substantially because of a rise in local costs becoming cheaper as a improving”. Companies in gen- demand. Capacity utilisation is result of the new system, eral say orders in October held stabilising at 72 per cent and although 39 per cent said goods
steady against September. production plaits and orders ! reached their destinations
The business community are on die increase. i more quickly.
Berlusconi s courage makes others see black Robert Graham on Italian media magnate’s backing for neo-fascist candidate in Rome mayoral election
long memories. r Silvio Berlusconi, ..lusconi’slusconi’s - principal media those with Italy’s media mag- group).grotq>). They feel Mr Berlusconi is lending nate.nate, claims he has - Accompanying such sarcasm highly irresponsible in M more than follow a was a flood of criticism and his considerable weight to done no maxim of Tolstoy - a coura- protest The next issue of Pan- making the MSI respectable. geous man does what he feels orama, the main Berlusconi However, most of the criti- necessary. weekly, will not appear cism is based on historical f is But what Mr Berlusconi con- because of a strike; a stoppage memory rather than the MSI siders '‘necessary" has created was observed on Wednesday at today, led hy Mr Fini, who was
. twain a near mutiny among, his Mondadori, his publish- bom in 1952 fseven years after employees and provoked a ing group, and television jour- n Duce was executed). The crit- storm of controversy in Italy's nalists loudly proclaimed their icism also contains an element political and intellectual estab- independence.' Borne groups of hypocrisy since he would lishment have threatened a boycott of have earned little odium if he Mr Berlusconi, who controls his Milan football team. had associated himself with three quarters of Italian com- - The objections to Mr Berlus- the leftists' candidate in Rome, mercial television and a string coni’s stance centre on two Mr RuteHL Issues. The first is of publishing interests, has separate Mr Berlusconi is unrepen- who wields decided to enter the political whether someone tant He wrote in yesterday’s especially fray in Italy. so much power, newspapers: “I’m completely should take Throughout this year he has throughtelevision, foreign to fascist culture and been touting be might form a sides so openly and harbour traditions; but I refuse to political party and appeared to political ambitions. These accept the use - or worse the are on weak be flirting with the populist objections- blackmail - of anti-fascism as a owners in - media ^ Northern League of Mr grounds since demagogic device to steer the discreetly or clumsily, do .» Umberto BossL But this week Italy, country away from a liberal - he chose the occasion of the - support causes indeed that is democratic government which propri- of a shopping centre partly why. they are we and Europe need.” opening ‘ in Bologna to urge the etors. e added that if and himself has formation of a new centrist Mr Berlusconi when it was necessary always been a political animal, party. . he would establish and built his empire on the H Apparently off script, he a “clear distinction between with went one further. If he were in back of a close friendship politics and editorial former Rome he would back Mr Gian- Mr Bettino Craxi, the control”. Socialist leader. Mr Berlusconi franco Fini, the leader of the By taking such a high pro- the run-off himself , has not been impli- neo-fascist MSI. in file, Mr Berlusconi may well cated in the corruption scan- on December 5 for the mayor- encourage more of the media dals but Milan magistrates are ship against Mr Francesco to focus on the financial prob- investigating whether- his Rutelli, the candidate of the lems of his empire. La Repnb- media interests allowed' dis- left. blica newspaper and L’Es- counted. advertising slots on This was immediately inter- presso magazine, controlled to television ; to the political par- preted not only as an endorse- Mr Carlo De Benedetti, have during elections- Another ment for the MSI but as plac- ties bean running for some months on investigation is examining alle- ing this party, always seen a rampaign. demonstrating that gations of kick-backs to obtain the far right, in the centre of the debts of Finlnvest are well television licences. Italian politics. above the L3,33Sbn (£1.3bn) . headlines The second issue Is whether j This produced published in the 1992 accounts. in black the MSI is a dangerous rightist ? such as ‘'Berlusconi They also claim that close infa- phenomenon, foreshadowing a (a reference to Mussolini's scrutiny of the accounts and car- return to the- Mussolini era- mous black shirts) reveals a Ll74im loss instead of with a The spectre of a party, inspired toons such as the one the declared L2ibu profit This Mr Berlus- by Mussolini, gaining substan- bubble coming from has not been denied by Ffo- ’Fmi-vesF tial electoral space In Italy has coni’s mouth saying invest Mr Ber- frightened the left and all (a play on Fbunvest, ' .
4 FINANCIAL TIMES FRIDAY NOVEMBER 26 1993 NEWS: EUROPE Belgium to Bulgaria reaches agreement on debt reduction
By Anthony Robinson cult negotiations with its Lon- price to be announced by Bul- months* interest collateral. several creditorbanks,"is shnl- relief package earlier this
don Club creditors headed by garia, a collateralised discount The FIRB option,' with, an lar to thekind. nf . deal being year. This was rejected by the Bulgaria has reached a Deutsche Bank, includes an bond option, a front-loaded eight-year grace period, offers sought by Poland for its over-: Polish side which wants a 50 push EU comprehensive debt and debt- Initial downpayment of not interest reduction bond {FIRB) an 18-year bond with a tl3bhaBnmercial-bankdebt per coat rednciion similar to service agreement which could more than |865m and average option and a comprehensive stepped^, fixed, itoerest rate- ; But leading creditor banks last - that already achieved on its amount to a 50 per cent cut in annnal payments of less treatment of interest'orreara,” storting at 2 per cent for the night Insisted Poland no ton-" $3Sbn Paris club official debt. the estimated $9.3hn (£6J24bn) $300m in the first seven yean Deutsche Bank added. first eight years and a floating ger qualified for tlu khri of The banks are due to meet It owes to a group of over 300 of the agreement, Mr Chavtfar The discounted bond option coupon of Libor phis 13/16.per relief achieved by Bulgaria, shortly to discuss making a growth plan commercial banks, Mr Stoyan Kanchev, a member of the o£fers a 30-year discount bond cent for th© remainder, West which, has a 'much weaker revised offer to - the Polish ^naBw' minister, told said. econo a on the Alexandrov, negotiating team, Renter. exchanged for existing debt at Merchant bank . my and GDP which is team, an improvement said in Sofia yesterday. "The agreement contem- a 50 per cent discount at The agreement, stfil.to.be, couttonlng^falL. original 33 per cent relief By Lionel Barber In Brussels macroeconomic power still The agreement in principle, plates a menu of options con- LIBOR plus 13/16 per cent and approved by the Bulgarian Poland's London dub credi- offer, but still well below the rested with member states. readied after months of diffi- sisting of a debt buyback at a with foil principle and U parliament and the. boards: of tors offered a.33 per cent debt 50 per cent the Poles seek. THE Belgian presidency or the However, Prance, Italy and European Union intends to to Spain were much less hostile, strengthen the European Com- according to an official mission’s programme Cor eco- Mr Maystadt is said to be nomic ) growth and Job creation determined to put forward a Owen foresees Moslem state Row loomsns over at a meeting of EU finance strongly-worded document on ministers early next month. the grounds that ft will have The move is in response to legal status according to the Mediator warns of new EU sanctions over Bosnia UK and success in German recently ratified Maastricht cartels neutering Commission efforts treaty. to sot EU-wide targets Tor halt- By Robert Mauthner, Under the Maastricht treaty, ing rising unemployment and Diplomatic Editor By Andrew HflUn Brussels week that all they wanted from the Commission is required to promoting growth. the Commission was greater put forward a recommendation Mr Philippe Maystad t, Bel- Lord Owen, one of the two A political row Is'bufiding-'up legal certainty about the treat- on macroeconomic targets - gian finance minister. Is under- international mediators on the between the European Com- ment of shipping conferences, which can be adopted by quali- stood to have been surprised former Yugoslavia, forecast mission, parliament mid Euro- in particular those that now fied majority by the European by the Commission’s abrupt yesterday that the creation of a pean Union ministers over con- offer door-to-door container Council on December 10-Ll. retreat Cram earlier calls for new independent Moslem state troversial Commission services, including road haul- Belgian officials point out, specific targets to spur a recov- in Bosnia was inevitable and inquiries into shipping cartels. age. with a touch of bravado, that ery and disappointed by the that the Serbian and Croat The Commission and Parha- ' In the last two years, the®- this could mean that the Ger- document's bloodless tone parts Bosnia would eventu- ment, backed by exporters, are Commlssion has aroused the mans and British alone could of compared with previous drafts. worried that transport minis- wrath of shipowners by impos- be outvoted. ally join their respective Brussels bad earlier called mother countries. ters. who meet in Brussels on ing fineR on two cartels opmat- A Commission official •' for a 2-3 per cent reduction in Such a solution, he admitted Monday, may try to meddle ing between Europe and defended the watering down of short-term interest rates con- ruefully in the annual Chur- with the Commission’s exclu- Africa. Brussels is now poised the original macro-economic tingent upon wage restraint chill lecture in London's Guild- sive authority to rule on com- to publish a statement of objec- guidelines on the grounds that and cuts In budget deficits, a hall, was certainly one be did petition cases. tions to the Trans-Atlantic it was important to "carry” broadening of the tax base to not favour originally in the : At issue is a draft resolution Agreement, signed last year by along memhar states. pay for cuts in employment abortive Vance-Owen plan, on tiie application of competi- 14 shipping companies includ- taxes, and a specific recom- In Brussels, officials are con- which called for a unitary Bos- tion rules to maritime trans- ing P&O Containers of the UK, mendation to create 15m jobs cerned that Mr Jacques Delons' nian state divided into largely port, which could be adopted Hapag-Uoyd of Germany and by the end of the century. white paper on employment, autonomous provinces. by ministers on Monday. EU Maersk of Denmark, and Britain, Germany, and the competitiveness and growth Lord Owen accused the US of exporters - farinrifag compa- fchrtnlri nlsn taktt a dedtitP C® Netherlands all voiced strong could lose impact because of having killed off that plan in nies, such as. ICI and Mara - the Far East Freight Confer- objections to these targets, the Commission’s retreat, par- May this year and thus say the resolution is largely ence. pointing out that the EU had ticularly since it has no legal destroying any hope of keeping An aid convoy makes its way through the mow at Serb-held Banja Luka-yesterday the work, of shipowners, trying The shipping lines say the no legal instruments to fulfil status and is unlikely to con- Bosnia-Hercegovina together. toprotect themselves from the TAA is essential to combat tain recommendations. them and that the levers of However, he recognised that the Moslems claimed it did not would have to strengthen Bosnian republic had to have latest . In a series of Commis- overcapacity in the transatlan- history might show that the give them enough territory. existing sanctions or start open access to apart on a navi- sion investigations Into ship-' tic container market, but emergence of an inHiynitent European Union foreign min- advocating new sanctions. At gable part of the Sava river in ping cartels. exporters say that it has led to, Moslem Bosnian republic was isters suggested earlier this the game timp he warned the the north and to a sea port of The European Parliament's “exorbitant” rate increases Polish commercial “inherently more stable," that week that the international Bosnian Moslems if they its own on the navigable part legal affairs committee has 1S93. The original draft resolu- the riandUtarisatvm of Bosnia community might be prepared were not prepared to accept of the river Neretva to the. written to the. council of minis- tion tabled by the Belgian pres- proposed in the Vance-Owen progressively to suspend sanc- compromises, outside govern- south, til addition, the Mos- ters wanting that adoption of idency of the EU was sharply plan was lnirnflliatin and that tions against Serbia if a politi- ments could reconsider then- lems would have to be given, such a resolution could upset criticised by MRPs and the TV plans hit snag the Moslems’ fight for their cal settlement could be contribution to United Nations "as an important symbol", a the balance between the EUs Commission for going too far. very survival required to find reached giving the Bosnian peacekeeping forces in Bosnia, tract of land on the Adriatic institutions. By Christopher BoUnsid in advertising. Foreign media expression in the creation of ufafligmi; an additional 3 to 4 which would then have to be sea, and, as far as possible, nat- - - The pressure already appears Warsaw groups including Bertelsmann, their own country. per cent of tenttory. withdrawn. • - ural and defendable bound- to bo having an effectNational Correction Compagnie Luxembourgeoise Lord Owen’s remarks were a Such a possible solution, will “The parties, tragically, then aries. officials said yesterday that Plans for Poland’s first de Telediffusion and Time clear indication of his belief be discussed at a conference in would be left to fight it out Lord Owen strongly mwnhor states' enthusiasm for Istanbul stocks commercial national TV chan- Warner have declared an inter- that the union of the three Geneva starting next Monday, with no holds barred and. the supported the trial of Yngodav a prescriptive resolution was nel have run into opposition est in running the channel republics which he and his fel- grouping EU foreign ministers, misery and mayhem of what war criminals by the waning, although they may Equity capitalisation on the from the military which is with local partners. low mediator Mr Thorvald the leaders of the three war- was once Yugoslavia would international tribunal set up still call for a Commission Istanbul Stock Exchange Is unwilling to release the neces- Adml Plotr Kolodziejczyk. Stoltenberg had proposed as a ring parties in Bosnia and continue." by the UN. “I believe it is report on the subject Much currently estimated at just sary frequencies. defence minister, said the replacement for the Vance- senior representatives from the Whatever political solution essential for the moral order of will depend on how ministers under $30bn. The figure given This emerged shortly before army would be able to free the Owen plan would be no more US and Russia. was chosen by the warring par- the 21st century that we react to Monday's Atabyirignt by in an article in the Financial the closing date for applica- frequencies in three years. Fre- than a temporary solution. Lord Owen warned the Bos- ties, certain key Bosnian Mos- re-emphasise over Yugoslavia Mr Karel Van Miart, the com- Times survey on Turkish ' tions to run the channel to quencies available to private That plan was rejected by nian Serb and Croat parties lem demands had to be dealt the rejection in the Nfirembrag petition commissioner, about finance and Industry, pub- compete with the two state TV broadcasters provide access to the Bosnian Moslem “parlia- that, if they failed to compro- with. trials of tiis belief that, in- war, the maritime industry. lished on November 25, was ones, which will still carry 40 per cent of Poland. ment” last September because mise, the European .Union A predominantly. Moslem anything goes." - The shipowners said this incorrect NEWS: THE AMERICAS Law would extend Nafta-style protection worldwide US gives warning over Mexican move on investor rights foreign interests in Cuba
By Canute James In Kingston eries and a distillery which a list of 131 properties for By Damian Fraser eigners have complained that to open up only partly some domestic investors. Mr Pedro The law goes further than were seized from it by the gov- which the Cuban government in Mexico City the rules do not offer legal sectors such as airlines to for- Noyola, the undersecretary for Nafta in permitting foreigners Prospective foreign investors ernment. was seeking foreign partners. transparency, and still protect eign investment Others, such foreign investment in the to invest within 100km of the in Cuba have been warned by The State Department The company's assets in Cuba . US Tile Mexican government has Important sectors. as the car parts industry, sec- Trade Ministry, said Mexico border and 50km of the coasts the US and by at least one said it sent warnings periodi- were worth $70m <£47m) when sent to congress a new foreign The law permits foreign ondary petrochemicals and was ready to open talks with through Mexican incorporated company whose assets were cally through government they were confiscated, he sald-C investment law that would investment in all areas of the mining, were fully opened. countries on investor protec- companies In industry, hotels seized by the Cuban govern- agencies in countries from “ft is Bacardi's position, sup- give investors worldwide economy and under the same Nafta also put into law existing tion on a trilateral basis. or commerce. At present such ment that they could face legal which investments in Cuba -are ported by expert legal advice, almost all the rights enjoyed terms granted to the US and regulations that permitted 100 The proposed law. like Nafta, investment can only be made problems If they invest in being made. Jamaican hote- that its confiscated assets con- by the US and Canada under Canada under Nalta, except per cent investment in most does not open up strategic sec- through trusts. This has made nationalised property. liers have invested in Cuban tinue to be Its lawful property, the North American Free the financial sector. It elimi- businesses. Such rules will tors such as oil and satellites it difficult for foreigners to This follows recent Cuban properties. and that no one who accepts a Trade Agreement nates ail performance require- now apply to all countries. to private investment; other obtain bank loans, especially statements that its efforts to “These notices have been purported conveyance of any The new legislation, which is ments for foreign Investment, However, investors outside sectors, such as television and when trying to finance the attract foreign investors to sev- sent not only to Caribbean such property from the Castro certain to be approved, would such as obligations to transfer the US and Canada would not internal transport are reserved building of hotels. eral sectors of the state-con- countries, but also mainly to regime will acquire good title replace the 1973 law that sub- technology or meet local con- have recourse to arbitration exclusively, to Mexicans. It The legislation would limit trolled economy are succeed- Europe, Canada and Latin under either Cuban or Interna- stantially restricted foreign tent rules, that govern indus- panels in disputes over invest- ensures majority Mexican con- foreign investment in banks ing. America,” said an official. "We tional law," Mr Cutillas said. investment Wltile the 1973 law tries such as car parts and ment, as envisaged under trol in areas such as agricul- and brokerages to 30 per cent, Jamaica’s economic develop- cannot tell people not to Invest Earlier this mnnHi President has been partly modified by computers. Nafta, nor would they be guar- tural trusts, telephone services and 49 per cent in insurance ment agency has told the in Cuba, but we are warning Fidel Castro told foreign busi- subsequent regulations, for- Under Nafta, Mexico agreed anteed the same treatment as and cable television. companies. island’s hoteliers that the US them that when the political nessmen that investment government has suggested that and economic situation in opportunities in Cuba were they proceed with caution in Cuba changes, the real owners worth many bfllioas of dollars, investing in Cuban resort prop- of the property will either want and that the tourism sector Ecuadorean law opens door to oil development capital erties, as many of these could to recover -their assets or will alone had the potential for be the subject erf legal proceed- want what could be a signifi- $20bn in new foreign business.
By Ray Colrtt in Quito construction. It also breaks the try analysts say cutting not secured an exploration con- to five years to develop the ings in . the future. cant compensation. Some win He said opportunities for for- monopoly of state-owned bureaucratic ties between the tract in five years. field and find a market Bacardi, the world's largest want both." dgn investment in Cuba were Ecuador's congress has Petroecuador in some sectors. oil companies and the govern- Contracts for the exploration The law also permits the pri- rum producer, said on Wednes- Mr Manuel Cutillas, presi- going so fast there would be approved a law setting out Oil companies will receive a ment will allow Ecuador to and production of natural gas vate sector to increase' capacity day that potential Investors in dent of Bacardi, has written to “not one square metre of terms for billions of dollars percentage of their crude pro- compete with oil-producing in the Gulf of Guayaquil in the of the Trans-Ecuadorean pipe- Cuba faced legal risks if they big distillers and brewers in beach” left for US companies worth of contracts in oil and duction to sell in the domestic neighbours for scarce invest- south-west will be auctioned. line from the Amazon region became involved in confiscated several countries, saying the because of Washington’s eco- gas exploration and pipeline or international market Indus- ment capital. The counfry has Winning bidders will have up across the Andes to the Pacific property, including three brew- three Cuban breweries were on nomic embargo.
Brazil corruption inquiry is ‘opportunity for democracy’
Angus Foster reports flushing the political be tainted. on hopes of a out of system . r At least three potential presiden- tial candidates have been touched u an annex to the Brazilian The scandal surfaced last month the affair has led to a wave of pro- For example, of the accused by the scandal or have become tar- Cungress in Brasilia, govern- when a former government official test. Helped by intensive media cov- claim that money was left over from gets of other allegations, such as . ment and central officials I bank accused nearly 30 politicians and erage, public anger has been visible campaign contributions (though V . the taking of illegal commissions, have been poring over ministers many that the financial former and acting of in marches organised in Bra- other politicians point out cam- .. since the Inquiry began. records of some of the country's involvement in corruption schemes. zilian cities to demand action. paigns usually run up big debts Although the mwiia, middle clas- leading politicians. The findings, He said those involved had received Mr Lucia Bemquerer, a business- rather than profits). ses and the left will increasingly released amid the din of a congres- fees in return for approving con- man in the south-eastern state of These difficulties have prompted demand probity in pofitics, the pro- sional hearing, have detailed a wide struction projects detailed in the Minas Gerais, helped organise a suggestions that, other than the cos- cess may take longer to take root network of political corruption, led government's budget march to the country's capital Bra- sajfio of about 10 main suspects, the * - W: elsewhere. For example, a fre- to the downfall of several senior A special parliamentary inquiry silia and the lighting of a special affair will blow over once the v quently beard sobriquet in Sho figures threaten others. and many was set up and has unearthed pay- torch. “The torch will burn until inquiry finishes just before Christ- Panto about one of its leading politi- There Is no consensus about ments. often of several million dol- these people are punished,” he says. mas. For real change, some analysts / cians translates as “he robs but at it? wile l her these politicians are likely lars, in the bank accounts of some argue, Brazil needs an independent least he gets things done", to be punished. But there is that the of the accused. t may need to bum tong. Consti- judiciary willing to prosecute. At Mr Nelson Jobim, a leading process is positive for Brazil's still Although no politician has admit- tutionally, congressmen have {resent, Brazil’s judldazy Is poorly t PMDB congressman, argues that emerging democracy. ted wrong-doing, the affair has I immunity from prosecution for funded and is perceived as neither candidates seeking re-election will After the peaceful removal of ex* already forced the resignation of Mr any crime unless their respective independent nor willing. have to prove their honesty, while president Fernando Collor last year Henrlque Hargreaves, the equiva- house votes withdraw This However, view overlooks two to it tins .. new candidates will have to prom- amid separate corruption allega- lent of a chief of staff, and two of unusually wide was important changes which are immunity . ise it convincingly. “Discussion of tions, the blest scandal is seen as the most senior figures in the coun- introduced after the military period already taking place. Public anger Collor: corruption allegations ’ Franco: eyntetem over promotion morality' will be acute in the 1994 marking another chance to modern- try's largest political party, the to bolster the powers of Congress has accelerated moves in Congress elections,” he says. likely Tmmnnitips ise the country's political system, PMDB. It is also to lead to against the executive. to confront long-standing problems senator and the chairman of the dential elections next year. Any pol- However, a proportional represen- which emerged in the mid-1980s further inquiries into related allega- have rarely been lifted. for the first time. For example, the inquiry, believes Congress now has itician with links to the accused' is tation system which strengthens rule. tions, claims from two decades of military including that large Meanwhile, the inquiry’s only rules on Immunity are likely to be the chance to showit can tackle its now vulnerable to press or political regional rather than national affllla- 4; “With democracy you learn by construction companies paid fees to form of punishment is the r”rer*f,*ri tightened and the tower house is own problems: “We have to con- attack.- tlons and a weak party system mistakes. After so many years of politicians In return for favours. of anyone suspected of guilt, equiv- already considering lifting immuni- vince the public that Congress is This has greatly worried the ' which exaggerates the power of the military, it is talcing time for Among ordinary Brazilians, alent to the withdrawal of political ties more regularly. New regula- not the centre of all Brazil’s PMDB, which hasbeen most closely todtvldaals will remain problems. society to win back control of their already cynical about their institu- rights and immunities. tions on regular disclosure of assets wrongs,'’ he says. \ linked with the allegations... majority of actors Some “The . will government," says Mr Fernando de tions after the resignation of former Even without congressional pro- for all members of Congress are The scandal has also forced politi- party leaders say it will not survive change, but the personality-types Hollanda Barbosa, Rio Janeiro- tection, a de president Collor and his replace- proving money came from also being proposed. cal parties to rethink plans on can-' the elections intact and that some will remain more car less the same,* based economist. ment by President Itamar Franco, corrupt sources would be difficult Mr Jarbas Passarinho, a respected didates for congressional and presi- groups may break away so as not to; Mr Jobim says. r " ~ ' -~- ', ,-r- r - i i i „ —
FINANCIAL TIMES FRIDAY NOVEMBER 26 1993
F I A WORLD CUP 1993
FIA Rallye World Cup for Manufacturers of Touring Cars, >pel wins the congratulate the successful Opel Team Belgium with the Te’d like to and Stephane Prevot, on their excellent performance. stra GSi pilots, Bruno Thiry . -' .
6 FINANCIAL TIMES FRIDAY NOVEMBER 26 1993
s INTERNATIONAL
Protest at killing of Islamic fundamentalist military commander Israeli troops wound 34 in Gaza violence
By Julian Ozaraie In Jerusalem strike to mourn the ktning on the PLO was defeated in stu- Israeli foreign minister, said reached broad agreement on agreement -on issues including Wednesday night of Mr Imad dent elections at Beir Zell Uni- yesterday he and Mr Arafat the transfer of authority from the of the Jericho area, the Violence Oared in the occupied Aqel, northern Gaza com- versity in the occupied West were optimistic about the the Israeli-run civil administra- release of 10,000 Israeli-held. Gaza Strip yesterday as Israeli mander of Hamas' military Bank by a coalition of Hamas peace process and confident tion in Gaza and Jericho to Palestinian prisoners .and con- troops shot and wounded at wing. In a military communi- and left-wing PLO factions agreement would be reached Palestinian hatvfy Mr WampiTi trol over border crossings least 34 Palestinians protesting que, Hamas, recalling the opposed to the peace accord. on Implementing the peace AsfOttr, a member of the PLO between . Gaza and Egypt and By WKtanr Dawkfos to Tokyo at the Israeli killing of an words of Mr Aqel, said: "Kill- The Beir Zeit poll was the accord and beginning Israeli delegation meeting the Israeli between Jericho and Jordan* Islamic fundamentalist mill* ing Israeli soldiers Is a worship first electoral test of young Pal- military withdrawal from Gaza side in the' Egyptian resort In talks in Paris, an Israeli Japan’s prime minister Cary commander. by which we get close to God”. estinians since the peace agree- and the West Bank area of Jer- town of Ei-Arish, said most nfflriai said Palestinian agri- Morihiro Hosokawa yesterday Militants of Hamas, the The eruption, the worst since ment was signed. It marked icho by December 13. matters had been resolved, cultural- produce, previously met leaders of the seven par- Islamic movement opposed to the peace agreement between Palestinian discontent with the Israel and the FLO said talks including fisheries, religious barred from entering Israel, ties in his fragile coalition, in peace with Israel, blocked Israel and the Palestine Libera- lack of results from the peace on implementing the agree- affairs and identity cards. would be allowed in if both an attempt to make progress roads with burning tyres, tion Organisation was signed process and continued Israeli ment, to he enshrined in the In Cairo, separate Palestine sides agreed on a customs on the most divisive tasks fee- clashed with Israeli troops and in September, came as Mr Yas- closure of the territories. December 13 protocol, had, ian and Israeli negotiating union and free movement of ing the y ' ordered a three-day general sir Arafat's Fatah faction of However, Mr Shimon Peres, over the past two days, teams were trying to reach goods and services. The meeting follows a warn- ing from senior members of the Social Democratic party, the largest coalition mamba:, that they will walk oat if the gov- Egyptian Asian Moslems score gains ernment drops the ban on rice PM imports. .The SDP has threatened to By Victor MaHet in Bangkok defect on other issues before, risking the collapse of the escapes Jihad Fundamentalist Moslems won coalition, but has each time two victories over their secular compromised. opponents in south-east Asia This .time, it wffl.be harder yesterday, underlining the fin- the rest of the coalition to growing importance of Islam In satisfy .the SDP on rice, blast it to an Hosokawa: ‘hands tied' bomb the region’s politics. because is holding In Jakarta, the Indonesian agreement, between coalition By Mark Nicholson and blast; one, presumed to have government bowed to pressure members In July, when the likelihood that Mr Hosokawa Shahma ktrlss in Cairo contained the bomb, was from students and religions government was formed, to will have to prolong the cur- destroyed. Mr Sikdi, on TV a leaders and abolished a oppose rice market liberalisa- rent parliamentary session Mr Atef Sikdi. Egypt’s prime few hours after the attack, national lottery after weeks of tion. beyond Its normal closure on minister, yesterday escaped an warned the government would demonstrations. Mr Hosokawa told the SDP December 16, to meet his dead- pamahig bills assassination attempt by toughen its clampdown on Gambling is prohibited at a . meeting earlier tins week line of the by the Islamic militants after a power- Islamic extremists. “We are under Islam, and the lottery that he cannot negotiate on end of the year. ful bomb exploded beside his going to control this by all fea- was criticised for the way it rice "if my bands are tied," Coalition leaders appear to motorcade near his home in sible, and any other means," was managed and for attract- SDP said. be making progress, however, northern Cairo, killing a he said. ing money from people who Pressure cm the coalition to towards settling the main dif- schoolgirl and injuring at least Eight members of Jihad, could fll-afford it settle its internal difference on ference over tax reform with U others. which its members claim is a Ms Knriang Kusuma Suweng, rice is increasing with the. tiie SDP. Mr Sidki, 63. was unscathed. revival of the group which Indonesian social affairs minis- approach oT the December 16 The socialists opposed initial Jihad, an extremist Islamic assassinated President Anwar ter, told a parliamentary com- doarilinft for concluding the plans for an income tax cut, to group, immediately claimed Sadat in 1981, were sentenced mission that the government Gatt world trade liberalisation be automatically followed by a .’; consumption tax rise, on the responsibility. The bombing to death on terrorist charges was reversing an earlier deci- talks. was to "avenge the blood of the last month. Nearly 40 extrem- sion to continue the lottery, An agriculture ministry grounds this would hit the less martyrs”, a reference to Jihad ists have been condemned to which raised money for sports draft, leaked to the Japanese well-ofL g members killed by security death since the government and welfare projects and con- press, is .said to propose a The coalition Is understood forces or sentenced to death in introduced special military tributed to the government’s Moslem students outside the Jakarta parliament demand the abolition of the national lottery period of limited market open- to be in the final phase of pre- recent trials. courts earlier this year, and IS tax revenue. ing until 1391, to be followed paring plans for a tax cut to be The attack is the third failed have been hanged. Hundreds of students, con- ists from the Parti Islam se- Moslems but the federal gov- Sumatra, but both President by negotiations to allow financed by the issue of trea- assassination attempt on an The government's security fronted by riot police outside Malaysla (PAS) who oppose the ernment has reason to be con- Suharto of Indonesia and Dr imports subject to tariffe. sury bonds, to be followed by a Egyptian minister in eight operations have led to an the parliament buildings, federal government of Dr cerned: among the state legis- Mahathir have SOUgfrt to OOOpt The SDP remains out of line possible rise in consumption months. Mr Safwat al-Sherif, abatement in attacks on tour- cheered the minister's Mahathir Mohamad , the prime lators who voted for the sharia gtarmfth Mnalema by encourag- with the rest of the coalition, tax at an unspecified later information minister, survived ist targets and bombings in the annnunramignt. minister. bill were two representatives, ing "interest-free” Islamic on most of the mam issues. On date. a shooting near his home in Egyptian capital although ttt- In Malaysia's KeIantan State Malaysian officials say that from Dr Mahathir’s ruling hanking and establishing Mos- rice and on political reform, it • Department store sales fell April, while Mr Hassan al-AIfi, for-tat killings of Moslem 1,400km to the north west, the for the measures to take effect National Front lem organisations. is in curious company with the 6.6 per cent year-on-year in Interior minister, was injured extremists and police have per- state assembly unanimously In Kelantan. PAS will have to "Let the law of the state be Tndmiftgla, with 90 per cent of right wing of the opposition October, for the 20th month when a bomb exploded near sisted in in Upper Egypt Since passed a bill to introduce a engineer a two-thirds majority Islamic law,” Mr Wan Najib its 190m inhabitants nominally LDP. running, according to the his motorcade in central Cairo last year 210 people have died sharia criminal code that in the national parliament in Wan Mohamad of the National Moslem, has the world's larg- The LDP was yesterday Japan Department Stores' in mid-August, an attack also in extremist violence. includes stoning to death for Kuala Lumpur to change the Front was quoted by the Ber- est Moslem population. In 1391, delaying the start of a debate Association. This is slightly claimed by Jihad. Another 400 alleged members adulterers and the amputation constitution. nama news agency. Mr Suharto undertook a pil- an four political reform bills in better than the previous Six cars parked 800 metres of Jihad are scheduled for trial, of limbs for thieves. A constitutional amendment Jakarta has ruthlessly sup- grimage to Mecca and returned the upper -house, on which month’s 6.7 per cent fall, but from the prime minister's facing possible death sen- The Kelantan coalition gov- Is likely to be blocked by Chi- pressed an Islamic separatist with an honorary first name, many Socialists also have res- November sales are expected home were damaged by the tences. in the next few months. ernment is led by fundamental- nese Christians and moderate rebellion in Aceh, northern Mohammed. ervations. This increases the to be poor. fined Before you Taipei eases foreign investment curbs Top Thai broker £lm
Taiwan yesterday announced a finance ministry said. Foreign per cent, and the second to agencies had. agreed to the By Victor MaHet Ira Bangkok computers, theexchangesaid. tra from substantial losses. make a move package of reforms easing investors would have nine 10-15 per cent reforms, which still needed the The practice is believed to be Phatra shares were curbs on foreign investment in months after initial approval The ministry planned to approval of the cabinet and in The Stock Exchange of common in Thailand, and the suspended, and after the sus- talk to the its financial markets to accom- to bring funds into Taiwan, up abolish all curbs on foreign some cases parliament No Thailand yesterday fined Pha- misdemeanour only came to pension was lifted yesterday pany the island's bid to join from six months at present. investment in securities schedule was set Foreign fund tra Thanakit, a leading stock- light because the sub-broker. the shares dropped almost to the General Agreement on The 10 per cent ceiling on houses, insurance firms and managers welcomed the broker which cooperates with Peregrine Finance and Securi- their 10 per cent limit, falling pro-business Tariffs and Trade, Reuter combined foreign investment investment companies. The reforms. Curtis on fund remit- S.G. Warburg on company ties. mistakenly issued a sell Baht 68 to Baht 836. reports from TaipeL in any individual stock, and a reforms “will open our mar- tances, such as a rale that cap- research, a total of Baht 40m order worth glbn (£60Qm) for Some rival stockbrokers said All curbs on remittances of 5 per cent ceiling on invest- kets, helping us to join Gatt ital gains can only be remitted (£lm) for breaking exchange 200m shares in Ayudhya the fine was reasonably severe, authority capital gains and principal out ment by a single foreign insti- and speeding our development out once a year, have helped rules. Officials said they Investment and Trust (Aitco) amounting to more than 4 per of Taiwan by foreign investors tution, would both be raised. Into a regional financial cen- deter inflows of foreign equity thought the fine was the larg- Instead of the 2,000 actually cent of Phatra’s Bt912m net in the island's securities mar- An official said the first cell- tre," the ministry added. investment funds, totalling est Imposed since the exchange being sold by a client profit in 1992. They noted it did SfdResaow is a pro-business kets would be removed, the ing would be raised to 20-30 All relevant government $L86bn (£L24bn) since 1991. was founded In 1975. Aitco only has 25m shares in not preclude further action by environment It also happens to Phaira Thanakit was guilty - issue, and were sold before the Securities Exchange be one nf ihe bed locations for 18m and of automatically channelling a Phatra and the exchange was Commission. business in Ibe country - with f- prime sties located on lbeM5 stock order from a sub-broker able to correct the mistake. Others, however, criticised^
Motorway. And it's a beautiful onto the market instead of re- The transactions were subse- the exchange for cancelling the part of England. Investors wary about China keying tbe order on its own quently annulled, saving Pha- Aitco transactions. Before you make a mote, talk
1 to us. You! find well bad ova backwards to help. Our sian contractors and Middle East to Asia during the next year or two. Because of the strong local informatinn pack includes useful western equipment last decade, view China as a Of leading Hong Kong com- industry, Asea Brown Boveri, and practical advice wide on a suppliers were yester- new lucrative market Several panies, Hutchison Whampoa the Swiss-Swedlsh group, range of important issues, such as: A day pondering the opportuni- proposed ventures have col- owns 70 per cent of a Yuan believes opportunities are ties offered by Chinese plans to lapsed, however, including the 500bn container port develop- more likely in supplying spend as much as 700bn yuan construction of Jiobn motor- ment at Yantian in Shenzhen. sophisticated components (SMQbn) over the rest of the way between Hong Kong and New World Development is rather than complete foreign- decade in upgrading the coun- Beijing that involved Dong-Ah involved in road and power built vehicles. try’s transport service Construction and Pohang Iron station construction in and Guang- Technology transfer for mod- - A fat of companies on Ihe main infrastructure. and Steel. zhou, while Cheung - INVITATION TO TENDER Kong ern locomotive propulsion is estates and what they da nf wariness banks which But a degree Japanese may be also controls Hutchison one option. ABB has signed a Register greeted the plans announced thought of as a source of fund- - has interests in electric Professional letter of intent for a joint ven- MERITUM Trust & Investment Co. (Budapest) on Wednesday by the official - lists accountants, banks, ture to produce signalling Xinhua news agency, which sobaiors. surveyors, estate equipment, which it sees as a on betialf of tfie State Property Agency of the Republic of Hungary r said foreign participants would Foreign participants will be encouraged agents. He. way for China- to better use its tender be encouraged to invest In to invest in joint ventures or as sole railway network, safely. announces a one-round open We ,-an also tWI you aD you need joint ventures or as sole opera- for the sales of 70 % of shares of to know about: operators for infrastructure schemes Siemens also stresses the tors for the railway, highway, importance of local partner- • Sties • Construction waterway, pipeline and civil ships. and sees two key oppor- Hajdtisdgi Iparmuvek Reszvenytarsasag • Premises • Local Economy aviation schemes Beijing envis- ing - the railway lines of power generation. tunities from the Chinese mar- • Liaison • Finance ages. northern China were con- Consolidated Electric Power (Hajdus&gi iparmuvek Public Limited Company) ket The first is in urban mass Some operators in tbe Chi- structed under Japanese Asia (Ceps), a unit of Hopewell transit. A consortium includ- 14243 Tdgtes, Hungary). nese market noted that, while authority early this century, which It plans soon to float, is • Education and recreation. ing Siemens and AEG last the authorities are clearly con- ntiri industrial Bank of Japan building its second thermal Sedgemoor's Economic week clinched a DM700m cerned that Inadequate trans- helped to raise the necessary power station in Guangdong. The registered capital of HajdGs&gilpanriOvek Rt amounts to HUF 580,000,000.- (i. e. Dcvefopment Unit has a (£277.7m) deal to supply the port is holding back growth finance by underwriting Man- Among western suppliers five hundred forints), of will trains and related electrical and sixty mfflion Hungarian 70 % which be sold: vigorously pro-business, potential in the economy, churian Railway Bonds in 1907. which nui be paying particular The face value of the Made of shares to be sold is HUF 392,000,000.- (i. e. three hundred philosophy. Cafl Mike French on equipment for an underground large-scale national pro- But one banker In Tokyo yes- attention to China's spending railway in Guangzhou in the and ninety two. miflion Hungarian forints). grammes announced in the terday suggested that Infra- plans are those providing rail- 0278 435300 southern province of Canton. The equity erf the Conpany is HUF 814,402,000.-. past had amounted more to structure projects such as rail- way equipment: the country fur Ibe fads and well show you Similar Scope of activity: production of washing-machines and electric water-heaters. ports to net- projects could be lust we wish- lists than realistic shop- ways and appear be aims to boost its railway how pro your business available least to in six or seven other are. Alternative!); fax 027X ping lists. among the attractive in work from 53,000km The bids can be submitted provided the tenderers have purchased the bidding documents Chinese cities in the next five diffi- as ensuring M l 076. send the coupon, or Others, pointing to the China, a Row of 70,000km by the year 2000 and Including the older ofprocedure and foe information memorandum a! the Secretariat of or 10 years, Siemens said. * attach your business card to culties inherent in doing busi- hard currency for repayment increase rolling stock capacity MERITUM Trust & Investment Co. (1146 Budapest, Hehnlna fit 17. 10th floor, room No. Uib ad ness in China, added that infra- would be difficult to arrange. by 20 per cent The second main opportu- 1005, phone: 122-9898, 141-4357). Before purchasing the documents the tenderers nity is in national railway ser- structural projects rarely Most of the Japanese insti- According to Siemens of Ger- shall sign a Statement of Secrecy concerning foe data and information received. The lending been many, because of China’s vices, where China is consider- offered the best returns. tutional has 1.2bn price erf the tedding document package is -DEM 700.- to be pakf to MERITUM Co.'s are aimed at hotel projects and population and car ownership ing building a highspeed rail Companies in Hong Kong account No. (21 8-93098) 903-06019 with BUSZ Bank Ltd. (Budapest). arguably best placed to benefit joint venture companies. A likely to remain at relatively network. The first step would from China's need for foreign China department manager at low levels, the country needs be a line from Beijing to The bids shall be submitted three hai, in copies . participation in infrastructure another Japanese bank, saying an extensive public transport Shang which China has ' development. They dominate that “China is an awkward infrastructure. already been discussing with on 6tfi January 1994 between 10.00 and 12.00 a.m. foreign investment In road, place to do business and you China has a well-developed the big western suppliers, nota- at the Registry Office of the State Property Agency rail, risks.’' bly Siemens with its ICE train and electric power and are have to be aware of the railway equipment industry, . Address: 1133 Budapest, Pozsonyi Cit 56. . Ta Wke French, Economic important players in the main- believed that infrastructural with 33 locomotive companies and GEC Alsthom, which I Dcvdopmenl Officer. Sedganmr land's for projects “would to be rolling-stock factories. builds the TGV. emerging market have and The Wds will be opened in camera* in foe presence of a notary public. The winouncer I District Council, FREEPOST, attractive if of telecommunications services. very we were to be Steam engine production at the Expansion the railway will notify foe tenderers the of until * flridjwalrr. Somerset TAfi 38R. of reeutts foe tender 31st March 1994. In spite of peerless gnami involved." main Datong works ceased to network also creates export I Please send me ibe frets on (connections) many have All the same, contractors in 1988. The main emphasis has opportunities for suppliers of Regarding the tender any further Information can be obtained from Mr. Lfrszfo Uk or Mr.
. Scdgfiwwr m Somerset as a encountered difficulties at the the region are pursuing what been on diesel and electrical premium grade rails such as Pdter Bany&sz, MERITUM Co. business location i working level. Hopewell Hold- deals they can. Korea's units. British Steel The UK steel pro- ' Kant _ ings is currently building a six- Dong-Ah, in spite of its other The majority of China's die- ducer sold 10,000 tonnes of Phone: 38-1-122-9898
[teuton lane toll-way between Shen- setback, signed a letter of sel and electric locomotives are such rail to China last year 36-1-141-4357 0 zhen and Guangzhou in intent with the Beijing munici- locally built, but imports also and yesterday welcomed the . . Fax: 36-1-251-1874 Guangdong. The road was due pality in July to build motor- rose sharply in the 1980s, with planned network expansion. to be open in June this year. ways, a subway and cement foreign suppliers including By the end of the year, at best plant In the city with a total General Electric of the US. Als- Reporting by Andrew Baxter two phases of the four-phase value of $3bn, Hyundai Engi- thom of France (now GEC Als- INVEST IN HUNGARY • A SAFE EXPANSION project may be ready. neering and Construction is thom) and Electroputere of in London, Simon Hbfbertoh South Korean construction bidding for a $3bn dam project Romania. -Rolling stock has in Hong Kong, John Barium iZ ST27—J companies, which have been on the Yellow River, which been supplied from the former in Seoul and Robert shifting their focus from the should be tendered within the East Germany. Thomson in Tokyo ;- "
I
. '. Moss*-- .
- F1NANC1AL ™tES FRIDAY NOVEMBER 26 1993
•••.>• H'aj — - • ••- - NEWS: WORLD ; TRADE
S his political survival Africa Balladur may have to put on the line Japanese consortium
11 France to use parliament wins Shanghai steel deal fit mX“ By Robert Thomson in Tokyo The Baoshan plant was Japanese companies said. plagued by problems after its Apart from MHI and Mitsubi- A consortium of seven conception, and a decade ago shi Corporation, the consor- as counter in Gatt talks Japanese companies has won a Japanese companies suffered tium includes Mitsubishi Elec- contract worth an estimated when contracts to supply tric. Ishlkawajima-Harima usance S500m to $6Q[)m < £34001 to equipment were renegotiated Heavy Industries. Nippon By David Buchan toIn Paris treaty - whichwhich, it cannot be by even tougher course in trade World for by the Ro, industrial By Mb Trade editor, adds fromt £4Ctomi to supply equipment Chinese government. Steel, Chugai an ‘ mid-December - then under and European policy, a risk Geneva. steel production facility Obstruction schedules had furnace maker, and Ube Indus- 'Hxiannesbiirg a new The French government . the French constitution the that Mr Balladur is now effec- ThevThey raisedmiced hopeshc.nnc thati at the Baoshan complex, near to be revised because the tries, a chemicals and machin- yesterday made clear its inten- National Assembly can only tively, through his parliamen- details of a deal might be ready Shanghai. marshy plant site was far ery producer Mr Ron. Brown, the US tion to use its parliament as an vote on a matter of “general tary tactics, asking his negotia- for disclosure Wednesday- Japanese group, headed softer than estimated in a fea- It is understood that Bao- commerce by The secretary, arrives in instrument of pressure in the policy” involving a motion of ting partners to weigh. next week, when Mr Mickey by Mitsubishi Heavy Industries sibility study and extra founda- shan Iron and Steel Complex south Africa tomorrow for a Gatt talks, just as President confidence in the government The irony is that the Kantor, the chief US trade and Mitsubishi Corporation, tion work was necessary to corporation, which has tradi- which signals the opening Bill Clinton is using the time itself. National Assembly - the negotiator, flies to Brussels for signed a contract at the week- stop the facility from sinking. tionally relied on investment ta a more - constructive era' in limit on his ability to get “fast- Procedurally, the previous directly elected bouse of the further with despite a long history of Equipment exported from funds from the state, will be economic discussions Sir end. relations between track” congressional approval Socialist government had to French parliament which Leon Brittan, his EU counter- problems at the plant, touted Japan was designed to process responsible for raising much of the two countries. of any deal to bring negotia- put - forward a confidence determines the fate of French part. as China’s largest industrial higher-grade ore than was gen- the finance for the expansion, Hia trip comes only days tions to an end nefet month. motion in itself to get the governments - has never One senior US official fresh project when conceived two erally found in China, forcing to be completed in late 1996. after President Bill Clinton Prime Minister Edouard Bal- National Assembly to vote a before voted on any aspect of from this week's Kantor-Bric- decades ago. Baoshan to import more Aus- The Baoshan complex pro- signed the South Africa Demo- ladur wants a draft Gatt text to year ago against the Blair the Gatt negotiations, not c>n tan meetings in Washington Members of the consortium tralian ore than was planned. duced 6 -3m tonnes of steel last cratic Transition Support Act, put before both the National House term trade deal between France's membership of Gatt talked of “a close-out sort of say they have been told by the Meanwhile, the site's port was year, and is expected to formally bringing to an wyj n» Assembly and the • Senate the US and the European Com- in 1947, nor on any of the mood" in the negotiations: Chinese partner not to release too shallow for large ore carri- increase its output to 10m era of federal US sanctions between December 10 and 15, mission. agreements from subsequent “There was a very positive details of the contract, but the ers to dock, forcing them to tonnes by 2000, as part of a aimed priding at apartheid. Mr G&ard Longue t, the trade (Sven that vote a year ago, negotiating rounds. sense that we are going to get companies will supply equip- unload down river, increasing national plan to lift steel pro- Although Mr Brown’s "visit minister, said yesterday. and the subsequent raging • The main French farm there.” he said. ment for a hot-rolled steel the transport costs. duction from 60m tonnes last will probably have limited After a subsequent cabinet national controversy over Gatt, union, FNSEA, has asked the He also acknowledged that sheet facility capable of produ- “We think we will have no year to 100m tonnes by the cen- . Practical impact in the short crisis meeting yesterday on Mr Balladur probably has no French government to demand the terms of agreement - par- cing SL&n tonnes a year. problems this tune," one of the tury's end. f term, it conveys a powerful Gatt, it .became evident that choice but to put his political compensation from the US, ticularly in the area of tariff symbolic message. Mr Prince- the government was hesitant survival on the line. A confi- Canada and Mexico for the cuts on products such as semi- ton Lyman, US ambassador in about putting a draft deal to a dence motion should also have diversion of French and Euro- conductors. textiles, wood, - South Africa, comments: “It vote, because constitutionally the effect of forcing his own pean term exports as a result paper, ceramics and glass Shiseido, Fujitsu plan ventures sign ifies a very basic rfumgp that would probably have to be RPR GanHist party, which has of the forming of the North needed urgently to be spelled from a negative to a positive done in the form of a wwHnn of a. strong rural electorate, to American Free Trade Agree- out to other negotiators well The queue of Japanese companies seeking to phones to China from the US and Japan, to relationship with South Africa; confidence in itself. Mr Alain line up behind his position. ment ahead of the December 15 dead- expand in China lengthened yesterday, when producing locally, said Fujitsu. The whole tone shifts.” Juppd, the foreign minister, Equally, however, there is an • Both US and European line for completing the round. Fujitsu, the computer group, and Shiseido. the The group already has a joint venture in taikpri This shift from isolation to said: . “We first wed to know outside risk or Mr Balladur Union trade negotiators He refused to detail the prog- cosmetics maker, announced projects there, Wil- Shanghai making switchboard software and engagement was mnfirm«d on whether there will be a [Gatt] being toppled, if for instance, encouragingly yesterday about ress made in Washington, but liam Dawkins writes from Tokyo. hardware, and wants to expand to meet the Tuesday by Mr Clinton. He deal, because one votes on he tells out over Gatt with his the prospects for successfully said the EU knew the mini- Fujitsu is planning to open two joint ventures growth in local demand. noted that removing sflnrHhns texts.” party leader and presidential settling their differences in the mum acceptable to the US. there next year, to make 10,000 cellular tele- Shiseido has announced the opening of a cos- was not enough. “Americans But, if such a draft Gatt text rival, Mr Jacques Chirac. The Uruguay round of global trade while the US knew the best it phones a month and Ira switchboard circuits a metics factory’ operated with a local partner, who have been so active in is not a law or international latter would take France on an liberalisation, David Dodwell, could possibly get from the EU. year. The aim is move from exporting cellular Beijing Liyuan, in Beijing. toppling apartheid must remain committed to building South Africa’s non-radal mar, ket democracy.” Bangkok “The visit confirms a real interest in South Africa's potential as a viable trading Land to partner and bulwark of eco- ’’ nomic strength and stability in the region and on the conti- develop nent," said Mr Brown. Leaders in Emerging Markets Despite the impact of sanc- rail link tions. there is a substantial base upon which to develop By WiMam Banes In Bangkok ! US-South Africa trade rela- tions. Bangkok Land, the Thai South Africa is only the US's Trade Finance. capital’s biggest property com- Banking and 34th largest export market, but pany, has been picked by the it remains the largest In government’s Metropolitan Africa, a continent where, Mr Rapid Transit Authority to Lyman concedes, “the US has negotiate and build an ele- not dime very well". vated mass transit system. The US recently surpassed The MRTA’s. consultants, De turntm Germany as South Africa's Leuw Carther International, | said Bangkok Land offered the best seheme for buildfoig the pig It marks ‘a very u planned 20km loop of elevated 1 DOW HUNGARY CHEMICALS LTD 1>\„' UNILEVER CZECH REPUBLIC epoL s r. a basic change from . railway, at. a projected cost of
Hungary ' f&j&X Czech Republic negative to a about 11.31m (£880m). Two k ,-d Hr . a other companies, Tanayong 1 positive and Thanachart Holding, are 3 ranked second and third. CZECH KORUNA 600000000 relationship HUF 300000000 |pJ| | Bangkok Land’s turnkey CommercialPaper Pt opamme Private Placement J§||i|B | contractors will be Thai Leigh- partner. Mr largest trade ton and Bouygues Thai, associ- Lyman estimates bilateral ates of Australian and French Arranger KS Agentand Dealer trade now to be in the region groups respectively. The US- ING BANK HUNGARY ING BANK PRAGUE of $5bn. Commerce Department German AEG Westingbonsa MOSCOW figures that in 1992 US i show group is to supply equipment Africa ING-Si BANK exports to South Ironically Leighton and AEG, cent of totaled *2.4bn, 14 per as the Euro Asia Consortium, INGJO BANK ill ingA£)bank ! South Africa’s total import bid for this contract in the market, with US imports from 1980s when it was known as K * South Africa of $L7bn, the Skytrain project The US has fared less we! in Skytrain’s original conces- terms of investment Figures sionaire, Canada’s Lavelin- -) from the Washington-based SNC group, was fired last year S—EsOhBoM ' Investor Responsibility nearly two decades after the Research Centre (IRRQ show project was conceived. PRAGUE that as of September only 135 Mr Anant K&njanapas, i -IMS- v & jOWRES.-J:' ingIlbank US companies bad employees chairman of Bangkok I And, or direct investment in South joins Ike long-running game of EBxctvery Company Ltd Sp. z IBM has project ? ment Corporation. ket to fund the MRTA ING BANK INGJybBANK Lv’.’ / recently confirmed it will prob- before he had even won it ably be returning, Procter & known to be taking Gamble is Fiat acts fast over ISTANBUL a close look and McDonald's, ING _£ BANK Anheuser-Busch and Hyatt are program copies all expected to establish a pres- ence. Fiat, Italy's largest private - A focus of Mir Brown’s visit sector company, bought 30,000 weeks international network is his 50-member delegation con- software licences in two The shape of ING Bank’s tains representatives of many after investigators discovered large US companies - will be illegal copies of popular com- distinctive. La an attempt to establish links puter programs in nse at From Dutch roots, we have developed a truly between US companies and the , Stampa, the dally newspaper emerging black business com- owned by the Italian motor international network, with over 60 offices in more munity in South Africa. group, Alan Cane reports. Another issue sure to be dis- The raid on La Stampa’s than 30 countries. Our growing presence in the world’s Africa’s offer offices was authorised by the cussed is South | Eastern Uru- after the Business Soft- developing regions — Central and to Gatt in terms of the coarts ; fastest- guay round of trade talks. ware Alliance, an organisation - reflects our strength software sup- Europe, Latin America and Asia V* Aspects of the offer - particu- of US packaged and pliers campaigning against larly the high protection, as a world leader in Emerging Markets Banking and longer phasing-in period for software piracy, produced evi- cloth- that Illegally copied tariff reductions for the dence Tirade Finance. and software was being used. ing and textiles, motor growth in both already ! significant electronics industries - did not The B&A has We are also showing actions meet with approval from South brought at least 150 companies Europe. : International Corporate Banking and International Africa’s trading partners. against in Private Banking. As part of ING Group, one of Europe’s major financial institutions, we are continuing to build upon these strengths for the future. * For more information, please contact our head accepted that China offers • H is now widely of ‘ probably the most exciting potential any office in Amsterdam; fax 31.20.5635673. market In the world today. Published bi-monthly In Chinese with a circulation Industrial sector and Internationale to senior officials in both The government departments, Shang maqazlna otters Western technology direct access for marketing : ' r • T : i % services. Whottier tl Is advertising a corporate and Nederlanden message or sknply advertising tor a suitable agent, ptea$& call us for further Information. Bank ING BANK 194 OH Brampton Rwl LnntonSWSCVW, Eitfwl a r«Mnonfl: 071 S39 2183 » Fat 071 3708245 Jl : ' FINANOALUMES FRIDAY NOVEMBER 26 1993 NEWS: UK Judge dismisses Polly Peck disqualification move Clarke Andrew Jack hints at “at best speculative and very weak”. process of directors* disqualifica- beyond the normal statutory tatit of ' the' directors made by Mr Christo-' finance director until' 1988, and Mr His rating covers Mr Faw- tions. years insolvency partner with William arid Mills, A David two following the pher Morris, a accoun- Haipin. "Mr Nfefl HIGH COURT judge has dismissed cus, Polly Peck's 1 finance director, It appears to focus any responsibil- of the company. tants Touche Ross and one of the both non ex6^iti7e-directors. . (A lack of evidence attempts to bring Mr Mark Ellis, joint managing direc- ity for alleged misconduct among But tire judge said there had been joint administrators erf Polly Peck. The firaiiscript shows that the DTI disqualification against proceedings tor in 198337. and Mr Lawrence Un- the directors solely on Mr Asll delays In preparing the case that Most of the reports are believed to. case against the directors was based ‘‘ ’’ four directors of Polly Feck Interna- dale and Mr Ulf SLebel, two non-exec- Nadir, the former chairman of Polly WOO nnwMBrmghto - and Biat thflrp have been couched in general terms on four general charges related to tional, the collapsed fruil-to-electron- utive directors. Peck facing charges valued at £S*n was “no good reason” for the exten- without strong specific evidence that failures to introduce adequate finan- tax rises ics • conglomerate. The judgment will prove an for theft and ftUm accounting who sions sought He added that further would justify disqualification. One cial controls; and to monitor or ques-. In transcripts of a hearing earlier embarrassment to the Department of illegally jumped his hail conditions delays would prejudice the directors against Mr Nadir was highly critical. tioo spending in Polly pedfr Near Qy Phi|p Stephens, tins month which have just become Trade and Industry, which was last and fled to northern Cyprus in May. under scrutiny. The pn VnUtoUy laimrihpri . an^ %^ East wthsUHarias. PoBfod Editor available, iJmtety nans Mr Justice month heavily criticised in a The DTI was requesting more time The DTTs casd was based on statu- dropped proceedings against three The DTI has just a few days left the case made against the directors National Audit Office report on the to bring disqualification proceedings tory reports submitted on each of other directors: Mr Asll: Doshi, for an appeal - - Mr Kenneth Clarke offered a dear hint yesterday that the huntea of fez increases in next Tuesday’s Budget would fall an Hitler saw QOusuzners rather than indus- Trademark code ‘should try- The chancellor’s comments wartime cann* amid Whitehall specula- tion that he will seek to soften save UK industry f60m’ the impact an the construction Britain as industry of government spend- By Robert Rice, registration of marks. The legislation will also ing cuts by setting firm targets Legal Correspondent This will enable businesses replace the outdated tests for for privately-financed infra- to register their trademarks In distinctiveness, hi future regis- divided structure projects. Government proposals to all the countries which are tration will depend on whether -The officials said that to reform trade marks law should party to the Madrid Agreement a trade mark is actually dis- Adolf - Hitler believed that avoid the embarrassment of a save British industry £60m in with a single application. At tinctive In tiie market place. Britain suffered from such tight squeeze cm the govern- the first year after implementa- the moment companies have to This means it will be possible •V.V severe tnteriud .divisions that . ment’s own capital spending tion and £30m a year thereaf- make separate applications to register three dimangtonai at the end of 1941 kt could be they expected Mr Clarke to ter, according to Mr Patrick using local lawyers each time. shapes and geographic words defeated without an Invasion, outline in much greater detail McLoughlin. trade and indus- The remainder of the savings as long as they are distinctive. according to hitherto unpub- the contribution he expected try minister. will come from the stream- At the moment tins is Impos- lished- documents from private finance to make to new The Trade Marks Bill pub- lining and deregulation of pro- sible under current law follow- Britain’s Public Record Office, roads, prison building and lished yesterday, wifi malm ft cedures and from making it ing decisions by the UK Law Stewart Dalby writes. housing projects. simpler Speaking fr> Hip hia and cheaper for busi- easier for businesses to protect Lords in cases involving Cocar The intelligence files also last Com- nesses to protect their trade- valuable marks without having Cola bottles and York Trailers. appear to refute accusations mons appearance before the marks overseas and bring UK to bring expensive and lengthy Mr MinT/wighKn mM It might that Mr Winston Churchill, Budget,- Mr Clarke was at pains law into line with Europe, be passing-off actions. also be possible to register a the British war-time prime to deny that he was offering a said. Some trademarks have been colour or even a sound or a minister in 1941, knew in foretaste of next Tuesday. Half the savings in the first valued in balance sheets at smell as a trademark, provided advance about the Japanese But his repeated wnphaste in year will come from the UK’s several hundred million it was sufficiently distinctive attack bn Pearl Harbour. a generally upbeat assessment ratification of the Madrid Pro- pounds each, Mr McLoughlin and could represented jflPs from Britain's three main political parties yesterday launched poster campaign in of economic prospects of the be a urg g The secret material, released tocol on the international said. graphically. chamxllor Kenneth Clarke not to impose value-added tax on publications in next Tuesday's Bodget need to «*panri Britain's manu- as part of Britain's . ‘open gov- facturing base Conserva- ernment’ initiative, involves left tive MPs in little doubt that 1J200 files which additionally industry would escape rela- appearto confirm that asearly tively lightly. as 1942 the British- govern-, chancellor told MPs that ment knew about deaths at The it “we have Auschwitz camp. was true that to get industrial production up The reports a report higher", adding that “We all Japanese ambassador from the meet businessmen and those in Berlin on German war . working in industry who know plans as told ' to' him by at the moment conditions are Joachim von Rfobentrop, Hit- very difficult indeed”. He ler’s foreign minister, and give nwipharinpH also the need for new insights into novel code- faster fells in. unemployment, breaking initiatives -in Britain saying it remained at “an which reveal that the Fflhrer Millions choose JVC. unacceptably high level”. that conditions believed in Pacing a sharp attack from Britain were bad and thought Mr Gordon Brown, the shadow that as a result of Germany’s chancellor, on its “broken future operations, it might be, promises” on taxation since without an invasion, Britain, JVC has chosen France Telecom. the election. Mr Clarke might be i*«fa»n. reinforced expectations of fur- He cited the qiOt in the Con- ther increases by stressing that servative party, tiie lack of Ms party had not committed confidence in Winston Chur- itself never to put up taxes. chill, and the revolutionary But he appeared to rule out ideas of the Labour party were that any increase in tiie stan- making internal conditions' dard 17.5 per cent rate of Value quite difficult Added Tax by insisting that The class of records pub- Labour predictions of such a lished « wi tain the intel- move remained “spurious". ligence documents with their That left Conservative MPs cover notes passed to Chur- predicting that the brunt of tax diill, or in Us absence to the increases was most likely to Lord Privy Seal or deputy fell on incruTip tax allowances prime minister, complete with and an a possible extension of wnuntatjong wml MwtiDSi The the VAT base. There are also documents are available for expectations that Mr Clarke inspection at the Publle will again postpone the aboli- Record Office near London, tion of stamp duty on share Surrey from today. transactions. Vehicle tag plan France Telecom for motorways brings the world By PhHp Stephens, land's vignette system - under PoGticai Editor which motorists display a per- closer to your mit bought from post offices or The introduction of direct petrol stations - by 1996. charges on Britain's roads will But Mr MacGregor intends to be delayed until after the next announce within the next few business. general election by a govern- weeks that the government has ment decision to rale out a sys- decided the idea is Unworkable- tem of permits to finally main- Ministers decided that it No company is more meflerious In the selecBon tenance and Improvement of would be foolish to introduce v *7.*’ ’ the motorway network. //v>vv v vvv v \ ^ * \ of its business partners than JVC. any charges before the next Instead Mr John MacGregor, general election. Hanty surprising 1hen,1hat they selected, And they con- transport secretary, has been that flat-rate > r r ' , ' cluded the ’V .vv> after fierce ccmpetaicn, France Telecom given the go-ahead to develop charges implied by permits for its tetecamrrwnfcabons needs. his long-term plan for elec- would alienate many of the The task? tronic charging of motorway Conservative Party's tradi- users. tional supporters. To connect JVC's French, German and British He believes -electronic road The practical difficulties safes and manufacturing sfes *rfth its Tbkyo tolls - based on computerised Included the feet that the cost headquarters and at its national sites. recorders or tags Installed in of permits would bear no rela- FULL AUTO CINEMA A3E They knew they could rely on France Telecom's cars and lorries - could be in tion to use, or timing of jour- place by 1906, a year or so after neys. Once they expertise in customized soUBons had bought a the last date for the election. permit motorists might and draw on as experience of international The government's discussion increase their use of motor- private networidng. paper on road pricing ways to get the most from the WforWng closely toother, suggested a permit system cost A flat-rate charge would could bridge the gap before the also provide Incentive JVC and France Telecom teams selected no for technology now under develop- off-peak: periods. By contrast (he equipment beststded to AC’s needs. ment is sufficiently advanced electronic pricing would pro- France Telecom also proMded housing to Introduce electronic pricing. vide the flexibility to vary tfw and maintenance for both on its own premises. Ministers said that gov- charges for length and timing introduce journeys The Customs' Support Centre prouktes ernment could a of and charges would scheme similar to Switzer- be an a strictly payas-go basis. a singe potot of contact' and coortSnates wfth Tokyo’s Managamenl Centre so that the system is monitored The American of 24 hours a day. 7 days a week. Chamber Commerce in France This partnership JVC shows how francs Telecom's & The American University of Paris service can extend around foe world, present aroixid the cltick. Seminar on For mere information Bmssete:32-292399 11 London: 44-71 379 47 47 miimmw THE HUMAN DIMENSION RESTRUCTURING Frankfort: 4969 961 29 20 TO Madrid: 34-1 577 93 64 conducted^ Professor Todd Jidc of Rome: 392 87 64 23 INSEAD AND Plans: 33-1 42 21 78 78 1 HARVARD GUStNESS SC HOOL I SHU) izi Retain ’ SELF-T/M5R die loyalty of yourstaff k *we,i Cz?) France Telecom An mleiunB, TnD-day program Coadacted in Eagbb Contact: TheAmerican Wednesdays ’ Unrversitv of Paris January 86, 1994 TeL: (33-1)47.20.44.99 in Paris, France Faxi (33-1)47.2045.64 !S«~<^Lmas gWAVWOV||M .p. 26 1991 NEWS: UK rHs at Britain in brief u ^uiumr sues Dublin police probe leaked memo Wage pressure seen as danger %t By David Owen IRA sought to undermine ment in seeking peace is peace on this island and peo- suggestions recent it might be stemmed from a position oi ple can live and work together Manufacturers in the West BAe The Irish government tiring of the armed struggle. V ris for weakness. as friendly neighbours.” Midlands fear that growing $70m yesterday underlined how seri- The governments in London It said initiative es the offered “I just wish that people could pressure for higher wages will ously it regards lost week's and Dublin should “harbour no “the opportunity to move the see that and have talks on the both their competi- .. .• -"•fr.v damage leaking of draft proposals for a doubts about the determina- situation on." “If the London basis of tolerance and respect" tiveness in export markets and over political settlement on North- tion with which we. our activ- and Dublin governments are He hit out at the perpetra- the chances of a quicker recov- ern Ireland by bringing the ists and supporters will apply saying they last brand- UK official aircraft have an alterna- tors of week's leak, ery of the domestic economy. Irish police to commissioner Mr ourselves realising our tive then let us hear it." ing the perpetrators “the real The fears emerged at a meet- By Paul Betts, Patrick Culligan into its efforts objectives.” the article warned. In Dublin, Dick of both communities for being Mr Spring, betrayers ‘forgot’ Iraq ing in Birmingham of the Aarospac* in breach of the to track down those responsi- Accusing Britain of being the Correspondent implied Irish foreign minister, in Northern Ireland." regional council of the Confed- terms of the leases. ble. "negative and dismissive" offered fresh assurances to Mr James Molyneaux, the eration of British Industry- The court documents arms data British Aerospace show The move came as the IRA about the initiative launched unionists about Dublin's inten- this was that CEBC Ulster Unionist leader, They reflected the increasing J^sterday Finance, part of the said it was committed sued for more than to secur- by Mr John Hume, leader of tions in efforts to reach a set- week urged Mr John Major to A top government difficulties of exporting com- Canadian Imperial Bank of ITtoi toy a small Portuguese ing "a Just and lasting” peace, the mainly Roman Catholic tlement. drop his search for a compre- administrator “forgot" to panies in hanging on to their Commerce, repossessed the regional airline for alleged while accusing London and Social Democratic and Labour “There should be oo fears or hensive settlement, claiming inform a minister that Matrix customers in depressed Euro- original three aircraft breach of contract and Dublin of “playing politics” party, and Mr Gerry Adams, suspicions among unionists. Dublin's proposals offered "a Churchill, an engineering com- pean markets, particularly and reoir- daims EuroAir owes rent defects to three BAe it ?379m. with the issue. president of Sinn Fein, it We are trying to end a very- structure that would bring pany. had supplied Iraq with Germany. But the airline disputes this Advanced Turbo Prop (ATP) Using an article in its Repub- rejected as “propaganda" the complex problem and bring about the unification of the machine tools that had been There arc no reports of indebtedness and claims credit lican News that Republican aircraft It operated between mouthpiece, the view involve- about a situation where there Irish territory." used in the manufacture of industrial disruption, said Mr for the value of the three 1988 and 1992. air- missiles, the Scott inquiry Bryan Townsend, the chair- craft upon repossession EuroAir, formerly of heard. Mr Eric Boston, the offi- man of the regional CBI and a regional about $899m. subsidiary of the Portuguese cial with the Department of chairman of Midlands Electric- EuroAir claims it lost SlLlm Model plan for Ulster assembly state-owned airline TAP Trade and Industry responsi- ity, but “there is pressure on during the period It operated issued the writ in the ble for export licensing, said wages we have not seen in OK o-.ei looked Ever., thing has been considered. product of a very specie' r md of relationship A product of meticulous Swedish Saab engineers and designers stn.ing together engineer.;-.* it combines comfort and reliabiiit> offer to produce a car ;r. v/nich ever • point of form with performance and safety to follows a purpose of function. ,ou a long-lasting car of timeless quality. Seated at the /.heel of the new qC0. .ou And that's .or .• Saab indeed. immediately sense that this is no mass- produced car: The generous headroom; the THE NEW SAAB 900. VERY SAAB. supporti ve contours of the or:nopaecicaly- correct seats: the logical positionmg of each control and instrument: the manner in -which you are able to concentrate on -our dn-.-mg with minimal distraction Ho detail has been Enfiinr choice: 2.5 V6 (170 bhp), 2.0 Turbo (185 bhp), 2.3i (150 bhp), 2.0i (133 bhp) For further information, test dri*e or the Interna Lionil/Dipformat Saiqr, Program call Saab TAGHeuer + Information Service ^ 4-1- 71-230-30 >3 or fax a copy of vovir bu.in card to -M-7l-2*lCi-t>033, m : ": 1 10 THE PROPERTY MARKET FINANCIAL TIMES FRIDAY NOVEMBER 26 1993 Foreign forays in bargain Britain he time to sell is when a Investments. A narrow focus on foreigner Peter stmts to buy," Is Evans on the impact of direct overseas investment central London stm predominates an old investment adage but over the past couple of years a that held true In the UK in as ' * T buying quickly as, for example, Civ • quarter of purchases by overseas the late 1980s: between 1988 and the Germans. investors ^ been in the regional' 1990, ‘ an unprecedented wave of Although some way off the peak property markets. overseas - money - some £7Jfbn levels of 1988-90, foreign direct This reflects several influences: 4*-" poured 4 into Britain's commercial investment in UK property this year reduced availability of snifable- property! looks set to total £2tm-££25bn. This property in London; an increasing In contrast, while capital value activity has been spurred by several understanding of the UK provincial growth reached a peak in 1988, ris- factors, notably sterling's exit from markets; and a belief that perfor- ing by some 20 per cent in that year the exchange rate mechanism last mance will be strong in certain seo- alone, by 1990 values were failing September which has made UK tors or regions. This broader sharply as the market reacted to assets relatively cheap; lower inter- approach to location Is likely to con-; rising interest rates, fir) tip a deteriorating est rates; and an improving econ- . economy, weakening demand and omy. Collectively, these factors jus- Investment from overseas -can oversupply. tify industry expectations of now be considered a permanent and In hindsight the burst of foreign continuing strong inflows of foreign important part of the UK commer- investment activity was both poorly investment at least until the end of cial property market Over the past , rimed and too focused on central 1 five years foreign investors have London offices. If overseas invest- Another underlying attraction accounted for at least 15 per cent of ment in UK property bad ceased at has been the UK’s landlord and ten- all annual transactions. Yet their the end of 1990, observers would ant system with its long leases, rent impact bas been greater have rightly described the foray as reviews and tenant responsibilities the figure suggests, given the par- Index hits record high a passing fad that rose and fell with for repair and insurance. ticular concentration of foreign, the boom and bust of the late 1980s. At a broader level institutional money in central London. However, in the recent renewal of for- investors look to cross-border diver- im'JB vara «*••. the iwwwHrfB future, although he total return on rim Invest- Office and industrial sectors were eign :* •. -tTii activity is a positive dev- sification as a means of achieving a r tVarv-itiW flows of overseas money for direct ment Property Databank ,aD- tixe performance.leaders, each post- elopment, suggesting - interest in more balanced portfolio and a property purchases should oontuirra T property index in October ing a total return of 1.7 per cent; UK property is likely to be sus- spread of risk. The continuing pro- generated from a large number of fixture pattern of activity less vola- to exceed £2bn a year, the greater was 1.7 -par cent, taking the index retail reported a total return of LB tained. cess of deregulation of cross-border countries. Between 1988 and 1990, tile than has been the case with one geographical spread of. investments, as a whole to 181.76, a record. (Hu per cent. For the year to October, In the last property cycle in the capital transfers in Europe maimn a overseas investment was dominated or two countries dominating the across the UK will diffuse the previous, peak of : 179.70 was total return on retail property late 1980s. overseas investors fol- globally-spread portfolio more by Japanese and Swedish investors; target country. impact. reached In January 1990, at theend reached 10.4 par. cart, with indus- lowed the market up to its peak and attainable. However, the inability of in 1992 the Germans were domi- Cross-border investment is inevi- Where the effect may continue to of the 1980s boom.) The total trial property at 9.8 per cent and beyond; since Last year they have most European property markets to nant, accounting for about 60 per tably mercurial as it reflects a mix be strongly felt will be in the mar- return for the first 10 months, of office property at 7.3 per cent been setting the pace in exploiting provide objective performance mea- cent of the total This year German of forces at work in the source mar- ket for properties in excess of £50hl. the year to now 9.2-per cent . EPD says: “Market circumstances opportunities In the low point of the sures is a constraint on potential investors have been responsible for ket as well as fn the target market Ih this category, the capacity of cer- Rental value growth was nega- are unprecedented. With the down- cycle - with property prices at his- foreign investors. The UK’s estab- about a third of the £L6bn total As a result, there is a greater pros- tain overseas Investors to compete tive in October, but capital growth ward trend in rental values now torically high yields and the econ- lished market and reputation for invested in the UK with other Euro- pect that the more diverse mix of for' the most valuable lots should has been positive, in each of- the stretching to within a month of omy recovering. high-quality measures of perfor- pean sources accounting for 25 per overseas investors will reduce the continue to bring an additional ele- past five months, reaching 0.9 per three yean and yields half a point As a result, the old Investment mance help ensure It receives at emit, the Middle East 17 per cent liliaffliwyl of sharp rises and falls in ment of competition to an, at times, cent last month. The all-property below their peak, the index of total adage now has a hollow ring; no least its fair share of international and the Far East 15 per cent investment. illiquid part of the xnariret aggregate equivalent yield feU 0J returns manages to reach a record doubt many UK investors wish they flows of investment The broadening of the overseas In addition to the enlarged inves- percentage paints to 9.5 per cent, high off its biggest monthly move- too had spotted the opportunities at The greater overseas investment Investor base Is an important tor base there has been a marked The author is directa- of research at its lowest level since' February ment in -five yean: a boom and the low point in 1992 and begun in the UK in the past year has been change. It potentially heralds a expansion in locations identified for DTZ Debenham Thorpe 1991. recession at the same time?” Office of notary Mr Van (ten Eywde at Saint-Joctse-tco-Neode (1210 Upon the instructions of GT Property Ltd Brussels), Rue Royals 207, Bdghuu Teh 3VIVMYI 4S75 24 Creechurch Lane PUBLIC SALE OPEN TO HIGHER BOOS - Around the property world Friday 17th December DU, 14J0 PM, at room 3, London EC3 me de la Maatagae, 34V32. Broada Freehold for Sale CITY OF BRUSSELS in four days. L OLD STYLE BUILDING 18,680 sq ft approx existing building with Shunted at Gtand-Pface 12a, 136 sq M ambus area. Rateable value: 208/100 Bfr, refu rb ishment/redevelopment potential. with vacant poacakra. Only one stop. Cannes. ftiH vacant possession. Town planning ; the building hi listed as an ancient monument and is a site of Offered with cultural, historic and/or asethetlc Interest. Restrictions on designation /use of Hie building. according to a Royal Oecroe of 24 Jure I960. - OFFERS INVITED QVKR -«|3S0-0M Bfr Nelson Bahrwdl oimhwmwnm 2. DEVELOPMENT PROPERTY ReCKEOPP Tat 0719294M9 Situated 5 kilometers (nun the City of Brussels (commune of Zanrentem), U Boodcflestnoi 120. A property consisting of a wooded area and bufkttog* (ruins), with a total THE FI9&ST&FFICE 'BWLDIff/Q The International Propert Market for developers, surface area of 6 Hectares, 57 Ares and 16 Centime). Rateable value: 1,372,400 y Bfr. Vacant possession and zoned (dr use as parkland - with piamtiag/bmlding advisers, construction companies, bonks, regional 6300 sqft appnnfr permission (copy available in the office). authorities, imo niriouai investor*, end-users and OFFERS INVITED OVER Interesting owner/occupier deal. ' lUSUOBJUfc other allied scoots. To obtain farther details on these properties, and to arrange tMbs, TorJurt&er details amfccc; please contact onr office as detailed above, or fin your request dlracily Uk or KsfVg KtffMD over 5000 paniripanes from 40 countries, MIP1M (32-2) 21&35A4 071-408 071-723 Ml 9198 means (SwctcoBBcniiA thcdcatiqiwnaJtErs. intensive days. . Four Novr appoflmliks in die exhibition hall and a programme of rop- Icvel conferences. Take a stand. It’s your headquarters way from home and enables you to meet the maxi mum number of delegates. • im 94 Quality campus Advertise! Get your message across in the highly targeted MDTM GUIDE. The international "Whoii Who' of property. There's the MIPIM DAILY NEWS. The essential daily magazine given to all parudpama. And tbe MIPIM PREVIEW, mailed do sites all companies two weeks before MIPIM. for sale Contact os today. qualify for a You may DTI li rabaidy providing your stand is booked In time. For more details telephone David Schindler today M 1 V 1 M on 071 528 0086 or &x 071 895 0949. in Telford. i How, 99 Baser Hhm>V I wlss WIf 9f0 High profile companies from tJSA,, Japjn and Europe are lifidy to be your neighbours M3wiprefe knowledge • Free relocation advice • Rost irsdt planning perraisiion • Individual attent^fctdyoag* • • Purpose-built environment * High quality of life • Desirable location* • • '-"iSigjgjg SALE OF REAL ESTATE IN ATHENS A Group of Companies wishes to sell approx. 3,000 sq.m, of real estate properly located at 204 Syngrou Avenue. For more detailed infm iirai*um_ please phase: 38 Athens: +451 9410 and ask for Mr Simon. LOMBARD STREET CENTRAL NORFOLK Mi Acre Site. Fenced Karri LONDON ECS Standing. Freehold. Ind/Storage. Units 9000 sq ft. Detached 2 Storey Office Block. Workshop (Pita.) 2000 sq ft. 9,750 SQ.FT. APPROX Contact A. Staff0760 722575 REDHILL PRIME CITY BANKING 7,200 sq.ft BUILDING OFFICES FREEHOLD FOR SALE The acre 50 Shawbirch Campus Site, pictured above is one of a number of well FOR SALE landscaped, fully serviced sites available from the CNT in Telford, World famous companies such as Maxell, Ricoh, Epson and NEC have already taken advantage Convenient REF: CAH of such sites and their superb communications. Motorway Network For further details on sites between 5 and 50 acres and other opportunities Gatwick / Heathrow Debenham available:— CNT. Jordan House West, Hall Park Way, Telford TF3 4NN. Thorpe . Bxibinsons 0712361520 Cali our :r-vf? 0737 246379 moMKffWRriKmft Hook ‘SnenamerStav INVESTMENT PROPBUY. 12- U Wlgmoni Street London wrt. Ottcn and flns d kf to takmkto Anglo BHg Soctaty on tang BRUSSELS Top (ocafloq. OKfco huMng HEWS. Close la W23. FraeiHM Often MJCKUKUUUi PALACE ROAD, laaaa * tad mtfaT £2800 pjkuaiaOGS- 6,200 m* y«ar Inad to SW1. aiidkio 1L Latrt £1 9 BMolan SUM «} MteD PAJL Nmty ctoantsd period antes to ml ftom Idari hwmsnont tar tonly hurt For sale by Oovemmant Tal. 32/Z/376JS3.U Fax to aaotfani covenant - aubsfctay of MLB. SBO-iiao auction is*i Dacwrtw IMS Meai-uid aaB saste aq. LCompeMn rants & now Land and premises with added Caradea^Palmano 4 Partnarc 0889- M value. hTet;071 490068* prtot). SoHnumn Hannan Hatty, On 405 621061 OFRCBITP LET, Want Bid, monHy las. 3681 ‘ 5w’ioriyS£M|xari.3biaSB" contract, nwvs b today. Tot. 030 8306 ' . v /.-jtv ,a; v,j: : FINANCIAL TIMES FRIDAY NOVEMBER 2 A pnblicity-shy growth and the potential for capital of EUItOMANAGERS TO WATCH aristocrats gains. who made their Product diversification went hand .aame fighting tie for in hand with strategic partnerships {ne Michael Heseltine former kings Why of with foreign specialists in Ifil's cho- Italy may not be the sen sectors, notably in France, to “ost obvious fotnre broaden its geographic scope. Those 8 of j*® Flat, one of boss partnerships Hat's have been underscored Europe’s biggest is right equity stakes, absolutely by funded invariably tndustrial «ft njpo rhn owo- compa- through Ifil's cash flow or rights anies. The choice seems even less issues rather than debt. ppropriate for t the end of a seminar on citrant director worked for a large someone whose Saint-Louis, the Christopher 8110 French industrial corporate "performance company, as do some of the most ®17 heea m finance 1 ^ri^K group with substantial food indus- improvement", the manu- blinkered executives on his Japa- whose! ^ Jgd sharp looks are A Lorenz looks at more ^°se in try interests, has become one key facturing director of a well-known nese tours. He attributes the prob- of waiting the international Vogt- In partner. Ifil now holds 61, more than is British engineering company took Britain's lem not to arrogance In the usual than the hard-tS myopic s'* per cent and has an agreement to aside the consultant who had led sense, but to a reluctance - or manage,, typical of the di is rise to more than 30 per cent, put- the proceedings. “I'm disap- inability - to learn from the dis- Tunn-based cars’ group. Gabriele Galateri Genola tipped managers ting it par 1 on a with the controlling pointed," he said. “I haven't comforting experience of others. 7® P spite of his reluctance to be interviewed, to head Italy’s biggest private-sector Worms family. learned much - we’re doing every- Both Smalley's points would let alone quoted. Gab- Galateri's choice in tourism has thing you talked about" seem to be borne out from a sur- Jtele Galatfiri di Genola, managing *rector group, writes Haig Slmonlan also taken Ifil across the Alps, ifil "Oh really’?" replied the consul- prising quarter: an informal club of the Ffat-dominated Ifil has an agreement with France's tant. the director. “For investment company, big "Yes," said of 16 big multinationals which is tipped to Accor hotels group to create head Italy's a new instance, I bet you don’t know our have spent the past decade frying biggest private-sector • hotel chain in Italy. warranty defect rate" (the propor- to do precisely that, through company before long. But the most lucrative • •• partner- tion of products that foil within benchmarking and a range of -f i iaj e ^ the top of Fiat will 5 ¥ ship so Ear involves BSN, the big the first year). "Thirty per cent?" other practices. he part of the gradual change already French foods group, in which Ifil asked the consultant. "How did Called the Inter-Company Pro- under way within the group, has almost 6 per cent. Ifil has made you know?" beamed the director. ductivity Group, the club covers a which has seen the control- bng big capital gains by selling its "Because that's your industry's much broader range of issues than Agnem family progressively domestic food operations to its big- average in this country," the con- its name suggests: quality, organi- withdraw from everyday involve- ment ger French partner, eager to break sultant replied. "Aren’t you sation structure, product innova- and a new cadre of top-hne into the tightly controlled Italian ashamed when the mean time tion, information technology, managers increasingly take over market, while the two companies between failure for TV sets is now skills training, management devel- the reins. also have an ambitious joint ven- 12 years?" he continued. Retorting opment and motivation and reen- Td take him on tomorrow If I ture in Asia. The strategies have that "TVs are simple compared gineering. Its membership list is thought he’d move," is how one of worked well. Ifil's dependence on with what we make", the director impressive, including the likes of Fiat's leading rivals sums up his Italy has fallen from 100 per cent in stalked off. British Airways. Courtaulds and view of GalaterL January 1987 to 51 per cent now. Three years later, his company Unilever, pins the UK operations However, the chances are remote Over the same period, its exposure Is losing market share rapidly to a of Nissan and top US companies that the man who was promoted to Fiat has fallen to 34 per cent competitor which has raised its such as Heinz and 3M. Their man- this mon th to managing director of from 67 per cent quality far above the industry agers are far from blind. Ifi, the quoted investment company This month brought two further average, ft is run by a team of Yet according to John Russell, which controls Ifil, will break ranis advances for Galateri: his appoint- newcomers who moved in from consultant to the group, incipient with the quasi-regal Agnellis who ment alongside Umberto Agnelli as continental European companies " \'ve FotGorreft/ wefte /&h/t complacency was evident from an control the' Fiat empire. His loyal- joint managing directorship of Ifi, and are busy applying the skills COrtfiflCEMCy THA/S MOST opinion survey and benchmarking ties are pegged to the family, nota- confirming his place as one of the they learned there. PCOPLE ACKrQK'. ” exercise carried out just before the bly Umberto Agnelli, Ifil's nhairnum Agnellis' most trusted lieutenants; The consultant in question, group's 1 0th anniversary meeting and the younger of the two Agnelli ami the conclusion or Ifil's contro- Mark Smalley, recounts what he a month ago. Most senior manag- brothers who dominate its for-flung versial bid to take control of La calls "this appalling story" to But, with respect to those coun- ers surveyed showed little know- business interests. Rinascente, the Fiat-controlled reinforce this week’s attack by tries, that is no great reassurance ledge of their competitors' perfor- Together. Galateri and Umberto retailer. Michael Heseltine, the UK trade to the British. Their arch-rivals, mance in 17 areas which the group Agnelli have built up Ifil from a He denies criticism that Rinas- and industry secretary, on British Germany and France, came oat of has identified as key to success. captive main Fiat company, whose cente was foisted on Ifil by Fiat’s managerial complacency. the survey far more respectably. To the frustration of Rnssell and asset was Fiat shares. Into an inter- bankers to bolster Fiat finances dur- Smalley, who directs the Mid- Though German managers and other speakers, the three-day nationally diversified holding group ing a heavy investment phase. With lands office of PA Consulting, and companies were seen by others as meeting of teams from each com- with activities ranging from retail- Italian retailing going through a also heads Its strategy unit, has the best in Europe, they under- pany was permeated by a sense of ing to resorts, food to fancy goods. belated revolution as small city-cen- plenty of ether horror stories rated their own strengths and premature satisfaction with com- The strategy has worked: consoli- tre shops give way to hypermarkets, about British managerial self-de- assessed their weaknesses realisti- panies' existing improvements. dated net profits soared 260 per cent CkbiWi Oatatert prepared to take over the rains with the support of tha Agneffia Rinascente is well placed to benefit, i 1 us ion, insularity and unwilling- cally - precisely the opposite char- If complacency, however under- from L54bn (£2L3m) in 1987, just he believes. And considerable scope ness to learn. acteristics from the British. The standable, can grip a group of after Galateri joined, to L193ba last ‘ many prominent colleagues, to be 1986. he transferred to Ifil with the exists for synergies between Ifil’s For the past decade he has led French, though a bit over-confi- such relatively advanced compa- year. quoted bn popular issues of the day. mandate to rejuvenate what was interests in producing food and groups of executives ou short, dent, were pretty realistic about nies, it is not surprising that it Galateri's loyalty to his employ- Discretion may be the better part largely a shell used for internal Rinascente's expertise in selling it. fact-finding trips to Japan. “In their pluses and minuses. swamps so many lesser fry. ers may be in the blood. H5s Pied- o$ valoqr: Still only 46, Galateri has group transactions, such as the For a manager in a country where spite of Japan’s success, many of On the face of it, the Cranfield The most powerful antidote to montese antecedents were among swiftly and successfully climbed the complex mid-1980s' assets swap business has largely steered clear of them start out thinking the Japa- findings look odd: most detached managerial complacency is close- the closest supporters of the House Agnelli corporate ladder. After when cash-rich Ifil bought a large big international alliances, it is a nese do things differently and observers - Swedes, say, or Japa- ness to a demanding set of custom- ; of Savoy - Italy’s former royal fam- studying law at Rome, he took an block of Fiat shares formerly held considerable record. But the dose therefore wrongly," he says. "It nese - would rate the Germans as ers - witness the impact which US ily - and its Turin court MBA- at Columbia and entered the by the Libyan government. His association with the Agnellis also takes two days to turn them more arrogant than the British electronics companies, British Yet Galateri abhors the Italian - international division of Banco di goals were to diversify and interna- means a commitment to Turin, the round." and the French even more so. food retailers and the Japanese tendency of identifying companies Roma: He then moved to St Gobain, tionalise. Investments bad to be home of Fiat "I feel just as comfort- It Is not that British managers Nor, one might think, would motor assemblers have had on with their controlling aharahoMara where lie became finance director of made in non-cyclical businesses to able here as In London, Paris or have a monopoly on complacency: managers in large companies with their UK suppliers. or managing directors. "The star the Italian subsidiary at 27 and complement the volatile cars side. New York," be says. “The style of a Cranfield Business School study considerable international experi- The next most forceful antidote is benchmarking. But neither rem- system in Italy Is something I don't ; assistant to the group finance chief And the heavy dependence on Italy work doesn't differ in any way." of companies with less than 500 ence suffer from anything like the personally like verymuch,"he says- in Paris soon after. had to be reduced to smooth Ifil's “A manager's lifestyle here can employees, which was cited by degree of self-delusion as those edy will work if a company's exec- His management style is exactly In 1977 came the decisive move to earnings stream. be different 1 have a very quiet Heseltine - but only for its UR from a bunch of smaller enter- utives are ill-trained, myopic and the opposite.' Press shy to the Flat, first as an executive in the Foods, tourism and, most working environment and there’s results - suggested that the prob- prises such as those in the Cran- therefore poor learners. Far too extreme, his face hardly ever finance department responsible for recently, retailing were identified as much Iks stress. Bigger cities may lem was almost as bad in Spain field survey. many British managers, young appears in the papers. Infgryiew? the Americas- Six years later, he ideal investment candidates, prom- be more exciting, but which is bet- and even worse in Italy. Smalley begs to differ. His recal- and older, still fit that description. are rare, while he refuses, unlike was promoted to finance director. 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THEFT POCKETDIARY j Knar rartauranf 12 TECHNOLOGY FINANCnUvLrXBVIES FRIDAY NOVEMBER 26 I99i , lthough, the widespread There are conflicting signals over can -be achieved is tmcmtato.' nie' Worth Watching Della use of solar has inability; Bradshaw energy sector's to compete qffeo Adult long been a dream of ecolo- tlvely in the “atfgrid” market is. transmissions. The recorder is gists and politicians, the the future of solar energy, big drag on growth.'- For home- production Aprivate aimed at and sector is sending out mixed owners hooked up to an electric • broadcasting companies, which signals on the industry's future. On writes Victoria Griffith •utility, solar power is not cosbeffeo- titles on have been using open reel the positive side, Southern Calif- five. Solar energy per.kflowatt hotu; machines. The GBR-iQQO VCR ornia Edison, the electric utility, for instance, ‘is estimated -at J15 to records up to 64 minutes of video 'has' just unveiled a pilot programme five times note expensive than elec- to the 1125-line Japanese HDTV to offer solar energy to rural cus- tricity. “Right now, there’s no way CD-Rom standard. tomers. Sounding a negative note, solar energy ran compete with ebao- British • companies which want Mobil Oil announced this month trictiy/ oil . and natural gas for on- t.thc recent Comdex to stun their clients with that it was putting Its solar arm up grid customers,^ says Michael computer trade show In Las high-deflnitlon corporate for sale. Meria, head -of research, develop- .Vegas, Michael Spindler, presentations can turn to Creative Solar energy has always struggled ment and' ' demonstration ' at Apple Computer's chief executive, Technology, in London, which with a dilemma. To bring down Southern California. Edison. .. displayed a CD-Rom-based shopping records tapes In the Japanese costs, many more people must buy Accenting to Pacific Gas & Eleor catalogoe which allows customers on format The tapes can include the technology. But to attract more trie, howera, there .may be excep- to dumgethfrcolaurrf clothes ^ Calling a halt to still photos, graphics or moving buyers, the Industry must bring tions to this rule. “If demand stays amodeLMtherametiine, anew * traffic chaos images and are displayed on down costs. Ectmomles of scale are stagnant, its probably not. cost-ef- breed of companies was showing HDTV sets. Toshiba: Japan, 3457 the elusive key to success. fective,’ . says . Wenger: TJut if off CD-Rom titles that allow users Anyone in a UK company from 4511. Creative Technology: Sceptics failure to resolve doffiflnd increases to the point .that to remove a model’s clothes UK. say the , the director to the messenger 081 877 1980. this dilemma has turned solar you’d be' looking at a new nuclear can now check the traffic before energy into little more than a pipe power- plant,, or if you .had -to These companies attracted setting oat with Trafficmaster, dream. ‘"The sector is tiny and we upgrade tha lines to a certain neigh- crowds as they demonstrated Electricity finds a - - which enables drivers to learn don’t expect it to become a major bourhood, aJlof a sudden itlbdks adulfcoriariatad nrnltTmadia titles. the location of traffic jams. great conductor player in the energy industry for feasible." Wenger says the company Until now, most CD-Rom titles have Trafficmaster, sold by Cray the next 20 years, at least,” says is considering mixed-use areas, been aimed act erini-atforiai markets. Systems, of Fleet, Hampshire, Everyone knows if yon are struck John Lord, a spokesman for Mobil which would switch to -solar energy “There is a lot of activity in uses infra-red sensors installed by lightning yon have a better OIL at peak-use times. : adult-theme titles,” says Doug on motorway bridges to measure chance of survival if you are Solar eaergy proponents are put v Solar energy may also get a boost miihhw, ftdltordxHdilaf of Morph's the speed of travelling vehicles. standing on a stone floor, as it ning their hopes on rural custom- from improved- technology. The US Outpost,,a leading publication for Once a jam is spotted the sensors prevents electricity passing ers. They believe heightened governmenthas been-providing tax multimedia developers. “Some send a radio signal to the through the body. In computer demand for solar power in remote subsidies for research in solar people are saying that they could computer centre, from where it rooms or operating theatres the areas will add enough economy-of- power since, the oil -crisis of the bethe-Trifler application' that is relayed to companies taking problem Is the opposite: how to scale benefits to usher the sector 1970s. As a result, technology has drives the CD-Rom market” - wm the service. conduct the electric force away into a new phase of high growth. improved tremendously. Photovol- One company. New Machine There the data are displayed from expensive components. For off-grid users - homes not taics - the solar industry’s equiva- Publishing flflmmgtantori a in colour on a 386-based PC Frankfurt-based Degussa has already served by a utility - solar lent of the computer chip - are far prerelease version of its "Dream running under Windows. The developed a floor coating from energy Is already highly competi- more efficient in translating the Machine" title at Comdex. The data can be networked, so that methacrylate resin which is tive. Tor off-grid customers, solar sun’s rays into usable teiergy. Dream Maehww» is an Interactive anyone on the corporate network conductive - title first time such energy fills an important niche,” Photovcdtaics are also cheaper to adventure in which the user has access to traffic news. The a combination has been achieved. says Alan Panton, solar sales man- manufacture and Install than they navigates his way through a information is updated every Because the flooring Is ager for Kyocera of Japan, the semi- were a decade ago. The solar panel hrrilftiug RflTriud various floors three minutes. Cray Systems: resin-based it hardens extremely conductor ceramic maker. manufacturer International Solar there are opportunities to interact UK, 0252 62512L quickly and is resistant to “It’s just a matter of getting the Electric Technology, for instance, with video images of actresses and chemicals. The Degadur VP 070/ awareness level up.” has managed to slice the Silicon experience different fantasies. 071 system incorporates special There are few cost-effective alter- wafers used insofar energy in half, “CD-Rom sales have taken off in Data networks keep Oilers in the resin to establish natives for rural homes. Running thereby cutting the cost.of produc- the past year, and most of the - ahead of the pack a high level of conductivity. an electric line through miles of wil- tion. Tbe solar energy division of buyers are men. We predict big Degussa: Germany, 69 218 2860. derness to service a stogie user is Texas Instruments has reduced the demand for our titles ami they will The market for data networks prohibitively expensive. In the past cost Of by using fighter" drive tbe market just like adult in Europe will be worth Ecu4.Sbn rural residents relied on personal weight, flexible panels. . movies did for the VCR,” says Larry (£3-65bn) by 1997, almost double Less heat in generators their Because advances, Miller, executive at New for energy needs. . of these solar marketing the market In 1992, according Recently, however, many have panels are now just 5 per cent of Machine Publishing: the kitchen ' to the latest forecasts from turned to solar power. their 1978 cost, according to John " However, publishers of adult consultants Ovum. Few top-class restaurant kitchens Increased demand by off-grid cus- Schaeffer, president of the solar CD-Rom titles are finding it difficult According to Vans Markets would be complete without heat tomers has helped to build the energy, group Real Goods Trading. to find distributors or to advertise W Europe, the traditional telephone and bustle. Bat the demands of industry into a $lbn (£800m) a year Despite the advances, the US gov- their products. Tm fed up with companies will take a decreasing the environment, as well as rising worldwide operation, according to ernment. feeli\ technological the panwrniiTip in this industry. share of the market for these fuel bills, could mean the heat Strategies Unlimited, the consul- Improvements win not be sufficient We have first amendment rights value-added networks, which will soon be decreased. tancy group. Growth has been hi Uw mi sotting on solar energy? It etH cannot compete In the ‘oo-grfcf market to make solar energy competitive. in [the US] yet 1 constantly have include packet switched, 3L25 David Burnett Associates, of robust - averaging an annual 20 per “Technology can. play a role in to deal with editors who pull out and managed data networks. London, has devised a gadget cent over the last few years. Is considering a programme which “electrify” remote communities. bringing down costs, but what we my ads after they’ve accepted flunnefi France and Germany are the two to cut the gas without reducing Siemens, the German electronics would the initial cost of fit- This interest is being fuelled by really need Is an increase in thou,” says BUI Kelly, president biggest markets, followed by a chef's creativity. Many chefs group, British Petroleum and ting a home with solar energy. The World Bank funds earmarked to demand,” says James Rennalds, of PC CompoNet which publishes monthly * Spain and the UK. Ovum: UK. leave the gas ring burning after Kyocera all have solar divisions and Utility would then charge a promote solar power. . director of the photovoltaics divi- adult CD-Rom titles. 071255 2670. removing the saucepan. The AFR a number of start-up groups are fee for the installation. “By mid- Proponents hope that demand sion of the US Department of Kelly flHrig tha t he cannot find - (automatic flame regulator) is being drawn into the industry. • 1996, we should offer solar energy to from developing countries will Energy. companies in the US to a valve which complements the “With the large oil companies walk- off-grid users on this basis,” says tofUse solar energy with Enormous Because of Imponderables such as manufacture his CD-Roms and that makes its HDTV manual gas control A rod ing away from this, it creates more Howard Wenger, senior project economies -of- scale benefits. “Can the level of government subsidies, it he has had to go to Denmark. Adult video debut attached to the valve opens and space for small entrepreneurial manage for Pacific Gas & Electric. you imagine the demand it would is difficult to assess whether solar, CD-Rom publishers say they will closes it; when the pan is removed companies like mine to step in,” Solar energy advocates believe create if countries like China energy is headed for boom or bust also develop titles for women. They High-definition television has the lever rises and the valve says Vijay Kapur, president of Inter- the main increase in demand, how- caught on to this?" says Kenneth It will probably continue to stnmbte- argue that their products provide taken off most rapidly In Japan, closes, when the pan Is replaced national Solar Electric Technology. ever, will come not from industria- Zweibel, a manager at the National along for the next few years at a safe sexual outlet, a safe “virtual where Toshiba has announced the valve opens and the gas Utilities sore hoping to capitalise lised countries but from developing Renewable Energy Lab, a research least in search cf the .elusive criti- sex” experience during a ttme of a video cassette recorder for flames burn again. David Burnett on the surge In demand for solar ones. Governments in South Amer- facility funded by the US Depart- cal that would malm it a sig- concern over Aids. high-deffnltion digital Associates: UK, 071 735 9053. energy by acting as the middleman. ica and India have expressed keen ment of Energy. nificant player in . the worldwide ' - * r Pacific Gas & Electric, for instance, Interest in using solar energy to Just how quickly a critical mass energy sector.' . Tom Foremski PEOPLE Shell’s Pink for Enterprise Oil Energetic Enterprise Oil, Britain's development, one of the big- Scotsmen biggest independent oil com- gest in the North Sea. Pink pany, has underlined its ambi- knows the field well: Shell has Ian. Russell, director - Now tion to be regarded as a fully a stake in it and was responsi- financial control, at Tomkins, fledged oil company by recruit- ble for the design and installa- the conglomerate, is to become AER LINGUS HAS ALWAYS BEEN THE BEST CHOICE FOR BUSINESS TRAVELLERS FROM LONDON ing Mike Pink, 55, director of tion of the facilities. finance director of Scottish will production and development at . The arrival of Pink, who will Power. He thus fill a the Shell group, as its first be responsible for exploration, vacancy which has existed chief operating officer. development and production since January at the Glasgow- Pink, who has spent 30 years activities and trill be number based company when Duncan working mostly overseas for two to chairman Graham Whyte moved up to become our business service Shell, will join Enterprise next Hearae, plugs an obvious gap chief operating officer (electric- May after he retires from SheEL m Enterprise’s boardroom. ity supply) under ceo Ian Pres- TO IRELAND. WE OFFER THE MOST FLIGHTS BY FAR AND EASILY THE BEST PUNCTUALITY. A geologist and petroleum Peter Kingston, a former Shell ton. engineer, Pink brings substan- man who had been Enter- Russell, 40, was bom and tial technical and managerial prise’s technical managing educated in Scotland, and was experience to the company at a partner in oil projects and the director, resigned in July 1992. previously with Hongkong time when it is just about to company is keen to be and finance director John Bank Group in London and become a big North Sea pro- regarded in the City for its Walmsley, responsible for Hong Kong- He trained with is the same duction operator. operational skills as well Next many of Enterprise's major accountants Thomson McLin- - Enterprise's early success year it will take on the opera- deals, is tearing at the end of tock and later worked for Pen- NOW OUR NEWLY ENHANCED EXECUTIVE CLASS SERVICE PUTS ALL OUR BUSINESS FARES UP FRONT was based on being a financial tion of the £Llbn Nelson field the year. tos and Mars. He will Join the board of Scottish Power and take up his post in January. Stoddart to Pat Barrett, chid executive Calverley quits Though Scottish Power is of Smurfit’s corrugated said to have had difficulty as always. join BSG operations in the UK, has been Trafalgar House attracting someone of suffi- appointed chief operating cient stature for a company in p The search by motor and officer of SMURFIT Trafalgar House, the troubled the FT-SE 100 who was willing STARTING WITH OUR EXECUTIVE 3-DAY FARE - THE LOWEST BUSINESS FARE TO DUBLIN. aviation parts and distribution Continental Europe. conglomerate which is in the to move to Scotland. (Tomkins group BSG International for a Robert Warner, formerly midst of a wide-ranging review is based in London) the permanent non-executive finance director of BTs special of its businesses. Is replacing absence of a finance director chairman appears to be over. businesses division, who has the head of its loss-making has not been a problem. A con- Michael Stoddart, chairman been a director of the CeUnet property business. David Cal- sultant has been brought in to of Electra Investment Trust, Group for two years, has been verley,- 52, chairman of the occupy that seat and Whyte Better. the development capital group, appointed acting property division, wil] md of group's has been near at hand. is joining BSG as a non-execu- CELLNET while a permanent leave the group at the end of Changes are also taking tive director with a view to incumbent is sought the year. place a few hundred yards taking over the chairmanship Stuart Graber. formerly md Calverley, who joined Trafal- away at the Scottish Power's from Astley Whitall, who of Time Warner International gar Hbute in 1968, Is the latest regulator, the Office of Elec- retired as chairman of Ran- In London, has been appointed member of the old guard to trify Regulation in Scotland somes earlier this year, some chief executive of MUSIC leave die company which was (OFFER). Here the youthful time before next October. CHOICE EUROPE. - founded by Sir Nigel Broackes Graeme Sims, 30, is taking over By the time Stoddart comes Malcolm Uttle who. in. his in 1956. Ajwefl known and pop- as deputy director-general, on board as chairman, chief time as md of Ross Young’s, ular figure in the property reporting to Stephen Little- executive Richard Marion, who has been responsible for business, Calverley played ah child, tbe director general of himself only took over his cur- introducing many new important part in expanding electricity supply who is based f# rent Job in May, should be products, has swapped jobs Trafalgar’s property interests in Birmingham. implementing the recommen- with John GlUiatt, tbe md who under Sir Eric Parker who In January, Sims will replace dations of a strategic review be has cut production costs at stepped down as chief execu- Peter Carter, who only took set in train two months ago. McVltie's UK. Terry Stannard tive last year. . the job in January 1993, having The brief is to examine tbe becomes md of KP UK in However, tbe company has moved from the Glasgow-based entire structure of the group January on the resignation been bard bit by the recession Offshore Supplies Office of tbe and the markets in which it of David German - all three and will shortly announce DTI, which supports the North operates, and to come up with companies are subsidiaries details of its third, cash-raising Sea oil industry. Carter has a corporate plan to be imple- of UNITED BISCUITS. Robert exercise in two. years to repair become Littlechild’s deputy dg mented from the start 1994. Beveride, EXECUTIVE 'WT EXECUTIVE of formerly financial a balance sheet which has been in. Birmingham. SUPERBUDGET SPECIAL FARE Most of those markets have controller for Mars Snackfoods damaged by large property Sims Is currently economic - fare imr been badly hit by recession, Europe, has been appointed writedowns. adviser .at . OFFER In Glasgow, not least tbe Continental car finance director of McVltie’s Hongkong Land, which has which he. joined soon after it market into which BSG sup- Group; he succeeds John built up a stoke of just under was set up in 1991. Before that Dedicated check-in counters • Priority boarding Executive Class menu and plies components, and where Bason who has transferred 26 per cent in the business he worked in a small business output is well down. to Keebler Company. Richard over the past year, has been development agency in' Glas- quality wines in Executive cabin Complimentary newspapers - Priority disembarkation The divisional structure has Hill, rice-president human overhauling the Trafalgar gow and for the Boston Con- already been reorganised with resources at Campbell Foods House management team - sulting Group In London. operating re- joins Priority baggage delivery Treble TAB points offer the three arms Europe, as personnel . which helps explain Calver- regional lines. director arranged along KP Foods Group from ier departure. . Michael Ambrose has been Marion, while reluctant -to December cm the retirement Calverley was on a three- promoted to director, criticise directly bis own long- ofAlan Jones. In the US,Jeny year contract but Trafalgar commercial affairs, of AMOCO at AerLingus Naturally predecessor Tom. Bagiten, vice A serving Can- previously House says compensation for (UK) Exploration Company. non, considers the review to be prudent, finance and terminating his contract would John Higgins, previously art-, V* r bh «»n lcr.:cn h-mw.'* &jbn i njy. r«& *« arw/is n ireUftl Fill Fare. £v?Cu&wi Fjd Fare Ina iks mtwJ Ejuxutrvfl Euc6ud£H c* EuxwfiveSupwSucW antes well overdue and the group administration of be substantially than he. beadof Lasmo's Russian itself to have lacked the leader- Lamb-Western, has been would have beat paid over the' special projects department," ship which would have allowed appointedsenior need three years. His replace* las been appointed chief it to restructure itself to adapt vice-president, finance and merit is expected to come from executive of EUROSOV • - to changing markets. purchasing of Keebler. outside the group. • - PETROLEUM. ' T ) BUSINESSES FOR SALE REPUBLIC OF POLAND GREEK S.A. EXPORTS MINISTRY OF PRIVATISATION ANNOUNCEMENT of a repeat public auction for the highest bid (W Pangatfimfon Street) apt! legally represented, in its capacity « Liquidator in accordance with iWI/1990, TNVTTATTON TO NEGOTIATE of AppeaL - supplemented by article 14 of Law.No. 2000/1991 and following Decision No. 3089/1 W3 of the Athens Coon ANNOUNCES In accordance with Article 23 of the Law on Privatisation of State-owned Enterprises, The Minister of Privatisation, acting behalf the State Treasury of the Republic of Poland,is extending an iuvitation to inter- 1 Bid on of PROMH^^Tg/fk'ATA^^f with 8ealed, binding offers for die sate, in toto, of the assets of the sodeicr anoovme named GEN1K1 ested parties to negotiate the acquisition of a minimum 10% of shares (and no more than 75*% plus the shares ^E££C C TEL^MMUNICAT10NS AND PLASTICS INDUSTRY, which is under special liq- oidarion and estabb^ q ^ ™ ^. fi5 Stoomari St in Athens - and is engaged in the mamrfwanre low, voltage electrical equipment and remaining of ajj irindp of h»]jir of medium and high in the hands of the State Treasury after the sale shares to the employees) of the State-owned compa- H ril)lllJw^^ ny ™ “ction, ^ interested, parties are mvfe-d to receive from the liquidator the Offering Memorandum as well as the form "*aianlee squired for - the submission of a binding offer to the Athens notary public assigned to the public auction, Mrs. Andrian' tv :oooiDO QubJti-Zapheiropoukxi, Fabryka Sprzetu i Narzedzi Goraiczych iQnn hn “ P 18 Vookounesdoo Street, 5th Boor, rcL 361.8249 up to Thursday 16th December 1993 at 01031 ** bnsubmitted in person orby a!legally authorised^representative. 2. TtahU (Factory of Mining Equipment and Tools) be unsealed before the above-mentioned A notary public an Friday 17th December 1993 at 1 100 bouts with the Liquidator in atten- Those who have submitted bids within the prescribed time can also attend. FASENG SA. in Katowice Sn ^min d beyond the prescribed ^ time will oof be accepted or taken into account. " The state the price offered for the purchase, in toto, of the Company's assets and most be accompanied by a arailtCe Up to 20*% of shares shall be offered for acquisition to company's employees on preferential terms and of Ie®*^ operetta® in Greece, for the amount of eighty million drachmas (80.000.00U dre.) or its equivalent in $% U.S. drtlara! shares shall remain at the disposal of the State Treasury for compensation, if need be, for restitution of private 4 s assets and all fixed and dtcniarii® constituent parts thereof; sach as immovable and movable property, claims, Trademarks. ownership claims. ucs, ngfate, etc, are to be sold andtransfeoed "as is, where is" and, more specifically, in their actual and legal condition and location on the Mte on which the sale contract is signed, regardless ofwhether the 'Company is operating or not. ator' will to potential after their the ^“npany and the crefitot representing 51% of the total claims against the Company (Law 1892*90 article 40a para. 1 as An information package be made available investors signing of Confidentiality • *i^A°f hereafter as the Majority Creditors, shall bear oo liability for any legal or actual defects or for any deficiency in the effects Agreement, which they shall receive the moment they submit a written statement expressing their interest in the andnghts for sate nor for the possible refusal of the State to approve, as required the transfer of elements of the assets, nor for their incomplete or fault description acquisition of shares. The written statement and the necessary documents should be submitted by 5 p.m. on y in the Offering Memorandum and in any correspondence. In the event of inconsistencies, entries in the Company's books, as they.staad oh the date of signature of tbe'sale contract, shall pnvaiL December 15, 1993 to the below mentioned representatives of the advising company, acting on behalf of the 6. Prospective buyers, hereinafter referred tons 'Buyers", shall be obliged, on their own responsibility and due care, and by their own means and Ministry of Privatisation: at their own expense, to inspect the object of tire sale and form their own judgement and declare in their bids that they arc fully aware of the “-hfaland legal condition of the assets for sale. The Buyers are hereby reminded that, in accordance with die provisions of Law 1892/90. ani- a para. 4 as in force, *<**»•« Creditanstalt Financial Advisers S.A. Pizemyslaw Krzywosz . having agreed in writing to maintain confidentiality, they notified have to any information they may “ _ are to require concerning the Company for sale. LIM Center - Marriott Hotel Andrzej Werner 7. Bids should not contain terms which might prevaricate their bindingness or any vagueness concerning tire offered price and its method of pay- 10th floor, suite 1019 TeL: (+48/2) 630 60 22, 630 60 55 ment, or any other matter of importance to tbe sale. The Liquidator and the Majority Creditors have the right, at their incontestable discretion, to reject offers which Al. Jerozolimskie 65/79 Fax.: (+48/2) 630 60 03 contain terms and conditions, irrespective of whether these offers contain a higher price than that of other bidders. 8. lii die event that the person to whom tbe auction is adjudicated, fail* in his obligation to appear within twenty (20) days from being invited to 00-697 Warszawa, Poland do so, and sign tbe relative contract and fails to abide by the other obligations accruing from the present announcement, then die above-men- tioned guara ntee of eighty million drachmas (80,000,000 drs.) is forfeited to the Liquidator in compensation for expenses of any kind, time spent, any actual or hypothetical loss Snstained with no obligation cm the liquidator's part to furnish any specific proof or deem that the amount has been forfeited to him as a penalty clause and collect it from the gnaraninr bank. Guarantees deposited by other bidders shall bo returned to them after tbe Liqmdatot's evaluation report has been approved by the Majority Creditanstalt Investment Bank A.G. Stefan Krieglstein Creditors and the highest bidder's guarantee shall be returned to.bim after he has paid the sale price and the net of settlement has been drawn Dr. Karl-Lueger Ring 12 Barton Sidles up and signed. A-1011 Vienna TeL: (+43/1)531-84-0 9. Tbe highest bidder is deemed the one whose offer has been judged by tbe Liquidator and approved by the Majority Creditors as being in their best interests. Austria Fax.: (+43/1) 532-9260 10. The Liquidator shall not be liable to participants in tbe auction either with respect to the evaluation report or for his selection of the highest bidder and neither will he be liable to them for the cancellation of the auction in die event (bat its outcome is not approved by tbe Majority The Ministry of Privatisation reserves the right, at its sole discretion, to reject the offers, to renounce the negotia- Creditors. to prolong this invitation and to change the privatisation strategy with no legal or financial 11. Participants in tbe auction do not acquire any right, claim or demand from the present announcement or from their participation in the auction, tions, to invalidate or against the Liquidator, for any cause or reason. consequences. 22. Transfer expenses of the assets for sale (taxes, stamp dirty, notarial and mortgagor^ fees, rights and other expenses for drawing op topographi- cal diagrams as required by law 651/77, etc.) are to be borne by tbe Boyer. LANGUAGE SCHOOL IN CAMBRIDGE For any information, interested parties can apply to: Fbr Sale 20-F lease 4 business FrselKM ateo avalabte. BCRea. ARELS. Wed esL GREEK EXPORTS SJL, 17 Panepistimiou Street (1st floor), TeL 30 1 32 43 111 to 30 1 3243 115 Mty equipped, capacity 000 stuO&nts AB Touche enquiries Tel: 0223 31234&312333 toe 0223 323257 Ross BUSINESS FOR SALE ~~ John Hall & Son (Oldham) Ltd Ajax (In Members Voluntary Liquidation INVITATION TO TENDER Iron Foundry - North West Ltd Dargan, offers for sale the long established On Behalf of the Owners* Consortium. CMS Management Consultants Ltd. Packaging The Liquidator. N. J. business and assets of the above company. d fin Calls for a Single Stage Tender Procedure The Joint Administrative Receivers offer Concerning the Safe pf the Shares of tor sale the business and assets of the One of the few remaining foundries capable of producing above company as a going concern. castings up to 40 tonnes. Based in Lancashire, the company is a Csepel Power Plant Co. Highly experienced craftsmen and supporting labour force. packaging distributor to the wholesale (H-121 1 Budapest, Gyepsor u. 1 .) bade. Blue Chip customers and few UK competitors. of factory and Representing a Majority Stake Principal features Include: Freehold Land and Buildings comprising 3 acres office space. Csepel Power Plant was set up on July 1. 1991 as a legal successor of Turnover approx £4.5 minion pa Possible opportunity for redevelopment. Csepel Works Power Plant and Service Joint Venture Co. Stock value estimated £200,000 The shares in question are owned presently by 14 different companies Established customer bass For further information please contact Geoff Clure or Nick Dargan throughout UK and Eire - including at the address below General information: - registered capital HUF 11.594.270.000,594,270,000 local authorities -owner's equity (92) HUF 2.229.585.0002,229,585,000 ta Abbey House. 74 Mosley Street. Manchester M60 2AT. 1,200 Goodwill - employees (92) TeL 061 228 3456. Fax: 061 236 0720. - sales revenues f92) HUF 3.196.425.0003,196,425,000 Forfurtberinformation, interested parties Auttmaai byaKbuocutralLlurtmJAccounrtmkiEnslom] m Witau any mroiman NhIdcvi should contact Neil Geddes or David - total assets f92) HUF 3.338.022.0003,338,022,000 Whitehouse. quoting reference number Csepel Power Plant Co. has over HUF 1 billion worth stakes In other businesses. M5155, at - Face value of foe shares for sale HUF 1,241,960,000 LEVY GEE Levy Gee & Partners - (HUF 10,000 /share) unite 124,196 Maxdov House Number S- PARTNERS equity 77.90% 337/341 Chapel Street - Represented stake in the cospoatTs Satford only for the whole offered package of shares. SUPPORT SERVICES Bids may be made Manchester M3 5JY Wirral Instrumentation is to select financially sound investor who, .•si;cN=ST=s • icN'ocr. Tha objective of the tender a -835 ’.vcsThisg • cnorco;; Tet 061 2843 Fax:061-8329405 after the acquisition, is also willing to substantially raise the equity and hence implement the refurbishing of the power plant, and Electrical Co. Limited keeping in mind environment protection aspects. The tendering procedure shall take place according to the relevant The joint Administrators F W Taylor and 7 JV Birch offer for sale the business stipulations of the Hungarian State Property Agency. Encap UK Limited and assets of the above comprising; Criteria to tender. m Instrumentation and electrical contractors {members of the E.C.A.I the acquisition. * Proof of the existence of cash required for (In Receivership) m Based on Merseyside with contracts in the Midlands and the North of compliance with the tender submission specifications. * Full England * Procurementofthedeteiledt«iderck>cumentand signing the oonfidenttafity Livingston, West Lothian £L75m p.a. Statement m Turnover of , The business and assets of Encap UK Limited are new * Proof of the payment of HUF 10 mfffion or USD 100,000 forfeit m Significant contracts in progress with established customers and offered for sale as a going concern by its Receiver. Encap a Assuming the validity binding clauses (90 days minimum) for foe bid. projects on hand IS the UK's first liquid two-piece capsule fains company. m Quality Assurance Standard BS 5750 Part 7 - Bids shall be submitted: Modem, weS equipped 14,000 ft’ leasehold premises. For further details contact f W Taylor, Ernst A Young, Silkhouse Court. Consultants Ltd. (H-1024 Budapest Rdmer F. u. 16. Place: CMS Management • Phanmaceutical m^uifacturing licence. Lh-erpoo! L2 OLE Tel: 0SP236 S2U. Fax: 051-2*6 0258. telephone: (361) 1159-293, 1159-294, fax: (361) 1355-573) Tithebam Street, enclosed • Customers indude leading pharmaceutical and Form: In writing, in Hungarian language, in 3 copies, marking the original, health and nutrition companies. and sealed in an envelope, without mentioning the Bidder's name, noting only • ZO employees. s!l Ernst&Young „Csepel Power Plant" 20. 1994 from 9.00 ajn. till 12J» noon For further information contact Date: January AutitorkeU by the tmdiute afQorttnd fecotoUMs to £it£botf and HVttos loony oa Immuneor umlauts. Sally Robinson on 031 557 9900 or at Encap on session, in the presence of a The bids shall be opened by a dosed 0506 416881 (Fax number 0506 416882). Notary Public bn January 20. 1994 at 12.00 noon. booklet on the Company shall be Detailed tender materials and the information By Order of tbe Uqnidaior November 29. 1993 J Roper and Co made available through CMS Ltd. from PriceWaterbouse T J Roper of T on in Hungarian and English languages for institute # ARCHITECTURAL Prica Waterixwsc s authorised by the at Chartered =111 HUF 30,000 + VAT cash Wales cany on nrestment teajtrts n England and to tunes. METALWORKERS BOOTH WHITE information shall be available: Further Offer* Sought for Order Book General Director, - Head of the Owneris Consortium: B6la Simon, Trade Connections, Goodwill, ele telephone/fax: (361) 2768-534 Contact Ref; GSM International Booksellers and Subscription Agents J6zsef Jablonkai, General Director, LEGAL NOTICES - Head of the Csepel Power Plant Co.: Dr. Edwin! Symtnoos & Partners telephone/fax: (361) 2761-023 N*. 006371 tfIMJ NO.NS3S) to 1993 TeL D71 407 8454 Coon toJtottae lalbf High Coni ofJasrice In tbr U& Fas: 07! 4076X23 Cfantoy Diatoon IN HUNGARY • A SAFE EXPANSION Mr Restorer B»d*j IN TBE MATTES OF Collets INVEST IN THE MATTER W CENTURY ASSURANCE COMPANY LTD. TOEJAEGEB COMPACT LIMITED and tad IN THE MATrett OF IN THEMATTER OP THE COMPANIESACTIMS Ltd. 198S COMPANY Holdings BOATBUILDING BUSINESS THECOMPANIES ACT NOTICE IS HEREBY GIVEN dm Ac Order of NOTICE IS HEREBY GIVEN ifaai a Prrilke Ok High Coon of Juries ICbancuy Dmaiooi with lucrative ancillary lines in ms re dK I2tt October 1W1 pretested r Ha dated 17* November 1993 eoaSnaJag He «Sw NOTICES (In Administration) Limited composites and moulding, uon o! capiu l of tbe above-named Comtnay Carlight Trailers Hijeayt IHgh Corn at hmn Ua Its coafij- £100 tbe Mifltte jUjAajmfflWTiwaiawnairt including substantial freehold notion of the isblni of lhc ihaie capital at troffl £10.000.000 to aad annum! tty *c Corot abOoiag witb raepea u CANADIAN* PACIFIC LOOTED sale around tbe aaaj Company by ttc ran ol 1I7J0(UW1 Administrators, P.A. Lawrence propetiea, outright the c^dnf to Ibe CoBfaay as totted toe several floeorpecated n Canto} The Joint and foi^le Lht and «kU of AND NOTICE IS FURTHER GIVEN tfia tfw The Administrative Receiver offers E2m or majority interest consid- pamcoJan retained by *e abave-smtoaed An Canadian pacific limited •Sill Peridot! fc dtfeacd to tc bran) before Mi Companksen in Stated, UasxAariuK. ered. rat regotaoS by tbe Reg*™* PERPETUAL 4% CONSOLIDATED DEHEN C.G. Wiseman, offer for sale the business and TraOera Limbed based Registrar BscUey ai ihc Royal Count, of Cariiglu Ac 2D* day to November 1993. TORE STOCK Justice. Strand, London WC2 oa WalKaiay TheCbmpBflyiSoneofdiBpieniierBiannftcnircisrfipaEiyearavaiBiDtlieUK. WM9 Bax 62062. Rnandai Ttaaa. DATED fa Shh day of Novertw 1993. NEW BRUNSWICK RAILWAY COMPACT One SaShaw* Badge. Uwdon SEl SKL ito IS* i I NOVEMBER 26 .993 FINANCIAL TIMES FRIDAY do these *&-£*£* i? *:•***' * < *’v' r.v The Nikko Securities Co ' - *: Pioneer Electronic Como, •••' - '. •: . - Shiseido Co., b • : 1 ••': J-- ; Vi* »'-••' ' •-:*••• • • ••.••-• • d mmyy- & The Bank of Tokyo, L / " ", I. ~C w , Toray Industries, /, •». V*-.; V . .. They are all members of the FT Japan Club. If you wish to receive the annual reports of these companies, please ring +44-81-643 7181 or fax +44-81-770 3822. ' * “ C. • • •V\ • !•••£ >•»* j;4v rf'- ^ "** ''»•.'«> FT — .1? »/ • • • 'ni-y/MT-i LUB ANNUAL ;i' ' <•• . . . ISERVIC v a. tf.fif » -V . / V "?“* <*»»» Hova™. 26 1993 ARTS 15 Dance Drawn to the Old Masters Rambert Patricia Morison reviews the Chatsworth and Getty collections f the Duke of Devonshire apart from the royal collection marketplace. These sketches explain at first is the horse in The Rambert fiance Conmanv were to offer me one wish, at Windsor. Kept at Chat- shows the contorted body of a Petro da Cortona’s grandiose 3 *?** are the response would be sworth House in Derbyshire, villain suspended by his foot. "Pope Urban VM Being Car- OS two 8*StoS works new to th£ I unhesitating. "Give me most of it was bought between A gem of a sketch is Rem- ried Down the Nave of St wpwtory. I caught op with Annibale Carracci's drawing of 16Sfi and 1729 by die 2nd Duke. brandt's "Actor in his Dress- Peter's”. Surely they did not the com pany at the Apollo "The Hunchback Boy" Out of Its notoriety has come from ing-Room”. It passes under- allow horses info St Peter's? In Theatre, Oxford - is tfawe so many lovely things in the sales in recent years, although standing that 30 years ago this fact, it seems they did, once a ffl»ditonmn iS with less \e&H>£Z exhibition Old Master Draw- the collection still has some could have been exhibited as year when the king of Naples for an yone who is not a ings From Cftarstporrft at the 2,000 works. The BM selection St Augustine in his study. Here presented the pope with a chi- pygmy? On the night British Museum, the poignancy is the largest showing of Chat- to the life is a flabby old actor, nea, hacanea in Spanish, from had after I seen London Contempo- of that drawing tugs at the sworih drawings. There is a his jug-shaped body wrapped where we derive ‘‘hackney". rary fiance on grandest form] heart. fully illustrated catalogue, in a fur mantel, scanning his The Royal Academy's Draw- * tt was Instructive Made in Bologna circa cata- lines before he to to watch the 1610, based on the complete goes on stage. ings from the J. Paul Getty other the younger Carracci’s study is Jaffe Rarities are the only V troupe involved in the logue by .Michael now drawing Museum is the junior exhibi- convulsion example survives In dance policy an of the power draw- under way; volume one should which from Bruegel's tion but is still well worth see- that currently ings which witness particular Phai- stay in Rome and Altdorfer's put concerns us. be out next spring from ing, together in the last 10 It moments in an artist's don only design for a stained glass years would be idle to pretend studio. Press. and including 14 ex-Chat- that The lad sat without his shirt. Leonardo's “Leda and the window, a magnificent draw- sworth rK Rambert proposes the works. With 100 draw- With short, Veronese commemo- fe nical P^wess sparing strokes of Swan” snows not the mating ing by ings from the 15th to 20th cen- SB—F ? , red chalk Annibale drew the but the after. The rates the forging in 1571 of the turies, it is so handsomely part morning a question of of deformed against LCDT’s identity. The com- torso, the scrofulous swan peacabiy nibbles his Holy League Suleiman breadth rather than depth. skull showing through the thin lady's ear. unpleas- the Magnificent Cuyp’s pany manner is able, honest, Squirming smooth drawing of a hut in hair. Yet it is the combination antly on the ground. Leda’s For sheer inventive bril- milkmaid, the two works I saw framed by the cow’s the of the dance was fuzzy-edged and draughtsman's scientific children hatch out of eggs: Cas- liance, nothing in the show belly, is a particular delight. So detachment with humanity tor, is self-indulgent The ehoreogra- Pollux, Helen and Clytem- surpasses Guercino's "Rest on an unforgettable portrait by which ghy.-.a ww work by Mark is so wonderful. The boy- uestra. A sheet of small gro- the Flight", exhibited for the Rubens of a Korean gentleman Baldwin; turns towards us shadowed tesque heads by Leonardo first time. Guercino has used swathed in silk as light as air. a revival of Christo- pher eyes which are eloquent of mis- makes a happy pair with fiiir- ink wash so cleverly that the Spare a moment, too, for a puz- Bruce’s Land - came har- ery. The enigmatic words er's caricature of a rubber- areas of white paper give the zle picture. "Two dened with more "meaning” Mile Nudes" added by Annibale, “I do not faced old man. impression of blinding sun- by the late-16th than means. The dancing was century Haar- know if God helps me", are The Raphael drawings are shine. A crenellated wall runs lem Mannerist. Cornells van soggy with good intentions. surely his response to suffer- marvellous: three studies for slap across the picture. Joseph Comelisz. If you can decipher Mark Baldwin’s earlier cho- ing. the "The Transfiguration” and leans on it, facing us, gazing what precisely, apart from the reographies told of an alert One visit to the Print Gallery a ravishing sketch of a mother pensively at a view we cannot prelude to sodomy, he intended and off-beat sense of move- may well seem inadequate for reading to a child. A sheet of see. Mary, a vigorous young to convey, you will have gone ment. Spirt is set to the Poul- an exhibition of this size and chilling studies in red chalk by woman, distracts the attention one better than the Getty. enc oboe and Clarinet wmafa* quality, with 220 drawings by- Andrea del Sarto reminds us of her baby who is perched, Drawings from Chat- (excellently played), and It is artists such as Ghirlandaio, that in Renaissance Italy, art- rather carelessly, on the wall. sworth, British Museum sponsored by Glaxo Laborato- Leonardo, Raphael, Rosso Flor- ists were enlisted to make the Anyone with an weakness (071-636-1500) until Jan 9: ries in the hope of raising pub- entine, Pontormo, Diirer, Van link between crime and pun- for horses will appreciate a Drawings from the J. Paul lic awareness of the torments -i.. »•" Dyck, Rembrandt and Carot. ishment. After the siege of fine, quizzical beast by the Getty Museum, Royal Academy of migraine. Beyond the sotpU So make several. Florence in 1530. he was com- young Van Dyck, a study for (071-439-7438) until Jan 23. cion of a nagging headache This collection is the finest missioned to paint six executed his “St Martin Dividing His Sponsors, The Capital Group brought on by nine watching Annibale Carracci’s The Hunchback Boy’ at the British Museum of its kind in private hands. traitors on a wall in the Cloak". Rather harder to Companies and The Times. of Rambert’s dancers scamper about the stage to no clear purpose, the ‘ migraine counec- adio 3’s “Polska” sea- Concert/David Murray pings of late, ultra-decadent tips* escaped me. The dance is son, an intensive cele- romanticism are raised here to somehow old-fashioned - it bration of Polish a level of crazy, intricate, has that heayy-with-good-in- music, continues nakedly rapturous fantasy, tentions air 1 associate with apace, and on Wednesday it "Polska’ strikes gold without ever tipping over into apprentice chotographies In struck gold. In the BBC’s “post-romantic*' irony. Szyma- the 1960s. The clothes are Maida Vale studios Matthias is a sense of barely suppressed handful of instruments, sepa- nowski's score is iridescently black and white and not Bamert conducted the BBC fury and frustration; and yet rated by abrupt pauses; in evocative and original, the solo wildly flattering. Intermittent Symphony in. Szymanowski, the tense silhouette of the "Direct” the orchestra pulls role - most of it written for the red and yellow curtains are Lutostawsti and young Hanna piece is elegant and cogent, itself together, over a weird top two-and-a-half inches of the the set The Poulenc sonatas Kuleniy. Inevitably, Szyma- collecting its 13 fam a density of string-sound, to E- string - searingly heartfelt go their lyrical-. or nitty way, nowski’s gorgeous First Violin single dean blow. harnmgr out a distinctly bale- It is strange that this work is tmtouched by the dance. It is Concerto made the deepest When Lntoslawski wrote his ful purpose. Back then, Lutos- not yet part of every major vio- all ferociously inconclusive. impression; but Bamert Second Symphony, he was sure lawski was so intent upon linist’s kit. The drawbacks are Land is a fair example of ensured that Kulenty's raw- that tonality was a dead letter. keeping the "symphonic tradi- that it needs a very good, very Robert Lepage's cinematic view of Coriolanus at the Nottingham Playhouse Bruce’s Week’s Good Cause btit-shapely Trigon and Lutos- Though his latest works have tion” at arm’s-lengths that the large orchestra and a lot of S JLt choreography. It was made for lawski’s Second Symphony - made their own kind of peace music now seems riskily costly rehearsal time. Bamert Festival Ballet in 1985. Its middle-period, experimental, with the tonal tradition (he is stretched for the time it takes, and his admirable soloist ‘Coriolanus’ from Quebec score is Arne NOrdheim’s elec- rather dependent upon effects 80 now), that symphony repre- Yet the broad structure is Krzysztof Smietana must have tronic agontsings about War- that were novel in 1967 - left sents his most deffqnt earlier tough enough to hold the ear. enjoyed that bonus, since all saw under the Nazis. Peasant their own vivid stamps. distancing; Its two movements, Szymanowski's first violin the multiple facets of the hile Coriolanus rie production of Coriolanus production is quite close to the outfits no-colour MJttelEnr- Knlenty fixes a sharp divi- respectively hisUanl and direct, concerto, composed after he soundscape were radiantly has always that the present Playhouse original Shakespeare text opa dresses; waistcoats and sion of labour in the small are almost entirely “aleatoric”. escaped Bolshevik internment dear and balanced. Smietana seemed to me one opened in December 1963. In As a spectacle, 1 enjoyed it puttees for the chaps - and orchestra of her Trigon. While The role of the conductor is during the first world war, is a played as if two-and-a-half of the most the cast then were Michael enormously, largely because it is so well done. The last thing folk-attitudes abound. Every- the strings groan up and down just to signal the starts and kind of one-off miracle. Some- inches of E-string were all he WEnglish of Shakespeare's plays Crawford, Leo McKern, John - would one has a hell of a time. in perpetual gliasandi, as in finishes of successive sections, one wrote about the young had ever wanted for about a public school boy Neville and Ian McKellen. one would like to see be with dominating - it Robert Lepage's production British companies going off in Sgtfieaih is' on the .rampage. eariy Penderecki, machine-gun in which players execute their Szymanowski that he "carries full-blooded expression, beauti- a mother The cast suffer from advanced bursts of rapid, mechanical overlapping parts in their own the death-dream of romanti- fully secure. For hours after has a quite different tradition for his Theatre Retire com- the Lepage direction and doing Kylianism - no day without a even-notes pass intermittently uncoordinated time. cism to the border of awaken- you hear this siren-music sing- abroad. According to the pany is a distinctive successor the same thing badly. Lepage good bant of dance anguish - from brass to solo piano to per- S&sitarU Is a long string of ing”. Not a Pseuds’ Corner ing in your head; there is Arden edition of the play, 15 and a considerable coup for is a master of his techniques. versions piece called Carta- This is the only final point is that Corio- and fall all too easily into mar- cussion and back again- There pungent episodes, each for a quote, but dead right the trap* really nothing much like it of a Nottingham. A being lanus really does seem differ- tyred poses. It looks like a par- lan were written In France place where Coriolan is a non-British. ody of itself, and of a Euro- between 1625 and 1821. There staged in Britain and it runs ent play to pean cult of politically correct f ever a writer stayed in harness until Obituary chester University, after a working-class are at least 13 operas with the only this week. Lepage's production is much over movement Impossible to care the ehd it was Anthony Burgess Catholic up-bringing. It was his ability to same name, though none is Lepage is the director who more about political instability if pieces like this are weU- whose death from cancer at the age of strum away on the piano in the mess that based on Shakespeare. The gave us A Midsummer Night's than a. relationship between his closely to Dream bogged down in a mother and son. Coleridge said dancetfc what matter* is that I 76 was announced yesterday. His eru- ensured popularity when he joined the Germans stuck more they are tremendously well- dite reviews were appearing right up to Anthony army during the second world war. He had the original and have produced swamp at the Royal National that Coriolanus demonstrates operas compositions dozen adaptations, Theatre. There are no such the “wonderftil philosophic Cut meant I would swap tiie lot his demise, hi April His most recent novel, performed and other about a here, but there are impartiality of Shakespeare’s for ten seconds from Twyla A Dead Man in Deptford, timed to coincide to his credit. The relationship between including an unfinished piece excesses is politics". But perhaps you have Tharp or Mark Morris. with the 400th anniversary of the death of music and literature was the theme of his by Bertolt Brecht. innovations. Although there of film, to live in quiet country to see broad-span- Christopher Marlowe. It was (me of half-a- Burgess T.S. Eliot lectures delivered at the Uni- Some productions have very little direct use a Siobban Davies’ another ended tears. In Paris in the the play is aa a the play in that way. ning; spacious Embarqw com- dozen or so novels resurrecting a histori- versity of Kent. James Joyce, in produced at the movie, using cinematic tech- pletes the programme. I Ad cal figure — Keats, Shakespeare, Mozart, cherub. The subsequent film of 1971 musician novelist and lapsed Catholic was mid-1930s a performance niques throughout Meanwhile, for those in Lon- not flndthe company at the Joyce, Moses - that formed but a part of offered a role-model erf glamour and win- his particular hero. Comddie Frangaise led to such riots streets that the stage Is dominated by a don, there is another produc- level of lean and uncompro- Burgess's vast output He had the knack of some charm for would-be thugs; it has in the The Burgess often told the story of how he large rectangular frame. The tion of Coriolanus by the mising attainment which it Identifying completely with a creative been banned for public performance in prime minister, Daladier. dis- became a writer by accident. He was another age, bringing the indi- many countries. missed the director and characters appear behind it, as Aqidla company at the Place showed under- Bichard Als- genius of was recovering from what he was told a if it were a transparent screen. Theatre, Bloomsbury, ending ton’s guidance. IT the Alston- vidual convincingly back to life. The di- Twenty years on from the Orange Bur- replaced him with the chief of mortal illness while working in Malaya as version shaped repertory was not max was invariably a scene of horrendous gess gave us a novel Earthly Powers, colos- security. In West Germany Quite often their beads are cut on Saturday. This of educational unit of the British its part an the war Coriolanus was off from sight; at other times catches all the excitement, but always popular, it was as rig- violence. The spectacle of Kit Marlowe; a sal in conception, embracing In literary after army. He started writing a novel as a Television still seems to more about the dancing. Yet the homosexual, a spy and a poet stabbed to framework the supreme moments of mass banned altogether. The first there are close-ups. me orous as it terribly easy to do after bloodletting of 20th century therapy, found postwar production did not is used as well. News of the people than politics. Whereas plan is that the troupe is to be death in a tavern brawl, simply played barbarism and composing and from then on he never reported live. Jacques in Coriolan Anne-Marie expanded under Christopher into Burgess's hands. history, from Hitler's holocaust to the Rev- take place until 1953. wars is stopped producing fiction. Some critics outstanding Cadieux's Volumnia has a It was not only the past that inspired erend Jones's Guyana. The central figure So it comes as an anti-climax Languirand's Bruce and also developed light-hearted regard his early and more to report that there have been Menenius appears as a genial touch of expensive continental along “neo-classic” lines, Burgess to depict violent outcomes but encountering all this was an 80-year-old novels, his Malayan trilogy and his Nottingham where old uniformed general giving chic, here Katharine Barker in while retrenchment radically also the present and the future. In his popular novelist, a lapsed Catholic, who no riots in Enderby novels as among his finest, most views television talks the same role seems much function. most famous work A Clockwork Orange had a tireless facility, a gift for parody and the Quebec version of Coriolan his on a alters LCDTs We accessible work. sense is appearing as part of the 30th programme. The tribunes face more a matron. This is the Cor- may draw what odd conclu- (1962) he showed how the new youth cul- word-play, and a well-tuned musical - he shared with his creator. anniversary of the Playhouse. up to Coriolan on an equiva- iolanus we know. sions we can. ture could throw up a juvenile monster of all of which such gratuitous cruelty as to make Gra- Music was Burgess's great love and first It has been carefully chosen, lent of Question Time. There surtitles and the Malcolm Rutherford dement Crisp ham Greene’s Pinky seam like a benign ambition when he graduated from Man- Anthony Curtis for it was with a Tyrone Guth- are copious The new opera house is a Museum of Modem Art Joan Mire. yeans ago has since been making Colombo with Wale defle watercolours painted by the early mixture of the tradttktnal and BASLE Ends Jan 11. Robert Ryman. Ends its way round European capitals, Accademie) 19fo century American the modern. The auditorium has Museum fOr Gegenwartskunst Jan 4, Closed Wed it brings together over 200 objects, naturalist-artist for his print series 1350 seats bi a horse-shoe Joseph Beuys: four Illustrated many from recent excavations, and ROTTERDAM Birds of America. Ends Jan 2. design. Thera is also a studio sketch-books from Projekt PARIS includes the re-creation of an entire Museum Boymans-van Beuningen Cesarini Venus: Giambologna's Paintings 1300-1500: 26 theatre seating op to 500 people, Westmensch 1958. Ends Jan 9. Louvre The newly-opened Richelieu room, using detached frescoes Italian marble masterpiece (cl 583) is the to be used for rehearsals, Closed Mon wing completes the largest part of flowers and birds which paintings by early Italian artists centrepoint of an exhibition educational workshops and Kunstmuseum Matthaeus Medan: of a grandiose project to transform decorated one of the grandest villas from Bologna, Florence, Siena and focusing an the female nude. Ends the former royal other towns in northern and central experimental opera. The 400th anniversary exhibition of palace into the of what must have been the Jan 17. Daily of the Empire. Italy, complemented by a wide acoustics adviser was Finnish drawings by the Basie landscape Grand Louvre, doubling the Beverley Hills Roman Hlrshftom Museum Wiliam de previous exhibition space. Ends Feb 12. Daily selection of contemporary prints expert Alpo Hahne. artist Ends Feb 13. Closed Mon Kooning: 50 works by foe key Generous with light and space, Galleria Giulia Lithographs by Max and drawings. Ends Feb 27. Closed KuBervo, with Jorma Hynninen abstract expressionist painter conducted LAUSANNE it offers a dazzling setting for the Beckmann and George Grosz: Mon in the title rote, will be spanning the years 1939-85. Ends lltf Sdderblont, the Finnish Musde cfArt Contemporain Tafas collections of Islamic art, medieval among the works included are by Jan 9. Daily -acy National Opera's music director (b1925): retrospective of the art (including the Treasure from Grosz’s 1920s cycle Gott Mit Nuns SPEYER Walters Art Gallery Artists of for the past SO years. His self-taught Greek artist featuring the Abbey of Saint-Denis), its and the later Ecce Homo series. Historiscbes Museum der Pfalz Ecouen. Ends Feb 6. Closed Mon successor is Miguel sculptures and installations which Rembrandts and Rubenses, and Ends Dec 7. Closed Sun and Mon Europe's first wine museum, built FINLAND OPERA Phillips Collection The Migration Oomez-Martinez, who conducts produce sounds, light and French paintings from the 15th to (VAa Giulia 148) in 1910, has re-opened with 150 Series: 60 panels of Jacob HOUSE OPENS Carmen (ticket reservations; tel movement Ends April 4. DaBy 17th centuries. Three covered Calcografia Antonio Canova and artefacts tracing the history of Lawrence's epic painting of the 4030 2305). Mus6e dee Arts Decoratffs courtyards provide toe most Ehgraving: new fight is thrown on wino-making back to Roman times. testing several 4030 2320 fax After delays Contemporary Japanese Posters: dramatic innovation; two display the Venetian sculptor, showing the Also Rare Mechanical Toys: steam post-Worid War One flight of decades, Finland finally has Its 100 examples illustrating toe more French sculpture under gigantic immense importance he attached engines, trains and other collectors' African Americans from foe rural purpose-buBt opera house. first subtle style of oriental poster glass roofs, while the third is 3 to foe quality of the numerous pieces from private collections. south to Industrial north. Ends Jan building, situated near The EXHIBITIONS GUIDE culture. Ends Jan 2. Closed Mon reconstitution of two facades of engravings made of his sculptures, Ends Feb 27. Daily 9. images of the American Scene Han in Hetemki, WtH Finlandia AMSTERDAM Fondation de PHermitage From the Assyrian palace of Khorsabad, and his awareness of their value in the 1930s and 40s: watercolours, be formally inaugurated on Gogh Museum Georges de the Museum's Collection: a with its monumental winged bulls. for publicity purposes. The VIENNA drawings and lithographs from the with the European Van Tuesday marking the thematic grouping of paintings and Be prepared to queue; 55,000 exhibition consists of 100 Albertina French Drawings from permanent collection, AuHs SaMbien’a opera Feura: an exhibition premier® of drawings by Sisley, Daumier, people turned up for the first open engravings from the museum's Clouet to Bran: 150 works from also 50th anniversary of the Dutch complementing foe Migration KuPervo. The opening week collection of I6fo Bocion, Magritte and others. Ends day last weekend. Closed Tues own collection, as well as a bronze foe Albertina's pictures. Ends March 6. Daily Garmon, the artist’s death, tracing his Includes newspaper Jan 30. Closed Mon (entry through Hail Napoleon under Medusa from Bassano dl Grappa, and 17th century French drawings. production of swan development from a Bourmeistnr oils, 23. Daly illustrator to a celebrated Symbolist the Pyramid) and two showing Canova to Ends Jan ZURICH a gala conowt Lake and and Art Nouveau designer. NEW YORK Versailles Versailles and the Royal be little more than a dilettante In JOdisches Museum Jewish Vienna: Fftmisn National painter Kimstiiaus Joseph Beuys: Since 1919, the Bracquemonch Metropolitan Museum of Art Art Tables of Europe from the 17th this medium. Ends Jan 6. Daily a cultural history of Jews in the occupied the Ends Feb 13. F6Gx retrospective of Germany's leading Opera has paintings by of Medieval Spain. Ends March to 19th centuries. Ends Feb 27. (Via della Stamperia 6) city. Ends May 15. Song of Songs: a cramped 40 prints -and several avant-garde artist of the postwar Alexander Theatre, 13. The Annenberg Collection Of Closed Mon fnsectarfum A spectacular abstract paintings by avant-garde forthe the Frenchman who played a period, including sculpture, 600-seat audrtorium bdtt cf'Orsay From Cdzanne exhibition, organised by the WWF, German artist Heinz Mack based prominent part in the fate 19th Impressionist and MusAe 1879- It tea drawings and Installations from Russian ganson In Post-Impressionist Paintings. Ends to Matisse; Masterworks from the foe Natural History Museum in on motifs from foe Song of century revival in decorative arte public and private collections. Ends a stfge too Solomon. Ends Feb 13. Closed poor acoustics and Ends Feb 13. mid-Dec. Master Drawings of the Barnes Foundation. Ends Jan 2. London and the Zoology the and printmaking. Feb 20. Closed Mon smaD for many workso* Hudson raver School. Bids Deo Closed Mon, late opening Thurs department at Rome University, Sat There was Daily centenary Museum Rietberg African Masters; standard repertoire- Abas: 20. dosed Mon (reservations; 4410 7300 or at Fnac describing how insects have KunstHaus Joan Mira: Rijfcsmuswm Hie Ottens masks figures from Zaire, txifrflng as of 120 sculptures by foe and talk of a new 80 maps and other topographical Guggenheim Museum Roy shops) evolved over the last few million exhibit 1 collected over foe past 50 years o as the 1920sjbutft^ Lichtenstein. Ends Jan 16. Industrial years. Among the exquisite Catalan painter. Ends Jan 24. Daily e9 wee and historical prints, including a Hans competition ^ illustrations by German ethnologist until 1975 that a of Amsterdam, Beganca: objects of everyday ROME conventional are eight rare 1611 profile Htmmeibeer, supplemented his design ft. The dei Conservator! Insect robots times their WASHINGTON by launched to views of Antwerp and Brussels mechanical beauty selected by Palazzo 600 acWMciynil team Kokoro National Gallery of Art The Age own photographs of the people vrinatos and a splendid coloured copy of 63 architects and designers. Ends Rediscovering Pompef: foe life-size constructed by Jukka Karhunw Baroque in Portugal. Ends of Zaire and their art Ends March Bo Hyvfimaid, De Vou’e famous map of Rotterdam Jan 23. The main museum ts dosed IBM-sponsored touring exhibition of Japan. Ends Feb 13. Dally of the Tapio ParWrmen- TTiurs, the SoHo site Tues which opened in New York three (intersection Vale Crfstaforo Feb 6. John James Audubon; 90 20. Closed Mon and _ of 1694. Ends Jan 30. Closed Mon On on Construction began in iwro* C n . i.‘ vov-fmee* r inA V 2U2SL — . — times F fter storming onto the minimiKH nheating. That agree- world’s economic ment appears to be holding, Joe Rogaly stage about 25 years Not so slick and the conference communi- ago, the Organisation A que said it “should be given of Petroleum Exporting Coun- necessary time to achieve its tries this week bowed out. at goals”. time least temporarily, of its It is a prospect which some It's or break increasingly taxing role as an as the make market experts say may be achievable. ran twred influence on the short-term Leonidas Drollas, chief nsjjoissiSiliij- tor Dr by his price of oiL - back- than was envisaged deo-irtxer.tal ministers economist at the London-based Wwa . The Budget on audiences his own ^ n* these two Clarke related The decision on Wednesday Robert Corzine detects a steep Centre for Global Energy Tuesday will benches, economic analysts, decessor. IT Taxation is noi directly remain constant night by the 12 delegations - will be expected propositions but to the Studies set up by Sheikh ^ w have little to the markets nosud- to spending meeting decline in Opec's influence be until next week, and if pt»n of what in Vienna to brush Yamani, former Saudi oil min- to concur. The purpose will FSBR TreSury's gene aside den improvement in the the market demands for an ister. believes an estimated economy. It to recover the Conservatives' is needed to steer detected by a compliant wfcut immediate cut in Opec's 24.52m quarterly demand for Opec ofi will be about lost reputation for superior is amended by i* Opec: on the slide taxes must as barrel-a-day production ceiling management. Mr Treasury computer, of 24.6m barrels a day in both I political sur- economic required tc fc«Wj W™* the be increased. may not herald the demise of Purchasing power of an average the present period and in the vivaL So do not Clarke knew when he took in office. The n*I jteb this point the govern- meU the organisation. But it does Opec barrel first three months of 1984 is search this job at the beginning of the At are made m secret by a will tested. If sons fli ment’s nerve be move it into a new era in 1985=100 likely to match Opec output. space for mon- KiTTiwnor at this would take of tsunisteis and offi- 100 taxes by a con- handful which the emphasis is likely to ey-making or money-saving some doing. it foils to raise cials. , amount the ecoommc „ be on market share rather than e predicts that a tips about what-will be in the Yet if the trick can be man- vincing Supposed moves towards argument will be on price. This is despite the shortfall could chancellor's package, let alone aged, both the chancellor and competence government are not to be those for whom men fact that all states, will on firmer lost, at least to Opec emerge as early as the likely market reaction totc Mr Major be « 3jfon seriously. Treasury min- is an article of including Saudi Arabia, the cut. If ground. are assured by a “sound money” in puMic the second quarter this tax or that spending £ We isters do cow appear we faith. If it does increase taxa- dominant producer, are reeling H I1 clutch of indicators that purdah”}. of 1994, when excess stocks I could divine these things ("ending tion new imposts will be from falling revenues. built up earlier this year would not be here; I would be can look forward to at least a the the Bunk of mountain of The governor of was sig- steady growth piled on top of the The decision a clear because of Opec over-produc- George Soros. Economic forefore- year or so of England can decide when to the tax imposed by Mr Norman nal that Opec would not sacri- tion should be eliminated. And casting isIs impressive when its and low inflation. If so. announce the chancellor's .|w?i begin to Lament in the March Budget. fice volume for higher prices. It that, he says, would imply a author makes billions out of it Conservatives might conunittre of outside 1985 86 97 83 89 90 91 823394 election cam- sions. A was also tantamount to an $16.60 price for Opec’s basket rest is guesswork,guesswork. recover, popular approvaL It The Conservative The economists is “consulted" by Tory paign of April 1992, already admission that in a period of of six crude oils well below its Politics is another matter. would be wrong to take Tbsse are gwturei. Oil price (Brent crude. S/barrel) perhaps exposed as bogus, would come Mr Clarke. plentiful supplies and weak $21 target price but well above We can safely assume that optimism too for. but affect the sub- fixed in Thev do not demand in the main industria- the $14.70 level recorded on what Mr Kenneth Clarke has the party might ___ to be stance of decision-making unite in « the public mind lised western countries. Opec Monday. to say on Tuesday wQLwill, if heh£ even r™ » . „ allow for the addi- The cnachancellorcellor ISIs as the sbame- They do nut could no longer fine-tune the But many wonder whether gets it badly wrong, break the support of the that might lessly mislead- tional wisdom price in a way which would be Opec can wait that long or governmentgovernment. Getting it rightrighl government. hle for responsiblerespolX * accrue :f She Budget was politically to its save present Well, most of ing undertaking acceptable have full confidence in demand may not the ^, iri . .fi. in 7 canyujgCarrying OUt part In issued as a green paper in member governments. forecasts which have been con- administration, but it would at the party any- u was. advance nf the real thing. The nor recovery way. Its perfor- *8’ March, within a "A small cut might be sistently trimmed in recent least make political ‘B’ofMaof Major's plan -flashing proemsproatis- chancellor is merely enough to move the price.” months. Although all countries possible. In shortshort, the chancel- mance in next • yearjrear of tlo **^8regain*******in ms an ankle, revealing nothing. said one delegate, adding that are suffering from what Mr lor has direct responsibility for year’s local and ^ mging lowtow taxes. 1 gov-gov. The same principle, inciden- such an outcome would be dif- Stanislaw describes as “reve- carrying out part “B"“B” of Mr European par- authority* Part Al Mr Major's tally. is being appUed to ficult for oil ministers to jus- nue deprivation”, not all are John Major's plan to regain his liamentary elec- tn eminenternment Has DCGu ul the Britain's spiv*, whose exis- tify on their return home. 1986 67 hurting to the same degree. authority and stay prime min- tions could in imposed tence. headquarters, and direc- This means that market Kuwait and the United Arab ister. Part “A”,“A", has been to sur- consequence be SUTVWetve biggest singleSingle tors have recently been named forces alone will dictate the Emirates, for example, differ rive,vive. by whatever means nec- less awful i wallop of extra - without making us much the short-term price, which they markedly from heavily popu- essary.essarv, until the Budget This is currently anticipated. Mr taxation anybody can recalL wiser. did with a vengeance yester- that of “cutting back and within the organisation itself. lated countries such as Nigeria has succeeded, albeit at the Major, written ofi so often Plle on more agony next week rational world we would day. when the benchmark ceding market share to non- “When they say that others and Iran, both of whose poorly- cost of some unpleasant tack- since Britain’s ejection from and people may begin to ask a In a - seen the back of the Brent blend fell to S14.57 a bar- Opec competitors and not hav- might simply move in to take performing domestic econo- ing towards the hard-faced the exchange rate mechanism, fatal question if Tories, like have now. In reality they rel in late London trading. ing the price recover”, accord- over their market share, they mies are propped up by hard Right. would be safer. Labour, devalue the currency Tories by -o hflritgrmmii to fear hut a Opec officials said they had ing to Mr Joseph Stanislaw, mean their own members,” currency oil revenues. The second part of the strat- It is gamd and balloon up taxes, why not have nothing T party led by .Mr John fully expected “the price to fall managing director of the inde- said one LS-based oil industry Mr Varzi says the political egy will be revealed next week,week. that the pre-Budget arithmetic elect Labour in the first place? Labour for a day or two”, as the mar- pendent Cambridge Energy expert implications of low oil prices Our Cheeky Chappie chancel- should be rehearsed. Mr Clarke The question would have Smith. Voters know that spending ket digested their new that the Research Associates in Paris. An Opec delegate confirmed could come to dominate gov- lor wiilwill try to look the part as has consistently intimated, in less force if the Budget had Labour stands for “free ride” thinking familiar polysyl- both public and private, that a been preceded by proper public That is its attraction. Mr Smith longer-term outlook for bal- The which uon- that uncertainty over whether emment in such vul- j he reads out ance between supply and Opec producers might be a cut would have resulted in nerable countries in the labic phrases whose real mean- deficit of £50bn is unacceptably debate. The necessity for tins says that doran: ta* “loop- j would brio* in UObn tn demand were “not that bad”. enjoying at the expense of the full compliance was a factor in months ahead, especially if i ing will not be lost on anyone,anyone. high. Not everyone, least of ail or that measure might then be holes” But Mr Mehdi Yard, research organisation has been a recur- Wednesday's decision. “Some lower revenues threaten to He will talk about reducing the the National Institute of Eco- more widely understood. The the Treasury. This, he would borrowing Social Research, move to a “unified” tax and have belies e, te not like the director of Kleinwort Benson rent theme in official state- countries might not have trigger off widespread social j public sector nomic and m possibly with this, but let us pending statement is merely a Can—vntivtw’ additional taxa- Securities in London, yester- ments this week. The end of abided by it,” he said. “So a unrest. The scale of Opec's pos- ! requirement, and even goes along day wondered "where the rot the conference communique 500,000 barrel-a-day cut might sible problem is highlighted by about rebalancing fiscal and stick with the chancellor’s piece of camouflage. This, tion. The government tan voeft would stop”. He saw many sim- noted that Opec alone should have been only 200.000 or so in the fact that for every $1 fall in I monetary strategies. You can known opinion. He has also year's spending negotiation! punch aside ctt&UcaM ilarities between current mar- not “have to bear the burden of reality, a level unlikely to the annualised oil price, mem- ignore all that. Concentrate on maintained, without wavering, were, as ever. Treasury-led. and dWmgtttiMk notiona witih [ offorL ket conditions and those which balancing supply and have any lasting impact on her states lose a combined S5bn ; the overall performance. “We that the public spending ceil- The new procedure introduced out vwBde Wbonvnm led to the oil price collapse in demand”. bearish market psychology. in revenue. are not fools.” his jargon will ings agreed before he took the last year has not predneed seri- tag the Tories' chanees of stay | 19S6. when prices fell below SIO But appeals for restraint on Opec's chronic weakness of Perhaps the only optimistic ' be saying. “The government is job are low enough - that ous delude meg coDeegnsa lac til ofllce, and winning a barrel. the part of independent pro- large-scale cheating on quotas note which greeted oil minis- : not incompetent," his elabo- there is little if any room for a about priorities. It eras gain, aik jwnraatf titer. which - Not all industry observers ducers are unlikely to be by some members such as Iran ters as they trooped into their rate analyses will imply. Many squeeze on expenditure greater designed to ensure collective party to the boner bar? shared such an apocalyptic heeded. Opec is particularly and Nigeria meant that a Im limousines yesterday en route • - view, but most agreed that vexed by a surge in North Sea barrel-a-day cut was not put to the airport and home was _ _ | Opec's 12 member states have production by the IK and Nor- forward. One delegate con- the unseasonally early blanket T L ' J_jJ- put at risk billions of dollars in way. whose combined output ceded. however, that it would of snow which covered Vienna LETTERS TO THE EDITOR potential revenues in order to could rise by as much as Im have had a positive effect on and showed no signs of • ' ensure that they maintain mar- barrels a day in 1994. the the markets. “No one was in melting. No doubt thoughts Number One Southwark Bridge, London SE1 9HL . ket share. equivalent of a medium-sized favour of it.” he said. from their mainly desert and Fax 07I071 873 593B5938.. Letters transmitted should be dearly typed and not band written. Please *ei fox for finest resolution The alternative under discus- Opec prdoucer. That left Opec with no other tropical capitals will mcreas- . sion in Vienna - a modest cut Some analysts say. however, recourse than to stick to its ingly turn to for a white __ hopes ; _ . of 2 per cent shared between that Opec's focus on indepen- September output agreement, and exceedingly cold Christ- j | 0011110’ OlT - ! all members carried with it dent producers merely serves which set quotas close to most mas in the northern hemi- Naming names if Motorways an even higher political risk. to camouflage the deep distrust members' capacity in order to 0-1 would avert need more companies fail - tax robiem p From Mr Nigel WUkms. adverse report from company service ( I From Ms Kay Ingram, Sir, There is little doubt that I liquidators. i Sir, Andrew Jack highlights more directors of foiled compa- Moreover, since nfoooatfact stations ; I the possibility that the chan- nies deserve to be disqualified by diiecfeus is such an impor- cellor will reduce or remove for misconduct ("Insolvency tant contributory cause of cor- From Miss Ptp ! Ptne^ tax relief ; on pension contribu- service fails to speed up”. porate insolvency, greater Sir, After so many trasrihes i tions in the forthcoming Bud- November 17), and it is gratify- resources also need to be recently on the roads, 1 feet ( .• get (“PlanningV «. iuimmg to wurnucounter theUis ’ mging tolu learniCOAAl thatLiiqt moremvi devoted to enforcing company must voice my opinion about • budget crunch”. November 20). resources are being devoted to law more generally. Sample j the severe lack of service sta- He indicates that higher rate achieving this objective. vetting of accounts submitted tions on the motorways. There I : tax payers should consider In the meantime, while this to Companies House could play are none on the M4G- Being a making contributions before backlog of outstanding cases is a key role in deterring much oT student in Birmingham and Budget day to safeguard higher being cleared up. the business the malpractice that persiste tiring permanently in Sussex I rate relief currently available. community's interests would Nigel Wilkins, often drive home. The iSO-raiie However, his warning that best be served if the Insolvency 9 Petersham House, journey is entirely devoid of any immediate action could Service actually published the Harrington Road, services. The Department of result in the potential loss of names of directors receiving an London SW73HD Transport has brought it to our higher levels of tax relief, attention that “tiredness can assuming income tax rates go kill” and that we should “take up and pension tax relief is Liquidity a break”. untouched, is spurious. The No shortage Tire question as far as the cooling off requirements of the From Mr D MacKerrelL . KD M40 is concerned is: “Where?”. Financial Services Act mean Sir, I was most interested to of advice Recently, a mother travelling anyone in this position can read that Armenia had joined with her children in the hack safely make a contribution. the Hebrides in adopting the Mr Gordon £hw T Buckeridge. of the car was fined for stop- Should this prove not to dram as its unit of currency Sir, Your comment (“Flat- ping on the hard shoulder for have been the best course of (“Armenia introduces own cur- owner plan foils to attract fear of falling asleep at the action, they will be able to cool rency”, November 22). ftmds“, November that 3) with- vrtreeL Her crime was that off and receive a full refund of she Does this move herald a pan- out freely available advice had not broken their contributions down -ami was within 14 European alliance to rival the take-up rtf the right of collec- therefore illegally parked, days. Those likely to iron- be Ecu, or will it be backed by tive enfranchisement win be iraHy. affected the idiot who changed by these possible commodities to form the low is not supported by the his wheel in the changes should consult an Whisky outside lane Standard? facts. was let Independent off with a caution. financial adviser. D K D MacKerrelL Housing minister Sir George Simely it has got to stage Kay Ingram, principal lecturer in accounting. Young's hope a to have an advi- where the government 1 must divisional director, University of Greenwich, sory group financed and set up react positively Willis Conrocm Financial I to these fre- Woolwich Campus, to help both landlords and ten- Planning, quent incidents. Riverside House, ants in fids area to understand Many hi 55 Gracechurch a time have I driven Street, Beresford Street, the terms of the act may have London a lorry that is EC3V I weaving OBN Woolwich, London SRI8 6BU foundered, but there are many between the hard shoulder and bodies and firms that have the inside lane, the driver ubvl- already published excellent oimiy dropping off. These HGY 'Quick fix’ not in best interests guides apart from that pub- drivers are under a great lished by his own department deal From Mr R Hoegh-Johansen will not result imrowfiatp 10 Stiver un time, in an (some of which are free, some and Mr Rubery. out mere is only M increase in investment or con- not) to enli so much, one ghten those entftipfl Sir, It is can do to stay widely accepted that sumption but rather will at to participate. awake. JJemce the credit boom of the 1980s most bring closer the date stations could and should he This federation has been giv- was due to financial deregula- when a desirable ratio 31 "**« Planning of debt ing free counselling to its tion and over-optimism about to income has been restored. “ 50 much members since 1971 in this SSL" that growth. It resulted in the news to be pri- Only then will we enjoy sus- field, from dor.* to lift thr vate forming tenants safety sector incurring a high tained non-inffotzonary growth. standard of roads associations to running a block hut level of debt and this has led to Therefore, we ought providing more not be of flats after ^ service sta- the purchase of the current recession. expecting a “quick fix” solu- freehold. It will continue to a in the We believe do f right the private sec- tion but instead look to main- direction. so tong after any government- tor's priority is still to reduce tain consistent a long-term injured group is laid “Wither is not the to rest. I this debt burden because of monetary policy. T Gordon 1 yfo* w«*ries Buckeridge ! Sf i®? more [ess optimlsticeconomic out- R Hoegh-Johansen, timirman. abow tvf look and borrowing constraint £? M Rubery, her childrenJK? on the Federation of Private Residents' mads. by a more cautious banking I Miss (Warwick University stnrimtc) Associations, Pip pine. sector. Consequently, cutting 132 Broomfield Road, S Dok Road. II Dartmouth Street, interest rates in the budget Earisdon, ) SepyOak, Coventry CV6LB Untdon SW1H 9BL \ Ftrmmgham B29 France, toia ^ .. “l^Vaine. unable and El^tricite de . . . N FINANCIAL TIMES: FRIDAV MQVEMBER 1QQ, o far, so good. The smooth which prompted fee government to sale of fee French govern- shelve an austerity plan at fee air- ment’s stake in the chemi- line, sent a powerful signal that cals group Rhone Poulenc Rush for Balladur’s public sector industry should avoid Number OneSonthwark means feat the first brace Bridge, London SE1 9HL S involuntary redundancies. Tel: 071-873 of companies on its 21-strong priva- 3000 Telex: 922186 Fax: As the more attractive members 071-407 5700 tisation list has been successfully of public sector industry line up for dispatched from the public sector. Friday sale, such a constraint is limited. November 26 with Nationale de 1993 As Banque But fee postponement of rationalis- Paris, which launched the govern- winter bargains ation measures at Air France and ment's FFr250bn (£28.47bn) privati- other loss-makers may make it diffi- sation programme last month, cult to privatise them within fee .RhOne Poulenc was much in John Ridding examines the initial success government's five-year timetable. Mr demand. Kohl The public share issue was loses If fee supply of companies to be three times over-subscribed, of France's privatisation programme privatised may become more prob- fit prompting the government to exer- lematic after next year, what are us cise a claw-back option from institu- the prospects for demand? The his tional investors, Mr Edmond potential remains strong. gamble “There is 2r, AlphandOry. the economy minister, a lot of domestic liquidity," says Mr ial announced yesterday. Cherpitel of Morgan, referring Under the wise post-war German- of J P to en . touch with the realities of his “We are off strong constitution, the to a start," the FFrl.200bn of savings held in country's federal - country’s economic chanpnpg in says an official at the economy min- Sicav money funds. presidency Is a post devoid of real market contrast to his predecessor, Mr istry. Ha adds that fee FFrlibn to political power. Mr Richard von These funds have been rendered Helmut Schmidt, the chancellor’s be raised from fee sale of Rhdne Weizsficker, the frnfrrrmhg^t- hnc less attractive as interest rates have strength has been his pre-emi- Poulenc and FFrUSbn from Banque however, shown that the fallen. Interest rates ou three-month B German . nence in dealing with adversarial Nationale de Paris will enable fee head of state can wield weighty loans are now less than 7 per cent B elements in his own party. His government to reach its target or influence within and beyond his against more than 9 per cent late loss of sure-fbotedness as revealed FFr4Qbn from privatisations this country’s borders. last year. In addition, there are K? in the Hettmann affair will farther year. Over fee next few weeks, fee savings committed to the govern- 53 Germany's complex struggle to Weaken an 'already unpopular private sale of Banque Herat, the ment’s Balladur come to .terms with unificatio bond, which raised n, CDU. Mr Kohl has earned his small retail bank, should be com- has increased both the FFrllObn when it was issued last The Japanese authorities have next. year, after stagnating or fall- Observer long enjoyed an enviable reputa- ing this year. tion for astute management of the Unlike Germany, Japan seems Once upon a time Jamaica’s if he coaid turn the clock back? says Maples, now running one of world's most dynamic economy. to be in fee grips of a true defla- your Insuring phone system was as decrepit as “Yeah, I wouldn’t deal with Saatcbi & Saatchi’s government They are losing their reputation, tion: wholesale prices have been Cuba’s and mended it So solicitors." And what about the lobbying outfits. as the economy has lost its dyna- falling at an annual rate of around C&W presumably Manley has been hired future, did he have some concrete Sir David Trippier, also evicted mism. Worse,. they seem unwill- 3-4 per cent a year, while con- privacy to tell Fidel whata good job it did. aims? “Certainly - not to get any from Parliament last year, might ing, or unable, to do anything sumer prices are rising at about 1 Should receive an approach If tiie ploy works, it could turn out more solicitors’ bills.” seem a better bet. He has done two effective about it. per cent In the Japanese case, you Scotland to to provide a nice little number for stints at the Department of the Earlier this week Mr Yasushi. there is no excuse for monetary from Royal Bank of you value other out-of-work politicians. Who Environment, fee Housing Mieno, governor of the Bank of stringency. Yet broad money has buy your business, and wonder your privacy, take the money in knows, there could be a job for an Corporation's paymaster, so knows Japan, admitted that he could see grown little since 1991. No necessity ex-govemor of Hong Kong, helping Bear the business welL He would be no sign bf recovery, though he nominal gross domestic product equity rather than yearly bonuses. Kong Telecom crack It was with the best of intentions “Oattered to be asked", but even doubted whether the recession expanded by a mere 0.2 per cent in This seems the moral of the story CAW’S Hong fee Moffat the Chinese market feat the FT this week re-ran an if he were he says he would say would develop into a “worsening the year to the second quarter of of Peter Wood and family. ad for the Peacekeeper Bear, a No. He’s enjoying himself too much spiral”. This is slight comfort In 1993. expan- fee Moffats sold the AT Mays fUnd-raising toy launched by John as chairman of Tepnel Diagnostics, any case, he insisted, the central Since the combination of For slow travel agents to Royal Bank around Major in May and dreamt up by a bio-technology company. bank had “taken all necessary sionary fiscal packages with yours push up the time it was buying Wood’s 25 Up the United Nations Association. Given that this month's Budget steps in terms of monetary pol- monetary growth tends to pol- per cent stake in Direct Line. Since Kenneth Clarke's verbal Unfortunately, fee 0891 number is likely to cut the grant of one icy,'' after cutting its discount rate the exchange! rate, monetary welL If than, Wood's ballooning thuggery spreads abroad, notably now hands out racing tips for the of Britain's biggest quangos, the seven times since July 199L This icy must be loosened as in recent bouts with Jacques 2 o’clock at Huntingdon. former MPs’ disinclination is excuse. low interest rates have little compensation package has barely two is an unpersuasive understandable. Looks could left the headlines. Delors in which the Frenchman The UNA, which has already sold perhaps Even as he spoke, the ministry effect, the Bunk of Japan The bank finally paid £24m to was treated to manners usually 3,000 furry items, says it hopes the like fee government may have to of international trade and indus- inject money via aggressive open authori- buy out Wood's bonus in an effort reserved for Britain’s police and tips enrich potential donors. They make do with another property try disclosed that industrial pro- market operations. The increase the to protect itself from the fuss. He medics. Brussels folk are beginning and others should now place their developer after all. duction. had dropped by per ties could also holds £10m in Royal Bank to ask how Clarke got a reputation order on 071 402-9029. cent year-on-year in the third responsiveness of bank lending to now helping shares, less than a third of the 145 as one of the most pro-European door so his English friend could quarter. Prospects for industrial interest rate cats, by bad per cent the Moffats have held all ministers. wield his brick-bats elsewhere. output also remain poor, with accelerate the removal of Inscrutable obscurity. An obscure Euro-law on urban Why not exploit both men's higher at debts from bank balance sheets. along in glorious inventories LI per cent Keep your quango That of moral probity - deregulation - waste water supposedly costing sporting loves in a more organ the end of September than three Meanwhile, radical of agricul- the British taxpayer £10bn caught constructive fashion by arranging Sounds like the government fee magazine Women of China, mnni-hw earlier and the monthly tndwfag liberalisation Che rough edge of Clarke's tongue a tryst at the Anderlecht football might be having a spot of trouble a government publication - is in tural imports - should be sold as a index of leading indicators User friendly packed with useful any Incipient - the rally problem being feat the ground during the chancellor's next finding a heavy-weight political usually tips, decline. Meanwhile, real house- way of dampening British government had itself visit? figure to fill the chair of the fee latest edition being no per inflation and creating new oppor- Cable & Wireless seems to have hold spending was down L7 exception. growth. a black of acquiring the services supported the directive in a Housing Corporation, the quango cent in the year to September. tunities far formerly responsible unanimous vote. The chancellor that distributes government grants It carries one absorbing item, suffering Why should an economy wife of ministers With companies Seven Don’ts in Sexual Life, by inflation, huge productive for fts well-being. First Lord Young was also pretty rude about the to housing associations. declining demand at home and the no Sugar 'n spice exceptionally becomes chairman of the privatised benefits of work-sharing, neglecting John Maples, highly regarded Zhang Hude. It's all based on the burden of an appreciated yen, potential and an telecommunications group, hotfoot to acknowledge feat Delors had Alan Sugar, chairman of as economic secretary until he lost idea that one's qi, or vital energy, depressed, as strong fiscal position suffer persis- profits are inevitably 1992 can be affected adversely by If fee Japanese from the Department of Trade and distanced himself from that very Amstrad and Tottenham Hotspur, bis seat in Lewisham at the is the stock market, down 19 per tent stagnation? think of a Industry. Now Michael Manley, principle. was in fine fettle yesterday as he general election, isn’t interested. engaging in amorous activities at cent since September. Economists authorities cannot ques- prime minister of Jamaica until A pained EC president wondered fielded questions from 350 young "When I started this enforced the wrong time. share the gloom, disagreeing only really good answer to this harder to last March, appears cm its payroll aloud why Clarke was obsessed business folk at a lunch given by sabbatical I decided to get a This includes when one Is not over whether gross national prod- tion, they should try as C&Ws chief lobbyist with Cuba’s with winning and losing. He even the charity Jewish Cate. full-time job rather than lots of in a good mood and when the uct wiD stagnate or grow slightly Stop it being asked. is . Fidel Castro. offered to build a cricket pitch next Would he do anything differently little ones. I am sticking to that," weather abnormal. . IS PLUMB IV/oDo CENTER PULP, PAPER & PAPERBOARD FINANCIAL TIMES Friday November 26 1993 Framework deal with union would reduce hours by 20% at six plants THE LEX COLUMN VW in pact to cut work time Oil in troubled waters By Christopher Parkas ing of the group's supervisory Adam Opel, VWs main rival Already committed to hailing The bind which ties Opec members ts ing from the particular. Several spe- in Frankfurt beard in Wolfsburg this morning. said it was not an appropriate out Us Spanish subsidiary Seat dearly beginning to hurt badly. On cial factors have aided BPB; The Agreement was reached under starting point for restructuring with a DMl-Sbn emergency cash the one hand a shortage of revenue plasterboard war, which devastated margins are Volkswagen and the IG Metall the shadow of threats from VW the car industry. injection, VW would be hard argues for a price increase; on the 1 tlujfknil prices, has abated and yi»oyw oKUmL’I#iWm or ocvutnn engineering union yesterday that 30.000 of the company's Mr Ludwig Horatz, bead of pressed to finance 30,000 redun- other Opec does not wish to be raff-, rebounding foster than they will in agreed a framework deal tempo- 100,000-plus German jobs would Hamburg components supplier dancies, according to critics of roaded into ceding market share,' only other sectors. Moreover, BPB has had rarily to said the risk prices remaining weak. ' greater opportunity to cut costa, given cut working times in have to go unless cost-savings Phoenix, die deal had been scheme. to Thai • — . rt 200. y. ff VWs six German works by 20 per could be reached. The settlement made possible by VWs generous Details so tax available include scent of blood in the water is all the ite history as a flabby monopoly pro- cent, but gave strikingly different on a basic 28.8 hour working pay scales which, he claimed, the withdrawal of a SJ5 per cent excuse speculators need to push the dneer. The 15 per emit rise in German views on how it would affect week would apply “in principle" were at least 20 per cent above general pay increase, which took Crude price lower. . plasterboard volumes confirms the wages and costs. to all 105,000 employees, a spokes- the metal industry average. effect on tfovembes 1. Christmas Yet the lack of response of the ofl ? strength of that market. Tben again. Mr JOrgen Peters, the chief man said last night. Audi, part of the VW group, bonuses, holiday payments and majors’ share prices may tell the more . the shares of RMC and Redland should union negotiator, said the annual While union officials saw the where pay rates are already 10 other perks ate to be reduced and accurate story. The imbalance have already discounted as muich. will incomes of around 100,000 work- deal as opening the way for wide- per cent below those at the par- the balance will be distributed between supply and demand Is . not The Mg question for BPB be - ers would be reduced by 10 per spread cuts in working hours ent. said it was examining the monthly instead of in one-off very great and Opec may be right to whether it seeks to diversify in order cent, while Mr Jochen Schumm, the union movement's, favoured idea. lump sums. suppose tiie market will tighten over to smooth its volatile earnings stream. representing VW. said the pact way of spreading work and pre- Volkswagen's project is widely The negotiators also agreed to the next few weeks. If a cut is genu- The group's strong cash generation, would cut total personnel costs venting lay-offs - economists and seen as an emergency stop gap bring forward a one hour cut to inely needed it Is probably no. more which is rapidly eroding gearing, is by almost 20 per cent or DMl.8bn industrialists were sceptical. measure to allow the deeply trou- 35 hours in the “normal" working Qian the 2 per. cent proposed at the creating the opportunity. But any *.*•: (UA6bn) a year. Mr Thorsten Neufeld of the bled company to avoid conflict week &um October 1995, to next meeting, and which could be agreed at *y: i»; such, plans seem to have perished with The draft pact, which still Deutsche Bank said the package with its labour force and its prin- January without a reduction in an emergency session, hi the slightly aotreFTQaipte- --J i’V the abrupt departure of the chief exec- needs much work before final would not lead to reductions in cipal shareholder, the Social the basic pay rate. longer term the central expectation is utive in September. . approval, according to VW offi- unit labour costs necessary to Democrat/Green party govern- that crude oil will move back into the close tabs.on claims. The US experi- cials, will be presented to a meet- restore VWs competitiveness. ment of Lower Saxony. Exports boost, Page 3 $16418 a barrel range. ence suggests good profits can be Temporary weakness in crude prices mart* in this area. With around 6m Volvo is in any case partly offset by a conse- riskier motorists to aim at, and 15m -It is just as well that Volvo has quent gafn in refining anri marketing insurance-buying households, the. finally rifwmmwri «p some significant Indonesia and margins for companies with signifi- Direct Line formula has plenty of mile- shareholder support for its proposed Petrochemicals producers cant downstream interests. Perhaps age left merger with Renault Independence is * simply automo- BAe agree more importantly, the market is con- Royal Bank of Scotland has little' not an optiem for dfi centrating on cost-cutting and the incentive to demerge its progeny. tive company with such a limited prospects for cyclical recovery. Direct Tine should be self-financing product range. Management’s appar- car project near deal on capacity cuts Retrenchment means Shell may well within 18 innntha. A high level of rein- ent victory, though, is largely tactical generate more cash this year with oil surance cover reduces the risk of a The French clarification of the golden Continued from Page 1 By Paul Abrahams in London at $16 than it did two years ago when hurricane blowings hole in the bank's share - issue and privatisation pro- Chemical company shares rise crude was $21 a barrel. BP’S third profits. With -an expense ratio well gramme pulled the rug from under the but the company said yesterday Europe's petrochemicals industry quarter figures show that much of the below fhp competition — ^ foiling as feet of opponents. Their visceral dis- that the ultimate aim was for the is close to agreeing rationalisa- on hopes for improved earnings benefit of cost reductions is being it pushes more business through exist- like of ceding a national champion to car to be completely manufac- tion plans aimed at reducing retained by the company. The riak-to ing systems - Direct Line couldfollow foreign control will remain. tured in Indonesia. losses running at hundreds of ducers that have already shut cash costs this year, let alone the rosy view of increasingly effiaent prices tower through the underwriting Volvo, therefore, still needs to work Rover would not take any millions of dollars a month. plants and have efficient com- cover depredation. companies approaching the turn in cycle and still remain profitable. hard at its investor relations, which equity stake in the project, and The Association of Petrochemi- plexes. Some believe more capac- Under the plan, companies the world economy is that oil prices go Applying a growth-stock multiple to have token a knock from Mr Fetar Gyl- the strategic industries agency cals Producers in Europe said ity needs to be taken out than would bid for industry financed down and stay down. If that happens this year's likely Mminp results in a lenhammar's strong-willed style. would be responsible for the yesterday that its members had envisaged in the plan. During the restructuring funds in exchange the oil majors will be suffering along- market valuation comfortably above Besides, a dose alliance between the financing, said the US foiled to agree plans to cut ethyl- early 1980s more than 4m tonnes for dosing down capacity. side Opec and the explorers. - • £lbn. Sven after yesterday's rally, company and its owners will help carmaker. ene capacity by at least 1.5m was shut down. Analysts were yesterday Royal Bank shareholders should con- defend Volvo's interests in 'the Ren- details divided about the potential tinue to feel the benefit ault deaL In the short run the French Raver will head a group of five tonnes a year. However, most Legal and technical of Direct British companies developing the petrochemicals groups were opti- the APPE plan also remain to be impact of the move. Mr Michael Line company's deteriorating profits will with the Indonesians, mistic that the complex plan settled. Concerns have been Stone, chemicals analyst at S.G. It is hard to begrudge Mir Peter dilute Volvo’s earnings. In the longer car jointly Industries including T&N, the engine com- would be approved next month. expressed about verification and Warburg, said the proposals had Wood his millions, since he has built BPB term Volvo must adapt to the awk- ponents group: LAD, the automo- The APPE is scheduled to meet ensuring those shutting capacity a good chance of being accepted the UK’s largest motor insurer from The ripple of excitement in building ward position of having no direct con- ' its asset. tive design and engineering con- on December 17 . do not build new plants for a set arid could lift operating rates. scratch. Unlike notorious growth materials storks caused by BPB’s prnf trol over largest / sultancy, Mira, the automotive Chemical company shares period The European Commis- "That should improve margins stocks of the 1990s, Direct Line’s suc- Its resurgence will provide comfort for Admittedly, Volvo will be the larg- ‘ testing facility, and Inchcape. the responded favourably to the sion would also have to approve from the present loss situation to cess is based soundly on its position as those who have bid up the sector by est single shareholder in Renault- international trading and motor news. Imperial Chemical Indus- any plan. the profitability of, say, 1986 or the lowest cost producer in an other- more than 90 per cent since sterling's Volvo after privatisation and theoreti- retailing group, which is one of tries shares rose 45p to 7l9p. The European industry is 1987." wise sleepy market Plans to expand in devaluation. Throw in the latest base cally be able to exercise considerable the leading independent car while shares in DSM of the dogged by overcapacity. Next Others pointed out that the tramp insurance and the risky end of rate cut and encouraging building fig- influence. But the French side will importer/distributors in Netherlands increased FI 4 to year it will have capacity to man- plan had yet to be agreed and motor insurance make sense. Buyers ures and it is even tempting to see dominate the executive, and the car Asia. FI 102.2. ufacture 19.34m tonnes of ethyl- would stOl require approval from are paying unnecessary expenses - scope for further outperfonnance. Yet industry is Uttered with examples of Hite best those. Indonesia’s plan for an indige- It is understood 25 APPE mem- ene. the baric building block for competition authorities. They such as building societies’ commis- in believing , the market is over-, foiled mergers. The are Hke nous car Industry follows the bers voted, with 20 in favour, plastics, against expected also pointed out that overcapa- sions on house structure policies. Low looking some immediate worries. The Peugeot-CitrOen, which Involve the success of neighbouring Malaysia three against and two absten- demand of 15.58m tonnes, accord- city was a worldwide problem costs should prove a big advantage. threat of the, chancellor putting the maintenance of distinctive brands as in developing a national car, the tions. A unanimous vote is ing to Tritihem consultants, Lon- and that Middle East and US pet- Insuring risky drivers is not a com- hobnailed .hush puppy into social well as just cost savings. Volvo must Proton Saga, based on technology needed. Those hostile to the pro- don-based industry specialists. rochemicals manufacturers had a modity business, so the decision to set housing and local government spend- ensure that its brand is not devalued if from Mitsubishi Motors of Japan. posals. which involve setting up The company believes all Euro- considerable cori advantage over up a new venture in this area also ing should at least .occasion some the merger is to make sense. If not, it South-east Asia is currently one an industry fund worth about pean manufacturers of deriva- European producers. looks wise. Yet with decent computer pause for thought. could be left with an- indifferent of the world's fastest growing car DM550m (2325m) to help reduce tives such as PVC and polyethyl- systems it should be possible to keep There is also a danger of- generalis- investment of no strategic value. markets. capacity, are believed to be pro- ene have failed to cover their World stocks, section D Kohl and Major warn over Gatt By Judy Dempsey in Bonn did not tackle, and come up with “extremely worried about any flexibility and training schemes solutions at next month's EU failure- It will do nothing to stim- to increase competitiveness and Britain and Germany yesterday summit, both leaders said Europe ulate our own economies." create jobs. “By the year 2000, the warned that failure to reach would be unable to respond to British officials confirmed that output of Asia will exceed the agreement on the Uruguay the challenges posed by Asian US president Bill Clinton tele- output levels of the European Round of trade talks on Decem- economies- Speaking after the phoned Mr Major on Wednesday Community countries combined,” ber 15 would have "intolerable" one-day Anglo-German summit evening to discuss the trade said Mr Major. consequences for the developing in Bonn, Mir Major and Mr Kohl talks. They said Mr Clinton The issue of unemployment world, perpetuating recession In said a trade agreement was wanted Britain to ask Bonn how and competitiveness will be the western Europe and leading to “achievable". But without nam- far German officials would be main agenda items during the protectionist measures by indi- ing countries. Mr Major said sev- prepared to put pressure on European Union summit meeting vidual countries. eral countries had to show more France into making compromises early next month. Mr John Major, the British “flexibility". over the Uruguay Round. French Both leaders also ruled out \ Majoi*stower1$ prime minister, and Mr Helmut "Market access, agriculture, and German leaders meet next increasing public expenditure. sacare Kohl, the German chancellor, and audio visual issues, which week. "Sound finance, low inflation and also issued grim warnings about affect both the US and France are Apart from Gatt. which domi- flexibility on the labour market, the level of unemployment and now the main stumbling blocks nated the summit, British and and redacting barriers to part uncompetitiveness in Europe. to a deal," a British official said, German officials said EU coun- time work" are the basis for if European Union countries adding that Bonn and London are tries would have to adopt greater growth." Mr Major said. -0.;. FT WORLD WEATHER MAJOR EMGINEK I NE^ORD-ERijilt C0k UPS = ~ % toao ’ Europe today loio BRITISH- teuMl£tp> J§. Very cold air will cover most of the CIS and * s Balkan States. The boundary * Un^^d Parcel SeMoe^theservicet-of; -the USAUSA. bi the between this j arctic air and milder air to the west will remain "vf -I etiginds to? theirar almost stationary from northern Greece power -newnew Boeing 757 airs of towards Finland, causing cloudy conditions i Business" to RoIls-Rdycece is £93 million. In~ti&In the^UK, and outbreaks of snow. Mixed snow, sleet and 'V rain win occur In western Norway. Central and placed a £70 million order fox Tay engines to western Europe will be fair except for m - V'/ • persistent cloud and fog in some areas. Rain and Fokker 100 aircraft wiH cover an area from the western ’ Mediterranean to most of Italy. Winds will Jgfca S® freshen to gale force in the northern part of 3 this region. Northern Italy will be sunny except : : M<*P PLACES £140 MILLIONlOTl^gR for the Pa valley where fog win persist during if the day. ~ million contract Deji|rice . ! the .Ministry...<& £ .. A from ; foti|r- Five-day ‘ forecast “ the -ncid generation of bridging for the Aj^S^^iijjeet^von by^k Unsettled conditions will continue over the : Maximum Ballast for 5 Cardiff sun 5 FranMurt for 0 Malta rain 20 no thund 31 has been launched and first 'k Celsius Belgrade fair 0 Chicago ran 3 Geneva cloudy -1 Manchester doudy 4 Riyadh sun 29 a customer announced. The Atxj Dhabi sun 31 Bam tax 1 Cologne for 4 Gbralta- cloudy 17 Manta show 31 Rome rain IS ' Accra (air 32 Bermuda fax 28 Salaam Bund 31 Gbsgow cloudy 2 IMbaume fair 31 S.Fraoo fair 16 Trent mtt- beidteed for land-based pj&wer generation and n=Vli=lT.^ Algtore shower IB Bogota shower IS Dakar for 24 Hamburg doudy 0 MmooCSy Ur 21 Seoul Mr 9 ' %’ ..Jii i : _£! • • f5££££SlL. Amsterdam for 2 Bombay for 34 Dallas steet 2 HetsmU cloudy 0 Miami for 28 Skigapare thund 28 Athena for 12 Brussels cloudy 3 OeW sun 29 Hong Kong Ur 24 Mtan log 3 StocJrfxWn doudy -3 B. Am cloudy 24 Budapest snow 2 Dubcu sun 31 Honolulu thund 26 Montreal fat •2 Strasbourg Ibfl -4 S.ham fair 3 CJugon Car 3 DutXn Tar 7 Istanbul doudy S Moscow doudy -6 Sydney cloudy 29 Bangkok for 33 Cairo 20 OUbramlt Ml 16 Jersey ffczz) 7 Murldi log -1 Tangier dovdy 17 Barecfena fa* U Cape Town for 25 GdMnirgti doudy 3 Karachi 911 33 Nairobi thund 26 Tel Aviv for 18 Boipfig sun s Caracas cloudy 29 Faro sun 17 Kuwait tat 28 Naples ran 17 Tokyo ctzA 17 L Angeles far 24 Nassau U 29 Taranto for 4 Los Potass sun 22 New York fat 11 Tunis 20 - . h B . Ss ymY M POWERP < Quality flights made in Germany. Lima doudy 22 Nice rain 13 Vancouver doudy 8 Labor for 14 Nicosia showw 17 Venice 8 London doudy 4 Oslo doudy -2 Vienna rs 0 gM3ATE, LONDON SW1E 6AT. Lux.txwg fag 2 Pais doudy 2 Warsaw snow -4 ' ' ' - " : . Lufthansa Lyon doudy T Penh for 28 Washington 8 Madeira for 19 Prague for -6 Waflngton *2 17 @ German Airlines Madrid doudy 12 Rangoon doudy 34 Winnipeg 3IJO •4 Majorca doudy 16 Rsyfcjavft rain 6 Zurich tefr -2 71 I I BOMBS VANDALISM For a wealthier busines: BREAK^NS YOU NEED FINANCIAL TIMES COMPANIES & MARKETS and a Kealtliier life ©THE FINANCIAL TIMES LIMITED 1993 Friday November 26 1993 Japan’s Securities! trading cushions German bank from recession Strong Ups and downs banks fall i demand for at Euro Disney Commerzbank rises 52% Syi^^txcmbled leisure group, yesterday sharply on had By, David Waller In Frankfurt when, how or how much would Rhone- another turfjulent session on the stock maiSt be raised, saying when its shares that the money fell sharply by 18 percent daring . the morning ' Commerzbank, the smallest of was necessary to bring core capi- only to bounce hack in the afternoon bad loan - to^ctoae Germany's big three banks, yes- tal the basis for future lending Poulenc 8 per cent higher at the end of the day. terday reported a 52 per cent rise growth - from 4.6 to 5 per cent of in operating profits to DM909m in total assets. By John Ridding In Paris Australian tank to !m sold burden the 10 months to October. Earlier this year the bank held The State Bank of New The spectacular increase, a DMSOOm equity rights issue and The privatisation issue of South Wales, Australia's . largest By Retort Thomson in Tokyo driven largely near trebling a regional bank, is to be put up for sale by a DMSOOm issue of profits-sbartng Rhdne-Poulenc, the French next month. Page 21 of profits from securities trading, certificates with warrants chemicals and pharmaceuticals Japan's leading banks reported is Hkely to be followed by large attached. group, attracted almost 3m Lodi- BatHe of dm gianta sharply lower profits yesterday increases in profits from other The increase in profits was in vidual investors and was about Two of Hollywood's largest Sim studios are as tiie level -of problem loans German banks as they report part because of a 21 per cent cut three times oversubscribed, Mr in a life and death struggle. Win it be the last continued to Ttse. forcing them their figures over the next two in provisions for bad and doubt- Edmond Alphandery, tbe econ- picture | show for Paramount Pictures or for Warner to take the unusual step of writ- weeks. ful debts to DM1.37bn, reflecting omy minister, announced yester- Brothers? Page 22 ing off loan losses. It is likely that 1993 will lower provisions against sover- day. . The 11 leading commercial CAC under prossura be another record year for the eign debt risks. Mr Alphandery said that the banks reported an average foil of flanwaw hanking sector, showing The operating result also bene- level of orders for the Issue, the The CAC-4D index, which cac 40 index 22-2 per cent In pre-tax profits the extent to which Germany's fited from DM229m of “other second in the government’s pri- ’ soared to record levels Relative to Europe exc. for the six months to September, banking sector has remained income" which reflected in part vatisation campaign, demon- uk (ft-a worid index) '• during1 the summer and while non-performing loans rose immune to the country’s deep income from property sales as strated support for its plans to too t“Tr ;— early autumn, has faltered by an average of 9-6 per cent as recession, in spite of mounting well as income from leased equip- sell public sector companies and . on concern about the 1AR out- property prices continued to credit risks. ment. expand popular shareholding. 95 cohie of the Gatt negotia- T~V~I deteriorate. Mr Martin Kohlhaussen, the Profits from securities trading The strong demand from indi- tions, the BaDadur UMk govern Dai-Ichi Kangyo Bank, the bank’s chief executive, hinted soared from DMl$3m to DM475m, vidual investors means that the T-* cent's cautions .8090 approach country’s largest bank, suffered that the profits performance and buoyant fixed income, equity' French government will exercise ' to cutting interest rates a 44j) per cent fall in net profit, would be reflected in a dividend and derivatives markets also a clawback option to reduce the i « ' and i the recent 3585 1 spate of blaming the decline on loan increase exceeding what would helped commission income rise tranche allocated to institutional ‘ industrial low'1090 unrest in France, write-offo of Yl6 Market Statistics Rothschild Asset Management is a major investment By Kenneth Qoocfing, “I foiled miserably,” he said. Sub- Metal prices sequently, as he predicted, the organisation with an international network of Base (ending rates 38 London share sendee' Mining Correspondent management gold price perked up and his Benchmark Govt bands ZT Ufa eqnttjr options economist Industrial Metals Jndax associated companies. The Rothschild Group manages in one of £l5Qm Mercury Gold and General FT-A Indces 29 London traritt. options Julian Baring, manager of tn $ terms (rabased) performing gold tends, — Fund now shows a rise of 267 per excess of £16 billion around the world. FT-A world tadfces Back tap Managed fund sente the best 106 jackpot with his latest cent since the launch five years FT And Interest kxflcss 2 Honey onarketa has hit the brainchild, the Mercury World ago. Mr Baring insisted that international strength enables us to offer a full range of FMSMA tot bond sue » Hew tot bond baum Our commodty prices Mining Trust. MWMT, Mercury Asset Manage- ftnandsl future 38 WPrtd services to private investors which meets a wide range of different Indices investment company, ment's first serious move into Foreign axchaqes 38 Worid stock mW This which will put its money into a investment trusts, would not suf- investment requirements: I London recent Issues 29 UK Ateads announced broad range of international min- fer from an embarrassment of ing and metals shares, has riches. He said that about $lbn of A Fuu. Private Client Service price changes yesterday - * k Chief attracted £380m ($566m) before 90 — — i international mining company for portfolios in excess of £500,000 HumrunxcMi expenses - making it the UK’s shares were likely to be offered to ParkRttscmp 540 + 25 biggest ever investment trust investors in the next few months. A Portfolio Management Service 115 fttJBTtadB 384.1 + 11-1 + launch. “We certainly won't throw our structured for amounts of £50.000 or more + 11 twining fctartKtaiqut 4805 It easily outpaces the £260m money about in the mar- BB&Bftgv 873 _ 12 TOKYO (Yu) raised this month by Limit (the kets to everybody else's advan- A Full Range Of Investment Funds ttofcmam fh B82 _ IS MW tage," promised. £500 or less: ' London Insurance Market Trust), he with minimum investments of UMgati 385 _ 16 WpB* 425 - iMoaQpoai 400 Lloyd’s corporate capital fond, Base metal prices may take Sid Chemta 510 40 . a Money Funds to recover he intends M» and the £246m launch of the Jan 1993 Now time and offering investment in sterling and 1 7 other currencies EWdoStaa 374 Income in 199L that MWMT will initially be JWUpIda 25 HAacM Soft 2000 M&G Sousa: Dammaii International Bond Funds •10 said yesterday that biased more towards gold than BucetaOa + 28 Hotatf Mr Baring providing exposure to sterling, US dollar and international bonds 20 one 388 other commodities. * in the pre-placing by merchant conglomerate gobbled up Consoli- broker dated Gold Fields in 1989. “Gold shares are likely to Equity Funds CfOMCL bank SG Warburg and j KM Toffc both onshore and offshore - providing Investment in the world's main siockmarkets. Cazenove some 178 institutions According to Mr Baring, base behave better earlier and base LONDON (Mom) buy shares in MWMT, metals prices are today in a simi- metals shares should behave bet- ; \ IK decided to 10na Staring Hi position the price ter later,” he says. If that Rothschild Asset Management might be an appropriate ;} which set out to raise a minimum lar to gold a you think dpp Hofapapfa 74 + 5 Mi* - ordinary shares ** year ago down in the dumps Another £120m 134 BWWs 278 11 B«P«* 280 offiSto. manager for your investments, please call us on Freephone 0800 314 in BfVMdgi 233 18 OpiUlMl 148 While some big investors bid but ready to bounce hack. Conse- with warrants MWMT are Asset Management Limited BaUanm .159 + 70 lot quently, be says it is reasonable being offered to private investors or write to us at Rothschild ' GBH for £20m blocks, “a of people L Barter TV ISO 7 81 to awiimg that the new trust can at loop each. There will be one W CHtaGaM IK + 7 HnsnetM have given me a little". He Five Arrows House, SL Swithih's Lane, London EC4N 8NR A CMMdS & * 2 HstaMOOF* 141 suggested that many institutions make an 80 to 100 per cent return warrant for every five shares. 45 q r» USMB m aver the next five years. The minimum investment will / +‘ missed having two substantial Minogecn'-’itt Limned, a member ol IMRO and LAlTTRO. ' London M is 7 ISO toned by Rothschild Asset NSM year ago Baring toured be £1,000 and the annual manage- 12 . mining groups to invest in. A Mr McLeod nasi m - Starts McEnw 88 UK * 7 only many of the same institutions meat charge L25 per cent The Tiptoe* 81 They were left with RTZ • Resaw 22 • • Tokyo Sydney' Hanson seeking money for his gold funds. offer closes on December 8. [London • Pams • Zurich New York HonoKong RVMBkSBI * .22 Yoto-TyneTTV 178 Corporation after, the ' 5 - " 20 FINANCIAL TIMES FRIDAY NOVEMBER 26 1993 INTERNATIONAL COMPANIES AND FINANCE Bayer sees 20% reduction Further Volvo sailing close to the wind turbulence in Hugh Carnegy looks at the twists and turns m the Reoault merger deal profits to DM2.2bn for shares in t took almost -two tense tionally stood back while Mr By ; Christopher Parices nine months of the current These operations lifted sales months, but a dogged bat- Pehr Oyllenhammar, for 22 In Leverkusen year. The trend had continued 5 per cent in the review period Euro Disney I tle by Volvo to fend off years, the. chief executive or October, added. - dominated into he to DM7tm in spite of a DMlOOm what at times appeared to be ; 'Chairman of Volvo, Bayer, the leading German Restructuring and workforce foil in domestic turnover attri- By Alice Rawsthom in Paris an unstoppable tide of opinion the company, diversifying it chemicals group, expects prof- cuts had generated savings of buted to health service against tbe proposed merger of - beyond cars and trucks and its to fall by contra- about 20 per cent about DM75Qm so for this year. reforms. Sales of Ciprobay and Euro Disney, the troubled its car and truck operations . Ultimately buHding the this year to DM2.2bn ($l-3m) European sales had stumped Adalat, the top-selling drugs, leisure group, yesterday had with France's Renault finally . : verslal alliance with Renault and remain unchanged in 1994, 11 per cent, but similar propor- are expected to total about another turbulent session- on began to pay off yesterday. He -intends to remain as non- according to Manfred tional increases in Asia this year. its its the Mr Pacific DM4bn the stock market when Tbe decision by two of esmitlve- chaiman. hi chairpnan. Schneider, and the US had limited the Signalling further wpanrinu shares Ml sharply by 13 per largest Swedish institutional -. Volvo parent company from However, the company decline in turnover to Just 2J3 in healthcare, Mr Schneider cent during the morning only shareholders to vote for the January i, while taking on the appears likely to hold its divi- per cent Pre-tax earnings in said the group was close to a to bounce back in the after- deal at a special shareholder’s - job ttf chairman of the so-called dend, unlike Its main domestic the review period were 19 deal which would give it an noon to close 8 per cent higher meeting on December 7 fol- supervisory hoard of the new competitors, Hoechst and per cent lower at DMZKbn. entry into the US market for at the And of the day. lowed a period of non-stop . Renault-Volvo. BASF, Mr Schneider hinted Mr Schneider attributed generic pharmaceuticals - The shares, which on behind-the-scenes lobbying. It .Many shareholders would yesterday. Bayer’s relatively good figures drugs on which patents have Wednesday plunged by 18.6 included two long statements pke to see him hand over foil Cost-cutting measures and - Hoechst and BASF recently expired, and which are increas- per cent to a record low of of further Information for contort at Volvo to Mr Saren strong growth in north Amer- reported nine-month foils of 40 ingly favoured because of their FFr27.2, were suspended sev- shareholders, intense negotia- - Gyll, the widely-respected chief ica and Asia Pacific were slow- and 44 per cent respectively, lower cost Bayer had looked at eral tiroes In Paris when they tions with the French govern- Pehr GyUenharnman wffl chair Renamlt-Volvo supervisory board executive. The Fourth Fuad ing the profits decline the and hinted at dividend cuts - five or six companies, breached their trading barrier ment and finally, a trip by pri- yesterday indicated -that it as US , share- year had advanced, Mr Schnei- to the group’s successful including Copley, the subject to foil to a new low of FFr23.7 vate jet to Paris on Wednesday respected conservative dally intention to privatise Renault . wanted a bigger role for der said in a review of the first healthcare business. of an offer from Hoechst by lunchtime. for shareholder representatives newspaper which has been, a by the end of 1994 and the holders in nominating the However, the shares then to meet Renault chiefs and Mr leading critic of the merger,, promise- not to use a golden Volvo board. rebounded to FFr31 before Gerard Longuet, the French called again for it to be voted share to dilate Volvo's 35 per *T think it would be much Gyll finally dosing at FFr29.4. industry minister. down cent holding In foe merged . better for Volvo If SOren FNAC plunges to FFr31.9m Analysts said investors Even after a press conference Although the prospects for. company. took over. I don’t like the idea chair- started to buy Euro Disney on Monday, when Volvo played Volvo now look better, the . “When we talked to the vari- of Gyilenhammar being shares to cover their short its trump card of new French company is well aware how ous stakeholders, privatisation man of both Volvo and the new By ABca Rawattiom tbe Credit Lyonnais banking Richard Branson. FNAC mus- positions on the stock. The promises on Renault's privati- dose to the wind it has sailed and the golden share were the 'company,* said one senior group, and Compagnie Immobi- tered an overall increase in volume of trading was even sation and a virtual exemption - illustrated by the eighteix -two dominating concerns - shareholder yesterday. Pressures on the French retail lifire Ph6nix, a property turnover of 8.3 per cent to heavier than on Wednesday from a subsequent state golden split in the benchmark deci- and weJhave answered them.” . Volvo officials acknowledged sector triggered a sharp foil in subsidiary of the Compagnie FFrf5.9bn from FFrSJfon, but with 5.3m Euro Disney shares, share, the outlook, remained at sion to support the deal by.the he said. . that the merger issue had profits for FNAC, the dominant G£n£reie des Eaxix utility con- most of this growth came from or 3.16 per cent of Its best nnw^aln board of the Fourth Fund state However, even if Volvo now caused- much disquiet within - white force in music and books retail- cern. new openings . total equity, changing On Wednesday, the Fifth pension fund. Volvo’s biggest achieves the solid majority in the company, with' the ing. In the year to August 31 The uncertainty over its Sales at its existing stores handfr, . Fund state pension fund said it Swedish shareholder. . favour of the merger that collar unions and the civil net profits fell to FFr31-9m ownership, coupled with the rose by (13 per cent dining tbe Until the afternoon rally would still vote against the Mr Per LOjdquist, the head d looked in grave jeopardy, tbe engineers coming out strongly ($5.5m) from FFrt59.5m in the strains of France's economic year. Euro Disney’s shares had deal. Directors of institutions Investor relations at Volvo, shareholder revolt will con-, - against the move under Ren- prevtous year. recession, took a toll on FNAC The group increased operat- fallen fairly steadily in the continued privately to criticise acknowledged the narrow mar- throe to have repercussions for ault’s wing. FNAC has in recent months last year. ing profits by 143 per cent to fortniglit since the group dis- the lack of detail they had been gin of opinion. .... the company. “If the shareholders vote yes, challenge will been clouded by the contro- It faced tile of its FFr102.5in from FFr895m. But closed an unexpectedly heavy given on the valuation of tbe Be said what was decisive : Privately, institutional we can’t just sit back. It versy over tbe decision by first serious competitor in it was left with an exceptional net loss of FFr5.3bn Renault and Volvo assets in was the assurances received shareholders are determined to -cause damage If we don't have GMF, Its troubled parent com- French cultural retailing due debit of FFr77m having bene- ($898m) for the year ended the agreement. Yesterday, from Mr Edouard Bahadur, the play a lass passive role than in the employees with us as - pany, to sell Its controlling to the aggressive expansion, in fited from an exceptional credit September. Svenska Dagbladet, • the French prime minister,' on the past when they have tradi- well,” Volvo said. stake to a consortium com- France of Virgin, the UK lei- of FFr107.8m in the previous The stock market bad been posed of Altus Finance, pant of sure company controlled Mr year. expecting a smaller net loss of about FFr2 bn. French retailer The impact of the loss MEM swaps zinc smelter interest UK insurance announcement has been aggra- BPB shares lifted by vated by concern about the By Nikfd Taft In Sydney Conversely, Metallgesells- - It said that both groups were considers TV chief leaves prospects for Euro Disney’s chaft would acquire SOM’s 50 unhappy at the losses befog emergency financial restruct- mtm Holdings, the Australian per cent-interest in Ruhr-Zink, made .at the. smelters, and home shopping «, bonus scheme 60% gain at midway uring. metals group, «t>d Germany’s aim achieving outright owner- claimed that +hw deal “should Euro Disney has been fraxed MetaEgesellschsft, which holds ship. Capacity there is around improve the positions for both Plnault-Printemps, heavily By John Capper and Richard By Andrew Taylor, higher profits and a new round to ask Walt Disney, the US a 14J per cent stake in MIM, 170,000 tonnes. parties”. The restructuring will Indebted French retail group, riemwqt mean fhnt Lapper In London Construction Correspondent of price increases in tbe UK, entertainment group that are negotiating to swap inter- As a further in the MTM . acquires foil may. enter home shopping by France and Germany from the owns 49 per cent of its shares, ests in two loss-making Ger- package, the German group ownership of a seoond Euro- launching a television shop- Mr Peter Wood, the highest Shares In BPB Industries, beginning of next year. for financial support until man rfnn smelters which they would buy from MIM a 25 per pean zinc smelter using the ping service through La chair- lyrmpirfod paid British company director, Europe's biggest plasterboard Mr Alan Turner, BPB’s it has the refinanc- currently own on a joint basis. cent stake in MetallgeseBscbaft Imperial Smelting . Process Redoute, its mail order subsid- is to be given £24m ($35-8m) to manufacturer, rose sharply man, said prices in Its three ing. Under the restructuring TJii, the London-based broker- (ISP), in a matter of months. iary, writes Alice RawsthonL abandon a pay bonus scheme, yesterday after it announced a main markets had risen on The Disney camp last week plan, MIM would acquire the 50 age, lifting .- its stake to .. Only a few weeks ago, the Home shopping, which has which brought him gift 2m this GO per cent increase in pre-tax average by about 25 per cent opened negotiations with the per cent Interest which the around 86 per cent MIM would Australian company completed in recent years been one of the year and has proved an embar- profits to £44m ($65.Gin) for the since tbe first quarter of last 60 International banks that German company holds in continue to own about 9 per the purchase of the Avon- fastest growing areas of retail- rassment to his employer six months to the end of Sep- year. own Euro Disney's FFr20-3bn MHD “ Berzelius’’ Duisburg. cent and have board represen- mouth gfirin smelter from Pas- ing m. riie US, Is still In its • Royal Bank of Scotland. tember. Plasterboard prices were net debt. This would give the Australian tation. minco, where it has since infancy , in Europe. Mr Pierre Mr Wood gained payments, The rise follows the end of a planned to rise by up to 10 per The recent pressure on Euro group full ownership, of the In Brisbane, bom said that announced redundancies in an Blayau, executive chairman of totalling f42.2m as chief exec- European price war between This will Disney’s threatened to Duisburg operation, also might effort cost-efficiency. , cent from next year. shares which there be some additional to boost Pinault-Printemps , yesterday utive of Direct Line, which has BPB, Laforge-Copp6e of France still leave them below levels in trap the company In a vicious takes in Rhine-Zink, a down- cash adjustment, when the Although there has been talk announced that La Redoute, a become the largest UK private and Knauf of Germany. the late 1990s. The price war cycle given that a lower share stream product-manufacturing restructuring deal was finali- of reducing ring smelter capac- leader fo the French mail order motor insurer. BPB’s share price rose 4.5 cost tbe industry up to £200m a price would limit Its capacity operation. The capacity at the sed, hopefully by the end. of ity in Europe, MIM made dear catalogue market, has set up a Lex, Page 18; per cent yesterday to 279p fol- year in lost revenue. to raise capital in a rights smelter is around 100,000 1993, but declined to give yesterday that it intends to team to assess the potential for Details, Page 26 lowing the announcement of Lex, Page 18 issue. tonnes. details at this stage. . . operate both smelters. the market in Franca •JOT:CE TO THE HOLDERS OF This aimoaacemeat appear* *a a matter at record onfy. SMBraalLeas&igAiTfoitamrtoBflercantn^A NOTICe OF REDEMPTION NEW ISSUE November 1993 (A company Incorporated under the taws of the Federative Republic of Brazfi) U.S.S250.000.000 Floating Rata Subonfinated Capital Notes Due 1996 Fully and Unconditionally Guaranteed by . BM Brasil Mnstta, Maquhas 0 Sereicositila. OTKORPO (A limited ftabfiity company organized under the taws the Fedwamra Republic of BrazB) NOTICE IS HEREBY GIVEN THAT Qtioorp has sleeted to redeem on of - December 27, 1993 (tha -Redemption Date ) al of the U.S.S250.000.000 U.S. $120,000,000 Guaranteed Boating Rale Sttoordtoaied Capital Notes Qua August 23. 1996 U^. $90^)00^00 83% Fixed Rate Notes tasusdtwaik»pC>mrsaesRnanc« Corporation N.V. on August 23, i9S+th« wore assumed by Ctticorp on March 12, 1967 and renamed the Floating Rate (the “Fixed Rate Notes”) due December 1995 SuboriSmned Capita) Notes Due 1996 (the -Notes*), at 3 redemption price, U.S. $30,000,000 Floating Rale Notes which aril become due ana payable on the Hedampaon Date, equal to 100% ot (the “Floating Rate Notes”) due December 1995 the principal amount ol the Notes to be redeemed plus Interest accrued to, but rat tadudtng the Redemption Oate. On and after the Redemption Oate.tntami an the Notes wi ceese to accnM. U» Notes are to be redeemed aithe main offices of Citibank, NA. In London. O bouxg) SA. will no longer act as Principal Paying Agent and Citibank, Paris. Frankfurt am Main. AmsteRtam. Zurich and Brussels and at the main NA, London Brandy will no longer ad as Paying Agent and Transfer offlca.ot CMbanfc (Luxembourg) SA In Luxembourg. The Nates, together wfth a> Interest coupons maturing subsequent the Redemption Agentwith respect to the Notes. Onandwith effect from theEffectiveDate, to Dale attached thereto, should be presented PENTA-OCEAN CONSTRUCTION CO., LTD. The Yasuda Trust and Banking Company, Ltd* London Brandi, wiH be and surrendered at the offices set forth above on the Redemption Date. appointed as successor Prindpal Paying Agent and Transfer Agent with respect to the Notes; and Citibank (Luxembourg) SA. will be appointed November 1990. London Paying Agait (and will continue to act as Ttaajer Agent) with respect to By. Citibank, N.A. (London) Paying Agent OTIBAMO the Notes. The address of the new Principal frying Agent and Transfer Agent ¥20, 000, 000,000 with respect® the Notes will be: The Yasuda Trast and Banking Company LbL, London Brandt ' 1 Liverpool Street London EC2M7NH, England l Telephone No. (71) 628-5721 /= 1 A per cent. Convertible Bonds 1999 Facsimile No. (71) 3744893 NOTICE OF REDEMPTION QtMc(Lnflt*0Nj)$JL U-SJ$250.00Q,000 onbehaHof Floating Rate Subordinated Capital Notes Due 1996 IBII Brasil Leasing Anrendamonto Mercanfll SJL convertible into shares of common stock of Penta-Ocean Construction Co Ltd. ^ November 26, 1993 cmcoRPG NOTICE ® -HEREBY GIVEN THAT CWqhp has elected to redeem on December 27, 1993 (the -Redemption Date*) aB of the U.S4250.000.000 Guaranteed Floating Rate Subordinated Capital Notes Due September 19. Isaoe Price 100 per cent 1996 Issued by Cittaxp Overseas Rnanw Corporation N.V. on September 19. 1964 that were assumed by CtOcorp on March 29. 1987 and renamed the Reeling Rate StaxnftnateOF Capital Notes Due 1996 (the Notes'), at a WORLD ACCOUNTING redemption price, which wW become due end payable on the Redemption Date, equal 100% of the principal REPORT provides to amount of the Notes to be redeemed plus Interest accrued to. but not including, the Redemption Daw. On and aTler the comprehensive and Redemption Dare. Merest on the Nows wfli ceam to accrue. WORLD authoritative monthly The Notes are to be redeemed at the main offices ot CWbenk. NA«i London. coverage of changes in Pasts, Frankfurt am Main, Amsterdam, Ztilch and Brussels and ar me mam office Of Citibank (Luxembourg) Sj*. in Luxarrtoourg. The Notes, together with fitmnrtnl Yamaicbi International (Europe) Limited ACC01MING accounting a* Interest coupons maturing subsequent to toe Redemption Date attached worldwide. thereto, should be presented and surrendered at the offices sen forth above on REPORT the Redemption Dare. Fuji international Finance PLC Goldman Sachs International Limited It reports and analysts: November 26. 1993. London ^By: CWbanjLl^^bjndori) Paying Agent * Shifting attitudes and CITIBANK Nomura International Asahi Finance (UJL) Ltd. responsibilities within the profession. * IBJ International pic Yasuda Trust Europe Limited Programmes, publications and policies of the main national and NOTICE international accounting Barclays de Zoete Wedd Limited Kleinwort Benson limited to the holders ofoutstanding committees and regulatory '.VS. 530,000^00 Merrill Lynch International Limited Morgan Stanley International bodies - including the IASC FEE, TFAC, OECD and UN. per cent. CotTvertibkrBoruiH Due 2002 Swiss Bank Corporation Westdeutscbe Landesbank Girozentrale * National and international of developments in accounting standards ami practice from tbe Capital Limited Bank of Tokyo Markets Limited Daiwa Europe viewpoint of the accountant in industry, Japan Securities Europe Nikko Europe Pic Goldstar Co., Ltd. New Limited * Business of tbe accountancy and (the “Bonds” and die “Company” respectively) auditing firms. Nippon Credit International Limited Baring Brothers Co., Limited & NOTICE IS HEREBY GIVEN to the bolder* of the Bond* that, ail of To receive a FREE Ac Bonds outstanding, amounting roU.S. $575,00039 41 the date of Tbe Development Singapore this .ootite shall be redeemed by *he Company on 3 In December. Bank of Ltd Robert Fleming & Co. Limited sample copy contact; 1993, at the pnceof 103 pci cent of theprinelpal amount together with' Racbd Thomas accrued interest Tbe Conversion Price of die Bonds Ts W26.029 and Peregrine Cap/fa/ Limited NM Rothschild and Smith New Court die Closing Marketing Department, Price of tbe common snick of the Company M of l3tfi November. 1993 UW18, 900. . Financial Times . J. Henry Schroder Wagg Co. Limited Standard Chartered Asia Limited Newsletters, & Tbdt November, \99) Goldstar Con Ltd. . 3rd Floor, Number One, Southwark . S.G. Warburg Securities Daito Securities Europe Limited Bridge, . London SE1 9HL ' Forex or Futures prices from B48 per month HWV.TAl. 1 oas Taiheiyo Europe Limited TeL- (+44 71) 873 3000 For 30 second updates Fax: (+44 71) 873 3935 on you Windows PC Screen or Pocket Financial Monitor can 0494 44441 QuoteLink from SPRINTEL — : : : : : INTERNATIONAL COMPANIES AND FINANCE Citic buys BadlOans cloud banks’ contrition Japanese State Bank of 30% stake telecoms Robert Thomson in Tokyo examines another set of miserable figures in Swire group posts NSW to be sold When Japanese terday that the commercial the six months from March. lower interest rates pushed t distress, With Aviation 1 b' Jfcvir k s property market is in the official discount rate bond prices higher, enabling number L&'^apnc'ed'. and that the country could face at a record low of 1.75 per cent, the banks to report Large deal- small rise ntinues Hmo£hef : set of collapses of companies and there is little room for another ing profits. Sumitomo reported off next month By Simon Houston - interest rate cut over the next t Hong Kong confidence year. profits of Y9.6bn from bond By Emiko Terazono in Tokyo » quite .yesterday is still zto accurate year. its There deal i ng, and Fuji Bank Y7.3bn. By Nikki Tait In Sydney September, down Cram a profit impor- - 8anfcff> ' - g rack took the golds to the exposure of bank Another problem for the The difficult conditions have DDL one of Japan's new of AS25.4m in the previous costs China’s involvement in Horn? unusual^tep xrf^otttopaff loan affiliates, which wore aggres- banks is their old foe. the prompted the industry gener- long-distance telecommunica- The State Bank of New South year. ou start Kong's aviation industry losses, the intention during which has to k it's deepened genial afrelenders the bubble Tokyo stock market, ally reduce its exposure to tions companies which are Wales. Australia's largest The 1992-93 figure, however, a yesterday with tO rnnwy ment. It has - also partnered banks have weathered the Ua«fai 7hhaaotn Bank leading 11 banks were steady totalled 2.2m during the first banks. Australian nan-bank ing a bank, as much as they be big- Swire Pacific in property devel- worst bubble’s half ft of the conse- or rose during the period. Mit- , pushing outstanding con- financial institutions with the would by re-investing the same opment in Hong Kong. quences is that the depth of subishi Bank said there are tracts up 25 per cent to 22m. financial strength to make the money in core services of gov- >ble the The Chinese government has fhetr had -loans remains Apart from coping with the example, took profits of still "opportunities in the prop- Costs in issuing new shares acquisition, and foreign banks ernment," argued Mr Peter m. And used Citic to build up substan- unclear.. Officially, problem ills of the property market, Y52.2bn during the period. erty market*' which are not ahead of its listing totalled with an identified strategic Collins, state treasurer. n capa- tial interests in the "command- loans rose by 9.6 pm- cent dur- Japan’s banks face a harsher But the Call in stock prices risky and a part of normal YlJHm. interest in Australia," said Mr However. Mr Bob Carr, the ing heights* of Hong Kong’s ing the half to September, but trading environment over the mnarx tha t the hanks may face hanking business. For the full year to March. John Fahey, state premier. NSW opposition leader, economy. In addition its official to .the measure hardly next year. The favourable losses on some of their equity The banks have also been i DDI expects the price war The "preferred" terms of sale accused the government of gham shareholding in Cathay it owns tells the ML story of the banks* spreads created by the fall in portfolios, which would need to unable to cut their general and against NTT to take its toll on include provisions that the holding a firesale and said that ; 20 per cent of Hongkong Tele- exposure to a stfll-weak prop- interest rates over the past two be written off at the end of the administration expenses deeply earnings. The company cut its existing staffing and branch the bank - which he claimed com. j erty market .. years have shrunk, as was year. Bank stocks have been enough to lift their profits. rates earlier this month fol- structure is retained; that the could he worth as much as It is the likely mainland Chi- The failure earlier this shown by the general 10.6 per weak recently, which is These expenses rose at some lowing a similar move by NTT bank's headquarters remain in A$1.5bn - was being sold at nese candidate to invest in wnwth of Mnramoto Construc- cent decline in core business another si n as the selling hanks though the in October. that the “precisely the time”, bad g , , even same Sydney; and bank wrong Hongkong Electric or China tion, which -had outstanding profits announced yesterday. of bank stocks heralded a institutions claimed to be in DDI forecasts its first fall in remains "a viable independent A number of potential bid- Light & Power, the colony’s debts of as much as Ysgobn Sumitomo wank, whose busi- sharp fail in the market last the middle of a cost-cutting annual pre-tax profits since entity". ders. including Advance Bank, two electricity utilities - a (|5-51bn), indicated that the ness profits fell by the industry year. drive. This suggests that the company was established News of the auction comes St George Bank and CIO Aus- move which is expected before nasty surprises are not over. average, explained that its Bond markets have been branch closures and staff In 1984, dne to an 18 per cent less than a week after SBNSW tralia, have made clear that Hong Kong reverts to Chinese An executive at one Japanese overall spread slipped from 0.39 more sympathetic to the reductions will be needed over fall in revenue from telephone announced a AS74-6m net loss they will at least review the sovereignty in 1997. financial company warned yes- per cent to 0.31 per cent during banks. The expectation of the next couple of years. calls. for the 12 months to the end of sale terms. Israeli bank offering postponed until January I Fletcher Challenge creates forest unit shares mined four investment, as By Jufian (teams . to piBSS With the Hapoalim shares had been this year, fell on the Tel Aviv By Terry Hall will be split. For each pure forestry and ping centres, to be known . hi Jerusalem m1i> of landing' KawVg, sold, not 69 per cent as origi- Stock Exchange to one point in Wellington ordinary shares held on had the potential to attract the St Luke's Group. These The move followed the ten- nally repeated. The correction lower ihan the minimum price December 10, shareholders will new investors who might not centres are being sold as part Israel yesterday said it would ure of this week's sale of a 10 was made after it was revealed of the government’s offer. Fletcher Challenge share- receive four new Fletcher Chal- have the same Interest in a of the company’s drive to retire delay a public offering of 10 per per cent tranche of Bank that a Shk900,000 ($306,000) Mr Aharon Foegel, director- holders yesterday approved a lenge ordinary division shares Fletcher Challenge ordinary debt cent of the shares, in Bank Hapoalim, which was mas- order for shares by General general of the finance minis- proposal to create a separate and one forestry division share. The St Luke's flotation will Letuni, the country’s second sively undersubscribed after Bank had wristakpniy been try, said the government was class of forestry division share. In effect, the forestry Under the new structure the be the second biggest ever, in largest bank, after the flop ear- investors criticised the govern- written down at ShkSOm. The determined to learn the lessons shares for investors who may share is being regarded as a ordinary shares will encom- New Zealand after the Telecom lier this week of a 10 per cent ment for abolishing the maxi- issue raised Shk3i4m, not and press ahead with its bank wish to focus their investments bonus. pass the operations of the issue in 1990. offering in Rank Hapoalim. mum price on share issues, Shk403m as originally privatisations. He said the mar- on the company's solid wood Mr Hugh Fletcher, chief group's pulp and paper, energy The offer Is for NZ$345.6m The finance, ministry said leaving out underwriters and announced. ket had shown that it wanted plantation activities in New executive, told an extraordi- and building divisions. (US£L90m) in ordinary shares the offering, which was sched- not attaching options or Hie government’s decision to shares to be sold in a different Zealand and Chile. nary general meeting in Auck- In a separate development. and notes, of which 12 per uled far next Monday, would- warrants. postpone the offer was also manner with prior sale to insti- The approval means that the land that the the new forestry Fletcher Challenge yesterday cent, or NZ$42m, will be made be postponed until January but The government also said taken after Bank Leumi tutional investors and attach- existing holdings of ordinary shares would provide flexibil- issued a prospectus for the sale available to New Zealand that the government was deter- that otriy 53 per emit of the shares,- which were sold earlier ing options or warrants. shares In Fletcher Challenge ity for those interested in a of its New Zealand based shop- investors. Boiwiwe«gwiaTiiii«Ti i mu* w RAND MINES LIMITED —mmmmmmmm November These Bonds have been 2ft 1993 sold. SURRENDER OF REGISTERED SHARE CERTIFICATES FOR REPLACEMENT This announcement appears as a matter of record only. LODGEMENT OP SHARE WARRANTS TO BEARS. FOR ENDORSEMENT fit the general meeting of Rand Mines limited fRand Mines') shareholders held on Tuesday, 23 November 1993 the special resolution for the sub-dnnskm of Rand Mines' ordinary shares was duly passed. The special resolution has been registered by the Registrar of Companies in South Africa. Accordingly, with effect from the commencement of business an Monday. 29 November 1993, each of RHEIN HYP SMa the issued and unissued ordinary shares of R1 each in Rand Mines will be sub-divided into 4 ordinary shares of 35 cento each Procedure to be fallowed by registered shareholders wilh regard to the ntb-divimon Rheinische Hypothekenbank AG Registered shareholders of Rand Mines who have not already done so are requested to surrender their existing share certificates together with the surrender form (coloured green) enclosed with the Frankfurt am Main, Federal Republic of Germany Cheater dated 28 October 1993, to the relevant address as indicated in the surrender form, as soon as possible, lo enable the issue of new registered certificates in respect of the ordinary shares of 25 cents each resulting from the sub-division. DM300,000,000 Procedure to be followed by holders of share warrants to bearer with regard to the sub-division Holders of Rand Mines share warrants to bearer are requested to obtain a copy or the Circular dated 1 6 /a% Deutsche Mark Bonds of 1993/2003 28 Ociober 1993 from either of the following offices: Barclays Bank PLC Barclays Global Securities Services Ltd London Counter Services PO Box 1043 1 68 Fenchurcb Street Willow Grove House COMMERZBANK London Windsor Road EC3P 3HP Trowbridge. Wiltshire BA1 4 OYT AKTIENGESELLSCHAFT and to surrender their share warrants to bearer for endorsement using the requisite surrender form (coloured pink'j enclosed wilh the aforementioned circular to the relevant address as indicated in the surrender form, as soon as possible, to enable the endorsement of the share warrants io bearer to BANK BRUSSEL LAMBERT N.V. CSFB-EFFECTENBANK DAIWA EUROPE reflect the sub-division. All share warrants received on or alter Monday. 29 November 1993 will be AKTIENGESELLSCHAFT (DEUTSCHLAND) GMBH processed and the share warrants, appropriately endorsed to reflea the sub-divided ordinary shares wiE be posted by insured registered post at the risk of the shareholders concerned, or made available for collection, within five days of receipt. Warms holders in France may surrender their existing share warrants, together with the surrender DEUTSCHE APOTHEKER- FRANKFURTER SPARKASSE GOLDMAN, SACHS & CO. OHG form (coloured pink) contained in the Circular dated 28 October 1993 to Rand Mines' Paris agents at UND ARZTEBANK EG the following address.- Barclays Bank PLC Cuichet Titres LEHMAN BROTHERS BANKHAUS METALLBANK GMBH J.P. MORGAN GMBH 21 ruelafine 75009 Paris AKTIENGESELLSCHAFT However, warrant holders who surrender their existing share warrants to Rand Mines' Paris agents, will not have returned to them share warrants to bearer endorsed with the new number of ordinary shares, but wiD instead have the ordinary shares represented by their share warrants converted into N1KKO BANK (DEUTSCHLAND) GMBH. registered shares which will reflect the new number of ordinary shares in accordance with the sub- divisian and such registered shares will be credited to them through their bank or brokeT affiliated to S1COVAM. SOOVAM is the French central depositary which provides book entry, direct payment and related services to customers of its affiliates, namely banks and brokers, who are holders of securities issued by domestic and overseas companies. Stock Exchange listings The listings of the ordinary shares of 25 cents each, resulting from (he sub-division, wiD commence on The Johannesburg Stock Exchange and the London Stock Exchange on Monday, 29 November 1993. EUROPEAN ECONOMIC COMMUNITY The existing certificates m respect of ordinary shares of Rl each will not be good for delivery for USD 200.000.000 11,50 % 1983/1995 transactions effected from the commencement of business on that date. We inform the bondholders that the redemption Effect of the sub-division cm the Rand Mines share price instalment of USD 20.000.000, nominal due on CamtALE NUCLEAIRE In terms of the sub-dhrision. wilh effect from Monday. 29 November 1993. each shareholder's holding prfr CS First Boston Group EUROPEENNE A January 18, 1994, has been satisfied by a drawing on of ordinary shares ar the dose of business on Friday. 26 November 1993 will increase by 4 times in NEUTRONS RAPIDES November 17, 1993, in Luxembourg. Residential number (eg. a hokfeg of 100 ordinary shares of Rl each will become a holding of 400 ordinary shares CSFB finance B.V S-A-- (VERSA The numbers of such drawn bonds are as follows : FRF 700.000.000 of 25 cems each). US$200,000,000 GUARANTEED FLOATING in denomination USD 1.000 from 14.433 to 15.569 It can be expected that from the commencement ot business on Monday, 29 November 1993. lhe DUE 1999 from 17.970 to 19-232 Property Guaranteed subordinated RATE NOTES and market price of Rand Mines ordinary chares win adjust as a resuh of the sub-division to approximately in denomination USD 10.000 from 11.021 to 12.780 floating rate notes 2003 For the period November 26. one-quarter orihe dosing price on Frtday, 26 November 1993. 1993 to Febuary 26, 1994 the Those bonds will be reimbursed at par on PRIVATE Notice b hereby gfooi that for Dispatch of new share certificates new rats haa been fixed at January 18, 1994, coupon due on January 18, 1995 the kdvatperiod X/foeember P-A. resulting from the sub-division. 1 . 6,75 % attached, according to the modalities of payment ADVERTISERS Registered share oertificares for the ordinary shares of 25 cents each, axte received on or Next payment date on the bonds. will be posted by first Class mafl mi 29 November 1993 if surrendered certificates Febuary' 25, 1994 . if afier 26 November 1893. carry cm interest rcM ofSJ&iM The following bonds previously called for redemption before 26 November 1993, or wilhin 5 business days of receipt received Coupon nr : 17 please contact Amount: have not yet bean presented for payment NoD-roskteBt shareholders amount Id 26May 1S94 util FRF 1723 for the Area and whose share certificates Called for redemption on 18/01/89 : denomination of Sonya In respect of shareholders resident ouxaide ifre Common Monetary USS2SL54per USU.000 note aid denomination of FRF IQ 000 USD 1.000 : from 200 to 201 and 1793 are reatricnvely enrfona>d in South African Exchange Control Regulations, the new FHF 1725 for the terms of the USS2S638perISStOJXD note and denomination of FRF 100 000 Called for redemption on 18/01/89 MacGregor certificates wifi be mmRzriy restrictively endorsed. USS2^Si82 per USSlOOfiOO note. denomination of USD 10.000 : 109 26 November 1 993 United Kingdom Secretaries: THE PRINCIPAL PAYING Viaduct Corporate Services Unwed Agent Morgan Guaranty Amount outstanding after January 18. 1994 071 873 Johannesburg AGENT SOGENAL 4935 19 Charterhouse Street USD 20.000.000. ’fast Company SOdETE GENERALE GROUP LONDON ECIN SQP 16, Av. E. Reuter jPMorgan LUXEMBOURG THE PRINCIPAL PAYING AGENT rtaXTFCTBed a lhe 3n*iUc ot Sadi Africa] ffij P SOGENAL (RajsCKfcc number 0 lflOfS&GS) | M i " r-"-i 1 hwbwuju i r Tmrr^i twit" SOCIETE PARIS ii GROUP GENERALE i iii iiH' ii iii nw TH Bi n ii T TTrun —— — 15, Avenue Emile Reuter - LUXEMBOURG . D '•W,-.. :-P 22 FZNANCIAXv TIMES FRIDAY NOVEMBER 26 1993 - Tottif HaUentf INTERNATIONAL COMPANIES AND FINANCE Wjfmpla 4 Ymfc Malden Lane r ^ finance Corp. is U.S.$200«,000 Mexico sets im fecund N*bD« ins Hollywood stars in race for CU9Pf:6tl444M3 BMfcUHtMUMX! agenda for flf i VI Note oTAMHanl Enm of Detail Martin Dickson examines plans by Paramount and »d R^Mgr Mr it. 1993 MMUour bank NobtaMoi Warner Brothers to establish television networks foreign lo oar nbce (tned Jtuc 21. 1993. wr. n Tmiee Ube “IfoMoeT radar ihc (lb* wo of Hollywood's larg- advertising necessary to make years, suggesting that market licences Wwwe 'ladcntorc*), doled ra of ftetera I98S.nr Uyufraft Yi* Mate est film studios - Para- a new network financially via- share may be stabilising. Lne Fwn Carp |fcc ~lwtT). m mm mount Pictures and ble, Paramount and Warner They also point out that By Damian Franer (be luaer'i low Served Noto Dae T - 1993 (te 'N«b'*I me awed, mtH hok Warner Brothers are racing have to sign up affiliates who some 40 per cent of US popula- in Mexico City Ur Sprouter, Mow HdditelMM aid to establish new US television can put their programmes into tion is not wired for cable, nor Enemiaa Ajranen and Secant} Apccm networks. up Its Ud Auijumeal of Read |ibe broadcasting And at least 80 per cent of homes. likely to be in the near future; Mexico is set to open 4«d at of December 23. 1983. bclwceo about the only thing they Both companies agree the and that part of the Big financial system to foreign Ojte** Ya* Mate Laos Company [dr agree is that there is stations loss market share early next year. the on only 280 broadcast which Three's of competition "Q^wO tad 1 m, notified joi ifaai B*«au of Defet.li bad occurred andcr Itr room for one of them to ruc- remain independent - and has been to Fox and other The finance ministry plans to WMHMiHder , dr Monp«c In «r note. ceed- which they are targeting - are TTwh»tyn«tent- broadcasting sta- give licences to akinany as s» # «* atari affirmed yoa fee ue had tchaUed a the neobf of Uk Hetdcn of *e Nne Ml drlr Both companies have sufficient only for one more tions as they improved US and Canadian- banks. looted iqnacufcaoajnly 16. 1943 m recently announced plans to network, and even that will quality of their programmes. The opening is prescribed by Nte HoHcn (he ro l npponmrily dnan dr fr - - launch a fifth broadcasting net- require some cable partners, or The independents have been the North American Free BWfao wia eadi odrr, nidi rcprwmlir* oi e ter and and) fee Itmra. work. It would compete against tie-ups with affiliates Of exist- bolstering their traditional fere Trade Agreement (Nafta). The mcebag ant hdd at rhedukil and *at the three long-established net- ing networks. of local sports, news and old which win eliminate reetrio- •tended, m behalf of dr (be Kner am Oanax 1 - - hir Mr. Patrick Aten. rt atm.mun; adrtaor to works CBS, NBC, and ABC "There's no room for two movies with so-called first-run tkms on foreign investment in ®J"P» 6 Ywt C«Dpaaiei iILSa.) roftY-j. and the upstart Fox Broadcast- more networks,” says Mr Rob- syndication shows - series pro- Mexico’s banking, brokerage Me. Dntd Ktag. Setter Vet Prcktaa of QftY. ing, launched in 1986 by Mr ert Daly, chairman of Warner duced by Hollywood specially insurance sector. Exclu- d Jodna Merarfcm Esq. parser dr b* and Hn Fried. Frartt. Ham, Shiver A Jacobian, Rupert Murdoch's News Corpo- Brothers. He has appointed Mr for this market ding which manages onand bO£Y. aol by Ae KuUen and bencCnil ration. Jamie Kellner, who played a The trend was pioneered by a branch under a special awn of appmmtedy m of Dr Nor*. The neetug «• held m loo parte During Paramount, which Is in a key role In the birth of the Fox Paramount which launched an agreement, the banks will be *e fax port. Mran. Abouaod Kat&sasM) joint venture with Chris-Craft network, to do the same for his offshoot of its long-running, the first foreign financial fa general nun of OA Y die Kwer't omm die [adcanae and die ecunnic ponpeca far Industries, owner of six inde- company. but still extremely popular, bouses to operate subsidiaries - 39 Marten Lane (dr -BaOdag ). dr barter* pendent television stations, "The battle will be won or Star Trek science fiction series in-Mexico. •ecara* the Norsk intends to launch its service in lost in terms of who signs the into first-run syndication in Morgan, Chemical Bank, Mr. Afen until OuJ. punaau to Section JF 6.l2af dr tehowc. dr bus may be rapnod January 1995. Warner, which bulk of the non-affOiated inde- the late 1980s. The move to a Steven Spielberg: one of the possible strengths of Warner Brothers’ programming Bankers Trust, Citibank, ; deliver to ibe Tmiee ao W by later ibai has teamed up with Tribune pendents, and that's where all fifth network is lexical progres- Chase Manhattan, and Amerl- DemteJI. IWJ over 3240 nrtftm kt UqtdJ gr Assea GoBauraL dm (he bluer doa art oqiea Broadcasting, owner of seven the arm-twisting, and sales- sion from first-run syndication, amming two nights a week. the up-front “guarantee” it reduction ;in its up-front pay- can Express from tbe US, and r to meel dtii Indenture requremew. aod QnL stations, alms to have its ser- manship and persuasion is but it has also been spurred by Paramount will feature a new wants affiliates to pay it to ments and its more modest Bank of Montreal, tbe Royal accordingly- Hr Iraer reqaettv dr Hokfcn to - Rank- rtf ria, vice running next autumn. going on.” says big in structure of Star It also goals, it ,- has pn^ the Bank of farm a ootanattee to apuuac a reeniiBf of by Mr Kerry a change the Trek series. help fund the roH-out programming, dr Notes. The propoted general leraB of a While details of the Para- McCluggage, chairman of Para- the television production Warner has not given any wants a share of any increase deferred that plan. Instead, it Nova Scotia from Canada, are ranrwnBt are d forth n Ibe knrr'c prea> mount and Warner plans differ mount's television group. industry. programme details, but In affiliates' profits. aims to reach these areas ini- among those said to be inter- win whrh ami dwtributed w dr HoUen proem die Doadatino ol dr mail* considerably, both are essen- For the past two decades, strengths include its expertise tially through ad hoc syndica- ested in a licence to open a After Mr. Abcnt't pmcnutrtn, Mr. King tially trying to emulate Fox. ut is there even room anti-trust regulations have In children's cartoons «od tTw> aramount, which owns tion deals with affiliates of the subsidiary. US and Canadian (Craned dr (cum iduaboa in dr BraUny and Fox built for fifth sta- net- subsidiaries non-American Ibe pcoyccvcd rcvcooet and eipcua of the has up Us network a network? restricted the Big Three neb talents of producers like Ste- four independent four existing broadcast of Baildlnx for ibe neu fen years. Tbe luaer by winning over local Indepen- B After all, the Big Three, works' ability to own and pro- ven Spielberg. tions, Is not asking affili- works - roughly the same, banks are also permitted to dbtribued cepes of of cadb Ifcnr tor P unarm dent broadcasting stations which used to account for over duce the primetime entertain- Although Warner initially ates for cadi, and maintains It approach being pursued by ibe ill yean ended December Jf. 1992 and ” Tnnr-ii 1991. aad Peter Bormtu. Esq . Debcvone & Plimpton. 87 J Third Aicitc. New Yuri. NY 10022 BRNCR SERftM. 5.A. I2I2JWL*K5.I Sam oar bme 21. 190) meice M you. ill die Floating Rata Notes LOW COST Issacr and the Owacr have (ailed, do iwo due 2000 ecrauan. id the Trance quarterly sjl detun m ROSY BLUE FINANCE ROSY BLUE FINANCE s^v. DEALING SERVICE 1 0111 Uja m ill of Cash Fhr» and dr areuoqsuya* R» he tetanM parted tram Ntarartra SHARE 1903 10 May >994 tfw /ate dscBmenu and infarmabra iRfamesf aodre the 29i 91, ;> < im n'. i il Tnrm may wrae u Mi thduam I Kcnanly. Senior Yitc Prrsnlcnl. N'alioasBaak of Arranged by: Arranged by: TewMiser. N A.. tsDO Lasi Main Sneer. I JA Boot; Rctnond. Va 232 19-2U I iSM- M*-l )M s la order la mimmuc espemev dr Trnuee ABN AMRO Bank (LUXEMBOURG) SJV. ABN AMRO Bank (LUXEMBOURG) SJL does not pretend) need ro patdali any more oners I other ihan Ihuic required by (he brtnmactobeisiblnlicdlad. amend. vnU mail ncoces d al Holden ksoun ks a Amerhejiy. Fiscal and Paying Agent: Fiscal and Paying Agent *U Hidden who hu*c uni pr>mh dnr VO m* STRONG BONDS aigcd u> fas thnr masluif aJJrrssrs and dir ABN AMRO Bank (LUXEMBOURG) SJL ABN AMRO Bank (LUXEMBOURG) SA. pnecqnl arauua uf Mutes held h> Ana h< Mr Kcrmedy tfai oo iSMiMJ-I.Uftiu aUcra tic famaudn*« Caprvducd letnu. oved herein jdJ me defined tenia dafi baie the uxxHpv isvgm] iberetn thriving to in Advisor the Issuer Advisor to the issuer a NMtertBmdt rf Drantwe. NA. ABN AMRO Bank, ANTWERP DIAMOND BRANCH ABN AMRO Bank, ANTWERP DIAMOND BRANCH a* Soccrvwf Tmtiee Ortodr November 16 IV9J bond market continue to bring good iiiiiiimiiiiiiiiuiiiiii ABN-AMR0 Bank ABN-AMR0 Bank w results for fund managers, m November 1993 November 1BB3 NORTHERN ROCK institutional investors 3ESS BULDNG SOOETY SSS £100,000,000 and trading and Floaruig Rate Notes 1W4 sales US$900,000,000 departments In jtconlaiKC with rite provisions sif the Notes, nonce is Kingdom of Denmark Floating Rate Subordinated Loan throughout Europe. hereby given rhjr, for rhe three Participation Certificates due 2000 month pennd 24fh Noscmher. 1941 to 24rti Fchrtury. 1*91 the Notes 'W Subscribing to will hear micros! at rite rate USD 250,000,000 for the purpose of flnapdng p mbordinmd loan to of j.biS percenL per annum. Floating Rate Notes due May, 1995 ISMA’s data will Coupon No. 7 will therefore be J^The Mitsubishi Bank, Limited payaMe un 24ih February, 195*4 fn accordance with die Description of the Noun, notice is here- reinforce ar£ 1,4 17.fi I pcrcuopun Irons by g-von (hat for the Interest Period from November 24, 1993 Notice is hereby given that for the Cnee mcmihs imeresi period from 26th your Notes of (.100,000 nominal and to May 24. 1994 the Notes wdl cany an Interest Rate of 10% November 1993 io 28ih February 1994 the Certificates will carry a Coupon Cl41.~8 per coupon from Notes per annum Rale of 3.75% per annum. position and give ol £10,000 narainal. The interest payable on the relevant Interest Payment Date. Coupon payable on 28th February 1994 will amount ur. S.G.Warbarg 8c Co. Led. May 24. 1994 against coupon No 18 USS 979.17 per USS 100000.00 Certificate and you the competitive Agent Bd/ik wril be USD 502.78 for each ^ . USS9.791.70 per USS 1.000,000. 00 Ortifteae. respectively the Agon Bank USD 10.000 Mote. edge, you heed to liiiiiiniiiiiiiifiiiiim Kndhubmti Mitsubishi Bank (Europe) SJL Luxembourg \ Aa Agent Bank stay ahead. First Union Corporation UA $150,000,000 RETURN THIS COUPON FOR Daily Gold Fax - free sample NOW AN INFORMATION PACK Hoadoft Rate Notes aVASIQUMUBJ rai^raa - in — -' , ... a Anno Whilby AND FREE DATA due 1996 (K;ii C,U.,.( U„ SAMPLE U.S. Tel. 071 -734 7 1 7.J $34,000,000 7 Swallo* Under! ?HC>. UK wm • The rue of mrcresr per mnum Irtmrt Rata 5.7?*. Fax . 07 , p*. comrrcdily fnr over 22 jfj l»md ira—fan 1*05 Please send, me- a sample of printed data a sample »L to Aprt . of electronic data on First Union Coiponifinn's SflNCn 5ERF1N. S.R. XT Q nea. iranw Parana par U3t1(XU>00 U.S. $l 5i},OOC.MC Fliucinc NoaUMr#f«M Ran Notes due l9**o lof rhe Floating Rate Notes famm Ki imtaraa ECUTtmhnMt PLC ruTUHt:. a oi’hons okoklik Interest punrsi teemmne due 2004 PrCtMfaL U, dmarMnm Chatham Pkco S fojroou . , 24rh November, I99J, and (.Tid- BalonMti For ms merest canoe trooi NwamtHc ROUND London 8W IX 0HL ing 24th February. IW4. rite 23. 1993 io Hay 31. trie rate 19V TafeantattM imnf • interest piyuicnr Jjiv, will has been dolermUied at 4i*i pgr TRIP near Pan «7t 2U «CM' swum. The sewn pjyaort on May WAS INteRNATlONAl. LIMITED be 5.625%. The amount •*! MatifaraWA c St. 1994 per U 5 5500,000 prmcqMl SERES C3VAS IB t x ; 'j no* cuiv irtinscucToiv flfFca inietat payable lor vuch into- amount of Notes UAMUMN M m (JS MX Mt pertivj on each 510.0CW 511.437 50 warart Rom pa. mtarart principal amounr oi Hie Norn Qy.1teChMlWataiM.lU. am _ pram Mramfaor 20. 1M9 B *Wraqr MdMiAfaMBiAk A INTERNATIONAL SECURITIES willheS92.64. Q 1M4. MmK PapSUt par UHIKLOOO MARKET ASSOCIATION LTD November 26. 1993 gmasc N0toUSIWS.ir. Seven Limeharbonr Docklands London E14 9NQ Tel: (44-71)’ 538 5656 BenfeersTmae Fix: {44-71) 538 4902 QUOTE . CompanViLoodoa Agnu ttanlr ha, PC B, Cabo*, FT ISMA Q C G4KB HYPe.ftFEED / ; S . U . A — A _ — . WNANCXALTlM»»g FRIDAY NOVEMBER 26 1993 INTERNATIONAL CAPITAL MARKETS ill private sector I Ontario returns with DM1.5bn offering By Antonia Sharpe They had shunned the sector swapped back into Canadian opportunity and demand was Elsewhere, activity was slow aucps while the sanctions additional there. up nurooona issues were in dollars, reduces the due to the Thanksgiving The Province of Ontario lost no force because of the German borrowing to C$1.4bn. Mr The bonds will be priced holiday in the US. Honda returning Patrick time in to the Euro- banks’ links with South Africa. Otsuki said that if the opportu- today to yield 47-49 basis points Motor, a well-known name in McCurry fincfs increasing international bond market yesterday, now The timing of the issue sent nity arose, Ontario would seek over underlying German gov- the Euroyen sector, raised acceptance of that the uncertainty surround- a strong signal to the market to pre-fund next year's borrow- ernment bonds. Syndicate Y50bn through an issue of umber paper issued- from the country that Ontario had put the down- ing programme, of CS9bn- managers said the pricing was Eurobonds due 2001, via ifctnues INTERNATIONAL grading behind it and would OSiQbn. fair but added that had Ontario Nifcko. razilian private-sector .(Praetor at Brasfl. Citibank Bankers expect more equity- now proceed with its heavy He added that he had chosen not been downgraded, the yield Today, Sumitomo Realty and } quite companies are increas- BONDS Despite inflation of nearly linked issues from companies borrowing programme. the D-Mark sector because it spread on the bonds would Development plans to raise a B ingly looking to the irapor- 2,000 per cent a year and -an and institutions like the “The downgrading has unfor- offered the lowest-cost funds of have been seven basis points total of Y80bn through three xists - Eurobond market to raise economy lacking the structural National Development Bank, ing its rating had been lifted. tunately happened and we will all global markets and that the tighter. Eurobond offerings. money for capital u start investment reforms carried out in Mexico, which has stock in than On Wednesday, Standard & now drive on," said taking more Mr Ranald i it's a advantage of the grow- Chile and Aigentfna, many a hundred Brazilian compa- Poor's cut the long-term debt Otsuki, Ontario's director of NEW INTERNATIONAL BOND ISSUES rng international acceptance isiness of Brazilian companies are plan- nies. ratings of the province of capital markets. He added that Brazilian paper. ning investments after The Minas Gerais bond with Ontario and Ontario Hydro to he was encouraged by Moody’s Amount Coupon Price Maturity Foes Spread Book rurmor Eurobond m. ‘-i bp Heart issues are also restructuring Borrowcr % becoming and reducing warrant issue, to be lead man- double-A minus from double-A. decision to hold Ontario's rat- US DOLLARS e 25th more diverse. For costs, particularly In the capl- aged by French-owned Banque Ontario, which had been ing at Ctnna Oversea a LrO-$ BENCHMARK GOVERNMENT BONDS Italy FT-ACTUARIES FIXED INTEREST INDICES - Rod Day's Weak Month NOTIONAL ITALIAN QOVT. BOND (0TPJ FUTURES Price Indus Thu Day's Wed 24 Nov 24 Yr. Coupon Date Prtco YMd mo Lira 200m lOOtha ol 100% uk ana Nov 25 change % Nov 24 ytd Nov 25 Nov EES NOV 25 Nov 24 Yr. ago Nov 25 ago Australia 10000 - 121.0000 -0.040 MO &S8 0-4« Opan Salt price Changa High Low Esl voi Open bit 1 Up to 5 years (25) 10JJ3 5 yra 603 6.02 7.14 626 6-28 7.51 640 639 7.74 1142000. - 7.11 5-15 11-56 15 yra 5.90 6.92 857 7.01 7.04 8.74 7.20 723 9.02 Belgium 9.000 .40290 .089 980 Deo 112.30 112JJ1 044 11009 112JD5 38718 78239 2 yeas (21) * - (0.04 20 yra 7.01 7.02 853 7.08 7.08 8-91 7.21 73A 9.10 Canada 7400 08000 080 978 881 Mar 112J0 1iaQ3 0.48 113-22 11230 9884 29713 3 Over 15 yews (91 Denmark 8.000 -1197500 40800 944 683 940 Irredeemables 13.47 Ined-t 7.12 7.13 689 Jun - 1134)3 0-48 - - 0 1 4 (6) Franco BTAN 8SOO 1001200 -8.040 588 908 911 5 AD node (61) 1033 OAT &7S0 1054300 49450 909 684 S89 a ITALIAN QOVT. BOND (BTP) HJTXIBES OPTIONS QJFFE) Ura20Ctoi IQOtha oH00% . — Inflation 5% —— —- Inflation 10% -— Germany 8000 1009100 -9010 689 881 .589 Nov 25 Nov 24 Yr. ago Nov 25 Nov 24 Yr. ago Strike - CALLS — PUIS .- . ; 9l21* Italy . . r 9-000 .998200 . *49480 .915 922 - Price Mar Jun Mar Jun 2.44 .Japan Nans .4800 X08S4O +9080 293 -3-00 3.01 6 Up to 5 years (2) 458 Up to 5 yra 2.16 2.16 150 1.30 • No 157-4 '4800 1073410 • -0.150 387 386- S5ff 11SJO • 2:17 • 3.16 2.14 3.13 7 Over 5 years (11) 449 Over 5 yra 113 3.14 3.82 255 256 1 - Neftatanda 1048800 +9070-544 975 580 11350 1.93 2.92 2.40 3.39 8 All stocks (13) 427 947 Spain 1124000 +9200 889 948 11400 1.71 2.69 2M 3.88 —— 6 year yield •—— 15 year ytetd- 25 year yield (JKGftB 113-01 +4/32 910 912 920 Eat VOL km. cm 1161 Puts 1060. Pravkwa ddy** open tot. Cm 18308 Put* 17829 Debenture* and Loans Nov 25 Nov 24 Yr. ago Nov 25 Nov 24 Yr. Nov 25 Nov 24 Yr. ago 109-03 .. +9/32 988 887 982 118-04 +10/32 782 7.02 7.17 9 Debs & Loans QS5) 145.17 +0,18 VM.91 221 10.14 7.58 7.80 8.89 7JOB 8.01 9.94 8.15 ft17 ian . High: over, Rst yrefcL Year to daw US Tnxwry .... ;• . - 900 587 542 Avaraga gross redemption ytoku as staian above. Coupon Bands: Low: Medium: BK-fOTHi; 11% and t ytd - 900 922 588 ECU (French Owl) 8.000 04IK •1114000 +9700 934 920 941 Spain madwtstondad Louden cfcatig, "US. Merit HoUsy. Yields: Load a NOTIONAL SPANISH BOND WTURE8 (MEFF) t Qroee end yWd (bstodkig wWtodctog l t at m par.cant p^ntde by naiadderm Soaror GILT EDGED ACTIVITY INDICES mcac US. UK In odwa In deoknal MMS Memoctet Open Sett price Change High Low Eat voL Opan W. FT FIXED INTEREST INDICES 24 19 18 Nov Nov 24 Nov 23 Nov 22 Nov 19 Yr ; Hgh' Low* Nov NOV 23 Nov 22 Nov Nov Dac 102.1G 102.44 +0.13 102.49 101.93 25,122 84,137 25 BOND FUTURES AND OPTIONS Mar 102.28 102-56 +ai3 102.60 102.18 1^82 11.089 Qovt Secs. (UK) 103.64 103.49 10353 10145 103.69 93.75 103.84 93J8 GOt Edgad bargains 96 6 - - - - - Jin 104.00 60 Rxad Interest 124JW 123.88 12350 124.05 124.18 108.88 125.20 108.67 Way average 111.4 Basis 101k Goremmora Sscremss isnOCS wd B«sd Merest 19M. SE BCflvHy hvtoes rebased 1974. * France Hrlor 1893. GovwTwnenrQovsrwnsnl sscutttaSacurtUsa Nghhigh *noasmoa oonvuadon:oonvdadon: 127.+0T27.+0 19/1/3(9/1/35J. low 49.18 (3/1/75) FMTWHALrWPICHBOMOffJT^ UK Fired Merest Ngh dnea comptodore 12S20 (MV*! Om 5053 on/751 NOTIONAL UK QB.T FUTURES ILUTg - 250800 32ndao< 100% Opan • Sett price Change Hgh Low Eat VoL Open InL Sett vof hit Dac - 12382 12384- +922 *12482 12944 18888 169678 Open price Change Hgh Low Eat Open Mar 12780 1Z7.70 40.18 127.78 12724 5 <3812 Dec 115-05 118-18 0-08 115-22 115-OS 29639 07054 FT/ISMA INTERNATIONAL BOND SERVICE | 1—IBTIMH 1H Ulltll - . - g uwJun 12978 127.12 +914 127.18 1297B 2838 Mar 114-17 114-28 0-00 114-30 114-17 5414 61212 - - - lor marioet Latest at 7fl0 pm an November 25 LOHQ TEMi HUCH BONO OPTIONa IMAHR Jin 114-08 0-09 0 0 LWed am 0m blest Wnmafional bonds which then le an adequate secondary prices LONG GILT FUTURES OPTIONS (1JFFE) ESftOCO 64lhs cT 100% Issued Bid Oder Chg. VWd towed BU Otar Chg. YtoU Issued Bid Offer Chg. VWd : • - -* PUTS 1(05^ SMca . CALLS r— . - . . Dec. .Mar Jun Uses 97 100 115 ^ Price. Dac Mar Jun . SW« CALLS PUTS IML DOLLAR STRAIGHTS lived Kfeiglam 7% 97 5500 100% e% 525 /tenon 11% C — _ 123 994 910 Price MOT Jiffl MOT Jun AteyNUTiaaeuyehas. — 1000 100*1 100% -% 6.47 Vrikswegen tfl Rn 7 03 1000 102% +% 663 Bifch Gas 12% 95 C - 300 108*4 108% +% 630 . mm Brush Land 18 2 150 135*4 135% BOS 27% 698 12% - 124 908 - 919 114 2-13 2-40 1-21 2-28 A6emRw*)M 9*i 95 — BOO 108% 109 457 Wald Bar* 0 15 2000 % 10 _ 637 111*« 111% 600 125 186 931 115 1-42 2-09 1-60 2-81 Aujata 8^2 00 _ 400 113% 114% 5.78 World Bank 5% 98 300 102 480 BB 972 +% 126 - - 953 118 1-14 1-47 2-22 3-35 Baikal Tokyo 8% 88 — 100 107% 108% % 495 Wo« Bank 8% 00 1250 117% 539 Hatter 10% 97 2 _ 100 111% 112% 823 - - 548 Hanson 10% 97 C - 500 112 112% t% 676 127 - 131 086 BTSL Piarioua day's open kiL, Cato 33978 Pun nssa BdgunSSse — 250 118% 118% . Eat mil new. Crib siag Pun - ' 103 snutams +68C Hakings iimtBE - 1SJ 121% 122% +% 207 128 - 185 i 130 BFCE7\ 97 — ISO 108% us smss runo 1500 12% 13 Asai Dev Bark 610 100 114% -% 4.78 Italy 10% 14E -400 124% i2S*a +% 7jB8 Esl vet. not, CaBt 1Bj»T PUa 19239 PiwkM dafa epm tot. CMa 32903Q Me SB2827. &M1G3S021 — 7m Canada 8 W - 1000 109% 106% 453 Ccuiai Euope 4% 88 250 102% +% 403 Japan Dev Bk 7 00 E -200 102 102% 663 _ 200 111 111*4 611 COCE8*e95 _ 300 106 10ft -*1 426 EE 6% W 300 114 504 Land Secs 9% U7C % Orono 01 - 100 120% 121 7Z3 Germany Ecu Qwuq Kong Rn 5*2 98 — — 500 97% 97% 8l 14 Seeds Raise 7% 06 100 117 531 11% E j Could ftnpa 8 98 TOO W74. 108% 4A5 Rrtird 7% 09 300 114 t% 448 Ftowenjon B% 03 E _ 250 110 110% +% 734 IQOmeoMOOtt ECU BOND FUTURES CMAT1F) — % NOTIONAL OHWAN BUIO FUTURES (LlFpg* DM2fiO800 434 Severn Thrt -ISO 118% 120% 7.13 A I Cmdt Fonda 9*3 99 — 300 117*4 117% 580 Goad Mrsn 7% 95 100 103% 11% 99 E — Open Sen price Change High Low Eat voL Opan InL 100 106% 592 Tokye Bee Paw 11 01 £ - - 150 122 122% 7.11 Open Sad price Gauge #* LOW Eat vo1 Open ML Denmark 9*» 95 _ 1571 108% 108% 416 hyirtai Moor Fto 8% 97 242 193 109 109% +% 109 -% 483 YtartJBank1i% 95E - 100 107% 108% 535 Dec was 99.00 0.12 99.79 99S0 67315 124491 Deo 11988 11998 +916 11988 11980 11.173 ECSCAB8 _ -*4 Nntfana 83*4 04*4 ' - 100 103% H»% 438 Abbey 098 NZ5 — - 103 +% 682 Mar nano ggso ai2 99.88 99-51 3111 30049 March 11930 11948 +918 11942 11080 2,123 SC 96 % BB 71*96 250 107% 107% +% Ne«3cdand4% 99 200 4.70 TCNZ fin 9*4 02 NZS - 75 113% 114% +% 705 Jun 99.58 99.71 a« 99-62 99JS8 21 710 — BB8** 07 _ 1000 114 114% -% -*4 485 CB*ME 10 95 Eft — .2000 108*4 100% +*a 573 poblta ol 100% 701 BUND FUTURES OPTIONS JUFF^ OM2HMMO US Sec de Franca 9 96 an 113% 114 Ouabec Hydra 5 08 100 500 Sec ds France 8% 22 FR _ .3000 121% 121% % Eucftragl* 96 109% 110*« -% 450 +% 470 SNCF 9*4 57 FEr .4000 110% 111% 4% 535 Strike CALLS PUT8 — WO * 150 467 . 8tn E)*4m Bail* Japan BOS 500 111% 1 1 -% Price Mar . An Mar Low Eat voL Open Ml — — % Opan Sett pries Change Htgti FLOATING RATE MOTES Expon Osv Cop 9*2 98 — ISO 115% 118% -% 996- 124 086 183 ' 9960 . Dec 115-18 115-11 -0-12 1164X1 115-09 374,423 247.883 hared Bid Offer Cxm * FWanar%97 an W7% 108% % • • — 10000 971 180 901 129 114-11 114-02 -0-12 114-22 114-00 24,367 73,792 Mar RnnWi Etpct19*i 9S — an 108% 109% yra snuiGHis - 951 980 181 1 89 Bam Roma 099 — 200 96« 9670 3-1875 10000 112-31 112-81 -0-12 113-19 112-2B 222 3512 1 t% 331 Jun Fort Motor CretaS * 80 _ — 1500 102% 102% % 10B% u day*» open Oda irWM Fu» 46678 Bdgtom ft 97 DM — 500 9997 10005 64375 lotto. 2179 Piaa tm.' nmto t W, - -0-12 112-01 823 12.393 Eat vel Ct» Sep 112-00 112-18 Gen Ssc CapW a1 96 300 110% 110 Derwiaric795 40000 106% 332 * % BFCE-QJ02BS — 350 P9B? 9993 34175 GMAC6*( 88 — an kj7% 108*2 BB 6% 00 100000 117% 1% 338 — — BAsrra6l0 9GE — 150 9992 todj 5.7875 bid Be Japan ft) 7^ 97 200 107% 106% +% Bk de France 5% 98 20000 106% % 261 — — » CCCEOOSEeu — 200 9673 9898 75(89 Japan burAnwrOor 7ft 9B an rfl?% W7% Rm«f5%95 50000 109% *% 236 — OocopBkg % 98 — — 400 9997 10030 52500 HERMAN QOVT. BOND NOTIONAL LONO TERM JAPANESE GOVT. BOND FUTURES *dye%23 _ 3500 94% 9*% -% 30000 120% % 301 NOIIONWL MBMUM IBM Osra ivtntto ft 00 — 300 100JQ 10045 5-0000 Japan 8)g 01 500 113% 114 Jj Japan Dw Be 5 99 100000 109% % 328 (BOBLVUFFB* DM250800 IQOtha cf 10096 (UFFQ YIQOiri 100>h» of 100% OwBk — — Denmark -% 96 -1000 9948 9959 21875 Kamel Bsc Pwr 10 96 350 111% m% Japan DwBk8%0l 120000 117% % 303 — — Drasdrer 9994 10005 05078 Low . EmL wo/ Open Int Close Change Hgh Low Eat vd Open M. Rranca ft 98 OM-_ 1000 Open Sett price Change Hgh Open LTC8FhB97 200 107% 108 +% 50000 109% +% 254 — de France 99 400 101 A2 10233 62500 102-77 1402 21900 - 11935 37 0 SK % — 10283 10282 902 10289 Dec 11937 - 11689 Matsstib Bee Tit f& _ 1000 105% 105% 50000 103% 237 «wm FeoocM Star ft 07 — 420 9988 32875 .- 0 . 12 11489. - - 11484 11482 1479 0 30000 117% e% 338 10385 902 . Nppvi Cred Bk 10^ 95 150 108*/ 109 -% SNCF6%00 Mw — — Rntnd 0 07 _ WOO 9990 loam 25600 * UFFE contracts traded on APT. AB Open Interest Ogs- bio for previous day. N^von Td Tel B5 200 108% 108% J* Sweden 5% 95 106% +% 244 9% — HaBaxBSft 95E — 350 9095 10001 00750 Noway 7*4 87 .. 1000 108% 108% Wodd Bonk 8% 00 50000 117% e% 161 lutand098 — 300 99.70 9283 24400 Qntsrt>7%03 SCO) 106% 106 -% _ M^r%ffl- - 2000 10618 10024 34375 Osser KcntrObartr 8*2 01 200 114% 114% -% OTHER 3TOUOH73 _ — Leeds Pemonfrt% SEE — 200 9994 10004 anew UK GILTS PRICES MmCanede 7l* 96 200 105% 108 Anted 7% 95 Lfr 800 — Lloyds Bank Pftp S 610 — 600 8234 8259 25375 Pw«drt03 — 1000 95% 88 Cainance Lun 9% 99LFr 1000 % Udaystaft05 — 650 10004 10029 62500 Quebec Hydro «i 38 — ISO 115% 118% 508 VHrid Bzrtt 8 88 U+ 1000 101% _ 1983 NaxTMdea06 96C —— 300 99.78 6087 BOi 75 - Vocr Ned Gem 02 1000 109% _I9B3„ Law OebscPiwaSB — 200 111% 112% t% 633 Bar* 7% R- 10001 10013 Int Had Mcagmr- r- Hgh New Zealand % 96 — 250 34380 U Bad Mrl+ir- smtuyfitx 150 110% 110 *% ill BneiBir Senear 6% B8 R 500 U1% — % Renta 0 B8 - — 500 9943 naag 33750 SAS 1088 200 114% 1*5% f% 666 AberiaPnance HJ%98CS 500 110 817117 8B3653 ms +a — Sooew Qenarie 0 96 — 300 9990 8978 32812 2001-4 652 12P. Treat 2bc V4 (10251 IS8S — IKS U1S £848 9*2 95 500 107% W7% -% 448 Ben Canada 10% 89 CS ISO 115 115% -% 727 1 1Q0A Itott iitapc 814 -A — — toon 845 517 100i aamabaDi Beifn 4US960U -6000 10004 08983 Treaa0 2Po1WH , >57 252 S03S 1B4U 102 nndtog3%pc 95-4. 432 554 203|V 9NCFB*a 88 150 116% 118% 647 Brt-Ji CoUnbia W 90 CS 600 108% 110 176 510 iOSZ A 1*311 IIBiV _ % SUB Bk Vienna 605 99 — 125 9993 98.73 25500 ' 140 9M +/i io3U CawariDa9ta»2U4 7.02 887 Is <2ol! Sp*i8*j89 103*2 -% 5.77 BB 10% S3 Cl 130 114 114 4 628 Eh* 13*290 1W« UW9 518 : TD3U —. 109& 243 251 I73A 158 — 1500 103% % % -1500 10600 100JS 22500 2004 875 873 to® 172 A +H StedaiDSS 975 102AW 1024- TM ffVoo +A 200 108% 1( 607 Sec de Francs 9% 90 CS Z75 113% 113% *% 686 Tr«l(*cU.I«WtL- . M2 263 254 IBS *S 188H 155 8% UntodUngdom-%98 -WOO 99.77 90183 2-9375 105*4 DXW9HPC200! 751 891 *h s a MitfapeigM 11« 512 1 00* m 271 351 IMS 105S 2000 101% 102 4J1 Gan Brc Capml 10 96 CS 300 109% 109% 594 054 758 13BU iliaH S *13S — % Tne» 12*jpc 2DQ3-5 +A | 5ir W8% 103U 270 254 178S IBS 1584. 400 4 TrtsaflpclBW# . 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PwiNPssanmoe pumamotBw urilaaa In alMre 118*4 -A UBH 10HI CowSSpcWM., COHWHI I6LC BQH09: Panonirend b dohre aanretoa hdteBea Cnv. pm-NsnwWl amcuu cTbond per Were sossssd Hirgncy N 100801 8.98 -S 41 s 33S mdB Aomaspc am. - 1M M3V -V 144 1I7S 102*1 JZ IDS WB INtoSpcWNt- cwreA adtotba ptos of aay*mg anwae da me band ew W mow non pm d sw dura. 833 +U 38 20S 4lipc L 20S4 - 352 137V -S 138V 11SS 110*1 +A hbh 108S cuwhApc—- 9\pe31IP_. .. 830 Z7U UdHecfite18Ste2M HL73 - 153 153 132V132% toeissionfll Secwirle# Mrdwc Asaocfeeicn, +&.1D0S TraaLZSpc +s Mn — e Hw Rnardri Tkiwe Ud_ 1833. Rspoducdsn to veids or h pert In any km nos penpind MDwut vskan eanssnt Dew euppesd ey BTC 2003# 8701004* WA ' 24 TTNANCIAJL TIMES FRIDAY NOVEMBER 26 1995 COMPANY NEWS: UK shareholders urged to be ‘realistic’ and accept lp a share offer Larger at Ferranti spells alternative customer out £10.3m after exceptional By Paul base lifts Taylor the riawna of dtograntTuri bid!, base. The letter says orders to allow for any repayment " vidual shareholders and arising from the group’s £lbn • Tax Losses. The letter By Andrew Botger given" •- reasonable winter (Sip). The interim dividend is Mr Eugene Anderson, chair- attempts to deal with the installed base are reflected in rifliwis that Ferranti's UK tax SW Water weather conditions, augur well ; maintained at 6^p. an of Ferranti m international, issues raised by the Ferranti the order book which fell from losses of £ll0m can only be Shares in Powell Duffryn rose for fbe remainder of the year stepped up pressure on the Shareholders Support Associa- fffflnm at the and of Man'll tO used to offset future profits By Peggy Hollinger by 15p to 614p after the distri- in foul distribution. • COffflMWT defence electronic group's tion led by Mr John Katz. £165m by the end of September from the Ferranti businesses. bution, storage and engineer- - Mr Hubbard said growth In The positive reception given to WX) shareholders yesterday, In particular it confirms that - a period when Ferranti lost They cannot be directly trana- A rise in the number of new lug group reported a strong, : the company's shares of the - these- impressive figures con- urging them to be “realistic" administration, suggested by £19.4m before tax. fered to GEC, or be offset customers helped Sooth West increase in underlying profit- automotive and industrial- oil firms the re-rating enjoyed by and to accept vpflTkidH GEC's ip a share some as an alternative to The current order book is against GEC’s existing bust Water, the privatised utility, ability. . wastmderpinnfid both Powell Duffryn, which has rescue bid. receivership if the GEC hid “not sufficient to sustain the to announce a 3 per cent Pre-tax profits for the. six by improved terms of trade seat its .shares more than dou- In a lengthy letter to share- fails, is not an option because Ferranti business and the • Goodwill Ferranti insists Increase In interim pre-tax months to September. 30 were, andby reduced failures ble to the last 13 months. After holders Mr Anderson, said Fer- Ferranti's hanks have held a group will have to be restruc- the potential value of the profits to £ML3m. flat at msrn (fl0.4m). There road haulage customers. apparently slumbering .to the * ranti's directors “understand fixed and floating charge aver tured, its cost reduced and sub- group lies in the experience The outcome, largely in line was an esoeptlanal charge of However, the weak summer eighties, the group revitalised the unhappiness" over the the assets of the company for stantial new business must be and expertise of its remaining with expectation, was struck £3.9m, a loss of £5.7tai on the coal market was. exacerbated itself through baying shrewdly terms of the GEC offers to ordi- the past four years. won for it to return to profit- employees rather than in on sales up 30 per cent to disposal of the. Hamworthy by technical startup problems into the ports business and tr nary, special and preference As a result Ferranti's 15 ability." patents and ademarks . The £125*7m for the six months to hydraulics and transmissions to a eoal contract, which held shedding less profitable activi- shareholders. banks, which are owed about • Pension Fund Surplus. letter also emphasises that, September SO. business was partly offset by a - back ororafr.progress., ties. Gearing of about 20 per However, he reiterated that £100m, can block the court Although Ferranti's annual “Ferranti is worth only what The Increase in profits was property cHspoaaLgato, - Steady trading performances cent gives plenty of muscle to the Ferranti doe and board believes appointment of an administra- report shows that the actuarial someone will pay fix' it in its to a strong performance in However operating : profits 'to the post activities against a buy hnothar large UK port that if the £ll.4m GEC hid is tor and insist on receivership - value of the Ferranti pension present circumstances.” the core regulated water and rose by 40 per cent to £X6£m background of patchy By Richard Gourtay placed subject to clawback by Just over a quarter of the companies - with anything but The pre-tax return Increased conditions seen In some parts the UK and overseas, particu- more bullish analysts tbfok a the public. The closing date for issue was distributed in Swit- a long-term view. If the US at a slower rate due to interest of the group's oil distribution larly Australia. cold winter would enable the Celltech, the emerging applications is December 2. zerland by Swiss Bank Corpo- experience is any guide, one of charges of £4JJm, against activities this summer Should, Earnings per share were 8p group to lift the final payment bio-technology company, yes- Celltech will retain £27.3m ration, and the rest by Caze- the newly floated biotech com- gains last year of £7,6m. terday raised £50m in a placing after expenses while the Brit- nove in the UK. panies is likely to succeed with South West, which received of shares at 250p in the largest ish & Commonwealth adminis- super returns. And Celltech a £286m dowry from the gov- • COMMENT flotation this new UK sector trator’s stake after share sales may have gone further than ernment at flotation to help Chloride recovers to £1 .32] has yet seen. fells from 36.4 per emit to 19.9 While the £50m float is less most in reducing the risks by pay for its substantial The size of the float was per cent than the company had hoped securing a strong source of capital expenditure pro- lower than the company had B&C and the Prudential and for, Celltech has nevertheless internally generated cash to gramme, is expected to have By DavM Blackwell tinue to be disposal of the bat- uninterruptible power supplies originally hoped for as market Montagu Equity, which also successfully raised what It slow the rate R&D consumes gearing of between 25 per cent teries businesses to order to were 7 per cent ahead in conditions had proved “quite sold shares, have agreed not to needs for its R&D programme. cash. But it is questionable and 30 per cent by the year Chloride Group, the battery invest in the core electronics the half, a new sales office challenging" and the new Issue sell any more for a year. A bigger float would, however, whether investors really have end. manufacturer which Is trans- In Thailand had doubled market had gone off the boil, Mr Fellner said he was have led to a amaTW overhang a big enough choice of compa- The non-core business forming Itself Into an electron- Total turnover rose by 14 per the order rate in south-east according to Mr Peter Fellner, pleased with level of interest in the market from the stake nies in the UK from which to moved ahead on the back of ics group, returned to the cent, from £46.4m to £5L8m. Asia. chief executive. and the fact that Celltech had retained by British & Common- construct a truly risk-reducing three acquisitions. black to the six toontfas to end- -Discontinued, operations The power conversion opera- The company will have a raised what it was seeking for wealth. The importance of this portfolio. Sophisticated inves- These accounted for about September. accounted for £2.7m in both tion in Rochester in the US bad market capitalisation at this its R&D programme. is diminished, however, when tors might well buy Celltech, half of file increase In group Pre-tax profits woe £l32m, returned to profits, while price of £176.5 m. The management is not sell- one considers that no investor but they would be well advised sales. Two of the three busi- compared with a previous- loss The electronics division losses had been reduced at the 1 While the entire 20m share ing any shares and directors should he looking to invest in to consider constructing a port- nesses were profitable after Of WTUm . - ZamiT^i piir share moved Into the black with El Faso operation in Texas. £ placing was underwritten by have said they will he applying Celltech - or any of the high folio that included some US interest costs. were (Up (losses LBp), insuffi- operating profits of £508,000 The' group sold two battery Barings, 7m of the shares were for 29,000 in the public offer. risk new biotechnology drug bio-technology stocks as welL The third. Haul Waste, cient to resume the dividend, compared with a loss of ffljtfta hngfnocgfrg in gatiya and rm« In incurred losses of less than the company said. previously. Turnover climbed Botswana during the first hall Elm after Interest Mr Keith Hodgkinaon. chief from tO MBSiti The of further businesses McLeod Aviva incurs The interim dividend is executive, yesterday described The eLectronics products fall to central Africa and Egypt are Waterglade cuts loss raised by 7.7 per cent to the result as “a major step for- into three areas -uninterrupti- being negotiated. Kip. ward” fin: the group, which is ble power supplies for com- Operating profits from the Russel rises $0.6m third Earnings per share were going into the second half with puters, emergency lighting, battery businesses were £U6m amid restructuring per cent higher at 8&4p. a stronger order book than last and power conversion. Mr (£604,000) - on turnover of to £5m quarter loss year. The strategy would con- Hodgkinson said sales of £103m (£8.6m). Waterglade International an expected further £25,000 in Profits of McLeod Russel, Holdings, the property devel- the near future. Aviva Petroleum, the South West is about one third which acquired the loss- oper, reported pre-tax Losses of It is Intended to make a Texas-based oil and gas com- the way through its dispropor- making Wheway group earlier £lL7rn for the 14 wmntha to rights issue before the end of pany quoted In London, tionately large capital expen- Fife chairman asks for support this year, expanded from May 31, against £l&5m for the February next year. reported a deficit for the third diture programme and has £4-94m to £5. 16m pre-tax for previous 12 months. Waterglade has also raised,a quarter to the end of Septem- another £L3bn which it must “the year to eud-September. The main factor was the total of £L15m through prop- ber of 5632,000 (£424,000), spend. Although so far it bas By Peggy Hotttger attempt to “secure control of “ironic that the board should The shares rose 12p to 113p. lower exceptional charge of erty and other galas. In addi- or losses of 2 cents per been allowed substantially the company . . without face a challenge at this time, Turnover of £88.4m (£43. 4m) £7.06m (£I3.3m) of which tion there was a refund of cor- share. higher price increases than its Mr Gavin Hepbum, chairman making a general offer to all just when its strategies are Included a six months’ contri- £4£3m (£l2J8m) whs a provi- poration tax of £L75m which That compared with a deficit colleagues to fund the expendi- of dissent-riven Fife Indmar, shareholders. bearing fruit" Fife- had bution from Wheway - the sion against the cost of devel- helped cash flow. of 5515,000 - losses of 9 cents ture, this status may well yesterday appealed to investors Mr Crolla ami Mr McDonald, returned to profit at the group’s operations cover sur- opment properties. Of its holding in Seafield, the per share - in the comparable come under pressure in next to support current manage- who control 10.4 per cent of the interim stage. face coatings, air filtration During the period the com- Dublin-based transport and period and brings the deficit at year’s review. Furthermore, ment against attempts by company, have requisitioned The appointment of Mr Tim products and environmental pany came to an agreement property group, the company the nine months stage to even though South West has minority shareholders to an extraordinary meeting on Gutteridge, former chief execu- engineering. with its largest bank creditor, said it would be retained as a 5975,000 ($8.76m) for losses been pretty acute In spotting change the board and December 17 to unseat Mr Hep- tive of Courtney Pope, would On an annualised basis the Bank of America, which took long term Investment, of 4 cents (51-65) per cost catting opportunities, ennqiipe<»d the appointment of burn and fellow director Mr further strengthen the busi- enlarged group’s turnover for over Waterglade's largest asset although Seafield was selling share. these may be increasingly a new managing director. Michael Munro. ness, Mr Hepburn said. the year was in excess of in return for extinguishing all its property interests. Water- Aviva also announced It was more difficult to achieve in In a letter to shareholders They propose to replace The chairman said he was £125m. but £1.75m of the £lfim debt glade tried to replace the Seaf- offering to purchase for future. Forecasts for full year this week, Mr Hepburn said than with Mr Crolla and Mr also puzzled at Mr McDonald's Operating profits improved As an interim funding mea- ield hoard but it later with- cancellation, at 71p apiece, profits of £95m give a prospec- efforts by Mr Guido Crolla, a David Chassels, of BDO Binder decision to support Mr Crolla, by 52 per cent to £5.17m sure the company is issuing drew. some 170.000 shares of the com- tive p/e of 8. The company’s Scottish businessman, and Mr Haxnlyn. If successful, Mr since he had been “at one with although interest of £490,000 £500,000 of convertible unse- Turnover for the 14 months pany’s common stock held by main attraction seems to be its Charles McDonald, a Fife direc- McDonald would replace Mr the board in developing those (Elm received) reduced the cured loan stock 1994 of which was £9. 59m (£24.6m). Losses owners of less than 100 yield which stands out In an tor, to nominate two board Hepburn as chairman. strategies and rejecting earlier pre-tax rise to 4.4 per cent £250.000 has been issued with per share were 56.7p (845p). shares. otherwise dull sector. members amounted to an Mr Hepburn said it was approaches by Mr Crolla”. The total dividend is lifted to 6.1p via a final of 8.35p (3J25p). Earnings emerged at DIVIDENDS ANNOUNCED 7.54P (7.46p) per share. of forecast with Cones - Total Total Quadramatic Current Mr Nigel Openshaw, chair- ahead £1.57m Data of ponding for last C man, said: “We have made a payment payment dMdand year yaar good start in rebuilding the By Andrew Bcrfgar Turnover was £13J2m to September immediate priorities were acquisitions for of accounted 22 per cent group sales AAH bit et Mar 23 6.8 _ 175 former Wheway businesses to 30, which will become the recently to fill excess factory capacity at the and made profits before Interest and tax 2.3 Jan 21 2.7 - 75 restore profitability and to Quadramatic, the specialist engineering formed group's year-end. Earnings per group's Oldham base, which makes of £260,000 (£160,000). 8 Jan 7 7 . 27 make them cash generative." group which came to the market in share were 5.1p and the final dividend coin-handling equipment, and to Mr Gartland said: "The group will Fufcnan liw Tat lot lAfi Dec 31 1.4 . 13.07f GEJ fnt nil - 2-47 - July, made pre-tax profits of £1.5 7m in is lp. expand the optical and instruments continue to seek appropriate strategic 454 H i dowood Foods 2j4 Jan 17 25 - 6.4 the six months to September 30, slightly Quadramatic comprised a coin-handling businesses. acquisitions- which will be earnings-en- - Macdonald Marlin —fnt 2.266 Jan 7 2-2 . 85 above £L46m. and optical it hanetng and FT-SE Mid 250 the flotation forecast of business when came to Coin Controls International we have identified a num- McLeod Russel fin 3.35t Jan 14 3.25 &1 6 The shares, floated at I23p, yesterday the market, but last month placed more accounted for 78 per cent of group sales ber of promising opportunities, which 6.06 Feb 14 5.98 9.74 8.4 Now that Whitbread's offer for closed 2p higher at 161p. shares In order to pay £113m for two In the six-month period and made prof- will support the group’s growth plans." Poflcy PortfoVo tnt IS Jan 10 - - PoweS Duffryn Jnt 6.6 Jan 7 6.6 - Whitbread Investment bas Mr Tony Cartland, chairman, is a high-technology instruments busi- its before interest and tax of £1.9m The chairman said the recently 22-6 OuadnunaBc tin 1 Feb 11 - 1 become unconditional In all deal maker who in the eighties expan- nesses. (£L2m). In the last year, Coin’s sales acquired Instruments businesses had Scottish Power ——itrt 4.13 Mar 11 3.72 11.15 respects, the FT-SE Actuaries ded FKI, the electrical engineering Gartland, who to it Mr has promised improved by 26 pea: cent as strength- considerable potential for further Shanks & McCwan -kit 2i4 Jan 21 2.24 - 558 UK Indices Committee has group, along with Mr Jeff Whalley. Mr expand the group by acquisition, said ened its position in UK leisure growth. Datapaq supplies thermal mon- South West Watar —fnt 8.4 Apr6 7.8 _ 23.7 approved that Amstrad should Gartland said the order book was 12 per he now had the three core areas on machinw; and US pinball machines. itoring systems, while Automatic Sys- Tonddnsons Bn 8 Feb 17 8 115 115 replace Whitbread Investment cent higher than last year's levels, and which he could build - coin-handling, Combined Optical Industries, which tem Laboratories makes calibrating DMdands shown pence per share net except where otherwise stated. in the FT-SE Mid 250. prospects remained favourable. optical and industrial instruments. His moulds plastic optical products, equipment for laboratories. fOn Increased capital. ^Second interim; makes Zap to date, f For 18 months PAKISTAN TELECOMMUNICATION CORPORATION start Strong to .'•'V Sealed bids are invited from manufacturers of repute or This advertisement is issued in compliance with the requirements of The their authorised agents for supply, supervision and International Stock the Exchange of the United Kingdom and the Republic of Ireland Limited (“the year London Stock commissioning into service of SDH Fibre Optic System Exchange"). It daes not constitute an offer or Invitation to any person to subscribe for or procure between Peshawar-Karachl (alternate route) as per Pak any eeeuritfes. Results for half year ended 30th September Telecom specifications. BTR pic (Registered in England No. 57410) 1993 1992 Any clarification required by the bidders may be asked for ISSUE 105,410,231 in writing. Letters seeking clarifications should reach this OF WARRANTS 1998 TO SUBSCRIBE Profit before exceptional items and tax _£14 .2m £9.4m office 15 days prior to the date of opening of teds. FOR ORDINARY SHARES OF 25p IN THE COMPANY Exceptional (costsj/profits (£3.9m) £1 .0m The Company has made a free issue of Warrants in the proportion of one Warrant for every 33 Bid documents can be purchased from this office on BTR Share* heW. The Warrant Issue haa been made to existing shareholders in respect of their payment of US $ 100.00. registered holding on 30 September. 1993 and- also In Profit hafore tax P10.3m £10.4m respect of new- BTR Shares issued as a result of shareholders electing for the Enhanced Scrip Dividend Alternative and on the exercise on 18 October, 1993 of subscription Last date of receipt of tenders is 20th January, 1994 by tire rights attaching to Warrants 1992/93 and Warrants Earnings per share 8.0p 9.8p 1993/94. 1000 hours. Tenders will be opened publicly the same day at 1030 hours in the Siddiqui Auditorium, Pak Telecom Each Warrant entities the holder to subscribe for one new BTR Share Earnings per share - “normalised" __ 13.9p 9.1p at a subscription price of Headquarters, Islamabad. 405p (subject to adjustment). The subscription rights: may be exercised during the two 39-day periods In 1998 which start one day after the despatch of tire Interim results end of the Annual Report and Account* The competent authority reserves the right to reject any or Trading results show benefits of corporate restructuring all bids without assigning any reason. The Warrants are In registered form. The Stock London. Exchange has agreed to admit the Warrants to the Official List and such Balance sheet strength maintained Divisional Engineer (Purchase - fl) admission wfll become effective and dealings will commence on 2S November, 1993. Pakistan Tdeconununlcatlores Corporation, G-8/4, Copies of the circular to shareholders Interim dividend maintained at 6.6p Islamabad-44000, Pakistan. Tel: (92+51) 855923 dated 8 October 1993 containing Inter alia details of tire Warrants may be obtained during normal business hours on Fax: (92+51) 856828 Tetoc 5823 any weekday (Saturdays excepted) “The Board’s longer term development plans upto and Including 30 November, 1993, for collection only, from the Company Announcements Office of the London Stock Exchange and up to and inducting 10 December, 1993 from: continue to make good progress*” BTR pic, -Cazenove & (&, David Hubbard SJfvertown House, 12, Tokenhause Yard, Vincent Square, London EC2R7AN DO YOU WANT TO KNOW A SECRET? London-SW1P2PL The I.D.S. Gam Seminar wU show you how the markets REALLY woricTbe 26 November, 1993 POWELL DUFFRYN amazing trading techniques o! the legendary W.D. Gam can increase your profits and contain your losses. How? That's the secret Ring 061 <74 0060 to FUEL DISTRIBUTION • SHIPPING AND STORAGE • ENGINEERING book your FREE place. fc~. * Faced with a very tricky balancing ACT ,7 lower after Maggie Urry on some problems facing the chancellor in his Budget next week alto- -"-V.ii. '-'i hen Mr Kenneth scheme will be dropped regime, companies pay ACT on companies with a structural sury would actually prefer shareholder whatever they do. umber Clarke stands up gether. dividends and can then offset problem - those which earn a companies not to use it. “It drives a wedge between the itinues next Tuesday to Further, the debate is inex- that against their mainstream high proportion ef their profits The FID scheme involves a two types of shareholder." says dettverWbis first budget, compa- tricably entwined with the corporation offset tax bill. Tax-ex- overseas. They cannot company paying ACT as nor- a finance director, “and puts » quite nies will be straining to bear question of whether pension empt investors, such as pen- ACT against their overseas tax mal. but identifying which div- the directors in a very nasty fmpar- By Pater what he plans to do about sur- funds will be taxed, itself a sion funds, can reclaim the tax bills, and pay insufficient UK idends it regards as being paid position. FIDs take away one Pears© »sts - . half group sales for. the -first plus advance corporation tax fraught topic. Under the pro- on the dividend, while tax-pay- tax to use up their ACT. out of foreign income and problem but they leave another time and Baa' proportion. Is set and the foreign income divi- posed FID scheme, pension ing u start A^Srn shareholders are treated as The March budget did two reclaiming any surplus ACT on which is almost worse." exceptional writeoff to increase, '•* c it’s a - dend. scheme proposed by his funds would lose their tax having already paid basic rate things. Firs:, N’onnan Lam- those after proving the divi- The Revenue is unlikely to doth the sale of a v Mr Dutch sub- By division, grocery and non- predecessor in March. credit on dividends, cutting tax on the tsiness afflary caused dividend. ent cut the ACT rate from 25 dend was paid from foreign heed calls from some finance pre-tax profits food lifted operating at profits to The FID scheme was initially their income. Companies suffer if they per cent to 20 per cent over two profits. It cannot use foreign directors and tax experts to Hazlewood Foods to dip 5.7 £ Heart 8-lm (£7An) on . lower turn- enthusiastically received, and That could have serious have too small a UK main- years, in an attempt to reduce income from earlier or later abolish ACT altogether. One Per cent to SS&JSm in the 25th six over of £78m (Sadism). welcomed publicly by the knock-on effects. Lower stream tax liability e months to against the amount of surplus ACT. years. suggestion is that ACT be October 2. The er Mid Frozea foods profits at 100 Group of Finance Direc- income would cut pension which the ACT can be offset. While this appeared helpful, As well as the many techni- removed but corporation tax shares fell 7p to I41p. EllJhn (£Lim) were held back but has found crit- funds’ companies, month Stripping tors, some values. All In which case they end up pay- and gave a cashflow benefit to cal concerns about the scheme, payments brought forward out the effects of by flatfis ys the h which was down at ics. Says one finance director, not just those with a surplus companies, it soon became the main bone of contention is from tbe current due date of June's £14 St sale of Lufickx, £lm (£L5m) and- ready would like it to problem, could find that society Profits "I go ahead and ACT apparent tha: it would actually the question of tax credits. nine months after the year grew to £25.6m (£24.7m). which ion of were flat at £8m. Shell- I think we would like to imple- rather than a surplus on their increase the government’s tax Any dividend paid as a FID end. That would give the gov- Turnover rose- 11 per cent h, we to fish were up at £5Jhn (£L5m). ment it It’s not perfect, but pension fund they have a defi- take. would not entitle a tax-exempt ernment a substantial one-off £403-9m (£364v8m) »nd lity of gross . Reduced profits.:. of £4.7m cit That the end . half a loaf..." would mean The second was Mr Lamonfs shareholder to reclaim tax. It cashflow benefit in a year profits advanced 6 per cent to s good (£6m) in convenience foods A corporate tax expert of contributions holidays, proposal of the FID scheme. would make no difference to a when it needs every penny it £88. Lm (£83m). . _ Dunted meant that profits at fresh agrees, although he thinks depressing profits, in turn low- Essentially this would allow tax-paying shareholder. can raise. Mr Peter Barr, chairman, provi- foods . slipped to £l0.9m thn FID scheme hangs in the ering the tax take and possibly BUDGJ&T companies to pay dividends The same problem of lost tax said that the refocusing of the (£H.lm), though produce rose balance. “I sincerely hope it squeezing dividends. free of ACT out of their foreign hus one class of share- credits would arise for tax-ex- group was largely of complete. to £2L5m from £L6hl does go ahead. But in a Companies may be pressured income. The scheme was holders would benefit empt investors and hence for aff. With the past few years' heavy ”* head- Earnings per share fell to manu rhqt is practical and by tax-exempt shareholders to detailed in an Inland Revenue from a company paying companies' pension funding investment now in T grecn- place, the 6-94p (7.62p). The interim divi- effective.” make up the loss of their tax ing surplus ACT, raising their consultative document FIDs - because the company costs. But. proponents argue, board's next r-haiigngps were nwood ^ dend is lifted: to. 2.4p (JU3p). However, the depth of feeling credits through higher divi- tax charge. There are two main It is this scheme which Mr would save surplus tax - but the government could in promote “volume-led” organic i Chel- is illustrated by one finance dends, so gains made by avoid- reasons why this happens. Clarke is expected to elaborate another class would lose. return lessen the tax burden growth, and increase Dimdl- produc- director of a Footsie company ing ACT would be lost through A company which derives on in the budget, and perhaps Under the scheme, companies for all companies, which would tivity levels, using sensi- the now Since. September the food who not only refuses to be increased pay-outs. Any which most or all of its profits from put into effect in the new year. cannot "stream" dividends, be fairer than the current sys- under-utilised capacity in industry has came under tHw named speaking on the subject, did not make up the dividend the UK, but pays higher divi- The Inland Revenue is directing FIDs towards tax tem which penalises some i 1 chains, which were rejecting Dutch nwnflfei-foyfag rtte. higher prices while demanding tribution operations, contlnen- Our performance demonstrates our commitment no loss of quality, also contrib- tal Europe seems ripe for the uted. taking. With, between £S££m Another aim was to exploit and £5Bm pencilled. in .for the the immaturity of the Euro- current year, against last to improving customer service. pean market in added value year’s £5Sm, the p/e hovers foods, principally in the ready round the ndd-Ss. The shares meals and convenience foods look cheap, though the wary sectors. This type of food prod- market wm want to see the increasing efficiency and developing our businesses. uct accounted for more than group deliver. Murray Stuart Mixed response for Cl I AIRMAN market newcomers David Blackwefl cent, of issue - were By . pesc. tha Building on our Strengths placed firm with institutions. The shares erf three newcomers The balance oT'18.5m -shares to the stock market met with a was 2.1 times subscribed The INTERIM RESULTS FOR SIX MONTHS TO 30 SEPTEMBER 1993 CHAIRMAN'S STATEMENT mixed response in first day issue raised £68£m fer existing initial growing total share. 1 am pleased to report that we have continued to bufld on or strengths, previous agreement which had taro years to nn and the cost at the same time market dealings yesterday. shareholders, principally sub- both flnancofly and aperatlonafly. For the six months to 30 September benefits are reflected in our half year figures. Customer service remains one of our highest priorities and we are - Shares of Ufflput Group, the sidiaries of Tarmac, and £2m 1993, pretax profit was £115.7 mflfon. an increase of 21.5% on last We have accepted the revised price control proposed for our transmission deighted and proud that our achievements have been recognised by two Cumbria-based manufacturer far the company. year's £95.2 nulon. However, last year inducted an exceptional net business by The Office of Electricity Regiiatkxi (OFFER). By keeping our major awards. We have received the prestigious Goverrrnent Charter of hand-painted miniature Shares oTthe the third new- 2. charge of £13.3 miBon and, excluding this, the year on year pretax price increases to 1% below the rate of inflation, the Drector General has Mark, which measures standards, information and openness, choice and cottages, closed K)p comer, Biotrace International, china increase is 6.6%. In a period when tin majority of otx revenues have been recognised our afready low operating costs. OFFER has set us a considtation, courtesy and helpfulness, putting things right and value for down an the I35p offer price. ended the day at 145p, valuing capped by particularly tow'nfiation, tins is a good outcome. challenging target to reduce costs in tire future end we believe that we can money. The company placed a total the the South Wales-bmed bio- Earnings per share rose 27% to 10.78p and your Board has dedared an achieve this. We also received The Electrical Review Customer Care Award: our of 12.04m ordinary shares with technology group at about Interim dividend of 4.13p per stare, which win be paid on 1 1 March 1994, The upgraded transmission link to England and Wales, completed within commitment to elderly and disabled customers was Wghfighted by the shareholders registered on 11 February 1994. This represents an budget at a gross cost of m®an and ahead erf schedule m September, South of Scotland Consumer's Committee and we have met 99.9% of institutional and other inves- £44.7m_ Last , week Allied Pro- to £85 tors, of which 4.3m were sub- vincial Securities placed 7.15m interim dMdend increase of 11%, has increased our ability to sefl power outside Scotland by almost 75% performance standards set by OFFER.' 1994/1995. Proftabffity first half of the current year improved Our performance during the first six months of the year demonstrates our ject to a clawback to meet shares, representing 23.2 per Gearing on 30 September was very low, at 23%, with net borrowing of from in the nflficn. Dividend and taxation payments of approximately £160 because of higher prices in the English wholesale market although (here commitment to improving customer sendee, increasing efficiency and retail demand. In the event cent of the enlarged share capi- £20 mOon in the second half of the year wll increase net debt by the year end. are signs that this market shows modest weakening in price. developing our businesses. retail investors and employees tal, atl30p. We continue to reduce costs and achieve greater efficiency. This is an on- Our gas business, Caledonian Gas. has continued to win new customers Trading since September has continued in line with our expectations and took up only 24.7 per cent, or Biotrace was founded five going process and we are working to demanting international and we are actively pressing for the Government to a8ow all gas we look forward to making further sustained progre ss in the full year. just over lm shares. years ago by Mr Ian Johnson, a benchmarks to achieve higher standards. consumers to enjoy the benefits of competition by 1998, the same The flotation raised £l&3m former Welsh Water microbiol- A new five year supply agreement with British Coal wil make our fuel costs timetable as full competition for al electricity customers. Murray Stuart for existing shareholders, and ogist, and Mr Colin Chiffiths, more competitive. This is effective from 1 April 1993, replacing our The ratal business has performed strongly and increased profitabSty, Chairman 25 November 1993 £2.43m net of expenses for the an accountant It manufactures company, of which £L47m will a range of rapid testing instru- be used to redeem preference ments and. chemical reagents GROUP- PROFIT AND LOSS ACCOUf# GROUP BALANCE SHEET . Unaudited and deferred shares. to monitor hygiene levels and Uftautfiterf months Ste months Year In contrast, shares of Buber- detect microbiological contami- Six ended ended ended nants In food drink old, the. roofing subsidiary the and 30 September 30 September 31 March 30 September 30 September 31 March spun off by Tarmac, closed at and other sectors. 1991' 1992 1993 Note 1993 1992 1993 163p, a premium of 13p. At the '.The placing included some (Restated) (Restated) (Restated) £ra £m £m £m 150p flotation price, the com- 4.6m -shares an behalf of the £m £m will mainly be pany was valued at about company which Thrower fesm Fixed assets 12213 II15.5 1175.6 £72m. used to increase marketing condoning cperaHoot 6687 644.8 1495.6 More than 30m shares - 65 resources overseas. Cwrcnt assets 358-3 492.5 325.0 Operating Profit . 118.6 99.4 316.5 Credlors: amounts fafiog due wrthei .Net interest charge 12.91 (47) (9.0) one year (390.4) (381.71 (348.0) Slimmer Unigroup epwanreaempaons - • 110.4) Met current assets/fHabffltfes) (32.1) 110.8 123.0) Profit on ordinary Total assets less current Bablfftiet 1189.0 1226.3 1152.6 taxation 957 297.1 ecttnMu before 115.7 Cred4ws-. amounts U*ng due after Taxation . (27.8) (26.0) (77.6) more than one year (142.01 (284.0) (142.0) £4.41m in the black Provisions for Eabiities and charges (49.1) 1994) 17331 Profit for tin porfaxl 87.9 69.2 219.5 Deferred income U43.B1 (133.2) (137.01 DMfends ’ E*3- 71 (303) (90.9) Unigroup, the -building £14m, giving a significant - Net assets 854.) 709.7 799.7 materials group, yesterday boost to the balance sheet Rotebad Profit • 54.2 38.9 128.6 pre-tax profit of net tangible asset value per ' ’ reported a Earning* per Share 1078p 8.49p 26-94p Capital and reserves against ; £441m for the 15-month period share rose to 33p, 75p C^ed up share capital 407.5 407.5 407.5 •- to September 30. in 1992. DfsfeoMt pv Share 4.13P 3.72p II.15p Share premium account 0.4 - 0 2 £38J5m. 0.2 0.1 0.1 outcome included inter- Turnover totalled ' ’ Reserves The - OMdeitd ewer (tiroes) £61 2.28 2.42 est payable of £l-38m, offset by Earnings pa- share were 8.5p. Profit and loss account 446.0 302.1 391.8 interest receivable and similar In the 12 months to end-June The accounts have been modBied to reflect the requirements of Financial Reporting Shareholders" Funds 8 854.1 709.7 799.6 incurred a pre- Standard 3 (FRS3J. Accordingly, operating profit for -the s« months ended 30 £918,000. A further 1992 Unigroup - income of Mnorfy Interest at turnover September 1992 and tor the year ended 31 March 1993 Is non stated after net £361,000 was written off. tax loss of £794,000 on exceptional charges of £133 uxfion, wtecjt last year were separately disclosed in the The profits were wholly of £17^m. 854.1 709.7 799.7 were Pm® and loss Account Detafls are fiver In Note Z The figures for me six /norths attributable to discontinued Losses per share ended30 September .1992 have ateo been restated on a Group basis to be consistent Gearing ratio 9 23% 1.1% 12.2% activities, which contributed reported as &3p. with Ihe presentation adopted at 31 Man* 1993. of the £6. 47m. However, these were Following the disposal group months ended months ended Year ended diminished by losses of £L25m timber products arm, the NOTES 1. These Interim results have been prepared on the basis of accounting prides consistent wrththose set out *i die 8. Recancdtebon ol movement S« Sb consists of two divisional activ- compan/S Directors' Report and Accounts for the year ended 31 March 1993. The Information shown tor the year ended 31 in shareholders' funds: 30 September 1993 30 September 1992 31 March 1993 from continuing activities. £m £m £m The net proceeds from the ities: building products and air March 1993 does not constitute statutory accounts wHhoi fha meaning of section 240 of the Compares Act 1985 aid has been extracted from the Eul financial statements tor the year ended 31 March 1993 filed with the Registrar of Companies. disposal amounted to about movement operations. Profit for the period 87.9 69.2 219.5 on these financial statements was unquafified. The report of the Audkors Dividends 133.7) (30.3) (90.9) Ttimovw from continuing operations For the periods ended 30 September 1992 and 31 March 1993 indudes exceptional Income of £9. 7mfOon in respect of a reassessment of energy losses in the transmission and distribution network. Operating Retained profit 54.2 38.9 128.6 profits tor the periods ended 30 September 1992 and 31 March 1 993 are stated after charging prowstao tar reorganisation Share capital issued 02 0.1 0.3 Kl M and rasm/ctwing of the company’s optrations totaling £23 mflon. These sums were last year separately (fisdosed «i the Increase In other reserves 0.1 Profit and Loss Account as net exceptional items of £13 . 3 maton. Goodanll written off (5.31 (5.3) TRl S 3. On 15 December 1992 the group retwchased a £142 mBon 1 1 .856% band due in 2005 from HM Treasury at a premium 54.5 33.7 123-6 of £18.4 mKon. The net premium chsge on loan redemptions for the year ended 31 March 1993 reflects tint payment less of the write back of the unamortised balance of cSscount from earfier loan redemptions. £8 m«on h respect 9. The gearing rano reflects the level of net debt to capital and reserves at the Balance Sheet dates. Nat debt comprises: 4. The charge for taxation reflects the anticipated effective rate for die year anting 31 March 1994 of 24K on the profit 30 September 1993 30 September 1992 3IMarchl993 S month® 6 months bMore taxation. £m £m £m 5. Retained profit tor toe period represents recognised gains and losses as defined by FRS3. ended . . ended ' The earnings per share have been cabtiated by dhridteg the profit on dnfoary activities after taxation of £87.9 mflton Cash and short term deposits 31 October 1993 31 October 1992 6. (1992 - £69.2 mSon) by 815:022,632. being the weighted average number ot ordinary shares n issue and ranking for (toduded In current assets) £493.727 Ravenna after Tax £497.467 dwdend during the period U 992 814,825,575). Lang term borrowings 2. SOp is peyote? on 11 March 1994 to shareholders Bank overdraft Dividends per Income Slum 2.BOp 7. 7toM»ta . Zero Dividend ' Preference Share 117.04p 105.41p Income Share 2.46p U8p ' Capital Share 63Jt4p 34.04p M. ScottishPower MAUNBY A Cdoy of the ScottishPower Interim Report, containing fufl information on the company's results for the six months to 30 September 1993 can be obtained Inom mvtrap-T.UAKAOTOKT'OT Mr. Andrew Mftcbel, Company Secretary, ScottishPower pic, 1 Atlantic Quay, Glasgow G2 8SP. Telephone 041 2488200. Fax 042 636 4582, lBX 4 MOUNTPARADE. HARFOCi^ NORTH YORKacra HGI TELEPHONE: (0423) 683563 - FAX; (0423) 530350 ! ' " FINANCIAL TIMES FRIDAY NOVEMBER 26 1993 —- COMPANY NEWS: UK Michael Smith reports on developments at three electricity industry companies iK snares rise Scottish Power tops £115m National r Power on Line advance Scottish Power, die vertically half reflected higher prices ptcsratai electricity company, in the English wholesale mar- moves into By John (topper,.* • £12tim. Injected since Direct - The "number of staff rose to increased pre-tax from profits from ket BanMnfl EdHor - Lint was founded. 1,873 - at the year end £95.2m to £115.703 ~thp Thfa p- opened a tn the half The upgraded transmission cornpBpy i ywl Tn ^r L0B6. The company year to office1 and September 80; the link to England and Wales, Portugal Direct Line, the Royal Bank,of modest growth in. household new in Birmingham, • fifth underlying farrMiring . increase, however, completed ahead of schedule Scotland's private insurance insurance/- . poHcjes expanded in Glasgow: A adjusted for an exceptional and within budget, would A consortium led by National subsidiary, because the largest to 273JMO(206.00p)- It has devel- regional office Is due to he charge last time, was &6 per increase the company's ability Power, the electricity genera- private motor Insurer in the oped new risk profiles and is opened hs Leeds by the end of cent to sell power outside Scot- tor, yesterday completed the in the year September nowselling hpusehoMpolicfes this UK to year. . The Interim - Financial Ser- dividend is land by 75 per cent from purchase of .the SOOMW Pego 30, while more than - trebling as festas motor polides two A Direct line raised to 413p (3.7%) on earn- 1994-96. coal-fired power station 'in -pre-tax profits- to£50.2m, years ago.* .. vices arm was launched in the ings per share up 27 per cent to retail operation Portugal from Eledriodade de against MS 1 m • Mr Pet® Wood,' chief execu- first" half of the year, offering The was ; 10.78p (8.49p). ahead of this stage in 1992. The Portugal. Gross premium income -was tive, -said It could- undercut personal loans and mortgages Mr Ian Preston, chief execu- company has opened its 100th The completion represents almost doubled -at £409.5m competitors because tt had had - among other products. Its tive, said that as part of the store and Is Increasing market National Power’s second foray (£213J2m). lt doubled the num- a 10.2 per cent -ratio- of -results are to be consolidated strategy of increasing effi- share. overseas and follows a $169m ber of active private motor pol- expenses to premium income in Royal Bank's figures which ciency the company had The company yesterday Timy AiMkws (£107m) acquisition in the icies to L25m (670,060) and said for motor policies, compared wffi.be reteased next week. reduced the workforce to 7,610, announced the appointment of Ian Preston: retail operation Is ahead of this stage In 1992 US. it had set a .target of writing with an estimated industry Mr. Wood said there was no against 9,500 at privatisation Mr Ian Russell, director of The company has said it lm new- motor printing in the average of 27 per cent conflict between the financial - " 1 two and a half years ago. financial control at Tomkins, mal, this half. The company make £335m to £350m pre-tax expects to invest £ibn abroad coming yogi. # Mr Wood said that Direct services operation' and other There were further staff- as finance director. was yesterday making the for the full year and pay out by the end of the century as Total assets grew to £5673m T.tnp. hart frrppttenrpri *frtn|y an Royal Batik operations because ing reductions to come, he most of the reinforced inter- about 12.4p In dividends. At market opportunities In the (£304.3m) while shareholders' .outstanding and satisfying there was only a 5 per cent added. • COMMENT connector with England which that level the prospective yield UK diminish. funds rose by £86.3m to year*. He .said the results overlap between, the two sets of - Gearing at the period-end Scottish Power has effected a will enable it to export the on the shares, down 2’Ap to In Portugal the company Is £168m/ showed that critics were incor- customers, and this figure was was 13 per cent with net bor- significant recovery since its equivalent of a third of its 406ttp, Is 33 per cent That is investing about £40m Initially. The capital increase included* rect to assert that lower juic- "getting teas’*. * rowings at £20m, but the com- disappointing stock market Scottish sales. But what most below the sector average signi- It will own 45 per cent of the an additional £53m injected by ing of Insurance policies would. Royal Bank shares closed 22p pany expects that by the year introduction two and a half pleases the City is the sticK-to- fying City approval. However, Tejo Knergia consortium Royal Bank in addition to the lead to poorer service; up at 375p. end. borrowings will rise to years ago and these results baai.es approach through the shares may suffer if the which wifi own the £710m star equal last year's £S8m, when demonstrate why. It appears to which, for example, it has regulator lifts the cloud over tton. gearing amounted to 11 per be one of the few power compa- eschewed foreign ventures of the English generators by The other shareholders are cent. nies to be making a success of the type being pursued by refining them Endesa of Spain (35 per cent) Shanks McEwan hit by c Mr said Its to the Electrldte & Preston improved retailing and contracting National Power and PowerGen. Monopolies and Mergers and de France (10 profitability in the first arm made profits, if only mini- The -company is expected to Commission. per cent). EDP retains 10 per cent of the station which is about 100 miles north-east of setback in waste services Lisbon an the Tagus River. Following completion of the Cost cuts boost National Gri deal Tejo Knergia entered into By Peggy Hoftigar Many customers were reduc- per share down from 6J5p to a 28-year power purchase ing, the amount of waste pro- &5p, National Grid, the operator of the England company to have flexible control systems. achieved in spite of tighter regulatory con- agreement. The first 15 years Shares in sbawka & McEwan ' dneed for various reasons, said and Wales electricity transmission system, This was being helped through the open- trols on prices and reflected cost reduc- cover an exclusive supply from fell 22 per cent yesterday as Mr Waddell, including' the • COMMENT benefited from cost cutting to increase pre- ing this year of a new national control tions more than anything else. The work- Pego to EDP. thu waste management group- effects of recession on trading- While bad news was widely tax profits by 9 per cent to £285.3m in the centre which employed £32m of software. force was now 5,100, an 11 per cent For the remaining 13 years revealed significantly lower and a general move to avoid expected on the construction half year to September 30, against £26L6m. The system could be operated more reduction on last year. there is an option to sell the than expected pre-tax profits producing unwanted materials. side, few thought to see such a The company also revealed yesterday remotely and the six satellite centres had Mr Jefferies said the aim was to reduce output to third parties “at no for the first half. . The worst performer was sharp downturn in volume and that Nuclear Electric, the state-owned gen- already been reduced to four. manpower to 4,750 by the year-end and increased risk to the consor- The slum dropped 22p to erwixdhmental services, which margins in the core waste ser- tirimlwi division. Although the erator. had increased its market share National Grid’s profits improvement was 4J250 by the end of March 1995: tium”. 98p following a 42 per . cent the Jjechem company vices from 21.4 to 24£ per cent, a more signifi- achieved on turnover ahead 3 per cent Transmission operating profits rose National Power said, perfor- drop lq pre-tax profits to purchased in 1990. Operating decline appears to have stabi- cant improvement than had been expec- from £666m to £68701. from £248.1m to £29L6m hut the geoera- mance tests had been com- £9.35m. Turnover fen by 19 per profits fell by 29 per cent to lised in the second half; ques- ted. The company declared an interim divi- tions/intenxmnectian. business suffered a pleted on the plant’s first cant to £6S3nk-Analysts had - £A.58m, on sales 3 per cent tions remain over the extent to Nuclear Electric will use its share gain, dend of £4Gm, or £920 per ordinary share - fell from £32.7m to £18.6m. 300MW generating unit It Is been looking for profits of lower at £l%8m. Waste services which some business has dis- made mainly at the expense of National a 9.5 per cent increase - for the 12 regional The fall was partly the result of a less now operational and providing about gism operating profits were £&58m appeared for good. Many, size- Power, to argue for privatisation in the electricity companies which own it favourable contract from April with Elec- revenue. Shanks also warned of a £5m (£8.19m), on sales of £34Jm. able customers, such as chemi- O* forthcoming nuclear review. Mr John Dttley, finance director, said tricite de France. Mr Dttley said genera- The second, nnit will con- charge to restructure; the Energy services moved up cal companies, have been Mr David Jefferies, National Grid chair- National Grid aimed to pay about a third tion/interconnection would probably be tinue to be constructed by EDP waste, environmental, and from near-breakeven to con- reduemg or disposing of waste man, said the rapid changes in the genera- or dividends at the half year stage. down at the frill year but less so than the and trill be completed by energy divisions. -The company tribute £746,000, with sales of themselves. On the brighter tion market emphasised the need for his He said the profits improvement was half year results suggested. 1995. said it planned to cut between £43nl (£2.18m>. - side. Shanks still boasts good 90 and 100 jobs from the senior The profits line was also margins and should benefit »n<1 irriHrila maimgamant levels affected by losses in the con- from cost, cutting. As one of as a result of integrating the' struction business, for which the largest waste disposal com- three divisions. Shanks took a £19,3m restruct- panies, It is also well placed to Mr Gordon Waddell, chair- uring and bad debt charge last benefit from licensing regula- man, said the rationalisation year. This division. incurred a tions set to begin next year. would result in cost , savings of pretax loss of £2m_ The com- For those holding the shares at about £Sm next year. . pany said it had recovered the moment, the yield of 7 per He said first half profits had £L7m of the £17m in bad debts cent may look attractive. Oth- been hit by. a sharp decline in for' which it had .provided. erwise, the play is on recovery, the higher margin waste ser- None of this had been written which still looks to be some vices business and the back. way away. Forecasts were pul- increased costs of meeting reg- The interim dividend Is held led back from £2&n to £16m for ulation requirements. at 2J34p, payable from earnings a prospective p/e of about & “• _ -.'vj Thirst for Old Cater Allen buoyed by Speckled Hen lifts discount Morland to £9.1m house side By Phflp Rawstorne came mainly from trading agreements with national and By Paid Tayfor Morland, the Thames regional brewers and increas- Valley-based brewer, trebled ing . distribution in the A particularly strong sales of Old Speckled Hen, its take-home trade, but direct performance by its discount leading beer brand, in record- sales to independent pubs were house business helped Cater ing a near-20 per cent increase also 14 per cent higher. "It can Allen Holdings, the financial in frill year pre-tax profits from now claim to be a national services group, report a 36 pm £7.62m to £9J2m. brand" said 'Mr Clutterback. cent increase in Interim prof- g, “The results were achieved Overall, Morland’s ale vol- its. in the face of a particularly umes rose 29 per cent and, The pre-tax line for the six hostile environment both eco- with contract brewing for months to October 31 nomically and climatically,” Courage, boosted production at increased to £9. 85m (£7_25m), said Mr Jasper Clutterbuck, the company's Abingdcm brew- while an abnormally low tax chairman. ery by 60 par cent charge, reflecting a £im excep- “Technically, wb are told, the -Two new ales, after success- tional tax credit, resulted in a recession has ended. There is ful test marketing, are to be 45 per cent Increase in attrib- little indication of that in our launched in the new year. utable profits to £7.48m market place.” The retail division, compris- (£5. 16m). The Preferred Location Earnings per share improved ing 75 managed outlets in the Rornlngg per share jumped 16 per cent to 30.3p (26J.p) and estate of 365 pubs, maintained from 2Ip to 31p and an % a final' dividend of 6J96p margins and raised profits 15 increased interim dividend of increases the total in line with per cent Food now accounts 8p (7p) is declared. earnings growth to 9.74p (8.4p). for 26 per cent of turnover. The profits advance was led Mr Clutterbuck said the fig- Meals sold through the 11 Art- by the discount house, the sec- ures, quoted on a pre-FRS 3 ist’s Fares catering pubs ond biggest in the City, which baas, gave “a far better mea- increased 47 per emit to 460JM0. reported an 88 per cant sure of the true performance erf Morland’s tenanted pubs, increase in pre-tax profits to C the company". Under the new which contribute 47 per cent of £4.87m (£2. 59m). Hie perfor- accounting standard, pre-tax group profits, “traded respect- mance mainly reflected better profits for the year to Septem- ably during a particularly diffi- trading opportunities in gilt ber 30 rose 60 per cent, from cult time,” said Mr Clutter- edged securities. Money mar- £5.55m to £8J57m; earnings per buck. The 72 pubs bought from ket operations made a “satis- share were 76 per cent higher Entrepreneur Estates last year factory contribution" during a at 29.1p Cl&5p). have been integrated into the period when there were no Operating profit, before estate and are cash positive. base rate movements. exceptionals, rose from £8^2m Capital expenditure The stock leading and finan- to £lL5m on turnover ahead 24 amounted to £7.7m with £6-3m cial futures businesses also per cent at ESOJkn. invested in the pubs and core thrived. Low interest rates Old Speckled Hen’s growth business. reduced the i inevitably return on capital, although this was more than offset by higher vol- umes. As a result profits from Macdonald Martin stock tending expanded to £3.75m (£3.09m) while finan- cial futures broking generated 20% lower at £2.16m £440,000 (£302,000). £ In Jersey, lower profits from By PMp Rawstorne to September 30 rose from banking operations were £05m to £X3.lm, In the .-UK almost ofifeet by growth in the Macdonald Martin DlstiHeries. volume sales of single malt trust and investment manage- the maker of Glerunorangie w«w marginally lower and an ment businesses and by Ha malt whisky, reported a 20 per increase in own label business sparkling result" from the emit decline in first half pre- was offset by reduced sales of stockbroking subsidiary in its tax profits, from £2. 69m to other blends. first period of ownership. Britain is by tar the preferred location in Europe for To arrange for a Briefing on Britain contact UK profits fell under the Overall Jersey profits slipped Excluding the extra costs of impact ~ inward investment Already over 5,000 companies Malcolm Day Director. Invest in Britain Bureau, of competitive pricing to £L9lm (£2.11ni). reducing production at the in blends and increased mar- The loss in the group’s from North America, Europe, Japan and the Pacific Department of Trade and Industry Kingsgate company's two distilleries, keting expenditure for Glemno- Lloyd's agencies widened from profits would have been 2 per rangte .... £838,000 to £L12m, - “slightly Rim have recognised the commercial advantages of House, 66-74 Victoria Street. London SW1E 6SW cent ahead “a satisfactory Overseas profits improved, greater titan expected at this result in the current economic however. Sales of Glenmoran- stage", but included a number Britain as a base. Telephone 071-215-2513, Pax 071-215-8451. and whisky industry climate," gte and (Ren Moray malts were of special items. said Mr Neil McKwrow, man- 20 per cent higher, helped by The Invest in Britain Bureau is here to help your Or contact your nearest British Embassy or aging director. the resumption of shipments to "While it is difficult to fore- the US after company locate or expand in Britain. Consulate-General. over-stocking in English & Overseas cast With certainty, we expect that market last year. Sales of ’ a slightly stranger »>cond half balk blends abm increased. English & Overseas Properties t * - performance," ha added. Trading contracts within the has received acceptances for First Locate the Facts. Then Locate in Britain. Earnings per Ji share foil, industry remained highly com- 22m ordinary shares <93.6 pur from 13J38p to 10.46p but the petitive .and profits from cent) .of; Its recent rights dividend is lifted from to the -business 2.2p declined sHghfiy issue. . 2J266p. In. spite of increased turn- The balance has been sold hi Turnover in the six months over. tiie market — ; - : 1 f ^FINANCIAL TIMES FRIDAY NftVg*^ —— —• COMPANY NEWS: UK Financial restmctuiiafi^^^^able company to continue trading European Leisure in the black By DavW Btackwi* Atthe same time convertible Lotoure late 1980s following rapid unsecured loan siSds worth expansion through acquisi- the defat- {aden £l-6m would be converted into tions. discotheque and snooker new ordinary shares, along 30*5*^ Mr Michael Ward, former 433 ' ' ' «"1 a with 26m convertible prefer- •T' -'f '- chairman fiSnSSi'restructuring and chief executive, with its ence shares. two hanking“J^^ syndicate. and former directors. Mr In adcfitLoh an- often offer of -25: if Jeremy Howarth and Mr Clive Bastin, chairman, Mr warned 175m new ordinary George Hendry, were charged yesterday that faSSre would . be madip to all. existing to obtain shareholder in October with conspiracy to approval shareholders for the at'ip.' Yesterday defraud, conspiring to create a proposals would seri- ously the shares closed qt 2Xp. false market in the company’s jeopardise the ability of the company After the completion of the shares, and theft to continue trad- in tug. plan fmpr years there would Mr Ian Rock, chief executive be LSbn ordinary The group shares in since 199L said yesterday that also anmnatced a Issue. return The banks would the group had virtually com- to the black for the year own - to between 64 .and 71 per pleted its withdrawal from con- the end of June. Pre-tax cent of the- company, depend- tinental Europe and sold its profits of £221,000 were struck ing on tim take- unof the open non-performing UK units. on turnover of £68.4m, com- offer. Mr Bastin said the group pared with a previous loss of If the open offer were not now had a good core business £°'*-9m on turnover of £75Jm. taken up, existing shareholders - - 1 01 “but clearly we are in the Existing bank facilities S 92 98 of would have 95 per rent of the survival business still*. £79m are almost fully irH»o^ Sewea: FT Qkapwa share capital, preference share- The group operates disco- Under the restructuring the holders 9.5 per. cent and con- theques and pubs aimed at banks, led by Barclays, would vertible unsecured Iren ufrw»ir The proposals will be put to the youth market, owns the convert £20m 0 f the debt holders 48 per Manage- shareholders on December 21 Riley snooker clubs, and into new ordinary and litt prefer- . meat share- option- schemes in Dublin. About 30 per cent of designs and manufactures ence shares. The remaining account far the. remaining 48 the company is now held by Maygay amusement arcade £59m would " be put on a per cent- r; Irish institutions. four-year ^ machines. term, with £3m of Under pla** gwarfng at the . European Leisure, which Operating profits were interest rolled up info a con- the year end would. have been runs the Hippodrome in Leices- £8 .43m, up from a previous vertible loan note over three 101 per cent, compared with an ter Square and the Camden £7. 66m. Losses per share were years. actual level of 218 per cent Palace, ran into trouble in the 1.21p (3457p). SB in drug Healthcare side behind swap with Ecosys - Recordati rise to £19.1m at AAH the new generation of printers By Catherine MBton He added: “I see a continued the deleterious effect of a weak of Italy solid performance and growth market. AAH. - the diversified through expansion and other- Distribution services, into for the next generation. By Paul Abrahams distribution, company, lifted wise in our health division. which the consumer products pre-tax profits to £i91m far the The two divisions which have division is now being inte- SmithKllne Beecham has six months to September 30, not performed so well this year grated, contributed £900.000 Standard The new Ecosys range to the environment and The office printer that ful- , revealed its first-ever product against £!7-5m, in spite of are likely to return to substan- (£1.3m) to trading profits on office of office printers is one to your pocket. Plus it can fils your economical and swap. lower trading profits in two tial profitability in the future." sales of £46,2m (£37.6m). The Anglo-American health- small divisions. The company's healthcare The replacement for a con- printers, solution. Unlike other print continually on re- ecological concerns, both care group is evr.hflngTng co- Turnover its division, improved to business, largest tract had been delayed and like most other office printers, its key compo- cycled paper, something today and tomorrow. marketing rights for two of its £773.lm (£679.7m). lifted trading profits to £16.6m another incurred a significant technology, are a poten- nents are designed to last that most normal printers medicines for development The - board declared an (£l3.9m) on sales up at £642,7m loss. and marketing rights for a interim dividend of 6p (5.8p) (25642). Average net debt was £59,8m tial threat to the environ- the printer's lifetime, can't do. drug from Recordati, Italy’s arwi Kiamad difficulties in the Retail sales were £46 .4m (£42m) and gearing rose to 37 ment. Not only do they cutting parts replacement As an investment, eighth-largest drugs group. dirttirais far a-drop In earnings (£22m). Over the period AAH per cent Interest payments SB is licensing in a soles of, pep^share frt&q }5.^> to I47p. acquired 24 new retail pharma- were £2.5m (£L2m). Net cash add to the considerable down to a minimum. This the Ecosys is not only an • alpha-receptor antagonists “Tibfi refection in tim perfor- cies at a cost of £5.6m, bringing flow from operating activities waste problems we face unique advantage, made economical choice (with being developed by Recordati, mances of om environmental the total to 235. A further 11 was negative at £47m com- today, but they also leave possible by Kyocera's ex- operating costs of up to including REC 15-2739 winch and distribution services divi- had been acquired since the pared with an inflow of £16m is in early stage development sions, and the absorption of year end. last time. an unpleasant legacy for pertise in long-life ceram- -/3 less than those of a of benign prostatic hypertro- -reorganisation costs, have Environmental services con- The company said the differ- future generations. Un- ic technology, translates conventional printer), it's phy, a common condition hi inevitably’ dampened earnings tributed £2.4m (£3m) to trading ence was partly related to tim- " men over 50. Hie group wifi performance fn the first half. profits on sales of £38.4m ing but that the working capi- less we do something into a dramatic reduction also an ecological one. have exclusive worldwide mar- said Mr John Radovan, chair- (£34_7m) as wet weather and a tal in the pharmaceuticals about it. in costly disposal. Costly Ecosys from Kyocera. ^KldDCERa man. keting rights .except in .Italy, , reorganisation compounded division had increased. Spain, Japan, . and either Aunce or Italy. Kyocera Ekrtronics Europe - Molbfetd I- - D-Wb7D Meerbusch - Germany - TcL 4-49(2159)9180 - Fax +49(2159)918108 In exchange, Recordati, w31 co-market two compounds in Tay Homes 1 UK Italy and Spain, These are directors and their families. eprikeride, J Foster doubled another, compound Expenses more than calls for JiMi for BPH, and ropinirole", a to £431,000 (£213,000) as a result treatment for Faridnsonfs dis- cuts loss of employing moire staff - par- ease. Both are in late stage ticularly in the sourcing £10.2m NiviS’ development. In addition, department — and higher mar- Recordati will receive mile- to £921,000 keting costs, to pave the way ACCESS far future expansion. stone payments during REC , via rights 15-2739’s development and will : John Foster & Son, thd worsted Earnings per share fan from AND manufacture the drug. .*'• and mohair cloth manufac- 45p to 43p. An interim divi- Tay Homes, the Leeds-based The market for treatments turer, cut pre-tax losses from dend of 1.5p is declared. housebuilder, is seeking to wmtsmmmmv far BPH is emerging rapidly. £t9m to £934060 far the half raise £lOJtm net via a l-for-3 Last month, Abbott Laborato- .year to; August 3L Turnover an rights issue to strengthen its Sterling Industries ries received approval from' continuing .operations was balance sheet and provide the US Food and Drug Admin- lower at £838m, against £10rru down at £1.69m finance for continued expan- istration for its drug Hytrin. It During the period manage- sion. Nokia’s wide ranging will compete directly will ment continued to slim down Sterling Industries, the engi- Up to 7.3m new ordinary Merck's Proscar. Other compa- the business and farther asset neering group with a 9.7 per shares are to be issued at 145p communications experi- nies with BPH compounds sales, including properties, cent stake in Caledonia Invest- apiece. The shares slipped 4p ence is fundamental in the .planned the second ments, saw pretax profits dip to 170p yesterday. marketed or in development were in creation of total access include Pfizer of the US,' half. ' from £L88m to £lft9m for the Mr Trevor Spencer, chair- V* solutions for fixed and Synthfilabo of France, and The number of employees half year to September 30. man, together with Mr Nor- Yamanouchi and Ono of now totalled 2)00 compared Earnings per share rose from man Stubbs, deputy chairman mobile networks. Japan. with 580 at tills time last year 437p to 482p and the interim and chief executive, are sub- Abbott believes that of the and by the year end this dividend is lifted from 13p to scribing in aggregate for Managed, feature-rich 30m men aged over 50 in the should have stabilised at about LSp. 1.48m new shares, 20.2 per systems, based on ad- US, 10m suffer urinary prob- 23a Turnover was down from cent of the issue. lems due to BPH. Some ana- Tim ctnnpahy warned, how- flRSm to El ft 3m The balance is underwritten vanced digital technology lysts believe the potential ever, that demand from tradi- by Kleinwort Benson Securi- form the backbone of tional merchant customers, ties, who are also brokers to worldwide market for BPH. Amber Industrial Nokia's flexible access drugs conJd reach flOhn particularly - in Europe and the issue. concepts - concepts that (£6.7bn) a year. Japan, was not good, while improves to £2.43m Tay’s last cash call was in Mr Jean-Pierre Gamier, SB’s there were a lot of cheap sell- 1987. Since then the number of cater for the future de- executive vice-president phar- ers about, particularly from Amber Industrial Holdings, the units sold per year has risen mands of an evolving net- distributor 540 1,107. The land- maceuticals, said: “We see Italy. manufacturer and from to work. these compounds as being Losses per share were 8.$p of speciality chemicals, bank has grown from plots available 2,000 units to complementary to epristeride <16-9P>- reported pre-tax profits ahead for and an important addition to from £L47tn to £2. 43m far the plots far some 4*950 units. Our close partnerships SB’s developing urology port- six months to September 30. Following an autumn with operators and appre- Tomkinsons ends boosted period, which was not signifi- folio.” Epristeride is a 5-alpha- The outcome was by ciation ofend-user service the reductase inhibitor and from a year at £1. 13m a profit of £724000 on the sale cantly different from pre- sales together needs help us shape ideas different class of drugs from of Causeway Steel Products vious year, unit with sales reservations into solutions which meet Recordati’s medicine. Continuing its improving and was achieved on turnover by mid-November had increased Recordati is also preparing trend, Tomkinsons, the yarn up from £9.48m to £lL2m. customer-specific access more than per emit. an alliance in oral healthcare and carpet group, reported a Earnings per share rose to by 10 requirements. With our company. 7.8 per cent improvement from 42.5p (20p), or 24p (20p) The directors said the with a Scandinavian commitment to support- £1.05m to £1.13m in pre-tax adjusted. The interim dividend 1993-94 results “should be pos- profits far the year to October is increased to 6p (5.5p). itively affected by a continua- ing your business in a rap- tion of the current reduction 2. idly changing environ GEI’s fall to In selling and promotional The advance was achieved Warnford Invs ment, shouldn't you face on turnover up from £19.7m to costs per unit, a lower propor- the future with Nokia? £1?1,000 hits £20im, with exports growing dips to £3.47m tion of sales from slower-sell- by 34 per cent to £L7m. ing and low margin sites and share price Mr Lowry Maclean, chair- Warnford Investments, the the fact that the group win be man. said the advance had property Investment group, selling from a larger number face saw profits before tax dip to of sites.* Sharply lower profits from its been achieved in the of jm» mamoaja awi in. months Profits for 1992-93 fall from processing machinery side left increasingly tough competi- £3.47m the six to £4.8m to £3.lm .pre-tax on GEI International, the steel tion. The Increase in exports June 24 - com- sales of £69.6m (£72.4m). and machinery manufacturer, and in the group’s main Mr The outcome, which business pared with profits of £3.67m with' pre-tax profits of £131,000 Tomkinson branded pleasing, he last time, came from gross rent for the six months to Septem- wore particularly and service charges of £5.79m Merivale Moore ber 30, against £LQ3m. added. The interim dividend is F-«mfngK per share improved (£6m>. After tax and minorities, property deals passed. There was a 2-47p pay- to DL2p (10.3p) and a same proposed to earnings per share emerged at ment last time. The shares, lost again of gp is ptafotflfa the total at lL5p. 6.01p (R35p). The Interim divi- Merivale Moore, the property 15p to 70p. dend is maintained at 2.75p. company, is selling £7.5m of Michael Blackburn , Mr commercial property interests chairman, blamed the process- PoKcy Portfolio and is acquiring two commer- ing decline on a lack of orders Rise at Leveraged cial property portfolios for from the pharmaceutical advances 1()% £12.75rn. industry and the tact that H Opportunity Trust the market- The disposals will mean a had a particularly good result Policy Portfolio, in second hand endow- Leveraged Opportunity Trust loss of just £65,000 a year in last time. maker lifted net asset value per share rental income, the company Packaging machinery profits ment policies which joined the main market July, yesterday by 28 per cent, from 993p to said, mainly involving the sale were slightly -down and losses in cent rise In l27.4p, over the 12 months to of Sovereign House, Cam- at special steels were cut reported a 16 per September 30. bridge. The other disposal is of Hr Blackburn said severe pretax profits from £370,000 to in six months to The company, managed by a land holding in . Oxfordshire pressure 'remained on margins £429,000 the JO Haznbro, reported a net def- and both will be completed but orders were now at the September 80. grew to icit of £77,000 (profits of nest March. same level as last year. Turnover £5^lm resulting in losses of The acquisitions will add Turnover was £37.6m (£8^Gm) and included £206,000 £10.000), policies purchased on “aims l.OSp (earnings of 0.i3p) per £1.47m in rental income in a (£38. 2m). Earnings per share of terms certain share. foil year. came out at OJJlp (1.31P). length" by w . 28 FtNANCtACTIMES FRIDAY IsfOVEMBER 26 1993 COMMODITIES AND AGRICULTURE Cocoa prices surge on Ivory Coast worries Caribbeans relieved; at capping of Mexican By Deborah Hargreaves total blackout on news con- deficits could augur a longer trader at Prudential Bache, the • The CPA agreement has no The agreement still has to be cerning him following rumours form 1 1 ..mH London, securities bouse. future and will not work, Bra- approved by the CPA's council The cocoa market surged earlier this week that he was There are still problems asso- But he sounded a note; of zilian cocoa traders insisted of ministers In January before sugar exports to US yesterday in busy trading in dead. On Monday, near March ciated with this year's Ivory caution about* the bull run. yesterday, reports .Beater from it can come into affect, but spite of the New York market coffee prices reached a high of Coast crop, with, reports of “The higher the price goes, the Bio de Janeiro. * Brazil's exporters said; that By Canute Janwa k» Kingston trade over a 15-year transi- being dosed for the Thanksgiv- £1,056 a tonne, as the market poor quality, some late har- more likely that countries Alliance members,- including even if that happened, it would tional period, starting next ing holiday. The March futures feared political unrest In the vesting and a shortage of bags. introduce cocoa butter substi- Brazil, agreed on Wednesday in not be a guarantee that the Caribbean sugar producers, - year. Daring that period, export contract at the tima tutes,” . be abte.to London Com- Ivory Coast, which has been At the , consumption he warned. Guayaquil, Ecuador, that , each plan would work-. who: had feared, thfe loss of .':Mexico.wffl modity Exchange gained £29 a one of Africa’s more stable is increasing and processors Members of the Cocoa Pro- would limit its annual produc? "Maybe the agreement will thair United States market to more than its current quota of tonne to close at the day's high economies. are eager to stock up on sup- ducers' Alliance have agreed to tion to its average over the be signed but erven so, I can’t Mexico when the North Ameri- 7^68 tonnes to the US cnly if it of £1,048 a tonne as traders Cocoa prices have been plies. restrict output in an attknpt to past three years. see any .way it wfflactnaBy can Free Trade .Agreement Is becomes a net exporter of continued to express concerns buoyed for several months on "What you’re seeing is that build on the recent rise in But Brazil’s traders dis- function," said one dealer. "It Implemented, are breathing • sugar. about the political situation in reports of a deficit in this the people who need cocoa are prices. But Indonesia, a large missed the plan. '**1 suppose will probably take a few years more easily following. Use- cap- The USnnd Mexico agreed to - 1 the Ivory Coast - the world's year's crop. The low estimates doubling up on their cover so producer but not a CPA mem- they’re going to tell the trees just for everyone to agree cm ping of Mexico’s exports, to the consider Mexico's consumption * largest producer. for the cocoa harvest have that If they don't receive the ber, is refusing to cooperate to stop growing cocoa,” said what Is their average for fee US forth* first six years of the \of high fructose com syrup ’ 1 Fears for the health of Ivo- since been upgraded, but the physical delivery, they could at and is increasing its own pro- one. “It's a completely last three years.' How 'are you agreement. - production in determining rian was a net President Houphouet- market still believes that the least take the futures instead”, duction, which could jeopard- plan and when I say that, going to control what each The . Caribbean exporters, whether the country Boigny have been ise the success schema being diplomatic,” he added members' level. is?* production costs . exporter. That ..was. a _ fueled by a past two years of production said Mr Tony Chadwick, cocoa of the . whose , have: sugar, (Mnsiat^tiy iratatripped world ' response to concern in the US market prices, have managed industry that Mexico would to preserve their industries have a sugar surplus If U sub- New management pulls South African gold mine back from brink with preferential prices paid stituted high fructose corn for shipments udder quote to syrup for sugar. By Kenneth Gooding, ounces of gold in its 100 years won agreement from the said Mr Laing. Mr Deon Le is the largest of its kind In the leaving the mine well-equipped the European Union and the The Caribbean industry is Mining Correspondent of operation and that there was unions to move to seven-day Roux, previously mine man- world, covering 13km by 8km, In many areas. Now the com- US. not unduly worried about the probably much more to come working instead of the five ager at Harmony, is now mine of which only half has been pany is raising R553m via a Pressure from US legislators Nafta provisions - that allow A new management team out days traditional in South Afri- manager at ERPM, mined so far. rights offer which wifi, leave it representing sugar producing Mexico to export lip to 250,000 claims it Is breathing new life Mr Glen Laing, recruited five can mines. This allowed 30 The scheme encouraged The gold comes from ore bur- debt free with about R100 sur- states has led to a cap of- 7,258 tonnes a year to the -US if the into East Rand Proprietary months ago as managing direc- shifts to be worked instead of more effective mining by link- ied 3km to 3.5km deep. The plus cash In the bank. ERPM is tonnes a year on. Mexican country becomes a net Minas, one oE South Africa's tor. said in London yesterday 34. ing bonuses to the rate of problems of mining at these certain of collecting the money sugar exports to the US for the exporter. “The US quota hold- oldest and deepest, which has that a new mine plan would Also a bonus scheme was advance into the mina face and depths - rock instability, high because the issue “is fhUy first six years of Nafta. ers feel 'relatively safe from been at death's door for many boost output from 257,000 making a substantial Impact the grade of the ore produced. temperatures and high humid-. underwritten by Paribas Capi- Caribbean, producers,' exclu- thpofl arrangements,” said Mr v- years, was about to default on ounces this year to nearly on productivity. The scheme There was also a profit-sharing Ity - make ERPM ‘a high-risk tal Markets (about 60 per cent ding Cuba, have a total US Downie. “Not many In the its loans next month and faced ounces in 1997. com- was based on one used at the banns for all employees. mining operation. of the shares are owned by pri- quota of 225,509 tonnes for the sugar industry expect Mexico 385,000 A . closure. bination of higher ore grades Harmony gold mine where pro- ERPM, located 25km south Mr Laing said ERPM had vate French investors) and 1993-1994 crop year, following a .to become a net producer of The South African govern- and increased productivity ductivity - measured in square east of Johannesburg in the built up huge debts but the First-Carp Merchant Bank. Mr 16 per cent reduction of last sugar for many years to come." ment has in the past rescued would cut mining costs from metres of ore mined per man - town of Boksburg, once money had gone to complete Laing was with a ’Toad show” year's. quota hy the US Depart- Mexico is expected to import ERPM from near-bankruptcy, $330 an ounce to $375 during improved by 46 per cent in the employed 20,000. Now the the aocaHed Far East vertical making presentations to inves- ment of Agriculture. The hold- about 440,000 tonnes .of sugar conscious of the feet that it those four years. two years since it was intro- workforce totals about 6,000. shaft system that gave access tors In the US, London and ers of US quotes are Barbados, next year. Consumption is - produced about 40m troy The new team had already duced "and saved that mine”, The underground mining lease to higher-grade ore as well as Paris. . . Belize, - the Dominican. Repub- expected to rise steadily, lic, Guyana, Jamaica and Trini- increasing demand for. imports and dad and Tobago. . putting the country, fur- “There is some doubt as to ther away from being a net Chilean copper giant faces ‘reform or die’ challenge whether the Mexican industry producer. can roach the degree of effi- Caribbean industry officials 1 ciency which will allow it to say that even if the Mexican Chuquicamata is struggling with falling ore grades, high costs and low prices, writes David Pilling produce significantly more industry can' ship 250,000 , 0- than its quota in the short tonnes to the US each year, the t first, there seems to according to Mr Gilberto of producing at less than 60 term.” said Mr Frank Downie, reduction will be shared by all be little logical expla- Ortega, a member of Chuqui- cents a pound are going to col- chief executive of the. Sugar cun-ent quota holders. nation for the exis- camata's finance team. The lapse”. Industry Authority of Jamaica. • The . combination of a tight A r tence of Calama. A thriving scheme alms to spotlight ineffi- Politicians are also rnHwg gj “Current quota, holders are supply/demand balance and town of more than 100,000 ciency, Judge management per- Abra as a rod with which to unlikely to be affected by the “an ever widening circle of £• Inhabitants, it is hemmed in on formance and introduce mar- beat Chuquicamata, the man- Mexican, industry for many uncertainty” are continuing to all sides by the Atacama des- ket Incentives. agement of which is desperate yeara." support world, sugar prices, ert. the driest place on earth. “The important thing fe that to develop the replacement ore The Caribbean sugar indus- according to London trader It Is only on careful inspec- each unit should have Its own bodies of Radomiro Tomic and try- had hared that the Imple- E.D. F. Man, our commodities tion that one notices, far in the management and make its own Mansa Minn, Currently the law mentation of Nafta would have staff writes. distance, the belching chimney profits. Poorly performing prohibits these deposits, allowed Mexico's sugar indus- But this bullish scenario Is stacks of Chuquicamata, the units will have to change or regarded as belonging to try unlimited access to the US, "dented” by the possibility of world's largest copper mine, on disappear,” Mr Ortega says. Chuquicamata, from being depriving the Caribbean, pro- an escalating surplus of white which Calama depends. After a two-year experimental developed In association with ducers of a valuable market. (refined) sugar, the trader says Without Chuquicamata - the phase, units will be permitted foreign partners. But no one Under the hew arrange- in the latest issue of its 80-year-old, state-run mine that to sell services outside the doubts the desire of many poli- ments, Mexico will be allowed monthly V Sugar Situation accounts for 6 per cent of mine . ticians to scrap that stipula- to ship 25,000 tonnes per year report global copper production - the It is not yet clear how the tion. to the US market if its Industry “A tight raw sugar situation town would sink back into the theory will work out in prac- “If Codelco wants fr develop produces a surplus. After the may emerge particularly in the desert sands. Although the tice, given that Chuquicamata new mines on its own it will first six years, the limit will be first half of next year,” the mine employs slightly fewer operates as an organic process. have to transform Itself radi- raised to 150,000 tonnes and the report says. But “the appar- than 10.000 workers, more than Rather than expose each unit cally in terms of productivity market will take everything ently -ever tightening white half Calama's population is to the profit-or-die laws of the and efficiency," said Mr Alejan- produced if there is a surplus sugar supply picture was not economically dependent on it marketplace, it seems likely dro Foxley, finance minister. for two. consecutive years then. justified by offtake, in the It is against this background that the new structure will be As the government, .diverts The US and' Mexico are .to . short term at leasts in the short that falling ore grades and used to pinpoint areas where money to sodal programmes, phase out barriers fo sugar term at least" high production costs at the savings can be made. the budget left over for Codelco mine, coupled with slumping Unions are likely to oppose Chuquicamata, the biggest copper mine in the world, accounts for 6 per cent of global production la barely sufficient to copper prices, become of peat such reforms, which may be implement environmental CROSSWORD concern. Worrying too is the regarded as a potential assault ened by the association last cost-effective mine. However, by 1995. There is also likely to clean-ups and to keep mines assessment of Mr Raul Melen- on jobs and pay. Worse still, month of Codelco, the state- that figure is partly disguised be a crack down an what man- ticking over. No. 8,316 Set by QUARK. dez, head of Chuquicamata's the planned reorganisation owned copper concern, with a by extremely low-cost metal agers regard as lost time dur- In the meantime, it is not finance department, that “We smacks of privatisation by US/Canadian consortium for derived from Mina Sur, the ing shift changeovers. merely the inhabitants of Cal- have to change the way we stealth. the development of the huge El mine's rich oxide deposit Chuquicamata’s non-core ama who are relying on the operate within five years or Managers speak, however, of Abra mine. Copper from Chuquicamata’s infrastructure, which includes continued profitability of we’re going to die a natural a “cultural shift” among main sulphide mine, a terraced housing, schools and sports Chuquicamata, the backbone death”. Chuquicamata’s workers, who s Codelco's first joint pit measuring 2km by 4km, is facilities, is also to be scrutin- of the Chilean economy. Part or that change, pro- they say are increasingly open venture, the $lbn proj- Increasingly expensive to pro- ised. The site hospital alone, Although low copper prices voked by growing competition to change. Evidence of this A ect is being trumpeted duce as the mine deepens and which guarantees free med ical have severely dented profits, from Chile's private sector came earlier this year whan as a great leap forward. Chile ore grades decline. Standing treatment to staff and their Chuquicamata still accounts mines, involves the break-up of workers signed a three-year wifi receive $404m in return a beside the gouged and dyna- families, costs $15m a year. for around 7 per cent of Chile’s Chuquicamata from next year wage agreement Unlike 1991, 61 per cent stake. Without mited hole - st the base of “We’re Looking into ways of GDP. into seven autonomous busi- when there was a two-week investing so much as a peso, which towering trucks appear reducing these costs,” says Mr Whether the government ness units. The scheme, strike in pursuit of better pay the country will collect 49 pa the size of ants - it is easy to Melendez. opts to keep the mine entirely described as “highly sensitive” and conditions, workers this cent of profits. Moreover, El appreciate the difficulty of Chile's government, which in state hands or to broaden Its by managers, is under discus- year settled for a deal that Abra copper will be produced keeping costs in check. controls Codelco's investment scope for attracting foreign sion with the mine's powerful merely kept pay In line with at 40-45 cents a pound, In addition to the mine reor- budget, has made it clear that capital Is still up for debate. unions. inflation. compared with an average of ganisation, managers intend to it expects cost-cutting. Mr What Is certain, however, is The idea is to create an There is growing recognition 69 cents over Codelco's four cut staff. They hope that Eduardo Frei, almost certain to that the next administration “internal market” by splitting that Chuquicamata must divisions. through early and disability be president after elections in will do all it can to prevent its the operation into separate become more efficient if it Is to Chuquicamata, with produc- retirement, plus a hiring December, recently told an most important asset from suf- profit centres that will “sell” survive, managers say. Such tion costs of about 68 cents a freeze, the workforce can be election rally; “Those copper fering a slow and painful services to one another. sentiments have been377.10-sharp- pound, remains Codelco's most reduced by nearly L500 to &575 companies that are incapable deat h. COMMQDiT?ji»lPFUCES BASE METALS Base metals continued GRAINS AND OIL SEEDS Softs continued LONDON SPOT MARKETS WHEAT LCE{E per WWjj No7 PHBRUM RAW aUQAR LG6 (csntaribd H CRUDE OH. FOB (per barreVJarQ -tor LONDON METAL EXCHANGE LME AM Official CIS rate: 1.4888 LME Closing £/» rata M890 (Prices from Amalgamated Mots TracSog) Stat Deyla OpM Salt nay's 0pm Dubai *12.81-2-96 097 Spot 1.4884 3 1.4815 mtic 1.4781 QlSStX 1/5714 PA* HOP Lew tat Wot prim ctwaga HR Low lot m ALUMINIUM. 88.7 PURITY ff per tonne) m*t 8 Brent Blend (da&xf S14J5-4J37 -0.71 ACROSS 5 Entire food provided in this Jan 10035 . - - U93 . Mar 1063 +096 1063 1060 1038 00 Brent Stand (Jarg S149S-4JI7 -0.77 1 Mysterious small drop In public way Crwti a mttra (12) Ite 101.05 +4L2D 101-76 10195 1992 50 May 1093 -All 1083 1092 832 128 W.TJ. (1pm boj} - - Open University initially, 6 Study, say, hind Ctooe 1039-10 1059^-60.5 a of grass MW 10390 +025 10390 10390 1.423 68 JM 11.14 +0.10 11.17 11.17 (018 90 (ML PRODUCTS NWEprompt (tame) JpNANCLVL TIMES FRIDAY NT^vemBER 26 1993 LONDON STOCK EXCHANGE "WWttTREPOIlqr !> FT-A All-Share Index Equity Shares Traded Turnover by volume (million!. Excluding: Intra-maitot trustless and auereaas turnover FT-SE 100 1.000 - - to [; Index reaches for the 3,100 mark Terry Byland, B*01 Budget speech , from until Monday, moved M * Market Editor Mr quickly into rate cut has effectively ruled out Clarke, Aceeuat Oeefina Dates the UK Chancellor of the the blue chip international stocks the likelihood cf a cut in -he Bud- Writ PmHh The exchequer, MaritBtmakfirs feed- bk yesterday afternoon. closure of the are Mo* 15 get. UK equity strategists are con- New v™* ing Hwiiing markets for books closely trimmed Option The lead was taken by ICI as a the ThankS/Sv Podium m. vinced that there is still room for &nd Nos 25 a wave of arbitraging leading UK investment bank base rates to come dowr. to 4 per Operations from -the stock index switched to a highly bullish stance Sp nd to fectore cent, or even lower, during 1994. ? closer to fixtures thran* Gap C home.hmn^ ^ . market caught sur- the shares. Not A change by Account Do* on everyone in the But retail and store shares, still of view^n+i^ SiMEC FT Cngtoc IS prise yesterday morning. Poc 6 Jra 1C City agreed with Warburg's options and stock indoTfatuiS Doc 20 - reason- wanting to see genuine signs of an ^ However, Seaq Hi» daoHaga may toko place frwii 1 Up volume increased S ing but, nevertheless, the jump in upturn in both consumer confi- ^ kvourable coxa- to Key Indicators oamr hS?a 6963m shares, from 483.5m cm ICI shares was worth two points on dence and spending patterns, made BWS’ 5?d +h ^S?c2 ** enough to Wednesday, with several basket at the end send the FT-SE 100 Index the Footsie of the day. little improvement. However, there Indices and ratios in trades mait manning across the trading the rest of the stock market Turn- Reuters moved up smartly on was a good deal of activity in the FTSE 100 3033.1 +25.9 FT Ordinary index 2355.2 +25.3 At best, the indra screens. Retail or customer, busi- over in oil stocks was very heavy as hopes of strength on Wall Street brewing sector where hints of a FT-SE MiO 250 3445J2 +14.5 FT-A 500 p/e 19.74 (19.60) “vw points of itstar- ness was worth £L3Qm on Wednes- New York's holiday closure put Pharmaceutical stocks were rela- large inter-corporate deal have been FT-SE-A 350 1542.4 +11.5 FT-SE 1 CM Fur Dec 3106.0 +38.0 day, indicating that underlying London in the front line. tively cautious although Glaxo circulating. FT-A All-Share 1 525.34 + 1063 10 yr Gill yield 6.70 (6.73) MJSSt activity remains healthy, if not as Some analysts suggested that the found some supporters. FT-A All -Share yield 3.74 (3.7GI Yield ratio: 1.93 (1.93) g^WtateakiDg ttougb Traders were inclined to see the 3.100 high as a few weeks ago. The FT-SE oil price collapse, while not good for The building sectors found a performance in the market yester- Best performing Mid 250 sectors Worst performing sectors to6k Index gained 143 at 3,445.2. sterling, would benefit the indus- strong lead in excellent trading day as a reminder that, with trad- a cautious view of Weakness the>J^?£Lsudden in ofl shares, following trial economies and might bring a results from BPS and. encouraged mg books tight and heaw defensive recovery in share prices, a heavy fall in crude prices after the stronger trend an Wall Street when also by this week's half point reduc- positions built up in both traded s^smg^that the big imtftutiocS +1 .7 -0.2 Organisation of Petroleum Export- it re-opens today. UK traders, who tion in domestic interest rates, options and stock index futures. 1 were still +1.5 -0.1 ?”,. unwilling ing Countries failed to cut produc- sharply. £ IP had assumed that Wall Street would moved up share prices can turn very sharply +1 fi to deal ahead of next Tuesdays -....+0.1 tion levels, contrasted sharply with remain out of the market equation While realising that this week's on any change in confidence. attempt to control supply and cialists said that if the plan posting a 10 per cent decline, inevitably impact on the With such a diversity of own- NEW HIGHS AND LOWS with AHH, the diversified dis- Strong that ICI could benefit. to the Is agreed by producers, the against the FT-SE 100’s near l mqjors. it would be the explo- ers. Britvic's development has FOR 1993 tribution company, closing tune of an extra £100m on its European Commission still has per cent rise. ration and production stocks, been held back, with some sug- NEW HIGHS (SOI down 13 at 482p on results AMERICANS (1) vemy. BANKS plPtf Bk Ol trading profits as early as 1995. to grant it approval. oil prices, already slid- Also, Crude such as Lasmo and Enterprise, gestions from brokers that a Saxtond BLOG MATLS (9) BPB. EAn Crete. Do short of consensus expecta- His briefing followed a meet- overproduction in ethylene is a ing before the Opec meeting in which would suffer the most. flotation - which would value 7'W Pi, Bra. Drodffna CaaOon. Uttey. tions against yesterday's gen- *:.Vpc Unteto Pi . RMC, Siun» 4 Rstiw. ing of the Association of Petro- global - problem, with European Vienna, came under relentless Traders pointed out that the group a: around £300m ELGCmCITV (1) Cfwm LahL ELECTRONICS eral market gains . Bespak, the (3) Acal CM*. Viecfl. ENG ASW RoCs chemicals Producers in Europe manufacturers tending to be pressure yesterday, retreating Lasmo was by far the most may be the best option. In a ID healthcare manufacturing > for ICI Rove*. ENG GEN CO SEP. Strata^- HOTELS 4 (APPE), after which most pet- smaller and less efficient than to around the $14 a barrel level heavily traded stock in the oil strong drinks sector. Allied LBS H] Park Organ S'+ce Pt. INV TRUSTS group, also came off against (14] QUu lev . Do Wle. nwrtrq Ctvnett, rochemicals groups said they in those the US and the Far at one point, the lowest level sector yesterday, with turnover rose 8 to 5S3p, Whitbread 2 to Refrvng Emrg. Mas. F 4 C Erne. Gfcpc Cv '10. the trend. The thinly-traded ICI was at the front of the were optimist# about getting East for around five years. Many reaching 13.5m - the highest 51Sp and Bass a to 477p. Gsrtnne Ena Psa9c. Do Wo_ Jeneey stock fell 6 to 300p with ana- market yesterday with an pnccru, Ud WY4KJ, Murray Sim Mtris.. Do B. agreement to cut back produc- analysts adopted an extremely single clay's trade were the Souci Airwr. Wt*^ Tor Inv.. advance since early BPB shares among F4 lr»_ WMLrrad lysts citing general concern of 45 to 7i9p. fuelled MEDIA (4) Anglo TV. Eunxnon*, Pubfc. LOT tion next month. bearish view of the short and October. Lasmo lost 6 to l£8p. market's best performers, clim- about the company which Souanews. MtSC |l) MOeori Russel. MOTORS by bullish speculation on the Oils savaged Other brokers, even those medium-term outlook for oil “Lasmo's final dividend is bing 21. or over 5 per cent, to PI BBA. Diun UVs.. VeS^mgen. OIL 4 GAS made a profits warning earlier prospects for the <31 Amuw*. CrOruiund. Vcwut. OTHER RNCL company’s who are ICI buyers, wore keen Opec’s move to hold its out- prices, saying that the current under extreme turnover this now threat." 273p, after of 6.6m, (9 Catana In*.. CwnMfa. PACKO. PAPER 8 month. petrochemicals business on the to knock down the tale. One put celling at 243m barrels a situation bears 3 striking said one analyst, who pointed after the group delivered much PRINTS (1) Alio IVtggms ASCKIOO, PROP « Glaxo was up 16 at 65lp but part of S.G. Warburg analyst Gramgar. Warner EsL, SOUTH AFRICANS (I) said: “If the rise is In direct day drew gasps of despair from resemblance to that of 1986 out that the company had better than expected interim TonoKB+iulen. the City said this was part of a Mr Michael Stone. response to the APPE, It is oil sector specialists and was when Opec failed to get a grip emphasised it would maintain profits and an increase in the general recovery in the sector He told Warburg's NEW LOWS (29 sales force grossly overdone. That is, in accompanied by a steep slide on supply and crude prices fell the payment “barring extenu- dividend. BREWERS K! Gimd Mel.. Taunton Oder. which has been lagging the at the morning nfrpring that ELECTRICALS (9 Beales Hurttw. BunUU. ENG our view, a total over-reaction in oil shares. The oil sector to around S8 to $9 a barrel. ating circumstances". The BPB figures coupled GEN market in recent weeks. Europe's ethylene |1) GE3. FOOD MANUF (9 HnSewcon producers to the news." was easily the worst performer Specialists said that “It is very likely that we will with reports of an 8.5 per cent rocKowe. FOOD RETAILING (9 Gees. F.rak Printers had a largely quiet Sava. HEALTH 4 KSEHOLD HoemoceO. were likely to succeed in their equity spe- in the M But UK market FT-SE Actuaries indices, although weak oil prices would be looking at extenuating cir- year-on-year jump in German HOTELS A LES (9 Brora WoUvM Euro Dene,. day apart from St Ives which cumstances," was the view of housing starts and increasing European 1M. MSCE BROKERS (1) A)e>. 4 rose 13 to close at 293p on the Alfli, INV TRUSTS BnuOJXV Inv.. Mwray EQUITY analyst (9 FUTURES AND OPTIONS TRADING TRADING VOLUME the hopes of another cut in Ger- SpU Can MIL 4 MIL FORMING (9 Apollo day. Institutions said the Meals. Triple, Uoya Mtac Enterprise Oil shares were man interest rates triggered a (11 snaru 4 industry was more confident PWfwrai. STORES (1) Buma Major Stocks yesterday 1-: equally mauled, closing 15 flurry of heavy buying interest Cm oasoo on those Comocnoo tjuoiea on me about advertising revenue than Vol Good volume in the Oawng Day's 1 London Snare Scrvtea. futures of 2,968 to 2£78. .. jumped to a hefty lower at 439 ip on heavy throughout the building sec- it been for a while. premium OiXtt pnc» grama turn- had market belled a somewhat Anticipation of dull day’s against the over a cash market and ASOA Group! 15.000 +b of 1.5m. BP. vulnerable to tors. Redland and RMC were Ruberoid's return to the featureless session yesterday business proved shortlived at its' best was trading 17 Abboy Nanonart 2.S0D «« <4 weak oil prices, performed the big beneficiaries of the Ger- I4lp, with analysts predicting market, after being demerged AlBcrt Flaher 2.S00 59 -1 enlivened only by a very large however as a large buy order points ahead. Bear covering ADod-Lvonst 3./D0 SSI >S creditably, closing only mar- man stories, the latter jumping a dull time for the immediate from Tarmac, saw the shares order from one leading MUSWlWMs! 2000 944 +« UK from one UK investment bank was also said also to have AlDOB 344 338 +2 ginally easier at 342p, while 26 to 878p and the former 22 to future. Revisions of forecasts heavily traded and move up Ann* 3.700 -3 house, writes Christopher was seen in the late morning. added impetus to the rise, QRM«t 299 Shell slipped 3 to 6S4p. 563p after heaw turnover of for the full-year came in from an opening I61 to touch Arjo WXnrat 3000 239 K> p Price. This sent December smartly which in the absence of Wall Mu Bit Fbodof 1.100 506 * 6.9m. around £52m, a fall of some 10 I65p before closing at 163p. The Am. Bk Rom 429 490 41 The December FT-SE 100 forward and encouraged a Street was maintained for the A further burst of switching, per cent. stock was issued at 150p a BAAt 904 BM alert contract opened in muted flurry of othef buyers to come rest of the session. BAT fads.! 4.600 496 +11 Drinks out of PowerGen and into A trade of 7.5m shares at share. Turnover of 12m shares, -1 ' SET 1J50Q 127*j trading, with business being into the arena The contract finally closed HCC, 338 3S7 Strong suggestions that National Power, as institutions 335p in United Biscuits - over was the fourth heaviest in the BOCf 1.200 627 +3 - executed in a narrow range The contract Immediately at 3,108, up 38 points on the BPt PepsiCo, the US soft drinks continued to view the price dif- 1.5 per cent of the company market yesterday. The day's previous session BPS MS. 6000 278 +11 giant, was considering ferential between the two stock threw the company's brokers, stock was and around I buying other debut Bto- FT-SE 100 smex FUTURES (LiFFgC2S ftillndw BTt 11.000 459 2 t5 l j pw I 208ij points over its fair value, 7000 +4 2 Britvic were heard, although prices as unsustainable. financial PR and countless trace, the biotechnology com- 11 ' J Open Sett price Change nob Lott Eat vd - Open tnC 13000 341 b -ab shade food manufacturing traded to I45p currently standing at just over BwA of Scadandt 1000 ISO +4 company sources Later denied The latter closed a analysts pany, which up Deo 3070.0 31080 ann 31120 30870 13430 54687 4. Turnover was a healthy E^rdayat 4.100 659 +5 the story. In spite of this, ana- firmer at 399'/ip on 52m traded into confusion; the report after 7.2m shares were placed Mar 3091.0 31260 385 81250 30910' 2282 13465 BMSt 2.7D0 477 +5 12£89 contracts. BtueOrdof £400 322 *5 lysts said they expected a but the former retreated 8 to should have read “750,000". at 130p. Volume was just under Jun 30990 31300 385 30990 . 30990 1 901 Bookar 402 im Contract traded on APT. Open MeresT flgratt are tar previous day- Dealers said that derivatives Boolat 52E <6 shake-up to Britvic's unusual 449p on 3.9m. The Stock Exchange later shares. trading was likely to remain Bomno! 438 +1 shareholdings in the near Respectable results but a admitted to a mistake, but said n--seiropmEXOPnoH(ui^r^o92) ciQ porfaewdax point Bit. Ao7npB<»t 414 42 MARKET REPORTERS: directionless ahead of the UK British Airways! 410 +2 future. gloomy statement sent Hazle- the error would not be posted BitMiQart 323 -1 2900 29S02900 3000 SOSO 3100 81003150 3200 3200 PepsiCo already per Foods into retreat and until today. UB shares closed 2 Christopher Price, Budget, with minds British Laid 422 +2 has a 10 wood C P C P C C P C P C P CPCPCPCPCPCP.CPC P C P P concentrated on squaring up BrtUsh Slaalt 5.100 113 42 cent stake in Britvic, the other prompted a raft of downgrades down at 335p in turnover of Catherine Milton, Dec ZTrii 10*2 171*2 14 130 Zflx'tSfh 32*2 55 51^ 33 79 IB 11312 > 159fe Bund 691 133 +3 DurmoTI 740 +13 of stance sev- 4 3m Steve Thompson. Jan 237 26 194*2 32*2 150 44 110 56>2 tt 77 03 102b 43 133b20bl71b positions prior to Tuesday. And CBSOolt 972 holders being Bass (45 per and change from Buttn £700 69b -b Feb '253 85 140*2 70*2 "00 83 '114 BB*j 143 43 17B sector 33b 213b 43b 175b 100b with Wall Street expected to CaUa 4 Wlra.! 3000 470 +4 cent), and Allied-Lyons and eral of the stock's former sup- The drags saw some Other statistics, Page 23 - 184 - Ur 201 40. 223 sb Mi 84 152b ® M -123b 71 ISObOb 2.100 447b «b shares fell 7 to in smaller stocks, • ' he .flouted, domestic; . Whitbread (22.5 per cent each). porters. The movement Junf 28*»i 63 - - W7b 89- •«* 1® r..1«5fl7Bb .' Color Gknup 190 304 46 considerations are likely to Caradont 2000 345 +12 Can 1250 Ml 9090 be Carton Comma.! 1A00 767 -3 further reinforced. Ooan 1.700 259 -1 EURO STYLE FT-SE 100 INDEX OPTION (UFF9 BIO par Ml index point BBS In traded options, turnover Cbohil Unlanf £000 *B LONDON EQUITIES CoOkacm 1000 202 +1 . 429 +1 2925 2970 3028 3079 3120 ! 3178 . 3225 3270 reached just over 37,000, Courtarurt a» Oataoty 430 481 RISES AND FALLS YESTERDAY around one-third of which was DaURuo 310 797 43 LIFFE EQUITY OPTIONS Doe iwbtibiOb 18 inbssb » 37b 80b «b 89b MbiOb ihb -3 Rteea Fade Same A £ made up of FTSE contracts. Cbcro 1000 262 Jan 214b 27b 174b 3«b W7ia 48 MbtiSb W «b ttb T1S 34b 144b tib W Emm Beet. 654 982 43 CaBg PUS — Cab PuB' Bridsti Funds ... 40 15 23 Fob 23B 39*2 100 02 90b 100 Bb 1« The Euro-FTSE recorded East MOM Beet 83B 904 44 Other Interest ... 4 7 4 - EngChtaCfeqfs 782 408 -3 Jan Apr Jut Jan Apr JK Fed May Aug Feb Iby Aug Fixed Mar 3«b4Bb Wj 72 IIO IOBb • 04 182 Won turnover of 2,509 contrcats. Ertarpriao 0»t 1000 439 -15b Commensal. Industrial 308 218 903 Jufff 270 88 200 03 M3 133 .'00 IBS Among stock options. BT Enrnmel Unta 20S 457 +16 Meo-lyona 550 40h B3ft 38 i 17 a 120 17H 2014 24 6M 1H 1314 Financial 55 36 77 374 PutoHM * LMMykig kata veto*. Praetirara ibon barad oo rtdMnant prim, NO 263 182 +1 (-S82 600 1214 27 130 12 IB 19 12 >8 19 Q* n ) 32 35 42!t 56 Property — — 19 17 98 WUUI*. headed the list on 2,106, Flaona £300 143 43 t Long mu Aiy»U 240 24 31 H 3514 6V> 10!4 1614 Lucas Inda 160 2214 2614 30 8V, 9H 12V, Investment Trusts ... 112 45 374 ftwtaiACol LT. 423 294 +1 10V* 1914 1614 1914 2214 foSowed by British Steel wfth R*wt 881 233 46 C2S8 I !B0 12 21 29 1S«4 19» 27 H73 ) 180 18 Of 8. Gas 15 31 34 Qen. Acothnrt 1.100 038 -2 ASHA 50 614 a 10«4 3 5 6 Minas 30 30 80 ii 1,777 and Redland at 1,428. 550471* 57 871* 131* 23 29 QorMKSl 8000 43 P 6 0 QaCLJ 837b (« ) 60 2H 4V4 8 9 1H4 12W Others ...... 62 43 57 Oaxot 4.400 651 +19 (*575 J 600 21 31 <3 JOW 4914 55 OlynwadM. ftKngton 140 22 251* 29 4H 61* 9 Totata 6635 442 1.650 - 'he UK Series Amaya 390 38Vr 4814 53 9 15 23 FT SE Actuaries Share indices Oranooat M rise 160 9*4 14 18 13V* T5V* 181* Grand Mot! 387 +8 420 2814 I Data cased on those canputiee listed on Km London Share Service. f416 ) 19 30 37 23 37V, 639 +10 Prudential 330 21 28V, 291* II IWE* Year Dfv. Earn. R/E Xd adj. Total SMaBdnA 390 271* 371* <714 T6 26>4 32 184 -6 (*335 1 360 71* 12 18 291* 38 401* (*396 420 141* 49 Nov 26 chga% Nov 24 Nov 23 Nov 22 ago yMdttyMdM ratio ytd Return QKN 482 42 ) 25 35 3354 43 LONDON RECENT ISSUES: EQUITIES OAnaMt 441 48 Boots 500 37 50 5914 8 154 2+ HTZ 650 ESI* 79 93*4 9 17 23 Issue Amt Mkt Close 3093.1 +0.8 30070 3060.3 30700 27410 3.84 608 2103 87.79 112064 HSBCpspshMt 740 +7 11 2314 3314 6354 27 371* 4414 v FT-SE 100 (*S23 ) 550 32 <1 50 C699 t 700 36 49 Haranenon 'A 376 -1 prax paid cap 10B3 priw Net Ov. FT-SE MM 280 3446_2 +a4 343a7 34380 3435.4 28180 354 5.73 2103 8018 1245.70 RaSanfl 550 38 48 95 19 35 411* Hanaonf 261 +2b up ffrrvj High Low stock drj. cm. 3436.4 26210 308 015 1903 9040 1241.13 [*562 651* p p FT-SE MM- 250 ex Inv Tkuets 34440 +04 3429.8 34370 Kantaona CraaMd BP 330 2314 30 3S» 7 13 15V> ) EDO 1514 25 3214 48 71 3.77 5.69 2109 2flV* - - - FT-SE-A 350 1542.4 +07 15300 16320 1B32.7 13235 4201 115208 Have (341 ) 380 714 14 2014 25 29 33 Royal Inaca 288 -121* §140 F0. 480 165 140 Abaoue 162 NR35 20 £7 220 - HBKkMWI ------FT-SE SmelCep 1796.19 1736.68 1741.40 174503 3.17 302 3406 3905 131203 BnHi Steel 110 13 16H 20 4 7 914 TOC) 317 714 31 - FP. 450 94 88 Abtrutt Emrg Econ 90V+1*2 - H - - - - - 17110B -Ol 171208171907172408 309 407 3209 41.92 129047 (118 ) 120 7 11 15 8)4 12 1414 F.P. 40 52 46 Do Warranto 48 Ot 9 445 Tosco 180 231*271*281* 5v* 11 12!* - - - - FT-A ALL-SHARE 152504 - +07 151501 1617.06 1517-41 129706 3.74 658 2201 4101 116074 43 BOSS 460 28 3114 3814 17 23W 30 100 FP. 29.4 102 98 AMrust LLoyds 98 {*194 ) 200 1114 16 18 141* 22 33 - Johnson Mammy 475 +14 (-477 500 7 14 211* 46 49 54v; - FP. £4 40 39 Do Warrants 40 - - - ii ) Vodafone 500 43 5714 6814 27 38 4614 170 FP. 2049 190 178 AUflan 190 +4 WN6.1 20 40 140 FT-Actuarle* AlKSharo 21 47 5614 65 74 Nuuk Save PS13 1 5S0 35 -1 1.8 Omfa Veer Div. Bam Xd ad). Total CatfeSWta 450 33 ««4 EB1* 13 21 W 27 230 FP. 520 241 230 Aztan 240 100 20 280 Ladbrotet WUaras 300 321* 37 40 6 12 15 - - — - Nov 24- Nov 23 Nov 22 ego yMdM yhridtt redo . y« Return 1914 130 FP. 44.7 145 138 Bweraoe Inti. 145 Nov 26 chge* Lantf SKuniMst r<70 ) 475 3014 43 24<4 3214 38 (*322 ) 330 14 IB 24 1814 2754 301* 96 - - - - Lewis coutaukta 420 25 3314 41 15 2014 2014 100 FP. 1050 102 96 CLM (race +09 1053.79 105324 1051.87 77033 Legsl Genarar! 194 1 CAPITAL 00008(315) 8 Option Apr Jid Jan Apr Jed 200 FP. 33.4 205 193 Cana&JA Pizza W5.9 20 30 140 r«0 ) 460 814 17 23 4(H 4414 S3 Jm 2 BUUkSro MatarttisCffl 406 1220161222^1 1209.85 756.61 Uoytb Abbey 110 F.P. 240 110 98 Charles Sidney 103 LN35 22 40 13.1 Ltoyrta Bank! Oomn Union 600 20 S5Mi 4714 15*4 29 34 108101066101030101036 04003 BAA 900 43 6514 8114 19 30H 42 100 FP. 130 114 102 Ckwekmd Tcz 111 IM506 00 50 21.7 3 Contracting, CamtnnionC2S) LASMO CBM 650 614 15 25 50 514 6514 ) 950 2014 4014 5554 4714 57 67 - — - - - 4 BectricateflS) 401 288010 2882.56 2867.68 210133 London EJoa. f023 ) F.P. 55 20 10 Coal Invs 17 +2 1000 Thames WT 500 39 511* 67** 7 13 331* - Packaging 134 11 14 17.1 6 BaaronfcapB) +072797X2 Z7S5£7 2784^9 220001 Lorabo 133b -1b - - - F.P. 530 142 133 Crest W305 4000 173 43 IQ 681 56 - 8 301* 501* +04 463.40 457.65 461.65 247.00 (*526 ) HO 12 23 301* 36 280 F.P. Tffp S 873 268 DF8 Furniture 271 10.4 2.1 10 200 0 EremeoringAoroapacopi 1,300 525 43 (*720 ) 750 18 28 39 41 62 6814 46443 100 F.P. 505 102 » Delian Uoyds Tat X 7 &xpxwring^3Bo«al(49) +03 6T4.12 37283 01030 2000 137 -1 471* 19 2914 41 Option Pac Mar Jan Oec Mar Jun KtaBttar 650 31M 58 +1.7 4S003 453.09 464.45 28000 1 F.P. 4.6 11( 1>4 ^Emerald Energy 8 Metata A Mata) FormhaH) (-GG7 ) 700 11 24H 3314 51 5814 69 Abbey Kao 390 23)4 33 361* 4 14 18 - FJ>. 309 112 101*2 Finsbury Under’wrt Motore(Z0) +05 451.94 467.74 45724 321.44 9 (*408 211* 341* - 110 Mts Wts 2084.43 179431 ) 420 B IB ISM 30 FP. 56 51 F 8 C Em 10' Omar Induatrtateflfl) +Q1 2055.91 2061.61 _ MofTBon (WmJ 1.700 B7 Land 700 37 92 18 30it Saar si in* Amstrad 45 4 7 9 3 5 7 168 FJ*. 346.7 172 166 Gartmote NFCt 1000 243 (*727 111* 4414 108000 1684.52 188025 109008 1701 43.43 | 750 2614 34 38 57 ["45 50 2 8 61* 6 8 914 100 FJ>. £30 102 98 HCG Uoyds TM 21 COMSUMBI QHOUPt239i +08 NaWMBank! £100 533 ) 14.42 4805 Marfa S S 390 30 39 43h 6 11 161* 22 Brewers and CHatBerapq +1^ 1622v43 1827^6 183072 2021^2 MUonal Pawart 5000 39flb Bardavs 550 22*4 3814 4614 I£H4 251* 33 100 FJ>. 30.6 111 101 Hiaco* Select hs 1258.85 1029 34.79 Naxt 2000 IBS 1*410 ) 420 12V4 21Vi 27 1914 2344 SOU 161* 445* 61 250 FP. 695 251 246 Hocelock W60 25 25 Food Manufacturing^*) +02 1317JB5 131-M2 1317.17 ^559 ) 600 314 24 5614 North Wav Wear 1000 532 +02 240040 239036 241022 3041.46 1103 01.47 NatWaat 500 43 5114 58 614 17 2214 \A2S 1 26 Food nstaWngCIT] NamwnBact. Blue cede 300 Z714 38 4254 5H 9 17 [•532 ) 650 16 23V4 32V4 28v> 44 48V4 135 FP. 29.1 128 123 UUpu 125 R405 11 40 13/4 347012 350005 3K&37 436051 1706 10305 Northern Fondet 27 HaaWr 0 Houreholdpi) +08 (*321 8 2JJW, 26 16 33 1 330 23 40 140 +10 130004 137508 139055 1170.00 2108 5305 190 F.P. 51.0 206 1 91 Utho Spots. 193 R60 20 29 Hotefei and UtiaureCZO) British 2614 33 3814 2 8 Hi* - - - - 2002 3800 Samstuy 390 IBVi 30*4 38 15 2214 30 Cos 300 100 FP. 2770 102 99 London Insc MM 99 +07 210009 2101.75 2181.00 188043 - 30 MacN34) P 4 Ot (*395 420 2 ——m. ' " . J ———— n ^sC —— —. O . —j —— ——M; ! > ^[ANCIAL TIMES FRIDAY NOVEMBER 26 1993 * ““WIMT TRUSTS - coal MERCHANT BANKS Ofl. A QAS- Cant PACKAGING, PAPER & PRINTING - Cost STORES - Coat. 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CA Securities hwatdmeut Fmd Mnmgt LM PRSiimaeadHiuva- sum a hnte nw Pifata Id Ctatel ddir Hun- nan cunoect 10 capital I 9 BUtaaicte a rtnjfioytDBWNtoS™ I HUF10447 „l PKS Haagod Eouasa 81627 PUS tom nu. £14.10 1 #K bf IK am*, p PWBta pnfain Ban COC lufnnufidm PUS £1654 Ban* a auH oranfan nwranca a [tauxuua a a uaT5 n Short Tam Mas 16— I FW5977(X9e I _| US Jura D^daDXhqi fa &**» tetatanwol In ItaMU Seen- (fILoaoTomMOVl?-.lFFn;68B34 78l _l PR£ £1063 Catdtal tatBreatfnnM PftSPoMftBBUCCd — si 2 ju AOwdKdFiCnnmtai sioxe CnHinLFite- .1 S125JK I —I pus Bgw aanomi £1031 e^,n* ** CMhay OMMflte (MMoM LMU BHUAUgiS— PHSsoeesB IiQfl# mn^radtaggoftekinacmaal a dWdi l SgcuriTT £1052 1-1 leawfcM. 1ha nntoar MAVS»p 30 | M97.78 — HUAUa1SS«MI2_ £88151 931188 HnS FU«a no ED *14 04 emu mis Sanaa 3_ Btete PDS fted Malta teaa lute artf Gusmwy: Hapiebl Sdtal OMH 1345 H PUSMCMMIVI Siam hdtei caaira Bate n veuna w* « £1685 _ CnWAodtarabdllLP - inn - £10,17 Ik E»d» Ftflll . 1112937 131.731 _) omcifi note — enm abOdob ' - ' . m — — . ' 36 FINANCIAL. TIMES FRIDAY" NOVEMBER 26 1993 -I':' FUNDS r5*.- CURRENCIES AND MONEY MONEY MARKET f?-"- it F s MARKETS REPORT POUND SPOT ORV; ARD AGA! > H tm rao "' upMiinnmr-ooiaL New 28 Ctostag Change BUttfer Day's Wd One month Time manOw One-year .- Banka* n»c* ii wfcw.»I>wi-iwiaa > rj i* •; mid-point on day spread high torn ttPA Bara XP* -Rats -'HH EnQ-'lntfcK Money Market ; .;v W . ti, Europe Rate : cut hits ' rumour (ScJl) 17.875 . DM Austria +007 860 800 1700 17.78 1708 -ClS 170882 4)0 - 1140. Trust Funds B0gfcn (BRJ 53.75 40.1 700 -800 6305 5300 -28 6440 -23 54.41 -14 1123 Dnnak (OKi) 1000 +00276 075 005 100876 100450 10.100 -23 10.1810 -20 .102386 -10 1145 With the US market closed for D-Mark ment bonds to Italian paper. mend m a«7 .400095 842 872 80730 00250 780 the Thanksgiving 1 holiday, There is concern over strikes Franca (FFrJ 8.8075 *0.0275 802 813 nag*, 8.7750 0018 -1.4 8087 -TJ 8082 -05 1070 WaataJ I (DM per 20426 > - ii If Tn 4JU flows of money were restricted Against the $ 4} v in at weekend in Germany COM +aoi 540 948 20800 26300 25448 1.1 25479 -00 26469 -0.1 1240 Plljl JJ ' Spam the Grew* PC 3840 4-1.7 960 660 364000 302000 and some currencies were vul- 1.68 ; reaction to the proposed social Mud 09 1.066 400035 064 066 10500 1.0606 10568 -10 10571- -08 '10002 -OB 1021 nerable to rumour yesterday. pact on wages and jobs. Italy 04 251W8 4-120 750 700 251 800 2800-60 202206 -00 26370 -00 239305 -34 76.1 The D-Mark was volatile,, Call- 1ms its political problems Luxembourg (LFf) 53.75 40.1 TOO 800 5305 SUM 5308 -20 5408 -23 . 6W1 -10 1120 own itoMllleIss St ssl 1 NeBwttenda (FQ 2085 400135 890 880 20626 28400' 28581 -as 3.8WW -05 20661' 00 1190 ins sharply at one stage on 1.69 but economists were saying rTUPfe-flavagunnOMa o(Al Erateg - Nanny (NKi) 11.046 400375 040 050 110550 109550 110361; 1.1 110332 0L4 T10427 '00 960 "QratBd. afCtaRti ol -on misinterpretation ' — — - lamtcl of that discounted ' IBM 8mcLraaaa0»M9 un-see this ' a com- they were now Portugal mto batwaan two apwa ria-, iha pawantaga CWaranoa batman tho aoaM morttat aid Ecu oartial rata Ecu 4003 7.618 8057 1.921 0.797 1901 2156 8.345 1980 1580 9.433 1.887 0758 1494 1.125 1210 1 lor a curancy, and tha nadmam pamtlad paccaraaoa dantoden ol the ouranqf'a morioac rate from ha Ym per 1.000; Donah Kronor, FWncri Franc, f+omunqlan Kmnar and SundUi Kronor par IDE MOtan Franc. Enuda Lka and Paata per 100. CAL Futures Ltd 07/araq atetng and balin Uni auapondod Sum BN. MMbnant cMsoWad by Sm mancM Itam. FX and GOLD 162 Queen D-MARK nmiRBSQMM) DM 125.000 per DM Nm 24 JARAHB8R YB wmiRRS Yen 120 per Yen 100 Nov 24 Vkaoria Street 1 t/S OPTIOW8 01080 (carta per pounflNm 24 London EC4V4BS Open Latest Change rtgh Low Est voi Open taL Open 1 ntmtf Change High Low Est vof Open taL 24 HR DEALING Stitt*! - CALLS ~ — PUTS — Tek 071-329 3030 Doc 0.5863 O0S5S -00006 00883 00850 49.720 132052 Dec 00203 O02S1 +00048 00273 00200 34080 72.489 Price Doc Jan Fab Dee Feb MEMBER SFA CaH ndir lor Amber tafonnaxioa Hue 071-329 3918 Mar 00822 00820 -00007 00843 00613 1.558 7,799 Mar 0.8270 00280 +0.0048 0.8293 00280 2,746 9023 Jm Jun - 00793 •00007 - - - - Jun - 00314 +00047 - . 20 257 1X2S 801 8.19 609 008 0X4 100 ,1 Sep - 0.5775 •0.0007 - • - - Sap - 00365 +0.0046 - - 2 39 1X50 a 33 429 402 0.14 005 1.72 1X75 1.71 2-70 305 066 104 2.88 ' NO MORE DANCING! SWISS FRANC PUTURB3 (IMM) SFr 125,000 per SFr Nov 24 STERLIHQ RITUHES (OIM) E620OO par C Nm 24 1000 001 100 228 105 8.13 402 1*1 1025 006 004 1.43 302 406 607 SATQUOTE - Your single service for real time quotes. Doc 0.6894 0.6690 -00006 0-8716 0.6678 23.888 60,439 Dec 1X628 1.4888 +00028 1X930 1.4828 18,751 32094 1060 001 009 088 600 608 707 * * * * • Mar 0.6880 0.6674 -0.0006 0.6099 0.6864 351 1050 Mm 1.4770 1.4798 +00030 1X880 1X788 1080 3220 Futures Options Stocks Rirex News Via Satellite nnrioua day'a <«u care OBIS Pm -MK7 . Pw. dWa epon kit, CMa Ttl.iao Pria aaA917 Jin - 0.6868 -0.0006 00680 0.6875 - - Jin - 1X740 +00000 1X7B0 - 313 127 LONDON +71 329 3377 Sep - 0.6671 -0.0006 - • - - NEW YORK +212 2696636 FRANKFURT +4969 440071 WORLDrlNTEREST RATES INTEREST RATES UK - — 1 . _ ra MONEY RATES THHCT MOUTH HWMAHK PUTWaKI QJffg- UMIm points of IQOTt LONDON MONEY RATES November 29 Over One Three Sta One Lamb. Dto. Repo Open Sett price Change Htfi LOW Est voi Open tat Nov 28 Over- 7 days Ons 77m One' right month mlhs mttn >^ar Inter. rate rata night notice Doc 93.87 8307 -0-03 9300 9304 2881* 188443 38 DOVER OTBHCT, LONDON W12C3HB • _ Mar 9408 9406 9401 9402 46962 3 Belgium a* 8 7Vi 7 6H 800 5.50 156158 Interbank Staring 67a - 3 5*4 - 5A-6& 5h - S , 5& - 5* 6&-8A . THLi 071 629 1133 FAX:071 4950022 week ago - Jun 9508 95.13 001 95.16 95.07 19850 120084 - - 3 n a V* 7 an 800 500 Starting CDs («,-« S& -5& 6*4 -Mr B , - M tart Sep 9607 9643 0.03 France 6)1 6 + 63 6U 5T4 845 - 7.75 95X4 9507 5672 97215 Treuuy BSs - S1a-5A 5-4% g - THRU MONTH BUROURA MTJMTV PUTU» (UFFQ LI 000m potato Of 10094 - weak age 83 6K 61 BV. 6*1 645 7.75 B-* BAS - 6*1 - SA Sjl - 5i-5 Germany 6.42 a 30 8.15 500 5.42 8.75 675 625 - - Open Sell price Change Hgh Low Est voi Open bit Local arihoriy dope. 4«-4{l 5A-43 5ft-6i 5i-5d 0, 5>a 5*, 5V wook ago 600 &ia 583 5X3 6.75 875 629 Otsoount mariret daps. 6*4 * 3*i 8i - 4{J PRESS FOR - Dec 9007 91 .02 0.16 91.03 90. B5 4478 38837 GOLD 0839 35-35-25 Ireland St* - - 6.75 65 ea 6 S3 DW now lor Gold and Silver price*. - - Mar 9106 9108 0.12 91.70 91.52 3002 39284 -with 60 second update* 21 home a day. Calls week ago 6a 65 61d 64 S3 6.76 UK daartag bank bess tandtag rate 6*2 par cant ban November 23. 1983 •re Jun 92.01 92.11 0.12 92.14 9201 charged at SCfVtanin cheep rata, 48ft/mfci an other Haw*. For details Rafy - 9.11 638 20902 ol the fan Si 9i 83 83 83 500 to 1 1-3 3-6 Sep 92.31 9208 610 92X3 9201 817 15148 Up 88 M2 rugs ol finsuebd Information services from Futures Pagv Ltd call 07T-895 week ago 89 9i 83 83 814 — 800 9.00 9400. THnxa a+ofmi awns phamc {UFFf) SFrim potato at ioo% month Nethortanda 8.11 5.95 5lH2 654 520 — 625 — mmo nmmn Certs of Tax dap. (2100000) i\ FUTURES PAGER wee* ago a og 5.95 588 562 5.35 - 625 - Open Sett price Change High Low Est voi Open tat 4\ 4 3\ 9* Switzerland 4 - Cart* of Tin dW. tartar 6100000 Is 2We. DapoMa MMram tarcadi Ipt *4 41k *1 4 Vi «i 6626 425 Dec 96.66 9606 -aoi 95.68 95.84 3083 24882 lareiar raw at daeouw 4AtOSpa BXSO rate SOg. Export Ftaanon rky weak ago 4!< 444 4 Mr 4+4 44 6025 425 Aml tad MMa up OoWterM. Mar 9615 9622 60S 9624 9613 8160 21808 1B83. Agaad nsa to period New a*. 1993 Ip Dan SS. ISOS. Schnmaa I A a TJflpc. naM anca rats Iw US 3 3 i 3Mi 3i 3> - 300 - Jun 9609 96X4 003 96X5 9609 1131 7343 panad Oct i, UWStoOoraa, iW3,9rtisaiaa WA V&82Cpc. Amies HouMBaaalMaflpo bom Nov tax i ki i: si>f ( i r vnoN week ego - re 3i 3i 3% 3H 33 300 Sep 9602 9606 003 9606 9802 181 3273 Japan 2* 2H 2h 214 2V4 — 1.75 - IN FUTl RES TWtraB MONTH BCU HITIKtEfi (UFFE) Eculm potato of 10094 I MONTH FtnTNtM (LffTE) 2500, IXX) points of IQOIt week ago 2’A 2H 24 24 24 - 1.75 - Ibetaahi yore terOddcts boreynor Hareild BoakmMcrcm Open Sett price Change Mgh Law Est vol Open M. Open Sett price Ctanga High Law Est val Open taL bdp M S UBOR FT London im.atMiMdMR^arhalGnUaaaaOTUIlB-nn orMSe ' Dec 9301 9307 002 93.40 9300 1221 16121 9409 9402 001 9403 9409 9848 104788 la ns KS He, Interbank Rring - 3Mi 3’.5 3V4 33 - - - Mac M 1 OrereMrlMcai. Undan SW 1 W OBD. Mar 9401 94.07 am 94.12 94.00 787 10254 94.79 9402 002 9403 94.77. - 8857 98484 week ago - 3U 3i 314 3N - - - Jui 9402 9400 ana 9401 9400 172 7129 Jun 94.83 9408 002 9408 9402 3474 77188 US DoAarCDe - 2.99 3,12 323 3.53 - _ _ Sop 9407 9400 003 9400 9407 12 3140 94.78 94.79 aoi 94.81 94.78 2478 38270 week ago - Z99 3.06 3.17 3.44 - - - * Market Myths UFFE futures traded an APT Traded on APT. AM Open tnbraat figs, tor and Duff Forecasts for 1993 - - - _ ant prvrious day. SDR Linked Os 4 4V4 39 iho Ci do;,Cf v.'iii rrovc Nghci. p-cclout -ce-iai; have been - week ago 4 - - “ ; 4i 4*.i 33 SMNWTNraNUNQdwntiaaaifijFFgesooooOpobrtBof 100% dt.-re.^cvt'zcd. Japan oto cquJic? a:o nol in a r,cw tu:. i.T-nd You d:d S UBOR hiMParli Hang am nKarad ran lor 11 quatad ma rahat roart ’hat in fuHi - mm Om to - :,OJ r.'.Mj-py tho iconocic:: c 'nv.'.-ilrnon! ol llooi each woriUXJ day. Iha bw*a are; Bonhore Tnjot. Bank of Ti Strike — CALLS — pure - THRSR MONTH MIBOIIOIXAB (IMM) Sim pomta of 10Q% Nov 24 Price Dec Mar Jun ... Dec Mar Jun IM ram ma Mown Fgr mo oomaabe Manor Fisax US S CDs ad SOU Unhad Doposra 9480 0.14 Open Latest Change LOW Est vrt Open bo 007 0X8 008 005 0.12 9478 0.03 020 000 0.16 013 Ot9 EURO CURRENCY INTEREST Doc 9049 9801 4002 9054 9648 23.465 301007 RATES 9600 0 008 017 008 027 001 Nov 25 Short 7 days Ono Three SK One Mar 98.41 96.40 9042 9608 58074 381,100 FOREXIAFAX £ Dm Eat wL not, CMS *m Puu 4228. Ptwtoua dsy# open ML Oris 1B28H1 Pub 15*148 AH8 YEABPWUC $ ¥ term nafta month months War Jim 96,12 96.12 9016 9009 59048 281021 WiCPflOOFACCWATBWIOltrmra FORSOHEJIOlAliae RJHajtsrwa 9503 9502 95.88 95.79 48.784 211,188 Boigun Franc 6li ' 71,-7 -83s A 9t’r 8*b -8 75s -7*i -8A DAILY FOREIGN EXCHANGE COMMENTARIES, Danoh Krona 6 - 7 9 -BV 8>j - 8 8A-7% 7*3 -7^ 7 8\ MTBEA3UWyBMJLgUTUIBatg4M)S1mpar100WNm24 CHARTS, FORECASTS D-Ua* Gfe -6* 6V-8L SJj -SL BU-eh 5^-63. 5la-5Ji AND RECOMMENDATIONS Dmch Guadcr B*» - B 8 511 Dec +001 9808 9005 Tel: +4481948 8316 tree •fc-all 5ra -514 5i*<-5,i 5A-54 80.68 9068 1.764 10000 . mh daw* Fn: +44 61 948 8469 French Franc 8^ a% -aV 8U-8U 8{i - 6& 8*« - 8*i 5U-5U Mar 9806 +002 9070 9807 2062 20729 Portuguese Esc. IliB-lliall^-lll, 12 - 11*, ul, - 11V, im - llfli 10l» - lO1, Jun 8845 4001 9048 9845 227 3030 Spanish Peseta 9*- 9*2 9*1 9*8 9- 8* e*. Bh Sep - 96.14 4001 90.17 BASE LENDING RATES x Currency Fax - FREE 2 week - trial Storting s 4fc 5»s 5 Ub - 5*4 5** 5ft 5ft •5*4 5ft -sh AS Open Interest Ago are for previous day Swaa Franc -Hi - 4*2 4lj 4lg 1% 1*2 Ah - 4 - 4?i- 4 ^i'i 3h % CLk Anne Whitby Con DoDar - 1 BUBOHMUC OPIWM {UPPD OMIm poblh of 10096 3i2 35a 3* 3U 3’i 3*» 4, . 313 4.V -4ft 4tt -4ft Duncan Adam a Compare — 60 Lmris 80 6L8 7 S.'..i!!o.';S!i.xf. Ten: 071 -73a 7:74 MeeMnu--^ Lender. US OoOor 3>1 2.', 3*2 •3*« WtR 7HD.UX- 3jk 2:: 3 3re 3,1 3A 3U •3ft SHce - CALLS - — PUTS - AHed Treat Bam 50 Bail* Bar* Unted .™7 •RadMflhpBat* Ud„ 8 for 07 i ' -439 Hasan Lira -8 - -8*2 • r-'o 4964 10 9*4 B\ B*» Ol, Bit ah 8*, Price DOC Mar Jun Dec Mar Jun AS Sank 50 Finandd&OanBartc_7 ?r 3vS r 20 yesi Yen Z'J 2.; 2K- 21S 2*2 - ?,• 2*2 2A 2ft -2*1 ah -24 nrq HarayAnsbodiar 50 •Robot Ftamhg S37S 0.16 005 109 0.02 aoi &Co - 80 Royal Sk of Sooted— 50 Asian SSmg 3'i -2'J 3*2 - 2*2 3*2 2*2 4 3 4 - 3 4*4 -3*4 9400 003 0.01 1.16 0.10 003 002 Ssnkofearaaa...— 50 Girotm* 80 «3rrih«W8raanSaca. 65 Short ham rala are lor Ida Oolar aid Yan, Mhare days' naSca. c4 US tm 0428 001 001 008 QreicoBfcsdVacar" 50 4«i*wieM Utahan 009 0.03 003 — 0 Slratet OMtared 60 CUnBEu eitgirr .. . . ^ ma*. I p^^>MNAN Q coRK3RATid^ n ,p Ett VOL too. CHS 653) Pisa 400. AMUua opart HL CM* 240117 Pub 111900 Bank ofCyprus 6 Habb Bank AG 2taich.85 ? 65 Jlf’ V WlNCHEErrCT^HOUHJ&jruWJDgMjraAA^WINCHESTER H LOKOCragi ECHM CND m MONTH PtBOR RJTURBS (MAUF) Pans bwatanfc offarad rata THm MO awns FRANC OPTXreaM^SFMmpo^QMOO* Bar* of Waal.— 00 •Hambroe Bank 60 •UoBedfikofKuwi 50 TEL.071 -3829748 FAX 071-0829487 [ Bar* ol Inda .... 6 Open Sett price Change High Law Est val Open tat HariteUa&GulrivGk. SA IM^p Dust Bra* Pto,„ 50 PO REICH EXCIIAriGg 5 COLD Bank of Stttbnd — 50 •HH Samuel 85 Trust 8 24 Dec 93.49 9503 +OOI 9154 03.45 2082 60089 Price Dec Mra Jun Oea Mar Jun Wbstem IIMi, . HOUR LONDON DEALING DESK— BsKfcys Bank —... — 50 r--; Cftaare&Co SS 50 * -~p~* I COaffEimvE RATBS DAILY FAX Mar 9404 94.33 +aoe 9403 94.19 3,095 82025 0.17 095 001 001 aoi -1. . 8 SHEET mo a73 BritHkollBd East 85 •rassU* CALL FORTUftTHgi IWFOBMATKIW Jun 94.64 94.91 +004 94.91 94.79 731 48098 Hontfiang& ShsngfaL 05 WhttadonASBiWM. 7 } 8 BROCHURE 9573 0.03 0X9 an 012 002 002 •eraam Shipley 65 — Julan Hodge Bank Sep 95.13 05.18 02 95.18 95.10 324 33,474 0.01 — 50 YotatanBra* 60 a 9600 028 048 005 004 aos . CLBm* Nackxtend •LaopaU Joaaph &8ona 55 =!.* EaL ws. tons, ceia OPieO. Prevtout day's open inu CM ama pub 2SS0 100% CObankNA —60 THRU MONTH UJROOOLLAH pjFFE)' Sim pottlta Of UOyikBw* 60 • Uombers of Brfllsh cnyMacasriaBrak 50. ^ ’FOREX ‘METALS 'BONDS 'SOFTS — Megri^ Baric Lkf as Open Sett pnee Change Hgh Low EaL vol Open hit CVdaadBle Barit 65 Merchant Banking . & Objetfiy^ analysis for profssiionol NUandBar*. • A> investors 85 Securities 'Houses Dec 9651 96.50 001 160 6855 TheCoopteSttro Baric 00 * 9602 9500 Uamt BarMng __ .6 AOAO 070745 Mar 96.40 96.40 -aoi 90.41 9839 343 4510 CartsA Co 60 *(Ai4dn*rinaflbrt) 0962 879764 ' Jun 90.11 96.12 -0.02 96.12 96.11 25 1890 OnscSLyamris — 50 [ PepnesHei.be. NaWaatmtasta 80 i \ D 32 Scuthg£tcSti?st, LV^;i’.as*er, Sap 95.82 95.83 -003 9S.82 9503 10 504 Cypres RjpriarBat* _ 6 : , . H2i« S023 5HH Fit 0424 774057 : A — ' 1 1 . . FINANCIAL TIMES FRIPAYNOVteMm^ •« 1993 WORLD STOCK MARKETS 'm he *.«* +62 2. „ rtWr 4j« +2S4 a 2.440 +40 7002. ISO .... +-. a 17 »" EUROPE ME +2V A* .IMU^JhKa/W: t P.'J 7ei -_ * HOC _!'» % CV 72 -2 73 +-%KSV22% ’ : nw^ SS 39 737 +» 310 PCS 4lj ' ? ® .30 f.3-jC:^X . -_ *27*id ^i£ 8 15 CoS 495 401 241 Z 1,4361.110 „ SOD +1G 773 Sri .. AUST15A(ltov25/Sd>) ^3» . +) !.150 b8S . l% S6V CV +251 5980 03 810 +22 331 S74 U« -10 ! 1.505 J2u ... _. 3T0 -10 J20 37U Sjj +7 10% 8,0303-330 880 708 5?4 . 'S.se-% ID OB ... + 331.3701050 .. 18*1 5TW 19% list 10V 2.4 I 422 -3 £25 IB 19001787 41S il + 20 745 413 Til 17% +%Sir%17% +.3 21 21 *-462,0001.^0 26 920 7 +101995 _.. 310 502 305 . +40 COO 410 -. _ 76 +VU570 75 +»j«lllj 11 -*•15 1ja 8- 146 1980 +011,253 999 *5 026 «S 1 SB — .... +22 4t5 i-ZC _ 30‘i +%ECX,29% -Vsij'j 13% £8Q DA TB sssp +5 39702950 19 403 +1 628 17! — *1702600 +4 ’4C 4611 HaGK»OiTo.'25, H.rlSi »V -%S3>B2a% -% 41110% +339802760 13 2J00 -fiD 1.470 1. OKi 251,423 a040 . -+D Braznfe . -13 bUU 473 22V ST} i5 U’ +53.72527M 1.3 -X 6.5805 779 . u 5J7D . + TUI.Si 3 7£7 ... 20 £2013% +3 1.D72 <04 1 ' + « 111 1931331; ._ 25 1.400 czo 17 230 -2 014 IZL 13 + -I w 10 3Wb +M* 449 340 6.7 II — 1C 2 T"C ns —t ‘0*? 17% i:;% IT-, 8 w 152 501 21 855 -5 1920 “ti .... 1,105 760 w iff Til SB 22 -5 6i4 607 c.3 -% ftivrjfi 25% -%K?5%75l; -iJ'S ® — ii 211 507 304 SO 942 +21 1.190 910 *i gi -E8 .47 B7D 5G1 _ , 2 .. +40 C.100 25SC - -I 15V S.|j 75 V +VS7SV75V j»a Us 245140} - 2.730 +40 3C10:C£J .. . IJB +121 JDS 335 34 + T7 724 ‘.52 . +% 33% -J.i^eoav + %^17^ +0 773 B10 1-3 G4S -5 76J Wj . 2 number » *«V ’ S752J6V — ss :a . -10 CUT 278 -j 57 a? 19 5Tfi% 19 420 +17 1.130 ‘ 1 gj m n +3 118 GDI. ... *0 780 _ 955 740 . 2.460 £80 +r sav si 123 *1 125 >23 tin *0 . R2 3fl0 « ues a 31917 845 29 1930 .201.110 7J0 0.0 -14 +* 545 440 ' iJS +3^ ?S £«% 448 .. „ ;n 12% MV -V0S34 33V +100*23% est +< 831 sa — 540 +16 £40 520 .. 57Jj +3S40BU2JBB 09 +S 727 4TS TJ "St .^"sra m 7 519 *06 . .. _ 18% 15% 57V SS7V -VE0%2#>* HgvoeR 4i +% 513. 203, 10,7 +11 1.4501900 _ 1.700 +30 1.9601.580 .17 -354 69C . .. 15% JS -2 4? 36 -% 121V 21% “ 473 +12 *% 13 iv. re%&% 2.1 MS jJ7 -1C. -..<30 7B5 .. : 409 - 410 400 sib k qaite -4 2^8 1,100 — e t 3V V iav ... 338 BB£ +10,000 400 44 1® St 820 7(6 1 0 -19 517 336 .. TT 1?% *KV 17% + 1E16% 16V UUUIXBWQUR8 (Nov / Fisj 325 -0 536 124 +** 5% t i impor- a +4. +1J 47B 287 . .. -1% 3£t 14% 29% +%£2'.>i2D% -VJ16V1CV 3Sfif 1.520 ... ipwi.cn 1.4 _ +25 1.040 +5 5£ rec os 91 MV 200 2W 280 -V(21%20% costs - 1.750 -60 2.1501.040 _ .18 -V V 56 6% Z.ni- PACIRC 371 256 _ -« 16V Si 6% +% '1 5WV 19V Tg2-g47 20 1970 +101.120 995 -7 1.160 621 _ 3a 3d Vi K15t »»• JAPAN (Nov 25 Yen) +*2 £3 40 15% an start S£& -1 / 1X170 1J40 099 11 . -7 S20 T • . Si* * jS<1 i -QQ&5DbSsaa'SM22SS? " C4 10A; 6". *0 S1BV 18% JSzSS 2910 4015MliS ... . + 740 ...... -% £70% 2Dlj 102 97 ik it's -30 iffi ^ 20 1.510 7 2+j 79V +5 a 4.4001,750 Z. 733 +23 9M 485 .. *Sl -20 885 565 . . .. *'5 53% 9% 523 23 AJnmta 1910 +101.4801.130 — ,1 X% 14% 9% « 338 -1 MS 130 .. -4 1XM0 SCO . - -%3SB+ 8 53534*4 usiness = K% 1 - AMOBr 450 +11 875 439 +% r.v 1’J-z 38M3B ‘3«a« — 724 +10 *.150 714 .. . 45 g sw? -50 4,2702,580 ... 45 5*5 I 1980 +(0(980 BSC ~% 11 —manual ZB 3“® +AIai^ M4 £7 AMA 09 ~ 600 +4 730 563 -2 819 iiM - 5V e% 8% a B65 +5 1960 785 -2 53 SO -%cet £7 z 1 Am _ — 588 +11 073 S7C 09 +*0 2.350 1.891 0 9 ibV S1£% 16V SforaS® 900 _ 1950 003 - .. 2S 15 b Heart jSg +43C ^ w la 1900 +50 2J30 1.790 0 7 „ +*0 Bi4 4M 16% STf; 1#V SIGt 16V , Amm lJMQ -101^01990 _ - 22V 11% 438 *15 M3 371 + 10 7» 556 3S .. 9% -%59V 9% 522 21V he 25th + io £SSi3JS AndoCn 577 +27 784 550 1.7 18% W; +V |1 •g^sra « — 360 +4 495 111 +4U1.JM 356 45 -%WK. 44V + £38 37% 40 Aart» 920 -3519S0 710 + 16 % 57004,220 ?S _ _ 1.100 . - 1.470 320 06 - +10 1.430 1.190 — -* 9 350 —5 350 Ml ver Mid -a 145 81 Aou 3W -t sa as 11 2940 -40 9V 4% BJ S jS'SfiSS 3.1902TM + 1 IDu 790 . +V 29% EE'tTOV r>wr(TP£y.(wr7 25/CanSi - 031 7940 -300 A9005J43 — 1.090 1.210 — “4% smooth +4060703X120 17 +« ass oi u «im _ +J0 BIS . _ *10 510 372 . *3 +|( 16V +%£'£+ 18V 1 l.lg AltnOI 4920 +320 89203980 09 505 -% 24-% 12% 4 pm dose *90 2-1 +401.1S SS 07 +% 40 251; 2.1 _ *15 KM 443 -10 958 Ufl 1.1 _. S2S% 28V tSHK Asane 1,170 -001.330 73B 13% 6% 23V ays the 60 6.4705710 64 W -4% 258137% 40 9B0 1990 855 - ...... —c + +>|2^flB4i; 2J + 291^71? 612 1.1 91V —%0T 9TV 293 -13231, AMIS 1,180 +50 UffiB 905 __ _ -1 <1% JOB 3-8 1%l3K 87% 24 382 +5 M2 34E .. .6 8V *15 19 77V 11 +11*0 I’ 19 society Amec 020 +1 738 633 1 4 _ 749 __34 161j 19 VnoopR +o% +5 42 311, 40 618 +6 493 -4 K-6 360 2.1 .% 8% +% 58% B 15% -%£!£% 15% 1980 *101,240 955 — .-. *40 .6 553 373 MODffl 1DB*. a 113 81 09 MU „ _ *10 864 550 14% +%S!A* 14% 19% -VSlOtlBV tion of flBUMTrffiOVZ5/DnL) AOM0 335 +5 535 313 09 408 -2 536 365 +*« 5% 6% *i(p -! as 5£0 . 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T£Tf 11 *%uS1110V as good MMt 1.«5 ma EtroSir 451 .1 025 J50 _ ._ 419 +11 01* 400 -12 5 TO TX:7 ^ass ZiS +1 *05 39 20 .. -2 5££ 315 21% +»iElV21V 10V 110% 10% +14D 7X170 2-840 +17 29841945 CSft 2.400 +130 59702970 — .. 315 +5 47t> 303 —1 T3% 7% 1 £?s5 10 05 -T 5M, 145 . . ._ 51 52 51 counted 100 CUpk 835 -01940 B31 40 -22 5J5 307 IB S18 18 * 1J 2.1 400 -5 82 1 256 -10 1.4301 033 07 _ 18V 510'; !B% #:wot§£ CaMQC 470 635 445 „ _ - 1Z 1-33 US 7% -%S7% 7% s provi- „ 1930 +10 1.563 836 - ifS, -. 475 4(0 1 1900 1.3801270 -J CC0 38S ... - +4 28% 26 V + a£26t 26** -40174013H £5 Don „ _ 1.440 +10 1.9901190 -50 1.890 1.170 _ . 56V 19% 10V 28B*i -V 151 113 10 Canons 2990 +20397019*0 —370 9 4% -V5*0\ +6% 282 207 3.7 +4*1 330 150 1.0 437 -3 714 305 -SO 1.C70 906 - _ +% 490 490 479 +24010700^ «0 -4 4*5 273 2.0 CMoC BM +01.140 BS5 19 — 700 +10 823 ... 23V llV ZS - -1 537 — +-W 2.ET0 1563 .. _. 24>; ->>£5%24V 27*? OR 2.1 CBOfa 351 -0 030 260 — -% 2Ci% 15 .taff, of 4 —4 2271511, 1.4 — 315 +9 484 305 .. -40 4/4502440 __ .. 13 -%S13‘c 13 CflnGta 370 +20 510 325 1.4 TT% 7% *5*2S*S 1 1990 -20 1.48Cl 442 0£ .. -U3.12CM£00 . _ -%!:% 13% 1 head- +40 i —1*2 88 87 10 CHUB 80S +37 1910 B32 - — 13% 13J. 13V AFRICA 5.7W4J1Z3 3J -1 TOO 163 1-4 SIB +25 954 771 0 0 . • 11 €16 396 - -V I3ij -%r 1-1 13V anode 1.100 +10 19701.060 09 ._. E*J green- +10 57003710 44 381 -a is: 49£ . -Z 17% V+Tf . _ 250 141 1.7 !K _ -II BT, 18% — Y 18% SOUTH AFRICA 1 Nov 2S / Rant!) 2XJ96 B*aUr 855 +10 873 QMI 816 -0 740 460 1.1 +10 1.885 45 -IV ®3 07 350 +6 480 231 . +10 2.920 2. IOC 16% — :Si£% 16“+ BaHBk 431' +1V 463241* 20 Ctanc 2990 +10 ... rnwood +60 275G1900 4.7 -a 93 04% 20 3.4902J80 _ 615 +S 815 510 -20 2.070 1JB0 0 7 _ 59% +%S39% 39 • /- non u m m Mritt- X OtaPlm 1910 -U 19801,158 — .... +11 -J 12514BWJUB0 43 -e 580 781 1.030 S71 AS .. 795 385 . _ AMUSTSMto-rS.MW 29 £ S»V3P7C 515 183 „ CbEP*, 2990 +20 3.1402.100 S h Chel- 180 78 0.7 — _ 342 +22 *48 205 _ £4.4 + 10 1.040 ISO _ *5V -3-8:5% 45% ml* 7% 4 A „ _ 878 -l5 1925 707 — CtajOlTJ 1400 -IDO 29101.400 _ — -53 +*Sl'<5S®k% HD BO 937 1950 MO . . -12 769 3 SO Jill _v 83231% _. 17 5% 14 ^nmdl- CoMnz 1 j430 _ 1,450 802 _ 29 CCWBi 020 +201.170 TB6 19 _ -53 Boocs 4£3 +39 555 2.49 15 +2 58 15 809 1.010 085 . +10 1,WO 5.230 — - 140 85 3J » CDIKrt* 073 701015 425 — CtmOS 80* +0 046 588 — KLCiee ir% 15% fc% oi a sensi- Sfellsj Crambk — SB 05 50 1980 -1019001.083 09 20 1.410 1XW0 .. - +% s at Vi ... 108 79 4.7 — +10 363 D-oUC AM -1 040 400 — — 570 «1£ 880 43£ Ha3-* 1ST.B —*4 19% 5*7 li 120TU-; »! 27851960 £3 Coital *3 723 504 - ._ 12 *v 1£3#6% 20 :nd. OgktaG 374 -40 677 339 _ 4 £2 +.12 5 75 2 a*B compiancr 24 23 22 HW> Low non Low America's Communications hriusMia 368708 3674.17 367005 371577 324105 371577 4102 215608 218606 19711 Oanari (ZBHV77) M 172205 178010 (835700 22AC IPCJJor 1976j ft? 216407 (1W1) cm) (18/11/93) C/7/32) Horaa Bends 108.63 10801 10805 109.77 103.49 10907 5409 4020 4711 4/1 C8S imttniod 63) 405A 4030 41900 295J0 (I8ri0) (11/11 6/1 0/93) n/1D/B1) NonMintinat 20420 2032.4 20000 233240 1/n 14BM0 130 n Involution CBS Al SJi pnd B3) 2B3.4 2810 2609 22200 4711 19000 1371 AlMgCIAAOl seal STBS 8820 90150 2/8 *400 1371 Tramport 1711.04 169301 171106 17SaS8 145304 175906 1202 (16/11) (4/1) (WI1/93) (8/7/32) Cep. 40 (IfffflB) 206001 2058.46 20(400 226309 2711 lianas 22804 22508 22307 25606 217.14 25548 1550 Creffl «*8D(3iyi5M (04.76 40409 40707 484* 2m 30028 147! CJI/ft (8.1) (31/6/03) (8/4«i) Traded htaCnffl] 106407 104801 105405 109443 2711 Trane is/! tow** Hah 370904 Law 3854X13 57 | nhoorowNftl OrioEEMPhAQ 69200 99304 100701 103903 W11 tu taCL Day* B7O207 ) PM9 (Aetata*) D#y% hi0h 369007 (3684XS ) Law 367201 (396303 l «L20 07MH) 1395* 1384* 13870B MBR03 18711 Ctaudivtl and Pooca ^ 233800 240700 3711 Comp (271/85) 235060 237240 CmmoaSB t 462.36 461.03 469.13 4G90O 429.05 4BSS0 4.40 Bompa(2V12fl3) M 270130 250390 0730080 268 (15710) AT) (16/10/83) 11/6/32) 25635 25670 26640 260*00 977] M taJustrifeV 535.97 534.42 533.12 54025 496.46 54025 162 CBHBdi (IB/11) (19/1 (21/802) 326804 328804 23/11 274301 21/1 (26/4) usq Udto MHsi(197S) (U) 327403 on Monday, February 7, 327500 21/1 SES A*-S*pcn^4/7g 54007 64502 64700 03400 1/n 4304 4306 «.4B 4840 3909 4800 804 CaapisBa^ (1978) (d) 422800 421500 430200 12/11 Bnandri PtrtaHoS^I/BS U 201402 200BL57 2OZ701 71/11 1720*21/1 (Z8«) tan) paa/gq finoT4j 19440 269800 3077 77500 571 JSE Odd P87B778) 1B89JNP 18890 XS5.13 25424 253X25 2604# 33621 on? IBM 24711 JSEM.pBfl/79 48450V 48510 48680-460100 19711 433300 (25/4/42) PGA an pi 712/80) M 335600 3351/42 38** (Bni (15/10/93) 46301 461 XM 46008 Ka#aDmB<471«r 81M2 82836 81730 84*47 20711 mn> pm/93) p/iz/nj QjptfftganSqyi/SS) 34*08 348.44 348,10 300.14 4/11 75118 74603 73913 78702 6*507 31028 (31/1072) Communications industry WwMri SE QD712A9 29078 20*51 2373B 227(0 (28/4) (15/1 D/33) The U.S. tEX &rarta(ZB/1 2/80) 15312 15102 1S180 M072D 3/17 ttan 9wodea 143019 *711 80933 20710 <7104 13/1 Att—antaGwi (1/2Q7) 13140 131200 131400 CAC Gamripi/iSBi) 58408 58926 5B3.19 Nov 19 Nov 12 Nov 5 Year ago currently the largest and most 17722) zan is CAC 40(31/12/97) 211840 207001 2071.47 223106 227U Sitaftori Dow Jonas Ind. Div. YToCd 2.71 2.00 2.77 3.19 Shto6kMpl/l26S) 1188.14 1131AS 1174.18 118914 25717 90*60 i in Nov 17 Nov 10 Nov 3 Year ago i4/i SBC Gml (UV87) 93832 93103 927J3 8370* 18711 67970 TUI WMMnpV12fiq 7B5S1 7B3B4 78*77 803*1 18/11 smao. advanced in the world. The changes S & P kid. DN. yiakl 208 2J0 2.41 2.65 CommontartO 712^3 22450 22400 224200 230040 8711 169*30 14/1 UH 1371 S & P Ind. P/E rado 2808 2569 28.61 27.72 2D47J71 202955 2027^1 309508 2/11 15K0O VUOtatPrJBDMBr 419852 418B08 423*75 581338 7M DAX (30712(67) . IMknd STANDARD AMD POORS BOO INDKX FUTURES ESOQ Urnes Index happening now will have implications ' 65108 685.71 85832 94*44 13« Banghek SET PDM775I 130906 132107 130524 U80M 12m gAtfusGEpI/ Dpen Sattprtn Change Hlgti Low Est. vd. Open ml iMny- Dec 46105 462.90 +1.15 46300 46105 53,479 189,142 17196,19 28711 survey will H8ng 8Bngpi/7A4) 928631 923808 903802 973334 1S711 IMU OrpUH 1988) 17105.1 187210 164430 Mar 46300 46306 +100 46400 46300 10B4 13,463 for the entire world. This Jl#1 465.00 +100 *6500 464.40 58 2.028 kxfa 439 6610- 107.10 Sep 46800 +100 466.60 465.70 1 BSE SerapBTSt 30770 30530 30414- 3W7JS0 28711 SSto H (1/U70B 04 SK10 15710 Open unwtt Sm« i» tarpaaiAoua day. therefore be essential reading for key OttSMOMBt SattOnmiMfia SK20 52303 52331 53840 22/11 BlDBBCk 100(26/18190) 134306 1328/41 1325.47 188918 22/10 108802 13/1 U NSW YORK ACTIVE STOCKS TTUDWC ACTlWrr Eud Top-100 (26(8/96) 113206 111709 111544 111506 22/10 9BSL73 1371 WKume (mHtoh) in over 160 30608 30201 31*71 12711 18992 VI Oos« cnaoofl decision makers 178600 1B4827 3711 JdnfRlK 01/12/86) M BB) OwgRVUBQ 178630 T77BXS pile# R» 24 Nw 23 Nw 22 Bslnp BW9(r/l/8a 142.11 KZ30 14Z48 14430 19711 BBM 4/2 o# dsy New Yort SE 2S&237 27&.7B0 Mf 8066.400 61 -% 229093 44033 8/1 5 14.361 17.435 Bm conn BN (1972) S380B 5027 512-44 B»» 3W (MATH Atom 2a*10 countries worldwide. CAC-40 STOCK PIDCC FUTUBBI ) 4.152000 55 +lh 11310 139U0 308 BB0O 11/1 UB Gwori (W92) 11820 11610 3087000 64O'* +1H EttPrtce Change Ugh Low Esl vd. Open Htt. Open PasmouH 3.49*000 B0%Btr* +4 MYSE 2S7I 21230 +50.0 21200 20680 309 25052 NHeisspeaMB) 17322192 17067.11 .Hai4B.li tan W3B70G Nov 20730 WUX Tech 3080800 2fiH25** +1% issues Traded 2.6B* 2077 20730 11 44064 27233 HEM 10711 27233 24711 Dec 20855 21360 +600 21350 Man* 3071000 3*U3*» +% Rms 1222 1.154 MdM 300 (1/1082) 27303 n - warn* SSn 2143.0 +500 01100 20070 283 2030000 «W8w +;t 774 90S 146BJJ4 tfi.mursn Jan 20970 fURMMCO HU dmhnm M710S - 1BBL72 2671 2189.0 +600 21670 2123.0 14087 FMoMnnto 2005 200 55% +H Unchanged 688 615 zastomvutJBa 190507 1927.13 233*67 7ft Mar 21230 To advertise in this survey, call: n +<* Opm Matt #»*• lor pnn«ua ttay. Baden 2047000 levs.iev. Nsw Highs 27 17 Gm Mahn 1059000 saw53 W +i Nn< Lows 32 78 U5EGmu4A#6| 67031 07030 • CoattMi * Ctantawd u i50O OUT. t EwM#ng bonds, t taduarU. (As UUBtt Fnanata «na TaraocnsMn. Antony Carbonari or Alicia Andrews 4 Th* DJ ML Mm ttworaBota omf% Hgh* and Iowa arottw avaaoee oHhaHohM m3 lowea pneas neaded duitaa tha day by aadi wtanaa Mid Ttaokura) mpnmnt th# Nghtt and lowest vafems that Dm Mb has wadwd - 50 «d Santod and Poort ia » iiaatt. stacK m# naiad dnr% hbh* Mm (suoptod by jbe 28 Kkinfcfc - 2««: WSE A» commoi Melanie Burton In New York In London CMC-SIMOT.jeeeSd Zx&T: duino Ih# dajr- (n* *oa«» »i tmUM am omlmB daY'sL to oBcM iwtatottlBiL Taama. BU*ct . )c) , CtoMd M UnuUM f „ , , on Tel: 212 752 4500 on Tel: 071 873 3565 3062 tln^ or Fax: 212 319 0704 or Fax: 071 873 Monitor week. FT Surveys FT provides a unique Insight Into the week’s events. - Qf'iZ. . V. c v . p 38 WORLD STOCK MARKETS FINANCIAL TIMES Friday ^November 26 1993 EUROPE Italy gets support at German expense . Mr Joe Rooney, mg in Euro Disney which fluc- European came in with a drop in its year uncertain trading equity strategist being m at Lehman. tuated wildly, suspended on year inflation, rate to mid- FT-SE Actuaries Sha.re Indices Brothers, increased Italy's limit down twice, then gaining November. The DAX rose 18.16 weighting in the in NOV. 25 THE EUROPEAN broker's pan- some 20 per cent value from to 2,047.71 and the Ibis-indi- . SERES Alice Rawsthora on prospects for the Paris bourse ' European portfolio yesterday its nadir, before being cated index by another 10.09 In Hwrtf ctHBflM 0p«i 1030 1l9o 1200 -1390 1490 1590 Qw 42 and 5 by 3 percentage points to 8.2 suspended once more; it Anally the afternoon to 2,05730. FT-SE Barack 100 132137 1332JB 133106 1330.86 133708 133802 1341.01 134106 ven MrEdmondAlphan-Alphas- slightly less rosy' view. Bat per’ cent to between 48 per cent against a benchmark closed FFr230, or 7 per cent Turnover rose from DM73bn FT-SE BarackZOO 1385.41 138113 1389.18 140401 1404J5 140W1 140705 141114 dfery, the ascetic econ- most are confident, barring -a.- per cent, next year.year.. - 5-3 per cent unites Our Mar- higher at FFr29.40 in turnover to DM&Sbn with VW account- E omy * minister,’minister, could Gott impasse, that the CAC-40 The progress of the CAC-40CAC-4 kets Staff. This came at the of some FFrL58m. ing of far scarcely conceal his gtee year should, teach a new index win also be determined for DM980m that, FT-SE Earatak 100 . 132M1 1325.47 1331.12 138083 1387X2 Index expense ‘ 1 into of Germany , which is With its small weighting in ahead of its average volume. FT-SE EMM* 200 139051 139397 1386.17 143027 1427.61 terday when he announced record of around 2,400 in 1994. bjr. the flow .of funds Baa - - now at 13 per cent against a the CAC-40 the price move- The four-day week was esti- take TO (MfttWft HAW MO 1348.1* m- 1410.14 LBKttr 100 029X7 2B-139UL that the public part of. the One reason for their confi- French equities. for 15.5 per cent benchmark. ment had minimal effect on mated to be worth a 20 per FFrlSbn sale of shares in dence is the corporate sector’s . One of the main .reasons He said that the move the index, which raced ahead cent reduction in the car- merger between the Swedish which said on Wednesday that Rhine-Poulenc, the second promising outlook. Companies the recent slowdown in the inves- reflected as much concern with to end up 47.79 or 23 per oent maker's costs, the shares rose group and Renault of Fiance. it was wall set for Europe-wide company to be sold in France's have had' a tohgh time in the Paris market is that US w valuation levels in Germany, at 2,118.40. DM980 to DM412 and, in a gen- The B shares, which had been competitition in telephone net- privatisation drive, had been oariyl990sdoe tothe impacted5 tors, who invested heavily dur- as exploiting Italian opportuni- Turnover was estimated at erally strong automotive sec- trading at a high of SKr43i works, rose Pta30 to Ptal2B6. heavily over-subscribed. high interest rates .and rising ing the summer bull run, have ties. “The lack of sensitivity to FFx3.7bn. It was suggested that tor, Daimler continued its before the announcement, fell ZURICH was firmer, but off The Economy Ministry is unemployment - on domestic stopped pouring new money movements In short term rates short-covering was partly recovery with a rise of DM1230 back, closing off SKr3 at the day's highs, with activity today exported to report that demand and; since the Septem- into France because of the will make the transition from behind the market’s climb yes- to DM717- SKr407. # restrained by the absence of the institutional part of the. ber 1992. currency crisis, the appeal -of high yields in the US. to see an interest rate driven market terday, with domestic investors The big results of the day The Affarsvarlden general US investors. The SMI index Rhdne-Poulenc sale has also depressive effort of the strong . Most brokers expect a to an earnings driven market taking advantage of the came from Bayer. The prospect index added 2.0 to 18148. rose 9.0 to 2,7268. been comfortably over-sub- fresh influx of funds soon from difficult for Germany next absence of US institutions to of an 18 pm* cent fall in 1993 MILAN continued higher Nestl§ continued higher after scribed. domestic investors, thereby year," he maintained. become aggressive buyers. pre-tax profits was less severe with sentiment helped by signs Wednesday’s 10 month figures, The timing could scarcely be f-nmpppwatrngr for the US with- But in Italy, the trend of AMSTERDAM was pulled than expected, yet the shares that the government had won the shares adding SFr6 to better. The successful sale of drawal But the French have Inflation bad Improved contin- higher in line with other rose only DM180 to DM32430 political consensus on the need SFrUffi. Rhdne-Poulenc not onlysets an historically favoured cash over uously, while a LS^OObn trade bourses, the CBS Tendency during the session compared to see the budget approved by Swissair added another SEr9 encouraging precedent for the equity investments. deficit in the first seven the end of the year. The Comft to SFr756, only SFr4 .shot of next round of privatisations, Savings ratios are still rising months of 1992 had been con- US markets were closed for the Thanksgiving holiday. index rose 9.79 or 18 per cent its price ahead of test week- scheduled for next year, but .suggesting that, in spite of the efforts to coax verted into an equivalent sur- Toronto got off to a slow start in the absence of Wall Street to 536.06. end's «nnfnim»mt*n t ' that the comes at a propitious moment government’s plus this year. Mr Rooney saw and at noon the TSE-300 composite index was down just &47 at Fiat, firm on Wednesday Alcazar teurs h»H been railed when the Fails stock market investors into equities through r Italian bonds and the lira at 4,21987. Volume was 278m shares. after it announced plans for seems to be flagging. Initiatives such as this sum- off. " current levels, supported by There were variations among the sub-indices with financial redundancies and temporary Banka were broadly higher The CAC-40 index, which oner’s highly successful Balia- W these trends, as fundamentally services op 39.93 at 3,131.96 and oil and gas down 12286 or 28 lay-offs, bounced L285 or 6.6 with CS Holding, parent of soared to record levels during dur bond” issue, the French cheap. per cent at 4,504.09. reflecting lower commodity prices. per cent higher to L3800 after Credit Suisse, gaining SFr40 to the Mmww and early autumn, are still not ready to convert Politics remained the joker demand by domestic funds SFr3,455. has faltered recently on con- their cash into shares. although any government index adding 2.4 or 18 per cent With DM2.70 to DM278.70 for sparked short covering. Specu- COPENHAGEN dropped 2 cern about the outcome of the Recent reductions in interest equi- resulting from next year’s gen- to 135.7. Turnover was esti- Hoechst and DM5.10 to lation that the car group was per cent on late sailing in thin Gatt negotiations, the Balladur rates have already made eral elections would be better mated to have been aroond DM268.40 for BASF. Mr Hans thinking of selling Alfa Romeo trading, the KFX index losing government’s cautious ties seem more attractive * .aiiwK p&tiewi r’. vv than the series of administra- Fllbn, helped by strength on Peter Wodniok, head of was firmly denied by Flat, 281 to 99.4L approach to cutting, interest* against the dwindling returns tions that had dragged down the options market research at James Capel in Sip, 183 higher at L3.029, Oli- ATHENS was unsettled, by rates and the recent spate of on savings. the Italian economy over the Cyclicals returned to favour, Frankfurt, observe! that Bayer vetti, L25 firmer at LI805, and reports that the government industrial unrest in France. franc on exports: CAC-40 com- This trend should continue further past two decades. DSM and Akzo showing respec- bad been expected to produce Pirelli, L89 ahead at L1,849, planned to increase taxes on “There fe a great deal of., panies are now approaching as interest rates foil providing Mr Rooney had reservations tive rises of FI 400 and FI 380 better results than the other continued to pick up ground share dividends by up to 10 per uncertaintjL about the pros- tte end tf their fourth succes- next year, thereby a about the stock market, stem- to FI 10280 and FI 17880; good big two chemical stocks, which lost earlier in the week. cent The story was later pects for -tPs market.” said Mr siveyear of eamingB decline. new pool of money to bolster ming from the inability to buying was also noted among had nnriprparihrm^i the mar- Benetton surged LL140 or 5.4 denied. The general index David Harrington, of James Next- year should mark the the market- explain its performance in financials. ket in the first three weeks of per cent to L22890 on the view dropped by 13.73 to 86188. Capel's Pam office. *fte fun-' start of the recovery. Official terms of fundamentals, inade- Further strength was seen in November, while Bayer had that the rh^a er lira could help ISTANBUL hit a new record damentels are still strong, but figures show that consumer he other main influence of quate dividend growth, and the KNP BT. the paper group, fol- outperformed. its exports. high on late buying, which left investors are likely to remain spending was slightly less slug- will be the volume fact that the of gish during «iran mar . new equity arriving on transformation lowing Wednesday’s results The bad results came from MADRID was given a breath- the composite index up 473.5, nervous until the Gatt issue T FFrlOObn the political and economic which were not as bad as some Metaligesellschaft, where ing space as the holiday clo- or 28 per colt, at 17,196.1. has been resolved and there is The strong franc is still the market Almost landscape has not been repli- analysts had been forecasting: heavy losses, no dividend and sure in the US took American clear evidence of further foils affecting the competitiveness ($i6bn) of new shares have Buying interest concentrated ' this cated in the corporate sector. the shares rose FI 1.50 to the prospect of a rights issue sellers out of the market The on the iron and steel, iwnwnt In interest rates”. of French exports, but compa- already been added year ‘The dilference is that the FI 41.70. Royal Dutch went supported by a defensive cote- general Index closed 2.27 Once these problems have nies are now achieving signifi- through the combination of theg^ and banking sectors, with Ere- ” market has underperformed in against the trend, slipping rie of big corporate sharehold- higher at 296.78 in turnover gh rising TL300 to TL6200. been addressed, most analysts cant productivity gains after first two privatisations and a both local and common cur- FI 2.10 to FI 196.60, partly on a ers left analysts shaking their down from Pta37.2bn to Turnover was estimated at and economists expect the years of low tnflaium and pay stream of private sector issues, rency terms by around 11.5 per weaker oil price. heads in despair. Pta308bn. TLMOObn. market to return to growth. Mr restraint; .JP Morgan in Paris from companies such as cent so far this year and the FRANKFORT climbed on the STOCKHOLM saw volatile Electrical utilities rose in Didler CherptieL, managing forecasts an inflation rate of Schneider, Axa and Lafarge economic fundamentals have Volkswagen four-day week trading in Volvo after major depth, led by Fenosa. up Ptal4 Written and edited by William director of Morgan Stanley in just 2 per cent in 1994, thereby Coppfee, thereby artificially improved.” he said. agreement, and extended its shareholders said that they at Ptta534, and Iberdrola, PtalS Cochma, John Pitt and Meted Paris, predicts that the CAC-40 fuelling further improvements - depressing the index. PARIS was bemused by trad- gains after hours after Bavaria would back the proposed better Pta696. Telefdnica, Maryan. will rise to a new record of in cost competitiveness next "So for, there has been no 2200 next year. year. shortage of takers for these "We are rather optimistic," James Capel expects to see a new issues and most have been ” ASIA PACIFIC SOOTH AFRICA he admitted.' ’‘But the eco- rebound in CAC-40 earnings of healthily over-subscribed, GOLD shares held on to most nomic environment does look 35 per cent for 1994. But the says MT Harrington of James of the day’s gains in Une with encouraging. If Germany eventual rate of growth win be CapeL "Unless there is a Gatt Bank of Japan move aids Nikkei a steadier bullion price. The comes out of recession, interest heavily influenced by the prog- crisis there is no reason why golds index was up 20 at 1889, rates -could foil steadily In ress of interest rate reduction next year’s issues should not after touching 1899. Industri- France and Gennany, and that and its fmpact on the economy. be as successful - unless, of ernment will also act to help higher at 928681. The mood, moving within a five-point als retreated 4 to 4847, while would be a big. boost to the -Salomon Brothers forecasts a course, the government is too Tokyo stocks,” said Mr Yasuo Ueki at however, remained Inhibited range before ending just 0.01 Die overall index moved for- stock market”. foil in ahorWerm interest rates greedy and privatises too many Nikko Securities. by the outlook for the 17th higher at 97081. ward 17 to 4493. Other observers take a from the present level of 6.45 companies too quickly." The Tokyo investment commu- The Nikkei fell in early trad- round of Sino-British talks on BANGKOK saw broking nity. seeking any sign that the ing, but later firmed on buying Hong Kong's political reform house Phatra Thanakit hit its authorities cared about the by takkin, or specified money plans this weekend. 10 per emit downward limit at descending market, was heart- trusts, and life assurers, who Swire Pacific “A" surged the close, lasing Bt68 at Bt636. ened yesterday by larger than were encouraged by the BoJ’s ahead HK$4 to HK$56: after the This followed news that the expected injections into the stance on. the money markets. market closed it sold one-third stock exchange authorities short term money market by Arbitrage selling and margin of its Swire Aviation unit to fined Phatra Thanakit Bt4Qm the Bank of Japan, and the unwinding later hurt the Cltic Pacific for HKfl20m. Citic for an erroneous sell order of This matter Nikkei average rose for the index, but a rise in the futures retreated 30 cents to HK$2020. Ayudhya Investment and Trust announcement appears as a ofrecord only. first time In four trading days. market in the afternoon AUSTRALIA drifted to a shares on November 17. unites Emiko Terazono in prompted arbitrage buying. higher close mi bargain hunt- Both firms resumed trading, Tokyo. In spite of yesterday’s rise, ing. with the All Ordinaries having been suspended since The 225-issue Index gained traders said that selling pres- index adding 92 at 2,0422 in then: Ayudhya Investment 155.81 at 1782282 alter a day’s sure will remain strong ahead thin turnover of AJ4622m. rose Btl2 to Btl4L low of 17,003.30 and high of of the settlement of futures News Corp gained 30 cents at The SET index declined 12.41 17,410.04. The Topix index of all and options contracts on A$10.1Q, while BHP shed 6 to 1,30926 in turnover of ©MG first section stacks unproved December 10. cents to AS1728 after having BtU.06bn. 5.81 to 1.47185. but declines led East Japan Railway rallied spent most of the session in MANILA slipped as investors rises by 577 to 467, with 123 Y3.000 to Y439.000, while NTT positive territory. took profits after trading began issues unchanged. lost Y7.000 to Y723800. SINGAPORE’S activity was in Benpress, a media and Traders said sentiment had Banks continued to lose dominated by Malaysian power holding company. The MULTIBANCO improved following Wednes- ground on fears of mounting shares traded over the counter, issue, offered at 3.50 pesos, day’s comments by Mr Yasushi bad loans. Some investors tear and the Straits Times Indus- traded up to 1225 pesos before Mieno. the governor of the that the recent fall in the trial index moved forward 1088 closing at 1020 pesos. Bank of Japan, expressing con- stock market will hurt banks, to 2,091.17. The composite index receded (Incorporated in the Republic, of Bolivia) cern over the recent declines in which are trying to write off SEOUL ended an active day 2L79 to 2850.61 in turnover of the stock market and saying such assets, covering the losses sharply lower on aggressive 2.7bn pesos. that he was "seriously watch- by realising profits on share- across-the-board profit-taking BOMBAY ended slightly ing over the movements”. holdings. Industrial Bank of by both institutional and Indi- higher on late buying, Volume was 318m shares, Japan dipped Y30 to Y3.170 vidual investors, and the com- reflecting hopes that carry for- against 310m. London contin- and Bank of Tokyo lost Y50 posite stock index slipped 926 ward costs to be fixed today ued to take no short term to Y1.660. to 819.42. A smaller than expec- would be lower than expecta- action on the local Nomura In Osaka, the OSE average ted flow of customer deposits tions. The BSE 30-share index strategy team’s “worst case rose 47.70 to 1923086 in vol- into securities houses damp- advanced 2429 to 3,077.94. scenario” for the Nikkei, fear- ume of 232m shares. Shlmano, ened expectations of a liquidi- KARACHI eased at the close US$ 20,000,000 ing a bottom as low as 12,000, the bicycle parts maker, moved ty-driven rally. on profit-taking and the KSE and the lSE/Nikkei 50 index ahead Y70 to Y2800- TAIWAN was firmer in mod- index finished 2.44 down on was 1.66 firmer at 1.18826. erate trading ahead of tomor- balance at 1.702.52, having Money market traders said Roundup row's local government elec- opened 9.03 points ahead on the central bank had pumped tions. The weighted index reports that the US wants to Y900bn into the market yester- Pacific Rim markets put in a climbed 8.64 to 4,19822 in turn- lift sanctions on Pakistan. day. prompting a fail in three- mixed performance. over of T$21.1bn. NEW ZEALAND edged for- month certificate of deposit HONG KONG was buoyed by KUALA LUMPUR was steady ward as the market awaited rates to a new low of 2.27 per a late round of buying after a in thin volume, with cautious the formation of a new cabinet EURO-CERTIFICATES OF DEPOSITS PROGRAMME cent. “Now that the BoJ is d3y of uncertain trading. The buyers picking up selected The NZSE-40 index finished moving, let us hope the gov- Hang Seng index finished 4825 stocks and the composite index 185 up at 2,06021. FTrACTUARIES WORLD INDICES Dealer Joandy compiled by Tho Financial runes Lttt, Gddman, Sachs i Co. and NatWest Securities Uct In cunjuncdow with the institute of Actuaries and the Faculty of Actuaries NATIONAL ANO REGIONAL MARKETS WEDNESDAY NOVEMBER 24 IMS - TUESDAY NOVEMBER 73 1893 DOLLAR MOEXMDEX- Figuroa m paramheses. US Day's Pound Local Local Gross US Pound Y« INGBANK show number of knes Starting Yen DM Currency 16 chg Oh. Dolar Sterihg Yen DM Currency 1993 1903 ol ntoch Indeft Inda^ Indoft index on day YWd index Index Index Index tadex High Loir Australia (69) ..... _ 153.06 162.51 104.64 135.48 153.72 1.1 395 160.94 16095 10392 133.49 161.40 16293 11799 Austria (17) .. 170.76 170.14 116.74 751.15 150.93 -6.8 1.08 171.72 17198 117.77 16190 1S29S 18497 131.16 Befcsum (JZ) . . 15250 152.35 70452 13SJ4 135.94 -0.4 493 16982 15293 10491 138.15 136.43 168.76 131.19 Canada (tOT) 132.B5 132.37 90^2 117.58 127.90 +0.1 2.81 132.98 132.72 9190 11798 127.78 13594 111.41 Denmark (32) 234 00 233.15 159.97 207.12 214.98 -02 198 23492 233.78 160.64 207.13 216.34 24106 165.11 Finland 1231 -....110,83 119.19 81.73 10S.B9 145.75 *09 0.72 11896 118.73 6199 10591 14&40 12999 6590 Structurer andArranger Franco (38) 180.41 159.82 109.65 141.97 14645 +00 3.13 16019 15996 109.86 14196 148.44 17395 142.72 Gomviny (601 129JM 129.47 was 115X11 115.01 0.1 195 12996 129.73 69.18 11495 11495 138.13 10199 Hong Konrj (SSj _.„..3rUrS 3<&39 25756 333 49 373.88 2.3 292 368.41 38799 25297 32592 38598 33834 21892 Ireland (iaj — 172.54 171.91 11735 152.72 171.87 -02 399 172.05 171.72 11890 162.15 17294 177.89 12998 ING BANK Italy (70) . 39 7? 59 JO aa« 52.88 75.02 29 293 5799 57.77 39.70 61.19 73.15 7693 53.78 J»ani46Vi ... . — 136.98 136.48 B3*4 12126 93.84 -19 097 130.18 13890 05.46 123.09 9045 16591 10075 Malaysia W0) ,.-...469 79 468.08 321.15 41591 48198 +05 191 467.40 46048 32095 413.33 469.43 467.72 26196 MtiAfco (191 5008.73 2001.42 137323 1777.98 8811.63 -19 072 203096 202898 1392.61 179694 6881.09 203036 141090 Motherland GCI 188 36 167.87 138.77 168 72 18420 03 393 188.11 187.74 12991 18693 163.73 107.07 16099 Now Z.vU^Kl (131 .. _ ... 62.9S 62.72 4304 55.72 8692 +08 397 6295 6293 42.76 55.14 6042 6898 4068 -1 Norway ura . — 172.38 17J.7S 117.85 15258 173.08 2 1.47 17494 173.88 11990 154.09 175.12 185.10 137.71 S»*jJpor« (391 —, .... 3C9.4? 30835 211.57 273.92 227.68 *02 191 30024 307.63 21191 27296 22797 33296 207.04 South Africa (601 .. -223.17 222J8 1S2.S7 197.53 211.87 -1.8 295 224.49 22495 15398 19892 21016 22939 144.72 SpanjaTt ... 132.0* 731.56 9027 11667 13639 -12 492 13493 133.77 9192 11893 14012 14524 11693 Swedon (36) ...... 181 35 180.63 12196 16053 224.77 -09 1.55 18192 18198 124.77 16098 22041 20892 14070 Internationale SwiLorUnd (SOj ...146.70 148.23 100-34 129.92 138.80 0.4 190 14696 14897 10039 129.45 135.20 148.18 10691 Umcd Kingdom (?t® ... 185.21 184.53 12660 16192 184.53 -0.1 390 16690 16494 12087 18399 184.84 183.97 16290 USAftia).... .—.188.16 107.47 128-63 16654 18615 03 2.75 18792 187.15 12892 16594 18792 10196 17030 ING Mi) BANK Nederlanden Europe (751) 155.16 154. 50 1(1607 137.34 149.84 Ol 3.04 15492 15492 10696 137.01 149.73 182.07 13392 Norrfe (114) .. ..—177.65 17701 121.45 157.25 16642 -02 191 17000 177.85 122.03 15792 16999 19494 14013 Paoft: Bnsui (714) ....146.32 145.79 100.03 129.51 10398 -1.4 1.18 14796 14797 10198 13096 10595 16890 105.88 Bank Euro- Pacific (1465) -..149.87 149.33 102.45 132.68 121.88 -06 198 16074 15044 10398 13390 12291 18296 11790 North America P25t ,..-..184.70 184.03 12628 10351 184 01 +03 2.74 184.12 183.78 12699 16295 103.42 16798 17191 Europe E». UK (533) .... 13604 135.55 9302 120,44 12633 09 2.48 13590 13594 93.18 12012 129.13 143.73 11291 Paotc Ex. Japan U45) _ .—236.15 235.30 181.47 209.05 21897 1.4 2.70 23296 23290 15898 205.77 216.86 245,12 16070 Wcriif Ex US 11651) 1ST .38 1S033 103.50 13199 124.66 -09 198 152.24 151.94 104.42 134.64 12591 16299 11891 September 1993 VJOrid Ex. UK (1951) .. -.160.51 19932 10974 142.08 14034 -OA 2.10 180.92 10691 11097 14393 14097 10898 13422 World So. Ai. (2109) . — 182.36 161.77 111.00 143.72 143.70 -03 297 162.71 16299 11190 14391 144.18 17046 13729 World E\. Japan (17(H) .. 177.88 177J4 121.82 157.47 17428 0.3 292 17792 17898 12183 13894 17391 181.67 157.47 16200 111.22 144.00 14426 -09 297 16304 182 72 11193 144.19 144.78 17068 13792- Convngtt. The NwnoM IVnw Lnwri. Ossmen. Sacra and Co. and KoKtftni Sseurinw LMttd 1987 AiiMrtdrtnnb to nftjra for U/1 1.93 ms** io AusoaM. Hong Kong. fcMavttL Naur ZarfantL Singapore and tawod tepm Idw. IM pricN Hn imatstta tar An eadon. A x ; 1 "s FINANCIAL TIMES FRIDAY NOVEMBER 26 1993 FINANCIAL TIMES SURVEY GLOUCESTERSHIRE Friday November 26 1993 amber ' -JJ \ \\ U The quest for , •otinaes new businesses is being • /- >-r & lilt GSM (- \i j /T .W HEREFORD & Isrear '*2™ WARWICK le quite impeded by contraction in important WORCESTER Malvern : impar- A costs - regional industries and- - uncertainty' on start ' ;, ik it’s a over the future a ’L.,-, ; 5wSiY of l ocal authorities, f L/ \ ( usiness j s j reports _ riK. Roland Adburgham. ^ - E23 *? VL ‘K -A h The J | ff fj Heart ' ***' ^ he 23th county has Severn J_ .. nhw responded with the launch J— ver Mid Ross-or-vvyeRosa-oP-iVye ’i ./ smooth of an . Botjnon-on- economic strategy forum ays the society -W, Farmington \\ ' V, tlon of “ •- r sSg ‘ \ Mon/nouttL-' = , rHTCESTER^,, U tb, we ^' CbKtorfart j -\ — Buriofd Ur*® l--- allty of The idyll s as good jfv counted / « s provi- *v( k-yConcern, I is j 4aff, of clouded head- d i . green- Gloucestershire has always aerospace industries, with oxkOXFORD rnwood been f, seen as one of the more DOwty, Smiths Industries and sa fy* s h Chel- t fortunate English counties, the government’s GCHQ at j f council- with a rural' prosperity Cheltenham among the biggest a sensi- suggested by its; Cotswold vil- employers. The contraction of md. We lages, grand country houses, these is /f i whole industries happening the Royal Agricultural College at a time when the recession be big- w at Cirencester, and the Chel- has /ZiffFZLLot I , stopped growth in finan- ' * tenham Gold Cup. ' Tt is - cial services and in tourism. ible the Bnstol jl assumed to be a shire where In just three years, unem- t ra. And the living is goad. £=£33 ployment has nearly trebled, Gtoucastar's renovated docks, overlooked by the cathedral Tlyi p*run*s * -*« iwvpy tan by cny Aro-nvi k tl n capa- Today, the image is flawed. rising from only 3 per cent in The county is indeed a pleas- 1990 to per cent in Septem- between the heavyweight cities ing as a consequence of the you are going to change the part of a larger sub-regional that tbeir investment here was pen in the east, because that is to live ant place and work, and ber. This represents 22ft00 peo- of Bristol and Birmingham. capping. As for the proposed status quo. go for a single uni- force in order to be successful absolutely the right decision nearer continental Europe.” •gham leading companies have chosen ple, L5Q0 fewer than last Feb- “What we have to do,” says council reorganisation, he tary authority, which has in getting inward investment for market, technological and This may be a good portent, to be based there: state-owned ruary and still below the Mr Sewell, “is to form the seed- describes the commission’s enough clout to look strategi- into this part of the country." productivity reasons." since the Channel tunnel, due Nuclear Electric,' Gulf on (GB), national average, but the dif- bed for new businesses to grow proposals as a non-starter. All cally at the issues.” He remains optimistic. “One Other significant companies to open next year, otherwise Eagle Star insurance group ferential has sharply narrowed. - there is simply no other way three parties had voted for the The need for this clout of the great assets is the in tbeir own market include threatens to emphasise the and Mitsubishi’s iColt Can are Industrial restructuring round it. We have a very status quo. resulted this year in the set- delightful environment which Racal-Redae, the Tewkesbury- county's peripherally. among them. They have been increases the vulnerability erf skilled workforce; we have lots Michael Honey, the council’s ting up of an economic strat- is one of the attractions to based subsidiary of Racal Elec- Another positive indicator is attracted by the skilled and regional plants. The head office of people with ideas.” chief executive, is confident egy forum, a partnership firms staying here and relocat- tronics and the world's third that the head-office culture, stable workforce, good access of Dowty moved out of the Economic planning for such ing here. It is a thriving econ- largest software company for and natural environment, to the M4 and M5 motorways, county after last year’s take- a seedbed is clouded by the omy, even though it is suffer- electronic design automation. should continue to attract IN THIS SURVEY * and by being within reach of over by TL Earlier this year, uncertainties that surround ing obviously from the Norville Optical, a family- senior staff and encourage a ^ London but able to enjoy lower there were, big job losses in the future of local authorities, Sectors in partnership: the strategy forum «... 2 rundown in the defence indus- owned company based in network of support companies property and labour costs. tries. But have an economy Gloucester, employs more than and professional services. . Gloucestershire, when Meko' hi its draft proposals, the Local Defence cuts a blow to industry: “10,000 lost jobs” 2 we The population has risen International, a mining equip- Government Commission rec- Financial sendees: the head-office factor 3 rapidly retooling itself and SOO people and describes itself The strategy forum shows a steadily, boosted by reloca- ment company, subject of a ommended replacing the Relocation: an alternative to the expensive south-east 4 diversifying into other areas.” as the UK’s largest optical sup- recognition that, while White- tions, especially in financial buy-out from Dowty, merged county council and six district Tourism: councils unite to welcome visitors 4 Some defence-related compa- plier. Sapa Holdings, with hall may adopt an attitude of have slow to do this, nearly 700 staff the county, laisser faire. Gloucestershire services. In just two years to with Dobson Park Industries councils with four unitary Rural areas: the CotswoIds and the Forest of Dean — 5 nies been in Gloucester- to act to stay in the September 1989, 21,000 net and work was. consolidated in authorities. And the council Training: investors in people; seeking university status 6 but a strength of has big market shares in win- itself has additional jobs were created. Lancashire. has been capped by the govern- shire is the variety of small dows and doors. forefront of places to live and . Agriculture now accounts for “The regional economy is ment for the second successive businesses and often high-tech Vince Taylor, of the accoun- work. The expansion in the only 2 per cent of the labour under very great pressure,” year, and has had £10m lopped that the commissioners are between the public and private companies. Roger Empson. tancy firm Coopers & Lybrand. 1980s may have been counter- force. Contrary to the popular says John Sewell, leader of the off its proposed budget. now listening. “The public is sectors. “Ways need to be managing director of Krone which is advising the strategy productive in one respect it out- image, the backbone of the liberal Democrats, the largest All three political parties had saying it wants the existing found to ensure unemployment (UK) Technique, a Chelten- forum, says: “The county has a gave the impression to the economy - once provided by group on the comity council voted in favour of the higher two-tier structure, which is brought down by getting the ham-based subsidiary of a Ger- large number of world-class side world that Gloucestershire investment. sheep and woollen mills - is “In economic development budget (The council has been works very well here; and it is local economy to outperform man company making companies and in some ways did not need more execu- manufacturing, and especially terms, Gloucestershire is hung since the mid-1980s, but certainly not worth spending the rest of the UK." Mr Honey patented telecom and data con- has been more of a leader than As John Cripps, chief engineering and electronics. caught between the grants in May the Liberal Democrats £20m or more and going says. The forum will be co-ordi- nections systems, says it has follower. It has been able to tive of Gloucestershire cham- turnover its exports, ber of commerce, says: “The But here is the catch: no available in south Wales and increased their share of seats through all the upheaval to nated with similar initiatives more than doubled its generate own is interesting given that message now is Gloucester- fewer than 14 per cent of the the effects of the M4 motorway to two short of an overall unstitch it. From the business in neighbouring counties to in the past six years to over which ‘ closed business, companies are estimated to be corridor, which stretches as for majority.) Mr Sewell says edu- point of view, the message we create a more effective voice. £20m and is highly profitable. a lot of people think all the shire is not for as Swindon:” ft is also midwsy- cation. in particular, is suffer- have heard loud and dear is: if “People realise we have to be “The Germans are convinced growth for the future will hap- but open for business.” involved in the defence arid . memorandum Gloucestershire Economic Forum TO: UK industry' Strategy Global industry COPY: Gloucestershire industry Partners: Gloucestershire Chamber of Commerce; Gloucestershire County Council; CBI; Gloucestershire TEC; TUC • Over 33,000 businesses now operate successfully in Gloucestershire; from one-man bands in Cotswold villages like Bibury to world class For further Information about companies in, for example, Cheltenham and Gloucester. business opportunities in Gloucestershire, I please contact: • The county boasts superb links with the UK’s motorway network and Tony Burley easy access to airj sea and rail transport. Head of Economic Development Unit Gloucestershire County Council Shire Hail available with particular skills in financial • A high quality workforce is Gloucester GLI 2TN services, high technology, precision engineering and manufacturing. Telephone 0452 42S696 George Irvine • Gloucestershire is widely acknowledged to be one of die finest Economic Development Executive Gloucestershire TEC Britain in which to five and work. places in Conway House 33-3S Worcester Street Gloucester GLI 3AJ Telephone 0452 524488 NOTE - The Gloucestershire Economic Strategy Forum has been formed Malcolm Bell Coopers & Lybrand to build on the success of business life in Gloucestershire. Lennox House Spa Road Gloucester GLI IXD Telephone 0452 423031 A partnership between public and private sectors Coolers Solutions : &«Lyc-rsr.c lor Business to promote the prosperity of Gloucestershire . - . “ ««->•. -'j-^:»ja-,r.rai..aaguaa^a ;.m,^ t» acjaeBSi KrCS. u 26 1993 : FINANCIAL TIMES FRIDAY NOVEMBER _ i ; Sectors in partnership: Roland Adburgham on the economic strategy forum David White examines the effect of defence cots on Industry Harmony in the corridors ‘10,000 jobs lost’ says report la Gloucestershire, vehicles.A US. As ia other just say we’re open for busi- The name Gtoster evokes quite .. army . to-store parts of south-west England, KEY FACTS ness. In order to preserve die different associations from the - hospital at Little -Rissington there is an awareness that an quality of life, it has to be very other spelling of the. wam>. has also dosed. Area: 1,020 sq tries. PopiSafan: 541,000. Total labour force: individual county, in terms of selective - to have a rifleshot While most people's image of Industrially, defence remains i . 2SQJ3QQ. Goudy city: Gloucester 105,000). Largest town: its economic development, ftxp. approach." Gloucestershire has to do with, prominent among otherwise Cheltenham (107,00*. Members of Partamenfc four Consavabve, increasingly ranging lacks the muscle One strong message from the peaceful settings - Cotswolds, : disparate activities, one Liberal Democrat to fight its comer. questionnaire, he says, was the vales, forests, and spas - it is from \ Birds Eye Walls’ In the past, the south-west need to preserve that quality of deeply involved in toe military ice-cream factory, which has done well enough .1,000 at to be Ctaftenftam Borough Could, Promenade, Chetentern GL50 1PP life, “people, unanimously sector. employe about unconcerned that it lacked thought the natural environ- Glosto- was the aircraft com- Gloucester, to Rank Xerox’s agencies to Mftcheldean , promote the region Cheltenham & Ctouceater Cottage of Kgher EducgBon, PQ Box ment was very good, and the pany that made the Gladiator . copier plant, at and attract inward investment 220Jha Parte Carpus, Chetotan GLSQ 2QF $3242-632700). vast majority said it mattered biplane and the Meteor and whose workforce of 1,600 is one But the recession and the run- Cotswofci District Cound, Trtnrty Road, Cirencester, GL7 IPX to. their organisation in order Javelin jets. It was set up in , of toe largest in the county. down in the defence industries, (0S8&643643). to retain staff" the first world war as the Glou- Some of the main non-de- on which the region is heavily Forest of Dean District Counci, Cotefcrd GL16 8AG {p594-81000Q The forum win need Co take cestershire Aircraft Compan- fence industries have also been dependent, have forced a Gloucester Cfty Counci, The Docks, Gloucester GL1 ZTN account of local initiatives, for yi the premises of a Chdteor GCHQ, the tarflssterm of Brittah HiiIqwko, ramtow doated In secrecy facing particularly depressed rethink. Neighbourly and polit- P4SZ62223Q.' example, Cheltenham has ham firm. One of its iffnrkota. Du Pont, which took ical rivalries are being set QtoucesteraMre Qwnber of Commerce & Industry, Conway already setup its own business employees, George Dowty, - cuts have coincidedwith reces- defence - dependency "lies over ICTs nylon fibre plant at House, 33-35 Worcester Stoat, Gloucester QL1 3AJ $452-318161). aside in an attempt to have a forum and action group to branched out to found the sion in other markets, making matefy in its rmyanhyti^ Brbckworth, is reducing Gloucestershire Qoucestor Q.1 louder, and more united, voice County Counci, Shire Hal ZTN develop an economic strategy parts company that became the transition away from military bases, Avon's in its ; employment by a quarter to in the corridors of Whitehall p452-42500Cfy. for the town, intended to sus- Gloucestershire's ’ biggest dependence on defence much large aerospace and defence 750. The Llster-Petter diesel GtouoBSterahfce Paring and Brinpriae Counci, Conway House. and Brussels. tain gyiating businesses industrial concern. Unlike harder. equipment sector. “Gkracaster- engine plant, at Dursley, now 33-35 Worcester Street, Gloucester 0.1 3AJ fP452-624488L is the This year has seen the cre- attract new ones. Dowty, however, which sur- A report produced this hire's lot," -nays . part of the BTR-group, . got the Mr Stroud District Cound, Sroud GL5 4UB $453-766321). ation of the Western Develop- It also has to take account of vives as part of the Tl group. month for -Gloucestershire Tony Barley, of the council's sde survivor of five main sites, Tewkesbury Borough CoukS, Gloucester Road, Tewkesbury GL20 ment Partnership in the county’s Cluster ircraft council that Economic Development : ISO jobs early last year, Avon, and 5TT 0684-295070). geography. While A Company ^ county suggests XML ft shed Westcountry Development Cor- the Gloucester, Cheltenham disappeared, its name swal- total defence-related employ- Besides scattered army arid leaving 900. It has staved off poration for Devon and Corn- and Tewkesbury triangle Is its lowed up in the sales af merg- ment, now around 26,500, has RAF bases . maintenance further cuts by diversifying hy almost a third in -the info . — military wall These are two public and that it has tended to move with with Coopers & Lybrand, has economic heart (traditional ers that led to the creation of slmmy onita. , Gloucestershire is dflfeuftq a US engines private sector partnerships the times. But there are now been analysing the results of a rivalries have often prevented British Aerospace. last three years. More than famously home to the Govern- contract for generator , designed to provide a strategic two snags. Defence and armed- questionnaire sent to pnblic it from beating as one), individ- And then there are the Clus- 10,000 jobs are reckoned to ment Communications Head- - which has boosted the business overview. Now Gloucestershire force bases have been a and private sector agencies. “I ual parts of the county look ters - the Gloucestershire Reg have been lost in toe defence quarters (GCHQ). the elec- by 10-15 pm cent is proceeding down a similar strength for 30 or 40 years. was very surprised at the high outwards in different direc- iment, also known as “The equipment sector, Including tronic monitoring agency Most defence manufacturers Higringniah^ri seeking road. Insurance, particularly, and degree of consensus," he says. tions. The south looks more Slashers", by the sub-contractors, . as .well as which is the largest arm of -are, meanwhile, ways It linked with Avon and Wilt- banking have been strong in “There seems to be broad towards Bristol the north small "back-badge" on the some 2,000 ctvll service posts. Britain's intelligence services. pf diversifying in the other shire' this autumn to apply for the 1970s and 1980$. But the agreement towards Birmingham, the east hack of their headdress, com- The report forecasts more than Closely linked to its US coun- direction. But this is proving the European. Union's Konver peace dividend has led to the “They would like to see towards Swindon and Oxford- memorating the 1601 battle of 4j500 more job losees by the • texpart, cloaked in secrecy, and especially bard for smaller funding, intended to support actual shedding of staff, and in Gloucestershire re-established The forum wDl have to liaise Alexandria when they fought end of the decade, with direct undisturbed by trade union companies. projects in areas suffering from financial services the growth as a leading region within the with the neighbours to develop rimuhaneocaly to their front defence-company employment activity, which has been bank An exception is Lydney Prod- defence-related job losses. has ceased." In addition, UK. They want to see a bal- a sub-regional approach. Mr and rear. The regiment will reduced to just half toe 1990 • ned since 1984, it has two-main ucts, a plywood and veneer Influential players in the inward investment had dried anced economy of manufactur- Hoyle says: “If Gloucestershire just be able to celebrate its LeveL Gloucestershire has rites at Cheltenham, now reck- producer In the Forest of Dean county are now setting up an up. ing and commerce, rather than believes it can develop an eco- 300th anniversary next year joined forces- with neighbour- oned to employ 6^00-7,000 dvfl- - which used to rely heavily on economic strategy forum with “Gloucestershire is still seen as in the 1960s when commerce nomic plan within its bound- before it, too. is swallowed up ing Avon and Wiltshire in lans. But even this is secret supplies for navy wardrooms representatives from the as a very attractive and pros- was appearing to dominate. aries toll-stop, it Is unlikely to In a merger, making way for applying for a share of the The local economy tied to and the like. In toe last six county council, training and perous county - and still seen Education features strongly as be successful In getting a an amalgamated Royal Glou- European Unioh*sKonver fund military bases has also suf- years, it has built up civilian enterprise council Gloucester- that way in Whitehall - with underpinning the employment Gloucestershire strategy cestershire, Berkshire and for vulnerable defence-depen- fered, particularly from the outlets for Its products, ** shire chamber of commerce, below national average unem- skills. together, that has to be done Wiltshire Regiment dent regions. The application, rundown of US Air Force although this has not stopped the CBI and the TUC. ployment, a mixed economy, a Gloucestershire, he points with a degree of collaboration Defence cuts have hit the to support a £4£bn investment operations in Europe. The US toe number of employees fall- Mr Tony Burley, the county pleasant place to five - lucky out. Is one of the leading Brit- with neighbouring counties.” area hard. In toe industrial sec- programme aimed at business base at Fairiord, .from where ing from a peak of about 200 to council’s group planning offi- old Gloucestershire,” be says. ish counties in terms of high- Mr Chris Curtis, director of tor, where, besides Dowty and development, innovation, train. B-52- bombers flew 7,500-mile ' 90. Defence now accounts for cer, says: “The need is to col- “But if Gloucestershire does technology employment, but the CBFs south-western region Smith* Industries, there is a m mwl whaHlifeiHmi of mili- missions against Iraq in -the oidy 15 per cent of the bust- g , 1 laborate on action - and one nothing, it is on a downward its position has been weaken- and a forum member, stresses range of contractors producing tary sites, was submitted last Gulf war, is Vnntlhhallnd. The ness, says Mr tflgel Haig, com- cannot do that without a strat- slope. There is a recognition ing, because of the contraction the importance of the forum everything from bearings and month USAF and RAF have both merci&L director, adding. “It egy forum. It has become clear that it has to do something, of the defence and aerospace but also of this sub-regional co- steering equipment, to decoys The three counties suffer in abandoned Kemble, a former can’t help being a declining that in the future we need to it is sensible plan firing.” and to what industries. ordinarion. Brussels was and electronic components, the different ways. Wiltshire’s maintenance depot now used . co-ordinate and put limited we do." The county is, he says, per- increasingly looking at a resources together.” Whatever Public and private sector ceived to be a high-quality Europe of regions rather than the outcome of the local gov- partnerships are already exam- location, if rather in the nations, and Gloucestershire ernment review (which pro- ining education strategy and shadow of Bristol and Birming- would need to look beyond its poses High flyers turbulence to encounter abolishing the county seeking identify the county's ham. But to attract further own borders. “Gloucestershire council and creating unitary future sunrise industries. In Inward Investment, the county on its own has not the depth of authorities), such a body September, the forum commis- needed to correct an image resource, but needs a wider Two companies represent TI at Abingdon, Oxfordshire. Focusing on about 2^00. its civil side sqpplies avion- would be required to provide sioned Coopers & Lybrand to problem, dating back to the horizon for strategic planning,” Gloucestershire’s Ugh profile in toe aero- core aerospace badnesses, TI has since ics for Boeing and other airlines, and Its an overview. carry out a three-month study late 1980s. of appearing to be he says: space equipment sector - Dowty and September sold Dowty** foe! systems sub- military side' makes displays Cor fighter Mr Graham Hoyle, chief to help to prepare its strategy. hill - that there had been “The CBr believes Chat, in Smiths Industries, unites David White. sidiary to Lucas and its electronics inter- jets, including several US aircraft About executive of the Tec, says there Presentations are being held to enough growth, that the mar- the very long run, the people Although both remain world leaders in ests to a new company, Ultra Electronics, 1,000 are engaged at Cheltenham in each is unanimity that the forum malm the broader community ket for labour and property who live in the south-west some technologies, as well as being wind- in a management buy-out. This leaves of these activities, with a farther 300 in a needs to be made to work and - companies, banks, utilities was very tight ought to consider a regional pal industrial employers in the Chelten- Dowty Aerospace with activities' in land- separate product support operation. to resource the action it pro- and colleges - aware that “I think the door has to be development function covering ham-Gknicester area, they have both been ing gear, propellers and hydraulics. The Unlike most companies involved in poses. “A fundamental Gloucestershire needs to act re-opened to inward investors. all seven counties of the hit by a and combination of cats- In mffltary share of sales has dropped from defence. Smiths says it has not tried to strength of Gloucestershire is Mr Vince Taylor, consultant But Gloucestershire cannot southwest” defence expenditure and depression in toe -60 per. cent hi 1985 to about’25 per cent, lessen its dependence the military sec- ’ on airline business. parti? reflecting the large share of land- tor, and is eagerto exploit opportunities Dowty, with unique status as a home- ing-gear work now done for : Airbus. The for upgrading existing combat aircraft. grown Gloucestershire company of inter- three sites now employ 1,700, a reduction In file ™»Himi and longer term, the national standing, succumbed last year to of 15 per cent since the takeover, and company is optimistic about both pros- a £497m hostile takeover by the TI group. barely a fifth of the Dowty workforce in pects In both, the civil and military mar- ' The old headquarters building at Arie toe region in the eariy 1980s: - kets. A £5m Investment in a new 60,000 sq Court, Cheltenham, has been put on toe Cheltenham also has Smiths Industries’ ft repair facility, being opened today, tes- market The company is now based with largest aerospace factory, employing tifies to its confident mood. International.. Parochial... Personal... Commercial... l ve been poor and IVe been rich. Special In addition to being the country's leading insurer ofchurches, the Ecclesiastical Insurance Group provides a fell financial service - undertaking a wide variety ofcommerciai, industrial, charitable, educational and personal insurances. As well as motor and household insurance, it offers life assurance, pensions, mortgages, investments and unit trusts. Ifyou’d like to know more about any of these — Believe me, Telephone: 0452 528533 ecclesiastical i* 55 INSURANCE YOU CAN HEUEVE IN Britain’s Best Guarded Secret. . 11 of tto Top 18 companies In Gloucestershire V * Cheltenham & Gloucester’s assets now top £i 7 billion. 25 per cent of iho Top 20 profit earners- in the South .Wost Region We are, in fact, Britain’s sixth largest and the most cost-efficient national building society. Twice as many of Iho South West’s Top 100 companras than anywhere ciso . in OoiicesuHshiro {third in the region, hard on the hods Could that he why our interest rates are generally so, well, oF tho less prtvfiogod locations of Swindon and Bristol) interesting r And why our customers tend to be quite comfortably .>[•? V It COuid. Three of tho Rvo host dowlopnwnt rites now available for landmark To learn more, call OSOO 533 900 anytime. retail and commercial derctopmofli, at the vwy hoart of the most distinguished town centre In the couniy ' tf. -V Kraft General I'oods liliropo IIQ • Gulf CHI GB IIQ • faglq Star IIQ Countryside Commission ilQ • Whitbread Boer Company UCCA&PCASIIQ Cheltenham Chefsea Building Society IIQ • HoyscotTrostllQ •Csredoh Mira IIQ • SpirmcSareoHQ &Gloucester Smiths Industries • Lucas Aoraspaco • Linotype IteH llQ • Bitstream IIQ Building Society Mercedes Finance (UK) I [Q • Astoc Gonununfcatlcms IIQ -’GCHQ Jr ' Were ran to make you richer, CHELTENHAM CHEF OFFICE BARNETT WAY GLOUCESTER GL4 7H.. AUTHORISED BY THE BULDMG SQGETES COMMSSON. •- Britain's Bat GaardedSemt . - _P*NANCiA L TIMES FRJPAV WrtWMBTO ij$ 1993 (If -> \ Roland Adburgham frac^ financial services' rise Profile: Cheltenham & Gloucester Building Society The head^fflce factor ‘Time to let the people know we’re big’ 2?® biggest single influence on ewr, -a reassessment of group As a regional centre, a limit- For the first 20 years in the life of what Although the relatively small number the, Gloucestershire economy staffing levels la^t year, which ing factor Is the proximity of is now Cheltenham & Gloucester Build- helps to contain costs, C&G continues onnng the 1880s was the hum led to about 50 local redundsn- the larger financial communi- ing Society, founded in 1850, the direc- to Increase the number. rise in jobs in banktog,~tosur- ties of Bristol and Birming- tors met monthly in a Cheltenham “We think it is important to be quite ance and financial services. The most important reloca- ham, and the big companies hotel, paying £6 a year for the room. large,” Mr Burden says. “Size is impor- The increase,, - between 1987 tion bar beenby Bagte star, tend to retain London-based Today, the directors meet in C&G’s tant in the way we control our costs and 1989 alone, was almost . TwJnrfrii^ the BAT: subsidiary. auditors, law firms and adver- chief office at Barnwood, near you cannot control the costs if yon start 12.000, taking employment in . last year it joitoadite life sub- tising agencies. KPMG Peat Gloucester, a 185,000 sq ft building shrinking the business. We think it’s a the county to over 28,000, as - _SkHaiy fri f7fe»Mi*nimrrr tiy Marwick, the accountancy completed in 1989 at a cost of £30m. sign of strength to see the business indigenous companies expan- .ing itp head offlce and general firm, closed its Cheltenham In between times, the society has growing." ded and others relocated, insurance business from Lon- office this year, although Coo- grown to be Britain’s sixth biggest, Last month, C&G merged with Heart driven away from the London doa toVa new. *1?M00 sq ft pers & Lybrand and Grant with assets of £l&5bn. Mindful of its of England, based to Warwick, the 25th area by high rents, labour buQdiqg at Bk&og's Qeeve, Thornton keep offices in original prudent directors, it stresses largest society; in 1992 it took over Mid costs and the ' difficulties of jtist outside itherWWn. The Gloucester. “A local presence that ft is the most cost-efficient of the Sussex: and the year before, Portsmouth recruitment group is hanks building societies. the bum greenfield site at : -employs 3,000 people Important, because the Mg UK and Of society's 3,000 staff. 900 are a: its headquarters, on a Bamwood building society. Mr Burden says the By 1991, the recession had . . locally. Gloucester office has its own This year, it launched a television mergers worked out the way the society already cost 1 some 2,000 of r Mr John Bishop, ^hairnwni of expertise,” says Mr Nicholas advertising campaign with the slogan mortgages in the county. In terms of Burden says the fact that house prices had expected, with the exception of those jobs as the industry, as Eagle Star,: which worldwide Houghton-Brown, of Coopers & “We're run to make you richer.” Mr investors, we’re probably in every other have now stabilised “has done marvels Portsmouth. "With Portsmouth, we elsewhere in the UKi has Eiahn of funds under man- Lybrand. Roger Burden, operations director, says: home on average, and in borrowing for people's confidence. They say maybe were disappointed with the quality of retrenched. The question is agement, says the relocation ; Mr Darryl Whitehead. Grant "We thought it was time to let people probably have 20 to 25 per cent of the the house is worth keeping.” their mortgage book - it wasn't as good whether the sector, which is was faWfatnH by the need to Thornton’s managing partner know C&G was big. That is the theme market.” (Nationally, the society has C&G was one of the first building as we thought it was. That accounted concentrated on Cheltenham expand and the difficulties of in Gloucester, says: "Relative of the campaign - name awareness. We more than 330,000 borrowers.) societies to computerise, for which Mr for a large part of last year’s loss provi- and Gloucester, can now finding. a large enough build- to the indigenous work, the were concerned that we didn't have the People in Gloucestershire, Mr Burden Longhurst was responsible when he sions. But it will come good.” stabilise as a significant, ing in London (the move was indigenous professionals can awareness that some other societies says, tend to borrow a lower proportion joined the society in 1967. “Technology Today, C&G employs 3,000 staff, of al though second-tier, regional accelerated by IRA bomb dam- handle It very welL” A leading have.” of their house-purchase cost than else- is a very important part of controlling wham 900 arc to the Barnwood head- centre. age to its existing City offices.) Gloucestershire-based accoun- C&G likes to be different - this where, and mortgage arrears are lower. our costs, but it is only one part,” says quarters, which was built on a green- If the community was Mr Bishop - whose office tancy firm is Hazelwoods. month it stopped selling mortgage “The county has not escaped this reces- Mr Borden. “We rely on good staff, on field site. C&G moved to Barnwood restricted to a "back office" .. now overlooks a parkland of Even In the present climate, endowment policies - and the cam- sion bnt it has been quite stable. It is a training, and we also have a simple and after failing to reach terms with Chel- function, then computerisation - has not, council on a sheep says of any disadvan- . investment ceased in paign’s slogan tries to reinforce this. solid foundation far us.” To reinforce focused approach to oar business. tenham borough council- would mean future employ- tages of being out of London: the county. Endsleigh, which “Many of our accounts have quite high its position, C&G concentrates sponsor- “We've decided not to go for the high owned site. "We couldn't agree a sensi- ment prospects were poor. In "There is none at ad as far as employs 350 people on seven minimum balances if you want to invest ship locally - especially on sport - transaction banking type-customer, so ble price. We got fed op in the end. We fact, the county has a good Eagle Star is concerned.” He sites around Cheltenham, has in them,” says Mr Burden. “We do tend rather than nationally. we don't have cheque-books, we don't were growing the business - the whole share of head offices, of points out that many insur- just bought a 28-acre site on to think of ourselves as being slightly The society's half-year results to June have eash dispensers - probably the idea of the new building was to be big- which are- long established. ance companies are now based the outskirts where it plans to upmarket as a building society. I think 30 showed a 71 per cent rise in pre-tax only building society in the top 10 that ger - so we just ran out or time.” outside the capital. “We are a consolidate. Gloucestershire helps us in that.” profits to £75. 3m. after an improvement doesn’t We don't try to be everything The Barnwood staff is now double the try to stick knit- number were at Cheltenham. And The most important national company that hap- “It is a statement of our com- Within the county, no one can be in provisions for bad debts. In 1992 the to everyone. We to the that pens to be based in Chelten- mitment to Gloucestershire as unaware of C&G. Mr Borden says: “We provisions were £2 17 .8m. The half-year ting and do what we do best” work has started on an extension capa- relocation has been by ham.” the future focal point of the know we're very strong in the county - results were described by Mr Andrew The society has 235 branches, many ble of bousing another 500. Eagle Star, the BAT The company; he says, has company,” says Mr Stuart War- on the investment side we hare over Longhurst, chief executive, as “a solid fewer than Leeds Permanent the fifth Industries subsidiary, been able to improve Its effi- talski, of Endslelgh. 100,000 accounts. We have over 30,000 performance to a sombre market.” Mr largest society, which has over -400. Roland Adburgham ciency. "We are able to operate employing 3,000 locally as ah entity-, and the whole thing .works much better. We and which should be able to have dhr costs under control continue to attract senior staff. We are convinced that, in the Cheltenham & Gloucester .long term, this was the right building society, the UK’s sixth thing to do, with real econo- largest, has always been, based mies by being here and being in the COUnty, as the mq n.h able to operate in the way we smaller society, Stroud & Swin- do, and which will stand Eagle 1 don, which has 26. branches. Star in- good; stead in the Chelsea building society, with future.”* .. We don’t contribute to global warming, 50 branches, set up its head- Mr' Bishop sees no reason quarters 20 years ago at Tirir- should why the. . county not lestaine Hall, a Victorian , man- continue to attract financial sion in Cheltenham, and services companies. “If I were we don’t contribute to ozone depletion it Rnririjeigh extended in 1987. , in London, looking for some- p* the insurance company which where to come, this region . this season started sponsorship would be high an my list” of the football league, moved to The Eagle Star Life subsid- and we don’t cause acid rain. the town from London 20 years iary moved its own headquar- ago. ters in 1968 to Cheltenham, Northern Star Insurance, the where its 13-storey tower Italianowned general insurer, btodk, now being refurbished. moved from Croydon to"- Is the most prominent land- Gloucester years ago and mark. The head office has Are we friends of the earth? 10 has expanded to over 350 staff moved this year to a building locally. Ecclesiastical Insur- with a facade more in keeping ance is also -based, there. with. file town's architecture. Another headquarters is that^ “I can think of very few dis- of the QmadJanowned Eaurea- advantages to being in Chel- tian Financial Group, which tenham, and the.qoality of life moved from Guildford in 1986 is very good,” says Mr Ian to set up shop at Baimwood, Owen, Eagle Star Life’s manag- an the city's outskirts. (Also at ing director. “There is good Bamswood is one of the main access, good employment, good computer centres of Barclays schools and rants are cheaper Rank-) than in London.” In Cheltenham, there is Other than . Eagle Star, the Royal Bank Leasing and Mer- last sizeable relocation was cantile & General Reinsurance, that of the Bank of England’s which moved much of Its registrars department, which operations there 20 years ago. completed a move from the Although its headquarters City of London in 199L It occu- remains in London, it has more pies a £13m building of nearly staff based in Cheltenham, 130,000 sq ft in Gloucester, nearly 400. There was. how- where it employs 380 people, most erf than recruited locally. The Bank decided. In 1987, to ~rV move the department on cost grounds.. It needed a large budding at a lower cost than could be found at that time in the London region, but needed to stay within reach of the City, because of the physical Marketing exchange of paper - its main function is the registration of communications gilt-edged securities. It con- cluded that Gloucester fitted lira' hu rti Advor’i'ini the bife One important factor in the fri'iiuit Iii-.!l!ifin future will be how support ser- * iii'd Pr”i\ i: PiiMitrlcLitkir- vices develop to. give the local tiirfij!'.-. depth and range of in (In' Ik. '! lit mi"! sector more employment. One new com- : e.urlclv. iJ, . pany is Marlborough Stirling, in Cheltenham, set up in 1988 ‘X'l to sen tailor-made -software iil m and business solutions for the r.,\ri&rhu»i irirc. I IhcCrntiu' 1 Ml companies within ar|fi outside the county. Mr How Evans, its managing director, sees “enor- mous scope” for further ( 0452)372000 growth. 4ifr Tbo Cdswdds Tho most fashionable shops In iho region Currently, -10% of the gases char contribute co is the twelve nuclear power stations we operate lixcelfaiu public sehoote Nuclear Electric's burning in England and Wales are safe, environmentally and higher education power stations in che greenhouse effect are caused by the England and Males of fossil fuels. What’s more, if the same amount responsible and reliable. Spend an afrernoon at «#»- International festivals fossil station and we’ll be able to -f of music and liicrnluro of power produced by us was produced by a nuclear power million tonnes cell you so much more. Ic certainly won't affect Tho Cold Cup fuels it would mean an extra fifty of COj every year. Breathtaking isn’t it. The fact your body but ic might just change your mind. To learn wore about opportunities In Cheltenham^ amlaci Reg Ward. Cheltenham Business Coram, 1 LWylfa 2.Hevsham 1&2 3. Hartlepool 4.Sizeweil Municipal Offices. Promenade. Nuclear Cheltenham GiJiQ 1PP. A&B 5. Brad well 6.Dungeness A&B 7. Hinkley Telephone 0242 262626. Fax 0242 22713 1. Point A&B 8.01dbury-on-Severn 9.Trawsfynydd Electric $ Mall, SWi\ 5EA. To visit a nuclear power scacion, or for more information, write to this address: Peter Haslam, Nuclear Electric pic, 123 Pill London CHELTENHAM Britain's Best Kept Semi *r-: ’** . . ., . . L-.-- rv FRiANOAt 'OMESJPRIQAY NOVEMBER 2fr 1993 > v L v * Si. Relocation: employers tell Richard Evans their reasons aging director, has found no Tourism: Roland Adburgham on One of the to * i employment problems, partly because of skills acquired in the local aerospace and defence industries. “We find the work- ‘Preferable to the M25’ force is particularly stable and Councils unite to Visitors loyal," he aays. welcome The Colt Car Company, The smart entrant Lobby to importers and' distributors. of H is as evocative a.litany as October, three quality hotels the Laurentian T.ife headquar- Mitsubishi England: ..way were fully cars, did not . make any hi Sheapacombe, along the ters outside Gloucester was quite such a calculated deri- Cols St Aldwyns, Windrnsh booked, on the road itself we boating at two o’clock, as doz- sion as T anrwiHini to Set Op and Bmfiip. The names of Cote- saw more pheasants than cars. ens of employees returned by head- quarters in the county. It wotd villages conjure up- the (At Hie Country Elephant res- coach from a shopping expedi- happened largely because a image of limestone: cottages, taurant, 'at Painswlck, -It was tion to the city centre. couple of the ifirectore lived in drystone walls, sparkling, hare rather than pheasant on - - •- - Coaches leave at noon and the area when the company streams and woodedvalleys, an .thejnemL), : Ipm each working day, to was branched, audit seemed a Image which helps to bring ; Gloucestershire will want to enable the financial group’s more desirable, and cheaper ILm visitors a year to the keep it that Why. MrPotts says: staff to shop during their lunch base than T^wwfan. county. “Our greatest asset is the natn- break; and buses are also laid, The company was founded in In consequence, tourism hap ral environment, and our chal- on each morning and evening, 1974, as a Joint-venture part- become one of the four leading lenge & in encourage sustain- to and from Urn city centre. nership with MitsubisM Corpo- industries in Gloucestershire able r«mri«Hn to maintain that It is part of the company’s ration of Japan, and thefirst with spending by visitors in environment. We want to package of policies to keep the office was hi four rented rooms 1992 pot at fi212m. Over 17,000 encourage, visitors in the coun- workforce happy in a purpose- in Dollar Street House, a con- people are employed by the tryside to help sustain forms built headquarters two miles verted mansion in the heart of industry and. on the calcula- and village shops, but in such a from the city centre, following Cirencester. tion fist each job supports one way they don’t harm the a move from Guildford in 1986. The historic market town half of another elsewhere, it Is environment” The financial sector has was chosen partly for its con- reckoned that it sustains one in Gloucestershire landscape: -one in five foundscomes from abroad He points out that the con- appreciated the benefit of relo- venience for the directors, and 10 of all jobs in the county. tracdon of some other indus- cating away from city centres partly because of Its more gen- During the recession, as else- overcrowded, honeypots. In improved Its appeal for visitors tries will put even more and the expensive south-east eral wnwftwpi* as a natural where tn Britain, tourism has feet, the most popular tingle and residents afike' by pedes- emphasis on tourism, but that more than most, but Glou- crossroads girw-a Roman times. suffered, and there have been attraction is not in the Cots- triantring part of its centre. Mr it b vital that the county, dure cestershire has managed to It has ready access to London Jab losses, bat fewer than in wolds but Gloucester cathedral, David Scott, director of plan- mot become over-reliant upon persuade a wide range of and the southeast, Wales and other Important sectors of the where visitors fit 1992 were ning and deretajanent services, it, as hare some seaside areas. is organisations to set up bead- the south-west, the Midlands local economy. In 1992, visitor estimated at 450^)00. says: T think there is a sense Gloucestershire. Tourism quarters in the county. Among Tim Fortune: *a stable and loyal workforce* anrl ftjg north. numbers to attractions were Gloucester, while lacking the of optimism in the city that now devising a strategy for the them are Colt Cars, Spirax- By 1976 the company had down by about 2 per cent on regency splendours and quality we’ve get tremendous assets; next fire years, and is encour- tmA walk- Sarco Engineering, Nuclear all the staff, but overheads ment team, who manage the outgrown the 1991. This year has seen no shops of : Cheltenham, {and. ft we’re making the best of tiiose- aging such activities as Electric, Kraft General Foods, were much higher. Office space £1.5bn. investments from a pur- moved to new purpose-built real recovery, although over- can boast only one restaurant assets, and we’re going to go ing and cycling and the use of and the Countryside Commis- in Guildford in 1986 was £12 a pose-built dealing room. accommodation in nearby Spi- seas visitors, encouraged by hi the latest Good Food Guide, On improving them.” local services. sion. square foot, compared with £5 Among the factors that talgate Lane. A second move the devaluation of sterling, compared with Cheltenham's Elsewhere, in Gtoucesterefaire The challenge, Mr Potts says, Laurentian traces its origins in Gloucester. A move to tipped the hafawee in favour of followed 10 years ago, when have helped to some extent fonr) also has its historic are such inspired gardens as is to hove a good tourism pol- back to 1896 and the formation Gloucester would entail build- Gloucester wore: housing, with tire wpwulwg company moved About one In five visitors docks. The restoration of these Hidcote .Manor and Owlpen icy under the threat of fending of Imperial Life Assurance of ing a new headquarters, but an average house £25,000 to its present headquarters on come from abroad, but they has been the tingle most Mama. There are the Stroud oats, with no grants available . Canada. UK offices were salary rUffanpntiais and a zouch cheaper than in the southeast; a six-acre freehold site at account for over a third of all important tourist development valleys, the Westonttrt arbore- to encourage tourist develop- opened in 1931, and in 1977 lower staff turnover would education, which was seen as Watennoar on the outskirts af tourist spending, partly in the county in the past 10 tum, Tewkesbury Abbey, the ment, and to counter What he Imperial merged its operations bring substantial benefits. being at least as good as in Cirencester. because so many of the other years. Wildfowl and Wetlands Trust rails the government’s “woe- with Laurentian Group Corpo- The decision went in favour Guildford; and avauabfltty of Because of Cirencester’s his- visitors - 9-5m of die llm total The docks, connecting the at SHmbridge, the roman town fully inadequate” funding of lunrian fn En land pared ration of Canada. In 1987, the of Gloucester, to the irritation staff. toric past, and the fact that the - are on day trips. river Severn.' with the of Cirencester and Cheltenham g , com size of the UK operation was of many former Imperial “We have had no difficulty building is thw first the visitor Although the Cotswrids are Gloucester and Sharpness itself, with its art gallery, Pitt with the nrach more generous doubled when Imperial employees who thought they in recruiting high calibre peo- sees when travelling from Lon- almost synonymous with Glou- gmai, no longer have any com- vflle Pmnp Boom and festivals funding for Wales and Scot- acquired Trident Life, to form should have called the shots as ple, happy to live in this part don and the M4. planning cestershire - nearly all their mercial «hlp|dng But titi: 15 of literature andmusic. land. - Laurentian life. Imperial was the senior partner in the of the world . . . anything to gut restrictions were stringent 800 square mOes lie within its handsome Victorian ware- On the other side of the Sev- Overnight visitors them- w»atn ugrt based In Guildford and Trident merger. Around IfiO of the 450 away from the M25," says Mr The bufldmg. to an boundaries - they are only one houses now Include shops, the ern is the Forest of Dean, selves might themselves life In Gloucester, so the man- Guildford staff decided to relo- Tweeddale. old rrvacMng fan nyi Oh* Roman reason why people want to National Waterways and Regi- wfateh tiw walker John ffiDaby require generous funding. A agement had to decide where cate to Gloucester, and a fur- One advantage of Gloucester Fosse Way, Is restricted to two visit the county. “The great ments of Gloucestnshire muse- described as^perhaps the most., couple staying, for example, in to base the combined opera- ther 200 people were recruited for Rnanriai services is that it storeys and shaped like a W to thing with Gloucestershire is ums and the Robert Opie col- beantiftfl -assahlfty of trees hr a four-poster bedroom with tion. locally in a hectic six-month is within easy motorway range hide a big industrial ware- that the county itself is a draw, lection of advertising and Britaht" In the south is the jaemti bate at the Swan Hotel Three options were consid- initial training period. Of both Ttirminphara and Bris- house. The complex houses all rather than any one component nackaainu. An anthmes centre Cptewptde Water park; flooded at bflvqry could pay £176 for ered: locating everyone in The original intention had tol, with their well developed the company's sales, parts, within It,” says Mr CoHn Potts, in one warehouse had nearly gravel workings which are one night’s bed and breakfast and this either Guildford or Gloucester, been to relocate when the new financial sectors, marketing, accounting and principal tourism officer of . 400,000 visitors in 1992. claimed to hareagreater waiter But Mr Potts says tins type of or choosing a new base such as headquarters was built, but it makes specialist recruitment computer functions. Gloucestershire Tourism, an English is restoring area than timNaifoRc Broads. hotel has weathered timreoes- Bristol, Southampton or was then decided to move easier. Colt ran its own dock and Innovative marketing and another of the city's antiques, We took the. Romantic Road, skm better than some middle- Bournemouth. “It was quickly immediately, because of the Another company that fraa shipping compound at New- development partnership set np the 13th century Blackfriars an ingenious route through ranking ones. This may prove decided that an entirely new danger of flagging morale in a found little difficulty in port in south Wales, from 1974 seven years ago by the county Dominican friary, which is quiet Cofswold lanes devised that Gloucestershire must con- site would involve too great a long rundown period. Tempo- recruiting technical staff in until last August but the oper- council and six district coun- expected to become a big tour- by Cheltenham Tourism. tinue to trade on quality rather commercial risk, and there was rary offices were taken at what has traditionally been ation has just been transfesred cils. ist attraction. The city has Despite faffing that, even in than mere numbers. only so much disruption the Mitcheldean, In the Forest of regarded as a rural county is to the Royal Portbury Dock in The partnership acts a coor- company fabric should be Dean, in premises made vacant Spirax-Sarco Engineering, spe- Bristol, where larger vessels dinator of tbps** councils' indi- asked to take. It became a by a Rank Xerox cutback, and cialists in the control of fluids can be berthed and unloaded. vidual programmes and as a straight choice between Guild- staff were bussed to and from The company moved to Chel- Colt tries to make the most link with the Heart of England Villagers recognise the benefits ford add Gloucester,” says Mr Gloucester for two years. tenham from central T/iwinn in of its local connections, and Tourist Board. For example, lain Tweeddale, managing The landscaped new head- 1939, because of apprehension uses local legal, technical and Gloucestershire Tourism pro- director of Laurentian life. quarters in the Gloucester sub- about the outbreak of war, and support services as much as motes directly In the US a but still want fewer tourists It was not an easy choice, urb of Bamwood now houses now employs 1,000 at its head- possible, ft is currently spon- guide for travel agents with however. The Guildford build- not only the administrative quarters and 3,000 worldwide. soring the locally-based Bad- hotel prices quoted in dollars. ing could have accommodated staff but also the whole invest- Mr Tim Fortune, group man- minton horse trials. fTbe US is the main country of Onfi cf the prettiest villages in,the Cotswolds The study raimnipntg that Hm» farin> awnny origin among overseas visitors, is Bomtarwnf-the-Waler, and therefore it is locals to see fewer tourists “is a surprising followed by the Netherlands one of the most popular. statement when compared to the employment and Germany.) For that reason, Cotswold district conned provided to local people in Bourton. .. The The county benefits by being has carried out a year-long investigation to ' economic importance of tourism to Bourton " ; able to offer what Mr Potts assess the Impact of tourism and to devise faunhss is undoubted and, perhaps, should describes as “qmntessenttally a visitor management plan. be better appreciated by local residents-" English countryside” within The (dan’s aim will be “to maximise the The survey found that fewer than one in reach of Heathrow, Gatwick economic benefits of tourism to Bonrton and 10 visitors stayed ovonight in Bourton. 40 and Birmingham airports. its environs, while minimising any advene per cent returned home at the end of the day, “First timers to Britain will environmental impact" • .. and the remaining 50 per cent were touring usually go to London first,” he Nearly 2^00 visitor were interviewed and and staying elsewhere, typically in Bath or says. “But for those who have a questionaire was sent to all L0O0 households, Stratford-apon-Avon. 'Hie visitors* most popular been to London before, we are and returned by half of these. suggestion for improvements to Bourton was a very good first stop - after a Among the residents, the study says, “there traffic controls. flight arrivtng in the early was a general acceptance that tourism had . “From the visitors' point of view," the study morning, one can be in a lovely brought benefits to Bourton, but that the village says, “Bourton offers all the features we would country-house hotel in perfect was not flourising, merely surviving. wish to be semi as indicative of the Cotswolds, . English countryside by early “This may be a reflection of local views rather than a village that has lost some of afternoon." in the light of the current recession. However, . its character through commercialisation of Eagle Star: Despite the appeal of the when asked how they would like to see tourism tourism - yet the more crowded it becomes, Cotswukb, the county is keen change over the next 10 years, by far the most the less able they are to appreciate It” to divert visitors away from common answer was less tourists', to. a way, the obvious, and sometimes there is a contradiction in these two views.” Roland Adburgham TAILOR MADE FOR YOU IN GLOUCESTER .iRF/*.* London. PRIME LOCATION 'JUST A 5 MINUTE DRIVE FROM .of-' GLOUCESTER AND THE MS 30,000 TO 75,000 SQ.FT. AVAILABLE BUflHAM INDUSTRIAL MUUC MPLC \^H C Paris. LIMITED Hong Kong. Klflowen House, Saysf^S^o^jGBeltenhain GL50 SAW Contact Frauds Rundall Cheltenham. Tel: 0242 221122 Fax: 0242 584700 *** RoyScot ^ Trust In case you haven’t already heard. Eagle Star, one of the leading UK based insurers, has moved its headquarters from PubBshed In Tokyo, New Ymk, Ftankftat, Roobaix London to Cheltenham. and London, ft wS be read by senior UuafooBomsi i . We’ve built new General Insurance offices at Bishops and government' officials In 160 countries Clceve to complement our Corporate Headquarters and woridwkto. It wff also be of partfctdar Merest to the Life Assurance offices in Cheltenham itsclfl 139,000 senior bustaessmen hi the UK who read Wc believe that these new cosc-cffccrivc homes offer the the weekday FT”. If you wish to reach tMs- Tmntffl best prospects for the tururc of* the Company and our staff buportaet autfenee wtth yow services, expertise or But these changes aren’t just good for business; wc now products whilst maintaining a high profits In SPECIALISTS IN employ over 3.000 people in the area and play a major role in the connection wtth SoucestereMre, caR: local community. BUSINESS FINANCE Proof that, the world insurance. Eagle Star has put in of . Facilities Incorporate Cheltenham on the map. CUVE RADFORD Asset Finance & Leasing -•r.’rv on 0272292565 ' HoyScot That pic . or Fax 0272-225974 Head Office: EAGLE STAR HoySoot HoureThe Promenade CfieBanhem Merchants House, Wapping Road, Bristol BS1 4RU GtauoestetshteGUW tPL . Tbtephon*0242 224465 feted 43466 -. . Fa* {fop 2/3)0242570524 Pff&MMiftrtiaM FT Surveys A Royal Bank'of Scotland Company - i Jgg^ANCIAL TIMES FRIDAY tjov^MBER 26 1993 E 5 The Cotswolds adviser, who face economic problems employ a business The Forest of Dean remains industrially vulnerable loss of assisted-area status, the would pick 30 local small busi- area will again suffer from nesses as potential winners and undue “competition" provided give them financial, manage- by assistance still available ment and consultancy help. The across the Welsh border in Farming jobs wither scheme should be launched in Loss of aid status is a blow Gwent January. The best hope for support TIm The greatest potential proba- now is an extention of rural-de- economy of tte Cotswolds. ' numbers employed on Karfriwg fmwwatj n devsl- development of The of assemblies rolls. status north- one farms own. o bly lies hi the Forest of Dean, although turned oat to be a stroke and fused velopment area of the most picturesque have fallen by overage target is to part with simi- parts of Englan an of 5 opmdit and and pro- tourism, where the of Gloucestershire, fa sig- good fortune for the local econ- Rising unemployment in the wards. to link np a d , has beep hit In per cent a yBar. TUs Is lately to moting inward investment create around L500 jobs over the nificantly detached from the omy. early 1980s, which reached 16.8 lar application from Hereford recant years 1 by two factors; continue, cha .in addition to the Much of file initiative will come next three years. The area fa rest of the county- by its geog- Rank Xerox, formed in 1956, per cent in the Cinderford and and Worcester and Shropshire °8es jn the structure and impact needs ofrfbe JSC refarms- and faun the private sector, but pub- already a well known tourist raphy, history' and economic by Rank and the Xerox Corpo- Ross-on-Wye travel-to-work for the Marches. of agriculture, and a the Qatt negotiations. fa: sector organisations will be attraction, and parts con get traditions, and it has to ration started copier areas, led to the forest receiv- Mr Dick Whittington, assis- oecline in dafanpo come of the CS, fritiukrtes- The faUrotrf fro to in ing administrative To meet . m defence expected to facilitate the process crowded in the summer, but terms with very different production at Mitcheidean assisted-area status in 1984. tant director of the growing prob- restructuring lems, on the CEP area, of adaptation and growth. research shows that most visi- problems In the 1990s. 1959. By the mid-1970s, it was The benefits, including services at Forest of Dean dis- a Countryside Employ- which covers Catswtdd district Mr Lea Smith, project man- tors pass through en route from D alike other parts of the employing nearly 5,000, mostly regional selective assistance trict council, says: “We are con- orant Programme (CEP) was up set council, in Gloucestershire, wnd ager of the CotswoJd CEP. says London or Oxford to Strat- county, which have an agricul- at Mitcheidean but also at Cite and access to European fident we win retain our rural 18 months ago, as one of West Oxfordshire, district coun- that, because there is a steady ford-upon-Avon. the Midlands tural tradition, the forest has derford and Lydney. In the regional development funds, development status, and hope three pilot schemes to help val- dl, will be felt through the run- chip effect of job losses (rather and the north, and that vay few played a largely industrial role early issos, came the doable restored some confidence, and we can extend the area, but uable fanning areas cope with down and closure of Ministry Hi«r| imparl in the unemployment fell below there is can com- change of the of a COt stay. an attractive rural setting of blow of recession and s per no way this in the 1990s. An assess- Defence -establishments and ment Eery or steelworks closure), few The intention Is to encourage former royal hunting forests. expiry of the Rank Xerox cent pensate for the loss of assisted- has now been mart* am* a reduced duforlnp - Its status." sees few signs - ' spending. In people of quality recent history from But there remains a narrow area He ra^bnn rJt — . . have appreciated the development good highlights patents. Competition Gloucestershire, the- impact will scale of the local problem. accommodation, to ensure that the long-standing vulnerability Japan was intense, and Rank industrial base, heavily depen- of recovery from the recession. It is . estimated that accelerat- come largely from a drop in He sees the answer In a pack- more visitors stay in the area of the local economy, which Xerox was forced to cut pro- dent on the manufacturing sec- The structure plan for the ing changes in agriculture and orders to defence manufacturing age of proposals now being and spend more. Mr Smith has been heavily committed at duction. Employment was tor and on a small number of forest, which goes to public defence could account far at. companies in Cheltenham and developed, inducting diversifica- believes there are good prospects various times to Industrial sec- down to 1.200 by the mid-1980s. medium-sized employers. These inquiry next spring, argues feast Goo job losses in. tte Cots- CSoucesterJ 67- . tion by farmers away from agri- for combined part-time jobs in tors that have performed badly With vacant space at its include Smith Kline Beecham. that 4,500 new jobs are wolds over the next three years. The area has experienced a culture, the development of tour- tourism and agriculture. “I find or disappeared altogether. acre manufacturing site. Rank Engelhard Industries, Lydmet required by the year 2001, In an area with a relatively low sharp rise in unemployment ism, and encouragement for that fanners can cram more cars Iron has been mined and Xerox then created a business (formerly British Piston Ring), mainly concentrating on the rural population spread thinly over the last two years, and «dattng .fecal businesses to in per acre than an NCP atten- smelted since pre-Roman times park and enterprise workshops, and SCA (formerly Reed Pack- three centres of Cinderford, through dnmwwc of villages anti long-term iwiBfnpl nymprit g dant ever can." and the coalfield was heavily to attract a wider variety of aging). Unemployment has Lydney and Coleford. But a small towns, this will have a particular problem, with 40 per “Emphasis is usually placed The {dan fa to extend the net- exploited in the last century. In employment. Among the organ- recently crept back above 10 recent study by the University devastating impact the in«d cm cent out of work for more than on badness start-ups, but that work of walks, cycle tracks and 1944, 55 per cent of the work- isations now on the Mitchei- per cent of Warwick suggests that medi- economy if alternative employ- mmrfha. six a third of the unem- can be an expensive high-risk bridle paths, and to concentrate force was in mining and 26 per dean site are an electronics A big blow was struck to the um-term employment prospects ment Is not found. ployed are to thefr twenties. strategy," says Mr Smith. T pre- an short breaks and activity hol- cent in steel and engineering, company and a software manu- fragile recovery fast summer, “are at best limited, with only The assessment, conducted far atms GRP hiv-tr miMlIng The of the , a three- fer tO businesses idays. but both industries went into facturer. when assisted-area status was modest employment growth the CEP by and ShanMand Cox year programme fed by the that already lave a track record. Flans are also in hand for the decline and the last deep pit Rank Xerox remains the not renewed. A particular projected under the most opti- Gould. Consultants, estimates Bund Development Cosnmisrian Job creation is quicker, and you provision of better bus services, closed at the end of 1965. largest employer with a cur- worry has been the growth in mistic scenario." that 30 per cent of farms are pait Tiip in nnqfl with , local coun- get stability of emj^oyment" to encourage mobility, more Attempts at diversification rent workforce of around the aumber of people having to One area of potential growth likely to reduce staffing m cils, training, and enterprise A pilot scheme is being creches to enable women with included the move by British 1,800. Its commitment to the go outside the forest area for is tourism, based an the attrac- response to changes in the com- councils and other bodies. Is to. launched this month to subsidise young children to return to Acoustic Films into an old forest was underlined in 1990, work, particularly to defence- tive landscape, the develop- mon agricultural and policy stimulate job creation, training employer-led training groups. It work, and the development of brewery site at Mitcheidean. when the company's electron- and aerospace-related jobs else- ment of many woodland tracks odier factors. These and tt redundan- ff nmrmHy flerefemaBBt is available to all rural busi- teleworking, so that more people The company was taken over ics manufacturing was relo- where in the county. It is and bridle paths by the For- cies will occur mainly on large This means that substantial nesses and pays up to 50 per can work from borne or in their by Bell & Howell, the US film cated from Welwyn. Mitchei- feared that these will inevita- estry Commission, and the farms which marginal are for adjustment is inevita- cent of training needs assess- own village. camera manufacturers, which dean Is now the company’s bly be reduced as defence area's rich industrial heritage. cereal production. ble, involving the cSvensIflcaticai ment in turn was acquired by the European manufacturing cen- spending is cut Over the last 10 years, the of businesses, encouraging new There fa also a proposal to Richard Evans Rank Organisation. This tre for electronics, wiring Another fear is that with the Richard Evans Wool mill’s well-knit descendants A parable for industrial rihangn can be found at Nafisworth, in a deep wooded valfey in the south Cotswolds. Once, there was a woollen mill, part of the local textiles industry which faded. In 1879, when the mm dosed, it became a fibreboard factory, employing at one time 600 people. But that •• '’v market declined in the 1960s The Power and 1970s, and this, too, closed in 198L Then, the site became an industrial estate. E .A, Chamberlain (Holdings), the property development com- pany which owns and manages ing the vehicles which refuel' the Nailswarth Mills Estate, as aircraft. Ancdher, Vaccax, _ it is now called, is run by the makes milking equipment, of same family that owned the employing. 12 oft the estate. A board milL Today, there are as recent arrival is Plastics Engi- - many people as in the mill’s neering,' set up 19 months ago heyday on the 20-acre site. The by just three people. “From the estate includes a Somerfield moment we opened our doors it supermarket, a planned garden has goneoff like arodtet,” says centre, and an extraordinary director Mr Dayid Stallon. range of other enterprises. Another successful newcomer There Is Phoenix Walking is Selsey Herbs, run by GflHan Stidks, which employs five peo- and Peter Wimperis, who supply ple and makes umbrella handles packed-herbs, spices. and pot- low-emission, energy efficient and no fewer than 120,000 walk- pourri to stores and have When we set out to create an extremely ing sticks a year, most of them started exporting. They say for the National Health Service. turnover doubled in 1992, com- car to meet 21st century standards, we knew there were many obstacles About four times a year, Mr pared with the previous year. John Faulkner, its managing When they advertised last ahead. So we tried different approaches. What we found, after years of director, visits sweet chestnut month for someone with the coppices to buy the wood. The esoteric skills of calligraphy to most modem piece of technol- letter gift-boxes, they expected researching and testing various technologies, was that not one of them ogy is a microwave oven used in one or two applications but had. the drying process. no fewer than 13. worked. All of them worked. Together. The result is a high performance, A bigger employer, with 25 EAChamberiain is headed by Pol- Mr John Chamberlain, grandson people, is QS (Enamellers & all-electric vehicle. And ishers), which coats and pol- of the board company's founder. spacious car that is practically as clean as an ishes metals, it has a 90ft pow- The vice-chainnan -is his son der-coating oven big enough to James, who is also director of a infinitely more practical. At Mitsubishi, we believe that positive walk through, if it weren’t for small Gloucestershire company sell its own the fact that the temperature is recently set tfo to positive thinking. invention, the Rako Miniveyor, solutions such as the ESR concept car—come from 200 degrees Celsius. The com- — pany handies everything from a portable conveyor for the balustrading and steel-mesh par- bufldiog trade. EJLChamberlain titioning to car chassis and roof is seeking a tenant for the j racks. Before the recession, It estate’s largest industrial writ employed 45 people, but it was A 30j000 sq. ft purpose-built fao- i particularly hardiit by the loss tory, it will be alongside (me (fays; still of its biggest customer. . reminder of past a Then there is Fluid Transfer, weO{xitexuaed bowling green. an engineering company which employs nearly 200 people mak- Roland Adbuigham Working Towards . 1 Mitsubishi Motors Test Data: University Tor Crlouccstevshire Max. Speed: 125 mph enrolment Wrth an annual turnover of over £27 mBBon and an Gloucester College of Higher of 7500 students, Cheltenham & Acceleration (1/4 mile): 20.0 sec beneficial into Education is actively buUding strong, mutuaBy services and with Gloucestershire industry, commerce. pubBe the community. Coefficient of Drag: 0.25 Investment in a £30 mMon buDdng programme and continuing nt and curriculum development enables us to meet the curre Range - locally, nationally future needs of students and employers and Internationally. Battery-operated Mode: over 312 miles all levels - Higher National Qualifications are offered at (at 25 mph without recharging) taught Certificates and Diplomas, Degrees and Postgraduate and and research awards. A broad range or.research and (at 25 mph) consultancy services. are available to local businesses Hybrid Mode: over 625 miles organisations. For information please contact: Professor Peter The ESR is Wilson, Cheltenham & CMFUrNMAM an electric-powered “hybrid” design that Gloucester College of Hfaher employs a high-efficiency, low-emission internal Fullwood Park, i Education, , I OL\ TSTHK combustion engine (to recharge the battery ) Suffolk Square, Chattanham solar and even kinetic GL5Q2EB. Telephone: (0242) in combination with 543582. Fax: (0242) 543588. energy from the braking system. SPECTACLE FRAMES AMITSUBISHI pOLLECTlol MOTORS AVAILABLE FROM OPTICIANS NATIONWIDE handcrafted in the cotswolds CREATING TOGETHER BY NORVEJJ5 OPTICAL COMPANY UMillsP^ ^ NQRV1LLE GROUP GLOUCESlfeH 0452 528686 - . VI FINANCIAL TIMES FRIDAY NOVEMBER 26 1993_ which Profile: Farmington Stone loucestershire Training and staff a‘heightened motivation, Enterprise Council has has shown up in the bottom liras turned our attracted countrywide atten- "in one. year; we have nrtcttinrr feeling financially tion fin: its success with the round tram to InvestorsG in People which threatened in the midsi. of recession programme, we Facing up to encourages organisations to achieve a tofng secure In the knowledge that fature nationally agrpgd standard for training are controlling our present and and developing staff position in the mariffitpfaca" gained Mr Graham Hoyle, chief executive of Another company which has Anaorfite Europe, ‘kerb appeal’ the Tec, which was ranked among the : the award, is Signet top 10 of England's 75 Tecs when the in Gtoocester, which supplies ophlhat Traditional rural industries, specifically targeted: government published performance mic lenses. "We want people to he including quarrying, have housebuilding and decorative tables In September, describes DP as achievers," says Mr Nelson Hawkes, suffered a sharp decline in products, such aa paving "central and critical to our mission". nMnagtog director. "If they are acbfev- recent years, but one stones, flooring, fireplaces and Since the IIP programme was erslfisy are Sappier, more .productive, Gloucestershire company has garden statues. launched two years ago, a total of 373 mare able to see tire company’s success bucked the trend dramatically. Although housebuilding local organisations - mrinriing yhnnlg, as their own success.” - committed to the Farmington Stone, in the went through a notoriously colleges and businesses ranging from flraham Hoyte has an awmgafca l view of the 8P programing A printing company heart of the Cotswolds east of difficult patch, demand has those with just a few staff to some of programme is Cooper Clegg, of Cheltenham, has seen demand soared in recent months, the county's largest - have dedicated Training: the Tec's programme lias rec^iy0; huge sopport Tewkesbury, which employs nearly 150 for its products surge. It has partly because of a general themselves to achieving the IIP award. people. Mr Ion Cooper, its -chairman, exported paving stones to improvement in the market They cover about 40,000 employees - or says that,, despite a lack of Beirut and fireplaces to Hong and partly because of a change one in five of the county’s workforce. snpport for the costs,' he strongly sup- Kong and Dallas, as well as in perceptions towards natural Mr John Hdzetwood, the Tec’s chair- ports tire programme. "I cannot exag- supplying housebuilders and stone. man, has pointed out that the number gerate' how important I think it is in the construction I in keeping people motivated." industry in Mr Martin Robins, managing of committed organisations is more nvestors people the UK with its honey-coloured director of Farmington Stone, than the total in Scotland and Wales "PMC. a Cheltenham management * seek- local stone. argues that builders, combined. To date, the IIP award has raised of the employed workforce, but ccr size, we are committing ourselves to - He adds: “No company- fc gcfng to go amsuttaocy with 16 staff which is The quarry, part of a architects and housebuyers been gained by 15 Gloucestershire-based there was no money for this from the training everyone.” -dovra this track Unless they have a ing the award, says the programme has 1,000-acre estate, was acquired have had to be educated into companies, including Birds Eye Wall's, government The only route was to per- A substantial part of the Tec’s pretty good feeEng.lt wQl benefit them created a "disciplined and repeating in 1902 by the grandfather of accepting that stone, of which Mr Hazelwood is general man- suade employers that it was in their resources has been channelled into the - financially. It would be mad to go down cycle” of commitment, planning, action the present owner, Capt John traditionally regarded as ager. and which has the hugest financial interest to invest in training programme. Of the Tec’s total budget of ‘ that route, mid to put mergy into what .and evaluation, which are the -main Barrow, and run for years as a expensive, need add very little icecream factory in Europe their workforce.'’ £135m, it Invested £750,000 last year hr is a demanding programme, unless principles of the BP standard. profitable but mino r sideline. to the cost of a house. "We The Tec expects that, by March, the In recessionary times, when compa- BP with technical support, providing up there was a tangle benefit from ft" He A much larger company which ' “It ticked along perfectly estimate it adds around 1 per number committed to liP will have nies are more likely to shed than recruit to 50 per cent of employers’ costs. describes DP as a statement of sound : already has fee award is ftenishaw, the happily, with half a dozen cent but greatly increases risen to 500. Mr Hoyle has an evangeli- wurkers, it can be even more difficult to This year, the funding is. less, • iramaggnywifr pajjjog — ttet companies maker of precision measuring equip- men, waiting for people to what is called the kerb appeal cal view of the programme. Schemes for persuade them to spend money cm train- between £550,000 and £600,000. “A delib- need to look at their most valuable and ment, based at Wotton-under-Edge with of a bouse," he says. the unemployed, be says, have a very ing. But Mr Hoyle says there is no erate decision -was made that, having expensive asset, their staff. 500 employees. “Companies should nat- The market for stone facing marginal effect In improving the overall inconsistency in training who critical last year; (fid evangelical jaupporter of BP' urally look to improve their assets, and Growth in the sales of people created a mass we Another has “really taken off" in the skills base of the workforce, and what is might subsequently be made redundant not need the same kind of uznt co6t per is Ms Sam Elliott, owner of the 23-bed people are a WgKjy valuable asset," says flagstones and fireplace last few months, helped by the needed is to improve the skills of the "It Is very, very simple. A company is company to Hw programme,- -and 'Grapevine Hotel at Stow-on-tfae-Wold Mr John Oldham, its personnel officer. surrounds means these increased influence of the vast majority who are in work. making an absolute commitment sys- that’s proving to be the case,” says Mr and a board of Investors in "DP is absolutely important to help us decorative products now green lobby and the emphasis "We have taken a very pragmatic tematically to develop and team its Hoyle. "We are now able to bring com- People UK, launched this year fay Mr- develop In all directions. It is the basis on the use of natural products. to up-skill to for the future.” account for around 50 approach the county," he workforce: That workforce will go up panies on, and start to drive them David Hunt, empkjymant secretary, There has also been a big says. "We realised we had a difficu lt and down, but fiP says that, do matter through the process, at a much lower promote file programme. She describes per cent of tunover growth in sales of flagstones issue. We wanted to see the skins base what is the company’s trading position cost than last year." how gaining the award has given the Roland Adburgham and fireplace surrounds walk through the door and through retailers and a sales place an order," says Capt force of 30, and these For a county, there Is no tire individual to bare control Barrow. decorative products now substitute for having tire kudos over his or bar course. It’s why College will university status on Then, it seek emphasis in 1987 was decided account for around 50 per cent of a university, and Gloucester- there is a strong to give more attention to stone of turnover. shire lades one. But, all being support mechanisms for stu- production, when European The limestone quarry, in use well by the start of tire aca- The college is recruiting staff fan-time students, just under design, and in all aspects of tire opened, this' year, one for hotel dents, such as counselling. And Community regulations made since Roman times, has demic year In 1994, it wiU have. with research-degree supervi- 2,000 part-time and another environment and landscape. flwft CftjTpytng mnimpiniw# and -we try to make ourselves acces- farming less profitable. The sufficient reserves of good Cheltenham & Gloucester sion experience, and providing M00 on leisure or continuing “There Is a very goodfit with anotirer for wurk in landscape sible to the whole community, tuning was ideal, because stone to last a further 50 years College of Higher Education, facilities. “We also have to dem- education courses. tire economic areas of strength architecture. A media centre is rather than just being educa- there was growing demand for at the present rate of which already has degree- onstrate a research culture, About 20 per cent of tire total in the county," says Soutter. to be opened fay MrDavH Putt tion for tee privileged." Mr ; stone of all kinds as the boom extraction of an acre every five awarding status, is preparing which means having appropri- are mature students, and more “We are also strong in Kngtisfa nam, tire film producer, next The coQege is in the process in domestic and prestige years. But there is one big its application. To qualify, the ate programmes for develop- than half are female. Between and history; that fits well with Thursday. A multi-purpose of launching a sponsorship and public building gathered pace. problem. “We could take on 20 college has to satisfy the Higher ment of our own staff," says Mr 30 and 40 per cent, of tire stu- the strong historical sense ih complex including 21 lecture development campaign. Hr Over £500,000 was Invested more workers and run shifts Education Quality Council that Soutter. dents come from within the the Cotswold area." * rooms and student indoor will Soutter says: "We are receiving . a in new workshops, offices, round the clock for seven days it meets the criteria, for award- “As of today, we have some county. The college, which regards open next October. very strong support in getting qnarrying and processing to fulfil orders, but we can't ing research degrees and has 40-plus research degree stu- The college has strong links itself as a national leader. in. The college has a Church, of teat off tire ground from busi- equipment in order to increase get the people," says Mr sufficient numbers of research dents and over 30 part-time, with industry, although some school-based teacher training, England ethos, reflecting the nesses, although dearly what output, improve quality and Robins. degree students. and that’s a significant increase business people consider it has a vocational bias. Mr Soufc- bfetory of the College of St Paid - they are looking for is being widen the product range. The difficulty is location. ft will decide before Christ- on this time last year. It repre- weak on tire engineering and ter explains: "Even in our aca- & St Mary, which was founded associated with a university. There are now six mobile mini Farmington is miles from mas on the timing of its bid. Mr sents a shift in tire balance of science side. But Mr Soutter demic subjects, it’s an impor- in 1847 by religious leaders to We expect those links to come production lines in the middle anywhere, is not served by David Sautter, assistant direc- our student population to an says: “There is not a strong tant part of our modular degree .train teachers. “We very modi t through as tire college moves of the quarry. public transport, and pays tor, finance, says: "We will only increasing emphasis on post- demand for ns to produce grad- structure that we develop trans- try to have that ethos as part of towards university states.” The recent recession brought local wages Tor labouring apply once we are confident we graduate research and post- uates in technological and engi- ferable skills for all students, so tire collegers mission and strat- One undecided matter Is what its problems, particularly in work. Nevertheless, it is Ironic are going to get it We want to graduate students." neering subjects. The reality is that they are able to adapt egy” says Mr Soutter. It is It should then be called, the construction industry, that in a county that faces be absolutely sure in our own The college was formed in that the major employers are quickly to their chosen field." reflected in tire range of courses although “University of Glou- where contracts dried up and growing employment minds that we meet all the cri- 1990, as the result of a merger not recruiting large numbers of As part of its arpiinsinn, fire and is why, for example, we are cestershire" or "of the Cots- there were payment difficulties as rural and teria, and then we will put for- between the College of St Paul these graduates.’' college is midway through a strong in teacher training and mdds” are obvious possibilities. difficulties especially from, the defence industries run down, ward a firm application. If a bid & St Mary and tire higher edu- The areas where the college £30m building programme in religious education. The final decision will rest with bigger contractors. the job offers have no takers. is made early in 1994, we could cation courses of Gloucester- regards itself as strong are in (Aeltehham, funded out of “ft is why we attach a lot of the Privy Council New markets had to be be a university by tire start of shire College of Arts ^Tech- business management, comput- asset sales and £8m of baniow^ importance in our modular developed, and two were Richard Evans the academic year." nology. Now, it has 5.200 ing, mediA,arte,fasiLibnaud ingi Two new premises were degree structure to tire right of Roland Adburghan ' >*l V*?'- '" '•?-* . W - .’ .: :; . i . ‘ • ••• • ' .•* •• ; •. '••*!*; 7. :• y: : V:u--v?v ..v. * * * * • •*.**•• * • * • ” • .* • V* '• 4 . . . 'I V* ( . . *. * *• *. *?y*\*’ i *' ;.' *-*•*?**•# *' t** ... ’-'ft ... i' w A..* .•••> • •' ' • • >•.#•«?*• * ?„ V.-r.v Vv ?**£*•• • • •• ,; • •*.;• ***> t • v V vv : r ‘y$ 7.) m-?."' • •• V.-: -A • • v:." ."V . 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DESIGNED TO BE DRIVEN - I I '•inancial cimks i-R[day novi-:mbi:r 2S 1993 RECRUITMENT JOBS: Readers’ explanations of practical skills range from life after death to pulses in the brainbox “g^uriouaer and curiouser.” % Alice in wonderland. tiller, though with a lighter hand cnrlous stiD than mine, and managed 4 miips the is that Jobs no more than line. column seems to have Working in a worrying 10 degrees off joined wonderland her without doing He then persuaded Pam to thing any- unusual such as take over, which she resisted following while the fact rabbits that you’ve largely Second, having drawn up the mysterious. While few go as far compose it as to have because has dcwyn holes or drinking however, are intelligent without which she done hardly any dome tfae oppostte strange potions (other may serve me plan in our heads, we carry it out as the Swiss reincamationist, a being conscious. An example is forgotten we ever learned them. helming except on a previous sail than those -tight for being PTKcnbed for the presumptuous, l in practice. good many come close, especially "blindsight". by which certain My disagreement is on two alone with Jon. Nor has she any do wish you hadn’t. In that case, Now that is clearly far from in their account of creative skill. I did was ask you readers a people partly blinded by illness grounds: real-life experience and time for. let alone knowledge of, what follows would have its 31 q n about been always the case. For example, we To them, essential source is can not only detect but precisely an observation made a century the theory of sailing. Instead of most plain safling 2everydaySS - just a summary of all know that it is possible to ride not in any individual head the .American pragmatist tiller, of^?topics: to wit, how or locate a purely visual stimulus ago by grasping the she just rested do yotur practical explanations, a universal, you do your work? a bicycle, so being more clued-up body, but in supra- they cannot physically see. philosopher William James. It is one finger on it ... and achieved contrasting them with the than Johnson apparently human, invisible intelligence. 4' That was 10 weeks ago, Dr who In Professor Shallice expects that that a distinction between two i miles dead on course. and 128 educational notion. of you refused to believe it. Moreover support, one camp member has in 20 years or so v.e will have a kinds of knowledge is recognised "Isn't it sickening?" Jon said. have kindly replied from But now you have brought those of us who also know why it sent proofs from a book to be several languages other than 14 countries, citing experience brain map of all the main mental by “She out-sailed me last time too.” in reincarnation and the like 8*®®* variet into is possible would be better published next year by Blackwell, functions. But even if v.e do. it English. One sort is intellectual Asked how she did it. she said: "I ? y of Jobs. The .snag the act, some philosophy is equipped than his contemporaries which cites a study of the use of won’t solve know-about - wissen in German, can feel with that the answers often the ultimate question my finger when the just unavoidable. let's So start with to- persuade him he was wrong to intuition by 1,312 managers in of why they operate intelligently. for instance. The other is kertnen: boat's going at her best. So if she deepen the mystery my question the proposition that there are see. it the equivalent of lifting nine different countries. was meant to as Hence there would seem to be direct knowledge as exemplified falls off. 1 just nudge her gently clear up. Indeed, different kinds of knowledge, some of your of oneself up in a bucket. At the other pole are the grey still room for incorporeal if not in knowing another person. about till she’s happy again.” explanations of how Which two in parrirnfor form the But possession of both the materialists, who see know-how unearthly influences of the sort The related experience came That is plainly a case of skilled work is done are literally main focus of academic curricula. know-that and out of this world: the know-why as rooted in the pulses of the favoured by pure intuitionists. To in August when with Pam. my James's direct knowing. What’s An example is One kind Is .factual: knowing would not be enough to enable flesh, particularly the bit in tbe response, as wife, our 34-year-old Jon. reflection, I “e reply from Switzerland which my perhaps and son more, on find the saying: that something is so. The other is someone to ride a bicycle. That brainbox. Although less expansive befits a scared sexagenarian, is I was sailing our Holman sloop same provides fitting The key to this pheno a more menon is the explanatory sort: knowing reincarnation.” requires know-Aoio. which is than the intuitionists’ accounts, agnostic. After ail. though such Malaguana from Dartmouth to the explanation than know-about of why something is so. For ease of different. It strikes me that what their views are more testable. postulations seem improbable, Exe. The wind was moderate but my way of writing. The salient The question certainly seemed reference, both, the know-that applies to bike-riding applies to What’s more, they have the broad is and tbe tide unfavourable, is down-to-earth on the there no conclusive evidence to tricky difference that, whereas Pam day it was kind and the know-why sort «*ti most asked, even kinds of skilled work. And backing of an authority in the band that disproves them. if anything worsening with time. “feels” the boat, I "hear" the though the work you be lumped together as know- the same view happens to be field, neuropsychologist Tim The only one of the camps I I’ve done a fair deal of sailing, English language. So it may be readers do is of a complex mental ttbout - hat-tr which brings us to shared by about 70 per cent of Shallice of London University. feel able to refute is the smallest: and helmed for the first hour. At that the main root of know-how kind. Ironically, r was expecting the educational notion. you who replied. The trouble is He says the latest scanning 37 readers who think know-how tbe end we'd gone 3's miles, but is unusually sharpened senses. most of you to confirm that the It. is that operations requiring that you differ radically in your techniques have already traced essentially the same as the know- 20 degrees off the ideal course. True, there is not much hard way you actually use your mental mental ability consist of two beliefs about know-how's nature, tbe networks of brain cells about taught in schools. Tee sole The second hour was steered evidence to support my theory skills is less complicated than we separate think stages. First, we being split into three main camps. responsible for numerous "sub- reason why our practical skill by Jon. who has thousands of either. But at least it’s simpler are led to suppose by a notion . out to. nsing what do, know-abaot One is the pure intuitionists components” of mental action, often seems intuitive, they say. is sea miles behind him, hundreds than reincarnation. evidently underpinning the bulk to form an intellectual plan of the for of whom know-how ranges from such as ability to recall short lists that we have so deeply absorbed of them in Malaguana. He too conventional education. - And actions that need to be taken, indefinably intricate to plumb of words. Some of the processes, the know-tbats and kr.ow-wbys firmly grasped the stout wooden Michael Dixon Credit Research-International Outlook FUND MANAGER c £30,000- £70,000 + benefits EMERGING MARKETS SEARCH t SELECTION UK Institutional Investments - Esubstantial An exceptional opportunity exfete for a credit analyst of the highest calibre to join this leading Investment Bank. In a With funds under management of £3bn, Kramlingcon are looking fora Are you: . . y For these high profile, ctaUengiDg positions, a .«* articulate and able presenter you must also be able to work closely 23-27years ofage with stunting academics (2s or above). ’ highly competitive package is offered. «’\. • An ACA, strategy consultant or MBA from a top sdwcL and harmoniously with your colleagues whilst imposing a disci- ’ Applications should mmfa to: - A . f MANAGERS AND ACCOUNT OFFICERS FOR CORPORATE BANKING AND FINANCIAL INSTITUTIONS Director of Industrial Liaison Royal Bank of Canada is a tearing Canadian financial institution and one of the largest North + Strong educational qualifications and two to five years experience in a corporate banking or and Technology Transfer American banks, with operations in over 30 countries, inducting offices in 10 European locations. financial institutions environment In Europe our core businesses are Corporate Banking, Financial Institutions, Treasury, Private Sound training in credit analysis and risk assessment and an understanding of genera! banking Applications are invited For the office of Director of Industrial supported strong Loan procedures; exposure to Treasury products would be advantageous Liaison and Technology Transfer. . The Director is Head of the Banking and Investment Management; businesses which are by Industrial Liaison and Technology Transfer Office Which promotes Syncications, Trade Finance and Global Custody Services teams. Excellent analytical skiBs, together with good PC literacy and, for one position, strong computer co-operation between the University and industry; Bs work includes modelling skills capabilities and providing information to industry on research To enable us to continue with our successful strategy of meeting the financial needs of leading certain of the opportunities for technology transfer; advising members of the Fluency in European languages (West and East) would be a strong advantage for midttoalional corporate and financial institutional clients we are looking to strengthen our current University in identifying soorces of industrial funding and in available positions as would knowledge of Eastern European and Middle Eastern cultures; an in of high calibre crecSt analysts and marketing support managers. From this pool we aim to negotiating contract terms; assisting members of the University pool International mindset is essential. seeking patent or other protection for their intellectual ptopoty; and extract and develop our future marketing officers. We are looking to hire a number of exceptional •fr Outstanding interpersonal skills to equip you to deal effectively with clients with high endeavouring to secure the commercial exploitation of research people for several newly created or existing positions within our Corporate Banking and Financial results. It would be advantageous for candidates to have experience expectations environment, and thcy >bouW be familiar Institutions teams. We hope to attract candidates of varying levels of skills and banking of research in an industrial The abifity lo contribute immeefiatefy and adapt thickly to a strong team environment for patenting, licensing, and other forms of with the procedures experience to fffl positions ranging from junior analyst to senior marketing support What they technology transfer and collaboration. Experience of liaison with should aB have in common is the desire and potential to move Into full marketing rotes where academic researchers would also be an advantage. Enthusiasm for the The salary and compensation package offered are highly competitive and will be commensurate products services of the Banks global network to financially sophisticated development of collaborative research programmes In tbe UK and they wi sefi the and with your own level of experience. will be far a period not Europe would be desirable. The appointment cflents in Europe. The majorty of the avafebte positions are located in London, the Banks largest If you are Interested in feeing the chaBenge of the 90s with us, please forward your Curriculum exceeding five years, with the possibility of icappouumeoi. European office; one wifi be based to our Paris office. Pensionable stipend: £37.042 Vrtae by December 15th 7993 to: Further information may be obtained from the Secretary .General Although each of the avafebte positions offers a different opportunity, we would like to hear from Elizabeth btgfis, Manager, Human Resource Sendees, of the Faculties. General Board Office. The Old Schools. Cambridge. pmffle: 71/rta Victoria Street London EC4V4DEL CB2 ITT. to whom applications (nine copies) should be sent, you if you recognise your skis and quaBties to the Mowing Royal Bank of Canada, Queen together with the names of three referees, spas to roach"him not later than 17 January 1994. . The l/ruvenriryfollows an equal opportunities policy-' Fund Management POSTI PAN KKI I e***«o»»»*e«as»e»B»«*«****v*««6**»a»«* Deputy • City London Branch Fixed Interest .•y Pan oi a substantial North American financial semces group, this growing fund management *,v Managing Director POSTIPANKKI is a major Finnish commercial bank which has a strong team has two outstanding opportunities lor ambitious executives to join the fixed interest to further strengthen our t section focus on its Global Treasury activities. In order -A active London branch Treasury we wish to recruit two additional Private Banking-Channel Islands persons:- Sterling Fund Manager Package £80,000+ ^ UK CORPORATE DEALER £outstanding, significant bonus, car, full benefits extensive operations Our client is a major international bank with Responsible for the direct management and structuring of traditional insurance portfolios you management m offshore private banking and asset TREASURY SALES will have had progressive experience in asser selection, liability management and credit private banker with. broad We are seeking ari ambitious, Applicants should have at least three years relevant experience, analysis knowledge of diverse sterling instruments is required wuh a particular focus on be Deputy Managing Director, of their international experience, to corporate bonds and private placements able to conduct particularly in the Scandinavian Channel Islands subsidiary. Tbe appointee will be incorporating Foreign Exchange - European languages, aged mid-thirties business in English ami two currencies - and a wide range of Treasury products, gained within a the ability to lead the operation. to mid-fortkwnd will demonstrate similar role at another bank or in a Corporate Treasury. Assistant Fund Manager excellent This position offers outstanding opportunity and an island environment package in a low tea and attractive FORWARD/MONEY MARKET DEALER £hfgh basic, excellent bonus and full benefits Executive Recruitment. P.O. Box Contact; David Tarver. Reads This is a particularly attractive career opportunity Iw a young executive with at least two years Wellington Honse, Union Street SL Heller, Jersey JE4 8YJ. in 641 , We require candidates with at least 2-3 years trading experience experierce. Responsible for ensuring that the strategic criteria for a number of segregated Tel 0534/605800 Fax 0534/605705. .. .. Forward Scandinavian or other European currencies. Additionally, we funds are appropriately implemented, you will recommend specific investments and execute relevant trades. Experience of credit analysis is pre-requsiie and monitonng and reporting on would give preference to those candidates who have traded a wide range maturity and asset allocation is required. of short to medium-term interest rate derivatives. for a rewarding long term career INTERNATIONAL M&A The Bank offers competitive remuneration packages, including a full range of If you meet the relevant criteria and are looking opportunity, please write in confidence with full career and remuneration details. banking benefits. Quoting reference 2023 to: «MiiilriesisseeUngcntrepwnenrialM&Apwfessionals,wiliiaininiiinim Interested candidates should submit written applications in confidence to: - itt London, Pais and Dnssektorf of 5 years transaction experience, lo join mid-market 0rt*5 border M&A. Please send offices. Oar firm is a leader in Rod McLennan, Assistant General Manager, below to obtain farther information. resume in confidence to the address International Executive Search Postipankki Ltd, 10-12 Little Trinity Lane, London EC4V 2AA Warwick Road, Knowfa, Solihull, West Midlands BS3 9LH Sootinraxk Bridge, 12S6 Write Box B1741, financial Times. One LoodonSEim. FINANCIAL TIMES FRIDAY NOVEMBER 26 1993 II EXECUTIVE - Portugal MANAGER European Equities specia^Eur^ean^te^t to ran Dillon, Read Securities Limited is a of for high qpaSty. reaeard^fed. Head Investment repnfiation EXPORT housed which has established a COMPANY broking. car j Investment and Private Banking Group We are looking for an analyst to opnd •_? English, fld€n< companies. Good written . packaging and ^ “JESSESideas wS? Dealing in mvestment , analytical skills, as weH as the ability to paweni To £100,000 + Bonus/Benefits City parts for an overseas position- Tomato Paste factory are essential for this an ambitious investment • Key appointment for investment professional to take charge of all and also dealing in balk, midS^tottriyM^bea^tow^ The successful cawfidate should be activity and expand the existing client base within a respected international private bank. general and other goods. A e bebej^weare^Weto small team, and nae his/her own nntiafave. W in Business in a ^ degree moavastd . scope than larger firms for a highly THE COMPANY Administration or similar offer considerably more osress. --.-j Established group providing banking and Help lead cultural change from established private degree preferred with 5 individual to develop ideas and b investment services to individuals and corporate bank and stockbroker to a merged operation. years specific or related package wmen wut vary experience. We offer a competitive remuneration clients throughout the world. commercial QUALIFICATIONS experience and performance. £30,000 neg. neither case is knowledge of the metals processing nr mining industries essential. In both cases, will lie good communicators and effective team willingness to travel regularly is expected. Candidates SHEPHERD LITTLE members. Above all they will want to work in a small, demanding, success oriented finn. ln:enur:onaI (amited. i Carlimi Cardens, London SVt'lY 5AA. Please reply with full details to ; I’eter Freeman. Warrior Dealer, Investment ill he treated in strictest confidence Management All applications w PRIVATE BANKING Warrior International Ltd Attractive Package City Member nf :l:e Securities and Futures Authority. The Private Banking Division of the Union Bank ofSwitzerland offers investment advice and discretionary management on a gk>fcaH*asis to high net worth individuals attracted by our Triple A rating and our investmeotsfafis. We need an additional dealer for execution ofcheat orders, withexperience of European equity and bond markets preferred. The position demands extensive liaison Operations Management with the fund managers. Securities, equity derivatives, treasury and international capital markets Candidates are likely to be in their twenties with at least two years relevant dealing experience and some settlements knowledge. “An influential role at a time of change, increasing volumes and ever more complex transactions" Please send full career details to: Negotiable package worth up to £70K Location: South CoastC< Catriona Dunn Personnel Department Recognised as iratet leader in a nuirter of prodwa areas, vwdi a reputation To qualify, your experience in an international trading environment and for innovation and professionalfsn backed by a tremendous commitmem comprehensive knowledge of international banking and traded Union Bank ofSwitzerland to technology, this global financial services company is a major player instruments will be supported by at least 5 years in operations 100 Liverpool Street in all the important world markets. management A graduate aged 30*. your track record to date will London EC2M 2RH demonstrate people and project management skills, business insight A new position based at their impressive European operations and personal charisma and a real ability to deliver - on time and to budget administration centre has been created- The brief is to take responsibility A post graduate qualification and appreciation of O & M and workflow for transaction processing in the key areas of securities, equity derivatives, issues would be an obvious advantage. treasury and international capital markets lor both the UK and some a laadi^ fi^-seivice Canatfan.itwiesinrient and . European locations. In return, the company is offering a negotiable package comprising salary, seanities dealing firm, is etpamfing its London based car allowance and banking benefits worth up to £70K. in addition, help In addition to managing, motivating and directing the operations teams, investment banking activities and seeks mtxpetifpced. with relocation expenses may available. ,/ aid undertaking* constant review of proosfcires, the role is also concerned be investment banker to play a key role in developing cross- with providing the business wfth focused and effective analysis and support Please send your CV to advising constantAndrew Chanoeflor, at Harvey border business between Europe and Canada. "yi regarding further automation, intepation and consolidation of processing CORPORATE Nash pk. Dragon Court. 27/29 Madtlto Street, London WC2B 5LX systems, m short this is the chance to trice the helm of a highly visible Telephone >71-333 0033. The right individual wffl be Mghfy motivated by success and function at a rime of change, increasing volumes, ever more complex \ will expeet to be rewarded aocoreEngfy, Suooess wit transactions and a drive tor even peater levels of customer service. Please quote reference number HNF106. s£or FINANCE/M&A from identifying opportunffies wbfidi convert into investment banking transactions, inckxSng magers and acquisitions, \- . advisocy assignments and equity financings. Aa part of a . small professional team in London you wil enecute transactions ORIGINATOR which you originate, baring flie benefit of an 8& strong team of professionals m Canada. • •• r. The individual saufrt mutt h**a strong academic background, knowledge of fioroftean business activities, and - must enjoy worfch« k*m***pmmM environment Based other professional fcxKMvicdgp London A of Cmadun corporations . is useful but not essential. You should be seeking an Research Analysts opportunity for perwXaldewfctpmem and recognition withmah^hfynespex^edfinA • £40 - £50k + substantial bonus London tr*erestedcm>dU*m*hoeki**&*,*> Mkbaei Herst, encfoehtg* MCUxriaAtgaVkmatrd quoting ur client, the world’s largest private investment individual companies; their assets, cash flow, business . BURNS reference MH44B. organisation, and trading environments. Our client builds O has built its reputation and business its upon consistent long-term investment performance, investment portfolio stock by stock, rather than by based on fundamental research and analysis combined sector, and this concentration on the merits of FRY HA-RRTSaN with individual stocks makes superior fund management ability. With offices the research function pivotal SEARCH AND SELECTION in the major financial centres of Europe, the Far East, to their success. PAR jfit 39-40 Albemarle St, Japan and the United States, they arc truly You will need to be a recent graduate from a major tendon WlX 3FG. Tel: 071-629 4463 international and employ arguably the strongest group European Business School, with at least 5 years prior tntndtctriM of independent investment management and analytical experience in an investment analysis environment. expertise to be in Fluency in English, and found any fund management group one other European language vs in the world. now seek additional, truly talented essential. The prospects for They successful candidates are U KANKAKU (EUROPE) LIMITED individuals to join their research team as Analysts. exceptional. If you wish to excel in your career, this is These premier roles arc key to the company's the opportunity you have been waiting for. ftn of Ok imeraaiiotnl Japanese Kaikaku Securities Grom seek is wfcl o tfaefr To apply, City based staff research-driven approach to investment management, please write with full CV to Anne Bracken, or* backed up by scatc-of-thc art systems, which is the NBS Barkers Response & Assessment, 30 Famngdon in the Street, JAPANESE EQUITIES very foundation of the business. Based London London EC4A 4EA, quoting ref F3Q6401/4. SALESPERSON Your research centre, you will perform original and CV will fa forwarded to this client only. The ideal candidate, probably to (heir late 3ft will have seven] yean perceptive analysis, including company visits and Please indicate any company to direct which your details nsnmtmoaj J«P*aese Equities soles experience sad ament active base. industry research, to identify fundamental value. Great should not be senL emphasis detailed in an ® is placed on the analysis of iruemniloinl team cnvirouurcnL Attractive raomuciiUm. Inducting a bonus toceotive scheme wffi be offend to &e sueewrfulcawlidaie. Ofhces in: Bristol • Birmingham • toretoted applicant* Nottingham • (bould apply to writing Manchester enclosing s current CV to Ac Glasgow • • PeBonnelManagcr. Kantata fEarope) Edinburgh London. Tel 071-634 1200. Ltoatai. 5th Flooe. Garfen Hose, ig Hnsbniy drew, London EC2M 7AT. ^NB'POWfcK tom ‘“iTteUkraine. unable and Electrfcti de France, •• •• y-:'V : - J . 7 ~ ' FINANCIAL TIMES FRIDAY. NOV^lytB^R 26 1 993 I* # Senior Economist Director of Information Technology | Financial Markets WtoBaait ^r a s™*^®'**#5*58*00** wftA banking experience to effect change within the STnrfif^function as ofa Woe chip merchahtbank. A challenging role requiring a hands-on approach with Goldman Sachs enjoys a global reparation demonstrable experience in a similar role gained scope toixnpaabottcmtbaeperformance. A key member of the senior management team. one of the world’s leading investment banking and within the financial services sector. Proven I Responsible securities firms. This reputation is built upon ihe ability to analyse trends in interest rates and for initiating and drlvtog through a Graduate IT specialist with at least 15 yearyears programme of change, moving systems to a experience as an ITrr line manager or consultant inii skills, creativity and dedication or its people and can foreign exchange combined common with a thorough hardware platform, creating a financial services environment. Knowledge ofc a only be maintained wirh a commitment zo recruit understanding of international government bond corporate database; and upgrading applications. treasury products, including derivatives, highlyhigh!; ihe best person for ever. - job. markets is essential. desirable. Our Economies Department now seeks a senior An excellent compensation package is Managing an ongoing prograrnme of operational enhancements Successful track record of managing a large IT level economise to ioin rheir established and offered reflecting the calibre of individual we to application systems. . department during a period of change. Hands-on successful financial markets group. The role is a wish to attract. management approach to ensure project delivery. demanding one requiring excellent communication Please apply in writing, enclosing a full Clear understanding of technical issues. Developing the IT department . to create an skills and a capacity for pressure. Responsibilities curriculum vitae to: effective organisation for the . longer term, tiding,- will include :o motivating: and . developing the Mature and presentable, able to win the contributing ihe formulation of department to achieve high standards quality action ' ' of and confidence and respect of users, strong international bond market strategy and foreign Steven G Ward service. orientation, committed to achieving results. exchange forecasting. The incumbent will be Goldman Sachs Kjo! RECRUITMENT CONSULTANTS GROUP 2 London Wall Buildings, London Wall, London EC2M 5PP Tel: 071-588 3588 or 071-588 3576 R89S9BBB3 CJA Fax No. 071-256 8501 EQUITY DERIVATIVES TRADER Private Client Stockbroker £35,000-£501000 base salary + substantial bonus and benefits Excellent Salary Package City SMALL AND EXPANDING EQUITY DERIVATIVES DESK - BACKED BY MAJOR EUROPEAN BANK We invite applications from numerate (mates/englneering/sclences) graduates with a minimum of 1-2 yeans trading Excellent opportunity for an accomplished, young stockbroker to join experience in derivatives (preferabty from interest an rate background, e.g. Swaps interest rate options etc). PC an established city company at an exciting stage in its developmenL literacy and a quantative bias are essential French language skills will be an advantage although not essential. Reporting to the Head of the European Derivatives desk you will be expected to take positions for the bank and have THE COMPANY experience of working in volatile markets. Further training wiR be given. Essential qualities are to be self motivated, Long established prestigious Citv stockbroker. ^ Work as part of a team developing long term client a good team player and to have a strong desire to further develop your career in Equity Derivatives. Part of a strong, secure and profitable relationships and optimising investment performance of portfolios. TRAINEE TRADER £20,000*£25,000 + BONUS. For this appointment you are likely to have the same academic international banking group. Group activities for both individual and corporate background as above with a minimum of 1 years work experience in a related field and be seeking an opportunity QUALIFICATIONS clients include trust, investment, blinking, capital presented, organised individual of graduate to move into and learn about equity derivatives trading. Well markets, global custody and corporate services. calibre, probably late twenties to early thirties. PROGRAMME GENERALJSTESOjOfXM^O.OOO. if you have extensive UNIX, C, Clipperexperience ourclient needs THE POSITION O Registered Representative and MSI qualified with you to support this team, building tools and systems. Service existing clients. Not a prerequisite to bring at least five years experience of private client fund All these positions salaries are negotiable and benefits include : non-contributory pension, private medical and 25 own clients. manageinenL days holiday. For these assignments applications in strict confidence under reference EDT251 11/FT will be Develop new private client business from Must be a team player and good communicator intermediaries via own contacts. ideally with developed preset nation skills. forwarded unopened to our client unless you list companies to which they should not be sent in a covering and letter marked for the attention of the Security Manager : CJRA Please send full cv, stating salary. Ref M -16139 NBS, 54 Jermyn Street, London SW1Y 6LX ~ ~~ • " **S£5£!7 » -= v-.:- — r = = db.. N B SELECTION LTD London 07 1493 6392 IT NORTH YORKSHIRE HIGHLY ATTRACTIVE PACKAGE y a Norman Bnmtfljcnl International Aberdeen • Binningham • Bristol * Edinburgh associated company Glasgow * Leeds • Manchester • Slough . /' " * - . • i. " "Z.-.xfccii.'ST. . . ier. / X-, *-rs srr.vi. a"”.- V# V TRAINEE COMPLIANCE OFFICER PARTNERS City c £30,000 + benefits key This Is an exceptional opportunity to play a role in ihe sound skills tn financial analysis and appraisal and be able to Limited positions for further development of ihls highly successful private investment communicate effectively. A sell starter and highly innovative ambitious individuals to ur client is the investmenr management arm of a prestigious and long- business. With respondWflty tor substonflaland growing individual will need to possess resourceful a you a and work within specialist team established international trading concern. Since the company's inception in fond, Ihe Is poised to enter an erasing phase In adaptable style in order to thrive in this hands on and team company new of an Associate to a major O - It specialises in orientated cuRtne. Remuneration wiB not limiting factor 1986, it has grown significantly both organically and by acquisition. ns development. be a world-wide organisation. tor the right Individual. providing discretionary hind management ro both private clients and institutions. Reporting to the Managing Director, you wfifbe a proactive . member at a smoll team provkflng advice on acquiring, Please send full personal and career details, stating Full training with potential for partnership and profit- monitoring and disposing of a variety of investments including companies to which details should not be forwarded, in In view of the company's growth and plans for expansion, it is seeking to recruit an properties held as hading stock and Investments In unlisted confidence to Angela McDermattroe, Coopers & Lybrand share within 12-18 months. experienced compliance officer to take responsibility lor all regulatory matters, including companies. Of toy Importance wffl be toe area at business Executive Resourcing Ltd. Albion Court 5 Albion Place. Leeds the provision of staff training and support for fond managers and administration staff. development Including ktenffleation. fnvesflgrion and LSI 6JP, quoting reference 280 AM. Suitable for experienced officer will be the key point of contact with IMRO on all regulatory appraisal, and subsequent acquisition of Investments to Graduates and Professionals. The compliance 1 /A enhance the existing portfolio. ! Execuhve Ccc DOrS ! For further details, Probably in your thirties, o! graduate Intellect and Ideally k0S0urcsn3 l&Ly 0 Salic, | please call: professionally quaJffled/MBA. you must be ctote to demonstrate Reporting directly to the Finance Director, rhe compliance officer will maintain dose John Kilbum-Toppin contact with administration, IMRO and fond managers. 071-240 4942 ideally aged 28-40, candidarcs will be graduates wirh an accountancy, legal or rcgularoiy background. They must have at least three years’ experience of working in an investment FUND MANAGEMENT managemenr environment. An eye for derail and the ability to develop with the company are essential requisites for this new and challenging role. We are continuing to see excellentopportunities for high calibre institutional Fund Managers. Our clients are seeking those with expertise in fee following markets: CAZENOVE Interested candidates with the relevant experience should send a curriculum ' UK EQUITIES EUROPEANEUROPE/ EQUITIES &CQ vitae, in strictesr confidence, to Carol Jardinc, Managing Direcror, Whitney SE ASIA EQUITIES EMERGINGEMERGIN MARKETS Selection, 17 Buckingham Gate, London SWlE 6LB, quoting reference THE ; WHITNEY GROUP MULTI-CURRENCY FIXED INCOME Investment Research VVS/1 12/1. Depending on experience, likely to be a minimum of 3 years, salaries trill range from £30,000 to some £60,000 depending on theparticular position. Age 24-30 W H I T N E Y to career move and would like to discuss these or other If you ar management experience is not will be offered to the right indhriauaL Prior Far Eastern equity fund Jock Courts at Career Plan Ltd., 33 John's Mews, assistance do requite one or more years investment essential although we London, WC1N 2NS. TeL 071-242 577S. The first stage will be to apply with full CV to: Philippa Harrison, Personnel Controller, nature, and a determination to succeed. experience, a' personable Far 071-831 7623. Britannia BuBtfing Society, Head Office, PQ Box 20. Britannia House, Leek, Staffs. ST13 5RG. Candidates are likely » be in their mid ewenries- Closing date-. 8th December 1993. enviable bSamging around £1 billion, our Far Ease Desk has an and Investment performance record- If you have the experience the Britannia join this wfonfog team please write to me at * expertise necessary to 11 BuSding Society address given. Working Towards Equal Opportunity Personnel Consultants NOVEMBER 26 199.1 FINANCIAL TIMES FRIDAY %%Chemical APPOINTMENTS Operations & Finance i res of Thr Staman »« Fua Atakentj ADVERTISING Director Stockbroking FINANCIAL INSTITUTIONS GROUP Private Banking' & ° City appears in the UK + Bonus/Benefits ' INSURANCE SPECIALIST To £80,000 . vate banking I for supporting a combined pri edition A position responsible banking rmiP* An nnmnal opportunity to join an innovative market leader and securities broking business in a leading international g every Wednesday & Salary commensurate with experience THE BANK quality middle ..ff.ee Thursday Very well resourced bank with major offshore Maintain operations. Strong balance sheet and excellent Control costs. reputation. Bank position demands development and in the Chemical Bank is a broad based Glotwl the of Hninrij Full London service branch incorporating growing ^^^cneed^oprrations and qualified relationships product trading insnnition. ?nAuh\\“SSS with fine clast ending skills and investment to enhance International edition private banking siockbroking/fund management from top quality City structure systems in place- banking capabilities and die use of value added products. activities. Sound and banking flair, enjoying a commercial LnowlMjjv^CiiM every Friday Committed to upgrading operating, financial and Systems, settlements and IT reputation. Candidates must have extensive experience in expencncetdf^L back office performance. control. O & M and pewnnel . dnsf to the insurance and flair chance With net income for 1992 in excess of SI billion, market, with particular knowledge Leader with presence- THE POSITION and lundftMfc. /cffid«icv . Tenacious areas . enhance service ratmi*. the of credit issues relating to the provision of <•> Merge and manage back office /operations of a Strong capicd base ami a nsmg credit For further bank and broker. Responsible for IT and personnel. products and services to this sector. Also required frank- b a major force m inimwtiorul banking. Lead financial planning, monitoring and information full stating «Unr. corporate is the ability to analyse and value insurance Contribute to Formulation of business Please send cv Chemical is a leading provider of reporting. jensya Street, London SWIY 6LX plan. Review settlement systems. NBS, 54 finance services to the UK/ European insurance related oigzmuaom, as well as identifying and please call: sector, ranging from completed cross-border M&A structuring solutions, primarily for our broad dient base. A good undemanding of the transactions to idcndiving and implementing Gareth Jones on together bespoke solutions to meet client needs. corporate finance market is essential, 071 873 3199 The position reports to the Head ot the Group with the ability to work creatively, both independently of team. foreign and will be responsible lot marketing the mil and as pan a A range of corporate finance products to clients in language a desirable. Andrew Skarzinsky highl Transactions Applicants should apply in writing, including a a y competitive environment. on Opportunities Section fiill vitae to Northfield. Tap are complex, requiring considerable curriculum Mcl appears every Wednesday Resources Manager. Bank, 071 873 3007 development one and close management of Human Chemical contact dare FeasucD on 071 873 4027 pricing and credit approvals. In addition, the 125 London Wall, London EC2Y 5AJ. for advertising details. We're looking tor Senior Private Client Investment Manager Fund Managers. To -work in the Taunton & i.onao, UK Equities offices Nat West Stockimoners. Our client, a major City -based asset consistently superior performance in of management firm, offers a unique varying market conditions. They will for individuals rearmfit and opportunity for a talented and experi- have gained at least seven years' We’re looking with tte pe y enced UK equities professional. This experience in the successful manage- integrity to help make life easier lor oar tegfewet worth exceptional individual will have ment of UK equities and be looking for clients on both an advisory and discrerioaasyfasts. responsibility for leading the UK stock the opportunity to join an ambitious should at least of selection process for funds in excess of company at a senior level. The Candidates have two rfagfflWtte £4 billion held across a range of compensation package will be investment management as a Priyate Ct *^ Fu d Manager* product portfolios. It will involve the competitive and includes a substantial have qualified as an SFA Registered Representative and direct management of funds with an performance-based element. hold a UK driving licence, we offer pleasant working emphasis on the 200 largest market If you would like to be considered for conditions, a competitive salary, mortgage facilities and capitalisation stocks, as well as the this appointment, please write in good fringe benefits. We would help ana encourage the supervision of a number of specialist complete confidence to: fund managers. success hi (candidates to become Members of the Securities Institute. Candidates are likely to be in their 1MR Recruitment Consultants, I mid-thirties and should possess the No. 1 Northumberland Avenue, If this position of trust is of interest to you, please send vour combination of flair and pro- Trafalgar Square, London WC2N M C.V. to: fessionalism required to produce 5BW •--* t-t The outstanding performance of Britannia Life's investment team, * cV National Westminster Bank Fund Managers/ recognised by a number of awards including the top performing corporate We're here to make life easier pension fund and top placmgs over the short and long term in the various Investment UK league tables, has been a major factor ,n the company's growth. National Westminster Bank Pic is an Equal Opportunities Employer. As a result of this growth several career opportunities have arisen for Analysts professionals of the very highest calibre. Japanese and Far Eastern equity investment previously managed • UK Equities externally, is to be brought in house with the establishment of a Japanese/Far East Equity Team. We are also seeking Equity • Japanese Equities to expand the UK OPERATIONS MANAGER and fixed Interest Teams. c£55,000 + Banking • Far East Equities Benefits To be a candidate, you will have around 2-5 years relevant experience Our client is a well established international • UK Corporate Bonds and professional training in investment analysis combined with the ability to bank. They are experiencing a record year and in order to effectively manage expansion plans, an work in team environment. a experienced operations manager Glasgow Based is sought The role will be a varied one, In return, you can expea an attraaive salary and generous benefits with overall responsibility for cash control, all bade office areas, systems package. developmentand implementation. Theideal candidate mustbe a proactive manager with proven Britannia Life has grown rapidly over the last a trade record in banking operations. Previous Please write enclosing a comprehensive experience of change management would be of interest few years both by increased sales and Candidates must C.V. to Catherine Kilpatnck. Personnel Officer, rag be self-starters with excellent conmmnication ewiw acquisition such that funds under management Britannia Life Limited, Bntannia Court, Interested applications should within its investment subsidiary are now send their CVs to Helen Highet. 50 Bothwell Street, CHANGE Covering letters should detail current salary approaching £2.5 bn. Glasgow G2 6hr. FOR THE BETTER and a day time telephone mother* Jonathan Wren Sc Co. Limited. R*,*~*.\ » *-- iHiiwi r i n*t |im, No- 1N«W Staged — LondcmEC2M4TPTel«photre0n- mm taamaBimcww DERIVATIVE PRODUCTS c. £50-500, 000 International and Domestic LONDON/MEW YORK/HONG KONG Ourcient is a leading UK bank and In response go increasing diem: demand CARL BRO te kwer the Corporate cost of raising capital, manage risks, and enhanca asset returns, GROUP Finance Executive has authorised a major capital commitment to increase its capabilities in m connection with the feather expansion of the Cut Bro the global derivative products market. Gnmnb . OS. we seek cousubams for tag tenn assignments for Prestigious We are seeking to pre*m md international bank, based overseas and primarily focused on conoct experienced mdMtknb for the following potitionc- REQUIREMENTS: . offshore financial services. UK activities 1. comprise retail and corporate Senior Risk Managers 4. Interest Rate Swaps & Options Masters Degree or equivalent in economics. hanking, investment management, domestic and international corporate 2. OTC Options Traders 5. Sales and Distribution finance. UK office is senior provider of corporate 3. Currency advice across entire group. Swaps & Options 6. financial Engineering POSITION bCMiMd appfcro ihauU THE ramoo ether Tony Justin or Am WBDerai an f7i-*3X 9MSL Experience In aid programming and evaluation, - CoafUoHU fix an su 1941 or sector madias xvi ,, Generate, analyse and transact UK and international corporate finance. write to Ami m j. S Bumf Street too. Unfa* EC2M flhl Pra3GCt BQBfarag^ management, tffjqfag- . ik| |gj Maintain relationships with with clients and, on their behalf, investors, relevant Slock Experience in faaaciri services, privatisation, nstreewring, Exchanges and other regulators. Specific experience m regional phoning Contribute to development of overseas Stock Exchanges. woddbeaoadvsialMr. Assist international offices with corporate finance transactions. * European nationality. - QUALIFICATIONS CAL FUTURES LIMITED Interested candidates are invited Qualified accountant. Experience with major firm, plus secondment to London Stock Are you restricted by large company to snbmk their apptic or Exchange similar preferred. Carl Bro International prefer fta mentality? If you are looking fox a a/s ^ .Age cSO. Experience ofwork overseas. Consulting Engzneeo sod Planners Experience of marketing, structuring and challenging and rewarding career in leading transactions and dealing with Akj Fredrik PUzner-Jargccsen Regulatory Authorities. financial futures, foreign exchange or Granskflveo 8 Please send full cv. stating salarv. Ref M4773. MBS, 54 Jennyn Street. London SWIY 6LX fund management and have a DK-2600 dottnip minimum of two years experience, Denmark N B SELECTION LTD <£> London 071 493 6392 call Mr. Baber on 071-329 3333 or Telephone: +45 43 96 SO II fine +45 96 85 80 Abenln-u • Birmingham • Bristol • Edinburgh send your curriculum vitae to: The Carl Bro Group is a large international comhh Giurav » Manchester • Slough DednanU The company b a n ltkBripfia CAL Futures Limited, 162 Queen Victoria Street, m gygronp of cotapaa/s approach is international and London EC4V4BS. it nonnaQv fan tom tu. unable and Electrfcili "--r . . . j ..••.'vr.-'-V* J*- ^ANCfAL TIMES FRIDAY NOVEMBER 26 1993 £££?'"??*« -.xr.y:- Basin Supervision of Retail SROs A new dcp.iruTu.ni is lx:n£ -ti up uiriim the Sctunlhr- and identiiv.n^ trv.is •«' weakness or Jiurtfoll and inicunnc An Investments Bn.wJ iS r.» -.upi-r. • »>*{uir, attractive opportunity to manage a diverse portfolio 1B> j«? reusl muimIK .t.J.', t .vnioJv. developing and maintaining FIMBRA ind LALTRO inJ I.ircr :f rcv.-_T.arJ. me **• ”l »ne fcIiTj -n-hip> with the SRO and contributing to Our client - is one of pLinneJ new Pcrs.in.il lniesmicnt Auchan: .. rup.r-.Mon •he w..«1 oi SIR die-world'a largest and mast moat have at least five yeans fund management -aher deparrmerus in the setting and has rhe o!* successful Insurance purpuse ensuring rh.it an SRC u pr,"- i.:ir>^ :n. •n>:..-r,ne • t tc^i.lat.»rv si.tnd.irJs lot investor protection companies. An opportunity tins experience. Individuals must have a constructive udc^u.iru inviamr protection and ch.ir ns.vr.j ;•? now arisen .i in London for r ant . M .tild he . •« graduate calibre possibly with a an experienced Raid approach and be team playert. Additionally, they must skiiurorv uhjyjrfon, and ihc tyer.it.v •ruu.vJ.o -cf and A^bnager with a knowledge pr *kv i. d ^u.ilifu ation and prelttaWy experience suned ofxhe FarEasrernequiaes be self motivated and have die presence to represent agreed with SIB. •• rc.ul.,1 . rv environment. rvrvAil attributes include market to play a key role in developing our client's our client in a professional manner. Ideally, candidates This is an impcnt.HU appointment ir. the •_•. c.-n.-r.ee ird the aptitude j. ,r critic, il an.ihsis. gi v>J oral and written mvesimem.approach. .... will have an in-depth knowledge of borh the Japanese regulation unu ut'ilte dcp-mrtcni. Thu successful cmdslitc c< cnmumcation skills and the ability to provide concise, Repotting to the t.ictr.eJ Investment Manager, the Far Eastern and Pacific Basin markets, including rhe newer will liaise clusclv with rhe head •: t the im.i: m report.,. Team play is essential .is are rhe Equities Fund unJcrsnirniing evaluating pets, malm stills to Manager will be responsible for the emerging markets. and the SRC’s priTomiinrc and promote gmd working againsi in objectives and n.ini.ird.- and the aptness and rcl.Ki, •:,.! iip, with . .iheT regul.it, >rs. n^nagement of funds Invested in a rangi For an initial confidential discussion, please call adequaev of it. pulicro for nszuLiiion • >fit* Eastern member' inrefe-fed ippliennrs should in rhe first instance contact equities. The individual will be responsible Elizabeth Bancroft or Paul 'Wilson at Michael Page Anna Williams request for The ulc will enui I; developing a thcrou^r, ‘unowicdgc of tv an information puck nr Michael all Far Eastern, markets, including an, Pacific J?p City, Page House, 39-41 Parker Street, London Page 39-41 rhe SRCh contnbuiin); lo the Jesrgr. cv.uVitn.>n City. Page House, Parker Street, London Basin and Australia- iii WC2B 5LH. Telephone: 071 S3 1 2000. inliimution ilow-s bv-rween the SRO and 51 F: WC2B 5LH or call her on 071 83 1 2000. The successful candidate, probably a graduate. Fax: 071 405 9649. review ing regulatory performance a,mi ns: it.iniirds; I -losing Jute for applicant ,ns: 10 December 1993. Michael Page City Michael Page City infciMrinwl Recnifaocnr Comihuia ’r.-.m..:: .'ul RiCru »V. I, ..i.i London Pm* AoaMenUm DoMeldorf Sydney London Paris Amsimlam Duswldorf Svdnrr • - w.-y.-yb Our diene, a leading London securities house with a long standing Derivative Products involvement in.thc SouthAfrican market, is looking for an experienced ' Analyst tx> join the department which is developing . Client Services this rapidly changing investment business. rM . ResearchL*i ' You will be responsible for encouraging new A unique opportunity to gaiu a wide variety of direct experience with many of the ' existing . -ri -and clients to considerinvestment in South world's leading investment banks. And SalesiLES . African securities - a task thar calls for a derailed Our client is one of ihc fastest growing I'S providers of derivative software systems to the international financial • knowledge of the South African economy, its stock community, particularly investment banks, covering swaps and associated derivatives. market, and the variety of companies operating It seeks two young professionals for its London office to provide pre and post sales support to traders and systems managers To- the country. You will also need a. keen insight Rochester Partnership Ltd SUV in conjunction with the company's sales and technical development teams within Europe. into South African political developments and their Garrard House likely impact otLinvcstoo attitudes the stock market. to 31-45 Gresham Street Successful applicants will be able to demonstrate: .. Along with rfmspodaGst knowledge, you must be familiar with a broad LONDON • practical experience of derivative markets and the applications of these products, good system knowledge and range oftrtdosrrics anti work wdl as part ofa small investment team. EC2V 7DN possibly programming experience. To apply, please' send a copy of your CV. to Kanina Scvenoaks, * good marketing and presentation skills, raaihematical/analyticaf ability and a good degree. Consultant, Austin Knight Recruitment, 20 Soho Square, London WLA IDS quoting reference A376. This experience is most likely to have been gained from one to three years in the front or middle office of a major swaps/oplions house or other relevant financial services background. European languages would be an advantage. Austin Knight supportsequality ofopportunity in employment. A competitive remuneration package is offered with these positions. Austin Telephone: 071 600 0101 Please send a detailed curriculum vitae, quoting reference MH9580. to: Rochester Partnership Limited. Executive Selection ADVERTISING •RECRUITMENT* COMMUNICATIONS Facsimile: 071 796 4255 Consultants. j CJFM. RECRUITMENT CONSULTANTS GROUP 2 London Wall Buildings. London Wall, London EC2M 5PP Compagnia finanzimia !Mo6iQan. S-l FLEMINGS Tel: 071-588 3588 or 071-588 3578 Fax Ho. 071-256 8501 Jfyent rie Change. CJA PACIFIC REGION Our client Is a growing German Bank who Is opening a new branch in London and has INVESTMENT MANAGER the following openings. Knowledge of German will be a strong advantage. C.FM. so, involved in financial brokerage on the European market seeksfor its office in Luxembourg CJA ( CREDIT DEPARTMENT MANAGER Fleming Investment Management is seeking to appoint an A EUROBOND TRADER experienced Fund Manager K* join the Pacific Region Team to CITY GERMAN(ICKMAN SPEAKINGartAMNu aw£40^00^50,000 assist in the management of unit Rusts, investment mists and Open to Credit Managers with at least 3 years' practical credit control experience within a major Candidates between 25 and 30 years ofage. with at least 3 years pension fund portfolios. The team invests in all the markets of the bank or allied area. Responsibilities will cover documentation, co-ordination on drafting experience in the sector and who have strong determination and region other than Japan. Key responsibilities will includc:- agreements, credit appraisal on all new large proposals including syndicated lending, obtaining orientation to rapid professional growth should send a Head Office approval and presentation of loans to the Board of Directors. Ref. CDM4928/FT curriculum vitae to: Managing spedabst coimtry/regioQaJ portfolios CFM CITY DEALER £35,000-250,000 + Bonus coverage for various countries . Research Mr Jean-Luc JOURDAN Minimum of 2 years' dealing experience in FX/MM in the major currencies. The successful Contribution to regional asset allocation strategy ^ Managing Director candidate will be responsible for dealing particularly in DM and be expected to help build a successful team. Knowledge of IRS and FRAs is important Ref. D4929/FT 10, avenue de la Liberie . L-1930 L UXEMBOURG Candidates will- probably have at least 5 years' investment Tel: 4037.20 city BANK ACCOUNTANT £3o(ooo-£45,ooo experience with a proven track record and detailed knowledge of the Pacific Region. Ability uj woik eEfectively in a team environment Open to Accountants aged 35-46, with a good knowledge of international bank accounting and is essential. Bank of England reports. Experience with German accounting helpful. Responsibilities will cover EMERGING MARKETS total accounting and financial control, including reporting on the Bank's Treasury function, budgets, forecasts, with knowledge of MIDAS system an advantage. Ref. BA493G/FT A competitive salary will be negotiated and a first class package of benefits will be provided. TREASURY SETTLEMENTS MANAGER Business Monitor International (BMl), a rapidly expanding publisher of specialist business information on global emerging markets, £30,000-£35 CITY BACK OFFICE > 000 requires fun-time economist to write and edit forward-looking reports covering political risk, macroeconomic performance and the business Minimum of 3 years' experience. Win work in co-ordination with the Treasury handling Please write, enclosing a full cv and details of your current environment in Latin America, Asia-Pacific, the Middle East and settlements, confirmations and payments, covering all major currencies. Knowledge of securities remuneration to: Eastern Europe. At least four years relevant work experience, concise settlement will be a bonus. Ref. TSM4931/FT writing style, editing experience and forecasting expertise are essential. Competitive salary. 20 - Marianne Montgomery. city SECRETARY £ ,000 224,000 Personnel Manager. The successful applicant will be fluent in German and. working on own initiative, will look after ROBERT FLEMING & CO. LIMITED. the work of the two Heads of the Branch, both in a secretarial and administration capacity. BMl also requires freelance economists to write forward-looking I 25 Copthall Avenue. London. EC2R 7DR. monthly and annual business reports on: Experience with Lotus 1 -2-3, Arml-Pro for Windows would be an advantage. Ref. SOM4932/FT Latin America, Mkfdfe East, Eastern Europe, China and India All the above appointments carry attractive benefits of subsidised mortgage, pension, life Send CV i work a&moleu (ck> assurance and free medical insurance. Applications in strict confidence quoting the Kevin Grice, BMl, 56-60 St JohnStreet. EClM 4DT. spprapriate reference to the Managing Director, CJA. Tel: 071-608 3646 Fax: 071-600 3620 WiW FIXED INCOME Consulting CITIBANCO HW Consulting - Prospective Partner SALES Challenging position at Citibank (Switzerland) Haines Waits Slough, the largest office of a national association of Chartered Accountants and Business Advisors, specialising in servicing We aro alsadlng .. . . owner-managed businesses, wishes to recruit a managing consultant to international Bank and have an interestinffcareer opportunity in Our client Is the securities arm of a leading Northern European bank. As lead their newly launched consultancy practice. leading primary houses, they have an unrivalled one of the region’s This newly created role will require a forward thinking, commercially in the secondary market and wish to expand their bond Custody Sales Marketinff reputation aware person to spearhead and develop the management consultancy sales desk In London. including the recruitment of consultants, developing a range of consulting to this position you will be responsible lor handling the sates and marketing ot- services to new diems obtained by the oonsuliaacy in order to be both a should be graduates, In their late 20s" with 3 to 5 years custotGaf services Id banks, insurance companies; fond managers'and'pen&On Candidates growing enterprise and seif-funding otganhaiioa- experience of selling International fixed Income products to UK funds based fn SWifredand. The candidate will joln ah estabBshed soct&ssful group Tbe successful candidate will be able to demonstrate a proven record of Northern European leattorship of?Jhis gwwfrtg prodact area. . institutions and have a particular Interest In the and wiB be (rained to fake over the team ability in establishing a successful management consultancy, obtaining markets. With proven sales ability and strong self motivation they essential for the st&cessfuLt&ridkkfey - bond new business and possessing the right commercial skills. Remuneration, The fiblowing experience is earning potential of likely to be seeking the greater scope and : are now - ' with profit related Incentive scheme, by negotiation. proven track record In custodial sales and markepng - • smaller, but highly successful, dynamic team. joining a Applications with Gurkxdtun Vitae to David Griffiths. Senior Partner. - at least 3 years experience, in a similar position -- us, quoting Sterling House, 165-175 Farnham Road, Slough, - management of an own sales budget antfcMnt acquisition - ... For an Initial discussion in confidence please contact HW Consulting, reference 4842, at .20 Cousin. Lane, London EC4R 3TE. Telephone Berkshire SL14UZ. - - ~ - experience in the Swiss financial institutions market, w6utd.be an asset ' 071-236 7307, or Fax 071-48? 1130. : Frenchfflatien:woUlil bedn astiet - . languages ' English and German, CAREER MOVERS' COMPANION - University degree or 'equivalent educafion •' { Please .subatit your appUcation and Gunicvifan yitae to confidence tor. The UK's leading provider ofjob search 1- " r i. CtiibankfSwitzerlahitf} . . V . STEPHENS SELECTION services for private individuals. Walter Htfibninn er, Senior Persoririe/Dflfcer training, " From preparation of first class CVs & letters to interview •• ; . P.O. Box . &44i ' drills assessment and accessing (he unadvertised jobs market .. .' :$oestrnSse S5 a past or anranow conhaxmkus - - . B02i -2unch:. _> For >onr information puck f RKFPIIONI OSOD 622414 . . , V[ FINANCIAL TIMES FRIDAY NOVEMBER 26 1993 Office of file Rail Regulator Unique opportunities in a challenging new The Railways Act 1993 establishes the Chief Economic Adviser TechnicalAdviser Oilier Senior framework for a new structure! for the railway up to £57,000 up to £49,000 Appointments industry. You will be a recognised authority in the new You will be toe Regulator's expert adviser on , - - uplo&LOOO V y : field of economic regulation of railways. all railway technical matters. Youcan expect" . leaders An independent Rail Regulator will shortly be . We are looking fora number of team You will need to be an innovator in a largely to provide advice and to commission reports. . - Who Will takeresponsfoUi'fy for defined aspects appointed with a key role in helping the new undeveloped field. You will be responsible for on a wide range of operational issues including ' of the Regulator's functions, including managing a high qualify economic advisory safety, timetabling, ticketing and various fairly structure work and effectively. - TOnsumwaffafaiUtt^ service covering all aspects of the Regulator's technical matters. You will need to be both approval of a wide range of agreements The Regulator's main functions will be to functions, but in particular for fire regime of authoritative and Independent You should granting access to the railway network. economic regulation of Raiitrack. You should have a solid background in railway operations license ail operators and to approve the terms - To . meet this challenge be capable established microeconomist and coupled with lively the you should have . a imagination as be an to : on which they will gain access to the rail of managing complex muesand conflicting, experience of leading a team of economists Opportunities for change. Ref- 8/2027/4. priorities- You should have'^etperietwe of team network, operated by a newly established working in a commercial or public policy management and of policy analysis and environment. Ref. B/20Z7/1. Ccvemmcnt-owned company. Rail track. Assistant Director Impkiujntatipn. Above all you should be capable of organising your work and that of The objectives will be wide ranging and will Economic and Consumer Affairs your team to meet tight deadlines. include protecting the interests of users, Financial Analysts up to £49,000 • Ref. 6/2027/7. promoting efficiency ami promoting up to £41^00 Your major responsibilities will be to give renewed direction to toe Users Committees competition within a safe environment We will be part of a team reporting to the You These pdste are all based In Central London which are to be reconstituted to speak up for arc now looking fur a group of exceptionally Chief Economic Adviser. We are looking for and foe salaries quoted include London - consumer interests; and to develop consumer expertise in the following specific areas: Weighting and performance related pay talented individuals to form the core team in affairs policy, including a code of practice for Regulatory Economics, Econometric Modelling disabled passengers. You will also have overall Higher salaries may be available to candidates the new Office of the Rail Regulator. and Statistics;, Financial and Accounting Advice. responsibility for the efficient handling of with exceptional qualifications or experience. The issues will be challenging and intellectually individual complaints, including toe This team will need to build on a wide range difficult We are looking for highly qualified Assistance with relocation expenses may also arrangements which Users Committees have professionals who have already shown that be available. Other benefits' include a non- of backgrounds and skills from both die public for dealing with them. You will have they are capable of working on demanding con tributo ry pension scheme. and private sectors. There is a unique managerial responsibility for up to 40 staff and policy issues. Ref. B/2027/2. Appointments will.be foe duee to five years . will be expected to develop good working opportunity to become involved at the outset with the possibility of renewal for further relationships with operators and users groups a Directory Freight Regulation period. Secondment from your current in a challenging new regulatory proeeas- and to explain the policies of toe Rail Regulator employer could; also be passible, ^ up to £49,000 to these and other interested parties. For further details and an application form You will be a key figure in the regulation of Ref. B/2027/6. r/s 0 SWITZERLAND STRUCTURED PRODUCTS THE BANK FOR INTERNATIONAL SETTLEMENTS racA an international financial institution located in Basle Europe’s Leading Rating Agency Middle office role with potential with approximately 480 members of staff from 24 countries trading opportunity hasavacancy fora BANKANALYSTS Excellent package and prospects DEALER IBCA is the leading independent European rating agency, Investment Bank - City based providing ratings and financial analysis of corporations and in the Treasury Division hanks worldwide. the. hanking side, we are now seeking Our client is the global corporate and investment banking arm ofa On of its Banking Department major financial institution with some 5,000 staff across 14 countries. additional analysts, with the relevant language skills, to work on a variety of and other countries; including Italy. Prior To support their growth in complex and structured products they now In their mid-twenties, applicants should have strong EC require a key addition to their small middle office team. Our ideal mathematical skills as well as graduate level training in finance experience of bank analysis is not essential. These London-based candidate wifi be a graduate with a good degree in a mathematics or economics. A good understanding of a broad range of money positions involve travel, contact with, senior officers of banks, related subject and considerable experience ofDerivative Products market instruments and familiarity with foreign exchange preparation of high quality credit reports for publication and gained at a major house. markets are essential, lit addition to an excellent command of advising worldwide institutional clients on the credit status of both written and spoken English, a working knowledge of The package offered will be designed to attract the highest calibre additional languages, such as German and French, would be an rated entities. applicants. advantage. This is an outstanding career opportunity for an individual who wishes Successful applicants will be able to communicate well, both either to pursue an operational line management role or would Recruitment will take place on the basis of an initial two-year orally, and in writing, and. will he capable of confidently welcome the opportunity to join the trading team. contract representing the agency at high level meetings with rated Please write with your CV, stating any organisation to which your The Bank offers attractive conditions of employment in an entities in a professional manner. Salaries will he competitive application may not be sent, to: Trevor Roberts, Director, Confidential international atmosphere. Reply Handling Service, Ref 753, Associates in Advertising, and commensurate with qualifications and experience. Write in 5 St John’s Lane. London EC1M 4BH_ confidence full to the Candidates should send their application, together with a recent with C.V Managing Director, . t* photograph and references, to the Personnel Section, Bank for international Settlements, 4002 Basle, Switzerland, quoting DBCA Limited Reference No. 93171. Asso RTISING Eldon House, 2 Eldon Street, London EC2M 7LS SENIOR MERCHANDISER Middle East - Mnhi-Naikmal Company. leader in The commodities business, is seeking to Financial Services employ a well seasoned individual with a minimum of ten yean sales and A prominent and well established Bahraini Bank invites application* from qualified professionals marketing experience, with particular emphasis on the East/West African for the senior management position in charge of Credit Policy A Risk Management. BankVVustria markets. prerequisite is A of the position that you ate fluent in Bnglish and French and be willing lo travel extensively from our European based headquarters. Credit Policy & Risk Management INVESTMENT ANALYST - CZECH EQUITIES The snbmissioi of your curriculum vitae with photo will be handled m This is a key specialized risk management position in die Bonk's Credit Policy A Risk Management (London based) strict confidence. Please include the reference number of tills on Ibc function repotting to ihc Chief Operating Officer. Titoincumbent will lead and manage a team of envelope. Write Box Financial Tunes, Southwark to B192I, One Bridge, Credit Managers. Risk Analysts and Administrators. LondonSE19HL Bank Austria is the leading bank in Austria and as such we arc also very active throughout 0 Eastern Europe. With assets in excess of $50 billion, it forms the core of the country's Mqjor Responsibilities Position Requirements second largest industrial group. Bank Austria Investment Bank, a key member of the Bank Dcvdop, implement APPOINTMENTS WANTED U and monitor the Bank’s U University degree, backed by an advanced Austria group, is the leading Viennese investment bank. London Branch is the local Credit Folicy, Procedures and Systems so as formal credit programme in an international representative of the investment Bank. w maintain a Ugh quality risk asset SENIOR EXECUTIVE portfolio: bank or institution review the risk return relationship to ensure At feast ten years senior level London Branch is seeking to recruit an experienced equity analyst able to report on Czech experience in the Bonk is adequately remunerated Norwegian (44) with Swiss MBA, broad for risks Credit and Risk Management areas companies. The analyst will join a small London based team which has substantial undertaken including Credit Policy. Risk Asset Review, experience of analysing East European companies and placing their stock with institutional international experience with proven records in Effectively manage U the credit review function Remedial Management and Credit investors. This team works closely with the Group's banks and the capital markets group in Establish risk management controls and industrial marketing, merchant banking, shipping Administration in a reputable (preferably develop Vienna. Bank Austria is also present in Prague. processes so as to consolidate traifing international) . bank advisory, seeks new challenges. MultilinguaJ/culturaL and investment risks ensuring adequate 'risk Q Knowledge and experience of treasury, The successful candidate will have a first rate command of English and will be fluent in monitoring Strong business development skills. Relocative. derivatives and capital markets products will CJ identify new' areas risk for Czech and/or German. He/sbc also have a degree in an appropriate quantitative subject of product together with associated risks Please reply to Erik G. Boelling, Oslo, tel int+47- portfolios and business strategies U Knowledge ofregulatory controls and trends Interested applicants should send their C.V. marked for the attention of the Personnel Manage remedial accounts, risk asset, do . 6684 9530 fex +47-6698 2605. thatimpactriskmanagementand oxparicncc Manager to:- reviews, prepare loan reports and monitor of systematically eon trolling credit risks in • Bank Austria AG. loan portfolio so as to meet Institutional an automated work environment 0 standards of quality aod profitability Bank Austrian House 'O Outstanding communications and Analyze 32-36 City Road Industrial Equipment Specialist the risks in products and markets leadership qualities sponsored by the Bank's Business Group London EC1Y2BD ami bean active wishing to join UK based company. Mature female, memberoftbs Bank's Credit and ' Asset German national, fiocni in English, basic in Russian and French. A Liability Committees Recent MBA European Management (London). Formerly Industrial The Bank offers on excellent compensation package consisting of lax free salary, family status benefits Merchant in Government International working experience including furnished accommodation, GDR medical, annual home leave and performance incentives. with strong marketing and negotiation skills. ^eosc wr*IC enclosing fell CV, • quoting reference Excellent in communication and organisation. vrmcnivrKUBMJJN Durnnirc DERIVATIVE OPERATIONS <05,006 SOS MANAGER £3500 KHUDtih FTI92 to: David Preston, Robson Rhodes. Special interest Due to ccntmunq erpawm rto noa product area} Ns bating LeaSDQ Vteiaod Bn* anwtty ft* a raqwqRxn in transport sector and industrial equipment. Mmwynwm Qumlunq i 86 City Road. London EC IV knastment Hone a seeking n «3W a subtly erpmncad lor an MBA aftaated ft* Unuer (aged ZWQJ «* qmtaMy 2NU DenoMS Operation 71 sucmsU ta (faring Manage: m canddafa fab to 2 jaarf ooSAtsk apatun ton I IhMuyDariiNMi Tel. Berlin 4716761, UK Fax 071-733 3239 be a Graduate wun al least fivo tears' retort atpenenoB and anfennm Etfrirt m awrtUuw Mb and a High degree famfatj fai a wife tangs d paduda ntdufrq Stops. Optow. <* PC taq ajM Mh Mate* todrin menial Futuito mid ajpos. Strong marwreKWgwwif s**3 era mpwjfew. pwaquddW. mature-seasoned-banker QUANTITATIVE ANALYST £AAE JUNIOR OPERATIONS MANAGEMENT £EARLY30’a (Psei M. Alexander) nonet UK tawstmis Bank sedtj m eqxnonccd Graduate aratnl A Qua chip hmskeM Sank has a print oppatrtf lor a nutty - 1£.1) VMtii strong quoifitWm 423. mposure quMBd AOVUBA far 8} averring tods sufftf area, toted SEEKS ASSIGNMENTS ON A FT/LES ECHOS curve and an undeetandkg at fa nfl l to ywM matemata prong and mqOTW n w»n» UtoWi twang {toadnm v&atofl fednquo. These skis wfl be diced n sucoesIuIv Equates and DfaBlwij. mfc laanmanct curionritw qurin and TIME FLEXIBLE BASIS COVERING The FT can help you reach additional business readers in France. Our link wilh the French business topwra ifafc wi mjenae terfnpues and ntranBn mun on eapfli tad* ttsan. IN ojcohU apricot nus be PG Real Credit and Risk Management, Credit Control, Credit PoBcy and Procedures, newspaper, Leg Echos, gives unique recruitment AlEeadZyB^ciiperieiicflailielnantsalinaritflbsessonBaL and Ma Jkat^satnmmeatortorNsNgli into trie. you a advertising opportunity to capitalise on the FTs Remedial Managetoxnit/RacOTcrkx/ Sm daufla at furflw vaca J— wtflwiten page European readership and to farther targetlhe Preach business wori&Por information on rales and 1 (ligation. Credit Administration, Loan and Security Documentation. . further TKL: 07 1 63 8 5 2 Ho pleasa telephone: FA Security Audits. Write to Box BI919, Financial Times, Clare Peasneli oh 071 873 4627' M V M V. 1. L! One Samfawatk Bridge. LoodonSEl 9HL .. . : OTNANCrAl. TtMKS FRIDAY NOVEMBER.ACCOUNTANCY26 1993 COLUMN • vn GrdlipVinancial Controller Standards setters try to hammer out differences WILTSHIRE PackageCirca£3Sk :Tbe JPI Group- is an entrepreneurial group of companies Kate Atchley reports on -buf[dmga market leading business nvfte property/leisare encouraging signs of a move towards harmonisation of financial reporting ; . ... •. waters...... v' . he third annual meeting earlier different social in and economic envi- accounts. Sevan argued that it was a tious: international practice varies quently fail Teliability/recognition 'tftider the brand name The Waterionazk'Chib, the business this month of standards setters ronments, agreement on individual general business risk should widely and, Leisenring tests. "So must look at it again,; and be as said at (he we lias seen exceptional growth in recent years and future from around the world high- issues is hard to secure andharmanl- fix- only the ”1 it from scratch," said Tweedie. T accounted as and when the end of debate: don't think fits to recruit a Group growth prospects have created the need lighted some Important lessons in the satum remains an uncertain goaL expense arose. Five were adamant in with any of our conceptual think- Warren MhGragoT, executive direc- changing attitudes international Enarucal Controller. of Nevertheless, the atmosphere Is that there was a liability and it ing. We ought to work harder at it tor of the Australian standards set accounting across borders. changing. Compared even with last should be recognised. we already ting body, gave a presentation on than have.” -Hie successful candidate is Hkely to be an ambitious- and Representatives from 16 developed year’s gathering, sponsored by the US Geoffrey Whittington, academic position paper was presented accounting for leases,. He argued that A by .with around countries as well International _ oohiinefdaQy-ndnded Chartered Accountant as the Financial Accounting Standards adviser to the ASB, said accounts Dominique LedouHe of the Cornell the leasing standards that Involved pdst-qualificadtm experience, and likely to thrive In Accounting Standards Committee Board (FASB), the mood was subtly were supposed to state the position at National de la ComptabDitd who said capitalisation of nnaniw leases were 2 yearn, (IASQ, the EU and the European different Only the delegates from a point in time and the liability there was pressure in France for flexi- fundamentally flawed. The correct a- dynamic and entrepreneurial environment Accounting Federation (FEE) gath- FASB itself seemed entirely at ease should be recognised only when a risk ble rules on intangibles, to match approach was to capitalise all leases, or she will be expected to make a significant input to ered in London following previous with the debate format, but most par- had occurred. Herman Marseille from those of the UK. Three years ago subject only to a 'materiality thresh- He meetings in the role. Brussels and New Jersey. ticipants were more relaxed and the Netherlands, and Karel van Hufle, France had moved to allow goodwill old. aaminercial deefekm making as part of Harmonisation of standards was not showed a surprising willingness to hqffiri of accounting at the European to be carried, but amortised. However, Van Hulie said that some European formally on the agenda, but drop Candidates should apply in writing with a comprehensive one their defences and discuss issues Commission, agreed, adding that “numerous Mnrk of new intangibles” countries had difficulty- in accepting - ‘ ' ” ' ' the'. . underlying purpose was to curb fur- on a conceptual basis, sometimes in there would be a liability only if there - such as brands, patents, lists etc - that the same asset might appear in CV ther diversity in financial reporting. Sharp contrast to the principles were legal duty to insure. were emerging these were several balance sheets at the same a and more Tim Bostwick, David Tweedie. chairman of the UK's adopted in their own jurisdictions. and more difficult to measure and, in time. There were different legal Group Financial Director, Accounting Standards Board (ASB) The agenda Johnsen Norway most countries and contributed to the tfe from and cases, were not depreciated frameworks in different - and the conference host, suggested emphasis on concepts. Most of tbs Heinz Kteempkar from Ger- materially. reporting rules for flnaruriai tustUu- JFI Group Ltd.; that the 1A5C conceptual framework first day was taken up considering a A many argued that the risk Allan Cook, ASB technical director, tions in particular made lease Brinkworth House. would provide a useful basis for ana- number of simple case studies could be assessed and quantified by emphasised the Importance of the accounting a highly problematic Brinkworih, Chippenham, lysing accounting issues- appended to a substantial paper on insurers, whether or not the store Issue in the UK. In the early 1980a the issue. Hie added that to put economic Wiltshire SN155DF However, he implied that some Accounting for Future Events. Introd- paid for insurance - so it was a liabil- proportion of goodwill in the accounts benefits on the balance sheet as an countries were seeking “ideal stan- ucing the paper, Jim Leisenring, ity and should be recognised. Interest- of acquiring companies amounted to asset was to open up a “Pandora's dards” and greater convergence in FASB deputy chairman Raid that his ingly, Dietz Mertin from the Goman 6-7 per cent By mid- 1987 this had box". ACQUISITIVE, PLC reporting might emerge by these organisation, and the standards set- Institute of Accountants disagreed risen to 44 per cent Cook called for Tweedie emphasised- the inade- FAST GROWING, countries taking the and influen- ters in Australia, Cangrig and with his countryman argued that all intangibles to treated in of the present arrangements, FINANCIAL CONTROLLER , Britain and be the quacy cing others. the IASC all shared very similar con- the compensation payments were a same way. saying there were airlines flying Ago300S,ACA This reflects Tweedie's belief that ceptual frameworks but none the less general business risk for which there Tweedie ended this debate on good- round the world with no aircraft on good accounting will be achieved entered ghmiiri by into “some heated debates” therefore be no recognition. will with a plea that the standards their balance sheets. Leisenring This industrial group, capitalised at £75 million, seeks an dear-thinking pioneers of new prac- over the issues involved. are more setters should listen to what industry argued that the key question for the Such com- addition to Its small head office staff of 3. The applicant will tices. It represents a challenge to the One case study was of a retail store mon In the US. On the second day, was saying. The problem in the standard setter was whether the UK currently be in a similar position with a medium-sized group, or IASC, which has traditionally been which paid out $30,000 on a single Jim Leisenring told delegates that was with service companies, he said. accounting captured the economic possibly stffl within the profession. Initial tasks wfll be to update represented by senior members in injury claim from a customer in three wants to revise the rales for They argued that the value of good- reality. FASB and supervise the group accounting systems as well as professional bodies and has been tied yearn and had decided, on the basis of consolidated accounts, but cannot get will was rising, so why should they The conference showed, beyond improving controls. by the need for consensus. past experience, to charge $10,000 agreement on a new definition of a amortise? “A lot of industrialists sim- doubt, that what constitutes economic The discussion and presentations, each Its where you live: year as a ‘‘self-insurance” subsidiary. board cannot reach the ply don't understand what we are try- reality depends upon Thereafter, the individual should assume that responsibftty win which took place over two days in expense, recognising 5-2 to goodwill - is it the tax collector’s reality, the that a corre- necessary majority on any defini- ing do with 93 per cent grow with the group. The package will Include the usual London, displayed just bow wide are sponding liability would grow while tion that goes beyond the traditional of industry responded said ‘rubbish* stock market’s reality or that of the benefits, including substantial share options. Locations in the differences in the objectives of claims ownership of SO per cent plus one of 29-year write-off," said Tweedie. creditors? no arose. bo a N. England and London. financial reporting around, the world. Participants were asked to consider the voting shares. Meanwhile, internally generated The author is editor of World While the Report,, published function of accounting is whether this store Should recognise A session on accounting for good- intangibles tended not to get on to the Accounting Iff the . Please send a fufl CV to Bax B 1915, Financial Times, perceived as serving different needs this “self-insurance” liability in its will on acquisitions proved conten- balance sheet because such assets fre- Financial Times. One Southwark Bridge London SE1 9HL Director Stockbroking and Fund Management in Asia of Finance Financial Controllers for London and Hong Kong Marlin Partners, formed in 1990 by a group of leading specialists in Asian stockmaricets, requires two financial c. £55,000 TheThi University of Edinburgh controllers; one for its UK operations and one for its Hong JCong operations. Working within a small, a entrepreneurial and fast moving organisation, each position requires a highly motivated and dynamic This is a key appointment at the centre ofi f one management and direction of an organisation of the largest universities in the UK, whichi has of comparable complexity during a period accountant to be responsible for the day to day financial management, together with regulatory compliance, of over 15.000 students; 5,000 staff and annualnual of ma/or change. Ideally this will have been in the stockbroking and fund management operations. Candidates, aged up to 35, should be qualified accountants revenue in excess of£175 million. The Universityrsity the field of higher education, a/though other with than two years post qualification experience gained within a relevant industry. has an outstanding academic and researchrch public sector or commercial experience may more reputation of international standing, attractingrng be relevant Success will stem from high Remuneration will be competitive and generous bonuses, based on individual performance, can be anticipated. a wide range of funding, and it is in excellentnt professional competence, strategic vision and financial health. the personal qualities required build to effective Interested applicants should write, enclosing a detailed CV, expected salary and photograph, to: relationships with senior academic and * The role offers a rare opportunity to? f administrative colleagues. Lovell contribute at the highest level to die policy andl Tim financial strategy of a major institution. Emphasis Rewards: Negotiable around £55,000. Director initially will be on developing effective working Please write in complete confidence to Peter Marlin Partners U.K- Limited relationships at all levels and ensuring the . Craigie as advisor to the University: Ernst & Young One College Hill continued implementation of wide ranging Corporate Resources, Ten George Street, Edinburgh in London EC4R 2RA improvements planning, budgeting and EH22DZ. reporting systems. The requirement is for a qualified accountant Members ofThe London Stock Exchange and The Securities and Futures Aulhority Limited with a record of success in the financial ES Ernst&Young FINAN CTOR South Wales Excellent package Financial • Controller 1G is a highly successful and profitable manufacturer of a broad range of building products. The Company, a wholly-owned subsidiary of Diploma pic, has a strong market position and exciting plans for the future. Circa £3 Ok benefits - relocation The Company now seeks to appoint a commercially astute Finance Director to join the Main Board Team and help achieve the stated objectives. He should be comfortable in a fast moving and changing environment, and will be responsible for ail aspects of the accounting function, including the responsibilities of Company Secretary. lready a highly successful international However, the qualities which will distinguish the Candidates, aged between 35 and 45, should be qualified accountants, with experience of operating in a company renowned For its European successful applicant wiO be awareness of die sales/ A multi-product manufacturing environment, preferably building product related. Teamwork and genuine "" marketing implications of financial systems, a flexible, interest Bowater Windows is poised to open-minded, customerrnlentated approach and the communication skills are required for liaising with customers, staff and other Board Members. nuke further significant investment into Boland. ability to roll up your sleeves and cackle the This investment has created an exciting opportunity Interested candidates should write, with full career history and details of current demanding challenge that lies ahead package to Burge, Managing Director, Limited, foi an ambiQous. commercially- orientated success- TJW !G Avondale Road, The attractive benefits package reflects the Cwmbran, Gwent NP44 1XY. driven Accountant. 'Manager. importance of the positron and the high calibre of Repotting to the German -based Finance Director, you applicant we are seeking to atnaci. U includes a Closing Date: 3 December 1 993 car and assistance with relocation will initially be responsible for the implementation of company and accommodation, in a region with an exceptionally low cash and a edit control management procedures and a cost of living. Available on either a permanent or 2-year fully computerised accounting system. You will then contract, the position is based in an attractive region of assume leadership of all on-going financial the Polish Republic management projects, including the development of Fluent Polish and English or German would be a management information system responsive to the distinct advantage. If you possess the right blend of Finance Director Designate company s front-line commercial needs. financial expertise and business acumen, you can expect to become a priceless asset in our continued In addition 10 V? years' experience In a similar position Retail £40,000 - £45,000 + car European growth, with exceptional opportunities for ideally including start greenfield 1 up experience on a Our diene is a long established and well known retail (ACA, GAGA) with a minimum of ten yean post career progression within the group. site and an understanding of in remational accounting group retaining the spirit of a family owned business. qualification experience preferably gained in die retail Please apply In writing with frill CV to Julie 'towers. on the Coast, the present sector. Candidates also able to dem strate a principles, you will Based Saudi group at should be on require a good understanding of Riley Advertising (Birmingham) Ltd, Centre Court. operates six department stores sited throughout the proven record ofachievement and an ability to computerised accounting systems, the use of PCs and 1301 Stratford Road. Hall Green. Birmingham B2S9AP. country. Excellent sales per sq. ft Indicate that the maintain strong financial controls in a customer first class communication quoting reference number 316608. skills at the highest level- group is wdl placed to realise its medium term strategic focused environment together with, the ability to match growth objectives. technical, expertise with commercial a rumen in a dose management team. The successful candidate will also As part of the new strategy, the company has created BOWATER WINDOWS possess excellent communication, team working and the role of Finance Director Designate. The influencing skills the go position represents an excellent opportunity to combined with determination deliver meaningful operate at Board level and participant fully in the results. . . strategic and commercial decisions necessary to fulfil A salary in the range of,£40,000 to £45,000 will be French Speaking future growth potential. Reporting in the Chief offered together with i car and contributory pension, EXECUTIVE APPOINTMENTS TO £150,000 Qualified Accountant Executive, the successful applicant will lake full depending on age and experience: Relocation 25K neg responsibility for the continuous development of assistance wiD be provided if appropriate. ; n JOB SEARCH M ACE EASY IV f H O U E X PERT HELP the financial and management accounting functions. International luxury goods Please write, in confidence, to Sam Seager, at die company - For over 13 years the largest network of career The ideal candidate will be a qualified accountant address below quoting reference SHC.352G. ft 7 g friendly team environment, centres in the UK has specialised in identifying f tfYtlffl/IIJfTnT _ umriverneiiLWEbratkm,3yTsi- unadvertised vacancies for top executives. post qua!, exp age ft 35. STOY HAYWARD CONSULTING Ring now for a confidential meeting without cost BRITAIN'S number one link Language 3 EXECUTIVE CAREER SERVICE Appointments 8 Baker Street, London W1M IDA.. Fax: 071 487 3686, A member oCHorwatb rnhrmariniuf' 32 Savile Row, London W1X 1AG Tel: 071 734 3879 Fax: 071 734 2620 - • 0714082150 BlrmlnBk«m Brlwal Cmbrkl— GuBiHard MmcIihm - North E - Waiwlcli - Winehoator Enator - VoritoMra . b mo.y nov*mi«* » m vrrr s Edinburgh The Royal Bank Of Scotland sale ‘ c. £55,000 package Multinational London c. £60,000 Where people matter + benefits Services Croup + banking bent European Treasurer Assistant Director - Finance intrnmiWt^JhrAp pt^cssloa^ ^ promotion creatts an ateellcnt opportmiiyfor afinance . . h.JaHwe far Outstanding career opportunity within the high calibre Head Office ofa £1 billion plus,fast moving, quoted flntmdalmanagamenttftbeOpemt^ The Bank blue chip company with significant European Operations and International banking arrangements. Key tusks «af increased efficiency and improved customer service- Consequently there Is are to spearhead Initiatives In multiairrency tend cross-border cash management and extract efficiencies In Ba^onnaeelngs^tatmimi this process in one Ok nmstsexdorfinancepdsltkmsln OK internationalfunding and working capital utilisation across the operations. Superb prospects within a budgets withprofit centre mponsOdaty. developing Group. qualified xcamu**, *« Responsible to the MD, operations Division for the Graduate, j for treasury and working capital Energetic and tenacious graduate ACA, and IdeaDy a senior head Responsible financial reporting and control of the Division with rdevant experience m of the Group's European offices. ACT aged 29-35. Commercially astuteImUIW with consumef-orienUted. management £318 million revenue, £64 million capital cxpcntHtmc substantia] 5 treasury administration bank relationship strengths m fiwncat "I* Manage Head Office experience in cash and spend and 2.900 employees. Includes Payment and organisation. Particular team. Report ;o Director of management from a progressive international through established Gird Services. Property and Faculties Management, and MIS, Treasury. operation. Technology, Personnel and Training. driving that has ^ Lead role in driving wide-ranging reviews to achieve Proven success in Ensure appropriate funding for existing and Scant performance and cost Pragmatic and logical planner and analyst motivated cost and performance efficiencies. Evaluating sign! mctoc *** proposed operations. Initiate a multicurrenqr cross* flexfcUity prireta* and by problem solving. First class communicator with innovative approaches including joint ventures, third Initiative and » treasure system in conjunction with hoc projects. border high levels of initiative. IT Iterate. party partnerships and outsourcing. ranging ad professional advisors. Close liaison with the Branch Banking and Corporate bustness, *w**c wdh *«* and institutional Banking Divisions to ensure that the ComnwtdaQy asane and overseas operations. Gain Flexible, hands-on team leader. Effective operating and negotMting Liaise closely with Operations Division’s strategy, budgets and plans assist ***** communication. intexpeoandi hand of local commercial with an evolving brier in a dynamic, international understanding at lirst them m achieving their objectives. skills. issues and banking arrangements. structure. 1% mi rtply xftfa Ml fcalh la London 071 973 8484 London 07i 973 S4S4 Selector Selector Europe. Ret raflBflMI. Selector Euro pe Europe | It Cnimwijh Place, Manchester 061 499 1700 Manchester 061 499 1700 UadiaWlUD PrioeHfxterhouse convERse EXECUTIVE SEARCH A SELECTION “Profits rise 26.5% Regional Director of Finance to ffl2 million. £50-55,000 + bonus + benefits Crawley Converse is a major player in the global athletic and leisure A pduuir qaUtd footwear market with annual sales of S400 milfam- The aeeond bqgfHgtddh)«i«fiiine hugest seller of baskednfl shoes in the USA and a market • wotted ia is packaged leader with the Chuck Taylor AD Star*, the company a fisc pouring and dbsngmg record speaks itself. m Our for established a UK subsidrary is 1986 and services the Europe, experience . of planning Middle East and Africa region through 2 network of joint under USGAAP Does yours? ventures, distributors, sales agents and active wear licensees. * blowing of dmfe Mad Global expansion strategy entails assuming greater operational IdfeMaori control over these markets, creating a significant challenge fat with corporate financial xrtdf general management. Outstanding Finance Manager An Reporting to the Regional Chief Executive, with dotted hoc *wxKdcfmpoMbr tx miMlkim*mr'PCUiMmvi to the US based Vice President Corporate Controller, your wide am network spam The three months to September 3U were remarkable 'exeepsonaT we mean a flawless academic back- remit would cover both die UK subsidiary and the regional Your pensoadl right dbooid be for British Airways. In a volatile industry . we con- ground. w-.ri; three yean' outstanding post-graduate operations. In addition to developing and maxncuoiQg planning control r ortin systems, tinued :o do what British Airways does best mn an cxpcr.er.cv. As winners of this year's C1MA National and ep g you would be wfljfao be able toi f-- * — -J» rrawinmli* for fCCOVables flmnnng anBDgESKDtl tswemna npicm wouw operation with the declared aim of becoming the Training Award, we welcome applications from r/imwwn-tal and information technology. Your broader input D/ttHI and enebrit^ falCV arid selwy i fc i iji lul qpfeoiag most profitable and most successful company in the fir* -raw part ot fully -qualified professionals. will indude supporting subsidiary and distributor management, why you are tyfrcJor dbcjbbaoc airline business. The starting package ottered. including a salary pricing analysis, margin improvement and analysing business wiix nifwOiKiit, r n wrtiirwmoiaaxMt o The results an unstinting belief deliv- excellent Moreover, reflect in of c.j(J35K, k m addition to proposals (including joint ventures and operational &dHbes). ering the bes: performance through innovation: the watching your effort, nuke a sizeable and lasting con- lin:: of an approach whereby we continually ques- tribution to the world's premier airline, your career tion everything that we do. Now we need out- prospects will be bruted solely by your abilities. standing rcriormcn. with blue-chip experience. :o If you have the experience and want to rvalue take us further and further, quarter by quarter. The your potential, this could be the one for you. Send key? An ability to bring an objective view to our a brief CV. staring current salary and quoting ref operation; not "merely" analysing our worldwide MGS 2241, to Melanie Gr.mc-Stevens, Resourcing programmes and plans, but actively identifying and Manager. British Airways FLC, Meadowbank, Finance developing group-wide initiatives. Bath Road. Hounslow. Middx. TW5 9QX. The professional we seek is exceptional. By Telephone: Ob l -564 1016. c£55,O0O 7* i.- For a division of a major UK pic winch is highly profitable and rapidly expanding, ft is deployed internationally in the supply of bufidsqg ^idsects&y prodocts. “ British Airways ...v .... . , The worlds favourite airline Responsibility is to the Divisional Chairman for the provision of timely financial management information and strategy plaoningjaput for a diverse and multi-site manufacturer. This is a strongly operational role. vS’ The requirement is for a qualified accountant, aged 35-45, preferably experienced m the Financial Adviser manufacturing and distribution of building products. The location is Leeds. HER MAJESTY'S INSPECTORATE OF CONSTABULARY Please write in confidence, enclosing a Curriculum Vitae quoting ref T7686 to London to £37,795 Her Majesty s inspectorate of Constabulary (HMIQ is responsible for examining the efficiency and performance of the police service in England and Wales. A learn of regionally-based inspectors, drawn from chief police officers and persons with senior level experience in the private sector, report annually on force efficiency to the Secretary- of State. HMIC also provides advice on policing TK matters to ihe Secretary- of State and to the Home Office. A qualified accountant with a sound appreciation of the need for effective financial SELECTION management in the public sector and an understanding of the issues currently facing the police service, 13-14 South Parade, Leeds LSI 5QS. Teh 0532 426767; Ffot you will act as a primary source of professional expertise. Working largely on your own 0532 426888 initiative you will visit forces to advise on the collation and in teip relation of financial and other A DIVISION OF TYZACK & PARTNERS data. \ou will provide input to value for monev and other studies and assist in the identification of financial training requirements of HMIC and of forces. Flexible, adaptable and able to interact effectively at senior level, you will contribute to the development of the Inspectorate’s role during a period of considerable change in the police service, which will place increasing emphasis on improved financial and resource management. You must already have, or be about to obtain, membership of a professional accountancy body and have broad up to date accounting knowledge and experience. Knowledge of local government finance would be an advantage. This is a permanent appointment with a salarv in the range £28,341 to £37,795 inclusive of THE TOP inner London weighting. Relocation expenses of up to £5.000 may be available. Finance Managers For further Se™™ details and an application form (to be returned by 17th December QPPoraiJNrnES The role of Services Divislonisto Support BBC WiW? 1 W3j, write to Recruitment & Assessment Services, Alencon Link Basingstoke, engu^naaend the corpora* centre «od to Hampshire provided cover Th* a* RC21 1JB or telephone Basingstoke (0256) 468551 or fax (0256) SECTION a wide range of activities - man? of CTa*» 84fc374/S46565. contractors and. m tn^iic^ an - NB PUWErt de France, tom us - ^ta^t^Ukralne. unable and Elecb^ite - :.-.-UCtjie J-aUii.Aa . * FINANCIAL TIMES FRIDAY NOVI.’MfiKD ->< fOQI m Our client is a major French Pharmaceutical Group that has recently acquired a UK based manufacturing company within the same business sector. This acquisition has created the need to recruit two high calibre accountants within the Finance function. m Finance Management Director Accountant Essex c £45,000 + Car Essex £25-30,000 is within This a key role the company as the mtiiviJu.il vt. til be The Management Accountant will have specific responsibility for % expected to proviJe significant commercial input tu the rrunjgemem the following; c£ profitable 50,000 and continued growth of the brnincu. Specific pa car • + lorecasting budgeting. and planning responsibilities include: • reporting to Head Office in France This dient is design of the finance and administration organisation an inferrational marketing services group, which in two years costing within a manufacturing/production environment "as established • recruitment and development of itself organically in 15 countries in Europe and the Far East accounting staff Candidates (probably aged up to 30) should be part qualified ,e et a hJmover • implementation of management information systems or l of £50 million. The Group is strongly capitalised,j X , qualified accountants with a minimum of two years management profitable and cash positive. • financial reporting to Head Office T' • accounting experience gained within a manufacturing company. _ ie Group Financial Controllership is a new role created to provide supervision of the tax, legal and personnel functions U Fluency in French would be useful but is not essential. ~^° P Finance Director with a No.2 who will be responsible for ensuring • the planning and pricing aspects specific to the industry tnat a ou , ^n (Reference 9653). “ 0 ond financial controls function develops in line with the Candidates growth f (probably aged 55-45) should be graduate qualified at the business. Credibility at the topmost level in the business and accountants who can demonstrate a strong track record to date interested applicants should forward a comprehensive curriculum around the world with local management the and international blue chip and currently hold senior line vitae quoting che appropriate reference number to Fred clique clientbasewi bfiimnnrtnnt a management position. Previous Finance. experience in the pharmaceutical industry is an evcncial Bouvier at Michael Page 3 boulevard Bineau 92300 pre-requisite, knowledge of French a plus. Levailois-Perret, Paris. France. Tel 010 331 47 5724 24 »»» (Reference 9652). or Fax 010 331 47 5739 18. wrience or how large corporations work and the standards they try to achieve must be balanced with the ability to work in a small dynamic Michael Page Finance 6' organisation with a- very open. isales dominated culture. International i f-urjjiiTicrd i- feau l experience would be an advantage. Loaduit Briud Wiadtor Si Albam Lmhnbcad BirminiduD 1:1 iwA Location: West London. Age guideline: mid 30's. Voftiogfcaa Mudum (Tliuiw & Worldwide nease reply in confidence to Brian H Mason, quoting Ref L541 at: Mason & Nurse Associates, i Lancaster Place. Strand, Mason FINANCIAL. CONTROLLER CclOfina, iiLr London Germany. For U S. parent Si 5mm In sales. WC2E 7EB. 2 or 3 yrs. fleet 0 . in mfg. industry. TCI: 07 1-240 7805. Ruont German & know U.S. GAAP. Wnto R« cruller. 1584Q Btvd & Nurse Vonluro . 1833. Enerno. CA 91436. USA or FAX Selection & Search (8181961-6505 Financial Controller ' '*» ' ;/y> ; o City Package £50-60,000 Our client is a newly formed public listed investment prcfcrahly a qualified company sccrccirv with a proven *v.i company with (he backing of j long csniblbhed and truck record of success within the investment Finance Director highly regarded UK merchant bank. management or insurance industry. Due ro the level of i*U\ seniority and rhe potential for rhe individual ru develop As trading has just commenced, the General Manager is the role encompassing a wider variety of general now looking to recruit a Financial Controller to SW London . £32-35,000 + Bens responsibilities, management the successful candidate establish and run the finance function. Although the will be confident and assertive with the flexibility and AZTEC is an independent company providing with other senior members of che management team role will develop as rhe company expands, initial competence to work wirhin an ever expanding training and educational services to facilitate and external business concacts. responsibilities will include: environment. It is also essential to have excellent development of businesses in South West London. Candidates for this position will be qualified of Providing advice and information to Directors the interpersonal skills and .1 well Jcvcloped written style Current revenues are in the region of£13 million. accountants with a minimum of 5 years post company with regard to the feasibility of investment for internal and external presentations. An opportunity has arisen for a Finance Director qualified financial and management experience. plans. This is an unrivalled opportunity for an ambitious • Contributing towards company's strategic plans. reporting directly to the Chief Executive to take The successful candidate will be able to demonstrate: the individual who is ready to rake on the diallcngc of a control of strategic development, financial support • Day ro day financial and treasury management. An enthusiastic and outgoing personality coupled new -and dynamic organisation. The remuneration and administration services. • Recruiting and supervising an assistant accountant. with maturity and excellent interpersonal skills. package will reflect the importance of this position and • Company secretariat duties, including liaison with will Responsibilities include: * commercial approach and the ability to is subject to negotiation. Interested applicants please A the relevant regulatory bodies and the Stock • commercial financial strategy maximise opportunities in a changing write with a detailed curriculum vitae, including Development ofa Exchange. appraisaL; • environment. current salary, to Stephanie Warren at . and new business ; between 35-45, you will graduarc who • Systems development and management ofgeneral • Proven management experience and a knowledge Aged be a Michael Page Finance, Page House, is a professionally qualified accountant and support systems? including EQ&sallatio& ofa new - - ofsystems devclopment/installarion. 3941 Parker Street, London WC2B 5LH. computer system. _ Interested candidates should send their CV to -* Management offinance, audit and support teams, Malcolm KeDy at Michael Page Finance, Page Michael Page Finance -. with responsibility fora team of 10 staff. House, 39-41 Parker Street, London WC2B 5LH. SpccLiIba in financial Recruitment I rmAnrt rti4ilnl Wimlulr Qt AlluiH iMlIirrllwiI This is key senior management post which . Quoting ref: 171608. a Nottingham Manchester Leeds Glasgow & Worldwide requires proven leadership and development AZTEC and Michael Page Finance are skills and will involve significant contact .. committed to equal opportunities. Michael Page Finance m SpodaHwi In Financial Roautnncnt tr.’ir.”! wy rs Lnndon Briwot Whxfaor St Alb«n« Lcatbcrhe»d Mrmlneham Nottingham Mxnehemr Leeds Glasgow & Worldwide Financial Controller City c £70,000 + Car + Bonus + Bank Bens Chartered Trust pic Our clienr is a leading force in international banking The individual we seek will be a qualified A member of Standard Chartered Group and derivative products. Their success is based on accountant with experience of the financial services responsiveness to clicnc needs and changing market sector gained either from rhe profession, consultancy conditions, combined with a commitment to or senior line positions within rhe industry. w, excellence, innovation and flexibility of approach. Financial Planning & Analysis Candidates are unlikely to be aged under 35 due to Continued expansion in all business areas has led the depth of expertise required in this role. Previous Cardiff c. £30,000 + Car + Banking benefits to the creation of this new role, which focuses exposure to complex group structures, profitability on future development as much as day-to-day measurement and systems development are highly interpersonal skills arc essential to deal at director level im Chartered Trust is a leading XJK finance house which control issues. desirable. Self motivation, leadership, ambition and :‘w * credibility. public provides a range of financial services to personal and and establish personal Whether from excellent interpersonal skills are prerequisite to the you should demonstrate This is an outstanding opportunity, with rhe scope business customers. The company has ambitious plans practice or industry, be able to appointment. 10 demonstrate tangible added value ro the business. [Jti to develop its already strong position in its chosen experience of non routine, commercial work and, The Financial Controller will have a wide ranging Interested applicants should send a frill curriculum sector. The company is a wholly owned subsidiary of ideally, planning. Scnrehid Chartered PLC. role, encompassing responsibility for management vitae quoting reference 170398, to: Diane This is an important development role for the and financial reporting and the provision of Forrester ACA, Executive Selection Division, Following an internal promotion they now reck to company and prospects are excellent within the commercial analysis and support co senior Michael Page Finance, Page House, 39- appoint a Financial Planning Manager. This role has organisation. Relocation assistance will be offered management. 41 Parker Street, London WC2B 5LH. responsibility for the preparation of all of the company’s where appropriate. strategic and financial plans, including budgets and Interested candidates should forward a detailed CV, monthly forecasts. In addition there will be project work Finance including current salary details nnd a covering letter Michael Page relating to all aspects' of the company's operations. Specialise in Fmnncul Recruitment outlining why you meet the above criteria to, Keith London Bristol Windsor St Alban, Utihrrbcad Birm ingham Manager, Michael Page Suitable candidates wiU be graduate, qualified Evans, Regional Nottingham Manchester Leeds Glasgow & Wodtfwkfc f'AOfZ accountants- with up to 5 years' post qualification Finance, 29 St Augustine's Parade, Bristol experience. A commercial approach and good BS1 4UL. Please quote ref 162677- Michael Page Finance Spectates fat financed Rccniiimenr Leaden Bristol Windsor St Attmot Lcadmimd Bind Nottingham Manchester Leeds Gbaeow & WocUwide Financial Help ins Aged is a professional charity working lor elderly people in need. Currently, we raise some £35 million per Senior Controller year, which mates us one at the UKls top ten fundraising C24K entities. Our activities are diverse and complex. Management Project Accountants Nr Croydon Reporting to the Financial Director, you wilt be Money responsible lor Ihe strategic direction and day-to-day Accountant/ f1 International control of the infernal audit and management accounting We have a number of positions available for qualified or part Logix (UK) Lid is an and Securities Broking qualified accountants with experience of major expanding computer functions. This will involve providing advisory, planning internal Auditor Uie also investigating international Oil and Gas Projects. distributor with £15m and analysis services to Board, whilst financial systems and procedures throughout the We have an urgent requirement for the following people. turnover and part of the highly successful, Gty-based worldwide money and Professional control in A Qualified Auditors/lnternal Control, organisation and recommending improvements. Senior £28 billion Lucky company is looking for a derivatives securities broking London al least eighl years' accountancy area based. Goldstar Group. feu must have a professional charity experience of Japanese markets. Wc broker with proven Qualified Accountants for Russia based. Must be bi-lingual. experience m the profession and/to in business, including require a dynamic accountants experience/exposure and computer knowledge. three or more years’ posl-qualiiicalion. Experience ol Fluent in both English and Japanese, you must be Financial Controller Knowledge of JDEdwards system should be a bonus. Internal Audit and Management Accounting will be £31,000p.a. with Japanese business culture. A graduate, to occupy a key familiar For the Russian positions there is a strong essential. You should also have good systems, planning discipline, you should preferably in a business-related preference for Russian speakers. management position in and lealerctiip skills plus the credibility to inlluence senior with a and also have relevant product knowledge coupled Please send your CV, stating availability & salary both an operational managers and directors. understanding of the money markets. required as soon as possible. strategic role. Experience sound Please send your lull c v. to Colin Milchell, Personnel in computerised Director. Help the Aged. SUames's Walk. London EC1R RUST RESOURCES LTD accounts essential. Ifyou eon 066. An equal opportunities employer. Non-smoking Keeley Surrey B1920, Financial Times, Keeley House, Road, Croydon, CR0 1TE Help the Aged please sendyourfull cv to Box offices. dale tor applications. 6 Decemb? 1993. Telefax No: 081-649 8891 Phone 081-763 2888. One Soutkwar* Bridge, London SEI9HL J ! ( ( I NOVUMBHR »_»»» gliMAiMfTfAI, TIMES FRIOAV '•‘vs tf.‘ Senior Finance Managers (x2) ifa "Outstanding Opportunities . . . challenge in The Company , . „ u -.up* » unkxie Arthur this dfent aanem ' : As a world leader in Telecommunications -iggg.current for Outstanding Individuals Russian bus™* Andersen Russian operations. The organisation initiated fonddaatiori exceed SS)0 projects a investment is more than 540 minion and x AnneofUiernost .. ^”^.^ t w Arthur!thur Andersen&Ca& Co. SC Managers for the future provides the foundation for further cptwtn. Business in Audit & Advisory Practice Your task is to introduce model's of Western excejtente the business start-ups. You win create a blue print for Reading/Bristol Exceptional Package organiation covering development end iTaxEffident^ m rium iMl-flll Anirjcn h.w in [he RUtLut place u You should he a graduate chiineted account ant who am TtMiiisimctive inujje Anhur Within 12- for mnovnttwt. quality interpersonal supervisethe running ofthe department (30/20) staff.' . well UiunJrJ. The timTs world reriL-wrt and Jcmotutr.iie j Miunp .icxlcinic background, aiperb project. ajynnJinj; joint venture excellence u denuratrataJ tv it- OKUUUicd. -Lillx and char development putential to a Russian Finance Director and move onto other gnnffa. You will pmhtMv have j hickpround jpproxinmtins to four years The Candidates - - tweurp* POE, of' which 2 i vein have been apeni as a Manager- During this _ » _ .jlj .W "nr .ittnbutoJ t»> lAwnseni in the record successful financial change management Much ot the •ucccw cm j-eruxl vimj will have ideally coined a brood ranee of Indusmal and A proven of hiph c.iliHr mdivnluab. Cmuih recognised aaourmngc^j nx-nutmetu and Jevetofwm coTTururci.il expenence and exposure ro dienes (IndudinE lined experience in a consultancy or project rote would suit A a rate orp nuruev ter exceptional m the practice bi cnrateil ciimpanieal with rummer in execs nt £50 million. preferred for both positions. However moreimportant is the energy individuals m join the hnn jr nuaMS level- offjorajrj^fronwy^^ Perhaps >cu have alnsd> moved to mdusny or have been thinking to operate in relatively unsophisticated environments, ft is an Weal euroi^f. profession. Eirhur way would like to challenge n tasaem Audit with .1 of ie.ivine the wc managerial technical expertise. Candidates have worked !n addition to >our rofcnnhliry .« .in Mature: your and who .im to Cl career with Andcnen as an exciting ' of role to act as ruder a Arthur client portfolio, it will tv an u^cntul pan uw a or have a knowledge of Russian are encouraged to apply oftvramirv open to tnu. adnwr. You will tmJ i.-unclt cowulttre; on a whole ranee busines* quoting ref. FT2TH, k- franchise please rend a Please send your full CV and covering letter to the address/fax below of marten, from acquc-inort and mertjrr* If you are interested m applying, & an iiieil confidence, to applications md Shxfc exchange Ir4HM>- Thi‘ comprehensive curriculum vitae, in anct oppuTunirv tor anirmous pute-uiuk who ha»e centime Chins Nelson at Michael Page Finance, pnrmenhip pnrspeca. to work within a Jimmie Page House 39-41 Parker Street, clk-nr*. environment k mF Pitney Bowes Outstanding opportunity for a dynamic finance professional EUROPEAN AUDIT MANAGER Finance Director Harlow, Essex c£40,000 + car + benefits City c£70,000 + share options Pitney Bowes is the market leader in advanced electronic mailing systems, tilth a turnover in «.wc the company plans for increased market share and is committed to continued of S3billioo, Our client is the fastest growing UK based consulting and I.T. A graduate Qartewd ActOBBBt aged £ dPJmte a 199-1. will be targeted towards growth and profitability throughout Europe in Expansion services company. Sustained expansion and an enviable profits strong academic harlryoemrf ‘find rffi fcnwf’ function in an advisory strategic acquisition in Western Europe where the review team wiQ and record underpin its strong position in the financial services sector. accountancy firm. Yoot meat technical 49 and operations managers. capacity, develop ing new business with commercial involvement m faadiag and corporate fit To assist its ambitions strategy for growth the company now - The company now needs an exceptionally strong manager in Europe, responsible for a high calibre proactive financial ai mniiUM mini if wishes to appoint a Finance Director to join the Board. Supported win nf Triune* accountants. Contributing significantly to growth in Europe, it is expected that this preferably gained within LTfa/M by a team of ten you will have full responsibility for managing and j]| role will focus on promoting the value of the team, conducting assignments and special projects to w be rbL •?»i developing the finance and operational support functions. - assist European management with their market objectives. The team will evaluate the viability of ’ \- Inte&ecasdInxe&ecoai abflBffity, atfafaletlwkd otwqia—eg. ;v operational recommendadoas, reviewing systems, controls and efficiency whilst retaining close This will include management accounting, financial reporting, proven nw-man tnmaoagrmanrMfWMK dJdill an andi G v; I hi 1« with the US Corporate function. A degree of travel will be necessary hot wiB not exceed 35 o. international tax planning, treasury and cash management, drive thetbe awnemmmomentum far change.chan, You awtl The ideal candidate will have already gained some European exposure within a multi-site personnel, internal administration and systems development. exceptional aeachievefaieveameataeat fa youryi carter far environment, offering proven managerial and communication skills and the ability to interface at Additionally, vou will make a critical contribution to managing thrive as part of a young, dynamic enact the highest level of management. Commercial and pro-active, yuu will be aged under 40 years, organic growth, to implementing acquisition strategy and to combines rad opportuunnityity Boso eoacfadt ft qualified ACA or MBA, with a minim am of 5 yean experience in industry. The ability ro preparing the company for flotation. business wfrhwnh soperibsupub career dedejufapoafat aid communicate in a second European language would be desirable, although not essential. The company offers an attractive benefits package, including non-con mbuiory pension scheme and Iiurroiri canlidaus should write to BBM Associates Ltd fCoruuiiartU m RttiWMM)0 76 Wok* Sra. LmtimBC4M9M full Curriculum \~txac which shouU include canluct telephone s. flpfifuorirau 30 days holiday-. mciosmg a number AS mM t* fcaadfai la dtt acrib Nv 76, Wading Street, London EC4M 9BJ T«fc 071-2483699 for 071348 2814 SEARCH AND SELECTION r V. - r r ^> .> r ^ , V SUITE 2, EBC HOUSE. KEV ROAD. RICHMOND. SURREY TMP> 2NA - j' - *-• * <• \*' TELEPHONE- 08 1-940 4900 FACSIMILE; 08 1 MO 6524 Die Hoskyns Group DeubcHand GmbHbrdfadotitsdio HoMjnaNrfidiaft • wigwaM . gut-, .. *. IJ O* *r ai jnu • L tb i. I .im ). fuhrenden Untemahman Progroram SkikdMCompufarspfann GfabH (indTedmocbla - Infonnrfionstedm&GmbHurafongiieichaKBnrfeblungeo vordkoi in toomb* und .=• DIRECTOR OF FINANCE Rechnungswesen. Fur die ... a special opportunityfora high calibre achiever Leitung cier A2>f^^yng Aianxe«^/Go{ia^M(>reclinuBm Finance Director (derzeit 9 MSarbetter) suchen wir eioe/n West Yorkshire £45k Package + Car c £55,000pa, benefits+share options This £25m fast growing manufacturing business is a subsidiary of a high profile North Group. Its major activity is the design and production of packaging materials for the London Food Industry. With an extensive Blue Chip customer base, it has built its reputation on customer service, innovation in new product design and process development. A Ihre Aufgaben im anzekien: / F&r J”* m.M de France, « “ta'^teUkrmne. unable and Electrkitt w — ) - . —.— 'ir f T , r y\. FINANCIAL TIMES FRIDAY NOVEMBER 26 1993 Broomleigh Housing Association established management and administration teams in 1992, manages more than 12,000 with first class people to help us deliver a homes in and around Bromely. We are higi quality, locally responsive housing committed to strengthening our service to our tenants. Financial Accountant £27,000 — £32,000 (under review Broomleigh, a new organisation, has within 18 months won a sound reputation in the Housing Association Sector as a progressive organisation in customer service, staff development and quality financial management. We wish to appoint a Financial Accountant who has at least five years experience in a fully computerised, commercially driven organisation. We see this as a career move for a bright, dependable, competent professional with the necessary credentials to manage 14 staff, a loan portfolio of £120m and an annual cash flow of £1 00m. Reporting to the Financial Director your focus must be to deliver accurate financial services always to deadline. This extremely responsible role also requires the provision of advice to Senior Management. FINANCIAL For an information pack please telephone 081 663 0747 or write to the Personnel MANAGEMENT Department Broomleigh Housing Association, 1 Copers Cope Road, Beckenham, Kent BR3 1NU. Thames Valley Closing dais for applications 10th December 2993. Lex pic have recently acquired a Financial Controller Broomleigh Housing Association is working majority interest in the UK franchise Planning Accountant to £45,000 + car towards Equal Opportunities of Hyundai care. They are making a to £30,000 + car BROOMLEIGH £multi-miliion marketing commitment in all areas of its work. '' Hauling AimH'uIior This key position reports to the Finance This is an ideal “green field’' opportunity and supporting their investment by Director. The person appointed must for a recently qualified accountant to establishing an operational and :be a.qualified accountant and have had make an influential contribution at an management base which can exploit experience of managing staff in a important stage in the company’s the perceived potential. These customer-orientated business with development. He or she wQl be required appointments represent pan of this strong financial disciplines. The ability to devise and operate new planning/ process. The common requirements to manage change is important since forecasting systems for financial and APPOINTMENTS are for people with strong intellect, he or she will need to develop the operational management Direct experience good communication skills and a resources of the department to meet is less important than a sustained high- ADVERTISING Full Family Expatriate Package commitment to meeting objectives. Che hew reporting requirements of achiever's track record and the ability to The opportunities for growing Papua New Guinea within local management and the parent combine a keen attention to detail with a the job and for longer-term - career company. Preferred age - early 30’s. sense ofcommercial realism. Age late progression of globally recognised, major are exceptional. Ref. 1743/FT. 20’s. Ref. 1744/FT. Our client is a highlv successful division a multinational PLC. Based in West New Britain, Papua New Guinea, a key Please write with full cv, including salary history and daytime appears in the UK telephone number, quoting the appropriate reference to role for a commercially experienced accountant now exists within a major Dick Phillips AC/S. PhiUips & Carpenter, 2-S Old Bond Street. London W/X 3TB. Tel: 07M93 0136 (24 hours). edition subsidiary of this division. Reporting to the Managing Director, the appointee will be responsible for every Wednesday • Financial management, accounts and internal control including Thursday budgeting, management and statutory reporting. & • Motivating and leading a multi-cultured team. • Close liaison with commercial operations and financial institutions. . and in the Selection Consultants To be considered for this role you should: hitemational • Be a Qualified Accountant, commercially experienced and able to work independently at different levels. . . edition every EXCITING RETAIL OPPORTUNITY • Have strong systems and computer awareness. • Possess excellent verbal and written communication skills. : Friday • Be aged over 30. Head of Finance to £40K, plus car, bonus Interested applicants who seek an opportunity for genuine autonomy are invited to apply. For further Our client is a successful, rapidly expanding fashion accessories company with customers throughout Please reply in writing, enclosing a full CV to Sheldon Paule at the address the UK and internationally. Location, London. .information below: : This new appointment, reportrng tef the Managing Director, will complete the highly able and pleas_ecall: .. entrepreneurial management team. It is an ideal opportunity for a young energetic controller to make a major contribution toward the development of the company early in his/her career. Gareth Jones Candidates, aged probably in their early thirties, are to be qualified accountants with a proven record on of success gained ideally in the retail sector. Strong interpersonal and management skills and the 071873 3199 commitment to a challenging and enjoyable environment are essential qualities. A Home In A Country Please reply quoting Selection Division, . Ref No 2035, to Waggettt & Company HQ 5 Clifford Street, London W1X 2BX. : or i Tel: 071 494-2551, Fax: 071 439-0222 Andrew ; •U'lVoS'.''' '•=. Skarzinsky . on Waggett & Company HC . Executive Search Worldwide 071873 3607 . Royal College ofNursing of the UnitedKingdom REEC GEE HOUSISCI Our C&mc b a laa&ig Empeet Bank. Due to a condnuty eommJtmfnt go M&A Director vacancy at executive level Finance accMchs, a hn artnn Fincm ceD irector c. £35, 000 package This Is a unique opponunMy to join a top fl&t M&A team, and gain direct exposure Salary c. £50,000. Generous conditions to transaction experience from day one. Bosnia, Somalia, Central Europe: the location may change hit! the effects arc ah-ettys the Corporate culture demand, a proactive approach which wftl be encouraged and a” This is an outstanding opportunity for a suitably qualified guided oo ensure tramacdon success and subaequent career advancement same - people th e; i i< tcncc. torture., persecution and intimidation. to join the top management team of the Royal College of You wBI be a newty/recmdy quitted ACA. aged 24-27. who can demonstrate a accountant REI IfGEE Hi)rS!.\G is a nealy create,! and rapid!' expanding London based commitment to a career in corporate finance through (pedal work or audit Nursing, the major professional organisation for nurses in the UK. Ihdn assignment*. Aktrudvdy you may already potass corporate finance experience wWi organisation / n-.i.hng 'UVf/Ottt\e accommodation tor refugee. . null approx. a rotor bark and are now looking fbr a bark which wfl allow grater responsibility. Reporting to the General Secretary, the person appointed will be homes iniuon-e.tdc C lear!-. main thousands of refugee-, cehiny help eicry year and European languages, with Trends German bektg preferred, are ssstDdaL »• expected to show high levels of professional and technical there i a nee.: for .. rapid expano :r oar c vice' Far farther HJonnadon please cat luOaa Dotty on tttMU 9205. Or wniw o Mr, at Zarak Partnership, Brood Ploa. ' r competence in assuming responsibility for the RCN‘s finance The Hoy 6 Street Bfam/Wd Street lendonECt/U 7fH U Ite.anri Ihrea-rr yn -.fill !t dii! a her •>>/< in the managemei -V ;m i:c c department and computerised information service. The post offers eo’poi'jteiiranee ::/;//*«• <;>euh.ctl as son participate m the .maegu financial and an exceptionally wide range of duties including the recruitment and THE Z [Y PARTNERSHIP . <»p“r,iie mu/uyemem of :!u .>r.:aiiisai: skills in an innovative and creative fashion. : Philip ( ..dan < amrnm Rico, PCA Keen itmcnt. '/ Uriah Suet:. London V,! ; Applicants should be able to demonstrate real achievement and This challenging career opportunity will appeal to an '/ •• • FINANCIAL IZVESTIA TALKS BUSINESS TO 300,000 INFLUENTIAL RUSSIANS EVERY THURSDAY. (So can you by calling +44 7 1 873 4263) The Financial Times produces Financial Izvestia, a weekly 8-page business newspaper, in partnership with Izvestia, Russia’s leading quality daily. It is printed on the FT’s distinctive pink paper and accompanies Izvestia each Thursday. 7* '! As well as covering what’s happening in Russia, Financial Izvestia features key international business news and the ;v\ - commodities and currency listings. ; It is essential reading for some 300,000 subscribers in the major business areas across the CIS, in particular in and around Moscow, Kazakhstan and the Baltic States. To find out more about advertising to these influential people, contact Ruth S wanston - at the Financial Times in London on +44 71 873 4263. Fax +44 71 873 3428. FINANCIALTIMES LONDON PARIS FRANKFURT NIW YOU TOKYO * :v • v-W -.££ "1 If*?•«•=»•:>A 535 -5 600 389 *— _ 827 + 51XB0 601 -10 2.250 Ties _. ... + 10 360 7 00 ... _ 20 -1 . ISO — 0.140 +80 ui04.no _ 94% Daft*) 870 +1 I960 6B3 _ + ' 2t» +1 238 1B7 20 3,125 +530852000 _ 960 5 1 £30 893 +12 £04 428 S T ... 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