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FINANCIAL TIMES Bermuda The US .wf FT Guide Today’s survey al A tiny paradise Ulii, Clinton’s U-turn William Dawkins: Maharashtra flexes its muscles Lam on the budget Japan's stock market Michael Prowse, Page 14 Page 8 Separate Section I MONDAY JUNE *D 1995 m Shell pledges to Russian premier in telephone talks go ahead with Bosnian Serbs plan to sink oil rig Hopes rise

Anglo-Dutch. oil giant Shell insisted there would be no last-minute change in plans to sink the Brent for end of Spar oil platform, which today »® approach its free the last 26 dumping site 130 miles off the west coast of Scot- land. While the British government again defended „ Chechnya Shell's actions, opposition parties joined calls across Europe for a boycott of Shell filling stations Shell said it expected to sink the platform “in the hostage middle of tbe week", although it stressed that timing hostages bad weather could upset the Two members UN of Greenpeace, the environmental protest crisis group, will have to be removed from the Bren! Spar By Laura Sflbor in Belgrade and before Shell uses explosives to sink the rig. Bruce Clark in London Civilians die as shell hits By Chrystia Freeland in Moscow Page 16 The Bosnian Serbs last World Bank sot to approve Mexico loan: night water in Sarajevo Mr Victor Chernomyrdin, the released the last 26 of the UN queue The World Bank is poised to approve a Slbn loan, Russian prime minister, yester- peacekeepers held hostage but the single biggest in its history, as part of its back- day used a crackling telephone faced fresh international censure ending of tbe hostage ing for the multi-billion dollar support package for crisis, Mr Haris Silajdric. the Bosnian connection with Chechen gun- after at least seven civilians were which developed on May 2C when prime minister, said yesterday J Mexico, Page 17 I men to secure the release of 200 killed by ,t shell in a Sarajevo the Bosnian Serbs captured the government offensive had hostages and raise hopes of a

I ‘. 5l115 France’s Iff tails In local elections: France’s suburb. nearly peacekeepers, - Hk i^. 400 would been aimed at averting fresh negotiated settlement to the cri- extreme right-wing National party failed The shelling of civilians queue- Front to give the UN greater flexibility in attacks on the capital, whose cen- i sis. take control of a number of towns where it was pre- ing for water in a government- responding to Serb actions. tre has been shelled intermit- Mr Chernomyrdin's display of & t dicted to gain a high proportion of votes in local held district of the Bosnian capi- However. French President Jac- teoely since April 2962. telephone diplomacy - shown to elections. ta 1 was tbe first sign of Serb ques Chirac said he hoped the Mr Silajdzic said the case Tor millions on domestic television - retaliation to the bid by govern- freeing of the peacekeepers ending tbe arms embargo against could be the start of a break- 7. Twelve die In petrol station blast: At least 12 as ment forces to weaken tbe 38- would clear the way for a cease- his country had been strength- through in the four-day hostage 'juanij people were killed in an explosion at a petrol sta- moatb-old siege of the city. fire, a negotiated end to the Serb ened by yesterday's attack on the crisis in the southern Russian tion at Eynaten, Belgium, owned by Belgian oil The atrocity was expected to blockade of Sarajevo and all- civilians. company Petrofma. city of Budennovsk. It is also rj-^t trigger fresh calls, especially in party talks. Tbe Bosnian Serbs denied hav- likely to boost the political for- ;•' «fe-ne. BZW poised to buy Wells Fargo NDcko: the US Congress, for air strikes A Bosnian official, in a hint ing lost any ground in recent tunes of the prime minister, who ••• PfrfrtB*- BZW, the investment banking arm of Barclays, is against the Serbs. But there were that the city's plight could be fighting and they threatened to recently formed his own political • • tiLTE. on the verge of buying Wells Fargo Nikko Invest- also signs that negotiations to eased by negotiation rather than strike back bard. Mr Momcilo parry, at the expense of Russian ment Advisors, the US fund management group in a ease the city's encirclement were force, said yesterday he believed Krajisnik, the chairman of the president Boris Yeltsin, whose

•:• •*: -T.. ^ deal estimated to be worth between SSOOm and making some progress. the Serbs might be willing to Bosnian Serb assembly, said his popularity has fallen further -• !j sSb 5700m. Page 17 Bosnian president Alija Jzet- restore water, electricity and gas forces would “stop and break after what is seen as his mishan- .sssiTi? begovic said yesterday he would to government-held parts of the Moslem aggression against Serb dling of the Budennovsk attack. * Belgian bank looks set to win CLBN: hS« •:.- restrain government forces city. Sarajevo." Chechen gunmen responded to • ’• Generate L'"2 Bank of Belgium looked likely to be the £4; around Sarajevo if the Serbs “I believe the Serbs . . . have Tbe 26 captives - li Canadians the telephone talks with the preferred bidder to take over Credit Lyonnais Bank : -£' wr ns withdrew heavy weapons and realised it is senseless,” said Mr and 15 military observers from immediate release of 100 women Nederland, Dutch subsidiary of French bank Credit .': 2l 'iSS- opened routes for relief convoys. Hassan Muratovic, a Bosnian other countries - were taken to and 100 children. Later yesterday, Lyonnais which is selling off assets to ease its He also offered a ceasefire minister without portfolio, in an Serbia by bus after the UN the Chechen guerrillas asked for heavy debt burden. Page 20 throughout the country if the indication tbat UN-mediated released four Serb soldiers who six buses to take themselves, BAe rules out derivatives m VSEL battle: Bosnian Serbs lilted their objec- negotiations on easing the block- were captured in a firelight with some of the hostages and a group British Aerospace ruled out using derivatives to tions to an internationally spon- ade might have made some prog- French forces last month. of Russian MPs to a village in underpin the value of any new bid for submarine sored peace plan. ress. In Sarajevo, the UN mission southern Chechnya. Mr Cherno- builder VSEL. Page 17 Leaders of the Group of Seven The Bosnian government, was allowed by tbe Serbs to with- myrdin ordered an immediate industrialised nations and Russia which has so far rebuffed inter- draw 67 soldiers from weapons halt to Russian military' activities to 07 step up crime fight: The Group of Seven ended their summit at Halifax in national appeals for an immedi- depots and observation posts on in Chechnya and the commander leading industrial nations Russia agreed to step and Canada on Saturday with an ate ceasefire, said it had gained Serb-held territory. They had of Russian forces in the region up cooperation in tbe fight against international appeal for a halt to the violence, ground on three sides of Sarajevo been surrounded by Serb soldiers confirmed that decision last even- minimise crime and to the dangers posed by the use but there was little immediate before yesterday's lull in tbe for the three weeks, and their ing. A group of Russian officials nuclear of civil power. Page 5 sign that either side would heed fighting. The UN said it could withdrawal means the UN has yesterday flew to Grozny, the call. Basayev Bndennovsk capital, begin broader China warns Washington of crisis: China the only .confirm govtmment gains gf-VR up trying to control heavy Chechen rebel commander Shamil inside the Chechen to Western diplomats said the the western side of the city. weapons in Sarajevo. hospital where he was holding hundreds of hostages p.n» at peace talks with Chechen sepa- escalated the war of words over the visit to the US on ratists. this month of President Lee Teng-hui of Taiwan by "Good day. Shamil Basayev. again bitterly denouncing the US and warning that this is Chernomyrdin. It’s a very relations were at a crossroads. Page 4 bad line, can you hear me?" the Opec worried by surge In output: Oil UK networking group plans $300m purchase prime minister bellowed in the ministers from tbe Organisation of Petroleum highest level contact so far Exporting Countries are due to meet in Vienna By Antonia Sharpe including traditional data com- between Moscow and Mr Bas- today against a worrying background in which non- In London Madge aims to consolidate its market position munications, imaging, video and ayev, leader of the Chechen gun- Opec producers, including the UK and Norway, are multi-media. men in Budennovsk. Caking the lion's share of the growth in world Madge Networks, the biggest the backbone of the multi-media employees. Mr Madge said the of S2I3m in 1991. Lannet. which "Of all the switching technolo- With his grey suit, gold- demand. Page 3 UK-based computer networking systems planned by many of the acquisition reflected the trend was listed on Nasdaq in 1991, has gies. ATM is the one that holds rimmed glasses and silver pen group, plans to acquire an Israeli world's leading organisations. towards consolidation in the mar- revenues of about STOm. The new the promise of handling all types poised over a notebook. Mr Cher- Rfft over single market: Deep divisions over company for about $300m in a Although based in the UK - Mr ket. He noted that his US compet- combined company will have of traffic well and providing a nomyrdin presented a reassuring the completion of the European single market and move to expand and consolidate Madge runs the company from itors had been merging or buying well over 8100m is cash and common telecom architecture in image to Russian viewers, who the future of social policy emerged over a high-level its position in this fast-growing his 200-year-old farm in Bucking- smaller companies recently. Con- about L200 employees. public and private networks as are still angry about Mr Yeltsin’s report on the effects of legislation on competitive- market. hamshire, southern England - its solidation was inevitable because Earlier this month in its latest well as in the home." the report decision to attend the Group of ness and job creation. Page 2 Mr Robert Madge, who founded head office was moved to the of the sheer pace at which com- Technology Forecast. Price said. Seven summit in Canada at the New Zealand face South Africa hr final tbe company in 2986. said yester- Netherlands in 1993 in order to puter networking was develop- Waterhouse said ATM was idea] Jonah Lomu ran over, around and day the purchase of Lannet Data simplify a listing on Nasdaq, the ing. Mr Madge said. for a wide range of applications Media futures. Page 11 Continued on Page 16 through England’s defenders for Communications would make US electronic exchange, the same The acquisition of Lannet, & four tries, leading New Zealand to Madge the fifth-largest network- year. which will be funded by an a 45-29 victory in their rugby world ing company in tbe world after A trust controlled by Mr Madge exchange of shares, came about cup semi-final in Durban yester- Cisco. Bay Networks, Cabletron currently owns 65 per cent of because senior executives at the This announcement appears as a matter of record only day. The emphatic triumph, which and 3Com, all much bigger US Madge NV. the Dutch parent, and Israeli company had been included tries by Josh Kronfeld companies. it will retain a controlling stake actively seeking a bigger partner, and Graeme Bacbop and No B Zin- By buying Lannet, which of about 50 per cent in the new he said. zan Brooke's first Test drop goal, specialises in making products combined company. Lannet The transaction, which needs £50,000,000 WORLD CUP affirmed the All Blacks as favour- for computer networking, Madge shareholders will have a share- shareholder approval, could be or ites to win their second world championship in Sat- will be able to expand its range of holding of about 25 per cent completed in four five months. capitalisa- MANAGEMENT BUY-OUT urday’s showdown with South Africa at EHis Park “switching” and Asynchronous Speaking from Paris en route Madge has a market revenues in Johannesburg. Page 4 Transfer Mode (ATM) products. to Israel to visit Lannet’s 400 tion of about Slbn and and Development Financing McLaren cars dominate Le Mans: McLaren cars took four out of the first five places in the Le Mans 24-hour race. The winning McLaren was driven by Frenchman Yannick Dalmas, Finn J J probe into Computer place US Lehto and Japan's Masanari Sekiya. Second went to a Courage-Porscbe driven by French vet- eran Bob WolleSt. Mario Andretti of the US and another Frenchman, Eric Helary. Associates’ deal extended European Monetary System: The relative competitive effects of their raent software. Microsoft backed stability of the dollar and generally quiet conditions By Louisa Keboe Francisco merger, or even block tbe deal. out of the deal rather than under- in foreign exchange markets were reflected last In San CA and Legent are two of the take potentially lengthy litiga- week in the shrinking spread between strangest software for tion. and weakest currencies in the EMS grid. The order The US Justice Department largest suppliers of antitrust division is extending its use on mainframe computers, the Announcing their merger plans of currencies was unchanged. Currencies, Page 27 Structured, Led and Underwritten by review of Computer Associates’ large computers used in corpo- last month, CA and Legent were planned $1.7bn acquisition of rate data centres. confident they would not face Montagu Private Equity Legent, one of two big US com- Whatever tbe outcome of the antitrust problems. It now appears likely appears, however, that US anti- ’ puter software industry take- antitrust review, it Guader : the past to delay completion of the CA trust authorities are taking a par- ’V ; overs announced in Debt and Mezzanine Facilities Underwritten by B.FT30C month. tender offer for Legent shares, ticularly close interest in the . they have scheduled to dose on July 6. Tbe software industry after the Micro- The Royal Bank of Scotland SchBBng The companies say received a “second request" for government agency has 20 days soft case. information from the Justice from the time the companies Microsoft acknowledged 10 Advisers Department, while the Federal comply with its request to deter- days ago that its plans to enter Trade Commission has Interna- mine whether the transaction the online information services KPMG tional Business Machines' $3.5bh would limit competition. market are now under investiga- eswhjo. • . i Touche Ross Corporate Finance buyout of Lotus Development, a The Justice Department and tion by the Justice Department. F.firanc. .iH ... leading personal computer soft- the Federal Trade Commission The outcome of the inquiry has ’ - Irish Pont U r ware company, under routine routinely review about 2,000 big yet to be seen. Dibb Lupton Broomhead o Q -3% antitrust review. mergers and acquisitions a year. The Increasingly stringent US CA-and Legent said they have Fewer than 5 per cent are sub- antitrust environment also raises Alsop Wilkinson a questions about IBM’s acquisi- currencies the indications that the antitrust jected to closer scrutiny with The chart shows the member of ; division may extend tbe review “second request” for information. tion of Lotus Development But exchange rate mechanism measured agamstthe expect an of their deal beyond the normal In April, however, the Justice legal experts do not ONTAGU the system. Most of the curren- weakest currency in 30-day period. This raises con- Department filed suit to block antitrust challenge because nei- within per cent of RIVATE cies are permitted to fluctuate 15 cerns that regulators might Microsoft's planned $2ira acquisi- ther company dominates in the members the the leading sup- personal computer software mar- QUITY agreed antralrutes against die other qf impose conditions mi the compa- tion of Intuit, S are the D-Mark and the nies prevent any anti- plier of personal finance manage- ket mechanism. The exceptions to 77L CONTENTS i- LnflfiO Otfar Ofnioa Auttfe ScHS itea UHD Un SAobia SR11 Montagu Private Equity Limited BaMta. DM250 Hong Koog HG1B Horaces MM5 Money Marina 27 Itangay RIBS Neb B 425 StagqxnSSUQ I I 6AE Mstai awo «_ n al«~rfVll llata Leader ftp — Share tatamwui 3031 10 Lower Thames Street, London EC3R tew two Hgm* NbWO Stovafc RpKSLBQ sums urttom UK taws lettm Mm Ybrfi share pnees 32-33 Fax: 0171-220 7265 Norm. MW&OD S. Africa m£.M Tel: 01 71-260 0911 Cwu cei.w Mm RrfS Owner The Manats « PWZ2S Lfltoi WaW Stock MaMB 26 Credit^ CZKSS bad SttSO Ow 0R1.W Spw Manes 23 Quids to the Weak Management _ Eewgng A MK.MUKK III' IMRO uoto Pridssn WO Sweden SW17 [tank 0N17 m INsWeaUPnpto- RJHHB6 _ Worid Bond MfcM* -— 22 Egypt B&flO Ax*. Happtatt PmSB Swta SRMO SportMCHKMB - EqJty Urrfcafci 24 Member HSBC Gicmi' BCf® jonta JXSO PM 2*ZJXB syne sesum £W«j Business Traid, FT/SSP-A Wd htaa — 21 Afataaflu fka» ftrajgritn'tafd Dht.500 Ftatand FM15 KmSt 1MH Managed 28-29 P*wbb seooij ISSflOO Week Ahead. Finds— FFritlM Lttanon \eSlS0 EsZ30 Turkey ton 001200 Gtray DUUO On UTO UAE

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FINANCIAL TDMOES MONDAY JUNE^i^ NEWS: EUROPE economy Ifo warns that much remains to be done to create a self-sustaining Heavy fire E Germany still needs cash infusion

of eastern German products at By Judy Dempsey in Berlin pubRe transfers to of Caxuecon, aimed and the collapse EU continue to eastern genreny The Bundesbank expects probably socialist trading bloc which growth to rationalise and shift the Eastern Germany's economy German economic per cent of bn The urgent accounted for 65 will grow by KS per cent next DM slow down and job creation to production abroad. time of East German exports. year, but massive financial 200 — be held back as a result of the need to create jobs at a unemployment The economy also remains transfers from western to east- sharp rise In the D-Mark and persistent high ‘wise by hampered by high labour costs voting men’ hindered ern Germany are likely to con- recent high wage settlements, would be 150 and low productivity. Ifo shows tinue to be needed for some Andrew Fisher reports from industry’s cost and profit on an index of 100, labour By BrUce Frankfort. situation. that By Robert Taylor in London call for widespread deregu- years, the Ifo Institute for Eco- points Diplomatic said an costs in the east are 35.7 lation. nomic Research warns in a In its monthly report But the Bundesbank and Caroline Southey -j productivity 52.7 100 collapse was not higher and However, it identifies areas, report published today. The yesterday, it called these two economic in Brussels points below west German lev Wider usa of mztfprtty ' voting Z factors “considerable expected in view of the strong, particularly in regulations cov- financial transfers last year a conM - weaken- ribt sfrgngrtpp^' that els. social food safety amounted to DM160bn burden” for companies at a broadly based upturn Deep divisions over the future ering policy, lowest levels of produc- the EunipeanUaiffii^effecti^ relatively low profit began early last year. Its The of social policy and. the comple- regulations, the environment, (£70.7bh). time of tivity are mainly in the manu- report the margins. Competition in caution comes as growth tion of the European single and standards for machinery The by one of to article pubMKSd facturing sector, which an ovw -fe , regulations are 00001x7*5 leading economic export and domestic markets forecasts are being scaled back market have emerged over a where EU 1601 92 600.000 compared to weekend fcy Mr Douglas Hart, intensified sharply. in the wake of the D-Mark’s employs high-level report on the effects creating additional burdens for institutes is the most compre- had : Source: IFO 3m in 1989. This sharp faB in the UK foreign secrriaiy.V.K companies. hensive analysis of the eastern Thus companies would strength- of legislation on competitive- manufacturing has led to and Writing-in the' flti&feuische and job creation. The group concludes that its German economy since the ness perpetuated high levels of Zeifung, the German -daily, Mr nwn levels. This year, they will tor increased to DM90bn last The region is running a Some employer representa- findings will contribute to con- introduction of German Mone- gave firm tabtful unemployment. Hard a ; but compared year, the equivalent of a 313 DM21lhn trade deficit. Imports tives on the committee draw- solidating and simplifying EU tary Union (GMU) on July 1 amount to DM13340 year amounted to Accortfing to Ifo, the rate of riposte to the mounting cam- Sir regulations with the aim of 1990 when the D-Mark and the to DM9,125 in the west which, per cant rise compared to 1969. last ing up the report, including decreased paign senior German pofitfc .7bn compared to unemployment has by . Michael Angus from the UK. stimulating competitiveness East German Ost Mark were according to Ifo. reflects one of while the number of employees DM277 DM66.9bn. and is stabilising at about 13.5 ciahs for the-irichisidff. exter- have distanced themselves and reducing unemployment unified. the most important impulses in this sector rose by 170 per exports totalling nal - trade deficit instead of per cent. Of the 63m labour relatiohs.in'the axeas from a recommendation for a Sir Michael Angus, chairman Ifo says the engine for for long-term growth. cent to 1.1m over the same The sharply force. Urn are officially regis- where foe EU alfows maloti^ gross prod- Another buoyant sector is period. decreasing, has risen set of treaty-based labour of Whitbread's, the UK drinks growth in domestic r ‘ : exports tered as unemployed. But as votes. S. unions have group, backed by employers' uct is being fuelled by the high construction, increasingly con- However, these positive indi- from 199L when rights, while trade does not Foreign policy mov** the cators are not enough to create totalled DM46.9bn and imports Ifo points out, this by attacked its conclusions on the representatives from Germany. level of investments, and by centrated on modernising econ- include an additional Urn peo- EU wouMlose-thair crecBribty grounds that they undermine Ireland and the Netherlands, the rapid expansion of the con- housing. It grew 18 per cent conditions for a self-sustaining DMl99.2bn. An export-led ple are on government- if it were known that some minority report struction industry and the last year compared to 1993. and economy. Ifo argues that the omy in eastern Germany is not who social policy. has produced a job creation membexstateshad-lopposed It eastern econom still in sight says IFO. supported The report, which is due to distancing himself from the small crafts and trades sector. employs over 500,000. In 1994, German y sharp fell in exports, schemes, engaged in (subsi- them/the foreign^secretary? be presented to the European social policy recommendations. GDP expanded from DM206bn accounted for 40 per cent of faces fundamental problems in The dised) short-tizne work, or who said. Commission today, was com- The report calls for a set of in 1991 to DM256bn in 1994. eastern Germany's GDP. restructuring foreign trade, in particularly for industrial Wig : small fa mi- dnp to which have been forced to take very ling of argUEOBHf was ia piled by 17 EU “wise men" fundamental labour rights and Per capita investments in the Turnover in the competitiveness, and In the goods, was GMU. early retirement- strong contrast to" iastweek’s Molitor Commit- principles to be enshrined in east now outstrip western Ger- ly-owned crafts and trades sec- labour market exposed the tmcompetiriveness known as the policy paper by Gennanyirbl- tee. It was chaired by Mr Bern- European law and applied ing_ Christian Democrats, hard Molitor, a former senior directly in all member states. , - which calls for majority -totihg- official in the German ministry The aim of the recommenda- THE CCOKOWC POSITION « EAST GERMANY 189* - 1894 / for all -foreign policy deri- coincides with sim- : EU , of economics. tion. which 1994 1*99 . 1884 1991 1992 1993 sions which do not involve .mil- ' The committee was set up ilar calls from Mr Pagraig Enterprising % eftaofia pa ptwwk ' Mn itary action. last year by EU member states Flynn, commissioner for social '••••. ' to identify which laws and reg- policy, is to reduce the amount Gross domestic product 20&0 222.1 235.0 250.7 7.8 . 5* 92 ulations should be abolished or of EU-wide secondary legisla- Domestic demand 35&3 412.0 434.2 4675 15J0 &4.- - 9Q9.S 2.7': -- simplified improve competi- tion in the social field, a com- Private consumption 1793 196l9 211.4 9JB 45 to 6 fa lies State consumption 87,7 93.7 92.6 943 . * -12.Y mission official said. drive tiveness cre- mi and promote job 15&3 27,8 .14.1 1&5* ation. However, the employers' rep- Capital investments 92.1 117.7 134^2 ' Equipment 41.8 45.6 48.8 52.4 3:0 . 7.4 The report is due to be con- resentatives argue that the ' 72.1 85.4 1033 4&4 1£5 2 sidered by the EU heads of proposal would increase Sufidtngs 50B U. Foreign trade balance -15Z3 -18SL9 -199J2 -21043 24J • - 4L9 -58. state summit in Cannes at the administrative and legal com- • 51.7 54.6 609 102 £5\: 22.6 growth engine Exports 4&9 ; weekend. If approved at plexity, lead to endless litiga- • -; . 199-2 253.8 277.7 21-3 . && Imports 241.6. . Cannes, it will be used as a tion and would create legal Consumer prices {% change on basis for detailed proposals for uncertainty for businesses. By Judy Dempsey in Berlin month. My wife, Susanne. was . previous year) 12 10.1% 8.4% 3.0% . - \ .j — change from the European They also contend that it working earning 500 Ost SotffCKStaBstfsehes BvridGsanjt: Commission, to be presented to would be damaging to employ- Rainer Manthef is exactly the Marks a month at the state the end-of-year EU summit. ment prospects and what they kind of self-employed east Ger- health insurance company. It The European Trade Union call the “long standing social man who, according to the was nothing,” he said. In 1989, Confederation has urged the traditions in member states influential Ifo research insti- foe monthly running costs for East Germans who had been state insurance company through their savings, to raise Cannes conference to reject the and the carefully balanced tute, is contributing to the their state-owned apartment starved for years of consumer which bad taken over its east- the DM200,000 Mr Manthei report's findings. Describing it relations between social part- region's economic upswing. was 300 Ost Marks, of which goods, the Mantheis resisted ern German counterpart She needed to buy land to bufld a as “flawed with few friends", ners”. Mr Manthei, aged 37 and 150 Ost Marks was set aside the temptation to rash out and was earning a net DM2300 a new bouse. *T didn’t borrow a the ETUC said in a statement Two union members of the father of two children, runs a for rent bay a new car, dishwasher, or month. pfennig from the hanks,” he that it was “deeply perturbed group have produced a short small office-cleaning business Like the 17m other East Ger- video recorder. “I wanted to Bat Mrs Manthei, like the said. “I now have enough secu- by the group’s findings". opinion that opposes the in the IVfitte, the heart of east mans, the first thing the invest in my new business,” rest of the family, including rity to get a DM450,000 mort- The committee’s terms of ref- report’s conclusions. They Berlin. Mantheis did after GMU was said Mr Manthei. “I even kept grandparents and children, all gage to build tbe house. Ton erence were to examine argue that it is “characterised He set up his company soon to exchange their savings for by Trabby [Trabant car] until help out cleaning the offices get a special low interest rate national and EU-wide legisla- by an unacceptable one-slded- after introduction of German D-Marks. “We had savings of 1991.” with Mr Manthei still putting if yon give up your state- tion and their effects on com- ness” with no “objective" anal- Monetary Union (GMU) in Jnly 25,000 Ost Marks. My wife and With the savings, the Mantb- in 80 hoars a week. The profit owned apartment, which we petitiveness and job creation ysis of the impact of EU and 1990 which unified the West I were each allowed to eis set to work. They hired margins are slowly increasing. did.” he explained. In any Douglas Hurd: .‘mot the kind of and to recommend how regula- member-state laws on competi- German and East German cur- exchange 4,000 at a 1:1 rate. four people on a monthly Mr Manthei reckons he will case, he added, the monthly influence we are seeking” tions could be abolished or tiveness and employment". rencies. Until the collapse of We could exchange 2,000 Ost retainer of DM5S0- They could have a turnover this year of rent had soared to DM750 a simplified. They also argues that simpli- the Berlin Wall in November Marks for each child at the not afford all the employer’s abont DM130.000. “After month. Mr Hurd said Britain, and The report, however failed to fying regulations and reducing 1989, he had managed the same rate. The rest of our costs, and it was uncertain if deducting costs of DM80,000. Mr Manthei believes hard possibly Germany, might have examine national legislation the burdens of legislation “rep- cleaning department of the savings were exchanged at 2:1. the business would survive. HI come out with pre-tax prof- work and motivation has got been outvoted by their EU because of a lack of time and resents only one of the aspects local education authorities. In all we got DM18.500 His wife, meanwhile, had its of DM50,000,”DM50,000. said Mr hnnhim where he is. “TheThe possibil-possit partners on the question of n only considered EU-wide regu- ofor the question and certainly “That job was badly paid. 1 [£8.200],[£8.200]” said Mr Manthei. managed to find work at the Manthei. ities are greater since GMUGMU. I sanctions against South Africa

lations. Nor does the report not the most important". I was getting 700 Ost Marks a Bat unlike so many other A0KAOK the western German The family has also helped.helped, get more for my money.”money.' if EU members had been using a majority voting system in the time of apartheid. But a vote for tougher sanc- tions by a majority of EU Rising rouble adds to uncertainty in anarchic market states “would have served no useful purpose". Peaceful change in South Africa owed The Russian currency’s seven-week spurt has raised questions about economic fundamentals, writes Chrystia Freeland more to the influence of the UK and Germany than to other hroughout Russia's cha- Russia: inflation and the rouble tion rather than artificially capital.capital per cent a month in April, 7.9 EU members which took a otic, four-year transition stimulate it. But while the rise of the rou- per cent inIn May, and expertsexpej harder line. Retias^d (Dec 1Qa, 1f¥11 to a market economy.economy, According to this view, the ble ought to be a healthy omen predict 6 per cent this monthmonth. The European Union could T / JBWJT 7 s 180 ~ _ one tendency has been predict- JIB a rouble is rising not thanks to of returning public confidence Indeed, the Central Ban]Bank's also be divided by the repres- i i rJ f consumer prices able: the steady depreciation of - • — — — - • . some hidden government in the economy, many western efforts to moderate the rouble'sroubli sive behaviour of some regime llfy'* jf>y!#J the rouble against western cur- / cabalcabal, but due to economic fun- and domestic analysts warn rise are actually expected to nearer home, the foreign secre- 1 1 — — — • - — • rencies.rcnoice TheThe. rouble'srnuHs’c steadyc+oarfv l V si. "ft? «. wZr 3 160 damentals.riflmpntale that the rouble'smiihle's giddypiddv appreci-annrerl- giveotvp a further boost totn infla-inf tary suggested. In such a case, decline has become such a reli- Russian government officials ation poses dangerous risks for tion. By buying dollars, the there would be little advantage able fixture in Russia's other- and some western economists the Russian government Central Bank has risked neu- in trying to paper over the wise anarchic economic land- 140 - attribute the rouble's rise to Mr Boris Fyodorov, former tralising its tight credit poli- cracks. scape that many stores and several underlying factors. One finance minister ftnri now an cies, flooding the markets with 'Suppose, for example the restaurants have taken to quot- is the very tight fiscal controls outspoken opponent of the gov- an inflationary influx of rou- government in a country close ing prices in dollars, to avoid 120 - which the government imposed ernment is warning that the bles. In April, Russia’s M2 to the EU puts down a rebel- - constant revisions of menus this spring, including a sharp rising rouble has become a money supply currency in lion force . . by . [and] a couple and price tags. rise in the rouble-denominated fragile balloon, likely to burst circulation and time deposits - of EU partners are reluctant to Ordinary Russians have reserve requirements for com- in the autumn with devastat- rose by 15 per cent, and condemn this action, but all raced to convert their savings •Russians wonder whether the Dec 1904 Jan Feb 1905 Apr May mercial banks. ing consequences for the econ- increased a further 7 per cent the others do,” be suggested. Some; Moscow News into more reliable bard curren- babble will burst’ nMnmmer Another is the high rate of omy. “The rouble's rise may in May. In that sort of case. It would cies. leading to the accumula- return that rouble-denomi- lead to a rouble crisis and a The other fear is that the ris- become only too obvious which tion, by some estimates, of an has been turned upside down. jumping 70 points against the strength is based on conflicting nated instruments, particularly one-time devaluation of citi- ing rouble rests on an economy EU countries were dissenting unregistered $2Gbn (£l2.7bn) Since hitting an historic low of dollar on Wednesday. 40 points explanations of the rouble’s government debt, are currently zen’s savings in tbe autumn," too fragile tn support it. and “that will not bring the within the country, and flight Rbs5.130 to the dollar on April on Thursday and a further 61 rise. One school of thought offering in tbe Russian market. Mr Fyodorov said. After tbe traumatic shock of kind of influence we are seek- capital held in foreign banks of 29, the rouble has been steadily points an Friday, has elicited a attributes it to manipulation A third, more ephemeral fac- The Cassandras have two Black Tuesday last October, ing”. as much as $6Qbu. Even the appreciating, rising to Rbs4,665 mixed response from traders by the Central Bank, allegedly tor, is growing public confi- main concerns. Their first is when the rouble lost nearly 25 Nor was it possible to do as Russian language has come to to the dollar in trading on Fri- and economists. Opinion is seeking a strong rouble to help dence in the economy, trig- the stubborn resistance of the per cent of its value in a single as tbe German Christian! Dem- reflect popular expectations day on the Moscow Interbank divided on tbe engine driving secure the confirmation by par- gered by, according to some inflation rate to fall in day of trading, the apprecia- ocrats were suggesting, and that the rouble is fated to Currency Exchange. Analysts the rouble's appreciation, with liament of Mrs Tatyana Para- estimates, a slight growth in response to the same factors tion of the Russian national make a sharp' -distinction depreciate: “valiuta" the agree that the rouble is seri- some economists pointing to monova. acting chairwoman of industrial production last which appear to have driven currency is a welcome sign for between military and non- generic Russian word for cur- ously undervalued and that a healthy fundamentals but oth- the bank. month and reflected in the ris- up tbe rouble. Until the end of tbe government But the mixed military decisions. ", - rency has come to dol- mean correction is in order. But they ers linking it with back-room But other western econo- ing value of Russian equities. April, when the rouble began reaction of traders and econo- If this principle were lars or D-Marks “derevi- and are troubled by the failure of a government manipulation. mists dismiss this conspiracy Together, one western econo- its striking appreciation, the mists suggests that the Central adopted, the EU could find anyi”, a Russian adjective for higher rouble to be transmitted Many analysts have warned theory as "nonsense". They mist says, these elements have decline of the Russian cur- Bank must walk the tightrope itself supporting peace initia- wooden or worthless, to domestic prices, a that the giddy to encouraged Russian faithfully has problem rouble's rise is point the Central Bank's banks and rency mirrored the between inflation an app- tives, or making threats,' by a become the standard preface which they attribute to import setting the - stage for a danger- massive sale of dollars $30Qm investors to transfer their inflation rate. But. since then, reciating rouble very carefully majority vote and then failing for references to the rouble. barriers. collapse - evi- assets dollars into roubles while the ous in the autumn. last Wednesday alone as from rouble has launched if it is to avoid a second, more - because of the requirement However, over the past seven rise, ascent, inflation The rouble’s which The ambivalent reaction to dence that the bank is seeking and stimulated the beginnings a powerful has devastating, replay of last of unanimity - to back its weeks, conventional picked last week. the It wisdom up steam rouble’s new-found to slow the rouble’s apprecia- of a return of Russian flight also remained high. was &5 year’s crash. words with force. THE FINANCIAL TIMES Published by The Financial Tarns (Europe) GmbH. Nibdungeapba 3. 603 IS Frank- fort am Main. Germany. Tdcpbooc +-M9 W l&i 8M. Fax +-+41 o9 5% 4481. Teln 414193. Represented in Fraukfun by J. Pilots fly high among headlines but take some flak Waller Brand. WO beta J. Briosel. Colin A. Raima rtf as Geschd/isJuhrer tod in Lon- 4m by David CM. BdL Chairman, and however. This is not because it spectacle varies between the Danish. Norwegian and Swed- pilots. Alan C. Miller. Deputy Chairman. Share- AIRLINE STRIKES navian corporations over SAS’s The .” newspapers reported, bohiera of the Financial Tunes (Europe) was a significant case of indus- comic and the insane. . ish interests in which all three paper The warned the SAS dominance, which is set to be that la? GmbH are Tbe Financial Tunes (Europe) public sympathy trial action but because the A more terse front-page sum- governments have a stake. Its pilots that they put their own entrenched by its recent Lid. London and F T. (Germany Advertis- strate- almost entirely wife the eigbl imilarly ing) Ltd. London. Shareholder of the Airline strikes last week made public were desperately incon- mary In the Corriere della Sera labour relations are s jobs at risk by launching ill- gic co-operation agreement recently promoted flight atten- above mentioned mo companies ix Tbe the headlines in Italy, Scandin- venienced. Some 480 out of 522 caught some of the confusion. complex, involving more than judged strikes in an era of with Lufthansa of Financial Times Limited. Number One Germany. dants. and hot the striking avia and India. Pay or restruct- flights were cancelled on “Government intervenes: the two dozen unions. As r Southwark Bndjc. London Aflenpos- growing airline competition. In India, more than fli ht - S£1 9HL. 50 g s pilots. . v uring was at the heart of the Thursday. wild-cat flyers won’t co-oper- ten. the Norwegian daily. But SAS itself GERMANY: was not of Indian Airlines, the coun- The Telegraph of Calcutta' Responsible for Advertising: Colin A. Kcn- protests at Alitalia, BAS and “The damned of the air- ate: we’re ill. not on strike. try's state-owned aanL Printer DVM DnicJt-Vertrieb und domestic car- said Ms Nilika Roy, an air host- Indian Airlines. But, in a ports,” thundered La Repub- Negotiations in the night: some Marketing GmbH. Ad tniral - RowtwiaW rier, were disrupted : INTERNATIONAL PRESS REVIEW 1 when ess with 32 years of Sirasu 3a. 63263 Neu-lsenbure (Owned by demarcation dispute at the blica. More alarmist the front flights guaranteed. A military junior pilots refused to fly with Was “humiliate ‘ whpn pilots Humyet International l. ISSN 0174 7363 '-'JJ d" Indian carrier, pilots put on a page of U Giomale, the daily of plane for MPs? Immediate con- TJF"' senior Responsible Editor Richard Lambert, do stewardesses and flight forced her to fly as a passeiger show of pique: junior pilots the Berlusconi family, troversy.” The Financial Tunes Limited. Number One attendants drawing higher sal- and did not allow her to cany Southwark Bridge. London SEI 9HL. declared: “Italy hostage of the tone. La pointed out, the pilots’ refused to fly with senior stew- In more sober action immune from criticism. aries, saying it FRANCE: affected the out her duties on a flight ardesses and flight attendants thoughtless flyers”. Stampa said in an editorial brought to 12 the number of Despite deregulation in the well-defined Publishing Director D. Good. I6S Rue de hierarchy on assigned to her. JjvBan drawing higher salaries. With airports close to news- that the The Rivoli. F-75044 Paris Cede* 01. Telephone abuse of industrial strikes within SAS in recent Nordic area in recent years, in board. Express in a hard-hitting- edito- (01) 4297 0621. Fax kill 4297 0629. In Italy, the public has long paper offices, the chaos among protest undermined the whole months. practice SAS still has a power- The pilots, who have several Printer SA. Nord Eclair. ISC1 Rue de rial blamed the pilots. for their been used to transport strikes. stranded passengers provided a nature of the protest Aftenposten was not ful grip on flights within Scan- Cairo. F-59KM Roubaix Cede* 1. Esfiior. times in the past held the air- “petulant behaviour which Richard Lambert. ISSN 1146-2733. Com- Stoppages of trains, bus ser- rare safe chance for Italian In Scandinavia, too. striking impressed by the pilots, who. it dinavia. where ticket prices are line and the travelling public none of the issues, involved mission Panuuic No 6760SD. to turn their polished flights. pointed out, vices and airlines are suffi- reporters pilots grounded SAS have an average sky-high. The strikes empha- to ransom, SWEDES': have been threat- warrants", ’Hie paper sidditbo ciently frequent for the public prose on a live story. II Gior- Judging by the press reaction, salary of about $80,000 (£51.000) sised Responsible Publisher Hugh Caroepy 46$ the lack of choice on ened with legal action and sus- recent improvemenf in the air- 618 6088. Printer: AB Kvailsiidflingn to take them in their stride and nale surveyed the scene at public frustration was mostly a year. “The SAS pilots' action many routes. pension by the airline. line, Expressen. PC Box 6007, S-SSO 06. Jdo- spurred by competition* the press consequently down- Milan. "Signore e signori, directed at the SAS pilots hardly has the sympathy of Stxnska Dagbladet, the voice Newspapers pointed koptog, out that had been "sadly blurred by fife grades them as news. ladies and gentlemen, mes- rather than the company other workers groups," it of Sweden's conservatives, pilots' C The Fmandai Times Limned 1993. the agitation had been tantrums of its pilots".' - latest trouble pro- dames et messieurs, before the dispute remarked. took this Editor: Richard Lambert, The with welcome pay was up issue under the weakened by the fact that efo The Financial Tunes Limited Number the testing pilots at Alitalia, the to madhouse Alitalia. ... if finally settled last week. Dagens Industri, a highly headline “Growing dissatisfac- Indian One Southwark Bridge. London SEI 9HL. Airlines no longer holds Robert Graham in Some, Bugh. state-controlled national air- you want a seat on this ship of SAS is a company of tortu- successful Swedish business tion with SAS", citing the irri- a domestic monopoly since lib- Camegy in Stockholm and. line. has hit the headlines. fools, step aboard because the ous construction, built from tabloid, also had a shot at the tation felt by many big Scandi- eralisation two years ago. Shiraz Sidhva in Beta Delhi O.S x,

FINANCUI. TIMES MONDAY JUNE 19 199S NEWS: INTERNATIONAL "St afguC IMTERNATIONAL NEWS DIGEST Election pledge prompts Algiers talks Managua ends Roula Khalaf reports on the political intrigue surrounding the lastest peace moves Vfc* I 1

t a reform dispute a hillside villa above Tho Algerian government is National Liberation Front, now The major political parties, violence and back a candicandidatedate Algiers hay, where the determined to bold presidential the country’s main secular including thetoe FIS. say that in chosen by the army, in return two senior leaders of elections by the end of the opposition, and the Berber- the absence of a negotiated for thetoe unbanmnEunbanning of the partyoar-tv Nicaragua’s A telephone privatisation is back on track after the the Islamic Salvation Front year. With only six months to based Socialist Forces Front, in solution ending the violence, and free legislative elections. government and Congress reached agreements to end a (FIS), Mr Abrtssi Madam and go. and the country's main January agreed a national con- the elections an? a futile exer- This thesis may be supported long-running dispute over constitutional reforms which has .Mr Ali Benhadj, lived for opposition parties, including tract with the FIS committing cise aimed at lending legit- by the inclusion in the talks, tried the patience of foreign donors and international lending months under house arrest last the FIS. opposed to elections the Islamist party to principles imacy to toe government. for the first time, of Mr Abdel- institutions. year, the Algerian government before a negotiated end to the of democracy and proposing a The president is expected to kader HachanL the FIS leader Nicaragua's president, Mrs Yioleta Barrios de Chamorro, is holding fresh talks with the violence is achieved, the phased end to the crisis annour.ee a date for toe elec- who headed the legislative approved reforms last week - insisted on by Congress before it FIS. apparently in an attempt Algiers political scene is again through multilateral discus- tions or. July r>. toe anniver- election campaign in 19H1 would discuss privatisation legislation - which devolve power to end the violence. brewing with intrigue. sions with the government. sary of Algeria’s independence. when the FIS won the first from the executive to Congress. Close relatives uf the Just across the street, the Official army-backed govern- The contract, signed in Rome, The question for toe rest of round. Mr Hachani has been in incumbent president will also be barred from running for the entrance to the well guarded ment talks with the FIS leader- met an angry reaction from the the Rome coalition, however, is prison since 1992. presidency, “if these agreements liold and don't unravel. I £I-Dja2air hotel, home to for- ship broke off last October and government, which dismissed whether the talks are simply Opposition parties say the think things look pretty positive.” said a Managua-based eign visitors and many foreign the two FIS leaders, who had it as foreign interference m its aimed at divzdmg the ranks of government was encouraged foreign diplomat. residents who no longer dare been released from prison and affairs. toe coalivios and convincing a by a recent letter by Mr Madani: denounced violence Approval of the reforms removes the principal obstacle to venture an the streets of placed under house arrest, The- government had its own sceptical electorate that the Madani to the president legislation on the partial sale of the state telephone company, Algiers, reveals a clue as to were moved to separate, plan. Last November, Gen Lia- FIS is incapable of negotiating denouncing certain acts of vio- talks, is backed by a consensus Telcor. and means that international donors will not lend an why contacts with the FIS unknown locations. Since then, ramc Zeroual. the president, an tr.d to toe crisis, in which lence. The letter follows others within the army and thus able unsympathetic ear at a meeting in Paris today. The have resumed. A banner on the hardline generals have pushed announced presidential elec- 40,0riG Algerians have died. sent by the Islamic Salvation to provide concessions and government hopes to secure /trading of some - S4o0m wall reads: “Elections being a military option aimed at tions would be fceM by the end Some opposition figures are Army, the armed wing of the whether the FIS group talking for next year. proud to be Algerian". It Is one eradicating the Islamist mili- of Isas. Given the wide consti- willing r..i believe, however, FIS. calling for a resumption of to toe government includes the Congress is expected to pass a regulatory law for Tefcor of many around the city equat- tants tutional powers £i joyed by an that the move is an attempt at political dialogue. more hardline Mr Benhadj. which has already been broadly agreed before debating details ing elections with modernity, Convinced the military Algerian president, assuring striking a deal with toe FIS The outcome of these talks who has 3 following - and thus of the sale by end the of July, about a year later than had been nationalism and the choice of a option is destined for failure, the presidency remains within whereby the Islamists would hinges on whether the presi- influence - in the more hoped. Edu-ard Orlebar, Managua happy future. Algeria's former ruling army control* was a priority. help reduce further toe level of dency. the interlocutor in these extremist Islamic groups. Lebed’s successor forced back The Russian government got Call to its first taste of popular Opec worried by surge in rivals’ oil output support for maverick General Alexander left, Lebed. at the pay US By Robert Corztne in Vienna tiun has so far not been unlikely ro be an;, serious Opec output. The latest report very difficult to raise the ceil- weekend when women enough to undermine prices. move :c ;hd: oil pnrmg to Jap- from toe International Energy ing given the growth in non- protesters forced his Oil ministers from the In fact, the ministers are anese :* t. .-r a basket of cur- Agency in Paris, which moni- Opec output," said a senior Moscow-picked replacement directors Organisation nf Petroleum likely to take seme satisfaction rencies. tors world oil trends on behalf ufficial from one of the large to conflict Qee Moldova. The Exporting Countries in from recent prices, which have But if the scon-terre outlook of the big industrialised coun- Gulf Arab producers. The offi- between the outspoken Vienna today against a worry- been in to* S16-S13 range for is relatively rosy, toe medium- tries. predicted that non-Opec cial added: “We intend to cap- general and Moscow erupted in stock ing background ui which non- much of the year That is far term prospects for Opec states output would rise again this ture some of the growth in " earlier this month when Gen Opec producers, such as the below Gpec's target of §21 a are more problematic. Their year to 42.05m bd, compared demand. Lebed, who commanded By Tony Jackson In N«w York UK and Norway, arc taking the barrel ar.*i ministers are likely main worry is hir.i to capture with 41.16m b d last year. But there are few specific Russia's 14th array in and William Lewis in London lion's share of toe growth nf to make their usual complaints the growth in world oil The surge in non-Opec out- proposals for doing so. There Moldova’s breakaway world demand. about the damage such low demand that is currently being put could even affect prices. have been unsuccessful Transdnestr region, tendered Non-executive directors in the Analysts do not expect the prices can do to the long-term met by non-Opec producers. Mr Michael Rothman, senior appeals to countries such as his resignation to protest at US should be paid largely in ministers to make any changes availability or world oil sup- It's a big issue for Opec," energy futures analyst with Norway to exercise some the Russian government's stock and get no company pen- to either Che Opec production plies. let alone to toe political says Mr Vahr.n Zanoyan. a Merrill Lynch in New York restraint. Mr Zanoyan. how- plans to withdraw the army sion. ceiling or the individual stability of some Opec states. director of toe Washington DC- says there is a possibility of ever. says that short of threat- within three years. Last week President Boris Yeltsin tried to These are among tough national quotas, the two issues Current prices are high based Petroleum Finance Com- downward pressure on oil ening non-Opec with a price end the showdown by accepting Gen Lebed’s resipation and recommendations on nonexec- which have proved most divi- enough, however, to have lifted pany. Opec's strategy has been prices over the next feu- war, there is little Opec can do. appointing Major General Valery* Yevnevicb as his successor. utive directors’ pay and condi- sive over toe past few years. at least some of the financial "to sit light in the nope that all months. especially if there is a Some countries, such as On Friday, 500 women protesters blocked the runway in tions by the influential The production ceiling of pressure on Opec states. There will be fine when demand slowdown in GT economies. Kuwait, are intent on increas- Tiraspol capital of the Transdnestr. forcing the aircraft National Association of Corpo- 24.52m barrels a day is due to will be some grumbling from rises". Many Opec ministers There is a growing accep- ing their production capacity carrying Gen Yevnevich to be re-routed to neighbouring rate Directors. last until the end of toe year. Iran and others about the viewed last year's surge in tance among some Opec prod- even though it will have to Ukraine. Gen Yevnevich later arrived by helicopter but Gen The report also suggests US Actual Opec output has been unpact on toeir oil revenues non-Opec production as tempo- ucers that they may not be remain shut-in for as long as Lebed's supporters were undeterred. directors should not accept just over 25m b/d, according to from this year’s fall in value of rary. But there are still no able to raise the production the present ceiling remains in Women protesters surrounded the garrison hostel where company business from other analysts. But the over-prodttc- the US dollar, although there is signs of a slowdown in non- ceiling next year. “It will be effect. Gen Yevnevich was billeted. On Saturday Gen Yevnevich. companies which employ accompanied by the protesters, was driven to the airport and them, and that their full com- flown to Moscow. Gen Lebed has been tooted as a possible pensation should be disclosed.

Russian presidential candidate. Chrystia Freeland, Moscow The report complements an earlier NACD study on the con- troversial issue Df executives' Levy splits from Likud pay. Mr John Nash, president Israel's rightwing opposition Likud party formally split last of the NACD. said: "What invest in Asia, David Levy, former foreign minister, told we're aiming at here is for can night as Mr the Now you supporters he was leaving Likud after nearly three decades to shareholders to hold directors form a new centre-right parts*. The split will seriously damage to the same accountability as Likud chances of winning the next general elections in directors do the CEO [chief November 1996 and harm the ability of the right wing to executive officer!. Making mount an effective opposition to the Labour-led government's directors hold stock is a good the Middle East, Middle East peace negotiations with Syria and the way to do that.” Palestinians. The report says directors Mr Levy also said he would stand as a candidate in next should receive up to 100 per November's direct election of the prime minister, thereby cent of their annual payments ensuring a right-wing split in the first round of voting. Recent in the form of stock, with the opinion polls have shown that a united Likud party would balance in cash. They should stock - Mediterranean, be also required to own the trounce Labour in a parliamentary election and that Likud - leader Benjamin Netanyahu is leading Prime Minister Yitzhak rather than stock options Rabin by at least 12 points as choice for prime minister. amounting to as much as 10 Polls taken before last night's formal split showed that an times their annual retainers : alternative party led by Mr Levy could expect to win five to and fees. eight of the 120 parliamentary seats, depriving Likud of a clear The NACD report is likely to the Black Sea... execu- Balkans and Jerusalem fuel debate in the UK on the victory. Julian Ozarme. tive pay, which the UK govern- ment-appointed Greenbury Belgian programme agreed committee is now examining. The two Christian Democrat and two Socialist parties in However, US directors, who Belgium’s outgoing coalition yesterday agreed a programme are mostly non-executive out- ever leaving Europe. typicalty receive without that will form the basis for their next government. “The siders. do not negotiations are finished, there Is a definitive agreement on a the multi-million dollar sala- final version of the text" a spokeswoman for Prime Minister ries enjoyed by some execu- Jean-Luc Dehaene said. Mr Dehaene headed the team that tives. negotiated the new centre-left government after last month’s The report estimates the general election and is poised to become prime minister again. average compensation for The four parties - the Flemish Christian Democrats. directors of the top 500 US cor- and porations at $60,000 (£38216). It "T Flemish Socialists. Francophone Christian Democrats .*«£;**-x . Francophone Socialists - agreed in principle on Saturday to says the figure has risen con- ' * form a new government The spokeswoman said Mr Dehaene siderably faster than inflation . ,^ V could now focus his attention on forming a cabinet The pact in recent years, with an will allow him to attend the European Union summit in increasing proportion consist- Cannes on June 26 and 27. Reuter. Brussels ing of perks such as pension entitlements. The report criticises the Italian industrial strife brews growing practice of providing " plans, ^ . The Italian government faces a stand-off with unions in the directors with pension > public transport sector following Saturday’s unprecedented health care and free company • - S v •> services. These \ § _ decision to ban all strikes for a week. Yesterday pilots of products and create dependency, it says, and Alitalia, the national airline, appeared to be observing an uneasy truce following last week’s crippling industrial action can thus align directors' inter- rather to protest at a rationalisation of the carrier’s operations. ests with the company than shareholders. also Italy's airports were almost back, to normal. They if were Railway workers also held off from a strike due to begin treat directors as they employees, rather than share- yesterday and last most of the week. But unions belonging to maritime unions pledged to go ahead with stoppages lasting holder appointees on a one to three-year term. until the end of the month. The government can ban strikes for seven days under a 1390 Directors should not act as consultants to the company, law which also provides an array of sanctions. If the truce is the report says. Nor should a not observed the sanctions include banning unions from employer, such ns a negotiations. Robert Graham. Rome director's law firm or a bask, provide

sendees to the company. If it Nim. iii* in lln* punt. Turkey i- righl at tin- renter nf ihr .Mans of the hc-l known eorporsilr name- in the world China’s exports rise 50% does, this should be disclosed junrlion disenvered Turkey's long-term advantage- year- ago. \- a in in detail to shareholders, with world's greatest trade routes. At the of Europe and Clrina’s trade surplus reached $10.2bn (£6.4 bn) May, an explanation of why it pro- Asia. At lii<- hub nf the Mediterranean and the illai-k Sea. trrhnirallv -sound partner eapal*l«* of prmlin-iiig top quality cent to ?55.9bn. vides better value than is avail- 1994, after exports surged by nearly 50 per official Business Weekly newspaper, is able elsewhere. market consider:! ble China, according to the At the threshold of the world'- newrsl and mo- 1 exciting good- and »ervier>. As a profitable of about the same Directors' compensation tiaadinp f0r a trade surplus this year of S52bn, should also be fully disclosed. pnii-nlial. \> for regional expansion. Ami a- a as last year. markets. a renter Securities and Chinese economists expect export growth to slow m the The US Exchange Commission geojiraphiral to offer. A modern and rewarding plarr to do business. half of the year and imports to pick up. Among factors But Turkey ha-, mure than acre— second top Slowdown in exports is the strengthening requires disclosure for expected to cause a lo ymir Ini-iiie— willimii per cent executives, but not directors. nation of plenty. Turkey is home to industry and So if you are keen expand yuan. The local currency has appreciated by about 5 past year. Tony Walker. Beijing Companies should move to dis- against the dollar in the »- leaving Europe, i-n't <1 time you found mil whal -o many closure ahead of any SEC agriculture, v»muierre ami servier*. The -killed wnridnnre requirement, the report says. high ly entrepreneurial in spirit. Snpiibtiesilrri Irlei-Jimmiitucalinn- already know: Turkey i- llie key plan- In l«e. Chinese dissident released Besides academics and law- yers, commission members An unrepentant Liu Gang, one of the leaders of China’s nrl works eu-ure instantaneous ronnrrliiwe with the rr-t nf included the chairmen or two pro-democracy protests of 1389. has been released after six manufacturers: prominent dissidents to be leading US the vs or Id. New motorways traverse the eon ntry and air link- years in Prison. One of the more electrical giant, and past year or so, Mr liu told Reuters news AMP. the TUR the released in travelling north-east China, that Scott Paper, which last year lu ft-i ifnmeslir and international de-linulion- make agency from his home to Jilin province, moved to paying directors Ws movements were restricted and that hetod been toldInto Tony Walker, Beijing wholly In stock. a snap. THE to talk to foreign reporters. Mr Charles Elson of Stetson University College of Law, a Record low for Cuban sugar commission member, said that in its 199W5 harvest, by comparison with the NACD Cuba has produced 3An tonnes of sugar than 50 years and to report, the provisional findings the lowest Cuban sugar crop to more Carlos Lage has of the Greenbury committee disastrous crop to a row. Vice-president third represented a "band-aid’’. Sa sugar-porting, “Greenbury does not appear to (hiba has been trying to haul its stamp have gone to the heart of the oil-importing economy out of a five-year Union, which traditionally problem, which is about ensur- the breakup of the former Soviet ing that outside directors are sugar each year pd I - I- VI CM ».it. I .'W-If.'i :llltSV f Cuban raw i.J fi.M-Ui: fiir. sliu.-.il 7ef. t-W-.U! 4m tonnes of I infer u-rrrftiriHf «f Tr.-nwiri t.-a-ral Kir- nnl,- imported mcher, Havana tougher on executive pay." and fertilisers. *wcoi SpSS?ftie1 Non-executive pay, UK News ). : ' .' ;.

NEWS: INTERNATIONAL Sino-US relationship at a crossroads, says angry Beijing commentary Home ‘ministries of four China warns Washington of crisis finance’ buy euroyen accused Washing- also cancelled visits by high-ranking tals for months, at a sensitive and frac- By Tony Walker in Beijing The commentary months, while-the lent of $23.4hn (£Ji9bn) in 1990 past five cot 'rfSKf^.-r failing to live up to its commit' officials to the US and frozen military tious moment in relations, he Japanese housewife ton of in the official discount rate to sensitivities over the Tai- has began to rival the to STlbn in 1994, and to S32bn farther escalation of the ment on Taiwan, with the result that co-operation. Chinese China, in a year, according to a reconi low of i pe/ceirt has In Beijing, western officials said it wanese issue have been sharpened by legendary Belgian den- so far this war of words over the visit to the US the issue had become the “main obsta- T of return depressed rates pa tire latest Chi- further signs of Taiwan’s progress in tist the nrnris of Euromar- figures from Eurnmoooey Bom-, this month of President Lee Teng-hui cle" to the normal development of was not clear whether m Yen-denominated euro- . Hank deposits. Return&ftoni a" k SlSSW nese outburst wonld be regarded as breaking out of its diplomatic isola- ket brokers looking for bond dare. 0 " of Taiwan, has again bitterly Sino-US relations. three year so-called *large lot including current visit to Aus- investors. With the Tokyo bonds now account for 16-8 per denounced the US and warned that China regards Taiwan as a renegade sufficient protest for the time being. tion, the bank deposit are only_L3S per,.: - ksfc decision to home the tria, Hungary and the Czech Republic stock market in crisis and cent of total international euro- j relations are at a crossroads. province, and the island’s reunification “The bring W rent But, for example, a recent diplomatic Prime Minister Lien Chan - the bank interest rates at record bond Issuance compared with the flare-up in Sino-US rela- TcWh the mainland has been one of the ambassador is a classic by In worst in 1993. eurobond issued by Sweden, domestic and expression of displeasure," said one highest-level visit to Europe by a Tai- lows, cautions Japanese have 10.2 per cent tions since they were normalised in cornerstones of Beijing's which carries a relatively good offidaL is a move, wanese official since 1949. turned to Italian and Bnuniian China yesterday it wonld foreign policy since the Communists western “This stem 1979, said double A credit rating, offers 1949. bat not a serious escalation at this Beijing, in protest over Taiwan’s bands far better retains. ,2 rcaSaSkji-^' reserve judgment about the future seized power in of 2J$ Japanese . investors a coupon per sJk attack on the stage.” recent diplomatic forays, has called off Given Japanese investors' . t siw*.;** direction of relations, hinting at possi- Yesterday’s renewed ‘ rent . . *...• fanes j after a terse announcement Mr Li's recall also coincides with the in July to prepare for a meeting fears of foreign exchange are ble additional retaliatory measures. US came housewives And. at a time of volatility in; Beijing of in September on co-operation . losses, the important “Sino-US relations are once again at that Mr Li Daoyu, China's ambassador departure from on Saturday due most prftwlfeqf that ttwsp flg the currency markets, the yen will wait see in Washington, was being recalled to Mr Stapleton Boy, the long-serving US across the Taiwan Straits. attraction is frop looking to Of* a crossroads. We and denomination of these bonds consultations. ambassador. Mr Roy bad come to the In Washington, US officials said they are yen-denominated. Among where the US actually wants Sino-US Beijing for •• ’r. r-4'-£ , senior repre- foreign bonds, provides email investors with vituperative Mr recall is the latest in a series end of his term, but his replacement had proposed sending a those tempted has been Mrs relations to go," said a U’s important element of seen-, not yet been approved by Congress. sentative to Beijing for talks aimed at Kimie Yamaguchi, a 30-year- an commentary carried by the official Xin- of largely symbolic gestures by Beijing has report Emiko rity. • - aimed at showing its continuing dis- The US and China Will not, therefore, calming the current row over Taiwan, old housewife, who received a hua news agency and splashed on i ; fv-Sfc capi- but China had not yet responded. call earlier Mr Hiroshi Ishii, head of newspaper front pages. pleasure over the Lee visit. China has have ambassadors in each other’s from her broker Terazono and this month about a euroyen retail bond sales at Nikko issue by the Swedish govern- Richard Lapper Securities in Tokyo, says over- -j/.v." ment. all demand for yen bonds--- w-flfcg • rv->r=s« ati “It seemed strange at first And over the last IS months among private investors has, of textile exports co-operation threatened average monthly issuance of risen since October fast year, End Bat I was told it was free of foreign pychangg risk- and also ven-eurobonds baa more than when five-year deposits with - opened " but take corresponding actions including banning companies them in July last year, proving the usual fee on the account doubled, with 763 issues in the high yields when By Jenny Luesby ment said the consultations 0 innnths- to end of interest -rates were -at their were to defend the interests of from trading if they export the largest since 1991, and cost- would be free, Mrs Yamagu- 12 the May . required under the accord - to mature. Japa- . cuts. said an official from goods that are re-exported from ing China 5100m (£63.6m) in chi said. She bought Y4m 1995 compared to 289 issues peak started China has threatened to stop held before last month's China," - the whole of 1993. The nese institutions are making co-operating with the US in But China is describing the China's Ministry of Foreign third countries carrying false lost sales, it claims. (£29,400) worth of the paper. during Siimm e authorities it is increasing supply has been znany of the same csdi^ttons curbing illegal exports of tex- cuts as unilateral. Trade and Economic Coopera- country-or-origin labels. Chines say Japanese institutions such as smaller investors. It also increased its becoming impossible to curb life wimp^inip*; ayifl banks still met with demand from Japa- as tiles and clothing unless Wash- It also claims that the US has tion. has “Euroyen -issues come- in - ington rescinds quota cuts failed to respond to a Chinese He said the cuts had seri- co-operation with US investiga- the trade as they move towards take the largest share bat issu- nese investors, including tors and agreed to a provision greater decentralisation. ers are increasingly aiming at housewives, known as the large lots and ate attractive to -" imposed last month. letter of May 22 demanding ously impeded the healthy iS - - i for their investors who have lost. out in The cuts, announced on May that the cuts be rescinded and development of Sino-US trade. in last year's trade accord that And even if control were small investors. The first “Ministry of Finance" household tiie race to buy Japanese; gov- were made under the bilat- suggesting that a joint inspec- But China's annoyance may allows the US to cut quotas by more centralised, or the tranche of Italy's record influence over the 3, eminent bonds." says Mr Masa- eral trade agreement of last tion panel be set up to investi- also reflect its own rising frus- up to three times the volume of bureaucracy more effective. Y550bn issue last month was budget. 56- Sera, analyst at Sanwa year which gives the US the gate illegal trades. tration at the scale of the illicit illegal exports in the event of China would still face a prob- directed at retail buyers, and Mr Sumihiro Kawabata, a taka an capital divi- right to charge proven illegal “If the US persists in sticking trade. repeated contraventions. lem, in that much of the trade, attracted about 50,000 separate year-old office worker, Bank’s market's i7r-JZK"9iam>: Increas- But the policy appears to mainly in cotton T-shirts, is investors. invested, with money he says sion.. exports against China's quotas, to its incorrect position of uni- It has introduced ; C- srsSsr tht> that squirrelled behind Regulatory changes have . after consultations. lateral quota chargebacks, the ingly severe measures to curb have backfired, with the last instigated by middlemen in On same day Italy was away C HTaanjg The US Commerce Depart- Chinese government cannot the exports in recent years. two rounds of cuts, the first of third countries. announced its record-breaking his wife’s back, in paper issued helped broaden the investor South Wales Trea- base for eurobonds. Over the . bond, Brazil returned to the by the New V. .V-jSwif-. euromarkets for the first time sury Corporation in Australia. past year, the Japanese govern- JnsffwBr- since the I^tm American debt He said his employer had ment eased limits on yen crisis in the early 138Qs. with a stopped baying stocks, which Issues by non-Japanese Issuers Beijing mulls reform of state enterprises YBObn bond. So far this year, was the signal for him to buy and reduced the restrictions on Sweden has raised more than bonds: “These Euroyen bonds Japanese purchasers. that 1 ..Jyiigi&r By Tony Walker in Beijing which the state would increas- possible social unrest are sponsored by the bank, prise performance.” he said. Y200bn. while Tunisia and are safe unless the country col- It is aigued in Tokyo ingly concentrate its energies among serious concerns. devoted much of its discussion But he added that it was Hungary have been, among lapses." issuance could rise further.. govern- China is focusing its reform on larger key industries. Those The government is consider- to ways in which the “gover- unrealistic to expect enter- countries raising money The slump in .the stock mar- Large redemptions of Liifcr energies c>n 1.000 key state- enterprises not deemed to fall ing grouping key enterprises in nance" of enterprises could be prises to reform themselves through so-called samurai ket is one motivation for bond ment debt in Jane and July are owned enterprises under a new within this category would be larger industrial conglomer- improved, and what interna- without the pressures of the bonds, domestic Japanese investment. The Nikkei 225 also likely to increase domestic policy initiative flagged at a obliged to fend far themselves, ates. or holding companies, as tional models might be suit- marketplace. “There’s got to be issues by foreigners. inflra hit its lowest point for interest in the Euroyen mar- World Bank-sponsored work- and may become candidates for a means of improving effi- able for a mixed economy. The a process whereby you make “This is a market that is three years last week, with ket shop in Beijing. divestiture. ciency. However, World Rank German “model" was one of things progressively more diffi- really taking off,” says Mr share prices having lost more Also, the recent &abifisatibh ecwOr f-han • Mr Wang Zhongyu. chairman Under the new proposals, advisers have urged caution those discussed. cult for enterprises so they will Philip Brown, head of capital a third of their value In of the yen against the. dollar, - -‘*s* . of the State Economic and state companies would receive because of worries that this Mr Nicholas Hope, a senior try to come up with reforms,” markets for Nikko Europe, the the past year. Not only have after a long period of apprecia- Trade Commission, told the central government assistance would simply create additional World Bank official and “mod- be said. arm of Nikko Securities, the savers avoided shares, the fall tion could increase the attrab- r'VS* IJM. r opening session this month the in modernising plants and ach- public-sector monsters. erator" of the Beijing seminar, The Information Industry Tokyo financial house. “It is a in market turnover has turns of Issuing in the Japanese government was earmarking ieving greater competitiveness. Reform of the state sector is said that among conclusions News reported last week that new investor base which, until prompted the sales networks of currency for borrowers. for rehabilitation about 1,000 This might come in the form of now China's most pressing was a need for China to press 159 state enterprises in larger a year ago, had never bought Japanese securities houses to An official at Nomura Securi-

state companies among Chi- tax incentives or direct grants challenge, but the government ahead with broad-based cities had gone bankrupt in international bonds before. look for new products. ties, the largest , of the Japa- r-‘ - tfsw* na's 14.000 large and medium- for new technology. is proceeding hesitantly at an reforms. 1994. and another 83 such There is huge potential in the The decline in interest rates nese brokers, said that it was. sized enterprises. Chinese officials have been uncertain moment in the coun- “Enterprise reform is not enterprises were slated for Japanese market” in Japan is another reason to “not easy" Initially to convince effectively with- this year. 1994, Issuance has surged over the look abroad. Returns on 10- Japanese to invest in Italy r Mr Wang's remarks were reluctant to spell out plans for try’s political transition to a going to work bankruptcy In .Vi* tr»;’ that the one-third of China's past 18 value of Japanese government instead of Tokyo Electric .- interpreted as signalling that a the state sector too clearly new generation of leaders. out banking reform so about months. The year - fndOii consensus was emerging because the issue is highly The World Bank seminar, discipline of the financial sys- 14,000 large and medium-sized yen-denominated eurobonds bonds have fallen from 4.6 per Power. “But many show inter- China’s leaders under political. Unemployment one of a series of such events tem can help to improve enter- enterprises were loss-making. has increased from the equiva- cent to Z8 per cent over the est once you get to explain." among and l.-.r World Bank doubts India can meet target for cutting deficit

By Mark Nicholson a lower growth trajectory". imbalances remain a “major in state grants and other has been deteriorating”, from 3 finance minister, “meets only and that sales and thus reve- interest rates stand at 5 per in New Delhi The warning comes in a obstacle to higher growth" and expenditure. per cent of GDP in the 1960s to very partially the major chal- nues from public sector disin- cent and growth below 5-6 per Bank memorandum which will that fiscal weakening threat- It adds that “although possi- zero today. lenge of fiscal consolidation" vestments can be accelerated, cent, the Bank says the Indian, The World Bank has be submitted to India’s official ened to “complicate and ulti- ble", achieving the 1995-96 fis- The Bank argues that India and that assumptions underly- also notwithstanding political government will be unable tp~ questioned the Indian govern- donors this month. It is a mately undermine” the coun- cal deficit target of 5.5 per rent should act further to contain ing the budget may be “over- pressures before elections, due accrue a surplus sufficient to: ment's ability to achieve its sharp and authoritative state- try^ balance of payments will be “very difficult". food and fertiliser subsidies, optimistic”. next spring. stabilise its domestic debt It target of cutting this year's fis- ment of concern that the gov- position. The Bank says that “the raise oil prices, continue These, the Bank says, are the The Bank says that India says interest payments have jf- cal deficit to 5.5 per cent of ernment should not jeopardise The report also notes that most important issue in cur- improving tax revenues by bet- assumption that tighter mone- must reduce its targeted fiscal risen as a percentage of gov*; GDP, saying the goal may he its macroeconomic manage- India failed to meet its fiscal rent economic management in ter collection and administra- tary policies since December deficit of 5.5 per emit of GDP eminent revenues from 50 per based on “over-optimistic" gov- ment targets in the pressure of deficit target of 6 per cent of India is improving public tion, pursue “more aggressive would not significantly affect by a further L5-2A per cent of cent in. 1990-91 to 70 per cent to: ernment assumptions. an election year. GDP for 1994-95 by 0.7 percent- savings appreciably and reduc- privatisation" and cut losses growth and resulting tax reve- GDP to attain government 1995-96. But it warned that failure to While noting that India last age points, saying that higher ing the fiscal deficit", saying incurred by state governments, nues; that India’s Pay Commis- goals of inflation rates within a “Unless this situation is, achieve sustained cuts in the year achieved the highest eco- than budgeted tax receipts that public savings - excess of whose lax fiscal management sion would not increase pay range of 5€ per cent - whole- reversed, the probability of the fiscal deficit would hurt real nomic growth rates since were undermined by lower central and state revenues over the Bank also criticises. expenditures for the year; that sale price Inflation stands at government eventually collect- interest rates, investment lev- reforms began in 1991, at 5.3 than budgeted cuts in subsi- current expenditure and after However, the memorandum the government can resist 8.7 per cent - and raise growth ing taxes just to service its- els and financial sector liberal- per cent, the Bank said that dies. higher loans to state gov- receipts from public enterprise says that the 1995-96 budget of state pressure for increased to 6^ per cent. debt. is more than marginal," isation while placing India “on central government fiscal ernments and unplanned rises profits - is “much worse and Mr Manmohan Singh, India's borrowings in an election year, While India’s long-term real says the Bank. RUGBY WORLD CUP England wonder where they went English dream Cruel end for fades away in wrong after All Black assault Woodford Green brave French and the magnificence Of their New space by New Zealand’s determination to give It was an unusual sight in an English rugby response, was reflected in the him the ball as early and as often as possible, he club: an entire crowd cheering France. But for The last time South Africa saw sight of referee Bevan and his •' Rugby has seen the like before, but not in this was simply unstoppable. rugby aficionados at Woodford Green. Essex, on relief lfta* this was Mafeking. two touch-judges applauding code. The this memory summoned up by formi- In the second minute he received his first Saturday, it was all part of the great dream, an Two mighty roars in the space both teams off. dable New Zealand team is that of rugby pass, which forced him to double back and stoop EngJand-France final in the rugby world cup. of 60 seconds from the vast In the conditions, end with - league's 1982 Australians, who fell on England to gather circumstances placing the ordinary In Woodford’s stunning new clubhouse in soaked Ring's Park crowd in so much at stake, it might very with the devastating effect of the Vikings a player at an almost impossible disadvantage. He Epping Forest the rugby men of Essex cheered Durban signalled that South easily have degenerated into a t rv millennium before. picked up, shrugged off Tony Underwood, Thierry Lacroix's every kick. The roar “penalty Africa had made it to the final, farce, a brawl, or both. That it * t-. \ But where that team found English league as ploughed through a determined challenge by final try" went up as scrums collapsed in the just writes Huw Richards. did neither reflects immense I-;'. unready as Ethelred, the England union combi- Carling which nearly brought him down and French onslaught Africa’s line. 4 on South The first came as the Spring- credit on all 30 players and E-'- nation demolished yesterday by the All Blacks even as he regained his balance had the power Bat France failed to get that final vital score boks engulfed French centre sensitive refereeing. was a very different matter. Now, in the to drive through CatL None of the England and part of England’s dream had ended. Thierry What Lacroix yards from the Nothing became France’s . moment of their devastating demise, is the defenders did anything very wrong, but they was worse, yesterday afternoon the nightmare line, and referee Derek Bevan. contribution to the 1995 world ; moment to point out that this is probably the were five points down already. began. signalled South African a cup like their losing of it. , best team English were in history. But they Worse was to come three minutes later as Whatever England supporters had expected it put-in at the scrum, ending Coach Pierre Berbdzier was.' simply swept away Cape - and in Town the Little burst Guscott’s challenge deep in New was not being 12-nfl down against New Zealand several minutes of intense cool, diplomatic and dignified sibilant sound heard across South Africa was Zealand territory and sliced through, after exchang- only six minutes. As the match unfolded, French, pressure. in defeat - refusing the. oppor- that of the host nation collectively giving vent ing passes with Osborne before the magnificent anxiety turned to munb disbelief. At 254) down South Africa won the scrum tunities offeredto complain to the expletives associated with realising that a Kronfeld, in the right place as ever, appeared in the queues grew at the bar and demand soared and outside-half Joel Stransky about the conditions or the ret- juggernaut is quickly bearing down upon support to score. England. 12 points were down, for 8 plate of John Clarke’s chiH con carne to miscued his clearance. But as eree. But for an his grace in you. . finished almost before they had touched the anaesthetise the pain. it went to touch, Bevan whis- adversity, how France' miss 7 England did not play badly. Their forwards balL Entering into the spirit of the occasion Sandy tled no-side, triggering off the him as a player. Half-decent did what was expected of them - winning good Even before Number 8 Zinzan Brooke dropped Fraser, the club’s Scottish chairman, had second eruption. South Africa half-backs might have. made-, line-out ball and taking the rucks and mauls a 40-yard it was by goal, hard to escape the feeling arrived in an All Black shirt and black face- just - about deserved it but it their world cup very tHffarenfc a two-to-one margin. Guscott and the Under- that the All Blacks could do no wrong. There paint. No crumbs of for comfort English sup- was desperately close. France were always playing wood brothers saw more ball than in some was a further try for Lomu before half-time and porters from the Scots. So much nearly went wrong catch-up after a .powerful/. entire seasons. vegetable hat-trick home Any comparison his immediately after. When scrum- Across the road from the rugby club, the for them. The first doubt was Springbok , start with Andrews . would be utterly unjust half Bachop started and finished a lethal 50-yard cricket match on the green - coincidentally whether the game would even winning line-out ball, scrum- / But it was all rather irrelevant New Zealand counter-punch 10 minutes after the interval talk between Woodford Green rugby dub’s cricket be played as allegedly rain-free half van der Westhuizen. mov- - showed that what matters with possession is not of 60 points hardly seemed exaggerated. team, the Woodcutters, and Woodford Green CC Durban was lashed by a deluge ing like an electric eel and how much you get, but what use you make of it F.nglanri, a team of Fabian philosophy, were in - was suspended so that the players could all of the sustained intensity nor- Ruben Kruger • consistently-; Little matter that they also conceded 15 penal- an impossible quandary. At 30 points down you watch the game in a spedally-installed televi- mally reserved for Noah or the breaking the French,gain fine '/ ties while winning five. Every time they had the have to try something, but to open up is court a 1 sion in the bar, a scene no doubt repeated all Saturday of the Lord’s Test Kruger's 25th-mmute -try gave ball they looked like scoring. real massacre. To their credit they struck back over England. The kick-off was put back 90 them the 10-pomt lead they There is something peculiarly inapposite in the final quarter, too late to matter but with Only one man sat outside in the sunshine not minutes, allowing black, lived off for the rest of the’/ about the kiwi as their national symbol. Flight- enough conviction to restore shredded pride. much bothered about the result of the game, broom-wielding female ground game. So much fortheories less, short-sighted and uncomfortable in day- Two tries each for Rory Underwood - who Alva Malcolm, the Sunday XTs West staff to stage one of the best that the French fold in adver-4 light, the kiwi is everything this team is not moved ahead of David Campese at the top of the captain. Perhaps he knew something the displays of coordinated team- sity. Two penalties by. Lacroix : They thrived in an afternoon of such crystalline all-time world cup list - and for Catling restored England supporters did not Hie final scoreline seen work in this competition. cut the interval deficit to fbur clarity that it was hard to believe it was the respectability to the scoreline. of 45-29 flattered England and all but the most Even so there was standing points. But they Were unable, same planet, let alone the same country, as But the relaxing New Zealanders still con- one-eyed supporter knew It water as the match started, to break a South African/ deluged Durban less than 24 hours before. The trived a fourth try for Lomu and a drop goal for the 1 At end of the afternoon not even and more fell in intense bursts J “ - defence in which full-back^ / * n». ability to spot a gap and attack it at pace leaves Mehrtens struck on the apparent principle England's late flurry of scoring was any conso- as it went on. Springbok num- Andrt Joubert, playing- about their sight and certainly at times that making scores for loitering with a no doubt Lomu, again on lation. “Never mind,” I ventured, “England will ber 8 Mark Andrews, who broken bone in his -hand, was gives the impression that they are flying. the left bad become boringly easy and three beat France in the play-offs.” plays water polo, may have felt ", Immense, Four points -was as And they have Lomu. "Apres le dektge, moi points represented the more interesting chal- To which the reply was: “Oh no, don’t say we at home, but it is unlikely that close as they got as Lacroix as he almost certainly wouldn't say. Even at lenge. New Zealand flanker Josh Kronfeld runs into an have to watch England play ogam.'' any of the other participants and Stransky exchanged penal-’ Durban he would have been dangerous. In the English tackle yesterday. He scored one of the did. The raw commitment and ties. A cruel result, but fair.' . perfect conditions in Cape Town, given time and Huw Richards six All Black tries. ap Jill James courage demanded of players. See Observer “ AND.- &

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FINANCIAL TIMES MONDAY JUNE 19 iws ^ifis of NEWS: THE HALIFAX SUMMIT Ur : % Tour de force by the G7 debutant Leaders zero in By &iy de Jonquttma final communique stronger calls for by visiting Washington befure the Mr Chirac's well judged perfor- action on unemployment and aid for summit and securing the backing of mance can only have helped his politi- k Few events offer a the poorest countries, particularly m Republican leaders in Congress for cal standing at home. It also enabled on crime and md better opportunity sub-Saharan Africa. the rapid reaction force. him to by the foundations for the II than G7 summits for Mr Chirac foiled to win support for Indeed, Mr Clinton invoked Mr Chi- agenda for next year's G7 meeting, ISS| government luatk-rs lo stronger international action to stabi- rac’s judgment on the urgency of which be will host in Lyons. He has acquire overnight rep- lise exchange rates. But he managed, intervention in the Bosnia crisis in already mode dear that he sees unem- nuclear safety utations as world nonetheless, to coin the summit's his efforts to persuade congressional ployment and aid as top priorities, statesmen. By general most memorable phrase by describing leaders to arrange an immediate vote and may propose some specific mea- 8 \W f consent, the star turn currency speculation as the “Aids” of un the financing of the force. sures for dealing with currency specu- By Robert Chote other developing countries. at this 5-ear’s gather- the global economy. Any resentment felt by Mr Jean lation. and Peter Norman Co-operation was needed to OJf J irig of the leaders of The French president's tour dr force Chretien, Canada's prime minister, at How much he, or the other leaders, ensure that criminals did not *••• X.. the Group of Seven was the more remarkable because he having his chairman's role overshad- will be deliver of Group of Seven has escape justice by crossing ^ able to an any The mdnstrialsed nations ip Halifax has arrived here amid a storm of interna- owed was soothed by Mr Chirac's these issues remains an open ques- agreed, with Russia, to step vp borders. The G7 also promised been Mr Jacques Chirac, the newly tional criticism over France's plan to assurances that be would not emulate tion. However. Mr Chirac appeared co-operation in the fight to reinforce crime-fighting elected president of France. resume nuclear testing - an issue on President Charles de Gaulle by involv- realistic about the prospects, chiding against international crime institutions and to exchange -t jr-.— UR«^V Mr Chirac stole the show from the which he remained immovable ing himself in the vexed issue of Que- earlier G7 meetings for raising and on minimising the more useful information. outset. At the opening dinner on throughout the proceedings. bec separatism. expectations too high and over- dangers posed by the use of The threat from crime and Thursday evening, he prevailed on fel- His unpact m Halifax was due in contrast to the olympian pomp estimating the importance of their civil nuclear power. terrorism was also a spur to low leaders to make the worsening partly to the fact that he is a fresh favoured by President de Gaulle, and own decisions. Although the crises in the announcement or the crisis in Bosnia the main topic of con- face and - unlike many of his G7 most other occupants of the Elysee Equally uncertain is whether he Bosnia and Chechnya nuclear safety summit, which 3 versation and urged on them the need colleagues - enjoys solid popularity at Palace. Mr Chirac displayed a will be ndrng as high politically in a overshadowed the political is dne to be held in Moscow •-.. ---:.' r,Jhv>, ^'. to dispatch immediately a United home and the backing of a new elec- down-to-earth, almost chummy, year's time as he has done in the post discussions among the leaders, next February or March. Mr .-" Nations rapid reaction force. toral mandate. However, he also approach. few days. G 7 summits may promote their final statement contained Clinton said that it was r:. He stamped his mark equally firmly deployed to good effect his personal He compared the modest Halifax leaders to star status But as several no initiatives. They repeated important that small-scale on the economic policy debate, per- charm and diplomatic skill venue favourably with the palatial or those at Halifax would testify, their call for all parties in the nuclear weapons were not suading other leaders to sponsor a US officials praised Mr Chirac's per- settings oi earlier G7 summits and events can also leave them looking Bosnian conflict to cease added to the already meeting on job creation in France formance. even though he unasham- criticised the final communique fur cruelly exposed when their political military* operations and open impressive arsenals of early next year and inserting into the edly upstaged President Bill Clinton being too lengthy and detailed. fortunes are in decline. Chirac: star mm political talks. terrorist groups. The CT heads of government “The G7 must work together agreed to a Russian proposal far more energetically and that they convene a special comprehensively to counter summit next year to discuss the growing dangers posed by nuclear safety. terrorists, international - • Summit move to reform global financial bodies They also agreed to set up a criminals, nuclear smugglers special task forre to find ways and drug traffickers." Mr By Peter Norman, “one of the most successful decentralise operations wher- The G7 economic communi- would be the 30 or su industria- veiilar.ee procedures. It was of tackling international crime Clinton said. SssJlsS-,Js Jfe. ”5 Smuggling will be one of the . effectively, having . .. '.y iavsii.L Economics Editor summits in recent years". ever possible. Using language que said the IMF should estab- lised or di-vulopiag cations of seekurg change in culture a: more r-.r.Ttri.^aa^ Leaving aside the hype that considerably tougher than the lish benchmarks for the limely sufficient importance for the IMF. in the markets, and in earlier set up a similar group topics at the nuclear surety It was always clear that the infects even the most sober official communique, the back- publication of key economic adverse developments to cause developing countries, tow.irds on terrorism. summit, which was proposed crises in Bosnia and Chechnya official at times or summitry ground paper says develop- and financial data; a procedure global financial crises. an emphasis on transparency For this political section of by Mr Yeltsin and accepted would overshadow this year's and the fact that the G7 accom- ment banks should seriously for the regular public identifi- • More attention to banking as the bw: way of ensuring tbe summit, the G7 heads enthusiastically by the G7 t-, Group of Seven economic sum- plishments are proposals that consider "sharply reducing" cation of countries complying and financial sector develop- that ice cau is all there and became the CS as they were leaders. The conference will mit in Canada. But the leaders still require support from the lending to countries that do with these benchmarks and ments and. "in particular, the markets can respond to any joined by Russia's President also discuss the disposal of •.::^o«rfc flows and problem very quickly.” Boris Yeltsin. nuclear waste, as well as other -;• of the US. Japan, Germany, international community, they not demonstrate a clear com- full and timely reporting by pattern of capital France. Britain, Italy and Can- are potentially far-reaching. mitment to poverty reduction. IMF member countries of stan- maturity". He said he was looking for- The leaders expressed safety issues. at the continuing Helmut Eohl, the -- ada nonetheless reached a The reforms singled out by It recommends in some cases dard sets of data. The 07 finance ministers, ward to when "ail major coun- concern Mr —••J^wn« Safc potentially significant agree- Mr Sommers included: assessing this commitment by The C7 background paper who were responsible for the tries that have substantial con- conflict and loss of life in German chancellor, said it was ment on strengthening the • The much-touted pro- document, admitted that there tact with international capital Chechnya and called for a important that Ukraine attend instruments of co-operation in gramme to prevent or deal could be problems implement- markets" produced economic political solution to the crisis. the nndear summit The main reforms: the had - IvtTljg the global economy. with future Mexico-style crises, ing this policy. "Any surveil- statistics similar to those now President Bill Clinton later On Friday G7

• .'•" .' r by the industrialised warned Mr Yeltsin in a tough congratulated Ukraine's .• ~ lance process faces a tension produced " ta* Quite how much thought including a recommendation to 0 A programme of action for , Leonid on -w-ks gjjjg. had gone into this effort double the IMF's General between the desire to function countries. That would mean exchange that tbe cycle of President Knrhma -• •••• -tessiKIrj became dear only as the eco- Arrangements to Borrow from Mexico-style financial crises os a co-operative process and reporting a central bank bal- violence had to be broken in bis decision to close the '' - '• the frequent need to deliver a ance sheet a; least on a the interests of democracy in Chernobyl power plant by tbe »."V r'^dae nomic part of the summit talks S28bn. -• 0 Better regulatory co-operation to perhaps Russia. end of the decade and -? -'uitsjg drew to a close. The leaders • Improved regulatory sharp, unambiguous policy monthly basis “and final welcomed tbe decision by not only issued a ten and a half co-operation “to develop and avert Barings-type collapses message to national authori- significantly more frequently". Delivering the • - • • •- also up-to-date statement as chairman of the some countries to provide "rlrL". Hjaftser page communique covering enhance concrete standards ties." they said. It would mean .• t- However, the suggested information on a monthly or meeting, Mr Jean Chretien, money for short-term safety :ivzr rtfc tjx their talks on the global econ- and safeguards" in the global • More attention to people and the G7 govern- the Canadian prime minister, improvements and initial omy but a 15-page background financial system to avoid prob- that the IMF managing direc- more frequent basis on 1 environment by development banks tor should be encouraged to ment receipts and government said an experts group had decommissioning work...... :•*? iis document detailing their think- lems such as the collapse of sc to identify “gaps" “In order to assist the ing on how to improve the Barings Bank. initiate policy dialogue with outlays, Mr Summers said. been formed co-operation against Closure of Chernobyl, we will workings of international • What Mr Summers called a comparing the share of govern- gives considerable additional the national authorities of Mr Robert Rubic. the US in for basic social detail on the IMF should problem countries. “Where Treasury secretary, said that international crime. The task continue our efforts to - -" - - ”• financial institutions such as “blueprint for reform'' of multi- ment spending how -‘••s^iiat will report back to next mobilise international support the International Monetary lateral development banks. services to the share directed improve its early warning sys- appropriate, governments the Mexican crisis would not force . jf tek built last year if such year’s summit in Lyons. for appropriate energy Fund. World Bank and various The G7 is encouraging the to non-productive areas "such tem so that financial markets should be prepared to take on have up existed for The statement warned that production, energy efficiency regional development banks. banks to learn from past mis- as military spending”. cannot again be caught the role, collectively or individ- transparency had • — — '-i-: ‘ACE5E transnational criminal and nuclear safety projects. Mr Larry Summers, the takes and pay more attention Surveillance has a key* role unaware by a country’s prob- ually. of passing a strong mes- international financial mar- . z-.ir. at is organisations represented a Any assistance for undersecretary at the US Trea- to investment in people and to play in the process of seek- lems. Among its recommenda- sage on the need for policy kets. In future, once the IMF .... . tiar, actions to the national authori- setting standards of disclosure, growing threat to the security replacement power for sury Cor international econom- popular participation in pro- ing to avoid another Mexico tions, it said the IMF should .’•- will on ! £JK1E difficult for a of the G7 nations. They Chernobyl be based — greater emphasis crisis. The is recommending devote: ties of these countries." it would be very - ics. said the conclusions on the jects and put G7 • .-: cost-effective : Jspa‘ country to raise funds in capi- undermined financial systems, sound and financial institutions were on environmental protection. greater use of information to • Greater resources and Mr Summers said the G7 was markets without meeting bred corruption and weakened environmental criteria." the important “concrete accom- The G7 wants the World strengthen the process of peer attention to countries "of calling on the IMF to do more tal improve its sur- disclosure standards, he added. emerging democracies and G7 said. plishments’' that made Halifax Bank and regional banks to pressure among nations. global significance”. These than simply ig deficit

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in result in slide back to violence, says Gerry Adams from net trade. offset- Ceasefire Ireland Deadlock may UK NEWS DIGEST a smaller contribution ting strong growth in investment, which, is expected to come largely from fhe cekparate growth in sector. Recent data . show that susm- Jobs growth foctnrbig investment is accelerating, and was risk higher in the first quart®. play per cent Governments down IRA nearly 6

Investment— by— •* financial• “ thm a year2 yCU earlier. orppgnW [g growing even foster than in.man^ By John Murray Brown largest anti-nationalist para- ern Ireland. ‘There is always a hostilities because it had Republic's government “This f iifurtiTrin Philip Gdtoiih, Economies Staff groups in August danger, unless deal with invested much is the peace is not the apocalyptic develop- is slowing, g in Dublin military and we September last year. the root causes of conflict, that process and had won the plau- ment some are suggesting," The governments of Britain Mr Gerry Adams, Sinn Fein the danger of slipping back dits of the US and Irish govern- said a British official from the Number of managers TOtb and the Republic of Ireland last president, warned in South into conflict remains." He said ments. Sinn F61n is under Northern Ireland Office. agency that hostili- his was still Spring, foreign says night played down tbe threat Africa on Saturday party keen to meet growing pressure from Dublin Mr Dick min- degrees increases slowly of a Sinn F£in boycott of peace ties might resume if the British British ministers, but was and the US administration to ister in the Republic of Ireland, than in five of Britain’s managers talks on the future of Northern government failed to invite unwilling to become “stuck" in make a move on the arms yesterday acknowledged that The rate of increase in UK permanent Fewer one the held a degree or an equivalent qualification Ireland. They did so even Sinn F£in to talks with the futile talks . issue. Mr Adams insists that the IRA must make some employment appears to be slowing, says although this represents -a 12 per though Sinn F6in warned of a main constitutional parties in British officials last night British demands on decommis- movement on arms before latest national survey of job prospects from year, cent on the number who did so resumption of violence if the Northern Ireland. Mr Adams described Sinn Fein's threats sioning axe an attempt to unionists will come to the the independent Manpower agency. The net improvement n the main conclusion of a study British government continued issued the warning during a to break off exploratory talks secure "an IRA surrender, table. However he said a for- increase in employment between the third in 1985. This is for the Department of Employment by ' the to insist that tbe Irish Republi- visit on which he is a guest of as "political brinkmanship, something which had never mula should be found “to allow quarters of 1994 and 1995 will be only 1 per <; Institute for Employment Studies. can Army make a gesture to the African National Congress. and part and parcel of the been sought in the secret nego- talk to take place and prog- cent compared with the 6 per cent improve- independent cent of managers in hotels and take its weapons out of com- He is due to meet President negotiating process". tiations with Sinn Fein before ress to be made on the substan- ment recorded between the same quarters of Only 7.7 per bad degree or equivalent mission. Nelson Mandela today. Officials in the Republic of last year’s ceasefire. tial issue of decommissioning". last year and 1993, it predicts. The survey, retail distribution a cent of managers in. con- The nationalist Sinn Fein "An obstacle is being placed Ireland were quick to play "As long as the exploratory In the past Mr Spring has based on responses from nearly 2,100 employ- last year, 15.7 per struction 17.9 per cent in. transport , and party is the political wing of in the road to a settlement," down any sense of crisis. They talks continue we're not get- expressed doubts over the ers. shows that while 26 per cent forecast job rammimi nations . over per cent of man- the IRA. Ceasefires were Mr Adams said in an interview stressed that the ERA was ting desperately worried about "usefulness" of British increases in the three months to the end of Just 66 financial announced by the IRA and the broadcast by the BBC in North- unlikely to return easily to it." said an official of the demands on weapons. September, IQ per cent predict job losses. agers in services had no degree or qualification. ' “Many companies have significantly equivalent . Robert Taylor increased their workforce over the last two to Leadership crisis in the Conservative party Medium-sized companies three years, but these increases have been Retail spending with cards masked in the overall employment figures by tbe rationalisation and downsizing that has is up 19% on year taken place elsewhere", said Ms Lilian Ben- nett, Manpower’s chairman. The pace of Spending with credit and debit cards rose to Support premier or lose Non-executive rationalisation now seems to be slowing but £6.Q2bn ($9.45bn) in May, 19 per cent higher the rate of increase for permanent employ- than a year before, according to figures from ment may be slowing foster”. the Credit Card Research Group. But the value Robert Taylor, Employment Editor of retail sales grew only 3A per cent in the election, MPs are told directors ‘give year to May, so the surge in credit and debit spending shows that the percentage of spend- By Kevin Brown, ued rightwing sniping. They More workers forced into ing conducted with cards continues to grow. Quit 10 now, Spendin area Political Correspondent No and pointed to his insistence part-time jobs, say unions g in the food and drink rose 20 shortly before leaving Halifax excellent value’ per cent to £l-6bn even thnagb same retailers dn Britain a favour Mr Michael Portillo, the on the UK's place at the heart The number of people taking part-time jobs in oppose plastic cards. PhzRp Gtaoith leading rightwing candidate AFTER another week of of Europe as evidence of his By William Lewis in London standing value for money and the UK because they cannot find full-time for the Conservative leader- determination to fight on work out between 30 per cent work has risen by per cent since says humiliation. the time has come 62 1984, Judges reject order to ship, yesterday warned Tory for John Major to face the against rightwing demands for Non-executive directors of to 50 per cent of the daily rate an analysis of government statistics from the to unite behind Mr John disengagement from the Euro- medium-sized companies give charged by a senior manage- Trades Congress, ft estimates that MPs truth: He’s finished. Union destroy blue cheese Major or risk losing the next pean Union. shareholders good value for ment consultant, who shares involuntary part-time workers total 850,000. or advice general election. Forthright yesterday Amid indications that dissi- money - although some non- none of the part-time chair 188 per cent of all part-time employees and A Scottish former who produces Lanark Blue In a clear indication of the for the prime minister from dent rightwingers have enough executives complain that they man’s legal liabilities.” said Mr self-employed people. The TCC estimates that cheese won a court case over attempts by his rightwing pressures on the the News of the World, the support to force a leadership are sometimes presented at David Shellard, managing part-timers are nearly three times as likely as local council to have batches of the cheese prime minister. Mr Portillo, top-selling newspaper in election in the autumn, Mr board meetings with a "house director of Russell Reynolds. full-timers to be employed on a temporary destroyed because of alleged contamination employment secretary, also Britain. The paper, part of Mr Major was also strongly- decision" made at a “knock The report says that non- contract Robert Taylor with the bacteria listeria. Three judges at the urged the government to spend Rupert Murdoch’s empire, defended by Lord Parkinson, out" meeting the day before. executive directors on the court of session in Edinburgh upheld an ear- its remaining two years in supported Mr Major at the last the former party’ chairman, These are two of the findings boards of similarly sized com- ner court judgment that Mr Humphrey Erring- office helping homeowners and general election in 1992 and Lord Archer, former dep- of a report by the Top Pay panies now spend an average Role of exports in growth tan had been denied natural justice when the other traditional Tory support- uty chairman. Research Group, a remunera- of 12 days at meetings and 10 is expected to decline magistrate ordering the destruction of the ers. "IVe are talking about peo- last Tuesday. "The party has The expressions of support tion consultancy, on behalf of days on preparatory and other cheese would not allow his lawyers to cross-ex- ple who are home owners and certainly got pretty fevered for the prime minister followed Russell Reynolds, the head- work. In return they receive Domestic spending will take over from exports amine expert witnesses. The judges rejected an families, people who make pro- and that has got to end.” Mr growing fears on the right of hunter. In March researchers fees ranging from £16.000 to as the engine for growth in 1996-97. say fore- appeal by Clydesdale district council which vision for the future, people Portillo told BBC radio. This the party that a leadership con- contacted 307 non-executive £22.000, representing a daily casts from Cambridge Econometrics, the pri- had asked the magistrate to order the destruc- who take responsibility for party has been elected to gov- test would probably be won by directors, including 118 rate range of £727 to £846. vate research body. Consumer spending is pre- tion of the cheese. Mr Emngton says the themselves and fulfil their ern for a five-year period, and Mr Michael Heseltine. the part-time chairmen, who sit on The report concludes that dicted to rise strongly in response to assumed cheese is safe and that 63,000 portions contain-' duties in their communities." unless it gets itself together pro-£U trade and industry sec- the boards of companies the pay of non-executives of cuts in direct taxation, while slower growth in ing the particular strain of listeria have been Much recent rightwing criti- and pulls its socks up it will retary. included in tbe FT-SE Mid 250 companies in “industrial and world markets is expected to cut the contribu- sold with no ill effects. cism of Mr Major has focused not be able to win the next Lord Parkinson told the Sun- Index, to ask them about cor- commercial middle England" tion of exports to growth. The effects of this James Buxton, Edinburgh on his alleged abandonment of election. We must get behind day Express: “If the cabinet porate governance issues. has “not risen commensurataly switch in growth could he pronounced. Indus- traditional Conservative values the leader of our party and we collectively announced that The survey found that with the increased time com- tries dependent on consumer spending, such Farmer attacks bank: A farmer was arrested, and alienation of the party's must start talking about the John Major had their total sup- part-time chairmen of compa- mitment necessary” to comply as food, textiles, retailing and hotels and cater- after spraying the front of a branch of natural supporters. policies that we want to put to port, and they would not nies with turnovers ranging with the recommendations of ing. have seen below-average growth In National Westminster Bank in Newcastle upon But Mr Portillo joined other the electorate." oppose him or be candidates, from £31m (S48.7m) to £lbn the first Cadbury committee on 1994-95. They are expected to grow faster in Tyne with manure. David Cannon, who towed senior Conservatives in urging As Mr Major relaxed at home that. 1 believe, would put an work between 50 to 81 days a corporate governance. 1996-97. a muck-spreader behind a tractor through the an end to the revered specula- after the G7 meeting in Hali- end to the present turbulence.’' year for average basic fees The second Cadbury commit- The forecasts, based on Cambridge Econo- streets of the north-east England city, was tion about Mr Major’s leader- fax, Nova Scotia, aides dis- Lord Archer, a friend of the ranging from £26.000 to £70,000. tee is due to convene later in metrics' 49-sector model of the UK economy, charged with criminal damage. No reason was ship which began after the missed reports that he was prime minister, said: “We don’t This represents a daily rate the summer and is likely to predict growth slowing to just under 3 per cent given for the onslaught, but four years ago he prime minister’s confrontation considering how long he could need a change at the top, we range of £518 to £861 study closely the role of non- this year, with slower consumer spending and mounted a similar attack against a tax office. with rightwing backbenchers survive in the face of contin- need unity." “These daily rates offer out- executives.

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Well-known and recognized spot of wide and and the Role uf Supervisory Bodies with In this series of seminars and workshops to His Excellency companies for Anglo-Saxon and Continental Contact: Favplncc Lou^bwangh Utuvtrstry. Speakers indude: strong jntwTMiwi - Ftighi ferry John Kuwiingn. President TeL 1CG 018 j 74j business axnmmticatioa Practical telecomm, specialists, industry analysts and u ctf tbe ^ Examples. £225 I Day. clients; employee, Ul\ and pension benefits; Tel: +44 (DM71 329 U595 Andrew Buxton, uvrinnan. Barclays. Sir Brian Participation of over 22500 exhibitors from end user organisations focus on the Republic of Ghana. Contact: Foirpiacc asset Fax: +44 (0» 171 3853 Pitman, Chief Executive. Lloyds. Professor —— LONDON protection: controlled foreign companies. 329 J« swit 50 (Efferent countries is ex ected - Trade applications futures Contact: Sandra AMred. CBI Conferences p . Tel: 0171 339 OS*tf Fa* 0171 329 3853. and of ATM, ISDN. Norton. SMV. Dallas and Tan Frost. 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Avetrija Dnbrovna 15 Creativity for Management ^ mo5, ioQnemiai advantage rroaa the world's foremost Rlooo: +385 01 420 Annual Tax Update tor VARS, end users, IBM. ICL and other* ^ - F«- M524310 oomribatois so the re-engineering 4-5 Created by Edward SEPTEMBER 6-7 debale. He is innovators. Keynote speaker: Rt. JULY De Bono Hon. Companies present products, services, strategies and joined CROATIA Presented by: Caspar de Bono, PlanrikigFHjtlJraRetai Development by other leading experts & senior Michael Hcseltme. President of ATM aid ISDNApplications Chuck MP. the Board An overview of recent rax developments for experiences. DATA MINING. Dymer. Learn * Tbe Goveranient will shortly be mana cers from some of tbe world's limited number of complimentary to: Break loose from announcing a most of Trade. A distinguished panel of wortd dmc finance executives. Programme includes A places COMMERCIAL PARALLEL OCTOBER 11«12 established thinking patterns • Generate review of PPG6. He conference wiD focus oo successful compsniro, indniJing Levi Strauss, innovation special isis todudoig Microsoft. for VATi and IT specialists from end user 5M practical pointers far effective tax planning. PROCESSING. EIS. OLAP aod new and WOrfd AUEteoAid 95 -Conference & fresh concepts • Keep up with changes Be theconBMs ctaDeogev nowfadns the retail Gtibank. British Airways md many nnv. and Fasliiian Kodak with aUiijanl input front organisations available at these two Topics covered include FOREX. VAT, tax Database developments are discussed. industry NetwwWng Exhtoteon more creative u the strategic level. in the light of new policy directives. Contact: the Europe Japan Centre. seminars. Business ffedBfeaice avoidance and tax shelters, transfer pricing Contact: UNICOM Seminars Limited Business Opportunities Contact: Juliet Mudtenje. Monadoodt In worldwide aid Contact: Elaine J action. Conferences Contact Alec McCuidtecn, Tet 0181-543 6565 Fn: 0181-S44 ; HDL and employer issues employer issues in UNICOM Td: 0)695 256484 Fas: 01895 613095 900& programmes for consultants, contractcux, TeL 0151-871 2546 Fax: 0181-871 3866 EU TeL- 0171 379 73K3 Fax: 017! 240 801S bwrth ptnnntwg Td: 01895 256 484 Fax: 01895 813 095 suppliers, govern inwi.i tips for effective lax LONDON LONDON LONDON LONDON mstitmiana LONDON CtimactiMaiy Peach. Erast & Young LONDON etc. Networking meeting place includes. Tel: 0171 11-12 EXHIBITIONS WORLD AID 9314414 JULY JULY 18 SEPTEMBER 12-14 GUIDE. JUNE 27-28 JULY 5-6 SocKtfGratededeDfvc^ - LONDON Understanding Company Reports ThekifarraltanSu^^ The Etranoney IntemaSona! Bond Business The JUNE 22-23 Tel: +322 512 Re-engineering: Value Based Management and Accounts 46J6 Fas +3225124653 . Fufcrerf TolocaniniurikaGona 1996 Human and cultural challenges JULY 3 Value-based measures such as Shareholder How well do BRUSSELS you know your oisonters? The and Beyond This conference provider a derailed EMU: Outlook for European Value Analysis and Economic Value Added inte™tfaBaI “ The ability to interpret and evaluate the accounts of bond mdotny. The Cotqscss. win “ This tnnpv stia^ic tariefing povidu a dear tul , Tamh'apv nr discussion of ail the key factors that your an now being adopted by leading companies, have ^Over fifty exKhitoi's provide an unique <5-76 Financial Institutions limited companies can he critical. 129 presentations over the three days on P««. authoritative look at industry restructuring, should consider virt to enable a move to new Fust event following the Cannes Summit on not only to measure performance but to drive Understanding Asses. liabilities. Prov boots ually all aspects of the bond markets. The debate Issue facing tteiakist^ Constaneqpo 96" 8th bit Faff increase o competitkn. new marketing strategy working practices, and skills. behaviours It tbe future of the single currency. Speakers Ihe business. This conference featuring and Cfratingenaes. Share and Loan Capital. wfll feature the htes services to *e Atoseriestf «irimia.eadB»y wntfafeyi "Consumer Goods” and taatased rck taking. Explore hew octanes’ % provides bon^arket a number of overall framework os for the day include Giovanni Ravasio financed gum J«1 Stern explores how such an Reserves, Mergers and Acquisitions. JndwUlalsoincoiporalean • meetingof demasdin tbe denand far ropheacited servios will necesskag RATOA Ttxkas ftorem’ and Tfa: CantPab'. stiffly and well as in-depth exploration of the individual (European Commission). Martin Taylor approach can be used as a strategic tool to Turnover, Profits, Taxation, Dividends and wdcoml! lfc“ 7,50 *xhfum* *“* a new breed of crtitntnaiicatiota or an kmi ir*i ^ . FREE REGISTRATION On the door at the g n> detegucs their mhi sufas. For eom li elements of u successful change management (Barclays Bank PLC). 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* ' ': -t THIS E E K directive >1.-i! v.‘ weapon to emerge in the past . important ow long should a man be - five years in the fight aga inst the mafia held on remand? The issue • may then be discouraged. has once again come to the Italian takes its time The same pentiti testifying against Con- . fore in Italy as a result of law trada are central to the case against Gudio the collapse in a Palermo • Andreotti, seven times C3iriitiah Democrat courtHlast week of Bruno Contrada, former is who. accused . one from the former turned, down requests for Contrada's prime minister. Andreotti, head of anti-mafia intelligence. Contrada intelligence services, with the highly sen- court and who first '' political protection for Cosa. of the national release- The matter has been considered . of providing, fainted just after the beginning of the 94th sitive task of gathering information on fingered Contrada in head — rsi erf DATELINE in late twice by a civil liberties tribunal and three Nostra, is due to go an trial Septem- session of his trial He has been held in Cosa Nostra, the umbrella organisation of 1981 police. Initially he was times by an' appeals court. In each ber in Palermo. The. former premier priK'. prison for 30 months on charges of alleged the Sicilian mafia The thrust of the Pontrarlsi ~ Uf** Rome: TheTfc Contrada^ontraod. in a nan- instance the courts have accepted that the tests his innocence, and over recent links with the mafia. He was arrested as a result of informa- prosecution s case is ^ Rome JfM are Tnnnfhs has cast doubt on the credibility of- •. against : too provided by pentiti - mafia members that Contrada had, C356case isIS anS extreme taiy prison; but just accusations Contrada The incident provoked a chorus of pro- tion ‘ : with - the pentiti. - - collaborate with jus- work, before his trial grave and the risk of tampering 3M calls most nota- who have decided to through his . -..-Sgsb test in parliament with of thele1G problemspronrnblemsoiems • S example Qpened Palerm0 ^ evidence too serious for him to be at Contrada supporters say the evidence is bly from the right-wing Forza Italia move- tice under witness protection programmes. become a double , writes April 1994 he was large. insufficient; and claim the court is drag- ment of former premier Silvio Berlusconi A total of nine pentiti have now given agent who sold out involveinvolved,, '-y- ging out the trial to'ensure it is not', - evidence that in essence claims Contrada to the mafia. In the moved to the Sicilian for Contrada's immediate release. Other Robert Grahamr«rahamrail am before vssiis'fce capital was con- owever, it would be naive to obliged to d i sH” the case the And---_ deputies talked of the need to provide bet- was exploiting his position to protect and murky world in He verdict in favour sidered Palermo reotti trial opens. A of : protect against abuses of benefit Cosa Nostra bosses. A month after which Contrada such an assume that the ter guarantees to . t&i - need exceptional judiciary, which initiated Contrada would undoubtedly favour And- h uman rights given the fact that 46 per Contrada's arrest Toto Riina. the brutal moved the contention is extremely hard to important figure in of - that a moth-balled military the case against Contrada. reotti’s cause. cent of Italy’s prison population consists of and undisputed head of Cosa Nostra, was prove, and he has consistently protested protection disinterested party. His Hie case against Contrada has certainly persons held under preventive detention caught in Palermo. He bad been on the his innocence. prison was opened specially for him, is a sole His conviction prove for the first time been dragged out. .But this probably ~ -rj&Kttj run since 1969, most of the time, it tran- He has never denied he maintained con- where he remains the prisoner. Hwould laws. '"': the prosecution can con- . StiiV £ capital. with the mafia. On the contrary, he supporters say he is being unjustly held in in court that the mafia was capable of reflects the way The Contrada case is an extreme, spired, in the Sicilian tacts ' courts, in rejecting penetrating highest levels state. If, tinue to introduce fresh evidence which in though illustrative, example of the prob- The pentiti who have offered evidence in asserts that his very job required him to isolation. But the the of turn the defence can match As.One news- t-xt&i am lems involved. Contrada had enjoyed a this case comprise most of the key figures penetrate the higher echelons of Cosa Nos- appeals, have accepted he is not strictly in on the other hand, the evidence of pentiti insufficient prosecution, paper commentator wrote: “It's: not that - -v-rsaasi** brilliant police career dealing with organ- in the witness protection programme. tra. The links were thus legitimate. He has isolation: rather, he happens to be alone in is judged to pin a its in. trials will andenntned. the Contrada trial is too long: dH .Italian ised crime in Sicily. Prior to his arrest on They include Tomasso Buscetta, whose produced some ISO witnesses and paraded the prison. use other be - long." December 24 1992, he was No 3 in the evidence has already been accepted in a a string of character references, including On seven separate occasions courts have The pentiti themselves the single mast trials are too FT GUIDE TO THE JAPANESE STOCK MARKET

Why are Japanese share prices Will it get worse? Are Japanese shares different, in sharp decline. The 25 per cent yen is forcing companies to make falling? Probably. The finance ministry some mysterious way, from shares rfpoiftip in the Nikkei 225, measur- more industrial investments Japanese institutional investors, says it will not, as in the past use in other main markets? ing the top 225 companies, is simi- abroad - if you include spending which own nearly three quarters of government money to prop up They look, by international stan- lar to that of the Topix. down 22.5 on existing factories - than at the market, are selling. Some are share prices. It seems ready, for the dards. very' expensive even after per cent The Topis measures the home. technically insolvent and many are first time, to leave the market the latest falL For example, the market capitalisation of 1,240 producing lower returns on their alone. At the same time, the gov- average share price represents 27 companies, while the Nikkei 225 Should 1 invest in Japan? portfolios than promised to their ernment is under pressure from times this year's forecast pre-tax simply tracks prices- For smaller Not yet, unless yon like taking big clients. So they are cutting losses business lobbies to do more to help profits, which compares with a pro- companies, the over-the-counter risks. Many of the foreign invest- and putting money into bonds, the banks, which would be great spective p/e of 16 on the US market market index is down 32.7 per ment funds specialising in Japan which give a low but less risky news for shares. or 13 in the UK. Taken as a multi- cent. are neither buying nor selling at income. The most recent manifesta- But do not hold your breath. ple of net forecast profits - which the moment They hope the market tion of this decline, last week, was Some experts think that the involves some guesswork because What does all this mean for the might be near the bottom but are triggered by poorer than expected finance ministry might first let a nobody knows how much Japanese Japanese economy? not sure whether the worst is over. Err* SN annual results from Japan's top bank or two go under, to alarm the companies will have to write off for Japanese banks and industrial A small number of investors, who companies, plus the government's electorate into dropping its aver- bad investments this year - the p/e companies are uniquely reliant on had the good judgment to pull oat announcement that it will do less sion to using public money for of the Tokyo market goes up to the stock market because they hold of Japan early, are now starting to * yVrrt* than many hoped to prop up the bank bailouts. Japanese finan cial something like 75. large equity portfob'os. Banks even buy a few selected shares again, on ailin g banks, a big factor in Japan's institutions are likely to go on sell- Some people conclude that count part of the unrealised gains the basis that things cannot get general economic weakness. ing while that uncertainty contin- Japan's high p/e's mean share on equity holdings as capital. If much worse. ues. prices must fail further, unless those gains shrink, so do banks' Bow far have prices fallen? earnings rise. Another school holds capital and their ability to write off How can I tell when to buy? Last Thursday. Japanese shares Even if shares did eventually perk that Japanese share prices will the Y40,000bn (£295.5bnj worth of Look out for any sign of a govern- touched a 34-montb low. By the end up, is there not a risk that the yen always be high, because the intri- bad debts built up during the ment bailout for banks. Another of the week they had fallen a quar- win collapse, wiping out my prof- cate web of cross-company share- recession. This makes banks even pointer would be a cut in property - jvi ter in local currency terms from its? holdings restricts the number of less willing to lend, and delays transaction taxes, also being dis- Bon Jovk greater pretensions and prettier than Deep Purple the level at the end of last year, or Relax. Japanese institutions will shares in circulation. spending and investment all cussed in government circles- That a heart-stopping 62 per cent from continue to be in a mood to keep round. would cheer up all the financial • /vSfcsH -S the end-of-19S9 peak. The perfor- their money at home for a long Japan has lots of share price indi- institutions, because much of their music *rw.L:* tatWET mance so far this year looks a bit time yet. So long as the current ces. Are they all falling equally What are the implications for the bad debts and investments is less bad when measured in dollars account surplus stays high, so will fast? world economy? linked to property, the value of Biggest shock of the week comes von Otter. Sylvia McNair and Bryn - down 11.4 per cent - because of the yen. The Japanese currency No. The indices for smaller compa- Japan's biggest investors have which has fallen alm ost as far as half-way through Jimmy Terfel, join Claudio Abbado and the the yen's rise against the US cur- has been on a rising trend - admit- nies are felling fester than the big become all the more cautious, and share prices in recent years. Somerville’s Dare to Love (London), Berlin Philharmonic for a live

rency. But even in dollar terms. tedly with some big bumps along stocks, because smaller company thus less likely to spend money when his highly effective but recording of Mahler's Eighth Japan is the worst performing of the way - for the past 25 years, shares are harder to buy and selL abroad. Fortunately, however, occasionally cloying falsetto gives Symphony (Deutsche Great' the world's biggest markets so far and may even have further A small number of sales orders Japan's foreign spending has not William Dawkins way to a perfectly pleasant tenor Grammophon), the work the this year, little better than Mexico. to go. sends them into disproportionately dried up. if only because the high in Tokyo warble on the title track. Somerville composer described as his “most suffers from the all-too-familiar important” creation. Predictably syndrome of failing to match the marvellous singing all round, and a his of is too | energy of performance with freshness sound which quality song; the two often missing studio versions { of when come from together, as on “Heartbeat”, the of this work. ST-,riS* p&h [ results are thrilling; but it happens "tv ihrin, Stag I the market remains In turmoil. aD too rarely. Bach, that serious Did most of T-rr- “rueriTK Since December, Oslo has been in composers, have a sense of Iron at a state of flux following a bizarre C An interesting contrast between humour? The case for can be heard lady thanks Laura series of events which led to the rockers old and emerges tins tiie “Coffee” Cantata, new on dismissal of Jarve and his week with the release of Bon Jovi's partly to his librettist, Picander. It "i subsequent suicide. Last week XjeJI These Days (Mercury) and the 25th is paired with the musical drama Kran, who had been brought in as anniversary re-release of Deep “Hercules at the Crossroad” in a T: chairman to restore confidence, Purple's Deep Purple m Rock (EMI). new recording by Gustav Ashley’s helm quit after a disagreement over the Bon Jovi, of course, have much Leonhardf and the Orchestra and ‘ TBS choice of Jarre's successor. greater pretensions (and fans) than Choir of the Age of Eatigfatenmeat Kran, 57, managing director of their ancestors, with their softer, on Philips- Neil Buckley profiles Ann Iverson, newly appointed Sparebanken Nor, Norway's largest more melodic material and iiv-a savings bank, had only been in the pretty-boy image; but it is the Berthold Goldschmidt’s Beatrice cjwfcjf? chief executive of the clothing and furnishing group job for four months. A senior figure abrasive, visceral sound of In Rock Cena (Sony) was commissioned by ..iv^EShpipj

- • 1 in Norway's financial community, which '*-*u*Mr . * continues to have the the Arts Council — r-V 'V,' 7* for the Festival of nn Iverson does not like Kran took over from Elisabeth greater impact Obligatory studio Britain. Based on Shelley's play, it ir.-f ftW guns. Late last year, after Wille who had come under fire for re-mixes aid alternative versions is a powerful, sweeping work given .-•jocC j the shooting in New York Mitsubishi spreads her handling of the so-called Jarve do not add very much to what was full justice here by Lotbar Zagrosek warx-'a? of a child carrying a toy affair, among other things. a seminal album for head-bangers and the Deutsches Symphony -L-sf-latiar A net to take first gun. she swept all “realistic” However, any hopes that Kran everywhere. Orchestra. Berlin. Singers include looking guns from the shelves of westerner on board could restore calm to the Simon Estes and Della Jones. Kay-Bee Toys, the US retailer of exchange's turbulent affairs were A spectacular all-star cast, which she was chief executive. The Jim Brumm, a quietly spoken blown apart by a row over Jarve’s including Cheryl Studer. Anne Sofie Peter Aspden 120 tons of plastic weapons were lawyer from California, is about to replacement The board wanted dumped into an incinerator, gener- become the first westerner to join Jarve’s deputy - Kjell Froensdal " ating enough electricity to heat 48 ® L > Jr% the board of Mitsubishi - to get the job. Kran disagreed, homes for a month. Corporation, Japan's largest general and said as much in his letter of The move was typical of a retailer trading company, writes William resignation. Hardly a ringing r--« if -J:e who, colleagues say, combines sen- Dawkins in Tokyo. endorsement for the who blew man •' r L.=- | sitivity and creativity with acute His appointment is the latest the whistle on his predecessor. * >a*» business sense. Those attributes m* ; w# pjtf ' mm manifestation of a strategy by *a;" • : '' I'lkingiea will be vital in her next job. as chief Minoru Makihara, the group’s r ;he 1 executive of Laura Ashley, the president, to blow a little Renwick heads back pouru clothing and furnishings group international fresh air Into this to SA haunts which took a classic English style - bastion of the Japanese industrial -TnilTUUn- T to shoppers from to ‘- - Canada Can- establishment. Makihara is keen to Sir Robin Renwick, Britain's jf ci 1 berra, slS ".-arcs ttsnj, but which has lost its way in '•/--I get the best foreign executives from ambassador to the US, is just about the 1990s after : '••i-'Lins: several years of Mitsubishi's more than 100 overseas to change career, writes Jnrek ;. pos losses or indifferent profits. It companies more closely involved Martin in Washington. His new c reported a £30.6m loss for the year Iverson: promises to bring retail discipline and a feminine touch with the bead office in beat will be taking him back to his boc-i to January 28, after £34m restruct- Tokyo. old haunts in South Africa, the -'s-u-er dess uring costs. At Bloomingdales, Iverson came in order of magnitude. That comes Mitsubishi, the heart of the place of his most conspicuously Last week Iverson, 51. pledged to to the attention of David Dwnrkin. from a lot of experience, from an country's largest and most tightly successful diplomatic tour of duty. ‘.3WTU ZAy •4* •/ i treat the brand care, with while chief executive of Bonwit Teller, ability to look at the problems in knit keiretsu, or industrial family, Sir Robin. 57. retires from the - i'Jriur* of Li maximising Its potential to return another New York department store multi-dimensional ways. The second has been slower to hire senior diplomatic service next month, and operating margins from the current group. Dworkjn recruited her as is being able to diagnose and priori- foreign executives than Sony, starts in work December as an r: a’J , cent to J 2 per the double-figure levels senior VP of stores, for what was to tise, to be decisive." Japan's perennial management executive director of Robert £5? of the 1980s. be a difficult period. Laura Ashley, she says, needs pace-setter, but is now seeking to Fleming, the privately-owned ’ a n “What Laura Ashley represents is Bonwit Teller had been acquired some “basic retail practices and dis- catch up. There will be more foreign merchant bank. News of Str Robin's Bodyguard Cage; Guarding Tess sputters somewhat, but the emotion, has charm mood and and country- by Australian company L.J. Hooker, ciplines". The brand strengths must directorships, Makihara promised appointment comes only a few days side and'shu feeling that Laura put into it," which filed for chapter 11 bank- be re-identified, then the "correct last week. after Smith New Court recruited Iverson says. are Qtifc- "That passion and ruptcy after getting into problems business model” in '' put place -to Brumm. 52, a graduate of Derek Keys, South Africa’s former FILM/VIDEO 7 J =e interpretation . 'V tone is something that has servicing $2bn debts in 1989. exploit the benefits of the compa- California State University, and a finance minister. 1 to stay alive and be a part of the “Life got real tough," says Iver- ny’s vertically-integrated structure fluent Japanese speaker, joined the John Fleming's -I-'’"" i Manser. chief Every year, just before apocalyptic Outback against the brand... but it needs to be reviewed gave - ; ^-Planations j son. “It me experience of tak- and those elements used to push legal and credit division of executive, was introduced to Wimbledon, cinema is thrown down evil Department of Water. with delicate instruments." ing difficult decisions." When David gross margins. The "S-Cl - the trada up Mitsubishi's US arm, Mitsubishi Renwick by a mutual friends Sir an oubliette by its own minders. mind boggles. Will sequels promise frirt :- Insiders welcomed the appoint- Dworkin left for UK retailer Store- Much is riding on Iverson’s suc- International r~; Pictun Corporation, in New Charles Powell, Lady Thatcher’s Why let our best films roam free, further showdowns between our <- 4 ber 1 ment of a woman and a highly expe- house late in 19S9, Iverson accepted cess. Analysts believe that unless York in 1977. Currently, he is former foreign affairs adviser. distributors reason, when everyone heroine and the major utilities? rienced retailer - after two chief the invitation to join him. Laura Ashley's performance executive vice president of and MIC Manser denies that Renwick has wifi be watching the action on the Tank Girl executives without retail back- fights Electricity? Storehouse established Iverson's improves, its future as an indepen- will continue to work in New York been hired solely for his South Centre Court? grounds - to handle what is still reputation as a turnaround is special- dent retailer in doubt after his directorship is confirmed African connections. “His brief will So give thanks for a passable The video market, to judge by seen as a very feminine brand. ist The group had over-expanded Jusco, the Japanese retail group, at Mitsubishi's annual general be global." says Manser. American comedy thriller and a new releases, is in on the Iverson is steeped in retailing. and lost focus in the 1980s. and Iver- has had a 15 per cent stake and meeting 29. seat on June Technically, he Nevertheless, Renwick's said-to-be-passable British comedy that p re-Wimbledon conspiracy, too. London analysts say during son contributed heavily to recov- on the board since 1990. Sir Bernard is Mitsubishi's second foreign connections in South Africa will drama. Guarding Tess sputters - her as Little for your comfort but a fitftd' time chief executive of the eries in its two divisions, first as Ashley, widower of the founder, director, alter a Korean who is now help Fleming consolidate its somewhat, but has charm, as Alan UK’s Mothercare chain, she dis- stores director of which went Parker comedy about an BHS, was recently approached by US retired. position in one of the world’s more ex-First Lady Shirley MacLaine eariy-century played a strong strategic brain, but from near-loss in 1990 to £40m prof- businesswoman Georgette health farm ( The Mos- Another factor in Brumm’s exciting markets. It has a joint causes hell for Secret Service Road To WeOvilte and Hugh Grant-J. appeared most at home not in meet- its in 1993. bacher to sell his remaining 35 per appointment, apart from venture with Johannesburg brokers bodyguard Nicolas Cage. Rue in a dog collar Down ings. but walking around stores As chief executive of Mothercare. cent stake, although he said last Mitsubishi's desire to make Under (SBneraJr more Martin & Co and plans to buy 50 per premise and leading players, demonstrating what she was doing. she turned a £4m loss into £5m week he bad “no intention of dis- use of foreign talent, is its need to cent of Martin later this year. though be warned that When in Iverson worked part time in Bull- profit by 1993, re-focusing the chain posing of or reducing interest”. beef legal doubt, try some my up its skills, say officials. Renwick is regarded as one of writer-director Hugh Wilson is a recherche filmgoing. Best ock's department store in Los on the mother-and-baby products For Iverson, Laura Ashley pro- The group is signing an increasing The of Britain's most successful veteran of the Police Academy Angeles during her final school and children's clothing markets, vides another opportunity British Animation is a visual feast to work number of International contracts, ambassadors to '' South Africa. series. at year. After marrying at 20, she gave and developing a "fun” element for in fashion, her fevourite branch the ICA In London. The.Border of all with potentially tricky fine Armed with a hot line to Downing Clackxuork Mice is the latest from They Come up an education degree at Arizona children, including talking trees retailing. Visits to the division print (1972), revived at the . US Street and Margaret Thatcher, he Vadim Jean, half the team that National Fibs Theatre, University to take a full time job at and singing clocks. will also allow time with her US- played a is a fihn significant role in securing brought Leon The Pig Farmer. Bullock’s. She moved back to Ari- In a year at Kay-Bee you made in a rare genre - the reggae she has based son and daughter, her “great- Nelson Mandela's release from Turbulence in A teacher bonds with an thriller - but with, zona in 1966, and took jobs with started to reposition the largest est support and biggest fens" dur- Oslo captivity. a rare power. emotionally disturbed schoolboy in The wonderful three stores groups over 14 years. mall-based US toy retailer to com- ing a hectic career and four mar- The micro-budget V. as Kran quits South African president and deepest Britain. with of Unseen by me, but American comedy Clerks After stints Harzfield’s Kan- pete better with Toys R Us. its riages and divorces, the last during Renwick have is stiR . remained in close admired by sneak previewers. sas City and T.H. Mandy in Vir- superstore-based competitor. her time at Storehouse. Turnover Playing. And Sir Degrees Qf ' on the Oslo stock touch ever since and pictures of the invited to Separation is the briUfent new film ginia, in 1984 she was join Iverson says the same skills she “There is no question I bad to exchange is rising, and not in share two together in the Washington - Oddity of the week, under Bloomiugdale's. the New York- displayed at Storehouse and also of John Gome's stage comedy Kay- sacrifice a personal life," says Iver- transactions, writes Karen Fossil in residence are exceeded only in wraps as I write, is Tank Girl. Its about New York in based department store group, as Bee can be appb'ed to Laura Ashley. son. "But now my children are Oslo. Six months after the tragic prominence by those socialites with British heroine, untimely ripped from an meltdown. operating vice president of two "My first strength is the ability grown to up, I'm learning to enjoy my suicide of Erik Jarve, who bad royalty and US presidents, both Australian ccmic strip, is a main branches. get in suss out the real issues. warrior and adult life.” headed the exchange since 1977, more or less obligatory. bimbo doing battle in a post Nigel Andrews

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FINANCIAL times monda J ] V U NE y I *J*»S

An EU directive to form European works councils may be the catalyst for corporate change, ^gfSSs writes Robert Taylor :SS^ Model behaviour on which to build m°— -2j* < Kof if , busy preparing for an analysis of existing European .'..'7~‘ 1 a new f : -. -i * v&w- Wlk Aage of works councils for the European European works councils. As they ponder how to construct >pr Union, believes it is too early to their new consultation and assess how significant they have v-w--, information committees - to comply with the J#7 been so far. FAST TRACK “Don't EU directive which comes into force forget only a handful have been in existence few ' — ••• r - in September next year - many are /..M more than a likely to be influenced by those years." he says. However, be adds: enterprises which have pioneered “Many have made hesitant first Unicate •--, this form of employee involvement. ‘/fa, A steps but once they are up and run- -J .?«*• ning they will have a dynamic of For a company which employs For many companies - especially their own." It will to only three people, Unicate B.V. those in France and Germany - the 'fiif take time dis- exercise will not be controversial. cover whether the works councils Authentication Systems has >//// , Setting up a European-wide body will transform how European-based managed to attract some very- multinationals conduct their corpo- big and impressive business will be a logical development of employee consultation systems rate strategies in providing wide- partners. ranging consultation informa- Philips Akzo of already in place in their domestic and and Nobel the operations. tion disclosure of their business Netherlands and Digital of the activities to their US are all committed to Others, however, will probably employees. helping the Dutch wish to study the 53 European Hie directive Is seen by many as company in its quest catalyst for corporate change. to corner the world market in works council agreements signed so a But radical the works councils fraud-proof identification cards, far and which provide a variety of how new will be depends not just on how credit cards and pass keys. different models for council “archi- 0 willing companies are in developing It is not just the list of tects . “They are as different as the an open and co-operative partners that is world-class. The companies and countries they COUMC/l policy towards their employees. will also company's ambition is nothing cover." argues Hubert Krieger at It less than elevate its - the EU-funded European Founda- depend on the effectiveness of the to product trade unions in pressing their agen- three-dimensional authent- tion for the Improvement of Living das at company level. ication system, or “3DAS" - to a and Working Conditions, which is * v : then will it possible new standard for the security based in Dublin. Only be either to deride the European works industry around the ear 2000. There may be no uniform pattern j council as a marginalised irrele- The 3DAS card looks like any but two distinctive works council would be made up primarily of only bodies arc in place in merely Volkswagen goes much further The way which models do in seats for the vance in the exercise of corporate credit card, but instead of a appear to be emerging trade union representatives. The seven out of 35 agreements scrutin- and even accepts that working time employee representatives are allo- power, or to hail impor- hologram, it has a small, round, among the them as an 1.500 or so European word “model", though, might sug- ised recently by Krieger his col- and and wages can be discussed on its cated also differs markedly between tant step in the evolution of a more plastic “window” containing companies covered by the EU direc- gest a coherence that is lacking in leagues. company -wide works council. This existing councils. A fair number representative form of European- filaments resembling a piece of tive. {These are those employing practice. Although the UK is not In the French model, either the meets quarterly, although it is not a specify they over must be selected based company where employees fabric. The silver-coloured l.ooo workers with more thnn supposed to be covered by the company's chief executive or his negotiating body. BSN, the French through existing national practices. enjoy rights like shareholders. filaments fall in random, 150 in at least two member states). works council directive - thanks to representative chairs the annual food conglomerate, has allowed gen- This means, for example, that w ork- threadimeusional patterns, The first model is the works council the 1991 Maastricht opt-out - most works council meeting. few A com- der equality to be covered. ers in France are chosen frens the Further information cat: be found in making each one unique. made up solely of employee repre- relevant British companies will panies have established executive There is considerable variety in existing elected enterprise commit- Report on European-level Informa- Unicate takes the shapes sentatives. This is the most com- probably set consultation up and committees that organise the works the size of the existing works coun- tees in the French plants, and work- tion and Consultation Committees - formed by the intersections of mon system to be found in compa- information committees covering council sessions, prepare agendas cils. As many as 73 people sit on the ers in Germany from the legally An Evaluation Practice from the file filaments and translates nies of from Germany, Spain, Portugal all their employees. and liaise between plants: but these consultation committee of St based national works councils in European Foundation for the them into mathematical and the Netherlands. It seems likely that the Nordic- are still not common. Gobain. the French glass maker, that country. In some other cases Improvement of Living and Working algorithms. These can then be The second model involves owned multinationals will establish Eleven agreements specify com- while there are 5S> nn EU Aquitaine only trade union representatives Conditions. Loughlinstoivn House, used by a specially designed company-based joint management/ bodies, union-based but flexible pany training as a subject for the and up to 58 at Bayer, the German have places. Shortfall, Co Dublin, Ireland. Also, loser “reader” to verify the employee works councils, which are ones. At present companies consultation most agenda, nine indicate company. By contrast, only up to 14 The first European-style works Transfer: European Revietc of card’s legitimacy. “The usual in France, Belgium and Lux- that have set up European works questions to related production sit on BSN's works council for council was established in October Labour and Research Vol 1 -Vo 2 arrangement of the filaments embourg. councils - which are there be iUJSIC to techniques and new technology, glass, covering two countries. When 1985. between the French company April 1995. BFr400 from European cannot be copied, so fraud is It is possible a third alternative, consulted but which have no negoti- seven mention health and safety, the EU directive comes into force in Thomson Consumer Electronics and Trade Union Institute, Bid Emile ruled out,” says Teunis Tel, which might loosely be called the ating - power appear to be follow- and six the external environment September 1996. a maximum of 30 the Geneva-based European Metal- Jacqmain 155 1210 Brussels. Bel- Unicate's founder. British model, will develop later: it ing the French model. Employee- and work organisation. will ; iLiir. apply. workers Federation. Mark Hall at gium. Tel. a 43-year-old industrial

.-• - j . • -- • .iuvci3 ~ designer, says the idea came to him after visiting two separate business contacts. At Job. Enschede, the company that Creating labour harmony . . . and fostering unity prints the Netherlands' bank • -<--• "3^ notes, he was struck by the high-level of seenrity. Later, at or thinking German companies, which are used to The new body, in preparation since 1991, will meet or the country that was one of the post-war ment decisions, but Benlezar says the fact that many Akzo NobeL the Dutch of and - Europe as their home market to consulting mice a year - it first met this February in Germany pioneers of comites d ’enterprise, it should come as are chaired by the heads of the companies shows the chemicals group, he was widely with employees, the idea of European although meetings can be held in between. the • Among no surprise that a number of its companies are level of importance executives attach to them. intrigued by a non-woven • F F teas works alarming councils is hardly an innovation. areas it will discuss are employment, the environment, already beginning to embrace the idea of their pan-Eu- One pioneering example is Bull, the computer group, speciality fibre. “It occurred to Under German law, works councils can be set up in training and the competitive strength and business ropean equivalents. which first established a European information commit- me that the infinite variety of any company with more than five employees. They are health of the group. Big changes such as plant closures France is this year celebrating the 50th anniversary tee in 1988. Four years later, it signed a new accord fibre patterns was a perfect way •;.v scriatR elected by ail employees, union and non-union, to pro- or reductions also come within its scope. of works councils, which were originally constituted setting up the structure that stands today. to assign uniqueness to security ' . '. t i •.clrr l'I tect their interests in the workplace. The system has Of the employee representatives, seven are from Ger- under a law by General de Gaulle just after the second Reflecting the concentration of the group’s activities objects, such as cards,” be says. -. .-i.- : -.ia bf bee played an important role in preserving labour harmony, many. four from France and two each from Italy, the world war in an effort to restore links between manage- across Europe. 10 of the 29 employee representatives His company, based in ;t '.«:uu.!lafe although critics say it also reduces corporate flexibility. Netherlands. Portugal and Spain. Its chairman is the ment and unions, and create a climate of harmony and are from France, with a further 3 from Italy, and two Groningen, is currently working PitiBCffk The EU directive will affect up to 300 German compa- head of Hoechst’s domestic works council: the deputy is unity to boost reconstruction of the country. Now there each from Germany and the UK A further 11 countries on pilot projects at two Dutch nies, employing more than 4m people, of which 3.3m from the Netherlands. Klak says the committee will be are an estimated 26.000 committees managing an esti- each supply one person. Most are nominated by unions. hospitals. In one project, the • irMroaTa* are in Germany. As well as big concerns, such as extended this year to Britain, Greece, Scandinavia, Bel- mated total annual budget of about FFr40bn <£5bn). The committee’s role is to discuss economic, financial 3DAS card is being used as a Daimler-Benz and Siemens, a host of smaller but highly gium and Denmark. European-wide works committees are a more recent and social questions concerning the group which have pass key, in the second the card will also lit vrti’sa^ international companies have to comply. Other chemical concerns such as BASF, Bayer and phenomenon. Alain Benlezar of the CFDT. one of seme significance beyond the level of operations in any is used as a patient's “passport", In the chemical industry, one of Germany's biggest Henkel are also doing their best to meet the new France's largest trade ration federations, says the pres- individual European country. There is some delicate giving access to his or her vital and most far-flung sectors, the idea of European works requirements. Schering, of Berlin, recently held the sure for change began in the 1970s with widespread juggling involved, since it must not act as a substitute information. councils has already taken root. Hoechst, of Frankfurt, first meeting of its Europa-Forum - similar to the restructuring by a growing number of companies with for discussion at the national level. The 3DAS filaments can be committee - in Volkswagen • set of Dialogue (its name Hoechst Madrid. has long operations spanning boundaries. added to cards h has up a Committee European national Topics discussed investment, other currently • • ."_ include rationalisation, - 'I f J *JTS council) with members - 19 had such a body. Although some smaller ones jib The first French example created in use. the zzji:&r for the European works 29 may was by the Thom- changing work practices, training and R&D policies. such as chip card, the from the employee side and 10 from the company. “The at the cost, German companies are among the most son group in 1985. Other leading companies have since There are two meetings each year, one after the annual smart card and the PIN resonance has been good,” says Alexander Klak, head ardent proponents of the new directive. followed, including BSN Danone, Saint Gobain and results in April and the other in October. (personal identification number) of personnel at the special chemicals division in Ger- Rhdne Poulenc. There are about 22 such committees. card, to enhance their seenrity. many. “This is the first step in creating a dialogue.” Andrew Fisher The committees have no power of veto over mana ge. Andrew Jack Longer term, 3DAS stickers could be adhered to documents, such as export orders, to guard against fraud. Tel made his 3DAS discovery in 1992. By January 1994. after A silly way to be put in the picture months of hard lobbying, he had persuaded Job. Enschede (card producer). Philips (reader n the pages of the financial modem bosses are not supposed to seems to know whether hiring a was engaged in discussion with the manufacturer), Akzo Nobel press over the past few days be distant figures handbag down temporary secretary costs nearer man on her other side. (fibre supplier) and Digital there have been pictures of: orders, but hands on managers who £2J50 or £50 an hour. Eventually I too leaned across my (systems integrator) to join a I Sir Antony Pilkington holding are closely identified with the This being the case, there may be neighbour to talk to the manage- consortium to prepare the card up a car windscreen; the bosses of things they sefl. an alternative to firing even mere ment consultant's wife. Again we for pilot production. The Severn Trent Water pouring water On both scores the pictures fail LUCY managers when the time comes to discussed houses and children, and consortium has now been m*# 4 into a glass; the chairman of a local First the addition of a product economise. Teach them a few while we may not have been soul disbanded, hot the four bigger brewery with a handful of hops, the makes the image more arresting prices, and the cost savings should mates, at least we were speaking companies have all signed business contracts with boss of a detergents company lean- only by making the subject look K E L L A W A Y come automatically. the same language. Unicate. ing on a box of washing powder, the silly. What, you wonder, was Sir I think it is time to face it: at this Atlas Venture, the Dutch chairman of a shoemaker clutching Antony doing standing out on a type of stuffy business function the venture capital group, took a a calf-length suede hoot, and a London street holding up a wind- between 7 and 15 per cent of an percentage number feels so much sexes do not always mix well. Men minority stake in Unicate for an I undisclosed in 1994, director of a retailer demoniacally screen? Indeed, it is a rare business- average day doodling while we more convincing than a vague The other evening found myself find it easier talking to men, and sum and it regards waving a pair of sandals designed man who does look comfortable hang on the phone waiting for assertion. I can't help thinking that seated at dinner between a Cana- women to women. Except on the the company as one of answers? cent pay would very dian small businessman and occasions is its most promising new for aerating the lawn. My favourite, stroking his product under the gaze a 20 per rise be a mid- happy when there - investments. though, was a picture of Lord Wein- of a camera lens. A chairman with It may cot come as a surprise nice indeed and if it can be Atlantic management consultant someone to flirt with, the conven- been discov- with one little it specialising transport. I seating I As part of plans for launching stock - who usually resists having his suited arm in a sack of hops that these “facts" have bought lipstick, in made tional plan does not work. the Impression that ered by respectively, an image con- seems well worth the try. small talk with each in turn, about not suggesting that the sexes licensing and commercial ltis photo tak«»n at all - looking does not convey am on-line information Not all such surveys where lived, about how be production of 3DAS in the quizzical standing in front of a big he has an intimate knowledge of sultant and an come up we many should segregated, nor that they is but service^ In their desire to demon- with implausible statistics. Last children we had. They were bored; I should be jumbled randomly. second quarter of 1996, helicopter and holding a model of a how his beer made, that he value their products, week's offering from only was bored. Suddenly one leaned Instead I in favour additional capital investors, small one. wants to get back to his office as strate the of BT was am of a new possibly from the US, France, Evidently, head and shoulders quickly as possible. businesses are quoting more and too believable: 90 per cent of manag- across me and mentioned golf, and formal seating arrangement freely from anonymous sur- ers know what a pint of lager costs, they were away. It was great golf whereby each person sits next to Germany and the UK, will be shots of men in suits are out. Photo- more T~,‘.T~ STi men touching or veys. You might think that no-one but only a handful can tell you the courses they- had played, ones they someone of their own sex and some- coming on board later in 1995, tfc-rW?i, graphs of the same is taken - the consumer is surely price of anything in the office. It hadn’t played, and ones they might one of the opposite sex. This solu- Tel says. jpaning on their products are in. in that women who not so daft as to believe these does seem a shame that in the play in the future. tion is not sexist, it is pro free There are two explanations for this Did you know get paid 20 per cent self-serving numbers. Yet I for one empowered organisation - in which Looking up, I noticed that my choice, and means you may get trend. One is that the products are wear make up than those who do not? And am so daft A survey sounds such we are supposedly responsible for husband was also ignoring the through the evening without a crick meant to makp the pictures look more Ronald van de Krol that we spend an objective thing, and a precise a every aspect of our work - no one woman he was sitting next to, and in your neck. more exciting. The other is that did you know

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.-I K. JHW occurred in New Deflii, safety fears Hong Kong rices the sc^e. Switzerland was Strikes called off Tuberculosis atert Air Likely weather in threading p Bangalore and other parts j third most expensive ~ standards si the ' the India Aviation safety '• '.T** I After last Is^WIng j Mod .Tie w«d ~~T Hong Kong of httSa. cowitry with an average one Padfic isteid dt Kiribati se net- has • One person has died rate of £124£1. The most tuberculosis up to prop® standards, toe US J cvercaxen Mi of a* traffic in at least Qg significant price decrease from cholera and AJnanfcfralSon raffiS Sceritfinavfa “timebomb”, Federal Aviation not v Japan as 56 are side m an outbreak was in Italy, where (FAA) waned last week. But it. Mat the most i BS8 because of a according to BobsKoob average rates (hopped 9 far the southern Ukrainian marks to lVf° — * ^jaZi-ptats* strike at I : the World has awarded pass -l^Mrala I —J expensive per cent to f82.74. dty of Btyfcotalv. The Scancfirovian AWnes Systems Health Organisation. Things South Africa, Uzbekistwi and country for hotel regton’s Prices increased hi 63 cum Nauru. The watchdog iMgSi’i-sa accommodation rates, (SAS), a new pay agreement are becoming critical per cent of the cities QpMemlologdsflMftat reviews avsa&on according to Hogg has been reported, wttti the because of muKHdrug foe periocfic^y surveyed, some of the people were contracting standards of foreign FtBHkfsrt fSfo 28 30 Robinson, the UK business resit that one-day SWtes roafotant strains of the • safety sharpest rises being in ifiwaw after bathing In, or review announced for June 26 and 28 cBsease, says Krafg Klaodt, countries and plans to travel agents, writes eating fish from, the Geneva, Basle mid New concStkxTS in nearly 100 over the ;tew'Tfi»kr have been cancetel • senior WHd official, who Scheherazade Daneshkhu. a Southern Bug river, in Delhi, Hogg Robinson says KHbafi be - India’s main domestic arime, said that tide year 500,000 next few yeas. wS - England, Scotland and • city authorities .. that the general price Moscow, permission to start Sgtas Wales, along with Canada, Indian Airlines, last week asked people in ImSa would

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r J’LL TELL WHAT" 5 JS IT LATER How to head off health hazards sanders; nowdrink.it all of> we; *T0 MISS TH4E the Indonesian capital, even in n/vfr WANT here Is only one thing SO can purify water .?> WE VJHS worse than suffering Kate Bevan takes a look at medical advice for those on the move hotels. You with iodine, but the more prac- Here’s from diarrhoea - suf- less Deet are effective, and for tical alternative to tap water is from it in a and then makes detailed sug- star hotel in a city centre, or where needles might be fering water most T gestions precautions. travelling In rural areas? If the than trustworthy. those who do not Like slapping to stick to bottled strange hotel room many miles about Ra%vs Diseases hospi- chemicals on their skin. Dr hotels provide it free if the tap and time zones from home. If this sounds as though you latter, you will need to take The Tropical is risky. And make sure precautions. Dr Clarke tal sells first aid kits that Clarke recommends Mosi- water ' But take heart: if you are a are likely to be turned into a more -.-.Jb. ItJf-kAL needles, Natural, eucalyptus- the top is sealed - it could be typical business traveller, diar- pin-cushion, just be grateful points out that getting around include while Dr Beh- Guard a r. as hazardous as the rens suggests that travellers based repellent. However, if an old bottle filled with what rhoea is probably tbe worst you have grown out of back- can be V v visiting risky area, you are trying to avoid: tap v thing you will suffer from. packing: young travellers, who location itself, and stresses the could carry a personal medical you are a talk water teeming1 with nasties. Travellers are full of horror live cheaply, will be advised to risk of accidents. kit including anti-diarrhoea you should also to your additional Thinking ahead also includes tablets, sleeping pills, rehydra- doctor about preventative If you really cannot afford to stories about the various exotic have all sorts of -v >Mi'lSWK' sterilising drugs. be ill for a crucial meeting, nasties they have picked up in immunisations, including one your after-hours entertain- tion salts, iodine for A doctor give you anti- remote places but generally are against rabies. And new vac- ment Compared with the pros- water, constipation remedies Most people win only suffer your may biotics to as a preventa- lijc less at risk from some of the cines to replace the horrible pect of HIV. anything else and antacids. from stomach upsets, and with take Behrens ail- amm a globulin jab against seems like a reprieve, but there Dr Clarke also recommends care even they can probably be tive measure, but Dr more unpleasant and rare g - use of BA’s travel clinics. Masta will be informed and prepared ments because they tend to hepatitis and unpleasant are plenty of other things you joining the Blood Care Founda- avoided. “Think about the warns that long-term chain drugs can cause reac- send you a health brief tailored even if it does mean submit- stay in more up-market hotels typhoid injections are becom- can catch that would seriously tion, a charity which can ship of events, “ says Dr Beh- these ‘ street stalls that it can also to your journey, which will ting to the needle. •; {r. and stick to cities. But they ing more widespread, although blight your life for a long time safe blood to you anywhere in rens. “Food from tions, and adds travellers' health line should not be complacent. they may be a bit more expen- after your trip, including hepa- the world, for a cost of £5 for a may be cooked fast and hot be expensive. include information on immu- Masta i&hhf- 0891-224100. Calls are -.dunged “We see a lot of business sive. titis B and syphilis. month or £35 a year. enough to kill any bacteria, Many large companies have nisations and malaria, as well -KfSStitfJ nurse as any Foreign Office advice on at a minute cheap rate and travellers.” says Dr Ron Beh- Business travellers should If the worst does happen and Malaria is a killer in many but what if the vendor has just an in-house doctor or 39p ¥\i the visiting. minute at other times. For t& rens of the London Hospital for think about wbat they will be you are involved in an acci- parts of the world, and the best rinsed the plate in a bucket of available, who wifi probably be region you are 49p a A to Advisory all the elaborate precau- the number of your nearest Brit- Tropical Diseases’ travel clinic, doing abroad, says Dr Paul dent, both Dr Behrens and Dr way to avoid it and other dirty water?” linked the Medical For : r»Tjfr-V " who adds that what they Clarke of the British Airways Clarke suggest having a kit insect-borne diseases such as Travellers should also be Services for Travellers Abroad tions that it is possible to take, ish Airways clinic tel 0880. 4 Tropi- mainly seek is advice. His travel clinics. This includes with you that contains needles dengue fever is not to get bit- careful of water, and seek local (Masta) database. This pro- health professionals agree that 600900. The Hospital far cal Diseases also has travel- clinic finds out where you are careful study of your itinerary- for suturing and injections if ten. This is not as difficult as it advice. For example, you can- vides up-to-date detailed infor- the most effective thing you a to lers’ clime. tel 0171-388 9600. going and what your plans are. will you be staying in a five- you are likely to be anywhere sounds: repellents containing not drink tap water in Jakarta. mation. and is also shared with can do to prevent illness is AM-il J'zrv.ma&f Business travellers, however, are emember when car hire com- ijiu i likely to be among the least panies charged mileage fees •• -y^rrr- Thc'- paying extra mile affected because they tend to do the R so yon often ended up US car rental fees go that much more than you expected? The long-distance part of their journey low-margin rental air and use a rented car only to bad news is that they are coming The experiment was suspended last which has been testing mileage age fees had afi but disappeared. ship between rental companies and from the car by hunsnp- back, at least in the US. month pending an evaluation of the caps in tbe central US, is planning Now the rental companies say their suppliers. Rental companies industry towards the higher- take them tbe relatively short dis- “Over buy their vehicles in balk from CS margin retail market. tance from airport to ultimate des- Step by step, US car rental com- results. to widen its scheme to more they simply cannot afford it - - • - - - — -L- '•jr panies are reintroducing mileage Since then, other big companies regions next month, with charges tiie last three years our fleet costs carmakers, then return the vehicles At the same time they have clob- tination. after bered rental companies by Hardest hit by the new system fees as a way of increasing their have started to follow Alamo’s of 20 cents or 25 cents a mile have basically doubled, but con- under bny-back programmes the -' ••• : r:- Ix-.r.r'tctt &«r income to compensate for higher example. Hertz charges 25 cents a beyond the first 100. sumers have enjoyed good value six months to a year for an agreed imposing financial penalties when are likely to be leisure asms, who fleet costs. A typical rate is 25 mile beyond the first 100 in some There is a touch of irony about because rental rates have risen by residual value. used cars are returned with more typically hire cars for longer trips. .- » -J— cents for every mile clocked beyond cities and 29 cents a mile in New Alamo's reintroduction of mileage only 10 to 15 peT cent” says When consumer demand, was than a certain number of miles on But since leisure travellers axe their, tbe first 100 miles per day. York. Avis, which already charges fees, for it was Alamo that led the Alamo. Avis agrees: “These days it poor, the carmakers were happy to the clock. often business travellers on Alamo Rent A Car started the 25 cents a mile beyond the first 100 trend towards unlimited mileage in costs more to rent a jet-ski for a keep their production lines going The car rental companies say days off tbe charges seem unlikely -:p trend two months ago by experi- at New York's John F Kennedy air- the 1980s with its advertising slo- day in California than it costs to by offering attractive terms to the that since their extra costs are to be especially popular with any-, 2C ;tkr'-' menting in about three-quarters of port and in Detroit, is extending gan: “Where all the miles are free". rent a $25,000 car." rental companies. But with demand mileage-related, it is only fair that body. .. its US outlets with a charge of 20 tbe scheme to 21 other cities next Its competitors were obliged to fol- The explanation for the increase now buoyant, the car manufactur- the increase in rental charges r.l?* .tziitTfr- cents per mile beyond the first 100. month. And Budget Rent A Car, low its example, and by 1990 mile- in fleet costs lies in the relation- ers have switched supplies away should be mileage-related, too- Richard Tomkins : c.:hr. ’ V .'«• CONTRACTS & TENDERS Barmitzvahi

Notice is hereby given that 'lessons

a limited company CROATIA OSIGURANJE DD ZAGREB, • '1 • ' •' ” ,T.!- w-1 •_ .W'.lkJ-'-mm 77 1 Head office, Zagreb, Savska c.41. HR-CROATIA, 7 over the represented by general manager Ante Deveic. M.Sc., pursuant to the standpoint of the Management Board Internet ANNOUNCES This survey will cover Important relocation, trade and investment issues H an invitation for presenting proposals for evaluation of mm pertaining to the Canada Mexico. advertising in this Mara US. and By important the company CROATIA OSIGURANJE DD ZAGREB, feature, you will reach a targeted senior level market. For example;

informing that Ttw FT reaches more senior European daciaon-makere responsible mm for business locations/site selection than any other English- -'4 5 '. “t” PS'icoiw! for d the Company was founded in 1884 in Zagreb, at first language newspaper. (Scarce: EBRS 1S83) operating in the city itself. After 111 years of existence, the 'si?. 35--- LriCiAOl FT arty Company is arranging ail classes of insurance business all The reaches more European CEOs than other Pan European ' >-:uf^rioaaJ t English language Utte. L- - r over the territory of the Republic of Croatia and is at the «Ka :nri"d% Lan! Y« |C2M QuKotteM in Europe 1B3B) same time the owner of a limited company in the Republic aad Chafe r The Financial Times Is the leading purilcatkm reaching large to 1-' 1 of Slovenia in the Republic of Bosnia and RTW, -id and iearii.htt ' '-t 1 *.•;?? medium sized industrial and commercial companies across Europe. . •, wlyTWfv 'V- Herzegowina. Additionally, the Company deals with it> presldi (Borneo: EBRB, 1993) >• ' • /' 4 - ft* firs! r in real estate : tune . investment business by investing money and For a fun editorial synopsis and details of available advertisement in companies of various kinds. positions, ^'.Banafetfe please contact Q ' i Internet, 4 4 ' h' tfc-vY V -jjfoj, • . -i\ >% V;s5fc-; 1; ' in The Company is inviting Melanie Burton or Michael Geach nk that vonng s !E Financial Times, 14 East 60th Street, New York, NY 10022 ^ *>ol£ ted coma All interested parties to make proposals for the work of ^erouaa Telephone: 222-752-1500. Fax: 212-3190704 the wcxld- evaluation of the company. The evaluation of the company West Ccest Pflck Mayie Telephone: 415637-9775 : “ or • ;.y is a part of the privatisation procedure of the company that your usual FT repraarmiadva • t** . 1 , lessooat 114 1 , . - _- v.’" fr- . ¥ its FT Surveys u in is at this moment in majority' state owned. Privatisation . swj, . r ? OR' ^.0 of the company will be partly carried out through selling i ibe clraj 'Q Londoa's shares in accordance with international tender. CONTRACTS & TENDERS ^ Fiac All information needed for making proposals for the work to rural toma

OOVBtNODO ESXAOO rh - of evaluation of the company is freely available. COPEL • Tb« Please contact: Mr. Vladimir Miletic, Deputy’ General L:. j. nraj Ul Manager, Tel.385 1 535 210, Fax 385 1 535 619 and PARANA lechnoa Mrs. Slavica Smerdel, Manager of the Legal Department, lDe 1 S2GdeEfcS TeL385 1 536 721, Fax 385 1 536 405. SALTO CAXIAS HYDROELECTRIC PROJECT l*T: - ALL GREEK TO YOU? IGUAGU RIVER INTERNATIONAL BIDDING C-205 It neednt be. With a wealth of editorial in every issue, Vs the FIJI POSTS & TELECOMMUNICATIONS LIMITED SPILLWAY 10 GATES & by ] SPECIFIC PROCUREMENT NOTICE S!- essential guide to the world of finance. And because CALL FOR BIDS th ** Sti Financial Times Magazines publish a monthly magazine The International is pubBshed by tiie Financial Times THIRD TELECOMMUNICATIONS PROJECT (2ND PHASE) TELEPHONE COMPANHJA PARANAENSE D6 ENECIA - - GABLESVOUAUTYASSURANCE SERVICES COPEL, informs ihai an it international bidding b opened for design, supply, S'WW specially written for the investor with a global perspective. its pedigree is impeccable. shipment, erection supervision ^ pc and operation Start -np of fourteen (14) radial gales and o’i£5, M A o A Z I N r a x shuibed. Il 5 drams. of RS 35.00 tthirty Bee Heaisi, at tbe * delivery following addresses; 1 ** 1essffl 213.000m (or U Suva • OkTh? Package 4: Telephone capper cable*., jelly filled, pnlyibene sheathed. 1ST drums. J .system- SuperiDlnKleoeb] >Qd Ptoaso return to Kevin Philips, The International, Graystoka Place, Fetter Lane, London EC4A 1ND, UK I SrdWhn for delivery ar Laoloka de Otrcas de Gersfao s Package 5: Telephone copper cables, JRoe Yahmuirias de Patrta, 233 - - 03 3S-44 aerial sclf-sapporuni;. 23 drums. I3yhMm (or 52 andar saJa 564 Ym, PImm »od me, Pftt and wMioat ebBgatbn, far n 1 PfOpristortSoB^ri^lojisd/Panoor defivtay at Sov SW2O-0OO- Curitiba- PR O 4 45-S4 on* ysar, my monthly copy of Tbs kriartutkiiul, Dm Employed Package t>: Telephone copper cables, aerial self-supporting. 1(1 Tddmu (5541) 322-1212-Ramal 5541 02 5 55-64 dnuw. lO.riQOm for porearui firanes magazbw front th# TWras. delivers at Lnflofci Tek&x (55-411 J31 FfnandN 3 ConeUtont -3265 O 8 65+ Aetted O ™a« 4 Type# laweat anl ctarenUy held d m Scpartic teilcd bids tniifl be tadunltted for e*ch padagr Studen/UnampleysdStudenr or tw or mom: cembtoed. MtMtg/mss 8LJ55 1 Damemfc EtfuCiee the FPTL will evaluate bids and determine the lowest evaluated bid for each pjr^. ,g or Jab Mature of Brahma e Eseritfflo me 2 Mernadona) EquUm cnnbuutian of two ot more paritauea. CQPEUSm tmOa 1 1 1 Financial Servicoc Nationality Alnned* SiaitPS. 1800 - 14B aadsr - 14* 3 Onshore Deports amL ' ^ Construction O gtfi** w Cortipan /Priraw Address 02 Tbe final decision on award 81418-240 -Sno Paata -SP y 4 Property of Contract of reach pxiage will be based no the combination THefone (55- 111 a omor service* which results in fowca tool pice for all packages. 2S9-I431 Bands 1 M 5 ' eancatj f~l 4 Transpon/TravetfCOfnrTajnicaUons 0 ir R au.. e&wiaQ At the time Bid 6 Pnttaou* MBBhuGams bidding documents of DoeumeaU purchase, ail companies nbtili present letter / Tbe which will Include jll vix pacLaf ss. mas he purctuved a PIS PatttoUwVFWeh Caarire bv anv ociippfeie • uru ojmainiD^ chcar mailmg addresses. 5 7 TruhH/Muluai Rinds inenaed disable BkhLr. on the uihmtatan or a wnitui appteaiion i 8fi ...... '“S tnanv ^-,.3. 6 Extraction (OLiNnarals, etcj M ihe Orfke of ihe Chief dhar hMmaflonaf teweimaWB Procurement Officer (Address beJowl 8 The receipt Pre-Oimlificatiou 7 Ma/wfaeturtnjiEPflirwwing of and Bid Documents Is scheduled for Septemixr Sign hen anly > you wWtto recafwi i O 90 Non# 99 Other (Pleas# sene 12th, 1W5. at 2;DD PM at COPEL’* office meeLin room, The Chitf Proairanpir Otfkc B ^CurititeTFUrt'* 5iv wfe ragulw copy ef The ManudionaL O WWcb al Qm fdowlng do you hate? Voluntaries da Patfja 233. pound Boor. l?** Jr. or n f Age Fift Pftts dt TikMuuiaudeaLtns Liadicd 1 CrMSiCftrdfs-B.VU) P.Q, Bax -W -Sou- Fiji 1 LI rider 2S The Bidding will be ruled taw 866o. O Gold Card by n. dated June 21. |«Mt with ofteiltitUS Z TrUrhonc; |679, SlUf!9 Fax; lt>79 1 305291 mtrodwwf by Law it. S883, dated fl. n 2 2S-3< Chug# June 1994 «nd by other condttW staled bwiB 3 Card fo.g. Arnax] and in the Bidding Documents. Intoicstal 99 Nana eligible Bidders nu> obtain further informarirui before 23 June pnj tender closes an 21 July iW. :

A month or so ago, the Of England. After last month's IPO. which chief executive of a com- raised about saom, they still control more puter company on the US than 60 per cent of Firefox’s stock. Two *est coast described the in the gold rush Winners factors their original intention new changed to Internet to me as “the seek a quote on London's unlisted securi- modem equivalent of the Britain’s biggest provider of Internet the average company spends $6,000 organisation, and ft requires a long list of or so before Microsoft or Novell can build ties market: the prestige that a Nasdaq gold rush.” I groaned access to companies, its bolding company. (£3,830) a year on each of its terminals, IP addreygof that t& bard to maintain. Firefox-styte functionality into their net- listing -would bring to their dealings with Tim inwardly, and sat back to Unipalm, has seen its share price more aid every extra package that needs to be With Internet access carried out from working software products. US clients, and their advisers’ conviction - aw V Y. *U Uus predictable than doable since flotation is months ago. Installed on each cheat computer adds to the server, Firefox’* package can give dif- Meanwhile. Firefox is making hay, and that US investors, being more technologi- raMp jaCKSOn monologue about the even though the Pipes business posted that cost. ferent levels of fatenaet access to (afferent preparing to launch versions of its prod- cally aware than their British counter- krayS 1 1 “ astounding commercial losses of £462.000 for the last half Firefox has developed software for Nov- hrfuww) Users, gnd rap limit traffic tO uct for Windows NT and for Mac-based parts. would be willing to pay a much opportunities open to companies on the year. ell networks that makes the job radically Internet sites based on their names. So networks. higher price for Firefox shares. Internet. Sot the most exciting pick and shovel simpler because it centralises ft. Installing school students working an a research The company has sold its products to a So Firefox finds itself in the odd posi- Bat this view proved refreshingly cyni- business is probably Firefox Corporation, this software can take only a few minutes, project, for instance, could be restricted to range of blue chip institutions on both tion of being run and owned by Britons, cal Mast as is California in 1849“ he a company that went public last month. compared with the dozens of hours neces- Information from other educational insti- sides of the Atlantic, ranging from AT&T headquartered for tax reasons in Dela- said, “today there ate hundreds of thou- Firefox has carved itself a profitable niche sary to provide Internet access to evay tutions; in a company, employees could be to the US Navy and from BT to Customs ware, and managed out of San Jose. Calif- sands of people arriving from all over the in selling software that helps businesses machine on a large network. given access to the entire Internet except & Excise m Britain. Sales rose from $2£m ornia. Yet the company's directors, now work!, hoping to make their fortunes. But to link Novell computer networks to the Centralising the access software has a for newsgroups beginning with the words (£i.6m> in 1992 to gl3£m in 1994, and millionaires, have no plans to up sticks the only ones who are making real money Internet. further advantage; greatly improved secu- alLsex As paranoia about Internet por- profits from $307,000 to 91.2m. There is and move west are the people who are »Mng picks and The rationale behind Firefox’s business rity. Traditional Internet security is based nography and hacking grows, such facili- considerable potential for further growth They insist that the software specialists shovels to the miners." Is simple. Traditionally, the only way to on the idea of "firewalls” which mmm» ties sound increasingly attractive to com- - Firefox has so for only shipped 10,000 they need are easier to find in Britain, One way of selling picks and shovels is link networked PCs to the Internet has each packet of information travelling puter managers. units, but there are over 4m networks and willing to work in Solihull for only to provide companies and individuals been to install the necessary software on back and forth, and decide from reading Firefox’s way of managing Internet worldwide, of which half are likely to be half the salaries of their US equivalents. with, the telephone hides that allow them every PC in the network. This is not only Internet Protocol addresses - the string of access may sound obvious, especially Hnk«ri to the Internet over the coming few But that is one of the wonderful things to get on to the Internet Internet access tune consuming, since it can require net- numbers that identifies the sending and since it is flexible enough to support the years. about the Internet gold rush: you can providers, as businesses offering this ser- work managers to visit each of several receiving machines - whether to let it use of different client software. But the Firefox quotes its figures in dollars, make money selling picks and shovels to miles vice call themselves, are growing fast and hundred or even several thousand PCs pass. This Is a cumbersome way of keep- company has managed to build up a com- because it is quoted on Nasdaq, but it is a the miners, even from thousands of commanding high prices from Investors. every time they need to make a change, it ing a local network secure, since it cannot manding lead in the market. Analysts British company. Five of Its key directors away. tjacksorba pop3.demon. CO. uk. A good example is Pipex, which is is also expensive. Analysts estimate that discriminate between users inside the behave that it will take another 18 months are UK citizens, all resident in the north

Here’s looking at you, kid, x 1,000

Alice Rawsthom reports on visual effects, the hot phenomenon among film makers

nyone who looks have enabled computers to cre- founded three years ago on the bunch of computer-generated extras who only get a cursory closely - very ate ever more elaborate cine- outskirts of Los Angeles with animals. glance. Brandon Lee. star of closely - at the matic Illusions. The business three computers; now it has 60. “Jumanji takes us several The Crow, died during filming “gorillas" capering even has its own name, Sili- “Everyone in the film business steps further than Jurassic before same of his key scenes around the jungle wood, to denote the application is into digital effects right now. Park says Ellen Pasternak, were completed. Ain Congo, the new Michael of Silicon Valley technology to because they think it's cool," director of ILM. “The animals Dream Quest, which was Crichton thriller now riding Hollywood. says Mark Galvin, executive look even more life-like in already working on the visual high at the US box office, Siliwood is dominated by producer of film* and televi- close-ups. The quality of their effects, took images of Lee might notice that some of them ILM, which was founded by sion at Data Quest "They saw fur looks more realistic. from footage that had ended up _:!* ^ look suspiciously alike. George Lucas, the Star Wars Jurassic Park and decided they They're foster, better coordi- on the siting room floor and This is because they are a director, when, having had wanted that stuff in their own nated and they have more digitally "painted" them on to ~ • * '•ZUl cr, ^ dozen, actors dressed in furry enough of Hollywood, he films. That's bound to change, ladal expressions." the extra scenes needed to fin- ; had .;^thaf m; ape suits, whose images have resigned from the Academy of but right now our business is The Siliwood labs are also ish the film. "No one ‘ ^ ***%? been digitally replicated on the Motion Picture Arts and Sci- in a boom phase.” creating computer-generated pushed the technology that for -• -•'Tr " •-. well before. says Galvin. :«irr(eres computers of the Industrial ences to retreat to his 2,600 The watershed for Siliwood images of humans as as Mark fc 1 •• ^-y: hit. =. animate started with Crow gave us chance to ,; [jj Light & Magic laboratory in acre Skywalker Ranch at San was Jurassic Park and the star- They dig- "The a Rafael, northern Calif- Rafael tlingly realistic dinosaurs cre- ital images of extras to enable do it We had to. if we were San " flnteh film. '• •' ornia, to create a crowd scene Its arch rival is Digital ated on George Lucas’s com- the movie studios to save going to the . " --'CKeifc ' : ;r ' tt.iu timHar technology • of 50 or 60 gorillas. Domain, created by James puters for his old friend, money by hiring a small num- used The Congo gorillas are a Cameron, director of True Lies Steven Spielberg. Past ber of extras to create the Illu- in The Mask to enable Jim Car- the digital dinosaurs created for Jurassic Park more advanced version of the and Terminator, at Venice in attempts to create similar sion of huge crowds of people, rey to perform extraordinary The Congo gorillas are a more advanced version of ’’ digital dinosaurs which ti.m Santa Monica. Scores of other effects had failed because the which would be too expensive "feats" such as peeling the -V.tn.boijiTj, e of mask off face or swallowing the jump so it would really actresses into computerised houette in the sex scenes ,' :c' created for Jurassic Park and labs have opened over the past creatures seemed too cartoon- to shoot his £ 30CJ it* fcg if it was ideals. Another story claims The Quick And The Dead? Or its digital extras in the crowd few years. Siliwood even like, with slow, staccato move- One of the most dramatic 10 sticks of dynamite which look as him." ^e; ucluAt stomach. Digi- It would also be possible to that an Oscar-winning actress, are they sneakily hoping that ; Forrest The received the official blessing of ments. Jurassic Park proved digital scenes is the anti-Viet- exploded in his -.r... >i- fit scenes of Gump. 'jKcjufe gained a little weight? the that computers could create nam war demonstration in For- tal Domain achieved the same “age" actors by computer who has been working out she has - * Hollywood movie studios, have George Lucas’s old foes at ‘--irf mpiring than bard and is approaching her Are men secretly relieved for some time been using com- Academy last February when credible images of live crea- rest Gump. The director filmed effect by it looks as rather make-up, or "reju- ’-'i: Mstr. .tS’J? 23VS are scrutinised to use it in future films. "Creating digital stars could puter generated characters for buffs. and their fees have rock- Jurassic Park technology to of the protesters' clothes and True Lies. films, who - will be : .L"S •:: than extras. Some in Siliwood suspect be done and probably kfflJSTJJ eted. There are even uncon- create the Congo gorillas; the placards to disguise the fact “When they shot the scene in more closely their films. but needs them?" - wrffess There is a possibly apocry- this is going too for. After all, done, who Special effects, or visual firmed stories that visual friendly ghost in Casper, the that the "crowd" was com- The Fugitive where Harrison the waterfall, phal Siliwood story that a one of the reasons why real says Ellen Pasternak of ILM. effects as its practitioners now effects experts, like directors current US box office hit; and posed of dozens of different Ford jumps down is "It would take a movie too far ':. .-iTJS SftE dt- images the person. they filmed Harrison's face at movie studio has commis- stars are so appealing prefer to rail it, is arguably the and stars, are being offered a more recently for Jumanji, a of same reality. We're in the :'/• away the sioned a lab to create the per- because of their idiosyncrasies. away from ;»psiifnks hottest phenomenon in the percentage of a movie's box new animated flhn set to come Cult thriller The Cram went the top and cut when Tnarfp the jump," fect male and female stars, Do Sharon Stone's female fans business of helping film mak- film industry today. The effects office takings as an incentive out at the end of this year in Anther by digitally replicating stuntman the best physical really want to see a woman ers to tell their stories - not which the star, Robin Wil- its star, the centre of the audi- said Mark Galvin. “Now we'd combining business has expanded sharply to work on that film business." to show the face during features of Gristing actors and with an improbably perfect sil- putting actors out of [V;c;-ard Tomli as advances in technology Dream Quest Images was liams, capers around with a ence's attention, rather than be able Barmitzvah ffcfiHiT'r.i Tanas plan* The electronic Herald foDt^sh a Samj «J lessons it American over the for Scots everywhere Locations By James Buxton Internet, the Herald has a company's new subsidiary, pus rniprinnian Internet special constituency because of Information and the worldwide Scottish Media Services (CMS). It will 1551 There are supposed to be about (MaSKiS Times has also offer commercial rntim. _ By John Anthers 20m people of Scottish descent diaspora. The Irish other living outride Scotland. Not all been tapping into the global publishing services to tire At the same time Bad publicity about the of them have modems, but network of Irish people via businesses. the last few as ft launches its electronic availability of pornography on those that do will be able, from Internet for newspapers. Caledonian will Internet has obscured the next month, to keep up with months. tiie development put out an electronic version of medium's potential for more events in Scotland via the Ray Pennan, says Software Echo, a quarterly sacred purposes. Internet director at Caledonian, venture is aimed both at software magazine published This mouth, British Ort, a The Herald, the the Scots working abroad and at by Scottish Enterprise, the large Jewish educational char- the for greater number of development body. ity which includes Lord Young newspaper, is opening an the people of Scottish extraction in Though The Herald outsells of Graffham and Chaim Her- electronic newspaper on and the English-speaking world, its Edinburgh rival The zog, the former Israeli head or World Wide Web on July l first particularly in the US, Canada Scotsman, by about SO per cent, state, among its presidents, believes it will be the UK and the antipodes, a number of most of its readers are in the unveiled for the first time the regional daily newspaper to do obtain The Herald by west ofScotland around availability of Barmitzvah les- so. It will offer Internet users a whom airmail. It also attract the Glasgow. The Scottish over the Internet. selection of news, features, may sons is and liTmnista. Its Sister many Scots who live across the newspaper market The idea is that young Jew- sport m will border in England and find it segmented by region: people ish boys in isolated communi- paper, the Evening Times, Glasgow. hard to obtain Scottish dailies. from Edinburgh do not ties around the world can provide news on chief executive Initially Caledonian will normally road The Herald and learn, and ring, their portion Liam Kane, * : — no money from putting few people in Glasgow read . the make * Uvirjr - of the law. The lessons are of Caledonian Newspapers, its newspapers on the Internet The Scotsman. People in available using the ORTnet unquoted company which We'd (ike you to be our since no one will be payix® for Dundee and Aberdeen have system which the charity, bought the papers from Lonrho it hopes to build up their own dallies. So there may- Finchley in 1992, is convinced that the them. But next quote. based in London’s pnnngh be Internet possibilities not providing online information, business readers to attract Road, also uses for Scotsman but also greatiy in the next advertisers to the service. It is only for The Business Seivices are the world's V? education to rural communi- will grow Rank Xerox to follow the Dally for the Dundee Courier and the he les- two years, and wants the likely ties around the world- T Journal. in of outsourced the leader in Telegraph and the Irish Times Aberdeen Press & leading organisation the provision sons are an appealing mixture company to be in getting its readers to A sample page of The Herald of ancient rituals and customs Scotland. document services. Dun and Bradstreet, the world's l*CT5 newspapers and Evening Times went and leading edge technology. Though national 1 Internet online last week. Its web Kane sees the . ® lesson has been, such as the Financial Times leading supplier of business information, have COl Once the address is httpcumuzams.ca.uk( - and Daffy Telegraph are service as the forerunner of accessed .the students either their documents. available on the other online ventures by the rims. appointed us to manage a teen-age Jewish boy or an already late document outsou rcing I* adult coming to Judaism Talk to ue about how - can select the verses in life could add value.to your business and you could be they need to learn by telling the machine their birth-date. puts spotlight on bur next t having to sift PW Thk saves he"* through all the 6,000 potential verses, although all of them are available on the system. content providers RANK XEROX Once the system has selected can hew » a verse, the student Interactive technologies such pear, at least for the foresee- real cantor, it By Raymond Snoddy bring song by a as CD-Rom have been available able future. "Generally, instead allowing for Business can be replayed, finn», o£ new companies, current and The primary corporate goal of. for some wide-scale inno- practice. Translations yet to ufacturers of PCs, com- -for the entertain- vation and services had man from Hebrew the 19908 Viyv - ;. iv- Services transliterations work-stations, set-top ' TWfldia and communica- be seem. The race to develop puter available. ment, are also turn out the next "killer application" boxes and consumer electron- £^-Vr: for tions industries may . ' - documents system also allows developer ics will be the leading vendors Makizigyour The devefoptag 'the services that would repay its “lessons", as to be - - truly interactive thniigftWfte of times over “hflfl of multimedia PCs, TVs with -> - dur bustoess allows that customers want and are the ORTnet system the focus, rathar than set-top boxes and Dice in this willing to pay for, according to become to be sent decade," the report says. sound recordings Waterhouse; how to .provide customers with fcriormstfoc cell MHsa SummerfteW computer to a consultants Price For rooca from the user’s real-time access to any plat- At a seminar in London to ’ In a weighty review of what remote one. form, database, program, enter- unveil the Technology Forecast, it *he BMC industries. PW +44 fO)t««5 843900 the entire Chu- there was a considerable mea- Now . that atten- tainment or consumer transac- avail- warns that so;-for more Jewish Mble, is sure of agreement that the dig- of flank Xerox (UK) Lid, mash, or to the pro- tion." Raqfc -XMpk Buriy Sondoes is a dryision Ort hopes tion has be&rfcnid able electronically, FW believes that evolution of ital revolution would represent 1HS cess ezcbanghig information Srfttffv Housa. Ostford Road, .UxbrWps, -Middlesex UB8 that it can also be wejJj* use the information highway wffl a generational change rather JewishJ than to the people who wffl "flexible resource far be incremental and will than an overnight sensation. • and education . development Advertising agency McCann Vi-*?- continuity The believee that revolve around THE DOCUMENT COMPANY l¥ . . t that the that - it is also convinced wpfi interaction among numer- Erickson even suggested in the emoghWv^igStal world subscribers • - was digital genera- . Internet has many will prob- ous networks that transport there a new w the competittwe edge - T-7- RAMOB&K service use- 29-year-olds . ;-Y“. find the sound and data. tion of 18 to emerg- . . , who wffl. belong to uofopanlfls that voice, images, more peo- ably significantly dif- la!;.- of the 80m or Ami although the features of ing that was provide content. “U is content cft^sing the Internet, it multimedia home PCs. TVs ferent from previous ple- n sells new platforms and 100,o00 are Jew- that generations. The, digital gener- estimates that packages, and the with set-top boxes and digital software technology for ish, although nwwjj]* ever, interactive consumer equip- ation took 2 reverse - is seldom, if' According^ start to con- granted. As a result, old mass remote locations- argues -the Price Water- (Dice) will trueT* market techniques of commu- Ort. a major ftmcfaon_of.™e Forecast, verge over, the next few years, house Tecfmotogu persuasion were Internet is to give these the basic differences between nication sod which Is available to clients. about Jewish Bre will not disap- Inadequate to reach them. information Although multimedia and the categories and activities. . . ' -

FINANCIAJL TIMES MONDAY JUNE 19 199S

A Japanese view of the future ' % TXT: on m m Colin Amery praises Arata Isozaki, whose work is now on display in London l S ^ -y~ -A significant display of the building is ritually destroyed and rebuilt friends formed a powerful architectural here is a permanent fascination right to mount a S73 about the architecture and work of Arata Isozsaki at the Architecture This ensures the survival of the ancient consortium known as the Metabolists. s craft of Japan, because it is one Centre at 66 Portland Place, London Wl, techniques of timber construction hut it They were interested in redesigning dries, of the few countries that has until August. also puts the material values of the build- and began to ally the Japanese under- absorbed the aesthetics of mod- Isozaki is very much a late 20th century ing in their place. standing of the cycle of destruction and T cul- and development of his architec- The aesthetic and the sense of order is creation to the consmnerist values of the ernism within an existing national man the ture. Japan is good at the modern world. ture reflects the enormous changes of the passed on every 20 years, thus ensuring 1960s. is physical survival but also resulting durable architecture of I Its industry exploits the newest technol- last half of this century. He now In his not just their a The ogy within a highly controlled framework mid-60s and is something of an architec- proper understanding of them. It is as capsules for living in seemed radical at the 0- air the west decided to time. But it developed into a system of — of austere design. The simplicity of tradi- tural guru, despite his of playful though we in had tional Japanese architecture has always sophistication. destroy and rebuild the Parthenon five architecture where a permanent frame- depended on the use of few materials, and But it is always important to remember times a century. work was achieved and changing elements good Japanese architects continue to that he is Japanese, and that he always were connected to it. apply this refined aesthetic to their best maintains - even if it is invisible - the his fascinating belief in the sus- For a while, this sort of “plug-in city" 0 contemporary buildings. Japanese tradition in his work. Even when tainable value of cultural trans- seemed like the answer to many urban the Japanese spirit There are no examples of the best work working for Walt Disney in the US. mission is one of the prime rea- problems. Why should not a contemporary Even when working for Disney in the US, Isozalri's work is m of contemporary Japanese architects in Isozaki ’s work is essentially in the Japa- sons for the orderly progress of living unit be designed in the same way as the Disney building of TMm Buena Vista, Fto; England, and it will remain a permanent nese spirit. Japanese culture and Its ability cars or .transistor radios? Mass produced bitkm in London it is clear that even sense both of timeless- his work in Japan or in toTabsorb the 20th century instead of being but perfectly designed units looked like a individual building has lost its signifi- rida, and there is a sadness that the jury for the proposed new When looking at transience. Consider the central- Tate gallery* at Bankside. near London's the exhibition it is worth understanding destroyed by it solution to the problems of over crowded cance because of Isozaki’s awareness that ness and Centre in Japan anti Southwark Bridge, did not quite have the the essential differences between Japanese It is something that is noticeable in the and fast growing cities. all architecture is ultimately reduced to plaza of the Tsukuba of modem style* nerve to award the commission to Tadao architectural culture and that of the west world of fashion. The clothes of a Japanese However, Isozaki now sees that this ruins. This is not a romantic idea but a there is a sense the. Ando, the recent winner of the Pritzker One of the chief shrines of Japan, the designer like Issey Miyake are both con- solution could not at the same time civi- sense that the presence of the architec- already in ruins. V fenTaki explains that he has completely Prize (the equivalent of a Nobel prize for Grand Shrine of Ise, is an example of temporary and timeless. In the modest lise city living, and he has rejected the tural ruins of the past hovers over all new. modernism. Whatrwe.see in this • architecture), despite the fact that his was Japan's wooden architecture, which has a fashion store MUJL in London's Covent vision of mass production. Indeed, he said architecture. Architects have to recall the rejected for the future. Iws the only scheme that was in itself a work history that goes back some 1.300 years. Garden, the simple elegance of everything recently that he feels a city can dd longer past: the continuity of their cultural tradi- exhibition is his search . relevant' intriguing exhibition that-" of contemporary art But when you visit the shrine what you on sale makes the sun-minding shops look be designed, and that his architectural tions. a and almost everything that archi-; An exhibition of an architect's work can see is a wooden building that is at the trendy and unrefined. challenge lies in the design of individual These are challenging ideas, and some- questions today. In itself, that is 'a only be a substitute for the real thing, but most 20 years old. There are two adjoining In the 1960s. when Japan was enjoying buildings. times it is hard to see quite how they tects are doing the Royal Institute of British Architects is sites for the temple, and every 20 years the swift economic growth. Isozaki and his In the essay that accompanies the exhi- apply to Isozalri's buildings. Look at the good thing.

Wimbledon: it’s a whole new ballgame

atch out for ten- Tennis Association decided factor. We use something baseliners in the final and even get close to the top play-; ms players whin- during the winter to ask Sla- called a Stevens machine to they bored the pants off us. If ers," he says. geing about soft zenger. the sports equipment measure the elasticity that we were to say to the French, Of course, the. real problem balls. Wimbledon manufacturer, to produce allows the ball to return to its let's slow the game down, is not small spherical objects organism. Wstarts next Monday and by slower balls. original shape after being they'd be incredulous." but a living green anomaly mid-week it is an ace to a dou- Slazenger doggedly refuses struck. That is very much con- In fact, officials from the Grass is now a total ble-fault that a handful of to provide any terihniral infor- trolled by the rubber com- French Open have spoken to in professional tennis. A cou- stars will be blaming their mation about the precise pound and the felt As long as the ITF about finding faster ple of tournaments on grass early exits on new-type balls, changes in the ball, saying the manufacturers produce hails to mitigate the deadening just before Wimbledon and one which are less pressurised and only that nothing except the balls within those performance effects of playing on clay. Sev- in Newport, Rhode Island, are designed to slow the grass- pressure has been changed. parameters they don’t really eral knowledgeable observers, afterwards make up just a few ' v court game down. The balls were used at two have to tell anyone how including Mercer, make the weeks of the ATP tom-. : Last week's Stella Artois earlier grass court tourna- they’re doing it A tournament point that a profound yet unin- The rest of the time tennis is men's tournament at Queen’s KEITH ments. in Kent and the Nether- director can ask them for fast tended consequence of the played on similar artificial sur- Club in west London gave a lands, without comment, says hail* or slower ones." changed balls could be to faces or clay. “Grass is fast,"! foretaste. “The balls were dire. a spokesman. “It’s felt that the In search of an objective widen the gulf between the big says David Mercer. “If you I can't see the point of chang- WHEATLEY cold, damp conditions at opinion as to whether the hitters and the less powerful don’t want services to be the; ing them," moaned British No Queen’s contributed to the Changed halls had marfp any ‘touch’ players. dominant factor in the game, 1 Jeremy Bates, prior to being tinct lack of entertaining ral- adverse comments from play- real difference to the play on “My serve goes from 90mph you just don’t play on that sur- knocked out 6-3 7-5 by Pete lies - which is what the court- ers.” he adds. court I spoke to David Mercer, down to maybe 83mph, and face. Yet if you say to the top- Sampras deft). “They feel a bit side crowd and TV audience Fortunately, the ITF has an for 13 years a Wimbledon that’s a big drop” said Jeremy players. should we dig up the ~ ’ softer but it's no big deal," really want to see. expert whose role hi life is to umpire and. since the death of Bates after losing to Sampras. turf, they all say no consoled top seeded Sampras. A year or so ago Brian measure the bounce of tennis Dan Maskell. a senior com- “Pete's might drop to 13Qmph Perhaps the texture and con- The problem has been clear Tobin, the outspoken Austra- balls. Tony Gathercole is as mentator for BBC television. but it’s still coming past with sistency of the grass could be enough for some years. On lian president of the Interna- helpful as Slazenger is obtuse. “The honest answer is that flames on it" tweaked by the rulemakers. grass, the fastest surface ten- tional Tennis Federation, told “When a ball is dropped from it’s had a very limited effect It He is supported by an offi- Back to Tony Gathercole: nis is played on, big servers me the game had two serious 100 inches on to a hard floor it won't prevent someone like cial who wishes to stay anony- “Actually, there are no rules, ym like Sampras. Boris Becker problems. One was the robotic must bounce to a height of Sampras winning a match but mous. “This is likely to be an at all regarding the court sur-

: and Goran Ivanisevic thunder personalities of the modem between 53in and SSin," he it might stop 1 or 2 per cent of incremental change, with even face," he explains. “You could down serves which are nearly stars. The second was the explains. his serves being aces." says slower balls next year. The play on. a ploughed field and it

unplayable. The odd lucky increasing dominance of “That's quite a wide spec- Mercer. “There's two sides to Long-term effect will be the doesn’t even have to be flat." : is the return is even harder to deal “power tennis". trum of possibility. And it isn’t this argument At Roland emergence of a definite second Maybe this way a i with. The end result is a dis- Wimbledon and the Lawn just internal pressure that is a Garos fin Paris] we had two division [of players] who don't Briton could win Wimbledon..

I

, as Wk*. THE WEEK AHEAD i

DIVIDEND & INTEREST PAYMENTS

’99 : - TODAY Yasuda Trust Asia Pac Fitcj/ Woolwich Bldg Soc FRN’s Gtd Nts ’98 £77.5 ,.

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g= Surely, it’s your cup of tea. &ip (i-v Whether you're an American insti- sense. At a time when economic turmo- in Turkey. We are the only private **m¥*t*m*&*ni tutional investor interested in the Tur- il precluded Turkish institutions from bank in Turkey ro disclose our financi- kish market, a Japanese manufacturer access to inremarional credit markets. als to Standard and Poor’s. We are also making a long term investment in Tur- Garanti Bank signed a S30O million the only multibranch bank in Turkey to key or a European trade company do- EuroCommercial Paper Programme, re- receive a long-term “A" raring by Ca- ing business here, you surely will like newed a two-year syndicated loan faci- pital Intelligence for two years running.

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GARANTI BANK Ill’s

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NSW YORK IhaWtoey Museum’s latest LONDON :<%( hrfrospective of American reaNga ’...'I t «f < .tv* n. £-*c :*v* .%>>»«

^ward Hopper mixes his imagery - .'-tjn.it *Ii»* ,..i \0! K .?..(.• lie ,rT with mar v - !'"• P.it* -

t-amojs rhyfri, which i.n Dare* Bueno fright young star arrives tendon Of theIthe Royal BaSet, Cover* a: the ^ivervcc Slud:cs on Wednesday. Tomorrow Oattarw daneoe the role of Trtarua m G«f5« BataneWne ,*-“Mdaurr»ner the Balinese dance drama Mghfs Dream- at Mm York State 'Seka Sarong Theater on Fririayand Sunday. Even cf S^ngapad'j- opens though the RusnarHAmerican at the Queen

' Elizabeth Hali, Balanchine - founder and director ot Maw York City BaBet -

Czech culture in crisis

...-. "-nwaa i**- The country's native traditions are being trampled in the headlong rush to absorb western culture, writes Andrew Clark

ceremonial fanfare rang This re-ordering of priorities has By contrast, the major opera com- using his musical experience and out, the audience rose to shaken every pillar cf Czech musi- panies have had little choice but to wide-ranging contacts to fill its its feel, and President cal life. Teachers complain that swan with the commercial ride. The diary. The conductor Jifi Belohla- Vdelav Havel took his most music students are no longer Prague State Opera (formerly the vek - spurned by the Czech Phil- * place for the opening prepared to spend time “finishing" Smetana Theatre) has * i dropped its harmonic but courted by top foreign Aconcert of this year's Prague Spring their skills before graduation: there Czech repertoire in favour of a Car- ensembles - has his orches- poured * festival. The Czech Philharmonic are too many distractions ana temp- men, other > * La iraiiam and popular tra-training talents into the Prague Orchestra launched tations, into the whether it be the easy works. The quality is appalling, and Chamber Philharmonic, a group of national anthem, 3-*W|* followed by a money of Prague’s frrelar.ee music seat-prices are beyond the reach of young professional players who rousing performance of Smetana's market, or a visit to the pub. And local audiences - but hGardes of have repaid his dedication. Roman symphonic cycle My Country. with guaranteed employment a undiscriminating tourists keep the Belor has used his managerial skills -.:• *?<*£ Throughout the land, tens of thou- thing of the past, many young musi- theatre full. The company’s new to enhance the international expo- -"• - iCUlsjK. sands of Czechs watched the con- cians are turning to expanding pro- director, intemationaliy-renowned sure of the Prague Sym phony !.'j? cert on television. fessions like banking. mezzo Eva Randova, knows that If Orchestra. And there are other lit- At the heart of the music, and in The contemporary music scene is Prague's tourist wave subsides, her tle-trumpeted success stories - such .' v the hearts of most of those listen- also in turmoil. While older compos- theatre will close. as the open-air Janacek festival at • • : . wads ing. bj» lay an enormous sense of ers continue to explore the folk Hukvaldy. now in its third summer. national pride - the same feeling roots of Czech tradition within a he National Theatre is Despite low pay and -T? -;. lea which has nourished Czech culture modem idiom, the younger genera- not much better off. hand-to-mouth operating condi- for !’ .“ e» the past 150 years. A national tion has been gorging itself on the Vocal standards are low tions, most Czech musicians are : tradition in music and poetry, forbidden fruit of the communist and productions cheap. still sufficiently enamoured of founded by 19th century - .’•,. Ga**k patriots era the western avant-garde. Better-quality Czech democracy to feel confident about : like Smetana and Karel Hynek “This results in a style T •erctf which is singers head for the nearest border the future. j it They see themselves as Macha, was the Czechs' most endur- - — :t-7!:c Blgfc already out of date in the west and and who can blame them? The middle-Europeans, and want to •;"• a ing weapon in their fight against lacks a compensating Czech iden- baritone Ivan Kusnjer, currently swim with the currents of European : Sbk foreign occupation. It inspired resis- tity." says Graham • Melville-Mason. singing *•_ r-i/Otinaj in Janacek's The Cunning culture. Belor sums up this feeling tance to the Austro-Hungarian the British • : ; - musicologist who has Little Vixen in Paris, will earn from when he says foreign influences - -X'JUSE empire, to the Nazis and more played an advisory role in Czech his six performances the equivalent were always welcome in Prague, -r- recently to Soviet the army. It cre- musical life since the revolution. of four years' salary as a National and they helped to shape Czech tra- ated an unmistakable repertoire He says gifted young composers Theatre principal dition. Defending ‘•>rs3SSSBE his orchestra’s ' and performing style within the like Miroslav Pudlak, who recently Although the National Theatre recent choice of an Italian. Gaetano ^ MB- wider spectrum of European cul- won a commission from the Acad- still programmes works by Smetana Delogu. as chief conductor, he says - -2 rJKSfe ture. No national school is more emy of St Martin-in-the-Pields. and Dvorak. Czech audiences have “we want to discard the mantle of Gates sharply defined. believe they are creating their own lost their appetite for native reper- being ‘only Czech'. This means sRsa: But as freedom takes root, such Czech avant-garde, “but they end toire. That was clear from the developing our international quali- nm: is cans outpourings of patriotic emotion are up aping all the 'isms’ which for us reception given to the recent new ties. but keeping the Czech souL" -r-'iv "is \t becoming rare and less Intense. are passing into the mists of time. production of Smetana's Libuse. The Perhaps reports of the imminent '.r^i-iSais. Czech cultural traditions are being Hopefully they will work it through opera - one of the strongest artistic demise of a distinctive Czech cul- -: IT* I'. DrB’ trampled in the headlong rush to their system and then realise the expressions of Czech nationalism - ture are exaggerated. Petr Eben, • i_» j. :ej c absorb western culture. The desire value of their own tradition." ends with the mythical Bohemian one of the few internationally • 5=11* to make money has supplanted Nowhere is the crumbling of princess Libuse prophesying a glori- renowned Czech composers, long-cherished values in music and nationalist ideals more evident than ous future for the Czech people. In believes the current neglect of - art. The nationalist ethos respect in orchestral and operatic life. In the past this guaranteed a highly native tradition is caused partly by for one's cultural roots and a desire the case of the Czech Philharmonic, emotional climax, with the audi- lack of money, partly by over-reac- to see them developed and recog- the damage has been self-inflicted. ence standing throughout the final tion. “We're overwhelmed by Amer- i-J. ; JT^U nised - has become old hat Despite good native candidates, the scene. On this occasion, despite Eva ican films on television now, “Nationalist traditions appeal to players chose a German, Gerd L'rbanova’s solid performance in the whereas there used to be only Rus- the older generation who lived Albrecht, as chief conductor three title role, the audience sat motion- sian. The pendulum always swings through hard times," says 83-year years ago - on the assumption that less. The reeling of national solidar- too far, and it will eventually come old critic and opera administrator he would bring lucrative coming ity was no longer there. back to the centre. There were Pavel Eckstein. “Such traditions and recording contracts. These have Dotted across this bleak land- alw’ays periods in Czech history cannot satisfy the young people of not materialised, and controversy scape are a few nuggets of comfort when our native culture suffered, - - r;r:i:5r today - the only thing that inter- over Albrecht’s personality' is hold- While other Czech amateur choirs but It never died. We're in a transi- ests them is imported culture. The ing up the orchestra’s artistic prog- struggle to survive, the Brno-based tional phase. When the economy One of the strongest artistic >ressions of Czech nationalism failed to stir native Rolling Stones are more important ress. Several provincial orchestras Moravian Teachers' Chorus has picks up. Czech culture will benefit

1 emotions: Eva Urbanovfi in the e role in Smetana's ‘Libuse’ in Prague now.” have made a gimiinr mistake. been rejuvenated by Lubomir Mali, and be accorded its true value.”

;- . .*! - r- f it had not been for the US was ready for business. She was Open golf on Saturday night, also prepared to trust the music to television audiences would takes big prize Cardiff set the mood, singing some mourn- ... ,;;W Karneus in I have been able to watch the ful Brahms and Elsa's broad and final of Cardiff Singer oT the World started in 1983, the Cardiff Singer of age has ensured enough airtime for She had been taken by the sing- Latin entrants had gone, which was Opera and it was probably the final calm solo from Lohengrin. live. It makes a difference even in the World has dealt one or two big interested parties to get a look-in. ing of the contestant from Chile, a a shame, as we were left with a scene from that opera that clinched The other three finalists each had opera, where the tension before the winners every time it has shuffled In between the heavily-edited tenor who had just set the hall selection of cooler personalities her prize. She has fluent coloratura something to give. The Russian top nates is as nail-biting as at the the pack. extracts of this year’s heats we had alight with Puccini’s “Nessun from chilly Northern countries: and made music with it. not merely soprano Larisa Rudakova sang her deciding putt on the 18th green. In one renowned final Dmitry postcard views of Cardiff, the inevi- dorma", admittedly a sure-fire hit Scotland, Canada, Finland, Sweden vocal fireworks. Her Carmen lacked coloratura Donizetti and Rossini The winner for 1995 was the Hvorostovsky and Bryn Terfel table plug for the proposed Cardiff with any audience these days. But and Russia. I felt strangely impar- magnetism, but a pair of Copland arias rather formally, with impres- Swedish mezzo-soprano Katarina found themselves locked in the bat- Bay Opera House (Millennium Fund there was a point in what she had tial at the end, as it was a very songs in contrast profited from her sive technical skill, but less involve- Karneus. who looked touchingly tle of the baritones for first prize cash still pending) and enough chat to say. It takes a special kind of art close can and none of them had cool, instrumental purity of tone. ment. Rosalind Sutherland from overwhelmed as she came out to and even the losers included two by TV personalities to make one for a young and probably inexperi- stirred that decisive last ounce of The song prize went to the Finn- Scotland was at the other extreme, accept her prize. First place brings others who now have international forget that there was actually any enced singer to come out cold from enthusiasm. ish soprano, Kirsi TUhonen. After a throwing herself into the same with it a modern trophy erf tangled careers. The competition has man- singing going on. The most pointed the contestants' waiting-room and Katarina Karneus sang next to couple of contestants who had tried Donizetti aria with generous aban- metal, £10,000 and the usual recital aged to create a crescendo of suc- comments often came from mem- fire up an audience - as we were last and won many supporters in to be the life and soul of the party, don. From Canada, Brett Polegato engagement, but the winnings that cess in which there have been more bers of the public, including one reminded at the final on Saturday. the hall for the unaffected appeal of she brought a dramatic change of gave us a very beautiful, light lyric matter come from the prestige asso- winners than just the singers. BP woman who declared herself “flab- By tins point the original 25 sing- her singing. The 29-year-o)d mezzo attitude, staring at the ground to voice and quiet musicianship. : - 'I*. ciated with the competition. Cardiff has stepped in with substantial bergasted'' by the judges' decision ers, each from a different country, has already sung Rossini's La summon concentration before has done well on that score. Since it sponsorship and nightly TV cover- after the third beat. had been reduced to five. All the Cenerentola for Welsh National announcing peremptorily that she Richard Fairman

conducts the Netherlands Conducted by Antonio Pappano and • Peter Grimes: by Britten. Richard • Richard II: by Shakespeare. OPERA/BALLET soloists Soloists City WORLD SERVICE Philharmonic Orchestra and produced by Guy Joosten. Hickox conducts the of London Deborah Warner’s new production Chfitetet Tel: (1) 40 28 28 40 Jan Hendrik Rootering and Siegfried include Franco Farina/Richard Sinfonla and soloists Phaip featuring Fiona Shaw as the king; • Ballet Frankfurt: presents the BBC for Europe can be International Vogel; 5.30pm; Jun 20, 23 Margteon, Edouardo Tumagyan/ Langridgo, Janice Watson and Alan 7.15pm; Jun 23, 24 (2pm) William Forsythe choreographed received in western Europe THEATRE William Stone and Elena Zaremba; Opts for a concert performance; “Etdos: Telos"; 8.30pm; from Jun 19 on Medium Wave 643 kHZ Muzfektheater Tel: 551 8pm; Jun 20. 24, 25 (3pm) 7.30pm; Jun 20 Het (020) 22, 23, MADRID to Jun 24 (463m) 8922 Royal Festival Had Tel: (0171) 928 THEATRE ______• Magic at 4am: by Mbongeni 8800 THEATRE Arts Theatre de Neste Tel: (1) 46 34 61 Eddie FRANKFURT • Philharmonia Orchestra: with Teatro infanta Isabel Tel: 521 Ngema, conducted by (041) 04 EUROPEAN CABLE Mathibe. A Civic Theater OPERA/BALLET pianist Paul CrossJey. Esa-Pekka 4778 • Zoo Story: by Edward Albee, AND SATELLITE Johannesburg production looking at Oper Frankfurt Tel: (069) 23 60 61 Salonen conducts Messiaen’s • Twelfth Night: by Shakespeare. directed by Bob FrieL Part of the BUSINESS TV GUIDE peaceful co-existence in South • Lady Macbeth of Mtsensk: by “TurangafiJa Symphony"; 7.30pm: Presented In English by the English English language theatre festival; | Africa; 7.30pm; Jun 25 Shostakovich. Conducted by Guido Jun 20 Theatre Workshop and directed by (Central European Time) Johannes Rumstadt and produced • The Bach Choir with the Gary WiUis. Set in the 1 970’s and to 9.30pm; to Jun 24 MONDAY TO FRIDAY by Werner Schroeter. Soloists Philharmonia Orchestra, soprano popular music ot the era; 8£0pm; BERLIN indude Valeri Alexejev, Ryszard Susan Bullock, mezzo-soprano Jean from Jun 20 to Ju! 2 WASHINGTON NBC/Super Channel: AMSTERDAM CONCERTS Karczykowski and Christine Rigby, tenor Richard Edgar-Wason Konzerthaus Tet (020) 309 21 02/ Gesinskl; 7.30pm; Jun 23 and bass Willard White. Sir David NEW YORK CONCERTS 07.00 CONCERTS 21 03 • Relgen: by Boesmarts. A new Wflcocks conducts Medelssohn's Kennedy Center Tel: (202) 467 FT Business Morning Radio Symphony Orchestra production conducted by Sylvian “Elijah"; 7.30pm; Jun 22 GALLERIES Royal Theatre Carrd Tel: (020) 320 • 4600 violinceHlst Anne Cambreling and produced by Luc GALLERIES Museum of Modem Art Tel: (212) 2500 Berlin: with • National Symphony Orchestra: 10.00 GastineL Jan Latham Koenig Bondy. Soloists indude Pia-Marie Royal Festival Hall Tel: (0171) 928 708 9480 • Royal Concertgebouw Orchestra: with pianist Orli Shaham. European Money Wheel Schumann and JandCek; NUsson, Doug Jones and Etzbieta 8800 • Elizabeth Murray: presents more Yevgeny Svetlanov conducts a conducts Christopher Hogwood conducts an Nonstop live coverage until 8pm; Jun 25 Ardam; 7.30pm; Jun 21. 25 • Dialogue in the Dark visually than 100 drawings, paintings, prints Russian gala evening: 8.15pm; Jun all-Mozart programme which opens 14.00 of European OPERA/BALLET impaired guides lead participants in and sculptures by approximately 70 business 24 the Mozart Festival; 8.30pm; Jun 23 and the financial Deutsche Oper Tel: (030) 34384-01 total darkness through familiar women artists. The works were all markets GALLERIES • National Symphony Orchestra: Strauss. GENEVA surroundings; to Jun 30 created between 1914-1973 and Tat (02Q) 570 • DerRosenkavallar: by Van Gogh Museum Tel: includes Frida Kahlo, Christopher Hogwood conducts Conductor Jffl Kout production by CONCERTS Serpentine (0171) 402 0343 works by 17.30 - 5200 Mozart; 3pm; Jun 25 GStz Friedrich; 7.30pm; Jun 22, 25 Victoria Hall Tel: (022) 31 1 2513 • Here and Now: exhibition Liubov Popova and Nancy Graves; Financial Times Bus/rress ..t. Harmony, Picture • in Perfect Swiss Romande Orchestra: with celebrating the 25th anniversary of from Jun 19 to Aug 22 GALLERIES exhibition Of 55 • Tonight Frame 1850-1920: Dominique MerieL George the Serpentine Gallery which kioks THEATRE National Museum of Women in the frames pianist paintings in their original m BRUSSELS Pehlivanian conducts Debussy, at British art over the last 25 years; Plymouth Theater TeL (21 2) 239 Arts Tel: (202) 783 5000 by art historian Eva Midnight brought together aid Stravinsky; from Jun 19 to Aug 2 6200 Van Gogn CONCERTS Ravel, Boulez • Sogonisba Anguissola Financial Times Business Mendgen. Artists indude Death De Munt/La Motmaie Tel: (02) 218 8.30pm: Jun 22 Whitechapel Gafiery Tel: (0171) 522 • Chronicle of a Foretold: (1532-1625): a renaissance woman. Tonight and'KDmt; to Jun 25 book by Gabriel Garda Marquez, 2211 OPERA/BALLET 7888 The first showing in the US of 24 OPERA/BALLET adapted, choreographed The Musicians of the Louvre: Grand Theatre de Geneve TeL • Guillermo Kuitca: Large scale and works. exhibition includes Tel: (020) 671 9 The Het Concertgebouw 2211 Installations by the Argentinian artist; directed by Gradela Daniels; 8pm; Marc Minkowski conducts Clarke's (022)311 intimate family portraits exemplifying 8345 Purcell's Death" and • Orphee: by Gluck, French to Jun 25 (not Mai) Mozart A "Ode on Henry the times in which she lived; to Jun The Magic Flute: by • Purcell's “Dido and Aeneas". adaptation by Pierce Louis MoHne. THEATRE performance conducted 25 . semi-staged Theatre we Soloists include Benjamin Conducted by Jeffrey Tate, Barbican Tel: (0171) 638 THEATRE by Eliot Gardiner with PARIS John Butterfield. Armand Gavrifid6s, Brett produced by Andreas HomokJ; 8pm; 8891 Soloists and Fdger Theater Tel: (202) 544 7077 English Baroque Geens; Jun 21.24 • Measure tor Measure: by GALLERIES 20, Poiegato and V&onique Choir; 7.30pm; Jun Tendances 42 78 61 • The Merchant of Venice: by Monteverdi Jun 21 Shakespeare. Steven Pimlott directs Galerie Tet (1) .. av :-v- 8pm; the Alex Jennings, Stella Gonet aid 79 Shakespeare. Commemorating 551 OPERA/BALLET St Muziekfheste* Tel: (020) LONDON Tanya Moodie; 7.15pm; Jun 19. 20 • George Grosz: drawings by the 400th anniversary of the play, this £3e Munt/La Monnaie Tel: (02) 218 CONCERTS National, Cotteskw Tel: (0171) 92B German artist from 1920-32; to Jun production is directed by Joe Numberg: 2211 Meistersinger von 8891 2252 24 (not Mon) Banno; to Jun 25 • Die • The Masked Bail: by Verdi. Barbican Tel: (0171) 638 by Wagner. Hartmut Haenchen L " . .j ,

‘ -» »*tKS FINANCIAL. TIMES MONDAY JUNE 19 1995 14 improving UK sector apathy must not prevail Simon London examines strategies for a slowly JAN Why reginnai Rho largpgtjagea regional -shoppingpping cacen- —1 lexello,lesello, the Japanese- A PVnOfilm manufacturer tres, despite apricetagof more If the it can effectively prise open mar- owned - ] than £3QQm one pf tfrp hi fo. kets on a bilateral basis. Only of castors for furni- g i i—j negotiations to est ever.for a ratminercialpr^ r a multilateral agreement can ture, will shortly move |- l_j open world F erty inthe UK. * purpose-built prem- _ -'1 markets in achieve the opening up of the into new |_ H It point ises on the Slough Trading remains a mobf how 4 Hnancial ser- world’s financial services mar- of London, the quickly rental* growth will vices were Iik- kets that we so badly need. Estate west estate. spread from tb^e hotpots to ened to a clock. By moving together, we can UK’s largest industrial the mainstream of-tbe . L would be kick-start the liberalisation Yet celebrations at Slough company dal property market; Tt is M-_ — IMIl— showing five process in countries where Estates, the property to heart : lias not yet begun, and which is Flexello’s landlord, ficult puthand on and G7’s minutes to midnight But by -~4 reform ''*r" new say that we are seeingthB start the way many countries are make faster progress in coun- are muted. While the ft, of a real recoveiyjn- rents,V tries where there are doubts as building is about 120,000 sq ' approaching the talks, their • rays Mr OaSeshdtt. - * ; •.*, • v •_« Ip/ ' to the benefits of change. And Flexello is surrendering 130,000 ' ; not even :. . morning alarms have fhprs-in fha Tnartot talra- without multilateral disci- sq ft of older space elsewhere Q a- gone off yet. ret J more optimistic view: Mr Jolm After the success of the Uru- plines to lock in successive on the estate. These old build- Ritblat. chafrman of British waves of reform, access to par- ings will have to be redevel- - guay round of the General ... WSP-***: markets could be oped and re-let Land, the .property investment Agreement on Tariff's and *w*. ticular of companies company he has run gmcp -the Trade, too many countries eroded or reversed altogether. The pattern surrendering old buildings as early 1970s, says: -“We are hi a seem to want a fallow period in That is why multilateral ones is top-down ; market. - Rent the liberalisation process. Con- rules are needed They provide test as they take new intpraa ti finally repeated across the increases have already been solidation is their slogan, and an explicit and being UK • v r~ property market The result is seen for goodbufldlngs and the result is apathy. But apa- guaranteed code detailing what of offices, this' will percolate down as thy will cost the world dearly bankers, brokers and insurers a shortage new can outside their mar- industrial units and ware- business confidence improves if it leads to the failure of the do home talks which taking place kets. Those rules are binding. houses, but an over-hang of and the balance of supply, and , are moves, in- favour : irSa. under the auspices of the Tony Andrews They can be changed by nego- older, unwanted space. demand -of World Trade Organisation, Leon Brittan: worldwide freedom is more than a windfall gain tiation but not without the In areas such as the City of landlords.* . _,? t. Gatt's successor. The deadline involvement of all countries London, where big new office ut it are& .be that the .'-r- V.r'Jwjifl for agreement in these talks is can be tapped more easily and markets would be particularly involved. Even the reactions of buildings are in great demand second half i of the end of this month. foreign investment (the domi- great. This is because both of a host government to a major but extremely short supply, the - - Behind the bland label nant source of new money in the knock-on effect that the financial crisis are defined and rents for the best space are 1990s Hke the period “financial services", WTO most emerging economies) availability of cheap capital subject to worldwide surveil- rising. B from the late 1970s to rfiOTpiiTip — members are taking on a huge would also take off. would have in other sectors lance and Rents for good retail loca- the mid-1980s will turn out to -.dV -J challenge: the success or fail- What is needed to achieve and the extent of the restric- Alongside such a system, tions are also showing reason- be a period of little or no reaT. • in rents. If so, ure of these talks will demon- this? First, bankers need tions at present in place. There bilateral levers are paltry tools, ably strong growth, particu- growth property .tv* ''e*. strate whether the world has long-term security to plan for a are still many parts of the of more use for political postur- larly for the test sites. mvestars-wfll have to be much v./tawS*Mk

selective about what they ..- sustained build-up of their world in which access to finan- ing at home than for creating But. taking the property more .. iShCE- the courage to unclog the : rj financial arteries of the global commitment to new markets. cial services markets is either new business abroad. Operat- market as a whole, rents are buy. *T would not be a general -,-4 rwaijnffe ; this market The package virtually closed ing on a purely bilateral basis showing no perceptible growth. buyer of property through r'jTve; cover the _ _ or hedged implies that the country seek- Industrial property rents are cycle," says Mi* Mark- Gfibard, The negotiations bank- on WTO „ , . , , - - ing, investment services table would BehindBClUIlQ theie bland around with ing to open a market must rely actually falling, despite three property analyst at Goldman • ' SSisCSI .' such as stocktaking and pen- transform the label of ‘financialHnancial cripPUng Umi- on threats. years of economic growth. Sachs. - and status of 90 per tations. Such threats will often lack The reluctance of companies One way of responding to sion fund management i virr/'v insurance. Their purpose is to cent of interna- services’,SGFV1CC , WTOWIO What if the credibility because developing to expand their net demand for Shopping list: the MetroCentre attracted four serious bids relatively dull market condi- tional financial talks fail - an countries are unlikely to be business space and the conse- tions Is for investors "to buy promote greater liberalisation membersmpml !rS arearc of financial services markets business from , . . , outcome which sufficiently anxious to enter quent weakness of rents is Industrial and office occupiers bond markets have been strong undesirable properties which and advance the interests of precarious to taking onC 1 a hugeIlUgC is not out of the markets of developed coun- worrying for commercial prop- are also improving productiv- and Id-year UK government can be improved. . the banks and companies permanent. the question? tries. Even if they are. they erty’ owners. ity by consolidating from a bond yields have fallen from “We have to cast our net challengechal >nge rnA~. which supply these services. reducing risk ® Final offers are may respond with counter- “Normally at this stage of number of sites into a single, 8.75 per cent to 8 per cent If over management-intensive .i still properties. one is. going to .-/.whrtt.'.i They are designed to improve and unlocking being sub- threats. or make at best a the economic cycle one would modern building. this improvement is sustained, . No access for new entrants and potential for new ventures. mitted. Analysing these and grudging shuffle in the direc- have expected industrial rents “Companies have become commercial property values mairfr money in this market by operating conditions for those This is because the deal would seeking extra concessions will tion demanded. This would be to be rising.” says Mr Matthew much more efficient in their could be on a gently rising being a passive manager,” says fog* already established outside guarantee virtually unres- take the talks to the deadline. little to show for a lot of hos- Oakeshott, investment director use of space." says Sir Nigel trend by the year end. Mr Nick Leslau, chief execu- their home markets. tricted access for new busi- There are no halfway solu- tile effort It is certain that the Of Olim. a fund management MobbS, chairman and Chief “Bond yields have fallen by tive of Biirford,. the fast-, But the benefits would nesses and old to more than 90 tions. I am convinced that if benefits achieved by such an company. executive of Slough Estates. three-quarters of a point and growing property company. - extend far beyond those sec- per cent of world banking we fail to secure a big package approach would be less durable Several factors are contribut- But although demand for the property market does not . Burford’s joint venture with

' tors. Free trade in goods is less assets and deposits (worth of multilateral concessions, in and significant than those ing to the patchiness of the UK business space remains sub- appear to have noticed," says Sega, the Japanese electronic - vint-i'-V and less useful on its own. S20.000bn each); more than 90 which foreign businesses are accruing from a worldwide property market recovery: dued, some fund managers Mr Alastair Ross Goobey, chief games company, to build a vir- • yv&s&m Traders need to take with per cent of world insurance treated as favourably as market-opening deal • The hectic pace of property argue that property is now executive of Hermes, formerly tual reality, theme park at the : them into new foreign markets premiums (S2.000bn); more domestic ones and discrimina- In short, a bilateral approach development of the late 19SGs good value as a financial asset PosTeL the post office and tele- Trocadero bonding in London’s skilled bankers and insurers, than 90 per cent of world stock tion between different coun- produces benefits too slowly left the market burdened with With rents static, property communications pension fand West Frid is an example of an and the long-term capital market capitalisation (over tries is outlawed, offers will be and is liable to be counter-pro- much more vacant space than resembles a fixed-income manager. “Property will not be attempt to take a mediocre resources that only efficient SlO.OOObn): and more than 90 pulled off the table in a mood ductive and damaging to the normal when the economy investment such as a bond. the best performing asset this building and turn it into some- stockbrokers or pension funds per cent of the market value of of mistrust and resentment. broader multilateral trading started to turn up. The recent rise of bond prices year but people are too thing special can bring. listed bonds (almost S10,Q00bn). That would not only cost the system that we have so pains- • The fragility of business is likely to push up property gloomy” Investors are also exploring Worldwide freedom for bank- In addition to this, the deal world jobs. It would endanger takingly created. The whip of confidence may be discourag- values. This is because profes- With the overall market areas of the property market ers. brokers and fund manag- would bring new freedoms: the equally important WTO reciprocity and threatened uni- ing companies from signing sional valuers routinely refer depressed, there is intense outside the traditional catego- Buyers’ 1 ers is more than a windfall restrictions on market access talks on telecommunications, lateral punishment is no solu- commercial property leases; in to bond yields when calculat- competition among investors ries of shops, offices and indus- gain for city slickers. By facili- would be substantially reduced due to be completed next tion. We have no option but to the UK such leases are typi- ing property values. When for properties where rents are trial buildings. tating access to capital world- by new liberalisation offered spring. If these fail, the global secure a multilateral deal - cally of 15 to 20 years duration, bond prices rise, property val- rising - such as out-of-town While market conditions are - - • 3Tf wide. it would create a sub- during the negotiations. information society will be no and only 10 days in which to much longer than In most ues tend to follow. This may shopping centres. slowly improving/ helped -by wm' stantial multiplier effect to the In financial services - as more than a shadow of our succeed. i other industrialised countries. encourage UK pension funds, The Church Commissioners, lower bond yields, successful boost the WTO can give the with ordinary goods - trade present ambitions. • The big drop in capacity which now hold an average of which pays stipends and pen- fiind managers and property world economy. If banks and liberalisation means greater Failure, in sum, would be no utilisation during the recession about 6 per cent of their assets sions to the Church of England companies will have to be pension funds are operating at choice and lower costs for the minor setback. It is a profound Leon Brittan means that industrial compa- in property, to add to their clergy, attracted four serious much more creative than in optimal levels of efficiency, a consumer. But the benefits of mistake to believe that even Sir Leon is vice-president of the nies can increase output with- property portfolios. bids for the MetroCentre in the 'bull market of the late country's investment capacity liberalising financial services the most powerful countries European Commission. out taking additional premises Over the past three months Gateshead, one of the UK's 1980s. • 'jjl 7-J TJ LETTERS TO THE EDITOR Number One Southwark Bridge, London SE1 9HL

• We are keen to encourage letters from readers around the wnrkL Letters may be faxed to +44 171-873 5938 (please set fax to "fine’). iaStiti Translation may be available for letters written in die main International languages. These wwie eoror&c benefits of doing m Jim Busmen Is Nova Scofia. ¥'W Australia More sober debate needed on : jr.u iiHMWW TDe following c&anBeab are typical among has • r much • fans hi ess leaden and . asrpmti ' ' • ' ' 7 •• balance of benefits investors oUs tom r - Emu r/. :•* • ?:;rres • V- etoses in lsc.de here. to lose as .-. From Dr Berm SteiL but because it is mo effective, specific needs of the UK econ- Sir, The European Commis- as evidenced by the alleged omy. more credible and more republic sion has resorted to the intentional use of “competitive effective in delivering low iteateagf “machine-gun" approach in devaluation" to improve one’s inflation, than a regime con- From Mr Dean A Smith. defending Emu - fire every position in the single market. trolled by a European central Sir, Mr Paul Keating’s pro- plausible argument and hope But if devaluation were so bank. posals for an Australian repub- one hits the mark. As Martin effective and so desirable, then We have three years’ experi- lic (“Keating ignites republic Wolf (“On monetary sover- one would expect the Italians ence of a relatively successful Lyy.-riit, .' debate", June 10) have done lit- eignty", June 12) nicely illus- and the Spaniards to be fight- UK anti-inflation policy. It is -t? tle more than expose the true trates, they have wound up ing to retain their valuable still being tested, but there are ••- ate (rheU , republican agenda and further shooting themselves in the monetary autonomy, while the clear signs that the priority “Wb came to How mobilise the energies of Aus- foot Germans and the Swiss fight to being given to the control of Scoria atmost forty years v 'll-' • 'V', .. tralians everywhere who are First they argued that an hand theirs to a more laid-back inflation is improving the UK's, ajjo. HfeestaUfebedB opposed to his republican autonomous national monetary Latin-style authority. Since credibility, and we will have : Associating pulp nm that and later 'I vision. •• policy is a chimera in the age neither is the case, this nega- accumulated six years of evi- - gr^p-. added a newsprint tnftt. r;--=a4l The debate about an Austra- of global capital markets. Only tive argument for 1:'''- Emu appears dence on which to base a judg- c - ML2g-<5*j ftwa Scofia it a pood ^ I" __ lian republic is less about the big currencies are “autono- barely more plausible than the ment by the. time the decision nationality of the head of state mous" in big markets. first has to be taken to taka part ih ' and more about substantial Tell it to the Swiss, who It is time for a more sober stage three msltetrtmsao of Emu. . reform to Australia’s constitu- have seen their franc rise more debate about the delicate bal- Sftra FttnuUmhatrhti Charges of ‘finnocent opti- tional heritage. than 15 per cent in after-infla- ance of costs and benefits mism" are, therefore* more : The vision republican seeks tion, trade-weighted terms over implicit in Emu. Monetary pol- appropriately applied to those • | .-.c-y-r-L-^rs sbuA to undermine all those consti- the past year. Analysts report icy does matter, politically as who ignore the. evidehce and tutional arrangements which that it is rapidly assuming an well as economically, in small simply assume that a new have Australians' guaranteed “anchor currency" role, as states as well as big. Emu may European central bank will political liberties and good gov- investors shed D-Marks in or may not bring Europe a automatically and instanta- ‘Civil in ernment for more 90 anticipation than of its more infla- strong currency and stable neously achieve the same anti- years: an effective and repre- tion-prone successor: Ecu. prices but, as the Swiss have inflation credibility currently sentative senate; an effective So, are the Swiss exercising shown, size won’t mean a hill ascribed to the Bundesbank. federal system of government monetary autonomy? Christo- of roubles. The weight of probability is ^ H-r.:-:-: with powers and responsibili- pher Johnson (Letters, >C-r- June 13} Benn Stefl, that the federal structure o c “’ ties invested in state parlia- apparently thinks not, since he Senior vrvri-- Open to Research Fellow, the ECB would make it softer wr s- ments close to the people; an observes that ^ 1 foreign exchange International Economics on inflatinw and the intensify executive whose powers markets have “sovereignty” Programme, ' I to stay art wort, struggle for credibility: are somewhat curtailed by over exchange rates. Well, I The Royal ekproitea. Tfcit Institute of The misconception which state governments and a sen- suppose they do, in the same International Affairs, must be nailed is Lord Cob- IK the ate. sense that World kumquat markets Chatham House, bold’s belief that' if: the .UK Mr Keating's republican have “sovereignty" over kum- 10 St James's Square, . - entered into a single currency YOU’LL LOVE THE WAY WE LIVE virion would change all this quat prices. Yet this tells us London SW1Y4LE, UK and found it unpalatable It with little or no tangible nothing about the economic would always be possible to. You're Looking fur Us. improvement in the baric liber- value of controlling one’s - You need a superior workforce and a satisfying own From Mr Tim MelviUe-Ross. withdraw”. The costs of estab- ^r. tr. r 1 ties or quality of life of the ik _ P .'; monetary policy instruments: Sir, It was precisely the kind fishing will You need a location to foster successuvess mht todays lifestyle. Nova a single currency Scotians are some of Canadas most Australian people. discount rates, reserve require- of unsupported hypotheses and be huge. But they would pale - thnumic global economy. Novai Scoria develops Mr Keating has fallen victim ments, highly educated workers. We haw an tnterrut- open market conjecture demonstrated by into insignificance compared- to the poor vision of his “ivory operations, credit controls and your correspondents (Letters. with and uses suie-ol-che-an comnium'eariorv.unicarions. tional reputation for loyalty, productivity and the cost of re-estabEshing tower” existence. Not only has the like. If this monopoly V June 13) about the supposed a national currency.; If the' UK * ; f* Were connected to North America:rid and Europe he underestimated motivation. We enjoy a rich diversity of cultural the depth of power is worthless, then the benefits of adoption of a single enters a single 'currency, it . scepticism for his real republi- is no more widi excellent transportation links.ink*. UK deluding itself European currency which Wc'rcWere and sporting activities. We have access to natural would be forever -4 and it can ambitions, but also the than is the EU. Sadly, Mr John- prompted the Institute of would be irresponsibly mis- itapecied incenuciotully for ourur unirersiticsuniversities and bountiiul beauty. We have dte expertise to depth of energy and zeal of son, Big Money will be no more Directors Vi to publish a detailed leading for anyone to suggest those who are prepared to fight “sovereign" than Little. analysis -Urban eutrfts in Iftwa and research centres. help you plan your bushiest success. of the economic conse- otherwise. "-L. the Australian republican But fear not The Commis- i quences of European monetary Tim Melville-Ross, r Morn Scotia - the profitable bnsimts decision. cause at every crossroad. sion has an alternative argu- union for the UK. director '*- Dean A Smith, general; ment for Emu. We actually The central issue ! is whether Institute Directors, " _• " 44 Wimpole Street, qf V. sentcssandsoppah \ need Emu not because national firm domestic monetary policy 118 Pall Mall, .. .: ::\ London W1M 7DG. UK monetary policy is available mTaroata ineffective. will be more appropriate to the London SWlY 5ED, UK or Montreal.* nni^nu Economic Renewal ^ BLBOttSp Agency President Central issue fiEff behind share price reaction to ITT de-merger plans GmnSm Red Cats For mote informatwo ennuer the Economic Renewal Agency. Dept K, si: From Mr Martin Deboo. that of ftacffasaffeo ftpjairaBpn i the supremacy of the purchase Fiv ‘J01--i24-0i50 > E-Mail: mvain.^pai nsca them separately and discounting .of this. .effect, - Sir, I fear that Tony Jackson capital market over the ’ *3. con- selectively according PC* Bos I Halifax. Now Scotia BJJ .IP" to then- rather than any verdict os the understates the argument glomerate in the effective individual risk/return prefer- potential of against conglomerates in pres- the rixm-to-bede- diversification of risk. Merely ences. Thus the opportunity to merged ITT, that has been -the. enting ITT's recent rise in identifying separate income ’ match more effectively the main firm’s share price as a phenomenon influence on the streams, as ITT has done, is diversity of ITT's businesses to increase in value. *. of dysfunctional management insufficient. Shareholders are the demand characteristics of Martin (“Management Matters", Deboo, June still being obliged to accept a the stock market is being prej- OC&C Strategy Consultants, 15). bundle of cashflows, rather udiced. 65 Kmgsway, . The central issue remains than having the opportunity to I would suggest that it is the London WC2B STD, - ' .

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FINANCIAL TIMES MONDAY JUNE 19 199^ 15

t is a convivial scene. More Mr Michael Butt, chief executive than -100 executives, some in of Mid-Ocean, a property catastro- FINANCIAL TIMES shurts, sip champagne as a phe reinsurer, says there has been a marching band parades out- Insurers their enjoy “flight to quality" in insurance. The Number side the UK-appolnted gover- One Southwark Bridge. London SE1 9HL I high capitalisation of Bermuda's nor's residence in the sun-bathed Td: +44 171-873 3000 Telex: companies means catastro- 922IS6 Fax: [ 71-407 that if +44 5700 Atlantic resort of Bermuda. phe losses on an unprecedented The occasion was the tiny island’s scale hit insurers “we would be the Monday June 19 1995 biggest ever Insurance conference place in the sun last to turn the lights out". earlier this month. Us scale and lav- Underlining Bermuda’s caution ish ness demonstrate Bermuda's have been changes this year in its growing international importance Bermuda's growing market is becoming an increasing regulatory environment. Reforms multi-billion-pound in the business intended to protect policyholders G7’s failure of insuring the risks of the world's threat to other international centres, says Ralph Atkins will Me tighter regulatory oversight biggest companies. for some types of business. A tax-free regime and unde- an There are other constraints on manding regulatory Set fain Bermuda’s insurance market environment Bermuda's expansion. The small ii*SN' have encouraged growth the cap- over Japan In Capita* a surplus tamtams written population and high living costs ital base of the island's insurance mean the emphasis will remain on ";;;- v-s industry to close to S30bn, with capital-intensive - rather A L “Jaw-Jaw is better than than war-war." Yet talk of enhanced '.> coopera- much of the expansion in the past labour-intensive - this sound principle, products. That On a summit tion seems beside the point when few years. In some areas - such as means insuring large, sophisticated of the group of seven leading the US is resolved on imposing insuring other insurance companies 25 corporate clients against big risks «i industrial countries must be penal tariffs - -;.4> . 3 £\2«*JS- on Japanese exports against natural disasters Ber- that occur infrequently, rather than worthwhile. The meeting in Hali- of luxury care to the US, if the muda claims a world market share personal insurance. ’ Only about fax, Nova Scotia, over the week- dispute over Japanese imports of in excess of 20 per cent M even 20 2,000 people are employed directly end had some positive cars and car-parts is not resolved island has The now emerged as in Bermuda's insurance industry. achievements to its credit. Unfor- by June 2b. The subtleties of the an increasing threat to other insur- Lloyd's employs about 11.000. tunately, it also left a time-bomb US negotiation position were ance centres - particularly London, ticking under relations between described by Mr Robert Rubin, US which has seen Bermuda challenge 18 ermuda-based insurers the US and Japan. Treasury Secretary, yesterday. “If its traditional role of providing also recognise that there ar*»i The star of this year's show was. they can work out something that insurance cover that the US market are many products in by common consent, Mr Jacques is totally consistent with the posi- is unable or unwilling to provide. A which other interna- -Lr^ofjjjs. Chirac. His appeal was fresh, but tions we have, then the issue will survey by the Reinsurance Associa- 10 • • - 4 tional insurance mar- '.R Tt.jf fy his approach -was traditionally be resolved. as the M If not, presi- tion ol America, representing the ketsBare stronger. Mid-Ocean, for French. He decribed currency dent has said, will impose sanc- he companies which reinsure conven- example, plans to open a branch in speculation as l the "Aids'* of the tions." tional Insurance companies against - "• “* to reinsure aviation -I ’l London marine, global economy. The comparison This particular dispute is doubly excessive losses, showed that Ber- and energy risks, while German and is obscene, but also has merit. worrying. one A country is not enti- muda has overtaken the UK as the Swiss reinsurers have close con- 2? There is no cure for tled to Aids and none impose trade sanctions biggest foreign provider of reinsur- tacts with their clients that a Ber- for currency speculation either. when it has not merely failed to ance cover to US companies. “«»$: mudian insurer would find bard to So where was there room for prove its case but has not even 1W1 82 63 84 85 86 87 88 88 ep 81 92 98 &3T Mr David Saul, the island's break.

' serious cooperation? such so. Gcnremmant Hum, Bsarnuda , One attempted to do Yet the finance minister, says that in the if-S e ;.°f rtcjw Mr Brian Hall, chairman of the ^ •V".. ; area is reform of the international world’s most important country hotel lounges and club houses there island's Insurance Advisory Com- institutions, notably the interna- apparently believes it is entitled to is a “classic Lloyd's |of London] cof- sis and environmental clean up Childs, an underwriter with Hiscox satellite insurance. In part this mittee, says Bermuda “supplements tional financial institutions. Mr be prosecutor, judge. Jury and exe- fee house in the making". claims largely explain losses of over Syndicates at Lloyd’s in London diversification reflects the maturing and complements the capacity that • -^“flwpwiV Larry Summers, undersecretary at cutioner its ~ - on own behalf. Bermuda's rise has come In three at Lloyd's since 1985. " - £8bn says: “After Hurricane ^proved. Hugo is of the Bermuda industry; having London and L'S markets provide". 1; the US treasury for international The dispute is stages. ? also troubling First, it became a popular Bermuda-based companies such 19S9, the European gales of l&O and become established, companies are Bermudian companies, for instance, UjQ economics, claimed •.-- ^J* s»' agreements because of what is happening in base for so-called "captive" Insur- as ACE and XL were able to carve Hurricane Andrew in 1992, there looking for new opportunities. provide reinsurance cover to here made this “one of the most Japan. Its economy is in the grip ance companies - bodies set up by out a profitable market by setting were large rating increases bat not However, some industry observ- Lloyd's syndicates. successful summits recent in of deflation, while the political ordinary companies or institutions their own policy terms, including really much new capital in the Lon- ers believe the trend may also Probably the biggest cloud on the years". The claim is justified. system is equally in the grip to - of provide dedicated insurance large retentions the amount that don market to take up the demand." reflect shareholder demands for the horizon is the debate about whether Agreements were ..-•.-r-rV'^v reached to inaction. Such a conflict between cover for the risks associated with companies have to find before the Funds available from the world's industry to make their capital work the island should become indepen- double the International Monetary economic necessity and political their business. The island is now policy pays out Now, says Ms Fiona insurers are still insufficient to pro- harder. According to one senior dent from the UK. A “yes" vote in a Fund’s General Agreement to Bor- incapacity cannot endure. It is in home to more than 1,000 of these Luck, of brokers Marsh & McLen- vide adequate cover against the Bermuda insurance executive, some referendum scheduled for August 15 "’ ' row from $2Sbn (£18bn). improve the higher western interest it • . cntp^ that “captive" companies, or about a nan: “There is no question that US most expensive catastrophes, such local insurers “have got capital would trigger fears of political regulatory co-operation in the is soon resolved in an effective, third total. ^saijf of the world accounts look to Bermuda first to as a violent storm or 3n earthquake burning a hole in their pockets". instability, raising concerns that aftermath of the Barings crisis, but also an internationally coop- The advantage of setting up a buy significant limits [insurance in the US. each of which might Capital invested in Bermudian the favourable trading environment

_ ' : --'S' enhance IMF surveillance, erative manner. US attitudes must captive in Bermuda is that reserves cover] in one place." cause as much as SlOObn of damage. insurance companies is under- in which the island's insurance . .fi increase policy transparency in its make such a benign outcome less can be accumulated without paying Most recently. Bermuda But while the extra capacity is utilised. with the ratio of industry prospered -7. has premiums has may become •’v": member countries and strengthen likely. ’ Actions always speak tax and without having to comply become a rising force in the needed, it v* iL«a5aiat market is nevertheless depress- to capital invested typically more hostile. But opinion polls sug- the focus of multilateral develop- louder than words. The contem- with onerous restrictions insuring ^"'jaaqti. laid down for insurance companies ing premium rates. This is because between 0.5 and 1. This is low com- gest that most of the island’s 60,000 ; '-• •'' ment agencies. All these ideas plated US trade actions would, by US or European regulators. against catastrophes such as natu- catastrophe reinsurers, including pared with other insurance compa- population is against change. '.3£t ’ Jij. have merit. The G7 must now unfortunately, speak far louder The second phase came with the ral disasters. liability insur- • — ..' As with those in Bermuda, avoid overexpo- nies which often underwrite poli- In the meantime, the incentives irirtfiniEio? build on them, by seeking the than the lofty words uttered in setting up in the mid-1980s of com- ance. the driving force was a mar- sure to the big risks. That means cies bringing in annual premiums for Bermuda's insurance industry to agreement of other countries. Halifax. ••• panies specialising in North Ameri- ket failure: a succession of natural they look for business outside the worth several times the underlying throw its capita] strength about on - & SR can "liability" insurance, offering catastrophes in the late 1980s and US and push down prices in those investment. Bermuda-based insur- the world stage are strong. In addi- protection against risks associated early 1990s led to a reduction in markets. Says Mr Childs: “Every ers say this is intentional and often tion to the island's tax and regula- with fault}' products, for example, catastrophe underwriting capacity broker you saw last year had a par- stems from a decision not to buy tory advantages and the amount of Buyers’ boycotts than or pollution costs. This expansion at Lloyd's. More $4bn has been rot on their shoulder saying ‘Ber- reinsurance for themselves because capital available, insurers are free was a direct result of the collapse of invested in Bermuda’s property muda’. Brokers will use the threat of the cost of the premiums and the of the sort of liabilities on old poli- Companies engaged in Last week. Unilever's response traditional markets for such prod- catastrophe reinsurers since 1992. of competitors to get a better deal." danger that reinsurers might cies which continue to blight controversial activities are faced was that it would “continue to ucts: Lloyd's was rapidly toughen- Underwriters in other markets Bermudian insurance companies default. Having plenty of spare capi- Lloyd's. Says Mr Michael Palm, with militant consumers voting exercise our right to advertise and ing policy terms after realising the accept that the extra reinsurance are now keen to develop further tal is also a plus point when con- president of Centre Re. one Bermu- with their cheque books. Fre- make our own selections". No scale of liabilities likely to arise on underwriting capacity supplied by new product lines. ACE. for exam- vincing policyholders that an insur- da-based reinsurer “We expect to quently it is a vociferous minority, doubt, the company hopes not to policies already sold - US asbesto- Bermuda is needed. Mr Robert ple, has started selling aviation and ance company is secure. be here for the long term.” not the majority, that is seeking to be deemed as culpable as Time impose its wilL This creates diffi- Warner, accused recently by Sena- cult choices for business. But one tor Robert Dole. Senate majority thing is certain: there is far more leader, of “marketing evil through to success than merely obeying commerce", for producing such We’re all for balanced budgets now the law. films as Natural Bom Ellers and DITOR The current rash of boycotts is “gangsta-rap" music. Nor has Uni- not surprising. If people dislike lever sought to use imagery that ewt Gingrich and his But this hardly matters: now that I suspect that many observers higher savings will depress the dol- the idea of Shell sinking oil rigs in infuriates moral protesters. Republican revolution- Mr Clinton is committed to a bal- outside the US are not keeping up lar. Dire warnings to this effect the sea, or condemn the indirect If the lm or so claimed support- aries once again deserve anced budget, he is unlikely to veto with the pace of change. The bipar- reflect the short-term mental hori- support corporate advertising ers of the American Family Asso- N our applause. They took a more substantive Republican plan tisan commitment to zero deficits is zons of US academic economists. gives to violent or sexually ciation recognise these distinc- an enormous political risk earlier later this summer. In next year’s the third phase in the rejuvenation It is not true, even in the short explicit television, programmes, tions. the damage to Unilever's this year by arguing that the fed- presidential campaign both political of the US economy. The high dollar run. that a trade deficit cannot what better way to send this mes- sales could be reduced. But image eral budget must be balanced and parties will be committed to zero of the mid-1980s triggered a benefi- decline unless the currency weak- on sage than to shop elsewhere? Citi- matters, especially in mass-con- by proposing big cuts in popular deficits. This should tie the hands cial wave of restructuring in manu- ens; such an adjustment often te needed zens have few other legitimate sumer markets. If Unilever feels it programmes such as Medicare, the of the next occupant of the Oval facturing industry. That was fol- occurs through slower growth of means to influence large corpora- is being damaged, it should move health plan for the elderly. Bill Clin- Office. lowed in the early 1990s with consumption, and hence imports. tions. which sometimes have its advertising. Its business is sell- ton opted for safety in his budget, Mr Clinton’s shift makes political comparable efforts to boost produc- Smaller budget deficits may lead to >enefits greater impact on their lives than ing soap powder; sponsorship is avoiding cuts and projecting large sense: rather than obstructing MICHAEL PROWSE tivity in private service industries. somewhat lower US interest rates. elected governments. Govern- just a means. deficits indefinitely. Republicans he is trying to present on The final phase - sweeping reforms But this need not depress the dollar ments join in. too; New Zealand is Image matters not only to sell- That cynical strategy backfired. himself as a constructive, moderat- AMERICA to reduce the size, and improve the investors buy equities as well as reviewing two tenders for military ers of mass-consumer products. Hie Republican proposals were less ing influence. Economically, it is efficiency, of the public sector - is bonds. In any case, if the fundamen- equipment, to protest against Shell is far too visible and exposed unpopular than Democrats expec- the best news in years. The vitality fication, but low savings are as now under way. tals are encouraging, low interest - France's planned nuclear tests. a company to he able to ignore the ted. In spite of reservations about of any economy depends mainly on much a reflection of public policy The benefits of these changes yields do not depress currencies - r -3*5 £ - It is hard for a company to bad publicity it has been getting cuts to specific programmes, polls two factors; its flexibility the errors as national character. They may not be immediately apparent because holders are compensated by ignore a sustained boycott. The over the decision to dump the show 80 per cent approval for the degree of reliance on market forces; reflect an appalling lack of budget Economic growth has slowed the expectation of future apprecia- German Green party managed to Brent Spar oil rig in the Atlantic. goal of a balanced budget. And so it and its rate of saving and invest- discipline in Washington and a tax sharply because the Federal tion. Think of the D-mark and the reduce sales at some Shell petrol The decision is probably sensible, was Mr Clinton who had to give ment. code that rewards borrowing. Mr Reserve sensibly tightened mone- yen. policy inflation view, investors stations by as much as 50 per cent economically and even environ- way. In yet another startling volte US growth mainly reflects the Clinton's U-turn has changed the tary to prevent Taking a long if one day last week, according to mentally. But being right is not face, he has embraced the main ele- economy’s impressive flexibility. fiscal climate: for the first time in accelerating. It is too soon to be expect a higher US savings rate, some reports. Meanwhile, the enough. Shell could be passive, by ments of the Republican strategy. American companies have greater memory, the executive and legisla- sure whether the slow down is an they should scale back projections American Family Association, a simply comparing the cost of pro- He wants to balance the budget, but freedom to innovate and restructure tive branches are both committed to "inventory correction" or a mini-re- of future trade deficits, They should - Christian lobbying group, has ceeding with its present policy over 10 rather than seven years; he - and to sack workers than rivals a balanced budget. cession. although the former seems expect faster US productivity accused Unilever of being “one of against the cost of changing it wants to cut health care for the in lumbering economies such as With government less likely to more likely. But looking beyond growth, smaller increases in unit short-run strains, labour and the leading sponsors of sex, vio- Better, it could be doing a much elderly and poor substantially, Japan and Germany. They can (and drain funds from the private sector, these cyclical the costs hence lower infla- lence and profanity" on American better job of selling its case. although not as much as the Repub- do) respond more quickly to rapid the outlook for US savings is thus economic outlook is exceedingly tion. And they should no longer brighter than it has been for gen- bright. If domestic savings do rise, fear that a future administration television. But its real target is Either way. governments must not licans; and he wants to cut taxes, shifts in consumer demand in an a market. eration. Republicans also the seems to would stoke inflation to reduce the network television companies allow protestors to halt a compa- although not on upper income integrated global But the If manage US bound become an up been unable to reap the frill to win public support for a planned even more dominant player in the real burden of an unsupportable which it hopes would abandon the ny’s right to go about its lawful Americans. US has switch taxes to global markets. Flexibility* debt For these reasons, substan- shows that advertisers shun. business. Independent experts say Mr Clin- rewards of a flexible economy from on income plus all ton's proposed spending cuts fall far because of its chronically low taxes on consumption iwhich might savings is an unbeatable combina- tial currency appreciation seems short of what is required to elimi- savings rate. take effect in 1997), prospects for tion. probable. The era of the hard dollar Civil justice nate deficits, even over 10 years. Americans do crave instant grati- savings could become rosier still. Nor should investors fear that may be dawning.

’- :S» Lord Woolfs report on civil justice he wants to shift large numbers of thoroughgoing indictment of Tw« contentious rfaims to lower I Observer is a IN SOUTH AFRICA the English legal system. His courts, notably by expanding the recommendations, particularly limi t for small claims jurisdiction too beady an eye on the rugby. to foot the tax bills for black shanty SARFU tournament director. He is those for speeding up the progress from £1,000 to £3,000. Second, he timetabling Still dying Observer tried pinning down areas. Quite like old times. also the manager and a director of of cases, are commendable. But recommends strict of cases, rumours that one rugby star Ellis Park. Luyt's son. Louis junior there must he scepticism that law- and judicial supervision pockets £500 for each promotional works for Ellis Park on the yers and the judiciary will prove with early case management con- hard to win presided over by a judge appearance at the premises of his marketing side. Daughter Corlia is a willing or able to reform them- ferences High flying birds judicial discretion It's not all blood, sweat, and balls commercial sponsor. lawyer with Megapro Marketing, a selves to anything like the degree and far greater limit volume of documen- for the international captains of Easier said than done. The Official sponsors to the company whose responsibilities required. to the Africa for the problem is sorting out who actually tournament are each thought to include looking after the delays involved in the cur- tary material exchanged between industry in South The as Springboks' trust fund. Con- the parties. Third, he calls for Rugby World Cup. One in particular runs the show. Inquiries about the have coughed up as much £2m •'i> ‘.y rent system are scandalous. effective monitoring of the might have other things on his legitimacy of appearance fees get for the privilege. In return they get Is Megapro' s managing director, traiy to popular wisdom, very lit- more a whole, with a new mind - a $50m-plus investment entangled in a complex web, neatly plenty of exposure for their George Rautenbach, by any chance tle of the overall delay is caused system as - together sponsors, companies - and tickets to the related to Louis Luyt? “No," says a proceedings. post of Head of Civil Justice to he A notable rugger player himself stitched by by protracted court very senior judge. touring South Africa as an organising bodies and the players games, including the final. helpful secretary; "They're just The problem is the time required filled by a 18-year-old in 1955 with the British themselves. The International One sponsor, the Scotch whisky good friends." to reach a court at alL It takes except the lawyers will Few Lions - he went on to do rather Rugby Football Board, Rugby World brand Famous Grouse, has found three years on average more than abject to any of this in principle. only 50 of its customers. progress well in business. Tony O'Reilly Cup Ltd. the International room for for a High Court case to recommendations to But the key scored 16 tries in 1955 but since Marketing Group, and the South How come? After alL Ellis Park from issue to trial in London, and oversight may Bid for the ball improve judicial then became better known as African Rugby Football Union all stadium holds more than 62,000. nearer four years outside London. because never see the light of day and fall “It's all we have room for," says Who is the odd man out deal president and chief executive of splutter silent Even in county courts, which implications. of their resource Heinz, the Philadelphia-based Babe Swart, the Springbok prop - Famous Grouse. Room, that is. in President Nelson Mandela, deputy straightforward issues, US with more Lord Mackay, the Lord Chancel- 707, chartered from a presidents FW de Klerk and Thabo _-,:j »•• food giant to whom the Penguin Dictionary of the Boeing average delay is SO weeks. the lor, was last week quick to agree African Quotations attributes 'He’s always been a hooligan but Middle East oil sheikh for the flight Mbeki, ANC secretary general Cyril reach a Evidently that trip four decades South Most never even the claims limit - to raising snail ago instilled lasting affection for the following - sums it up: "Rugby lacked the ambition to make from the UK. Ramaphosa and Springbok rugby court, yet these are also caught up removes a which conveniently South Africa. O’Reilly also happens is a game for hooligans, played by anything of it* Conventional 707s of course seat captain Francois Pienaar? Mandela in the paper chase. Compensation of claimants from large number the Dublin-based hooligans. I tell you, we're beasts.” many more than 50; but this one is is the only one not to have played four to be chairman of j cases typically take between he said ' the legal aid system. But Independent newspaper business, of a campaign of “rolling mass luxuriously modified, with ample rugby. and six years to settle. extra training or all nothing about which recently took a a 50 per cent action". leg room, showers, and meals But they have signed the FT of justice for Delay is the enemy staff for judges, without which the Business has retaliated by served in a proper dining room. World Cup rugby ball, also expected hut stake in South Africa's Argus individuals and companies, on to bury habits die judiciary can be relied newspaper group. Old hard running union-bashing Nothing much to grouse about to be signed by England captain the of lawyers of all stripes. order. Mend the refrains in short - in his capacity as Hopes of oodles of lovely advertisements, and David Brink, really. Will Carling, which Observer is the delay Now it seems Unsurprisingly, most of - auctioning. Proceeds will be for law- baked bean merchant to the globe reinvestment flowing back, after chairman of the powerful lobby. split lawyers. As Lord .Appropriate incentives is caused by the years of oozing the other wav, Business South Africa, reckons his between the fund for Max Brito, the yers will be critical to the success O'Reilly is sampling local food are Woolf concludes: “In the majority Ivory pow- companies. His aides insist Heinz is taking a hashing. The pin-stripe members would rather “take a six Coast player paralysed during for delay arise of Woolf. Judges must have Friendly family of cases the reasons strike" than cave in to union the tournament, and the Canon ..# .« simply “actively pursuing an visitors faking time out from the month . T.cilt-r ers to strike down cases at an Ji from failure to progress the case Collins : -•. opportunity" - while rugby stands stare, agog, at the pressures. Rugby is a family business for Educational Trust for Jt „. time on early stage if timetables are not investment 1 efficiently, wasting chief Mangosothu Louis Luyt, president of the South Southern Africa, which for years ji :%>;-> -;;•> need to he the boss watches the rugby. current quirky off-pitch games. Meanwhile 14 } .. or procedural adhered to. They also peripheral issues South Africa’s business and Buthelezi and the ANC are tussling African Rugby Football Union and has been assisting black students. wear down an able to recover more of their own skirmishing to - trades unions are now at fierce over provincial parliaments in chairman of the company that owns The highest bid received by to costs from the parties which opponent or to excure failure over workers' Natal: and the National Party in anil runs Johannesburg's Ellis Park Friday June 30 wins the balL Bids might help to provide the extra loggerheads demands, get on with the case.” Licensed bestiality week last saw control of the Western Cape is stadium, venue for next Saturday’s by fax to: (44) 171 873 3926, or by resources which the judiciary which the before Lord Woolf proposes to tackle to prevent white final. mail to Observer at the usual It’s nice to see old-fashioned thousands of them bringing doing its utmost FT First, needs in the first place. -y the delays three means. Son-in-law Rian Oberholzer Is the address. by amateurism in sport. So don't cast Johannesburg to a halt at the start middle class suburbs from having n ^ .

16 Earnings /"J" Mercedes Rental Available from only £70 per day at FINANCIAL TIMES your nearest dealer, or call 0345 222400 Monday June 19 1995

Shell pledges to go ahead with THE LEX COLUMN jitters plan to dump Brent oil platform US bond ran uneconomic, US investors may have been rather lO-year bond yields tender demergers y. -in demerger;: tardy in picking up on signs that the Tax can justify a delay Row over group’s action escalates as filling station boycott grows US economy was slowing at the end of Percent while a company reorganises to min-: imigp EMI has . last year, but the subsequent bond 8J0 the implications. Thom justifiably spent a year trimming the By Michael Cassell, Business were demanding, would cause market rally now looks overdone. A potential tax burden Of demerger from Correspondent, in London “very significant environmental spate of weak economic indicators and damage”. an unexpected surge in demand may 7.5— gisnm to £5Qm. One of the crucial deci-

sions for capital gains tax is deciding ; Shell, the Anfdo-Dutch oil giant Mr Frank Dobson, Labour’s have tipped the balance too Ear. Inter- which company, old or new. .should insisted last night there would be environment spokesman, and Mr vention. to support the dollar left cen- 7.0 own which overseas subsidiaries. no last-minute change in plans to Matthew Taylor, his Liberal Dem- tral banks flush with dollars, which Tax can never be eliminated, partio-- gink the Brent Spar oil platform, ocrat counterpart, called on Brit- they then used to buy US Treasuries. in foreign jiaisthtSions where; which today will approach its ish motorists to join the filling Wrong-footed fund managers were ulariy AS rules are less amicable to demerges^. dumping site 150 miles off the station boycott then forced to buy into the rally, fuel- galn«i. But managements which claim tax i west coast of Scotland. They were Joined yesterday by ling further price considerations -are blocking such As the flotilla towing the leaders of Germany’s Evangelical Tbe short end of the market looks operations are being disingenuous:/ redundant platform headed Church who called on its mem- particularly expensive. To justify cur- Jan complicated international deals , through stormy seas, the contro- bers to support the protest rent yields on two-year bonds, interest Even Source: FT GrapKtt tax-effioentiy. That versy surrounding Shell's deci- The church, which was holding rates would have to fall by as much as can be completed demonstrated, Hanson’s; sion continued to escalate. While its annual meeting in a Hamburg 100 basis points (1 percentage point) has been by the British government again sports stadium, said companies by the end of the year- This is not Japan would benefit from opening demerger of its US operations: Farting defended Shell's actions, opposi- had a responsibility to the envi- impossible, but it implies a rapid eco- its markets. More competition in need not be such sweet sorrow. tion parties joined calls across ronment and had no right to nomic slowdown. underwriting would reduce industry’s abuse their powers ami influence. Furthermore, the gap between Ger- cost of capitaL Liberalising fund man- " Europe for a boycott of Shell fin- Small companies -- ing stations. The 80,000 crowd cheered and man and US bond yields now looks too agement would give domestic inves- But Shell said the protests applauded loudly when the Evan- big: Ten-year US Treasuries are yield- tors greater choice; Japanese institu- The Alternative Investment Market would have no effect on its plans. gelical leadership said it would ing 50 basis points less than German tions currently offer narrow ranges of launched by the. London ; Stock like- “We are on course and still going stand firmly behind any boycott bonds. At the start of the year they mutual funds awi the It might Exchange today is the mok promising create viable ahead. It is absolutely the right Two Greenpeace members wfl] have to be removed from Brent Spa of Shell filling stations and its were yielding 20 basis points more. also book investment returns. attempt so far to a stock thin to do in terms of the envi- products. Over 40 per cent of Ger- Although Germany’s economic cycle Nonetheless, deregulation will be a market for small. UK companies. After g 1 1 ronment." Shell said it expected flotilla as it nears the dump site. of the UK over the weekend, is many’s 70m population are mem- lags the US, the Bundesbank’s stron- slow process. In the meantime, Japan earlier false starts, the exchange

to sink the platform “in the mid- The Civil Aviation Authority using national newspaper adver- bers of the Protestant church. ger record on inflation suggests that will feel little pity for the foreigners. seems to have got the regulatory bal- i dle of the week", although it disclosed yesterday that the pilot tisements today to demand the The controversy has forced the such a gap is not justified- This does While nearly all domestic brokers are ance about right Still, only 10 compa- will listed oil initially. stressed bad weather could upset of the chartered belicopter which company accepts its corporate company to postpone this week’s not mean there is a strong case for losing money, most foreign ones are nies be Aim . ; the timing. dropped the Greenpeace protest- responsibilities. “The day Shell Better Britain environmental buying German bonds outright. still profitable. Moreover, the most The winding up OF fhft exchange’s - Two members of Greenpeace, ers on to the platform last week sinks the Brent Spar, Shell's rep- awards. A letter from the com- The US market is likely to continue obvious deregulatory demand two existing mechanisms for trading the environmental protest group, could face prosecution. Officials utation sinks with it," the adver- pany to guests says it has it has to set the direction for bond market removing high fixed brokerage com- E-mail company -shares in the. next 18. will also have to be removed are studying allegations the heli- tisements say. “very reluctantly" decided to trading. But a correction would proba- missions - is conspicuous by its months will provide some impetus for from the platform before Shell copter had no registration mark- Mr Tim Eggar, UK energy min- delay the event because of an bly spark a similar but smaller move- absence from EBC recommendations. others to join. The danger is Aim will p'afrJWS uses explosives to sink the rig. ings and that it might have put ister, defended Shell's decision “inappropriate" atmosphere in ment in Germany, causing the gap to Foreign houses are happy to call for attract only Companies that want to

There could be further confron- lives at risk. and attacked Greenpeace for which to celebrate the awards’ narrow. The US market is feeling ner- competition, except when it cuts into establish . more liquidity In their tation at sea today after Green- Greenpeace, which says the “grossly exaggerating the prob- environmental achievements. vous. and may be on the look out for their own profitability. shares. If this happens, it will have peace's decision to send an boycott of Shell filling stations lem". He said dismantling the some relatively strong economic data failed in its second goal of providing a ocean-going tug to intercept the on the continent spread to parts platform on land, as protesters Editorial Comment, Page 15 to justify a correction. new source of financing for small com- Taxing demergers panies. Raising equity is complex and The recent decisions by ITT and expensive for small companies, and so Tokyo brokers >7Tfcrwt Threat to leader’s hopes of easing party turmoil Sandaz to demerge illustrate a grow- requires active promotion by the rise the exchange, good news is the Hopes When Ford and General Electric ing consensus about benefits of . The delist from the Tokyo Stock Exchange focus. Diversification into unrelated exchange has a dedicated management the next fortnight, the number of for- businesses is not the job of manage- team which appears to be taking the. for hostages eign listings in Japan will have fallen ments. Shareholders can decide for task seriously. Major to face backlash by one third from the 1991 peak. This themselves whether to diversify their The exchange's record on such pro--' rams home how Tokyo's complex and portfolios. jects is unimpressive. But its incentive in Chechnya costly bureaucracy, combined with the Among the most significant poten- to get it right is growing stronger, as world's highest rents, have shattered tial barriers to demergers is tax. its monopolistic position in the UK Continued from Page 1 from pro-European Tories its aspirations to become Asia's Thom EMI specifically mentioned the stock market is challenged- Aim itself regional financial capital issue when it shelved demerger plans could soon face competition from a weekend at the height of the hos- Its role as an international capital last year. The danger is that it proves new pan-European market for growing tage crisis and about two bungled By Kevin Brown, Political Mr Major spent yesterday at trol lost at national level should market is also under fire. The Euro- impossible to structure the deal in a. companies, modelled on the successful Russian attempts on Saturday to Correspondent, in London home in Huntingdon, Cambridge- be regained at European level". pean Business Community, the Tokyo- way that prevents the company and Nasdaq market in the US which storm the hospital where the hos- shire, relaxing after the G7 meet- Proposed increases in Euro- based lobby group, recently called for shareholders receiving heavy tax bills. already attracts some UK companies tages were held. UK prime minister Mr John ing in Canada, and mulling over pean parliament powers include: rapid rationalisation of the market’s If tax authorities believe a demerger is to its ranks. Given its head-start and Mr Chernomyrdin, who has Major’s hopes of shoring up his ways of ending the week-long • Extension of MEPs* rights to regulations. Foreign securities houses simply a disguised disposal they win the inherently domestic investor bare cultivated a dove-like stance leadership by calming Conserva- bout of speculation about his block EU legislation, through the are cut out of privatisations, shunned impose capital gains tax. Similarly, if for small companies, Aim should be since the war began in Chechnya tive turmoil over Europe will be leadership, which shows no sign co-decision procedure involving from underwriting syndicates and can the issue of shares in the demerged able to stake out a patch for itself six months ago, publicly prom- undermined today by calls from of ending. the European parliament and the only take a small slice of Japan’s vast company is viewed as a dividend, it Failure to do so would not augur well STSSVt. ised Mr Basayev an immediate Tory members of the European Amid growing Eurosceptic Council of Ministers, to areas pension fund market - to name but a can become taxable. for the exchange, as It squares up to end to Russian military parliament for a big increase in fears that a leadership contest such as transport, environment, few gripes. There is a real risk that such taxes competition in its core market operations in Chechnya and the powers of European Union would he won by Mr Michael development and discrimination. ordered peace talks in Grozny, institutions. Heseltine, the pro-European trade • Use of the co-operation proce- the Chechen capital In a series of papers to be secretary, senior Tories warned dure (weaker form of parliamen- Serious differences remain launched in London, the MEPs that the argument over Europe tary control over the Council of between Mr Chernomyrdin and will enrage Eurosceptic MPs by and Mr Major's position was Ministers! to cover legislation on tfSOMP the Chechen guerrillas. Mr Cher- urging much greater powers for damaging Tory prospects. the common agricultural policy, nomyrdin yesterday demanded the European parliament and Lord Parkinson, the Thatch- external trade and competition the immediate release of all the suggesting the transfer of control erite former party chairman, policy. hostages, but Mr Basayev, speak- over immigration and external urged cabinet ministers to end • Greater control over the ing through Chechen intermedi- borders from national govern- the speculation by pledging European Commission, including For professional cash management aries, said he wants to take some ments to the European Union. themselves not to stand against the right to summon officials and of the hostages, and a group of The proposals, intended to the prime minister. to dismiss individual commis- Russian MPs who have travelled counter demands from Euroscep- Mr Michael Portillo, employ- sioners if two-thirds of MEPs to Budennovsk to participate in tic Tories for disengagement ment secretary, warned the party agree. worldwide, Fidelity gives you the edge. talks, with him when he and his from the EU, amount to a chal- to pull itself together or risk • The right to approve changes fighters retreat to more secure lenge from the party's pro-Euro- losing the next general election. to the ElTs founding treaties. bases in Chechnya. pean wing to Mr Major’s strategy The MEPs' demands form part The papers say that the justice However, the televised talks for next year's intergovernmental of a concerted attempt by pro-Eu- and home affairs pillar created Today more chan ever, business and private investors alike must between Mr Chernomyrdin and conference on EU integration. ropean Conservatives to fight by the Maastricht treaty, under Mr Basayev mark a radical The proposals will deepen the back against what they see as the which a range of cross-border ensure that their cash deposes arc managed to provide the highest departure from Moscow's previ- Conservative rift on Europe, and growing influence of Eurosceptic issues are dealt with by national levels of security as well as competitive races of' interesr - objectives ous, uncompromising attitude to complicate the prime minister's MPs on government policy. governments outside normal EU the Chechen conflict and could attempts to fight off rightwing In an introduction to the procedures, is not working. which require a truly professional approach to money management. be the tentative beginning of a criticism of his leadership by rul- papers. Mr Tom Spencer, chair- And that's just what Fidelity's Triple-A rated cash deposit negotiated settlement to the cri- ing out further increases in EU man of the 18 Conservative Support premier or lose election, management service is sis. powers at the IGC. MEPs, says “parliamentary con- MPs are told. Page 6 designed to offer. As the world’s largest independent investment management

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"star MARKETS THIS WEEK BZW close to purchasing Wells Fargo Nikko

By Norma Cohen and Richard Wolffe Wells Fargo Nikko, a joint venture of needed a buyer in order to expand inter- index-tracking, a low-cost strategy yesterday, dismissing reports of a deal in London JOHN PLENDER: the US bank and Japanese securities nationally. which shadows the performance of bond with Wells Fargo Nikko as “market GLOBAL 1NVEST0B bouse, is one of the hugest fund manag- A senior Wells Fargo N'ikko executive and stock market indices. Hie compa- speculation". BZW. the Investment banking arm of ers in the world, Some of the world's leading managing more than sa:d the company wanted to double the ny's clients are predominantly US pen- Last month Barclays decided against Barclays, is on the verge of buying Wells $160bn of funds. If the institutional investors have been deal goes ahead. sire of its assets under management by sion funds. bidding for, or forming a partnership Fargo Nikko Investment Advisors, the BZW would become the world's witling to flex their muscles In largest the end of the dc-cade. The company has Since it confirmed it was seeking a with, a US investment back. After a she US fund management group. passive fund manager. It would public recently. Such activism can comfort- taken the view that the gtahahsagon of buyer, the fund manager has been month review, it decided to concentrate The deal, estimated to be worth ably outstrip the UK's generate enhanced economic largest fund man- the fund management industry resumes linked with State Street Bank as well as on reinforcing its US operations. which between $500m and $70Crm. would trans- ager, Mercury Asset Management, which X ivSjS returns and the growth m the the Firm to be either a large interna- Barclays. It is thought that Wells Fargo employ 1.300 people in New York. Mr form the scale of BZW's fund manage- has about Etidbn under percentage of shares held by management tional organisation or a smail boutique Nikko was concerned about possible job Martin Taylor, Barclays’ chief executive, ment activities, currently managing Wells Fargo Nikko has been on the catering to a niche market. losses State institutions across the world suggests it is likely to if Street took over. is .-mown to be sceptical about the value around £50bn ($79bn) of assets. market since April, when it said that it increase. A more difficult question is whether Wells Fargo Nikko specialises in Barclays Bank refused to comment u f many bank acquisitions. pressure on corporate governance can oe applied on a cross-border basis. Pago 2t The country is slowly regaining its Derivatives '^1 STEPHANIE FLANDERS.- confidence, says Richard Lapper panics ECONOMICS NOTEBOOK Is Japan on the brink of suffering ruled out in 1930s style deflation? At first glance, the claim seems like Mexico dusts •-:' es scare-mongering. Real GNP In the -7 ; BAe’s fight ^ US fell per cent by 30 between 1929 and 1933, while the absolute price level in the main industrial for countries fell 27 per cent The scale of Japan's itself down for VSEL problems bears little comparison, but some of the ^4? By David Wighton in London '* root causes are disturbingly similar. Page 21 - • i a** - ’ .-*23* -T'! Stte BONDS: British Aerospace has ruled out 1 ®^. -• *££•** •*- - * using derivatives to underpin the .. f American economic and financial health has led the " 7 ''-“-1 the markets -V' way recently for European government bonds. As value of any new bid for VSEL. US Treasuries have roared ahead, European bonds the UK submarine builder. he gloom that has Underpinning its economic prog- have followed, even though the economic BAe and its adviser. Kleinwort '•"*; engulfed Mexico since the ress is what Guillermo Oruz, . 7 I Mr Benson, have explored a number [fc recoveries are much less advanced in Europe. country' was plunged into the Mexican finance Page 22 T minister, of possibilities! including the financial crisis sue months ago is describes as a "spectacular” turn- issue of “contingent value slowly beginning to lift. around in -“•-“Ti’irjBte EQUITIES: its external accounts. Guillermo Ortiz, Mexico's finance minister: ‘We are not saying we are out of the woods' rights”, a type or derivative Last week's S300m eurobond Domestic consumption has which has not yet been used in a The Federal Reserve's Beige Book, to be released ‘•-- issue by Bancomext, a state- slumped and the economy will UK takeover bid. '-asaasisil on Wednesday, win be scrutinised for hints on how owned trade finance bank, was contract this year. But helped by .•; T - The World Bank Is this week poised to approve financial crisis earlier this year. The IADB is But BAe has concluded that its -isCt 2 central bankers see the economy. Meanwhile, the ’ ^ • the country's first this year, and a 45 per cent devaluation of the the biggest its ‘“2 [*T, single loan in history as part of expected to provide S750m of this amount. Sepa- variable ‘trombone" rights issue |« t London equity market looks tired after a rally which legal documentation is now in peso, Mexico's manufactured its backing for the multi-billion dollar support rately, the World Bank is also expected to has given it enough fire power to » jaii*c has carried the FT-SE 100 Index 400 points higher •'••-. place allowing Mexico to raise exports have surged since the cri- package for Mexico, writes Richard Lapper. It is approve $500m to fund social programmes. compete with GEC. :. :i -i£jgj since early March. Page 24 more money' through other pub- sis, contributing to a trade sur- expected that the loan for Slbn - earmarked to The financial sector loans arc to be channelled BAe has not yet decided lic bonds issues. plus of $l.3bn in the first four bolster the belcagured local financial system - towards banks whose capital deficiencies could whether to increase its cash and '- 'I see EMERGING MARKETS: Mexico's rehabilitation among months of 1995, compared with a will be approved on Thursday. lead them to suspend their business. Unless paid shares offer for VSEL. in ?:n^- international funds are showing a flurry of interest international investors still has deficit of $5.7bn in the same The World Bank is combining forces with the down, the loans will be converted into ordinary response to GEC’s 21.50p a share in Poland’s fledgling stock market. Page 23 -sasB: some way to go but the speed of period of last year. Ms Ingrid Inter-American Development Bank to provide shares within a three to five year period and bid two weeks ago. r.v.: i ar the country's return to the capi- Iversen, senior economist at Mor- up to $2.25bn in which is CURRENCIES: loans for Mexican banks, offered for sale either to the banks' owners or One potential problem that ...:7.>i i2E tal markets has surprised the gan Grenfell in London, say's the have been hard hit by bad loans, following the on the markets. by offering more shares, BAe Foreign exchange markets are likely to remain on international financial commu- markets underestimated the flexi- could put short-term pressure on their guard, in spite of the communique from the Li'lv.ajst nity. “It is happening much more bility of the Mexican industrial earlier in the year, the govern- paying 5 percentage points above brave enough to buy longer-term its share price thereby reducing G7 summit In Halifax. Nova Scotia, offering only rapidly than one could have sector. ments and companies from many- the London inter-bank offered debt issued by Mexico. the value of its bid. By using fleeting reference to currencies. Page 23 expected earlier this year, and Moreover, helped by a multi- emerging markets are now rate (the rate at which bank's “The Bancomext issue is a tell- contingent value rights, securi- much quicker than after the 1982 billion dollar economic assistance slowly regaining access. Last lend to each othen to raise its ing signal that the market has ties whose value rises if the price COMMODITIES: debt crisis." says Mr Peter West, package from the US. the IMF month, for example, Brazil issued S300m FRX. By comparison, dur- recovered and that there is a of the related shares falls. BAe The London gold price last week broke above S390 economic adviser at West Mer- and the World Bank. Mexico its first eurobond since the Latin ing 1992. government -hacked healthier tone," says one senior could put a floor under the value a troy ounce for the first time in six weeks. chant Bank in London. appears to he tackling the prob- American debt crisis in 19S2. rais- issuers such as Bancomext, US banker. “However you also of a new offer. Page 21 The Bancomext issue - a lems of short-term indebtedness ing YSObn. Nafinsa. and Pemex. the oil com- have to take it with a grain of Contingent value rights have $300m two-year floating rate note which helped precipitate the cri- pany, issued bonds carrying salL Being able to do one deal been used in several recent bids INTERNATIONAL COMPANIES: - follows a number of interna- sis in December. The number of exico, though, still has spreads over US Treasury bonds doesn't mean you have regained in the US and are judged to have Generate Bank of Belgium appears to have tional deals in recent weeks, sig- outstanding Tesobonos (dollar- some ground to recover of 165 to 232 basis points (a basis access to the market as a whole." been an important factor behind emerged as the preferred bidder to take over the nalling a gradual recovery of linked bands) has been reduced before it can tap inter- point is one hundredth of a per- Indeed. Mr Ortiz himself is anx- Viacom's successful takeover of Dutch subsidiary of Credit Lyonnais, the French M investor confidence. In April. from $30bn to $10bn in the last national markets with the same centage point). Last March, ious not to overstate the achieve- Paramount Communications. bank. Page 20 Nacional Financiera (Nafinsa), five and half months and Mr ease and frequency - and at the Pemex raised $2G0m at a rate of menL He is pleased with the way A derivatives expert at a US- another state-owned bank, raised Ortiz says the country has same price - as it did two years only 85 basis points above Trea- Mexico has been able to regain based investment bank com- UK COMPANIES: $17Qm through privately placed resources to meet a farther pay- ago. The prices of Mexican euro- suries. favour among the US investment mented: "They have proved very the advertising group, may move its domicile WPP, bond issues, and Mexican bor- ments hump of $6.7bn which falls bonds issued by both government Moreover, bankers say that the banks and says new sources of powerful tools in the US, particu- furore over the proposed to the US following the rowers have also been active in due in July and August this year. bodies and private companies terms of the issue are defensive. investor interest in the Far East larly for bidders who believe for its chief executive. 18 new pay package Page the short-term money markets. Changes in the international have recovered in the last few Bancomext is raising two-year are being tapped. their share price will rise after a Last month. Banamex, the financial climate have also weeks, after slumping to all-time money but investors have an Overall though, the country, successful takeover. Assuming private bank, brought benefits. The rally in US lows in March. Bonds issued by option to put isei! the bonds back has still to "reconstitute its there are no regulatory problems STATISTICS country’s largest raised S206m in a securitised deal and European bond prices has government bodies yielded more to Mexico) after a year. During investor base” and doesn't want it is only a matter of time before placed privately with investors in led to a sharp fall in yields. And than 15 per cent in mid-March, 1993, when Mexico's popularity to go to the market with too they emerge in Europe." Bass landing rales -27 London recent issues ..—..27 although these markets are stlU while yields on paper issued by among investors surged, govern- many deals. Investor confidence Although several investment Company meetings 12 London share service ..30.31 the US. institutions has Dividend payments -12 Managed fund service .28,29 The country has regained con- regarded as safe havens, investor Mexican companies rose to more ment-backed issued still be regained. “We are not banks are understood to be yielding in cases. 11 bonds of five. six. seven and 10 saying we out of woods. at the of FT/SAP-A World Indices .. 21 Money markets 27 fidence as a result of develop- interest in higher debt than 25 per cent some are the looking use contingent FT Guide to currencies — 27 New Int bond Issues 22 ments in its domestic economy such as that issued by emerging But the country is paying a rel- years and one of 30 years. We are not saying we have over- value rigbts in London, City reg- Foreign exchanges 27 New York shares 32,33) on the one hand and the broader market countries has revived. atively high price to raise fresh Bankers predic: that it could be come the crisis. We have to be ulators have not yet ruled on mkt todces—26 World stock world economy on the other. Cut oft from the capital markets debt Bancomext, for example, is some time before investors are very cautious." their legality.

This week: Comi news *5 33 rfriiuivMMH.'artu j/Vf.arJw>{»

BRITISH STEEL OTHER COMPANIES evidence that demand for 10-pin British Steel | bowling has increased and that dancing i Partial recovery but This Month’s Investments Profits surge Share price (pence) admissions have held up. as well as 180 not solid progress news of the effect of National Lottery [ scratcbcards. particularly on bingo. It after years of J. Heinz: the food group, said will expect details of investment plans i H. US in March it would achieve a 45 per cent following the signing today of £I00m of dour cost control increase in operating profits in its new committed credit facilities. analysts will fourth quarter to April, so June 1995 150 --I—-! 1 increase at the Airtours: Mr David Crossland, Today's annual profits from British be expecting a big rising bottom line when the results come out chairman, warned in January that the Steel will show the impact of - £5,000,000 140 ft company's expansion would inevitably volumes and prices after years of dour J— on Tuesday. Although the profits growth looks lead to an increase in seasoned half-year Management Buy-Out cost control. expected to be expected to have surged to impressive, it represents a partial losses, which are Profits are - Jun 1884 of £8Qm in its recovery rather than solid progress. between £34m and £38m (S54m-$60.4m) from ' ’ about £500m (S795m) Source FT BpM8 9 Heinz had a rotten fourth quarter last against an underlying loss of just under last financial year. year, largely because of a severe £22m. That is roughly twice what the REGIONAL ELECTRICITY GROUPS its Watchers market was expecting 12 months ago downturn In Weight business, and even this week’s increase Lonrho announces its first results and reflects the series of price increases shifts to Attention will not be sufficient to claw back all since the company severed all links British Steel has pushed through since with Mr Tiny Rowland. First-half De La Rue pic • the lost ground. then. rebates . customer Salomon Brothers is forecasting a 22 profits are expected to increase to The improvement will be particularly season for the regional per cent increase in earnings per share £43m-£53m (S68.4m-S84.3ro) from £41m, jnl arranged by impressive at Avesta Sheffield, the As the results M electricity companies gets fully under to 62 cents from 51 cents for the quarter driven by improvements from its stainless steel producer where British NatWest Ventures the way this week, interest will centre on and $2.35 against $2.11 for the full year. mining, hotels and agricultural Steel has 49.9 per cent, and at UBS, to customer rebates divisions. Analysts are forecasting a engineering steels subsidiary where the recs' attitude the regulator's new price Qantas: a prospectus for the sale of maintained dividend of 2p. minority partner GKN was bought out ahead of review. shares In Australia's flagship airline, is February. 1995 June 1995 in due on Thursday. The Australian TSB: Analysts are looking for pre-tax June However, some analysts believe Seeboard. of the south east of England, which kicked oft the season, federal government is selling its profits for the six months to April in British Steel may soon see a pause in allocate £20m remaining 75 per cent interest in the the range of £260-£270m £8,000,000 £5,400,000 with talk of stockbmldmg m announced it would its growth ($4 13.4m-5429.3m). earnings per share of in ($31.8m) a year of cost savings to carrier, and aims to raise A$2bn the industry and a likely slowdown bills. (US$L45bn). Page 24 llp-12p, and an interim dividend of Management Buy-In car production. cutting customer Management Buy-Out European about 4p. . However, this decision was criticised The company is likely to face comments last week by Swalec, the south Wales First Leisure: The bowling and of questions about the recent ~ said it await discotheques group is tomorrow 31 TOe founding shareholders of the the German steely distributor, which would from Thyssen, interim UK's largest investor in private prices the outcome of the review before expected to report modest producer, that European steel making any commitment to share profits growth of £15m-£16m, companies will this week sell nearly 21 • Group have peaked. . . ($23£ni-$2).4m) compared with £14.1m per cent of the shares in the group in a tweottoocK that, future profits with customers. l British Steel may point out last year. Against a background of mute secondary market placing with . week sees results from four recs. fall in sterling against the This thank* to the City will want institutions and private client brokers. have some Tomorrow, South Western is expected consumer spending, the D-Mark, its prices still to announce an Increase in dividends of Lrd arai arranged In Led arid amused by catching up to do. stream about 23 percent with profits rising to Companies In this issue . coming on It has new capacity NatWest Ventures NatWest Ventures volume about £130m from £U&8zn. which should feed through mto Norweb reports the following day 17 Craig & Rose IB Mitsui Engineering increases. Ct£dk Lyonnais 20 NIC „ with analysts forecasting dividends of Aberdeen Stsak 18 result. amJysts orefwaastos 17 Drayton Far Eastern 18 Nafinsa As a from 23p, and profits of Alrtoura improvement in profits about 27p, up Norweb another strong ARtaJfe 3 2 East Midlands Sec 17 between £lSQm and £220m, compared Pemex AMonz 20 Figaro 20 for theshares with {178m. Qantas ^However, the prospects Assoc British Inds 18 Rns Leisure 17 outlook tor For Manweb on Thursday the City is 17 Reed Executive driven more by the Aurora Cap Partners 18 GEC will be dividend growth of about 19 looking for BAe 17 Generate Bank Btige " will distorted Southwestern dividends of per cent to 29p. Profits be 17 Hitachi Zosen is predicting BZW Suez ^Br^wUBS sole of its retail which by a charge on the Banamex 17 HJ Heinz '' up from just 2p last year, Sutcfiffe Speakman 7p, tunes by business. Bancomext 17 Indian Airlines 2 covered almost three TSB would be forecasting a 30 Irwooco zt&f Some analysts are British Bus 18 I* Telcor 20p. gaming* per share of Vcllr^- trnrjirr/mcnf. nguhiifdbr IMKO. n/un o/'Vnllbr Kjriry, aryvrjif cnJimennnirfunfruij,'. a yield per

FINANCIAL TIMES MONDAY JUNE 19 199$ COMPANIES AND FINANCE Pay row pushes WPP towards US Leveraged British Bus to float By WiUram Lewis Hermes, formerly PosTel, have tion committee following com- ness is carried out in the US. buy-out said they will vote against Mr parisons with the pay of top WPP's annual report states expected value of f WPP, the advertising group, is Sorrell’s proposed package at executives at US-based market- that 32 per cent of its equity is : L : considering moving its domi- an extraordinary meeting on ing services companies. In dis- owned by US shareholders. -.kZ' of wax By Geoff Dyer gala a final decision would not UK’s fourth listed todependitf' ,,-- ** cile to the US following the June 26. They are concerned cussions with the shareholders The Association of British be taken until July. But, he bus operator.. 'v':.? furore over the proposed new that it could yield him about who argue that Mr Sorrell's Insurers has approved the plan r

. Bayfield said added, "we are pressing all the Mr fhe;t^:7. ; i; pay package awarded to Mr S35m over Eve years if certain pay should he in line with UK as falling within its 'guide- British Bus, the UK's largest were floating party .needed, b are executives, one apparently said lines. maker private bus operator, is prepar- buttons as if we j" Martin Sorrell, chief executive. performance targets met and £200m of new.^fttoaeln:^ ' Fleming clients of which that the solution was for “WPP However Mr Richard Regan, ing for a notation later this in October”. The company, which has a - finance arqnisitkm pTan«q y . value British Bus was formed in its ; quote in both the UK and. the hold about S per cent of the to go to the US and become a head of investment affairs, said By David Wighton year which would it at ' Bayfield said- two other after the management Mr ; p equity, is recommending share- full time US company”. This on Friday that a number of about £25Qm. 1992 US. is said to have been weigh- eans&fc Industries, Salisbury-based buy-out of Drawlane Holdings options rWere stffl betog - ing up the merits of a perma- holders vote against, as is Her- would involve WFP de-listing members were looking at the Associated British The com- j manufacturer dis- hopes to raise £l3Qm National Express, -the ered: raising ftirther ftoids nent move to the US for some mes. the pension fund man- from London. sums involved. He also said a wax and pany from from capitalists T .i; 4.2, airport operator. It from venture ~aF a -. time, but its internal discus- ager. Pirc, the corporate Advisers say that due to the that “Most importantly there tributor traded under Rule the Scat to October or Novem- coach and the third largest bus reverse takeover '-atong: toe ... sions have been re-sparked by governance consultancy, has geographical location of WPP's appears to be no requirement is being acquired for £40m in a ber. It has appointed Cazenove is now as broker company, with operations in lines of the April takeover-rdf the comments of institutional also advised shareholders to business such a move “has that the share price perfor- leveraged buy-out by Aurora and. Hambros as London and West • Midlands ,$ravel-riby : investors. vote against. been on the agenda for some mance is underpinned by the Capital Partners, a Los adviser. Yorkshire, Kent, Express. .However, package was time". They say that approxi- underlying financial perfor- Angeles venture capital group. Mr Stephen Bayfield, direc- Scotland. If the flotation goes National Sorrell's ' Two institutions. Fleming Mr •* " it become the flotation was tha fitvourite. . Investment Management and approved by WPP's remunera- mately 40 per cent of its busi- mance of the group". It is planned to merge ABI tor of corporate development, ahead would with Petrowax, a US wax refiner which, has been trading under Chapter 11. Aurora had Aim starts dealing with list of 10 originally wanted to buy just Dispute at Drayton Far East ABI's US business, which accounts for half its sales. liquidation would make such an option against Dealing opens at 830am this morning on ket on September 28. The USM has ceased ney Trust. Aurora is funding the deal A dispute has blown up between the board of shareholders' interests. Invesco has said that if the Alternative Investment Market, with taking new members and will stop trading A report by KPMG, the accountants, pre- with a SliDm (£70m) loan from the Drayton Far Eastern investment trust and of shareholders ten companies beginning trading on the at the end of 1996. dicts 70 Aim companies by the end of the Union Bank of Switzerland. its largest shareholder over a proposed restruct- more than 5 per cent want to successor for the Unlisted Securities Mar- The first week's trading on Aim should year and 200 by the end of 1996. ABI investors have been uring, writes Roger Taylor. withdraw cash, tt might abandon the plan. ... Philips pension fund, which owns! 10 per cent ket and the 42, writes Christopher Price. see the first capital-raising by a new com- • The FT will report the price of Aim offered £10 in cash and I03p in The £L6Qm trust, managed by Invesco, plans Aim has been devised by the London pany when Erros, a software house, joins shares in a separate section of the daily loan notes per share. ABI’s to split into two - investing1 in east Asia and of the trust has argued that it would be better if Stock Exchange for young and dynamic through a placing. It is seeking between London Share Service, starting on Tues- shares last traded at 417p. Japan. However, an unintentional by-product is shareholders were free to take cash. companies which need a low-cost vehicle £500,000 and £1 .5m. There will be at least day. AIM shares will appear immediately More than 70 per cent of the that, under the Insolvency Act, shareholders The reorganisation is’ intended to reduce the investing just to raise both capital and the group's visi- another three companies which have no after the section headed “Water" and shares are held by directors can elect to take cash, instead of shares in the share price discount Trusts in 1 that the Japan or east Asia trade at narrow discounts or bility. To underpin the new junior market, previous market experience joining from, before “Americans* . Inclusion will be at with the rest largely in the new trusts. Invesco’s lawyers argue ~ the Stock Exchange will close the 4.2 mar- today - .Vorcity n, Norhomes and Athel- the editor's discretion. hands of institutions including cost and complexity of paying out cash under a premiums unlike those Investing inbath. ^ Eagle Star, Norwich Union and DIGEST Mercury Asset Management CROSS BORDER M&A DEALS Granville, which also owns a BIDDER/INVESTOR COMMENT property sale, stake, is advising the company James Latbam rises £146.000 loss on a CML Microsystems Reed Exec while the previous £i.im while Chemical Bank is advis- Dresdner Bank KJunwart Benson (UK) Banking Takeover Talks In spite of continuing provi- included a restructuring credit C-ML Microsystems, the USM- ing Aurora. The management (Qennany) confirmed sions James Latham, the build- of £576,000. Operating profits quoted traffic control equip- of ABI, which is staying on, ahead 67% Rfetor (Switzerland) Globe Industries Auto components Cl OOm Global strategy ing materials group, grew 76 per cent to £1.45m. ment manufacturer, reported will take over management of produced on (US) atop . . a 39 per cent increase in pre- turnover on continuing busi- pre-tax profits of £331m for the the enlarged group. Jefferson Smurfit Muntojo Paper & .Euro-Bimegy to £1.81m tax profits, up from £134m to nesses of £23. lm j£22.6m). year to March 31. against ABI made pre-tax profits of (Sweden) stake £l.*6m for the year to March Earnings per share were £4.55m. on turnover up from £2.83m on sales of £43.lm in (Ireland) packing

Reed Executive, the UK's 31. 0.55p (IJSIp). The final dividend Eis.sm to £i93m. the year to March 1994. . Electron House {UK}/ Eurocfls Electron Electronic Merger under largest employment agency, Turnover was 12 per cent of 0JJ5p makes an unchanged Earnings per share slipped to Eurodis (Switzerland] way increased pre-tax profits in the ahead at ESo.Lm (£71.dm). Pro- total of 0.5p. 13.75p U5.58p) and the pro- st^>a Spider Systems Computer £50m Afl-paperdaaJ I m first quarter of. this year by 67 visions this year amounted to posed dividend is (6p). Cambridge Water ^ 6.1p (UK) per cent from El.OSm to £l.$lm. £165,000. Earnings per share Craig & Rose in red Scapa (UK) Coating Sciences Industrial. Continuing Mr Alec Reed, chairman, said were 27.4d (21.4pi and the final A 2.3 per cent rise in demand Group Aberdeen Steak (US) material cfiversHtcatton there had been a downturn in is 2.75p for a total of 6p (4p). Exceptional charges pushed helped Cambridge Water Com- market April May. the decorating Steak the in and Craig & Rose, Aberdeen Houses, the pany raise pre-tax profits by Avnet (US) VS1 Electronics Electronics Sale by UK's Margins for temporary and products maker, deeper into USM-quoted restaurant group, 29 per cent from £4 .14m to (Austrelia/NZ) Electron semi -skilled work were under Sutcliffe Speakman the red for the year to Decem- renorted pre-tax profits up £5.35m in the year to March Protean (UK) Waltfter (Germany) Water Rights issue pressure. However full-year Exceptional items left annual ber 31. Pre-tax losses were from £520,000 to £541.000 in the 31. Turnover rose by 4 per services to finance profits were still expected to be pretax profits static at Sut- £841,000 (£518,000). after excep- year to December 31. Turnover cent from £14Jjm to £15. lm. ahead of last year's £6.3&m- cliffe Speakman. supplier or tional charges of £388,000. was ahead 5 per cent from Earnings per share came to Heerema Fabrication THC Fabrication Shlpbu3dmg Swan Hunter Turnover was up 36 per cent environmental control Turnover was £4.49m (£5.25m). £1-1. 69m to £15. 42m. Earnings £10-20 (944$r) while a final div- (Netherlands) (UK) sold at £34.6m i £25. 5m > and earn- systems. The £lm figure to Losses per ordinary stock unit per share advanced from i.7p idend of 150p makes a total for ICL (UK/Japan) Aquarius Robotron Computer Computers ICL approaches ings per share 2.l8p (1.15p>. March 31 was struck after a were 211.25p (125.5ph to 2J2p- the year of 27fip (190p). Systems (Germany) Euto-goel

REPEAT CALL FORTENDERS ' ‘ FOR THE SALE OF THE GROUPS OF ASSETS OF Dm aonottoccrnou' appears <« -i matter of record ooJy. ~S-A. D'lNDUSTRIE AGRICOLE", OF KAIAMATA, GREECE 'June, ms

ETKNIKI KEPHALEOU SA. A4micsm:s-'fl of Asacc oi LhMicw. cl 1 Sheriffs'l l Sfe. A^cns. Gietce. in its rapacity v, Liquidator ol "Si D'ESDCSTiUE AGWOOLET . cropaav- 'oh w regnt Bri office in Katanaa. Oraecr. |dic -Cuopun-r. pnemh aricr ipesai gyaaiaarr accrricrg ii? pn.niK.iw vine* at Dadtaon Nw 2S919M tat 46PW1 at We have filled out in lie Court at Appeal. unmmcaa rtpees aDbrteubn fir He wk of doc or tnnx af ue p*aps of octets meatoced teJoc. cock aae ofehicii i* betas *aU at • vtofitf (Btiq. BRIEF INFORMATION CmqpMj u caabHrbcd in On 21 tile »•» placet? nntfer Specul Tfa » I97j. 4.IW4 Ccopaty cawjHiinaM UqnKSnxo. Kwnlins lo iti psonuou at Article at lS»2ri9W upon applicassoo b; tis Vauoiul Banl. of Great SA and Ub Cretin Back SA a tbea a aca as ctdinn 114.e1c11.i1iB omr the right places. p ; J1C af ±e 151019 lUc Cc mpini Tile Coinpiiir'i arBviiia bdntisd fcs pmdsisoc of alootul nil 1 pec and mdiMcJi. g^tpc most Urraclofi and uftiie kered nnDkg ^srtiaef. ASSETS OFFERED FOR SALE £75,000,000 1. A pfe! of laud Ipccvnult tirsfllerr wmery lor "Pcttana or Ksuyfa", in rtr ESrmao ar plan ana

I Anenrs am! KomniciiuioufOo So eels cocsjstmj of three sqnxe rtec-cs. The teal of ibe 3 I, ra Coordinated Bilateral Five Year AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 1995 senna, amocna 10 appnmumdy of u-tich eboa: i,60Crsqjn. a.x id ** sacc: ihgpat on the hem af the mtharised cot ptjn. This ennttins bofldtogs. ifce sates of arnomts to Revolving Credit Facilities PARTICULARS eppjuuimtck i»J* sqm. »me tanks anti maefcaety. [19 Ancacnt. 7 2. A rice ol Instil OA-enoE 5.190 sq m., according 10 die C-wLcrtinp tide a=d 5» 50 sqm. (oBtming with

sOTti-thgnmcnt la the ana fvhicfa asrti 10 sene as a tercel oC and soap fames I m-n-mnug old hal drugs ticarrned by eanbqnahe. at "Anakpse or Tumtnktka". m the Kalanzia ary pint arca Competitive Bid Option and ( Spctson and Lv koutgou Streets). (2nd Aotoonj Net sales X Wmen al -pctn gctjn" m ttte cnenmumty of Thouna. Messina amding on a pbx of land cqcul to Capped Margin Jjblj m i» ami conumim: boBdingi, ibe surface of Tvhirii axsouno to 200 °] m end cmtuiiuiig Other income buJJdicgs. rfec surface of wtach amounts w 20U sqm a nemos lanL Ae sohsne af whidi equals in 2.lfiri cm and old mdiinciy . laid AncamU Co-ordinated by Total expenditure Agrtcnhtnal plot of land too [be sea) covering apjntucimamly .1.420 sqm, rsrindl used to serve as ai in nanerv i -Bouha" rbc commmury of N. Koitnn. Mrstinci This is carrenriy tvmgniflv Hill Samuel Bank Limited by third pomes, nfuch If^*l pnrawii«y, n pending (4ib Accioa. 5. a pko uf lanfci imdoding old bnUdh^s, which osed 10 /fix u ad kct-i&fl^in^coU storage mill) u Gross profit after interest but before -AntJqnc or TabakBsM\ Kaiamao, covwing 678 •aqjSL touted w WTioils, one on the east ro the Provided by depreciation, extraordinary item and tax aped 181,4 sqm and one on wen equal m 496/10 sgan. I5dt Aucaout. 6 A -Jm of land, covering nppwrinnldr 3JI5 sqjn. in ibe Kabmaa dir plan area fHixgdistnas. The Fuji Bank, Limited Depreciation EcJi-yse jndSjtarmmSncet5UmiiAocn.nl) 7 ir.hrW.flii^t? .eiMSftfpl Alh.n. l*,«iiTfir..rwWV 'wiwin< ln!inw|m nrlnut^l | | lyr y The Bank of Nova Scotia Profit before extraordinary item and tax io-:iIict with a basuueul sufe-man ol 6 sqm and a Ef’ at1 imflvao rime of the rigbl to buiU fr Aher Boon. Ttils b lexied am as a teaicDCC. Hlfa Ancttniu Den Danske Bank Aktiesdskab Extraordinary item OFFERING MEMORANDUM - FURTHER INFORMATION: The Sumitomo Bank, Limited [nitrated parries nay ofrtitn ibe Offering Memomnda in respect of the Company and its assets pon Profit u Midland Bank pic before tax- ugnmjt a aratMemialiiy Jffgrmetfl- TERMS AND CONDITIONS OF THE AUCTIONS Provision for tax Hill Samuel Bank limited 1. Tbc Auctko rJtaO lake plan in accordance woft the ptuvcions at made Jfa ot Law 189iTWO las NatWest Markets Net profit snpptannned by ankle 14 of Law 20QOTI and sabseqoeBdy unesdedL ibe terms and ootuEtinns ia Idnti herein and rite Tetnes and Coodiflcars of Sdle’cwiuaaJ in the Ofiering MemonndL 5udi Paid-up equity share capital puts Islam and other terms and conbtlom ibatl apply Imspeoively of ^briber they are mentioned herein or not. StAtnission of binding offers sbaU mean acceptance of arch provistotg tad otter Reserves excluding revaluation reserve terms and cenxUticioa 1 Binding Offers . Interested panics are hereby invited to submit bidding offers, not Jamr than Tircsdqy. Jats nmg, I ? Otl boms w ibe Kabmal Notary Pnblic Mr. Ibo^iHis DotnnonlakK. 10 VaaUIksis Sorias SOM 00 Katamma Tele -30-721^7520. 1 — Other income includes profit of Ra. 42 million on sals of 8. The Company has raised Ra. 943 million by issue ot 13% Offer; shcmld expressly state the offered price and the detailed terms of payment (h> cash or Three Year Term Loan investment m a subsidiary Non Convertible Debentures on rights basis as per Letter of Instilments, mentioning die munbci of Instalm ents dams and , ibe titered the proposed annual — Total expenditure includes Rs. 41 million being the Offer dated 1 2th August, 1094 and Rs. 15 million by issue of tare, if !. In the of not specifying: a b) *Seitier tbe uuctcb any e*W i Ae nyof payment credited Provided by provision for diminution m the value of investment in a Non Convertible Debentures to the employees The funds so subsidiary ana loss sale ot other on investments. raised have been utilised to part finance the projects as offered puce is payable upon cream on of the sale contract, b) the manat credited stall bear no NatWest Finance (Ireland) Imctca and Interest shall be rate rime to 2. Extraordinary item comprises ol mentioned In the Letter of Offer subject to certain changes rt (be ok kgal bom time m force. In ill cases where the credited unomu bents iimaest, this shall be afc-nlmed os the basis at the ootsantting BDaam snd — adjustment on account ol levy sugar cases for which approval of the shareholders is being sought staD be parsMe on the dues of poymeni of each instilmeM. Bhxfiag offers suborned later dm the — sales 27 These changes comprise of (i) deferment of Refinery project above due shall neither be accepted nor considered. The offers shall be binding smll the — provision for interest written (cost Rs 135 million) because of reassessment of market back 40 adjudication. SnbmijsJoo of nffen iii faroor of a third parry to be aoaaaatl at a later stage shall be potential in view ot continuing duly tree imports of such accepted under Ihe ctwdiaao that eipras mention is made tn dta reaped vpoa Mbgpwaoo and that sugar under Open General Licence (u) deferment ot the offeror shall give a persons! guarantee Id favour of such third party, far the compliance of the 3. Increase in share capital nas resulted tram Distillery project (cost Rs. 199 million) in view of continuing obligations deriving firm the sale anuract — the issue of 27.70,794 equity shares on conversion of uncertainty In respect ot government policy on control and 1. LflKCS gl GuBinm; Binding offers mast hr accompanied by a letter of Granmee. famed, h) aoaadai a-r wnh the sample Letters rf Coaramee conraaird m Oat Offering Mmwtauda. by a bank Part 'S’ ol the 15% secured pertly convertible debentures distribution of molasses and alcohol (itt) increase in U.S. $150,000,000 legally operating a Greece, in remain unUd until the adjufiarion. The Letten of Gooamee urea be on May 22. 1994, and capacity of chlor-alkali prejacT from 100 to 228 tonnes per day resulting In an increase in the — the issue ol 82.08.000 equity shares represented by project cost from Rs. 1280 (Ld Auction) DR5. SIXTY MILLION ftfl^KKLOoa-j million to Rs. 1950 million, (iv) Global Depositary Receipts on October 28, 1984 and setting up ol a new ffad Antamnl DBS. FIFTEEN MHUON 1 15^00001-)

assembly based compressor plant at Hyderabad at a (Nil Auction ) DRS JF7VE MillJON iS,000000.-) 4. Compressor capacity expansion at Snrtram Refrigeration cost of about Rs. 150 million. (4th AnctiotDDRS.TWOMHUONl2jnxtKM.-j Industries has been completed and commercial production If you (fth Anctionl DRS. THREE MfiXION FIVE HUNDRED fiSOtyW).-) commenced with effect from 1.3.95 9. Profit after tax of Rs. 368 million is lower as compared to the I Mb Auction) DRS- TWENTY FIVE MILLION f25jnum-] projected profit after tax of Rs. 391 million 5 Capacity expansion at Mawana Sugar Works has been mentioned in the mb Auction) DRS TWO MILLION FIVE HUNDRED tZSOCUXH-) Lenar ol Offer dated 12th August. 1994. The Letters stall offer completed and commercial production commenced with main reasons af Guram* be returned the adjudication. for variation are increase 4. SntnnHuom- Binding Offers together with Ibe Letters of Guarantee shall be In effect from 23.3.95. (i) in the state advised price of nbmhted lealeti dopes. The Peopled Construction sugarcane and (it) drop in the eelling price of free sale sugar cm Bank of China oppoi B The Company is expanding tts capacity at Tliawi Sugar (Established under the laws 5. Envelopes contaiiring the of : due lo market conditions. buxtng offen dull be unsealed by tire store toenooned Noory Public in the People s RaputOc ot China) Comptex. Commercial production is expected to hfa office, on commence TlKrfai. ?1ll» ItWi JSW. I4JB torn. Any party having duly ntbmbted a binding 10 Reference to “Rs."is to "Indian Rupees”. by January. 1996 otter than be entitled id attend add sign the deed binding offers. Floating Rate Notes due 1997 Far Stel Limited b. At htcbcit bidder thill be cotsfUered til pamdpant. whow offer will 7 The Company ic setting up a new Chlor-Alkali project In be judged by cterSion leprerendns over Sit of the dafans aensst die Company ld» -CrednoeD, upon <" i-i-i.— In accordance with the provisions of the Punjab The project is expected to os completed by Notes, notice Is hereby, growi Knshna Shrlrem by tte Liiptidwr. lo in the best fcserem of all of the erasure of the Company. Far tte parpotes af given that for the Interest Period October, 1995 from June 19, 1995 to December 19, Dated May 17, 1995 Director evaluation, an offer to be paM hi uaakaeiits riaH be arsejjed

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COMPANIES AND FINANCE LIBERTY ALL-STAR WORLD PORTFOLIO Credit Soeiete d'Investissement a Capital Variable Belgian bank looks set to win CLBN Registered office: 2, boulevard Royal, L-2953 Luxembourg Luxembourg: B-25 904 Lyonnais in R.G the By Ronald van de Krol a deal with Generale Bank, ($19Jbn), though it nails far ing a strong presence in The overwhelm- NOTICE TO SHAREHOLDERS m Amsterdam Belgium’s largest bank. beyond the country’s leading Netherlands. Neither the French bank nor three banks, ABN-Amro, ING ing domestic dominance of deal with Generate Bank of Belgium the Belgian hank was immedi- and Rabobank. It has a net- ABN-Amro, ING and Rabobank these appears to have emerged as the ately available for comment. A work of more than SO offices meant that none of Allianz preferred bidder to take over of about acquisitive . banks could seri- Silk's 12 June, 1995. the Global Opportunity Fund is managed by Newport Pacific Management Inc. and by decision on the sale had been and a book value over Stein. Roe & Farnham Inc. Newport Pacific Management Inc. is responsible fee investments in the Pacific the Dutch subsidiary of Credit expected by the end of June. Fllbn. ously contemplate taking - investments North and South America tar Paris . Basin Region whereas Stein. Roe & Famham is responsible for in Lyonnais, the French bank Generale confirmed last week Credit Lyonnais owns 95 per CLBN. By Amfrew Jade and in Europe. which is selling off assets to that it had made an offer, but cent of the bank’s shares, with Fortis wanted to buy CLBN Lyonnais, the banking in its to the standing of its Credit It is the Global Opponunitv Fund's policy, under normal circumstances, to remain fully invested equity ease heavy debt burden. gave no details. the rest traded on the Amster- boost controlled by theFrencfr nfrintiK nf lor"c companies. However, where the Global Opportunity Fund's Portfolio Manager considers The other main contender in Credit Lyonnais's Dutch sub- dam Stock Exchange. Dutch banking subsidiary VSB r group conditions warrant that it docs so, the Global operating that prevailing mariner, economic, political or currency the takeover race, the Dutch- sidiary, Credit Lyonnais Bank CLBN’s French parent winch is primarily a savings state, hopes to begin, Ormommitv Fund mav establish and maimain reserves far defensive purposes or to enable the Global cor- an exclusive agreement with ids reserves may Belgian financial services Nederland (CLBN). is the announced in April that it bank, in the Netherlands’ Aitianz, insurance limited to. group Fortis, said yesterday fourth largest bank in the wanted to sell the Dutch bank, porate sector. It declined to say the German Government obligations. certificates of deposit, bankers' acceptances, commercial paper, short term corporate that it had been told that Netherlands with a balance opening up a rare opportunity how much it was- prepared to group, to sell and distribute debt securities and repurchase agreements. the Credit Lyonnais was pursuing sheet of about FI 3Qbn for a buyer interested in secur- pay for CLBN. non-life products before end of this year. As a result of distribution ananeemems made by the Company with Newport Capital Limited, the fee follow structure of the Global Opportunity Fund is amended as follows: Hie development will the bank’s decision to sign ah Management fee' OfIK p j. of the net asset value agreement in principle to link safe Distribution 1.25ft p.a. of the net asset value fee: A matter of conflicting interests up with Allianz, which is expected to take place shortly. Credit Lyonnais has' been -v.rj,. y<33»; February 1995. The Global Accumulation Fund has been discontinued as from 23 of Suez alliances sev- Andrew Jack on the contretemps over the future direction considering with -i.-'ft- £5?#

eral insurers over the past few x cC " r GSrard Worms, ing company in which it has a the CAC-40 index of leading months, after the breakdown 3SS With effect from 2S July. 1995 the registered office of the Company will be transferred to 69, route d'Esch, chairman of Suez.Suez, 63 per cent stake, a new struc-strut French quoted companies for of last year’s initial contacts L-1470 Luxemiwutg. the flagship French ture in which the power of the all but about four months in with Assurances Gdndrales de M financial three years. France, the insurer scheduled industrial and hold- two groups would be equally the past ing group, might have done divided. As a long-standing share- for privatisation. As fpr-m 2$ July. 1995 the redsunuon and transfer agency functions will be transferred from Banque well to avoid newspaper stands But what are the true holder in Suez put it at the Executives, are believed to Internationale Luxembourg ("BlL 'i to First European Transfer Agent, a wholly owned subsidiary of BIL, a with havin'* iu registerd office 253 roure d'Arlon. L-li^O Luxembourg. recently. motives and objectives behind annual meeting on Wednesday, have held discussions The future of Suez and the these different moves, which in the value of his investment companies fnrtoifling Asa, the new agreement will be signed with BIL in respea of its appointment as domiciliary agent, administration A machinations of its manage- themselves are not necessarily has been all but unchanged quoted insurer, and Athena, and paying agenL ment have been the subject of mutually exclusive? since the group was repriva- another French group, as wen intense speculation in newspa- Mr Jacques Friedmann, tised in 1987 after being ini- as several in other countries. per articles, all of which was chairman of UAF. who led tially nationalised under the However, they finally opted The prv^ent accounting period of the Companv will end 31 March. 1996. With effect from the beginning of described by Mr Worms as what amounted to a share- socialist administration of for ATiinim, largely because off the nevr accounting period It is iniention of the directors to conduct the affairs of the Companv in such a - “regrettable” at the at President Francois Mitterrand the importance of the German wav u to enable u to be certified by the LHC Board of Inland Revenue as a "distributing fund' . Accordingly, company’s holder revolt the Suez with effect from the commencement of the new accounting period the directors will adopt a policy of full annual meeting last Wednes- annual meeting last Wed- in 1982. market, the group's financial distribution of income which means that, provided there is" sufficient income available after the deduction of that it day. nesday, argues that there is no . Since that time, he added, strength, and the fact fees, -charges and expenses attributable to each Fund dividends will be declared by the directors in respea First in the group’s his shares have been diluted already has a significant pres- of each fund. came news that Banque financial logic Nationale de Paris, which has move into retailing with Pin- far too often - notably with ence within France. paid on the respective payment date* far otherwise Dividend* will normally be si each Fund and unless built up a stake of some 5 per ault Girard Worms: insists he has the acquisitions at peak prices Credit Lyonnais is hoping to specifically requested dividends will be reinvested in further Shares of the same Bind and investors will be cent in Suez over the past few But his views are hardly a clear strategy of both Soci6t£ G€n6rale de begin to operate under the advised of the details by contract note. However, investors may request that their dividend payments be terms of- the Allianz deal by made to them by cheque. months, and Union des Assur- objective, given his alternative Belgique in 1988 and then a ances de Paris, the largest plans for the group. More cyni- exercise with “vigilance". He is year later of Victoire. the November. puvmenis w ill be made in US Dollars unless otherwise requested on Investor. In the absence of Chequeeque p by shareholder with 6.9 per cent, cal observers might suggest clearly nervous about a com- insurer which it has since sold. The plan is to boost sales of anv instructionruction as to ihe currency of payments, dividends will be paid in US Dollars. were considering creating a that he and his shareholder petitor interfering with a rival It is no surprise that Mr non-life insurance through the Investor! who wish dividends to be paid to them and not reinvested should notify Fust European Transfer huge financial conglomerate in supporters and fellow Suez financial group in a way which Worms was careful to place Credit Lyonnais branch net- to div Astern SA. of the address which idends payments by cheque should be sent. conjunction with Suez. directors - notably the heads might affect his business. considerable emphasis on work, offering prodnets : - - i‘- - shareholders during the Including car, house, credit ’JX those involved have France’s Saint -Gobain Several analysts suggest •• -• While of and r ::y. 'V - annnal even saying card protection and mortgage " "" rejected suggestions that the Elf Aquitaine are suspicious BNP is primarily interested In meeting, ' . i v* effective hanki ng a share- indemnity insurance. The Company will, 2S July. 1995 enter into a Distribution Agreement with Newport Capital plans are either well advanced of an "outsider" like Mr Pin- Indosuez. Suez's he would be setting up * ’ • : Y - ... V. Limned. Qurcrhouse Square. London hCIM 6AX. England, under wich Newport Capital Ltd. will operations, fetch holders' committee to improve Tbe strategy is linked to the . or involve a true three-way ault being able to break into which might • •• distribute the Company's Shares. merger, they have all acknowl- the French business establish- FFrl2bn to FFrlobn on current communication. belief that most people want to • • -.7 ZT'Py company for . 7. Newport Capital Limited is a company meorponned in the and a member of the LHC Investment edged that there have been ment which they and Suez rep- valuations. BNP alone would But trying to placate his deal with a single UK i-e Rcgub’oiy Management Organisation Limned. exploratory talks between the resent. find it difficult to fund this shareholders will not be so all their financial and insur- respective chairmen. Others fear that Mr Pinault, acquisition from its own easy. Mr Worms insists he has ance concerns, which could be ... Subject. as ncccKaiy. to obtaining shareholder approval, all the above changes will become effective on 28 a reputation as resources, and Worms has a dear strategy. Having dealt met through the bank. .-tqf July. 1995: the change of portfolio managers for the Global Opportunity Fund has become effective on 12 Then came news that Mr who has built Mr June. Worms had held talks with Mr an avid purchaser of compa- until now denied that it was with its financial problems and It is also driven by the foct • '-.*3 Francois Pinault, one of the nies, might gain too much for sale. written off its property and that the bank’s current share ---v-err^, Shareholder, who do noi agree with the proposed changes described above mav redeem their shares in the country’s richest business power at Suez and use it in his insurance activities, he says of the market for non-life . vs ssr Vt? Company without oust. executives, who has built up own interests. et in another impor- Suez alms to improve profit- insurance is tiny compared • i 5SO" 5 . \.o: jssa*. i ne new prospectus dated July. 1995 may be obtained on request from Banque Internationale h Pinault Printemps Redoute Mr Worms assured share- tant development at ability, balance cyclical with with the amount of life assur- ^ Luxembourg, at 69. rouic d'Esch. L-1470 Luxembourg. into a retail conglomerate holders last week that this Suez's annnal meeting, non-cyclical businesses, only ance it sells to clients. Y ." happen. Yet others that invest where it can have a con- •:-! '.KT-: -t7± The Board of Director which last year made profits of would not he admitted Indosuez FFrl.2bn ($mS8m). One out- see his courting of Mr Pinault would need substantial invest- trolling stake and focus on a come of these talks could be an as essentially an attempt to ment to compete effectively few sectors. -•* Japanese - exchange of shares, with both find a “white knight” to save with other investment banks. Some of his more powerful * K-y.

groups investing in each other. Suez from a potential takeover If these resources could not be shareholders and board mem- -- ,':u-

shipbuilders ' Again, the two parties by BNP and UAP which could found internally, he added, the bers are not convinced this *• *r 23',: involved the group and board would then quickly con- represents a coherent strategy, LIBERTY ALL-STAR WORLD PORTFOLIO have admitted they see the end of ri-.V-Hs have held talks and it seems him as its chairman. sider the question of an exter- and are unlikely to wait more form alliance for clear from Mr Worms’ remarks The situation is further con- nal partner. than a few months a what • ••• - *.;$£ Soeiete d'Investissement a Capital Variable that he is seriously contem- fused by the conflicting inter- None of this talk of restruct- they regard to be a clearer By WOnam Dawkins In Tokyo f4 Registered office: 2, boulevard Royal, L-2953 Luxembourg plating acquiring a stake in ests represented on the Suez uring would probably have statement of policy. -.r R.C. Luxembourg: B-29 904 Pinault. This would give Suez board and among its largest taken place if Suez had Whatever the outcome, their Two of Japan’s leading a new area of investment in investors. improved its performance outspokenness may have con- shipbuilders are to pool their : the shape of retail distribution. Mr Lucien Douroux. head of recently. Yet, as its recent 1994 tributed to a fundamental warship construction busi- CONVENING NOTICE r. ..r.j ‘--. lt: cca^i’^t Finally, it emerged that Suez Credit Agricole, for example, is annual report illustrates, the long-term shift to more open nesses, the latest phase of the was discussing with Society a director and has said he was company’s share price has aggression in French corporate belated consolidation of the 'ry. wfv'"" Shareholder* are kindly invited to attend an extraordinary general meeting with the following agenda, to be Generale de Belgique, the hold- watching BNP’s stake-building been trading at a discount to circles. country’s defence industry. ~:wcr TXt held at the offices of Banque Internationale a Luxembourg; S A_ 69. route d'Esch. Luxembourg on June 27. 1995 at 11.30 im. Hitachi Zosen and Mitsui ; Engineering and Shipbuilding, - T- 't'.: jr^T7SE --Tl To amend the Companv s name to chance n from “LIBERTY ALL-STAR WORLD PORTFOLIO" to bath based in western Japan, "•-7^-ETS #£-£* "LIBERTY NEWPORT WORLD PORTFOLIO" and to make a subsequent amendment of Article 1 to Arab prince in are to co-operate in all aspects exit :-a# reflect this change- Czech oil refinery plan agreed of their defence business, To amend the definition of an "Eligible State" in Article 16, founh paragraph as follows: bid to rescue including design, production,

By Vincent Boland in Prague The definitive agreement company that has been created procurement, and research . M 'An "Eligible State" means a member Stale of the Organisation for the Economic Cooperation and will cover the treatment of to assume control of the entire and development Development ("OECD”) and all other countries of Europe, of the American Continents, of Africa, of Asia, Saudi company a 'jrM of the Pacific Basin and of Australasia (including Australia and New Zealand)". A consortium of four western environmental liabilities, Czech oil. petrochemical and This is ihe second such deal By James Whittington In Cairo oil companies has agreed in transfer pricing, outstanding petrol retailing sector. this year and could be a pre- •• r. :: To amend .Article 21 so as to replace the ninth paragraph thereof by the following text principle with the government debt issues, and control of The $480zn investment pro- lude to more conaperatioii sa szA- Prince al-Waleed Republic to pay Czech Refineries fCRC), a new will be financed by a between "If for a period of more than 30 days the value (nr their respective net asset values; of all outstanding Shores bin Talal bin of the Czech gramme other defence contrac- i :c ru; Jo*** shall be less than 5 million US Dollars or the value of the outstanding Shares of a particular class shall be Abdul, the Saudi billionaire $173m for a 49 peT cent stake in company set up to acquire the combination of the cash injec- tors, in aerospace and weap- less than I million US Dollars or. in the case of Shares denominated in a currency other than US Dollars who controls the country’s two main oil refi- assets of the refineries at tion, operating revenues at onry, United Saudi the said defence experts. -if ihag the equivalent in US Dollars, or where the Board deems it appropriate because of changes in the economic Se«i ffiH Commercial Bank, is hoping to neries. Chemopetroi Litvinov and refineries, and borrowings. It Japan's defence budget rose ~ or political situation affecting the Company or the relevant Class or because it is in the best interest of tire r r^rtiaer shareholders at the Company or the relevant class, the Board may, by 30 days' prior written notice riven to rescue one of Saudi Arabia's Both sides initialled a "mas- Kaucuk in northern Bohemia. has been cut from $520m after by less than 1 per cent in the ih.v ^vaatecc. ;$t all holders of share, or to the holders of the relevant class of Shores, as may be the case, given within 4 principal listed private sector ter framework agreement” last The consortium, comprising both sides agreed to reduce the current tax year, to Y4,72Sbn weeks time, redeem on the next Valuation of such dole following the expirv of the notice period all (but not manufacturing investment week after more than a year of the Anglo-Dutch group Shell, amount of property included in (S55.87bu). Within that, ess •siU -9 vehicles, the National Indus- talks. If a definitive agreement Total of France, Italy's Agip the deal Y870bn is to be spent bn pro- is a detail closing oown me relevant class, os me case mav be. out vtkb .to red trialisation Company (NIC). is hammered out. as now and Conoco of the US. is to The framework agreement curement, down 13 per cent an r - r. As .laft&i .1 another class of the Company or with another uir^mboure UCITS. At the head of a consortium appears certain, it will clear acquire the 49 per cent stake was initialled just a fortnight last year, intensifying tbe of Arab investors, he paid an the way for a five-year, $4S0m through a capital increase in before the consortium's exclu- squeeze on already under-em- Where all me Shares are so affected Lbc directore shall convene an extraordinary general meeting of — ‘ 'V, shareholders to appoint a liquidator of the Company. estimated $100m for a 50 per investment programme at the CRC. The state will retain 51 sive negotiating rights were ployed defence contractors. - - ;orc*fd f cent stake in the flagging com- refineries. per cent via UnipetroL a new due to expire on June 30. Hitachi Zosen and Mitsui ^ Termination of a class as a result of compulsory rede A**, V -'30 mption of all relevant Shares or its merger with another pany, which has investments Engineering said they decided tod- class of the Company or with another Luxembourg LOTS, in each case for reasons other than those P"-y falis. in petrochemicals, chemicals, to co-operate to save costs and andrsf! mentioned above, may be effected only ixpan prior tpproval by die shareholders of the doss to be electricity and other industrial ecczotaU: -"3 lemunutcd or merged at a duly convened class meeting which may be validly held without a quorum and adjust to the decline in defence decided upon bv a simple majority of the Shores present or represented. projects in Saudi Arabia and Figaro shareholder revolt £ the Jl continues equipment spending. .. the region. This follows an accord in jhii A merger m derided by the Board or approved by the shareholders of the affected class will be binding on • - In 1994, NIC’s net profits By Vincent Boland an unprecedented shareholder At Friday’s meeting, Philip late April fchikawa- - 1 —*- depoxfti the holders of Shares of the relevant class upon 30 days prior notice thereof being given to them during between ;; _ dropped by 57 per cent to revolt at Figaro, said investors irP5 which period the shareholders may redeem their Shares without redemption charge. Morris voted down a resolution jlma Heavy Industries and “"•-i?V' .tteSJ SR9m <.£L39m) Cram SR2Im in Minority shareholders in may take legal action to get a calling for board representa- Sumitomo Heavy Industries, In case of a merger with a "Funds conunun de placement" the decision will be binding only on those 1993 Figaro, the Philip Morris-con- seat on the board. tion for minority shareholders, to pool iy. iaaanr.r-d shareholders having voted in favour of the merger. -- their warship research Last year, the prince came to trolled Slovak chocolate Mr Blazek claimed Philip and refused to abandon for the and development and design the rescue of Euro Disney nave vowed to Morris, Liquidation proceeds not claimed by shareholders upon the liquidation of the Company or the closure of a and maker, continue which owns 67 per cent time being its practice of sell- departments. class willwifi be deposited at the Cai&seCaisse de earlier this year Consignation in Luxembourg and shall be fafciied after 30 years." he bought a to fight for board representa- of Figaro through its foods ing Figaro products abroad The latest deal leaves controlling stake in New tion, in spite of losing a vote division Kraft Jacobs Suchard, through its own subsidiaries. To amend Article 28 so as to read as follows: Japan’s warship contractors, York’s Plaza HoteL the issue at a nine-hour failed on to publish in full an This means the US group is aligned in three groups, the shall He is currently leading a shareholder meeting. agenda for the meeting "The company enter into Portfolio Management Agreements with Newport Pacific Management, Inc. put for- Figaro's biggest trading part- Ishikawajima-Smnitorao alli- will whereunder such company act as portfolio manager to assist the Company with to its portfolio consortium to buy a large Robert Blazek, managing ward by respea Mr minority sharehold- ner as well as its biggest share- ance hi eastern Japan,' Hitachi- investments. In the event of termination of said agreement In any manner whatsoever, the Company will stake in Fininvest Mr Silvio director of Prague Capital Part- ers. rendering it invalid. One holder. Other shareholders chan^c^ts^n ame^ forthwiriji pan the request of die portfolio manager to a name omitting the word Zosen-Mrtsul in the West, and" Berlusconi's Italian media ners, the fund manage- 7 Czech option open to investors is to said they would support legal Mitsubishi Heavy Industries, business. ment company that is leading test this in the Slovak courts. action to gain a board seat. also in western Japan. - • Miscellaneous. — >3*

• The exiraordinan’ general meeting requires a quorum of r presence of 50% of the shares issued and decisions ' . . 7 **J2?z shall approved CONTRACTS V " - be carried if by 2/3 of the shares present and/or represented. & TENDERS - -'If. 36. FT/S&P Actuaries World Indices . — WS: . ’Ci v-

# • " if- LANCASHIRE '.-r ' COUNTY COUNCIL vaatrj .uxembomg. if**’ "i •- At its last quarterly meeting, nary and Ordinary (492 M-S). A full review of the US mar- BANKING arrangements - • The draft-text of the proposed amendments of the Articles of Incorporation is available for inspection at the the FT/S&P-Actuaries World Change to investaole weight- ket is being undertaken, with **%.*lm •?£.« . rcgiiierod office of the Company and a copy thereof mav be obtained on request. Index • Policy Committee agreed ing: Iscor (633) 100 per cent the objective of bringing it • • • .?*-« Banks authorised under the Banking • V.V.? -- - Act, 1987 , are invited to quote the ‘ ’ following constituent cent). ; (from 20 per Sector closer to the weighting typical . v :• The Board of Directors terms for the operation of the Lancashire changes to the Indices, Connty Council's bank • - to take change: C G Smith from 451 to of other FTjS&P AWT constitu- ' x accounts from 1st April, 1996. :: • - effect cm July 3 1995. Medium-Small Cap Index). Mines (641); Deelkraal Gold mittee. . 7J No. DQ20S4 rfl»5 The M.\.r County Treasurer, P.Q. Box 100, County - INTOE HIGH COURTOF JUSTICE Mining (64U; Edgars Stores Hall, Preston. FR1 US $68^57,000 France. Deletion: Bon Marchfi OLD. AD enqniries will • i7 CHANCERY DIVISION be dealt with In the strictest confidence. — a.s-.- (49D; Elaudsrand Gold Mining The FTfS&P Actuaries World ' - THE HONOURABLE Laser Finance Limited (Industry Sector 491j. 35. ' (641); Hartebeestfontein Estate /radices are jointly 'X,. Iinil com- REGISTRAR BUCKLEY Secured Floating' ' Rate • IN THE MATTER OF MOTOR Italy. Deletion: Tecnost (5331. (641); ICS Holdings (451); Irvin piled by The Financial Notes «.!t !. . due 1996 ' 1 « \'r ^ - ‘9* WORLD GROUPPLC & Johnson (451); Palabora Min- Times Limited, Goldman, LANCASHIRE :».?"• Pursuant to the Temis and For the period from June 19th, 1995 Malaysia. Additions: Affrn POLICE AUTHORITY. AM) IN THE MATTER OF THE ing Conditions of the Bonds. to December 18th, 1995 the Notes will (631); Pick & Pay Stores Sachs & Co. and Standard fir COMPANIES ACT 1985 Holdings (112 M-S); Arab-Ma- & notice given to carry BANKING is hereby an intarwt rate of 6W per (492): Plate Glass (591); Pretoria Poor's in conjunction ARRANGEMENTS Bondholders that NOTICE IS HEREBY GIVEN ihu Ac Outer or laysian Corp- (131 M-S); Hong with the annum with an interest amount of Ac High Coon Justice i Ounceiv Divuionl Portland Cement (611); Rand- the Institute authorised USD 43,000.000 have been of US $30.97 per Note. (112 L); Lion of Actuaries Banks under the Banking Act, w US 81000 Leong Bank Land 1987, are invited to quote repurchased by the Issuer. Axed HA June.l‘ ? coonramg Ac anedhoo] fontein Estate (641); Southvaal and the Faculty The relevant Interest payment M-S): of Actuaries. torrns for the operation of the Lancashire Nominal outstanding of Ac share premium account of Ac abovc- date (161 Pan Malaysia Police Authority bank acramfi will be December18th, 1995. Holdings (641); Stellenbosch NalWest Securities Limited is from 1st April, 1996. USD 457,000,000 flmlted C-jtnjmny w*t nattered by Ac Rcgsrtnr Cement Works (611 M-S); Sun- a .... of Companies ou 15 June 1945. Agent Beak (422). co-founder. gei Wei Holdings (631 M-S): Particulars of the nature and approximate volume THE PRINCIPAL PAYING AGENT DATED Aa| |J«}ofJne, 1«J All enquiries should be made of busing to be - n Taujong (461 L); UMW Hold- mnsacted. together with other relevant Midariina Future reviews. The Commit- to Jonathan Dempster at information, may be obcafeed- ¥ il. . SOOFIfISnIrISe GROUP Banque Paribas ings (564 M-S); Westmont (592 FT tram: * Avenue Emile Reuter IDNMKICbSKfl tee noted that the coverage of Information on 0177-825-8447 or 15, M-S): YTL (613 L). LUXEMBOURG LudJoji EC4A1BD The IVeasarer of tbe Lancashire the investible universe of the to Barbara Mueller. Goldman, Police Anthority. 180,’ Td IU71 .13 1«22 PO Box South Africa. Connty H^ ftesto,,. PR1 OLD Ail CReL JRSPtf 14523) Additions: Reu- US market in the Index has Sachs & Co.. New York, on enquiries JEffi strictest confidence. . SoUauiK fax die above-named Company nert (541 M-S); Wooltru A Ordi- declined since the last review. 212-902-6777. . ;

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^>’0 Best Emerging Markets Bank t*1 * V.vurikJ^ INGj&BANK MARKETS ingJ^)bank rV in «< !- n\ Os THIS WEEK Over tbe past the foreigners, who cow own month some of Global Investor / John Plender a _ the world’s third of tbe equity on the y8h,>S r French £ #. leading institu- bourse, may have tional investors bought shores on the basis of a sS*»^ have demon- misunderstanding. The Suez case shows there is _ strut ed a will. Institutions flex a measure of accountability to A.V ingness to Qes muscles in public core shareholders. There is their muscles often accountability to minis- in public. The most surprising ing companies in foreign mar- More active overseas Total return In focal currency to 1S/8/95 in most cases in continental ters, since the state plays an instance was at the French kets. It has spoken up at meet- tsS Europe and Japan, this aggres- active role in corporate affairs. conglomerate Suez, where the ings in Germany and France, UK pension fund activtly In UK and Oversows oquttlca, Hi dVMpa dwrpwled __ % sive approach is likely to run biggest us Japan £lannaw Ffmci UK And in the cose of the recent shareholder, Union des attacking restricted voting • 100 Cash into a strong defensive barrier. corporate scandals, account- Assurances de Paris, led a cam- rights at the energy conglomer- Ovenaxs oquMea YJM 0.12 0.02 0.09 a.:4 030 0.12 Consider the experience of ability is exercised, in paign to prevent the company ate RWE and tbe St Month Gobam 031 0.11 038 CL3 0.82 0.52 US investment fund Elliott extremis, by the courts. Cram increasing its share capi- industrial group. But this steps Year S.-M 2.50 5.19 5. SC 8.44 6.05 Associates, which built up a But whereas incestuous rela- tal to facilitate the acquisition up the campaign. In Japan Bonds 3-5 year and stake in La Compagnie dlnves- tions in the corpo- of a stake Anglo-Saxon in tbe Pinault Prin- continental Europe it will be weak 0 42 -035 -0.02 C35 -0.44 -0.62 60 - - tissements de Paris, an under- rate world are usually in the l \ Month 1.90 1.76 1 49 C 33 -C39 128 temps Redoute retailing group. interpreted as le dCfi Americain £****§ Year 9.67 9.52 9.75 742 £65 9 84 performing investment trusr in form of boardroom links, incest Such an overt exercise of vot- raised to nuclear level. Bonds 7-10 year w'nicb Banque Nationale de in continental European and ing power Hies in tbe of fece There seems little doubt that - Woek 038 -0 56 -1X6 -C 71 •135 -1.19 Paris has a majority stake. Ell- Japanese business takes the the traditional mores of the institutional shareholder activ- Month 377 2 41 0.54 037 -1.33 1 14 iott put resolutions at the ACM additional form of cross-share- close-knit French corporate ism can generate enhanced Yojr 13.33 12.34 9.90 £32 2.62 12.07 on May 31 aimed at raising the holdings. Those cross-holdings hierarchy. economic .returns. In the EqtirtJes UK dividend and enhancing share- are often there for purposes In Britain there was the the Prudential has for decades Week 5.9 -2.7 -2.1 *1.5 -1.5 •0.4 holder value. extraneous to any narrow rowdy British Gas annual maintained an unpublicised Month 1.6 -8.0 1.7 -2.S -2.8 2.1 Year 203 -27.3 24 2_ 1 2.1 14.4 For minority shareholders, Anglo-Saxon concept of share- s£Si meeting, where 16.9 per cent of list of companies to which it I960 81 82 83 84 B5 88 87 88 89 90 01 92 03 94* S-xr^a: Coin s, uooiU - lenui Bremers tmnei Seeuiun. and foreigners at that, to holder value. those voting in a poll sup- applies pressure in response to The FT -fiajp? t*. Wcea r-wteta am ,o^ cwTied ~ r»* ! rma urJttd Sowco: POFM Voar end 31 Dec f *u nwnn ttmuibsed ( behave in this way was undeni- US investors have frequently :«Ss§!' ported a resolution against the sub-standard performance. Cjraciran *-*7". £ Cj.. sro ‘OTA'ta: Lecurt« L'rr.iad ably forward by gallic stan- under-performed, as in Japan :;-. hrJJifc beard on directors’ pay. While Studies commissioned by Cal- dards. Yet Mr Michel Pebereau. lost year, by failing to recog- most of the noise came from pers in the produced tives US have to change corporate pol- that shareholder activism is pension fund indicators, the British Gas, while the Chicago- president of BNP, had publicly nise that the level of foreign small shareholders, the major- statistical evidence to justify icy - ic, hostile proxy battles. likely tu increase. ; :rn“Sh^.8>'5$ The more average UK pension fund based Hams Associates played stated that the time had come stock markets may be dictated ity of the 16.9 per cent hostile such activity. This flies in the Cut? of the difficult question is whether achieved a total return of 15.2 an active rcle in removing Mr for French management to pay by intricate relationships vote consisted Ei of institutional One by Wilshire Associates traditional UK institutional pressure . on corporate gover- per cent on foreign equities in Maurice Saatch: from the closer attention to the interests institutions, •:;: c --.-if ? ®%!, between banks, R proxies. Though the resolution last year a that vote r. •:-‘^r«5r suggested strong view a ‘no' on any nance can be applied on a the 10 years to end-1993, com- advertising group now known of shareholders. As it tran- companies and governments; L failed, it sent shock waves , vonnasj correlation between action on specific issue amounts to a cross-border basis. British 5 w Tbe pared with IS.S per cent in as Cerdiam- spired, Mr Pebereau had other and. that value in many capital through British "- boardrooms. corporate governance and vote of no confidence in the Institutions have rarely domestic equities. is right :. iff CaJpers no doubt in managements in mind than market systems reflects crude X Meanwhile the California improved performance at com- board, and that pressure is attempted this. Their whole Vet a purposeful cross-border arguing that if companies want that of CIP, which he chaired. voting power rather than earn- Public Employees' Retirement panies targeted by the CaliTor- best applied delicately behind approach is to punt more use of voting power is certainly access to international capital, Elliott Associates were sum- ings or dividends. The message System (Calpers), which has nian pension fund. closed doors. busily in foreign markets than possible in an Anglo-Saxon they must accept international marily dispatched; CIP remains for Calpers and others is. when about 13 cent per of its SSObn The strongest evidence in a The growth in the percent- at home (see chart; - though context: the N’ew York State standards on corporate voting afflicted by a large discount to in Rome, do as the Romans do funds overseas, said "’S®**** it was study by Gordon Group related age of shares held by institu- maybe to no great effect. Pension Fund voted against structures. That standard is, of net asset value. - unless you know exactly bow ‘'“Mu inj going to target poorly perform- to non-negobated voting initia- tions across the world means According to FDFM's global the board on directors' pay at course, largely American. Yet This ; D suggests that some of badly they need your capital. ,J :? ? * ";•; «•*«**

- and . - -.- noi Is y^-.- .• Japan on Economics Notebook is the sheer scale of the 19SUs JgZA.X. a- ~ aLSix - ^S. -,r-. -J -I,.. -!V isoaiit the brink of credit and asset boom in suffering Japan, which far-exceeded * ~ 2is; pfOpfelj; 1930s-sty!e anything seen in the UK and :: “ J —Si« camgeirt deflation? At History the US. Securities and prop- conference •' Gold well timed -^20=] aaj^ first glance, erty prices bad further to fall - ‘fines tatj the claim in Japan - indeed they have '-5:4*334. heard with not yet stopped falling. This week could prove to have aged because a considerable attempt will not suffer the include the International Lead *»’ increasing reg- lessons tT-aipit The second factor which has been a happy choice for the amount of producer selling was same fate that so many others and Zinc Study Group’s sixth "" - - £ i CiSIBl ularity in recent weeks added to Japan's problems timing of this year's Financial absorbed by the market at the have this year. international conference - on sounds like -=*=s for ai scare-mongerm g. Japan: the debt that dopreases as it added to America's in the Times World Gold conference. same time. There was also The two-day Financial Times Recycling Lead and Zinc into r ‘ : * -C;-^e Real GNP in the US fell by earlier period - is a soaring After trading for some time in growing confidence that a chal- conference, which begins today the 21st Century, which began -• i.”-iaLitfSfeE 30 per cent between 1929 and Non-financial private sector debt Reel GDP currency. Competitive devalu- a restricted range the London lenge to resistance at the $395 in Lugano, Switzerland, will in Madrid yesterday and con- 1933, while the absolute price :'£: :;• t iiiHSL as % GDP 11990*100) (1991=10Q)(1991=100} ations by the US's major trad- gold price last week broke marie could be mounted, per- have as Its chairmen Mr Jean tinues until Friday. level in the main industrial 106 — 114 ing partners - especially the above $390 a troy ounce for the haps with the assistance of a Zwahlen, a member of the gov- In Moscow today Almazy countries fell by 27 per cent. II! UK in 1931 - was a large fac- first time in six weeks, and US interest rate cut. erning board of the Swiss Rossii-Sakha, the Russian dia- The scale of Japan's problems m tor in US deflation. The rise in traders were hoping there was With other commodity National Bank. Mr Robert mond producer, together with Japanese - four years of low or stag- the yen has had a more muted more to come. prices, particularly base met- Weinberg, mining director at the government of the republic nant demand and officially, a effect on the Japanese domes- Once again it was invest- als, moving higher, stock and S.G. Warburg Securities, and of Sakha (Yakutia) and the 108 -• / shipbuilders 0.2 per cent decline in con- tic price level, but business ment fund activity that broke bond markets looking top- Mr Frederick Bogart, manag- Russian Federation Committee sumer prices in the year to 106 confidence among exporters the deadlock, so the move heavy and South African gold ing director, precious metals, on Precious Metals and Stones, - j April bears little compari- - - loots to have been badly hit could be short-lived if the output falling, there may be of Republic National Bank of begins a five-day international aUiano 104 - r- form son with the earlier era. Some by the rise in the yen. funds decide to take their prof- some justification for traders New York. meeting to celebrate 40 years 94 102 of the root causes, however, Many would argue that its. But traders were encour- hopes that this break-out • Other events this week of diamond mining in Russia. >- i-, .*. rwiaamTos are disturbingly similar. 100 i^~£—i 1 there was a third similarity Tbe process linking the US I860 at 82 S3 04 between the two countries - Tomb Sank. Nauonol Accounts of the early 1930s to the Japan Soibov policy makers' unwillingness •* OMRON i*« Birfi of the 1990s is the classic to take drastic action. The ::ns.TEtmat . model of boom-and-bust eco- and all-out depression. have stopped evoking the New York Federal Reserve cut CORPORATION j>w?i«sd: •;.; nomics first described by the This is what happened in memory of the 1930s, because interest rates to help support Aa»«« *U3 D«wn P»c*>v« IrSm J &' Tokyo thoi itifl P'.iy Bgfmi Annual • :-. .iiac economist Irving Fisher in the US in the 1930s. As many the most dangerous stage of the pound in 1927, which was Btooone of Soamrwiai-a ml Bo nets bds? 1933*. commented at the time, the the Fisher cycle is behind later thought to have sent the Ctinjin* cn mo Hcai Cftca £1 M Lamalie Amrop International In his model, a credit boom “boom" part of the model had them. The economy-wide wrong message to an already- UcjuC 31 Kjrasuru teui Snvnogyo-bi VjC-nr. 13 OQ a.n or leads to excess borrowing on many echoes in the specula- effects of debt-deflation in feverish stock market. The I09S :_ . irfi^C MlBJun* a*r£3i? the basis of over-inflated esti- tive excesses of the 1980s. The overvalued sectors were min- Bank of Japan made a similar Utfian to reparud M is pleased to announce the appointment of "".- Bunran rnpon and Incorw in the US. mistake in i -• mates of current and future private sector in the imised, especially the late 1980s, : “-n- aaiofiwnt totirm 5«n F-sca' '*0' "• - tea= wealth. the hubble Anglo-Saxon countries and through rapid reductions in which made it initially reluc- horn AprJ 1j! 1934 To Uv3i 3:« . When 1995. anc Balanc* Slew as ol eventually bursts, falling asset Japan took on increasingly real Interest rates and deter- tant to cut rates dramatically. irK®- Uscli 3ISU 1W5 Roderick C. (Roddy) Gow 3® prices and the slowing of eco- large debt burdens based on mined - and costly - public Stagnant or falling prices . . r.,.-.;- Ufi Monori to ba motimd nomic activity makes these the assumption that the boom support of the financial sys- exacerbated the deby - it was Proposal lei aar-ff.Unn of

' rnatfMd aamngs d Sfcti Frscal Ibar burdens harder to sus- in real estate and other asset tem. only at the end of 1994 that .T debt ana id aacisro casn ainowia o' van as Managing Partner of its New York office ' .' '. tain. Indebted companies and markets would continue. In The charts illustrate the Japanese real three-month 0 5Q per snare. individuals have to cut down the UK, total private non-fi- success of the US Federal interest rates fell below US hiaccorawcawiinCuuse i5d ; cc-jaS dm Coraaons. nsutrs cfBEARER nanrial sector debt as a share Reserve's strategy. The bur- rates, for the first since 1989. ,r. St their investment and con- CEPOSfTAm RECEIPTS .rsronj u and sumption to pay off debt, thus of GDP rose from less than 80 den of US private non-finan- The Japanese discount rate msoijeT me Ceposaary a e* *eiss vours n^fus n feqiacl of Dw snoias • • - jt-'.-j--" per cent to 160 per cent from dal debt fell by 8 per cent might now be cut another per- ^ depressing activity further. roproumw; By w Rocapti are . . -^ssOP- The danger in this situation 1980 to 1991. In the US, debt since 1991, from 133 per cent centage point, to zero. But as noniioei wai fliay mus: isege ineif Vice Chairman of the PkKd.pis «iDi onuetvm loiw-jnng by to 122 per cent Real long as prices continue to fall, is that asset price deflation increased from 106 to 133 per of GDP 12 00 noon. Z2nd June. 1995 <*E cent of GDP. Japan's private GNP has risen nearly 10 per real interest rates will be • '- and over-indebtedness will HLL. SAMUEL BANK LOOTED. - 10 Pleel Place. LOnaan. ECAM International. feed another in a debt- sector debt rose even higher cent over the period. In Japan, unaffected by standard meth- Americas region of Amrop on odo 7BH (Wnere toegsroenMonTta s*e to 206 however, the situation today ods of easing. By injecting fur- ' H deflationary spiral. As asset from 130 per cent, some DiAiaBisi •'• is few years ther liquidity into the system prices fall, and real interest per cent. even worse than a KRE0IETBANK5A LUXEMSOUflCeOlSE.43 When real estate and securi- - back. Real private debt has directly, by buying up public rates rise, more and more Boutevam Rpyal. bii MiBCurg. • •*;•’. '-eas.^; be forced into ties markets started to tumble risen by another 5 per cent bonds and, possibly, taking on " ' * companies may SANK OF TDK lO LUSTED. 4-fl Rue . •• &' cent of the the shaky c since 1991, from 206 per some debts of Sawne-Anna Pans . ranCO liquidating their debts, lead- at tbe end of the 1980s, many . 7E00 1994. banking system, govern- 0ANK. ing to more price falls, and feared that the “bust" of the of GDP to 218 per cent In the OF TOKYO UMITE D LAMALIE AMROP immemoreistnaMO xooo 1990s would follow Fisher's Real GDP has risen a mere 1.5 ment could still show that it economic Dussddori 1 Ojurnany further depressing , INTERNATIONAL remembers America's past, the downward path. In the event, per cent over the period. Lff.STED, activity. Eventually, if BANK OF TOKYO Avenue Consultants in Executive Search to balance sbeet re-adjustment While there is still much to and will not condemn Japan Ok Arts A7-4S. ta*a Brussels. authorities permit this Betyum did put a drag on economic separate them, three factors to relive iL occur, lower bank deposits BANK OF TOKYO LIMITED. to Japan's current 'The Debt-Deflation Theory of ATLANTA CHICAGO CLEVELAND DALLAS and hank failures C3US6 the recovery in the US and the help make Soifwiand House 3CnnwRgoa however, situation more reminiscent of Great Depressions. Hong Kanp deflationary virus to spread UK. By and large, HOUSTON NEW YORK TAMPA It'S the more apocalyptic the US of the 1930s than the BANK OF TOKTO TRUST world through the economy, mean- even COMPANY. 100 Broadway New'O* with Amrop International partner firms in 36 countries throughout the either country, US of four years ago. The first, Stephanie Flanders NY ,V ing a collapse in confidence observers, in Ci> 10005. II demo, insmicsofa may m On on sj Hm Samuel Ban, unwed to .krcevtina DENMARK IRELAND POLAND SWEDES give occmonory proxy to a pwresn FT/S&P ACTUARIES WORLD INDICES oesignataD By me Ccovany AUSTRALIA FINLAND ITALY PORTUGAL SWTTZERLANT1 UOUig Rig fits may mly oe AUSTRIA FRANCE KOREA RUSSIA TAIWAN Sacha Co. and Standard & Poor's. Tft* Indcaa are comptod by Tbo Financial Times and «1 rwpeetei Depoaiiary TV ufnM inrficM owned by Tho RnwKdd Throw Ltd-. Goldman, a * m Indic RecejpQ lepmencng Onfcnary BELGIL’M GERMANY MALAYSIA SINGAPORE THAILAND -rjri*. ;-:il ** F,cutty 01 Actuflf,ra- Securtto0 ^ a ~ ^ snores me Begcter as at 3ist m BRAZIL HONCKONO MEXICO SLOVAKIA U.K- AND MorOI IMS NATIONAL — pnmiv 16 IBM — —— THURSDAY JUNE IB15 1865 —~ DOLLAR INDEX JUNE Copm In EngSsn al awU texi ttf CANADA HUNGARY NETHERLANDS SOUTH AFRICA USA. gGJONAL MARKETS Local Ores# US PwniPorn* LoanLocal Year Local % tn* Main cenveMig m UMtng rf 8 hr. Staring DM Currency week 52 week ago CZECH REPUBLIC INDIA NEW ZEALAND SP.AIN VENEZUELA Sterthid Von DM Currency OtQ from D DoteDotar Yon 62 reoulfM. are jvilecia cui^ig normal : showS?*number of Snas Do«arrfafcr index knfw Index 30/12/04 YMd indasindex tndax mdaxIndex Index Index rtfltiHigh Low {eptronj(epproxj bi»ne» noun, at Die cfSees of any NORWAY 01 tne above menumea BmX& 183481B&48 151.62151.02 B7.6487.64 11180110.80 140.60 1800218082 157.05 171.46 Z, -4.1~~T* 1S1.7B141 7R B7.Q567,05 119.06119.00 16007 2J2J 4.10 HLL BAMUO. BANK LIMITED Australia 2 -30-3JS 67.03 38.65 72-KJJS 10107 77.10 -22.1 0-0? 144.48 13408 7745 10506 77.45 170.10 13605 164 46 R.C Luxembourg B-7443 i’uM -a.1111 1S3.03 77.10 51174 90 1.68 54430 50602 201.79 390.18 51233 6B4.76 38118 48171 13-6 S.S 29109 387.79 RPS Ualauthi J4&24 S 69431 8424.04 2414.12 64701 186800 Mflteyaa «7) “ MM 70405 654272 -1 *2 2.M 947.04 68007 507.67 P7) -317-31.7 692.07 517.00 MOTORS Residential Property DIVIDEND 967.52 13 309 24740 229.91 13182 18144 17836 25204 1 04.56 199 80 GENERAL ANNOUNCEMENT il’i 22B.77 13208 18168 17701 — 5800 6302 8431 64.00 6804 Securities NoJ PLC NstattndflS) 4208 58.00 63.13 SO 4.88 8045 74.78 4113 CORPORATION ]JJ31’ tL* 22115 20933 12170 165.12 191.61 230.07 177.53 1B121 New Zealand t14) 7 12122 16806 10189 -1.0 118 SbareholdcK art informed ihoi GT INVESTMENT FUND will pay a 7.33 21089 DECLARATION at Norway B3) - 0.6 1.70 397.68 36036 21118 291.85 25508 41426 313.94 340.89 Further lotto DIVIDEND dividend of USS 0.11 per share on June 29. 1995 lo registered 316^6 10161 24902 27339 36332 261.43 28110 IS Jme W5 NOTICE is row pven Uueth* on June 1995. Singapore^ =»3 SS ii-fl.8 S203 340.65 ilSWOO Shareholders on record 19, KS St 55 14631 13607 7838 10732 13S.1B 151.70 124.10 13866 taBowtng danftutton wffl became piyafcfr an 15 4.19 Oast A) Notea 279.72 21131 or «Hec li Inn* 1W against pratnntKfi » := ss «10.7 a112 25188 24130 13830 19S4S 26600 186.70 Shares are ended ex-dividend as from June 20, 1995. 13-4 5fs 144.47 142.48 155.05 158.56 the Drpodnry las below) oi Claim Fund Mortgage Backed Bowing sST/Ur * ,262.181! s 54 102 197.00 10108 10500 19148 - loong Berner Drpcaitary Kfiripfa. Nous dur 2825 1 -*5 2.06 170.78 16ft 68 91 £4 12533 183.44 Rau The dividend is payable to holders of bearer shares againsi presentation of Svrtaarfand (46) =SK *2 ;ss S3 *J 14 4.15 21700 20201 11605 158.58 202.21 21907 181.11 187.76 Gras ion CENTS coupon no. 8 » the following paying ogens: DEnmunw n hrrrliT pwa ±E ihcrc wj tr 219.45 22054 180.55 1B804 NoOCr ^*5 « 16000 22054 170 161 21945 20303 117,84 16003 Pax Unit 117Q4 iryiwra n saterf! 17JS a prapu I lIQ, Mb jw - S Less 15% Baynischc Venansbank AC - 20101 IBS 78 107,75 14741 10S«! H&.M4 Var punjn la Clanrs (ihi Withholding 0J500 CENTS KanSnal-Faulhaber-SmBe 1 15S51 18009 163.40 US Taj si7 18834 174.93 100.91 13805 1KL51 ol tit "aa eo ibr inaaee pmoa Americas (654) ..--an-*„„00108 100.97 137.B0 15800 sa D- 80333 Miinchen ._.188^s 1-a 250.62 23190 13435 183.00 22331 255.82 197.70 201.73 Eirrapo 18806 164.73 S&09 SB 140 dn 2f*lb *B»T IW. Thr p-jiapal Germany f738» 14309 8100 11335 8173 17808 145.83 171.93 CoMvnres 053S1 PENCE FEE „J53.68__ J53.66 8843 -1S1 108 154.84 at mrana raxmlng aa JOi jar P"5 NcaSc (138) gS 11208 \ 1JJ ! 15S73 B0.41 12188 11408 17833 164.73 16832 UNIT --154.73154.73 -50 11423 -S5 2J0 68.66 »*3 ifeorlore kc L34 AM per Notr - Crddii lndusnid « Commercial Pachte Basin (321) . 12209 1.7 I*-™ 181 214.70 19932 11609 16745 21433 31S71 178.83 18447 Bxb-PaBHta (1560) _v,l6S90_.16S90 15708 21S28 17.1 Bjrdjys Bank PUT 66, rue dc la vjooire ukti 17.1 19SB9 l**f ' sc 201 16140 16848 9027 12149 134.17 17139 144.12 14188 tow America (608) ».18 12188 BOSS Drposimy Scrnocs. B Angel Court, F-75009 Paris JfJ i65.b0 835.58 135^ 185.01 22238 27113 211.19 246.85 1M-™ 11-5 185.09 22204 26&5D Thropnonon London. EC2S 7HT Bonce &*m»B(.UK(530 l35. K 11118 15542 18932 2S4.U 117.87 169.44 157.45 90.83 12*36 17173 PrsdfcPtsdSc ExEx. Japan p38)(338) —•— 90.68 123.67 18348 17335 ^11 1^4 im.46lao-w -~,AA -03 117 1614*18144 16801IBBOi 8738 13308ua>w 142.13i«e.« 187.07 - Banque Iniemaiionale a Luxembourg World Bl (1760) u-16309 244 14218igj US 15109 193-18193-lfl 20&74 17S74 182.19 6.4 167.69 ^7.^8 ^3 1fty ^ 2Q738 1B2-73182.73 111.18 20S74 69. rome d’Escb j .W** World Ex. UK E072) Hgg 134 185.93 174.S5 L-l 470 LUXEMBOURG World Bl J^antt792) 238 1840818438 171331 71.53 8805B8Q5 135.37 14735 18937 n m Luxendnuig 18S-1P__ ' The Ttaw and Standofd & Pogf^ The World Wter BS75) r . eAte: Ai riM nmytTi -fT/saP AcsuvW is A Jow mtamvfc of Fhmtt UmM THE BOARD OF DIRECTORS — ' " r

I

FINANCIAL TIMES MONDAY- J UNE 19 1995- - WORLD BOND MARKETS: This Week Fisher TOKYO Em ike Terazono Richard Tomkins n LONDON Graham Bowley II FRANKFURT Andrew H

The Tokyo bond market took a ended slightly With little economic data on Even when the Bundesbank German US Treasuries y - ' rinpg nothing, financial breather last week as demand -.1 ‘ * -i -V lower on Friday amid bond offer this week, attention will BenchmsrtykM curve Benchmaris yteld curve {86F flTTKTPg institutional investors concerns that the Benchmark yield curve (%)* be on Wednesday's release of markets wonder what it is up market 1&BB5 Worth ago *ma#&i:.gpztrr 1&BB5 — Month ago «= 16/B/S5 — Monfftaeo <= « eased. White life and non-life Federal Reserve is stm not the minutes of last month’s to. By leaving Interest rates — 7.20 BJ5 — — 7.7*5 assurers bought a rax»d persuaded of the need to ease meeting between the unchanged last week when it YLSTDbn and trust banks monetary policy. Economic chancellor and the governor of met in east Germany, ft merely nw~\ BSD — bou^tTL2Z7bnirL indicators have been much the Bank of England. deferred expectations of an v;' government bonds last month, , weaker than expected, leading There appeared to be strong 7.75 ~//f— eventual cut untQ later in the such levels have been difficult to a belief that the US economy disagreement over the decision summer. 7.25 W- to sustain. is in danger of dipping into to leave interest rates A number of economists still Meanwhile, the risks for the .. ..-.--lisBSJSS -3! recession. unchanged after the meeting, expect the discount and bond market have been The market had been betting and traders will scrutinise the Lombard rates to be reduced The continued light before council members go off increasing. ; this would lead to a cut in minutes for any they may :v -SjML years 25 . 0 TO yews 20 10 yews 20 20 weakness in Japanese shares* Y ' break - 1 interest rates, and had factored throw on the case for an for the summer in ‘M yfal&n*werWt'cbAnOBiv -L: rnark« AB ytaMs oa mnrtwt convection vtfyMcteoranHHtatujuwHion- 'AS ytoida era convention think which until recently bad been : * - '.v.vr mid-July. Others this SntfOKMaorat^nctt - ^ this into bond prices. But Source: Mario Lynch increase. Souw Mart® Lynch SourCtf Lynch factor for bonds, has . _ ilSk-'v ! from the Fed “There could easily be a vrin happen later. a positive recent comments /?.-" Emphasising the need to reduced the unrealised profits ayl s-vjptf have suggested it wants to reassessment of interest rate v'1 interest are on equity held investors, - “Eveniftheinvestawnt wait for at least one more declines in mortgage rates moves when we get the implementation of its proposed stick to its stability-oriented “Official rates on by y * r them to take profits plans of domestic mstitufious . month's data before deciding could start to show through in minutes," said Ms Katy Peters, gilt tax reforms. Deadline far policies and keep an eye on hold for some considerable prompting time," where they can. Hence a continue to focus principally ' - whether to play ball. higher figures later this year. economist at Daiwa. “A responses to the proposals is inflation, Mr Hans Tietmeyer. he said. further fall in the Tokyo stock on cash and bonds* in the face: Fresh economic data will be Figures for new orders taken realisation that the decision June 30. Mr Stephen Scott of the Bundesbank president, In its monthly report out . :: r >. says: market could trigger active of government supjjly it may a little thin on the ground in by durable goods was finely balanced could have Kleinwort Benson said sought to keep an element of today, the central bank "The latest rate cut [in selling in the bond market prove hard for the benchmark • „- the coming week, but manufacturers are due on a large impact on gilts." uncertainty over the changes doubt in the market interest 7, ~*KSS^)l si gnal yield to remain at the tomorrow should see Friday, with MMS Details of the next gilt is likely to mean gilts will But Mr Julian Jessop of March] does not the The weak economy has cast bond on the per cent level for long," says publication of the figures for International forecasting an auction on June 28 are remain volatile ™ni full HSBC Markets was unmoved. all-clear in terms of stability a shadow market 3 details are “Our expectations of lower policy. ” It notes that the fall in because the need far fiscal Barclays deZoeteWedd. 7‘ r l housing starts during May. Increase of 0.4 per cent in May expected tomorrow. Traders announced. jsffrtwd v its support has increased the The government fc likely to According to MMS after April's 4 per cent fall. expect the Bank of England to Tomorrow's data on money rates are intact’' he said. bond rates continued after additional ..." International, the consensus Such a small increase, announce a sale of about £2bn supply is likely to show that Among the dissenters to this discount and Lombard rate likelihood of higher need to finance - 1 supply, public funds/ support for the forecast is for an annualised foDowing three consecutive of 8 /* per cent 2005 stock. M4 grew more slowly last view are Mr Robert Lind of cuts, an indication that the government bond finanf-Tfll system declining 1.25m, only slightly above the months of decline, is likely to Ms Peters said some month. This will be taken as Hoare Govett, who expected no latter had produced no doubts Investors are concerned about and low level of 1.24m recorded in reaffirm the relative weakness investors remain nervous further evidence of weak cut ahead of last week's in the markets about its an additional stimulus package tax revenues due to the slow April - although recent of the manufacturing sector. ahead of the government’s domestic demand. meeting arid still does not Stability-oriented course. financed by bonds. recovery.

European government bonds lO-year benchmark bond yMds

Per cant US Treasuries take a trend-setting role

The way European government Part of the link between the authorities that the US slow- there are fears that the nese bond rallies, are the result bond markets have closely fol- US and Europe may be down was not likely to be as strength of the D-Mark will hit of common global policy of lowed every twist and turn of explained by the increased par- abrupt as bond investors had export growth. keeping monetary policy tight the Treasury market high- ticipation of US investors in hoped caused violent correc- In January, economists' con- to keep inflation low. UK to-'#* US Germany lights just how much Amer- overseas markets. Whereas in tions in European markets. sensus expectation was for “The whole world is exper- Franc* ica's economic and financial the 1980s, US Investors bought Comments by Mr Alan Green- western German growth of iencing a succession of down- health matters not just to relatively few European bonds, span, chairman of the Federal about 2.6 per cent this year and ward adjustments to inflation America but to everyone else in the 1990s - and particularly Reserve, and on Friday by Mr 2.8 per cent next year. This has expectations said Mr Roberts. too. since the bull market of 1993 - Alan Blinder, his vice-chair- now dropped to a growth fore- Meanwhile, there is fervent Treasury bonds have roared there has been an explosion of man, who said that there were cast of 2.4 per cent this year speculation among investors ahead this year on signs that US interest in foreign bonds. no signs of a recession despite and 22 per cent in 1996. and traders about whether or the US economy - after almost Although US net purchases weak economic data, sent “Arguably, economic cycles when the Bundesbank or the - four years of recovery is now of foreign bonds foil during last French, German and other are now moving more closely Federal Reserve might move to Mar . slowing. Ten-year Treasury year’s bear market conditions markets into a tailspiu. into synchronisation,” said Mr lower interest rates. yields have fallen by about 1.7 as US interest rates rose, turn- Rumours that Japanese insti- Cliffe. “We are not talking Some hope the Bundesbank percentage points since the over of foreign bonds by US tutions had been instructed to about the German economy will move before its summer start of the year to about 62 investors nevertheless contin- sell US assets in retaliation for going into recession, but recess. On the US, there is a per cent. European bonds have ued to increase. “It seems that America's lack of action in the growth has started to disap- clear split about the direction followed closely in their wake, the structural diversification current trade dispute also sent point. We now have a bull of the US economy. One camp, Discount ..vs in spite of the fact that the remains in place,” said Mr European markets lower, in trend dominated by the US but mainly analysts at US banks, .-tk Overnight European recoveries are much Mark Cliffo of HSBC Greenwell spite of denials by Japanese also supported by European believes the current slowdown - •>' 1 ' Ttasa month less advanced and growth is in London. officials. European investors fundamentals. is temporary and that the One yw stffl relatively muted. “There has been an Ameri- correctly saw the threat such a MT Malcolm Roberts of UBS weaker dollar and tower bond five year An illustration of the degree canisation of the European development would pose for in London, agrees that there is yields will soon reinvigorate to which the US has led the markets," he said. “One conse- their own markets. a close correlation between the economy, which would be a fl) Ftiw n»po an, a UK-9—» rata. SouaK mnatm. way is the sharp reversal in quence of this is that European But the markets' close corre- European and US bond mar- setback to the current world the yield spread between markets have traded off US lation may have another expla- kets - UBS calculates a corre- bond market rally. bunds and Treasuries. Bunds fundamentals rather than their nation. Although many Euro- lation coefficient of about 0.7 The other camp, largely the US TREASURY BOKO l*UTUf«» (COT) $100.00032ad« of 1 00% now yield about 50 basis points own. Although the US econ- pean economies have only per cent between bunds and European banks, believes that si - Sett price more than Treasuries omy is around two years ahead recently emerged from reces- Treasuries. But he disputes the the slowdown is set to last. a* wW-Jrrl ' reflecting the fact that the US of Europe in the economic sion, there are signs they are claim that it is the US bond This debate looks set to domi- B2E9 tta-m . i 2,tS7 ;vy‘ ~ - recovery is so much more cycle, bond markets have beginning to slow down again. market that is leading, while nate all markets over the com- 113-23. 'il&ea 338*462;.'.', .•347,980

advanced than Germany's. At moved in tandem.” Domestic consumer demand the rest of the world follows. ing months. . iieros...: . t9jB20. . f the start of the year they were Over the past weeks, the remains weak in many Euro- Rather, he thinks that the yielding 28 basis points less. slightest hint by the US pean countries. In Germany European and US, as well Japa- Graham Bowley

Emerging markets

-r Tnr. j wiluiBr.'wA Where entrepreneurs rule the roost SCHNEIDER SA --fid Eastern Europe, along with western investment banks. Mr between control and the free- Investment banks often -I:-.! other emerging markets, is Jordan is a bellwether. He is dom which allows entrepre- attempt to tie in key staff by Second notice of General Meeting back in favour. Stock markets going native, setting up a new neurial individuals to thrive. delaying remuneration. That have recovered some ground bank in alliance with a Rus- The tension is particularly can as often prompt as deter Meeting of guaranteed exchangeable bonds and investment banks such as sian mmmen-ifll bank acute in the emerging markets. departure. Only about a third SBC, Warburg and Morgan Mr Jordan also chafed at the It is a shifting environment erf Mr Jordan’s estimated com- • -«p due 2003 SQUARE D Grenfell are looking to expand restrictions imposed by the big which favours freewheeling pensation of $4m last year was their presence there. global institution. individuals and styles of busi- in cash. Much of the remainder .-W4 They will be drawing lessons Employees at banks such as ness. is jeopardised by departure, The General Meeting of the Masse of the holders of the 2 per cent Guarantee! Exchangeable Bonds due 2003 of SQUARE D from the experience of CS First CSFB report both to global Mr Ian Molson, head of Euro- but Mr Jordan still left Company, invited by a first notice to attend the General Meeting on the Iff" of June 1995, having been unable to deliberate, the Boston, the doyen of invest- product groups as well as to pean investment banking at Using remuneration to retain quorum being not present the holders of such bonds are invited to attend the General Meeting to be held on the 26* of June ment banks in the region. Mr regional heads. A forma col- CSFB, concedes; “Operating staff has its limits. Disbursing 1995 at 10.00 am. at the office of the COMPAGNIE FINANClERE DE CIC ET DE LUNION EUROPEENNE, 4 rue Gaillon Paris IF, Boris Jordan, co-head of its league of Mr Jordan says he with our compliance standards a large proportion or CSFB’s to consider the following agenda -V7 — - Moscow office, resigned this resented second-guessing by and regulatory requirements is Moscow profit in 1994 to local ~ t r ‘ • The report of the Board of Directors. month and demonstrated how London and New York if, for a constraint We forgo certain executives would have been deeply Investment banks in instance, executives in charge business Russia within 1 in and certain problematic the 1 organi- i •tJW*- • The approval, subject to the decision of the General Meeting of the shareholders of SPIE BATIGNOLLES, SCHNEIDER SA t J eastern Europe rely on individ- of equity markets turned bear- opportunities to make sation. - money.” London and New York * --ttw ; being merged into SPIE BATIGNOLLES, which will change its name to SCHNEIDER SA of the authorization given to the Board 1 *£?• uals. ish on Russia. But a lighter touch by man- believe they subsidised "W ; of Directors of SPIE BATIGNOLLES to issue: Mr Jordan is only 28 years "Finding your positions sold agement can be dangerous. Moscow for two years before it --v 7. A - 'V: - - '.TW*S- - warrants, old. CSFT3, owned by CS Hold- out from under you is not Untamed bankers can run swung into profit. Excessive =e.; •rsiiiC ' ' . - convertible bonds, ing of Switzerland, says its something you are going to tol- amok. Barings executives bonuses- can, moreover, - vras - - -'-JX - - - bonds with warrants, Russian business can with- erate,” says a former colleague failed to stop Mr Nick Leeson encourage executives to take . - stand departure few bank tradeable securities which are convertible into, exchangeable for or reimbursable with shares of SPIE BATIGNOLLES, the of a of Mr Jordan. from bringing down the risks with the bank’s capital Jfce* - - XM.4S- for individuals. The bank's enthu- Entrepreneurial investment because they were told ' 1 he - ^ • a maximum amount of FF 10 billion, representing subscription right to an aggregate number of shares which can total no was Ownership can encourage . 1, * making ti? i' J _•< _* -ft. more than a nominal amount of FF 5 billion. siasm for Russia is “totally bankers have found CSFB a money. responsibility. Creditanstalt, fr.* it says. 1 undiminished,” particularly frustrating work- The threat is particularly the Austrian bank, NM Roths- - '114'* in . connection with any such issuance of securities, carrying preferentiel subscription right SPIE BATIGNOLLES shareholders * But if there is a star of the place because it has changed. acute in emerging markets. child, the ' 32-* ' UK merchant bank; ' should renounce any preferential subscription rights to subscribe shares issued in respect of the warrants, convertible bonds :* 1 securities industry in Russia it Under Mr Hans-Jorg Rudloff, Entrepreneurs can all too eas- and MC Securities, Mr Rud- .. C— nai*: and other tradeable securities. ^ - " " is Mr Jordan; impressed col- the European operations were ily turn into cowboys. Distance lofFs 7-i rFz. "W* new east European ^ -ar - •The approval, subject to the decision of the of the leagues call him ‘the tsar’. autonomous. He had open - = General Meeting shareholders of SPIE BATIGNOLLES. SCHNEIDER SA an complicates supervision. The investment banking boutique, ^ r*c '*V'4UK being into Under his leadership, Moscow style and the losses n*— • - SH*' • merged SPIE BATIGNOLLES. of the authorization given to the Board of Directors of SPIE BATIGNOLLES to issue: management on derivatives at Metall- have a policy of forming joint — 'v'i ?- 7 earned nearly authority • «yW8- - shares with or without warrants, CSFB $l00m in to take quick deci- geseHschaft and Barings were ventures with local executives =»«>- -' F revenues last year and contrib- sions. incurred at . - convertible subsidiaries far in eastern Europe. i: bonds, - . ^ &‘4«a uted about half o£ the invest- Mr Rudtaff left in 1993 - bonds with warrants, and from the company’s headquar- But conceding control goes - 4W7-. ment bank’s worldwide pre-tax CSFB has moved to centralise ters. against the - tradeable securities which are convertible Into, exchangeable for or reimbursable with shares of SPIE BATIGNOLLES, grain for institu- profits. management — v ».-r,. of different prod- One lesson of Mr Jordan's .• far amount of tions with ambitions to provide a maximum FF 10 billion, representing subscription right to an aggregate number of shares which can total no - C ^ ;«.»?< ‘The tsar' has taken with ucts, such as equity. Invest- defection is to cut a deal with a universal r.”' .. more than a nominal amount of FF 5 billion. investment bank- ' him to his new venture three ment bankers complain of stars : before they are success- ing service cm basis. - Effii::: 1 a global =-~T In connection with any such issuance erf securities and shares, SPIE BATIGNOLLES shareholders should renounce any key colleagues. About 25 of the bureaucracy. “It's not so 'Zr much ful, according to a CSFB execu- Mr Jordan offered CSFB about _ preferential subscription rights. office's complement of abo ut 60 fun any more,” says one execu- tive. “it Is difficult to put the 20 per cent In his new venture. are expected to follow. CSFB tive in eastern Europe. genie back in the v- • The approval, subject to the decision of the General Meeting of the shareholders of SPIE BATIGNOLLES, SCHNEIDER bottle,” he It refused. A CSFB executive SA v ‘ -KMC admits his departure is the -a* 3Cr- a Keeping talent happy is says. Success is unpredictable, . being merged into SPIE BATIGNOLLES, of the authorization given to the Board of Directors to approve the issuance of shares says: “We are not prepared to “major blow”. as crucial in investment ^ •m bank- however. The Moscow stock consign . in connection with the issuance, by companies in which SPIE BATIGNOLLES holds, directly or Indirectly, a majority of the out- our future in Russia to Events beyond con- as ' CSFB’s ing in show business. market's surge, and CSFB 'a a minority standing share capital, of warrants, bonds, other tradeable securities or subordinated securities which are convertible into, shareholding.” trol played a part The climate Investment banks contend profits there in 1994. came exchangeable far or reimbursable with, shares. In connection with any issuance of shares, SPIE BATIGNOLLES’ shareholders in Russia is turning against with a constant tension unexpectedly. should renounce any preferential subscription rights. Furthermore the issuance of any such shares is limited to an aggregate Nicholas Denton nominal capital increase of FF 5 billion. NEW INTERNATIONAL BOND ISSUES • The approval, subject to the decision of the General Meeting of the shareholders of SPIE BATIGNOLLES, SCHNEIDER SA being merged into SPIE BATIGNOLLES, of the authorization given to the Board of Directors of SPIE BATIGNOLLES to grant an employee share option Plan far a maximum nominal amount of 5% of the capital, the shareholders waiving their preferential subscription rights to the shares issued upon exerdee of option.

• The approval, subject to the decision of the General Meeting of the shareholders of SPIE BATIGNOLLES, SCHNEIDER SA being merged into SPIE BATIGNOLLES, of the authorization given to the Board of Directors of SPIE BATIGNOLLES to grant an employee stock ownership Plan for a maximum nominal amount ot FF 350 million, the shareholders waiving their preferential subscription rights to the shares issued by the Plan.

• Any other business. wfffI in order to attend or be represented at the meeting, holders of bonds must deposit at feast five dear days prior to the meeting ,|ii IaJ pi at the head office, the certificate of deposit issued by the bank, financial institution or stockbroker with whom the bonds are hr,i vH it lodged. WgMW.WBWpfeUffc 75 JUL2005 125 38451 8495*1

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financial times Monday june 19

EMERGING MARKETS: This Week The Emerging Investor / Christopher Bobinski in Warsaw Taiwan

Taiwan's deputy finance minister. Mr Day Unin. said Poland attracts increased attention late on Friday that he disagreed with a Securities and Exchange Commission plan to A recent flurry of interest in Banh as it has a licence establishing put growth in the longer that demand is ready to return, urge government pension a presence in already, and launchin will be g Poland term," he notes. as in April when the Wig rose funds co enter the stock Poland's fledgling stock mar- its securitics-based mutual fund At Nomura in London Mr by 40 per cent and turnover market to support it. ket, by managers as big fund - Korona - w>a index coooj BGMIndtu next month. Martin Gollner, .1 specialist in amounted to a daily avenge of Tins followed publication of as Templeton, reflects the All this is being greeted 22 V POO central Europe, confirms grow- about six-point increased SSOm. a rescue plan for the News round-up attention that the calmly by Ms Alicia Malecka. ing interest in Poland. He cau- Now investors are waiting to plunging stock market by the Warsaw bourse is attracting the ItrctiJ head of Pioneer, the tions, however, that foreign see bow led the government , SEC. which included internationally. Boston-based fund group investors seem to be waiting by former communists, han- encouraging the raising of remained that, haring banned extremely volatile largely Warsaw is still capitalised at which showed the foresight to for new issues rather than buy- dles a crucial capital gains tax mutual funds, speeding up new A share issues last July because of low liquidity. ' C.. a mere S4bn (£2.5bn) and . establish an open-ended , ing already-listed stocks, decision; this is perceived as a screening for the when the market fell tu . --. '>r*L trades in only si stocks. But, mutual fund in Poland in 1992. whose average price earnings test of the government’s com- establishment of new trust histone tows, the authorities with the Polish economy grow- becoming the country’s first ratio now stand at 8.6 and mitment to the development of fund companies and urging were aiming to control the Israel 10 ing at 5 per cent a year and the and -.; only fund for investors in range from a high for the the securities market. government pension funds and market at will. Tel Aviv, currently, has the mass privatisation scheme in listed stocks. Zywiec Brewery of 23 to a low The ecd of this year sees the postal funds to enter the stock most attractive stock market the next 12 months set to put Pioneer then rode the market of 4 for the Krakow-based Bank end uf a blanket relief on capi- market. This left Taipei's in the world, said Mr Michael 400 state sector companies roller coaster main up to its Przemyslowo Handlowy. tal gains for individual inves- weighted index up 1 .55 per cent Uganda Howell, global strategist at under private management at Wig index peak of 20,076 in “The expectation is that ihe tors brought in four years ago. on Friday. However, in a Mr Charles Kikonyogo, Baring Securities, last week. one blow, the market could 1BB4 96 March of last year and down to new issues will be cheaper ini- The privatisation ministry has separate development governor of Uganda's central “Looking at 30 markets around become the largest in central Sown* FT Graphite a low of 5.905, as well as up tially." he says. “It's a very a disposal revenue target of Taiwan's central hank bank, said on a visit to London the world Israel comes cut as Europe. again to its present level of exciting market because of the 1.5bn zlotys f $650m 1 to fulfil governor, Mr Sheu Yuan-dong, that the country hoped to have most attractive." he said. The arrival of the interna- around the B.oou mark. to SlOOm in the l!S in a closed size of the country, its growing this year, some of this from told iourrjdisti that the bank a stock market by early next Japan and Brazil were next in tional funds marks an opportu- After all this excitement Pio- end investment fund aimed at economy and large local inves- public offers, ft needs a buoy- was reconsidering when to tear. That should help the the ranking while Canada nity for the maturing of an neer ssSSSS still has about 360.000 unit Poland. This would concen- tor base." But. with the mar- ant market to be able to Coat open the local stock market to country's privatisation came m last. - rr;^ exchange which Wa*7*’ has suffered holders, with assets worth trate on unlisted enterpriser to ket's heavy weighting towards Future issues. Not surprisingly, foreign individual investors programme, said the governor, Boring's calculations were dne volatile swings, reflecting :^V^^ a some $360m. of which about 40 take advantage of the highly- the banking sector as the gov- the ministry argues that the and added that limits would who predicted continued based on a price earrings to ^ dearth or large institutions and per cent is invested in listed paced growth which its top ernment presses ahead with tax break should be extended need to be ue posed on the strong growth on the back of five-year growth ratio. continuing strong interest stocks and the rest in govern- analyst. Mr Krzysztof Ble- bank disposals, overseas inves- to the end of the century- amount they invested. economic reform and from mainly small domestic ment bonds. This is less than dowski, is predicting. tors want to see a more diverse This radical suggestion has stabilisation, and .m improving investors. last year whe-n investor frenzy According to Mr Bledowski. mix of listed companies before been rejected by the treasury, trade balance. Pakistan Now Templeton, working peaked and Pioneer took depos- even though inflation remains investing in existing stocks. however, and the end of this China Wednesday's federal budget, with Poland's Bank Haudiowv. its worth S550m from 560,000 high, at an annualised 32 per it is true that Poland has month should sec- a govern- The decision o? the Chinese which withdrew a tax intends to seek licence a for a unit holders. But it will still cent, private sector investment ninny more private retail ment decision on whether tu SECUrities autkcrtLeb to reopen India exemption for "bonus" issues mutual fund concentrating take the is on competition some climbing fast and industry investors than other emerging tax capital gains at a Oat 'Jj per the Shanghai ar.d Shenzhen India should let provident and and introduced a 2 per cent listed securities. And Credit time to build up a stronger as a whole reported growth in markets in the area. Local bro- cent rate from the beginning of domestic ecu:::.' markets, penMor. funds invest in shares withholding tax on bearer Suisse, together with the coun- position, especially as some demand for investment goods kers report about 80».00d 1996 or 199S authorising a Y'nr>JSbn quota of tu improve the liquidity ot its certificates, was no: well try's largest savings bank, the investors, says Ms Malecka. of IS per ccm in the first four accounts, a status needed to Under the proposed legisla- new class A shares for stkK'k markets, said Mr S.L. received by the Karachi BP, PKO plans to set up a fund are returning to Pioneer. months of the year consumer play the highly regulated stock tion. purchasers of stocks who potential issues to domesne Rao. director-general of the market. Karachi ran a sponsor company which, ini- The company is also moving goods demand in the same exchange with its rare transac- keep them for six months investors, gave the bourses n National Council of Applied post-budget session which saw tially, will organise a zloty -de- into new fields. Last week it period rose by alrnosi 12 per tions. Many of these investors would net have to pay the tax. bad day last Thursday, when Economic Research, a the KSE index fall 1.3 percent nominated market money fund launched an open-ended fund cent. lost heavily when the market Purchasers of bonds would be their A share indices fell by 5.4 government-funded think tank. on the day. and followed it focusing on treasury bills and which will invest solely in trea- Exports are also growing collapsed last year and some of obliged to hang on to them for per cent, and 5 per cent Mr Rao said that the with a 1.4 per cent drop on bonds, but which will move sury bills, bonds and commer- fast. “Rising incomes, com- those left with savings have one year to obtain the tax respectively. government's inability to cut Thursday. later into securities. cial paper, while shunning bined with booming invest- been queueing to buy govern- relief. Investors would also be The market settled down on its spendui? had made it Edited by William Cochrane.

1 Creditanstalt, the Austrian securities, in order to promise ment. stable inventories and ment bonds, deemed safer even allowed to set losses off against Friday and Shenzhen As even dependent un those cheap Further covertaye o f emerging bank, is ahead of the held with safer, if lower returns. declining demand barriers will than bank deposits. But the capital gains over three years . managed a token. 0.9 per cent sources of funds, and that markets appears daily on the its partner, the Food Economy In addition, it is amassing up provide room for cyclical out- past few' months have shown under the proposed rales. recovery. Bur the suspicion India's share prices had been World Slock Markets page.

fries . 53^';

Wtor; on e.eeh movement Mend on rromn mavemen: laar to oare movement its-as Actual Peroen: Aciiul Perceni Actual Percem Dollar ...146.53 -1.32 -0.89 -4J27 -2.S3 -11.50 -7.28 World 1 352] Markets remain on their guard Trade-weighted Index. 1990^100 Latin America Argentina (23) 79.72 -0.37 -0.46 -9.64 -10.79 -6.39 -7.42 - - - 105 Bras) 123) T 74.1 -4.40 -C.46 -12.44 -6.66 -35.19 -16.81 Oifie 113) 255.66 -7.24 -3.11 -11.11 -4.69 *14.09 +6.66 Mexico (25) 66.59 +0.71 +1.08 -4J?9 -6.05 -31.04 -31.80 Foreign exchange markets are devoted to currendes. used as a buying opportunity. the confrontation widen." Peru (I6i 598.95 -30.09 -3.24 -58.94 -6.15 +50.32 +5.93 '-: likely to remain on their guard But with all the G7 leaders The main short-term influ- In terms of US data, Wednes- Latin America (1 ..115.82 -1.72 -1.46 -B.40 -6.76 -22.95 -16.54 :t a this week, in spite of the com- and finance ministers having ence is likely to be the trade day is the btg day. as it will see Europe f : .2 u munique from the G7 summit been in conclave for a few dispute, with only ten days to the release of the beige book, Greece (IE) 1C5.32 +1.00 +0.96 -1.74 +1.66 +16.33 +21.07 in Halifax, Nova Scotia, offer- days, markets will be wary of the deadline far implementing ahead of the next FOMC meet- Portugal (23; 123.09 -1.38 -1.11 +0.13 +0.10 +6.81 +5.86 -3.02 +61.40 ing only fleeting reference to any post-Halifax initiatives the 100 per cent tariff against ing. and trade figures. Turkey (22) 137.51 -4J?B +11.50 +9.13 +80.67 -0.01 -0.01 -4.67 -3.41 *4.59 +3.56 currendes. emerging. These could include luxury cars. In the UK the main focus South Africa 132.53 Europe (95) ...114.68 -0.39 -0.34 -1.88 -1.61 +16.98 +17.38 little was expected from the further foreign exchange inter- Mr Dave Munro. chief US wifi be on the release of the — Asia G7, and little was delivered. vention, a deal on the US-Ja- economist at High Frequency minutes from the May 5 Indonesia (28) 139.75 -2.61 -1.83 +6.12 +4.58 +6.06 +4.54 if- .:• ir “We endorse the conclusions pan trade dispute, or a fiscal Economics in New York, says: Clarke-George meeting, which 90 Korea (24) 136.55 -0.30 -0.22 +0.06 +0.04 -3.34 -2-39 reached by the G7 finance min- package in Japan. “The bad news is that neither are expected to reflect a differ- :r z Malaysia (22) 250.91 +1 .79 +0.72 +9.42 +3.90 +40.05 +18.99 isters in Washington and ask While dollar sentiment side has a basis in principle or ence of opinion on interest +0.79 -20.42 -19^3 S5 Pakistan (15) 85.71 +0.67 +8.33 +10.75 them to maintain close remains mostly negative, there in domestic politics to compro- rates. The behaviour of the dol- Philippines i'i2) 284.83 -2.75 -0.96 +0-38 +0.13 +2.70 +0.96 . X- England ..217.62 -1.20 -0.55 +1.99 kets,” was all the communique any further weakness to be matory words and have not let ence an sterling. Asia (157) +0.92 +720 +3.42 A4 jvfcei 41 8 ran» 4vuiary Rn leSCVlOD Souica Barmg Sacunws FT GUIDE TO WORLD CURRENCIES

rates The table below aives the latest avatabto tales oJ exchange (rounded) against tour key currencies on Friday. Jam 18. 1995 . in some cases ilw rato ra nominal Marker rates are rha average of fcjying enc seibng accept where they are shown to be otherwis©. In some cases market rates have been calculated from those of foreign currencies to which Utey are Bed. UNO |Pak. SIOREBMNO AkjtanMan IMtfwnO 5C02J? 354O00 4187.61 Qormony (D-Mark) PoIumot Hcni roost Ponamo le the Albania (U*l 104.HU 124-081 dm (Cadk Bafraal Guinea (Knal Mgann (Draft H31S7 45-5*0 a .eaaa Oferekei tOfljQ Papua New Andorra IFmncti Fn 7J9084 4.8183 68181 Greece (Drachma) Praguay rGuaiarw yjh’ (5* Farad 105X07 131.650 143.905 Greenland (Danen Krona) ftuu Wow Sofl L'NI Slorebrand Livsforsikring AS Angola (NraKranzft 3*34563.4 2173237.5 2570813.0 Omnam (ECnr S PMppown Peso) Anagua ffCaraft 4.3416 27000 3.1040 Guadalotga (Local FO Fktcaimis tCSierhmi A/ganBna jFaao) 1.BQ77 BOBS 1.1828 Guam li.>iiank S‘li!f‘-wiu-l]<>l^li'in t iii'M/i-mr.ili- mrara lam Bnll 300060 2141.79 3UA63 Si Lira lECairR (kOQiDknft 09640 0.6000 0«6i 0.706B 14 Ptraro french fi) P**0*1 Iraii SiM-iclr < >riicral>' (S« knit Rea (Pirt) 08630 aen a D436J 0.723? St VifieBra CQwSl sara Mnrtra (HOMII Lu« (CFAFft hRHl (BnaluQ 4.77W 2.0671 2 1163 3 Sun 164025 1170.73 1049.70 Saa Twno (DoCnJI I iiib.ink (Bermudan S) Inly (U«) 26S0J0 Fgevou Ssuri Anica fPVyaO Botwra) Jamaica (Jamak-mS 52.420B 232741 .I** Sarwgal (CFAFft Japan (Vntft 135 JC8 84JS3MJ C03S20 100 Saycnrtho (Rupwi ffWai ii- 08216 Slona Laon* 4-eoowi ( UiineiaiTS Snrf IRaaB Jordan (MmtoiOoiaft 06946 Qjosa (» Bnral (Brunt* S) 06-1094 535500 382303 Stovuwa (Konra) A/S? ,I\-kr Bank ::: EUg»ta lUwi kanyu IKenjnfflWnw KLMM Kaead (Anuraean 1 3736 awor 1.8249 SUMnia (T“U«1 :^ •* Bunting Faso (CFAFft S ua* (Won) 34572 21 1JJ10 25433 Sdemanb (S| Surma (*>*> Korea Nonfi WO Bank of zir-iil land Korea Boum (Won) 643336 9002711 SomohRsp ISIsiangi Bums Bunina Fit Kuwait (KimH Dtnar) 0.4609 02091 02135 CL353B SoulhAKa (Ftracn Spain (Pmtal Hiimliiirzii-i'fit- i^nnici-liank-tw'nui-iili'ali- 454 80230 Lpviati PM3 hi N Afnoa Camtxxaa 1172C3 779.000 520 i i\ pohauk fiKt-riialirin.-ii -S. V.. J Ji.\i'ni!>iiirru Cmwowi (CFA FH Canada (CanaouanS Lebanon Ojabaneae Q Laaocno (MakaO Sn Lanka iRupoal Canary to ISp FeaaM) L-Bauk Ubana lUbortanS Sudan Reo (Damn Cp. Vento (CVEsaatoi ) j'l.ir^l'ilillunL tjilrtrU lirtli niiwrj (UbyanDmaft Surinam (Gulden Caymanla LI il 1 8114* I - **** III * Ib. IIiIi Genoa (CFA Fft > ^^ JlH U Ewatl MnnmMqia (MaOceO EaaHa (Krooni tfmpUn Bart DhtopM B NemUa [S A Rand) VMnara Nouula yunaan S •1 la O sent FaMand NapM (Htpetaaa Rnd Wgm la-firaHti Faroe M (Daoen»cra Madwrlmla (OiMaft Vlrgai b-lft Lnihartk F* b Nrnd Anutaa (A70u8*q FMend NawZaefamd fO. t) Waslorn Samoa France Bft Mcarepua (Gold Camobal Yemen (Rap oft OyMtnca (CFA Fn Ft. Mger Rap (CFA Fr) YanwiBwofl Arrtinurr Fr. Chaana la*l Fft Mgofte (Nam Yugoolavu Wa Fr. PacUc to (CH> Fft Rep Bara Zara 1 - Qabpn (CFA Fft j.P. Muruan Svnriiii Lt«l. Nonaey Ptor. Kama) ZoMM Qorrtta PM ttnan (nal Omanft Sicily JPMorgan l*d Wngdora Utd Supu $132707 Germany DMieKM Japan YlirJTS Lkd Swaa S15C00B Gonnany MMM Japan F131J37 Eracpaan Currency LHC Roue Am 10. 1»5 »eZ8107 Drapanj Hkfttl JIW IS. IMS LRd Mgduni ay»7W** SWre. Yii^avDuiarrra rvm. OflcU And rare tfemdueod en May 22. Tourer rara Curanoy (bed egaferei the UG DoSar FUatra raw : i haw appoa w awraw me toutSe in O) ^ Ui Fid*Cm m*. M “rawMakar rare.ran. M*cj oreraowetet rate: ei(ft PanOW rare O u M wrauwi* M “I W VVM/RQnEBS CLOSING SPOT RATES £ Beifc of Amenta. EconoincB Dapannwn. LraJon TrafflY) Corare Engimes 0171 634 4WJ1 This mini rnirjif njiiHmiS ns unitter trt" uni only. rate, aft other itm mi mm u nr Cole rJuageit et nwitua 80pMnuu d 8 Tb obtain a raw el Wa Uk by hr tram Hie Otykna aanrioa dW 0801 8X7001. dw m Friday. June IS. 1988

Japan Leasing Corporation Mortgage Securities US$504XKM)00 (No.2) PLC Polysindo International INVESTMENT BANK Futures Guaranteed Floating Rate £75,000,000 EUROPEAN due 5250.000.000 Finance B.V. Charcng th^ Rawm ReaPTlsw Forex Notes 1W5 ESP 20.000.000.000 Options Mortgage backed floating HMCBNANC1NG3PLC User Doflftftl Srinlla Notice c hereby given that in VJS. 525,000,000 Conud ibubcdaUen on CiMoA TVne Windows Technical Analysis accordance wttti tee provisions rate notes due 2028 Capped Floating Rate Notes (DO 40 01 S67S7i5 Guaranteed Floadoc Raw of the above mentioned Floating For the interest period 15June Due 1.999 Note* due 1997 •yssSSSSET Rale Notes, the rate ot interest 1955 to 15 September 1995 the tonhe six months period from notes uill bear interest at Pit dn? Inti-re-t FrtkiJ tt<«h June, The notes wiB bear Wares! at 9,84218% per annum lor the Interest C.S05'.\ Interest 1^*7 June 19. 1995 to December 18. < per annum. iv ISih Srptnihcr, W5. die Km FUde has period 15-Jtsw 1995 (Inducted) to 15 September 1J95 (exdudod). has neon fwed payable on 15September 1995 M>I«> mil Ljm jn ImcrcM Rale of at 7.0375% 9" 1995 ft82 days; will amount to S I, T/5. per Ji-Ti per (mi pfi annum, wuh an e« pgyidatofln jj« interest poya4>Je on 15 September 1 £95 wfll amount to ESP 2.541 per a: 6.175*4 per annum. 23 Sep! ember 15, 1&65 nn«TMnl data, ' SIQO,000 note. Inteie-r Amnunt >4 US. e* iMtmuttipnal The mierest payable on S’2S.4» £607,83 pot £34iSB6.4fl note. Futures. Optki*n «7 UK StjTbe | j US r!P.CW Jenamiiuilun, mom. Equities an& BtfnJs, will r« nominal amount. Cbmnito frith dirMi ] December 18. 1995 be Agent: Morgan Guaranty ! BANCO CENTRAL H1SPANO ODRs and ADRs p.rv.ible on ISrh Sertembd, 1995. tyduirvfe j respect (near U> foot* i US Si5.S09.03 in ot Trust Company Agent Uodan.ttNlBlflfc Paying and Calculation Wu9 Jjnm Mnawrfl LdurieFutm L&irJmrhf | j each Now. LuirmhwrcM.^l 7HL* US S500.000 ~ fri- ul 71 THU IWI TFl I’I7J 1177 ~ Hispano ] JPMorgan Central j June 19,1985 1 Banco &*itnri w^»noffli«rfc#no, sjv. rji istTt rareiiMM /u. iV7I Wftllsi BAKOUE INTTRHATONALE A LUXEMBOURG AjenBami

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MONDAY JUNEJ91995. 24 FlRVANCIAXr TIMES EQUITY MARKETS; This Week

NEW Usa Bransten LONDON hHip Coggan YORK International offerings Dearth of data Dow Jk>ne$ Industrial Average May minutes FT-SE-A All-Share index Qantas share sale heralds 4520 - — 1,652 set to turn awaited for t* focus on Fed clue on rates spate of Australian deals larger corporate offer- Central bankers seldom make reckless The London equity market starts the On Thursday, if all goes to the current upsurge has little The -ings, meanwhile, have gener- comments, but this week members of week looking distinctly tired after a plan, a prospectus for the sale to do with the state of the mar- Qarita c Australian ally been pegged to specific the Federal Reserve will have to be rally which has carried the FT-SE 100 of shares in Australia's ket generally. The expansion plans, often over- - more careful than ever. index 400 points higher since early flagship airline, will be stock market has gone - - be testament For more than two weeks, investors March. unveiled. nowhere over the past year seas which may to increasingly ‘Interna- have led shares to new highs on the The rally has become narrowly based. The jury is still out on although it has recovered from the - tional” approach of Australia's presumption that this month's string of While the expiry of futures and options whether the Australian federal February's lows and the sup- Initial corporate • weak economic data would prompt the contracts buoyed up the Footsie last government, which is selling ply of small, frothy pub- sector. Amato, which has Fed to start easing interest rates. But week, the broader FT-SE Mid 250 index Its remaining 75 per inter- he offerings is minimal. Coca-Cola up blocks of bot- several rallies have been reversed by scrutinis ed for hints about how central fell 0.5 per cent the Bank of England. The duo have est in the carrier, can hope to Instead, current offerings been building operations, in Asia- Fed officials, especially Mr Alan bankers see the economy. The rise in gilt yields above 8 per cent been playing down the significance of realise Agflhn. But even if pro- have more to do with a general, tling both Greenspan, the Fed’s chairman, The most important statistics of the has removed one underpinning of the their disagreement but markets will be ceeds fell short of this target restructuring of the Australian Pacific and eastern Europe, is point; Western si gnalling that they did not intend to week come on Friday, when the market and last week some slightly analysing their arguments to see figure, Qantas win stiB be one economy. Privatisation, and one case In lower interest rates in the near term. Commerce Department puts out figures ambiguous comments from Mr Kenneth whether rates may stQl have to rise of the biggest equity issues to the desire by both federal and Mining’s. A|719.3m cash call This week there is little due in the on May durable goods orders. The Clarke, the chancellor of the exchequer, later in the year. hit the Australian stock mar- state governments to move to last year, to ftmd a stepped-up way of economic statistics, so investors median economic forecast is for orders about the inflation target unsettled On the corporate front, one of the ket - surpassed, in recent budgetary balance, is one obvi- interest in international baux- nil! be watching the Fed closely for any to have grown by about 0.4 per cent to investors, as did a modest rise in market’s favourite bid rumours was times, only by the A$2.45bn ous factor. ite and alumina operations, signals on the course of monetary reverse April’s 4 per cent decline. But inflation itself. confirmed last week when EMnwort Woolworths Coat The Qairtes proceeds are crit- was another. policy. estimates are widely varied. Economists The economic statistics being Benson announced merger discussions The airline, however, is not ical to the federal .govern- Meanwhile, one of the larg- The Fed’s Beige Book - a report on at Donaldson Lufkin & Jenrette, for published this week are mostly minor with Dresdner Bank. Dealers flying solo. Its share offering ment’s arithmetic. Similarly, est IPOs this year has come the state of the economy prepared in example, believe orders wQl have and the main news of interest is likely immediately began searching for forms the largest in a pack of Advance Bank’s cash rail fol- from Nevus Petroleum, a new- advance of the Fed's Open Market declined by another 0 .5 per cent in May. to be the publication of the minutes of further candidates and pharmaceuticals equity capital raisings which lowed success in the South ly-formed ofl company target-' - i Committee meetings will be released Also due this week are figures on the May meeting between Mr Clarke company Zeneca is still regarded as have suddenly surfaced Down Australian’s government auc- ing properties in Asia. . . on Wednesday, and it will certainly be housing starts and the trade deficit. and Mr Eddie George, the governor of being in the frame. Under - a sharp turaround tion for BankSA. Already, there, have been in from earlier this year. This trend is likely to con- some fears that this surge . >OTIJER Between January and April, tinue. although with many activity will create indigestion. new equity capital raisings Australians still supportive of For the moment, however, MILAN PARIS TOKYO HONG KONG averaged less than AS5Q0m a public ownership and union such concerns look misplaced.. FRANKFURT month, compared with almost opposition to privatisation The. . Australian S tock The re-emergence last week of In a week largely bereft of Life assurers acted to calm Hong Kong share prices are ASLSbn in the latter half of entrmched, state and federal Exchange has absorbed equity After several months of Mr Silvio Berlusconi as a corporate reports, the market fears Last Friday that they expected to continue to 1994. In May. the amount governments, of whatever raisings of more than A$3bn in ignoring falling interest rates, significant force in Italian will be awaiting Thursday's were liquidating stock consolidate in the raised recovered to A$L26bn. political hue, will probably a single month in the past, the they have now become the politics, after the TV announcement from Mr Alain holdings, thereby depressing holiday-shortened week in the Then, in the past few weeks, tread warily. highest figure being A$3.8bn in determining factor for the ownership referendum, Juppe, the prime minister, of a the market further. Mr absence of local or corporate fund managers have been con- The federal government, for June 1987. The Qantas float German market, says UBS. The unsettled the market The key package of measures to Takahide Sakurai. chairman of news. Trading resumes fronted by a series of chunky, example, has already flagged was well-flagged and, thanks to bank does not expect further mood, fuelled by Mr boost employment the Life Insurance Association, tomorrow, following today's high-profile offerings. its intention to sell Its remain- an llth-hour change in foreign support from lower rates in the Berlusconi’s immediate calls Analysts expect the said that the companies would public holiday, writes Louise Advance Bank, the Sydney- ing 50.4 per cent stake in Com- ownership restrictions, about short term, following the for an autumn election, is measures to include grants to remain stable stock holders, Lucas. based regional bank, has monwealth Bank. The sale, in one-third of the shares on offer Bundesbank's decision last likely to feed through to the companies that take on writes Emiko Terazono. Investors win mostly take announced a A$563m rights two tranches spread over the can be sold to overseas inves- Wednesday to leave rates coming week. long-term unemployed workers However, he also said that their cue from overseas, where issue to help fund its A$730m 1996 and 1997 financial years, is tors. unchanged. ABN'-Amro Hoare Govett and contribution breaks on the life assurers were lowering growing expectations of a cut purchase of Bank of South expected to raise upwards of In fact, latest forecasts from Instead, the market might says an uneasy calm had social security payments. Mr the ratio of stock holdings to in US interest rates stand to Australia. Coca-Cola Amatfi, A$4bn. Sydney-based Macquarie Bank begin to wony about another settled on the political scene in Juppe's new conservative total assets from 20 per cent to release renewed bouts of the Sydney-based soft drinks At the state level, the West- suggest total market equity round of earnings downgrades, May on the belief that the government has said that it 17 per cent, the level seen in buying. group in which Coca-Cola of ern Australian government is raisings in the year to end- on the back of the technocrat government of Mr will give priority to the fight the early 1980s before the last Hong Kong would be one the US Is the largest share- keeping Its options open on a June .1996. mil be about deterioration of the economic Lamberto Dim could continue against unemployment and has economic boom. beneficiary, both in terms of holder. has launched a AS67Qm float - as opposed to a trade A£14.2bn, compared with more outlook. Thus, the market has through into 1996. This set a target of creating lm jobs While the current trend attracting rash and harpny* jfcs rights issue. sale - of BankWest In Victo- than A$24bn in 1993-94 and entered a period of transition promise of relative political over the next three years. among investors is to try to own rates track those of the CS And the initial investors in ria, the gradual and piecemeal, just A$10.7bn in 1994-95. Ms where investors will switch stability helped to support the guess what sort of stocks the through the currency peg. Sydney Harbour Casino, the handover of electricity assets Belinda Hutchinson, executive from cycUcais to defensive and lira and bond market, with ZURICH life assurers have on their More local companies are consortium building a ASLSbn to the private sector will proba- director at Macquarie, suggests interest rate-sensitive stocks. positive repercussions for portfolios, this may not leave expected to sell shares and Habourside gaming palace, bly prompt some equity offer- that the market could actually Though UBS favours equities. The Swiss insurers which have investors with shares that had book profits, reflecting the have offered a portion of their ings. State-owned TABs - bear well in excess of A$MZhn rate-sensitives in general, it is Now. however, there is a been finding favour in recent the potential to rise higher. perception that the market is holdings to the public in a rfiHins of government-run bet- - perhaps something closer to concerned about the growing threat to the calm weeks with domestic and What investors must unlikely to trade sharply A$147m sale, thus allowing ting shops - could also make A$17bn. fundamental outlook for from Air Berlusconi’s election foreign investors as interest consider, says Mr Peter Tasker higher in the near term SHC to list later this month. stock market appearances. Vic- While new equity raisings banks, so continues to avoid demands, which have drawn rates have fallen will be of Kleinwort Benson in Tokyo, The market dosed higher on If demand for prospectuses is toria’s TABcorp listed last are enjoying something of a over-exposure. support from other members of meeting analysts to outline is that even if the ministry of Friday, with the Hang Seng any guide, this float, at least year. renaissance, so too are share On the corporate front. parliament ABN-Amro says future strategy this week. finance were to introduce a index rising 51.95 to 9,313.95, hit the jackpot within hours, More indirectly, the desire to buybacks. In the case of Com- Wednesday's analysts' meeting Mr Dini will probably resign Winterthur meets financial scheme to solve the banks’ bad for a 0-5 per cent advance over there were signs pasted to the pump competition into areas of monwealth Bank, equity offer- at Preussag Stahl should help after the passage of pension analysts on Thursday, and debt problem, it would not the week, with firm resistance doors of Bain & Co, saying that the economy previously con- ings and buybacks could even clarify the confusion reform legislation and expects Swiss Re on Friday. resolve economic and having been met at the 9500 the stockbroker had run out trolled by state monopolies is coincide: no sooner had the surrounding the outlook for a general election in the Talk of a further reduction corporate earnings weakness. leveL Reasons for the uptick in creating another set of poten- government’s share sale been steel prices after the Thyssen autumn. This should be in the discount rate has been Rather than a portfolio of Volatility is likely to set in equity issues are worth exami- tial stock market candidates. announced than the hank has meeting a fortnight ago. UBS preceded by the 1996 budget in the air, but many analysts eamings-driven stocks, towards the end of this week, nation - not least because they Optus, for example, formed signalled that a A$lbn buyback says any suggestion of law, whose deadline is reckon that the Swiss National investors may need to focus on ahead of the June futures suggest that the flow of large, as Australia's second telecom- could be undertaken in con- softening steel prices in September 30, although this Bank will follow its usual government policy-driven expiry the following Thursday. lumpy offerings will persist for munications carrier in 1992, junction with this. Europe in 1996 will raise could be an obstacle during the practice of awaiting a move areas such as real estate, he a while yet has already flagged its inten- worries about steel stocks. election campaign. from the Bundesbank first said. Compiled by Michael Morgan In contrast to 18 months ago, tion to float, possibly this year. Nikki Tait

Yasuda Trust and Banking (Luxembourg) S-A.

USS 50,000.000 Floating Rate Guaranteed Notes Due 2000 with Fixed Rale Option IOWA Guaranteed by The Yasuda Trust and Banking Company. Limited

In accordance with the provisions is a state dedicated to or the Notes, notice is hereby given that the rate of interest for the 13 & 14 September 1995 helping businesses interest period IVih June I99J to 18th December 1995 has been Hotel Inter-Continental, Frankfurt fixed at p.a. The coupon This prosper by providing amount payable on I8th December major FT conference, timed to coincide with the biennial Frankfurt Motor Show, is widely 1995 will be USS 158-62 per regarded as Europe’s highest profile automotive event. This year’s meeting takes as its overall an incomparable USS 5.000 Note. theme the globalisation of the auto industry and will examine how vehicle manufacturers around Yasuda The Trust and the world are restructuring to compete in world markets. combination of Banking Company, Ltd. \0\VA-:\i\\mCAS London Agent Bank location benefits: Issues to be addressed include. PROHlfetiler Restructuring in North America, Japan and Europe Profit-boosting lax advantages Opportunities in Emerging Markets For more information about the America’s best-educated work force UNBEATABLE advantages of moving to Iowa, call: Supplier and Manufacturer Relations Comprehensive, customized Mr. EL Paul Wagner INTEREST. Retailing and Distribution Trends job training Director State ot Iowa INSTANT Productive, dependable people Office Speakers include: Mosengasse8 Quick access Is resources ACCESS. D-M313 Frankfurt, Germany Ai vniir new^aRcnt c\crv Frida v. Mr Louis Schweitzer Dr Martin Posth and markets TeL (49jtHi9 28 38 58 Chairman and Chief Executive Officer Chairman and President, Volkswagen Asia-Pacific Limited Ctean, safe environment Fax (49) 669 28 14 93 Renault Member of the Board of Management THE CITY' INSIDE OUT Mr John K Lawson Volkswagen AG Managing Director Peter Johnson Automotive Group Mr W Chief Executive DRI/McGraw-ffill BANK Incfacape Motors Retail GESELLSCHAFT Mr Giovanni Battista Razelli Vice President Professor Garel Rhys OBE BERLIN Dividend Announcement International Direction Professor of Motor Industry Economics Fiat Auto SpA Cardiff Business School , University of Wfcles

Dividend Increased Grom DM9.00 to DM11.00 FINANCIAL TIMES CONFERENCES in association with FT AUTOMOTIVE COMPONENTS ANALYST A( the Annual General Meeting held on • Bayerische Hypotheken- und • M- M. Warburg Bank The ngntaen loowthe ngla « that the June 16th, 1995 our shareholders resolved Wechsel-Bank Akliengesellschaft Official Carrier: Lufthansa pnyu .- - • BIG Bank AG @ nw « any be c ucury to use the distributable profit or the 199+ • Bayerische Vereinsbank financial "59.885,65 year totalling DM2 7.00 • Merck, Finck & Co. To: Fmancal Terras Conference*. P.O. Bo* 3651. London Akliengeselischaft SWE 8PH. UK Q Please tend me conference death to dividend or DIATH.OO par share Tel: \ +44i 181 673-9000 P»: (+44> Ml 673-1335 pay a Please Payment Is subject to deduction of per tend me derail, on FT Amamadve Component! Anajyu or DM50.00 par value. • Berliner Handels- und Frankfurter 25 Warld Motor Conference cent investment income Frankfurt. 13 &, Bank German lax and W September 1995 UUastykj pUHGtnnan VAT at 15%) 7.5 per cent German solidarity surcharge The dividend for holders of bearer shares Mr.'MnJMs/Dr'Oiher • Commerzbank Akliengesellschafi levied thereon (total deduction: 26.875 Idtlot a apMOBraei will be payable as of June 19lh. 1995 Cheque enclosed O made payable lo Fhanctal Times Confeienees. per cent}. First Name upon presentation or Dividend Coupon • Delbrtivk Co, Bank uanrfets do: Financial & Tunes CootcrMces. Midland Bank pic CttyofLondoa Corporate iNo. 17. Surname Office Account Number: 71009095 • DG BANK Deutsche In accordance with the British-German Son Code: 40 Q2 SO Intcmaiioaal SWIFT Code MIDLGIE2 OTtilae oaote delegate ram»M n»tw pnr» Genossenschailsbank Double Taxation Agreement withholding ) Paying agents in Germany are the follow- fruition tax can be reduced to 15 per cent for Please charge my AMEX/MastenanJ/Visi with;. ing banks and Ihcir branches: • Dresdner Bank Aktiengesellschan Department shareholders resident In the United L I I I I I I I I I I I I • Norddeutsche Landesbnnk GirozenLrale Kingdom. To claim this reduction, please I I I I • Bnnkgesellsdiuft Berlin AKlienge- CtagjgfOjnjjjHfa submit an official application for refund Expiry dase. . Signature of Berliner Bank • ttrflxrfder. i selischafi or branches or Sid. Oppenheim jr. & Cie. Address by December 31st, 1999 to the Bundesamt OmataOtm Policy: CaqceUaiiqflS most be Aktiengesellsehuf! or of Undesbank Kuminandilgesellscluil nuf Aktien received fa «rfafa* h* for Finanzen, Fried hofstrasse L, D-53225 “ * M* Berlin - Girozemralc - Cii» “«*ll«iwSitoS3nS • Trinkaus * Burkhordl Bunn. • Deutsche Bank AktiengeselLschalt Kunmiandilgesellsetiafl auT Aktien ftiMCttfc Country Berlin, June 1995 • Baden-WurlLenibergische Bank • Vereins- und Weslbank Tel Fat FTJooerWUki FT Business Card Case Akliengesellschafi FT 1996 ftvfcrt Diary Akliengesellsdiafl The Board of Management Type of Business HA ~ as: I', i AiitTjji

Why is Greenpeace hell-bent on stopping Shell dumping the Brent Spar?

To us, it's a simple matter of integrity.

Nothing will dissuade us from our commitment to protect the sea from further pollution,

And that includes litter on a grand scale.

We will not have the sea fouled with the leftovers of the off-shore oil industry. F: trf IIS! l ...

- , , .... ’•• For Shell, it's not so simple. ~ 3!?!^

On the one hand, they tell us not to litter. This week. Shell celebrates 25 years of its Britain Clean Up campaign. * urop^ Better

On the other hand, they want to litter the ocean floor on an unimaginable scale.

So, if, thanks to Shell, we have the good sense to disapprove of dumping supermarket

Last trolleys in village ponds, how can we be expected to condone the dumping of the Brent Spar into the sea?

It's time for Shell to own up to its corporate responsibilities.

Or admit to what is now inevitable - the day Shell sinks the Brent Spar, Shell's reputation sinks with it.

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FINANCIAL TIMES MONDAY JUNE'19 1 995

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"hs+iIS z 496 AO 484.72 497.19 497.19 43112 oaSO ^.70 +.50 33J30 23.10 _ 95X0 72 IS hex GanoNpanaa)) 1885.1 1840.4 1853= 194830 1V1 155&30 23ft JSE GoH (28/9/70) (0 1402= 2023X0 371 13T7S0 22)6 — FraSk 102=0 +X0 IBS 30 245Q ***!*. 14519V (14ft 1.44 +X1 1=0 1/43| 6=H _ %:%*%*. _ tnpS: ._ 104 37=5 — “ * JSE ML pB/9/70) 67005V 0791 X 705520 3)5 8222X0 31/1 UKMI 13.40 14=011=0 5= 70.1 ia *?;« J M nw 7R 114 7u5n 10Tn — ...68=0 29 806.64 902X8 B95S2 90964 CCAnrai B.10 +.10 020 7.74 £2 — 9= -2 SBF2ffl{H/12ffO) 126853 127852 1264=7 1322=0 12/5 118114 1013 Soilh Korea _ j!ScdT““ 104=0 3** 59619G cr7£0CTXX — — — 6Q97.7S 4= (31/10/72) CoteaM 4jg +xs *83 •• ns® n6ft9S) in e?:». ?. 70 _ 2.24 2-Q2 7.1 El™ - 2U 7- . — -3 Soda Orae Change • Vatina (mftoq _ 4SX0 lire 4.7 £7 ?!.«u • -l-ft'MM tndta 5443.43 5360=9 5413S4 7124=6 3/1 1X0 +S0 1.75 1.16 __ _ "S’S'-IS — — haded price on day Jin 18 Jin 15 Jui 14 9 +.08 10XB 8.70 3S 34= M8 — _ — 30=5 24=5 IX. — BSE SoS(1 97Q 3348.47 3315X8t 3324X6 3332=9 2/1 3015=7 2ft ThaNand “J 5* S? ; -tir- -v-jr-mh 0X3 - 0X6 0X3 ._ *mOm 250 181 _ _ _ 20 15=5 1= **. -« UJannrJ., New VM SE 442.740 334=40 330=21 _ ^Btote 9£50 7H - f*.Z *»hww moonesa Bangkok SET (30W75) Home Depot 7X88X00 40H -11* £96 +.10 £60 £84 _ _ -XO fiS _ „ — 110 £0 -3 18.777 22=00 19=21 2 +.10 £75 1X5 TIX <*® +1e 2S0 173g £7 __ — 70=0 63 £3 USMtfte Jakarta Cwmiofflftj 40804 487=7 488=2 497=6 5ft 41421 19/4 Turkey WM-MSt 6X30.100 2S* +41 MM _ *4 18SG +X6 18=0 1X40 4/4 34X — 37 29 £5 i.toff Aftii Ireland btrtd CmpJJan 1S0B) Gen Bre 1S8 +X5 £22 1.70 £8 44 = — 13=5 10 — 5X7 SX2 18.7 _ BS 64 1.7 -* BED OwnftA/lfflB) 1966X0 195141 195821 1960X8 6ft 181159 23/1 WORLD Time Warner NYSE +X* 5X3 bX • ..is. 21=5-10=0 IX ' AT&T barn Traded -• HSClpHlnt(l/y7D)S 686= 800.10 Off 2.007 £ b£? " NORTH AMERICA _ 108 BB1= v,:*.'/ r; i=te«ami Hanson 1.066 NAB — 57 46=0 IS V«u* Banca Comm fat (197^ 610=0 615.42 606X1 68054 1012 587=9 23ft I CROSSWORDS) 40 31 £0 PtNIp Marts MBffion M7 liw’rS'SlDMM CANADA _ MB Ganaol 9710 1,152 31 Bfl/99 6880 B6QX 103800 102 92000 23/3 Ernmk loopamwat 122241 13d +M *32 4S£ £2 Tncrtum _ 40 2X . unchanged 7.72 7X7 4. TMOffTT) (JunTB/CaiQ _. 110 82 <= IQIjW Japan aroTw-toocaww fIMJK KD3 _ go ba 7= 37.5a30.Eg New Mtfto 1 .00 +X8 1 90 1/44 3X _ 4 KOI dose — — mw 22S <10/5/4^ 1470117 14007=6 1400049 1872SOE 2/1 MSSS68 13/6 JCapratgra (31/12/88) (4 336=1 338=2 347=6 5ft 20207 23/1 3X6 -JM 142 £74 _ 145 100 _ 3,717=00 62« New Lons 2= _ TMM . 53=6 SB- 49 mmbi 300 ofltwa 224JB 2806 223.10 2B7.T7 2/1 22Z26 ECrt®s EmergL771ffZ) 14853 14021 14750 15607 2/1 717.15 1V3 2.0* ._ £l3 1SS __ — IX. 13C _ *a 38 ISO _ 1=6 1.15 _ „ — 50 £0 tadbn 2X3 -.05 3=B £25 ax ^ — 370 183 &4 INDEX FUTURES _ 108325 Mflg Ha*!®™* S?"“ 71=5 38=5 7= Open San Price Change Low Eat voLOpen Int IK +« £« £S 440077 TBS? — pnwco 126 -412 1^1 1-20 ’Wl’SgiS — ltd 106 4= Open SaltPrice Change Wgh low Eel vof. Open InL Open Sett Pries Change voLOpen MSaRgOO *W* Low Eat M. WuWl 3=9 - 3JS £90 4= 137 21? 38=0 — BG 27=0 7.0 < .xm =0i* CAC^SO (200 « Indus) 37.14 Qep 542=5 1B6.741 naeOm 37.14 +1X9 as „ - *sof 90X69 ftlltnc 5S5 +S3 6=0 4.70 IX 1805.0 -14.0 » Jun 1902-0 1906.0 1883-0 10X34 43X81 1242=0 12522$ +10X5 1253X0 1236=06=0 4X25 11X33 *! 545X0 225 6X82 £74 +.19 3X8 1X5 3= .. » JU 1909= 1904= -17.0 1909X 188S.D 175 8X74 1»1.00 1261X0 +7=0 1261.00 1248.00800 2X84 S£4S Mftkte 92S 4.10 __ 4=0 £19 _ _ Ut £38 +JB3 5=< <42 AS) _ « -ran MX fc 1-35 +X3 1/45 1S4 £0 _ MMM ashgngn andr tradM Sop 15050.0 14720.0 -130J-130X 1506QX 14680.0 24X43 102,123 li Mm H .HP 1X1 +XT1 £20 1.60 _ „ fcBAMftaAisB m fer 1955, anpi Tcnnto & J 2149= 2155.0 +7.0 2158.0 2127= 2788.0 27964 2797= 2788.0 2X31 9X78 Dec 147210 14720X +20X+20J 14720.0 14720X 1 5 835 701 4-36 +X5 4,90 3X0 OX _ 30575 BSRA JhMM wm i oaftage mmaSu b 2166.5 2178X *0.5 216 2804.0 2780.0 2804.0 2789.0 7X18 13.973 open Merest Sgtna tor pranna day. 4=5 -.07 5.75 4 JS __ _ 7020 ftnswfc 5 £M —M 107 HZT BX 73 100191 BkMM fSSSMf*<~*»**”** -< r flrtA - i 31. Wateaad Pitoa 5641.19; Kara* Camp Ek I Bm tern of al WAete tro IDO oxwpt Auaaala M OrdWy T Correction. Catenated at iSXO GMT. Excluding bonds, t Musaial. pha LRfttos. 2SB £30 Z _ — 415272 BkJtovS Hated. 7(1. HEX 2S0. tSEQ OvanO; Cofnp7M«afc> S Hie tndan dMoradcal da/e Hgha and 3=7 +X2 £66 £64 1SB1ZD BrakGd arts BR >3en- : Tor>-100. (£1 bnlL toms tf*r _ MB Geo, CAM. Eon Tormo are awragea ot Bw Mghast and tones prtcro madwd ctetog Bm da* by i srnmtlw 6S2 +JJ8 23340 ANNUAL SERVICE * SXS£J«r - - ' 76* - 0=6 £30 4= _ BeauBl REPORTS Mnotet ono OAX at 1.000C JSE QoU £65.7; J£ J. NY5E Al Com•non GO and aanoard and Poor's - 10. §9 sme wMraas d» aebte daj/a Ngrn and kwa (*nspfed by TWNaira) mpmeent the Mghaat and traaint valueo ihai itio Max has reat •= Son0»J a.45 +S0 6X0 4=0 7= _ 520 BUItoA a sb uw mrebma ignt «ag MsntraaL Toronto, (c) doted- N) UmafaUa. 1 Jun 10-21 26X6 -&7£ cteng the day. (The Agues ki Dradres bb prtMoia defat- V 3S0 + 01 3.14 £70 5= _ 1740W BflttteS SI ‘f*M,nY nan ran A. nanHare qoMtenaftte oftaft ... 644 ELIO a ._ „ 24884 8raaU »fl 01617780161 770 OCT071B toetan M» ImHaw hMMdu + 3=6 £03 7.4 211 0740 Bmcor 21? w*JM)»S«0Ui>7Dll^itto*«da* 1=7 -01 £16 1X8—0= V* ?»'* *4+44181 7WBHBUto4441H77ll MWNrftra tell war—4 —teg to Mtea TOKYO- MOST ACTIVE STOCKS] Friday, June 16. 19S5 To subscribe to the FT call Europe: + 49 69 156 850 Stocks Cloning Ctmge Stock* ctootog Change Traded Prices on (toy Traded Prices orutoy Fudo Const IBXm 813 -IB Toshiba KlrW Sharyo 3.9m 526 '. 46. 8.0(71 580 +9 Nabco .... '466“ Hanwa 3.3m +46 Asia/Pacific: + 81 3 3295 17 11 USA/Canada: + 1 212 752 4500 6.3m 170 -5 Satan Bnk 932' 3Xm *7. Maruyama Mfa 5.9m 483 -42 Hitachi ' 3.0m BOS ’-10 Nip Seel 5.1m 286 +1 NKK 2.Bm .197 +* 7 * n »

CURRENCIES AND MONEY

DOLLAR SPOT FOfttVARO AGAff*?T T>C DOLLAR *** ®" nwmM °« >«* Bank (Ais-vj jo Bututfur MONEY RATES ^ Ctu> Day’s mid One month TTrea months Ona year j P Morgan rad-par: on day spread fcgh ‘c* Rase *tPA R*a TfcPA REu ^PA moex Juw Ifl Q.tCr.a One Two* Six 3neDftc Lorra. D-s. Repo anfw _ nigfn Haem Europe mlfta mtta yuryear mer. rate rata Austria pen) 1S33T3 •0011s 388 • 458 Befgtum t.B IS 707 18 . Austria (Sent 0 £494 -0 0605 462-575 9 31&5 3.8420 ) A3 74 98174 ;J Belgium 41 4*k41k «’i«'l 42 4"42 rco7 40 400 (BFrl 463173 -00139 923 • 4IB 1 7 *60233 17 454123 1.7 Belgium - week oga J’.-4'.- 4** mnaiK (DKr) 67648 *0.0178 900 88.7430 -0233 340 520 2H U160 28.7300 267C8 26.663 14 4U ««•4k. 5 7«7*0 4.00 < >i: WS -O.S 8 7907 8 Firfind £FM) 0.7 7693 0 4 Denmark ODKrt S.4*w -00315 (276 - ns £43*3 546t3 5 4733 5.4810 -C9 Franca ?i 7HTin 7W7V. 6-e6'-. bHb>>6>» 500 - 800 69174 •0 03 151 - 197 * '! Finland (FM) 4.3020 • 4 weak ago 74, 7‘.7't el*81, 6‘-»6'-, Franco (FFil 7J9C84 -0013 -0071 015 025 42262 ’770 4.30CP 4297 Hi ?S71 7H 6‘re 5005Q0 - a 00 A > 059 - 109 -IX '1 .•H £**r (DM, 7JMB -O.D 7.8WS a? France week 4ViVs 4'-% * . Gomb» (D» 383 477 1-4907 -0.0099 003 01 Q 1.4100 1.3306 JOBS 1 3952 it ago 414^ 4 4ta41* 414; 600 4 00 4 51 •0261 998 - 958 - Ireland Ik Ireland 09830 Greece {Dll 226 050 -1 6 AOO 3CU 223X00 225.790 Z2&OS 2318 -102 61 6’sC’-J 6' 3", - - - 22070 22146 -10 22238 -0.7 78 5 Aunreka (AS) 1 3730 -ora 13 737 - 7*2 13£2S 1.3732 1 3752 -1.4 1 379- — T £ 1 4CK3 -1 3 Hong Kong (HKS 12.4380 -0 0951 345 -415 12.3583 12 434 124246 week ago - 32 *1 3‘* J't, - 124583 04 04 I2JS77 06 Hong Kong (HKSi 7 73S3 -ClSC® 348 - 358 7 737C 7 734'j 7 7323 3J 7.723 7 7438 -C2 India (Ro) 50 4816 -D3S33 &2G 006 50i57O 50.1290 - - - • S U&C® mnes (a nj jw Ei rxca Ur 5- Cm quvea 10 Tr run - ijw -rti™** surao lRa| 31 3950 -0001 mu - ooo 31 41 7C 21 3740 31 475 -2.1 31.72 uw nw »n3 c iwari (Snh) 4.7709 *00:73 - - - - a :iiTi eaefi ncruig 41. Ike ban-s ae Bjmers Trus Bjre -j! Tuyu cvtmrv^ and fir-rnJ B67 7£9 4 7773 4.7478 - - ISWJ 2 9071 -06123 C51 - 690 2 9230 2.96SI . . Japan (Y) 135323 *Q.C32 342 -014 Wenmnrw. 13B 070 135.100 135 31B 5.4 134 053 5.5 12&.1B8 57 1690 (Y) 84 5260 -027 occ 700 64 7700 34 S7C3 64.16 5.0 E2.47 £0 fiiiibS 4.7 Malaysia Ud i-rara cm sreM ly ire iUwc Mere, Rare. >Jii CDs. ETU 3 SOR Depo» iLbl (MS, 3 8367 -0.C2S1 • 283 - - - - a 2M 39323 3 9000 -0 0015 41a 425 0 4445 2 4410 44 1 a 2 4376 7 2-4S C 4 New Zealand *N2£j 24005 -0.0168 990 - EURO CURRENCY INTEREST RATES 2.3987 2.4053 -24 - 019 2 4323 34144 -3 3 2.431 -1.3 08 2 -0 soil 923 334 T£u.'5 I 4SC9 : 4362 -2 7 1 SCO .1 7 15222' -20 Pfunpmm tPoso; 412842 -03197 5*6 - - - - 137 41 4300 41.1314 . Phnpkwa (Paul 2SG750 000 500 25 7500 25 biXId Jun IB Sn«*. 7 «tn-5 Orm Throe 5a Ono Sure* Arabia ishj 30307 -O04£8 290 ------Term noioe menttts montna year 323 60402 59917 Saudi Arabia (SR) 3.7505 S63 - 5J7 2 7508 3 7300 3 75:5 -j 2 3 753c Hi-3 2.7533 -0 4 month Singapore (SS) 224*4 ------ODisa 431 407 22478 - - Singapore 1 - 22296 (Si) 33t8 -0C01 953 903 1 liiC. 1.335C 1.0505 45 1.3823 j. :Cii£ 9 4I1 9 2 Bergen Fracic JS • *1; - 4l- •V - *u - 4 5 - Sj SauttiAftica pi 5 8976 *00393 951 - - - - - 5 -COO 59053 5 6660 Africa (R) - South 3 6678 -0.DU4 b7Q 635 16710 3 tore 3 6633 -63 3 7312 -7 9 3.»55 -8 9 - J l Q’ntJ: Krone : -sii 6^4 - 6*’ 6!i G,i fr’4 64 - b"; 6 + 6 j South Korea (Wool 1329.79 *8 13 333 - 438 - - - - - 1 1 1225.L7 121033 Sou in Korea (Won) 761 050 -Daii 000 - ICO 7E2.1U3 7£l CP3 7«05 _ 76755 -14 764.05 -33 4l, D-Mjrt j5, . 4h - 4J3 4*J - J(i 4li - JL Taiwan (TS) 414626 -0 ------r 334C 458 704 41 5281 41.1836 (10(1 r *OGOB j 330 05 £50: 05 7£M 258C4 -0.5 25 340 -C 3 ' - - • Ducrr. GuXxr 4 f* 4,1 - 4j «.’+ 4*4 4*i| - 4,1 4/. 4«3 Thailand IB!) 39J*21 *0 307 273 - - - - t 7BB 35. 7310 39 4160 Thailand iBl) 24 ACM f*T0mxt - 700 24 tan 24 *5406540 24 681581 -1.0 24 7073 -£l c 24 795 -OS Frwwi trine 'ji * "u 7‘I - ?>» 7 A - 7|g 7 - f- *.'i - 6.1 t Rom far Jun ii dafwr tsnoOs. r> me Pouoe , a Six, Hue (Tic— wry me too! Mm ImU pfccee ForwM ma ere not Okecav CJOMd maw rmncai t son line per S ke Jaei IS. DAoKei nude cm DcJU, 9oai Ude urm err/ Lie Bo: cvee •ty T - k> m oc im h»oro -re* si area?, sjeoxs w me Portugirose Ew 9,» - 6 » 9!+ - 0 9*4 - 10 - 97, io« - io,i nil ere onpkod By omm u cwojt nin Eeaq wore c Dy Gaae 1060 * 9i\ ’OH ewawaed I, tk»* Dl EmAmo. Mnge 1D0. Mu nbuad 1/?*». DU ORer aid rvuVoi m are *np*e0 by run on mover, m'ea UK Ircund 1 ECU sn ox:ad r us xrr IP rzrj\jS r.T 1*. 3j» merogt 1890-100 w, J - Mdrere la both thn -» 5naru5ri • - - - Ij • to.; io,i and Oarer Spur udkea arwM kom THI vmlRCUTEICJ dOVSNC SPOT RATES Uxne vMuM era rounded by me F T Pcufj 9.1 9.i si 9,; 9,1 9.; ^ 9-S 3”l r - 5^ . till 1’ - - 4 - i'.tr.'iv) 6 : 6% b 6,i 5;; b ; e:; - a: :>« 74 - : S.+JSS Imc '‘(t 2»4 - 2*s 3 l - J J.i - 3:1 3.1 - V. 7ij Con Dots 7 - 6J» - c;: m'v • 6B 6» - t'ii e;; - Hl . S-4 CROSS RATES AND DERIVATIVES US Ddar ei s;: £iu 5!J 4.; - s;: 5L - 5[i FT GOLD MIMES INDEX rni - IDlj 10 ! T0 J - it - 11*4 - tlU - ii** .m Lra 10*J ; 3 1U*4 10's: 10^ 11»; : - - • • |I» - Yai !il 5.1 1,1 f’t 1 ; I.’l in - lii Ij'f EXCHANGE CROSS RATES S cfcg V e£ 1,1 . li Awar SSmg 1*2 • 1*3 1*4 • i‘i i'« - it- !« - iL lH - i*» 2 1 - 2 Jrei 18 BFr DKr Juo Urea ioa HUCap Cctd Greta * ) 18 XtlZM 15 JBw Ifaa jkte K Slut lam rates ore •_» fur Cw U3 Cilia ci! 1 er utscr: rwj tL?„ nsioa Belgken (BFf) 100 1903 17.11 4J72 2127 5723 5-453 21.70 5130 Cold Htaes Buka (33] 20C1A3OCiJB *1J-12 IMZ21laezjl 4ara4ara tooMtotUO 1S1 233720 163721 Denmaric (DKr) 52 55 10 & 991 3.501 1.118 30(3 J.B6S 1140 209.B (IMM) 51m punts of i(W»» France iFFr) 50.45 11.12 1243 3351 3187 12 60 299.8 m Reguart macro Gannany Open Sen pic« Cronge K'jh Low Era. voi Open v.L (DM) 20 52 3 905 0.437 1177 I 119 4.454 105.3 Aha |l€l XU* -175 XK22 141L HO 271187 7C2 19 Ireland (IE) 47.02 Jun 93 93 09 95 -0.03 93.99 93 94 53.094 275X38 8 947 8 045 2291 1 2696 2564 1020 2412 Airatd3SQ l&j 22TS5) -C3 2142 14 Ub It 73 3*149 178620 Sep 94.32 9*32 - 94 32 94 24 116.423 369,017 My (U T.744 0332 0298 0.035 0037 100. 0-095 0.378 8.947 Natl Amoscauti 17S, ;4 -11,1 173! £5 ;9e7 KTi ISI12T 134818 Nethartanda 18 34 3.490 Dec 94 33 94.35 -001 94 37 94 >4 205.744 320.453 P) 3138 0894 0390 1052 94.09 Ccpvn^C. l-’w Ftutou! Tjimh LSrcad '&A “FT 'jjtc Mm lnca«“ a V cr Tie Firaron (NKr) 46 08 8789 7.e&4 2245 0.300 2642 23C.4 Tim Lrretec F^jum .1 srjckete sto* iue> of cbmeankn. JZ : BV«ar 100OP0 (Eel 19.49 3.703 3335 0 953 0415 inB 1.063 4230 100. US BILL PUTUMES (IMM) Sim per ltXK-j (Pta) 2363 4.496 4.043 1.151 0503 1355 1288 5.12B 1212 LONDON RECENT ISSUES: EQUITIES TRSAIUtT (SKI) 3954 7343 5782 1.931 0.843 2273 2.161 B.ece 2002 tesma Atm 1*1 Jun 94 SO 94X1 -0 03 94X2 94.50 1X42 4X04 Switzerland (SFr) 24.78 4.716 4240 1208 a 527 1421 1.351 5378 127.1 pnee twnJ cap 1995 pree Eh Ga P/E Sep 94.71 94 72 -0.01 94 72 94.64 1.029 9.9738 UK ff) 4622 8 795 7.908 2252 0383 2650 2520 10.03 237.1 it up ilm.) H/i Lew Stock ; Co,, yti ne: Dec 94.75 94.32 - 94.32 94.70 143 10,785 Cmda (CQ 2080 3959 3.559 1.014 0.442 1.134 4.514 106.7 . 1193 - PP. 1292 733 £*9 Bn! Awro Cap Ihs US IS) 2874 3470 4-918 1.400 0611 1648 1557 6 238 147.5 - 102 FP. 2SS 98 Rnsbury Wtfenz* aj Cipan ui f> >*>** da. 34.01 5.819 teres: <4t. we Japan (Y) 8472 1.657 0 723 1950 1.864 7.380 174.5 127 122 Grain Group L,«i!3 11 4 8 12.5 Ecu 37-95 7221 6.493 1.849 0.807 2176 2.069 8.235 134.7 3i 80 Gus Carter v- - - 19.1 Damn Kroner, Franen Franc. Norwegian Kroner and Smfeh kronor Van, Lire 113 108 Litemabonai Energy .33 14.1 Escudo. and Peart* 1 23 38

1 3 F P. 223 3': 3 : Langdana Fends rt.0 1 2 6 3.6 133 - FP 569 173 135 tJecmc 100 FP Ml ae 33 flcwos: msn Sm - r. P. 129 33 29 Do Warrants - FP. 12811 141 128 NYNEX CabkCom D-MARK FUTURES 0Mi4) DM 125200 per DM - F.P, 13 0 650 €» Oy* inda APPOINTMENTS - FJ> 1.00 3S0 250 Do WanxiB Pmnd hi Nm York Open Senpnce Change High Low EsLval Open im. 126 FP 15 8 141 126 S4k Industries Lr5.6 2.1 £D 11.7 FT GUIDE 10 WORLD CURRENCIES Jun 0.7104 0.7140 -0.0041 0.7156 0.7104 3.279 41.718 Jan 16 —•Qo» — • Prev. don The FT Guide to World ADVERTISING Sep 0.7137 0.7167 -00041 0.71 84 0.7122 26J73 29.643 tm* 1.6055 1389S Cunenciec Dec 0.7162 0.71 92 *0.0042 0.7192 0 7162 38 1,688 I mil 18049 1.5991 table can be Found on Ihe Emerging Markets page In lodoy's cation. 3nffli 1.6033 1.5974 RIGHTS OFFERS appears in tire UK edition every Wednesday & Thursday 1R 15863 1.560* Amount Closing -«- SWISS FRANC FUTURES (IMM) SR 125,000 per SFr Issue Latest and in ibe International edition every Friday pace paid Rerun, 1995 price .r - Jun 0.8581 0.8610 •0.0040 0.8633 0.8564 3.416 15.405 p up dale High Law Stock P For further information please call: 1 Sep 0.8635 08671 •00042 0X696 0.8625 16,993 17.072 *>'* "•-ir*-r pred 104 m 317 16pm 14pm Branaan Kra ICprr Dec 08700 03724 •0.0043 00740 08685 40 816 J Skarzynsld 171 873 Nil 1*6 pm Darwts 20 Andrew on +44 4054 UK INTEREST RATES 34 35pm 3 |3 , pm MS Nil ta* 22pm 26pm 0»a Erew" 26pm re -1 Stephanie Cox-Freeman on +44 171 873 3694 LONDON MONEY RATES 125 Nil 30pm 1 pm FKI 26pm vn» Fiminms (IMM) Yen 12.S per Yen 100 - ‘ JAPAWM 25 m 2pm 1 4pm Grand Central lj«pm -11. ” Jim 18 Over- 7 days 10 Nl Jd/o 3 lltpm gi-iser-Scar. 1 ‘ •7 Open Sett price Change High Low Est.val Open Ira. pm 4Cm - -^4 •- 20 NJ 1 *jpm Vpm Tumpyiie -* -2 0 - 6 ,*, 6 - 6 80 2&pm 20pm ir.'as-o Rwr.-si-ig 26pm 1.1968 1.1959 -0.0002 12001 1.1936 16,183 29,641 BA .* *e Sterling CDs - 6>2-63* 6*8-6 ». . "4-. Dec 1^105 1.2099 -0.0002 1J2135 1J»95 635 2,124 Treasury EWs • ®i - W 6J| - 61 > 5 Bank BUs B ! 6*4 6, 1-6 r'rao tor «wnry arnwwwa w e« Eire— to. i —coot| MroainM tor m- puma cJ n* kk*i miy wu jrcn. M o a— tommy pooum rod STTOUNO FimiRgS(1MM) CSZ^OOperE Local authority deps^ (ft • 5!3 81'. sa 6A - BA BA -B| HOmn «+nwa - Discount Market depa T-5^, 61I flii • CryM rod «u« Wnui-fb-U AW (nM U liidng ;. : Jun 1.6034 1X066 +0X076 1.6100 1.6034 1.174 19X05 MARGINED FOREIGN clearing per cere from February 2, Sep 1.5982 1X0*4 •0.0076 1.6080 1.5960 13.842 18X29 UK bonk base kuxSng rate 8% 1995 '« •tort PW, Pto, Pam Pud - * - - TB3 it tow WM. •«,« pure* rone *. T Dec 1X996 00076 1.6010 8 Upiol 1-3 345 6-9 9-12 TRADING Mtm mew z~. EXCHANGE pree ere* rot* pin pc* pre w» month month months months months Fjsi. Competitive Quote' 24 Hours rodns cirMi tvrtft CIUWIl even cvm CMWI 1.60 1.53 954 954 r 4.11 - 040 1.04 " ‘ra -y-r 1X75 3.11 3X4 TREASURY BILL TENDER Futures * Options * Stocks * Ftorex * News * Via Satellite 0500 950 J 76 11 66 953 954 954 ’ . 1.97 BANK OF ENGLAND Q-.Vi 1859 f7\ 1X00 0X7 1.88 2X5 1.18 9 52 656 956 952 1059 LON DON +171 329 3377 <> . 0.78 1.48 1.67 2X8 329 Juo 9 Jun 2 Jun 0 Jon 2 0MM v; 955 955 950 9.54 954 1X25 +49 63 440071 • ’ * YORK +1212 2696 FRANKFURT 0630 950 955 955 953 1057 1057 . +30 136 22596 NEW I* 1X50 - 024 4.12 4.46 - ATHENS Bdta on offer £1300n ClTOQm Top neeopted rata 83775% b 2973% area sir 9.55 95S 1867 1067 1067 Pieman day’s vd.. Gaits UUmOPlra &31B . Pin. day, open n. CaBa 306208 Pino 39X850 0730 952 955 11 48 16 80 11 21.33 Total at PRifcaHM £4976ni ESSMffl Are rale ol femea 63440% 62735% 0800 053 956 11 *7 21 JE? 2031 22X0

Total atocsM . Cl 300m CITOOm tareoa you 6*460% 83732% 0630 050 955 11 46 23 96 21-07 23.80 Hn. adapted Hd £98410 £08430 Offer S not artier C1300m nsoom 0900 950 956 11 47 32.64 23 16 29 JO 0330 1132 17 02 18.03 3*34 23.84 2550 Motroent a inti, level 28% 97% Mh. adapt M 1B2 days - BERKELEY FUTURES LIMITED BANK RETURN loPTlol! 11X0 10 IB 1756 19.78 46.11 2906 3831 TRADERS 1030 2831 22X4 24.16 54 96 30.34 32.70 Wednesday Increase or SSno DOVERtvutp STREET.cto f bt LONDONinvnnv WKftiv 32Bopr H 1100 20 31 24.79 2&e9 5715 3077 33.31 June 14. 1995 docraaw tar week ton *' aiiLu^ir 1130 20 31 24 79 2853 71 34 31X8 33.91 BANKING DEPARTMENT , 41 •tore i.«reTrmi;M» .ui. TEL 0171 629 U33 FAX: 0171 495 0022 1200 31.46 »*> 37X3 UobBUes E C 1230 3146 3533 37X3 14X53,000 1300 31-46 35 33 3723 /* fi • -JH Capital 1,020252281 -179X03X23 1330 31.46 3533 37X3 PutoSc deposits BASE LENDING RATES 1400 13.12 2130 2316 -110,844,765 * Bankers deposits 1X73X85,388 1430 _ YOUR PERSONAL REUTERS FINANCIAL REPORTER 2031 2818 2209 Reserve end other accounts 2.781,450647 80X44X07 1500 15 Tj 2818 22-09 Adam & Company .... 0.75 Duncm Lawrie 675 •BaKtjurgho Guarantee Currencies. Futures. Indices and the Latest news updates; 1U0 15 79 M18 2209 . zC 5X95.941,314 -370X32.495 Sank 24 hrs 1600 15 79 I7.M 19.78 ~L AAod TruH _A75 Ewter Ber* LMad ....7.16 Corpoieaan Ud b no longer Futures Pager keeps you in touch with the markets a day. AO Bank - 2.75 1630 15.79 10 67 10.67 Financial 6 Gen Bonk -750 authorised as a banking FOR YOUR FREE 10 DAY TRIAL FREEPHONE 0500 800456 TODAY 1570 10 67 1887 Government securities 1.102X08,456 -543X35X00 Henry Anabodier 6.75 1700 •x: z •Robert Fleming 8 Co.. 678 HsHueon 10 1730 1579 2818 22.09 1X31X58X64 -898,048X35 Bor* of Baroda fi.75 Gbobenk ATS Roy* Bit of Soafcnd - 675 FUTVRES PAGER 1800 157B 2810 2209 1 •867.738X11 2,059,553X90 Banco BbeoVfecaya._&75 1579 17.86 •Gulnrass Mahan 675 Stager 8 Frfec&ander-. 675 1B30 19.76 12.047X50 +3.661X23 Bank of Cyprus 1000 15 79 1736 10 76 ATS Hefafc Bat* Afl Zurich 67S •SnuhEWBrnsnSecs 675 173X45 -7.694 1900 15 79 17 68 13 76 Cota Borzoi Ireland -ATS •Hembres Bar* 675 158 675 Bta+offrda A75 .TOT 15 79 1738 18 76 HeilW*i 6Gan bw Be 675 UnBy Trust Bar* Pic ...675 TAX-FREE* FUTURES ON 1030 1579 I7.B6 10 76 Bar* Scotland d A75 •« Samuel 675 Western Trust 675 2100 2335 1736 1076 Bnrdteya Bank 8.75 INDIVIDUAL SHARES C. Horn 8 Co ATS WhMaEHiay LoKfaw ... 675 2130 2538 3829 3820 MBkolMdEret &7B 3639 •WL-XT Hongkong 8 ShongheL 675 YortaMreBai* £75 Id oHiia tow In* Curt* to how yow FhuikiiI Rwkaitar cw 23» 2538 1B.867.052.741 -43J561.B23 •anwiShttay&CDLKL j875 2230 2538 3529 38X0 Nates in drcuLawi Julen Hodge B«*.... 675 Mp yoa, ufl Mkbatl Slorniy w tin kakua e* ClTt -ft, XU a 2300 2538 29X9 31X0 Department 12.947259 +3^81,823 CSbenkNA A7S 8 Sana 675 bdc.HclV^ickbm.Ex«4aaSM-lESEB. Notes in BanUng •Leopold Joseph m* unlC 2330 1579 1738 1876 QydoodBle Berk -675 67S • Morrbenol London 18380.000.000 UoydoBenk Immanent BanMng 2*00 10 57 1067 10 67 The Coroperakve Bank 675 Meghra| Bw* Lta 675 CounSCo 675 675 17^63^55,723 *964291 Mcsand Bar* Omsr Government securities A» CndtLyamab — 675 uourtBanUng 675 1216A44277 -1,024291230 Other Securities Cypres Popular Ber* . A78 NeMtaatmlnetar A 75 13280.000.000 -40,000,000 •Fta Brothers.— A75

UK GILTS PRICES opbe.io cm.e B'Jy on [Lonacnj f-7'-7C7 SCC2 Fii. 3? '-Vi i2lt

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WANT TO KNOW A SECRET? nau Wm (iirw UN P.l —n rtttm rod ttMBSrttonKMniinteHrtLflW Tlir LU.S. (Janu Srueaar win sIkiw yiv Imw tlw nuikcu REALLY wiefc Tlw diiuzinj; itailiny icdiuniucs of the legendary W.D Cianu bu increase ynur i*nfk* arelciiiiaiiiy«*irl.x«es. ILiw? Hut’s llie setxet. Bunk juur FREE place. Plume 0171 S«t 5H5S

UiaoKd udmkal ml]*, ice Mira " traderm. Tb* an lAbnuttM icrHc* TASactive PuMUbei weekly by tarn. Only £540 |Ul Puhluhol hy Ptullip Ab-wikler FORtYWf recflivs first month FREE SecunUei ooJ Futufro. Lronlcil 24HR To the i.rv,r» ' b=r,v T u._ ib_ is nun iT ro-* iroa ic: ir« 0171-865 0800 0171 63S 1 500 London D+olinQ Doik C’JMO-CY MANACtMIKt COR7QILk'rtO‘: ^LC ElUbldhad 41 1975 OOIA hrt 20 otfett merM rodk TSO (Mdrawk Wtown wallibli for 109 p-9* FREE colour brochw, conoce OFFSHORE MiBlUMI DHUBHV.CA Itt-MIfiMmSSM Fte-H1fiM8WfiS7 LTD 1* *48 Fur ANALYSIS London BSc 111 355 1096 TREND KfCHMD OOOC. 111 dH 3017 Deity Aadysb & TmUng lauaamdallui by Fox HcngHoag BMR DOtXEI, UM WL -852 2SOOI77 Fu *«U2S111N COMPANIES USA mmmiftXLBq W +17M8M3J« Fk.17UIM(W FOREX * METALS • BONDS • COMMODITIES . £M££ *n||i Hmmw 01962 ST9764 f for£ FREE TRIAL Vbhunc Spread *« 01424 774067 5 PROFITABLE TRADING STOCKS FUTURES CURRENCIES ETC

FUTURES t OPTIONS Our irons bt cwyror krottwa (!•« tool ndl,| ofpntunici At i EXECUTION ONLY utmi nikn ulm KMnulMM [ l'iMte:l Eifuun Tcl-0171 1720 LIMiItD i-h MS Fax: bill 491 (991 SCCU9IIIL5 AND FU1UBIS I f vctfcB Itowc, US ftahw hnw. l«iil«EC2AIR ^ ROUND 3> JL TURN ^ Real-time UJS. & interoadoiul ™ Td:(tf} 171 1179720 tefMlHUPrW J quotes on over 90.000 issues > As kw as $9/dav. Call today: SOVEREIGN (FOREX) LIMITED Signal 44 + (0)171 600 6101 24HOUR MARGIN TRADING FACttJTY coupermvEprices DAILYFAXSERVICE Weekly Petroleum Argus 0171 - 931 9188 Fax: 0171 - 931 711* Tel: Thu unique source for oi! industry news, comments end 42m Bwkintbu Itobw R4. L«Mm 5W!W OWL priCBS Petroleum Argus ~ CALL NOW 'or a FREE TRIAL tc ;h:s nerwslettar r44 i7t ) 355 .3703 - *" ' ' • \V > ; . .

1

<1Al : - vO FINANCIAL TIMES MONOAY J UNE1 9 1995 ? •

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I

FINANCIAL TIMES MONDAY JUNE 1 9 1 995

LONDON SHARE SERVICE **!*» f* 1HWJMB, r -** 3t - mvESTWENT TWISTS - BANKS, MERCHANT BUILDING MATS. & MERCHANTS - Coot ELECTRONIC & ELECTRICAL EQPT - Cant EXTRACTIVE INDUSTRIES HEALTH CARE - Cent *** &!* vrw, oti Ku CfjUess cay WM» fflu Dir Dtadena Last City «» 0* DMMnfc Last CEy Di* ftf Dates* Las £j> * ljs im wm “SS* ** Naas ntodrnga 5 - Baa- e*®n rt »• X* paid «z Ee teas P±=mme oe! «w. Ms » S “ Boles Price rt’noB rw aw. pad ml Ena Notes FrtneAliga net car paid «d fra Notes Price range net m pM nl fine Noes Price etfiige net cm J2 — ——• «>»116 ™ 3E - - - - 4538 -ftu 27M ^6 MTFsM** 402 W 1 “ «1>r - a hS FWngm— • EamgstecQnatdPrt.. 50|sl 8% -JtolBecW.il 1757 lomac *G_ 117aM 1.7T.7 U&5 14 JutJot DeeDec 24.124.4 4170 OnmWPiWDoaMPiH- .**.« EG55B — U05 34 fertoApr .to 311 23B32363 ARMRAftWR -¥Z 3 — OB !: « » - - - -MSI Nesto-5KA a 11s «•«* ?l«l!crtcivCanPrf?l»ce ffcn-Cjm Pit .. 4 JdDee tefr . 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U '4 <**-“ : : IB -IS 21 U OctApr 203 4W F»iWtaMl4^ M 05 JDH Wtt*' ReaBnAws •> 61 IJ) 27 OfayOd lOa 3785 S3 - FfttAug 26.12 S48 AmC VEBCra- % :fiSP" - - — 1 — U -1.4 . riirrnrn c ‘ Mwaten SmG 1130 2*1357 Si May Oct 271 3839 CHEMICALS • fflnmfc Comtek pG 300 -26 W6 49 tor No* _ ra AyarKranl© .f 72 -MV &< I 27 todd 1M.-27J 2B» " * III WQ FarSM&SiIimS f®1 *v -HnJri 2821 BatanSiGOd.Bakcrdi* God. -1-11 tlV in 90S U 1167 51 May Oct 27J 3941 ra.- Fonna™"1 »* 288aSm — u85 4 112i1z 2821 O INS vrt* Du ^DW ouriBtft mLast CBy 1.40110c UHarSp 12 1782 (Man &*Z 22W -15 7.13 15 JKDjc 273 4290 f^kOAtaSia^. SlncsrfiFncd *v_ 82 -12 No»Jno 18 4 FnrodTan.—FnvortTcca «*v 57 25 llfeyNarll Nfay Nor 244 2822 BOTHRBcfiftR .... . 1t 38ft38t*B6? 1.1.4 13 27 4028 . — ni 2 — - At HBtfflPiV FlbJd 118 paid1 ^jed linene u r-. 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JUNE 19 1995 32 FCSANCLAl. TIMES MONDAY

Spmdc&JuRS JS NEW YORK STOCK EXCHANGE COMPOSITE PRICES

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F T GUIDE TO T H E E K Cricket MONDAY WEDNESDAY The second Test between ESgtand and the West Indies begins at Lard’s (to-June 26). EU-Japan summit In Paris U Peng visits CIS states Golf. leaves cm a Trade is expected to dominate the agenda China’s premier Li Peng and The French Open starts In PailsC at ihe European Union-Japanese summit. week-long visit to Belarus, Ukraine to meet France's President Jacques Chirac will Russia. In Moscow he is expected minister play host as current president of the EU, President Boris Yeltsin and prime FT Surveys accompanied by .Jacques Santer and Sir Viktor Chernomyrdin. Mr Li's visit to of Guide to Research and Development al^ Leon Brittan of the European Commission. Moscow continues a regular round (UK only). U;'. FT Guide to Cricket . ; Prime minister Totniichi Murayama will high-level Sino-Russian contacts- lead the Japanese delegation .\Lr Chirac 7.111 also hold a purely German decision on Bosnia Holidays bilateral session with Japanese ministers tifl. v?ho are expected to criticise his decision Germany’s cabinet is to discuss whether to resume nuclear testing. German medical workers and support troops may be sent to Bosnia. { FRIDAY Mercosur In focus economic policy The World Economic Forum meets for two UK days in Sao Paulo to discuss Mercosur, die Release of the minutes of the May 5 Okinawa war dead ceremony fTtfWrtJ'-iitf: customs union which groups Brazil, monetary meeting between Eddie George, Argentina, Paraguay and Uruguay. As governor of the Bank of England, and Japan's prime minister Tomudhj attends a memorial service well as the members' four presidents and Someth Clarke, chancellor of the Murayama , various business leaders from the region. !sea exchequer, should show whether Mr on Okinawa for the more than 200,000 President Eduardo Frei of Chile will m$ Clarke refused Mr George's request for a people who died in the battle far file island ago. attend, since his country is negotiating to m^W rate rise, as is widely believed. 50 years enter Mercosur as a tree-trade partner. Mr Clarke insists that he remains

Holidays . - r) any signs of strong disagreement is likely Finance ministers meet to ftiel City concern. Finland, Latvia, Luxembourg, Sweden. European Union finance ministers meet in ^ Luxembourg to prepare the ground for FT Surveys next week's European summit in Cannes. SATURDAY They will consider the Commission's green The United Nations is left with Itttla active rede in the Bosnia morass Environmental Management and paper on technical preparation for the Technology and Private Banking. single currency and measures to boost employment and growth. Ministers will President for Hungary UK junior market opens pan-European police agency. Chief also decide that all the member states obstacles to a deal are French worries Esman! ’ i i THURSDAY iirrTWH i r Tr iv except Germany, Ireland and Luxembourg The Hungarian parliament chooses a The Alternative Investment Market for about the handling of sensitive igaiJ are running excessive deficits. president, the head of state. The smaller UK companies starts trading in information, and British objections to incumbent Arpad Gdncz. a writer and London. It will replace both existing yieldingJurisdiction to the European MPplplpM« former dissident, is expected to be secondary markets, which will cease to Court of Justice. Another task is to agree US-Japan trade talks

' EU agriculture council i re-elected to a second five-year term. Mr trade in file nest 12 months. on a list of third countries whose nationals Senior US and Japanese officials meet in haj Ti .VMgffi Two controversial issues will dominate the Goncz, whose candidacy is supported by will require a visa for the EU. Geneva (to June 23) in a renewed bid to meeting c: agriculture ministers in the ruling Socialist-Liberal coalition, needs settle their acrimonious car dispute and Brussels: agrimonetary policy anu animal two-thirds of the the vote to defeat Ferenc FT Survey avert a trade war. In a bid to prise open irensport. The Commission is set on Madl, a former culture minister, who is The Indian state of Maharashtra. Spanish-German talks Japan's domestic market for foreign cars reform of the asuimonetary regime :c backed by centre-right opposition parties. Javier Solana. Spain's foreign minister, and car parts, the US has threatened to prevent costs running out of control. holds taiifg with Klaus Kinkel, his German impose sanctions on $5.9bn-worth of Holidays Germany ha; fiercely resisted became :ts counterpart, in Berlin. Spain takes over Japanese luxury car imports from June 28. trade fair farmers would get less. Ministers will also Wine opens Algeria. Argentina. Colombia. Hong Kong. the revolving presidency of the European Tokyo is challenging the move in the try to areal-: a two-year deadlock on the The eighth VTnexpo, the Macau. Uruguay. Venezuela, Union in July. World Trade Organisation. I- -m question of Lime-limits when transporting world's largest wine and ^ live animals. spirits trade fair which is of in held every two years, CBI’s view UK Europe i French jobless measures The annual world champion competition TUESDAY - opens in Bordeaux (to The Confederation of British Industry, the Alain Juppe, France's prime minister, is to in which contestants have to charm as KJnnock bids for open skies -y~

Other economic news Statistics to be released this week

Day Economic Median Pnwtouo Day Economic Metfian Monday: In the aftermath of Previous Retoaeed Country Statistic Forecast Actual FMouad Cowtry Statistic Forecast the G7 summit of world leaders Actual in Halifax, and with lingering May money supply (M2+OD)” Apr industrial production” speculation about the possibil- June 19 Japan May broad liqufcfity** Apr merchandise exports*!- ity of co-ordinated central bank action to support the dollar, June w'sale price Indx. 1st 10 days Apr merchandise bnparteT the markets will be watching Apr industrial production** Apr merchandise trade surplus carefully for any economic indicators that might affect May industrial output” Apr wholesale trade“f currency movements this May housing starts inWal claims w/e 17 week. Jure 370,000 In Germany, a crop of data is June 20 US May building permits June 22 Japan Apr overall pas consumer expend” likely to cast fresh doubts Apr conddenl indx Apr pars e'eumer expend, workers” about the strength of the eco- nomic upturn, with producer Apr leading diffusion Indx Apr income, workers” price figures expected to show May MA* 1st quarter wage rises” a small decline. In Japan, data on June's wholesale price May M4” May durable orders index may point to further dis- May M4 lending June 23 US May durable shipments inflation. Tuesday: US May housing May bdgsety net new commitments Apr trade balanoet starts figures are expected to May consumer pnee Indx' Apr producer price tedx” show further declines. Wednesday: The US trade Apr trade balance -S2W.9m Apr wholesale price indx” figures will be watched care- Apr retail sates"t fully for hints that the deficit has deteriorated further. Mean- May merchandise, importst During the week... while the first-quarter current Apr trade, goods & services June trade balance, 1st 10 days account data are also expected June 21 US Apr bal payments, goods etc export to show' a widening deficit. Germany May M3 from 4th qtr S4 base just announced: Thursday: Consumer expen- Apr bai payments, goods etc Import Germany May M3 from 48i qtr S3 base ] -Class high- diture in Japan is expected to end Unix workstations from 1st qtr current a/c -544-flbn Germany have continued falling in April, May producer price indx' Hewlett-Packard. Featuring new although at a slightly slower May treasury budget Germany May producer price Indx” "VisualEyes" graphics rate than in March. Mean- hardware: May trade ex-EC Germany May Ifo business climate its while. the 1FG business survey engine is a dedicated PA-RISC

in Germany is expected to June dttes consumer price indx* i Italy Apr trade balance, payments geometry accelerator chip for show’ a continued weakening of double speed vector generation. June cities consumer price Indxr* ! •month on month, "year on year, fseasonalty adjusted business optimism. Statistics, courtesy MMS International. Single and dual processor J -Class ACROSS DOWN models have the new PA -7200 1 Skinhead ready for a drink (6) 1 Keep including the trainee as MONDAY PRIZE CROSSWORD 1 20MHz CPU. For full story, 4 Came to terms with embel- a labourer c5; No. 8,791 Set by VIXEN phone for Morse Data “One-Page lishment 16) 2 The man's arranging some 5 A mite's possibly after quiet music (7) A prize of a Pelifcan New Classic 390 fountain pen for the first correct Busy Executive's Summary". solution opened five runner-up entertainment i”i 3 Curse and stop the race (9) and prizes of £35 Pelikan vouchers will be v,» m •* j awarded. 9 The less expert may be more 5 A bishop with an island off Solutions by Thursday June 29, marked Monday Crossword s.791 on the envelope, to the Financial Times, l Southwark Bridge, SEl colourful 1 1 the Scottish coast (5) London ) 9HL. Solution 11 A tale told about exemplary 6 Spectator taking look round on Monday July 3. Please allow 39 days for delivery of prizes. put-down (10) (7) Name 12 A certain police division 7 The manager pretends to be could get really acrimonious prepared to receive one’ 13) Address <-1 10 The underworld fulminated 13 Well-qualified persons - tip- when talked about i9) top people (5) 13 Given less than a quarter in Winners 8.779 Solution 8,779 14 Offhand royalist t8) spoil, he'd complain (9) IS) CJL Martin, Royston, 16 Swells can he game? Nuts! 15 Few show' support (9) S. York- emqhqhqe 15 An Egyptian having nothing 17 Dramatist and Lord. shire naan Chancel- H 13 El E to turn over <5) lor admitting misrepresenta- A.L. Curry. Barham. Kent Mrs S. QQBQB BansBQElH 20 Some like to present an tion \7t Farquhar, Woodley, HHQmaOQD old-fashioned image (4) 19 Properly aligned at the front Berkshire QQDnOOQ QWI3SQE 21 Wrong bit cleared - must be 17) AJ. Ford, Potters Bar, Herts nSJGJDHCIGICJ made good (10) 21 There's a place here for row- T.A. Veitch. Cranbrook, Kent DQQ HQQEC3HE 23 Told of Parisian appearing in ing men. note i'51 M. Wells, Greenwich. Connecti- gold and scarlet «7i Inside an ocean-going cut, USA donna 22 vessel H00E3BS 0U3EHQ 24 Obvious way to get round the \5) o u non b 0 foreigner (7) QHHGinH 000HQBBQ 25 Advert about English jacket £90000000 f6) oqoooq 26 The poor guy will have to aaasasH a a Ei s a g stop canying food (6) a nanugu JOTTER PAD FINANCIAL TIMES SURVEY GUJARAT TAMIL NADU The FT plans to this >. .. publish ^ The FT plans to publish this survey in August survey in September **1 ft c MAHARASHTRA Monday June 19 1995

here Is an almost jaunty India’s leading Ho|| self-confiiU-nce Industrial state is coming to terms d ays to the m THIS SURVEY T senior officials m the bustling buildings of the Man- with a change of government. Mark Nicholson looks tmlaya, the office blocks in Dabhol central Bombay from which at how foreign investors are likely to affected Maharashtra. India's third bip- be gwt state :unl its financial and threshold vndustnai heavyweight, is •• administered...... -rr^T .*1 must be Okinawa From behind their bureau- cratic heaps of worn and bulg- Investors are given ing string-tied binders, the crossed Indian Administrative Service Richard Donkin reports on officers who run the state a project which may prove recite with relish the record of a touchstone of foreign achievement since Maharash- mixed messages Investment in the shite tra was formed from the divi- Pago 6 Haiidays sion of Bombay state in 1S60; State income Then- is much at stake for stronger industrial perfor- the Rupees billion (at T9S0-B1 prices) new chief minister, not Union power is mance. higher levels of invest- -ica least Maharashtra’s record as eroded ment. more disciplined finan- India’s pre-eminent choice for cial management and higher P=Se2 foreign investors, in ibe last j levels uf per capita income" and calendar year the state saw Congress need growth than almost any other Si -lflhn of foreign direct invest- state m the union. ment approved, more than a not give up hope Moreover, the state's politi- quarter of the rnLiJ for India Page 3 cal transition since March, overall and much the highest The two wings of the Taj Hotel - old and new - in Bombay when unbroken decades of level of any state. The industry Property prices hit Congress party rule ended with ministry says a total uf -SSubn the election victory of the of investment has been the roof page 4 Hindu nationalist alliance of Per capita income approved in the state since the Bharatiya Janata Party India’s reforms began in ltfJl. Business guide Rupees lat 19eo-9l pneo-,) and Shiv Sena, has proceeded Page 6 4.003 STbn with some foreign compo- “without the merest ripple", in nent ur jurticipaiiun - figures Maharashtra f | one top official's words. rivalled only by neighbouring Stuff of planners’ Inside the Mantralaya, per- Uujar.it. where &!3bn of invest- nightmares haps. But from outside, specifi- ment so approved. wcrm has far been Page 7 charm in cally from the vantage point of Success, in Maharashtra, has 9 contest overseas investors, the politi- bred success. Built on the his- World’s biggest cal transition has raised some torical industriousness and - v discomfiting questions about entrepreaeuriaiism of the tractor producer India's industrial giant. In its Maharashtrian - and tens of Page 8 J 1 1 L successful anti-Congress cru- thousands of Gujarati - busi- 1980-81 82-83 84-85 86-87 88-90 90-9-1 92-93 sade. the BJP-Shiv Sena alli- nessmen in Bombay and Pune, Sweet satisfaction Source- OoMmUHM of Uahsraffm ance sent some mixed signals the state has by almost any for co-operatives to prospective foreign inves- measure become India’s busi- Page 9 tors in Maharashtra. It and the first big power project pated the international row ness and financial centre. The attacked liberalising Congress both to achieve completion of that its opposition to Dabhol state produces mure than a Map and key facts party-led economic reforms as financial ammgments and to would provoke: including quarter of Indian output in Page 10 being "anti-poor”, and prom- start construction since India's warnings from the US and UK industries such as chemicals, ised a slew of populist mea- central government deter- that cancellation might rubber, metal products, Editorial production sures In redress. Under the mined that foreign capital threaten further big invest- machinery, transport equip- Police on the street in Bombay Gabriel Bowman banner of Hindu nationalism, must be allowed into the sector ment or at least add a higher ment and repair of capital Rtissy it campaigned against the to help close the country’s wid- political risk premium to goods. It contributes half of all record of stable finances. Mr nevertheless he says the state near central government con- tra. the central investment unrestricted approval of for- ening power gap. inflows. India's corporate receipts. Venkat is well within its Buoy- funds for anything.” co-ordinating body, among 1 ’^2SS future tax Chary, principal means. tingency are :::3a: eign investment, particularly It remains to be seen if the There are recent signs that 44 per cent of its customs duly finance secretary, says the ant revenues from sales tax. It is not a boast many other India's oldest aiid more effi- into consumer goods Indus- review will conclude, as the the new government is, not- and 30 per cent of all income state's fiscal deficit this year stamp duties, vehicle, excise slate financial secretaries cient. Though local investors tries. Indian industrialists alliance alleged, that there withstanding the eventual out- tax revenues. was nu mure than 3 per cent or and other charges see to that. could echo. complain that Sicom does not would be "put first”. were improprieties in the nego- come of the Dabhol review, Bombay's stock market is state income: well under half Maharashtra also boasts The state's infrastructure is yet offer quite the "single win- Most disconcerting for pro- tiations leading to the Dabhol seeking to amend and clarify considerably the biggest in the proportion achieved by India's least-lossmaking state also among India's best, both dow” for investment approvals spective foreign investors, the deal or that its power will its message to foreign inves- India: it is the country’s undis- central government. electricity board: this year will institutional and physical. Its it boasts, few would swap alliance put opposition to the come at unjustifiable expense: tors. Mr Manohar Joshi, the puted banking centre and Though Mr Chary says he be the first in several that it investment agencies, such as Maharashtra's institutions for Dabhol power project at the and whether if faults are found new chief minister, left this home to virtually all the 295 would like Maharashtra to will make any claim at all on the Maharashtra Industrial those in other states. centre of its election platform, the deal will be cancelled or month, for instance, on an foreign institutional investors receive a share of India’s pool state government funds. Development Corporation, But Maharashtra cannot EiecSon in Haiti promising a review - the result some compromise wrought investment-courting tour of the which have flocked to India of corporate and income tax - “Unless anything quite which oversees land, power take its industrial and finan- of which is pending - of what But it is already becoming UK and America, a host of since its economic opening. wliich is collected and ilistrib- extraordinary happens in the water and other approvals, and cial supremacy for granted. -.. ;:l-.:is£x is at once the biggest prospec- dear that Maharashtra’s new prominent Maharashtra busi- Moreover, the state's officials uted by the centre - more pro- next 10 years." Mr Chary says, the State Industrial and Invest-

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disrupted Bom- -• at ach and every weekday and greater to Richard Donkin looks changes in the labour market cheek-by:jowl housing, morning, tens of thou- bay’s authority has rejected, far E sands of suburban Bom- the now, notions of banding big . bay wives and mothers cook 1 and neatly pack spicy meats, new freeways 'or -flyovers: vegetables, rice and chapatis Existing rail fines: will be wid- , ihii V Union power is eroded into fin lunchboxes, 100,000 of ened and roads upgraded. For X; .rtf . the same reasons, says Mr Fba- * ’ These, turn, are them-. in : . ; .^jL, sthrfh There is a story that the the working class trade union- way for the office revolution. particularly within the finan- picked up by legions of Bom- tak, some of ther 'grander . l-'.’t -T Maharashtra labour movement ists he remains a father figure. In spite of their decline in cial sector. bay “dabbawanahs". A dabbah schemes proffered by- foreign , owes its origins to the 19th Delegations queue at his popularity, the unions remain The rise of the financial sec- is a lunchbox. engineering contractors , for century cotton merchants or office door to discuss their a force in the state because of a tor in Bombay is gradually Hundreds of dabbawallahs bridge-tunnel links east across Manchester. Fearful that their employment problems. Above law peculiar to Maharashtra challenging union effective- then cycle with the boxes to the water from south Bombay' - — s.v;*- £38* products would be undercut by his desk is a portrait of and Gujarat. The Bombay ness. while the rise In salaries dozens of suburban stations, to New Bombay, or ^sweeping . Bombay textile mills using Ganesh, the elephant-headed Industrial Relations Act of available for India's own finan- where a second wave of dabbar highways from Bandra to tin ..,-v toU*-'. low-paid workers, the Lanca- god that removes all obstacles. 1946, enacted when both states cial and information technol- wallahs stack their “tiffin mm north down the coast- to Worh z ritffrssailiy; shire merchants are said to For a group of quarry workers were under a single adminis- ogy specialists, whose high boxes” and squeeze onto the Bearing thefrtBfti boxes, ftedabbawaBatwge on thdr way- RumaooMn in Bombay’s centre are ^TSuiy-’ ; — have helped organise Indian ushered into his office, Mr Sal- tration, recognises unions on skill levels continue to impress bursting trains bound for land for the time beingT- .. . . . trade unions to push up the mant seems able to do the an industry basis over a series western employers, has taken south Bombay, where half the Not only might it prove Mark Nicholson investigates ' wage bills of their competitors. same. They drape a flower gar- of important sectors, including many higher paid employees city's population gathers daily immensely difficult for con- "It is not true but it's a nice land around his neck and show textiles, sugar, transport and beyond the influence of trade to work. tractors to construct the neces- H story.” says Mr Vasant Gupte, him their wage slips. We have co-operative banking. This unions. The five industrial By noon, hundreds more dab- Bombay's transport problems sary long-term finance for such $&¥***? director of the Maniben Kara just won a 70 per cent pay rise means that a single union is relations laws (three central bawallahs take anri sort the tif- build-own-transfer schemes Institute, a workers' educa- and this is their way of saying recognised as the sole bargain- and two state government) fin boxes, each marked with a given India's immature capital: wmmm tional group in Bombay. In fact thanks." says Mr Salmant ing agent for a whole sector, remain, however, a serious personal code of symbols, on and debt markets, but many in . ,,.0.:irM. ***** there is a kernel of truth in the “I cannot understand why providing advantages for both obstacle to labour flexibility. the platforms of Bombay’s cen- Bombay, reckon that such story, according to Mr Gupte's there is not more militancy employers and trade unions. Headhunting Is becoming tral stations. Then it's off to Lunch survives plans-- would also -meet strong IZ fpfSWSEl study of the early trade unions today. It can still prevent Employers have found that more common, particularly deliver each meal to the office and influential opposition from in Bombay. While he concedes exploitation." he avers. negotiations for single union among Indian employees of each of the 100.000 lovingly the property barons who are that philanthropy lay at the Memories of the 1982 strike agreements tend to be more whose expertise has become cooked-for sons perfectly with south and husbands. happy tea-ton* heart of Lord Shaftesbury's remain strong, however, and straightforward. For those sought after. reason is The fresh, journey The grate- hard estate warm food a Bombay's real proposals for Indian factory partly the ever-escalating cost fully devoured, the dabbawal- prices. A link to New Bombay /i.ry. ?3»..jBtRM legislation, Mr Gupte main- of expatriate assignments, lahs collect the Factories and employment empty boxes than lm by car or taxi On accelerate as new foreign- might deflate prices, pretty . tains that the earl was not mainly due to the rise in return the and them that after- some rail routes. -1000 passen- brand cars come onto the smartly. . unaware of pressures to curtail cost of housing in Bombay. noon, back up the same rf«in gers cram into rolling stock Indian market in the next 18 In the meantime, the private the competitive advantages of Wages in Bombay must be to each and every cook, for designed to carry 1800. Accord- months. Already, the munici- sector is looking elsewhere for Indian manufacturers. viewed in relation to housing washing up. ing to Mr VJL Phatak, rhfuF pality bans three-wheeler auto- opportunities from Bombay's Cheap labour is still a com- Factories (thousands) costs. Some per cent of sala- 2.300 40 There are members of planning officer of the Bombay rickshaws from operating on transport problems. For »£»' petitive advantage for many ries are absorbed by the cost of Bombay's Union of Tiffin Box Metropolitan Region Develop- south Bombay’s roads; instance, Mahindra & Mabin- -’.'jJL-iy': Indian industries but there are accommodation. Commuting is Suppliers, and it is almost ment Authority, these traffic • that the existing transport dra, one of Maharashtra's .big- . signs in Bombay that the also growing increasingly diffi- never that they deliver the flows are on course to double institutions should be reviewed gest industrial groups, is con- labour market is being trans- cult. There are some 2,400 train wrong chapatis or return the by 2011. by which time the and reformed. Bombay's subur- sidering setting up a marine V*. as white collar formed jobs services a day in the Bombay wrong box- This unique ser- city’s metropolitan population ban rail network, for instance, transport service to ferry, com- rav. begin to ease out those of fac- area, transporting vice. c*r&m some 6m a bizarre legacy of the is expected to exceed gftn forms part of the giant state- muters from the . northern sub- Workers (100.000) tory workers. While the trade | people from the outlying sub- British raj, also provides Thus, from the calm offices run Indian Railways, “so it’s urbs to sooth Bombay by hov- movement union remains urbs. Some workers spend as 100,000 workers with a meal of the BMRDA in the northern given much less priority from ercraft and catamaran, and organised in Maharashtra, its half much as three and a hours which costs, including the dab- suburb of Bandra-Kmia, itself the centre," says Mr Phatak. ltnk the busy business district strength has been eroded by each day on a train. bawallah's service, around an attempt to create a business He says the authority is moot- across the wide harbour to the 1901 1965 1970 1980 1985 industrial developments and The pressures caused by the RslO (about 20p); far cheaper centre to draw workers of Arun da. execu- Scurca Aovcmnon cf Hbtfantstera out ing the establishment of an south. Mr Nan liberalisation of the economy. increases in population are and tastier than the pricey fare crowded south Bombay. Mr autonomous Bombay rail tran- tive director of M&M. says he Factories in Bombay are becoming an issue for employ- on sale in south Bombay's Phatak and his team are work- sit authority, something which believes the service down Bom- closing to make way for devel- trade unions seem to be grow- unions which emerged as rep- ers. Expatriates with children teeming streets. ing on Bombay's second major might offer the city managers bay's west coast could cut to 4(1 :r opers and many of the new ing unfashionable. reality The resenting whole industries, it are now being warned away by But remarkable as Bombay's urban transport project. It is more control over fares as well minutes the present. two-hdur' businesses in the rural areas facing Mr Salmant is that no assured stability and prevented diplomats because schools are food delivery service is in founded on a study commis- as services. Bombay urban haul from the northern sub - are usually small enough to more than 10 per cent of the any divide-and-rule full. those love - measures Even who the itself, it is perhaps just as note- sioned by WJS. Atkins, the UK traffic accounts for 50 per cent urbs - while helping dear the . ‘pArlttklirt* resist unionised labour, prefer- Maharashtra labour force is - - - against fragmented unions. city and despite its problems, worthy for the proof it delivers civil engineering consultants, of the total traffic flows on the roads of traffic. - ring to employ temporary and now organised within unions. Even though labour legisla- many do - grow bored with all its the that, for apparent fail- which made the following Western Railways network. The group has already 'X'Z-i contract workers instead. Industrial strings employment has tion still offers considerable lack of opportunity for week- i ings. Bombay's horribly recommendations: More detailed studies are in formed a marine transport Union militancy was broken begun to retreat from Bombay. employee protection - it is travel. •- the- end A British expatriate : stretched urban transport sys- • that emphasis in improving progress on each aspect of the company, initialled an underr in a crippling textile strike dur- About 10 mills textile and some oretically difficult to dismiss said; “There is nowhere to go. tem still functions with unex- links into south Bombay Atkins blueprint But Mr Pha- standing for the purchase of a , :-:V rxirtWft'Jl ing the early l9S0s. Instead of 140 factories and smaller indus- employees - in practice try bills some You to go up into the , pected efficiency. should be laid on improving tak says the main points of the hovercraft and is now half way giving fi in to employee trial units have either closed or employers have popularised but once stuck behind a slow- far." “So comments one Bom- suburban rail networks, as the plan are already clear for a through the . tedious task of demands, the employers moved out :;v*. ^-divided in the past six or voluntary retirement schemes, moving lorry, the whole expe- bay official “with all the con- most land-efficient means of project expected to cost seeking the necessary govern- resisted the strike, forcing seven years. Scarcity of build- a . " form of golden handshake dition turns into a bad dream." straints of land, the crowding, increasing traffic capacity; RsSObn. mainly on widening ment and municipal approvals. /> ‘ thousands of penniless mill- ing land coupled with heavy OT-SCiif introduced by legislation in The labour market is chang- everything, we somehow man- • that improved bus transport rail links and improving main However, it has still to find- hands to abandon the move- demand for office space have T-Vf 1991. whereby often consider- ing but, until law reform age to keep the traffic moving. should be given second prior- roads. The World Bank is satisfactory landing sites, par- ment and their jobs. Before the pushed up the price oT land able sums of are paid to occurs at •.V money central and state gov- And as long as we continue to ity; already considering BMRDA 's ticularly on the shores of smith strike Bombay had 250.000 tex- committed renewal —:rt? JdMgtfrj to urban A employees to buy off their jobs. ernment level it will struggle do that, we will keep the econ- • that every effort, including proposals and, says Mr Phatak, Bombay. tile workers. A year later, the factory is worth often more On the other hand, compa- to take advantage of the eco- omy of Bombay moving." increased parking charges and a first loan agreement could be Even so, for the next few figure bad dwindled to 155.000. closed than :••• open. nies sometimes simply close, nomic liberalisation move- The question that Bombay's even car user fees for driving signed by April 1997, with years Bombay's long-suffering, imi The strike was led by Partly Mr out of respect for the defaulting on their legal obliga- ment. There are businessmen planners have been asking in congested south Bombay, some finance available from sweltering commuters will , Datta SaLmant. a veteran union trade unions, the Maharashtra tions, to leading years of often who believe that Bombay can urgently for the past 15 years should be made to reduce pri- the Bank a year earlier. The have to crush in tighter on the •t their leader who today finds himself state government laws has fruitless court actions. While be another Hong Kong or Sing- at least is bow to keep it mov- vate vehicles on Bombay's Bank has already undertaken trains and wait longer in the fighting a rearguard campaign which make it difficult to evict the Indian labour market has apore. But the pace of financial ing. Traffic flows into south crowded island- The number of to finance 60 per cent of the traffic jams. At least they will to preserve textile jobs in the workers develop the dere- and been notoriously Inflexible expansion has so outstripped Bombay are already at burst- private vehicles on Bombay's Rs4bn needed for resettlement have the consolation that they face of increasing mill clo- lict mills. All they seem to do, with set employee establish- the city's basic infrastructure ing point Each day almost 4m roads is rising by about 12 per of those affected by *be road wfil be followed a few horns i sures. While some regard him however, is delay the day that ments. even these are begin- that, without reforms, their people flow' into the capital by cent a year, a rate of 150 a day and rail link improvements. later down the same lines .by : ixwfi&agjl as a troublemaker, to many of industrial employees make ning to see some relaxation. belief may remain illusory. train, 3m by bus and more which planners expect will For reasons both of expense their lunches.

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FINANCIAL TIMES MONDAY JL'NL |‘» l«W * or9E..r- • MAHARASHTRA 3 £s${fe hatever she* devpyr. at runes murky, Mark Nicholson takes the political temperature available from hundreds of roadside foodstalls. machinations which have coloured would be cross-sufasjdiised by vendors adding a EXECUTIVE SALARIES W Maharashtra clitics, stare officials had rupee or two to the prices of other goods. Bui uf srown u»?d to hoasunj* that stable government course, noone bought anything other than the bad always been u chief factor underpinning the Ril bargain meal. economic pre-emtaenw and healthy finanvtjs uf More seriously for the BJP-Shiv Sena alliance need has been tbe controversy over the Dabhoi power India's Congress It’s third biggest and thud most populous Why cheaper to fc-«i state*. plant. Once in power, the government Until March tins year the state bad been immediately launched its premised review of tbe governed by only one party since its creation in project, which is due to go before the cabinet at this month. But the row over tbe elsewhere IStiQ: the end of go Congress, give which in turn has governed not up hope India Tor all but a handful uf years since plant, the biggest prospective US investment in for the mass market. independence. their slum quarters citywide. India and one seen as symbolically critical to all Salaries in Bombay’s mg business beginning But India's political winds seem to have Some within Congress pin the defeat more efforts to induce vital foreign capital into tbe executive jobs market have The is thrust doubled and in some cases to see a worrying develop- atss swung against Congress, which has lost a smug specifically on disillusionment, inside the party country's aiiing power sector, has inexperienced government tripled in tbe past two years, ment. however. Because of of vital state polls since late last year. Nowhere and outside it, with the manner of Mr Ptiwar's Maharashtra’s into nn India-wide and chasing tbe expanding finan- prohibitive apartment prices was th*.* shock to the ;mrty jereaior than In rule. “The election, was not won or lust un any immediately cial sector and spiralling it is becoming difficult to Maharashtra, or potentially more significant for political Issuer says a senior Congressman. "It international controversy. attract people from nut side £K®fc the party’s broader fortunes. Perceiving the was won and lost because of opposition to Mr Mr Joshi and his feiiow ministers claim their property prices. particular deal not Mr O.P. Mehra. a Bombay Bombay, leading tu a con- Congress govemraem of Mr Shared Pawar to lie Pntvar. There were unproven allegations of quibble is unlv with this and Maharashtra's headhunter, says that salary stant circulation of its exist- tired, corrupt, divided and increasingly cynical, corruption, and we could not succeed in with foreign investment into industrial sectors per sc. packages of USSIO.OOO were ing executives. iii d^VanoJ^r raters returned in its place the right-wing. removing the had impressions.” "core” infrastructure businessmen ar.d trade attaches say Mr common only two years ago. Poaching has grown com- ^ Qari£ ^ Hindu nationalist alliance of the Bharatiya With national elections dur next year, some Foreign -=:ba- «rb that ’’Now no senior financial per- mon and the market is also janata party and Shiv Sena, its more extreme, argue, a re united Congress, could well revive its joshi has striven, privately, tu assure them son will work in any com- being plundered by overseas .-r.^ahJif;' indeed fire-breathing partner. fortunes in one of the country’s most important be wants Maharashtra to remain India’s biggest However, he has w* pany for less than $20,000." companies, particularly from But the Hindu nationalist partners represent states. "Congress did not do as badly as it may draw for foreign investment. spelling our such he adds. Singapore and Hong Kong quite distinct political strands. The BJP has seem.” says Mr Kumar Kutkar, editor of the far been shy about ey reassurances public. For example, while an but increasingly from Europe national political presence and aspirations and Maharashtra Times. “But it has been so m experienced chartered and the US.Ub. is seen broadly to represent a higher -enste and disorganised it will take some time to recover Not only are mr^S - the he impression left, after the goterruner.: s accountant commercial middle class Whatever its from the shock it's somewhat like British r,:\ months, shns the BJP. ir. par- reservations about the entry of seme foreign Labour party alter Mrs Thatcher came to first few is As Bombay salaries have ticular. been hoist un i-s own ejection pre v\ o us 1 y ^fffiStTo £**"* has ' ifc investment and business into India, in essence it power.” T companiesompanies also harbour the queasy commanded escalated,escaiaiea. attract, but ” approves of the present Congress government's Nevertheless. corruption and the campaign petard Many L ^satinip ft ,-ibout Slu.OUfiSiu.ouu moving companiesc ompanifs drive to deregulate the economy and senior "criminal isation” of Maharashtrian politics sense that whatever the individual dedication about a are thinkingthinkin of : vvamwant ! of Josh: and other Shiv Sena year, todayt od a whMwhich* do Maharashtrian businessmen consider it (irmly formed a platform un which the BJP and Shiv and competence Mr y further afafield,d writeswrites” ; the -admired the candidate _ . . 10to romecome t0to .'B^S camixiigned with united rmmir members of cabinet, like widely Mr rr: t, rrt n««nB on their side. Sena fruitfully v.. RichardRfchar< DonkinLjonkin Hcmhav nr* Vavalkar. the transport minister, they would be set- Bombay are probu^i poll. They of Mr I *awar's Mmohar Joshi: does ho hold the reins of power? Pramod Shiv Sena, an the other hand, is a more in the state made much also being 1 c.l Behind the ling Sl'XUUO to ayuftj links to the Bombay underworld and do not hold the real reins power. ^i: narrowly focused party of the lower castes and alleged “1 outside it. sits Mr $10,009. deterred. had one client urban dispossessed, strong in the poorer questioned the propriety uf his government's government, and formally to bring his com- Thackeray who claims "remute control" t>l ihv “Some jobs, such as that of who wanted margins of Bombay, its political centre of negotiations over the now highly controversial Bombay. ? Maharashtra state government and maintain* equity research, have puter company to —..r '^15,1; gravity. In these homeland?. has acquired, &*20m Dabhoi power project, led by Enron Bra esstsiiial tu lx* tight control of Shiv Sena. eiRt-T-'cd that did not exist at He thought it perhaps even nurtured. r< thugtosh reputation. Corporation of the US. It have entailed !r5 ND Thackeray has already (.-aused the new th.it tinje.’' say* Mr Mohix In here. would ° Above all. it is the creation and pulitieaj baby of mn^.' renring office at Nariman ? U!n government considerable embarrassment. His corporate finance, he says, an ? tuaS^; Mr Bal Thackeray. •*. the charismatic and hipping up nationalist ire at the entry to Bombay - to young people with two or Point.” says Mr Mehra. atf outspoken, ex- political cartoonist who leads the Dabhoi project formed part of a further advocacy of permits for waa^: needed an office ; keep out the threat to "sons of the soil" three years’ experience are Tbe client party and formed it as a Maharashtrian rallying point - the accusation that ft. which would W strained BJP-Shiv Sena relations early on. until getting S25.M0 or $30.1*0. An of 5.000 s>q Congress-led liberalisation was encouraging the nationalist party backing jobs for the "sons of $50,000 a month to alliance managed u-. muffle the outrage it executive in consulting can have cost originally perceived threat economic neo-culoniahsm of Maharashtra and tbe : the soil", against the deposit v:i«nos^t raised. An alleged "death threat” - said to have get up to $Ut,OuO. plus profit- rent, in addition to a " --s.-oroflin of south Indian migrants drawn to India's indeed India. The BJP-Sbiv Sena politicians 1 - four exec- jfc “Bangladeshi Moslems in Bombay” sharing bonuses. of Sim. Housing its ** — richest state. claimed they would instead "put Indian been from -.:• salaries have utives would also have .7 foreign prompted Mr Thackeray to promise. "If anyone The way that This nationalism also embraces a deep companies first” and discourage upfront depos- threatens me in this manner, my Shiv Saimks escalated can be seen in the required hefty antipathy towards Maharashtra's Moslem investment in fields such as consumer goods eliminate the community.” He added. average salaries for place- its for their flats. "Simply to Tliackeray has zealously industries. More broadly, the alliance claimed will - ^ *!» community*. Mr installed there would —; norj^, “There will not be a sign left of that community ments made by Mr Mehra 's become * chasing out "illegal'' Bangladeshi and that the Congress-led liberalisation policies of “ supported outlay of $ltim,” Mr ^^Waib* I give this order to the Shiv company. Omni Interna- need an Pakistani immigrants from Maharashtra, adding the past four years favoured the rich over the on earth, and • -sEc Mehra says. Instead, the cli- 'rr Rain ik-c not to wait till the 11th hour to do this." tional. over the past three a distrust for "pro-Pakistan” Moslems in poor - a claim easy to dramatise, if harder to utterances from a man who once said years. In the financial year ent moved to Bangalore, cen- -;^ ^ ife India's best-paid Such general. His well-organised supporters on the prove, in Bombay, city or software indus- ' good ideas, but perhaps 1991-92. the average salary tre of India's — tljjr biggest slums. "Adolf Hitler had some ground have, not least during and since the 1992 bankers and rent that he went too far with the Jews." and uho wields was S4.0OO a year. The follow- try. for an office ..rr^ss and 1993 Bombay riots, made the party greatly From this foundation the alliance raised a • what • •• • considerable power among Shiv Samiks on Bom- ing year it was $5,800. and in was a fraction of he RDE^ feared Moslems. highly populist programme. It would build 4ru among was 1.200. His would have paid in Bombay. u bay's streets, sits very uneasily with tbe BJP. 1993-94 it SI Kf'Sl; analysts believe it was not so much new dwellings for Bombay's slum-dwellers, But many of placements range from mid- Many other companies ?’•_’“ -ilit which hopes successful governance Mahar- 1*1 nationalist renaissance which won the provide a basic meal of spicy chapatis for a Hindu dle to senior management, already established in Bom- ' ’ :zi Pawar: Congress fortunes may revive ashtra might provide a platform for next year's swaasag state election, more a divided Congress which everyone at just Rsl. it would fix the prices of Shared -•'• national election campaign and which, as a often in the $11,000 a year bay are looking at whether lirssgs^ scored per cent more of five basic foodstuffs to the end of the century. lost it. Congress in fact 2 they need to maintain all national party, is doing its utmost to reassure category. But the highest sal- ^ s£?' whose 29 Such promises, nourished on Congress fatigue, the majority in the alliance anti provide in Mr the vote than the BJP-Shiv Sena allies, are growing constantly. their staff in the city- Some Joshi the state’s new chief minister, Moslem and other minorities. "Basically,” says aries rx. per cent share nevertheless returned them 138 of returned Maharashtra's new rulers. Manohar paring down "the government is culturally Last year his highest paid companies are ’ been have hitherto held only municipal office. Mr Ketkar. new '. winning the election looks to have S-=si the 228 seats in the state assembly; a fractured But was this their Bombay operations and government has. indeed, frozen the prices unstable". placement S60.000, party found its vote split by the easy part. Only a few months into its rule, The state Congress year so far it is SI 05 .000 for a relocating some or their stall cooking oil and basic pulses at Whether it can sustain political stability is embittered rebels standing .against official the BJP-Shiv Sena combine has already found it of rice, wheat, point. In the end. much will computer company and he outside in cities such as Ban- '• the level of June 1 this year, and says these presently a moot I -H'r candidates - the rebels claiming fully 23 per rather more difficult to practise than to promise. iv* success in providing has more in the pipeline. galore and Madras. evince prices will stick to 2000. But its ambitious slum rest on the government's CsCEUSt cent of the vote. More fundamentally, it has also begun to way that the property bugged down, cheaper food, rehousing more slurodwellers. Executive search was virtu- "The more than per cent of serious strains between the two partners, whose development plan is already . :--!lS3EC And Moslems, 10 ally unknown in Bombay 10 market has gone means that are delayed and being pushed hack in keeping prices lower and winning a cleaner -- Maharashtra's population, deserted in droves a political constituencies and ambitions are ques- u. lea?: its predecessor Congress regime. But years ago. Now there are many companies divergent. time-honoured manner to the committee room. image than party they accused of sitting on its hands while considerably agencies, tioning whether they really zunkn-bhakar. a meal while oo-one can tell which button will next about 20 local - activists most The practical snags faced by the new Its programme to provide - :• ..ij-JsiE: Hindu gangs Shiv Sena con- although some of these are need to come here.” says Mr onions and chillies for only Rsl. is to take Mr Thackeray’s fancy on tbe remote them - ran amok in the administration are manifold, but attributable, of bread, prominent among neither can the BJP rest easily, nor need a employment agencies cater- Mehra. and January argue many commentators in Bombay, to be relaunched following disastrous losses. The troL Bombay riots of December 1992 Congress party give up hope. politicians, who are in notion had been that the cheap meal, made regrouping 1993, slaying hundreds of Moslems and torching inexperience. Shiv Sena

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ombay’s smart set rarely get Richard Donkin on a market that seems out of control beyond the first course at dinner , parties these days before the conversation turns to property prices. One hears echoes of the UK during the mid-1980s, only perhaps the property Property prices hit the roof market in Maharashtra is inflated less by speculation and more by restrictive development laws that have stifled nies from settling in Bombay. mounted only the first hurdle. The Urban "mass housing project”, but that may be a expansion. The most frustrating aspect of the mar- Land Ceiling (and Regulation) Act, misnomer. The need for a more intensive Rapid growth in the financial sector and ket is that there is probably sufficient enacted in 1976, placed a limit on the programme was recognised by the BJP- the daily influx of jobless migrants from development land to satisfy much of Bom- development size of any plot of urban land Shiv Sena alliance, when it promised dur- rural areas have led to shortages all bay’s commercial and residential needs in larger than 500 square metres. There is ing the election campaign to erect a fur- round, both in commercial and residential the textile belt on the periphery of the city also a ban on changing residential space to ther 300,000 homes tor 4m people, but this property. These combined pressures have centre. This once-thriving industrial cen- office use (although some get around it) programme has yet to be put into practice. also highlighted the polarity between rich tre has become scattered with derelict or and property transfers carry a 10 per cent However, the Maharashtran state has and poor. While a choice apartment in one semi-redundant mill and factory sites, ripe stamp duty. instigated other schemes designed to of the more exclusive high rise develop- for redevelopment The result has been that development upgrade old city centre apartments that eeema to have a price ments might change hands for S2m, a few Instead, the sites have become blighted has been stymied. In spite of the financial are usually neglected by landlords. But the Any KM of property, even the slum, hundred yards from the door people are by misconceived social legislation that has boom, there is hardly a crane to be seen process is cumbersome and the law has Instead of land controls, to force land onto sleeping on the pavements. done little to promote the interests of the on the Bombay skyline. Construction work done little to promote privately funded that they will pay much less tax on it than with. rent the market also says there is to Residential apartment prices have got so poorest members of the community that it that could provide jobs for the card- regeneration. The rent act is weighted in would be the case Many execu- He heed get rid of rent controls for friinre tenancies high that some companies prefer to house was designed to protect. players cannot get the go-ahead. favour of the interests of the tenant and tives who rent properties also prefer the ' commercial tehants.-'Hie controls, he executives and their families in hotels. A In some mills the workers are turning There is a way to develop the mill sites rents are often frozen at the levels when deposit system for tax reasons. and exorbi- protect existing .tenants count late last year found 110 families up every day to play cards while the own- but it is complicated. A third of the land the tenants took up occupation. Commercial prices are equally says, at the living in the Taj Mahal and the Oberoi ers, who have abandoned production, con- must be given to Bombay municipality for One businessman said that his grand- tant A recent survey by Richard Ellis, expense of all future tenants. hotels on a permanent basis. tinue to pay their wages in the hope that parkland, a third goes to the Maharashtra mother, living in a fashionable seafront property consultants, put Bombay's office He suggests that the authorities should of existing' Any kind of property, even the smallest sooner or later they will be able to cash in Housing and Area Development Authority flat in Marine Drive, was paying the same rental costs above those of Hong Kong and take a pragmatic view rentals, slum, seems to have a price. A self-built by selling their golden asset Others are and a third is retained by the developer. rent - S10 a month - that she paid when Tokyo. Office space in the Narriman Point possibly dividing the equity in tis prop- house without lavatory' or running water waiting to cash in. too. The development Progress on the scheme has been slow. she moved in during the late 1940s. business district was quoted at $12J2 per erty “between the tenant and landlord. His in a slum on the fringe of Ghatkopar, a sites sometimes attract Bombay's Mafia Four years after the regulations were Because of such stagnation, the rental sq ft a month. One businessman says: proposals would in effect replace the Bombay suburb, would fetch about £5.000, gangs, whether seeking protection money introduced, work has at last begun on the market has virtually disappeared. Land- “When you consider that the space occu- decongestion policies of the 196% and even if it were a squatter home no larger or to influence a deal One mill-owner was first such development, at Matulya Mills lords have every incentive to neglect their pied by my waste-paper bin costs us £UOOO 1970s. The chances of achieving even a than a one-car garage. Few such homes recently shot dead in what looked like a in Lower PareL buildings, which are almost worthless if a year it doesn't bear thinking about” limited amount of change do not look are thought to change hands, however, gangland killing. The jumble of shacks and crude dwell- they have sitting tenants. Many leave Some believe that only radical reform of bright at present, though there has been and all sales are unofficial because the The law does not allow mill-owners to ings in the slum settlements are protected their flats empty. There are thought to be the laws regulating property deals can some discussion by; the central 7 ^govern- owners have no title to the land. close their factories, flatten their sites, sell by the Slum Act that in effect gives their over 60.000 vacant apartments in Bombay. relieve the problem but market liberalisa- ment. But Mr Munjee's study demon-' While the struggle at the poorest end of them for development and move else- inhabitants squatters' rights over the land. The way that short-term rents are tion has yet to filler through into the strates the pressure for land policy liberal- the property ladder is to have any kind of where. Textiles can be and are produced A shim improvement programme appor- secured is to pay a large returnable property sector. Mr Nasser Munjee, execu- isation emanating from the private sector. living space, escalating prices at the top of much more cheaply outside Bombay but tions funds for lighting, drainage, roads deposit for a three-year period. The land- tive director of the Housing Development In the meantime, speculators are cling- the market have placed the cost of a Bom- the state legislation was designed to pro- and lavatories. Its aim, it says, is to ensure lord enjoys the interest on this over the Finance Corporation, a housing finance ing to vacant apartments In the hope of bay apartment on a par with New York, tect the rights of employees. Companies that slum dwellers have “basic amenities period. In south Bombay a flat for a chief company, says that rent controls have forcing pices higher. This may suggest, Geneva and Tokyo. Although the residen- need special permission if they want to lay on the scale of one lavatory seat for 20 to executive, say, would require a minimum deprived Local government of what would that prices will fall if the market slackens, tial property market may have peaked, off employees and must pay compensation. 50 persons, one water tap for 150 persons, deposit of Sim. The reason that landlords otherwise be an important source of reve- as has occurred in the UK, but Bombay inflationary prices have begun to deter Even if owners are successful in closing one street-light for ever)’ 30 metres of value the deposit more than rent is that nues. Tax revenues on trucks coming faro has yet to experience -this. “It will never foreign companies from bringing in expa- a plant and funding negotiated voluntary street and drainage, roads and pathways". the deposit gives them a chunk of cash Bombay far outstrip those from property. happen,'’ said one businessman confi- triate employees and other Indian compa- retirement packages, they have sur- The development authority also has a which they can manage and manipulate so Mr Muxuee advocates a vacant land tax dently. "I hope it does but I can’t see it:"

econgesting the R.C. Murthy on plans to ease and may last probably another Nationalists favour Mumbai as the name, but... crowded city of Bom- quarter century unless the D bay. the capital of Mah- new township proves a count- arashtra, has assumed a new congestion in the state capital er-magnet to draw away the dimension in the era of dereg- unemployed, who .make a bee- ulation and globalisation of line .to Bombay now. Indian think tank Bombay is not yet a dead duck economy. A The state administration has of the state administration has thus twin priorities of improv- proposed building a new New town would ing the quality of life in slams One form of corruption the South was called Bombay, pleted by the English, who shortly," he says. “Once the self-contained high tech city. and attracting foreign and new Bharatiya Janata party,' after the goddess Mumba-Devi gained the territory as part of central government declares Its location is yet to be decided Indian businesses to set up Shiv Sena alliance is keenest - a shrine to whom stood on the wedding dowry it." of Cather- before continuing to refer but the consensus of the shop in Bombay or the new to clear up is that of the name the city's relieve main esplanade ine of Braganza, who married to the officials is big city city as Bombay that it should be township. A special body, of Bombay itself. To the state until well into the 17th cen- Charles n in 1661, The English throughout recent conversa- within a 200km from Bombay. called City Improvement and government, if not yet that in tury. tongue twisted Bom-Bahia tion in English. Apparently, the move for a locate their head offices in strengthen the current posi- Development Corporation, was New Delhi, the city has By the time the Portuguese through various formulations Nonetheless, the city's first new is modem township New Delhi rather than in Bom- tion of Bombay as the domi- set up in 1970 with a mandate always been and should for- arrived in the early 1500s - of Bombain. Bambeye, Boon dedicated cable channel, aimed at the state retaining bay. India's prime commercial nant finance centre ami gate- to build to phases a new 350 sq mally be “Mumbai". the sultan of Gujarat formally Bay and. eventually Bombay. launched last by the the lead and month staying ahead of centre, Bombay lost out in way to the Indian capital km city on the main land, Maharashtra’s native-speak- ceded the islands to Lisbon in And now back again, if the Hlndujas, India's rest prominent the of the pack. another respect. Same of those markets. McKinsey was com- across Bombay. ing Mara this and the tens of 1534 - the name apparently Marathi nationalist Shiv Sena non-resident Indian investors, Maharashtra is one of the top that had their corporate head- missioned two years ago to Cidco has spent Rs33.18bn thousands of Gujuratis who mutated into Bom -Bahia, from has its way. Government min- is in Mumbai. And some wags few industrially advanced quarters in Bombay have formulate an action package over the past 25 years on what live and prosper in the city, the Portuguese meaning isters use “Mumbai", even if wonder if the Dabhol power states. But It had a setback to shifted to other titles recently, for positioning Maharashtra is known as New Bombay. But know home anyway as Mum- “good bay”, presumably after India's central government project would have been quite industrial growth recently. for instance Britannia Indus- for economic leadership in the only seven out 21 sub-projects. - bai The name harks back to the south island’s grand, does not. nor yet any of so controversial if Enron had Gujarat walked away with tries to Bangalore. liberalisation ere. The action into which the planned New when the city was a collection sweeping cove, now Chow- India's vibrant English lan- christened it the Mumbai three big projects offering Real estate prices have hit plan incorporated three other Bombay was divided, have of seven settled islands inhab- patty beach. guage press. Even the city's power project special concessions. the roof in important sug- been executed. Cidco has ited by the Kolis fisherfolk. The name’s "corruption” mayor seems in two minds: The new township plan is at Bombay gestions. proved unequal to the task. It the largest of which, now then seems to have been com- “Bombay will be Mumbai very Mark Nicholson an embryonic stage but compe- According to a Multinationals have To evaluate had a 30-year horizon to bouse tition among the states to survey con- preferred to locate their the feasibility 2m people in New Bombay. In attract foreign and local ducted by For- of building a head offices in New Delhi contrast, the average dally investment Is expected to spur tune magazine large services- influx into Bombay has been the local administration into late last year, oriented free 900, says the corporation. action. Bombay was the world's third trade zone to leverage the air The northern state of Hary- most expensive city (S8Q per sq and sea access available. The infrastructure has been ana is discussing with Japan ft) in terms of annual rent on To develop and promote the folly stretched as more than to build a township on the Jap- office premises. Tokyo was the city’s global R&D centre role. 30.000 people are added every anese model. Singapore has the most expensive at SI 45 per To reinforce Bombay’s role year. In addition, Cidco has offered to build a modem city sq ft, while Hongkong was as the capita] of the Hindi film suffered from financial con- near Bangalore, the capital of S96.31. industry and to expand it Into straints and was in no position A PREMIER FINANCIAL INSTITUTION Karnataka in the south. “A For outright purchase at the a regional entertainment and to accelerate its tempo. Proba- IN THE EMERGING MARKETS blueprint [of Maharashtra's posh downtown Nariman media centre. Bombay is an bly, if it had had the required new township] will be ready Point the cost is Rs30,000 per island, bursting at its seams, cash, Cidco would have con- within three moths," says Mr sq ft and at midtown Worli with nearly 10m population. ceived and planned bigger; Teshwant Bhave, development Rs20,000 per sq ft In the Any expansion can take place and would have executed fas- commissioner. uptown Bandra-Kurla area, by either constructing ter than the pace over the past What lends urgency to the tile site earmarked for build- high-rise buildings or at a half century. state's plan is soaring real ing a modern financial centre, minimum 25 kilometres' dis- It will be a tough task to estate prices in Bombay that the price is around Rs 15.000 tance from Nariman Point up build the new township that are scaring away companies persq ft north. Maharashtra wants and Cidco from locating their bead McKinsey, the international As a result, slums have mul- may have to harness overseas, offices there. Multinationals consultants, recommended tiplied. Bombay boasts Asia’s expertise to plan and finance that have come to India over revitalising Bombay as a ser- largest slum called Dharavl, in the project quickly, in order to the past two years, for vices capital It proposed the the centre of town. Dharavi is make it acceptable to the instance, have preferred to state administration should a quarter century-old problem international investor.

Nazneen Karmali on another shift away from Bombay

Pune ‘on verge of taking off’

Bombay's rocketing rents and real estate group, has its corporate office in Pune and that Pune's industrial development has prices are turning people away to other its factory win be located nearby. Merced- been well-planned, with the state govern-, cities. One of these is Pune, on the eastern is es-Benz putting up its first car plant tn ment earmarking specific zones for indus- foothills of the Sahyadri mountain range. India at an industrial zone close to the try. But the advantage of having indus- 192km or a four-hour train ride from Bom- city. Pune may also the be site of another trial units widely dispersed is lost since bay. For many years, the city's laid-back big car project, a joint venture between there is no public transport facility. Com-: charm and salubrious climate have made Ford and Mahindra & Mahindra, the local pames are therefore forced to maintain it a haven for retired folk. Now, much to automobile manufacturer. their worn fleet of buses to ferry their the dismay of these pensioners, paradise is Car companies are attracted by Pune’s workers to and fro. changing fast and acquiring big city traits. large base of engineering companies and Mr Chhabtia, who is also the president With the construction of new shopping manufacturers of components. These were of the Mahratta Chamber, is one of the complexes and apartment blocks, Pune's established in the 1960s when industrial early settlers, having started his company skyline is rising. Hotels are packed to development began to pick up in the in 1959. He says there is no more room for capacity with business visitors, making it region. Until then, it had remained largely metal-bashing industries, but services impossible to get a room at short notice. a sleepy cantonment town with India is Asia’s emerging success stoiv. Industrial Development Bank of India, industry such as software development .and financp As roads get clogged with increasing traf- being restricted to a few government- companies are welcome. The chamber has India's foremost financial institution, is the key player in its industrial fic, long-time residents fear that Pune may owned defence factories. Occupied by the Prepared a proposal to establish a finan-. soon go the Bombay way. dal park in a 3,000-acre complex' that will transformation. And with liberalisation sweeping the country, it is playing a The influx into Pune reflects its emer- It has a reputation for education be exclusively for financial companies. gence as an important industrial centre. Firms pivotal role in helping India integrate into the world economy. and residents such as Oppenheimer & Co and the There are 7,000 units, big and small, rep- are not averse to Soros group have expressed interest. resenting a capital investment of Rs39bn. drawing a comparison with Oxford Pune is also an important hub for food For foreign investors looking towards India, there is no better place to start “Pune is on the verge of taking off." says exports, being the city nearest to the Ms Neelam Khandke. secretary general of British from the early 19th century, Poona, state’s with than 1DB1. agricultural hinterland.. A. number Intimate knowledge of India's complex and inter-related the Mahratta Chamber of Commerce and as it was then called, was historically an of floriculture projects Industries. have been set up. Established 60 years ago, the important military centre. In the 17th cen- markets. Expertise of diverse industrial sectors. Feel of economic trends. prompting the chamber's proposal to chamber is Pune's primary trade develop- tury, it had. been the capital - of the Mara- establish a floripark. But such ventures ment organisation and has been fairly tha empire and home to Shivaji, the pow- Products and services ranging from project funding to merchant banking. A face a disadvantage since Pune has no air active. It has launched a bank, set up the erful Maratha warrior. cargo complex and be city's stock exchange produce has .to team of committed professionals ... Everything you would expect from the and two industrial Residents take more pride in their city’s rushed to Bombay by roacL' estates. age-old reputation as a centre for educa- Mr Chhabria is concerned that the gov- world's 11th largest development financing institution with diversified assets Ms Khandke says that the chamber is tion and research and are not averse to sraunent's investment trying to persuade in infrastructure is . Bombay-based compa- drawing a comparison with Oxford. The not keeping pace - of over US $ 1 1 billion and a net worth of over US 1 billion. As a forward with industrial growth. $ nies to shift their back offices to Pune. popular Fergusson College is more than “There are so many Commercial space costs a tenth plans made that just of what it 100 years old and within the premises of don’t looking financial institution, IDBI is equipped to face future challenges and happen. The government seems to be does in Bombay and residential property Is the University of Pune is the Centre for * spending all its money much cheaper. The latter is important on planning," says help India cake its rightful place in the global markets. Development of Advanced Computing: Mr Chhabria. because in He points to the poor cotafi*. India, executive pay packages Factories are located! within a 50km non of the city’s roads; the rising popular usually include a company-provided radius with the highest concentration tion is putting house. Last year the a strain on infrastructure.. chamber introduced a along the Bombay-Pune road. This area is He also cites the example, of a proposal,to business facilitation service for multina- one of the largest industrial complexes in UP 311 tional companies industrial exhibition centre .; that helps them identify Maharashtra with companies such as Alfa wmch is awaiting government approval. potential joint venture partners and with Laval, Atlas Copco, Cummins, Buckau- Most critical for mundane matters such as car Pune is the long- Industrial Development Bank of India rentals and Wolf and Sharp. Apart from such multina- awaited hotel bookings. construction of a freeway system The hard sell seems to be tionals. there , - is a sizeable chunk of local that would cut Developing India Through Innovative Finance working. down, the travelling : time / Companies have become signifi- enterprises. Pune has its home-grown and distance to Bombay. The. existing IDBI Toner. CuHe Parade. Bombay 400 005. India. PH. 2189117 Fay: 21804110188137 Trier 01 13-2I91491 cant buyers of real estate, according to Ms enterprises (22l (221 such as Rahul Bajaj whose Bombay-Pune road Khandke, and prices is a driver's nightmare;, have increased by 50 company. Bajaj Auto, is the country’s larg- potholes and traffic often make' the four-.'. per cent over the " past six months. est manufacturer of two-wheelers. Kimberly-Clark, “^rJtommutar journey a much longer which has recently set Mr Prahlad Chhabtia. chairman of the one. The freeway would make. Pune virtu - up a joint venture with the Unilever Fhwlex group, a cable manufacturer, says ally a suburb of Bombay. TIMES MONDA 0 Y JUNE 19 J «*j V MAHARASHTRA THE MOST ATTRACTIVE INVESTMENT DESTINATION

Maharashtra, India s premier industrial State provides vigour and thrust to the national economy which is

growing today at over six per cent. With a strong base of infrastructure,ski lied and English-speaking human

resources from drawing board to shopfloor, abundant raw materials, positive

work culture and backed by investor-friendly mindset

of the Government, the State has emerged as a powerful

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as their choice, to wit, Coca-Cola, Kellogg's, DuPont, Asahi, Procter & Gamble, Chief Minister, Manohar Joshi

Merrill Lynch, Jardine Fleming, JP Morgan, Morgan Stanley, Orix, etc. An investment of the order of

US $ 35 billion is currently taking shape in Maharashtra. Mumbai, the capital of Maharashtra and

the most cosmopolitan city in India is a port of exit for two thirds of India's exports and accounts

for over 70 per cent of the share market transactions.Add to it all, the fact that the new Government is

determined to turn the State into an industrial and economic superpower. Keeping this in mind, the

Government has instituted Udyog Mitra ( literally meaning ' Friend of

Industry ’ ) a superb inter-institutional framework consisting of the

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± 3\tnmii %***- /mroi* Maharashtra Means Business

• NARIMAN POINT. MUMBAI 400021. i PHONES: ++ 91-22-202 1 202 3015 FAX: + + 9 1 -22-202 300S. UDYOG MITRA 'NIRMAL'. I2TH FLOOR. INDIA 855. k . :

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...

FINANCIAL TIMES MONDAY JUKE 1 9 1 995 MAHARASHTRA 6

I’ Richard Donkin on a project which may prove a touchstone of foreign investment in the state BUSINESS GUIDE Dabhol threshold must be crossed Book a room,

The large expanse of ruddy soil aware of the issues. The argu- investment in India. investments involving overseas power supply is badly needed. prove so overwhelming that and lava rock at Dabhol on ments for and against such The 695 megawatt station, companies, has taken on a far Enron believes it has a hard-nosed overseas investors environ- decide that Dabhol is no hire a car Maharashtra’s Konkan coast- schemes have been debated the due to come on stream in greater importance and an strong case against might line looks like a moonscape world over, with development December 1997, will bum dis- uncomfortably high profile. mental opposition. BUs Rebecca more than a hiccup in the taxi after the excavators have done usually the victor. tillate oil initially but with the Senior bankers say it has Marks, its chief executive, unstoppable trend of Indian Virtually everyone doing than 10 minutes’ ride business will the business centre of their work. The first concrete That indeed may he the way completion of the 132QMW sec- become a symbol for future for- points out that the site had market reform. in Maharashtra from foundations have been poured the story turns out but Enron ond phase due two years later eign Investment in India. A already been chosen for a Whatever the outcome, the stay, or at least pass through Nariman Point Booms, and r *>-. r»vTi*1 into the block designed to sup- has been forced to confront a the entire plant will convert to delegation of British business- power plant by the Maharash- affair has proved a salutary Bombay, India's richest especially telephone nails, ,-v port one of India's most ambi- disturbing alternative - a can- liquid natural gas. to be men which visited Maharash- tra State Electricity Board, experience for those involved. busiest and most vibrant are notcheap-- the rack rate, tious power projects for cellation of its scheme, with shipped from Qatar. tra earlier this month told partly because it is ideal for It has become clear that large city. But it is also the most is more than $200, though decades. But nothing here is protracted legal battles, contin- On the ground, however, state ministers that cancella- the construction of a deep inward investment projects slum-strewn and, in the discounts are negotiable.' set in stone, as Enron, the US ued site protests, disturbances construction workers are fee- tion of the scheme could lead water terminal. must be handled with extreme sticky weeks before the mon- Call early enough and it is power company, has discov- and delays even if it can suc- ing almost daily opposition to India losing out on foreign Comparing gas-fuelled power sensitivity and proposals must soon sluices mild chaos onto possible to reserve rooms in ered. cessfully resist such a move. from protesters, many of investment. At the very least, to coal, Ms Marks says: be sold to the public as much its pothoted roads, often the the more agreeable old wing, Enron intends to build and Cancellation is a real possi- whom, says Enron, are being they warned, India would face “Maharashtra burns 60.000 as to politicians. Competitive smdffest and ask for a sea view. run a S920m, 2.015 megawatt bility pending a review of the bussed in from outside the higher costs of raising foreign tonnes of coal every day for tendering is likely to be Getting there is the least Alternatively, there are the ( power plant on the 700-hectare project currently under way by area. In May the protests capital because of the added power generation and this pro- demanded in many more cases. problem: Bombay airport is two adjoined Oberoi -hotels, ;

site. The scheme, however, has the Maharashtra government turned ugly when workers at political risk. duces 20,000 tonnes of ash Enron points out that its as well served by the world's each also within easy reach i become the focus of a political The 685 megawatt first phase the site were attacked by about While awaiting the outcome deposited in giant piles around commitment to Dabhol is not airlines as any Indian city. of the business centre and stand-off that has reverberated of the scheme was approved at 400 activists. of the review, the company has the state." Distillate and gas- that of “build and leave”. It The recent addition - to the Mantralaya. Maharash- fiir as Delhi. In many ways the turn of the year and the The site was closed for a few been vigorously mairinp out its fired plants have no particulate will run the power plant and India's dries of a host pri- tra’s Whitehall. Room rates as of sUl story of Dabhol goes deal closed in March, but the has agreement vate there the Taj. : .V.^“7’ the emissions and produce no an that the players means is are similar to A •&#.*. beyond politics and touches ruling Congress party in acidic ash. Maharashtra State Electricity often a dally choice of flights cheaper, but efficient and ...... sensitivities embedded in the Maharashtra was defeated in Electricity consumption Ms Marks rebuts claims that Board will buy its power for by such companies as Modil- comfortable option 'within Indian psyche, stirring an the state elections by an oppo- the project will disturb the the next 20 years. The prefect uft, Jet Airways, East-West easy bnsiness/govern- uneasy mix of business, poll- sition alliance between the Mitton kwh fishing industry or fanning has many pioneering fpsTtimre Airways and Sahara to most ment/stock exchange range, Shiv Sena and Bhartiya Janata 40,000 nearby. She clasps her fore- other Indian cities. AJJ offer is the President on Cuffe parties later that month. head in exasperation when better service and punctual- Parade, where rooms are •; 'if* in a typical piece of The opposition came to asked about local opposition. The BJP may be tempted ity than the state-run Mian around $150 a night

power on a ticket that included “We have not displaced vil- Airlines - hotels offers ..... rtr.^saAifts; political rhetoric, one to use the issue as a though since most Each of the .. a pledge to throw out the Dab- lage. one pony, one dog, one -. at • energy minister companies weak their limited good dining. The Tanjore in :’rs rife the political football in the ‘ : hol project. In a typical piece of mango tree." she says. fleets hard, schedules some- tbe Taj is a good traditional \. . 7vrr «r promised to “bundle political rhetoric. Mr Gopinath Some businessmen have belief that it can kick it times come unstuck for late Indian restaurant offering minister charge of Enron into the sea" Munde, ip voiced private fears that the all the way to Delhi evening flights. excellent thalis. The Thai ••••••?. 4 energy, promised to “bundle deal cotdd blow up into a scan- Before i it President arriv ng, is also restaurant in the . iixrt. Enron into the sea". On several dal of Bofors proportions but. worth calling the hotel to also serves fine and reason- • .*> J tics and emotion. occasions Mr Bal Thackeray, for review It is that to happen, the the first international proj- have an air-conditioned car ably-priced lunches. -r. . ‘T Pf On the surface, the issues leader of the Hindu Nationalist would need to show that cor- ect finance to use long-term waiting. At peak times the Elsewhere, there is ling’s, look straightforward and famil- Shiv Sena party and the power ruption was involved. Enron is fixed rate debt. Foreign lenders journey to south Bombay a busy Chinese restaurant 1960-61 65-66 70-71 75-78 80-81 85-86 90-91 93-94 • ' W i.^ iar. A large US power corpora- behind the Maharashtra gov- emphatic that the deal is clean. include US Exim, the Overseas will tain* more than an hour two minutes* walk from the Soiree Gowgmmgm ct Uotmmtaj - -.-i tion descends on a rural com- ernment, has threatened to “I tell you this, in three years Private Investment Corpora- and. though Bombay’s cli- Taj and behind the Regal cin- “V-Jr munity in western India to cancel the project. of working here and leading tion, Bank of America and mate is cooled by the sea. it ema, but, as with all Bombay start work on an ambitious The alliance has argued that days but work is continuing case. Enron stresses that the negotiations personally, we ABN Amro which are commit- can be a sweaty place restaurants, go before the electricity generation project. the contract was awarded with about 1,600 people now- state government did not set a were never approached or ting S54Sm. 'While uncertainty between May and September. dinner-time rush at around. Farmers have no option but to unfairly because it was never employed daily on project, the precedent in India by opting to asked for so much as a cup of exists, however, a senior finan- For a day of successive meet- 9pm. or book. - Booking is •• - 5 1 sell their land. The big com- put out to tender from compet- protected by more than 300 dispense with competitive bid- tea. It just didn't happen," says cial adviser to tbe deal admit- ings, hiring an air-condi- also essential at the trendy pany clears everything in its ing bidders. There are suspi- police officers. This is not with- ding for Dabhol and that there Ms Marks. ted that, although the loans tioned car for the day from Hhyber, opposite the Jehan- ip?**?i way. Protest is ignored in the cions of corruption and there out significance since it shows is nothing illegal in selective However, for all Enron's lob- are fully underwritten, syndi- the hotel is far more comfort- gjr art gallery, which offers

of progress. • name are also doubts about the pric- that, in spite of its rhetoric, tbe negotiation. It says its tariff, bying. the stakes have been cating them will be difRmTt able than taking a chance excellent Mughali/Punjabi .V. •/ The villagers, whose commu- of the electricity. ing Congress new state government is deter- fixed at Rs2.40 per kilowatt raised by the election success If foreign infrastructure with non air-conditioned cuisine and hair-curling . . tit* nity bas been undisturbed for has defended its approach, say- mined CO maintain order. hour, compares reasonably of the BJP-Shiv Sena alliance. investment in rnrifa is faviS cocktails. #v '. centuries, must stand aside. ing that it did not want a ten- The disruption and political with tentative tariffs for other The BJP. in particular, may be at the threshold, that threshold It is imperative to book Seafood can be fresh and The company is bringing a dering process to delay what it opposition are developing into prospective power projects and tempted to continue to use the is DabhoL Enron admits, with hotel rooms well in advance excellent - though locals school, a hospital, new roads saw as a fast-track infrastruc- a test of nerves. Banks financ- will lead only to a small issue as a political football in hindsight that perhaps more of arrivaL Bombay has few warn one to avoid it during and firesh water. Life will be ture project spearheading for- ing the deal had trusted the increase in the average or pool the belief that it could kick it information should have been frill-service business hotels tiie monsoon, when the city’s .TWrtS better than before and the eign investment in the drive assurances given in Delhi to price of electricity. It also all the way to Delhi. provided to win over the hearts and. because of a rush of new fishermen tend not to ven- . plant will generate power for towards market reforms. Brown, think MTaharacthtrans Mr Ron the US com- points out that no other com- Some observers that and minds of expatriate workers and the ture further far enough out •> everyone, An' thousands of new After the failure of succes- merce secretary and Ms Hazel pany is standing on the side- the politicians will not go so Tbe legacy of tbe East India premium on property, many into the choppy seas to clear jobs and breathing new eco- sive court actions . -«"W attempting O'Leary, the energy secretary. lines waiting to come in if far. that pragmatism will pre- Company, coupled with Gan- companies have in effect the city's undersea sewage s ' 1 activity . vfcksr nomic into the area. In to baulk the scheme, with gov- The assurances have been Enron's scheme is cancelled. vail and that a few more con- dhian distaste for foreign cor- taken rooms on a semi-per- pipes. One of the best and .. ; .fet the words of a senior Enron approval to ahead, ' ernment go maintained. Mr P. Chidam- Without the scheme, it says, cessions may be wrenched porate control, has left Indians manent basis. A recent US most popular, seafood restau- ’ executive: • * wwk ‘Twenty years later the drawing down of some baram. the Indian commerce the region will not be provided from Enron, leaving honour with a deep suspicion of such embassy study found more rants, Trisbna is down an. - &**' people will wonder what all the Si S250m in commitments cover- minister, says: “At the end of with adequate power. There satisfied on both sides. investment If that can be than 100 long-term residents unpromising alley off E fuss was about." - :.*:• Sjrtfo'. ing contracts signed, and the day Dabhol will be cleared are some 3.000 megawatts of The warnings of foreign assuaged, the state of Mahar- in Bombay's two top busi- Dubash Marg. Here the fish, Enron, which " A..- owns 80 per finance in place, work is now- by the state government." As commitments for new capacity investors may have been over- ashtra and afi India may even- ness hotels. crabs, lobsters and prawns . cent of the . i: i'JjEH***- Dabhol Power Com- in full swing at the site. The the review continues, however, and these are expected to grow stated, although the argument tually look back and wonder The premier hotel is the are fresh and served with ? . - • pany it has brought in two central government in Delhi Dabhol scheme, Ini- to ass-* . the which 6.000MW by the year 2000. that cancellation of the project what the fuss was about After Taj Mahal, postcard pretty swift, simple efficiency. I other US companies. its General has assured support for the tially might have been Bombay's business lobby is would lead to greater expense all. it was Indira Gandhi who on the seafront by tbe Gate- Electric and Bechtel, with each project, which is the single regarded as simply the first in pressing for tbe scheme to go seems compelling. The momen- said: “There is no power more way to India and no more Mark Nicholson cent stakes - 10 per is well largest US infrastructure a series of big infrastructure ahead, arguing that a reliable tum for liberalisation may expensive than no power.” j* «r“"'

a**. .

Jawaharlal Nehru Port, the youngest member Investing i of the major ports community of India, is the only one of its kind designed and built to We help Hff in international standards. Commissioned in 1989, this state-of-the-art automated port epitomises w f.aMhri «- -r att*- * «.*>' the aspirations of Independent India.

While the echoes of JNP's commendable performance last year are still reverberating, m the management, alive to the formidable challenges ahead, is busy formulating new plans k. Nalinokshon and strategies, redrawing priorities and refining Chairman policies and streamlining port procedures. Jawaharlal Nehru Port Trust

There is little warrant for the fear that the dedication and determination the nul

port personnel have displayed, would not endure. The management is quite ,.-ow*.* optimistic that the private sector would come forward with investment of nearly w 1500 million US$ in the next few years to finance the for programme expansion •••>*#to*:*** H of capacity including the container terminal, chemical terminal, development V •T'S of EPZ, ship-repair facilities. CFS and a golf course with a five star hotel overlooking it.

No discerning investor can seriously question that major ports, particularly JNP, have immense potential and that investment will yield a reasonable return. Look at the number of shipping lines which have made JNP their base for operations in the last two years with many more contemplating to come in. gp**r*< The port personnel at all levels are determined to improve upon the operating and financial performance of JNP in the preceding years. K

- j- i ft TRAFFIC GROWTH : 1994-95 1 I I FINANCIAL PERFORMANCE I Motions n .--V. Commodity Handled Handled Growth 1993-94 1994-95 Increase 1993-94 1994-95 (%)

Containers 244.070 Operating Income 1026 90 1530 49 2.076.852 2.928.840 | Operating Expenditure 781 00 870 1 1 1 .280.390 2.034.782

Operating Surplus 245.9Q exsQ 168 Many believe, India a ju* people and mote people As a matter of fan, diey’re right There’s a 250 million middle class, with first (MF) 3,386,157 5.006.003 Nett Surplus 11300 630 457 1 world purchasing power. In effect, the world 9 targe* and fastest gwwmg consumer market. That idU leaves aside a large, highly trained and adaptable. labour feme. Available at compwtive prices. And we haven’t even mcnooned some of the finest profeaffluk in practically discipline. wiv .Also entrepreneur*. What else.' How about a buoyant capital market Please do fax me for further information. with thousands of' W companies and a «uwi»e manufacturing rector. Legal and banking systems with English as business language. And beneath the soaring Fin, opportunm*. a wahle democracy and a committed bank. Export Import Bunk Of India. With vou. Every step of the way. K. Nalinakshan krs EXPORT- IMPORT BANK OF INDIA Port Office : Solutions beyond banking Administration Building. Nhava-Sheva. New Bombay-400 707 Ht-.K omet Tel.: (022)-7242290 Telex :<013)-13202 . eiMK o*. i uxm :l would ibak asm. cum r/ULU*. uw< too odumiu. overseas -vners iM. JNPT IN nu Abidjan

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FINANClAJ-TlMtS MONDAY JUNE 19 199$ MAHARASHTRA 7

^uig out of her window at the )k diad Richard finds Immunisation attendance at a leaves on the tree across Donkin no answer to Bombay’s population problems rates and r the 0 read. Mrs family are high and L Avabai Wadia is planning clinics moved to 0tTl ! 1 recau the old days. “We schooling and health care tend to be better had many beauti- Vaadana ful flowering trees - than in rural areas. Ms ire Gui Mohur with its ' Gumashta. one association's field red and gold of the a flowers; laburnum and aca- cias lining workers, said that instead of tackling the oaf the roads. 1 hardly see any The stuff of planners’ nightmares selects flowers now." slum problems m a blanket way it areas with populations, of about 50,000. ,v.;l M ! Some of the inward Vb investing companies perilous porch * s in the ever-swelling slums. The Urban Development institute says pressures of Bombay’s increasing popular- vival," says Mr Johny. "We survey the area first, the eligi- ’.fer l: ^5^3%', I nave finding tried to add a little greenery to their Butnbays slums are so famous that the that some 68 per cent or Bombay's popula- ity are the stuff of town planners' nijjht- Yet the crying shame is that the city ble couples who we then talk to about surroundings by planting new trees and city almost seems proud that people can tion is confined to slums, leaving almost uares. Improving economic prosperity is could be so much better run. says Ms De. family planning.’’ she explains. - adopting roundabouts and road islands, :.S survive and sometimes even flourish in nil of the rust in flats. Hardly anyone has a leading to an extra 120 vehicles a day on “There is enough money in Bombay. The In addition, the FPA runs training clas- but many residents fear that Bombay is such adversity. Ms Shaba De. a novelist, house. The bungalows that used to grace the city's streets. At present there are will is there as well. number of people ses in perilously Any occupational skills such os sowing dose to falling victim to its own says that Bombay is the only place in Malahar Hill haw almost all made way for 620.0uu vehicles m Bombay. “That's about is willing to make things better. Yet we and typing. “Even though people have no success. Indian that fosters tho ambition to go from high rise developments. A few gutted man- a quarter the number in Pans ye: they have large areas where people live in sub- individual toilets, we stress tbe impor- Mrs Wadia, a founder member and now rags to riches; the only place on the sub sions remain as the legacy of British rule. pour out four times ns much pollution human conditions. tance of keeping clean." she says. After president of the •y '-.me. Family Planning Associa- continent where the American dream has That 68 per cent - close on people - because most of the vehicles are old and is not the tf. 10m "Funding problem. It is chang- one year the field workers move out, leav- tion of India, says she worries about the become the Indian dream. ing the way the system works. But it must ing locals to continue the programme city’s future. “Services being are stretched "Bombay is a city where everybody be developed properly instead of in trod uc- although the association maintains close to the limit," she says, but then she pauses believes that he or she is on the fast track. Pressure on rural areas from an Indian population that has ins a lot of half-baked liberalisation poli- supervision lor another year and contin- to add: “But we still have them and thev It is cies a city of movers and shakers and a in is driving into city that have not been fully thought ues to make checks the year after. In this still work." doubled the past 45 years people the city of tremendous opportunities but there through." she adds. way the teams are providing practical ben- That is out «»f the wonders of modern- is no scope for failure." she says. While there are many distressing sights efits of the kind that state bureaucrats day Bombay. A city built for a population Yet the failures vastly outnumber the live without any sanitation. While the poorly maintained." says Mr P.D. Johny. a among the slums, when you see them at seem incapable of achieving without of no more than 2m people and confined success stories. They can he seen in the minority flat dwellers are allocated ua researcher at the institute. "Living m first hand it is possible to find good things- weeks of delay and procrastination. by mountains ^'"SSfSS to some 1 J00 sq km is now slums of Dbaravi and Woril and Khar average some 130 litres of water a day. the Bombay for one day is the equivalent :o happening there. Some of the older slums Most of the initiatives aimed at easing straining but still managing to accommo- where filthy canvass huts huddle together slum dwellers have tr» litres each on aver- smoking a packet of cigarettes a day." he are exceptionally clean inside and have a the population problems remain piece- date a population of 14.7m. increasing at a for security, concealing their ragged occu- age from communal standpipes which adds village community atmosphere of meal. however. Those who stress the need

rate of per 1 7 cent a year. pants. In the worst of these hovels the often provide running water only for a few Bombay’s problems are not entirely self-help. Organisations such as tbe Fam- for urgency have yet to find an effective According to figures supplied by the scent is a pot-pourri of human, chemical hours during the night. There are no indi- divorced from those or the rest of bvim. ily Planning Association have helped to answer from either the state or central Urban Development «52f* Institute, the city’s and vegetative waste that hangs in the vidual toilets far thi: 10m. They must use Pressure on rural areas from an Indian bring in health care and schooling to the government. Ms De says: "If they don't do population is swelling by 700 every day. fetid air. It is almost physical. Yet people public lavatories or whatever piece of population that has doubled in the p:»: 45 communities of a standard (hat many of something radical soon about infrastruc- D.-V? ^sfoTS* Most of these are migrants from outside survive in such conditions and usually waste ground they can find. years is driving people into tbe city. “Peo- the slum dwellers would not be able to ture. Bombay is a city that is likely to areas, arriving to find than , no more a they eat. As if this were not bad enough, tile ple are coming to Bombay just fer sur- obtain in rural tillages. collapse onto itself." "S' »*«S**

cejeebhoy Towers, the market. Companies to ,c) THE STOCK EXCHANGE came ,s a good Si home of tbe century-old depend on a handful of foreign J Bombay Slock Exchange, investors and mutual foods for ihalis. « no longer pulsates with a successful capital flotation. ,5r5m :*r b activity. An atmosnbere of Now, the capital market gloom has descended on the watchdog has second trading ring. Every day. Atmosphere of gloom thoughts. The number of brokers and investors start players is equally important. their morning apprehensively, "Proportional allotment [of - -«««*• «*|5 expecting the worst. By shares] is not a good thing for evening, their fears have ‘ j -> ^imiikCr hits trading ring small investors to my mind," "** ’-y wiihajSL turned into reality. Share says Mr D.R. Mehta, who was prices have dropped or moved appointed Sebi chief a few • •^rtohatJ in a narrow range. There has R. C. Murthy reports on an extended bear phase mouths ago. As a first step, '*- never been such an extended the Sebi has restored small ?r ««i fc£i bear phase. It has happened rocked the Delhi and Bombay in India. The attraction of forecast that the monsoon investors' rights. Henceforth, :. ' --waasl a ihJJJ ' despite strong fundamentals. bourses since February. emerging markets waned, reins, due to start in a few half of the public issue wifi be •- P^CSlIf Ut % The BSE is India's largest Trading to a halt i on BSE came leading apparently to an days, will be normal for the earmarked for applicants of \7 v bourse, accounting for nearly for three days in March as the avalanche of selling by foreign eighth year ha succession. That fewer than 1,000 shares. ;;•' -’-’ two-thirds of national trading market was gripped by a institutional investors, though means the country will have a However, many see the exit ‘ 5M naiTfltfc and is important for Bombay's payments problem. MS Shoes, statistics released later did not good harvest. But share prices of individual investors and the economy. It provides a Delhi-based company, tried bear that out fully. have hardly stirred. fact that the stock market has S; -•'*’- -UK tag employment directly or to rig up its share price to Official data show gross When will the bear phase turned bearish as no more '• • t:: - liiisu hi indirectly for 500,000, besides more than Rs450 from less purchases by foreign investors end? Market sentiment rules than a coincidence. "Investors' '- - - •"'• kos n oa- setting the pace for other haw Rs200 on the eve of its on Indian bourses dropped out a turnaround in the near expectations are oat of ' : *2*b©*; bourses. capital flotation. Riding on the steadily from K$4.02bn in future. "The absence of tbe alignment with the returns • ” ' • irTIC EDI The stock market has been bigb share price and false February to Rs3.62bn in April. individual investor makes all [from tbe market comments -' y •'-?. far «njc in a bear grip for six months statements, it wanted to ram But net purchases, after the difference [to the stock Dr RA. Patfl. chief executive :hd?. jjaat with occasional rallies that through its rights-cnm-pnblic setting off sales, were up at market]. Be is the driving of the National Stock ••'• ;eJr!>!» *ib have petered out under selling issue early this year. As the Rsl.Sbn in April from force," says Dr S,M. Singhvi, Exchange.

••.•• *: 1 chief executive of capital oi (be is a pressure. The BSE 30-share authorities swung into action, Rsl.71bn in the previous Sobbagya The money and - > Z'.;^ <«s index plunged by a third to the share price plunged to month. Net purchases in Advertising, a top financial markets are nnder going authorities - • 7*:*rria 3154 in early May from a peak around Rsl90, triggering a February were Rs2bn. advertising agency. Brokers on Bombay Stock Exchange after Congress was defeated in state elections in March em rm» adjustments as the i* done

• of 4560 late last year. It now payments crisis on BSE. The Securities and Exchange change yields of government . :: a!!ft jJi hovers around 3300- Daily The Mexican currency crisis he MS Shoes debacle left Board of ladia, the capital funds for deploying savings. allotment for all applicants. have been priced closer to the paper. Analysts say it will . .:. >: v_*s Bsiiafc market leaving little take market ' average turnover of group A and sales by the Unit Trust of the market virtually market watchdog, decided last Other measures followed: The minimum subscription price, some time for the ; . . 1 •'".cTi iSS J5S - - shares - comprising those India (the largest mutual paralysed. Investors now year, as part of its Investor Tbe preferential allotment per application was jacked np scope for immediate capital to settle and resume a growth . ::: and T actively traded on the BSE - is fund), are responsible for the treat good and bad news with protection efforts, to system, which gave weight at to RsS.OQO from Rsl.000. appreciation after the public path. The process may be .•• iStfiap. just Rs300m now compared to slide, says Mr Stephen Van C. equal Indifference. Good discourage individuals from tbe time of allotmeot to The public issue component flotation. hastened if tbe authorities Rs3.85bn a year ago. Wilberding, managing director corporate results have failed dabbling on the stock market applicants for the minimum in a capital flotation was cut The Sebi actions alienated decide to introduce forward Yap. Mice*: The latest blow, known as of DSP Financial Consultants, to stimulate trading Instead, the Scbi suggested number of shares, was to a quarter from 40 per cent the small investor and forced trading, the form acceptable to the MS Shoes affair, has a Merrill Lynch joint venture sentiment Weathermen have that they should access mutual supplanted by proportional In addition, new equity issues him to quit the primary traders.

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FINANCIAL TIMES MONDAYJUNE 19 1995 MAHARASHTRA 8

says Mr Rajiv Bert marketing he clearest view of the of an exporter: Profile: Mahindra & Mahindra Profile controller, output Is growing at comparative advantage 60 per cent a year Surveyors which makes Su-Raj one T diamond cutters are jdotting. tte jM 'siext to of India's most successful Su-Raj, the plant to makn room for exporters comes from the bal- additional quartara^Hpstairs in cony overlooking its diamond the new jewellery workshop, Ford joins the family cutting and polishing work- much as downstairs, sit tight shop. Below sit hundreds of labour rows of worked 350 in all, the after Low-cost popular with the eign collaborator and in areas employs 17,000 people in five young Bombayttes at row Ford's search for a suitable immensely men casting, buffing and. pol- forces as well related to their automotive factories and they have been row of polishing wheels. Next joint venture partner in India army and police ishing,- the women delicately per business. But over the years offered a voluntary retirement door sit scores more “bruting" ended last year when it signed and gives Mahindra a 70 1 miring riwhw nr . fixing, intri- up with Mahindra & Mahindra, cent market share in that seg- they also set up ventures in scheme. The company held round rough stones into near wins business cate little tretes -df wax ring unrelated fields. firm through a recent six- diamond shape for cutting. a Bombay-based vehicle manu- ment templates for casting. facturer. Ford bought 6 per Mahindra's market presence Consequently, the Mahindra month strike and eventually Then there are the rows of cut- most of Su-Raj creates it$ Tor export, : own hair old; group of companies became a secured a commitment from ters. Then dozens more bent Today India’s diamond are cut cent of the company's equity. is a century the com- ; stones between designs, with five, designers diversified to productivity over serried desks sorting little industry, which is concen- them small a By 1996, Ford-Mahindra, an pany assembled* its first Jeeps fairly one, making workers raise in the states of Mahar- tenth and a twentieth of a based at Seepz and four in Ban- equal partnership, hopes to in Bombay in 1945 by import- such products as light commer- substantially. Consulting firm sparkling gems into square trated the carat each. galore, turning: out between have Ford's papular car mod- ing semi-knocked down kits cial vehicles, special steels, Lucas Engineering is helping paper envelopes with tweezers. ashtra and Gujarat to estimated This has offered Su-Raj 125 and 150 hew. designs far els, the Ford Fiesta and Ford from the American manufac- fibreglass-reinforced plastics, the company set up a new pro- Nowhere is the labour inten- north, is worth an advan- production each month. $4hn to the economy and more another comparative ; Escort on Indian roads. It will turer, Willys. The venture was elevators, hydraulic equipment duction system. sity of diamond catting and With perhaps 100,000 dia- chemical compounds. These efforts will translate polishing more starkly laid out than Slbn in export earnings. tage. In the past four years the start off by assembling these the brainchild of two brothers. and - Su-Raj is India’s biggest group has cleared space monds passing .-through the cars and then manufacturing J.C. Mahindra. an engineer and Economic reform, which did into productivity gains, says than at Su-Raj's crowded, but And turnover last upstairs at its Seepz plant to hands of Su-Raj-’s workers a them at a new factory. K-C. Mahindra, a Cambridge- away with the licensing system Mr ILK. Pitamber. M&M’s man- cool, clean mid regimented fac- player, with year setting its stones into month, downstairs,- -to call Such collaborations promise educated economist. Another and opened the door to foreign aging director. For example, as tory at the Seepz industrial of 8250m. annual export growth begin Hollar terms gold and plati- upon, and workers upstairs to change the face of India's partner, Ghulam Mohammed, companies, has compelled Mr Pitamber points out, the estate in north Bombay. And. in jewellery busily expanding the' casting Indian business groups such workers who make 45,000 with most of the plant's L500 of 35 per cent num automobile industry, long con- left the company in 1943 to as 4£00 Su-Raj creates its own both fra: export room, Mr "Beri skys the com- strained by the government become the first finance minis- the Mahindras to break from tractors annually will be prod- workers on wages of around in the past few designs, with five aptf, within the its from accessing international ter of newly-formed Pakistan. their past. In the changed con- ucing 65,000 tractors by 1997 S80 a month, few sites demon- years and pany hopes jew^lmy; (gyra- technology and designs. The The brothers were soon joined text many of them are rethink- when the Lucas system is strate more amply how low- profit margins designers based at next few years, tion wilt expand by 80 per cent has for sale in a this year. : government's new policies by their sons, Keshub and Har- ing their strategies. “Now that finally implemented. Mr Pitam- cost Indian labour won the of 8 per cent, Seepz and four in planned Not that present business is have attracted international ish Mahindra and the business we have the liberty to do what ber. who has been with the country around 70 per cent of according to Bangalore retail jewellery at all bad. Sn-Raj.’s blue companies such as Ford, Gen- grew rapidly. we want, we’ve decided to Mahindras for 30 years, is one the world’s diamond cutting Mr Ranjit nayy • eral Motors. Hyundai and Like other entrepreneurs of focus on our core automotive of the many professional man- and polishing business. Shah, director, ^ma^^^mmm chain under Mercedes is one bfprechms few coursing the streets Peugeot to this growing mar- the time, the Mahindras were business,” says Mr Mahindra agers the group employs. India's abundance of cheap, The group, a quoted company the Sa-Rai brand. Su-Raj of Bombay produces thousands of - rare even among .the undis- ket where increasing economic infused with a strong sense of The Mahindras have always semi-skilled labour has given but still family-controlled, is already rings, chains, necklaces and tinguished office buildings of prosperity is expected to drive nationalism. Keshub Mahin- n the past five years M&M taken pride in the fact that the country a near-monopoly India’s fifth biggest exporter. high-street up demand for cars. Last year dra. a Wharton. University of has spent Rs6bn on upgrad- professionals, rather then fam- on the cutting and polishing of The company, which also earrings for Japa- Bombay's Opera House dis- the industry sold 3m cars and Pennsylvania, graduate, turned I ing its factories. ily members, have run their small stones. “What India cuts has factories outside Mahar- nese, US ami British jewellery trict, which quietly bouses - estimates put demand at lm down a job with the United It has also used the services companies. Among the third and polishes, no-one else in the ashtra in Jodhpur, Madras and stores saving what is reck- India’s diamond trade.. Only

oned to per cent pro- the dotted armed guards . out- cars by the end of the decade. Nations and returned home. of foreign design consultants generation, Mr Harish Mahin- world bothered with,” says Mr Bangalore, employs 5.200 be 20 on and, Though not a saloon car He says that their philosophy to develop a new utility dra's son, Mr Anand Mahindra. Jatin Mehta, chairman of Su- directly through subcon- duction costs by virtue of hav- side offer any. clue, to what maker. Mahindra is closely was to concentrate on manu- vehicle. In this product seg- is the only family member in a Raj. “We made it possible for tracting the cutting of bigger ing simply to carry diamonds really gtisters in the offices identified with the vehicle facturing products essential to ment M&M faces a threat from senior position. As joint man- everyone to be able to afford stones, 25,000 indirectly. More up the stairs from fire Su-Raj behind the street Pepsi hawk- ers. industry. It is the country's the country’s needs. Telco, a Tata company which aging director of M&M, he is diamond jewellery. We also than 95 per cent of its dia- cutting shopfioor. largest manufacturer of Given the country’s large has recently launched a simi- being groomed to take charge made a large number of small monds, purchased through De The jewellery workshop pro- four-wheel drive vehicles and agricultural base, tractors lar vehicle, the Tata Sumo. Mr of ftiig flagship company which diamond minas profitable.” Beers in London and imported. duces 100,000 pieces a year and. Mark Nicholson tractors. Last year Indian farm- seemed an appropriate choice. Gautam Sen, editor of Auto contributes Rs2lbn to the ers bought 1.6m tractors, a In the 1950s the era of licen- India, a specialist magazine, group's annual sales of Rs29bn. quarter of them from M&M, sing and government controls says that the biggest change The other business sectors FAMILY HEALTH making the company the began. Restricted from expand- that M&M will have to bring that the Mahindras have iden- world's biggest producer of ing their businesses, entrepre- about is in its work culture. tified as thrust areas include tractors. Farmers also buy neurs were forced to divereify The company is notoriously farm equipment, infrastructure Mahindra Jeeps, rugged, utility if they wanted to grow. The overmanned and productivity development, automotive com- vehicles which can be used to Mahindras were no exception. is low. ponents. telecom software, areas offer better care materials. work- several trade and Financial services. Urban transport This They launched compa- The Mahindras have horse quality makes them nies. most of them with a for- addressed this issue. M&M Such businesses as oil drilling, instrumentation and ash han- Some of the reasons for urban areas. The state’s infant centage of children in rural of rearing an undernourished dling. which did not fit into the Bombay’s popularity as a mortality rate, however, con- areas (66 per cent) had child. new scheme, have been sold source of migration from the tinues to fall - from 66 per received complete vaccination Hie report found dear evi- off. rest of the state can be gleaned 1.000 live births during against six serious but pre- dence of a rapid dedinein fer- The Mahindras see a good from a report on family health 1978-82 to 51 per 1,000 during ventable diseases, compared to tility - the total fertility rate- potential in infrastructure in Maharashtra prepared by 1988-92, a decline of 23 per 62 per cent in urban areas. far the period 1990 to 1992 was where the private sector is the population research centre cent in 10 The report 22) children, lower is urban gradually being allowed to at the Gokhale Institute for years. said that than in rural areas. The state The family planning oiter. According to Mr Aran Population Sciences in Pone. Vaccination chronic and has yet to achieve replace- Nanda. executive director, they Drawn from a survey of rates are high. programme is acute undernu- ment-level' fertility. - have bid for privatisation pro- 4.106 married women, the Among chil- concentrating on reducing trition of chil- The family planning pro- jects relating to water manage- report suggested there was a dren aged dren in Mahar- gramme is concentrating its fertility rates among . ment and ports. They would marked contrast in health care between 12-23 ashtra was efforts on. reducing fertility teenagers also like to set up industrial available in urban areas and months, 87 per common. Many rates among teenagers and parks and develop satellite that provided in rural areas. cent have been wamamaa^am1 waam^aamaama children are improving the status of townships near big cities. An From 1988 to 1992, it said, the vaccinated against tuberculo- underweight and about half women. earlier collaboration with Days infant mortality rate was 85 sis, S3 and 82 per cent have have stunted growth. Some 20 The report said that improv- Inc for a budget hotel chain per cent higher in rural areas received all three doses of DPT per cent of children measured ing the education of girls and has just broken off, but Mr (61 per 1.000 live births) than and polio vaccine respectively, by weight for age were young women. In particular, Nanda says that they will soon in urban areas (33 per 1.000). and 70 per cent of children severely undernourished, suf- was important to achieve far- have another tie-up, probably Children in Maharashtra’s have been vaccinated against fering from wasting. The sur- ther reductions in the birth R«»-k Roller IHis mill. with the Westin group. rural areas had a 55 per cent measles. vey also found that the more rate. XnslUk higher risk of dying before Contrary to expectations by educated the child’s mother Nazneen Karmali their fifth birthday than in the the researchers, a greater per- the less likely was the chance Richard Donkin

ftiWL-r Transmission unit. Pune ndustry on India's west THE STEEL INDUSTRY rises are frequent HBI compa- coast especially in Mahar- nies may be forced to create Light Engines unit. I ashtra. has undergone the necessary infrastructure to Aurangabad structural changes over the receive imported gas. HBI pro- past three years. A state that ducers, however, look forward never had dreamt of producing to the break-up of state monop- Semiconductor-, unit steel Structural from the basic stage, now changes oly of large and emergence a Palancbcro boasts two large hot-briquetted number of players as the gov-‘ iron-making [HBI) - also the freight equalisation scheme Iron ore prices are driven by ther to RS2.400 in a couple of eminent offers hew blocks fat known as sponge iron - units. was scrapped a year ago as international trends as India is months. oil and gas exploration to the FnunHry unit. - • deregulation. a iron ore exporter. Switching either overseas . ;! Ptmc They will soon become inte- part of industrial major In to private sector in a big way. grated steel plants when hot- But Maharashtra's economy particular, Japan, the main sources of gas as an alternative in the long run, evolution of, Al Greaves, success has a rolled coil producing mills are did not suffer. Advances in purchaser of Indian iron ere, or to its substitutes is hardly new technologies will set the added as part of forward inte- steel-making technology, sets the pace. The price of nat- possible, at least far the near pace. Analysts say since, the. wav of repeatin itself g gration. including the perfection of the ural gas is fixed arbitrarily by future. The. gas price increase western region wOl grow, faster Within ihc space u(just «ivcr one Tata, India's largest business direct reduction of iron pro- state monopolies. The gas price makes Indian HBI uncompeti- than many other. states, the. inr. rive of our mumiiuruiriiig > group, is considering plans for cess, emergence of Bombay has been jacked up unilaterally tive on the world market pull of - CicilitleH luive haii awart led demand will' attract ISO Q(JOQ certification. a full-scale steel plant on the High oil fields as a major natu- from Rsl.400 per 1000 BTU unless the additional costs are more steel units. west coast based on imported ral gas source and freedom to three years ago to RsL850 last neutralised by incentives. With our remaining coal. If it does decide to go import coal as part of trade year and is slated to rise fur- However, if these gas price manufacturing units vii*urous!v R. C. Murthy incrsulng the same honour, we ahead, the plant would be liberalisation have made it pos- are well on our way u> l.iccmning located near Mangalore in Kar- sible to build steel plants at a tola) ISO 5**10 organisation. nataka. says Mr Irshad Hus- new centres. When It Ernies to quality, sain. senior executive director India's production of finished wv don't mind repeating that of Tata Iron and Steel Tata steel is an annual ism tonnes, only the best Ls good enough. plans to import high-grade cok- a third of which is accounted ing coal to feed the new plant for by electric arc furnaces which will be based on blast using sponge iron and steel furnace technology. scrap as raw material. JSl “The blast furnace route is GREAVESLIMITED by far the cheapest far large- ost of the 5m tonnes scale steel production,** says of sponge iron comes A BREED APART Mr Hussain. Northern India - from the western 1. IV. V B fiundtil More. Bombay 400 OH I. bulb Bihar, Bengal and Orissa - is region. Essar Gujarat, the big- the traditional home of the gest sponge iron unit, produces country’s steel industry. The 1.76m tonnes at Hazira in Guja- founder of Tata group. Jam- rat state on the west coast. Bir- shedfi Tata, was the pioneer, 1a-owned Vikram Ispat and The rewards of excellence bonding a steel plant in Bihar Nippon Denro Ispat have HBI long before India's indepen- plants near Bombay with a dence in 1947. But the loca- combined capacity of 1.75m lie in its pursuit tional advantage of India's tonnes. *W\A\VAAAA»VvWVV\V*> Ruhr was neutralised by an The trade deregulation, low- official fiat: steel should be ering and eventual elimination supplied at a single price of import tariffs raise ques- throughout the country. That tions about the future of the I was intended to give a fillip to HBI industry. Analysts say the steel-based downstream indus- key to its success Is pricing of tries in the west and the south. natural gas, though iron ore Steel was decontrolled and prices are also important

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FINANCIAL TIMES MONDAY JUNE 10 1095 IX MAHARASHTRA 9

TEXTILES entury Textiles and Profile: CENTURY tributes nearly OS per cent to Industries is the most TEXTILES the company's turnover. successful nf the compa- C Century, which raised Slftlffi nies belonging to the Birla in September ?as: year by sell- group (turnover $lbn). Though ing global depositary receipts, '•“=*. jgl"* Century is a highly diversified Mills is expanding i is paper business •."* need to i. invest company with interests in tex- Natural development in a big way. Nainit.il. 5-^ At r" tiles, cement, paper, rayon, where the company owns n tyre cord and shipping, it is cloth a day. More than 70 per ing the production facilities of ducer of cotton, it has the 60.000-tonr.e paper factory, it known particularly for the cent of the output is exported. the Bombay factory. potential of becoming a signifi- has commissioned a new S..-j- ' high quality pure cotton fab- "A large portion roe y ^ in new machinery of what As wages and power costs jr cant supplier of denim to the M.0on-tonnv capacity unit at a rics that it produces at a mill sell abroad goes to demanding Bombay arc- high, only modern world market. What also works cost of Fls^-Sba. The unit uses in Bombay. markets such as the US. the technology cart keep a textile uj our advantage is our lower bagasse, a noa-traditional raw Earlier this year, Morarjee Mafatlal, vice-chairman of Butibori in Nagpur where the The Birlas make a variety of UK and Germany." says Mr unit viable. Thp Century mod- cost uf production compared material, for making Goculdas Spinning & Weaving paper. -. Mafatlal Industries, I-i- --.-~- . . (in* . a textiles second largest polyester staple manmade fibres and blended Agrawal. ernisation will ,.r-5 Om 1,7% two Income from the gam in momen- with Brazil. South Korea and According to Mr Agrawal, which owns composite tea- conglomerate, the cause of Indo fibre and Moment unit, fabrics in their other units. export of textiles during the tum “if the government allows Germany,” says Century Century has two majur paper tile nulls in the Bombay city modernisation will be helped if Rama Synthetics, is located. "But even though there were year ended - and two units March 31. 1995 was it to import machinery at zero spokesman. projects one involving an in Karnataka there is an early revival o( the Recently, several wholly times when cotton was in short over Rs2bc. duty because of its export -ori- investment of RsSha icanacily raised over Rsl.04bn (S33.0im) textile modernisation fund export-oriented pure cotton supply and its prices were very “Century's success has ented nature of operation and extiles, which made Cen- Wo ronnes a iLivi and the other by selling equity shares at a from which loans will be given and blended yarn units have high, Mr Birla did not yield to encouraged a number of oxher if funds for modernisation are tury famous, however requiring an outlay of RsTbn premium to fund a modernisa- at a low interest of around 10 been established in Maharash- the temptation to use synthetic mills in the to bring - country available at a lo’-v rate of inter- contributed only 25 per I capacity 300 tonnes a day) tion programme. T e To be com- per cent. “How do you expect tra. And, in spite of the fibres at --* Tr.?v ' can high Century. His faith in about a change m their prod- est." cent to the company's turnover on the drawing board. At lea-t ~wiss£t «s pleted by the middle ••• £ of 1996, us to remain globally competi- cotton prices that have pre- the natural fibre has been . ,1 »w vin- uct mix m favour of cotton tex- Century, which last year of RslS 62bn in the year ended one of the two will he taken up the programme will allow Mor- tive if we have to borrow funds vailed for nearly two years, the dicated by the fact that Cen- tiles." say industry officials. commissioned an expon -ori- March :ii 19y5. Century has for implementation in the next arjee Goculdas to export a for modernisation at 16 per units arc doing well. Take Indo tury has remained India's larg- The success of Century will be ented c-jttor. yarn unit, is now used the surplus generated by few months. larger volume of fabrics. cent Interest?” asks Mr D.K. Count Industries which began est exporter of cotton textiles explained largely by the con- setting up a iOm metre capac- the textile business to diversify Another major diversifica- w Modernisation is a continu- Agrawal. senior vice-president production at Kolhapur, an for 12 consecutive years," said tinuous ----- »ca* modernisation of the ity denim plan with an invest- into other industries. It pro- tion fur Century wifi be suvl. “i: ous process at Morarjee Gocul- of Century Textiles. important cotton growing cen- Mr D.K. Agrawal, senior plant and gradual replacement ment off Rslbn. "We know (he duces over am tonne-4 of However, since the group is das. it was in 1992-93 that the Moreover, there is a strong tre, in 1991 with 12,096 spin- vice-president. of conventional automotive world textile market well cement at three locations, new in steel, a decision has 5 tg^ company completed an invest- for ^ case allowing the mills, dles. The capacity of the unit Equipped with 140,000 spin- looms by high speed air jet :o decided enough have to including Chandrapur in been taken to buiia capacity m ment of Rs720m to modernise which export a significant por- has been expanded In phases to dles and 3,042 looms, the Bom- looms. According to Mr Agra- export ail the denim thot wv Maharashtra. Cement produc- phases. its two Bombay mills. Invest- tion of their production, to 32,256 spindles. Indo Count has bay factory uf Century pro- the- 1,1 wal, company has .- invested will be producing from the end tion capacity is being expanded ::-.•* Vi, ing in airjet looms, processing import machinery and equip- taken up a RsS-tOm investment duces around KiU.iXtt metres of no less than Rs 1.51m in improv- of !s&5. India heaig a large pro- La l.im Cement con- Kunal Bose equipment tonnes. ‘-® and printing programme to add another i >, 5>*« machinery and focusing on the 19.144 spindles and install eight production of zerodefect qual- Textiles account for up circular knitting machines. SUGAR - • -««-: 4^' ity fabrics have enabled Morar- to 30 per cent of foreign industry officials are aware jee GocuMny v>raise the value exchange income that, as the quota system of its e’.Vfc./from Rs+Kto in under the multifibre arrange- 1991-91 ^-oover Rslbn fn ment is phased out, the scope 1994-95. 1 ment at zero duty. "The indige- for exports will grow. At the ^-‘fcraitefc Mrs Ut Annual, joint mnn - nous manufacturers of textile same time, India will have to Sweet satisfaction for co-operatives aging dim/br, says: "One of machinery will take anything contend with strong competi- our units in Bombay happens up to three years to execute tion from China. South Korea. India's sugar production is set ing to the state iodustiy. thte- The state’s sugar industry, tor. As an industry spokesman gins are under pressure Ma* Nichots^ to be the oldest textile mill in orders. However, the waiting Taiwan and Indonesia. Accord- to reach an all-time high of capacity could be raised to which will account for 34.5 per says, “the private sector has because uf the sharp fall in the country. But the unit is period is not more than six ing to Mr Mafatlal, “the period I4.5m tonnes in the current 500,000 tonnes a day by the cent of tbe country's total pro- not received a single licence sngar prices. The bumper considered one of India's most months if imparts are mode. between now and the abolition season ending September 30 turn of the century which will duction of the commodity in for over three decades. The sugar production which could modem mills.” Since the textile sector of the quota system has to be after a good monsoon and the allow sugar production of 1994-95 is almost totally domi- sugar factories now under con- not be anticipated and tbe lib- Modernising a textile factory accounts for nearly 30 per cent fruitfully utilised to tend a commissioning of new cane- 9.5m tonnes. To meet likely nated by the co-operative sec- struction are all in the co-oper- eral monthly release of the is a capital-intensive proposi- of the country's foreign competing edge to the Indian crushing capacity. Maharash- demand. 27 sngar factories are tor. The industry movement, ative sector. We do not see any commodity by the federal gov- tion. Even then, some unite in exchange income, the govern- textile Industry." tra's contribution to the coun- being set up. of which 12 which began in 1950 under the scope for growth for the pri- ernment have created such a Bombay have kept themselves ment should take a liberal Maharashtra boasts some of try's total sugar output will be should start functioning in the leadership of Dr V Ji. Patil and vate sector in this agro-based “crisis situation" as to lead ter care in good shape by introducing view of the import of mill the best-run textile units in at least 5m tonnes. season that begins in October. Dr D.R. Gadgil and flourished industry in Maharashtra." the co-operative factories to new technology from time to machinery, ” says Mr Agrawal. India, However, it has Of Indian stales, Maharash- Of the three sngar zones in under slate patronage, took Sugar is a highly politicised join forces with tbe Indian time. Among such units are Bombay's mill owners are remained an inefficient pro- tra is the biggest producer of Maharashtra - south, central firm roots by the early 1980s. industry in Maharashtra. Poli- Sugar Mills Association, the - ^ isdenaoi^i Raymonds, Century, Bombay happy that the state govern- ducer of cotton. Though it has sugar, even though it is not and north the south is tbe To start with, there were ticians wield considerable representative body of the pri- Dyeing, Mafatlal, Simplex, ment permits the development almost 2.75m hectares under top of the table in terms of most productive. Productivity some 20 joint stock sugar com- influence over tbe co-opci a- vate sector units, to demand Ruby and Hindoostan. of firee total • the land at null prem- cultivation out of a 7.6m total land under cane or pro- in the other zones, partic- Maharasbtra. But tives and through over the creation oi a buffer stock -- ClfflKV two panies in a them ''••• According to Mr R.V. Kano- ises to pay for the modernisa- hectares for the country, it will of crop. is will directive factories the farmers and tbe factory of of vi- v .~p:c^ecliE?ui%. ductivity the This ularly the north, get a that sugar 1.5m tonnes and sanction •’ ria, chairman of the Indian tion and revival of sick and harvest only 1.7m boles of because unlike Uttar Pradesh, boost if arrangements for irri- could not own farm lands and workers. From the selection of export. j>!uj renfiirr la •* •’. Cotton Mills Federation, “wage closed units. A mill which may 170kg each in the season end- Tamil Nadu and Karnataka gating the fields are made. the general political environ- sites for new sugar factories, “The last thing that we want !«5 ic-siKra costs power tariffs in Bom- be planning to move out of ing August 1995. According to where indigenous of • - : and sweeteners Many areas Haharasbtra ment made it difficult for the purchase of .machinery and is a power straggle in the co- : . ;asr n nria bay being higher than in most greater Bombay and relocate Mr C.H. Mirani, president of take a large percentage of the are drought-prone and tbe private mills to operate. Most equipment to working out operative factories. Not all tbe !' < ..: TTfil It: SEE other places, the textile mills itself somewhere in the state the Bast India Cotton Associa- cane, at least 85 per cent of rainwater needs to be supple- of the private anils were con- what price the growers will units are doing well. Factories '•• •••• r • •. i .h;«e t^e ::^ most focus on quality and fash- can also develop its existing tion. because a state agency is that grown in Maharashtra is mented by irrigation water. verted into co-operatives. In get for cane, the state govern- which do not have minimum ion fabrics. 'To produce such site far raising ftinds. However, the monopoly buyer, there is osed by the sngar factories. In spite of this constraint, the current season, of the 107 ment will always have the last economic capacity need to be chzM-jij fabrics, which are in demand as Mr Agrawal points out, not no incentive for growers to Because it is in the tropica] the average yield of cane In factories, only three units word. Now that Shiv Sena and expanded. And many units are -JL-. n-cercuBs r k In the world market, they must many mills have surplus land raise productivity. It is a sys- belt, Maharashtra is an ideal Maharashtra is around 80 belong to the private sector. the Bharatiya Janata party planning diversification, to -. . -u firths have access to modem spin- to develop. Neither is it going tem that obtains only in location for growing cane. The tonnes a hectare. The states It is never said that tbe pri- have come to power in Mahar- se by-products such as molas- *«^?£!5 ii i-'- .' ning, weaving and processing to be easy to relocate the mills Maharashtra. area under cane in the state which exceed this in cane pro- vate sector will not be given ashtra. their members will be ses and bagasse. All this r ’•-* suits* - *• ,T: technologies. It win not make outside Bombay since it will However, more than one has risen from 292.000 hect- ductivity are Tamil Nadu (105 licences sugar is still one of making a determined bid to requires a large amount of :^--r economic sense for Bombay- involve moving out thousands expert body has recommended ares in 1984-85 to around tonnes), Karnataka (86 tonnes) the few tightly controlled gain control of tbe sugar co- capital. We will find it diffi- * I52i ~ . . ?.T. based mills to cater to the of workers and their families. that the scheme should be 450,000 hectares in 1994-95 as and Ctjiarat (85.5 tonnes). But industries in India to build operatives. However, Congress cult to achieve the co-opera- ~ * pris a£ mass textile market" Together, the mills in Bombay scrapped and it is said that the fanners have been “assured of in terms of the duration of the sugar factories in Maharash- (I) politicians are not going to tive goals it factory manage- vr’-r- :: pcrtrria. The International Textile currently employ nearly government has considered the disposal or the crop, irre- crushing period and the rate of tra. However, tbe state govern- give up without a fight ment is destabilised." say f» this. Mirani also points out spective of its size, at a highly recovery of sugar from cane, ment has seen to it that the This, however, does not bode industry sources. v. rr- -us: :t ajns* Manufacturers' Fedwation has 1X5,000 workers. Mr Tf a fettft said that if the textile mills are However, when it comes to that the fact that almost the remnnerative price," accord- the southern zone of Mahar- growth of the industry is con- well for the industry, espe- to remain globally competitive, Bombay-based companies set- entire land under cotton in the ing to industry officials. How- ashtra leads the field. fined to the co-operative sec- cially when factory profit mar- Kunal Bose - they should invest at lnasus. ting up luunuixnitc, Maharash- state is rain-fed has kept pro- ever, since cane does not = -^Dsh per cent of their annual turn- tra - which accounts far 45 per ductivity low. The introduction occupy more than 2 per cent of over in new machinery. But emit of India’s cloth production of drip irrigation, far which the tbe total land under cultiva- since the textile industry In - offers a number of ideal loca- government now offers an tion in tbe state, there is tre- general is not doing well, only tions. For example, Morarjee attractive financial incentive, mendous scope for further rSll'22 few mills In. Bombay have Goculdas is setting up a high revolutionise cotton pro- growth of tbe sngar industry. : -33 a may ~r£ ’.v been able to make adequate quality shirting unit and a duction in Maharashtra. The state's 107 sugar facto- - have capacity of 245,000 investment in modernisation. \ denim factory, in collaboration ries a Click A Button According to Mr Hrlshikesh with two Italian companies, at Kunal Bose tonnes of cane a day. Accord- And Touch A Nerve.

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MAHARASHTRA 1

u s. State and national income W bUu pBanxfc Annual growth rate fat '980-61 prices) statistics 1 ' “"7 Key » 1 •• MADHYA ^PRADESH 16% I! •" ^ Goraflya GUJARAT .. j\ S Maharashtra [ 307.713 sq km Aimvotfl ^ Bombay Akota. Capital // \ --- - . ' Malegaon a ' > 8% j] DAC&A A NAGOT KAVELI |f Third largest state by population and area \ N, f \ — • Chai ; - v'•sChandramir.N 0— )) . \ Jaha Population (1991) 78.94m, (1981) 62.78m 'J? \ \ \ ~ I! . I .~ Shiwand.^ 3 \V " } vV ‘ ThanC ® *1 r" ®#®m «rtr« 1 MADHYA Proportion of urban population 38.7% (India 25.7%) 89-90 ~«MH 91-92 92-83 93^4 NandedV PRADESH 1981-82 82-83 83454 84-85 85-66 86-87 87-88 88-69 ) | j ANDHRA / Gcwtnmers w Maftaraste® \ Nt2ma0ad... SJune. Population of Religions >-- £ PRADESH \ principal towns ARABIAN -.Warangai census figures) Hinduism (80 per cent), (1991 SEA can go elsewhere Islam, Buddhism STu,',' Investors •^obpur Greater Bombay 9,925,891 «il V .

rate 7-1 on “putties Poona) 1 .566.651 Literacy , J who heavy accent Pune Hyttetabad Continued from Page 1 of one foreign group 603.389 65% (India 52%) Indian businesses flxst” is not Thane Sorip*** J.'^B'PPW works in Bombay but fives in Nashik 656,925 fialnagarl longer too parochial an approach for a Whatever political uncertain- Bangalore. "You can no Birth rate J Solapur 604,215 icfialkatranp anyone in state which, as the McKinsey Kolhapur ties cloud the future of India's afford to employ Kolhapur 406.370 25 per 1 .000 (28.5) Vfi and report strongly argued, should four- year-o Id liberalising and Bombay unless he’s local • KABNAT&JKA Bhiwandi 392,214 I; ji ( to see itself in competition for deregulating effort, the reforms already has somewhere Ufhasnagar 369,077 Death rate capital not just with- fellow so far have already unleashed live." New Bombay 307.724 7.2 per 1 .000 (9.2) states, but indeed with an unprecedented and perhaps Maharashtra's new govern- Indian ^ Ptzl \ countries such as Malaysia. < aware of such T'HuWi^Hubli irreversible drive among states ment is acutely Infant mortality rate PanajiL^Jpana present Thailand, Singapore and South ^ \ to compete for capital and for- pressures, though its Principal language: 50 per 1 ,000 live births (74) GOA H China. \ eign investment. focus is perhaps fixed most ^ The new government has In & survey commissioned in rightly on the strains that Marathi. Others include in power barely a few. 1993. McKinsey and Company, Bombay's runaway prosperity been English (especially m Climate weeks. Businessmen and diplo- the consultants, warned is placing on its poorer inhabit- Bombay). Gujarati. Hindi, have* sounded out 40 Maharashtra’s government ants. This is certainly true of mats who Telugu, Kannada. Urdu, new govemngntrf^y they Bombay that “its leadership position is the new Shiv Sena ministers, the Bengali and Malay alarr. BJBto w Sena being challenged” by regions whose experience of govern- believe the ®:'offivately such as Gujarat. Karnataka. ment has been limited and administration tpnngs" and Andhra Pradesh. Delhi and whose party's roofs lie deep “saying the right appears unlikely *to change A* Bangalore, which had “signifi- Industry •»*» poli- a: their substantially the state’s Temperature (*C) cantly stepped up com- “Putting Indian towards foreign mitment to aggressively grow cies or attitude Industries in which businesses first” investment- Blit there is still * their infrastructural base, Maharashtra produces :: the question of Dabhol. And . while working pro-actively to may be too parochial more than 25 per cent the government has made as Rainfall (mm) attract new investments." total Indian output an approach pub- These states had already, in yet little effort to clarify mi its stand 1993. garnered “an impressive licly and exactly Chemicals 32% investment; share" of new inflows, the among Bombay's urban disaf- regarding foreign Rubber, petroleum a coal 34% the mixed report said. fected and marginalised. rather it has allowed Metal products 31% ijfcjk" To some extent. Maharashtra In fact, the apparent provin- messages of its election cam- Non-transport machinery 26% has become a victim of its own cialism of the new government paign to linger in the sir. Transport machinery 29% success. Its physi- is giving prospective investors It may. as one leading Bom- repair growth and Capital goods 33% J FMAMJJASOND AMJJ A 80 MD suggests, simply be cal infrastructure may remain greatest pause. Shiv Sena, the bay banker Non-conventional energy 46% “They've not i many states' envy, but it is biggest party in the coalition, inexperience. they're under unprecedented pressure. is heavily Bombay-based and, thought out where But many The economy Useful addresses In a state with more businesses certainly in the person of Mr going," he says. willin g and 3ble to pay for bet- Bal Thackeray, its outspoken investors are watching for the Indian Merchants' Chamber, ter infrastructure. Maharash- leader, an uncompromising new governors of India's pre- State income, current prices 1993-94 Rs9l2bn Bombay Chamber of indo-American Chamber Maharashtrian mier industrial and financial Commerce & Industry, of Commerce, IMC Marg, Bombav 400 020. tra will doubtless manage bet- advocate of clearly-writ- tel: 2046633; most - with a caveat nationalism. For some Shiv state to lay a big, Growth over preceding year, current prices 16.3% Mackinnon Mackenzie Bldg. ic Vulcan Insurance Bldg, (22) ter than ten welcome mat outside the 4 Shoorji Valiabhdas Rd. Veer Nanman Rd, telex 1185195: for the pending Dabhol deci- Sainiks, comments one Bom- 2048505 - attracting foreign and bay businessman, “a foreign door of the Mantralaya. Share of sectors Ballard Estate, Bombav 400 02G; fax (22) sion in investor is someone comes “So far, it seems they POB 473, tel (22) 221413; telex 11S3891, private investment in power, who that Maharashtra Chamber telecoms and toll fee roads. from Tamil Nadu”. haven't got the message Primary 22.3% Secondary 33.3% Tertiary 43 9% Bombay 400 038 fax (221 2046141; Industry, spi- Shiv Sena’s Hindu national- there's lots of competition out tel: 122) 2614681 members 2,505 of Commerce & But in Bombay, notably, Oricon House, 6th Floor. ralling property prices - ist parter, the Bharatiya Jan- there in the world for capital." GDP per capita (1993-94) Rsl 2.21 6 (India Rs7,963) Maharashtra of unreformed land ata party, which draws from a says the managing director of Indo-German Chamber Indo-French Chamber of Chamber fuelled by most active foreign of Commerce, Commerce & Industry, Commerce Path, and property laws as much as quite distinct constituency of one of the institutional investors in Bom- Maker Towers “E". Bakhtawar Nariman Point, Fort, by the flood of new business mercantile, upper caste and Bombay 400 021 Bombay 400 023. tenants - are already prompt- middle class voters, has both a bay. “What they don't see is Sources: Maharashtra Directorate of Economics and Statistics: Cuffe Parade, it's not a tel (22)2027950; telex 1183599, tel (22) 2855859: ing foreign and other industri- broader vision and a better that for investors Planning Department/G ovemment of Maharashtra. Bombay 400 005. 1184254; fax 2023540; telex 113527; alists to scout elsewhere for articulated desire to continue question of ‘should we go to Bombay. New Statesman Yearbook 1994-95; South Asuan tel (22) 2187902; telex (22) not India's economic deregulation. Maharashtra or Andra Prad- lax (22) 2180523; members 760 members 2,100 their corporate bases. “It’s Handbook 1993; EIU Country Profile: India 1994-95. - members 4,600 just finding houses for foreign But here too, local and foreign esh?’ it's ‘should we go to executives," says the director businessmen asJc whether Its Mshacajchtra or. Zimbabwe’?"

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