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• ‘'cfc. Serb forces attack .V’KCiv Government likely to try to approve credit controls tomorrow Congress Moslems as tough ba :' threat to UN sanctions start Russia risks social n&i ••'-]. ' Serb forces defied the Internationa) community end EBRD by launching an attack in Moslem-held north-west Bosnia just as tough United Nations sanctions came into force against Belgrade. Fighting also erupted funding V* in other parts of former and economic chaos *^ Yugoslavia, one day after Bosnian Serbs refused r By Georgs Graham to accept an international peace plan signed by In Washington rival Moslems and Croats. Page 16; Bosnia conflict reports. Page •• --«! 3 THE US Congress is likely to Rate cut urged: Pressure on Germany to help without fast reform refuse any further money for the speed up European growth intensified when Michel European Bank for Reconstruc- Camdessus, International Monetary Fund managin g tion and Development as a result By John Lloyd in Moscow director, said a "substantial decrease” in German said the government was not in are a small and embattled minor- of the outcry over excessive control and ity. interest rates was appropriate. Page 6; G7 to he expected “there Mr Boris Fyodorov, deputy spending on salaries, private air- RUSSIA faces financial collapse could focus on global economy. Page 6 be hyperinflation by the prime minister in charge of craft and office fittings. and risks a social explosion that if autumn. People don't understand finance, has claimed of the The Clinton administration has Merger move: The New York Mercantile President Boris Yeltsin fails to what hyperinflation means, and 117 people of ministerial rank in requested J70m In its 1994 budget Exchange proposed a $10m merger put with New radical economic reforms so we will have to live through the government, only four under- for the US's share of the EBRD's York's Commodity Exchange, in a move that into place immediately, western one before we get stabilisation." stood the market system: Mr paid-up capital, but senior mem- would create the world's fourth largest futures economists and Russian officials The government meets tomor- Anatoly Chubais, deputy premier bers of Congress warned yester- and options market Page 28 warned yesterday. row and is likely to try to for privatisation; Mr Alexander day that they would almost cer- The dominant fear in Moscow approve the economic measures, Shokhin, deputy premier for for- Blow for Patten: Election victories by tainly refuse the request is that between and elec- affaire now including a control on credits, eign wmnnmir ; Mr Shakh- is share- pro-Beijing businessmen have left the board of The US the largest tions - which could be held this delayed by the referendum cam- rai and himself the Hong Kong General Chamber of Commerce holder in the EBRD, which has a autumn - the pre-referendum paign. The latest Yeltsin appointment evenly split between supporters and opponents total of 56 shareholders. The US practice of keeping voters happy Mr Grigory Yavlinsky, a promi- was Mr Oleg Lobov, an old ally of accounts for cent of Chris Patten, the colony's governor. Page 16 10 per of the by delaying harsh reform mea- nent economist and a candidate the president but deeply sceptical bank's capital. :* ,l:, VW tries to calm nerves of suppliers sures and issuing boundless cred- for the presidency, believes the of radical reform. He is now first Senator Patrick Leahy of Ver- l; tnanagwmonf its to avoid - The top bankruptcies would government also represents “an deputy prime minister in charge mont, the Democratic chairman

• ' continue. - • 1‘j of Volkswagen attempted enormous compromise with con- of the economy vying with the of the Senate committee that con- to calm the nerves Mr Sergei Shakhrai, deputy servative forces, which means Other first deputy, Mr Vladimir trols foreign aid spending, gave a of component-makers prime minister for nationalities that it is no longer able to control Shumeiko and outranking Mr warning that he planned to rattled by the company's and an important aide to Mr Yelt- Inflation, but is simply a forum Fyodorov at the finance ministry. reduce the EBRD budget alloca- plans to slash costs sin, said that without decisive for the political struggle”. This issue is expected to be the tion to zero unless very substan- and reduce outside action, “the rouble will disappear Since Mr Yeltsin has con- subject of heated debate at the Speaker Ruslan Khazbulatov, President Yelsttn's chief rival, has tial changes in the bank's man- suppliers. The meeting, by the autumn" as more people structed a compromise cabinet to cabinet meeting tomorrow. warned that parliament will ignore the referendum result agement were made. k attended by representa- lose confidence in it placate the centre ground, whose Mr Vassiliev said even the radi- He said yesterday: l win not tives of 29 companies, Mr Sergei Vassiliev, head of the support he needs, he will not dis- cal ministers had not been able dent figipes show there is likely chairman. Too many government vote for one cent of money from was intended to counter government’s Centre for Eco- turb the balance before new elec- to get a strong grip on credit to be a rise to 20 per cent or more ministers issued credits without the US for the EBRD unless I see - ill-feeling and fears nomic Reform, said there were tions though Mr Shakhrai said expansion. This would lead, he this month and more in May, as reference to each other. very, very substantial move- stirred by the arrival “strong political imperatives now there will be a “reshuffle of said, to the recent Call in inflation raised pensions make an impact ments towards reform - not at Europe's largest for delay in reforms. Mr Yeltsin posts'* in the next few days. from 27 per cent a month in Jan- The fault, Mr Vassiliev said, Nation divided by money, power promises of reform. There will car maker of Jos& Ignacio should right now implement Within this cabinet, the radical uary to about 15 per cent last lay not only with Mr Victor and sentiment. Page 2 not be one cent in my proposal

Lopes (left), recently tough policies, but he won’t” He ministers best known to the west month being reversed. Indepen- Gerashchenko, the central bank Editorial Comment, Page 15 unless I see that, and frankly I recruited from General Motors and installed as don't think I am going to.” production and procurement director. Page 16 Mr Leahy delivered a scathing "* indictment of EBRD's spending • Political veteran accuses magistrates of conspiracy as Senate lifts immunity American Telephone and Telegraph, largest Fed moves and of its chairman, Mr Jacques :>. -C US telecommunications operator, is challenging Attali “I want to know why we British Telecom to agree to more than halve the should entrust another dime of “wholesale” price of transatlantic phone calls. the public’s money to Mr Attali,” Page 16 to prop up Andreotti faces mafia links probe he said. "It's almost like this Anger over delay: Mexico's ruling Institutional money that has gone in there is a Revolutionary Party provoked a storm by postpon- By Robert Graham in Roma in Italy as the symbol of the bers abstained, backed- by two cases against senior mafia mem- slush fund for personal use." value of political ing elections for governor in the state of Yucatan and Haig SimorSan in Mian establishment long con- Socialists and the president of bers. The evidence is based Republican members are likely extensively from November this year to May 1995. Page 6 trolled by the. Christian Demo- the commission, while one Lib- on testimony of for- to follow the Democrats on the AN ITALIAN Senate commission crats. eral voted against him losing his mer mafia members co-operating EBRD. Senator Mitch McConnell Mobil, big US energy group, reported a first the dollar yesterday agreed to waive the Yesterday he issued an angry immunity. with the authorities. of Kentucky, Mr Leahy’s Republi- profit share), quarter 1993 net of $490m <$1.19 a parliamentary immunity of Mr statement repeating his view that Mr Andreotti revealed on • Mr Gabriele Cagliari, the for- can counterpart on the foreign against a loss of S319m last tune, following account- By Jamas Bfitz in London and Giulio Andreotti, seven times the investigation by Palermo March 27 that he had been noti- mer chairman of Italy’s publicly- operations spending committee, ing charges. Page 19 George Graham in Washington Christian Democrat prime minis- magistrates was a conspiracy to fied by Palermo magistrates they owned Eni energy and chemicals said: “Short of immediate ter, closer *1 to investigate him for group, yesterday admitted to hav- changes in the policies prac- Space deads The Russian space industry signed bringing him one step denigrate him. He added: have wished and Federal Reserve to being investigated by Palermo absolutely no fear of the truth alleged links with the mafia. The ing paid L26bn ($l7m) in illegal tices of the EBRD, I - like the its first contract to launch a western satellite, THE US intervened on the foreign magistrates far alleged coflusion and will vigorously use every Senate commission has been contributions to the Christian chairman - cannot support the worth $36m, in what it hopes will be the first exchange markets yesterday, with the Sicilian means to unmask these incredi- hearing the case since April 14, Democrat and Socialist parties. administration's request for step into a lucrative western market. Page 5 buying dollars for yen, in the It is the first time the commit ble machinations.” and has four times been sent Mr Cagliari said the system of 970m." Euro Disney, leisure group which this month clearest indication yet that the sion has agreed to waive the The 215*trong Senate, or which extra documentation from Pal- illegal fending preceded his ten- Mr Lloyd Bentsen, treasury celebrated the first birthday of the EuroDisneyland Clinton administration is con- immunity of such a prominent Mr Andreotti is a life member, ermo. ure as chairman, which began in secretary, said he shared Con- theme park near Paris, announced that it lost cerned about the recent apprecia- politician in a case of alleged must conduct a secret ballot to The thrust of the Palermo mag- 1989, but admitted be bad not gress’s concerns about EBRD, FFrl.08bn ($203m) in the first half of this year tion of the Japanese currency. links between the world of poli- validate the decision. istrates' case Is that Mr Andreotti sought to stop the payments. calling its spending “absolutely and was trying to secure new capital Page 17 The Fed intervened in support tics and organised crime. Yesterday, the voting of the 23- has acted as the point of refer- Earlier this month, Mr Franco unacceptable". He defended the of the dollar against the yen for Mr Andreotti, aged has been member commission was split ence for the Sicilian mafia, Cosa Shot down: the Angolan rebel movement, Unita, 74, the first time this year after the in public office since the foun- according to political loyalty. The Nostra, in Rome, especially to Continued on Page 16 Attali’s main task. Page 2 admitted that it shot down a UN relief aircraft US currency hit another all-time ding of the republic and is seen eight Christian Democrat mem- influence the course of court Editorial comment. Page 15 Continued on Page 16 near the eastern city of Luena on Monday. low of Y109.1S in New York. ITT, US conglomerate, unveiled a 27 per cent Dealers said there were four rise in first quarter net income, reflecting sharply rounds of dollar- buying by the better performances at its finance, automotive Federal Reserve in New York at Hoechst profits fall and hotels businesses. Page 19 levels between Y109.50 and YH0.50. The intervention took Four European airlines - Closer ties: currency dealers by surprise, Scandinavian Airlines System, KLM Royal Dutch - pushing the dollar up to a Lon- 28 in quarter as Airlines, Swissair and Austrian Airlines moved % don close of YU1.2. integration by announcing plans to set closer to There was no detailed explana- jointly-owned company with a single manage- up a tion for the intervention from US ment and balance sheet Page 17 officials. However, Mr Lloyd demand weakens Northern Telecom, Canadian tele- Bentsen, treasury secretary, told *hn annua) communications equipment maker, is banking a Senate subcommittee hearing By Christopher Parties chairman, told meet- yesterday. on higher capital spending by US telephone compa- yesterday that excessive volatil- in Frankfurt ing According to the interim nies and continuing strong demand from the ity in exchange rates could be sales were Far East and Latin America to reverse a 29 per counter-productive. THE ACCELERATING fall in report, domestic drugs per cent lower in the period cent slide in first-quarter earnings. Page 17 The US intervention also fol- demand in western Europe, espe- 10 lowed accusations by Japanese cially in Germany, cut profits at under review, although total ninth round of Middle Hands-on approach: The officials that the Clinton adminis- Hoechst by 28 per cent in the turnover from health care was Washington with the East peace talks opened in tration had been attempting to first three months of this year, down Jess than 2 per cent at providing immediate evi- Clinton administration talk up the yen in an effort to Germany’s biggest chemicals DM2.6bn. dence of Its commitment to become directly reduce Japan’s trade surplus company reported yesterday. The biggest single drop in sales 4 involved in the negotiations. Page with the US. Hoechst said in an interim - 12 per cent - was recorded in report that pre-tax earnings had the polymers business, within Growth index rises: The two-year decline Mr Bentsen said: “I think there misconceptions fallen to DM436m ($278m), com- which bulk plastics suffered a fell in the Japanese economy may be bottoming out, have been some rate policy. I pared with DM605m. on sales 5 of 20 per cent. according to the official index which predicts about US exchange cent lower at DMllbn. Mr Hilger attributed the 5 per economic activity six months ahead. Page 4 want to underscore the adminis- pm- n’s belief that exchange Profits at the parent company cent fell in group sales to a 3 per cent to DM219m, cat drop in volume and a l per a STOCK MARKET INDICES m STERLING r tumbled 35 per 1 and turnover fell 13 per cent to cent reduction in prices, while <+10.4) New Yotk lunchttoe: FT-SE 100: —2832.7 Bentsen was also reported DM3.7bn during the quarter the effects of exchange rate YWd 402 S 1979 Mr under review. Group pre-tax changes had cost the group a fur- FT-SE Euotrack 100 -114408 W.73) London a earnings for the whole of 1992 fell ther 1 per cent FT-A Aft-awe 139592 5 L578 (199) c (same) cent Mr Hilger said systems, techni- mu -2020671 (+56398) OH 2A925 a tomorrow’s meeting of 18 per New York Uecfittae FFr &41S (8-4275) f There was still no sign of an cal facilities or shortages of per- 225 j. the Dow Jones bid Aw —339793 (-0-54) SR (2-255) upturn in Europe, which sonnel were not to blame for Open for Business. SSf Composite A35J7 9093) V T7S5 (same) Foreign exchange analysts accounts for more than half recent series of 15 accidents, in £ index 81.4 (81.5) group turnover, although busi- one of which a man was killed. The Reuter Terminal Powerplus. US LUNCHTIME RATES 11 DOLLAR ness had picked up slightly in He blamed “fete” for the “sta- Federal Funds t Open up a new route to trading opportunities withjust one machine, you’ll save space, loo. north America in spite of pro- tistical frequency”, and pointed 3-mo Trass Hte fld —2931% 1 New fork kncUmo: } with the Reuter Terminal Ztowerplus. It’s a new, Pomma he Reuter Terminal Powerplus is smal ler, li®0 Bond nounced weakness in pharmaceu- out that the last accidental death ..g tell 198 P high-performance version the ticals sales. Retailers, the report In the German parent's plant of standard quieter and more powerful; FFr 5937 Mr Mark Brett, an economist at of occurred years Reuter Terminal, which allows you to run your with an Intel486 “-based PC LONDON MONEY SR 1.42395 E said, had stocked up at the end 15 ago. own application software with Reuter real-time most y 1119 last year to beat price increases. The explosion that started the to cope with the 3-moWertw* 6*8 (same) d Lsndar The group's drugs and health series was unprecedented in the information on a single terminaL demanding needs. LBIe tong gil kAre —Jen IOSHUhi 10413) ® ON 198 (19679) care business, which yields company’s 130-year history, he So you get the benefit of the best possible It operates in the ver- NORTH SEA OB. (Argus) FR 53325 basis, data, analysed and displayed “ almost a quarter of total turn- said. “On a statistical a job in the way you satile Microsoft* Windows* SR tJ2B (1-4175) Brant 15-fer (June) —91685 OBJ) over, had also suffered from the in our factories is considerably prefer. environment, with the Microsoft Excel 4 Y 1112 (110.4) U OoU effects of health care reforms in safer than one in retailing," he Reuter Information offers unrivalled speed, spreadsheet. Dynamic Data Exchange, and State* 639 Wolfgang Htlger, said. accuracy, New Yotk Come* (June) —S3S2.1 (35391 Currencies, Page 38 Germany. Mr depth and breadth of coverage, the Reiuer Terminal application included as London $36055 (3519) Tokyo dose YTHL48 right across toe worlds financial markets, to standard. CONTENTS give you solid support for your trading The new Reuter formlnd Powerplus - Lfieo Qatar OR12JB Austria ScKffl Gncca WOO Lu* decisions. Because you can combine this data linking your applications, the best quality Lnwao SArie Sflll Bahrain Oni.3SO Hungry R172 Mate rrarara Fbraign Exdwngea London SE. SM.10 with your favourite applications you'll save information and superior processing Betgixn BFW0 tetand 10180 Morocco UGH13 IS Gotdl K945 Bropoan Nms sa time keyingdata. because you’re working fj*2S«J Mta Fb40 Nam nl7S WU teal. .37-40 And power. Open for business now. Spri tatemaora* News 4 Rp38CO Ngak Cyprus CC1.00 Mcrasa Sweden SKM5 0 Mmagemnl 16 9*530 Honor NKr1U» American Nem Cawiffc KeriS Heri Sulb SFOSD s ObeaMr IS .37 s—\ s*** : r".."' Vifarid Trado News • • • Denmark DKiiS fWy L27Q0 Omen OR190 aria sssm • • * • m m UK Hews 7 12 • «M MM ESW* EC-150 Jordan JD1S0 Raritan Rs3S Thatorxj a*5o Commas** PWppnBs P«o*6 omxso Am*. Brian! FM12 Korea Won 2500 Tra** FTAdums Making tha boat Information work ha»d«r Wand 2122900 TuVay L7DQ0 Weoflw. 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Fur JoTthcT ofurmobim contact yrta local Rruier office or Area Htttdtpualcrs ne Laulm (+t 71) 350 H22. Cmim Ml ZQ 718 2828. Haag Ko»g (8521 841 5888, NmVMfl 800)272 8373. .VSmm 057 21 305087. LONPOH - PARIS FRANKFURT HEW YORK^ TOKYO frTHF FINANCIAL TIMES LIMITED 1993 No 32,049 Week No 17

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april zs im financial times Wednesday EUROPE NEWS: a plan E German Brussels set to reject DMlbn Ekostahl investment

plans to subsidise its in tiie industry. Spanish meet inflow to recommendation. meeting. . . gradually pie- EC industry ministers By Andrew unanimous steel producers. The Commis- oppose the , steel industry, is Hhl in Brussels ministers' ambitious plan worked discuss the Mr Martin Bangemann. An together overall rescue next Tuesday to approval, but is still likely to sion is under pressure from But - the cing an out by the Treuhand in the sec- to the senior German commis- the sector. latest developments CONTROVERSIAL plans to cause a storm in Germany. Germany. Spain and Italy responsible for plan for 20% choice but to state agency mea- tor, but the true extent of rise Rexrodt, German approve steel aid, but Mr Van sioner, has little Last we* it approved pump more than DMlbn Mr Gfinter privatising the east German the plan, because he is the EC indus- capacity cuts will uot be dear ($600m) of state subsidies into economics minister, yesterday Miert has repeatedly stressed support mod- sures to protect economy - would involve present a By Quentin Peel in Bom will adopt a jointly responsible with Mr from unfairly cheap until EC steelmakers the Ekostahl steel plant in defended the Ekostahl plans in that Brussels of Ekostahl's cold try Miert for the overall EC ernisation and Slovak firm restructuring plan at tbe eastern Germany are likely to a last-minute attempt to influ- tough attitude, to avoid a “sub- Van In a imports of Czech steel works for DM310UL IN SPITE of the deepening rescue package for the steel will also discuss aid of September. be turned down by the Euro* ence the decision. sidy race" among European Ekostahl would steel Today it painful second phase, are also recession in west Germany, com- governments when the whole industry, based on package of social measures, Commissioners pean Commission today. Mr Karel Van Miert, EC turned into a mini-mill at a a investment in the eastern part cuts across the Com- be at least expected to approve plans to is rec- industry is under pressure. capacity including funding of The decision will take the petition commissioner, of 750m. is expected-la He has, however, cost DM .... all telephone calls to of the Country form of that the plans Mr Peter Schmidhuber, the munity. has EcuS40m (S283m>, to help cover open EC a proposal to member ommending The Commission, which increase by almost 20 per' con commissioner called for a full discussion of and closure costs competition. states rather than a binding should not be exempt from German budget expressed doubts about redundancy Ekostahl case in today's already this year, to more than ruling, and will be subject to strict rules on state aid for in Brussels, is understood to the DM135bn ($S0bn), according to . a new survey. & IG Metall The rate of increase in Russian referendum investment has declined, after a jump of 33 per cent, from Yeltsin voters who said heads Percentage of to pick in 1991 to DMllL8bn ® DM&LSbn they trust the president in 1992 , according to the targets for Munich-based Ifo economic research institute. for showdown West German enterprises strikes contributed DM41.8bn to the total investment in 1992. and By Judy Dempsey in Berfin are expected to invest DM48.9bn this year, with the congress undoubtedly causing with recession THE leaders or IG Metall, Germany's powerful engineer- a number of plans to be cut By John Uoyd, Andrew draft constitution and a law on ing onion, will decide tomor- back, but. with commitments Gowers and Edward Bafls elections: on agreement, he row where in eastern Germany still pushing up the total in Moscow would present them to the par- to call strikes in support of The main areas of new liament and invite approvaL higher wages in the region. investment in the massive THE first shots in the • Following a likely refusal, Where the strikes are held inflow of rash to the former post-referendum confrontation decree a new constitution will depend on voting by steel Communist East Germany are between the president and par- which would replace the cur- industry members throughout transport and communications 'x Soviet and Con- liament in Russia were fired rent Supreme the five eastern German states (DM22bn in 1992 and DM24bn yesterday as President Boris gress of People's Deputies with and by members in the metal in 1993), manufacturing indus- parliament, and Yeltsin's closest aides and min- a bicameral and electrical industries in try (DM22bn and DM26.5bn isters demanded immediate further decree elections to Saxony and Mecklenburg respectively), and service action on a new constitution these in the autumn. Republics Western Pomerania. enterprises, including housing Mr Shakhrai said Mr Yeltsin and economic reforms. flsUgm 432% Union officials, and Ges- for rent. (DM2S.2bn and parliament would meet regional and At the same time Bashkiria 602% amtmetall, the metal and elec- DM34 .3bn). presidential decree republican leaders tomorrow. cancelled a Buryat suns trical employers’ association, Bo’s calculations are based keeping office a pro-Yeltsin Mr Yeltsin's tactic, according in Ingushetia 23 expect more than 75 per cent on a compilation of sources, republican leader who had to Mr Shakhrai, would be to Chuvashia au« to back strike action. including published invest- conservative proceed swiftly but without been fired by his Daghestan 145% Gesamtmetall said: “The ment plans of west German parliament. “major blunders" to fulfil the Gorno-Altai 43.6% trends show that IG Metall enterprises, information from The parliament voted to mandate given by tbe voters in Kabardino-Balkaria 3SL8% will get what it wants - sup- foreign investors, the Treu- annul the decree signed this bringing in constitutional and Kurgan Kalmykia 67.5% 503% port for a strike - despite the hand privatisation agency, the month by Mr Yeltsin which economic reform. Karachaev-Cherkess 252% Regions & districts Kursk 422% Ryazan tUL high economic cost" IG Metall federal statistics office, and restored in office Mr Vasily Mr Shakhrai, introducing the Karelia na. Amur 43.0% St Petersburg 725% Sakhalin 602% saidits information from the Ifb’s own investment surveys. Guslyannikov, the president of draft constitution, said that it Khakass 57.9% Arkhangel IUL Leningrad 585% Samara 385% steel sector indicated strong The institute’s initial calcu- the small autonomous republic laid the basis for a “presiden- Komi 73.0% Nenyetsk 655% Lipetsk 422% Saratov 520% support. Results of the ballot- lations of private enterprise of Mordovia who had been tial republic...with some of the *% Mary-B 48.1% Astrakhan rua. Magadan 74.4% Smolensk 702% ing wffi be known today. investment in mid-1992 proved removed by an order of his values of a parliamentary sys- Mordovia 38,0% Belgorod 52.0% Chukot 705% Sverdlovsk 844% strikes could start as slightly over-optimistic, and Supreme Soviet. The deputies tem. The 44.0% to revised downwards voted under article 109 of the Mr Sergei Alexeyev, an North Ossetia 632% Bryansk 443% Moscow City 755% Tambov early as May 3 and will be the had be in the latest constitution, recently intro- expert on constitutional law Tatarstan IML Chelyabinsk 72*% Moscow 685% Tomsk 87.7% first of their kind in eastern by some DM5bn - duced by them, which enable who has helped prepare the Tuva BjO. Chita 434% Murmansk 60.7% Tula 815% Germany since the 1930s. They survey primarily reflecting 56.0% Buryat to lower investment in manufac- them to abolish all presidential constitution, said it was the Urdmurtia AQkt 482% Nizhny Novgorod 635% Tver 532% are intended put pressure

industry. . Housing decrees pending an appeal to blueprint for a truly federal Yakutia-Sakha 67.8% Irkutsk 585% Novogrod 57.4% Tyumen 524% on Gesamtmetall and Arbeit- turing the Constitutional Court. state which would forestall the Regions & districts Ust-OnSn Buryat 3&8% NowsMrok 66.0% Khanty-Mansysk ILB. geberverband Stahl, the steel investment, in contrast, expan- than forecast. Mr Sergei Shakhrai, the dep- tendencies towards disintegra- Alta) 47.7% Ivanovo 64.7% Omsk 56.0% Yama’o-Nenywsk 822 employers, to change their ded faster first uty prime minister and a key- tion. Khabarovsk 70.2% Kabimgrad 50.7% Orel iba. UyarariSk 475% mfads about ending a contract The figures reflect heavy aide to Mr Yeltsin during his One such tendency showed Krasnordar 52.6% Kaluga 53.4% Orenburg SO.6% Vladimir 652% designed to equalise western investment by public sector referendum campaign, itself yesterday with the Krasnoyarsk 652% Kamchatka 40.4% Penza 452% Volgograd 63.1% and eastern wages by April enterprises, including the said that Mr Boris Yeltsin announcement that citizens of Evenki rua. Koryak 67.5% Perm 765% Vologda run. 1994. Treuhand agency itself, seek- com- should take the following steps St Petersburg, Russia’s second Taimyr iul Kemerovo 525% Komi 62.1% Voronezh 48.7% The contract was signed in ing to restructure eastern privatisation, the in the days and weeks ahead: city, had voted to turn their Primorsky 71.0% Kirov n-a. Pskov 495% Yaroslav 682% March 1991 between west Ger- panies for by and by Deut- • Consult with leaders of the city into an autonomous repub- Stavropol 522% Kostroma 565% Rostov 55.1% Yevray (Jewish) 582% man employers, eastern Ger- German railways, regions and the republics on a lic. man managers, and IG MetalL sche Telekom, the telecommu- But the employers have said nications monopoly. they can no longer meet large In 1993, the west German ele- pay Haims because of reces- tririty utilities are expected to sion in the west and lower eco- invest some DMl3bn in over- Nation divided by money, power and sentiment nomic expectations in the east hauling the eastern grid and The contract envisaged giv- power stations, an increase of By Leyia Boulton in Moscow imposed emergency rule to suppress ing degrees of economic and political has been far more confrontational local council which suspended the ing employees in the metal one third on the current year. ethnic strife with only 13 per cent of self-sufficiency. Mr Yeltsin's support was also high government's privatisation pro- and electrical sectors in east- • Germany’s inflation rate THE WILDLY varying referendum voters saying they supported the pres- Yakutia-Sakha, which accounts for in potentially rich regions like the gramme, Mr Yeltsin can take particu- ern Germany a 26 per cent pay stayed stubbornly high in results from the Russian Federation ident The other party in that conflict. one sixth of Russia's land mass but Tyumen oil producing area, which lar comfort from a 72.6 per cent rise, and a 21 per cent rise for April for the fourth month run- show a nation divided by money, North Ossetia, which has enjoyed less than 1 per cent of the population, produced 58.4 per cent of “yes" votes majority in his favour. those in the steel sector, begin- ning, Reuter reports from power and sentiment. Kremlin support in repelling land produced 67.8 per cent in support of and sees its future in continuing However, the dictum that he has ning April 1 this year. These Frankfort The sentiment was clearly demon- claims by the Ingush, produced a 63 Mr Yeltsin. Its conservative hut flexi- reforms and more independence from less support in the countryside seems increases are calculated on Preliminary figures showed strated in the region around President per cent "yes" vote for Yeltsin. ble leadership has negotiated substan- Moscow. Mr Yeltsin can also point to to have been only true in the poorer wage levels which existed in annual west German inflation Boris Yeltsin's home town of Yekater- Elsewhere, the results were deter- tial rights to local diamond and gold support from industrial regions, agricultural regions. Mr Yeltsin failed March 1991, as well as west in April rose slightly to

MR JACQUES ATTALI, the the public eye and has been Mr Viktor Gerashchenko, the controversial flamboyant and prominent in support of more Russian governor, In an other- president of European the The EBRD’s board want focus open markets in the west for wise critical speech. Bank for Reconstruction and the products of eastern Europe Member governments Development, remains at the fixed on helping ex-communist and the former Soviet Union. have sought this week to lend sup- head of the institution he He Is recognised as a source erf helped create. But after this states, writes Peter Norman dynamism and ideas from port to the bank’s efforts and to prevent a decline of week’s very public expressions which the bank has profited. morale among its staff. of concern by bank governors There is also a realisation over reports of the EBRD's based economies by steering necessary. among many shareholders that The EBRD can take heart high spending on its new build- clear of EBRD management Under the Clinton adminis- the EBRD has a difficult task from the fact that its biggest ing. he cannot yet be sure that issues in the closed session of tration, the US, which holds 10 to perform that is not made shareholders, the Group of he has the unreserved support the hank's annual meeting on per cent of the EBRD's capital easier by the statutes agreed Seven leading industrial coun- of his main shareholders. afternoon. Monday and is its largest shareholder, by member governments at the tries, keep finding new tasks That will hang out- on the Indeed, the session, which has been for more supportive time of its foundation. for it to perform. The multilat- come, probably in a few weeks’ was devoted to the fostering of of the bank's alms than previ- It was at the insistence of eral nuclear safety fond, which time, of the investigation by small and medium-sized enter- ously. But Washington is keep- those founding members that the bank will help administer, the bank's audit committee prises in former its Communist ing options open at least the bank was saddled with an will be operational this week. into the allegations of extrava- countries, could mark a new until the audit committee unwieldy 23-person board of Another sign of gance in fitting its confidence out London chapter in the bank's activi- reports. directors, each with an alter- in the bank is the proposed headquarters. In the meantime, ties, if as Mr Attali believes, it Mr Roger Altman, US deputy nate and office. The bank must 5300m fund to foster small the countries that set up the results in a more decentralised treasury and secretary, praised the lend on good bankable deals medium-sized bank will be pressing businesses in Mr Attali and responsive mode of bank for providing financial but also must not be doing Russia. Tbe bank has been not to delay the organisational operations. support to the private sector in things that a normal commer- asked to create and changes he has promised But Mr Attali is not com- the new market manage economies. cial bank must da As one offi- the fund. including the appointment of a pletely out of the woods. But he was careful not to cial observed, such a condition, strong budget director. Although Mr Ttaeo Waigel, Ger- endorse Mr Attali personally. if taken to a logical conclusion, The ministers from the man finance minister and this On the other hand, officials is a formula for inaction. industrialised and former Com- year's chairman of the EBRD the from bank's member coun- Economic and administrative THE FINANCIAL TIMES munist countries that make up board, said governors had not tries acknowledge that Mr problems in the former Com- Published by Tbe Fuuncul Time* the bank’s board of governors discussed this week appoint- Attali has GmbH. Nibelnogenplatz 3, achieved a great munist countries have 6000 signalled they been Frankfort am Main I. Germany. want it to press ment of a chief executive to deal in the two years since the another factor behind the Tdwhono 49 69 156 850, Fax 49» with its ahead task of helping strengthen management of the EBRD was SWWt, Telex 416193. inaugurated. He has much criticised slow disburse- Represented by eastern Europe and the former bank, officials said 1™ Hugo, Managing Director. Bonn was kept the problems of the for- ment S®" Soviet Union of funds. This was Pnnten DVM Drock-Venrieb and develop market- prepared to revive the idea if mer Communist countries in acknowledged on Monday by Marketing GmbH, Admiral- RtwnrfwM- StiasK 3a. 6078 Neu-Iceoburg 4 (owned by Humyet International). B®on Richard Lambert, ao The Financial Times Limited, Number One Southwark Bridge, Russians cool to new Lootan SE1 9HL, UK. Stereholdcn of bank tbe idea Financial Times I Europe) GmbH are Tbe Financial Times (Europe) l td By Anthony Robinson, ence, bnt if we create yet is slow,” said Shokhin, London and F.T. (Germany Mr capital out of Russia. But after East Europe Editor another Aomriting) Ltd, London. Shareholder bank we will waste “but that is more because of losing a year sorting out prob- of the above mentioned too companies more time and money." legal problems over the nega- lems like these, H? oaru:i ) Times Limited, RUSSIA’S deputy prime Creation we finally NumberT** ^ > of a new bank was tive pledge clause demanded One Southwark Bridge, minister, agreed on a formula nsing Uedon SEl Mr Alexander proposed by Mr Theo Waigel, by the World 9HL. Tbe Company is Bank, than prob- escrow accounts In “««poniled under a narrow the hwsoT i Shokhin, yesterday dismissed Germany’s finance minister at lems with the EBRD itself lunge of approved and Wales. Chairman; D.CM. the need for a new hank, mod- the banks." FRANCE opening of the EBRD which operates on a more com- elled on the German Kreditan- annual meeting on .- J. RoDey. 168 Roe Monday. mercial basis.” d£ Rivo Russia wants the «"“* F-75044k - * ,/v___i v Parisroils stalt for WJederaufbau, to fos- Mr Shokhin also toned EBRD to •*» CedesVvCfUCAi 01.UAw down When tbe EBRD sought to extend ter the financing the range of projects it and criticism of slow disbursement accelerate disbursements te prepared to development of small and finance away 1 R Cairo, F-591QQ Roubftix by the EBRD expressed by Mr through the use of escrow L® J» $* from the current emphasis itiobard Lambert medium companies in Russia. Viktor Gerashchenko, chair- on ISSN: accounts, it encountered prob- oil ISSN (14S-2753. Commission “It is one of the matn func- and other energy projects, man of the Russian central lems with legal Pentium No 67808D. experts at Rus- but is also preparing h»rk* DENMARK tions of the EBRD, we must bank, in his official statement for sia's own finance ministry, be with Financial build on this,” he said in as commercial bank credi- Times (Scandinavia) Ltd, an Russia’s representative on said. "Our experts Vimmelskafted feared that tors aimed at reschedulin 42A, DK-1161 interview. “We should cer- tbe EBRD board of overn g its g ors. opening such accounts would 1”* 33 13 * 41, tainly use S14bn debt to the London the German experi- “It is true that disbursement facilitate the Club "HTshs™'’ Illegal flow of of bank creditors.

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FINANCIAL TIMES G WEDNESDAY APRIL 3S I9M ? er®ia — NEWS; EUROPEcunurt: nvt's ! t Z Clinton keeps the Balkans guessing Yeltsin warns "* j^w^tMartln reports on the debate 2«l in Washington on what a ‘stronger’ Balkans policy should mean Serbs over RESIDENT Bill Clinton Divisions on the Bosnian »h<> i Bosnian pher.nw the secretary of state, is based attack" on positions can choose bis words options apply to Capitol Hill, thought to favour caution, as inside Serbia itself. Xh- with great care. One where two Democrats iV influen- does General Colin Powell, Amid this confusing welter •vr '.'r r i^r- . adjective he has used more tial in foreign affairs take dia- chairman of the Joint chiefs of of external and internal advice, peace than process once when publicly dis- metrically apposed views. Con- staff. with western Europe, after its cussing his options in Bosnia is gressman Lee Hamilton of Mr Clinton, who has latest "humble", prob- foreign ministerial meet- RUSSIAN President Boris both in contemplat- Indiana, chairman of the lems president hopes will allow him with his own military on ing, incapable of doing other Yeltsin warned Bosnian ing the enormity of any form foreign Serbs to break the power of a parlia- •- v • "f:" House affairs commit- several rr. (. fronts, acknowledged than wait T.orii on the US initiative, yesterday they could expect no of US intervention and the tee. argues that Bosnia ment heavily coloured by is not a at his press conference last and with still some uncertainty intractability of the Balkan protection from Russia If they nationalist thinking. vital US interest, believes in week the legitimacy of about the problem. Gen Russian reaction continued to defy an interna- Nationalist continuing with sanctions and Powell's opponents of the view that "we must even after Sunday's referen- tional peace plan This sense of humility diplomatic for the frag- president regard his support of pressure. have a clearly defined objective dum victory for President mented former extends beyond the Oval Yugoslav international sanctions against Office But Senator Joseph Biden of that must be met". Boris Yeltsin, Mr Clinton has •. - r.~T I-« republic, Reuter reports from Serbia, Cat: . to many of those contributing Delaware, including the despatch chairman of the In the media, the heavy- promised “a stronger policy” - to the public Moscow. of troops under the debate on Bosnia. European subcommittee of the United - 1 weight pundits of the New the its - *lna by US and allies “within But a Russian foreign ., ,-a For though there is a vocal minis- Nations flag, as a betrayal of US foreign relations committee York Times - Les Gelb, a few days". lobby for try spokesman said the use of cultural and ethnic r- a maximalist US role, and just back from Bosnia, has Anthony Lewis and The links with A M New York Times, quot- force by an international mili- Slav Serbs. there are also plenty of voices put out an eight-point plan Rosenfeld - have thundered ing an unidentified senior offi- tary contingent could deepen Mr - advising caution. Both camps including immediate western Yeltsin dispelled any pos- "> £ behind the cause of US action. cial. reported! yesterday that the conflict accept that there are and spread it sibility of Moscow breaking — An •; no easy air strikes and the lifting of the ' the most likely US action beyond “ ‘ options. former Yugoslavia's ranks with the west on former :- u 1S« UN arms embargo against Bos- ut the Boston Globe at would involve a programme of boundaries. Yugoslavia Caught squarely in the con- nia itself. as long as he was 5 the weekend advised limited bombing- of Bosnian Mr Yeltsin ••''J fused middle described a plan president. The west had long is the American Senator Bob Dole, the Repub- against unilateral bomb- Serb installations, B designed to drafted by mediators Lord feared the public, intermittently lican Kremlin could back bom- leader, has also come out ing. Richard Cohen, the Wash- produce a ceasefire and a new Owen and Mr Cyrus Vance and down on a joint front that had barded with graphic wraha cov- guardedly in favour of air ington Post columnist, wrote round of negotiations. But it rejected erage but on Monday by the Bos- been a litmus test of the post- not consistently so. strikes. yesterday that the *- public said that lifting the arms nian -T -/“«*! Last week, for example, Serbs as the only prospect cold war order. the Inside the administration, debate was still mostly .-.-wtw* •. among embargo was still under active for peace in the region. The ^ bloody end of the siege in similar “The Russian Federation will ‘ divisions apply. Mrs “engaged writers*’ - • « Op Ed and consideration as an alternative or - plan proposes dividing Bosnia not protect those who resist Waco pushed Bosnia down the Madeleine Albright, the that •G? ", UN no popular mandate to air strikes. into provinces QI3~. ne wallets. 10 on ethnic the will of the world commu- ambassador, has advocated air existed behind intervention. This would be preceded by lines. “The time has come for nity." Mr Yeltsin said, dashing Sfc The latest Newsweek poll strikes, allowable, she says, :• Also weighing in behind further consultation with .- split - US decisive measures to quell the any remaining Serb hopes evenly 47 per cent to 47 without further UN approval. intervention of have been Mr Elie allies and at the UN, perhaps conflict,” he said. per cent -in response Mr Yeltsin's help from Moscow. to the Hie 12 regional desk officers at WieseI, addressing Mr Clinton including a European trip by statement suggested a more question of whether Bosnia The Russian president, the State Department endorse directly at last week's opening Mr Christopher or another was confident Kremlin approach to despite his reference to “deci- “ America's problem. A this approach. Mr Les Asp in. in Washington of the ' Holo- senior official, • more White the former Yugoslavia follow- sive DJfif:- CNN/Gallup survey found a the secretary measures", did not make of defence, and caust museum, and, yesterday, House meetings, extensive .' and ing the president's victory over it clear . 62-30 per cent opposition whether Russia would . ' SlT- to air Mr Anthony Lake, the national Mr George Shultz, secretary ON GUARD: A Bosnian Serb soldier of consultation with Congress. hardliners in Sunday’s Russian back the on duty at a Serbian strikes, [t is worth noting that security use of force against television adviser, are thought state in the Reagan administra- The task of preparing - • relay station yesterday, America referendum. the — ? some 12km east of the Bosnian Serbs if economic -!>>» Moslem Mr Clinton pays very careful ; town of to favour limited offensive tion. who called for “very for what comes next has Tuzla. The site has come under frequent Moslem barely He won 58 per cent support sanctions failed to make them attack attention to public opinion. action. But Mr Warren Christo- large, sustained air and sea begun. in : the plebiscite, which the pull back. - "~- • V '? / * - . "'r Jwip * a f : * fee % Greek exporters • '-KiSb K . . ;; •'• •'? '} . :a* ' . : - - < ?;',Vr fear heavy losses r — ;t 'C.r-

By Kerin Hope in Athena low a longer route to Hungary through Bulgaria and NORTHERN Greek exporters Romania, taking 24 hours lon- claimed yesterday they will ger and adding up to 20 per -•••ti:.- face heavy losses ‘ ; as a result of cent to freight costs, the offi- - ' r* • ~c ^ losing access to transit routes cial said. "A. . -. f-* i' through Serbia with the tight- Moreover, imports of raw • ening of United Nations sanc- materials for northern Greek H_ •; tions. industry, win also be affected. e. 1' The government said Greece About 1,600 trucks used to . :r v i' intended to seek compensation arrive every week in Thessa- •"- -.- *- from both the UN and the EC Jonika, the region’s industrial for sanctions-related losses. centre, after transiting through At present, about 40 per cent Serbia. of exports from northern Although some exporters Greece to the European Com- started shipping goods by ferry munity, the country’s main from western Greece to Italy trading partner, are carried by after conflict broke out in the * . —. truck through Macedonia and former Yugoslavia in mid-J991, southern Serbia, then through more than 20,000 Greek trucks * Hungary and the Czech repub- used the route through Serbia lic. an official from the Export- last year. ers’ Association of Northern The ferry route is mainly Greece sai/L used by exporters based in Trucks will now have to fol- southern Greece. "i Dutch bank head wants sharp cut In budget deficit

Bty Ronald van de Krol reduce the budget deficit in in Amsterdam line with its annual targets, though this was sometimes THE Dutch central bank has achieved by raising taxes and called for the country’s budget social security premiums deficit to be cut to well below 3 rather than cutting spending. per cent of gross domestic “However, it is with concern product, one of the main con- that the bank notes that in our vergence criteria for creation country, too. discipline is in of European monetary union danger of slackening,” he said. later this decade. Last week in Basle, Mr Duis- Mr Wim Duisenberg, central enberg. who Is chairman of the V bank president, said the Dutch committee of European Com- budget deficit should be kept munity central hank gover- this European ceiling nors, of the of Mainframe below warned dangers “by a considerable margin”, a widespread “structural dete- partly to help accelerate reduc- rioration" in state finances Any old iron? tion of public debt. around Europe. In 1992. the Dutch budget In its report, the Dutch bank At Sun, we believe in an IT future j deficit was equivalent to cites population ageing as a that’s downsized. And we’ve made a roughly 3.8 per cent of GDP, reason why the Netherlands while public debt stood at 80 should try to cut the deficit very good business from offering a range per cent of GDP, well above the below the Emu ceiling and so Emu tajget of 60 per cent. gain control over interest pay- of the finest workstations and servers in Speaking at the presentation ments on the national debt, the world. of the bank's annual report, Mr which now absorb 6 per cent of Duisenberg said the govern- GDP. "Through tower interest But we understand too, that what ment formed after next year’s payments, deficit reduction to general election should aim to a level significantly below 3 you need tomorrow depends on what make a “substantial further per cent of GDP would provide you have today. reduction” in the deficit during some leeway to cope with this its four-year term in office. pressure on expenditure which Mainframes, minicomputers, PC’s. noted that the Dutch gov- will inevitably have to be faced He j And adopting an open systems ernment had so far managed to in the future," it said. strategy doesn’t always mean starting again from scratch. Enskilda Skandinaviska Banken As a pioneer of open systems, we Yen 1,000,000,000 have always worked to ensure that the Interest Nikkei Stock Index Linked best we can offer today complements Bonds Due 1993 the best of yesterday. So that the route For the interest period 14th May. 1992 to 14th M.iy, 1993 the Bonds will to better IT value can be charted 1 in earn an interest tale of 1C85% per annum with an interest amounr ofYen 10,500,000 per Yen 100,000,000 Bond, payable on 14th May, 1993. advance, and travelled at your own pace.

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4 NEWS: INTERNATIONAL S Korean Japan shows president targets a flicker military corruption of revival By John Burton in Seoul SOUTH KOREAN President By Charles Leadbeater may also reflect only a tempo- gim Young-sam has declared in Tokyo rary pick-up in business activ- war on military corruption In ity before the end of the last the boldest move yet of; his THE TWO-YEAR decline in the financial year on March 31. political reform programme. Japanese economy may be bot- Other figures published by The investigation of the mil- toming out, according to the the EPA suggest there is little itary establishment represents will official index which predicts prospect the economy a direct challenge to the men quickly. economic activity six months recover strongly or who ruled South Korea for 32 confidence fell ahead. Consumer years until Mr Kim became months, The official index of leading again in the first three president in February. by 1.3 per cent to 38.3 per cent economic indicators, published 1316 government is investiga- fall was mainly due to a yesterday, rose to SO per cent The ting allegations that military deterioration in the in February. It was the second sharp promotions and weapons pro- employment outlook as compa- month in a row in which the curement were heavily influ- cut staff. The employment index was above the 50 per nies enced by bribery during the outlook index fell by 14.4 per cent level which marks the line administration of President per cent. between continued decline and cent to 23.7 Roh Tae-woo, Mr Kim’s prede- renewed growth. A Ministry of International cessor. Trade and Industry survey of However, a clutch of other A former chief of naval statistics, including a survey large retailers found that retail greets Taiwan's operations and a former con- sales last month were 7.5 per China's Wang Daohan (left) revealing sharp falls in marine corps commandant sumer confidence in the first cent down in the year before, were charged yesterday with three months of the year, sug- the 10th consecutive monthly taking kickbacks an promo- gest the economy remains in a decline and the largest fall enmity tions between 1989 and 1991, since the ministry began the to end fragile state without strong Taiwan take steps China and while a former air force chief signs of recovery. survey in 1971. is of staff. General Chung Yong- £ in the index of Hotel occupancy rates In of Generalissimo and air links with Taiwan. Taiwan The surge egation. The talks, which conclude Kuomintang forces Tokyo were down 7 per cent By Kieran Cooke in Singapore such direct links until hoo, is under investigation far leading indicators was mainly unofficial, but it Chiang Kai Chek to Taiwan. Mr Wang against any today, are described as simiiiar charges. due to low commodity prices, last month on a year ago, discussions on economic issues China recognises Taiwan. is clear that both Beijing and Taipei see said res- CHINA and Taiwan exchanged what it Meanwhile, General Chung modest increases in the money while a survey of 100 top step would be held soon. Taiwan is also frustrated by pleasantries and a few this meeting as an important machinery taurants reported the lowest handshakes, fishing sees as China’s refusal to offer any legal has alleged that corruption supply, higher towards improving relations across the There was also agreement on in sales, per cent, barbed criticisms of each other as they large- was involved in the govern- orders, a sustained rise in increase 2.8 disputes and on fighting piracy in the framework for the protection of in Singapore for the highest-level Taiwan straits. housing starts and an since 1975. met mutual dis- scale Taiwanese investments made ment’s sudden derision in 1991 than The two sides have apparently agreed region. But suspicion and manu- The Ministry of Labour des- contact between the two in more mainland. to switch the selection of the improved cutiooked for of communi- trust was evident Mr Koo Chen Fu, recently in the years of enmity. to open a formal channel facturing industry's profits. ignated a further 19 industries 40 delegation, said the Meanwhile the Taiwan opposition country’s next-generation cation - the first such move since the leader of Taiwan's eligible for labour subsidies "We have made good progress and aircraft from the The leading index is a gauge as tried to raise the ques- protested that Taiwan's negotiators fighter come," said Mr foundation of the People's Republic of Beijing side had six to help them through restruct- look for better things to interests. McDonnell Douglas F-18 to the of economic conditions of opening direct trade, shipping were "selling out” the island's of the Beijing del- China in 1949 and the removal of the tion months ahead. The coincident uring, while they reduce work- Wang Daohan, leader F-I6 of General Dynamics. index which measures current forces. About 138 industries, McDonnell Douglas was ini- economic conditions rose to with about 3.67m workers, are tally awarded the contract In 66.7 per cent in February, the now eligible for the subsidies, 1989 for the $5bn <£3.14bn) which help to cover wages first time it has stood above 50 announces plan to Mideast peace Korean Fighter Programme, off or Israel per cent for two years. while workers are laid but the government later cited The Economic Planning undergoing retraining. budget problems in reversing Agency, which published the Among the 19 sectors newly the decision, explaining the car and indices, warned it was too designated are the bank system talks reopen F-16 was cheaper. seri- reorganise early to say the economy was computer Industries. The The government audit about to recover. The surge in ousness of the downturn was the banks By Roger Matthews ian delegation returned to agency yesterday began prob- the underlined by the first-ever By Judith MaHz in Jerusalem Mr Amiram Si van, managing became the owner of February came before Washington only after bitter ing procurement in the past given motor director of Hapoalim, said the in 1983 when it bailed out the In Washington recent sharp appreciation of subsidies to the decade, including purchase of largest banks, to the tune debate, and will be under have dam- and computer industries to THE ISRAELI finance ministry reorganisation pian would four the yen. which may if the F-16 and submarines, yesterday severely damage the interna- of $7bn <£4.4bn), following a THE NINTH round of Middle intense pressure to withdraw aged business confidence. It cover restructuring. and central bank opened progress Is not made in the tanks and other equipment unveiled a comprehensive reor- tional standing of Israel's share manipulation scandal. Ease peace talks in with next few weeks. The probes into the military, ganisation of the country's banking system. Under an agreement, due to Washington yesterday the occupied West however, are fraught with banking system. The reforms To increase competition expire this October, the banks Clinton administration provid- Much of the Rank Strip was para- peril. They threaten to weaken are designed to increase com- among the banks, the three continued to be run by their ing immediate evidence of its and Gaza 35’ were commitment to become lysed by a strike yesterday farther the already sensitive ‘Retire at as petition among banks, decrease largest banking groups will original owners and and other rad- relationship between Mr Kim their holdings in non-financial also be forced to sell off some never formally nationalised. directly involved in the negoti- railed by Hamas at the and the military when security companies and reduce their of their smaller banks. Under As part Of the reorganisation ations. ical groups to protest of talks. Anger in tensions are rising due to role in the capital markets. this proposal Leumi will have programme, an accord wifi be Mr Warren Christopher, US resumption occupied territories has North Korea’s suspected devel- workers lose jobs Under the programme, to be to sell Bank Igud, Hapoalim put into effect in October secretary of state, called the the Israel’s opment of a midear weapon. presented to the cabinet for will be forced to sell Bank under which shares in the heads of the five delegations, been heightened by to representing Syria. Israel, Leb- decision nearly a month ago to The new president Jast By Michiyo Nakamoto in Tokyo reported, and has signalled its approval on Sunday,the banks Otsar Hahayal and Israel Dis- banks will be transferred Palestin- seal off the areas, hairing month replaced the top mili- intention to restructure its will not be allowed to hold count Bank will have to sell public trusts which will elect anon, Jordan and the meeting last night, nearly 120,000 Palestinian tary echelon, including the THE ECONOMIC slowdown in operations. more than 25 per cent of the Barclays. directors in each bank and be ians, to a the first such gathering since workers from their jobs. The army chief of staff, in a bid to Japan, where many employers It has postponed the shares in non-financial compa- The three largest banks con- in charge of policy until the the process was launched in government yesterday eased strengthen civilian control promise their workers jobs for recruitment of stewardesses nies. and their total invest- trol more than 80 per cent of banks are sold within the next years. Madrid in October 1991. the ban, allowing back 20,000 over the armed forces. life, is leading many companies this April and announced that ment in non-banking assets the banking activity in Israel three reorganisation “The negotiations must be employed mainly in construc- The government has also to restructure, with two groups it will not recruit will be limited to 25 per cent of "In my view, these decisions The is meant told tion and agriculture. cracked down on secret organ- yesterday announcing administrative staff and their capital. are right and necessary for the to pave the way for a public seen to work," he a US sub-committee yester- Israel is also expected to isations among the officer voluntary redundancy stewardesses next year. This proposal will force good of the economy," said Mr offering of 20 per cent of the Senate - new of announce shortly the names of corps that once wielded con- programmes. Meanwhile Alps Electric, the Israel's two largest banks Avraham Shohat, finance min- shares in Hapoalim -the first day. "A sense urgency - big sold - intensity in the talks must more than 30 Palestinians, siderable political power, most Japan Air Lines said it was electrical parts manufacturer, Hapoalim and Leumi to sell ister. “On the one hand, they of the banks to be at and evident” deported some years ago. who prominent of which was the opening its early retirement and its subsidiary, Tohoku off a significant share of their do not undermine the stability the end of May. An earlier plan be Christopher’s initiative will now be allowed home. Hanaboe (One Mind) society, programme, which it had Alps, are looking to cut their non-banking holdings. of the banking system, and on to sell the shares was torpe- Mr recognition of the frailty While these gestures may whose members included the offered to employees over 45, to workforce by 12 per cent, or Hapoalim holds 40 per cent of the other hand, they will lead doed three months ago by par- was employees between the ages of 1.300 employees, through a Clal, one of Israel’s largest to more competition and pre- liament, which demanded the of the peace process, ease tension in the territories, two previous presidents. Palestinian delegation will Kim's actions to 35 and 44. voluntary redundancy holding companies, which has vent conflicts of interest government present it first suspended for over four the Mr threaten Those who apply for early programme announced interests in electronics, tex- within the system." with a concrete plan for struc- months because of Israel's need to show substantial prog- demoralise the armed forces retirement will be awarded a yesterday. tiles, trade and property. The government in effect tural changes in the banks. decision to deport more than ress towards self-rule if it is to and raises the possibility that 50 per cent increase in their All employees with a year or 400 Palestinians from the West check increasing radicalisation they may oppose him. retirement pay. The airline more of service are eligible for Bank and Gaza. The Palestin- of the West Bank and Gaza. “Military opposition to Pres- hopes to enlist 150 volunteers 'retirement'. ident Kim could occur if it by the end of July. Alps is closing three Eritrea sees 99% Yemenis enthuse thinks its vital interests are "We have no intention of factories in northern Japan threatened, such as a major changing our basic policy of and reducing new recruits next reduction in defence spending, employment," year to 100 from previous 400. first election Afrikaners or If relations between North lifetime a JAL a independence vote over bury representative said. Production at the factories, and South Korea deteriorate The airline is also offering a where Alps manufactures ERITREANS have voted almost unanimously YEMENI voters embraced their first general dramatically," said Mr Ahn one-year leave of absence to volume controls and switches, for independence from Ethiopia in a referendum elections enthusiastically and largely peaceably Cbung-si, political science pro- managers over 50 to encourage will be transferred to nearby won after 30 years of civil war, Renter reports yesterday, with officials in the capital Sanaa standard-bearer fessor at Seoul National Uni- them to consider a second plants and a facility in South from Asmara. saying that more than 95 per cent of the coon- versity. Officers could join career outside JAL. Managers Korea. Provisional results of the United Natkraa-mon- try’s 2.7m registered voters may have turned "aid guard” politicians and who make use of the Alps also plans to start itored poll showed more than 99 per cent of out to vote, write Mark Nicholson and Eric bureaucrats also threatened by programme will be paid in full production through a joint votes were in favour of independence for what Watkins in Sanaa. of apartheid the anti-corruption campaign, and are under no obligation to venture in China soon. has been Ethiopia's Red Sea province. Mr Armed troops were abundant at most polling to try to stop the reform pro- leave the company, the airline The company has been hit by Amare Tekle, head of the Eritrean referendum stations, part of a deployment of 37,000 coun- By Patti WaWmelr In Pretoria four-colour flag of the old- cess, said Mr Ahn. said. a sharp fall in the electrical commission, said 1.1m voted Yes and only 1322 trywide, and one candidate was reported killed. Transvaal republic. For him, JAL is suffering from a appliance and motor industries voted No. More than 98 per cent of registered Shooting, disturbances or Irregularities were YESTERDAY in Pretoria, the the God of Abraham had sharp downturn in business, which it supplies and expects voters participated in the ballot reported in at least six other constituencies. Afrikaner capital, the white decreed racial mixing a sin, with a fall-off in first-class air to see pre-tax profits fall by UN observers said the three-day poll was ‘Tree But in general, orderly lines of men - and, for tribe gathered to bury one of whatever has been done by the Ramos travel and intense price about 70 per cent in the year to and fair”. the first time in any Arabian Peninsula elec- the last standard-bearers of “new" Afrikaners of Mr F W de - competition on international March to Y2.lbn. A formal declaration of independence will be tion, women voted calmly. apartheid, Mr Andries Treur- Klerk’s government to cleanse It said it made on May 24 - the second anniversary International observers said routes. had seen an of the they had noted nicht, academic and theolo- the statute book of racial dis- accused The company is expected to Increase in orders since last defeat by Eritrean guerrillas of the army of some irregularities. The Financial Times saw gian, right-wire politician and crimination. For these mourn- year but the recent strong rise President Mengistu Halle Mariam, the fallen two occasions on which individuals have made a Y50bn (£294m) managed to champion of Afrikanerdom. ers were honouring a man A FORMER Philippine cabinet year to of the yen had led to a drop in Ethiopian dictator. Eritrea is a former Italian vote twice. The international observers It was pre-tax loss for the are due a subdued gathering, whose ideology was intellectu- minister facing corruption worst result it has orders. colony which joined with Ethiopia in 1952. to report their findings tomorrow. a manifestation of the confused March, the ally powerful, although hid- charges alleged yesterday that and depressed state of Afrika- eously flawed: the last of a gen- President Fidel Ramos was ners, many of whom still ding eration of devout conservatives linked to the purchase of 65 to the teachings of the genera- who embraced apartheid as a Japanese fire engines at tion of Afrikaner churchmen religion. inflated prices, Reuter reports Sharif emboldened by street support epitomised by Mr Treumicht, They are left with leaders of from Manila who died of heart failure last a wholly different type: fanat- Mr Luis Santos, the local Thursday aged 72: that the ics like Mr CUve Derby-Lewis, government secretary of for- Dismissed Pakistani PM is in uncharacteristic fighting mood, writes Farhan Bokhari Bible ordains apartheid, and senior official of Mr Treur- mer President Corazon that to violate it is to go nicht's Conservative Party, Aquino, was charged last Sharif is in tiny of this nation,” said Mr and promised that Pakistan "until it becomes clear that AWAZ against the will of God. who is expected soon to be jihad will Thursday along with six oth- fighting mood. For Sharif. "My (holy cam- honour all its domestic signs of uncertainty have In the Dutch Reformed charged in connection with the ers with buying overpriced Pakistan's former paign) is for the future of and international contracts, ended". Church and in nearby Church murder of black activist Mr firefighting vehicles N minister, widely Pakistan. I am certain that the nervousness continues. “Mere statements of reassur- from a prime Square, perched i: on folding Chris Hani; and Mr Eugene Japanese company. regarded as something of a ret- decision on July 14 will be in Pakistan’s leading stock mar- ances from the new govern- chairs around the statue of Terre’blanche, leader of the favour." ket, the Karachi Mr Santos said in a radio icent man with an awkward my Stock ment will not do the job,” he Afrikanerdom's greatest hero, paramilitary Afrikaner Weer- interview that manner, that is a change. He later visited Karachi. Exchange, lost 37 points, or says. **• *'•* Mr Ramos, then ' VS*- Paul Kruger, president of the standsbeweging (Afrikaner Sharif Pakistan's business city roughly per defence chief, was responsible What helps Is that Mr and 3 cent of its value The uncertainty has been 19th century Boer republic - ;-v of Resistance Movement). for the decision convinced that a growing capital of Sindh province, the day after Mr Sharifs fall, further intensified by differ- the to buy the is Transvaal, some 3,000 Dressed in the 1960s fashions of people, especially home to' his political foe, Pakis- the steepest drop on a single ences within the new govern- trucks. number prayed for their departed which still predominate in Pre- “The one involved businessmen, oppose the dis- tan People's Party leader Ms day this year. Since then, two ment Ms Bhutto wants the dis- was leader. toria, with beehive hairdos and the former missal of his government by Benazir Bhutto, Police used government supported finan- solution of the four provincial defence sec- But their bowed heads spiky heels, the matrons of Ghulam Ishaq Khan batons to fight back a crowd cial institutions have bought assemblies so that national retary. I was not Involved President seemed to symbolise more than Afrikanerdom standing corruption ten which swelled to thousands. shares to prevent beside In that. I even tried on charges of further falls. and provincial elections are religious devotion: to there was husbands sang the anthem of block days ago- Now Mr Sharif is expected to The index has recovered about held simultaneously. only payment for that trans- ... the sense that old certain- the white tribe of Africa; drive to regain travel to the North Western Die action but I Sharifs 1 per cent since them But her call is being resisted ties resigned before Mr were being burial, while Stem (the call). power comes as Pakistan's Frontier and Baluchistan prov- by the president and the I could do so," Mr Santos no new certainties had But it was interim administra- inces to try to establish himself r Naeem-ul-haq, a Oat perfor- said. week-old a interim prime minister, Mr emerged to take their national leader. place. mance, with nothing like the which has promised to as a director at the Kara- Balakh Sher Mazari. One of Ms Prosecutors said the fire tion, “He was the one that could passion and anger which elections on Jidy The business community is chi-based Schon Bhutto’s aides suf- engines were bought hold national says; “The Sharif, support from business save the Afrikaner," said in 1991 rifts seen as vital M a fused the funeral anthem sung signs of to Mr Sharifs from is showing group which bought 3 of the 56 option of [Bhutto supporters] Japan’s Taihei after the 14, bearded man ruefully, as he at the graveside membera campaign. During his 29 public sector companies sold of Mr Hani: Go Korean between its key leaving the new government is presidential election on three walked in sombre company Ssangyong Shanf months in office, procession to Well, Umkhonto, militant support for Mr Mr Sharifs by Mr Sbarifs government, very much alive if [ourjde- of the was originally Public four existing provincial the grave, in a cemetery where hymn awarded the evident during Ws government initiated wide says: "Nawaz Sharifs mantis to a fallen warrior. contract first became downfall are not met". governments. Mr Treuraicht's by the bidding com- Islamabad ranging economic reforms mentor, Hen- Next to 100,000 black mourn- journey from has shattered business confi- The president's resistance to It mittee because train is difficult to assess the drik Verwoerd. architect of its lower Uhore last aimed at unshackling of ers filled with righteous fury, home city of the econ- dence. I have yet to meet one dissolving the provincial likely outcome bid. to his of the emerging apartheid, is also buried. with rose pet- omy from the hold of the the scant 3,000 baffled souls week. Showered businessman who feels positive assemblies appears to be rivalries between the different Mr Santos, who was in prom- bureaucracy. “We have got the muscles, who mourned stopovers, he about this change.” is for re-elec- Mr Treurnicht charge als during because he due factions. What is clear is that we have got the of the police force, Although the interim govern- belief, and we yesterday seemed only to fight back. Another leading business- tion this November. According Mr Sharif Is taking his cam- pitiful: approved the purchase ised ment has have got the Bible - that’s the they order, man [the presi- insisted it will not man says planned invest- know they have lost the "Only one new to senior officials, Mr Khan paign to the streets with most important they added. des- reverse any of thing," said battle, but playing with the those measures ments have been put on hold could rely for support the have yet to come to dent] is in uncharacteristic boldness. another mourner, carrying The overpayment amounted the terms with the peace. to 4l.7m pesos (£lm). FINANCIAL TIMES WEDNESDAY APRIL 28 1993 5 NEWS: WORLD TRADE Brittan urges Dumping Russia signs complaints US to avoid rising satellite deal

rapidly By Layla Boulton in Moscow lite launchers like Ariane- sanctions space, which charges 582m for By Francos WBBams In Genova THE Russian space industry a similar service, has meant yesterday signed its first con- that the west has yet to By Lionet Barber in Brussels UK, Sir Leon said: "If AT&T COMPLAINTS to the General tract to launch a western satel- remove obstacles to Russia wants to dig up Europe's side- Agreement on Tariffs and lite in what it hopes will be the competing in this market. SIR Leon Brittan. EC walks, good luck. But why Trade over allegedly unfair use first step into a lucrative west- The Inmarsat deal was only Commissioner for external eco- should Europe not bid to do anti-dumping actions to pro- ern market made possible by a US promise nomic of relations, yesterday the same in New York?". tect domestic industry are ris- The $36m IE23m) deal to grant an export licence so urged the to US avoid imposing A US decision on sanctions is ing rapidly, reflecting the between Inmarsat, the interna- that the Inmarsat-3 satellite, sanctions in the partially believed imminent. EC officials growing use of anti-dumping tional telecommunications sat- whose main contractor is Mar- resolved dispute over govern- are nervous about retaliation rules to keep out unwanted ellite operator, and Russia's tin Marietta of the US but ment procurement rules. because Sir Leon has no IT'S a whale of a jumbo, as domestic passenger numbers a new colour design for ANA’s imports. Salyut design bureau, is for the which also has some European Sir Leon told the EC commit- " ceasefire" understanding with conceived by a 12-year-old decline in the financial year aircraft. So, Hie airfine asked Dumping is normally defined launch in 1995 of a mainly US- components, can be exported tee of the American Chamber Mr Mickey Kantor, US trade Japanese schoolgirl. She has Jnst ended for the first time Japanese children np to the as the sale of goods in foreign built satellite on a Russian Pro- to the former Soviet Union for of Commerce in Brussels that representative. French-led won a competition sponsored since 1985. It has also just cut age of 15 to submit designs. markets below their domestic ton rocket launch from the Baikonur sanctions would be “unjustif- pressure for a tough line on by All Nippon Airways (ANA), its dividend. Two years ago, The winner was chosen from price or cost of production. Mr Olof Lundberg, director- cosmodrome in Kazakhstan. ied". despite the failure of the trade remains strong. the country’s largest airline, it asked its 14,000-strong more than 20,000 entries. The New Gatt figures show that general of Inmarsat said the A draft agreement on the EC and US to resolve the Clin- After last week's partial deal, and her reward will be to see workforce for ideas on how repainted jumbo will enter anti-dumping investigations by launch would cost "several terms for this licence provides ton administration's demands Mr Kantor said US sanctions, her design painted on one of to improve competitiveness service in September to the 25 members of its Anti- million dollars" more than the strict safeguards to guard the for his organisation technological secrets the sat- access to the Community's which would have barred Euro- its latest Boeing 747*400 jets, and attract more passengers. coincide with the opening of dumping Code (the EC count- $36m once had in telecommunications market pean companies from up to writes Paul Betts, Aerospace One favourite suggestion was a new passenger terminal at ing as one) rose to 237 in the paid extra costs including ellite from Russians who will In bis speech. Sir Leon also $5Gm in government contracts, Correspondent ANA saw its to invite the public to draw Tokyo's Haneda airport year to end-June 1992, up from those of adapting its satellite be working on the project called on US local authorities would be scaled down "com- 175 in the previous 12 months. to a Russian launch. But it The Russians have started to end "Buy American" dis- mensurate with the portion" Australia (76) led the field, fol- would still be cheaper than a parallel talks with the US and crimination He said European that telecoms represents in lowed by the US (62), Mexico western launch - according to the European Community on a companies offered first-rate EC-US contracts. EC officials Belfast-New York air link (25) and the EC (23). India (5) one Inmarsat official, up to possible tripartite deal allow- services, but they faced barri- insist this means that the US and Japan (3) carried out their $i0m less. ing them a certain number of ers in contracts ranging from will avoid action in telecoms, first anti-dumping investiga- Mr Lundberg also made a launches a year and even set- bridge-building across the the prize the US covets most By Daniel Green portation secretary, as a posi- aviation agreement" tions. plea in favour of more general- ting price floors for their ser- Potomac, the planned exten- Sir Leon praised the agree- tive sign ahead of talks The new service - by Ameri- Developing countries are ised Russian access to the vices. Polukhin, Sal- sion of Dulles International ment, saying it showed both THE UK has authorised a between the two countries over can Trans Air, a US charter increasingly frequent users of western commercial satellite Mr Dmitry Airport, outside Washington sides could do business with scheduled air service between replacing their bilateral avia- specialist based in Indianapolis antidumping rules, though the launch market. “The Russian yut's director general, said he DC, to the port of Los Angeles. each other, and that Washing- Belfast and New York, the first tion agreement. - starts in June with three main users (and offenders) are economy cannot only be some- expected agreement soon on Recalling AT&T's plans to ton was prepared at last to for almost a decade. Mr John MacGregor, the UK flights a week. the tenting industrialised trail- where where westerners invest what share of the Russian side’s profits would go Kaz- challenge BT and Mercury by start dismantling 60 years of London wants the granting transport secretary, said: "This The UK and the US have ers. In mid-1992 the US bad 236 and sell goods.” to owns the offering private networks to steadily increasing "Buy Amer- of the licence to be seen by Mr is a special exception given given themselves a year to anti-dumping actions outstand- Fear of powerful Russian akhstan, which now international businesses in the ican” legislation Federico Pefia. the US trans- outside the terms of the UK/US negotiate a new agreement ing and the EC 157. competition for western satel- Soviet-built Baikonur. Mexico turns to import curbs as deficit grows

NCE proud of its free trade credentials, the O Mexican government of The door is less President Carlos Salinas de Gortari has taken a series of open to free measures in the past few months to curb imports and to trade, writes protect some of the country’s most inefficient industries. Damian Fraser The change in policy has created some resentment in those countries affected and Trade Agreement, says: “The sits uneasily with the Mexican government used to be very government's goal of joining a rigorous in promoting free wider North American free trade. But now that there is a trade area huge deficit and inflation is However, after witnessing a under control, there is a little 262 per cent increase in fine-tuning. We see a new will- imports over the past five ingness of the government to years and seeing many of its correct the distortions of the largest Industries hurt by for- market because of the changed eign competition, the govern- priorities." ment has evidently decided A trade ministry official enough is enough. says: “The perception I have is Earlier this month it that industries are worried imposed duties of up to I,iQ5 about cheap imports and the per cent on about $225m of government has responded, but imports from China, including only when competition Is clothes, shoes, textiles and toys unfair." that it alleges were being He adds that the government dumped in Mexico below cost remains committed to free These later duties have been trade. Anti-damping duties imposed before an investiga- were only necessary, he says, tion on the effects of Chinese because the economy was dumping on Mexican indus- open, and had never been needed in Mexico's protection- Mexico ist past The government’s decision to Trade balance ($m) help selected industries reflects an increased political sensitiv- ity to the private sector at a time when the economy is slowing (growth was just an annualised 1.9 per cent in the fourth quarter Last year) and because elections are due next year. The new barriers will protect those industries that have been worst affected by Mexico’s trade liberalisation. The toy now protected by a 1988 89 90 91 92 93 industry, 351 per cent tariff against The is a bank Source: Dstascroam Chinese imports, was seriously affected. According to Canacin- has been started. Were tries tra, a business chamber, sales China a member of the General of Mexican toys fell by 24.5 per that shows its face when it comes Tariffs and Agreement on cent last year. such duties would have Trade, The textile sector, now breach of the trade been a protected from Chinese body's regulations. imports by tariffs ranging from to finance. Since September last year 54 to more than 500 per cent, government has introduced the has also suffered- In the past standards and regula- quality seven years the Mexican gov- imports that make tions for ernment had cut import tariffs exporting to Mexico more diffi- from 50 per cent to 20 per cent, beef for cult. banned British and eliminated import licences said was health rea- Strategic asset allocation and fina^Sfi^itecisions are try wide developments with implications both long and short- what it that were often never avail- sons, raised tariffs on all then able. beef to 15 per cent. It also critical to furore success, even survival. M^p^^nesses are too term. They can call on their colleagues in Venture Capital and But the result has been a reduced the duty-free allow- flood of cheap, mainly Asian ance at the border to just $50. with day day running to gaifr?an »dc

APR1L 28 IW3 ™^r.AL TrMES NEWS: THE AMERICAS 1 Cil** # „-a Canadian -.5P . .if Nafta doubts House shrugs off Panetta’s markets .nil- White of • 1 , no chance ' out He thought there was -'ll reform, probably due /v-V his com- healthcare added tax unless negotiated with Canada and The general thrust of bud^t passage of a value By Jurek Martin In Washington Panetta. Ms Dee Dee Myers, the being month, until after the in an interview with US next “revenue neutral after treasury ments, voted in it were a . White House press secretary, Mexico. Mr Lloyd Bentsen, bill has been fall help the reconciliation payroll and income secretary, also told Congress yester- reporters, did not appear to substitute for 'll- THE White House yesterday tried to insisted the legislative programme Jl remained an administration, recently defeated taxes. minimise the impact of published was “on track", that Nafta was day that the treaty stiff congressional stimulus He predicted the risk of see- priority. over the Jl6bn (£iObn) proposals to The president ran remarks by Mr Leon Panetta, the "alive and well", and that Mr administration to published budget subject to resistance apart by a particularly con- package and increasingly Medi- ing his programmes torn budget director, to the effect that its Panetta was only speculating on its Mr Panetta was costs of Medicaid and Congress over various trim the liberal Democrats cerned at the anti-Nafta campaign criticism from funded health combination of bi Toronto economic programme was in trouble prospects “if it went up to the Hill care the federally By Bernard Simon last aspects of its extensive domestic conservative Republicans. He that the North this week". being waged by Mr Ross Perot, to the energy tax and in Congress and care programmes, his pri- independent presidential can- agenda. invest- urged Mr Clinton “to define American Free Trade Agreement She said that whatever the current year's present farm, to the f-gnadian dollar and bond director, a former con- in its and to be will- THE didate. This, he said, “makes it even The budget under fire orities more clearly." (Nafta) currently was politically opposition the Nafta treaty would be ment tax credit, already prices tumbled yesterday as treaty gressman from California, specifi- to carry the fight for his propos- seen in a different light when it was more difficult" to get the and to the new stu- ing markets signalled “dead". Clin- from Democrats, financial Congress when it already cally said he was advising Mr als to the public. President Bill Clinton said he had eventually presented for ratification through programme. disappointment at the his plan for dent loan their agreements now had many enemies. ton to delay releasing o reason to be angry with Mr with supplemental federal government's unexpect, edly meek assault on the defi- cit in its latest budget Business leaders were vfrtu. Dole’s career ally unanimous in criticising Clinton brings spring to Bob Mr Donald Mazankowski, finance minister, for failing to Republican party’s straitened times take a bigger slice out of gov- Jurek Martin on the fixer and blocker who has been energised by the ernment spending at a time opinion is solidly HeHo could alsonlflrt let the Dem- when public fiscal discipline. the ideologue and Republican Congress unravel the behind greater Bill Clinton predictably mixed reviews, Mr Some polls even make him ocrats in RESIDENT left the for the Republi- House Whip from Georgia, who as they are The budget, which is not the only one in Dole is receiving surprisingly new favourite Clinton agenda, once derided him as “the tax doing. deficit for the year to March 31, Washington commemo- good ones. The big notch on can nomination in 1996, perfectly capable of P unchanged from last that collector for the welfare state", much talk in 1994, rating a first 100 days this bis belt is defeat of Mr Clin- remarkable since would There has been says “this is the best December’s G$32.6bn (£l(L3bn) week. Senator Robert Dole of ton's economic stimulus pack- be 20 years after he came off so now Washington since the defeat of Bob political is widely seen as an Kansas may have been the age, achieved by holding badly as a mean-spirited parti- spring of Dole's the stimulus package about the forecast, career". effort to avoid tough decisions Republican leader in the Sen- together In a filibuster the 43 san vice-presidential candidate, fraianep of power on domestic against Mr Wal- Senator George Mitchell, the shifting the ahead of the change in leader- ate since 1984, but never before Republicans in the Senate. when matched issues back from after two Democratic leader and a per- of the ruling Progressive was he obliged to operate with This alone made Mr Dale. ter Mondale, and administration to Congress, ship sonal friend, concurs, suggest- in June, a Democrat in the White House who will be 70 in July, a man poor runs at his party banner which is where it mostly Conservative party ing that Mr Dole “clearly has election which and with his own party in such to be reckoned with again, and in 1980 and 1988. resided from 1986-1992. and the is enemies axe been energised by no longer expected to be called between apparent disarray after a sharp his party's most effective Even his former But if Mr Mitchell and Mr Newt having to carry water for the electoral repudiation. national voice on everything impressed. Congressman Tom Foley, speaker of the August and October. conservative [Bush] administration." There [f the president is getting from Bosnia to the budget. Gingrich, the House, get their troops back in Observers suggested how- is more than a little truth in line, as they did over the first ever, that the budget will clear this, for the caustic street budget bilL and if the president the way for Mr Brian Mulro- fighter from Russell, Kansas, learns from his initial political ney's successor as prime minis- never had much personal truck misfaTtgSr which he has in the ter to impose tougher curbs on with the patrician former pres- past then pure Republican government spending before ident obstructionism may not be the election. In defeat and victory, Bob enough. The Canadian dollar lost Dole has been a conspicuous There is a theory in the capi- almost a frill cent yesterday of figure in Washington, where iU LEGEND prevails that thousands tal that the Republican leader’s morning to 7&65 US cents at he is one of its funniest, some- ulterior motive is to be invited midday. The Bank of Canada times most vicious and always to a seat at the Democratic also pushed up its trend-setting Ireland's favourite giant, quoteable politicians. Yet it did years ago Northern administration's policy-making bank rate yesterday for only seem with the advent of the the second time in the past 12 Clinton administration that at table. the and mountains Partisan he may be, but in weeks. Finn McCool, roamed coasts best he was holding the Repub- the Reagan and Bush years he Mr Mazankowski estimated lican fort while it sorted out its was also very much the arbi- the budget deficit for the year his green and rugged homeland. succession among the younger and valleys of between the White to March 31. 1993, at C$35.5bn, likes of former vice-president trator Dan Quayle, Mr Jack Kemp House and both parties in Con- about C$8bn higher than his which, proud projection a year ago, and the He grew up strong and sturdy but in order to and Mr Dick Cheney from the gress, a role as a Bush administration. Senator man and as an insider, he second highest shortfall on record. forecast that the Phil Gramm from Texas, Gov- found congenial and flattering. He a leader of men, Finn knew he had to C$8bn become ernor Carroll Campbell of This worries some keepers of deficit would drop to in South Carolina and Governor the conservative flame, long 1997-98, eliminating the need for new gain a noble education. It was while he was Bill Weld of Massachusetts, suspicious of Mr Dole. A recent borrowings. his and a few talk show hosts. Robert Dole; holding the Republican fort Wall Street Journal editorial Economists queried Even now, a good first 100 for example, concluded: “asked assumption that gross domes- the river that Finn is said to studying by Boyne days in opposition is no guar- "playing politics" in resisting should be contemplating offer- what price he wants for peace tic product will grow by an antee of longer term success, the president’s economic pro- ing positive alternative poli- with Mr dinton. Bob Dole said average of more than 4 per 'big'. hope he means some- cent a year between 1994 and ’Fintan’, the Salmon of and Mr Dole knows he is walk- posals: by a 52-29 per cent mar- cies. rather than recycling We have feasted on have ing a very fine line. Frustra- gin, those polled thought Mr complaints about “tax and thing bigger than merely being 1998. The Conservatives ting Mr Clinton over the stimu- Clinton was more serious spend" Democrats. a ‘player’ with President Clin- consistently missed their defi- tak- Knowledge, a fish who had the power to bestow lus package, mismanaged as it about reducing the budget defi- His problem here is twofold' ton.” cit reduction targets since was by the administration, cit than the Republicans were: first, he is an expert legislative On the other hand, “playing” ing office in 1984. may earn him Washington and last year's Independent “fixer” and blocker but not a with Mr Perot and his populist Mr Lloyd Atkinson, chief wisdom beyond all men. From that day forward credits but not necessarily presidential candidate Mr Ross man with big ideas: second he army is the sort of venture economist at Bank of Montreal, national approbation. Perot is back on television is contemptuous of those in his that might appeal to him, and warned yesterday that “when Finn was renowned for his insight. For example, a recent NBC- again, all the time muttering party with big ideas (like Mr many Republicans, even more. combined with the sharp dete- Wall Street Journal survey about “gridlock". Kemp and Mr Weld) and the At least they talk the same rioration at the provincial found 60 per cent believing Logically, having drawn the sharpness of his tongue often plain language and Mr Perot is level Canada now faces a fis- that the Republicans were just president’s blood, Mr Dole makes these feelings mutuaL not a Democrat cal crisis that, if not dealt with effectively - and soon - could precipitate a national economic Camdessus says way is clear for actions over interest rates crisis, characterised by a much weaker Canadian dollar, sharply higher interest rates and significantly weaker growth." IMF chief urges Bundesbank cut Mr Mazankowski defended his budget strategy, saying By Peter Marsh, Economics formed “brilliantly" in record- gloomy about Europe and said that it offered a “business-like" Correspondent, in Washington ing substantial economic prospects for a substantial approach, which includes sig- growth and avoiding the slow- increase in - international nals of cuts in regional devel-

INTERNATIONAL pressure on iflwomo HAWK | down in the industrial workL growth were “hesitant and opment programmes and Germany to take further action He singled out India for its uneven". defence spending. Mr Mazan- * u’ka«e to speed up European growth “admirable” recent actions in Although the US government kowski is to meet provincial intensified yesterday when Mr economic reform. should take extra steps to finance ministers next month Michel Camdessus, Interna- Mr Camdessus was speaking bring down its fiscal deficit in to discuss a joint drive to cut tional Monetary Fund manag- at a press conference before the longer term. Mr Camdessus budget deficits and public-sec- ing director, said a “substan- upbeat about the possibility of tomorrow's meeting in Wash- welcomed the “bold" action by tor borrowing. tial decrease" in German a broadly based world recov- ington of finance ministers and the Clinton administration in Ontario's social democratic interest rates was appropriate. ery. This was on the grounds central bank governors from announcing its budget consoli- government, criticised in the Mr Camdessus did not spec- that several leading nations the Group of Seven leading dation plan past for spendthrift habits, 4 ify when the to industrial nations - Bundesbank had already taken steps the US, He was encouraged also by announced sweeping spending should take the necessary stimulate economic activity Japan, Germany, France, programmes in the UK and cuts last week aimed at help- said action but that because of and cut budget deficits. Britain, Italy and Canada. The France to reduce government ing to reducing its 1993/94 defi- the substantial slowdown in “Among the industrial coun- IMF's policy-setting interim borrowing and by the Japanese cit from C$i7bn to about German economic activity “a tries there is a sense of action," committee, representing 24 government's recently CSlObn. of rapid decline in inflation" was Mr Camdessus said. He said countries, is meeting Friday. announced package of spend- the Salmon likely in Germany, leaving the that at meetings in Washing- Camdessus's ^ ^ Mr comments ing measures to speed growth. way clear for further monetary ton later this week leading appeared substantially more He welcomed clear signs in the Fortunately it doesn't take Finn's wisdom to easing. nations would send a “message optimistic than the tone of the UK that its two and a half year US consumer Even though he acknowl- of confidence" that the world IMF's twice-yearly report on recession was over, and while edged growth prospects for the outlook was improving. the world economy which ear- stressing that more action was prospectus the industrial confidence up register for a mini in Share Offer world had deterio- An important stimulus to lier this week painted a bleak needed had been pleased to see rated In recent months, Mr world growth was that many picture of the immediate out- recent cuts in the Bundes- US Camdessus was CONSUMER confidence generally developing nations had per- look. It was particularly bank’s leading interest rates. rose for Northern Ireland Electricity pic. Simply last month after three ih'-.-. consecutive months of declines, the Conference Board phone said yesterday. Renter reports G7 focuses more on medium from New York. The board’s term closely or post the coupon below. watched consumer con- fidence index rose to 67.7, from By Peter Norman, Economics Editor In discussions ahead of this week's Treasury secretary, who has pursued a 62.6 in March. meetings of the G7 and IMF in Washing- policy of avoiding international economic The board said people were TOMORROW'S meeting of finance ton, some of America’s partners have confrontation. "It is excellent working more positive ministers and central bank governors from warned that in their assess- the US deficit reductions are with Bentsen," a German official enthused of ment of likely conditions and the Group Seven leading industrial no more than a useful beginning . yesterday. European officials report that moderately countries should be able to focus Japan's partners And more optimistic in on it difficult to esti- the US now takes the views of its G7 their expectations for the medium term problems facing the world mate how far the Japanese package will partners seriously. economy as wen month ahead. “While the as the short term out- boost the economy, while the US this week This month’s agreement on measures to improved April look. said it would like further cuts in German help Russia consumer con- has also boosted confidence in fidence For although the International Monetary rates. reading is encouraging, Please send to NIE Share Information Office, the G7 as a forum for cooperation. Fund this a single month of week scaled down its expecta- The moves represent a willingness on British officials improvement Belfast BT1 1GZ. expect Mr Norman Lam- after three PO Box 1001, tions of global economic growth this year, the part of the main industrial countries consecutive months ont, the chancellor, to underline the developments over the past three months to share of decline is still unconvinc- i responsibilities for strengthening importance of pushing ahead To register persons under 18. please do not use this coupon but in the with struc- ing," said Linden { US, Japan and Europe have brought the world economy. Policymakers believe tur^ reform, Mr Fabian including the need to remove call 0232 232 232. This coupon is to be used by Individuals only. policies in the industrial for the board. main countries they should contain downside risks to the rigidities in continental Europe’s labour into better balance. global economy and ensure that tomor- markets. He will also stress the Title (MrfMs/Mrs/Mlu). However, impor- US moves to cut its budget row’s G7 meeting in Washington is harmo- tance WOO CMl'AIS tu of a libera] world trading system and deficit, the Japanese growth package and nious - in contrast to in past some years. the need for western industrial Gunmen press the slow countries Poll Forenames. decline in German Interest rates If harmony does prevail, much of the to open their markets to goods from east may not be beyond criticism. credit will go to Mr Lloyd Bentsen, the US em Europe their and the former Soviet Union. demands Surname. HOODED men holding 19 Costa Rican Supreme Court judges at gunpoint were Anger as Mexican demanding poll postponed $20m and safe pas- sage out of the country, offi- By Damian Fraser the cials said state constitution on Fri- mayor of Merida, the state cap- also seeking yesterday, Reuter in Mexico City legal action imports day, enabling the vote to be ital. is from the party. The new from Costa wing Postcode. Against deputies who approved postponed. election will News reports be held after the what it said the hos- considers an illegal MEXICO'S ruling Institutional The Congress will tage-takers now select September 1994 presidential modification to were linked to Col- IRELAND Revolutionary the constitu- THE NORTHERN ELECTRICITY Party (PRI) has an interim governor to rule election, thus forestalling ombian cocaine barons a tion. tt may walk out of and provoked a national storm by from February 1994 to potentially negoti- wanted the SHARE OFFER July embarrassing loss ations over party release of, among m postponing elections for gover- 1995. financing others, for the PRI, or opposition pro- reform in protest Colombian drug boss nor In the state of Yucatan Mexico's centre-right tests, at a sensitive Ratios HMGovsio^^ww^^NMftorKSaaji&SaKsL^D.AiiaesioFSFAAmRioMaALAOwsCTTO time. The local PRI has Urquijo, who was tssus by from November this year to National Action Party defended captured 1 shabes 8hoju> be cm t>c basis (PAN) On Sunday the PAN organ- in Costa GowBW»»T. Aw arfuc*™* of mformatkm m ihe pnospEtnua max. Before oeowno move, arguing that Rica last H M May 1995. it was POfl 8HW®3 YOU WOtU CONSKfl WHETOBI THE SHARES HI* A SUTA8LE was seen as having a good ised a referendum and protest ’ September. WVCTHEH to APPLY MVESTMENT POH YOU. THEM VALUE CAM GO i Yut tan s At least five IF SEED ADWCE interests KfHti AS WBi. *8 UP. YOU YOU SHOULD COWUIT AM APWMPWATE The local Yucatan Congress, chance of winning ?°fJ to PWeSSONM. AOVSEFL November's march in Merida against the hold Lits ? aimed men burst gubernatorial election into which Is controlled by the PRI election. The state is one of the change, the Supreme with an estimated the Court on Monday and satellite parties, changed PAN's strongholds, 2“ presidential and and the 40,000 supporters. The PAN is election. seized the judges as they field a weekly meeting. Boarding Britain in brief at private UK directors schools warn of falls by 6% risks By John Authors Wellcome BRITAIN’S private schools saw to recovery the number of live-in pupils Trust gives fall by 6 per cent last year, the By Michael Cassell recovery on the way was steepest decline since records and $400m to US Emma Tucker “more or less over the dead began in 1982, according to the Independent bodies of Bank of England and Wellcome Trust, the largest School Informa- BRITISH business leaders tion Treasury officials". He called UK medical charity. Is to Service (Isis). yesterday warned long-term for an independent central transfer over the next The independent sector, $400m recovery will be threatened bank to > dominated by famous oversee a policy of five years to its smaller sister schools without fundamental ran es "sound such as g money” and the right organisation in the US. Eton and Harrow, was in government policy. bit financial framework for stable The gift to the Burroughs by a 10 per cent fall in the The gloomy prophecy came economic growth. Wellcome Fund may disap- number of so-called “boarders” as the Confederation of British Comparing the economy to a point in the previous three some British researchers years, Industry (CBI) announced the sick according patient. Lord Young of who had counted on receiving to the Isis census, sharpest rise in business opti- Grafibam, the former cabinet all the money the trust covering 80 per cent of pupils mism since 1983 in the first minister and current chairman in fee-paying received after last July's sale schools. four months of this year, with of Cable & Wireless, said it “is of its majority stake in Well- Average annual fees have exports driving a significant still in intensive care. We can- come, the drugs company. risen to £9,375 for boarders, an improvement in manufactur- not afford any sudden shocks". Hr Roger Gibbs, chairman increase of 8 per cent Overall, ing output and order books. His sober diagnosis of the of the Wellcome Trust, said it independent school fees rose The generally upbeat survey economy found plenty of sym- was the governors* prime duty on average by 8.3 per cent - follows the release of other pathisers at the convention. “to interpret tbe will and more than three times the rate encouraging economic indica- Sir Alistair Grant, chairman wishes of the founder Sir of inflation and almost double tors this week. But delegates to of Argyll Group, tbe food Henry Wellcome" who was the rate of increase in average the Institute of Directors (loD) retailer which owns Safeway, born and educated in the earnings. US. annual convention in London Presto and Lo-Cost, attacked “We believe it would he Sir The sharpest falls in num- heard business leaders warn the government for being “in Henry's fervent wish that the bers came at the preparatory that Britain could slip back the grip of events” and for lack trust should make a signifi- level, with the number of into a boom-bust cycle without of vision. The state of the econ- cant contribution to medical eight-year-olds falling by 16.9 a fundamental rethink of eco- omy today, he said, was “very research in tbe US." per cent, and the number of nomic strategy. largely tbe consequence of nine-year-old boarders falling Mr Peter Morgan, the loD’s Tory government policy”. by 15.1 per cent director general, said the busi- Tbe CBl's latest quarterly ings of tbe latest quarterly first four months of this year. ing the difficult economic con- slower rate than for most of Mr David Woodhead, director ness climate was improving industrial trends survey industrial trends survey were Manufacturers, who have ditions of the UK’s main Euro- last year. German buyer of ISIS, said: “We've had a but Britain risked re-entering reported that while the manu- positive but said industry was depleted stocks to their lowest pean trading partners. Accord- The weak investment inten- long-term gradual for big store decline in the “dreary pattern of post-war facturing sector is emerging waiting to see its trends con- level for almost three years, ing to the CBL only 50 per cent tions were particularly worry- the number of boarders in our economic decline” unless busi- from recession, the strength of finned: "We can’t yet be fully are now expected to increase of the survey's respondents ing. although tbe survey Legal & General, the insurance schools and this shows the ness and government worked recovery is threatened by eco- confident that tbe economy is output at the quickest pace cited price as a constraint on showed that 63 per cent of com- company, has sold the D H extent to which the recession together to build lasting pros- nomic slowdowns in other on a firmly upward path,” he since 1989. export orders. panies are working below Evans department store in has hastened that decline.’’ perity. European countries. said. Exports rose in the last four The bad news was that both capacity. It also showed that London's Oxford Street for Day schools, where termly Accusing government of Sir David Lees, chairman of Tbe survey sbowed that a months, suggesting that the investment and employment in more companies than a year £34.5m to a private German fees average £1,368, were more being “in the hands of econo- tbe CBl's economic affairs com- three-year decline in total new effect of British industry's manufacturing are expected to ago now expect to raise their investment company. resilient, with day boys drop- mists", Mr Morgan said any mittee, acknowledged the find- orders came to an end in the competitive edge is outweigh- continue failing, albeit at a prices. The deal is part of an emerg- ping by 0.5 per cent and the ing trend in which German number of day girls increasing investors have bought large marginally, by 0.1 per cent. amounts of London property This resulted in a total drop Major seeks over the past six months. How- in the Small companies independent could school Hoover admits pop- ever, the deal is unusual in ulation of 1.5 per cent This is support for that it concerns a retail prop- the second annual fall in suc- erty, rather than an office. cession, following nine years of flight steady growth. escape audit requirement bomb cover surcharges New buildings spending on satellite and equipment per pupil fell by By Amfesw Jack and rejected by the govern- financial information. By Gary Mead and port taxes at some US and US 10 per cent ment twice in the last decade, The DTI proposes two aid scheme Michael Skapinker European hubs. But they were link for trains More than a quarter of MORE THAN a quarter of a most of the more influential options: exemption from the suspended yesterday on US pupils are receiving financial million small companies could decision-makers have now audit requirement' or replace- MR JOHN Major, the prime HOOVER, the domestic destinations. There will be no Intercity, the long hanl pas- help, the highest figure be exempted from the statu- changed their views and ment of the audit with a “com- minister, yesterday urged appliance manufacturer, yes- further charges on flights to senger division of British Rail, recorded. Schools provided tory annual audit by as soon as endorse relaxation. pilation report" from an cross-party support for the gov- terday admitted it had levied Europe from Monday. is to spend £57m modernising scholarships or bursaries to next year, under proposals The Inland Revenue, which accountant confirming tbe ernment's insurance aid surcharges on travellers taking The original application its rolling stock and introduc- 16.9 per cent of pupils - more from the Department of Trade has traditionally opposed the accounts fail within company scheme for terrorist losses fol- advantage of its controversial forms for Hoover's “free ing innovations such as visual than double the rate in 1962. and Industry issued yesterday. change, said yesterday that it law. Exemption would also lowing the weekend bomb free flights offer to US and flights” - two free tickets to positional information linked Take-up of the government The move would represent had been fully consulted. “The require unanimous approval blast in the City, writes Ralph European destinations. the US or Europe conditional to US military satellites. assisted-places scheme for one of the most sweeping Chancellor is fully signed up to by shareholders and the com- Atkins and Richard Waters. Mr Richard Rankin, on spending a minimum of The new carriages will be pupils from low-income fami- changes to legislation covering reducing the burdens on small pany should have a balance The scheme, which will be vice-president of Hoover's £100 on a Hoover product and introduced to test passenger - lies rose by 3.4 per cent the scope of audit require- business," it said. sheet total of not more than introduced formally in the European marketing services, filling in an application form reaction on various routes

ISIS increase In for nearly one hundred Paid Chlsnall, an associ- £100 000 . summer, involves the govern- said the company introduced made no mention of sur- from next month and brought defended the ments Mr , fees, pointing" to the cut in years. ate director of the British Consultation closes at the ment acting as a reinsurer of the surcharges In an effort to charges. in more widely by 1995 If they spending on building and In a consultative document Bankers’ Association, said: end of June and the changes last resort, so when insurance reduce the number of people Mr Rankin denied the sur- prove popular. equipment, and the rise in launched by Mr Neil Hamilton, “We can see the need to try to could be brought about by reg- industry funds are exhausted, who booked “free flights’’ but charges were an attempt by Among their features are teachers' pay in the public sec- minister for corporate affairs, lift the requirement. This pro- ulation, possibly as soon as the state will meet outstanding did not travel. Hoover to recoup some of its visual information systems to tor, which it put at 9.5 per cent tbe DTI suggests removing tbe posal is moving with the times. Spring next year. claims. Mr Rankin, who is joint promotional costs. update travellers on the jour- for 1992. Mr Woodhead said: annual audit for the estimated We welcome it.” Mr Tony Miller, an accoun- In the Commons, Mr Major chairman of a task force man- Last moth Maytag, Hoover's ney's progress. The visual “Local authority spending on limited liability British compa- But Mr Terry Robinson, of tant who is financial affairs said cover under the scheme aging the promotion, said the US parent, said it would take a information system drew on a education in 1992-93 is allowed nies below the value added tax the Institute of Credit Manage- chairman for the National Fed- announced last year by Mr surcharges have now been $30m charge against its first- network of 21 US defence sat- by central government to rise threshold of £37,600. ment, warned that credit rat- eration of Self Employed and Michael Heseltine, trade and dropped on advice from the quarter profits, the estimated ellites in orbit 11,000 miles by 7.1 per cent - more than While proposals for abolition ing agencies would resist the Small Businesses, called for industry secretary, had been Association of British Travel cost of ensuring that custom- above the Earth. three times the current infla- of the small company audit changes, which would reduce the threshold for exemption to provided since January 1 and Agents. ers who qualify for Hoover's tion. rate.” have already been examined the reliability of published be lifted further. reiterated tbat the government The surcharges were for air- “free flights” get them. would honour its commitments under the scheme. He hoped Wimbledon the legislation would "attract Halifax wants to join new prize up 14% tour industry still struggling support from all parts of the Package House [of Commons].” Britain's AU -England Club, Mr Major was speaking watchdog body for services organisers of the Wimbledon By Michael Skapinker days through travel agents this idays had been sold by travel place ahead of Cyprus which ahead of a meeting today with championship, said its decision ucts exclusively or to offer the to increase prize money by 14 in Palma, Majorca year - an increase of five per agents, the same as the previ- has fallen from 10 per cent in Sir Francis McWilliam, Lord By Norma Cohen cent on 1992. He said, however, ous year. Lunn Poly had, how- 1992 to 6 per cent this year as a Mayor of London, to discuss best product of each supplier. per cent bad been forced by THE BRITISH package tour that the average price of sum- ever, sold holidays at a dis- result of Increased prices. Tur- improvements to security mea- THE HALIFAX, Britain’s Critics of the system argue sterling devaluation and to from largest loans and savings that what is needed is not exchange rate fluctuations. industry is still struggling to mer holidays sold through count throughout the winter. key is in joint third place with sures protect the City home it wants that overall emerge from recession, with Lunn Poly’s 610 shops this year Majorca has consolidated its 6 per cent, compared with 3 per terrorist threats in the future. institution, says to polarisation, but better regula- Organisers said is to join a self-regulatory body tion. to limit abuses of sales prize money for 1993 would be sales of summer holidays up was £414, compared with £418 position as the leading destina- cent last year. The Lord Mayor expected new raise the question of whether for retail financial services and practice. Mr BirreD said tbat £5. 04m, compared with last slightly on the back of heavy last year and £415 in 1991. tion for UK bolidaymakers, • The opposition Labour levels in the City a distributor of a wider the proposed new Personal year's figure of £4.41m. discounting, according to fig- Speaking at the convention accounting for 12 per cent of Party has prepared the ground policing become he will variety or products. Investment Authority is show- Mr John Curry, the All ures published yesterday by of the Association of British summer 1993 bookings, com- for a legal action against Bar- should be raised. But also point out that, like other Mr Jim Birr-elL, chief execu- ing signs of becoming an effec- England Club chairman, said Lunn Poly, the UK’s largest Travel Agents in Majorca, Mr pared with 11 per cent last year oness Denton, consumer affairs of to be brought by cus- local authorities, the Corpora- tive, said that he would like to tive regulator. the rises were designed to take travel retailer. Bowden-Doyle said the Florida has won 8 per cent minister, suffer tion of London is limited by see a relaxation of the rules of He made it clear that tbe into account the fluctuations Mr Richard Bowden-Doyle, increase in holidays sold was bookings, the same as last tomers who from the an unbonded rate capping legislation and so polarisation. Halifax is hoping for regula- in international exchange rates Lunn Poly marketing director, the result of a discounting year, despite tbe recent murder next collapse of need additional financial They require sales outlets to tory changes to let it offer a far over the past year. said about 7.5m people are campaign after Christmas. of a tourist and other attacks. travel company, the conference may Florida in second heard. resources. sell either one supplier’s prod- wider range of products. Tbe £305,000 pounds men's expected to buy summer hoti- He said 2m winter 1992-3 hol- This put first prize is £40,000 more than Andre Agassi collected in 1992. The winner of tbe women's sin- gles will receive £275,000 Britain watches Timex dispute for bitter signs of the times pounds, an increase of £35,000. explains Both sides in the infamous Timex dispute give evidence today to MPs. Robert Taylor the background Ulster air

Under the four-point peace line, complete with burning he sacking of the - set up in Dundee in 1946 route to US plan, Timex accepted rotation brazier, has none of the men- workers at the Timex making components for the of lay-offs for half the work- ace often associated with American Trans Air. tbe US plant in Scotland has watch industry. One of the T employers, it force subject to independent picket lines. Sacked Timex carrier, has won government aroused widespread anger in city’s biggest with conciliation. The company also women drink tea and puff ciga- approval to operate scheduled the ranks of organised labour, established good relations wanted a wage freeze and a 10 rettes - many of tbe workers services between Northern and raises a number of issues the unions. per cent cut in benefits - in who have replaced them are Ireland and the US, about British industrial rela- In 1990 Timex and the AEEU innovatory agree- return, the workers were prom- tough-looking men. who wear Mr John MacGregor, trans- tions. signed an shar- ised half whatever profits balaclavas to hide their iden- port secretary, said the move Local union officials fear it ment In return for profit Timex made. tity. sbowed the UK’s “willingness could herald a new, more ing and share ownership, a The union officials deny they Tbe union has played tbe to progress with liberalisa- aggressive phase of the rolling generous savings plan, cash seat accepted the peace plan. Mr dispute caxmtiy, using expert tion”. back of union power after 14 lump sums plus a worker union agreed Kydd's father, the union's divi- legal advice, frustrating efforts years of demoralising retreat on the board, the working sional organiser, says he was by Timex to persuade local the strikers - many of to radical changes in To “incensed" at the decision to judges to prevent demonstra- women with more than practices with quality circles, deadline on them widen tbe bargaining agenda. tions and marches outside the EC service - and many team work and flexibility. 30 years After taking legal advice the plant. others in highly unionised Mr John Dryfe, US vice presi- ancient wood plant union officials recommended From May 17, 90 days after Dundee the dispute is a fight dent who worked at the work- that the workers reject the the dismissals, the company The government has been for justice. for many years, says the plan but return to work “under will have the right to rehire given two months to repond to sees the dis- ers failed to deliver. The work- The company protest”. ex-employees selectively with- European Commission objec- Mr Peter Hall, ers disagree. pute differently. Mr Hall insisted on accep- out facing unfair dismissal tions to plans for an east Lon- executive, says The strikers claim Mr Hall’s Timex’s chief tance of the plan and refused charges from the rest. The don river crossing, which will not taken arrival as chief executive in the decision was to let the workers into the company will need a further cut through an 8,000-year-old no real June 1991 led to a deterioration lightly, but “we had plant. On February 17 the 260 workers this summer to wood. in relations. He was from out- alternative”. workers again turned the plan demand. If the government does not - previously meet an upturn in Mr Hall says the loss-making side Timex he had two down by a show of bands. On In the US, Mr Dryfe sounds give a satisfactory response, it plant faced the threat of clo- run his own business, Cause cfflfehre: ugly scenes on the picket lines have brought national attention to the Timex plant the same day all the workers, more' conciliatory, wanting a will face action in the Euro- sure. The demands of the mar- small engineering companies. worked including tbe 17 who worked Japanese style agreement to pean Court of Justice. ket place required a more "1 don't believe he has “derecognise" the union. strike call by 92 per cent to 8 return to work did not depend through the strike, received boost productivity with an end But environmentalists and assertive managerial style. in an industrial relations As a result of falling per cent and walked out 14 on the workers accepting Dew dismissal notices. to restrictive practices and Euro-MPs campaigning to save is mir- before,” says Mr John Kydd, The clash of cultures conditions. As far as Mr Hall is con- demarcation lines. Union offi- Oxleas Wood are worried that chief convenor. demand, Mr Hall decided in days later. rored in British industry - on the farmer December to lay off half the Mr Hall warned the strikers The parent company, Timex cerned, that was the end of the cials say: "We just want a if the government insists on with hal- Mr Hafi. says he worked well one side, the unions if Electronics, took direct strike and he began to recruit negotiated settlement.” going to court, work on the leadership, workers for tbe first six they would be dismissed a more lowed agreements built meticu- with the union months of this year. The union they did not come back. By role In the dispute and Mr a substitute labour force. As one woman with more road may begin before the case collective until Mr Kydd was elected on lously over years of was Dryfe flew in from the Since then attitudes bave than years service declared can be resolved. Willie Les- suggested that all workers be this stage the company US. 30 bargaining; on the other side, a December 7 with Mr off in rotation, which Mr looking at other ways to cut After 13 hours of talks on Feb- hardened. Timex has become a on the picket line earlier this EC action to halt the project lie as his deputy. “That was laid more impatient, less hidebound Mili- is the last Hall thought impractical costs including a wage freeze ruary 10 and 11, he and Mr cause c&bbre in Scotland. week: “We can agree to a Japa- almost hope for cam- under pressures the key event," says Mr Hall. management in January he laid off and reductions the value of Hall believed they had a deal tants have flooded to the fac- nese style agreement but what paigners. whose legal chal- Mr Kydd says Mr Hall sub- Early in to be more profitable. in of the the 120. On January 15. the union pension and other benefits. Mr with local negotiators. Mr HaO tory gates support the company forgets is that lenge to work was defeated registered multina- jected him and Mr Leslie to a The US the workers on strike Hall assured the strikers this agrees the lay-off and cuts pickets. those deals have carrots in in the British High Court in Norwe- three-minute barrage of abuse, ballotted tional - owned by the - a were linked by then. The round-the-clock picket them as well as sticks.” February. to action. The workers backed the was a "separate" matter gian entrepreneur Fred Olsen declaring he would work .

APRIL 28 1993 FINANCIAL TIMES WEDNESDAY

The practice of Stacking odds the equal pensions against cancer By Norma Cohen trustees of ColoroE, a UK home equal work, and By Michael McGannon qual pay for company now in liqui- Dr theory furnishings easy to grasp in while dation, have asked the ECJ to EAT some cereal other substances (asbestos, pollu- is elusive in practice. E equahty resolve some outstanding questions. chlorome- of before you go to tion, heavy metals and Applying the concept employers be required - First, will work; take regular thy1 tethers) have strong causative to pay in years to provide “retrospection" equal- cancers. S that three apple breaks relationships with lung proved so difficult the ising benefits or will they just be instead of drinking If you are unable to stop smok- landmark ruling from after a liable for equal benefits from May might consider a Justice emPloy- coffee all day, set ing entirely, you European Court of Barter how to 1990, the date of the jadg. about making less harmful way of getting nico- arestill unclear about ere Also, in so-called money pur- office system (a pipe, ment? your a tine into your make it work , . on rhasp schemes, where the pension smoke-free zone; cigar or nicotine patch). decision, handed down HHALTH CHECK That of a single lump sum to be convince yOUT Colon (large intestine) carci- Barber case, con- consists ^ , 17 1990 in the May invested in the purchase of an company to offer cantaloup and noma also hqs links to lifestyle. It employers may not oner in Suffolk cluded that cancers in Ian Clayton: After 22 years at British Coat he's now writing as tin manager of an electricity generating plant pensions annuity, must men and women be broccoli In the restaurant Is among the top five one sex more generous developed countries, but It provided with equal sums? All these measures should lower most than are available to the other. some African and of Moreover, in the equalisation pro- your chances of developing cer- unheard of in immediately forced examination jfel typically cess, can an employer legally tain kinds of cancer, and stack the Asian countries. pension schemes which odds In favour of a long retire- One theory Is that it is related worsen the pension terms for allowed women to retire on Full pen- ment to the looger transit time of faecal men to employees? coal mine sion at age 60. while forcing Fear may stop people material through the intestines in From “The question is whether the some from wait until 65. The refined pension promise finding out about cancer. But sta- developed countries. Advo- nature of the . is Today, an opinion from the lor tistically, the chances of dying carbohydrates in highly processed a differ- sufficiently contractual to require cate General of the ECJ on from it are much less than of foods have less cellulose (non-ab- a employers to stick to it,” said Mark ent case - which will be subject to dying from heart disease. sorbed plant fibre) than in fruits - Duke, principal at actuarial consul- final ruling later this year should Cancer is not a single disease; it and vegetables. They travel slower tants Towers Perrin. Employers provide further guidance for the intestines which may litter is a whole spectrum of pathologic through to chicken have tried to shield women employers. who processes characterised by a pro- be conducive to inactive carcino- 80 to 90 per cent from the sudden effects of a change active ones. In Britain, where found disturbance in the growth gens turning into in pension age may find that the of all occupational pension pay- and proliferation of a cell. Eating more fresh fruits and Michael Smith on job prospects for pit managers General will require ments are made to men. employers Advocate than In contrast to a normal cell, vegetables, or bran cereals can same for retiring have already responded to Barber to do the men whose growth and reproductive help prevent colon cancer. With s an employee of British ing are surprisingly varied. They neering and management back- reducing even further the por- after May 17 1990. Given the consid- cycle proceeds in a relatively the help of a qualified nutritionist, Coal for 22 years, Ian Clay- include teaching, general manage- ground, and a well-defined know- by the pension pot paid to erable expense employers could orderly manner as dictated by also try limiting saturated (ani- ton never expected to work ment and consultancy work. ledge of operating with high public tion of from the National abandon their efforts to cushion the genetic coding, deregulated cancer mal) fats to less than 25 per cent with any fuel other than Many have increased their sala- visibility. Kevin was the outstand- women. Figures " show blow for women. A fired industrial ries, not surprising given that the ing candidate Association of Pension Funds cells dominate and replace normal of your diet If colon cancer or that which had an per cent of all employers Despite the material reduction in cells and often spread to other polyps runs in your family, con- revolution and countless imagina- average salary for a pit manager, in Clayton, former manager at Brit- that 85 male and female pension benefits for women post parts of the body. sult your doctor about when to tions. charge of perhaps 800 staff is less ish Coal's Silverhiil pit, contested have equalised their Barber, benefits consultants say More than 200 forms or cancer have preventative screenings. He was wrong; last week he than £50,000. British Coal departees with a smaller field of candidates to retirement ages within these, 59 per cent there has been remarkably little have been identified and can be Prostate cancer, another kind of started a new job as the manager of often feel a sense of release from an win his job as manager of the Fibro- schemes and of so raising women's flapping. classified into three large groups; carcinoma, is the most common an electricity-generating plant employer which offers only limited power chicken litter power station have done by One reason is that relatively few carcinoma (deregulation of those malignant tumour in men world- where the raw material is chicken career opportunities because of its in Eye, Suffolk. The 65 contenders, ages to 65. have are entitled to full occupa- cells that act as lining for organs wide. The cause of this slow-grow- litter, a combination of wood shav- contraction. though, included senior employees “The majority of employers women is the tional pensions and secrete mucus), sarcoma (can- ing tumour is unknown, although ings and excreta. Take 36-year-old Kevin White- of National Power power stations. equalised at 65 because that anyway because H Kevin Spring, their child care derisions typically cers of connective tissue such as there appears to be a hormonal It may not be everyone's idea of man, who left his job as manager of Nor was Clayton the only coal cheapest option," said at actuaries give rise to interrupted wort pat- muscle and bone) and liquid can- relationship. It appears to be on fun but I am enjoying it and 1 feel Frickley pit in February to become industry candidate to impress. partner consulting cer (such as leukemias;. the increase even in areas where the future is secure here," he says. southern region manager for the Three British Coal employees made Wyatt Company. terns. Indeed, most of the outcry Lung cancer is the most pre- it was previously uncommon, such Clayton, 45. is one of a growing National Rivers Authority. The it to the final interview stage. However, the NAPF has found has come from male-dominated ventable carcinoma. Its incidence as east and southeast Asia. number of British Coal pit manag- problem at British Coal, he says, That does not surprise Philip that most employers have been sen- trade unions who want a crack at varies from country to country. Prostate cancer is frequent in ers who are opting out of the indus- was not so much lack of security Andrew, chief executive at British sitive to the views of tbelr female the more generous pensions offered Death rates are dropping in North America and Europe. Inci- try as they see the number of pits even though the pit he managed is Coal Enterprise. It is his job to find employees: 82 per cent of those rais- to women. England. Wales, Finland and Swe- dence and mortality increase in declining and their job prospects only reprieved from closure if Brit- work for British Coal employees ing the age allow current employees Another reason, Spring says, is den, have plateaued in Australia, Chinese and Japanese after mig- reduce with them. ish Coal can find a market for its who want to move on. so he is to retire earlier than that with no that fixed retirement ages are a fic- Austria, the US. Belgium. Ger- rating to the US. Compared with face workers and coaL hardly likely to run down their abil- actuarial reduction in pension pay- tion at many companies. Employers “1 many, the Netherlands. New Zea- Prostate cancer is rare before other less skilled British Coal was concerned about the short- ities. but he is frank about some of ments. Because workers typically increasingly offer flexible retire- land and Switzerland, and are still the age of 50 but then its occur- employees, pit managers are finding age of opportunities," says White- their potential deficiencies. lose 5 per cent of their pension for ment ages, allowing those who wish H rising In Spain. France, Hungary, ence grows steeply with age until jobs, if not easily then with less of a man. “I had been a pit manager for If you asked a pit manager to go each year of early retirement, many to go early the ability to do so with Italy. Ireland and Poland. about 80 when it begins to fall struggle. the best part of eight years and I to the City for debt funding to deal employers have thus shielded their little or no reduction in pension and The average age for developing again except in Norwegian, Finding jobs for senior staff is a could see few places to go within with working capital he would not female employees from a swingeing higher pensions for those staying lung cancer is GO. Once diagnosed, French and Japanese populations. relatively new problem for British British Coal. The management chal- know what yon were talking 25 per cent reduction in their pen- on longer. less than 30 per cent of patients When it comes to screening, a Coal Although it has been shrink- lenges here are very similar - gen- about." he says. sion payments. Employers like flexibility are eligible for curative surgery. combination of Digital Rectal ing for many years, it has been able eral management is general man- "But they are very much aware of But employers have not solved all because, among other things, they explaining In part the dismal Exam and a relatively inexpensive to shed staff voluntarily through agement.” profit and their general manage- their problems - either legal or find an employee hanging on only chances of survival, less than 10 blood test is probably the best bal- relatively generous redundancy The NftA job was the first White- ment skills are strong. We are managerial - by simply raising for a pension to be a relatively per cent five years after diagnosis. ance between cost, benefit and packages. But earlier retrenchments man had applied for and, says Peter talking about people who handle retirement ages. Thus attention is unproductive worker. Employers vast The majority of lung can- efficacy. mean that most candidates for early Humphreys, personnel director, he 700 to 800 personnel and a business focused on another group of cases with unhappy workers between the cers (around 85 per cent) are due retirement, which becomes avail- beat 300 other applicants for the turning over S40m a year. Many- on which the Advocate General is ages of 61 and 65 could well be to exposure to tobacco smoke The author is medical director of able when employees reach 50. have appointment “We wanted someone managing directors of publicly- expected to pronounce today. The advised to consider a scheme offer- (either active or passive), though the Btsead Business Health course. already gone. whose qualities and experience quoted companies have less on their central one comes from the UK ing both men and women a graceful " The destinations of those depart- included financial control, an engi- plate than that where the pension scheme members way out

0 1993 ITT CORPORATION

but my life’s work is 1 preventing them .

LONDON ft EDINBURGH INSURANCE

Stan VPbodward is Chief Properly Surveyor ai ITTs London up today's ITT Corporation. This, along with our investment in common goal: Tb improve the quality of life. Because it’s & Edinburgh Insurance Group. And he takes his job home Alcatel Alsthom, makes us a global, US $210 billion enterprise not just ho* you make a living that's important. i,y • how with him ever)- night, devoting much of his free time to the employing over 100000 people around the world. you live just ask Sum WotHlwaM. for mom information local Fire liaison educating the community about Groups In bet, one out of three ITT employees lives and works in about ITT phone us on: 322 643 1449 . fire safeiy. Europe. And whether it's ITT Defense and Electronics or ITT Or write to: ITT Europe, Aw Louise, eight diverse businesses ITT Insurance is one of that make Sheraton, these companies and all our businesses share of a m B-1050, Brussels. Belgium. ITT ITT DEFENSE AND ELECTRONICS ITT SHERATON ITT A UTOMOTI YE ITT FLUID TECHNOLOGY ITT R A YONTER ITT WORLD DIRECTORIES ITT FINANCIAL ,Tr insurance

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FINANCIAL TIMES WEDNESDAY APRIL C 28 I 993 0 FINANCIAL TIMES SURVEY n?‘e ? f t si °us ^of! nen HERTFORDSHIRE

' • - . i I';. Wednesday April 28 1993

_-'• %' Late last year , the county had the - / ^ * CAMBRIDGE and warehousing are all located fastest-rising Glasgow 390 miles in Hatfield, where it will now f"" unemployment ' ," ! rate in the Liverpool be the largest industrial • S u 195 mites •'• UK. Its response, T Manchester 185 mites BEDFORD employer following the closure ?C savs -" Rhys David, * Leads rides of British Aerospace. Nearby, in J u 180 - tunninpiam 100 miles Welwyn Garden City. Rank • - sj**z has been swift and welt co-ordinated: Xerox is establishing its Euro- •• • i... I Road distances bi muss tom 1 Wotwynfl tatfldd pean headquarters. Another a new body [ | dedicated to promoting recent arrival, Nissan, last year inward investment. .Stevenage chose Watford for its UK distri- Already there are WoaCaest Bishop's bution headquarters. Startfard Back-office operations con- signs of Main Una renewed economic activity. tinue to be attracted, too, with H E RflF OF1 DSHIRE the latest. Provident Mutual, trvtmden Ml Welwyn shortly to open a £40m new head office in Stevenage, where Hand v it will employ 900 people The Hampstead Jfep£^ —C Jw.'**-*' Well .•/TTViitt*.'*''''' placed prospects for attracting large- scale manufacturing invest- BUCKS f Mam Una rrr Geographic location « on + __ _ _ ment are less strong, but, Hertfordshire’s as it side according to Hugh West, chief seeks the Inward investment for recovery executive of the HDO. there that is needed to replace lost will be niche products for jobs. Three of London's which Hertfordshire will be the WHEN BRITAIN held the the GBEATER now reclusive Clockwork TUtaey 40 mitts airports are on its borders, most suitable location, because presidency of the European Orange director. Stanley w LONDON Donr lOO mites and it offers fast road and of skills developed by existing Community during the second Kubrick, who lives in a heavily rail finks with other regions industries - for example, in half of last year, three of the guarded mansion near Harpen- and with the ports. new materials. key ministerial meetings were den. Caitiff Great hopes are being placed, in 1 60 mites 1 held not London but 25 miles Yet, for all its Meanwhile, Hugh West (right), apparent pros- Bristol 12S mkts K too, on the pharmaceutical north in the unfamiliar sur- perity, not long before Mr managing (Erector of the industry and related healthcare roundings of Brocket Hall, near Douglas Hurd, the foreign sec- HDO, cites Provident field, already one of the coun- Welwyn. retary. and Mr Michael Mutual's site in Stevenage ty's biggest industries, and a The choice or Hertfordshire, Heseltine. the trade secretary, I Southampton (above) as an example of sector set to grow even faster in and of this historic house, had begun their talks in the lOOmtae what has happened in the the next century as medical where two Victorian prime county with their fellow EC past and wBI happen again advances accelerate and the ministers, Lords Melbourne and ministers, local leaders had population ages. At Stevenage, Palmerston, lived and died, was themselves been visiting Brus- venage. The same pressure London, where banks, insur- Where previously it had been behind other south-east coun- pointing and that many of the the biggest building project in appropriate for more than just sels to ask the industry com- within the aviation market has ance companies and other difficult for developers to get ties - the result, he believes, new jobs will not be as good in the UK, apart from the Channel the splendour of its conference missioner. Mr Martin Bange- forced Rolls-Royce to close its financial institutions have shed the go-ahead for schemes, not just of restrictive planning quality as those they replace,” Tunnel, is under way for Glam facilities and parklands, and its mann, and other officials for helicopter engine plant at Leav- thousands of jobs, has hit the because of fears of over-heating policies, hut of a culture of he argues. This will house an important high security. aid. esden, near Watford, in June county badly. In St Albans, one the economy, key sites are now over-dependence on the then The gloom of this view is research and development facil- Hertfordshire, with its quaint Hertfordshire has had to fol- this year, again with the loss of in four of the unemployed is being brought forward and dominant aerospace and challenged, however, by both ity employing up to 1,500 peo- villages favoured by film-mak- low the route taken by other 2,000 jobs. from a professional job. marketed. These include some defence sectors. the county and the HDO, which ple, including 900 scientists. ers, its relatively small-scale councils from more economi- Even before these job losses The response, however, to the very large parcels of land He fears that individuals see plentiful signs of the coun- Even without this. Hertford- and successful urban centres, cally depressed regions of were announced, unemploy- county's problems has been released from aerospace use. emerging from those industries ty’s continuing attractiveness, shire is one of the main centres none in excess of 100,000 popu- Britain, because of the impact ment in Hertfordshire, which swift and well co-ordinated. As part of another initiative, will not have the entrepreneur- as well as some evidence that for pharmaceutical research in lation, its high-technology on several of its key towns of had been as low as 2.1 per cent With British Aerospace's diffi- a range of organisations, ial skills that the growing com- economic activity has already Europe, with SmithKIine Bee- employers, and its position the decision by British Aero- in November 1989. had risen by culties already clear some time including the chamber of com- panies of the future will picked up and the rate or job chain, Merck Sharp & Dohme, dose to three of London’s four space to close down its Hatfield late last year to near the ago, the county council and the merce, the county, the univer- require, and that many of the loss announcements slowed Roussel-Uclaf, Roche and Astra main airports, and astride the site, home in the past to air- national average of more than local Training and Enterprise sity and the Tec, is behind new jobs that do come into down. Laboratories among the leading motorway network, is a part of craft as famous as: the Mos- 10 per cent, giving the county council (Tec) commissioned a plans for a One Stop Shop, Hertfordshire may pay less well Many companies, according names drawn, along with Britain which can stand com- quito, the World War H fighter- the dubious distinction of the study, from accountants Coo- operating from one central and than those being lost, with to Brian Briscoe, chief execu- Glaxo, to operate in the county parison with the more prosper- bomber; the Comet, the first fastest-rising unemployment pers & Lybrand, of the econo- a number of ancillary sites, some erosion of pay levels also tive of the county council, want because of its proximity to med- ous parts of Europe. commercial jetliner; Trident; rate in the UK For a county my’s strengths and weaknesses. which will offer support to new resulting from increased con- to be near London but not nec- ical research in universities in Its inhabitants enjoy the sec- the BAel25; and, in more recent which has always weathered From this has emerged a new and existing businesses. This tracting out of operations pre- essarily within it, and will con- Oxford, Cambridge and London ond highest per capita income years, the BAel46 regional jetli- UK downturns, it represents, in strategy and a body dedicated has now won binding from the viously handled in-house by big tinue to be attracted to Hert- and to the London teaching in the UK, and its better-off res- ner. the words of Professor Neil to promoting inward invest- Department of Trade and Indus- employers. fordshire for its environment, hospitals. idents have the opportunity to A total of 2,300 employees Buxton. Vice Chancellor of the ment the Hertfordshire Devel- try, and is expected to begin He is also sceptical about its proximity to airports, its As part of the same develop- live in the most expensive prop- will lose their jobs by the end University of Hertfordshire (for- opment Organisation /HDO). operation before the end of the whether the county can hope to road and rail communications, ment, the University of Hert- erty outside London. Those liv- of this year, following others merly Hatfield Polytechnic) The county's trip to Brussels year. be more than moderately suc- and the wide range of informa- fordshire has built up substan- ing there include not just City who have been made redundant quite a somersault brought in funds worth £0.7m The impact these efforts can cessful in attracting Inward tion technology, engineering, tial expertise in medical areas. types, such as the current Lord in earlier cutbacks at the plant Nor has it just been the from the EC's Perifra pro- make is, inevitably, a matter of investment, in competition not managerial and professional As well as attracting £lm of Mayor of London, Sir Francis which, during the mid-1980s, skilled and unskilled engineer- gramme for helping regions some debate. Dr A1 Rainnie, co- just with other regions of the skills it can offer. industry funding for a medical McWilliams, able to take advan- employed 7,500. British Aero- ing workers who have borne destabilised by largescale clo- director of the local economic UK. able to offer grants and Mitsubishi Electric is one professorship, it has won con- the sort of tracts paramedical tage of good rail links which space has also been scaling the brunt of these job losses, sures - money which will be research unit at the university, other Inducements, but with example quoted of to cany out training training - whisk them into London in down other operations within taking the county unemploy- supplemented by equal funding points to the county’s history of the low-wage economies of east- company which has success- and nursing 20-30 minutes, but arts and the county in its missQe and ment total well above 40,000. from the local authorities and relatively slow jobs growth in ern Europe. “Our expectation is fully established itself in the media personalities, including satellite plants, mainly in Ste- The shakeout in the City of the Government-funded Tec. the 1980s, when it lagged that job growth will be disap- county. Its UK sales, service Continued on Page 3 A clear reflection of the successful business environment.

m When Mitsubishi Electric started looking for a location for dieir new UK headquarters, there was no shortage of

regions offering oil kinds of financial incentives. Surprisingly to many, the choice they made rejected these financial lures in favour of a longer term strategy, centred on their need to establish a successful base for the - Sf< ,4.\ SM**- development of their business in the UK. rFP" ’ •: Hertfordshire had no money to offer, but for Managing

Director Neville Reyner, it had far more. “For us, Hertfordshire offered the perfect business

r • • -t •-TV-. 1 environment. It has an excellent communications infrastructure and good recruitment prospects. The

< ’•in' . . business community is well established, premises and sites

are in plentiful supply and there is a sense of green space

in which to live and work, all on the doorstep of London. Quite simply, Hertfordshire provides a very dynamic and successful business environment.” Mitsubishi Electric, Nissan. Confederation Life, Tesco, Glaxo, Sanyo, Air Call, Rank Xerox and many other major companies have already made their home in Hertfordshire. If you would like to know what Hertfordshire can offer your business, please call Hugh West on 0438 750750 at the Hertfordshire Development Organisation, Titmore Court. Tftmore Green, Hitchra, Hertfordshire, SG4 7JT. WEDNESDAY APRIL 28 t*W3 FINANCIAL TIMES 10 2 HERTFORDSHIRE Hertfordshire tor savs its products also have tfm feast loss of jobs company's operations will suffer THE SQUAT white building* of sity of Hertfordshire, cited fig- David White traces the alarming militar applications. cuts, wfth about L50 Aerospace and defence: y power from these the aircraft factory Aerospace's at Welwyn on Comet ures showing aerospace indus- Lucas tote likely be kept - - division at Hemei Way the old Al used to be try employment of just under systems 60 at Watford. cut back and the pride of Hatfield. They now 15.000 in the county. That fig- Hempstead has also “We have retrenched into have couple of large a sheepish look, eclipsed ure was already down by a over the past Hertfordshire to a of 690. by the stark modernity of the quarter from a peak of over earth Its present workforce to he says. down from extent," High flyers come moved Galleria shopping complex 20.000 in 1985-86. Job cuts The factory, which company's plans con- later 1960s. The across the road. announced by large companies was closing its WHlesden in the away from manu- originally an English Electric years ago it firm a trend Recession caught with since then amount to a further than US communications relay the closure decision. With the makes electrical generating awards up employed research and development facturing and at Bovtagdon and setting-up of Avro Interna- plant set up in 1955, gas turbines both last year. The Galleria cut of about a third. stations for underwater systems systems and small development and ven- about 6,000 after the closure of facility Tor- research, went into receivership a year A broader estimate from Barkway, near Royston. An tional, a joint regional jet 300 for aircraft such as the clearly the of at Croxley Green, affecting This is ture BAe and Taiwan Hatfield. But with the loss software. after opening, and British Hertfordshire County Council airfield at Nuthampstead. in between branches of nado and Harrier. activi- manufacturing jobs. But other at BAe's remaining county, Aerospace Corporation, Hat- assembly and successive case Aerospace announced it would put the number of jobs in the north-east of the GEC-Marconi employ about 900 A survivor from GEC. One result of production activities the number bas since ties and at stop making aircraft there defence and aerospace five was used by American Flying field's remaining and reorganisations at Borebamwood in a variety takeovers change is that fewer but work is being transferred to shrunk to 3,100. mics this after almost 60 years, with the years ago at 30,000 or more. Fortresses tn the war, in defence. is Hawker Siddeiey Dyna road from it, of activities, mostly in aerospace and bases today. Woodford in Cheshire. No Across the Welwyn employees loss or 2,000 jobs. Cutbacks at groups such as there are no Instruments, a Engineering, based at live space facility - another Marconi defence-related industries Rolls-Royce The Industry grew around de more t han 200-300 jobs are BAe's control Manufacturing will cease at BAe, GEC and separate subsidiary of the GEC Garden City. Making Stevenage- design legacy from de HaviUand and near the plants. BAe's Hatfield site out almost half HaviUand, which moved its air- expected to remain, in gas turbine by the end have wiped group involved in electronic systems for says its and in London the UK’s -only builder of com- based BAe Dynamics of this year. At the Rolls-Royce that number of posts in the craft and propeller manufac- of corporate jets measurement engines and gyroscopes and satellites - last year test and area is now spread turing fro Edgware to Hat- Business Aviation, which oper- mercial it catchment engine plant at Leavesden, intervening period. m Its other systems for ships, just over half its work- equipment, has Hertfordshire and still has a field in 1934. An engine factory, ates the airfield. axed of throughout near Watford, it is due to end Hertfordshire headquarters at St Albans and escaped the nationalisation guided weapons side, force of IJ2QQ. afield. in June. The two plants were broad range of defence-related set up on the for side of the The aircraft and further helicopter a site at Stevenage, together Hawker Siddeley's always less airfield, developed into a BAe Dynamics, which Rolls-Royce’s Last The sector was among Hertfordshire's biggest industries, including 800. Peter missile businesses. pngina factory Leavesden is employing about Mr with the guided centre in the employed 2.200 at Hatfield, at closely identified employers, figureheads of an well-known but successful weapons managing director, says December, a year after the site, to shut down completely in Smith! Hertfordshire s aerospace and defence sector companies such as Irvin Great 19508. closed down in L9S9. That due Hawker Siddeiey development of going back to de a move away from takeover of ~ Britain, maker In 1359 the de HaviUand now in the hands of BAe's June. Also new towns after the war Ste- that has been at the core of a parachute over the past by BTR, it declared its Indepen- days, it has been on manufacturing Hempstead, industrial development in the belonging to the Hunting name disappeared when It was property subsidiary Arlington HaviUand venage, Hemei four years, with the loss of dence through a management is being developed the closure list since 1991, But this county since before the second Group at Letcbworth. bought up by Hawker Siddeiey, Securities, looking to Hatfield and Welwyn. 1,750 about 30 per cent of the buy-out It is now was business park. when it still employed is now being dou- world war. This concentration is some- and in 1978 nationalised as as a outlets to increase relationship - - which has workforce, has led to increased non-military The decline can be traced thing of a historical accident. part of BAe. Its activities weapons people. Its work, bly diluted: there are for fewer its Stevenage its £20m annual turnover. to Stevenage, but suffered a sharp foil in recent emphasis on back to the mid-1980s. A report Hertfordshire has less to do The plant was the original were moved its employed in the sector, and a transferred to R&D operations. Activity is The company is halving two years ago by Mr David with the military than most manufacturing site for the BAe jobs there have also been years, is being smaller proportion have their mostly geared to civilian total workforce of 520. But Mr Kraithman, now principal eco- other counties. It has no major 146 regional jet. but its involve- sharply cut back. The guided Bristol. homes in the new towns. two markets, although the Ian Johnston, managing direc- nomics lecturer at the Univer- defence installations other ment was reduced well before weapons factory at Stevenage, GEC-Marconi announced

Tottenham closer, takes about the same the proximity or EUROPE'S leading centre for manufacturing facilities, but roots in the county, says Paul Abrahams Arsenal football Pharmaceuticals: the sector has deep time to reach. Hotspur and pharmaceuticals research and decided to concentrate some of admits this Labour shortages, acute five dabs, although he development is not Basle, its secondary manufacturing years ago, have become much was not a reason why Roche home of the Swiss giants, at Ware, suggesting this site is activities less of a problem became of concentrated its in Ciba, Roche and Sandoz. It is safe as a production location. the recession. Attracting the area. Hertfordshire. Glaxo, Europe’s largest East emphasis on R&D skilled scientists has become The South Economic group and Increased Foot of the world's biggest pharmaceuticals less tricky since house prices Development Strategy report drugs groups, Glaxo and the largest drugs employer in as the recently have fallen. also cites the proximity of the SmithKline Beecham of the the region, has made the most group SmithKline Beckman group, plans to move its UK ence can be attributed to its as well acquired businesses from Nevertheless, the recent county to the UK department UK, Roche of Switzerland and important R&D investment in with Beecham of the UK in headquarters from MildenhalL takeover of A-J. White In 1956, South East Economic Develop- of health and leading teaching Merck Sharp & Dohme of the Hertfordshire in recent years. 1989. SmithKline Beecham in Suffolk, to Welwyn Garden for example. Fisaus. company was attracted ment Strategy study suggested hospitals in the south east, as US, employ between them The group, the world's biggest says it wanted to concentrate City later this year. Roche has had operations in The difficul- well as easy access to the uni- about 5,500 workers in the R&D spender, is building a its manufacturing operations Not all of the traffic has Welwyn Garden City since by the availability of land, that there were still recruiting people with versities of Oxford and Cam- region. £500m research campus, at two sites. Crawley and been one way, however. In 1937. One of its four interna- easy communications with ties tn plentiful and appropriate skills, training bridge. Hertfordshire’s importance designed to house 1,500 staff. Worthtng. However, it still 1981, Smith & Nephew decided tional research centres is London, and labour, according to experience, although it Given the strength of the as a centre for drugs manufac- By 1995, the company expects distributes products from to move some of its operations based there. Dr Jurgen Drews, skilled Mr and were insist- pbarmacentials industry and turing has declined in recent to employ 1,000 people in man- warehouses in the Hertford- to Romford in Essex, where it bead of Roche’s international John Bennie, bead of person- added companies roots in Hertfordshire, the years as land prices have ufacturing at Ware, and a fur- shire region. was already manufacturing. It R&D, says the Welwyn site is nel and administration for ing there was no crisis. its the shortages sector should prove an impor- increased, but its importance ther 1,200 for drug develop- SmithKline Beecham’s is also moving operations from in charge of Roche's research pharmaceuticals at Roche Glaxo said caused by a declining tant counter-weight to the as a centre for research and ment at the same site, on top remaining Facilities include Gilston, Hertfordshire, to into herpes and HTV, the virus Products, the Swiss group’s were decline aerospace sector development has increased. of the 1,500 at Stevenage. the R&D centre at the Frythe York. that causes Aids, as well as UK subsidiary. number of young people, as of the the By 1995, there will be about The 75-acre Stevenage site, site, in the village of Old, The reason for the concen- some inflammatory work. "Those reasons stDl hold well as fewer being interested in future. 3,500 R&D pharmaceuticals comprising 10 main buildings, where about 500 people are tration of pharmaceuticals The site also contains the true today, apart from the in science. Many local schools The scientists in the county, will be the Glaxo 's largest employed. activity in Hertfordshire is a UK head office, general admin- availability of land,” says Mr had also tended to teach engi- "Health and Wealth? devel- according to a recent report* research centre in the world. Merck Sharpe & Dohme, the combination of historical acci- istration, and sales and mar- Bennie. Communications are neering-orientated subjects for opment of the pharmaceiitical by the South East Economic The campus will he nsed to world’s largest pharmaceuti- dent and the county’s natural keting. Some 300 people are still good, with travelling the aerospace sector, the domi- industry in the south east, Development Strategy. In seek treatments for cancer, cals group, has its UK head- advantages. Many are located involved in manufacturing. times of 45 minutes to Heath- nant local industry. focusing on the Hertfordshire 1930, the Association of the heart attacks, arthritis, Aids, quarters at Hoddesdon, where there because they acquired Roche Nicholas, the over-the- row airport if the M25 motor- One final attraction for sub-region, by Michael Brehexty British Pharmaceutical Indus- and diseases associated with about 950 people are businesses in the region. counter non-prescription drugs way is clear. Stansted, many former north London et alia. South East Economic try estimated there were ageing. employed. SmithKline Beecham’s pres- business, is also based there. although geographically employees, says Mr Bennie, Is Strategy. Tel 0279 44 644819. 16,300 R&D drugs employees Meanwhile, SmithKline Bee- Dn Pont Merck. Merck’s In the UK. cham, the Anglo-American joint venture with Du Pont of Increasing government pres- group, remains the second the US, has its European bead- THE LACK of a strong identity Networks: Rhys David explains the new awakening policies and Government and sures on the Industry's prices largest pharmaceuticals quarters In Watford. A num- or image has always been one EC regulation are likely to and profits are likely to lead employer in the region with ber of smaller groups also of Hertfordshire's weaknesses. affect them, and how they can to rationalisation first and about 1,700 employees. Us UK have branches in the region. Us geography has pulled It in have input into decisions. foremost in manufacturing pharmaceuticals headquarters They Include Astra Pharma- several directions - towards Just how effective the devel- and then marketing. But only Is at Mundells, In Welwyn ceutical, a subsidiary of the the East Midlands or East Ang- opment of this new, closer rela- the weakest companies - Ideas to win Garden City, legacy Swedish lia jobs all a group, the north, pooled tionship parties of which has Us in or towards between among which Glaxo, Merck, SmithKline & French’s move UK sales and marketing base London and the other home involved in Hertfordshire’s eco- SmithKline Beecham and to the area in 1959. at Kings Langley, and Serono counties In the south. The new University of Hert- needs of all businesses but nomic life proves, remains to - Roche do not figure will be The company no longer man- Laboratories, part of the Gene- Though among the largest fordshire. having emerged from especially those employing be seen, thoagh the efforts of forced to cut R&D. ufactures in the area, having va-based Ares-Serono, which English counties in population, the chrysalis of Hatfield Poly- between 10 and 200 people, and both the county and the Tec Glaxo has been the Euro- closed its facilities last year has its marketing wing at Wel- with nearly Ira inhabitants, it technic, has also involved itself start-ups. have drawn praise from busi- pean leader in rationalising following the merger of the US wyn. Schering-Plough, the US lacks a single main town: and. in local economic initiatives, in It is planned that other eco- ness leaders. The change, because of their differing histo- order to establish its county- nomic agencies in the county according to Gerry Hopkinson, ries and industrial back- wide credentials,' another main will move to the site, which until recently senior partner at grounds, its half a dozen size- element, playing an important will also have out-stations in KPMG Peat Marwick in St able centres vary widely in coordinating role, is the Hert- other centres linked over the Albans, has been marked: “The character. fordshire Chamber of Com- county's Comnei voice and county has changed from lack Stevenage in the north has merce, which has most of the data transmission system. of interest in business to being long been an important indus- county’s important industrial Independently, the county very keen to talk. Together University of trial centre in its own right, and service companies in mem- council has been trying to with the Tec, it has persuaded with little to link it to Watford, bership. ensure, under chief executive businesses in the county to net- Hertfordshire which foils almost within the Since the mid-1980s there has Brian Briscoe, that it responds work very effectively," he says. U® orbit of Heathrow to the west also been a substantial growth more effectively to the needs of Other structural problems Hoddesdon in the east has ben- in financial services, with firms businesses - and also makes remain. They include a disturb- efited as a distribution centre such as KPMG Peat Marwick, known to them the opportuni- ing lack of interest among local from its position on the route Price Waterhouse and Hambros ties they have to supply the companies in exporting, accord- from the east coast ports; Pot- moving in, mainly to St. £250m of goods and services the ing to Chris Humphries, man- ters Bar is a refugee from pre- Albans, to provide sophisti- local authority consumes each aging director of the Tec; and 1965 Middlesex and still looks cated services previously avail- year. continuing difficulty in obtain- for jobs and services Engineering to north able only in London. As they Herts desire: AWbury village A Business Forum, set up ing long-term bank finance for London. build up contacts across the Jointly with the Tec, enables small and medium-sized compa- Yet the coherence Health and that has county, these firms have them- Establishment of the HDO, larger businesses, local cham- nies, particularly the owner- Human Sciences previously been difficult to selves become nodal points cm which operates from another bers, enterprise agencies and managed. which is forcing com- achieve has recently shown the Hertfordshire network. converted building - a barn others to make their Information views panies to operate on a short Sciences signs of emerging. Where busi- first The tangible result of between Hitchm and Stevenage known, at regular meetings, term basis. "The hanks are not ness and local government this new spirit of cooperation - was one of the recommenda- and to influence way Humanities the sup- lending for risk. If small com- and Education once went their separate ways, has been the Hertfordshire tions to emerge from port a study of is provided. panies are to lead us out of the a series of networks has come Development Organisation the county undertaken by Another initiative, the busi- recession, lending has to begin Natural Sciences into place across the county, (HDO), a partnership between accountants Coopers & ness charter, is designed to again," argues Howard Wilkin- leading the private and public local companies, the county Lybrand, and a subsequent strip the away bureaucracy son, senior partner at accoun- Art and Design sectors to pool resources and and district local authorities, conference that brought which many businesses find to tants, Mercer & Hole. ideas for overcoming the prob- and the Tec. The last will Itself together parties interested in their dealings with local Paradoxically, by the time Business lems caused by the loss of jobs seek to act as a bridge, Uniting economic regeneration. authorities, which can very the results are showing in the defence and aerospace companies which might want In much the same way, the often obscure the services and through, the county as an sectors. to come to the county with the Hertfordshire Business Centre, information on offer. The most administrative authority might The twin centres of the new relevant planning bodies and for which government One common concerns of busi- not exist, for structure are the Tec, operat- with developers. Particular its demise is Spanning the county at St Albans, Stop Siop for Business status nesses have been grouped scheduled ing from a converted mill just under current gov- emphasis Is being placed on has just been won, is the out- under a series of hcadinga - ernment plans for 1998. outside St. Albans, and the winning firms to areas where come of a consultation exercise Watford, Hatfield and Hertford regulation, education, purchas- It county council which has may just be, however, that the county is already strong, involving all 26,000 businesses ing, roads and transport - and thrown off by then its unifying influence a previous diffi- such as computers, office in the county. To be set up hotlines set up to deal with is not missed, dence and involved itself in the equipment, telecommunica- shortly on a a different Hert- site in the centre inquiries in these fields. As a fordshire fortunes of businesses big and tions, pharmaceuticals, identity having been and of the county with the support result, businesses will be able Each campus minutes from small. forged out of the recessionary financial and business services. of EC Funds, it wQL serve the to find out quickly how county problems a motorway of the past few years. Innovative businesses bank THIS IS THE Short courses for commerce ONLY where the difference BUSINESS LOCATION IN and industry BRITAIN (LET ALONE HERTS! WHERE INCOME FROM LEASES is appreciated AND GROUND RENTS IS USED TO BENEFIT THE LOCAL COMMUNITY - SO AS WELL AS BEING A PRIME LOCATION FOR ROAD RAIL Conference facilities AIR . AND BESIDES OFFERING AN PORTFOLIO OF EXCEPTION^ SPACES AND AMENITIES AND INSURE FACILITIES • IT OFFERS YOU HIGH WORK-ORIENTFn SKIMS AND STRONGLY Research and consultancy MOTIVATED STAFF AT ML LEVELS ENJOYING LIVING fN A AND THOROUGHLY PEACEFULLY PLEASANT POLLUTION FREE Links with local and regional LOW-TRAFFIC GREEN ENVIRONMENT businesses, TEC and Herts IN IN County and District Councils IN

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A world apart in banking It’s an education knowing us. Call 0707 284022 | HAMBROS BANK LIMITED D For a foil Corporate Banking service, contact: garden ary PSjuI Graham Eric Harvey Robert Maxwell Build your business where the green 34 Si. Ptier'a Stiwf, Sr. Alban*. Herts AU 3NA. stuff grows Tel: 0727 8456% Fm: 0727 845244 UNC anurkw Itsjmw mini Member of 1MRO and SFA mu w «B«»m „ AVrww °" r , - ^iktti t ' HERTFORDSHIRE 3 THE LATE 1980s property outside London Property: centred on the office rents have dived by as much as per cent, reports Anne Steadman three units remain. M4 corridor, rip- 40 pled More recent occupiers at the north-east into Hertford- 230.000 sq ft project include shire^ Jeremy needs, a director Making International of mtcMa-based (UK), the developer world's largest manufacturer Huntmg Gate, aptly sums up of cameras what happened Sites and binoculars, in the property identified for overseas arrivals which bought a 22,000 sq ft market: “Hertfordshire caughts ing to unit for £2.1m, and Parcel the Heathrow " slash rents (if. indeed, disease trast, today Legal & General be a good choice of locations, the Rolls Royce site at Leaves- a railway is needed, to facili- Farce official quoting rents Floor space available which took a lease on a Tbs result is that the still Property and Hunting Gate are the has identified five den, tate development at Essex Hert- apply in this HDO near Watford; Essex Road, 27.000 sq ft unit. fordshire Development market), but also seeking Organi to £22 a sq ft for their strategic sites in the county, Hoddesden; and the British Road, Hoddesden. This 30-acre Mfltan square feet The Hatfield Galleria, put up sation (HDO), offer incentive packages. the body set up These high specification 78,000 sq ft all currently at different stages Aerospace site at Hatfield. site, designated for general 1-6 - -% by Carroll Group subsidiary At under the include rent-free periods county's Partnership Edward Hyde office develop- of development The 57-acre Cherry Tree industrial and warehousing, is Galleria Investment Corpora- contributions towards fitting for Prosperity programme ment in Clarendon Road, Wat- Most advanced Is Mar- site, at Junction on the owned Fowergen, Redland Last out and even, Lane 8 by tion, was one of the most spec- in some cases, ford. September, estimates that It has been completed and kheath's Kings Park, a 22-acre Ml. is owned partly by the and the Department of Trans- tacular retail casualties in the faking on a tenant's existing there is now some empty for 18 months. site adjoining the railway sta- the port Rolls-Royce is to vacate 15m square tease commitments. Commission for New recession. Now in receivership, metres of vacant office The HDO, however, is draw- tion at Stevenage. With space Towns and partly by the the 60-acre Leavesden site at and By general consensus, the future of the 400,000 sq ft other commercial the ing up a marketing plan that for 600.000 ft of space within best rent sq business Crown Estate. Mainly green- the end of June, and develop- shopping centre is unclear, in Hertfordshire was will the area. Office rents through- spread the net much space, the site Is already land- field, it has been earmarked by ment will be for mixed use: though It continues to trade. achieved in the 1988-9 reloca- - out the county have plunged wider, targeting inward Invest- scaped, with infrastructure in the planners for business and offices and R&D. o.4 Besides the dramatic con- tion to Watford of Rhone-Poul- by as much as 40 per cent, ment from overseas companies. place - and the developer is industrial development How- These first four sites are, struction cost over-run. enc, which took 53,000 square according to surveyors. Weafch- It is likely that incoming willing to begin immediate ever, its availability will however, dwarfed by the Brit- another of Galleria's problems feet in Kumagal Guini/Rane- erall Green & Smith. companies will require busi- construction for an occupier. depend on the provision of a ish Aerospace site at Hatfield, 1984 was lagb s Central 68 88 90 92 a restrictive user clause, Park at margin- ness park-type Landlords are not only hav- accommodation; The other sites are at Cherry new access road. where there is potential for Source County Count* effectively preventing the cen- ally over £30 a sq ft in con- and, to ensure that there will Tree Lane, Hemel Hempstead; Construction of a bridge over some 200 acres of development tre from competing with the British Aerospace property ness Park seems set to become fashion draw of Slough subsidiary Arlington is busy at Hertfordshire’s largest. Hunt- Estates' much more successful Employment in Stevenage is moving to the services sector been added, bringing town-cen- the 82-acre former BAe Dynam- ing Gate and Allied Dunbar's 216.000 sq ft Howard Centre, at tre retail space up to lm sq ft. ics Site, Which has planning 55-acre Shire park at Welwyn Welwyn Garden City. The two Most of the major high street consent for 960.000 sq ft of Garden. City must rank as one centres Tall within the same multiples are represented, but mixed uses - offices, light of the mpst successful so far. A borough, and Slough success- the original part of the town industrial, general industrial total cjf 400,000 sq ft is now fully sued the local authority Mutual centre has begun to look rather and warehousing. built and occupied by compa- for failing to enforce the user encouragement tired. Already a 78,000 sq ft depot nies, ICI. Digital, including clause at the Galleria. As part of its on-going plans for Royal Mail's Streamline Nexus and Aircall. In addition, The only other major shop- STEVENAGE, the first of the port links, says Ian Cartwright, to promote and sell Stevenage, Parcels has been completed on Warren Spring laboratory, the ping centre to open in Hert- new towns, has seen its Provident Mutual's administra- the council plans improve- a design-and-build basis. In government's principal envi- fordshire during the past two employment base undergo a tion services manager, are ments to the town centre and addition, BAe's purpose-built ronmental technology labora- years - again in the south significant change since the of excellent, particularly the to the walkways which form conference centre - which was tory, has taken a lfeacre site. the county - was Capital beginning of the 1980s, writes & i % m&w high-speed 125 rail service into the access route from the sta- never used - has been sold to Its new facility is due for com- Counties/Sun Alliance/ Watford Arme Steadman. Traditionally Kings Cross In addition, the tion. the University of Hertford- pletion in spring 1995. A fur- Borough Council's Harlequin a manufacturing town, the company has forged firm links Recladding of the leisure shire. Work is under way on ther 125,000 sq ft in four build- Centre, Watford. At 700.000 sq emphasis has shifted in recent with local schools, which offer centre, along with improve- the simultaneous demolition of ings is available in a second ft, it is one of the biggest in the years towards the services sec- good recruitment potential. ment to the footbridges, is also buildings and provision of new phase at Shire Park; and joint UK. The last of the three tor. r There is also a good range of a priority. The council is corn- infrastructure, both scheduled agents, Gooch & Wagstaff and phases of the ElOOm project But, although the proportion housing - both in Stevenage mitted to putting up some of for completion in November. Jones Lang Wootton, are indic- was completed last summer, of manufacturing to services itself, where prices are as the cash for the improvements, A further 100 acres will ating rents of around £23 a sq and this 200,000 sq ft section jobs has moved from 55/45 per cheap as anywhere in Hertford- but Is also looking for input become available with the clo- ft. has attracted a flurry of let- cent to 35/65 per cent during shire, and in the surrounding from the private sector. sure of BAe's Comet Way jets Little industrial property tings to fashion retailers. the period, the total number of villages - a factor which influ- Response from retailers and area. Giles Thomas, of agents development is currently being including River Island, Hennes. jobs, at around 35,000. has ences recruitment from outside landowners with vested inter- Strutt & Parker, says Arling- undertaken in Hertfordshire, Stirling Cooper and Miss Self- remained fairly constant. the area. Added to this. Provi- ests has been positive so far. ton is looking at the planning although the level of industrial ridge. In common with other Hert- dent Mutual had developed a says Elizabeth Wilson. Steven- implications, and also at oversupply is far lower than The almost-completed Ml fordshire towns. Stevenage has good relationship with the age's head of development and short-term alternative uses. He that of offices. One of the larg- link road, which gives the cen- had to bear its share of the council. planning. The council is al so says there are signs of further est current industrial/ware- tre direct access to the motor- burden of the decline in the An even bigger boost for Ste- considering some form of town interest from potential occupi- house developments is Burton way network, will upgrade its defence industry. Two divi- venage has been Glaxo's deci- centre management, again in ers. with three serious propos- Property Trust and IBM Pen- status, the developers hope, to sions of British Aerospace, sion to locate its European partnership with the private als before prospective tenants. sion Fund's City Park, at Wel- that of a regional shopping Space Systems and Dynamics, research campus In Stevenage, sector. Although the Hatfield Busi- wyn Garden City, where only centre. are located within its Gunnels on a 75-acre site in Gunnels Wood industrial area, but the Wood. There is also a site of town has also had considerable 25-acres for further expansion, success in attracting inward should it be needed. investment in the past few Glaxo was looking for a large years. site with good access to road, One recent success is the rail and air communication?;, new £40m head office of Provi- Stevenage had the UK's first purpose-bufit pedestrianised town centra says Richard Sykes, chairman dent Mutual, which will be offi- and chief executive of Glaxo cially opened on May 26. The al’s 850 staff. led to expansion into Steven- Group Research. complex of three Interlinked The company began moving age, where eventually more Stevenage also had the UK's buildings provides a total of personnel out of its original offices were taken. first purpose-designed pedes-

200. 000 sq ft of offices, of which base in Moorgate. in the City of The decision to stay in the trianised town centre. An all except 30,000 sq ft will be London, in the mid-1950s, first Stevenage area was based on indoor shopping mall, Norwich occupied by Provident Mutu- to HUchin. Pressure on space several considerations. Trans- Union's, Westgate Centre, has Letchworth, the original garden city, is leaving the public sector Hertfordshire A new leaf for the textbook town

JETCHWORTH, the world's there have been nine petitions businesses, and a variety of Fermark’s production direc- irst garden city, still features against the bin - one from the small units to rent were pro- tor, Peter Girdler, says that, trongly in textbooks in Letchworth Leaseholders and vided on the estate. Then, as over the years, the corporation a mnerous languages. Freeholders Association, and the strategy began to bear fruit has made several additions and And last year alone, the Gar- others from individuals, most - and corporation chief execu- alterations to the factory and, en City Corporation - the of whom are connected with tive Andrew Egerton-Smith more recently, added an attrac- nblic body formed by Act of the same organisation. points oat that, until the cur- tive facade. Now, with the com- arliament In 1962, to replace From the very early days, rent recession, Letchworth pany once again outgrowing its w original First Garden Qty Letchworth, which now has a prided itself on a business 28,000 sq ft premises, the cor- td, set np in 1903 to buy population of around 33,000, start up rate way above the poration ts refurbishing a early 4,000 acres - played grew and flourished, enjoying national average - it was nearby factory unit, which will vtsi- fnll employment. decided that larger units were house its packing and ware- world ost to no fewer than 500 Then came >rs from 22 countries. the early 1980s recession. needed. housing operations, leaving Once again, however, the Unemployment quickly In the mid-1980s, a site was production at its existing site. reached per cent as the Coin- acquired with PosTel, and A more recent Letchworth Deep in the heart of Hertfordshire one of the mporatum's Future is before 13 And now, because research is our arliament A private bin, to major engineering and manu- development began of wbat is recruit is Altro, which manu- llow the corporation to facturing firms that had now the Letchworth Business factures industrial safety floor- world's largest companies is consolidating its ecoine a heritage foundation formed the foens of the town's Park. Occupiers now include ing. Its products are in use at, lifeblood, we are investing £500 - m Industrial and provident employment ICL, Shdvoke & Du Pont Pharmaceutical, John among other sites, 10 Downing commitment to the discovery, development, Stadium, the >ciety with charitable status) Drewery, Borg Warner Auto- Tann, Barron McCann, Uni- Street, Wembley and Kzyn them, Tesco Computer Centre White House, Melbourne ad Its first and second read- matic Transmissions manufacture and marketing of new, safe and million in a major new scientific - and igs in the Commons in Janu- A Lahy scaled down their and Sahubury's. The park also Cricket Club the QE2. a business The company moved on to ry, and will begin its commit- operations, or left accommodates new effective medicines. with this unforeseen centre, with free advice on the garden estate In 1988, ie stage next month. Royal Faced catnjgis at Stevenage - building the crisis, Garden City Corpo- offer. acquiring a 120,000 sq ft build- ssent Is expected early next the UK based, but genuinely global in outlook with Letchworth Business ing which has been upgraded ear. ration was forced to review its The The resulting strategy Club was formed in 1986, and and refaced. It subsequently The corporation was asked policy. operations in around 70 countries, Glaxo has a facilities in Hertfordshire, to build a for the remains in place today: the now has 400 members. It is moved Its car valeting subsid- f the secretary of state with town could no longer rely on a widely-regarded as one or the iary Autoglym to an adjoining ivironment to come np long established presence in Hertfordshire in of large employers. A most successful of Its type. building, and recently took the Ians to leave the public sec- handful healthier world. good spread of smaller and Meetings are addressed by opportunity of adding the einu» »r. The heritage foundation businesses would high-profile speakers, but the building on the other side for the form of sizeable development and manu- jtion was chosen because it medinin-sized stable employ- club also provides a forum for future expansion. Altro has Glaxo IQ maintain the corporation’s provide a more more business discussion and expanded during the recession, facturing facilities in Ware. STEVENAGE • WARE K-exempt position, enabling ment base. In addition, a management role was encourages trading between turning in record results - pre- to continue to plough back hands-on busi- members. It has links with tax profits of £3.3m (£2.lm) on venue from its estate into the called for, helping new nurturing and training, cultural and educa- turnover of £3&6m (£32.4m) for iwn in the form of grants and nesses to set up; existing ones and tional organisations, and Is the year to September 1992. immunity facilities. It will. looking after responding to their needs. expanding Its contact area to Chief Executive Michael Fin- plpr Iso allow flexibility in the corporation assist other business dubs in chum says that, when the com- fmagement of the estate, and As a first step, a funded business centre was the sooth. pany moved from Hertford, It mm meet it against commercial established in 1981 to give free Typical of Letehworth’s flex- looked as tar afield as Leeds Relocate to keover. ible approach and determina- and Bradford In its search fora Local opinion appears advice and other assistance to wishing to start new tion to grow its own employ- new base. Plus-factors for roadly in favour although those ment base Is Fermark, a Letchworth, besides the pleas- supplier of brassferes to Marks ant living conditions, included Stevenage. - & Spencer. The company its excellent mmmimfeafiftnc THE MARKET LEADER !H moved to Letchworth in the dose to the A1 and Ml, air- - (You'll be in excellent company) late 1960s from London’s east ports and the rail services EQUIPMENT ago it had and the businesslike attitude of STORAGE end. Fourteen years Stevenage Is one of the UK’s most popular areas for an a just 60 staff; today it has 450, the Corporation. relocation. Just ask Glaxo... including 100 new recruits in Anne Steadman - CONVEYORS the past few months. “Stevenage is a superb location excellent communi- cations, pleasant environment and a very responsive Jl.-i-tjbr.hh a y. 'tr.s in / Local Authority. We've made a serious commitment to FREEPHONE 0300 531 531 Positioned for recovery the town." Dr Goran Ando, Research & Development tfayfcndj ; Director, Glaxo Group Research Ltd Dfxica Ifm.'tccT, -:5 1 H;m?stcad, Herts. NP 2 7 E .’. H:m?! + On the A1 (M), 15 minutes from the M25 f 2171 failing adapt to Tel Otil 242261, ux0442 Contipped from first page fordshire to 0DEXIDN changing economic circum- IBtflUIlL • King's Cross 25 minutes by rail all within drive It hopes these can be the step- stances, despite the shocks it • Heathrow, Stansted, Luton an hour's ping-stones to a post-graduate has suffered. • Highly-skilled workforce school, which could Hugh West, at the HDO, BORN. medical Excellent availability of existing premises MANOR in with other supporting points to the site in Stevenage THE link 7 Substantial areas of land for new build TO the guidance is under 7 KC.ht.hfc'-feautt Cuisine disciplines in medical electron- which Provident Mutual has of within ics and bio-sciences, and with occupied as an example • S.i'i&Z- For information and a full response 24 hours, - * i«iaurant is rated by tbeAA VV- .* parkland. Our the important medico-legal what has happened in the past acres of with 4 Rosettes, call Clare Skeels on 0403 766023 carried by its law and will happen again. Less attmcttoraiodactea^^^^p^^^ Our short breaks work out JackNicUaus W department. than 50 years ago, it housed j£-_ ^ j sent from £102 deagpedpX per pawn, per The impact of these develop- heavy engineering, then course, tennis night- inducting ments lies some way in the switched to sophisticated rest of defence activities which have and squad), a fiiU Kngfah future, and the the 1990s wMm magnificent breakfast and you look like continuing to be In turn now made way for indoorpool anand financial services. StdVenage‘eVenc can arrive on any day much more cfifficult for pros- WmomouoHcoum spa. health and beauty perous Hertfordshire than the Whatever its current prob- Anting for Excellence gilded decade before. With its lems, it Is Hertfordshire's good Stevwiage BorttJOh Council working in dose p&lneraNp with The Hanb^ManorO of the advantages, compared fortune to be in a part many HorBortstura DewetopmQm Organisation Vbre, HertfixdshircSCISOSD.iel:' with more distant locations, it country where such changes is hard, however, to see Hert- can take place. s ' ™

WEDNESDAY APRIL 2S 1993 FINANCIAL TIMES BUSINESS AND THE ENVIRONMENT

Mazibuko, the brickmaker, is only TER ibane Mazibuko illustrates reserve WIDEWA The owners of a Natal game Conservation Corp's pilot WORLD one of Africa's rarest one of entrepreneurs. When he was caught cliches; he is a poacher- could turned-gamekeeper. believe conservation can only work poaching, he was so poor he Z the One imposed by the not pay Not long ago, this 33-year-old Zulu at one cow, the cur- rises tribal court with broken teeth and ragged if it pays, reports Patti Waldmeir local anger society. So he of rency of rural Zulu Tide clothes, who speaks seldom and off his sentence making smiles less, was poaching game worked Later, Phinda from the Phlnda Resource Reserve bricks for the reserve. set him up as an independent brick- in South Africa’s Natal province. living maker, with two rudimentary clean Today, he says his future depends cost of m nn Min machines and a contract the on keeping the animals alive: for g Preserving for the new lodge. Phlnda provides they attract the tourists who bring reunification the raw materials, and passes all laws and scarce cash to this forgotten corner Genfflard on sewage the profit (2 cents per brick) along Ariane of rural Zululand. Thanks to them, the sewage sys- . .. nPMied to extend to Mazibuko, after a l cent per brick Mazibuko has landed a contract to Lose® efforts to promote estimated DM60bn to machinery. He i HERBERT repayment on the Brussels to gain Europe- make 150,000 bricks for the new J Kdnigswm- dyes in required for mamte- pays bis labourers out of profits and from QM70bn is Phinda lodge; he reckons he wide implementation sew- game f a sleepy town repairs on existing dreams of expansion once the lodge tS) ter, nance and can earn Rl.800 (£370) month from s. pollution standards. a profit j has a over a 0n the Rhine, is built Phinda gets bricks his new business, Ear more than he ConcerafortlieMWMmMt require- commercial

Roy Allen, director of BICC Jonathan Charkham to retire Cables International Division, has been appointed to the Jonathan Charkham. a leading moving to Whitehall where he board of BICC CABLES. Nvrr*riot< authority on corporate gover- was later responsible for set- John Perry, chairman of BYl nance both in this country and ting up the Public Appoint- the Forest Products and abroad, is retiring at the end of ments Unit, the central advi- Laminates division, has been June from his position as sory body service in this field appointed to the main board adviser on industry to the gov- for civil servants. of MEYER INTERNATIONAL. ernor of the Bank of England He has written a book “Keep- Robert Mahler, formerly A barrister by training. 62- ing Good Company" dealing a deputy md of the gas year-old Charkham had been at with corporate governance in turbines division and md of the Bank for twelve years. His Germany, Japan. France, the European Gas Turbines, has first task was a secondment to US and UK, which is due to been appointed md of GEC set up ProNed, the organisa- appear at the beginning of next ALSTHOM’s power tion aiming to promote the role year. transmission & distribution of nonexecutive directors. He Charkham is not being division on the retirement of returned in 1985 to take up his directly replaced within the Roger Bensussan. current assignment Bank. Instead, director Pen Nick Boyes, md of Innovata A member of the. Cadbury Kent will become the senior Biomed, has been appointed Committee, his international porate Governance and Finan- point of contact with industry, to the parent board, ML reputation was underscored cial Markets. with both the new governor, LABORATORIES. last year when he became the After the Bar, Charkham Eddie George, and the new Bill Holton, a former only foreigner to sit on the US spent is years at the family deputy, Rupert Pennant-Rea. director of Hoare Govett, has President's sub-council Cor- firm Morris on Charkham, before also taking a keen interest been appointed to the supervisory board of POLYGRAM NV. Knowles steps down Richard Danisz, formerly operations director of The Fly to from FROST GROUP, has been London in June Birmingham appointed developments and estate management director, for the Sir Richard Knowles, leader of the Birmingham while Keith Evans takes over City Council, the largest local authority in | part of his former - *•‘•$89^ England, will retire later this year. ..‘x j Lufthansa responsibilities as operations Festival of Baroque Music The feisty, cigar-smoking 75-year-old, a tradi- director of the Save Service tional Labour political boss who believes in Tuesday 1 Jnaa M«daj2L Stations subsidiary "The London musical calender now seems Jmf what he calls “sensible socialism”, said yester- Jbdiaa vocal sad jnstnanesial node Ck^uusadcxscKfasbyLSL Alan Mellor has been inconceivable without Bacfc day that he will accept a nomination to con- die annual Lufthansa Festival FkUqr4 Jmm Hm*dsj24 appointed chairman Jane t tinue as leader at an internal election next of of Seroaaus by Scvbfli and Roar BsdiV RONCRAfT, Baroque Music: New explorations into the vast solohsqskb^ cowxtfos month but will step down later. a vice-president SsterdsySWt Satanfaytt of its parent l&F and Jam Knowles departs as the political tide in Bir- regional continent of early music axe constantly mapped out, Haydn oad Becdbona puaoaaBztxs Hnadetk daoed weeks foe (to ‘Peace director for Europe mingham has begun to swing against Labour $ I!.. ..I } and Africa; new performers to lead those Friday 11 June of Oranges' he is replaced explorations which has been in power, under his leadership, --£ i as md by Paul Vk&Hwm&saJeriyFMni WcAmbySOJae ;t It Barrow. constantly introduced” Financial Times 29th June 1992 since 1964. During this period he fended off Wednesday 16 June Badft On&esnd Suite* Steve opposition from ideologues on the party left and Hannon is promoted Qttndxz omsic by Mozart’s fiieads Friday to become 2 July fought an unsuccessful campaign to stop Con- distribution director Now the FT invites its international readers to MoBlerofifiV of ROYAL Gli come L'Orfeo servative MAIL following attempts, especially under the then '** the vm +f to London in June to enjoy one or more of the 10 Mrs Thatcher, to reduce the power of the town retirement of Mike Berry. These performances at the Hall, „ are ' t Wigmore : mmm- all others am at St halls. Jon Marx, :**rs 'ft' - V formerly with concerts in this year's season, being performed in James's Church. He has always worked at the grassroots of the CarnaudMetaXbox, has been Christopher Wren's church Labour movement, becoming appointed md of LOW of St James, Piccadilly, an organiser in ' & Ptice per peocn based oa two psofie stndag a doobb mesa wfcfe breakfast, 1950, and nursed the safe Sparkbrook seat in IllllilJpiiif -P BONAR's European packaging and at the elegant Wigmore Hall, also in central cno concert pcrfonnaacc, and redan : Bight from Germany- No tXhar cOou mo Birmingham for Roy Hattereley, - - following the retirement the former \ Si miauled. fftft-TTwmmmmVjjA* f From other EC craiatriffn Lufthansa London. flights (via Camay) am Labour deputy leader. through U1 health of Tom araQaUe « a pramnm of DM12G or £5U * on request fan dsewfaece. Sogfe Agnew. room snp|ilffmcidDM75orf30 par nighL. Included in a varied programme running throughout (he month and early July, the 350th anniversary of This tour it organised on behalf of the Financial Times by DER NORDIC BANKING Travel Service INVESTMENT Monteverdi's death is masked with a performance of & FINANCE Adckessesa^if^bymadenfemsponmtoilirsiBvitatioainBbereumedby L'Orfeo, while the 250th anniversary of the 'Peace The FT proposes to publish dm survey on the Rural Timet, which Is ngiaml under the Dus Itottcfew 1 fta 1984, Jmw 21 1993 of Dettingen is celebrated with Profaawmal myeaora in over 160 countries worldwide and 54% Handel’s Dettingen of the Chief Executives in Eurow's nasadJd Tima. Master Ctae SasdiwafcBifcfcA, London SE1 9BL Reaching this audience of key dcasion makers “WpmKS win will give you ihc competitive edge Tor your «e this survey.' lb Deum and Anthem, under the musical direction biaines To advertise in this survey of Ivor Bolton. please call: To: NigriPolimao,Baaiiciri Than, Number One Ema Pio in Denmark 3313 ScmdiwaikBridge,Looik)aSEl 9HL. Fax: +4471 8733078. 145) 4441 ; Bradley Johnson in Sweden DER Travel Service have arranged on behalf of the ; Pte*reseadme foh dcteflsctf tlreFT linilatkm toLoodoa <45) 8 791 2295 FT a two night stay at the Kirsty Saunders in London Forte Crest St James's 873 I Iwfafctofly from (Please state airport) (071) 4823 with full English breakfasts Chris Schaamniog ui Birmingham (the hotel is a two Dates req ed | uir from to (021) 4544 0922 minute walk form the church), flying to London Aster Sorensen in Finland ! Tide Initials Samanm „ (358) 0 730 400 with Lufthansa German Airlines, and a concert DttU mate;* Chief U £wrapt 1931/ ! Address,. performance from just DM820 or £325. For further '*! details of this Financial Times Invitation, which you I FT SURVEYS may expand as you wish, please complete the coupon or fax us now. [BMtOBdB — Daytime Td --L- FINANCIAL TIMES WEDNESDAY APRIL 28 1993 ARTS 13

Television f Christopher Dunkley London Ballet / Clement Crisp Confusion in the middle ground A Don without a the old ITV the received wis~ Plante, anyway. As dom was that you won ratings in used “fly on the wall" techniques to Prime Suspect you can ignore with lowbrow stuff all observe the effects of cameras on redemption such as this sermonising ffim-liam if there I darts matches and moronic family life. His first attempt was is a good taut plot to follow, but 9ft game shows but acquired with the Wilkins family in Reading 1 have now seen tbe Royal Ballet’s the Inapt front cloth scene that prestige Seekers was hopelessly with expensive confused in 1974. Don Quixote four times - have drama. Now the * * * men begins the evening. Nothing good i belief is that if you pick Watson describes his new series, been decorated on the battlefield for can come of such new of b:,y: \ the right First acquaintance with a Minkus. sort of drama Ruby Wax about the Baker-Donaher family in less - and I remain ! 6 you can win reason* as disenchanted and nothing does. And no one on _L‘ in Girls On Top suggested one of able ratings and prestige Sydney as "living soap opera”, by its components, and aghast at its stage - save Irek Mukharoedov. simulta- those American women with more neously. and in the long term which sounds admirably modest, inadequacies, as I was alter tbe first who realised be had fallen on hard -"V build drive and chutzpah than talent a loyal audience. Hence Sec- and seems to go some way towards night 1 can find no redeeming fea- times - has any idea of bow to deal the aban- ond thoughts, when she began donment of darts, a admitting the unreality of the affair ture in it: each element - of design, with the stylistic demands of such a reduction in doing her own weird shows, was - but J wonder. Perhaps the bicker- production, .?>v game shows, and an increase in performance, style, piece. that she might be able to create a ing, "‘V middlebrow drama such boozing Noelene and Laurie even orchestration - undermines We have seen great performers in as The Bill, world of her own In a way that only deserve everything that is aiming the real merits of a ballet which, for this ballet, from Plisetskaya (who London's Burning and all those Barry '• Humphries had previously to but - like others before all its inconsistencies, -vf* . them, has lasted for was a miracle of joyous bravura) steam train detective series. managed* to But the first of a new them in this situation - they now more than a hundred happy years However, the formula can go hor- Maximova and Vasiliev (who were series of The Full Wax on BBCl last ribly regret ever having become involved. in tbe Russian repertory. sun bursts), and 1 treasure •<% _ wrong, as we saw last week- memo- Thursday brought third thoughts: No one really end with the screening who appreciated the Mistrust and misinterpretation ries of Galina Samsova and Lucette of embar- perhaps the Joky sadism -which rassing likely outcome would ever agree to have taken a horrid toQ on this Don Aldous, of Secaenyaka, of Terek- flops on successive requires Joanna Lumley to play a such an arrangement in the first Quixote and its interpreters. 1 do hova. as marvellous heroines. They evenings. The Marshall looked a bit mentally J*' unstable lush, thrown place. No doubt that explains why not recall the Royal Ballet looking each brought a sense of ebullient like another Europudding, those over by her husband in favour of a we always see the same sort of more uncertain or more provincial, happiness, of high spirits dramas filmed somewhere in and conti- bimbo with big boobs (Ms Wax meet crass nental egotists in this sort of series. its artists battling with choreogra- higher jumps, of witty playing and Europe with international Miss La Plante) cloaks a genuine As we laugh at their antics in the phy they plainly do not understand wittiest feet in the variations. The casts and umpteen co-producers v h in streak of cruelty. weeks it - r coining might be as well to and have not been taught to appre- Kitris 1 have seen thus far f the hope that the Germans, ^7 Ftench Still, Lumley bad the last laugh: abandon Watson's word "living” ciate. The standards of classical and Viviana Durante, Cynthia Harvey, and British will all like them. not only was she very funny par- and consider it as Just another Aus- (diameter dancing are unworthy. Fiona Chadwick and Leanne Benja- The idea has never worked yet odying her own character from The tralian soap opera, designed largely The choice of the text was wrong- min - have been cramped by stag- and probably never will, but the Avengers, and just as good as Jenni- to appeal to unsophisticated teenag- headed: Baryshnikov’s pruning of ing and design, and looked under- oddest aspect of The Marshall was fer Saunders (whose mannerisms ers. the Kirov version is ungenerous in standably desperate. If tbe role of that although it had the * * * i? characteris- and tone of voice she adopted, wit- scale, hustled in dramatics. Far bet- Basilic can defeat Mukhamedov (on tically false tones of the dubbed pro- tingly or not) in the comedy recipe Channel 4’s culture magazine With- ter to have used the Kirov original the first night he tried to kick-start gramme it appeared to have been sequence, but at the end, spattered out Walls goes from strength to which is joyous, crammed with var- this dismal affair, with no success), recorded In English lip-synch, and with cream and breathless from strength. Earlier this season they ied dances, and stylistically coher- then lesser artists are simply its although it set was in Florence the portraying hysteria, she was still showed an unusual trio of pro- ent It enshrines a way of perform- prisoners. Zoltan Solymosi. Stuart cast all seemed to be British, from achingly beautiful . . . which is grammes about the effects of drug ing this classic-Spanish romp which Cassidy, Jose Manuel Carreno (mak- Alfred Molina as the Italian police hardly the first phrase that springs taking upon the creation of works could be exhilarating and challeng- ing a debut with the Royal Ballet) marshall and Gemma Craven as his to mind in describing Ms Wax. Pre- of art, and last night they concluded ing for our dancers. It is also charm- deserve more than the strait-jacket wife to such small roles as Clemen- cisely the sub-text of the skit, you another trio, this time about tech- ing to look at since the designs of such charmless routines. tina, which was taken by Anna may say. but does Ruby Wax really Peter Richardson (left) and Keith Allen as Bonehead and Foyle, the nology and man's mastery (or other- made by Golovin in 1902 are beauti- The rest of the cast are baffled Cropper. To use such an impressive accept her own appearance in the bumbling detectives, in BBC2's “The Comic Strip Presents” wise) of nature. fully preserved, and beautifully from curtain rise. I record with no -JL- > cast to make such a lead-footed and way that, say, Phyllis Diller seems The twist that has made it such effective. The unrelenting blare of pleasure that six toreadors (in cos- boring programme was a shame. to, or is the joke jealousy actually And the stars were Bonehead and the country again and again, Pilger an engrossing series is that instead Mark Thompson's decoration, tumes that make them look like But at least it was not intent all too real? Foyle, who saw their job as clim- made yet another visit for View- of just talking to the usual white- which extinguishes the dancers, neckless wonders with bulging * * * upon stuffing its political correct- bing chimneys, doing handbrake point 93 on ITV and left no one in coated scientists in rimless glasses and his lugubrious costuming hips) seem unhappy with their one ==2 ness down the viewer's throat, Best comedy of the week, and for a turns, and pointing automatics doubt about his feelings: that sup- they have talked mainly to science (dancers as mortuary attendants), difficult step; that in the vision which is such a characteristic of very long time, was the first in a while bellowing “Freeze!" pressing the name of the Khmer fiction writers. Remembering the blight any gaiety. The character scene (where the dryads have only * * * Lynda La Plante’s work. From Wid- new series of The Comic Strip Pres- Rouge and tolerating their “partici- accuracy of some of the predictions playing has a routine air, except for one step to perform, interminably) ows to Sunday's Seekers Ms La ents on BBC2. Oddly enough this However irritating you may find pation” in elections is like suppress- of writers such as RG. Wells and the inexplicable and scene-stealing the luscious variation for the Dryad Plante has been dishing up the also took the form of a pastiche of John Pilger, from the grinding ing the name of the Nazi party and Arthur C. Clarke, and the technical drunk who haunts the edges of the Queen has been made stiffly polite; same combination of resourceful, action series from the seventies. monotone of the voice to the hector- tolerating their participation in creativity of Asimov, it is no sur- stage throughout the first act; that the playing of Mercedes and reliable women and violent, hateful There was Jason Bentley, a Peter ing didacticism of the manner, you European elections. prise to discover that Brian Aldis. though I wonder what the priest Espada would be more likely in * * • men. No doubt politically correct Wyngarde lookalike in lace cuffs surely have to admit that he is right J.GJBallard, John Brunner and oth- with Red Riding Hood's basket is Bude than Barcelona. broadcasters wriggle with delight and crushed velvet flares, whose about Pol Pbt, Cambodia and the Installing a camera crew in a family ers now have thoughts - about arti- offering to the locals as he patrols Only Nicola Roberts as Amour over her multiracial casts, however modus operandi was to drive the spinelessness of the international house and filming the result may be ficial intelligence, cloning, virtual the plaza - saucy postcards? Indul- has shown tbe pretty, nuanced unlikely the teamings. Rolls to a country house occupied community, and you have to admire a perfectly legitimate form of enter- reality and so on - which illustrate gences? Escape plans? dancing than can make the choreog- This time we were given tubby, by a mad colonel and his daughter his tenacity. tainment but it is surely time that activity at the frontiers of modem In St Petersburg the score is a raphy sparkle as it should. Else- blonde, middle-aged Stella and (mini skirt and too much makeup), Alone among the battalions of television stopped pretending that it science far more vividly than you tuneful mish-mash, but it exactly where, tambourines, handclaps and svelte, black, young Susie. And drink a bottle of claret, smoke SO television journalists. Pilger seems is a way of investigating reality. would expect from plain scientists. suits the zip and crackle of the manic vivacity turn Don Quixote their chief factor in common? A cigarettes and arrest everybody. to mind that a cosmetic job is being Paul Watson, who produced the 12- Furthermore Without Walls dances, with their occasional yearn- into a totentam. Audiences bave husband; the same one, simulta- Jim Broadbent played Shouting done on the genocidal Khmer Rouge part BBCl series Sylvania Waters deserves credit for building some ing or classically serious moments. been grossly misled by a staging neously. The absolute b-b-bigamlst George of "The Weeney”, a 10-Guv- to enable the UN to claim that it which began on Thursday, is hav- sot of bridge - however narrow, Covent Garden’s gim-crack version which ranks among the worst But what can you expect from a a-day copper who always drifted his has organised democratic elections ing a second go at copying the however populist, however tempo- betrays its hand as soon as we bear things the Royal Ballet has shown • - . ;; . , - the cultures. the honky-tonk piano playing for us in half a century. man . . . when he emerges from the car into the police yard sideways. in Cambodia. Having gone back to famous 1972 American series which rary between two

' ' \ : Exhibitions / Jennifer Grego The glories of Rome shine anew

Two current exhibitions in Rome known as the "Madonna of the ser- sadly, the gem of the collection, Borromini’s church of St Carlo, prove once again how much that pent"). The painting was removed “Sacred and Profane Love”, nor his there is a breathtaking view down city owes to the worldly talents of from the Palafrenieri chapel in St “Venus blindfolding Cupid", both each of the four roads. the Catholic church. Both “The Peter’s and sold to Scipione. being restored. Another famous The grandeur of Sixtus's design Borghese Gallery” at St Michele a Even though only about half tbe omission is Raphael’s “Deposition”, does not come out dearly in tbe I * v Ripa and "Sixtus V" centre on the 566 paintings in the collection are considered too delicate to move. exhibition, as no contemporary Papacy; both relate to the late here, fitting them into the small "The Rome of Sixtus V” at Pal- plans exist to show what Sixtus and Renaissance and early Baroque. deconsecrated church posed many azzo Venezia celebrates (a little his architects thought they were The first marks the re-appearance problems. The organisers found a late) the fourth centenary of the doing. Contrary to some of the con- of 300 paintings from the magnifi- clever solution - but somewhat Pope's death. The exhibition gives temporary interpretations, Sixtus's cent Borghese collection which shocking for those who remember some idea of what an absolute mon- plans were dictated only partly by have been in storage for nine years their original luxurious setting. arch with vision and a well-lined ecclesiastical considerations. while the villa has been restored. The paintings are crowded purse can make of an insalubrious It made sense that the seven main Given the pace of Italian restoration together, almost touching, in lines mediaeval town. But the organisers’ basilicas providing indulgences these could be in San Michele for four deep, in the casually cluttered determination to show us every (which the faithful flocking to Rome years. The second looks at the manner used by collectors in the aspect of Sixtus’s frenetic activity, were required to visit on a single two - radical changes made to the city late 1600s. However, one important from coins and commemorative day's pilgrimage) should be linked during the short reign of a remark- detail has been forgotten. The pic- medallions to sections on books and to many churchmen the point of Detail portrait of Sixtus FQippo Bellini able Pope, Sixtus V. tures at the top (rarely the master- music, detracts a little from the Sixtus's development seemed just from a V by went Cardinal Scipione Borghese was pieces) are difficult to see. Early excitement of his central achieve- that. But Sixtus's plan far practical religious exi- a cruel and impatient man. These 1925 to make way for the railway The last section is devoted to con- the favourite nephew of Pope Paul collectors got round this by tilting ment beyond the idea of the gencies of the moment. He was con- latter qualities come out in the fine station). Sixtus designed this temporary painting, mostly culled V (1605-16211. A passionate collec- the top row downwards towards the One gets a better gran- not been of his plans by standing at the cerned with laying the basis for the portrait, attributed to Filippo Bel- charming country villa, again with from Roman churches. There is a tor, he brought the nucleus of his visitors below, but this has deur Fontane crossroads the city’s future social and commercial lini. with which the exhibition Fontana, to soothe his spirits when splendid Eros and Psyche from tbe grand collection with him when the done here. Quattro on of Here, development, with a cross-system of opens. His relationship with his enduring semi-exile under the reign Borghese collection, a "Visitation" family moved to Rome from Siena. All six of Sdpione’s Caravaggio's hill in the centre Rome. the Via Felice, wide thoroughfares “indifferent to architect. Domenico Fontana, how- of Gregorius Iff, who disliked him by Federico Barocci from St Maria There, he built one of the world’s are on show, as is Domenichino’s Sixtus’s brainchild, di crosses road designed his expense, and ruthless in the face of ever. was highly successful: they profoundly. in Valicella, and two fine works by finest patrician art collections. Sci- splendid, newly-restored "Cacria tbe by Pius (now known as obstacles”, as Domenico Fontana shared a passion for detail and an Another fine model is Vanvitelli’s Paul Brill from tbe Louvre and the pione showed particular acumen in Diana". There are several works by predecessor V Dosso Dossj, includ- the Via XX Settembre) 20 years ear- pointed out admiringly, opening out interest in solving engineering handsome wooden section of the Ca D'Oro In Venice. his enthusiasm for Caravaggio: a the Ferrarese front of the build- problems. cupola of St Peter’s. Without Six- fellow ing his mysterious “Apollo and lier. piazzas, both in passion not shared by his Borghese Gallery Michele Circe”; Domenico Fontana's four foun- ing be had bad constructed, the A handsome wooden model and tus's energy and determination, The at St cardinals at St Peter's, who commis- Daphne” and the “Maga Venus with tains were carved into each corner Laleran and Qulrinal Palaces, and numerous engravings in tbe central Michelangelo’s project might never a Ripa, Via di St. Michele a Ripa. sioned and then, shocked at the Cranach's magnificent disguise tbe at the intersections of his roads. part of the exhibition give some have been completed. Giacomo della Closed Monday. Ends December 31. nakedness of the boy Christ, Cupid and his honeycomb; Carpac- of the crossroads to Imaginative idea of the charms of the Villa Mon- Porta and Domenico Fontana did it The Rome of Sixtus V, Palazzo the cio's enigmatic “Courtesan"; and imperfect right-angles of the small In spite or his and refused his masterpiece, months, using 800 builders. Venezia. Ends April 30. the Cardinal's Titians. Not, square. Standing with one’s back to organisational abilities, Sixtus was talto at Termini (pulled down in in 22 "Madonna of the Palafrenieri” (also two of

Tomorrow: first night Tomorrow: Edward Albee's play Shelesnova Fri, Sun, next Mon and (b1928). intendant, Udo Zimmermann. The Ballet School. stage premiere of Stockhausen’s of new ballet mixed bill, with works Cable Who’s Afraid of Virginia Woolf. Fri: Wed: Shakespeare’s A Midsummer Stora Teatem Sun, next Wed: European and Shakespeare's Night’s Dream. Tues: Brecht’s Mr Robin Stapleton conducts Francesca Dienstag aus Ucht follows on May by Balanchine, Ulf Gadd and Satellite Business TV 1 1 Interna tionalu new production of Puntila. repertory In Kleinea Zambetlo’s new production of 28. and the world premiere of Jflrg Ulysses Dove (repeated on Mon (All times are Central Euro- As You Like It, directed by Torsten The Wixell. Herchet’s new opera on June 25. and Wed-Sat next week). Fri and Fischer. The Kammersptele Haus includes David Falstaff, with Ingvar Eight pean Time) till The Opera House, closed for most Sat Cav and Pag (246240) TO THURSDAY repertoire includes plays by Genet Mouchtar-SamoraJ’s new production further performances June 5 MONDAY of this season for repairs, resumes Konserthuaet Tonight and Super Channel: European and Lorca (221 8400) of Gorki's Summer Guests (131300) rs Business Today 0730; 2230 AK (211-162200/211-369911) repertory performances next week tomorrow. Frans Bruggen conducts with La boheme, Cosi fan tutte and Stockholm Philharmonic Orchestra Monday Super Channel: West of Moscow 1230. COPENHAGEN HAMBURG others (7168 273). The only events in works by Schubert, Kraus and Super Channel: Financial Larsen FRANKFURT The main event this week at the at the Gewancfliaus over the next Beethoven. Next week: Gldon JlDE Tivoli Tonight: Peter Ettrup Times Reports 0630 Gi Fri violin Tonight Sade. Tomorrow: Staatsoper is the first night on Sun week are a performance on of Kramer plays concertos by conducts Tivofi Symphony Orchestra Aite Oper Wednesday Super Chan- recital for two pianos by Anthony of Johannes Sehaafs new Beethoven's Ninth Symphony by Shostakovich and Sibelius (244130; In works by Lutostewski. Ibert and nel: Financial Times Mon: Oliver production of Die Entfuhrung aus MDR Symphony Orchestra and BerwaldhaHen Tonight Emmanuel Prokofiev. Tomorrow: Michael and Joseph Paratore. Reports 2130 Serial, Chorus conducted by Daniel KHvine conducts Swedish Radb Schoenwandt conducts Berlin Widmer, accompanied by Roger dem conducted by Claus Thursday Sky News: Schumann, Peter Fkx and designed by Nazareth, and a chamber music Symphony Orchestra in works by Symphony Orchestra In works by Vignotes, sings Lieder by Financial Times Reports Schoeck, Pfltzner and Wolf. Tues: Wolfgang Gussmann. The cast is evening with Gewandhaus Quartet Brahms, Sibelius and Rakhmanlnov Strauss, Franck and Schoenberg, 2030; 0130 BONN Leppard conducts headed by Catherine Nagtested and Wind Quintet on Sun (7132 (784 1800) with piano soloist Cecils Ousset Raymond Friday Super Channel: Constanze, Kurt Streit 280) Dolberg and Tivoli Indianapolis Symphony Orchestra as as European Business Today Tomorrow: Dennis Fri: Kirsten Beethovenhaffe Brahms' Alto in works by Schubert Bruch and Belmonte and Schaaf himself as 0730; 2230 Orchestra Concert Chorus sing Russell Davies conducts with violinist Dmitri Bassa Selim. Further performances STRASBOURG Times Rhapsody. The concert and recital Schumann, Sky News: Financial Beethovenhalle in works by Wed: Wynton May 5, 8, 12, 15. 18, 26. 28. LYON Reports 0530 of the programme continues most evenings Sitkovetsky. Next Mahler, with wonn 14: Tonight's performance Is John Gary Bertini conducts Orchestra Theatre Municipal Tomorrow, Sun Saturday Super Channel: Hindemith and mid-September (3315 1012) Marsalis Septet. May 11, 12, (773666) till Cinderella Story, National de Lyon tomorrow and afternoon, next Tues: Rudolf Financial Times Reports soloist Oscar Shumsky Tonight and Toes: Metropolitan Opera guest Neumeier’s ballet A staged Royal Theatre Oper Fri: Puccini’s Trithco. performances (1340 400) music by Prokofiev. Andreas Fri in Auditorium Maurice Ravel. Krecmer conducts Bernard Sobers 0930 La traviata. Tomorrow: Tosca. Fri: directors. Sun: Tonight and Fri: II Schmidt gives a song recital on The programme consists of works new Opera du Rhin production of Sky News: West Of by three women Balanchine gala. Sat. next Mon and Opemhaus Der FretschOte. Tomorrow: Fri (351721). Carotyn Carlson's new by Schoenberg, Stravinsky and The Adventures of Mr Broucek (8875 Moscow 1130; 2230 OteHo. Next Wed: John Cranko’s ballet Onegin. matrimonto segreto. production Wed: work Commedia can be seen Richard Strauss, with vfoBn soloist 4823) Sunday Super Channel: May 9: first right of new 22 (3314 RigoJetto (236061) dance The season ends on May West of Moscow 1830 of Cav and Pag (773667) Kammersplel Tonight German tonight at Deutsches Schauspieihaus Jean-Jacques Kantorow (7860 3713) 1 002) Super Channel: Financial premiere of Tom Stoppard's (246713). Tomorrow at Musikhalle: stage Times Reports 1900 1973 radio play Artist Descending Glenn Miller Orchestra and STUTTGART Sky News: West of Pasadena Roof Orchestra (354414) MUNICH Staatstheater Tonight Markus COLOGNE dusseldorf a Staircase (2123 7444) Moscow 0230; 0530 Bach and jahriiunderthaBe Hoechst Next Tomorrow and Fri at Gastelg: Kurt Stenz conducts Ruth Berghaus’ Phflharmonie Tonight Deutsche Oper am Rhein Tonight: Sky News: Financial Times Telemann concert with Capel'a. Schnaut Mon: Raymond Leppard conducts Sanderling conducts Bavarian Radio production of Weill's Mahagonny. Die WalkOre with Gabriele Reports 1330; 2030 Ivan Fischer Indianapolis Symphony Orchestra LEIPZIG Symphony Orchestra in works by Tomorrow: AJan Hacker conducts Hannover. Tomorrow: and Bodo Brinkmann. Tomorrow: Radio Symphony in works by Schubert and A two-month opera and ballet Beethoven and Sibelius, with violin Cosi fan tutte. Fri and Sun: Ariadne Arts Guide conducts Cologne two Heinz Spoerii ballets. Sun: and Beethoven, with piano soloist Maria festival opens on Sat at the Leipzig soloist Frank Peter Zimmermann auf Naxos. Next Tues: La Monday: Berlin, New York Orchestra in works by Brahms Tues: Spoerli's ballet Siegfried. Tomorrow in Berghaus and Paris. soloist Viktona Wed. Joao Fires (3601 240) Opera House, celebrating 300 years (4809 8614). Cenerentola. May 8: new Bartok, with violin Variations. Next Tuesday: Austria, Belgium, plays Goldberg of opera. The opening night has Herkulessaal: Aide Ciccolini piano production of La traviata. Kletnes Muitova. Sat Andras Schiff GbtterdammerOng (211-8908 Netherlands. Switzerland. Istvan Szabo's Boris Godunov, recital (299901). Sun and Tues in Haus has a new production of Schubert. Mon: James Corion Theatre has Pet H&lmens Chicago, Washington. Duisburg GOTHENBURG conducted by Janos Kulka (repeated Cuvflll6s-Theater Sinnhoffer Glaube Uebe Hoffnung by Odon conducts and Mahler (2801) Turandot on Sun. Mozart production of Beethoven von Horvath, Wednesday: France, Ger- Silly new Konserthuset Tonight and May 4, 7, 12, 16). Two new Uwe Quartet plays Reger and plus Ibsen's Nora and Opemhaus Tonight and Fri: Sabine Hass in title many, Scandanavia. Wed- with tomorrow: Okko Kamu conducts Schotz ballets follow on Sun (221316) Shakespeare’s Romeo and Juliet Sudd. Tomorrow. Sun, next Thursday: Italy, Spain, Spoerii’s new (repeated May 6, 13). The new next A new production of Ariel Oorfman's with 100) Gothenburg Symphony Orchestra Athens, London, Prague. revival of Katya Kabanova opens on May 9 (203-3009 Death and the Maiden opens Odon in Sibelius' Lemminkainen Legends opera production is Rameau's Friday: Exhibitions Guide. Nadine Secunde and Leonie sSauspfelhaus Tonight STOCKHOLM Theater and the work) premiere of a new Hippotyte at Aride, first night May tomorrow at im Depot Rysansk (221 8400) Horvath's play , von conducted by the Leipzig Opera’s Royal Opera Tonight Swedish (221795) Jochen Gorki s vassa piano concerto by Bengt Hambraeus 8, SchauspieDidUS Tonight Aussicht Tomorrow: Ulrich's now Carmen ballet 1

WEDNESPAVAfflL^- TflVTFS \N' US Treasuryasurv secretary,secretaiy, S"S* thought I knew Washing- Altman, deputy Roger A UMy. Edward Mortimer ton well" fumes Mr Roger policy to Michael P feTvalue-add«i tax Altman, deputy US Trea- outlines his views on “but I urgut Ozal deserved est to give free rein to an I sury secretary, more than aggressive and expansionist didn't expect the Republicans a polite nod SSStbtaxes reach this new height of emphasis of Grom western leaders. Friend ruler in a neighbouring coun- to “Shifting the hypocrisy." to There Is something try. Still, it is not always easy with fStaSSat cap- T goal the Senate Understudy He is referring to important about Turkey that deflects the to act on a rational calculation tion is15 an pub- filibuster tbat killed President werecommended gaze of the western onlooker. of national interest when That's why you; and Bill Clinton's economic stimu- afer all. Everyone knows it is impor- when lic opinion is against £££« which, plan last week. How, he tant, but one seems to like public opinion can be swayed lus tax. no is a consumption by sentiment. wonders, can a party that pre- thinking about it role Picking his wont, Mf grati- sided over a tripling of the principal ever I suspect the problem is that A convincing show of a “Whetter mil adds: president national debt have the effron- Snown to it is not quite big enough to in need tude to the dead VAT is not raise a tery to block a $16bn jobs pack- itself, would not have cost the west have no have a department all to I truly age on grounds of fiscal pru- But while admirably quali- meTme. whether in a foreign ministry much. Why was it not forth- is he giving Mr rd I The west holds dence. fied for the job, or a university, and yet it does coming? cover to an sound advice? What ^Extending health they just thought Yet, with hindsight, should Clinton guaran- not fit neatly into any group or “I suppose 35m people and Turkey at one Mr Clinton have invested so does the administration hope extra category. That, of course, is of him as a wog,” says ] so to gain by talking the dollar teeing evejybodya disillusioned English Turco- much political capital in could precisely what makes it such a - of basic benefits arm’s length crudest, minor a part of his pro- down against the yen a pol- package fascinating country, when you phile. Perhaps, at its expensive. What think of the gramme? (Most observers say icy that is deeply resented in be hugely do look at it. But western* that is right. We Congress most relies on especially is there of but ergo non- the stimulus would not have Tokyo when the chance ers are just too busy to be fas- Turks as Moslems, $90bn or president himself seems to be to an extra $o their insistence had an appreciable economic agreeing cinated. At least one caller to its support Europeans. taxes to pay impact.) one of prime culprits? so a year in extra this office last week assumed, that they are European only entertain Mr Altman denies point the new benefits? us. With their suits Mr Altman will not for on being told I was in Turkey, France by its foreign trade irritates that this is the policy- “I foUkes the tone of the and ties and their Roman the idea. “It was an important blank He d that I must be on holiday. minister don't believe yon can talk a primary goal oftfae the Turks lack even the insurance policy," he says, and question. A I wish I on holiday. John Major and Douglas script, had been in any direction for is to reduce of the desert. warns that gross domestic currency healthcare reform Alternatively, 1 wish I could Hurd, of course, were required exotic charm very long that markets don’t growth of spencSng, - Maas- The Islamic lobby in Turkey product figures for the first the rate of truthfully say I had gone there in the division lobby explains loves quarter (due out tomorrow) want it to go.” The yen's rise, not increase it, he to attend President Ozal's tricht oblige. Bush was busy feeds on this attitude. It remark, allegedly will “underline the economy’s “is a product of market forces”, patiently. But he is vague both funeral. In fact I went to help with his presidential library. to quote a fragility”. a natural response to the Japa- how costs will be write the Financial Times's Clinton was struggling to get made by Jacques Delors, the about European Mr Altman has the brisk, nese fiscal stimulus which has reduced and over what time annual survey of Turkey, and his economic package through president of the Commission, on the day before confident manner of a success- improved the outlook for horizon. it was pure chance that Ozal the Senate. Thatcher and Ozal addressed the European ful middle-aged investment growth. There has to be more market died the day before I arrived. Vice-President A1 Gore were banker. He approaches the With the example of Japan health system eastern Europe. Parliament, to the effect that discipline in the The result was, however, that I somewhere in where savings consists of "countries interview with deliberation, in mind, gross - “that's why we’re enthusias- was able to listen to a lot of No doubt Francois Mitterrand Europe insisting that questions are amount to 35 per cent of GDP, competi- Turks talking about the leader and Warren Christopher had of Judeo-Cbristian identity”. tic about managed that precisely posed and frequently isn’t the real challenge for the won't be they had lost equally good excuses. But To Turkish minds tion," he says. But he such pausing mid-sentence to collect US to raise the national To say they were unani- couldn't we have managed at explains a lot of things, drawn on whether direct con- leaves Bosnian his thoughts. savings rate? Given the scale mously grief-stricken would be least a member of the royal as why Europe trols, such as a cap on health He is on the defensive partly of the challenge is the deficit- an exaggeration, though cer- family? Moslems to their fate; why insurance premiums, are Germany of because congressional opposi- cutting plan adequate? tainly many were more chari- Anyway, for the funeral, of a children bora in likely. Tm not going to debate tion to the Clinton plan is Cutting the deficit in half as have Turkish parents are not enti- that with you.” table than they would part of Clinton’s ‘inner circle’ of economic advisers citizenship; and mounting almost dally. Repub- a percentage of GDP over four Altman: been before his death. The fact tled to German How soon will any cost con- fight big years is a big step forward in why Turkey's application for I Li cans are certain to Will is that, while alive, Ozal was A convincing show would seriously trols take effect? we see increases in income taxes on terms of reducing public dis- “I just don't agree with to levels that bis coun- membership in the EC is “I don’t disliked by many of gratitude at that.” Altman says the interfere with economic incen- results, say, by 1S95? of pigeon-holei while “Christian" high earners while Democratic savings, Mr Altman says defen- Mr trymen and especially by the be very per- know about 1995 . genuinely from the leaders are opposing new tax sively. president deserves credit for tives. "Let me media. Like Lady Thatcher, Turgut Ozal’s countries, not only who don’t know.” credits for business - seen on But is it? The structural defi- bringing about a “sea-change” sonal. Nobody I know European Free Trade Associa- i whom he admired (though he kind is On economic and social pol- funeral would Hill as a flagrant viola- cit (the deficit allowing for in attitudes on the deficit This earns that of money tion but from the former War- : Capitol did not follow her monetarist because of icy, Mr Altman seems to enjoy to tion of the 1986 Tax Reform cyclical changes in economic is a moot point: many attribute going to work less policies), he was attacked both not have cost saw Pact, are encouraged «*iwngp to Texas billionaire those tax increases.” working as part of an extended jump the queue. Act which eliminated many activity) is scheduled to fall the for widening the gap between west economic team. But is there a the much think loopholes. about $45bn next fiscal year to Ross Perot's populist calls for But won't they rearrange rich and poor and for making Some people that Ozal balanced budgets and argue their tax affairs to reduce their risk of having too many eco- himself a devout though liberal The proposed energy tax is $205ba the country subservient to the cooks? Won’t the new also in trouble; Mr Leon But no further reduction is that the Clinton team mis- tax liability? He seems unper- nomic US. He stuck his neck out espe- close friend and valued ally Moslem, deliberately courted planned; the structural deficit turbed by suggestions from National Economic Council Gulf war, of the excuses is good this reaction when he slammed Panetta. the budget director, cially during the none the White House by has publicly voiced fears that rises steadily to about $242bn Professor Martin Felds te in of run from rather as she did in allowing enough. When a friend dies in Turkey's EC application in is on the Congress may pass a blanket in fiscal 199S. Wasn't the He Harvard and others that high Mr Robert Rubin ultimately US aircraft from British bases you drop everything and rush 1987, and that the present for agriculture. administration really just bold- earners will find ways of dodg- undermine the Treasury? (By to bomb Tripoli in 1986. Indeed, to console his family, if these Demirel government is more exemption defensive because Clin- ing the underlying deficit sta- ing the new taxes. “I guess international standards, the Turkish feeling against the use people really valued Turkish sincerely, as well as more sub- A contemporary of Mr opposition to the we're going to disagree.” Treasury is already weak, con- of Turkish bases to bomb Iraq friendship, as they claim to, tly. European in going for a ton's at Georgetown Univer- ble? trolling neither monetary pol- . But does he not accept the was stronger and more wide- they would have been there. customs union first, leaving sity, Mr Altman gained an “Well . . that's a very impor- Clinton plan is - way of looking it . . . but principle of the 1986 act that icy nor the budget) spread than the corresponding "Turkey helped the west in both Turkey and the Commu- MBA at Chicago before making tant at daily mounting lower rates and broader base He brushes off the question. feeling in Britain at the time of the Gulf war." said my friend nity more time to evolve before a career in financial services. it's not the primary way we did a sense? “Yes, 1 do.” But “It's co-ordinating mecha- the Libyan attack. Sait Dilek sadly. "Perhaps the issue of full membership is He served as a senior Treasury look at it" The target you set. make a At the time western leaders another time it will not taken up again. official in the Carter presi- Mr Altman explains, is “a com- judged the country’s mood. At the inequalities of the 1980s nism It’s so successful has heaped praise on Ozal. George bother." Of course that is a Maybe. There are certainly dency then flipped back to bination of what is required by a time when people were will- have to be reversed. “If it's a because of Bob Rubin who Bush and Margaret Thatcher highly sentimental response. many problems to be solved Wall Street for the 1980s bull the economic environment and ing to face sacrifices, it asked choice between simplification a remarkably winning style. both claimed him as a personal Sait, a young Kurd who before foil membership could market, making a pile of what it is possible for the sys- for too little. and progressivity, ! choose pro- Everybody likes working with him," friend. I fully expected to see worked for Ozal's government be realistically considered, not money at the Blackstone tem to absorb". He claims that What is to be gained by pro- gressivity." them at his funeral and so did and was deeply devoted to him, the least being the Cyprus Group, an investment planned healthcare reforms posing increases in marginal But what about small busi- Mr Altman, it must be said, many Turks. But they failed to was feeling sentimental that issue and the consequent bank. will slow the growth of spend- tax rams on high earners of ness? The income tax increases is just as smooth an operator. show, as did their successors. day. Many Turks were. Ozal, Greek veto. But at least Greece Now be is back in Washing- ing and that the economy may more than a third (from 31 per will hit proprietors of small If Mr Lloyd Bentsen, his boss, The US was represented by however, did not decide his does not make the mistake of ton, relishing ins role as one of do better than assumed in the cent to 40 per cent or more for businesses who file under the were ever to decide that retire- Jim Baker, the former secre- Gulf policy on sentimental underrating Turkey’s impor- the president's ‘Inner circle” of plan. those earning in excess of personal code. Why depress the ment in Texas looked more tary of state, and by his succes- grounds, and it is unlikely that tance - Constantine Mitso- economic advisers, intimately But given the electoral cycle, S250.Q00 a year)? Won’t this sector that created the mast attractive than endless wran- sor's deputy. Cliff Wharton; the another Turkish leader would takis, the Greek prime minis- involved in crafting policy on haven't you just missed your depress savings? jobs in the 1980s? gles with Congress, his under- UK by Baroness Chalker, min- do so in a future crisis. It was ter, did show up in Ankara everything from healthcare big chance to get the deficit Mr Altman's response is that It seems that fairness is study is more than ready to ister of overseas development; not in Turkey’s national inter- last week. reform to exchange rates. down? tax rates are not being raised more important Zf they earn take centre-stage. LETTERS TO THE EDITOR

Number One Southwark Bridge, London SE1 9HL Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution ’ ' T’V* 1992. New heights Too early to see effect of Cadbury proposals From Mr Patrick MUeham. tance in ensuring the probity guity of the position of non-ex- believe that research must pen- Sir, A propos your article on of public companies, and noth- ecutive directors and to answer etrate the smaller and medium in difficult conditions. the research published in the ing more. such questions as: can they act enterprises (SME) as well, Corporate Register which cov- True, there has been debate, equally as effective gamekeep- where the need for non-execu- ers the “latest innovations of mainly concerning the large ers (probity) and poachers tive directors to assist in trans- corporate governance", (“Gov- and listed companies, about (profitability)? Can they be forming their companies is ernance changes “not produc- the usefulness of proactive truly independent? How “uni- even more urgent than in big tive’ ", April 32), we at the non-executive directors with tary” is the board? What selec- companies. Institute of Leadership believe regard to their contribution to tion, training and induction The SMEs have been in a At Northern Rock’s Annual General it is far too early to see results, strategic direction and the processes can be designed to much worse state during the commercial or otherwise, that high performance of the com- help non-executives to balance recession than the large com- Meeting on 27rh April 1993, a record could be the result of the pany on whose board they sit. these divergent duties? panies, and it is almost a tru- recommendations of the Cad- to now, however, it year was reported despite very rough Up has We would defer judgment on ism to say that many SMEs fin n ia bury committee. been unfocused and barely any a c l or other indica- have foiled precisely for lack of market conditions. Cadbury’s report referred to touched the smaller and tors to measure the effective- direction from the board. “the financial aspects of corpo- unlisted companies. ness of non-executive directors Patrick MUeham, rate governance", not competi- We have just launched to some time in High points of the year outlined by a UK- the future. Institute of Leadership tiveness and profitability. The wide research programme in Both the Cadbury commit- Department of Chairman, Mr Robert Dickinson, recommended enhancement of conjunction with the Univer- tee’s report and the Corporate Educational Studies, the role of non-executive direc- sity of Paisley. Its purpose is to Register's article only deal University of Surrey, included: tors was to do with their assis- ; investigate the growing with listed ambi- companies. We , Guildford. Surrey GU2 5XB

Assers up 36% ro £6 billion. Heseltine’s plans for industry fall short Throwing Pre-tax profits up by 37% to £74.7 million. From Mr Simon Haskel and resulted from long and detailed investment. Britain needs a new light on Sir Sigmund Sternberg. discussions between members modern and well-run infra- Sir, The general thrust of of the Labour party and indus- structure to enable industry to Net profits up by 22% to £44.7 million' an old word Michael Heseltine’s plans to try. Some of these discussions operate effectively and help British industry as were carried out by the cheaply. Labour Third, finance. The From Professor C WcmkeL Mortgage balances up by 34% ro reported by you on April 26 finance and industry group. City must allow industry ISIO to Sir, J read with interest the (“Heseltine’s plan *to help Unfortunately Mr Heseltine invest in Mr Heseltine's £5 billion. plans, letter from Michael Connors Britain win'") Is to be wel- ignores three important ele- perhaps at the cost of lower (April 21) on John Diebold’s comed. Many of his proposals ments called for by industry dividends and greater risk. recent talk of "the need Ner retail investments up by 45% regarding innovation, exports, and essential for success. To be Simon Haskel for a new word: ‘infostructure' ”. one-stop shops and competi- charitable, this may be because chairman. to £914 million. Connors points out to us the tiveness could have been he has little influence over his Sir Sigmund Sternberg, astounding coincidence drawn point by point from more hide-bound colleagues. deputy chairman. that he independently crafted Unit costs down: Labour's own plans for part- First, education. Industry Labour finance & this word back in 1992 nership between government needs a well-trained and edu- industry group. and cites his 26% reduction in use it “throughout" management and industry. cated workforce to innovate, to Star House, his 1993 book as evidence. As such, they are soundly export, to be competitive and 104 Grafton Road, Well this expenses ratio to 1.04%. “""ring feet can be based because these plans to manage. Second, capital London NW5 4BD amplified since by even more amazing- 21% reduction in costs ro total coincidence this word has been “independently" income crafted by ratio (now at 38%). Asian Development Bank’s success rate scores of others. One such amazing coinci- dence From Mr George V. Liu. of a total of 400 projects evalu- projects and is Karen Levitan’s 1987 has developed a book Sir, The article by Victor ated so for have been rat ed as widely applauded Government Infostruc- and effective tures Mallet about the success rate generally successful, with 30 feed-back (Greenwood Press). system. Guided by Oth- of Asian Development Bank per cent partly successful and these ers include P. Zurkowski's clear objectives, | 1984 the integrating America’s aid projects (“Many ADB pro- 10 per cent unsuccessful In banto recently put Infos- into place tructure jects ’lailed' ", April 20) each case, the bank seems to additional in the Journal institutional pro- of reported that only cent learn, where possible, Amencan Society 40 per haw to cesses to make its for Informa- assistance Scl of the bank's 28 projects evalu- improve the design, implemen- and operations n( Porest and even more effi- woodyw,L o ? ated in 1992 were considered tation and performance of its cient Horton's 1982 Under- successful US generally development projects, to The bank believes £“£“* Information that ttjhcy: Those projects evaluated rep- enable it to better account for increased the Infostructure responsiveness to Hand- resented only a sample of com- the effectiveness of the NORTHERN ROCK assis- the needs of its developing pleted projects and included tance it provides its Connors also to develop- nwmbers. improved relevance might phone several Principal Office: complex projects. In ing members. of its sector operations and their addition most had been Importantly, partly success- enhanced offices Northern Rock House, Gosforth, quality of services - m Rockville or approved and completed In the ful projects are not to regarded by incorporating ^tomac, Maryland, Newcastle upon Tyne NE3 4PL. the lessons of or in Hal- 1980s during a period of as “foiled” projects, nor the ongoing Jandale. Florida, Telephone: 091 285 7191. is and completed to talk about unusual turbulence character- definition controversial. The Operations 0f course San???"- ’ ifc ised by the second oil shock, bank’s mficantly toight be ’ criteria for deciding raise Cheaper After deduction forctrraonlinarv item. the quality of to phone falling non-oil primary com- into which category a project projects assisted t by the bank LW- lnBiming- modity prices, and high inter- foils are comprehensive and George V. Liu, S est rates. Charles& clear-cut chief information WankeL officer. vxociaie Overall the bank's record is More importantly, the bank Asian Development professor OTUlBank.’ much better and shows the pic- places great emphasis on learn- Manila,

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FTNANCTAL TIMES WEDNESDAY APRIL 28 IQQq IS

"The groat shoots of economic spring the UK's “twin deficits", but mainly ore . appearing once again with the external deficit FINANCIAL - Norman Lamont, October 1991 TIMES 9 Judged by* the flow of revenue and expenditure, the UK’s fiscal Number One Southwark “All that Britain is waiting /hr to Bridge, London SEI 9HL Dynamism position is the worst it has ever achieve recovery is the confidence Tel: 071-873 3000 Telex; 922186 Fax: 071-407 a been in peacetime. The primary fis- 5700 Conservative victory mu bring. So cal deficit - the general government vote Conservative Thursday Wednesday April 28 on and borrowing requirement, less inter- 1993 the recovery will continue on Fri- est payments - is 6 per cent of GDP, day. " 2 percentage points higher than in - John Major, April 7 1992 thrust upon it 1974-75 and 1975-76. The present fis- cal position simply cannot be sus- “We are beginning to see recovery. J tained for many years. think it is self-evident from what Economic growth and firm con- for businesses are “ Now the saying. - if trol over public spending are the - The chances of a continued John Major, April 22 1993. best ways to cure toe fiscal disease. Under the Treasury forecasts, toe reen shoots sometimes faltering - UK economic are PSBR falls to 3"i per cent by 1997-98. hard part sprouting. The frost erf while the ratio of net public-sector the UK’s long eco- recovery are high, writes Martin Wolf debt to GDP almost doubles nomic winter is thaw- between 1991-92 and 1997-98. This WESTERN GOVERNMENTS have government Itself. While ministers ing. Naturally, the must be about as bad performance reacted with palpable, and under- are a n unanimous about the need to prime minister and the chancellor - r G Mr Michael Portillo, chief secre- as toe government can hope to get , standable, ^ t relief to the vote of con- control inflation, they l! have of the exchequer Mtation money _poScy eases —and recovery begins :* are delighted. tary to the Treasury, stressed last & away with. n* fidence which Russian voters reg- all too ready to sanction the • grant- They even behave as if they were weekend that Britain is heading for p-owth coBapse Economic growth will itself help •'ft; s' istered in their president ing 1993- on of new credits to bankrupt entitled to credit wc-ibb oi. W80->a> take for this good a recovery that would be modest 20% AwHtdenfla 1 QK gg tog cure the hole in the fiscal accounts. Sunday. Having invested so much state enterprises. 1994- Ostensibly news. Either they have remarkably compared with that of the 1980s, But any recovery led by domestic : political capita] in 14 supporting united in their commitment to the <7V* short memories or, more likely, though he also hoped it would be demand would considerably *«** Boris Yeltsin and his economic market, the president and govern- they hope the electorate has. Was it better sustained. His view is in line increase a current account deficit policies over the preceding month, ment have foiled to articulate a not Mr Lamont who argued as with the latest Treasury forecasts, that was already 2 per cent of GDP ..' efe they could not fail to be gratified plausible strategy for getting * %ifc there recently as August 1992 that devalu- which are far more cautious than at the of recession. ' J£ bottom a deep If ;o that those long-suffering citizens or to give the *, populace a coherent ation was fool’s gold and would lead those of a year ago. These are for the external balance were to deteri- who voted saw fit to approve of explanation V'*a of the choices they to higher interest rates, not lower growth in non-North Sea GDP of lVi orate. there would come a point, both by a convincing margin. Ifti But face. ones? per cent between 1992-93 and many critics fear, when financial --T4 * it is far too early for 7‘ 1 anyone to If anything, the result of . Sun- Fortunately for the economy, the 94, followed by 2% per cent In markets would panic, sterling breathe easily about the future of day's referendum has thrown chancellor has so for been wrong, 95, 2% per cent in 1995-96 and 3 would tumble, inflation would soar, Russian reform. On the contrary, those choices Into even starker not an unprecedented event. But per cent In 1996-97. According to the the government would be forced to the most painful and urgently- relief. It showed that President there is one important person, Mr Treasury, the GDP of 1989-90 would raise interest rates and - hey. J' H'iaL needed decisions are yet to come. Yeltsin remains the best hope for Jacques Deltas, who hopes he was not be regained until 1994-95. presto - the economy would be It is Car clear from how or when Russian reform, and that if he right last August The president of Some forecasters are still more back in the stop phase of a severe President Yeltsin will take th em , chooses to push ahead with poli- the European Commission is wor- nervous. The February report from stop-go cycle, for the fourth time third since and whether his government Is cies which will —in the upswing 1973 '. fVfe make economic ried about what would happen to the Treasury's panel of independent since the early 1970s. GDP, output measure. Q1 1970«100. Shaded areas show recessions either inclined or equipped to and political change irreversible, the European Community’s move to forecasters included a lowest fore- make them stick. without ~~‘iIlKaXjy But he should be able to cany the economic and monetary union if the cast of 0.2 per cent for growth hether or not there decisive action now to curb infla- majority with *i fij£ I / him. British wagon were to reach stable between 1992 and this year, fol- is a “balance of

' tion and stabilise the campai n ~ -tii economy, As important, the non-inflationary growth after lowest forecast of ae g lowed by a 1.4 per payments con- backed with western aid as the .-’'^;‘ prom- exposed intellectual bank- uncoupling from the train and tak- cent for 1994. Peter Warburton of straint" is both a :;r ised by foreign and finance minis- ruptcy among Yeltsin’s skiing ;-‘ - Mr most ing a as wefl. He must be Robert Fleming (a member of the controversial and a --Tir v ters from the Group of Seven vocal opponents. They know what praying the economy goes into the “Liverpool six" group of econo- complex question. But some points ;'-V tauv W industrial nations in Tokyo two they do not like, yet have nothing buffers. mists, who opposed sterling's mem- should be accepted by any cautious weeks ago, the danger of a hyper- coherent to put in its place. But The people of the UK are bound bership of the ERM. and the most policymaker. First, large swings in inflationary collapse to • ••'- is bound the campaign also demonstrated to view matters rather differently. accurate City forecaster of GDP real exchange rates are disruptive, a- 80 i—i—i i .L. I—J- l—I—1—L—I—l——1—1—l—l—I l—l—1*1—1—i—i—i—i—i— grow stronger by the week. the emergence of a political After a peak-to-trough decline of 4 growth in 1992/, argues that there principally because output of trada- ; ’ new TS70-71 76-77 8M1 84-83 88-83 92-93 Bt-OB jcbnt Mr Yeltsin's essential problem is class arguing persuasively that per cent in noiKofl gross domestic will be no growth between 1992 and Hueyaw TtoaiytMOtti ble goods and services cannot be the straggle with his opponents in talk of a so-called “third way”, in product and a recession lasting two this year and l.l per cent in 1994. switched on and off like a tap. Sec- • r:: G*-’ anil the Congress of People’s Deputies, which change would somehow be a UwW years, they feel they have Excellent reasons can be supplied —which must escape the perils of the UK's twin deficits ond, market expectations can be ‘lill'ia m- which the referendum result has made loss painfni, is an nfasion, earned their relief Their travails for such caution; perverse. Less than five years ago. PubSc sector borrowing requfaamem. eeducSng privatisation proceeds, as 96 of GOP done little to resolve. However In practice, this alternative route may have been nothing compared • the hesitant recoveries of debt- after all. financial markets were try- strong his popular mandate, the win either lead back towards a to the co&apses In central and east- laden industrial countries such as 1096 _ ing to push sterling above DM3.30. president still has scant prospect command economy, or to chaos, or ern Europe, but this has been the Australia and the US; Third, making the exchange rate of persuading deputies to accept a possibly to both at once. Although longest UR recession since the • the German recession now the main tool of disinflation is new constitution that will do them the president's instincts tell him 1930s. blighting continental Enrope; risky, since the real appreciation out of a job. If he Calls, he may to seek compromise, he should fol- The evidence of recovery is clear. • the doubling of UK personal inherent in the policy is certain to himself set a date for new parlia- low the suggestions of those who Nonoil GDP was up 0.6 per cent in indebtedness in the 1980s and the distort the economy. For this very mentary elections. Either way, understand the choices Russia the first quarter of this year over resultant unwillingness of private reason, the policy may also fail to Russia seems set for several more actually faces. the last quarter of 1992, according individuals to borrow, provide a durable route to low infla- months of political uncertainty, This is the message western to preliminary estimates; the vol- • the roughly 1.7m households tion. heightened in the autumn by governments should waste no ume of retail sales rose 1.6 per cent with negative housing equity; The question is how far the gov- another election campaign. opportunity to convey to Russia’s between the same two quarters; • the losses of commercial banks ernment can manage either the It is scarcely a climate in which leaders over the next few weeks as manufacturing output was up L2 and consequent unwillingness to Current account butanes, as % of GDP exchange rate or the external to expect rational economic policy- they prepare to bade their support per cgnt in the three months to Feb- lend; account. The answer is that it can making. More likely, on the evi- for Mr Yeltsin with a fresh injec- ruary over the preceding three • the recent sharp reductions in do less than many critics believe. dence of pledges to increase tion of money. The sooUed “sys- month*; car production has reached the interest income of the unin- But It is not helpless. It can, for wages, pensions and credit to temic transformation facility” its highest March level for 19 years; debted; example, buttress the exchange rate industry made by both president which the IMF plans to start dis- activity in the housing market has • and the lost incomes of the with other disinflationary instru- and parliament during the weeks bursing in June, without applying increased at last; business confi- unemployed, the principal victims ments: fiscal tightening is the obvi- before the referendum, it is a strict conditions, is dear if risky dence has improved; and seasonally of the recession, not to mention the ous one right now. It can also both period of pork-barrel promises and acknowledgement that a politi- adjusted unemployment fell by reduced spending of the millions stress and take into account the effects upon the real exchange rate V intensifying inflationary pres- cally stable and reforming Russia 52J100 between January and March, more who fear unemployment. sures. something that the Russian is a prize well worth striving for. a performance that seems too good Many of these sources of weak- of developments in pay and produc- economy will be unable to stand If it works, it will help keep the to be true, but must mean some- ness are reflected in the low growth tivity. A real depreciation entails a for very much longer. economy HnH»g over and contain thing. of broad money (see chart). Tim lowering of the cost of labour rela- The Immediate task is compli- inflation through what promises The recession has aided, which is Congdon of Lombard Street tive to the prices of tradable goods cated by increasingly obvious divi- to be a turbulent summer. Mr hardly surprising. Over the two Research - who has won attention ticmal monetary stimulus. unsustainable. But if the economy's and services. A nominal depreda- sions on the economy within the Yeltsin cannot afford to relax. years of membership in the Euro- by belabouring his seven fellow Chances of a continued - if some- underlying trend in the last cycle tion Implies a rise in the price level pean exchange rate mechanism, Treasury panellists over the rote of times faltering - recovery most be were sustained into the present one, relative to wages. The government base rates of Interest fell from 15 to money in the economy - wrote in high. If household demand proves this line, which is 13 per cent above should therefore at least articulate 10 per cent They have fallen by a the February panel report that “the inadequate, the government can this year’s output, ought to be its inflation target in terms of charge since very low rate of broad relax monetary policy, something approached before the next down- underlying domestic costs, not con- Ciampi in further 4 percentage points money sterling left the ERM, while the growth now being recorded, com- that declining Interest rates In con- turn. Meanwhile, the OECD esti- sumer prices. the for the tinental Europe should make rela- mates that fourth-quarter 1992 GDP Renewed inflation is what threat- ’ MR CARLO Azegho Ciampi, the his new Job. of providing his own depreciation of the effective bined with bleak outlook ’ • S. *• rate per argues that the cur- tively easy. Indeed the govern- was &9 per cent below its underly- ens to put an end to growth. The *. 1 Bank of Italy governor, appears to government's overdraft. exchange has been 15 cent world economy, news is underlying infla- be proof that in Italian politics, Mr Ciampi’s nomination brings Moreover, the yield curve now rent weak revival of demand will ment’s problem is more likely to be ing trend. On either view, the econ- good that subdued the reverse of Gresham's law relief to financial markets. But, slopes upward, with the redemption not be maintained”. an excessively strong currency than omy ought to be able to grow at tionary pressure is more for perhaps quarter of a cen- holds true: good central bankers even in matters of shorter-term yield cm 20-year gilts 2% percentage a weak one. than a can drive out bad politicians. political and economic manage- points above base rate. The benign effects of any normal tury. The bad news is that the econ- costs, success has become exceptionally Mr Ciampi’s move to Qie helm of ment, it leaves questions open. Mr The loosening of monetary policy The prime minister recovery on unit combined Long-term omy fn underlying unbalanced. Domestic demand-led an interim government in Rome Ciampi’s persistent criticism of has been superimposed on a relax- chancellor with annual increases depends, as always, and the would improve the fiscal supplies final evidence of the successive governments’ free ation of fiscal policy both long- earnings as low as 4% per cent, growth the external bankruptcy of the political estab- spending has won him esteem. Yet standing and remarkable. The gen- even behave as if they should also facilitate recovery, by on the wisdom of position, but make the lishment The appointment of the these governments' equally persis- eral government financial balance were entitled to take keeping underlying inflation down, government and the position worse In purest theory, the notwithstanding the devaluation. external account might not matter. first non-political head of an Ital- tent refusal to heed bis advice has has moved from a surplus of 1 per credit for the good But the fundamental reason why flexibility of the In practice, it is all too likely to do ian government since 1848 reflects not enhanced his reputation for coat of GDP in 1988-88 to the deficit inflation should remain subdued is so. The structure of the economy the Rank of Italy's stature as an getting results. Since 1980. when of 9 per cent forecast by the Trea- economic news labour market well below its poten- needs to change in ways that only institution unsullied by scandal. It Mr Ciampi first warned of profli- sury far 1993-94. Moreover, about 4 that output is tial, though nobody knows how for export-led growth can bring about. also illustrates President Oscar gacy, Italy’s public debt has grown percentage points of this deteriora- growth may not below. Estimates vary hugely, with some 3 per cent a year for more This depends, in turn, on sustaining Luigi ScaMaro’s failure to find a from 62 to 112 per cent of GDP. tion is structural, not cyclical, Slow monetary that a constraint an Patrick Minford of Liverpool Uni- than a decade. the increased competitiveness politician of influence and stand- To steer through electoral according to the February economic prove binding ratio of broad versity (another Treasury panellist) Mr Minford and Mr Congdon granted by devaluation. ing capable of guiding the country reforms, and to limit the deficits, survey of the UK by the Organisa- demand. First, the Co-operation to nominal GDP doubled in setting the non-inflationary level of argue that with prudent monetary Sustained recovery is feasible. to early elections. Mr Ciampi will need a grip on tion far Economic and money But unemployment as low as lm, which policy the economy can sustain But the chances of long-term suc- Mr Ciampi, who will remain parliament A man chosen to be Development the course of the 1980s. recent are declines in the real return on is 2m below its current level such performance. Others, like cess depend, as always, on toe wis- governor for the time being, has above politics win not be able to Some economies born achieve dynamism; must have reduced the will- One extreme indication of how far Wynne Godley of Cambridge Uni- dom of the government and the flex- achieved an increase in the Bank avoid descending into the political dynamic; some money thrust ingness of people to hold this below potential output the economy versity (another Treasury panellist) ibility of the labour market. There of Italy’s independence. He has arena. Mr Ciampi possesses great and some have dynamism such desire might be is given the 2.4 per cent ami Martin of Phillips & Drew must be people willing to bet their persuaded the government to end moral authority; but even during upon them. The British economy of bloated stock. Any for by WU foffa the third category. lower holdings of money Is likely to annual growth trend between the (a member of the “Liverpool six”), shirts on what seem to be two long the central bank’s role in deficit the few months when U Governor 1993 into like Malvolio, it is leak into demand. Second, the gov- cyclical peaks of 1979-80 and 198988. would argue they are deluded, the shots. But how many want to risk financing - presumably saving tare runs the government, this But perhaps, flattered to be deceived. ernment can always inject addi- Output in these peak years was danger resting with one, or both, of going shirtless, even in toe spring? him from the embarrassment, in may not be enough. being Pension nerves Observer THE BRITISH government choice about when they retire. who admits to being “very green" minister negotiating the magazine publisher. New Crane appears to be losing its nerve over They propose a flexible pension Please excuse when they started. restructuring of Albania's 5500m Publishing; his wife. Debbie Owen, equalising the state pension age. age, under which early retirees The sisters profess to have turned foreign debt is also on toe board. Originally it planned to announce would receive a smaller pension bearish of gold in the mid-1980s Now more than a year later, and New Crane Publishing has been this month that the female pen- than those retiring later. Though the bugs - “which made a lot of people very despite pressure from the World set up by Michael Wynn-Jones, sion age would be gradually attractiv e in theory, this idea is that gold bugs, who have angry". But they have just recently Bank, the Albanian government husband of one of the UK’s most increased from 60 to 65 to bring impractical given that the pension Now poverty had a pretty depressing decade, taken a shine to gold again. Now has still not got round to appointing famous TV cooks, Delia Smith. It women into line with men. Now it is already below the state - are apparently aanrfng to the music in their mid40s, their forecast a negotiator. After Amato bowed is quite a cosy set-up; Smith’s nk like the announcement will hue. Anyone trying to live on a lo s is it of a George Soros investment, who “as long as gold stays above $340 out, the post was offered to an literary agent, coincidentally, be delayed until the autumn with reduced pension would find better to turn to far a view of the for a while, it could go to $380 or international financier few had Debbie Owen. legislation postponed until 1994-95. even harder to make ends meet market than the Costa Rican more" - sounds a little more staid heard of, Nicolas Arsidl Wynn-Jones, whose last venture The reason is that a government Moreover, since flexible retire- sisters, Mary Anne and Pamela Mary Anne says their best record It would seem that although was Lloyd's Log, the now-folded anxious to avoid controversy ment is not identical to a flexible Aden, that mysterious pair who over time has been in foreign Arsidi was paid a 51.an fee up bimonthly magazine, ban managed believes a common age of 65 state pension age, there are other achieved an extraordinary if exchange. But sadly that seems front, the negotiations never got to persuade the hard-nosed bosses would be unpopular with women. ways the government could pro- eccentric following in the early harder to sell - the newsletter’s off the ground. Arsidi is now in of J Sainsbury. the UK retailer, But, unlike other measures being mote choice even while keeping a 1980s. circulation has shrunk from some prison in France, facing fraud that their customers should have postponed such as post office pri- fixed pension age. These might first making their name by 9,000 to 2,000. rhargmt their own monthly glossy magazine. vatisation, this is not an issue on include encouraging the private calling the bear market in 1980 Albania's foreign debt was racked Imaginatively titled Salisbury’s which there is fundamental uncer- sector to offer more flexible pen- gold was right up at 8850 per up during the period of political The Magazine, its first issue tainty inside government when sions and working arrangements April folly turmoil which marked the appears today. to ounce, the sisters began the Aden The pension age needs be to make it easier for older people Analysis newsletter out of the Ob to be in England now that transition to democracy after 45 Among the journalists, equalised to remove discrimina- to phase in retirement. faintly unlikely location of San April’s here . . and with it the years of Stalinist self-sufficiency. photographers and cooks on the tion between the sexes. The rea- There is no good case for delay. Jose. They are now principally annual chore of completing tax Amid the confusion, nobody spotted board. Lord Owen, for whom son for raising the women’s age to Given the government's known remembered for predicting gold returns. But it’s more than a chore on the development of a joint exam what was going on at the state Wynn-Jones has big plans, himself 65 rather than cutting the men’s hank views on the matter, the sooner at $4,400 by 29S& Barely a squeak for those who set the tax exams; with the faculty. “It is essential “wanted to come on the board”, to 60 is to put some limits on the the change is announced, the has been heard since. knives are being sharpened as the that we retain our independence A large chunk of debt was run and will contribute his skills “as expansion of the state’s pension sooner those affected are able to Observer finally hacked down two wmin professional institutes and contra) of our own examination up almost overnight Making the a negotiator" and to provide “some expenditure - at £30bn a year - lan their TpHn»fn«it*. Nor should the pair, still in Costa Rica “it battle for supremacy. that we have developed to such most of their new screen-based stability”. already the largest part of the p the change be too unpopular if helps not to be distracted by The 7.000-strong (and growing) a high standard," a terse press dealing room, Albania’s central social security budget arranged so that no woman cur- opinion" - and still publishing. tax faculty of the Institute of release warned. bankers managed to lose 5200m Given that the population over Down the hatch rently over 50 would be affected. “Excuse the bugs" says the April Chartered Accountants in England But if the tax faculty goes its on international currency markets 65 win grow by about a half in the announce- 6 issue - but no, that’s just the and Wales is already considering own way, and continues to Increase in a burst of speculation early in Perhaps the City of London is next 40 years, there are already In for*, delaying an gHtchesin the new computer the content of its own tax exam its membership, it could still 199L not so unflappable in the face of pressures on pen- ment to avoid controversy would strong upward to be introduced as early as 1995. undermine its rival. Expect more IRA terrorism after all. An urgent certainly be counterprod- system. sions spending. Picking a common almost - HmPS ahead. message arrived yesterday from that ran The Adens, CaHfondan-educated But the Institute of Taxation taxing age of 60 would make this problem uctive. A government Standing the heat but with a Costa Rican mother, whose exam is taken by more than a PR finn hastily rearranging a even worse, costing taxpayers away from such a decision this sweetly explain that the gold bug 8,000 practitioners including Busy man. Lord Owen, what press conference on May 4. year. Choosing one early in the electoral cycle would about £4bn a lawyers - is Tirana vacancy with sorting out battling Serbs, “Due to bomb damage at toe City take it thing is “just a label that stuck". accountants and contrast, would save hardly find it easier to of 65, by didn't help that their partner, peeved. If Ghiliano Amato, who last week Bosnians, Croat}ans, et at. in the of London Club over the weekend, when there were only two years or It £4bn. Both bodies have issued bitter submitted his resignation, is former Yugoslavia. we are advising all invitees of a before an election. This is a who, among other things, owned There are those who accept the so left he might not too busy to ignore more change of venue to a more secure agony a coin company and from whom public statements and yesterday looking for another job, But costs but would case when prolonging the need to control the Institute of Taxation let it be consider the one he turned down personal business closer to home. location,” it said. The new place? worse. they have since split, “really like older people to have greater can only make it joined the board of small Belfast pushed gold a lot”, says Mary Anne, known that it would not co-operate in order to become Italy's prime He has a The Gun Room, HMS r :

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\ A FINANCIAL TIME For now fund details. ( for change TIMES - FINANCIAL 071-626 6226 Newport | Wednesday April 28 1993

LEX COLUMN Serbs launch attack on Moslems THE A measure of confidence ac nv ’ in defiant reply to UN sanctions with larger property gains and inter- economic recovery To some extent FT-SE Index: 2S32-7 (+10.4) est reductions. .'V- matter of confidence- was always a the light , yes- said the use of force bad to meet Tricks of accounting to one By Laura SBmt in Belgrade, town of Bihac early yesterday. chiefs, meeting in Brussels suggests the latest CBI survey making .! narrowing four tests: the goal would have to The side, the new management is David White hi Brussels and UN forces said. terday, focused on a in American trick might be working. The leap progress with operations. British ranging from air be stated clearly to the Euro Disney some \ Our Foreign Staff UN military observers sta- set of options, greatest must be a strong business optimism was the has perked up as better retaflfng tioned in the Bihac region strikes to the setting up of pro- people; there Shoe for a decade. Not surprisingly that Srtans prtes (bencs) tected zones. fikeUhood the use of force could discipline is applied to stocks, product SERB FORCES yesterday defied reported fighting In four loca- into expectations of committee meet- be successful; there must be an translates ranges and relationships with suppli- the international community by tions in the area, where 300,000 The top-level output over the strategy; and there bad to be increased orders and 1.800 There is mare margin improve- launching attack in Moslem- people are being supplied with ing was attended by General exit ers. an ne four months. One has to assume rinj chairman programme that could sustain xt to came and a revamp of the held north-western Bosnia just as aid tije UN. in Powell, Of the US a ment by these hopes will be - more or less the support of the American peo- that 1.400 well-worn shoe shops is promised fir to anger joint chiefs of staff. 1 tough United Nations sanctions The fighting was sure the government busy ple. - fulfilled. With international community, The allies were awaiting an . 1994. came into force against Belgrade. the talking the economy up ahead of the announcement on a possible visit There was a consensus in Brus- 1.200 — — Yet there were setbacks elsewhere. Fighting also erupted in other which started applying sanctions all — jfr bombing of military Newbury by-election, though, it is parts oi former Yugoslavia, one against the Serbian-led rump this week by Mr Warren Christo- sels that any The newly-acquired Dutch mail order the more necessary to guard against the secretary of state, to positions or supply lines would 1.000 business made a loss, as did Olympus! day after Bosnian Serbs refused Yugoslavia yesterday and is con- pher, US that are of alliance overlooking the weaknesses limited military action European capitals. These were involve some degree Shoes and womenswear are doing well to accept an international peace sidering aisn apparent from the survey. and war. expected to include London, involvement was made clear mail plan signed by rival Moslems to halt the year-old civil restocking, while from the upturn, but order, Moscow. that Washington would not ob- There is no sign of Croats. In Belgrade, a map showing the Paris, Bonn, Rome and reported sportswear and Adams children’s backing from allies without the balance (rf respondents ri.iimiunijmimi^iutiMiUtiuriiunmf Christopher, testifying to a tain . struggling About 100 Serb troops backed locations of bomb shelters in the Mr fell gQQ clothes are in tough mar- authority from the UN. that domestic deliveries actually by 10 tanks and artillery city was published by '‘popular senate panel in Washington yes- specific 1988 80 91 82 93 kets, Those holding cm for the recov- first four months of the year. d d" Novostt, terday, set rigorous criteria for in the advanced several miles into the eman in Vecernje the to invest Sowea FTQapMte ery must hope that Sears’ reputation Bosnia conflict. Page 3 One would not expect a rush area around the north-western mass circulation daily. Nato the use of force by the US. He for being asset-rich but accident-prone when 63 per cent of manufacturers are determination to goes the way of extraordinary losses. still working below capacity. That mac’s commendable more companies expect to cut rathe* ensure growth is sustainable this time chief than increase capital spending is also round. But it also stems from continu- Euro Disney VW AT&T challenges BT over food for thought, gives the temporary ing financial constraints. Despite a Dis- capital allowances introduced in last £147m disposal programme, Tarmac Even Goofy could see that Euro ney needs more funding. Over fitil tries to year’s autumn statement and the cash- ended the year with £577.lm of debt the flow benefits many can expect from Cash will remain frightfully tight even year to the end of March, its cash, thrnigh aiwthpr tisnw shnnld price of transatlantic calls the changes to the ACT rules. be real- outflow from operations amounted to That leaves a recovery dependent on ised from disposals this year. FFrOTOm, before the capital spending reassure ffomanri and exports, backed Tarmac is probably right to believe required to keep the Magic Kingdom By Andrew Adonis In London cut BT yesterday insisted it was But in the current battle over consumer a dmittedly by some striking that its steady restructuring progress in shape. With FFriWbn debt outstand- still under consideration, and access to each other’s markets, up productivity. The will bear fruit in the medium term. ing Euro Disney cannot easily go back suppliers AMERICAN Telephone and that BT would respond next both companies are portraying improvements In themselves to the regulatory question is whether these will be That though, hardly represents a to the banks for more. Additional Telegraph, the largest US tele- month. A enough to secure UK competitiveness ringing reason to buy the shares at guarantees from Fairy Godmother, in By Christopher Parkas communications operator, is Under strong pressure from the authorities as firm friends of if sterling continues to rise and conti- present especially given tire dull out- the farm of Walt Disney, might help. In Frankfurt challenging British Telecom to commission, transatlantic open competition and lower falls. The CBI thinks look its and contracting But Euro Disney already has share- agree to more than halve the accounting rates have been prices. nental demand for quany approval FFr5ba THE TOP management of “wholesale" price of transatlantic reduced by nearly half over the AT&T’s argument for lower , exports would start to suffer if sterling businesses. Short term attention is holder for up to con- above focus nimbler house- vertible or. warrant bonds, so an equi- Volkswagen yesterday attempted phone calls. past two years. The latest reduc- accounting rates is made in a rose much DM2J50. Then the likely to on would face ringmma it builders. Significantly, Bryant Group ty-related issue cannot be ruled out to calm the nerves of important The result could be significant tions came into effect on April 1. petition to the FCC opposing government a 1 hag The shares component-makers rattled by the tariff reductions for customers. AT&T has told the commission BTs application for access to the come out against further cuts in became just the latest of these to tap 4 per cent foil in the yes-

company's plans to slash costs AT&T’s proposal, for a reduc- that accounting rates could be US's public network. ! interest rates, but intervention to hold the stock market yesterday for expan- terday shows investors do not relish and reduce outside suppliers. tion of about 60 per cent in the cut by up to another 60 per cent BT argues that granting it a US sterling down would simply aggravate sion funds. the prospect Mr Ferdinand Pi&ch, head of accounting rates for telecom traf- “as a first step", with further licence would enhance transat- the PSBR funding problem. Funding for the second phase of the - VW since January, told represen- fic between the US and the UK, reductions in line with “the con- lantic competition and “exert a project due to open in 1998 and Sears - tatives of 29 companies from the has become a weapon in the bat- tinuing pace of technology”. downward pressure on interna- Tarmac likely to cast FFrDbn has not even group's home state of Lower Sax- tle between the two telecommu- Analysts believe AT&T’s pro- tional accounting and end-user Sears, it seems, cannot kick its been addressed. There must be a temp- ony that Volkswagen was ready nications companies over their posed rates may be close to the rates worldwide”. In the space of five years. Tarmac addiction to extraordinary items. tation to put expansion plans on toe to help them meet new condi- pending applications to gain actual cost of delivering a trans- AT&T’s response is that BT is has swung from a restated pre-tax Unlike Tarmac and its torrent of red until the first phase is profitable. But tions. direct access to the public net- atlantic gall obstructing lower accounting profit of more than £400m into a £350m ink. Sears has not yet summoned the yesterday’s results suggest Euro Dis- The meeting was called by VW work in each other’s countries. Mr Greg Staples, a Washington rates, and that allowing BT to loss. Battered shareholders must be will to embrace fully Professor Twee- ney would benefit from a grander and Mr Gerhard Schroder, the Accounting rates are. in effect consultant, said: “If AT&T thinks engage in private line resale - hoping for an equally drastic reversal die’s reforms. As well as taking losses scale. While the number of visitors regional prime minister, who is the price which BT and Mercury it can connect transatlantic galls which avoids the accounting rate of misfortune as recovery takes hold. below the line Sears showed a £14.&n during the winter was encouraging, also a senior member of VWs pay AT&T for delivering interna- from Florida to Montana for half system entirely - would give BT But despite the cyclical nature of its profit on property disposals which tourists are spending too little and supervisory board. It was tional galls to their final destina- the current charge, it’s up to BT “an added incentive to keep markets. Tarmac will find it for harder would have been a loss of £5.2m on the hotel occupancy was low. A bigger

- intended to counter ill-feeling tion in the US, and vice versa. to show why it cannot reach Lon- accounting rates high". climhing back Up the cliff than falling new basis. Some £4&n of provisions theme park would help spread fixed and fears stirred by the arrival at Rates are set arid revised periodi- don and Manchester for the same A decision on the various off it against the housebuilding business costs and encourage overnight stays. Europe's largest car maker of Mr cally by the operators under an fee." licence applications is not expec- The trouble is that Tarmac’s balance were also released - reducing the While the existing business is losing Jose Ignacio Lopez, recently international agreement. So far operators have had a ted for several months, and will sheet is still out cf kilter with the interest line - while a farther £28m of money, though, Euro Disney will have recruited from General Motors in AT&T has told the Federal mutual interest in keeping almost certainly depend upon an state of its market After exhibiting an extraordinary costs were taken its work cut out persuading investors Detroit, and installed as produc- Communications Commission, accounting rates high, although inter governmental agreement on unhappy knack of sinking money into against its closure. This effectively to suspend their disbelief With reces- tion and procurement director. the US telecoms regulator, that the higher number of nans origi- the future regulation of non-do- falling markets a few years ago. Tar- increases reported profits by almost sion looming in Germany and Ranee It is also a response to BT has already refused its nating in the US has led to large mestic operators in the two coun- mac is now applying the reverse skin £5m and is disappointing in a com- - and devaluations discouraging via- private complaints from other request for an accounting rate payments from AT&T to BT. tries. of withdrawing working capital from pany which argues that old haVqtq are tors the UK, Italy and Spain - from . German car manufacturers that the rising housebuilding market This on the way out About the best that simply keeping the turnstiles turning VWs over-aggressive and highly- lack of aggression partly reflects Tar- can be said is that 1991-92 was worse, will be chaDsighig enough. publicised approach to cost- cutting was alarming the compo- nents industry and damaging Beijing lobby ousts Jardine confidence when the whole motor industry was struggling to

restructure. This announcement appears as a mailer of record only April 1993 Mr Lopez was dubbed “the from HK chamber’s board Rflsselsheim strangler" in recog-

nition of the cost-cutting exper- Byi Simon Hoberton and Mr Ye Longfei, a Shanghai

tise he demonstrated while head In1 Hong Kong government official on long-term of buying at Adam Opel, GM*s secondment to Arthur Andersen, German subsidiary. A MILESTONE in Hong Kong's the international accountancy He told the meeting that pro- return to China was passed last firm.

cessing from raw materials to the nighti when Jardine Matheson, The campaign Beijing mounted end product had to be optimised thei British trading company, was to gain control of the chamber’s in order to give the customer throwni off the braird of the Hong board reflects the seriousness

increased value in terms of qual- Kong1 General Chamber of Com- with which China takes the Leg-

ity, service and price. “We can merce.] islative Council (Legco), Hong only win together." he added. Election victories by pro-Bei- Kong’s lawmaking body. The VW, which dived DM1.25bn Jjing businessmen left the hoard chamber elects one of the 60 (5770m) into the red in the first evenlyi split between supporters members of Legco, a position cur- quarter of this year, after an 87 andj opponents of Mr Chris Pat- rently held by Mr Jimmy McGre- per cent profits plunge to ten,1 the colony's governor. gor, an outspoken supporter of DMl47m in 1992, is planning to Mr Martin Barrow, a senior Mr Patten. LM International Finance S.A. reduce suppliers from around executive< of Jardine Pacific, Jar- After last night's vote. Mr Luxembourg 1,500 to 200. At the same time, (fine'si core trading, distribution McGregor said: “I interpret this according to Mr Pifich, parts and; construction arm, stood for vote as a turning point The pro- prices are to be driven as low as reelectioni and was defeated in a Governor Patten: vote setback China group within the chamber possible without pushing suppli- battle1 organised in part by the backed by those of like interest ' ers out of business. Xinhua news agency, Beijing’s tion which last November made a have made a very substantial The tone at yesterday’s meet- unofficiali embassy in Hong Kong: strong attack on the governor. dent in the chamber's system." mg was milder than at earlier This is the first time since the in all, six seats on the 24-per- Over the past month or so, Xin- US$ 100,000,000 “consultations’* at which Mr chamber,< the colony’s leading son board, vacated by rotation, hua officials have visited some of Lopez reportedly told his audi- business1 association, was were contested in a secret ballot the chamber’s bigger corporate ence that he required “the high- founded1 in 1861 that a representa- Five pro-Beijing businessmen group members - who have mul- Multicurrency Revolving Credit est quality, the best service, the tive1 of Jardine has not sat on the were elected while one incum- tiple memberships and therefore lowest prices . . . and soon". board.1 bent. Mr Simon Lee, was re- votes - and presented executives and analysts, at least Beijing According to has gained control of elected. with China's preferred ticket. per cent of Germany’s 3,000 Hong1 Kong's other main business Among the 30 successful candi- Business people have been told Medium Term Loan Facility suppliers are associations.s automotive parts But the chamber dates were Mr Chan Wing Kee, a that there is no distinction in threatened by the motor indus- hasI so far refused to come out textile manufacturer who is sign China’s eyes between business try’s restructuring plans. Most at againsts Mr Patten and has with- a Hong Kong deputy to the and politics; some said they had risk are the 2,900 small and drawnt its support from the Busi- National People's Congress, Chi- no choice but to support China’s medium-sized companies. nessi and Professionals Federa- na’s rubber-stamp parliament, candidates. for financing the Investment Programme of Congress threatens to end EBRD funds Andreotti AvtoVAZ Incorporated Togliatti, Page l where to fund the US’s recent Russia Continued from the same in real terms as the last faces probe promise of new bilateral aid at contribution, negotiated in 1986. the capital subscription, however, Tokyo G7 meeting. The “It represents less than the cost Continued from Page 1 and said the US was insisting on administration has not said of one movie admission for each EBRD's bud- where it wants the restructuring of the money to American," Mr Bentsen gain Revigllo, his predecessor as Lead Manager and Lender tighter over- come from. get process; much • Mr Attali said yesterday that chairman between 1983-89, was auditing. Mr Leahy said he might Westdeutsche sight; and outside not the bank would increase its pri- notified by magistrates that he Landesbank Girozentrale remains one of the support the administration’s Foreign aid vate-sector investment. He was under investigation for alleg- areas of the budget request for $L25bn this year least popular for pledged to reinforce budgetary edly receiving illicit funds. The Congress. Members the International Development West LB in the US controls and introduce greater news triggered Mr Reviglio’s res- politically Association, a third erf the warn that it remains US’s transparency. ignation as finance minister in impossible to reduce aid to Israel contribution to the tenth replen- He said he had considered the former Amato government. the ishment of this Egypt, which receive concessional loan resigning eight months ago, feel- Mr Cagliari has been and detained Administration Bank aid budget, arm of the World Bank. 1 lion's share of the US ing that the pressures of building since March 9 on allegations of warning that Mr Bentsen argued, but Congress is however, the institution were too great, corruption and illegally funding Sudwestdeutsche Landesbank found some- that the money was pgBrmH Girozentrale glBbn needs to be ?fly hut was dissuaded by friends. political parties.

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COMPANIES Newbridge Networks Lid. . WHITBREAD ROUND THE WORLD RACE & MARKETS 0633-113600 071 6380022 fide flglTHE FINANCIAL TIMES LIMITED lee* Wednesday April 28 1993 nee INSIDE Four airlines move towards integration Northern C$ Holding feels S?*** By Christopher Brawn-Humps in Telecom become a "fourth force" in the deregulated strengthen their competitive position as The Scandinavian carrier said the pro- weight of provisions Stockholm and Paul Betts European market alongside the big three - larger European rivals expand their global posal, which emerged after a two-month Net income at CS Holding, the financial services In London British Airways. Air France and Luft- reach through co-operation agreements study, would now be considered by man- 1 group which Includes Credit Suisse, rose by per 5 hansa of Germany. and equity investments in other carriers. agements and owners of the four airlines. earnings cent to SFrl.OSbn (S725m). This follows heavy pro- FOUR medium -sized - European airlines Their combined operations would BA recently acquired a 24.6 per cent The target was to sign a memorandum of =4 visions on Swiss lending, while a faH in net income Scandinavian Airlines System. KLM Royal employ > more than 70.000 employees and stake in USAir and a 25 per cent stake In understanding, by late June and to estab- at CS First Boston, the group's 63 per cent owned Dutch Airlines, Swissair and Austrian Air- carry about 36m passengers a year, turn- Qantas, the Australian carrier, while Luft- lish a management company by next year. investment bank, took their toll. Page 18 lines - slide 29% ' yesterday moved closer to integra- ing y it into Europe's largest airline group. hansa is negotiating a co-operation agree- The four airlines would initially retain --=^S. tion by announcing plans to set up a joint- The venture reflects the trend towards ment with American Airlines. their identities, although they might also By Bernard Simon in Toronto ly-owned company with a single manage- consolidation in the European airline SAS said the four airlines wanted to share a common branding. The head office Piper bid flies into ment and balance storm sheet by next year. Industry in response to greater liberalisa- establish "a profitable, global airline" with of the new company would be in Amster- NORTHERN TELECOM, the bid for The proposal would result In A Piper, the last US manufacturer of “little SAS, KLM tion and globalisation of the international an integrated traffic system based on a dam, Copenhagen, Vienna or Zurich. Canadian telecommunications planes", by Pilatus, the Swiss aircraft and Swissair each holding 30 per cent of airline manufacturer, market. multi-hub European network, including An SAS official said the proposal would equipment maker, is banking on js fuelling controversy. the new company and Austrian Pilatus has been accused of Airlines 10 Pressure has mounted on the four carri- Amsterdam, Copenhagen, Geneva, Oslo. not necessarily' lead to a full merger for higher capital spending by CTS selling per cent. |°% aircraft to Burma, knowing they would be The airlines are seeking to ers to establish close alliances to Stockholm, Vienna and Zurich. various practical and political reasons. regional telephone companies equipped with weapons, and is to to deliver and continuing strong demand SF250m (SI 76m) worth of training - ^ Oil aircraft to South from Asia and Latin America to Africa. Page 20 Deborah reverse a 29 per cent slide in .' :, Hargreaves on rapid growth opportunities in the global energy market 5H3ah first-quarter earnings. First-quarter earnings dipped ^ tali* ITT up 27% despite costs to CSS75.9m, or 30 cents a com- Income at ITT. the US conglomerate, rose 27 per Gas companies break aSilBSSPS (S23BMS mon share, from Si 04.2m, or 41 cent thanks to sharply better performances at its cents a share, a year earlier. finance, automotive and hotels businesses. The Revenues edged to SI. 94b from improvement came despite $4)m of extraordinary Sl.90bn. catastrophe losses at its m Hartford insurance Northern warned last month subsidiary, due to their ' a winter storm and the February traditional -- mould that its first-quarter perfor- - r 02 bombing of New York's World Trade Center. Pag© mance wonld be significantly ‘ •Endjfil :, 19 NRON, the US gas transit dented of ? 4 ^aos Potential world demand for gas by sagging sales high- •?- company, unveils one of margin software. In addition, the . iafe E the world's largest gas- Bilfion (cubic metres) company has lifted outlays on BP takes fired combined heat and power 3000 - research development, and "•zlIx tfi no chances and : hr- r station on Teesside In the UK at :’; A*in£ Bn*:# Developing spent heavily on a joint venture a total cost of ££95m (Sl.3bnj. Matra. tbe ' OOUrMW is x'/ferKv with French electron- ""'-i'j-te. r British Gas engineers from Liver- ics group. ' pool lay pipes to connect the Mr Jean Monty, who took over '— hi 5SS. t/ sleepy town of Kelbra in the foot- Vi •• • as chief executive earlier this hills of the Harz mountains to year from Dr Paul Stern, • ;>|E5¥ the east German gas grid using declined to forecast 1993 earn- technology developed in the UK. ings, beyond saying he expects • • ‘:i :[£» s 5 y Both projects are evidence of the second half to be stronger ' '- ri. the growing trend among gas than the first. Bat he said companies to break out of the growth in earnings ueeds to be traditional confines of their balanced against other, longer- domestic markets and extend and privatisation in the world the more lucrative market sec- term measures of performance, BP's hopes for improving its fortunes lie behind their global reach. "We are mov- energy business, accompanied by tors. Gas is not a globally-traded such as the need to maintain khaki-clad figures manning machine guns and rows ing into a new era of gas and you expectations of huge growth in commodity in the way oil is, and market share, customer service of razor-wire. To frustrate attacks by guerrillas, oil will see the growth the rigs in the Colombian Andes are heavily guarded. of gas gas demand within 20 years. gas companies will have to and the launch of new products. Mr Phil Mead, operations manager, says, “it's very majors in a similar way to the "The worldwide gas market is develop the expertise to operate The main disappointment in frustrating for our people that may can't just go out development of the oil industry expanding fast and it offers a differently in different parts of the first quarter was the US mar- to a bar". Page 28 in the 1950s,” said Mr Ken Lay, unique opportunity for huge the world. Gas distribution is an ket Capital spending by regional chairman of Enron. growth to some of the companies area where companies such as phone companies, which are Mr Lay has ambitious plans for that are getting involved now,” British Gas. which has rapidly Northern's biggest US customers, Political optimism boosts Milan Enron to be one of the first truly said Mr Simon Blakey, gas ana- developed its own domestic mar- has stagnated. But Mr Monty ’ global gas companies, but he lyst at Cambridge Energy kets, can offer technology and said growth in the number of Milan was ahead In heavy a,Italy faces intense competition from Research Associates. know-how with the financial lines connected to their net- (facing but fail back from British Gas and other European Gas is becoming more attrac- muscle to invest in developing works pointed to higher outlays . . the day's highs as the r uu lll |1V v'OTm ‘nawt energy companies such as tive as alternative to coal transit networks. later in the year. market awaited confirota- an and Spain's Gas Natural and Bel- oil because of its environmental “We have expertise in all parts The first-quarter performance 540 ZZ-C.Z '.ZZZZIZ'ZZIf • tkm that prime minister gium’s Tractebel. advantages - it is cleaner of the gas chain and we want to was also hurt by tbe weakness of ‘ designate Carlo Ciampi much - Its directions, times: Biles British restores Berlin sterling, which dented dollar-de- —— * would be able to form a But Mr Jonathan Stem, analyst to burn and price is compet- grow in all but our Sign of the John of Gas pipes in 500 government. The Comit at Gas Strategies, a consulting itive. In a cautious estimate for real knowledge is in developing nominated revenues from 480 ~/z:,T:.Z7.:'*'ZZ index finished 5.99 ahead group, believes that since the gas the growth in global gas demand gas markets,” said Mr Russell regulator. However, established British Gas's need to expand is Europe. /--• 460 — •; at 547-25. Mr Fabio Fer- business is so capital Intensive, by 2010, Royal Dutch/Shell group Herbert, director of British Gas’s gas companies such as British driven by more pressing con- Mr Monty said his priorities j f » a rando of Albertini in Milan companies will be financially puts consumption at 2,500bn Global Gas business. Gas, Gaz de France and Ruhigas cerns: its UK market is being since taking over as CEO have 19W said: “The performance of constrained from developing a cubic metres from the current This has seen British Gas tap- have great marketing expertise actively eroded by regulators and included cost containment and sourca ft &aphn* the market speaks for itself worldwide network in the way level of 2,000bn cubic metres. ping Into potentially lucrative they can offer countries develop- government. The company is efforts to improve the effective- in terms of what Investors think of the appoint- the oil industry has done. The rapid growth in gas markets overseas. The company ing their gas businesses. Technol- under investigation by the ness of Northern’s R&D effort. ment." Back Page "It will become a regional busi- demand poses a huge challenge is active in 45 countries. But com- ogy usually means they can offer Monopolies and Mergers Commis- R&D spending climbed 12 per ness and is already becoming for the energy industry. In a petition is Intense - European cost savings in running a market sion, which could lead to sub- cent in tbe first qnarter to dominated by about 20 companies recent speech, Mr Roland Wil- gas companies fear their market and they also have the cash to stantia] changes in its UK busi- S227m. Market Statistics with strong local bases which are liams. gas and coal co-ordinator monopolies may be broken up by invest in large scale projects. ness. He singled out opportunities in expanding into specific markets for the Shell group, estimated the EC and many are looking to Gas distribution companies are Tbe UK regulator has already the fast-growing wireless mar- Base tending rales 36 London share service 29-31 overseas," he said. that the cost of finding, produc- diversify overseas. also moving into oil exploration. warned the company tbat it will ket, and said Northern expected Benchmark Govt bonds 22 Lifle equty options 22 Gas Natural, for example, is ing and transporting new gas to These new markets offer great British Gas is currently involved not be able to finance expansion to announce a new wireless ven- R-Airatos 29 London tratill options 22 FT-A nwW indices Back Page Managed fond service 32-38 looking to expand into overseas the main markets over the next growth potential, but bring with in negotiations to develop the overseas by raising prices in the ture in the UE within the next FT Toed Interest indices 22 Money matats 36 Spanish-speaking markets and 20 years will be between $800bn them a bigger risk of regulatory giant Karachaganak field In Kaz- UK. few days. He declined to provide Issues 22 FT/tSMA ht bond sve 22 New M. bond focusing on opportunities created and Sl.lOObn. Interference than exists in gas akhstan. which would double Its The next 10 years, however, further details. commodity prices 26 Ruanda! futures 36 Mfortd by the wave of privatisation in The oil companies have so Ear exploration and production. existing gas reserves. should see the transformation of Northern’s share price rose Foreign exchanges 36 Wortd stock mkl indices 37 South America. stuck mainly to gas exploration Countries privatising their utili- Germany's two main gas com- the gas business from the current C$1 to C$44.13 on the Toronto London recant issues 22 UK dMdands announced 25 Gas companies' global ambi- and production, resisting involve- ties have often looked to the UK panies. Ruhrgas and Wintershall domestically-focused supply stock exchange yesterday morn- tions rest on the back of a grow- ment in distribution or power for a model and here, British Gas are looking to buy into explora- chains into a much more global ing following the release of its Companies in this Issue ing trend towards de-regulation generation, which could prove has suffered at the hands of the tion acreage in the North Sea. industry. results. Atao 18 Mow 19 Ascorn 18 National Westminster 24 Austrian Aefines 17 Norsk Data 18 Bethlehem Steal 19 Nortel 18 Biwater 26 Northern Telecom 17 Euro Disney seeks more cash Boeing 20 Owners Abroad 29 Bournemouth Water 26 PepsiCo 19 Britannia 28 Peirofina 21 British Aerospace 24 Pilatus 20 after FFrl.08bn halfway loss British Gas 17 Piper Aircraft Corp 2D Bryant 26 Porth 26 By Alice Rawsthom in Paris its 49 per cent shareholder. park, but the outcome was worse CRA W Procter & Gamble 19 However it said the refinancing than expected. EuroDisneyland CS Holding 18 RJ Reynolds 20 visitors Calm Energy 25 RWE 19 EURO Disney, the leisure group plan was at "a very preliminary attracted 3.3m during the Capital B Regional 26 S&U 28 which this month celebrated the stage” and that it could not com- first half when hotel occupancy Capital Industries 26 SAS 17 first birthday of the EuroDtsney- ment on sources of new capital, reached 37 per cent. 18 Commercial Union 29 SEBanken Land theme park near Paris, yes- nor on tbe amount required. Euro Disney received Dakota 26 Sage 24 terday announced that it lost The group has failed to meet FFrI.79bn in revenue during the Dasa 18 Sandoz 18 first half its financial targets since six months to March 31 (compari- Edinburgh Inv Trust 26 Savage 26 FFrI.OSbn ($203m) in the Elf Aquitaine 21 Sears 18 of this year and that It was try- EuroDisneyland opened last sons with the previous year are Enron 17 Sears Canada 20 ing to secure new capital. spring. invalid because the park was not 26 Euro Disney 17 Shlrescat The group, which is already in Tbe park is expected to have open) but incurred FFrl.32bn of Fokker 18 Slough Estates 26 discussions with its banks to try attracted llm visitors by the end operating costs and FFrl.72bn of Foreign & Colonial 24 SmlthKJIne Beecham 29 its FFrUObn debt, of this month, making it France's administrative expenses. GBL 21 Stagecoach 24 to restructure Gen cor 21 Swissair 17 said it needed new funds to alle- second most popular tourist The group, which is trying to Glaxo 29 TNT 21 viate tbe impact of "anticipated attraction after Notre-Dame improve its performance through Guinness 24 Tarmac 2ft 17 losses" and to prevent its work- cathedral. local promotions and more flexi- Toredo Petroleum 25 Hambros 21 ing capital requirements from But income from hotels, cater- ble pricing, said it expected to Herring Baker Hama 24 Tesco 26 having “adverse effect on the ing and merchandising has fallen boost attendance and hotel occu- How 26 Travis Perkins 24 an expectations. pancy in the second half. KA 29 Tirftow Oil 28 cash and financial position”. below ITT 19 USX Corp 20 Euro Disney confirmed that it The winter period, which foils However, it said it was still on JCI 21 Waterford Foods 28 had begun negotiations over the in the first half of the financial course for “a substantial loss" In Water 26 KLM 17 West Hants recapitalisation with Disney, the year, was always expected to be the full financial year. MeKecknie SB WoHacott (Arthur) 28 US entertainment group which is the most difficult time for the Lex, Page 16 MetatlgeseHschaft 24 Xerox 19 Young Group 24 I,Chief price changes yesterday I Tarmac losses soar to £350m

145 Oooa

FINANCIAL TIMES WEDNESDAY APRIL 28J993

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rules off investor Provisions restrict rise Court SE Banken beats and Skandia life to reveal details of executive Item discharg- Trygg-Hansa against usuallv routine salaries for the first time; By Hugh Camegy in insurance concerns. Little ing the board of any liability In Stockholm than b^lf of the small argued that large shareholders respect of the bank s 1992 more among the 1,500 in Sweden have not exerted at CS Holding to 5% bid was easily defeated shareholders Gehe BOARD of Skandinaviska activities meeting sufficient control over the run- THE representatives of sev- present at the Sweden's when companies. Enskilda Banken. cast supported the postponement ning of By Richard Waters m London visions and write-downs. Provi- Revenues at CS First Boston eral large shareholders largest bank, last night Mr Bjorn Svedberg. the chief- and Ian Rodger in Zurich sions would reach almost the rose by $2l4m to $lB2bn, as for OCP against the move. caH attempt by their votes brushed aside an shareholders' associa- executive appointed last Sep- same level this year, said Mr investment banking contrib- item was then passed. The email investors to call direc- The tember, told shareholders the of uted 5868m. from 5703m in By David Buchan in Paris shareholders tion wanted a board shake-up NET INCOME at CS Holding, Josef Ackermann, president up year’s The large tors to account for last year's cata- bank’s operations had shown the financial services group the executive board. 1991. Return on equity fell to included the Knut and Alice following last losses by marshalling - cent. THE complex takeover battle heavy results, when SE an upturn this year first which includes Credit Suisse Volksbank said its first quar- 18.7 per cent from 31.3 per and Wallenberg Foundation, which strophic Commercials Phar- the support of institutional operating quarter results are due on May among its operations, rose by ter result clearly surpassed Mr Gut said the group had for Office 5.43 per cent of SE Banken returned other large shareholders, holds - just decided drop a plan, maceutique, France's biggest losses SKr5-37bn ($7G5m) and 12 but repeated earlier warn- 5 per cent to SFrl.03bn that of the same period in 1992 to fam- Banken. and Investor, the of wholesaler, took a including the Wallenberg of more high lending- (5726m) last year. and exceeded targets. Its assets announced two years ago, to drug piain Wallenberg investment reported Joan losses of ings cent of Credit another twist yesterday when ily- to expo- losses this year and next This follows heavy provi- fell to SFr44.95bn at the end of sell up to 20 per vehicle which owns 1.72 per SKriO^bn largely due ruled A call by Aktiespararua, the sions on Swiss lending and a March from SFr46.01bn at the Suisse to raise additional capi- a Faria appeal court sure to Sweden's recession-hit He said discussions with the 65,000-member national share- cent fall against the bid by Gehe, the government on a capital in net income at CS First end of December, reflecting the tal. Instead, it is launching an Among institutional share- property market drags wholesaler. holders' association, for a post- Boston, the group's 63 per cent transfer of its international American Depositary Receipt German voting against Akties- The association, which last restructuring package for the at SE Bankeu’s holders owned investment programme this week in the This appears to leave the field ponement .were continuing. bank. branches' assets to Credit Sui- parama's call were the SPP. week forced the board at Volvo bank for Franco-American annual general meeting of a However, Mr Rainer Gut, sse. US to encourage investors open a launched on Mon- chairman, said the first quar- CS First Boston reported net there “to participate in future connterbid ter of this year had been “very, income of $17Gm, down from capital increases". day. 1' exception to very good in Switzerland, $2 16m the previous year, as its • Union Bank of Switzerland, The court took agreement made between Data shares to be delisted in Oslo with cash Qow up by 20 per tax charge jumped by to the country’s largest bank, the Norsk cent compared with the same $l01m. The 1991 figures had said Its first quarter cash flow Gehe and Mr Je&n-Pterre well above previous year Duchg, who in spite of being period last year. benefited from tax lasses car- was. group's main creditors, Mr Hvistendahl made the reprivatised. Over the past as Karon Fossli In Oslo and the Provisions of SFrI.52m at ried forward from previous levels at both parent company recently ousted as nominal By was behind the decision. remarks at the annual meeting years, the state has injected Credit Suisse, announced last years, said Mr John Hennessy, and group levels, with a strong head of OCP controls two com- - in Norsk Data, the Under the restructuring, of the Norwegian Banks Asso- more than NKr27bn into the month, accounted for the bulk chief executive of the invest- contribution from units panies - SGP and Eurosante SHARES computer service Norsk Data will pay a cash div- ciation, the lobbying arm of banks to rescue them from of the group's SFrl.77bn of pro- ment bank. abroad. No figures were given. which effectively run OCP’s Norwegian of per cent erf what is the commercial banks of which insolvency. distribution system in France group, will be delisted from the idend 25 creditors. was yesterday elected chair- This has resulted in the state and abroad. Oslo bourse from May 3. The owed to unsecured he The agreement stipulated main reason behind the move DnB and Fokus agreed to refin- man for a second term. acquiring Christiania Bank ance Norsk Data's outstanding He challenged the govern- and Fokus Bank, the country's that if Gehe got more than 50 is that the group's share capi- Akzo blames fibres for decline of ment to end competitive distor- second and third biggest com- out. debt of NErSOOm, which per cent of OCP, it would also tal has been wiped the mercial increasing the shares in bourse said. XKr300m is in German bearer tion in Norway’s bank sector banks, and : get 75 per cent of December, bonds. A share issue is to be by dismantling annual state its stake in DnB to 70 per cent By Ronald van der Krol Operating profit in fibres plum- Pharmaceuticals, which in these two companies. At the end of Data bad negative undertaken by partly convert- subsidies of an estimated from 55 per cent Over the last in Amsterdam meted by 79 per cent to El 14m recent years has been the main The court said this arrange- Norsk including deferred ing debt to equity. NKrSbo. given in the form of two years of crisis, the com- from F166m in the first quarter force behind Akzo’s profit ment unfairly predetermined equity, of NKr474m (S71.6m). • The six-year crisis in Nor- subsidised interest rates mercial banks have been A SHARP decline in earnings of 1992. growth, reported virtually the outcome of the takeover taxes, said an way's banking sector is set to to non-commercial state forced to reduce their balance from fibre operations caused Another factor behind the unchanged operating results of bid for OCP. Gehe could uot be Bourse officials also continue, although is lon- banks. sheets per cent uet profits at Akzo, the Dutch profit decline was an extraordi- FI 129m, reflecting what the reached for comment on what out-of-court financial restruct- it no by by 15 and Data, agreed ger acute, according to Hvistendahl also called the number of branches chemicals group, to fall by 23 nary loss of FI 13m due mainly company described as disap- Its next step might be. But the uring of Norsk Mr Mr by 40 Finn leave I with Den norske Bank and Hvistendahl, chief execu- on the government to create per cent This has meant cost n per cent to FI 157.9m (587.7m) to Akzo's transfer of a 51 per pointing earnings in Germany. court ruling appears to 00 Norway’s tive Bank, Nor- conditions would allow reductions of per cent in the first quarter of cent stake in its European car- In coatings, results feu by 14 the field free to the coonterbid Fokus Bank, two of of Den norske winch 30 since 1993. bon fibre business to Toho per cent to FI 24m. Chemicals launched by Co-operation top three commercial banks way’s biggest bank. the commercial banks to be 1988. The company blamed the Rayon. gamings totalled FI 12lm com- Pbarmaceutique Fiancaise downturn on lower sales and However, Akzo said the first pared with FI 123m. Overall, (Cooper). Bergen Brunswig of selling prices for textile and quarter results, excluding net sales feU by 3.8 per cent to the US, the Boortly family and Sandoz raises sales 2.5% Swiss telecoms group industrial fibres in Europe, a extraordinaries, represented an Fl4^3bn. of which about half the drug laboratories of sac trend that first became appar- improvement of FI 43m over was due to lower sales by vol- French companies as Rhone ent in the second half of 1992. the final quarter of 1992. ume. Poulenc and Sauofi. in quarter to SFr4.12bn tumbles to SFr46m loss The Cooper-led group has offered FFr 865 a share, com- By Ian Rodger hra Zurich 31r Rolf Schweizer, vice-pres- By Ian Rodger tion of Swiss telecoms markets, Sears lifted by pared with the FFr800 origi- ident, said all divisions except said in a statement that the Deutsche Aerospace takes nally offered by Gehe, for SANDOZ, the Basle-based seeds achieved sales gains in ASCOM, the Swiss tele- unexpected loss arose follow-

| restructuring shares not only in OCP, but pharmaceutical and rhpmfrafc the first quarter, and the communications equipment ing a special examination of 51% stake in Fokker also in SGP and Eurosante. group, said sales in the first 1.4 per cent decline in group, tumbled into a SFr46m some of its activities winch led By Maggie l/rry in London These latter companies were quarter of 1993 were up 23 per seeds sales was due to a dis- (S32m) loss last year and the to inventory write-downs. By Ronald van do Krai in mid-May. “We are quite set up as a defence against cent to SFr4221bn (82.97bn). posal directors are recommending It died its cable television, SEARS, the UK retail group, In The Hague hopeful that it will be posi- hostile takeovers by Mr Duch£ Mr Marc Moret, chairman, Mr Max Link, head of the that the dividend be passed. activities in Germany and its was reaping the benefits of its tive.’' said Mr Jflrgen under a peculiarly French sys- said he was confident about group's pharmaceutical divi- Last year it paid SFr70 on the private mobile radio business. restructuring, Mr Liam DEUTSCHE Aerospace yest- Schrempp, president of Dasa. tem known as sociitis en the outlook for the year, in sion. said first-quarter rales in bearer shares. It said it bad also streamlined

Strong, chief executive since day signed a contract giving it Dasa, part of the Daimler- commandite , in which the spite of the unfavourable eco- Germany and Italy had both News of the loss, which con- its product range to cut costs February last year, said yes- a 51 per cent stake in Dutch Benz group, is taking a 51 per shareholders virtually surren- nomic climate in Europe. fallen by more than 10 per tradicted earlier indications and invested in new market terday. aeroplane builder Fokker, end- cent stake in a new holding der their rights to managers “I can already state that we cent as a result of govern- from the group that its 1992 development The group, whose retail ing negotiations which lasted company which will own Fok- who in return assume unlim- will be able to look back ou a ment-imposed price restric- profit would be 50 per cent The statement said that the brands inclade Selfridges and more than a year and touched keris shares. This will be done ited liability for the com- good year. So far. we are wen tions. lower than the previous year’s, group’s strategy of concentrat- Freemans, recorded a 2.8 per off an industrial policy debate through the purchase of new pany. within the framework of bud- Sandoz executives were con- sent its shares sliding yester- ing on the growth area of cor- cent rise in pre-tax profits to in the Netherlands. shares and the acquisition of The COoper bid for OCP may gets set last September, and I fident that they could over- day. The bearer shares closed porate networks was beginning £S3.5m ($l28.6m) in the year The only hurdle to German- most of the Dutch state's 32 itself face legal problems can see no reason for any come increasing government down SFrlSO at SFrl.380. to produce results. Total reve- to January after excep- 31, Dutch co-operation in aircraft per cent stake. The govern- because it is conditional on change in the next few pressure on drug prices in both The group, which has been nues rose 9 per cent to tional costs of £3l.5m, down building is the European Com- ment. Dasa’s main negotiating the Cooper group getting 75 months," Mr Moret said at the the US and Europe with a striving to develop a competi- SFr3.37bn last year and orders from £32.5m. mission. whose official reaction partner, small will keep a hold- per cent of SGP and Enro- group's annual press confer- steady stream of new and inno- . tive international presence in received were up 10 per cent to Lex, Page 16 to the transaction is expected ing for a three-year transition. santd. ence. vative products. I anticipation of the liberalisa- SFr&2bn.

REPUBLIC NEW YORK CORPORATION SAFRA REPUBLIC HOLDINGS S.A.

Consolidated Statements of Condition and Summaries of Results

These statements and summaries represent the consolidated accounts of Republic New York Corporation and its wholly owned subsidiaries and ot" Safra Republic Holdings S.A. and its wholly owned subsidiaries. Republic New York Corporation owns 48.9% of Safra Republic Holdings S.A., which is accounted for by the equity method.

REPUBLIC NEW YORK SAFRA REPUBLIC Steady growth CORPORATION HOLDINGS S.A.

March 31, March 31, ] in 1993 1992 1993 1992 earnings shows Assets (In thousands of US$ vxccpi per shurc ditO Gish and due lium banks $ 446,934 $ 336,511 $ 60,864 $ 54,289 bearing deposits with CS Holding’s Interest banks 7,271,423 8,781,642 3,301,462 3,025,062 ITflt Precious oietais 417,673 412,443 117 1,126 Investment securities 13,063,123 10,159,932 5,557,635 4,399,473 C \f h 0 l rf r h Trading accounr securities 2 5 financial strength

Federal fends sold and securities purchased . under resale agreements Loans, net of unearned income 1,173316 1,202,615 Allowance for possible loan losses GROUP COMPANIES: Loans (net) 7,673,289 8.047,706 1,1 16,726 1,188,799 CONSOLIDATED FINANCIAL Ocher assets 3,290,283 3,214,108 280.081 245,776 HIGHLIGHTS FOR 1992 Total assets. $34,769,399 $32,254,197 $10360,502 $8,919,848 CREDIT SUISSE Liabilities CASH FLOW SFR M 2,955 Total deposits $20,713,976 $20,187,839 $ 6,819,860 $6,615,837 Short term borrowings 4250,698 3,271,344 1,705,094 669,105 SWISS VOLKSBANK NET PROFIT Other liabilities 3,184,200 2,839,629 231,215 150,421 FOR THE TEAR SFR M 1,028 Long term debt 2,175,662 2,440,118 447,600 397,600 Subordinated Jong-term debt and perpetual capital notes 2,130,988 1384351 SHAREHOLDERS* EQUITY SFR M 9,493 Shareholders’ Equity LEU HOLDING LTD. Cumulative preferred stock 556,425 556,925 stock and surplus, net of treasury shares.. RETURN Common 711,288 706,833 901370 902,219 ON EQUITY (ROE) 11.7% Retained earnings 1,046.162 867.158 254,863 184,666 CS FIR ST BOSTON Total shareholders' equity 2,313,875 2,130,916 1,156,73 1,086,885 GROUP, INC. Total liabilities and shareholders’ equity $34.769399 $32,254,197 $10360,502 $8,919,848

Book value per share $ 33.67 $ 30.26 $ 6537 $ 61.40 portfolio assets in custody CS Client 3,697365 2,513334 Holding is one of the world’s leading FIDE 5 TRUST LTD./ Net income, for the quarter ended $ 68,745 $ 60,404 $ 27305 $ 22,636 share (primary) Net income per common $ 1.18 $ 1.04 134 1.28 $ $ FIOES financial services groups. If Average common shares outstanding (primary) 52,196 52,020 INFORM ATI K you would like a 17,703 17,733 J copy of the ' ^ Annual Report, Risk-Based Capital Ratios please call us at

of March 31, 1993 Republic New York Corporation's risk-based core .As capital ratio was 17.64% (estimated) and total (41 ratio was 3039% (estimated.) 1) 212 02 90 or fax qualifying capital The ratios include the assets and capital of Safra Republic Holdings your business card basis (in excess of $40 billion S.A on a consolidated in total assets and $4 billion rotal capital) risk -weighted 'in requirements of the Federal ELECTROWATT LTD. accordance with the Reserve Board specifically applied to Republic New York Corporation. to us at (41 1) 212 06 69.

York Corporation Republic New Safra Republic Holdings S.A. Avenue at 40th Fifth W 32,3 2. boulevardboulevard KoydRoyal York New \ ork, New 1001* 2449 Luxembourg Banking Locations L5mlon. Geneva, Gihniirar. Guem*pr, Luff.irv.>. Luxembourg, Milan, Monte Carlo, Paris, Zurich, Beverly Hills,, Cayman [siIslands, Angeles, M«ko City. M«nm.. Muntol. N^-nj, Lui New Ywfc. Buernn Aires. Gracas. MoncevtcL. Punra ffi&fe, ‘ R|° ‘k 5“W IU' J Beirut, Beijing, Hong Kong, Jakarta, Singapore, Taipei, Tokyo CS Holding Nuschelerstrorae J 8021 Zurich Switzerland s

FINANCIAL TIMES WEDNESDAY APRIL 28 1993 19 INTERNATIONAL. COMPANIES AND FINANCE ITT improves Bethlehem RWE hopes to maintain dividend Shake-up - Steel sees By Quentin Peel in Essen RWE, a former electrical util- German financial history many's power generation, say- limits 27% in spite of ity and coal-mining operation, raised DMl.64bn, contributing ing it was essential to ensuring RWE. the German energy- had an annual turnover of DMl.62bn to the group cash competitive energy costs for upturn based industrial combine, DM52bn Last year and is the balances after deducting costs. the German economy. Xerox increased turnover by 2J5 per fifth largest industrial group in Air Gieske said the money He rejected any suggestion catastrophe loss By Martin Dickson cent to almost DM40bn ($25bn) Germany. would be used to replenish that Germany should buy By Martin Dickson In New York in the first nine months of its The company last year paid group liquidity after a string of cheaper electricity supplies financial year, and hopes to a dividend of DM12 per share, acquisitions in recent years, from France or eastern Europe A change in the organisation By Martin Dickson upper end of analysts’ expecta- BETHLEHEM Steel, the second maintain both profits and divi- with group earnings of and to help finance an invest- - generated from nuclear of Xerox's US salesforce dis- in Maw York tions and ITT shares rose $2Vi largest integrated steel com- dend for the full year. DMl.Mbn. ment programme in east Ger- power stations - while refus- rupted first-quarter sales and in morning trading on the New pany in the the many. It would also help ITT, US, announced a Mr Friedhekn Gieske, chief Mr Gieske said Consol, to ing to build any more such helped hold back revenue the US conglomerate, York stock exchange to stand S-llm first-quarter net loss, executive, said that poor US mining company jointly repay bank debts of Vista, its facilities itself. growth and profits, the docu- yesterday reported a 27 per at $80%. while Nucor, the largest US results in chemicals and oil owned with Du Pont, was nego- US chemicals subsidiary, and He confirmed that RWE ment processing company cent rise in first-quarter net ITT Financial, which was the mini-mill group, reported a 33 refining, and in its printing tiating to buy Island Creek, a provide DM450m for Hochtief, would ask the European Com- reported yesterday. income, thanks to sharply bet- subject of a S6I2ra fourth- per cent rise in net earnings to machinery subsidiaries, bad coking coal producer owned by the construction subsidiary. mission for exemption from EC Xerox reported net income of ter performances at its finance, quarter after-tax restructuring $2l.7m. been offset by good results Occidental Petroleum. The RWE chief used the competition regulations in its SlSdra, or Sl-77 a share, against automotive and hotels busi- charge, reported income of The US steel industry has from construction, and stable He revealed that the rights occasion to restate his compa- monopoly power-supply con- a loss of $529m, or $5.68. in the nesses. $67m, up from $32m, due to been suffering from a cyclical figures from energy, mining issue launched by RWE last ny's commitment to nuclear tracts with local authorities in same period of last year when The improvement came in lower loss provisions and bor- downturn in prices and and raw materials. month - the second largest in energy as a component in Ger- Germany. it took accounting charges. spite of $41m of extraordinar y rowing costs. demand, though some of the Income from the core docu- catastrophe losses at its ITT The automotive business saw more nimble, low-cost mini- ment processing business was Hartford insurance subsidiary, income rise to $32xn from $19m, mill manufacturers, notably $125m. or S1.12, against S103m, due to a severe winter storm following Procter ahead “cost improvement Nucor, have avoided the heavy US recovery puts Mobil in profit or 91 cents, last year, while and the February bombing of actions," while the Sheraton losses suffered by the large, revenues were unchanged at New York's World Trade Cen- Hotels group transformed a integrated companies. By Alan Friedman economic growth in Europe, were S2lm, against SlOm a year in third term $3.3bn. The results were helped ter, and a drop in after-tax loss $16m into $l6m of profits, Bethlehem expects to return in New York the US economy had picked up ago. Worldwide capital and by a one-time $i?m Brazilian portfolio gains at Hartford and helped by “higher occupancy to profitability this year. and US gas prices recovered to exploration expenditures for By Nikki Tait tax benefit, and pre-tax profits ITT Financial to 2 $4 m from and rates, particularly in the Mr Curtis Barnette, chair- MOBIL, the big US energy more traditional winter levels. the first quarter of 1993 were on the document processing «84m. renovated New York city prop- man, said there were encourag- group, yesterday reported a He said Mobil continued to $8I5m, or 10 per cent lower PROCTER & GAMBLE, the side were essentially Net income totalled $l75m, erties and significantly lower ing signs of “an increase in first-quarter 1993 net profit of focus on restructuring efforts than last year. large consumer products com- unchanged. or S1.30 a share fully diluted, overhead expenses". steel demand and the restora- $4Kim, or $1.19 a share, against and reported that operating • Chevron, the fourth-biggest pany, announced an 8.9 per The company said lower compared with net income of ITT Hartford reported tion of fair value for our prod- a loss of $3 19m last time, fol- expenses were down year-on- US energy group, also reported cent increase in after-tax prof- equipment sales and weakness $138m, or in the 1 $1, same income of $156m. down from ucts.' There had been a signifi- lowing accounting charges. year in the US. buoyant first-quarter results. its for the three months to end- in the Japanese economy, period last year, of excluding $168m, though excluding port- cant increase in orders. With last year's accounting Exploration and production Net income was $501m, or March. at 5516m. which hit profits of Fuji Xerox, accounting changes. Sales folio gains and extraordinary Its net loss was 54 cents a charges stripped out, the year- earnings were $433m, up from SI .54 per share, up 47 per cent P&G, which has made an had been offset by continued were static at SS.lbn. losses the business had share, compared with a loss of on-year comparison shows Sl75m a year ago. on the previous year’s quar- unchanged S1.53bn after-tax in expense control, including 800 The figures were at the unproved operating results. $36m, or 55 cents, last time, first-quarter earnings more US operating, earnings for terly income before special the first nine months, said the job cuts in the first quarter. excluding changes in account- than doubled this year, from exploration and production accounting charges. third-quarter increase reflected Document processing reve- ing practice. Sales totalled S277m a year ago. were $117m while non-US earn- Total revenues were $9.8bn, lower costs and good volume nues grew 2 per cent, exclu- $l.D2bn ($995m). Revenues were $i3bn, a ings were $3 16m. compared with $9.7bn a year growth. ding currency factors, with PepsiCo buoyed by Nucor's earnings, lower than decrease of 1 per cent year-on- Marketing and refining earn- ago. Capital and exploration Fully-diluted earnings per new digital products showing most forecasts, were 50 cents a year. ings were 3134m, an increase of spending was $778m in the share for the quarter were 67 growth of 34 per cent. But reve- share, up from 38 cents. Sales Mr Alien Murray, chairman, $82m year-on-year. quarter, down from Sl.OSbn a cents against 62 cents but sales nues from black and white strong domestic sales totalled $489m. against $388m. said while there was sluggish Chemical division earnings year ago. fell by 13 per cent to $725bn. copiers were down 2 per cent.

By Nikki Taft in New York $5.09bn, while earnings per share advanced 10 per cent to PEPSICO, the soft drinks, 32 cents a share. restaurants, and snacks group, PepsiCo said domestic busi- yesterday reported after-tax ness did particularly well, with profits of $260.4m in the 12 profits rising 23 per cent - the weeks to March 20, the first strongest growth it has seen in quarter of its financial year. nine quarters. Ahead of accounting-related On the international front, charges, this reflected an 11 progress was held back by per cent improvement on the weak economies in the UK and same period of 1992. Australia and unfavourable Sales were up 13 per cent at currency movements.

r.ou> >lt\i vo comwxt i ;

Siiiiiiiuti’V rcjHM-i-SMpiurtcr ciuUd -II >larcli I 00a Randfontdn Estates Wm Bm«JtonMn E«ams GcMMMnflCompany WHwa«fl«3rand Limited Registration numbtn 01/00251 AM Nine months Quarter ended ended 31.03.93 31.12.83 31.03.93 Ora mflled: tons (000) 2001 2 098 6138 Yield: grams per ion 3,97 3.85 3.87 • .1 Working cost - per ton mated R 106, 07 R1 02.77 R103.93 - per Wtajyam produced R26 718 R26 698 R26 835 •;v R000 R000 ROOO Net profit before lax 63 236 60 297 181 573 Net profit after tax 49 848 48 454 145673 H* Capita) ex 22 738 25 688 73 356 21 397 21 397 Western Areas Western Aieas GoU MHWig Company Limited Registration number 5303209/06

Nine months 1 Quarter ended ended 31.03.93 31.12.92 31.03.93 •A'. • Ore milled: tons (000) 536 530 1 611 Yield: grams per ton 6,35 6,22 6,14 Working cost - per ton milled R1 98,38 R201.78 R 197,97 - per ktogram produced R31 218 R32 447 R32 258 ROOO ROOO ROOO

profit before and I Net .... 17 362 8953 34 391 5948 16 860 i i Capital expenditure 6360

H. J. Joel H. J. Joel Gold Mning Company Limbed •V-S •tii' Nine months | Quarter ended ended 31.03.93 31.12.92 31.03.93

Ore milled: tons (000) 185 214 649 jt* Yield: grams per ton 6,23 6.27 6.01 Working cost - per ton milled R192J16 R201.42 R193.63 - per kaogram produced R30 948 R32 119 R32 198 : V ROOO ROOO ROOO

Net profit before and 1 871 5166 7 612 Capital expenditure 3276 5699 17902

All figures are unaudited. Quarterly reports have been mailed to the shareholders of each company. Copies of the reports may be obtained from Bamato Brothers Limited, 99 Bishopsgate, London. EC2M 3XE.

Johannesburg 28 April 1993

LTCB International Limited

As previously announced in the Financial Times of Tuesday April 27, 1993, LTCB International Limited has had to move due to bomb damage of our premises in Bishopsgate.

LTCB International Limited is consolidating aU of its departments, including Marketing, Sales/ Trading and Settlements at the following address until further notice:

LTCB International Limited do Digital Equipment Co., Ltd. James Watt House 279 Tottenham Court Road London W1P9AA

Telephone: 071628 2111 0714128307

Facsimile: 071412 8301 . • '.. '

WEDNESDAY APRIL 28 1993 FINANCIAL T..V.FS INTERNATIONAL COMPANIES AND FINANCE ' Piper R. J. Reynolds Swiss group attempts to call the tune at producer of light aircn 7731 Tait report on a controversial suitor for the US Ian Rodger and Nikki of the product enters cigarette „ _ because^ fonuer-s to issue. Shortly **;-. the United Nations Security three JgL T 10am tomorrow, a time.. It is investigating Piper flled fot complained to the gaggle of lawyers will Council other US tie-ups for J^nter u protection, convene in a Miami Swiss government that it vio- some assemblies, rumoured suites.. . A at since then, price war in bankruptcy courtroom. At lated the UN embargo on arms done US would augment woA have included a cat one shipments to South Africa. The would stake will be the future of Piper, some- of which vestment consort^,- By In although African National Congress also Nikki Taft New York Winston is one of Reynolds’s of the best-known, provide alternative manatee P transfer man- sadly-blemished, names in US opposed the sale. ^ " flagship brands and the one capacity. hiring ufacturing to Canada, and Piper Aircraft Such touchy background firam* R.J. REYNOLDS, the domestic which competes most closely civil aviation: Mr Oskar Brfadler, relocation issues might prove valuable another involving US tobacco the with Morris’s Marlboro. Corporation. advantages - arm of Philip director, says the -- amtmmltinn should Other SUlt- Indian reservation in Not R. J. Nabisco non-menthol, For months, bidders have are the an R. food and ciga- Camel is also a of the Piper acquisition the - the ors wish to start a bid battle. Mexico. In all cases, retoca- rettes group, is to match the full-priced brand, although its been sniffing around Piper, obvious ones: getting an exist- auction is, at least a pos- were designed to arnette ; large price market share, at about last manufacturer of “little An worldwide tions ; cute in full-priced total US ing product line, a problem. firm sibility. Piper's lawyers are rate the liability cigarette brands that Philip 4.1 per cent last year, was planes” in the US. But a distribution network, - sales and asking the court to set up a pilatus plan takes a

This announcement appears as a matter ofrecordonly. NOTICE OF REDEMPTION Payment of fed POd Pad T lour wn> (BdOl idea Blot THE ROUSE THE BANKOF NEW YORK P»*i

NOTICE OF REDEMPTION

To the Holders ofi

American Bankers Insurance Group, Inc. ALLIANCE 4- LEICESTER BFCE IN 1992 : A NEW EARNINGS 5y<% Convertible Subordinated Debentures Due 2001 Alliance & Leicester BnUlng Sod* tv INCREASE Redemption Date; May 28, 1993 £112,000,000 CONSOLIDATED INCOME Subordinated Floating Rate (FRF mHHom) ^7 1992 Variation (%) NOTICE IS HEREBY GIVEN that American Bankers Insurance Notes doe 1998 Under rhe chairmanship of Michel Net Group, Inc. (the “Company”) wiD redeem all banking and other Income “ TwT of the oatstanding 5%% Convertible Subordinated Debentures Due 2001 (the “Debentures") on Freyche, the Board of Directors ”io« May 28, 1993 For the three months 26th April, of BFCE Ope rating income before 7T~~. provisions _ TJ (the “Redemption Date”) pursuant to Of 1 the provisions of Article Eleven of the Indenture dated as of May 15, 1986 1993 to 26ch July, 1993 the dosed che accounts for the financial year to * A Net Income, Group share between the Company and Chemical Bank, successor by merger to Manufacturers Hanover TYnst Company Notes will carry an interest rate of 1992 during the meeting held April 7.- 1Jg W M9 (the “Trustee”). 6-65% per annum with an TOTAL CAPITAL (COOKE 1993- Standard) (FRF bllinms) 5^5" Interest nmouni of £3,289.73 per The Debentures are to be redeemed at a redemption price (the “Redemption Price”) of 101.00% of their ®.G * IB £500,000 Note, payable on principal amount plus accrued interest to the Redemption Date of $0.16 per $1,000. On the Redemption Date 26th 1993. the July, Sustained activity despite difficult With operating expenses Redemption Price will become due and payable on each Debenture to be redtoned and interest thereon will at rhe same level Lorni on the Luranbmng Stride Exchangr. economic conditions After supplemental cease to accrue on and after said date. Payment will be made to holders only upon surrender of the Debentures as in 1991, gross operating allocation to general profit g„. w by provisions to the office of one of the Paying Agents indicated below: nearly of FRF 120 million 4 percent, to FRF 6% million. for rontin- During 1992, BFCE confirmed the high 5° miU5on “ Fund Chemical Bank Bonque Gen era] o du Luxembourg SLA. for levd of activity it had maintained in 1 99 1 Generaj Banlong n Global Securities Unit 27 Arenue Higher income, with a Risks, consolidated net Monterey strengthened income. financial base Group share, rose 1 Gerry Raffles Square Luxembourg to FRF 137 mil- Consolidated net banking income amoun- hon. representing an London ElSl LXC, England Grand Duchy of Lutonbotug increase of 19 pe^nt ted to FRF over the 2,066 million, up from FRF Net allocations ro provisions were previous year. . Banque Bruxelles Lambert FRF 4io 2,041 million in 1991. This advance, which million in 1992, down Avenue from FRF 530 mil- Momix24 NOTICE OF INTEREST RATE was N. slowed by the sovereign risk defeasance lion the year before. While »Uido„, d« revaluation B-I050 Brussels fertrAMfcrxf allocations ro of a ponoa „f program, resulted from sustained growth (5 provisions for specific Belgium BankAmerica Corporation risks were significant- percent fioatoiB RatoSUMtfflaMCapttl on a comparable basis) in the ly higher, FRF 360 million versus FRF 299 1 Delivery of the Debentures for redemption is at the option and risk of the Holder. Delivery of Debentures to Bank’s “P"* which. market activities, which now million in 1 SL,.t T 99 1 , as a result ofdie weakened ‘™“ p*“me Araugh any address other than those specified above will not constitute a good delivery. of the Redemption . income, JJ„. Payment account for percent ofnet banking inco- c Punomi » Ac pwbka of (he Notts tmed 85 economic situation, allocations ro 10111 Price is subject to the receipt by the main Paying Agent of sufficient funds on the payable date. provi- “PW- Following nador ifc hdcnouc of BodtAimkaCaipan- me. This performance well illustrates the sions for sovereign risks dropped sharply to apial inCraxd The Debentureholder has the right to convert the Debentures into the Uaa dttdi* of Jane 15. 19843sainmkdbyttie Kh ^ Common Stock of American Bankers complementary nature of the various busi- FRF 50 million, from FRF 23 hy FRFuS-1 billion, Sccvod SeppfcdKflUl EaVauucitced as ofSep- 1 nuliion in amounting ro FRF ML Insurance Group, Inc. at any time, up to the close of business on the Redemption Date, at a conversion rate of ness $ 6 tember 30. IM7.4IC PMC fpf (be pencil front activities now offered by BFCE : the 1991, due to the beneficial effects of foc 50.9554 shares of stock for each $1,000 principal amount of Debentures converted which equals a conversion Afxll36, l9Bup»**SiaduBngJulySS. mi income progression recorded in money and defeasance program. The coverage price of $19% per share. To convert, please complete the “Conversion Notice” on the reverse side of the h 44S3 1 J*. Tbe mourn of (mens* pijatfc on ratio for 1992 stood at 8.6 ladyM. capital market operations and in internatio- rhe sovereign risks ^ IW]bUA$U23jfiSfaw*SI0IUM remaining St Debenture and deliver the Debenture, with any assignments or powers deemed necessary; to one of the agents on Bank priadpH anon of fee Nates. nal banking, for example, helped the Bank books increased nevertheless at the address to forth above. ro 60 percent, American to overcome die adverse effects of the eco- including coverage for Bankers Insurance Group, Inc. foe countries of the nomic downturn on commercial banking in former Soviet Union whose Dated: April 28, 1993 risk coverage France. ratio in 1991 had been only 35 percent. Francase merteExt&feur .

FINANCIAL TIMES WEDNESDAY APRIL 28 1993 21 INTERNATIONAL COMPANIES AND FINANCE IMPORTANT NOTICE % COM - TEK RESOURCES, INC. Shareholders in Gencor lifts Hambros unit joins Chinese income Com - Tek Resources announces that as a 6% result of bomb damage to the Great Eastern Petrofina deny Hotel, which closed despite trader in broking venture has been temporarily. It is weak 1 necessary to postpone the shareholders By Kevin Brown In Sydney been granted a licence to oper- markets and the companies, meeting which was scheduled for Thursday, stake markets ate as an authorised foreign and that will give us quite an sale plan 29th April, HAMBROS Australia, part of broker on the Shenzhen stock advantage over the foreign bro- 1993 at 11.00 a.m. By Philip Gawtth Hambros Bank of London, has exchange, and is expected to kers operating out of Hong By Andrew HBI In Brussels in Johannesburg formed a joint-venture stock- apply soon for licence for the Kong.” he said. a It is hoped to re-schedule this meeting in the broking firm with China's prin- Shanghai exchange. Mr Humphris said Austra- PETROFINA’S two largest A SOUND operating cipal overseas trading corpora- Mr dying Zhang, managing lian finnnnial institutions were next few weeks and shareholders will be shareholders yesterday made performance against a back- tion to operate on the director of CiTIC Australia, monitoring the Chinese mar- notified accordingly. clear they were not planning to “ ground of depressed commod- emerging Chinese stock said there was little Australian kets, but most had minimal sell their stakes in the Belgian ity markets saw attributable exchanges. interest in Chinese stocks exposure”, partly because of oil and gas company, - and income at Gencor, Sonth C1TIC Australia, a unit of "because Australians are a concerns about accounting The Directors of Com Tek extend their good would work together to encour- Africa’s second-largest mining China International Trust and conservative people and they standards and disclosure rules. age the group's development wishes to the City of London for a speedy house, increase by 6 per cent Investment Corporation Hold- do not really know much about Tbe joint venture marks a Mr Albert FTOre. Petrofina return normality. to R593ra ($!88.7m) in the six ings (OTIC), said it initiated the marker. diversification into financial to chairman and head of Groupc months to February. the joint venture in the hope of Mr Alan Humphris, a direc- services for CITIC Australia, Bruxelles Lambert, the Belgian Mr Brian Gilbertson, execu- stimulating flagging Austra- tor of Hambros Corporate which says it has about bolding company which 28th April, 1993 con- tive chairman, said he lian interest in Chinese stocks. Advisory, said share trades A£260m (USSlSTm) invested in trols a 2l.s per cent stake in believed Gencor*s operational Tbe broking firm, to be would be handled by Hambros, Australia, mostly in commodi- the company, said be wanted performance compared favour- called CH China Securities, is but CITIC would supply the ties-related activities. to "cut short” speculation sur- ably with other resource com- the first joint stackbroking joint venture with economic The company’s biggest rounding Petrofina. panies. venture since Chinese compa- and Industrial analysis. investment is a 10 per cent That speculation has centred He said the board had yet to nies began issuing B shares for "I think that, with the CITIC stake in the Portland alumin- on a 4.9 per cent stake in Petro- decide whether it was in foreign investors last year. entree, we will get a very good ium smelter operated by Alcoa fina built Sancaire up by Elf Aquitaine, Albert Fr&rc: catting short favour of the break-up of the CH China Securities has handle on the economy, the of Australia. Gompagnie the French state-controlled oil speculation over Petrofina group's non-mining interests. COMPAGNIE BANCAIRE SOCIETE GENERALE company. ElPs presence has He said that a decision would FRF 500,000,000 FRF 1,000, 000, Q00 buoyed the Petrofina share group was “solidly behind” be taken by the end of June at 9.40% BONDS DUE 1999 9.25% BONDS DUE 1999 price with rumours of a possi- GBL in its support for Petro- the latest, if not much sooner. Fresh equity for Express with coupon reinvestment ble takeover. GD with coupon reinvestment But Elf repeated fina. Although the larger number option option in a statement yesterday that He confirmed that La Gener- of shares in issue saw earnings Common Code:3i 08706 Common Code: 3063054 its holding was financial "a ate had no Intention of selling per share decline by 10 per By Kevin Brown TNT is required to provide funding costs of A$68.9m for Stcovam Code: 14469 Sicovam Code: 1 4460 investment, which was neither its 11.33 per cent stake 1991-92, in cent to 43.1 emits, the dividend half of any fresh equity needed GD Express in which According to the terms and According to the terms and unfriendly nor hostile in char- Petrofina, which is Belgium’s is being maintained at 16 cents TNT. the Australian transport to maintain the joint venture’s contributed to the group's sec- conditions of the Bonds, conditions of the Bonds, acter”. largest industrial company. annual a share. group, plans to inject AS50m 50-50 debt-toequity ratio. The ond consecutive loss of notice is hereby given that notice is hereby given that Mr Frtre. who controls a fur- The shareholders were Mr Gilbertson said Gencor (US836m) in fresh equity into balance will be split between nearly AS200m- 474 supplementary Bonds 832 supplementary Bonds ther 6.55 per cent of Petrofina unable to adopt the defensive was unlikely to maintain the its lossmaking GD Express the post offices of Germany, The joint venture removed have been created upon have been created upon through private companies, measures, which would bring level of earnings reported dur- Worldwide joint venture with Sweden, the Netherlands, more than A$900m of debt from exchange against exchange against Coupons was addressing shareholders at Petrofina m line with recently ing the current six months. He five European and North France and Canada. TNT's balance sheet, but Coupons on account of on account of payment of an extraordinary meeting implemented Belgian company said commodity prices American post offices. CD Express has been a con- start-up costs have signifi- payment of interest. New interest. New total nominal called to approve a series of legislation, because they repre- remained very weak, with few In a letter to the Australian sistent loss-maker since it was cantly delayed the group's fore- total nominal amount amount outstanding as of: 30/04/93: defensive measures. sented only a minority of the signs of an upturn. Stock Exchange, TNT con- established in 1991, partly in cast that GD Express would outstanding as of: 1 160 600 000 At the same meeting. Vis- shares. Despite attempt to absorb move into profit June 1991 30AM/93: FRF the poor outlook, he firmed speculation that GD an unused by THE PRINCIPAL PAYING count Etienne Davlgnon, chair- The proposals will now be said that on very conservative Express would require a fur- capacity within TNT's Euro- TNT made a net loss of FRF 592 300 000 man of SocUt6 AGENT SOGENAL G6nerale de put to the vote at the May 14 forward assumptions, Gencor ther ASlOOm in equity "assum- pean aircraft fleet. $A74.5m in the six months THE PRINCIPAL PAYING SOCIETE GENERALE Belgique, Belgium’s largest annual meeting, where a quo- would have no financial prob- ing no change in operating cir- TNT reported net restructur- ended December, and expects AGENT SOGENAL GROUP holding company, said the rum is not necessary. lems in funding the large capi- cumstances”. ing, establishment and loss- to return to profit in 1993-94. SOCIETE GENERALE 15, Avenue Emile Reuter tal projects - Alusaf, Colum- GROUP LUXEMBOURG bus, the Engen refinery 15, Avenue Emile Reuter upgrade and the expansion of satisfied LUXEMBOURG - Chicago opens Euromark CRA Injection of FMl.lbn Sappi's Saiccor plant it is committed to. with 70% Mr Gilbertson expressed futures and options pits for regret that the group had not stake in Cail INVESTISSEMENTS ATLANTIQUES, SICAV Savings Bank estab- in Chicago tronic trading 20 ] made more progress in By Laurie Morse nearly hours lishing an offshore presence. a day. By Kevin Brown Registered Office: Luxembourg. 14, me Aklringea By Hugh Camegy formed last year following the He said tighter Reserve Bank THE Chicago Mercantile First-day volume - at 1,279 R.C. Luxembourg Section B n° 8722 in Stockholm merger of 41 small savings restrictions on offshore deals Exchange yesterday opened futures and 1,279 options CRA, the Australian resources ro;> i OMPANY institutions. made such ventures difficult three-month Euromark futures traded in the pit, and 100 con- group, had acquired 70 per DIVIDEND ANNOUNCEMENT FINLAND’S government Savings Bank has been the to achieve. and options pits, aiming to tracts traded on Globex - was cent of Coal and Allied (Call). x - Australia’s third-1 coal guarantee fund said yesterday biggest consumer of aid from • Lower capital expenditure compete with Lille in London modest. The Euromarks are argest The sharelialilere are hereby informed that the Meeting of the Board of it had pumped FMl.lbn the fund, which was set up to and a much improved perfor- which so far this year has the latest weapon to be producer, when its bid of Directors of April 21a, 1993 has approved the payment of a dividend of l ($204m) into the Savings Bank bail out Finland's banking sys- mance from Western Areas traded more than 6m Euro- wielded in the battle for mar- AS 11.50 (US$8.27) a share of Finland to save it from slip- tem. The government has yet helped the Johannesburg Con- mark futures and maintains ket share between Chicago and closed yesterday. USS0.I0 pet shore ping below international capi- to decide on the future of solidated Investment group open interest at 500,000 con- London. The group said it was “very 10 shares subscribed and in circulation on April 26th, payable on tal adequacy requirements Savings Bank and Skopbank, post a 45 per cent increase in tracts. As the D-Mark increasingly satisfied with the outcome of 1993 May 21st, its 1993 against presentation of coupon n° 14 of the old shares when it reports interim results the savings banks’ central profit after tax and capital But CME traders believe dominates world foreign this offer”, although hopes Investissements Atlantiques S.A. or against presentation of coupon n° 3 of at the end of this month. bank. expenditure in the March they can take a slice of the exchange trading, Euromark of acquiring 100 per cent of the new shares Investissementx Ailantiques Sicav. The capital injection, made The fired, which has access quarter to R36.5m, against market by capitalising on tbeir derivatives are growing in vol- Cail fell when Ube Industries for recapitalising R25-2m. options trading expertise and ume. Some traders feel Litre's of Japan, the second- largest up of FMl50m to increase the to FM40bn TIk shares arc quoted ex-dalc April 26tli, 1993 bank's share capital and the banking system, said ear- This increase was achieved by offering the Chicago version Euromark futures volume shareholder, said It would not FM950m to purchase preferred lier negotiations with Kansat despite further operational set- of Euromark derivatives on the could surpass the CME’s Euro- sell Its 11 per cent holding. The shard wider* can cash the dividend at the following bank capital certificates issued by lis-Osake-Pankkt, the country’s backs at the Joel mine, where Globex electronic trading sys- dollar turnover, which has CRA, which first tried to the bank, brought to FM13bn leading commercial bank, continued poor grades saw tem through the Asian-Pacific been averaging more than 5m take control of Call two years - Banque Gdnirale du Luxembourg S.A., 27, Avenue Monterey,

the total the guarantee fluid about a possible merger of the gold production fall by 14 per business day. Using Globex, contracts a month for a ago. Is the largest coal pro- Luxembourg . has been forced to Invest in two with KOP were not pro- cent After-tax profit slid to CME Euromark products will notional value of more than ducer in the Hnnter Valley Tbe Board of Directors Savings Bank, which was ceeding "at this stage". RL7m from R5.2m. be open for either floor or elec- J5,000bn. region of New South Wales.

Continued growth

Pretax earnings up 50 per cent to SEK 5-1 bn

Pulmicort sales increased by 55 per cent to SEK 1.9bn

Total sales of Losec up approximately 50 per cent to SEK 7. 2 bn

Proposed dividend raised by 54 per cent to SEK 5 per share A Proposed 5-for-l stock split

GROUP SALES & PRETAX EARNINGS EARNINGS & DIVIDEND PER SHARE

*’ '* *: f.' •' .V; figwe$ , # ; Key 1991 (in millions of LUF)* 1992 % Balance sheet total 599,289 +12.6 532,198 Earnings

Customer deposits 459,848 +11.5 412,274 Dividend Bank deposits 80,550 +19.8 67,233 Customer advances 113,520 - 3.5 117,601

Capital, reserves and provisions NOTICE OF ANNUAL GENERAL MEETING AGENDA Thy An mud General Meeting at Ait will lx: livid at 1. Mailers by the Company's Articles of Association 34,928 + 2.3 34,128 Astra 6.00 required including loan capital p.m. on Tuesday 18th May 1993 at the Stockholm Internationa! to lie set before the Annual General Meeting. FaJrs and Congress Centre. AJvsjtJ. 2. Tlie proposal from the Board ol Directors to decide upon ,i Net profit 1,202 + 11 1,083 change of paragraph -i and 5 In die Company's Articles nf to the that the par ol the Distributed profit 572 + 5.5 542 NOTICE OF ATTENDANCE Association, effect value shares i> Shareholders on record on the Swedish Securities Register changed from currently SH.K 1 2 su to SKK 2.50 in so-called 5.2 LUF 380 In.- Net dividend per share LUF 400 + l VPC AIH on Friday 7th May 19*13 will eligible to participate split) and that die maximum nuinlier of shares dial may he in tlie Annual General Meeting. Shareholders wishing to attend Issued of .Series A and Series 13 rvspecdvuly is changed from - 3 Number of employees 2 ’016 2,080 must nrxify the Company not later than 3-00 p.m. Swedish lime currently 2i0.MO.000 shares to 1,200.000,1)00 shares...... ' •' vi? " f Thursday I3di mail at the following address; . i?; on May 1993. by DIVIDEND Directors, S-I51 SodcrriUje, Board of AB Attra, 85 Sweden, or The Board proposes Monday 2-itli May 1993 as the record date l>y telephone ini. + -10-8-55 32 60 00. • 11.5% growth in customer deposits for entitlement in the dividend proposed in the respect nf 1992. Subject to approval for the Board's proposal by the Shareholders whose sieves are regiMercd in nominee names • fTash-flow up to mif/ion of LUF 4,951 Meeting, dividends arc expected to Ik- mailed by VPC AH on 1st must, if lliey wis-h to participate In the Meeting, lx* temporarily June 1993. • Net consolidated profit up by 25.5% recorded in die shareholden* register at VPC AB. Notice must he given to the nominee in ample time before 7th May 1993. MISCELLANEOUS Provided that the General Meeting of the sluirehulders passes, a •<** »«*«" * 'JXLZfuJ, Sib?'**! * split it is £ Lonipamdlion when*. A slistreholdcr may attend and vote at the Meeting in person or resolution approving the ax proposed above, ITC Rturcul Sown Ml and may r*0i be (Sgifalr K* II* mrevlw' by proxy hut. in accordance with Swedish practice, the anticipated dial tile Company's shares wiil l>c quoted on the Company does not send forms of proxy to to shareholders. Stockholm and Ixindnn stock exchanges at their new pir value Shareholders wishing u> vote by proxy should submit their on Monday It (h June i*>93- society anonyme own limns of proxy to the Company. SiVJonalje. Sweden. April 1993 Hoard of 1 >lruciru> 2, bd Royal L-2953 Luxembourg Tef.: (352j 4590-1 Fax: (352) 4590-2010 ASTILi — )) 1}1 . :

INTERNATIONAL CAPITAL MARKETS India approves Treasuries lose ground ahead of supply onslaught national By Karen Zagor in New York market rallied on the eve of BONOS for FT FIXED INTEREST INDICES BENCHMARK GOVERNMENT plan and Jane Fufler in London today’s £3bn auction of 7Vi per Mon* Rad WMk cent five-year gilts which is * 1 DrtiData Price Chang* rxU 32- Apri 28 «plZ3 tort 22 Apl 21 MO W* U* Coupon rt 27 tjz rso C/S TREASURY prices moved expected to meet reasonable 9.500 oaro naans -a*o rse 88.49 98.04 912£ austtwja sjqo asm exchange OxtSenAflO 85.77 S&S2 SLJ2 9558 »S9 7.42 7J& stock broadly lower yesterday morn- de nd. KBAfi 11183 1M.fi 05000 40350 7S0 ma Ftaftata-Bl 111.75 111.70 111.62 111-50 111 JO uu ajQDOSjOOO ttt/P03/B3 11 Ea 7-53 ing as market was particularly htrest 1628. 731 731 financial year in the market braced itself The |U, jwv OmAvnant Startles WV3/3& RuxJ CfitMA- 7.2507-250 0&TJ308/D3 88.1500 -I^SO the current Won shea com*Bors l27-40|S£aSL km 49.18 (3/1/75) for the of strong at the long end, where * hr 1993. Govmnwit Startle: r.er so4 By Stefan Wapstyi Capital market- week's onslaught >ow p/1/TS os/roos/tn i 02.4500 -oasa 7xa 1994. HMd MrrtSt Hpi Gtocn axnpfcflan: 1 1U3 (B/W3), S0S3 caaSS acooa.coo March In New Delhi supply, including the afternoon stock typically gained more *0.127 GILT EDGED ACTIVITY duhCE BTAN 8.000a 000 05/9805/96 104.7712 ffl instruments, ££* . : *0090 7.16^ 7.10 sale of $15-25bn in two-year than half a point The BY* per OAT IsOO8500 OWO04/03 1002900 be introduced later; • Apl 26 Apt133 tortg tort 21 20 ties, would ; -0880 &88 &E1 INDIAN government notes. cent bond due 2017, for 7.7.126126 12/pT12/02 1010250 6^ THE government said m tr,: 125-8 0SWIANYy The fife Med Bsmten 106.1 114.3 1306 121J controver- *0.655 12-GBt 13-10 1 -^ yesterday approved - By midday, the benchmark instance, advanced by about % lias 11-500.ism 03/03 9S.3S50 that its aim .. nas 1215 1204 w ITALY establishment statement 438 the • 30-year government bond was to 103*/«. 4500 0609 -0331 ASS. 4-17 sial plans for greater team-;-.. •SEoeWWMs»i**4HW JAPAN A22 4-2S was to ensure 03/02 -0685 4.33 Stock Exchange, down £ at 103£, yielding 6.866 One reason was that dealers 5500 of a National better protection esa aso b.bb ency and been over- 7.000 03/03 -ooaa potential rival for the Bom- per cent. At the short end, the felt the market had HETHERLANP3 a investors. “The exchange, focuses as the currency risk has less- use 11.92 11-48 and other for sold before the auction. The Today, attention on SPAIN 10-300 08/jg~ Q.UB bay Stock Exchange will also help in mapaji repo rate, which is expec- ened, in contrast to Spain *ic/32 Tm aS ara exchanges. “when issued" price for the TO the GH-TS 7.250 03/B8 provincial maim fo UK 7 88 7J4 7.79 Indian capital . 7 giving ted to come down from 8.09 per where the foreign response to 8400 06/03 18/32 advanced by the the $ bond gained about a 8J27 a27 853 The plans, auction win 9400 1Q/PB 24.-32 line with international -raarv - BONDS cent, cent to about 7.90 per cent, tak- Thursday’s bond finance ministry and leading yield of 7.05 per a06 - BJSO 02/03 -16/32 Alt) £87 it added. TREASURY kets." . ing up most of last week’s 25 be closely monitored. US -36/32 6-67 6.75 Sflg state-owned financial institu- 7.125 02/23 officials oaneve- '. Portugal, where the of Government GERMAN market was basis point cut in the discount In 7.59 753 7-58 tions, envisage the creation two-year was lower, to THE 1 note & ECU (French Govt) aaaooOOO 04/03 Bombay- escudo is under pressure, the _ last year’s Rs40bn in the morning by rate to 7-25 per cent YiNds Loeal nori« samteri a Rslbn ($32m) nationwide yield 3.789 per cent buoyed, Fnnrtrei Hneteg. -dlrtte Nte> YOfK market scandal higkv ; bond market was hit by an er cent payrftt by wwwMents.) system securities Overall, market sentiment hopes of an acceleration in t Grow mud yMB (InciMjng * computer-based trading Tectrxei Dao/ATLAS Pace Sources weaknesses in market increase in overnight money Prices US. UK bi 3feiCb. oriws ki ctochMl financial lighted many _ _ was negative following reports interest rate cuts following a THE ITALIAN made for a wide range of the market rates to 21 per cent existing’ stock markets,.:; that Mr Leon P&netta. budget press report of comments by more progress, mainly in instruments, including equi- the y»i«ding trading prac- Schlesinger, Bund- futures market, on the back of short-term h unclear director for President Bill Clin- Mr Helmut that the The influence of the cur- ties, bonds and appointment of central A RISE in the Nikkei aver- hopes by commenting tices, poor book-keeping hy v ton. had become discouraged esbank president. the evident in London paper. the cycle had been rency was - futures contract banker Mr Carlo Azeglio age index to more than 20.000 bottom of to brokers and late settlements. about prospects for serious def- The bund trading. After the yen hit a The proposals are likely minister-des- and a sharp improvement in reached. though the affair cen- icit reduction this year. opened higher at 95.40 and rose damp! as prime provoke fierce battles in the Even The futures contract fell high of Y109.2Q to the dollar, the message in the ignate. some economic indicators hit financial with the tred on the inter-bank market, Economic data released in to 95.70. But while the the futures contract recovered community, lacking in political the Japanese government bond from 109.43 to I0&9G, the stock exchange, the morning put further pres- article was not unequivocal, Although interven- institutions, ranged against and not yield on the benchmark 145 to 109.06. However, - the announcement that experience, he is seen as good market yesterday. plans stockbrokers played a keyrofe sure on bonds, with an unex- and per tion by the US Federal Reserve stockbrokers who see the terms of support for Alongside the rise in an Issue due 2002 rose to 428 ^flannelling funds ille all pected rise in the consumer there would be a new bund news in - time this year on as a threat to their business. in g y index of leading indicators cent from 4.195 per cent Trad- for file first confidence index for April to issue next week took the wind the lira and a hard line on the whether from Hanks into equity invest- also adopting cau- the dollar-yen front - sent both Brokers also doubt budget deficit. from 545 in January to 80 in ers were 67.7. from 63.2 in March. out of the market’s sails. The the futures con- such an ambitious scheme can ments. the Economic Plan- tious positions before the the yea and futures contract ended Foreign investors have February, India, The Securities and Exchange holidays. tract back the other way. be introduced rapidly in become keener on Italian stock ning Agency fanned recovery Golden Week of India, the newly- THE UK government bond unchanged. given the country's chronic Board . shortages of telephone lines appointed, securities market and other services vital for a watchdog, has been strugglfog f - Convertible national computer-based mar- in its efforts to bring greater sector ket discipline to the stock markets. Osaka Gas turns attention to dollar ' The government yesterday Brokers complain that , the £90m issue from set out a tight timetable for the authorities have been - the great opportunity to raise capi- A S3G0m, 12-year bond for seen on a 10-year bond By Sara Webb slightly to 56 basis points, exchange - saying that heavy-handed and have Mel in the European Export-Import Bank of Japan the same borrower. The bond new lead manager said. Osaka Gas tal cheaply - from Forte has a coupon of 635 per cent; money market Instruments to understand the subtleties of transactions in has a AA2/AA- credit rating, markets”, and added that the attracted criticism as some THE BIGGEST the end of stock trading. consid- syndicates complained about the deal was launched at 33 would' be traded by By Jane Fuller the Eurobond market yester- and fast tapped the Eurobond 5Vi per cent floor was that the basis points over the 10-year day were in the US dollar and market with a C$200m five- ered very generous given that the maturity, arguing pick-up was not much Treasury bond and managed to FORTE, the UK hotels and French franc sectors, where year deal in September 1991. three-month Libor is currently yield cent better than they would have hold its spread. restaurants group, yesterday investor appetite appears to be The trend for collared float- around 3% to 3& per Tokai Bank senior rating announced a £90m convertible strong. ing-rate notes, which have bond issue due 2008 and paying Osaka Gas, the Japanese proved a popular form of issue past year, continued NEW INTERNATIONAL BOND ISSUES Moody’s 6.73 per cent interest. over the downgraded by it said this would help to yesterday as Citicorp launched - INTERNATIONAL Amount Coupon Price Spread 3ook runner By Robert Thomson In Tokyo ing is to take advantage of lengthen the maturity of its a $200m 10-year deaL Citicorp’s V* bp Borrower m. % financial reforms to establish a debt, which stood at a net BONDS issue, lead-managed by Kidder US DOLLARS 6.25 93.69ZR KtaySZZSIJlaySZZS Cosn --30-Co ,6'.«;3- », Mar;MerrC LrLjr.cftCh L-dLL-riL TOKAI Bank, a leading brokerage subsidiary later this £1 J18bn - gearing of 48 per cent Peabody. was quickly Export Import Bk. ol Japan 300 Osaka Gas 250 5.75 93.8S9R UmMey.lSWy.158S C2?SnC.275S - Gc&rxr.Go'dr^gi SscfsSachs LiZM. Japanese commercial bank, year to expand its role in - the utility, tapped the dollar increased in size from $100m in - In January. It also eased US CmcwptaH 200 (a) 99.50H AugjggAug^COS SOR50R OdderKidder PeabodyPeahotfy InC. j its senior rating down- domestic bond markets. average interest rate paid to sector with a $250m five-year order to meet strong demand had YEN graded from Al to A2 yester- The Japanese government cent. 5”. cent from Tokyo, Hong Kong, the - SsrwaSarwa trUCmJ less than 9 per Last bond bearing a per Nesho hval Europe(bJ 5bn 3.60 100.11 H Aup.1994Aug.1994 C.1SR - • l-ri. credit reforms at the year's interest bill of £12Sm coupon. Middle East and Europe. Nippon OU RnarwaWaihJte) 3bn 4JS512S? -33-38 «.S-3£ BargeeSsrc^e FarSasFarias brokerage sub- The new’ bond is unsecured and is keen to establish a steady stream of collared FRN under pressure and non- banks to open STERLING performing loans were an sidiaries, though excluding and subordinate to other debt benchmark for further bond deals. The flow started with a ' 6.75 100too Ma-/202M3-/2CC2 2.Z - U55 Forto§« 90 UBS increasing burden. these units from dealing in the The conversion price is 223p, issues, according to Goldman handful of top. triple-A credits Creat Local de France^) 2S 7JS735 98-56R98-58R Oec.iSBDec-iSB <11 +4C •7':*%-95> Nssr/me CaphalCapfeal MatetsMariiels a of 15.5 per cent over Sachs, lead manager for the leading the way. “Although the The agency said Tokai. based stock market premium ITALIAN LIRA of Nagoya, expect that the the market level at the time of issue. The proceeds, which will top credits initially led the Bayenscha Landestor* 30flbn 10-7S 101,75 f/ar^C03 2 t/art*f/orffi H'J Fascfa <3di Sara in the central city Banks “high level" of exposure finance ministr will broaden pricing. Yesterday, the stock be swapped into yen. will go way, investors now seem will- SWISS FRANCS had a y shed 2p to close at 194Vip. towards the building of new ing to buy less outstanding SwodWi NaL Housing Fin.» ISO S 101.75 Juno. 1399 Barque3arque PrftasPxfbas to the international and the range of institutions per- domestic property markets mitted to open new subsid- At the year-end. Forte had liquefied natural gas (LNG) ter- credits," said one syndicate Final [arms and nor-callabia unless staled. The yield spread lover relevant seven-nail bond, C is si-ppSwC tif Ow lead £534m of borrowings due minals and pipelines. manager. Citibank is rated manager. +PnvalB placemens §Cornrertjb!e. tFloalng rase note. TSemj-arrr^aJ csksct R: ^xed re-^tcr pse; lees are shown at (ha and. like many other banks, iaries next year, and gradually re-otter level, a} Subordinated issue. Coupon pays 0.125% below 3-mo.iSi Libor end payabfe oarat*f. tSir. z?err. interest 5Vi%. within one year. This issue, The deal was launched at a BAA3/BBB+ on its subordi- problems with finance com- allow them to deal in stocks. rraxbrun 10%. b) Issued under a Euro-medium term note programme, c) Coupon pays 4.35% !?ed esrS Aogus: 1996 then 25bp over - - pany affiliates, the so-called Mitsubishi said its new unit plus February’s 25-year £200m spread of 57 basis points over nated debt. . outsiancfing 3-month Yen Libor thereafter, d) Furgit le vrtth outstanding Frrl^bn. Hus 22 day? ascrjeP l rere,- fc Fungib*e wilh ... debenture issue, more than the five-year US Treasury The lead manager said the ElQOm. Plus 62 days accrued miaresL Fees undisclosed. non-banks. would be capitalised: at about halves that figure. bond, and the spread tightened collared FRN route provided “a • Mitsubishi Trust and Bank- Y20bn and employ 30 staff; MARKET STATISTICS

FT/1SMA INTERNATIONAL BOND SERVICE RISES AND FALLS YESTERDAY UFFE EQUITY OPTIONS

Rises Falls Same PUTS British Funds. 64 O 13 DHLS POTS «US OpEca Jtf Oct Jre Jtf Oct Jm Am Sop Pac Jfe* Sm Dec Other Fixed Ini erect ...... 3 2 1C Commercial. Industrial — 318 261 322 Ui Lpsa 5£0 47 SE 64 18 84 32 50 81*2 8*2 23*2 35 58 80 87 14 30 44 46 51*1 Financial 4 Property. 149 94 553 rs&5 , BCP 18 22 « 46 52 58 54 20*2 39*2 30 S3 83 35 53 70 09 & Gas.— 19 13 52 - - 55 12 ASK 67 II 13>* 4 6*j 38 34 42 17 24 28 4 B*j 13- Plantations— —— ... 0 1 7 “ 76 5*i 9** - 9 11*2 18 30 48 63 72 7 14 18 15 18 Mines 36 19 61 HD 23 53 67 22 40 W Other*. —_ 25 SB 39 12 18 18*2 2*2 &Tl ABV3J5 280 20 27 a 17 21 26 32 48 55 69 91 6‘i 6 600 >0 21 83 87 77 a P47! | 500 4 17 29 35 44 SO f312J 330 5 8*2 14 21 29 31

EEC 300 20 25 30 3 10*2 IS 6*2 9 14 CSffte 700 25 47 a X 44 51 5 7*2 11 f31S) 330 3*a 10 18 17 a 32 2 6*2 8*2 12 mn 731 14 29 40 66 78 81 13 18 Forts 180 CGBtoMi 550 a 44 S2 a 34 40 220 17*2 22 a n, 8 10 20 27 31 4*2 10 14 rss7> 600 9 23 31 » 65 70 (T351 2« 4*2 10 IS 8 15 19 r*94J 200 8*2 15 21 14 19 a - - Cora. Urem 580 a *7 18 a LASM0 140 10*2 18 24 6 IS 17 Dm aa aso 34 51 a 22 <6 55 1*5821 24 - - ra80i sa 16 47 a r*44 ISO 3 10 16 10 24 a ooo 14 » 42 52 80 84 758 180 Lucas Ms 130 9 17 21 4 9 IB M » 24 8*2 13 17 on 480 34 42 _ >4 _ ZOO a H34 140 4*2 12 17 8*2 14*2 21 DM) 5*2 11 16 19 a a - a (*473 15 - - 500 & 37 47 ' 9 VM ftsets 50 8*2 10*2 12*2 3*2 5*2 7 SSO 51 M 61 8*2 21 37 r368 | 60 3 6 8 8 10 12 - 1CJ. iao 84 a 122 37 83 74 BOO 6*2 a 38 34 47 85 nzn) 1250 57 75 97 83 a 100 52 a a a 42 SB 130 9 14 18 6 10*2 14 a 53 70 50 88 87 140 4 8 12 11 16 IB NegMwr 584 34 47 _ 27 36 _ - - 300 I (*588 1 832 IS 27 a 83 31 a 43 *2 5*2 11 .BfeOFJifEMOOtrMa) 330 7 19 a 16 2675 27a 2775 aa 2875 aa 2973 3M5 8*a a ~ " Lend Seen 500 X 41 45 13 18 23 Calls R.TZ BOO GO rS27) 550 7*2 IS 21 45 48 51 53 83 3*2 13 24 tott 154 1W 68 37 17 6 3 1*2 1*647) 650 17 40 55 16 M 46 Am 168 1Z7 90 50 38 21 II 8 to - 147 . 82 - 40 - MAS 330 31 39 48 8 14 17 Scot 6 (tor 480 18 a 35 10 a 32 18 Sep - 1M - - C3S3| 360 13 23 1*465) 500 3 13 120 73 - 41 a 23 27 32 » 40 53 58 - - Oect - 165 - ia - 82 Tan 220 12 22 a 5 12 16 ” ftrrs 480 73 37 48 23 a 34 CT27 240 4 12 19 19 21 » Mey r<64> 500 11 21 a a 55 57 4 10 a 38 m 108 163 202 300 19 27 7 a S 33 Jill 14 a 36 a 84 117 157 200 Stea Tram. sa 32 40 48 13 23 27 530 1*2 8 18 42 a 84 " - * - SB - IE - rseoj 10*2 199 B00 17 as 44 53 56 Sfe - - 360 17 a 40 7 19 a 90 - 142 - 210 a - - Strateuw 200 17 23 28 14 19 22 390 4 15*2 a a a '43 g*t - ?a - 170 - - rzos) 220 8 15 19 a 31 34 ****** * 1 totofeikc FT-SE INDEX (-2SZ6) TOteflW 83 11 15 - 6 9 - 26813708 2780 XBW 285S2S08 saw area 92 7 II .10** - 3» *7 a x is r») 14 a a CALLS — F393 1 420 9*2 15 24 33 4t 45 »tor in 136 92 54 71 ,u Unitear 1 , A 1050 78 100 IIS 17 24 38 to! 192 149 110 4™®“1 a 5 7 8*2 76 48 29 16 9 (*1083) 1100 48 70 85 38 48 68 2 3b 4 H3) a 2*2 4*2 6 4 s 96 K " 31X5 JOflOL 222 183 148 117 91 cn OP*" te M8w teMto EB . 35 Decj_- 250 - 187 - 135 - «0 30 42 52 10 24 31 £ Sore iio 19 28 30 12 18 22 r«38 ) 480 10 a 33 48 53 Rni HBS 1 180 11 19 22 a 25 29 33 to* 3 fen Ode 0 12 25 49 88 131 in mo n a a 13 is a 1*240 t 45 67 0P»X« Jjjjgjjfe te Mft> 260 6*2 14 2T 24 32 36 m 173 to w am 41? BAtohGa 59 61 86 124 187 wim ¥T5nnmr 1 M 23 11 IB 55 *2 J, S 12 >57 1S3 r<21 I 460 10 18 27 47 6! 68 noei 330 2*2 8 11*2 St - m 34 X 42 « - 115 - 180 - 220 “ Utibtoce 160 23 30 35 8*2 15 18 A** 27 tu conmti zsjS I 21 34 H71 180 12 20 25 18 28 30 2JjO a 74 IS 19 *2^91 Pub 10348 220 11 18 24 17 27 X UUBtooftt 390 47 58 64 13 21 24 JS? , '*B Pus >238 EWO?*FT-SE Crib P417 ) 420 32 41 48 28 35 39 277 Fife 449 «0 30 50*2 66*2 241; 39 toe**** M Pitea. t Long Cm sn*y «0 13 32 48 30*2 84*2 73*j Awntore «d» ere OownitbrM, Ewarwd Bardon, Fair- bread 00 ctotfnc teto mien. havan, HaemocaO, Ratnera Ord. A Prof, shan RenokJ, Rose, SavWs and Windsor. Puts In ASDA, BM and Ross. Ooubies in Downfebree and lltd. Energy.

T«t Day's Mon Accrued xdadL TEH SPtN&tTTS Apf change Apr Merest 1993 BEU3UM5H 75000 AW 27 ^ 26 to date DENMARK 7 « 40000 IDS 1 * 3X4 „90 FT-SE ACTUARIES INDICES EB 4 £Z8 94 — — 40000 101>9 349 urrew BANK 2 5/8 CQ 200 BfG DE HWUCE 5 S/5 W 30000 104 4.28 MOUNT ISA HN S 1/2 97 .... 100 FT-SE RMAN0 6 3/4 86 50000 108 la 4.45 06031605 85 The FT-SE ICO. Mid 2S0 and FT-SE Actuaries 350 Indices and tlse FT-SE 27.39 +0.11 WTB1 AtfH DEV 7 W4 00 3OOO0 1 12\ M5 SEGA eOEHFWSES 3 1/2 86 200 83449 132*, Actuaries Industry Baskets are calculated by The Internatinoa! Stock Exchange 100000 102*1 4.61 SMITH 1 NEPHEW 4 1323, MM 4039 JWWP»BK599 02 £ 90 1.775 of the United Kingdom and Republic of Ireland Limited. O The international 4.92 JAPAN DEV BK 6 U! 81 .. 120000 110*9 SUMTOKO BANK 3 1/8 04 300 3606.936C 8834 of Stock Exchange the United Kingdom and Republic of Ireland Limited SU7 4041 7/8 96 50000 105 4.14 TEXAS HSTRMBflS 2 3/4 8 1991 AU MPFON TEL S TEL 5 >a 02 .. . 300 tSh 17\ rights reserved. NORWAY 5 i/a 85 - S0000 102 >4 189 THOBB BW S 3/4 04 E 103 7.105 129*2 1048 4037 - 30000 1104* 43* 5WCFn,V4 CO - Tbe FT-Artuarfes AU^hare Index is calculated 103*4 4.17 by The Financial Timas Lim- 43X2 4030 SWEDEN 5 S/995 20000 Ns Harmatm cvdaUe - pmious oojre Puce ited in conjunction with the Institute of Actuaries and the Faculty of Actuarial WORLD 6AMC 6 3/4 DO fioooo nas 4.83 T Only niarkat nnhar niinrfinil a pica O Tbe Financial Times Limited 1993. All tights reserved. STRAIGHT BGND8S T1» ytod a fee yWd to rMwnptal of ffw U^pnce. on ancuit issued to m mfeOB al curaney was. Che. djyeOunoa cn dey. +010 18351 031 The FT-SE 100, FT-SE Mid 250 and FT-SE Actuaries 350 indices 1.92 NOTES: OaW*m«J ** **ors irtass ctiierwtoa traSsaHM Cnroi shown to mhwnvn Spreo^Madn Jbowe Blx-monCi offered tha FT-SE 239 FLOATING RATE rate (t Baskets tor Cconflfn current coupon. Actoaitoatadusuy and the FT-Actuaiies All-Share Index 17164 4039 17ZS5 088 Hfrtce-aerth Mkwo moan ratef US doun. are members 1i72 m of the FT-SE Actuaries Share Indices OONVS1TPLE BONDS Duunenaw^h Jdiara unless ottwwtw hJcMad._Cinr. price Jfcjninal jmajrt a bond per sham mpaosad m cxrancy d alara el series which are calculated In accordance 173X6 4036 173X3 084 1 1X7] 332 cur>wsri*M isfe Bwd teas Prm=PtraitaQe preB**n al fee swnnl eftefee price rf acqumg snann tn 9» bard tew Ute mod recent pHp* te toe with a standard set of mtnmd rales established by The Financial f/mltte .R Timas 332 4JS >har'» and London Stock Exchange In conjunction with the Institute of Actuaries and the Faculty of Actuaries. 1993. nwtLri to whoto or In OS7

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FINANCIAL TIMES LONDON PAK4S • HANUPimi NEW TOWL TO A TO ~ c % % '':

— *-^R1L28 1993 p™-™— T.MESWHP COMPANY NEWS: UK F ,-, Perkins falls 21% BAe expects recovery in 1994 Herring Travis Baker property sales pressures said the combination of favour- lower By Paul Betts, In its turbopropeller aircraft continued to face after exchange rates, cost Arnold arkTan Aerospace Correspondent business, Mr Cahill expressed and uncertainty, Mr Cahill said able integratinginKwrattaE Travis ; of per cent to optimism over the future. he was confident that develop- reductions and development reduced by 12.6 Perkins toUowwib&j; drops to By Paul Taylor employee to a strong product range would output per !. BRITISH AEROSPACE, which This optimism has been ment would be completed 3,219 with Merger in 1988 probably 1^. enable Rover to move through per cent. - reported a £201 m pre-tax loss reflected in recent weeks by enable deliveries of the new the timber improving by 113 been “missing the bo^ TRAVIS PERKINS, charge it has to start at the end of its break-even point this year. bad debt last year before a £lbn the sharp improvement in the fighter mer- The other acquisitions .. excep- and building materials per in terras of 7 He thus confirmed the ear- £1.36m slightly to 13 tional restructuring charge, share price, which has recov- the century. yesterday reported improved which might have provided, ft-:.' chant. 1.4 per ‘ a low of last year “Eurafighter will be vital to lier forecast that Rover would credit sales from would show solid recovery in ered from 98p higher 1992 trading profits and cent of short cut to beconnnga this year after By Catherine Milton year - the with a more than 320p. our performance into the next be profitable cent the previous builders 1994, Mr John Cahill, chair- to said sales and profits were truly national mer- Cahill said there had century," he said, emphasising two years of losses. improvement for four man, told the annual meeting. Mr ahead in the first quarter of first group. Nevertheless;:- Cahill said the European PRE-TAX profits at Herring chants’ He said cash outflows this been an improvement In the that the programme's Mr years. has anew the chartered this year. - the group, which 4 long-term importance for the Airbus would continue to con- Baker Harris, _ payments year associated with the 20 per medium-term outlook for reduced profits of Net interest domestie matv largely surveyor, slumped from £3.5m However, per cent of the profits following addi- UK aerospace industry could sume cash this year, to £242,000 (£357,000) cent stake In Airbus, regional defence £l.64m (£5-S4m) on the sale of declined looking for smarter ,.,k because of the Introduction of to £1.36m in the year to Janu- bor- ket, is still aircraft rationalisation costs tional Tornado orders from not be overstated. meant that mainly reflecting reduced ^ surplus property, deals. Even without substan- continued Cahill was also optimistic the new A330/A340 wlde-body ary 31, fell[toto Elm and investment in Tornado Saudi Arabia and Mr I per rowings which forecast In January, pre-tax profits dropped 21 pvv^onpr^ for and Harrier over the Rover car subsidiary's airliners. As it of December, tw n&w fighter aircraft production demand Hawk to film, and (£7An) at the end ^^ shoiS' from £I4m the board is proposing a cat in cent UDyUDiuo, p • prospects. He was confident however, profitw- — - figurew# were expected to be reversed aircraft Although the UK per butUUL theU1C pre-tax F- Jisp . dividend to O.op pn mings per share fell 29 from the economics-economic. the European upturn was partially offset by that Airbus would become a the final overshadowed by the year- benefit next year. Although (10.SP)- was cent contributor to (3.75p) giving a total for the cent to 7.7p upturn. Some 70 per pf its the still Fighter Aircraft programme, big falls in car demand in other significant cash in proceeds from Although company Despite this, the final divi- on-year drop markets, Cahill BAe in the longer term. year of 3.75p (7p). Earnings sales relate to the replacement. hud to address the difficulties now renamed EuroOghter 2000, European Mr maintaining property sales. is again 5.5p, - per share fell to 3-97p (19.16p). dend repair and improvement nmr- not fUHy Mr Tony Travis, chairman. shares lost on the the totaL which is with business The 9p current year had ket and covered, at 8p. said the day to close at 62p. promise” pects improving there should; profits at the group, started “with more John Cahill receives his The results included the first Trading be be no more redundancy building and sales were up about 2 per which operates 165 1 full-year contribution from and costs. Pre-tax profits of £14hi/ depots and ll garden cent in volume terms Baker Harris Saunders, the materials look possible this year produe-.- salary in US cent to about 4 per cent in value. $800,000 increased 6 per chartered surveyor which centres, earnings of 9.5p. The stock cent mg the old Herring £9.63m despite a 2 per By Richard Gouriay bay shares valued “in or merged with • COMMENT - which gained 13p yesterday- . The decline in turnover to £303.4m. around" September 1992 at Son & Daw hi early 1992. acknowl- to 2l8p producing a prospective comparative figures are The average number of Travis’ chairman MR JOHN CAHILL, chairman about 53.2m. 1992 taken p/e of 23 - could still go higher.. in the group was edges that the time of British Aerospace, receives According to his service con- for Herring Son & Daw only. employees his 5800,000 (£520,000) salary tract, Mr Cahill is required to Mr Nicholas Owen, chair- in the US, despite being head work an average of four man, said: “The decline of one of the UK’s largest man- days a week but has “no reflects some rationalisation Acquisitions Stagecoach German ufacturing companies. established work schedule" following the merger but it A resident of Long Bay Key, and can “perform his services was the setback in property f markets that hit stake in \ Florida, for tax purposes, Mr at times and places reasonably values and help Sage at 10% Cahill joined BAe when the and in good faith selected by ns.” He warned that trading in group was looking for a “Brit- him”. the current year remained dif- Young Grp ish" replacement for Prof Sir The company also pays for ficult grow 24% premium Roland Smith, who was ousted legal, tax, accounting financial Turnover rose 44 per cent to Alan By James Buxton, By Chris Tighe in a boardroom coup in and estate planning counsel- £19.4m (£13.5m) bat fell 9.6 By Cane Scottish Correspondent ling. per cent from the 1992 turn- 1991. YOUNG GROUP, the County Mr Cahill, the former chief Mr Cahill's service contract over of both companies com- SAGE GROUP, the Newcastle- SHARES OF Stagecoach, the Durham-based opencast. .and executive of BTR, the Indus- was available for public scru- bined. based accounting software closed drift coal miner, announced - yester- the year-end the company its bus and coach operator, T£ny Androtn trial holding company, is also tiny in the run up to At company, maintained ' I on their first day of trading yesterday that MG Carbon, a receive stock options to day’s annual meeting. had net debt of £999,000 for growth record in the six John Cahill: four day week but no established work schedule due to - wholly owned subsidiary. of . gearing of 25 per cent against months to March 31, with a 24 at 124p, a 10 per cent premium cash of £3.8 Lm. Net interest per cent improvement in pre- on the offer price of Frankfurt-based MetaHgeseils- chaft, had acquired a - paid was £24,000 against net tax profits and 45 per cent rise 112p. 29,5 per Ex-chairman F&C forced to of cent stake. NatWest chief warns interest received of £167,000. in turnover. Mr Philip Stephens UBS Phillips and Drew, the stock- The deal, which gives MG It had a cash outflow during Sage acquired three compa- retained by seU 11% stake brokers to the Perth-based Carbon a seat on the Young •' the year of £4.Sm, of which nies during the period, Ciel in company, said that Stagecoach board, stemmed from a deci- of subdued loan demand a boot £3-5m was merger-re- France, Remote Control Inter- Guinness in own trust regarded the outcome as "vary sion by the company’s direc- u lated. national in the US and York- satisfactory, suggesting that tors and leading shareholders By Philip Rawstome By Scheherazade Daneshkhu By John Gapper, where income was growing. Operating costs rose to £l8m shire Business Forms, which we priced the issue to increase fhe financial . Banking Correspondent NatWest Markets contrib- (£10. lm) of which £10Jm were contributed £5.51m to total including redun- right". strength of the company, Sir Anthony Tennant, who Foreign & Colonial Manage- uted £252m to group pre-tax staff costs, turnover of £21 m (£14.5m). in profits of £405ul The previous dancies. In the UK costs were Some 6m shares were sold in which has been restructured - - retired as chairman of Guin- ment the manager of the UK's THE SCOPE for growth Underlying growth was a businesses within it cat per cent overall. heavy trading. Nearly 12m following serious working capi- ness at the end of last year, largest investment trust is to National Westminster Bank's year, the by 7 healthy 11 per cent during the shares had been sold to the tal problems. has been retained as a consul- seU Its 11 per cent stake in the Income may be inhibited “for contributed £31 5m profit, while The group is reaping bene- worst recession the software | pnbiic and a farther Brian Calver, Young’s tant to the drinks group for ordinary shares of F&C High some time" because of subdued the total pre-tax profit was fits from the merger with, for industry has known. 22m Mr Income Investment Trust as a loan demand. Lord Alexander, only £ll0m. example, a shift in the relative placed with institutions. chief executive and group man- the next two years at an I Profits before tax came to result of breaching Inland Rev- chairman, told the annual The unchanged dividend for contribution of the six divi- Mr Stephens said that some aging director, refused to be annual fee of £50,000. £5.3Sm (£4. 34m). Earnings per enue rules. meeting in London yesterday. 1992 reflected “a degree of cau- sions. small shareholders had been drawn on whether MetaUge- - The annual report, pub- share were 17.68p (LL53p) and High Income Investment He said the first few months tion about the pace of eco- The professional division cashing in their shares, with seflschaft’s involvement meant lished yesterday, shows that an interim dividend of 3.32p holds 30 per cent of Us assets of 1993 indicated that “we are nomic recovery", but the bank contributed 18.3 per cent of institutions buying and sell- the group would now bid, with Sir Anthony was given a pay (3-G2p) is declared. in ordinary shares and can no over the worst so far as UK looked forward to the time turnover (31.4 per cent) and ing. German backing, for any of rise of 24 per cent in bis Net cash balances at Match longer be included in a per- bad debts are concerned", but when it could provide share- the agency division 26.7 per A stockbroker in Scotland, the 20 British Coal mines final year, increasing his 31 were £3m after the company sonal equity plan, following that subdued loan holders with real dividend cent (14.5 per cent). where Interest in the issue was being offered to the private remuneration from £625,000 to demand Inland rules well continue growth, the added. Harris, the spent £5.un on acquisitions. strong, said that many people sector,, but he confirmed: “It £777,000. new Revenue "may for some chairman CPC Baker US "Non-qualifying" unit and time, and inhibit the scope for Directors faced criticism property consultancy, suffered Remote Control Interna- had been selling their shares increases the likelihood of However, Sir Anthony, who taking investment trusts have to hold income growth”. from some shareholders for the a loss and required a cash tional incurred a loss of because the allocations bad Young - Groop a much was paid a performance-re- investments of at least 50 per However, Lord Alexander rise in their remuneration last injection. Most of the Los £370,000 as a result of manage- been so small. Most people more positive role in the coal lated boons of £156,000 in cent in ordinary shares to qual- said that NatWest Markets, the year despite the dividend being Angeles office is being sold to ment and product changes. Sir received fewer than 250 shares industry.” 1991, received no bonus last ify for a Pep subscription up to recently restructured corporate held. However, Lord Alexander Mr Nicholas Costa, the Ameri- David Goldman, chairman, In the public issue, which Young last week announced year as the group’s profits £1,500, instead of the full £6,000 and investment banking arm, said that directors had man- can company's former presi- said the loss had been expected was subscribed nearly eight a loss for the year to November slipped 12 per cent to £795m. allowance. was among parts of the group aged to raise profitability. dent. and budgeted for. times. 30 of asm.

An Essential Energy Resource . . European Bank for LEEDS PERMANENT BUILDING SOCIETY Reconstruction and Development RESULTS FOR SIX MONTHS ENDED 31 MARCH 1993 FT CONFERENCES BRISTOL & WEST • Operating profits increased by 28-3% (compared to six BUILDINO SOCIETY US$150,000,000 months ending 31 March 3992) Collared floating rate notes • Pre-tax profits decreased by 5-2% (compared to six months S150.000.000 due 2002 FINANCIAL INNOVATION • NEW DIRECTIONS ending 31 March 1992) Floating rate notes FOR THE 90s Notice is hereby given that the • Assets up by 5-7% (compared to 30 September 1992) 1996 London, 28 29 April due rate of interest has been & • General reserve ratio (compared to 4-67% now 4-73% determined by Credit Suisse Notice is hereby given that Many challenges face the financial community as global markets at 30 September 1992) * month* unfed Financial Products as 5% per .<1 JO the notes will bear interest at become increasingly complex and new instruments are developed. MARCH SEPTEMBER N)l MARCH annum for the period from 28 i«2 Innovation plays a vital role in maintaining competitive advantage, 6.375% per annum from RESULTS £M April 1993 to 28 October 1993. but Institutions must 26 April 1993 to 26July 1993. balance risk and reward. Speakers Indude: Interest payable on 28 October Mr William Rhodes, Citicorp; Mr John Hoknann, Merrfil Net interest receivable Interest payable on 26 duty Lynch & 1993 will amount to US$25.42 Co; Mr Richard A Debs Morgan Stanley & Co, Inc; Mr Dennis J 1993 will amount to S 158.94 Other income receivable per USS l. 000 note. USS254. 17 Keegan, Salomon Brothers Europe; Mr Andrew Largo, Securities perS10.000 note and per USS10,000 note and and Investments Board and Mr Anthony Nelson MP, Economic 51.589.38 per 5100,000 note. Total net income US$2.54 1.67 per US$100,000 Secretary, HM Treasury. note. Management expenses Agent: Morgan Guaranty Trust Company Fiscal agent; Morgan EUROPEAN SECURITIES MARKETS - Operating profit Guaranty Trust Company THE WAY AHEAD excluding provisions JPMorgan London, 10 & 11 May JPMorgan of the European electricity / Provisions for losses on Deregulation of national martet-places, abofition of capital controls market for. I commercial assets and development of technology that by-passes rigid market Sudwestdeutsche structures, has brought increasing Integration of debt and equity Pre-tax profits ELECTRICITY UTILITIES I markets. This poses challenges for broker-dealers, fund managers Landes bank Girozentrale ALLIANCE LEICESTER reserve who rely on its uniaue / and stock exchanges. How will they be affected by these General ' developments and how wifl they adapt? Speakers indude; Mr Peter USS 150.000,000 Alliance & Leicester coverage of their markets / Total assets 19,354.9 IgJlgJ Baring, Chairman ot Barings ( pic, Mr John Young CBE, Chief Subordinated collared Building Society Executive of the Securities ENERGY SUPPUERS to / and Futures Authority, Mr Helnz- “The strength of our approach and continuing floating rate notes due 2004 JQrgen Schafer, General Manager of Dresdner Bank AG, adherence to a £300,000,000 track their major customers / . J Mr Robert K Steel Partner. Goldman Sachs International and winning strategy continues to produce excellent results and to Notice is hereby given that Floating rate and iheir competitors Baron van Ittersum .Chairman of the Amsterdam Stock Exchange. benefit our customers as well as being a tribute to the collective the notes 1994 notes wilt bear interest at effort on the pan of the entire Leeds ream" 5 per For the three months 26 April MAJOR ELECTRICITY CONSUMERS who are guided to annum from 28 April 1993 INTERNATIONAL TAX IN THE /. MALCOLM BARR CBE MA LLM, CHAIRMAN 1993 to to 28 October 1993. Interest 26 July 1993 the notes future price trends EEC AND THE US payable on 28 October will bear interest at 6.2675 REPORT TO THE DIRECTORS OP LEEDS PERMANENT BUILDING SOCIETY 1993 will London, 14 & 15 June amount to USS254. per annum. Interest payable EQU1PM»H MANUFACTURERS to assess soles We have carried on a limited review of the financial information which you 17per on hare USS the relevant interest presented in thl» advermemou for the gix months ended 31 March 1 993. 10.000 note. payment The Financial Timas second international tax conference will locus prospects date 26 July 1993 ^ will Our review oonsined principally of obtaining an understanding of the amount on the overall position of the European Community in relation to tax process to S78. ‘ involved m the preparation of the information, applying analytical review Agent: Morgan Guaranty 13 per 55,000 note and REGULATORY AGENCIES to enhance their decision- questions, Including direct and Indirect tax harmonisation Issues procedures to financial data, and nuking enquiries of management responsible Trust Company 51.562.58 per S100.000 note. and VAT. US tax proposals and future US transfer pricing methods making process for financial and accounting mamn. Ir was mibstonrijlly leas in scope than an will be addressed as weB as file impact of tax treaty developments. audit in accordance with Auditing Standards; the objective at an audit U the The distinguished speakers who will discuss expression of an opinion on the truth and fairness of financial statements JPMorgan Agent: Morgan these and other taken Guaranty . INVESTORS, ANALYSTS AND CONSULTANTS to as a whole and accordingly we do important Issues include: Mrs Christians Scrivener of the not express such an opinion. Trust Company monitor their investments in the electricity sector Commission of the European Communities: Mrs Valeria In the course of our review, nothing came to our attention which causes os to believe that the financial information Strachan.CB of HM Customs and Excise; Mr Thierry Stoll of the is materially incorrect, or has been prepared on a bam which Is not consistent with dur Latest Issue available FREE. Attach your badness card Commission of Hie European Communities. Mr Leonard adopted in the bsc audited JPMorgan J H accounts. KPMC Peat Marwick, Chartered Accountant,. to this advert and return immediately, or contact: Belghton, CB of fhe Inland Revenue, Mr Jacques Overgaauw Registered Auditors. 26 April 1993. of the Ministry of Finance, Netherlands, Mr Charles Triplett of the A copy of tin Interim Report urill be lent to Louise Alsop, Financial Times Newsletters, US Internal Revenue Service and Mr James Mogle, formerly of the Permanent Interest Bearing Shareholders on Wednesday 28 April 1993. US Department of Treasury. 1 26 Jermyn Street, The Kingdom ^eiis Fargo & Company London SWTY4UJ,U.K. of Belgium I I MODERNISATION OF TELECOMMUNICATIONS TELEPHONE: 071-41 1 4414. US$200,000,000 IN CENTRAL AND EASTERN EUROPE &60,000,000 FAX: 1 14415. 07M Berlin, 5 & 6 July Floating rate notes due Fur further information contact R.F. (oya, Director, or Floating rate subordinated R.F- Bennett, General Manager Finance and Esuces. October 1994 The urgent need to modernise telecommunications networks In notes due Leeds Permanent Building Society, January 1994 FINANCIALTIMES Central and Eastern Europe has created a huge demand for Permanent House, lit | Urrdl Part Read, Leeds LSI INS. Telephone 0532 438181 accordance with the KHMV NIV TOW 10**0 equipment and expertise. The conference will examine me steps provisions ofthe notes, notice In accordance PE/3/040 with the that have already been taken towards modemisatian and locus on is hereby given that for the provisions ofthe notes, notice : how the market Is likely to develop In the future. Dislringuised mtemst period from is ‘ 23 April hereby given that for the speakers include: Dr Wolfgang Bdtsch, German Minister ot Posts 1993 to 28 October 1993 the 26 April and Telecommunications; Mr Krzysztof Kflfan, Polish Minister 1993 to of rate of interest on the 26July notes will 1993 the notes will cany FOREXIA FAX S Dm £ ¥ Posts and Teteconvnunlcations; Mr Alajos Kauser, Director of fire AQUARIUS PLUS LIMITED be 3.1875% perannum. an interest rate of Hungarian Telecommunications Company; Mr Martin Salamon 6.3125% per An eight year track record of successful forex forecasting daOy. annum. Interest VlfyUeman from 77w interest payable payable on the Commentaries, forecasts, recommendations & chans from OECD and Dr Edouard EBRD. Rate Notes due 2000 on the US$100,000,000 Collared Secured Floating relevant rafewanf interest payment from London and New York. interest payment date, date ~S 26July 1993 will Notice b hereby given that the Rate of Interest for the period Aprfl 28, October 1993 will amount to enquiries to: Financial Times amount to free trill, detail AS should be addressed Conference 578.69 Tel: +4481 9488316 Fax: +44 81 948 8469 1993 to June 18, 1993 ho* been fixed at 5.0% and thaMhe interest pay- US$4,050. 78 per US$250,000 per S5.000 note. Organisation 102- 108 Clerkenwell Road, London EC1M 5SA able on the relevant Interest Payment Date, June 18, 1993 against note. answering service) Tbc. Telephone: 071-814 9770 (24hr 27347 Coupon No. 1 in rasped of US$1 0,000 nominal of the Note vvnJ be FTCONF G. Fax: 071-873 3975/3069 US$70.83. Agent: Morgan Guaranty 1 1 NEWSLETTER RtPGRTI'JT t I Professionals Only; ~ GUaran,y Trust For FX cm the business April 28, 1993, London CoS. Company 1 fe By; Citibank, NA [Issuer Sendees), Agent Bank X Call Today for Your FOREIGN EXCHANGE Q/foAlViO Complimentaiy Copy JPMorgan FXWEFJC , JPMorgan +44 71 2402090 • ;

COMPANY NEWS: UK Preparing to rebuild on more substantial foundations Andrew Taylor on the past and future strategies of Tarmac, which has incurred the biggest loss recorded in the UK construction industry HE RISE and fall of Tar- which have buttressed •~r - mac, results less than a quarter of total Britain’s biggest from Redland and RMC. Tarmac construction group capital employed in 2993. T and build- Tarmac’s policy of allowing ing materials group, This compares with peak FT is of epic its operating divisions Share price relative to the -A AB-Staia index Pre-tax profitsAoss (Em) proportions. a high housing expenditure of degree of autonomy 400 - - - - - 400 Tke company over approaching £ibn in the late 14 years ago investment decisions generated also 1980s accounting for more than annual pre-tax prof- meant that central manage- half the group’s capital its of just £26.5m. A decade ment was slow to reign back employed. later, in 1388, it made a record housing land purchases and £393m pre-tax. On the building material investment in commercial front, dry Stone manufacturing Yesterday, it announced a property joint ventures when capacity has cut by 17 per pre-tax loss of £350m, the been big- property markets went into gest cent: ready mixed concrete recorded by a Britsh con- recession. capacity by IS per cent Black struction company. Group borrowings have risen top manufacturing capacity The reasons for the jagged steeply as property values have has reduced per cent performance derive by 5 from Tar- fallen. Provisions last year Brick capacity has been cut by SO 1—1—L mac’s strategy, led by Sir Eric against bousing land and com- 37 per cent from 270m bricks a 1878 80 82 84 86 88 80 82 1878 80 Pountain, then chairman and mercial property joint ventures year to 170m. Concrete block Sours DshMuoi Y«u» and DbcwtSw chief executive, of concentrat- totalled almost £220m. plants also have been closed ing investment in the 19S0s in Mr Neville Simms, appointed reducing capacity by 15 per Mr Simms says there has keep a tighter grip on the UK The reaction from analysts the vibrant UK and US econo- . chief executive 14 months ago cent been a marked change in man- housing operations when the yesterday was that Tarmac mies. and formerly head of the con- Last year Tarmac reduced agement style, with much market turned down. had still to complete what oth- Investment in continental tracting division, has been the number of workers it greater central control over It has not prevented Tar- ers had already achieved. Europe, favoured by UK build- charged with restructuring the employs by 4,300. A further 900 investment strategy, since his mac's new chief executive from There was also some question- ing material rivals like RMC, business and repairing Tar- jobs have gone in the first promotion. restructuring the housebuild- ing whether it was correct to Redland and Steetie (now y part mac’s debt-laden balance sheet three months of this year. It has been accompanied by ing business through the clo- be reducing capital employed of Redland), was largely Sir Eric remains non-executive In the US it intends to con- what looks suspiciously like a sure of four of the 20 operating in bousing just as the market ignored - partly because Tar- chairman centrate on the east coast palace revolution, with Mr units in southern England and seemed to be recovering. mac had burnt its fingers in At the end of last year net Tony/ where “recovery prospects” are Bryan Baker, deputy chair- the Midlands with the loss of SG Warburg, the group's bro- Germany in the late - 1970s. ’’It debt including Tarmac’s Neville Simms: greater central control over investment strategy greater. Non-core US busi- man. Mr Anthony Collins, bead more than 250 jobs. The aim is ker, expressed It best: was the reason I got the job of share of off-balance sheet nesses, some expensively of property, Mr Jack Maw- to take flOOm of working capi- “Although the jury remains chief executive,” Sir Eric ' used finance of £100m and £99-3m of Mr Simms strategy is to con- Most of the restructuring has acquired in the 1980s, have dsley, head of quarry products tal out the business this year out. much of what Tarmac to joke. auction market preferred stock centrate on the three core busi- been completed or already been sold. and Mr Derrick Sims, head of reducing the number of homes hopes to achieve in the 1990s It left the - group badly stood at £677m. This was nesses of housebuilding, con- announced. A total withdrawal About £150m has been raised the building materials division, sold in the LHC from 8,000 to and the methods by which it exposed when UK and US con- equivalent to 73 per cent of struction and quarry products, from commercial property from disposals since last June. retiring or leaving during the 7,000. will be achieved are already in struction markets collapsed in shareholders' funds of £924m. continue to reduce overheads development should be com- The group hopes to raise a sim- past year. The timing of Mr Simms' place. However, to move more the late 1980s. Diversification Tarmac aims to reduce debt where be can and reduce debts pleted within two years. Capi- ilar amount from gales this Mr Sam Plckstock, head of appointment as chief executive positively as yet demands a into “non-core" areas like by about £200m this year by selling peripheral tal employed In housebuilding year. There has been disap- the housing division, has has meant that the work of degree of faith in management waste management proved no through disposals, savings and operations, such as Econo- this year is expected to decline pointment, however, at the proved more permanent This curing the group's ills began and growth strategies and phi- substitute for the kind of suc- by further squeezing working waste, the waste disposal busi- to an average of between time taken bo find a buyer for has surprised some analysts somewhat later than in rival losophies which has yet to be cessful German businesses capital. ness. £350m and £400m, representing Econowaste. who blame him for failing to companies. earned or established.” Teredo board under

* i . , ,v fire from Cairn Energy \{ f •• • ‘ •: . \

By Deborah Hargreaves fall due. Shareholders should ask CAIRN ENERGY, the oil what plans the directors have exploration and production for reducing a level of gearing group which has made a hos- approaching 600 per cent, he tile £i-5m bid for Teredo Petro- said. Teredo, which has a leum, the indebted oil com- majority of small private inves- pany, yesterday hit out at the tors, holds its annual meeting board for not recommending tomorrow. acceptance. The board has not recom- Cairn's all-share offer cur- mended acceptance of the offer rently values Teredo at 4.8p a although it has suggested share. Cairn's share price has shareholders strongly consider increased by 20 per cent since it. First day for acceptances is it launched the bid following a today. gas discovery in the US. Cairn said it is interested in Mr Bill Gammell, chairman taking over the company of Cairn, has asked sharehold- because of its onshore oil pro- ers in Teredo to consider what duction facilities which border plans its board has to secure those of Cairn. the future of their company Hie company has an option beyond Friday, when interest over Teredo's loan note of repayments on £7.4m of debt £1.4m. ANNOUNCED DIVIDENDS 96 ofSpain's top 100 Cones - Total Total Current Dale of ponding for last payment payment dividend year year companies as clients. - - Bownemouth Wtr —fin 86 June 18 86 Edinburgh 1m -fin 5.55 Jiiy 8 5J55 8.4 8.05 Herring Baker —fin 0.5 June 21 3.75 3.75 7 McKechnie —inf 5 July 15 5 - 14.75 Sage Jnt 3.32 June 24 a02 - 9.02 - - Schroder Korea fin 2* June 3 2

Dividends shown pence per share net except where otherwise stated. tOn Over 3000 branches and increased capital. §USM stock. *US cants, Itrish currency. |For 18 weeks. * For 84 weeks. points ofsale.

Cleary, Gottueb, Steen & Hamilton

When Spain’s principal State+Qumed bayits Due to bomb damage caused to our and fmdrtc&d instikt£ion$ j*

crt 99 Bishopsgate on i ’ premises t^4>ier^i99ito^r^'Ajrg«stiari^\- Saturday 24th April theycreated dne of Spaing largest and. •• -

The London office of Cleary, Gottlieb, Steen ai$''djwte4.iOne^ & Hamilton will be operating until further jfrey : notice from: op^orM^%to City Tower, 1 '• f." * . . r 2 Level 2, atzdaorpkrate customer In 19 92>prfpate g 40 Basinghall Street, QCJ 5 deposi^mcreased.by-^ 1^. to' Plas^3 London EC2V 5DE 'btUiom-. ' " •* : m “ Our telephone and facsimile lines remain the Mutudt and pensiorttfitnds under-

same: management increased by 279.’/' • Telephone: 071-638 5291 •. f/ Insurance premium income grew by 2J%* FdcsimPe: 071-600 1698 or 071-588 5163

Qjtarft million new credit 'and debit cards .

CREDIT NATIONAL FRF 700,000,000 IF YOU NEED And over 25,000 new mortgage customers

9.25% BONDS DUE 1999 s current and savings accountsT . wHh coupon reinvestment EMERGENCY opened option OFFICE SUPPLIES Common Code: 3081249 Operating income grew 24.6%, pre-tax Sicovam Code: 14481 Tel.: 081-549 5822 profit by 25.596 and net.income after Aecortfing to the terms and Fax.: 081-541 4001 conditions of the Bonds, minQrities by 183,%. v notice is hereby given that 641 supplementary Bonds Office Sundries iZbafs Argemirii of<$&day have been created upon exchange against Coupons Printed Stationery on account of payment of Paper products interest New total nominal amount outstanding as of: Furniture 30/04/93: Equipment FRF 819 800 000 THE PRINCIPAL PAYING - *• •' AGENT SOGENAL Harrison Teny & Co. Ltd SOCIETE GENERALE Kingston upon Thomas GROUP Surrey KT1 2HL .1TA 15. Avenue Emile Reuter Corporaci6vfSfnctu^a.^de LUXEMBOURG \ StrENGTH. BANKING 1 * ON * v * ' *. w ... .*.;%** : OneChartEaualsOneH undred Sion e s .. *, ,

- SOLELY FOR THE PURPOSE OF SECTION S7 OF THE FINANCIAL SERVICES ACT .»«. g.-j .. ir.i. INTERNATIONAL. A MEMBER OF THE SECURITIES AND FUTURES AUTHORITY. icrli', Cir:rc“C;' rr - • THIS ADVERTISEMENT HAS BEEN APPROVED BY MORGAN STANLEY end — = rt1 r 0 = J! I?»2. PREPARE U UNDER SPANISH ACCOUNTING STANDARDS. " -IN THE TEA* TO DEC ALL FIGURES “ "mV-', .jliL! . -cJDavid Ka'.v o: 5cj;cn fer - O'-.') a; fex 7! rot: ienden 71 - 7.14 717.: (C7\ <'fl . : : : : : : I .

WEDNESDAY APRIL 28 1993 financial times COMPANY NEWS; UK AND IRELANDIRELAIMU Foods Offer accompanies static interim profits Bryant to Acquisitions lift Waterford p time-frame of ^ a |longer0nge as w»to On _ J „„ “towards 10 per cert"cent M four years. Mr O’CctG Con- moved up 30™ per cent 'towards three to raise £18m in Dublin Turnover shifted away By Tim Coone group’s focus said the group expand to I£551.4m (I£423An). uct® nor to through McKechnie “commodity . man- frnm P^ to expand pre-tax Mr Stephen O’Connor, vai tinue ACQUISITIONS pushed with greater growth and acquisi-. for land described the ones oreanic " strongly ahead for the aging director, profits year ue-added”, he said. there is substantial result as the group's "best ujan second year running at Water- borrowings more the UK and Group expand in .. said further profits ot scope to ford Foods, the Irish dairy ever”. 3e as a result ’ " Savage to I£l06m • r via £47m bid for purchases for doubled growth was anticipated now the US". . . group. acquisitions. Gearing share, Hefei* ^ ^ result of a fall year’s the Earnings per profits rose 29 per 1993, as a per £140.8m By Andrew Taylor, For 1992 at 78 per cent 56 equal to By Paul Cheesaright, share at 80p, or 67 per cent was barely changed at contribution from the Express stood goodwill amortisation cent, from I£15.9m to I£20.4m interest cover (£l39.9m). Earnings per share Construction Correspondent invest- cent), although per cent to IXUHp-* Midlands Correspondent more than its price before the acquisitions and new l.04p, rose 8 (£20m). times. Priori- talks rose from to 9,5p, while the which remained at 33 bid announcement. 9p ments made in plant (9.27p). yesterday Included was a fire-month be the con- , for the cash interim dividend is maintained BRYANT GROUP mar- ties for 1993 would is raised 4 MCKECHNIE, the inter- To meet demand three dairy would bring improved The dividend p®. latest housebuilder contribution from new busi- Brothers is at 5p. became the solidation of the makes; national plastics and metals alternative, Baring of gins. cent' a final of 1.58P a raise funds to buy land in processing companies the group and issue of 8m to 1992 nesses within - components group, is seeking underwriting the Ireland, Profit margin in total of 2.73P (2.625P) op COMMENT what increasingly looks like Express Foods of flow to improve to expand its consumer prod- new McKechnie shares at 385p. • per cent and the use cash innvaCPil CaTOfcSL last August from improved to 5.3 McKechnie is the beginning of a housing acquired ucts business by acquiring Sav- McKechnie is paying £15.lm The full price that would further widen gearing. market recovery. Grand Metropolitan for I£63m. age, the St Alban's-based home cash for the preference shares, paying for Savage suggests It is raising about £18m improvement accessories com- a move which is likely to lift confidence on three levels: NEWS DIGEST from a placing of 13m shares pany, in a deal worth £47.2m. gearing to about 20 per cent by recovery on the UK housing £690,009 the on tax loss from to from 10.4 per cent market. Savage's ability to gen- at 137 ftp. Following compulsory purchase order Savage is recommending the year-end products, made little progress for the year to endfie-- the shares fell office, £393,000 erate European sales in deval- announcement of the central Birmingham acceptance of the 4-for-21 at the end of January. Further pay in 1992 with a pre-tax loss cember. . stressed the ued pounds and its own ability 2p to 142p. £L34m. and the other was the fire at share-exchange offer or a cash Both groups £U23m, compared with Provisions were trimmed to Savage's costs. It will The placing is through SG In Leices- alternative of 73J3Sp per share. neat fit of their respective busi- to trim However, on turnover mar- the hosiery company Securities. Dealings was £400.000 (£Llm) although there acquisition will make little difference this Warburg for £i7.7m ter - the insurance claim McKechnie is also offering loop nesses. The cut ginally ahead at charge for .diminution financial year but could add are expected to start on Fri- was no for every Savage preference more than double the turnover (£l7.6m). gross profits were up tn preparation. bot- day. of land stocks this time against of McKechnie' s consumer prod- over ram to McKechnie's £5.61m giving Turnover was little changed share. from £5.07m to in 1991. 1993-94 when the Mr Colin Hope, chairman, Tesco chief 3m) and the £775,000 The offer came as McKechnie ucts division. Savage, whose tom line in operating profit of £351,000 at £52.9m (£52. be said: "The revival in new an Turnover was up from announced that although first core business is shelving and group should in any case profit came out at £4.52m house purchasers’ confidence A FURTHER fall in (£100.000 loss). £27. lm to £29.3m. Losses half pre-tax profits for the six storage systems, has been recovering on the back of UK costs were (£4J3lm). Earnings were 27.4p this performance-related incentive Exceptional through at recovering from the damaging and US economic recovery. For since the beginning of the dividend is worked &-8p.(5p) months to January 31 were Sir Ian higher at £1.01m (£415,000). (25.35p) and immediate future, seasonal year is extremely encouraging. payments left for and the net asset value per fractionally higher at £10-8m, effects of continental European the per share amounted lOp, against 8.18p adjusting net reservations since MacLaurin, chairman of Tesco, Losses at (BSJJp). last acquisitions in the late 1980s. It shifts in McKechnie’s earnings Our fuial is 7.6p. share stood 60.7p compared with £10.6m to 6.4p (losses of 9.6p>. a scrip issue; the will December l are more than 30 with emoluments for the year is no dividend (lp). time there was an underlying made pre-tax profits of Elm on mean that the second half There , That per cent ahead of the compara- to February 27 1993 of £967,000. improvement in profits before turnover of £32Jtm in the six be better than the first estimates of ble period a year ago.” This was the second year asset value interest of per cent. months to last December. makes brokers' TuDow’s production Shirescot 7 addition to running that the chief of the Bournemouth and foreshadowed For McKechnie, the takeover 1992-93 pre-tax profits over The gronp, in The bid was chain suf- improves to 124.8p realistic. earn- purchasing land in its existing UK supermarkets levels rising a on April 22, when Savage of Savage represents the £26m look On West Hants Water 2Gp, this puts areas, has formed a subsidiary fered a reduction. In 1992 his fe discus- resumption of expansion after ings approaching Smaller announced it was in Tullow Oil. an Irish oil and gas Shires High-Yielding at yesterday’s price in Edinburgh and is in the pro- total remuneration amounted t: then its share concentration on reduction of the shares which was Bournemouth Water and West sions. Since from £1.43m In exploration and development Companies Trust, maximisa- of 423p on a prospective multi- cess of establishing itself in to £lm, down Hampshire Water, both owned b price has risen from 48p to 71p. its cost base and the reported a pre-tax launched on August 28 last over recovery having north-east England. 1991. company, is McKechnie share offer, tion of cashflow. ple of 21, asset by Biwater, the water engi- The been profit of I£l.63m (£l-59m) for year, announced a net turnover been anticipated already. A division has been set up to The figure for 1992 has d however, values each Savage In the latest half 31, value per share of l24J5p at neering group, reported build smaller developments of restated from ELOSm to reflect the year to December ti previ- 31 against ill three increased profits for 1992. . luxury homes in Berkshire, a change in accounting policy against a loss of I£L24m March u Fully diluted, Bournemouth raised pre-tax Buckinghamshire, Oxfordshire which relates the payment ously. Turnover grew from months earlier. w were 12D.7p and profits 39 per cent to £4.75m Inv net asset value boost and Warwickshire. more closely to the results on [£$28,000 to I£1 Jm. the values d Edinburgh at respectively. (£3,42m) on turnover of £tiUm Earlier this year the gronp which they are basecL Earnings worked through HB.Gp earn- P< report 1.12p (losses of 0.89p). Net revenue for the three (£105m). Fully diluted (£24.1m), for ther boosted by the early pay- announced that first half pre- • The 1992 annual of fc By Scheherazade DanesMdiu higher at £27 .2m were reveals that Mr months amounted to £97,000 ings per share 320p (25(4)) earnings per share of 9-25p ment of dividends following tax profits had fallen from Slough Estates ri equivalent to earnings of 0.78p and file dividend for the year is tax changes announced in the £9,8m to £7.5m. The interim Graeme Elliot, former vice ti EDINBURGH Investment (8.19p). recovers £429.000 in Dakota per share basic and 0.91p fully 86p. figures were helped 1993 Budget dividend was held at 1.4p. chairman, received U Trust, the UK's second largest The by interim divi- Pre-tax profits at West Borrowings of £9.3m at the compensation for loss of office. to I£1.36in diluted. A first ci investment trust, reported net the move to Increase invest- The final dividend is 5.55p, dend of ip is declared. Hampshire edged up to £l.29m ment in UK equities, which at making a total of 8.4p (S.05p). half year represented gearing n asset value per share of 300.8p (£1.22m) on turnover of £&8m into a of just per cent. This Dakota, the Dublin-based pack- U at March 31, a record year-end the end of the year accounted The managers entered 5 com- How tumbles £23m aging and stationery gronp, (£7.9m). Earnings per share year ear- for 88.6 per cent oE funds com- loan agreement for £100m for excluded £20m associated tc level, against 253-9p a Capital Industries came to 152p (I49p) fully in October pany borrowings attributable reported a recovery in pre-tax T lier. pared with 62.1 per cent 12 one year, ending into the red profits from I£l 44,000 to £l»9m acquisition diluted and a 36p dividend is of Net revenue was 13 per cent months earlier. They were fur- 1993. to Bryant proposed. w How Group, the building ser- I£1.36m (£l.33m) in the six vices contractor, swung from months to March 31. Capital Industries is acquiring Bournemouth and West SI pre-tax profits of £1.3m to Turnover on continuing Arthur Wollacott, a printer Hampshire spent £3.9m and Te PETROFINA S.A. losses of £2.28m in the year to activities edged ahead from and converter of packaging £1.3m respectively on new pro- ti - Office : 52 rue de I'lndustrie B-1040 Brussels December 31 1992. Turnover I£8.69m to I£9.41m. materials, for £l-9m cash. jects during the year. T.WV. No. 403.079.441 - R.C. Brussels No. 227.957 took excep- acquisition represents a hi fell to £136m against £2ZJm. The results in The Losses on discontinued tional profits of I£l.llm, further step in the develop- B convened atland second at Capital Since the necessary quorum was not reached at the Extraordinary Meeting of April 27. 1993, the Shareholders are to a disposal of Capital Industries' Growth b< operations amounted to £3.6Im reflecting a loss on the ment MEETING, which wfl be held in Brussels, at 52 rue da I'lndustrie, on May 1993 after the Ordinary Meeting. Whatever the EXTRAORDINARY GENERAL 14, activities. fr but profits on continuing of Technodisc in February, out- industrial AWC & Regional Props number of shares represented at this second meeting, resolutions will be vaMy taken on the original agenda, namely: ti operations improved 33 per weighed by a gain on fixed operates in a related area to 1. in ariide 1 of the Articles of Association, delete the words, -Formerly, it was named ‘Compagnie flnandflte beige des paroles', company with limited fiabiity, m cent to £l.l6m. assets at Ormond Printing. that of Samuel Jones, which Capital and Regional Proper- ‘Petraffna* in abbreviated form*. si Losses per share came Earnings per share were 4£p makes and converts laminated ties lifted pre-tax profit from T 2. In article 2, replace the first paragraph by the following paragraph : The registered office of the company is established in the Brussels-Capital Region. It is through at 3.96p (l-82p earn- compared with 02p. paper products. £367,000 to £422,000 for the year currently located at 52, rue de I'lndustrie. Brussels. It may be relocated within this region by resolution of the Board of Directors'. Ji ings) and the proposed final For the year 1992 AWC to December 25. without any ta 3. in 8111016 4, replace the first paragraph by the fodowing paragraph ; The company is established for an unlimited penod of time'. dividend is halved to 0.75p for increased turnover from property sales. Growth at S&U to £3.1m and pre-tax Net rental and fee income sc 4. In article 5, insert the word "voting’ before the word 'shares*, and add this second paragraph -. The corporate capital may also be represented by non-voting a total of l^p (2£p). E2A2m to rose £4.6Sm to £6.03m but V shares, created by the general shareholders' meeting or the Board of Directors*. restricted to 5% profits from £299,000 from is £362,000. net interest payable also 5. Insert the following article 5A Forth little changed Birmingham-based increased, from £3. 09m to * Every person or legal entity owning or acquiring voting shares in the company must Inform the company and the Commission bancaire ei financtere of the S&U, the credit house and £3.84in. In 1991 property sales number of shares held when the voting rights associated with said shares amount to 3 percent or more of all voting rights existing at the time when the event with £1.23m deficit consumer Britannia deficit in £666,000 there giving rise to the duty to inform occurs. hosiery maker, lifted pre-tax brought and Taking exceptional losses into profits by 5 per cent in the were exceptional costs of In the case of a subsequent acquisition of shares, the same information must be provided when as a result of this acquisition, the voting rights associated with cut to £393,000 the year to January 31, despite two £85,000. said shares amount to 5 percent, 10 percent 15 percent, or any higher multiple of 5 percent of aO voting rights existing when the event giving rise to the duty account Porth Group, to triform occurs. USM-quoted manufacturer of adverse factors. Britannia Group, the Chelten- Earnings came out at 0.41p Christinas decorations, packag- One was an exceptional cost ham-based construction and (lJ26p) and the final dividend is In Ihe case of a transfer of shares, the same information must be provided when, as a result of this transfer, the number of voting rights fans below one of the ing, in objecting to the housing company, cut its pre- 0-8p for a total of l.lp (lp). above-mentioned thresholds. aerosol and frame-making of £134,000

To the shares owned, acquired or transferred by this person or legal entity shall be added all shares owned, acquired or transferred by

a third party acting in its own name, but for the account of said person or entity: PETROFINA S.A. - a person or legal entity related to said person or entity. Office : 52 rue de I’lndustrie B-1040 Brussels T.Va No. 403.079.441 - R.C. Brussels No. 227557 a third party acting In Its own name, but tor the account of a person or legal entity related to said person or entity.

Likewise, the numbers of shares owned, acquired or transferred by persons and/or entities who act in concert for purposes of owning, acquiring or transferring Shareholders are invited 10 auend the ANNUAL GENERAL MEETING which shares which or of to 3 percent more voting rights are attached shafl be added together. will be belt in Brussels, at 52 roe de rZndw&ic. on Friday MAY 14, 1993, at 3 ttv following When a person or a legal entity holds, acquires or transfers the drect or indirect control. In law or in (act, of another company owning, in particular through the p.m. (Brussels limey, with the agenda effect of conceited action as defined by the law, 3 percent or more of the voting shares of the company, said person or entity must so inform the company and 1. Report of the Board of Directors on Uw financial year 1992. the Commission bancaire el flnanddre. When several persons and/or entities Jointly control such a company, each of them must make this disclosure. 2. Auditors' report on ihe Gnucial year 1992. GOLDSTAR CO., LTD. The above-mentioned declarations must be sent to the company and the Commission bancaire et flnancfce at the latest the second business day alter the 3. Annual accounts for Bbc year coding 31st December 1992. Board of DhecicnC event giving rise thereto has taken place, without prejuttice to the previsions of law reganBng shares acquired by inheritance, and for the threshold of 3 proposal to Iho meeting to approve ibex annual accounts. percent, at the latest the second business day following the dale of publication of this new article 5A m the Supplement to the Belgian Official Gazette. U.S. $30,000,000 4. Allocation of profits. Board of Directors' proposal to the meeting lo distribute a Without prejudice to the provisions of the law, no shareholder may of rights exercise at any general meeting of shareholders a number voting greater than that gross dividend of 280 Belgian Cranes per share. Floating Rate Notes corresponding to toe number of shares he has declared In accordance with the law and the present Articles of Association at least 45 Due 2000 days before said general 5. Discharge of Directum. Board of Directors’ proposal to the meeting to gram meeting. It being understood that he may vallcfly vote those shoes to which are attached voting rights amounting to less than 3 percent of all voting rights discharge to the Directors for the performance of their duties in the coarse of Unconditionally and irrevocably guaranteed existing on the dale of the general meeting of sharahoMere.or falling between two successive thresholds'. by the financial year 1992. 8 Special report by the Board of Directors indicating (a) the specific circumstances in which ft may make use of the authorized capital and the objectives it 6. Discharge of auditors. Board of Directors' proposal to the meeting to grant will pursue in so doing. LUCKY, LTD. discharge to toe auditors for ibo performance of Ihcir duties m the comae of the

(b) In article 8, amend four paragraphs : financial year 1992. Interest Rate: 5'/-*% p.n. (Min. Rate of Interest) • Replace paragraph 4 by the following paragraph 7. Statutory appointment*. Board of Directors' proposal to the meeting to rc-dect Comte Jean-Pjcne do LaunoiL, Baron Paul Janssen and Pierre Jung els as ' The Board of Directors may Increase the subscribed corporate capital on one or several occasions up to an amount of fifteen billion francs Interest Period: members of dm Board of Directors and Georges Timmerman as auditor. according to procedures established by the Board, either by issuing voting or non-votftg shares, by baiting debentures convert!We into shares or 29th April, 1993 to 29rh October, 1993 8. Any other badness. wtlh subscription rights or redeemable In the form of shares, or by issuing subscription rights. The Increase in capital decided pursuant to this authorization may be carried out via contributions in cash or via contributions not in the form of cash within the limits permitted by the law on The meeting room will be accessible from 2. p.m. onwards. 15 Interest Amounr per U.S. $10,000 companies, or via the incorporation of Issue premiums or reserves, whether avaBable or unavolabto, with or without an issue of new shares'. Before the meeting, al 2.45 p.m. a short film about ParoGno and affiliated NotcJue 29th October, 199) - Replace paragraph 5 by the following paragraph : This authorization is granted for a period of years commencing or publication 5 on the date of companies' activities in 1992 wiH be shown. AU shareholders aro cordially invited U.S. $266.38 this new parafpaph of article 8 in the Supplement to the Belgian Official Gazette*. lo attend. - Replace in paragraph 8 the date of *May 11, 1990* by the date of 'May 14, 1983’ and the wonts 'article 8 92, 2* of the Royal Decree of November Interest Amount per U.S. The bearer shares may deposited until Included $100,000 8, 1989* by the words the law on companies*, and add be and Tuesday II, 1993, at: at the end of this paragraph the words 'and this also in favour of one or several specific Note due 29th October, 1993 persons, who may or may not be members of Ihe personnel of the company or Its subsidiaries*. Banque Bruxelles Lambert Gdodrale de Banque U.S. $2,668.75 - In paragraph 9 add the words ’or power* after the word 'authorization'. CCER Rredietbank Banque Paribas Belgique

(c) Banquo Notiotulc de Paris Credit Insert at the end ot article 8 this temporary prevision : The authorization granted to the Board by resolution of the general meeting of shareholders of do Nord Agcnr Dank May 16, 1988 shafl remain In force untfl publication to Ihe Supplement to ihe Belgian Official Gazette of the new authorization hereobove:. Banque Inlcnuiionale 3 Luxembourg Banque C6o6ndc do Luxembourg Daring Brothers & Co., Limited Commerzbank Deutsche Bank Dresdner Bank ABN-Amro Bank 7. in article 9 replace the words 'balance sheets' by the words ‘annual accounts', Credit Snjssc Swiss Bonk Corporation Union Bank of Switzerland a In article 10 add the Mowing two paragraphs: Credko Italiano Barclays Bank (FencfnirchSL, London). * The company may acquire As own shares, whether voting or non-voting, without a resolution of the general shareholders' meeting, by means of purchase or TTie annual report is there also available. Tho Board of Dimaces exchange, directly or through an Intermediary acting in its own name but (or the company's account whenever such acquisition Is necessary to avow a grave and imminent danger to the company. This authorization is granted tor a period of 3 years commencing vrith the date of publication In (he Supplement to the Belgian Official Gazette of the amendment to the Articles of Association adopted by the general meeting of May 14, 1993. This authorization may be renewed. Within the limits set by law, the company may dispose of shares thus acquired without a decision of Ihe general meeting of shareholders. NOMURA ASIAN INFRASTRUCTURE The company may demand the repurchase either of aS of its non-voting shares or of certain categories thereof, each category befog determined by the date of FUND SKAV 6. a*me BnUe Remer NOTICE OF REDEMPTION LUXEMBOURG 9. tn article 15, replace in paragraph 2 Ihe word three* the word five'. In paragraph the word two* the word three* by 3 by and in paragraphs 3 and 4 the words R.C. LoMUbooi B34M8 *br fjy telegram or by telex' by ffie words ’by fetegra/n, by telex or by fax*. Notice la hereby ghen ro ibs sbaebaUeo. aw 10. In article 17, paragraph 1, delete the word "Imperatively". Oh ANNUAL GENERAL MEETING 11. Abrogate article 21 T°^e HOldCra "fSerle* or AMbaUn or NOMURA ASIAN A CaUab,« Bond , Certificates 12. In article 23 replace the words ‘death or resignation of director* by Ihe words "vacancy of a director's post*. o a INFRASTRUCTURE FUND vrill bn bet! Mite issued by Barclays Private Bank & Trust limited as Rgned offlee aa Mmday Itt Mp 1993, at Custodian 13. Add at the end of article 25 the Mowing paragraph relating to the 9.65 per ItUOmndUtarUbafawikh; cent FICO Bond* due November 'Any shareholder who Is a natural person and who has deposited his shares may request that his name not be included in ihe attendance Bst, but only if the 2, mT8 voting rights associated with his shares amount to less than 0.1 percent or any other percentage which may be fixed by Royal Decree, of the total number of SabnSntcai of OK nporta of Re tawd voting rights existing at the time when the notice was sent or made pubic. To the shares deposited by a shareholder shafl be added, for purposes of the of

Points from Julian Ogilvie Thompson’s 1992 Chairman’s Statement

he year was a testing one for for the industry. It will be an important

De Beers and the whole long term contributor to De Beers* T diamond industry. Nevertheless profits, and will ensure the continuity we came through with stability restored of direct De Beers’ production in South

in the market - proof once again of the Africa.

efficacy ofDe Beers’ system of single

channel marketing for rough diamonds and of the commitment of the world’s Prospects

major producers to that system. Overall retail sales in the major

It is especially at times like these markets in 1992 matched those of the

that the Central Selling Organisation pervious two years both in dollar value

(CSO) fulfils the function for which it and pieces sold, although sales were

was created and proves its worth, not slightly down in local currency terms.

only to producers but to all sections of Signals from the retail markets are

the industry which benefit from its mixed, but it is encouraging that in

stabilising role. these difficult times diamondjewellery

sales have been maintained. Consumer

attitudes to diamonds remain strong The diamond market and the mood in the cutting centres is

In the second half of 1992 the market cautiously optimistic.

was influenced by two crucial factors: on the open market - testimony to our close associates and partners, as the Our balance sheet remains

the widely forecast upturn in world financial strength. world’s largest producer of gem extremely strong and the burden of

economic activity felled to materialise By early 1993 balance had been diamonds by value. stocking is being shared between

and the surge in illicit production and restored in the cutting centres and the Non-group producers might be ourselves and the other producers. We

theft of diamonds from Angola. The February price increase was readily less confident that the CSO could shall continue to fulfil our traditional

combined effect was to curtail demand absorbed. The increase was mainly in perform its essential and historic role, role of stabilising the diamond market

for rough diamonds from the CSO the size ranges above three quarters of a and thus preserve the single channel in the interests of alL Our industry is

below the level forecast for 1992. carat, reflecting strong demand in these marketing system, if they were not sure soundly based and well placed to DeBeers/Centenary immediately categories. CSO sales during the first that the major part of the world’s prosper as soon as world economic

took steps to stabilise the situation and three sights of 1993 have been very production was solidly linked to activity again gathers momentum.

to strengthen the balance sheet by good - although influenced by a De Beers.

restricting the increase in diamond number of exceptional factors, which That link was strengthened by the

stocks and borrowings: we signalled a are unlikely all to persist commissioning of South Africa’s newest

probable reduction in the year's profits diamond mine. Venetia was officially The full Chairman’s Statement with the and final dividend; we reduced opened in August 1992 by our former Venetia mine Annual Reports of the two Companies deliveries from contracting producers Chairman Ain H~F. Oppenheimer. for the year ended 31st December 1992 has we Central to De Beers’ ability to In terms of technical innovation, under the quota system by 25%; been posted to registered shareholders. plant design and held back those diamonds in weak stabilise the market during difficult environmental Copies may be obtained by writing to the demand and made substantial purchases times is its status, together with its practices, Venetia has set new standards London address below.

DeBeers Consolidated Mines Ltd DeBeers Centenary AG

De Beers Consolidated Mines Limited (Incorporated in the Republic ofSouth Africa), London Office, 19 Charterhouse Street; London EC1N 6QP. DeBeers Centenary AG (Incorporated under the laws of Switzerland), Head Office, Langensandstrasse 27, CH-6000 Lucerne 14, Switzerland. . .

mu* De Beers profits at Pumping up ' bids -a Fresh suitor . prepares fortress for hand of jilted to boost BP’s Andean production diamond Christina Lamb visits a Colombian oil installation NY exchange facility that looks more like a military supplies government T FIRST sight it looks However the By Laurie Morse in Chicago The CBoT withdrew its “heartsheart and minds strategy” military installa- and oil companies have a ? offer By David Blackwell like a „ work- three-month-old takeover .combattingcombatting He explains that “we are tion. SSbeVo“eBut beyond the shared interest in M week after jilted for the in the face of S peasants and JUST A being Comex A is Presi- ing with the African khaki-clad figures manning terrorism. Not only by the Chicago Board of Trade, strong Comex member resis- DE BEERS, the South help them under- sandbag- dent Cesar Gavrina anxious to farmers to tance. failed to group that controls about 80 machine guns from for New York's Commodity The CBoT had so mars stand that the benefits tents, and the two rows of end the violence tbat offer members any cash per cent of the world diamond ged the oil Exchange (Comes) has Comex reputation, but them lie with helping yesterday responded flood-lit razor-wire, lie the the country’s received a proposal to become for the exchange, and also market, companies and not the other oil represents 22 per cent of access to to an improvement in the hopes of oil giant British Petro- a wholly-owned subsidiary of reftised to give them earnings side". To do this BP has public diamond market by leum for improving its ailing Colombia's export the New York Mercantile Its own successful grain and world officers based at rigs of last year’s foreign relations increasing the amount it will fortunes. and half Exchange. interest rate products. to go out explaining what they The Cusiana 2A production investment, making the indus- The Nymex board of direc- boy from producers. sup- to future pros- are doing. The company Last antumn the gronp, facility Is one of a series of try a vital key tors voted to offer a $10m con- While the Nymex’s glOm ports community projects in 55 the market heavily guarded oil ri|p nes- perity. solidation plan to Comes yes- offer is modest, and there is which organises - gave jobs last year “There is a real synergy villages and difficult. animosity between through the London-based tling incongruously in the terrain makes drilling very terday morning. The proposal historical and foreign to 2500 local people. The mountainous Central Selling Organisation, rolling foothills of Casanare in the government would create two separate divi- the two New York markets, it same Winning over local inhabit- to cut agreed Colombia’s eastern Andes. An companies have the annual revenue of $4hn-. sions at NYmex, one for metals may have a chance of success. told producers acquir- its target. However, for mated says a presidential ants is also crucial for reach deliveries by 25 per cent as it area until recently inhabited goal," been 5bn. pushing the country's and one for energy. Nymex ing seismic data. Mr Tony Hay- new wells the time has Angus cows sub- adviser. He points out that the rate from last would exclu- Comex has been forced to struggled to bring supply and only by and reduced; the com- annual growth members retain the gov- ward, exploration manager, considerably of demand back into balance. sistence farmers, the rigs mark oil is in areas where year’s 3.6 per cent to more sive rights to trade their own seek a partner because that “it is much pletion target for the latest is weak and the popu- points out reve- Last year its sales Tell by 13 the discovery last year that ernment than per cent This is causing products but would be allowed declining volume and protect 2,000 people well Los Cedros is 66 days at a 5 sitting lation poor and thus suscepti- harder to nues. In addition to cash, the per cent from 1991 levels to Casanare was on an last some worry among directors of to trade Comex metals con- Casanare, scattered over a large area cost of jfim, compared with today said that $3.l47bn - a five-year low. underground sea of 2 bn barrels ble to guerrillas. In Colombia's500,000 Central Bank,who tracts for their private Nymex board than fixed installations". year’s average of $20m. off. BP's richest find since for example, half the popula- accounts. the plan would provide signifi- In February this year, how- of completed so fear having to revalue' the below the poverty line. Of the six wells cant cost-savings. ever, De Beers was able to the early 1970s, the Cusiana- tion is peso. Under the deal Comex mem- help ast December BP began far on Cusiana and Cupiagua Its an aver- Cupiagua field adds 5 per cent “Not only could oil money would gain limited trad- increase prices by cur- In fact production may r be bers these areas,” an innovative system, only Buenos Aires l is the age of 1.5 per cent - the first to the company's world-wide development of ing rights to new Nymex prod- The deal would allow of production - produc- higher. While refusing togire the the adviser explains, "but the establishing a series rently in two exchanges to combine rise for nearly three years. reserves and is basis for L specific figures, officials merger plan, which BP ucts. The gov- local co-operatives from which ing 10,200 barrels a day since operations, Yesterday the group said that Colombia's aims of doubling its oil companies can help the is subject to exchange reviews trade-clearing The field will believe that the estimate of production. ernment reduce terrorism by the seismic company contracts last September. ratification Comex would give Comex access to “In line with the changing oil b/d for Cupiagua where and by both source labour for removing vegeta- be declared commercial next electronic after- relationship between antici- Oil companies are used to providing an alternative : and Nymex members, would the Nymex's and drilling lines month, triggering off a $l.lbn only two wells have been sprat operating in difficult condi- of income.” tion, cutting exchanges hours global trading network pated CSO sales for 1993 and is make the combined and dynamite, the lat- investment programme to ded so far low. Mr Hayward potential supply, the 75 per tions but, as the elaborate As its own investment in the placing the fourth largest futures and set to be launched June 24, and b/d says, “tins is one of the hottest industry, the government ter kept under army guard boost production to 150,000 world, would allow the two exchanges cent quota entitlement will be security measures at Cusiana oil options arena in the “This has been very successful by 1995 - the maximum under patches in the whole oil indus- seek combined trading space increased to 80 per cent with 2A illustrate, BP Colombia has Installed an army battalion with a unique dominance in oil to pipeline limitations. As try. There is a definite upside 1”. faces unusual problem. at Yopal, the capital of Casan- in retting us do our work while current gold. Nymex had volume outside their current quarters effect from May an and bringing into local com- a600,000IS per cent equity holder but we don’t yet know how World Trade Julian Ogilvie Thomp- Cusiana is on the front line of are, to protect BP and its part- money of 47m contracts in 1992, while in New York's Mr much”. He believes the trend Total and Triton, and Is munities.” Mr Hayward says. BP’s share will be about 5200m, had a turnover of 13m. Center. son, the group's chairman, the Colombian government's ners Comex security the S250m it has continues to the north into the said that while the increase long-running battle against offering sizeable bounty for “We now have no on top of because the locals invested since arriving in 1986. Piedemonte area, which BP was not large, it showed the guerrillas - a prime target of information leading to the cap- problems interest in seeing According to Mr Nick Con- owns 100 per cent The com- market was better than when the nominally Marxist groups ture of guerrillas. It is now ille- have a vested Set ikk carried out" nolly, BPs Commercial man- pany plans to drill two wells to palm oil the quota was imposed last who explode pipelines in an gal for companies to pay pro- this work Iran buy only Latin America, under there this year. August. He said the first three attempt to force out multina- tection money, on pain of Security is not BP’s ager for headache. According to Mr phase n of the project produc- Operating in Colombia may l By Kferan Cooke China. India, Pakistan, Russia, "sights”, as its sales are tionals from the country’s vast expulsion, reinforced at fre- for C the light crude pro- tion will rise to between present unusual challenges but Algeria and Egypt have all known, were “very good". The violence-ridden backlands. quent meetings between mili- Hayward high and busi- duced is of “top quality - Latin and 800,000 b/d by 1998. for BP security measures are IRAN IS to buy 100,000 tonnes been offered the facility but to next is due next week. Although Cusiana is on land tary command miles) ness leaders. America's only low sulphur For this a new pipeline must just part of the production of palm oil from Malaysia, date only Pakistan and Algeria The improved market is pot only 60 km (200 east of sharps rigs are like new measures are metal free o3”. But it lies at be built - no easy task as it cost. The company employs 200,000according to Mr Lim Keng have taken it up. down to reduced smuggling the capital, its run The to 16000 feet cross two mountain more than 600 security officers, Yaik, Malaysia’s minis ter for Iran was offered the facility from Angola because of the offshore facilities with workers already showing results. So far depths of 14,000 must this conditions are ranges to reach the port of and Mr David Harding, chief primary industries. The order, following a recent visit there rainy season and the resump- staying on site for 28 days and year there have been and drilling - executive for Latin America, worth MSI30m (USSSOm), will by Dr Mahathir Mohmad, Mal- tion of the civil war; slow then helicoptered off. Mr Phil seven pipeline explosions a very difficult because of the Covenas. Estimated total over the next has to travel in bullet-proof be undertaken under Malay- aysia's prime minis ter. It is not sales from Russia, particularly Mead, operations manager, big drop from last year's 86. mountainous terrain. Tectonic investment four a five is $4J3bn. sia’s palm oil export credit clear whether Iran has agreed before it lifted the 20 per cent says, “it’s very frustrating for which cost state oil company presures cause hole instability to years car with guards and motor scheme. to buy a further 100,000 tonnes export duty; and buoyant our people working out there Ecopetrol SlOOm in lost sales. making it slow work and the The Cusiana production will cycle outriders. . believe Under the export credit of palm oil this year in order to demand from India, which had that they can't just drop round To operate without paying casing frequently collapses or make Colombia the second “We its worth it," he scheme, which has been in conform to the terms of the increased sales to the US. to the local hacienda or go out off guerrillas, companies must the pipe sticks. largest oil exporter in Latin says. “We’re here for the long force for the past two years, credit arrangements or Retail signals were mixed, to a bar". win over local communities Cusiana 2a took 18 months to America and provide an esti- term." countries who buy at least whether Malaysia has relaxed said Mr Ogilvie Thompson, bat tonnes of Malaysia's its rules on the scheme in an it was encouraging that dia- palm oil in one year are given effort to encourage more mond jewellery sales had held up to two years to repay. exports. up despite the recession. Timber growers attack Forestry Commission privatisation plan

By James Buxton, estry into the next century as a annual meeting of TGUR “We prise, the part of the Forestry The privatisation of Forestry MINOR METALS PRICES Scottish Correspondent part of an overall land use have to be politically aware rtf Commission that owns and Enterprise was denounced at strategy for the UK. the considerable pressures manages its forests, will arouse the meeting as “a silly piece-of (14.85- 28-41 (31-43). privati- political controversy dogma" by-Mr Patrick Gordon- Prices from Metal Bulletin (last in warehouse, 14.70-15-30 kg) W0 3 , cif. THE PRIVATISATION of the The industry had to be con- within government for and sation. that current divert attention it Doff-Pennington* of week's in brackets). 15.30). Forestry Commission’s wood- sulted in the review, he said. My view is . from what chairman; VANADIUM: European free ANTIMONY; European free MERCURY: European free lands - now under discussion “If not well have a solution government philosophy sug- considers the more important the official Red 'Deer Commis- market, min. 98 per cent, $ a lb - market 99.6 per cent, $ per market, min. 99.99 per cent, $ by a government committee thrust on us that almost cer- gests that it is now more a issue of agreeing a new set of sion and former convener of 1-45-1.55 (1.50-1.60). V,Os, cif, tonne, in warehouse, 1,640-1,700 per 76 lb flask, hi warehouse, was *1101 a subject which the tainly won’t be to our liking,” question of when rather than if objectives for forestry and the Scottish Landowners Fed- (same). 120-140 (same). URANIUM: Nuexco exchange forestry industry wanted on Mr Christie-Miller said. [the Forestry Commission’s incentives to revive tree eration. BISMUTH: European free MOLYBDENUM: European value, $ per lb, U,0„ 7.45 the agenda at this time", the Last month Mr Ian Lang. woodlands are privatised]. planting. . “We don’t like the dogma market, min. 99.99 per cent, $ free market, drummed molyb- (same). chairman of Timber Growers Scottish secretary, revealed “We are not abandoning our They are also worried about that is being thrust down our - per lb. tonne lots in ware- dic oxide, $ per lb Mo. in ware- UK, which represents private that a committee of civil ser- friends in the commission the lack of formal consultation throats. The government. is house, 2.30-2.40 (same). house, £20-2.25 (same). un wakhouh stocks woodland owners, said yester- vants was reviewing options merely trying to steer the by the committee which is talking rubbish,” he said. (As at Monday’s ckss) of chaired the Scottish Office, Forestry Commission, CADMIUM: European free SELENIUM: European free tonnes day. for the “ownership and man- debate in the best interests by The market, min. 99.5 per cent, $ market, min 99.5 per cent, $ per Mr Andrew Christie-Miller agement of Forestry Commis- the whole industry,” he with representatives from the he said, was “bloody marvel- Alummhjm +6075 to 1,774,625 10 per lb, in warehouse. 0.350.45 lb, in warehouse, 4.700.40. Copper 0475 to 388475 said that it was vital for the sion woodlands", and was explained Treasury, the No Downing lous" under its chairman Sir (same). TUNGSTEN ORE: European Laad -1.800 Ip 248,100 government and the industry reviewing the effectiveness of The forestry’ owners are con- Street policy unit the Forestry Raymond Johnstone and its 946 to 88498 COBALT: European free free market, standard min. 65 Metal to produce together a national forestry investment incentives. cerned that the question of pri- Commission and several other director-general Mr Robin Zinc 1.500 ID 621,675 market, 99.5 per cent, $ per lb. per cent, $ per tonne unit (10 Tin 385 to 20545 forestry strategy to take for- Mr Christie-Miller told the vatising the Forestry Enter- ministries. Cutler. WORLD COMMODITIES PRICES

MARKET REPORT (Prices suppflod by Amalgmnelad Metal Ttaatog) HEATTNQ OH 42400 US gaBa, canto/US gain Chicago Close Pravtoua Mph/Low AM Official Kerb dose Open Interest Oosa Famous High/Law Latest Pravtoua HgteUev per tome) Total daily turnover 37,037 lota SOYABEANS 5.000 bu mto; carts/60to bushel Precious metals prices slipped from market's sharp reversal of Its 874 688 874 868 AkemWuw, 83.7% pretty (S 5535 55-71 6675 56-35 morning levels as gold, 888 880 689 883 Cash 11105-11 11053-005 1109.5 11095-10 Ctosa Previous hfeMjOW which had downward trend continued, aided 5640 5673 . 5650 5645 701 693 702 898 3 months 1133-34 11205-20 113871129 11325-33 11375-38 167.128167,128 tots led the rally, fell from its highs on by more constructive indications 6645 5612 5610 5545 May 592/4 720 712 721 715 585/0 695/0 592AJ Copper, Oede A (C per tonne) Total duly turnover 53501 tote 5650 ‘6672 68.75 6646 profit-taking. GOLD was fixed at on both fundamentals and charts. 739 731 741 734 JU 504/4 597/4 S88/4 593/6 5745 57.72 57.70 5745 Aug 585* 598* $351.40 a troy ounce in the The drop of more than 100,000 754 748 754 748 Casti 1180-09 1182-93 11868/1111188471188,5 1188-885 600/0 58S/4 788 759 767 787 3 months 1 213-20 12200209 1209-095 1220-21 182,417 tots 6640 5607 5600 5640 Sap 596* 6002 000* S96/D afternoon, $1.40 lower than the 60-kilo bags in the latest US 782 773 781 59.40 5657 58.45 99.40 Nov 600/4 603* 604/8 589* 783 Used p par tanns) Total daly tunover 4.745 lots morning’s eight-month high fix of certified stock figures and the good 828 819 830 825 8026 6043 6650 8625 Jan 607A) 610/4 011/0 606/6 Cosh 2705-715 2895-705 271-715 $352.80. But dealers said gold's absorption 6O8Q 60.88 0080 8040 Mo- 813/8 617/2 617/4 813/4 of May New York Ttenovan 4719 (35761 lots of IQ tonnes 3 months 280-81 279-785 2805/2785 200-805 280-805 20,737 tats 6670 8043 6070 0070 May 817/2 62Q/4 621/0 617/0 upside target was still around $360. arabica delivery notices helped ICCO todeteor prices (SDRs per tonne). Dafly price Nicfcal S per tonne! Total da*y turnover 4,725 tola lor Apr 26 719.74 (719.90) 10 day swage tar Apr . SOYABEAN OIL 00400 They also said that following Sir to fuel the upward move. COCOA 10 tonnsoflrtonnaa to* oents/b 27 720.89 (72150) Cash 6020-30 6105-15 Ctoae Previous James Goldsmith's large purchase Shortterm charts were also seen 3 months 608590 8175-80 6070-75 47,472 lots Close Previous Hgh/Low Nr^vLow

of gold options, the underlying as reasonably constructive, with Tto (S par tonne) Told daty hmover 147S lots May 21.17 2149 2140 - May 8Z7 820 927 813 COTFka London FOX JU 21.42 2148 market could expect a period of technicians looking for a dose Cosh 5570-80 5590-000 54 965 851 960 954 21.70 Previous High/Low months AMfl 2144 2140 21.79 increased volatility. SILVER also above 60.50 cents a lb for New Oosa 3 S630-3S S64Q-4S 6630-35 8474 lota Sep 883 978 985 967 Sep 2145 2,40 2,41 May 808 887 Zlno, Special Ugh Grads per tonne! Totd da»y burner 18,750 lots Dec 1018 1015 1020 1006 fell in afternoon trade after fixing York's July contract to reinforce 910 899 ft Oct 21.78 2201 2240 Jii BOO B75 Mar 1050 1044 1049 at a ten-month high of 410.25 bullish formations. There has been 903 890 Cash 1008-13 1009-10 1011/10105 1011-115 1035 Dec 2201 22-25 2225 Sep 885 874 898 885 May 1078 1070 3 months 1029-30 1028-29 1032/1028 1030-31 1072 1072 Jan 22.10 2233 2225 cents. London's robusta COFFEE little sign of origin soiling. 881 Nov 889 887 892 A4 1093 1083 1081 1085 Mar 79 ,p«t LME Closing retae 2240 22.40 futures closed higher as the Compiled from Reuters Jal 803 887 003 880 M Sep 1118 1116 1107 1103 897 SPOT: 15780 3 months: 1415689 6 months: 15564 9 months: 15*63 SOYABEAN Mar 910 908 Dec 1148 1146 1140 1140 MEAL 100 tons; S/ton Mar 1183 1181 1178 1186 London Markets 8UBAR- Lawton FOX (S per tonne Tunovo: 5827 (2445) lota at & tonnes Ctoaa Previous ftgh/Low ICO indicator prices (US mb per pouncQ for Apr Ctoaa Pravtoua Hpi/LDW COFFEE "C 37500ln: cents/toa 1865 1854 2& Comp- cMy 5Z4Z (50.83) IS day average SOU (Prices supplied by N M RothschW) New York 1868 1867 1867 187.9 27600 28600 274.00 (50-485 Close Previous Htgh/ljow OoM (troy pp S prion C agUWnt 1874 1874 Crude o9 (per banal FQQXMay) or - GOLD 100 troy 044 S/Uoy or. 1863 1874 1661 Ctoea Provfcxn HlgMjow Close 360.40-350.70 May 8045 37.78 81.00 5626 I860 - Ctosa Previous HHytiLow 188-2 Dubai SI628-6.39U -044 POTATOES! London FOX Opening 36140-362.10 JU 02.15 69.15 0240 6940 1667 1094 315.00 31440 31640 30600 1894 1964 Brent Blend (dated) SI 651 -655 -605 Morning 351.2 Sap 8340 6090 6440 1914 Previous Htgh/Law fix 35240 222545 3524 3524 3514 61.10 Pose 1 30140 30040 30140 39340 Btmn 1904 191.0 Brent Blend (Jiaif S16S3687 -605 Afternoon fix 361.40 221.834 3514 353.1 0 0 Dec 63 BS 67.00 6340 1914 38650 297.40 39440 May 54.0 514 584 51.1 352.1 3534 3544 351.7 Mar 1604 181.5 1924 W.TJ |1 pm asg S20.24-O.27u -.015 Day’s high 3834046340 6650 6620 0940 6650 Apr 8S4 8S.S 55.0 94.5 Pay's low 3534 3562 333.3 3561 36040-350.70 May 7605 6749 I Timouan Ron 2 p) lata at SO tmnea. 6640 0640 MA ZE 6.000 bu mto; cents/Eato bushel OS products 354.8 3565 3660 3544 WTVto S71 White TFt per TUinouw 127 ton of 20 JU 7140 8615 0 0 (1356) Fmb- | WMjr (37) tonnes. Loco Ldn Mean Paid LmadUtg Bates (W OSS) 3562 3574 3560 3960 ptWE prompt defray par Mm CtF or • Sap 7440 7675 Aug 16S68G Oct 180688 357.7 VKO f 3568 3S7.2 0 0 1 month 252 8 months 249 ~~ 358.1 3867 0 0 •nay zza/o 225/4 Gasoline SUGAR WORLD 1 22S/B Premium £210-212 1 - POX 2 months 2.48 12 months 243 Ml* 12,000 Bw cents/tos cmmioa. -M S/fa SOW—AL London 3504 382.1 3604 3804 M 228/0 231/0 231/4 Gas Oi SI 80-182 -1 3 months 2.44 Sep Previous Ctoaa Pravtoua W5J1/LOW 232/2 236/« 23S/4 Heavy Fuel CM S7B-79 04 Latest Previous Mgh/Low Oosa HlgtVLow PLATHUM 50 tray ac S/troy «, Dec 236/2 240/2 340,!, Naphttw 4181-182 05 168.00 Ctoaa Pnsvloua Htgh/Low May 12-65 \ZM 1668 Mte Jun 1684 1840 1690 1682 Jiai 243/4 247/0 246M Petrtrieun Argus Estimates Spot 25840 • May 247/4 251/0 Jlf 1688 1848 1840 1844 Turnover SI 009 tote of 20 tonnes. 3 months 281.80 Apr 3814 3667 3860 3818 240* JU 3763 3774 3774 Oct 12.25 1618 1626 Jut 261/4 254/2 ssam Other + a - Aug 1690 1697 1698 1694 8 months 28540 3766 Mar 11^0 1143 1140 Dec 247/4 Sep 1941 19.04 1943 1600 12 months Oct 3763 3760 3760 3744 248/0 250/0 27345 May 1140 11.16 (per troy 695 Jtel 3744 3762 3760 3724 1140 Go/d S35Q.55 Oa 18.03 1848 1644 1943 SltHndax poM WHEAT 5.000 bu mto; tar 374.2 3754 0 0 JU 1140 11.16 1140 centa/BOto-bujhel (per tray 4065c -65 Nov 1949 1611 1610 19.00 Ctoaa Previous Htoh/Lmr Ctoae Platinum (par troy 04 S37S25 -2-76 Dec 18.12 18.13 1948 BUM 6500 troy oc canteAroy oz. COTTON fltUJOft cents/ta Pravtoua 1540 PoSadhim (per troy 02) S1 1675 -14 Jen 19.10 1611 19.11 1610 1540 1540 May 347/4 Ctoaa Pterioua jfigfVLpw Close 352/2 Index 1840 1682 1688 1680 1529 1540 1535 1525 Previouo PE JU earn 283/B Capper /US Prodlcat) BQjOc WS 1420 USB Mf5 KriJgsrand 3525045&50 222.00-224.00 Apr 406.7 4085 4060 4060 May 6625 6695 Sep 302/6 303/2 Lead (US Producer) 3340c Turnover 12237 (12778) 1282 1300 1300 1202 Mapta leaf 361.00-36330 • May 408.7 4085 4124 4045 JU 61.75 6643 *•«»Deo 31342 313/2 1407 1408 1407 1405 New Sovereign 8350-8650 6240-64.00 Am 410.0 4074 4085 4065 3^4 Tin (Kuala Lumpur market) 14.11r -605 Oct (OM toMar 318/2 1430 1430 1440 1430 M 411.6 4094 4154 4075 0660 31B/4318/4 .31*4 Tto INcn York} Z5S.5C Dec 61.47" JUta 31 USOIL.K 1537 ,530 1537 Sep 4145 412.0 417.0 4114 61.40 3160an 317/0 317/0 Zhic rus Prime Western) 62.0c Dee 418.4 4184 4214 4144 Mar 62.41 82.55 Close Previous Hgh/Uwr UVE CATTLE 40400 B»: TUnovar 228 (344) Jen 4169 4185 0 0 May 6623 S3.15 643- MnMum (99.796) Cana five w/ghtT 135.85P Mte 4225 420.1 425.0 4184 JU ,77.75 177.75 176.75 8680 6345 gaw -346’ 17675 — rtaWLow Sheep (live irelgh»]t* 13661P Sep Jut Sep May 4254 422.7 424.0 4214 Oct 8640 17440 174,75 17640 174.00 G62S Jun 76450 Hgs (Ive mighor B74ZP -243- QRAIKS - London POX Jit 428.1 4255 <274 4274 nj»R 17676 17425 174.7S 17650 80 4 10 OR*** JUWE 15500 fas; centa/ba 174.76 175.25 17630 174.73 Wheat Ctoaa Previous Htfi/Low MCHOTADE COPPER 25,000 Be; carts/fta 0« London tSjty auger trawl $30630 68 82 9 18 7442S 74475 74S0 17650 1767S 17740 T7650 48 Ctoea Pravtoua W.475 London dafty sugar (white) £309.0 *4 May 14420 14450 14440 144.10 20 25 Ogae Previous MgM/pw High/Low 74.400 . Telre 17625 17675 1767S ,7625 73575 " s price £30650 +65 Jun 14545 14840 14845 14540 May 73.600 ifto Tate aid Lyle wpon Copper (Grade A) CaflS Puts Apr 8445 8445 84.75 0450 8640 8746 . 74 8840 1 181-23 18125 18150 101.00 10600 N* 75.000 75.050 76,* Sep 10840 May 54.75 8455 8625 84.70 JU B14C 0140 92.00 Barley IBigteh *e«9 Unq 18600 18640 18340 182.50 152 21 38 Nov 11635 109.65 11045 10670 Jun 85.10 8Z23 8555 84.95 Sn> B4M ™ nm sa 94.05 9440 a yefciw) £1844 182.76 18240 120 38 S8 Mam (US No. 3 Jan 112.70 112.70 11270 11270 Jit B5AS 8540 8345 8550 Nov 9745 S3 78 9640 97^40 ^»OOS«.00Otr.cmMM Wheal (US Dark Northern] Vtoq Mar 115.40 11340 115.40 11540 58 Aug 8540 8545 0 0 Tumourr 8184 (7452) bis of 100 tonnes Jan 10046 9940 10605 0088 May 11885 118.00 11843 Sep 8615 8625 8655 8605 Mar 10146 PtOtooua High/Low -04 10140 0 Rubber fjitol? 6840p Oct 8640 8650 0 0 Jun 52450 Barley Goes Previous High/Low JU Sep JU Sep May 101^5 10140 0 31-776 Rubber (JuQV 56-2Sp -0.75 Nov 86.70 8840 0 0 5622S JUTS JU 10,45 10140 " 51.150 50.730 Dee 8745 87.16 87.40 8740 0 S1J00 Rubber (KL RSS No 1 May) 2104m C arid F Dundee, BTC U3S345, BWC USS370. May 13945 140.00 13655 85 B1 15 36 A* 48475 SflP 101^5 10140 0 <8-375 BID SAP 10650 10650 M 55 38 00 Jen 8735 6755 0 0 Oct 46850 US$315, BWD U8S335. C and F Antwerp, 46100 42.BQ0 oa (PhJiftotoesfi lAEGJSy -7.5 18 37 43.150 Coconut BTC US$330. BWC US$330. STD USS30S. NOV 1063S 10600 10945 10940 88 92 42,000 US Dbg 44450 CRUDE OIL (U»3 gMsS/brd *6900 44 075 Palm CM (MotaysianHi S3764u -24 BWD USS30S, Fob 44290 (01). -M Sep ju Sep •M-200 -24 Turnover Wheat 170 (599L Barley 13 latest Previous High/Low Apr 4«Ba Copra (phSpptnesfi S2S74 - REUTBB8 (6oso5er

29

turn higher towards the close l-T-SE Actuaries Share Indices FT-SE 100 FT-SE MID 250 FT-A ALL-SHARE By Terry Byland, ties houses also 2832.7 -k1 0.4 3134.3 +0.5 1395.92 +3.75 UK Stock Market operated a the 491.9u recorded on Mon- returned its attention to the un*s from the retail and build- Editor large programme. Since many day, when retail business only basic prospects of the economy sectors sur- ing brought no Day’s Year Eamtags DhMend Xd aril of the trades in PTE THE both pro- just scraped the of corporate earnings. prises for equities. 27 PICTURE suddenly above £lbn and Apr ckaaga K m aa Apr 23 Apr » age ytokf % fMt % nos ytri brightened grammes were protected towards the close mark now established as a Once again, the stock market Caution regarding the mar- of trades, the details did FT-S6 100 2832.7 04 28223 28438 - 2881.1 2651.0 639 402 19X3 36.73 dealings on the London not daily minimum. Dealers are paid little heed to signs or eco- ket outlook was expressed at stock appear on the trading FT-SE Kd 250 31343 3133.8 31382 31357 26954 547 372 19 48 31 93 “"fcet screens hopeful that equities will nomic optimism, making scant an investment conference yesterday when until 5T-SE-* 360 1410.4 OJ 14064 14149 14253 12904 541 3X5 19.75 17 « gilt-edged the end of the session, regain Klelnwort prices turned the centre of the stage response to the latest indus- hosted in London by FT-SE SmaOCap 158427 0.1 1582X1 1579X7 157230 - 4.63 2E0 3098 1562 firmer, when they spurred the signalling general when today’s gilt-edged auc- trial trends survey by the Benson Securities. The consen- FT-SE SmtCto ax to* Treat* 159697 0.1 1595.22 159139 158206 - 512 380 2594 16.17 a more optimistic recovery. view tion is out of the way. Confederation of British Indus- sus of fund managers was that FT-A ALL-SHABE 1395X2 03 139217 1399X4 1412 88 1279.58 530 193 20 20 17 02 of today’s auction of £3bn The programmes helped to of government securities. With the recent outbreak of try, which said that business the FT-SE 100 would be 7 per Also boost equity turnover, as “®*Pibg share prices bid speculation less active yes- confidence had shown its cent higher at 3,010 at the year- was the reported 1 CAPITAL GOOQSCm) 97613 970 SB 979-72 by the Scaq system, to terday - United Biscuits rise for per cent at 3,190 02 977.77 584 49 547 295 2187 1363 official US support for the came highest monthly a end, and 13 up dol- 596.6m shares yesterday 2 BdcSng tAaerBBC7) 104282 IX 103222 104336 1032 53 1104.75 4.98 4.71 27.71 18 43 lar. from off the boil - the market decade. Corporate trading fig- in 12 months' time. which reversed an initial 3 Qnradng. CatBtoaifai(29) 96730 -03 97040 97557 95571 1017X4 269 143 eooot 990 Potential problems of liquid- gam in the pound, and also a 4 Bedrtaistig 276588 -03 2774X7 2770X6 Z75578 284008 541 488 2153 65.13 ity were raised by managers' sizeable buy programme of UK TRADING VOLUME IN MAJOR STOCKS S EectraracsOT 2660.03 -06 2678.10 288543 287390 192953 596 300 21X3 1634 inclinations to Increase hold- equities worn a leading US 8 EngtoeettoB-MretocaO) 377.44 OX 374.43 372X5 36574 391X9 540 3 91 24X8 ICO investment bank. ings of Japanese equities, with 7 EnB«X:ii9-Gerrt»<51) 56007 •OX 55699 5E1.1D 56095 53330 685 278 1855 700 8 UeOa & Utiai Fomtaam 401X9 401.82 404.85 405.59 357.B3 4X2 206 3168 006 While trading volumes London perhaps vulnerable in view of impending cash 9 Uctmoa 400 71 0.6 3381 399X8 397.19 36058 507 550 28 24 9 47 remained unexciting, the demands for the government’s 10 ttber mduarastJ® 208IJ1 -01 206381 2085X9 2096X0 I79Q43 570 3X4 21.53 36 77 BT-SE 100 Index bounced suc- 21 CQHStiUBI GRRPfZM) 1659.40 06 1843.79 165637 1673.12 1707.41 591 140 1794 17X3 cessfully at 2312 funding programme, as well as to replace its 22 bekas and DbSmtZS) 1947J4 0.6 1934X8 1942XS 195264 217078 527 271 14.78 20 CO early for planned fund-raising in loss of 10 points with a 25 Food ttnutseturing(2Z] 1384X5 -05 137033 137083 1371X4 1283 64 7X1 3.70 1560 21 23 equities by Zeneca and BT. gain of similar proportions. 26 Food RrtaSngflB) 299369 -05 301238 3009X2 302590 2850.70 axs 3 34 1522 1646 Against this backcloth, strat- The final reading put the 27 Hcfla ft ItansmoMgS) 347238 +2.3 3394.48 341010 3525 57 4104.49 561 3X7 17X0 32 84 index egists pointed out that this 29 Hotels and LetaseOT 1278.66 *0.1 127574 127522 1285X7 1405X2 560 457 24 37 23X7 at 2332.7, a net rise of 10.4. week has seen the Footsie drift 30 Mntat33) 109464 OX 1880.41 1901.96 191007 1629.05 5X3 270 2317 22.13 Stock index futures helped to down towards the low end of 31 Preto^ng m PapeCo 874.19 874X3 877.44 885X8 B39X0 582 232 21.14 9.17 fuel the recovery in equities. its trading range and a recov- 34 Sttes(39) 1177.79 0.1 1176.42 1183.21 118599 T 11583 518 295 21.47 668 The London market was sur- ery was to be expected; the 35 TexHesOl) 79822 -0.1 79931 am xo 80630 73277 639 3X5 1988 1678 prised by the appearance of the question remains whether the 40 OnSB GM0KP4Z) 1469.89 1470.41 148006 1488X4 1301X2 533 4X7 1479 1600 buying programme from the market can successfully chal- 41 1617X4 *04 1811X6 161878 163062 142074 567 111 21.65 12.73 US because much of its recent lenge the existing year's high 42 CbartabfZS) 1503X9 -01 1505X5 1514X0 1S4I33 1600.10 599 4X9 21X8 24 XJ weakness appeared 43 CQngKKXitoBSfll) 1434.54 04 142853 1442X4 146Q2S 1444X8 7.33 525 1540 1855 to originate points in the 2,957 area. from across the Atlantic. An 44 TosponttB} ZB3124 -0.1 283529 28E8X9 2869-27 2555 49 7X9 196 1530 4236 estimated value of around 45 OeeaicSxiQ 172443 -04 1730X8 173597 176025 127045 12X6 4.17 1023 29.90 46 TeKpnone NcSanta(4) 1693 BO 03 1691X4 1711X1 173071 142341 7.75 377 1681 163 £125m was put on the pro- Account Dealing Dates 47 KStatrs 342427 -12 346085 350014 3528.84 274504 1316 4X5 643 (1X3 gramme, in which the battered TM OaaAnoc Apr IS Uay 10 Uay M 48 223427 -02 yaw 2231X4 2Z79.T4 2035.18 724 455 17X2 4M1 pharmaceutical sector rated tttoSMa. Optton Oadarationc 49 MOUSTWAl. GR0UF(588) 1437.48 03 143335 144011 145243 137515 7.11 3X0 17.52 1603 highly, some looked for favour- Msye Ujy ZO Jrai J CkUyScMHws 51 oa S BxtlQ 238211 03 2374X0 240027 2457.31 2111.17 588 4X6 21X8 27.46 able developments on the Clin- Cris> Croip LaalOMlngc: "500* 154229 1444X5 3X1 17X8 17.11 CmnGenn*. ma/ r May 21 Jfl 4 59 SHAKE B6EXCS07) 1523X1 +03 1518X8 1527.15 696 ton administration’s health- CmbWwto Com. IMqb Day; 61 RHANCtAL BiOUPIBS) 998X1 99707 100244 100585 7S3X8 3X8 4X4 51X6 1617 care plans. Account 02 Cootan Uay 17 Jut 1 Jun 14 62 1376.14 05 1369X1 138149 139530 96079 4.74 3X1 30X1 2594 Earlier in the day, one of the Based an lha t 67.94 47 49 nxrvtod a SBwSnce iLBeKQ) 201349 2018.19 203278 2044X8 1431.02 2X3 4.42 leading London-based securi- down. 66 to3ura.X£ (ComooateXT) 64408 -02 64525 65240 659.91 504.48 t 4X1 t 15X0 67 lasnancs BrdksdlO) 787X4 -06 77241 77242 774X3 984X5 7.48 510 16X0 11.10 68 Itodunt ftmte® 646.81 -04 04931 64592 641.73 50578 7X6 340 17.32 47( 503 511 22X8 403 day, although turnover was an All-Share Index had put the drug back on its Troubled speciality chemi- 69 774X2 -05 777X8 78933 7B2X4 70078 FT-A 0.1 38128 357.03 2S2X3 539 4X6 20.46 ITS Setback unspectacular 994,000 shares. emergency agenda. It is to be cals company MTM, which saw 70 Other FkwidatM 381.76 358X4 71 tdvcstrnem TnBBfltW T445X1 03 1441X4 144542 1456.01 1221X8 2X8 2X3 43 94 1237 discussed on June 3. its share price collapse last 1.450 Asda saw hefty turnover of year, slipped a further half- 99 FT-A ALL-SHARFPM) 1395X2 03 1392.17 1399X4 141288 127556 6.30 193 20X0 17X2 Drug shares busy for CU 33m shares and the stock drop penny to Il'/ip on suggestions Pharmaceutical issues a halfpenny 72%p. Dealers said of a statement today. notary movumeiira moved sharply higher in late good two-way business focused British Aerospace jumped 6 Opan 5X0 10X0 11X0 12X0 13X0 14X0 H80 18.10 Huh/dar LowMay shares afternoon trading following a on the depth of the supermar- to 322p after upbeat comments 2818.1 mil 28153 28208 28155 an50 28164 28268 2832.7 2811.8 surge of buying in New York ket group's recovery. from the group's chairman at FT-SE 100 2813X FT-SE IM 250 31320 3129X 31320 31308 31350 31259 31298 3(31.1 3132.4 31343 31253 THE IMPACT of last yesterday. London dealers of The £85m convertible bond its annual general meeting. FT-SE-A 350 1402X 1404.7 14064 14048 14061 14014 14012 1404.6 1407.9 14104 14020 Saturday’s bomb explosion internationally traded stocks from Forte is likely to lead to Mcgpphnig the plastics and rone of FT-SE 100 Ngh: 1 830 ; ton: B37 continued to reverberate in the said the market was enlivened investors switching out of the components group eased 3 to City as Commercial Union by suggestions that the pro- ordinary shares and into the 423p after making a recom- FT-SE Actuaries 350 Industry Baskets shares fell shnrply on the dis- posed US reforms would be higher yielding investment. mended offer for USM-listed PRrtH closure that the insurer has watered down. The shares slipped 2 to I94%p. Savage the manufacturer and Opm 580 1008 1180 080 1101 1480 1600 1610 Qm ctan doaga not taken out reinsurance Dealers said there had been Results from Euro Disney, distributor of home improve- 1905.7 1900.4 18953 1801.7 18958 18B5B 18850 18058 16963 18063 19078 -167 valuing it cover for terrorist attacks on suggestions that the reforms Tienover by volume (mSBon) the French theme park opera- ment accessories, at mannas 10164 10198 10227 1021X 10218 18151 10161 1022X 1039X 1044.7 10253 +244 its pre-1993 policies. would be delayed. They added Excluding: Mm-moriut tor, were badly received and approximately £47.2m. Savage 14138 1487.8 14130 14148 14112 14128 14126 14128 14138 14119 1431 -17.4 business & Ovoaaas hroovar 16604 1681.1 (680.8 1854.9 (8559 (857.4 1687.7 (6722 18839 63 CCJ said yesterday that it was that any delays in the impend- the shares lost 38 to 895p. Mr rose 6 to 77p. 16558 (6629 Rnoocai Tkno« lead insurer for the NatWest ing health service review Nigel Reed at Paribas said an AMtonol Mmottn on On FT-SE Aduutae Shan Mew to pdKhotf to Mrdv tauetL Utos <* conuauent* ora awrtabto bon Vie MARKET REPORTERS: Umttod, Soumwrlc Bridge. London SEl DHL. The FT-SE Actuaries Shm races Senfco. «Meh oown a range of electronic and papeHmad pwu»i Tower and for the Hongkong which has formed one of the equity-raising excercise was Ow dating la moo races. Is aveaoMe tram RN3TAT et 9m om oddraso. Peter John, teen ,mamed IDs Bank building. "CU has scored main planks of the Clinton vital to the heavily-indebted Tito InoaoM in lf» Otoe as the to pro- inde* Is a rather spectacular own goal," administration made it more group was need The FT-SE 100. Oio FT-SE MdS1 260 and the FT-9E Actuaries 950 Ounce* era uimp—d by lha London Start. Exchange and lha FT-Atoumea Ai-Shme In of Achoriea and lha Faafty ol Acbwtw into a standard lei to flreuid nka. said one leading Insurance ana- likely that changes would be ceed with the second phase of Christopher Price. compfcd Dy The Rrondsl Tlmeemo IMM.LkrttecL bodiI Gotemcdon W*i toe krattuia limited All righto reserwOL O Tlw Oimnotta^ Stock Eatoqt o( tw UHart Kingdom and RopuMc 0« Mond IMOd 1993. O The Ftoandal Thus 1991 Share lyst watered down. There was fur- tbe park's development. He "F7VS6* ani •Poaate- era )otrt trade maria, end Sendee rrmriat et die London Stock Emtange and The Thanctol Ttoie* UmtadThe FT-SE Aawks OVxjt statistics. Pas8 22 races ora autoed toy Th* WM Comtany. The company is thought by ther support from a £125m pro- suggested a convertible bond 1 insurance specialists to be lia- gramme trade, said to have issue and help from the US ble for losses greater than the been carried out by Goldman Walt Disney group. LONDON SHARE SERVICE £15m it paid out for the bomb Sachs and featuring drug Encouraging comments by damage caused by an IRA stocks heavily. Glaxo advanced Soircec Oanotn Lord Alexander, chairman of attack in the City of London 17 to 594p and SmithKline Bee- NatWest, at the bank's annual BRITISH FUNDS BRITISH FUNDS - Cont BRITISH FUNDS - ConL last year. Analysts are expec- chain added 14% at 460Vip. gruntled analyst. Owners meeting in London, triggered a 1993 Yield 1893 Yield Notes PrtceE Ngh kw M Red Nom Prlcat Ngh kw W. Rea Meat taw shrugged off the nega- flurry of support for the bank's ted to cut current year profits shares “Shorts” (Urea tm to Fhe Tavs} Tra»11*2PC 2001-4- IIWi +* 122ft 116% 682 608 for by between tive talk and stayed steady at shares andhelped therest of the TreM12'»cI9£Qtt.. 1B1U IIDi 1011$ 1202 579 Fmdhg 3'jpc "99-4 Till HI 740 67S 432 7 31 01 estimates CU 1 Fusing 6oc 1nnICO,- IQOt, 641 133% _ ICI market ISWte — . 99U 800 Coracatn8>2Fe20M. ton Hi 112% 105% U5 SH £30m and £50m. although the lllp. Airtours was also sector make good progress. Treat 13 1933^.. io4im ioa,« iD4u 1X17 581 81} 1.12 25’ W 9*apc2005 10BU +A 1UU 105% 834 8 IB The comment from Lord Alex- VfKiaT994 101^ 1QZ>J 101$ U4 5.91 215 2/5 latter is seen as a worst Official turnover in ICI unmoved at 286p. rnasl2*jpc 2003-5 ._ 128,’, *1 1311, 124,1 679 640 figure I4»jpei!42pcl99*tt 1061, toil* 1081, 1387 5i9? Hi 208 104 " 1 2'jpc 113 TOM 155 281 311 case figure. shares was cot by the opening Stagecoach Holdings, the ander that “We are over the E»di n'jpc[PC 1994 ID71, IIS, . 107f« llVpc 200-7 . USH H8U 631 636 unofficial Scottish-based coach company, worst as far as UK bad debts 122A Hi US (59% 299 3SI On Monday, the composite of a new market E*h 12*2PC 110i 1Q7U 11J0 628 TreaB'iPcJOOT 1841. 97,# 632 822 2^cY»._ «0, 144 3X2 141 the two continued the long list of are concerned," saw NatWest Tr*as^iclB94» ... 1UM iosf: unc 857 633 sector gave ground, but more offering prices for 8lipe20D7B» 102% HI 1M7, 96% 626 823 Z’tfC’ll isk] MH IM 3« i2pei«5.. . lies loau 1UB 645 pick to — my 840 2%pc-13_- 131% 3X8 153 the overall market decline parts of the company due to be highly successful stock market shares up dose a net 5 E*dl3pcG»iBO-9S-- TShtt 98 94 113 525 13*3)CtH-8 136% ii 139% 131ft 696 on 5 2%pcl6_ 130]) 143 1W lo'.pc '995 657 tb«n worries about Satur- split shortly. flotations this year. The higher at 473p on relatively 10712 109% 107,'i, 854 That 10~ inf} I24w 348 16’ any Treas 12 Iipc 1995# . M4iLoa 11.18 684 of shares. 2%pc'24t± 111*» 102% 251 IM which dealers US brokerage Salomon shares, placed at U2p, opened heavy turnover 63m 14PC1996 117B {{« 1132 884 4%pe 3 103% 3X2 day’s bomb, ^ ...... mil ISIrtClWt* 122,1s! US'* 122A 1248 694 Prospecthre real redempoon rate on projected hdlanon of 10% believed would have only Brothers was yesterday offer- at 123p and were heavily Barclays also performed (1) then EKH13ltpt19»tt- lITgi l»,‘* 116u 1U2 639 and ft 5%. M Figures In paranthasea 9ho«* HPI base lor clos- well, 7 at - I1|l Oner mten Year* limited impact on the insurers. ing a price for Zeneca, the bio- traded all day, eventually adding 438p 6.5m Ctonersoa I One 1996 IMllxl 2 109 614 691 Indexing pa 6 nx*1** prior *> mite) and toM bean adjusted to reflect TreMl3l»ocl997tt- 119y 1137 7 12 gpcanat* iosra UXO 101% 849 reteama RPf to January 1987. Convwsion factor 3345. RP1 fo ICI, at I24p. Turnover reached traded while Lloyds jumped U o7 Following the 1992 bomb science side of of around ing U Esh lO^pc 1957 644 70S ape 200a 97% 00% 92A 623 August 199?: 1383 aid lor Ma/th 1983: 1393. the insur- 705p. For the new slimmed 13m. to 534p. HSBC, however, eased TreeUVpc 199714. . 824 7.CC Dm»9pcLn2DII tt — 1051, u «8A iao>2 653 attack in the City, bzk ISpc 1997 1133 1SS There big surprises 3 to 612p. TSB gave up 2 to XC20\1C8S*m 500 HI a,v 39% 654 OTHER FIXED INTEREST set Pool Re, down ICI the firm was quoting were no 92.pt 1098 112^ 109*i 087 750 ance companies up 7ieas9pc20l2*t — 1060 *A 108ft >00ft 653 ; - w pre- but there remained persis- -or 1993 YW a mutual reinsurance com- 525p in early trading, rising to for the market in Tarmac’s 187p rms5^PC2006-i2»- 74% A 70*4 7X5 Price r Ngh tow H. Red close. liminary results, which showed tent talk in the market that a 71a>er0l2-l5tt-.. Mft % B?B 89% 6X4 to manage a joint terror- 535p by the AMcaaOw 11 % 2010 . 121 tj 613 805 pany, ExchlJpCia-'l? osu 1231 SOS Hi predator still be FhratoHftMaYam 132ft HI MO Adto DM IDLfpc 2008. til AM 852 fund. The “grey" market is expec- a massive £350m loss but a European may ism Tress 71,pc non 1B3'* »U 7.18 731 Tren Boc 2013(E5tWtt 45U % 47% 44% 638 641 BTtUi 11%pc2012 123 H4 966 9J7 dividend stalking the UK bank. 95 15 to yester- ted to run until May 28. maintained and no rrw8>4pC199Wm- 9Shta 101 631 60S Trass 8%pe 201 7«._ 1D2J5 *,1 97ft an ^ -% 106% 837 CU dropped 593p -% 105 97% !5«2f«:-9Btt 136 1138 7.48 •sssaae: 638 Demerged Zeneca is set to see rights issue. Jeweller Ratners jumped 4V* \ 110 E*hi2oci9W tISUd s HUH 7.80 l3pC"97-2 — ill — 116 1132 of as - MfSattabrc l5oc Jill. 139ft 1635 966 its shares begin trading on Dealers said the big provi- to 2AV* on turnover 53m rreasgijpe — 10913 i 1121 108,*. 688 7.42 1^1 Leeds 13 'mjc 2006 132% 128 1619 9 23 Edl 12>*K 1999 121 ti 124U 120/, 1009 7R _ £1.3bn sions had been weD flagged for the market reacted to Lmrpod 3%pc srel— 38 34 672 June 1 following a Treat 10‘iK T999.._ 114M 1I7B m*« 6i9 752 LCCapcTOtt 32 30*; 638 trading Coraersan 1999. 11213 601 734 NEW HIGHS AND offer. No other securities many weeks and the market rumoured good news Wipe I1«« 117b 114 rights Mtod—r I1%pe2007. 117% 120% 677 128 9pc200Qtt 10713 1 K>ii 106 635 750 Consols 43% 652 - bullish from Zales In the US. 4pe 46JI A 48% WM.WV.apc'B’ 68% 83% 439 788 houses were said to he quoting was encouraged by the Tras ISpc 2000 W1 125'i 18.19 739 - 127U war uan 3>ipc»t 41ftX 424 SB% 682 1281# ._. U8% 117% - IM LOWS FOR 1993 Coats TOdcZMI KB!! 689 732 prices yesterday, although statement accompanying the Leading textile group my 11«i ConrVtpcWAi — eft S3 60% 582 - 123h _ 04% 115% - 4.47 Hpc'96-t 126%d 129>2 12512 11.10 7E6 Trass 3oe ML 36% 38s 33% 646 - IMItaSHaiiEitpcam 138% 138 132% 12.11 1178 that there had figures. Tarmac shares moved Viyeila held steady at 238p Wipe 2002 111 lj 114H 1081* 874 736 -66 * some conceded - imu 737 Corots 2'ipc Ml *«8 31% 28% 616 MHSfUS). considerable Institutional up 8 to 14lp on high turnover ahead of a buy note from one Boeawitt 10M. l* 97ft 734 BREVIERS been 10PC2003 113U ‘7 IQ9** 833 837 Trass. 2%pc 29% •*8 30% 27|J 656 - 1 2) Total. Toyo T 6 B. M Continued on next page ( securities house which is due TA. Boddngton tOpfOind. Itoanon interest, particularly from the of 63m. US MAILS (7) BtacMeys, Epwto. The joint valuation of Travis Perkins jumped 13 to out today and said to value tbe Bwdon, Krion. Rufpy, Tiwto Part***. US. business sans coporat* s«vs~ line with many fore- 2i8p after maintaining the divi- shares at around 260p. , re I240p is in r tOQ. WHS. CHEMS (II were casts, but some analysts said dend in spite of the sharp fall Shanks & McEwan I S COMSmCN CALA GtoMkn GOLD COIN DEALING SERVICE n securi- Republic of Colombia a HwdwvSuart. Lakig. Do WV. the split undervalued the in profits. heavily traded after one BLBCT1BCAL3 (1) JWI SWud. Q. Tiy. overvalued Results from Sears were in ties house bought 83m shares all cows bought A sold Ministry of Finance and Public Credit FtOMCSre D***- Kaamaroo. chemicals side and Wwtltoid. 0*0 expectations. from one institution at 183p a CALL NOW FOR. THE LATEST nUCES OR FUKTHEX TNFCBUIAnOM an a 0r. Aerospace. Zeneca. ICI shed 3 to 1234p on line with market Law 55 Instruments Hemten. i esa BikSport-Gunfey, the stores share and placed them with a iSniSSvSBuiSLW'* raw** turnover of 13m. BZW upgraded TELEPHONE;- 0628-776907 FAX:- 0628-789963 U.S. $250,000,000 (Second Series) 9% due 1997 UUta. HOTELS SLEH £l23m for 1993 variety of institutional clients MCam, KUy group by £8m to miftiqiaoa. IBeM*w*ra,iiMBin,na6lM. Holders of the above Instruments are hereby notified that by an im Boat*, Mritfwar Wri-Jtoinratoir* BWTSUSTB and to £144m for 1994. Boots at 186p, a lOp discount to the ’Amendment No. 1*. effective as of April 2lst 1993, the Terms and BROKERS (1J Berry BW«, U Do Wo. f*"B- •»»»» Owners visit recovered from Monday's market price. Smith New Conditions of the above-referenced Law 55 Instruments are hereby OWN Qifanu. JF nn» Jtoon. amended by Inserting the toilowing after the second paragraph of Section were mauling over its Manoplax Court, which specialises in FUTURES 6V C 10. «T Cap. Oo 2ftpc O Rumblings of dissent 2 e) thereof 0 Zero ERKKIjEY futures limite 1 and Mortal. S«ter Co'*, Sphora leisure sec- drug, the shares adding 5 to large pre-arranged trades, R EMAP. flwmpHn. being heard in the &0PTI0JB “On request by Law 55 Instrument holders, payments with respect to the DIA {7) 888, CentrA Analysts said the US made around £250300 from the >12875p Ft, Mtett ftota. UW. H—*" tor as analysts returned from a 469p. TRADERS 38 DOVESSTRECT, LONDON W1X3RB instruments or Coupons may be made in Dollars in Colombia through the IANT 8AMK3 (1| KWnwort BwwjV Administration deal. Shanks fell 6 to 194p. foban onoEjrr Fiscal Agent pursuant to the procedures set torth in this paragraph, lb *”0 visit to downgrade Owners Food and Drug TEL: 071 629 1133 FA£ 071 4S 0023 HTLFOfWMQ (I) Paw**”* exercise mis option with respect to and to receive payments on a Payment kuom. son Sp»dox.J*HOWS the tour operator l Abroad, Date, the holders shall present and surrender to the Fiscal Agent the (0. MW-6M80, OK. *OAS« recently fought off a FINANCIAL TIMES EQUITY INDICES applicable Instruments or Coupons at least ten (10) calendar days prior to toy. ampo, a*T> which Tyaow. w>]eallaBd

APRIL 2$ 1993 FINANCIAL TIMES WEDNESDAY 30 LONDON SHARE SERVICE (^EOTMHTTHUSIS-e®^ tBSUie-Conl. anrnni Coot hotels & *’* - ELECTRICALS mcMfiwn 1933 AHKR1CANS BtflLDDtt KATBSALS CotiL W NOBS "S *& *e +W *993 Mg ^ km R m JJ tflZ.3 122 1903 UK WJ fix 1033 ttt _ l*t «d MB3 Rta < H h fftfm 3 213 = >2 - Pita - *" % 'S IM IM ffs MM - «tfi tan CffOa an RE I 70 C«£m 43 11 ftpMtfT. 80 Tb 1» 212 22 150 2X0 Z.1 IU ftcdachfEANV- 48 83 2X5 $ * 19 Hon 15 m> - - ngyf» 31 4 51 SB 4» 1 -zSfeia 87X2.1 I3X 14 17 15 421 » ' Tm&tattB zm *13 z« (68 2210 47 ta Aim. _ Tt2*z 37-3 “ aii 13 +1 127 +i ssj 2a 27-2 Jff&Sfrffi (1 128 df»*»waK- = a 87 ZTJ3 “ W ta 321X 7.1 28 70 306 1.1 - ASEABSKr„ £39*i +8 e». sm Its 4885 1.7 IWr 2*d — 4 40 -_«»»* 5*4 286 “!«SS«snS -*; 053 - occ -3 an aw i,« 87 Ml Hnpttm Kbta- -3 8« B7X-1&1 lan i2 (Atom* 3ft 35 1ft a an 88 +1 HillW ^ «« - capftHOApe. icr vr\ nai. ma u - biwNb Ky H — S3 3U “S 8/544 WiteWCB*. f 30 36 a US ft +5 se? 43 « BWOH— M - ‘482 279 200 250 274 41 147 M * 20 W » - Laankp - m 1JBDB arm. 111 *2 111 3887 Bates Hatt. — 47046 2j «d« n 24 , 32 19 is 66 pjj 6*4 9 S07 - Jons S aKuon 380 ~ 48 n&oar *ta 9M -I OB 533 10» 28 200 Anna & ZB 4 ifajrfa- ia| R^i&chs*ro 1,7 - KnamrBiofr . 327 881 § 12 ft ! R U) — &o si: taolW- ^ 140 «l 110 4M 11 211 lorttrfl? t3Qft r3 39 *681 7.1 S5.1 «^^ * 1 Z Zoreffi* «- 142 485 2U Va 4X f S=1 2 431 —rp. — 1ft *5 - 474 MM gO HomlftBWHlM,,a 11 3 i 3 S 96*2 tax Ifl as Qarte(t| __ BZ 85 T* «M --J OaRCnArl. 211-4 1 8,010 BUSINESS SERVICES — 3j0 * PI— 02 u 2.4 222 tayanrer ISO 684 32E 8fcpCr« 1 txw ns ©tete7 ftp in « »« 47 $ 189 ywhfljj*7—© 0 Iff 82 180 ioS ~ *s PaficaB— -i 33 ns II. 1&3 5083 GTS RE * +1 44 $ U SOM IMB 4-1 409 80 * * - PfisnLrio 93 SB M 1« ~t5 238-1 174 11 23 nap • JlPTBng 21 n 17 121 m&Mrf—*o a *2 — 5 s 18 ; Z8 " il 32 t toafcst LB 2X0 80 - «na*«n*jr— as 2ZS5". U TOO D - tksosMoat 44 GIB 7J «X t 1 S£Si?m* , 952 17 181 Bteosend jH *2 a 101 713 ' 84 - U IM — 16 111 7*0»r 1883 -10 tt« “SrionUtotZf g “SR* no 83 1883 114 - FarMa Sa— .-, U 03cr 84 i riiccvpi as ruw 173 7*7 '-s AtetelScc * x * - 132 mo 84 2X «l»^r s iat=gi 1 BsasS*rt«__^ 1 - GET 12 iu i 638 Uff W 1*8 W6W8BW*- « ei ' — 22 116 RslOff. - BO 88 SVrpCaR mh zffij ax U 87 83 2744 |l.7 f4 210 7,271 im Fa see U sit iciA ftStsai K 4^1 43 22 >84 Rap! Mac——vO 28 4ZS 103 82 ftrSWh=$ 39 - - ResctteteS « - 410 320 708 118 - Bjanikfehifc S 196 6481 81 S82 SsiffA-. 8 285 7 t _ feseasoaMic ZB - StacyKft -jjj 250 1118 12 - ftwwiprop 81 WSWrtS 7- 215 - 14 384 12 27 164 240 J&2 - - 682 mi 13 . - . — ft 314 8*a - - 3P1TT- 527 886 241 77*0 24 JSJ jd ItjBJB Mfli E38d u 289 Tidxcng&p—fcj 2-a 317 829 89 - Tflcsromuja—$ M 80 80 140 - 2.9 400 3.4 4> raster*——— » >018 m3 M iT3 vaoa ® \2 1«X IBS 1188 BX 118 Vtit? tig 9 63 2ff2 EPf 2/DI faO Za +4 U 44 122 WetcHcj fc M 146 - STJ9a UX 5W 2U £90 1U 43 H4 TfWEpB gd 24 - - OtmuwAMr-SO » —r: 30 207 84 187 ZtftoF! ZB $ 2a«B >» 02. B07- 25 303 148 SarmoreEinPac.*0 117 447 VNmpa Ml® 9 '73 cnvr non 74 6artm«sflS4o_KJ 28 IIS 14 KftJiinanpWS—V waronB — Esaoxr— OVi £1T*i 2£*2 INSURANCE BROKERS Harare 5«s(Me -f*C 3j 111 1X8 ir beta* sQ 96 YW 4a 312 HIM WE Ml 275*j S8B 84 - taHkW^ E15i . •441 37* 1085 % 227 208 Lep u £45 1680 10J - Q0mirtt«M-ftD 3M 22 II 187 M7X__ t 811 173 IM ZtroOArW-.— 223 388 30 M7 77X-1U MtanamrS U3 fix I7X ewwd totota— M BSM n U 1C U - - si 155 Gen Caa ta.— - p 6X 182 Cap 218£ 481 pYrni— *t 23 - - j3 85 r &Y RE «3CS3cn 87 p6 — Q 354*2 273 4,2*9 14 1IX Nets fits ta * + 0f 1003 tft! W Stad fi«e -Jd BS 170 673 40 !V3 g?«f— r SIS -0 549 440 «3i0 4.5 74 Acafosi . PttaC - Man tax CaoQn &9 124 sen, 513 -6 544 439 8880 44 87 Afiwwlnat.—.ID 45>I 80*2 37 IM 4.1 MbotEntniY- 2ft 2p 20 - Stowcod Oavip 344 *1 363 273 ZB33 107 AflaacWPcccu—O - +4 518 4S1 2J» 87 113 taer Barit*- E9ff»«>a 1839 87 Kohler ^ U ScaC taka—_21 334 +1 350 304 1279 34 114 AsGocRsimta I37d -2 147 127 281 Bk Montreal. 12*0 ft 13*4 lid 1083 89 TtncPrafe tQ I9£ 143 103 TOM IB ScoDSi Power-^ta 313 337 285 Zj51 44 114 AMX««E D 13W Ok Non Scot . fain -20 H2Hp imp 2^87 80 Warner Hwral t 4 -J, INSURANCE COMPOSITE -5 520 438 5C.1 44 81 B9IFR ft MB’. E123*e £TO7V» 0X90 § | f3 MTp 723p «.< Wrtax - Scrtcanl iS GO* SarfcfSC? HD 70 173 185 far 1353 ns fccCvra : Ora 474 -6 498 458 1^76 44 5.4 #f 2W BCE ^ Sk 30] vm 8S MBaQnvo tjO MS — J5 124 - 43S4 112 Souawata KJ 548 -2 571 469 55*7 4.4 87 BartAQ. -IS 402 319 72X 2: Its: ftta ftfcti Km Cayfn ™5 .ID an -3 BR 425 6182 T •» 57 110 85 145 ftejap 03*, E3T, £2GV 2Jttt I1<»0 ft i IS 721 SvDiWUcm— - -U TcricS") -4 552 455 1090 43 98 BerfetaJ 135 1121; 127.1 “ AjsrzCM £8B *1 £996 £T76 M82B Can top »- U85B -9 1613ft I22BP 1613 #Q 828 3 -5 £15*4 1348 18, Ocil ft £ttS| J, E17B CanPadfc.- __ -5 10S2P 810p 3^07 v; CHEMICALS BofeWassna OV* V fcatm 02U 4X24 1006ft 71 <35 045, « «>» 4pe0*b. _ 41V, — 42 23 182 Bader trsK -3g WUB7 +cr 1033 As vu BaOarickS-. ZS 32o fens ZTS Dertai- -V 223p -6 281ft 1940 la Doss Pace - Itga kw Qpfm T7£ Pj+aa. EfifioBff- _¥ 44Sn -7 4E* 26cfl 4611 1! OOsiTiettccaJ^: . MX £371, 4 Ti3 SJiCai -¥ 2TRM +12 238p 1470 3464 _ AcoR £54*1 £47% iSM 2 m ELECTRONICS CWftM 55 561 3,178 si eBtaJCbDo*a_*ta 2Z7 - 248 223 M84 81 >80 HatkaSW- _» 11*8 12 10*8 BU — vu crao** 44t i- 1U 3sa8C(s ——j}t 1225 983 AttaUB lid 4 7 4 387 Mudsoo'aBey- JO 1832ft *4 18090 ICSSp 547-2 14 — «<*» OK pc tafcpak. « FX SS n 485 bast on cars -&cioTh £&* sjm 74 Z 14H 1!. knpert*OI_ _¥ 23% X) ft 2ft 447S J, 3X 116 ' r«s SI 2X42 to E0C ~ Id 790 -1 710 633 1318 4i is4 «r tS £55 _ MW -7a 1ft 1ft 13« ** U igx DankM(S) 87 ISO 1X8S in BT3 lf-1 20 269 231 2Z33 175 3-3 :t< Non CopMwta __ 4Mpnt 616p «2j) 14*8 U srp - 507 ErtWt Htsrsn'Z 214 im4 BTH A3 14S‘j +3 '-2 133 106'* 1787 — Wet E| lift ftoAtgm ..f 8B5p -25 1096ft EXfc 367.1 XT m * tdrrJry£*ir ix :as RdtoWV— l, U—Urr +13 SN 432 VSt -1 nff £104*4 TfXfi 5j _ — Andn Can- __ 13350 -34 VSio 11250 4.100 47 EaicrOM n07S 40 in M&nVttR 21 X Iferdtts: -I 332 258 1570 1*11^ “ 147 1GS 137 4*3 not GrM .¥ 198ft -8 Oapltnizr 321 - Bran- 892 W * Grand Canal +*« ni*2 £7*4 7003 2_r) AWarranc- HI _ -9 da Bnta via _ 216 14,0 — — &E0 02® 752? 24»* ± - BW»I + 2 382 307 CBktl IB 117 * HKZrl 40 ME -30 108* 8411ft 1420 5^ I ttsZnaji fJ 43 ill at £66% 3423 Or pros.. £0 252 124 $ S 7ft 2 12X TnftWn 57 61 1081 CartxMoEfcaS 31 445 G — 0 14 180 BM5AE 45 »1 TOeteiS £17’. £20tZ £16 2XB camrfttw) rate! 127 332 7.1 HI [J Oioct 6 ZJB It: tffSSS TTB3 -36 1*47 •So S'; U0S1K5IV 1j 215 BANKS CBTOBtt _ tG SJ3*2 2233 ZS i — UftlftO 23 4> Qe*L. 228 3G75 11 185 —— 1993 utaaners® S£ £7 121 113 03 _ O fihto rua Mgh fiTl ns l f, 175 164X 4.4 18 11 32.4 * Cl Clin, 81 81 *3*y£F INSURANCE LIFE ABN Amo R_ 84 2125 i/m 84 110 (R?3 Sk & I ANZAS. ia “•S 61 MctatKVtoa* .8 23 147 19*2 873 82 127 1993 IK AWnrNtaona 305 403 345 8178 36 15? 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Cootls&CO AND OPTIONS w-?am FOREIGN EXCHANGES FINANCIAL FUTURES Market u»wwcanBt UH6 WW moss WTJpW Money OPTOHS UFFE WBS HUWC WINK . UFFE LONG HLT FUTURES BRO yi poknot rtfpjraassioswiw IfSff j P of wok N ipb .“si tsl 2 OMCB 64t» of lOW sfs lb pure Strike Caaa-MWamfflO Funds mv=lai Cafc-wnunwnte Pua-seWflmenis Sfffe Gsfto-wttismanto pm+Mommas Trust dollar/yen Strike - *ss| intervenes Sep Jun Sep ® Fed Prtra Ji* ieaa\ on (tff Jun Sep 046 !Hii v*. Price Jun Sap gg l.o’ 148 •S8SKfe« ifi ml * 2-56 M3 1-0* 9475 041 141 042 042 103 2-W I an 0.77 044 0,03 isd 104 1-ffl 2-2D 0-19 1-32 9500 038 “ night, the ss s 1 > •nosy THE DOLLAR bounced back surplus. London on Monday 0-37 1-58 852S 0.19 0.55 0.10 046 w sl 1-46 0® IDS 1-13 OT2 g550 037 1.00 5.50 SttHSSff on-ffSma8 2-90 9650 0.36 023 , the 0-44 1-18 1-04 047 -iI ^ against the yen in yesterday's "The US may be taking the dollar peaked at DM15830 106 CfiflO il™ 0.76 0.83 J-®} -T 1-48 3-OB 9575 OIKS 021 0.44 042 tJ24 1AO » 107 0-22 0-60 awn nil Q57 ESS?®' level later fell back to close 0.11 0.67 047 :l HIS afternoon trading in Europe view that the trade imbalance but 108 0-10 IM2 2-34 3-54 9600 041 >.« Is 0.05 091 046 So a» ag 109 0-04 0-30 3-28 4-42 9625 0 Q44 049 2.17 Z.1Z after the US Federal Reserve has more to do with structural at DM15800. 042 1.78 0.7H 9750 H(J 0-02 0-20 4-26 5-32 9650 0 peseta weakened sharply » intervened to support problems relating to products The Estimated UtaJIPtfe 0 -rses its cur- total, Cafe 1762 fife 5596 sohna u&L ts’ EMibm nun 2410 spo '* Rib 63015 Piestacs dafs open tat OH 600 Fife si anything to at the start of European trad- Rntaus ray's opm hL Cab 50577 Bgriii1 rency for the first time this rather than do m w™ "™ _ year, writes James Blitz. with exchange rates," he said. ing, bottoming out at Pta74.05 S£g£SQt SHORT SIWagjFffBS rfeljS ITMJM BOOT. KJWJHP) WOKS UK Swiss to the D-Mark. The Bank of Ufft EtMHMK 0FTXW5 UK potato d HP* : The Federal Reserve Inter- Mr Jim O'Neill of Lka Worn IBOtts of 108% CBQftflCQ Inl- «Hw potato * 180* OPTIONS te Corporation, Spain intervened again to sup- PtfB-aaHamarta vened in the market, buying Banking added SUM CaBs-srtWMTwrta , CaBs-aatSementa Pufcj-wtaamaitt SMK8 cafc-38HtaB»0» PUfe-aafflamarts -Ui *** munen . _ — ... its bidding Strike price Jir Sa> » dollars, after currency that the US administration port currency, Jun Sep Juji S«J g« »is'aas;s .. the US price jun Sap Jun Sap Prlca jyc 0.65 0.71 0 049 5 ff r 9600 1.48 2-32 0.37 140 hit another all-time tow might have been moved to act between Pta7355 and Pta74.Q0. 9200 0.71 1.56 041 OJOl raao os* 0-2 g-« 0700 1.11 243 042 141 at 0ZB 0.47 142 042 0.02 «n n.21 044 0.06 0.22 the weakness in both The peseta later closed 97EO 042 1.78 0-73 1.74 0.35 i against the yen of Y109.15 in by US 9250 0-26 148 048 0.03 0.09 o3 0.19 ilji 141 0.U 1.99 SoO fractionally stronger 9275 0.12 0.96 0.1? 048 9900 050 044 0.14 fl.38 0-52 New York. The intervention bond and equity markets in Pta73.68, 047 149 148 247 9425 9300 0.06 046 048 0.10 0850 9450 QP3 0.09 I® 8-72 on the day. 9900 (L23 1.10 1-6* 2-68 took the market by surprise, recent days and by the surge in 9325 043 0-45 04B 015 9475 0.02 0.06 047 044 0990 0.14 041 245 2.89 in Lon- 9350 041 0.30 0-81 0.25 04* 1-11 1 -17 Market 3.3* J 45aTMM gold price. One interbank dealer yyXI 0.01 Money pushing the dollar up to a Lon- the 3375 0 020 1.05 0.40 lMtW level interven- 048 • 0.78 ZAO 324 saw®* of contrast, the dollar foiled don said the of Pi4s 2769 don close YU1.2. By Eaknaad Warns URL Us 4325 Op tQL CSS 143688 ftfe 72929 GSfe 6WPW«.S8B pnrifaua Gift n authorities PraitaH span InL Uta 128325 puts 99011 Estimated Wume UU. Reserve's inter- to consolidate against the tion by the Spanish dafs Bank Accounts 3.75 I 809r Sr The Federal nerfuns *T‘S 89M « Cpfe 147D8 PUB 10690 com- in recent days had been colos- . CM Htt vention was seen as an D-Mark in Europe, despite LONDON P-IFFEJ CHICAGO H significant ments from Mr Helmut Schles- sal. He estimated that the W-ACdggt extremely move, * JAPANESE THI (BUM) 9% uonoNAL amn» silt U4. TREASURY BtHUK (CST) 8% Presi- Bank’s reserves were now in s par woo one which might even signal lnger, the Bundesbank £50400 3Znfe N IfiSfe $100400 32404 Of 100K nasm one third of wwoSSffL IISs si are the end of the yen rally seen in dent, implying that the speed the area of $20bn, Does HtfiSi LOW Pm. had been at In Jim 105-28 109-34 104-37 704-30 Wftsn Hupm Smk pte cuts might the level they ECl 3*!r. recent weeks. Of German rate Sep 104-28 104-04 so C»: v Increase. January. h s Mr Lloyd Bentsen, the US Estimated WJhsna 36857 m president Sterling again broke through Frewtaus day's open bit Treasury secretary, said that The- Bundesbank 106-01 106-17 the 108-01 >06-04 there had been a misperception said that Germany’s economic the DM2.50 level against 104-14 situation deteriorated, and D-Mark following strong UK 104-00 104-00 104-00 about US exchange rate policy had 103-17 - - 103-?7 figures. in recent weeks. He added that that this had to be taken into business confidence 102-23 finance ministers of the Group account in the setting of But it fell back to close at of Seven Leading Industrial money market rates. unchanged on the day rr:*7?^-i.:TriiHiT Nations would issue a commu- After closing at DMl.5675 in DM2.4925. nique on exchange rates after their meeting tomorrow. Mr Mark Brett, an economist EMS EUROPEAN CURRENCY UNIT RATES London, said that Change at BZW in Corwnqf * « Strad ton Dtargenet the Clinton administration tenia W Weate3t Aaana Ecu Central ircflcjkx KGS Cunwcy might think the continuing Apr 27 R3M the dollar depreciation of 08020260602025 -038-0 38 ZS8249 6656 btsh Post 0809986 | -0.18•4.16 1.7*74 £6 would have only a limited Ontdl Gufett 220KS 1197022.19702 1 M Bekpnfttn! 402802 4022S8*02256 -0.14-0.1* 1.72(.72 19 1 Japanese trade 1 impact on the S3Bi—IZZ... 1.9629* 195W21955*2 0130)3 1.46 9 -9 FMaM Escudo — 18062* 101550181 550 051081 147 FSSffSi_V—_ 65*988 660*38650*38 093 0.K0.75 -M-32 Dansn Krone 74493* 753*89743*89 1.181.15 a«0.43 -41 £ IN NEW YORK Spanish Pesos 142.150 144403144 .*03 1581 58 090046 -28-38

Ecu cam* ratss wt tn At Eunpoam Conmaakw. cwmroisa n si dtsosnfim rooha mnglL PacvOage ctmM in Kr Goc « puttis (Pangs domra a m* cgmncy. Orapancs Aom me ralta bsmeen mi neadx ms percent?) uannca imsi As adusd mrtot and Ecu central rates U a curancy. did Hu w- 1.5780-1 5790 1.5830 15840 esp«— nssnan penttad percsoope dsetroun or dm currency"» nuw rata ftora its Ecu certri rats. i mount ... ma-tunm 0 39 ti-Bpm H7IV921 Stensig ml tUun Ura twseeralsd Sum EM*. Mframant akaiaud by Rnanctd rsnta JflWtfB-. US-J./J/m 1 16 1.14pm 12 monOm .. *-M-*.M|>oi 4J7 429pm Fortran] pramkms and accounts aunty b Bn US POUND SPOT - FORWARD AGAINST THE POUND STERLING INDEX

0- 1-

THEE MQWTH ECU Ca2s Pum ECU lm pobfe of 180% Jura SajteaiSar May Jun* Saprianber - Ctoso tflflh Low Prw 1.47 0.16 047 Jim 9140 9141 91.75 91.70 U6S 1-23 0L3S n*ro 143 Sep 92.64 92.65 9249 52-55 0^5 0JS2 064 033 1-53 Dec 9295 9197 92.95 32.88 047 G.46 - - - Sterling Mar S3. 26 93.25 93^5 93.20 0.02 0-23 - - - U.S Dollar EsanHUmJ sdume 11467) 13*35 Canarian Donar 1509 147,708 101.198 137.895 75,358 Pr avion (toy's open mt 20885 (210*51 Austrian ScnUmg EsrbnaKd vOuma 58450 t Total Open [merest 533451 eeigtan Franc - t fla YMO 6 Op«i imerest Sfiures am tor tt* prmrteus Cay. TmBHawni amo wftss fraw Banrs/i Krona . 8V-84i SFR lm poWs Sf 1DO% D-MarH 3h - 3S Snos Franc . ... Ckicu Hkfe Low Piter. Dutch GuUcr ... Its? 9544 9549 95.31 95.31

Fraiupi Franc . .. 95.74 95.78 85.74 95.71 Ua - . 0S47 95-97 3548 05.94 BASE LENDING RATES Yan 74. - 7lj 98.09 96.07 98 07 96.07 10ij Pasata 11 • UP. MII - 1 11 - U OS Estimated volume 4309 (*9761 7li -7S Pravtous day's apm lm. 3S0I5 (34328) 5*:a 51:3 3.V 3>* Adam & Company 6 Ctypna Pcputar Bank —6 Mount Bankfeg S 1 I «2 10 lOJt • loil «>« - No.8,137 Set by ij a\ THREE MONTH EUHXHA HT. RATE AHed Trust Bank — 8 Duncan Lawns _6 NatWWrrtnstor 8 HIGHLANDER - - 24. 3]i 2>s 3»a 2»a V* 1 poInfB of 14l» UHA J6&-3 100% ABBar* B Equfeohal Bank pk: ^— NykredR Mortgage Brk 6J5 16»J - 1W* 14*t 13 - 12\ Close Htgh Low Frinr. LintBed 1B7« 19>s IB 17*j I5»a - 14V •Henry Ansbacher G Bretto B»* —7 •ReeBioihere 8 89.44 89.32 B9.32 8947 Financial Gen Bank _ 7 aiCKWJiartBan*.. T3 8 Jtadwghe Sradr Ltd .. . 8 1 89.72 8046 88.72 89.67 Laps tens Eunooflaac two yen *7.-3!) par cam Ana yan (S* ; par cam feu-rsan 5iV*l) V* caat #w yean FtoitiQ 1 8U91 90.01 89.80 69.87 Bank of Borodo 8 •Robert Gi —8 Royal Bk of Scoaand_6 SA-sa par rate nraa. Short km rates an cH lm US (War and Japansss Ysk oton. too days' mu 90.06 90.15 90.05 90.07 Qhobank.... •SrrtBi&WftnsnSwa.e 15830 14845 04980 - Banco Sfoao Vizcaya... 8 — 3-1580 22000 13795 Estimated volume 3126 13939) Bank of Cyprus — 8 •GuinrefiS Mahon —.. 8 Scanctonl Chartraed 8 485790 485W4 306380- Previous day's open mt 42565 (*35211 Bv* of Ireland — 6 Habto Bar* AG Stnch ,8 TSB 8 8.4830 85115 5 2510- EXCHANGE CROSS RATES * •i l braa Bank 8 Unfeank pte--... 6 QWCfl 33S57U 342480 212120 • FT-GEWMOEX BankoflmSa 8 am — HongKmg . 12L2270 112435 7.7265 rn par MUndat petal Banko* Scotland 8 FferlraUe&GenEnvBk. 6 •Unted Bk of Kuwait G UB VokFFr.SFr.HR.Ura 03 B Ft. Pto. Iran 2597.00 2901.00 Ecu BisuiImh (LwJf a 164240 Close Ugh Low Prw, ttaraa’fs owi — o •FB Samuel 8 UnRy Trust Both Pic... 8 Wro*S*U _ ITVliK 127( 10 79J(M t 1 1.578 1*92 1754 1U1S 2250 51.30 2328 2003 1B3.6 Jun 28320 2839.0 28184 28214 Bril Bk of Md East 8 Western Truza 8 KUBOir 0 47500 047700 040000 0.634 1 C. Horae & Co 6 S 1.579 1114 1333 1.426 1475 1466 3251 1113 Sep 28554 2856 -5 2855 5 28*44 UnamtoquB 5125 - •Brawn SHftioy —8 5135 XUS DM 0.441 0 633 1 70.43 1377 1903 9344 1804 2159 73.68 DK 2879.0 2866.0 Hongkong 8 ShangheL 8 Whtemwy LaUaw 8 4.0725 40830 24700 - TB1 5.898 8991 14.20 1001 47.95 1282 11.41 CL. Bank Nederland 8 Yoricahke Bank ...^ 13265 2923 1046 Estimated wtiume 12008 (10421) JUan Hodge Sartr . — a — 440*5 44095 34825 Fft. 1.188 1475 1961 11 2674 2016 2768 2380 60.96 2112 CBtatitNA fi •Leopold Joseph A Sons 8 - Ptmiaus days open kit -H3*r (43052) 29971) 29010 14265 SR. 0.444 1701 1.106 7840 1740 1 1035 0890 2200 81.60 CiyMachartsBank A 54350 54470 17495 HR. 1357 0564 1880 62.68 3405 1804 631.4 LktydsBenfc 6 of British 1715 1132 68.57 • • Members 24580 15645 14140 • Contacts tnisd on APT. dosing prices shown. C3yOaaWeBar* __8 Lin 1430 0478 1470 75.39 3415 0.96S 1000. 0480 2244 7187 Meghraj Bank Ud 8 Merchant Banking & 44800 4 9910 11400 C 0.409 0.708 87.62 *401 1.123 1 t 1444 1102 25.61 91.56 The Co^pwathe Bank j8 McOonual DoUQtaS Bk. 8 7295S 74115 4.6000 BFT. 1.0*9 1076 4458 3411 16.40 4.386 4538 3404 100 357.9 POUND - DOLLAR Securities Houses 4145 Coutteacp - e MdendBank _B 4MB 2540 Pto 1545 850 1J357 9150 4463 1425 1268 1 491 27.94 101 Association 5413$ 5 8770 16715 ECU 0.784 238 1.955 137.6 6400 1.766 1026 1471 4124 14*0 FT WB96N EXCHAWCT HATES CredtLyonntos -6

Frattoh Fr. per 10: Lka | Batata Fr. par 101 Peseta i Spot 1-mUL 3-mBi 6-tntii, 12-mm. 1J780 147-0 IJW7 US555 (4357

• =4 l FT LONDON INTERBANK FIXING How do we do it? In three important ways:

(11.00 ajn. Apr-27) 3 months US dolors 6 months US Dotiani Optimism on Germany •First, wb have no commissioned

fltag are ntim with trading tecoramendathms. THERE was a modest rise in Bundesbank has moved away Tito rates tha a mic means rounded u tin nearest one-aMssnBi, «# die trid and earned rates to SiQm quoted tn (he mratai ny live reference banks m li.DO ajn. each naririrm Becanse if you make your own German futures yesterday after from gradual easing to day. The banks are National Weainilnstar Bank. Bank of Tokyo, Deutsche Bank, Banqus National tie Paris and Morgan Guaranty Trust comments from the Bundes- something more aggressive," bank president suggested a said commissHHi broker costs you Jar Mr Adrian James, en gj change of attitude towards economist at NatWest Markets more than you need to spend. At „ MONEY RATES ACROSS interest rates, writes James in Loadon. Lind-WgJdoci, jcu do not pay for 6 Way of making suitcases J 1 Stiff drinks equal good cheer Blitz. Euromark contract advice you do not need! secure and sturdy The June YORK Treasury Bills and Bonds _ (9) NEW (4.7) 7 in In newspaper interview, basis the middle of a fog cover- a Mr rose 6 points on the day 7 With part of One month 287 Three year 4.18 •Second, we arc specialised. I hand missing (3) Helmut Setalesinger said that to close at 92.67. while the Lurchlimp .Nolands, HK'W.of Dartmoor <6) Two month 248 Five year 5.12 9 Wake up, turn over or exer- o Prime ran Three Lind-Waklockistbewwhrs largest 8 Unbodied greed - the Bundesbank had to test September contract rose 13 6 month 245 Seven year 54a cise (5) note the Broker man rata 5 St* monin 3.08 10-yen 5-99 fittucs-ouly brokerage firm. We do I level of intensity how for it could keep cutting basis points to close at 93.53. 10 Put on board (6) Fed- tends 3** One year 343 30-year 6-87 initially, waiting 14 At university FeUfraida at intervention- - Two yea 3.79 not have the added costs associated and watching the staff are interest rates. He added that German call money closed a (9) sightly mad or hots 11 (2^, 4) Germany's economic situation touch easier at 7.57 per cent with offering a wide ran# of invest- I Graduates help to reveal OvoreMR One TWO Throe Sb 16 Those listening to interview Monm Months sculpture had deteriorated, and that this from previous 7.60 per cent. Months Montes Ksrventton meat products. So we can save yea with forms slightly a head of state (8) projecting (3-fi) bad to be taken into account In The French franc market Frankfurt. 740-7.70 7.90000 7.85- 7.S5 7.75-740 money -and provide service that 17 Tuck in again, “How do you do fa having cooked Parte 8*8-8^ 8.75 it?* a question wb 12 Old English stick the setting is class (5) terrines of money market was unaffected by the move, Zurich Gta-SLi first by any standard, Bl 13 (8) aas have been asked man; bines over the Kibbutz talk? (7) - I 19 Someone rates. with the June contract closing Amsterdam 7.87-7 AO 7.80-7.90 7.52-747 discount or foil price. » 15 Distribution entitled to stop Eton yeara-by futures traders in the U.S. network used bv Tokyo 34-3A y being disorderly 7 2 basis point higher at 91.99. MOan tiVIlL - fence <4) ( ) . and, now, since we have opened our •Third, with 16,000 customers I 20 clearing 7U-7^ 74*-7^ I 18 Floor-show consists of Tom IK tank base lending rats Conditions in the sterling OUectioiia about cigarette 8^2 -8 *8 87|-8>2 8V8\ 8^4-8Ai fli's-SA London Trading Centra, by traders weridwide, wean late advantage potag round in the B per cent market were a good deal end (4) node (75 21 Fruit for ham JanuaiyJZGi, 1993 throughout Europe. We are not sur- ofbuflt-in efficiencies that large I 20 About to mother and child (6) easier. Mr Schlesinger's I set off, starting up 22 Going LONDON MONEY RATES volume provides- pass the along with ancillary the prised because many of the investors and — ® r*e hi anorak comments implied that UR <7) tength of track e en meri in reserve? © These comments. and might have more scope to ease 7 days One Three Six I who call oa arc paying £60 (or more) r; “J ? (5) 25 Latin American notice Matte Morins Montes “2 nonconformist hero beast turns expectations of a sharp cut in policy if ft wished. (9) tfo in a 26 Fleet proprietor London thoroughfare taMtonk Offer 6'4 shows Ws the Bundesbank's repo rate at The June short sterling 6.1 8>a futures broker. They cannot belkve find out for yooraetf why Lind- | KutraikBU —- 6 8k aMmy t0 P™*®1 its weekly money market contract rose six basis points SudfogCtlG. G 8,‘s Lbey can gel our complete range of WaModt is the number-one broker Na“"<9) Solution to Puzzle NoJB»136. Local AwtoKy Beta. ... a 8.V 27 intervention, combined to to close at 93.89. Three month X « quality brokerage services for ody Berim girl advised to Local Authority BOMS „ pick upp both the closed per cent lower - - - her musket (5) improve conditions in money A DtttNHMaDei»-— «2 S23/S36 a round turn. worktwWe Write or call today. Company Deposits M Harry German cash and futures at per cent The overnight — the Horse (3) 11 d b] n n m 6^ Finance Hue Deuostfs _ fi 8 - 29 Make property markets. lending rate was seen as low as Treasury Mb (Fur) — 5ft 5* aij dealer spy on Bank Bfe - SI* ail 5ft onental py] country feJ5) The Bundesbank announced 5 per cent after a £lbn shortage (Buy) Fine TifttoW* _ DOWN HsaaBaonaa that would be conducting a forecast by the Bank Data CDS. — _ 249 2.99 105 Oteada fee U&, caB UriKneby Ms* qbdq it of - 1 Difficult second SOfilitfW Dap. Otar. 4K Bateau: 075-1 [S«4 book (S) variable rate repo in its weekly England was easily removed SOR Linked Dap. Bid _ 4ft 4H 2 Increased a West Genamy: OUW-818LOO total sounds Daa gHBEEIlHB ECU Linked Oep. oner - B-*, grim money market operations by the discount market. s> (8) i R ECU Linked Dep. Bid __ a*. 84 81* However, a continuing a a s today. raft * 1 “ about ana nnmin BDstsaflt; onwnortJi cent; monw p*r cent: 8b mantes per con; Bank *m« § The lowest accepted repo of good economic data has Treaswy 5^ po ferae 5& 5,1 Nahata*kOftOZ2-7rao Sb58 ^ per cent Traawy BBs: rtveraoe tenow rata of Bfifc (sa^ : one-monte 5ft per cent tfiea motiU Sfi a Others call 071-347-1701, 4 a ® Rfewtoslng Imfets rttiu tadkelng tha ittol r wh H oagQHcimnBa rate last week was 8.11 per helped to keep a lid on daunt 13887 px ECGO Rued Rata Stating E«0R Roira Matai up day Hanoi 31 .1993 . Aveed £J and groom H bss« vaaartan tie rip* teesnatiaalcur- FtaDn-347-Offl before raws tor period April 28. 1993 b 25 . 1093. SdHM b 7.38 pc, Sctemas & fc 7i5 p.c. Qbs cent. dealers expected expectations of a base rate cut. Mw m uttered m D Many 3i 1993. Soriana pc. Local Auftnify mayrisk. i«« (mure, suhtifei torenym a deference rata tor period Fed 27. 1993 » Mw* . MW 6.028 TefecSaSBL 3 5 To the extent that's a H°sicia0 the rate to fall below 8 per cent The Confederation of British and Fitaa Houses wen deyr notice, atom seven dm' Bred, finance Houses Base Bale 8>a from Mne- ini Ua H™ ry ij .ti days ti Ta Deposit • • trated such a April 1 , iw34sr* Depocti Rate tor sunn x 1 notice 51a ptiCoMcgu (Serin Btnun uuoest nmws necouinmi wuessn cmbmo urn* hew vqk long way (9 9 Industry yesterday 3) tomorrow. said British BK Deposit £100.000 and ova neH undrr ana mocrih 2\ pe.-. one-mrea monma 5L, pr.; Urae-sto EinnnmB monins s ax-one memta pc.; are-iweiw monina 4i, pc.; tenter £100.000 2b pc from “If it comes below 7.90 per companies had enjoyed their P4.; 4% 31 & Smut Jan.27. 1993, Dapoefe mfedrtom for cash lUpx. LmtoOBCZMin cent, that will be taken as a biggest increase in confidence bullish signal that the for 10 years. ^ h» . . .—“-—— — —- — . . —-——i— -. ——-— — —- 6—!: — K 1 . . . ' .. -

FINANCIAL TIMES WEDNESDAY APR 28 1993

-run AlOft aprs V Mad Low OasaOng 118 Sftm Suck A 8 n Amnonmg . se 70 I'® MacmBi S20% 20% =0 EAOnaBRd 3280 Wf Uquaa. 2™"""“ Aal.7“ IM.10 ACCOM BOW B DensonA 40%% % 751 Mo Dora B 215 100 MaonaKA S*t 39% +% MEMMMiem. 047 y-Ul MUM 02XSW DO Date A a» MplUFds 313% 13% 13% % Lerptag — 567 An ^.560 «ZO. — — 15730 MW ]J„ - Srojijn. T2S0 TORONTO 179500 Datura Want TAT uS21*4 21 21 BK-. 323 AMD/ Dep Been 9730 27% £7% OeMr 607 1X61 18O 15200 DosdnTa 8 B% -% DWI — Dmmcha Bobwck Bets Wnssenen — 4320 pmaxfSa A Marti Re? 58% 18% a - 01B .. 146 15% .-’--7, W. BtPC 5*10 PmconPeB 17B £300 Doom Ins ICSIBiB SU 013 13% +% wthw 533 “K4MIC Bart, ...... 69820 CSM 1-1 jpmckssAfri & 15% 15% MdsHerAatti_ „ 303 65-30 SCAA 9600 Do Port A S11 an 11 Oancaliu Ch 44a DUer-Wtyfce 128.50 DSM McOIMn 156 188 -5 neHnghMBnn. -1J50 " *- Dord&Slie Pair 14650 SCAD ”7 167600 OcRMSnA 15% 15% -% ZMO S®tftW4HWp SIO OuoOBoiQ m cents irtesa maud 5 Mmnna 515% SmrDMer. . 166 EicadnOeptocs.-. 131.10 75 275 27B +2 Pmpwwaik mb -uo Mile) Corp 262 22% 23% -% FoMer Don Ren 1670 SHF 75 82700 Echo Si? U 25% 523% OnwBwr Bk 301 so -6 17500 AUnFr n rxotamA 325% 25% % 18% 18% . -7c virtual CoM+ Benaiu — . 60-50 Senddhen A JM 4/00 Emra Led 20 S18% 5®“-™ - 387 -5 99400 AtfecnEA MoocCvp SB0% 20 % % 16% -% -• - 50 G« 9n* Dep Ren .. 4330 A 'S 516% 16% 'la Worn M Airport 487 CapGmMS 1B7 GwT 320 500 Emm 15 13 13 ... K*'etmer 226 -60 750 -10 ArQfe 335 Mxracha 1.3 - CanaudMetatm Hebuken- . — 160JW ShPiCnaUdaC 49800 ElSBNe* 513% 13 .3,010 301.40 Cokbchnaa enp 19% 321600 -% . Carraiour 7 59 Holnd Bottm 23B Skandta — 103 301400 AttiaEn S30V, IS 15% ... 2_bto 516% 7^:^ .1,000 WnhypElakL. 31.40 -iso Coatoo 143 173 Hoognwra Dep Boa Sharakn B « 200 ABMGos 350 345 9% 9% *% 517% 17% % - IbkWbZeni 48-50 »1 -a . : VHpWi..Qhmmns.-.. 1.150 l^eii lUa Daugftis. Sure Kopp A 517900 Alcan A) 225» 22% +}« 1,1S lleiM Prt -3 S8% 8^ S22% ..... 5JJ9 sp 1HC Utand 11620 SteraKopoO i -*2 CU) Medtnranoo Barr 5 384 516200 Am MZ»n 2 ' £ ^ 516% 16% 16% : r-:^V. mi Hart® Rees. 8630 67100 ;Slt iT 4 Oopm Iffl Nediid Dep W30 3 SSi 396 SdoXMU •upta Alcoa 1 s 512% 12 1+% £16% 18% 18 2 -% HorttW Mueler. 62 12B ga 8400 MIMA CoparaxH 551 1.110 be) Sydbrati A z + 1. 14 +% 2650 23400 ta*s S24 23% ; M Si K. u514% 14% -1 CCF 239 50 KLM — SyMoattC 1« 25 •** +1.H I SIS 014% 15 25 513% 13% 13% ...... Ci Fane HotmannPn KMP8T 3130 « -is> safe 10800 Four Sea® Irtmac Franca 1.104 1B20 TreMwoB 474300 Bk Maori 4638 1S% 19% *% 185 -2 Honan...... Kubi Pakhoed Optoa 38XS0 -s FranraMey $«% *5^ TtoeA 187 IBS Qad Lyon (C3) 607 too UohoA 376 779400 Bk Hera Sc S2fe 70000 Medlavd 3030 -.373 Cradb Local Fr 422 BODeueztia Ind. Z(M UWmB BCSubwA SIOj* 11D MkuHd-Ten Cbm — 74xmd 11300 GeoflisA - IMP A S16;a 1&7fl OatfttoOanaM 1 J80 Inckmle Warke no 3900 UuWWwBadDgRcs. 130 400600 ax be S44>2 St + 529% IS Dwm 3 (Hpi Kitf&SaU 120 123000 QamisQd .5^ J® OceUGrtatos 46U 121600 Beomnt JB -% J Pocte tie Franca 466 io touotadl 515 _ '8 83200 GdnnSer 51 24600 Utrtftntind uSi: 4 ft BankHUaLux PMk» 53300 eat a usio«4 'ii:7<» 12X100 DcCfus Mleg Cto 273 KauPiof 437 so 40100 Siangea 8600 Unto i =4f PMVfimn 859300 Boma-derB 510b 1D!* Boeq G« Un PB — 17,025 HF 670 KHD 1D4.70 *L?0 Apdlg 5600 GMUha ffcfwn 103X10 BowWHey 515% >5% Benpn NrtBaig. 32,000 Bsu* CtoGoil-. 2,228 Mocknei 32200 10 376100 Viceroy lb uS9% B% % ^ * — Wsriie 5330 ROdNKO 5430 Ado Ml (Br) 19 35400 fidfCtiaR Oner Carp uStO % fj . ;% » IS 500 Efceo— 445 357400 BB 19$ 1B% 19+% belt Mart Utunayer 830X0 fW«C 10380 + 30 Musutne-uu ft — 900 QVUUS OstiawaA 522% 22% +% 21TD0 WctuslE S19 51 Aquitaine. 374 -7 135900 1 Ax 510% 10% 541% 41% +% CSHCbrent. 0,700 UrthaB 472 RvmHo. 68 30 Musdsaa-Lnz Reg— PWACmp «9 2100 wesociGoo -7;-£ Bt AguUBkw Cans _. 301^10 -10 225700 aw 24 2? 7 16% 048 1,715 IXnde 734 R«l Baek MMM DpRe 2670 BsUbetRep) 1 HsriSSt A BS7 240 235 23S 2100 W1C B $16% , A "- •- Bt Santa 070 -80 eCTes Co * 19 Pagman Unmyon-Hei 448 toyel Dutcn 1S9AO Brown Boned (Oil .... 150500 KMberSd uS23% 43% -% twaafc Ertttem B-Say 710 -10 21 pancanPar S*<% 43% CocfcaK Prtu 116 Lunwnsa. 105.50 Stork -M Bned PIP 2300 toricw Wjt 9% Erktanta 8-Say a 574 W Brown toes ua 59% Pegasus 523% 23 23% -% - Dep too _ 2®30 Boeal Rep... +s BiunSHtCh 58% 9 ‘75- hi* Cokuyr B.0M Essay «_ 445 Lutmansa ivw Prt. ... 85 UnBawi Brown 1700 KendaGaB 510 9 11 11 -% 121X0 MdpslBn mupErn 511% Donaba Fre Uon l.iBO EtBX MAM 262 VNU cs Homager 511% 26 +6 2X195 VMiOnRmaDoHca 37.40 Pioneer to it2B 22 to8«« MAN Pnrl 226 CfiaGakiym SI 18% Boctnibri 6500 ..... ]jg2D Si .40 Hxne Od 6% S2i% 20 21 % -h wetten n Oep Hecs. - PtaEwDom % Euro RSC& Mannennaiin _. . .. 263 Qba Gergy (tofll. - 14 EtedreOel AIVl 5570 4 BO Hois^ani Sl&^a t* 7% 7% - 4 MONTREAL EunDtaiey Mamiietai Wore 745 DflWOWBlt (Bn _.. 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April 28 199$ 40 Wednesday WORLD STOCK MARKETS FINANCIAL TIMES AMERICA gains Italy and France feature modest Dow edges ahead as w would not exceed last yeyear’s. Susan Scott, ofl and gas ana- MILAN again featured strongly James Capel said that -Actuaries. Share . indices lyst at among the continent's bourses, FT-SE Italy in spite of the buying interest EUROPEAN SBflES writes Our Markets Staff. THE speculation of a tafep April 27 related to sell-off slows continued ahead in Comit Index of MILAN 1550 Cto” pace fiindamen* danga open mao tun izoo lire 1400 over bid, Petrofina s heavy trading but finished off 560 Hoaly 114155 tals remained poor. 100 1157JH 1 1Sil 115412 1151.87 115ft® IMM 11«JB Transpor- the day’s highs as the market FT-SE Eonrfrtcfc 1185 market conditions for its deci- with the Dow Jones 1215.12 1213.60 121gJ0 l* continued 121639 121754 121&09 , ZURICH lower M that FT-SE Eantfrack 200 121476 to pur- tation average up 10.88 to awaited confirmation sion but said its plan Apr 2D amid a lack of buying interest Wall Street Carlo 28 Apr 23 Apr22 Apr2t remains 1.591.43 at 12.30 pm after drop- prime minister designate Apr sue its growth agenda SMI Index shed 143 to.' 1156.12 and the ping 37.47 on Monday. AMR, Ciampi would be able to form a 115251 115850 116435 1157J1 THE PACE of Wall Street’s unchanged”. FT-SE Ewobacfc 100 The recently volatile index 1224.52 1220.73 2.124.7. to £74% parent of American Airlines government. The Comit ZOO 121868 122366 123450 _ recent sell-off slowed yesterday Xerox tumbled $3 FT-SE BW1W* Cell SFrl80 or llS per 547.25. Ascom . parent finished 5.99 ahead at ' after that sales rose $1% to $68%, UAL, ' ,2im morning but concern about the announcing US - inn 1IWJI 230 after lOflO CS1PK) WO 115731; 8M m*** cent to SFrljUO amrouno Airlines, climbed $3% Mr Fabio Ferrando of Alber- 6a» «ga economic outlook continued to were hit in the first quarter by of United unexpected SFrtftn fo* Milan perfor- turnover of ing an sales to $142'/i and Delta Air Lines tlni in said: “The a fall of FFi2J25 to 1.640.78 in dampen market sentiment, a reorganisation of the the tread with on Monday- to $57%. mance of the market speaks for against DMfibn. late writes Karen Zagor in New force. gained $1% or 2.3 per cent to FFr76 after DM6£bn only MADRID'S general index: sector, share In Nasdaq trading, Intel rose itself in terms of what inves- loss to AMSTERDAM was York. In the drug reporting a six month 243.95 helped think the appointment came rose 2.24 to byV benefited from reports $3% to $91% after plunging $5% tors of FFrlbn, which did interested in Akzo which At 11130 pm. the Dow Jones prices March of stronger peseta; Since the economy is the prior- quarter figures slightly Industrial average edged 2.71 that the Clinton administra- on Monday. Apple Computer not come as a complete sur- in with first perceived as although the prospect of deval- voluntary cost- added $1% to £50% and Lotus ity, Mr Ciampi Is that much in line with or slightly higher to 3,401.08 after posting tion may enter prise. The group also said • right ^tinn remains. '/ with the Development rose £1 to $25. the right man in the secure new better than expectations. 'Hie losses through most of the control agreements it was trying to 1 per cent. ISTANBUL jumped 3.1 per place." sharps showed a strong finish, morning. The more broadly- Industry, instead of Imposing with a capital But Mr Gian Luca Manca of PARIS advanced low of cent with the market index based Standard & Poor's 500 price controls without industry Canada Nigel Reed of Paribas having to a day's Elf Aquitaine Mr •- Baring Securities in London strong rise in rising FI 4.40 to 216.09 higher at V229.1L was up 2.18 at 435.72, while the consent. group has commented that with gearing FI 152.60. eased at midday, cautioned that the market being noted. The oil short- OSLO saw the All Share' Amex composite was down 1.11 Merck added £1% to $37%. TORONTO standing at some 350 per cent, FI 157.30. but largely on restrained until been rumoured in recent days rising above the 460 level to $67%, weighed down by losses in would remain covering. lie CBS Tendency index at 415.24, and the Nasdaq com- Pfizer climbed $3% in if one included off balance it knew the composition of a as possibly interested first time since January posite firmed 3.70 at 649.57. Bristol-Myers Squibb firmed heavily-weighted gold shares financing long-term inrfey fell 0.7 to 108.7. for the stake in Petro- sheet and Glaxo Hold- and continued worries over proposed cabinet and Mr Clam- increasing its dosed marginally 1992, closing up 6.15 or L35 per Trading volume on the NYSE Jiy. to $60% and now seem- debt, the group's prospects for BELGIUM Canada's federal budget, pi’s administration had won fina, but with this led by cent, at 46L20. STOCKHOLM was more than 159m shares by ings rose $'A to $18%. the the rest of the year remained lower with activity close. parliamentary approval ing increasingly unlikely the third crasecuifte 12.-30 Biotechnology stocks also released after Monday’s Bel-20 index fell for pm, and declines outnum- or very diffi cult. Petrofina. The activ- The telecommunications sec- shares put on FFr14.10 the AfiarsYSrlden- bered rises by 932 to 777. advanced in Nasdaq trading, Dealers said that overall lost ground in retreated 4.57 to 1,205.93. session, restructuring, con- nearly 4 per cent to FFr374. FRANKFURT pressure with Chiron up $3% to $53% ity was quiet tor, facing Petrofina was unchanged at lndex down 10.9. or l.L per- Stocks came under rose 15.79 to thin trading as investors TSE-300 Index fell 4.71 to tinued its recent rally. Stet The CAC-40 index 1,008.8, while from continuing declines in US and Amgen up $2% to $40%. The remained sidelined amid a BFrS.790, after plunging to cent, to HEir . low turnover of attracted strong foreign inter- 1,927.41 in turnover of index finned bond prices, with the trea- Bank shares recovered some 3,679.10 in corporate announce- BFr8,570 on reports that its SINKTs HEX as L88 per cent to FFriL35bn. spate of the ground lost on Monday C$232m. Losers led gainers 295 est, rising or 3.4 year to 1,155.7. sury’s bellwether 30- year bond of against ments. The DAX index fell 9.03 profits for the current to 217 with 286 issues L2.670, for a week's rise of 9.6 Euro Disney went sliding & to 103&, pushing its when investors moved away unchanged. yield up to 6.861 per cent. after a strong run this year. Among featured issues. Citicorp was up $1% at $26%. Among actively traded Owens-Corning Fiberglass BankAmerica gained to $45, issues, Northern Telecom rose to $53% C$1 % to C$44% after the tele- vote firmed $1% to $39’/* after the Banc One improved S% India drops sharply ahead of budget group posted company said that it had can- and Chase Manhattan added communication celled a proposed public offer- $% to $20%. earnings that were not as transport segment also bleak as the market had markets in ing of 4.5m shares of common The R.C. Murthy writes on Indian equities and John Pitt on emerging March stock. The company blamed recouped some of its losses. feared.

oncern over the stabil- likely to be a slowdown in for- ASIA PACIFIC ity of the Narasimha eign cash inflows into the IFC EMERGING MARKETS INVESTA0LE INDICES he added; C Rao administration has country, Dollar terms Local currency terms of disappoint- come once again to the fore- • expectations Na of Mar 31 % Change % Change Mm 31 % Change % Change Nikkei surges 2.9% in front as parliament reassem- ing company results, particu- Market stocks 1993 over month on Dec *92 1993 over month on Dec *92 bled last week for the crucial larly in the car, steel and vote on this year's Indian bud- cement sectors after the can- Latin America get, driving equities to a 15- cellation of a number of infra- Argenans (10) 602.37 +85 +09 369,633.07 +85 +45 +235 55775055 +305 +153.1 run-up to Golden Week month low. structure projects as the gov- E rarJ (44) 1S4.13 +2.S 414.98 -3.5 -05 645.64 -45 +0.7 The Hindu revivalist Bharat- ernment attempts to reduce Chile (20 CofcmCia' (S) 3*18.50 -8.1 -18.0 516.70 -55 -155 added Y12 at Y655 and Mitsui record intraday high in early iya Janta party, the main oppo- the budget deficit Meicco •53) 682.72 +12.6 +1.0 910.81 +125 +05 Mining and Smelting gained Y8 trading. The Straits Times sition, has announced plans to Venezuela remained uneasy Tokyo Ver.e=:e!a-' 353.76 -25.7 -31.9 68759 -24.0 -203 in political envi- at Y518. But Sumitomo Metal Industrial index was finally try to unseat the administra- an uncertain East Asia with foreign 5 BROAD buying by public fund and Mining, the most active 10.63 off at 1,786.63. tion, and other parties are ronment. and Sscdi Kcrea (130) 94 26 +5.7 -4.0 9851 +5.4 -04 managers and foreign inves- issue of the day. ended AUSTRALIA declined as the threatening to join in. investors removing capital the PhT-pciras tli) 1S3.43 -5.4 +145 18454 -6.4 14.4 tors triggered a rally that unchanged at Y990. rally in gold issues lost steam, However, none of these oppo- central bank was forced to lift Ta.tt-£r. China* (761 104.18 +75 +445 101.10 + 7.7 +455 boosted equity prices by 23 per Investors bought blue chips prompting profit-taking in nents wants mid-term elections interest rates daring the South Asia lrda ! 7358 -17.6 -21.7 80.65 -15.5 -155 cent on the first day of the new in the telecommunications sec- recent gainers. The All Ordi- and it appears that a compro- month. Towards the end of (61) L-MJcresja’ (31) 6837 +2.6 +16.5 76.94 +35 +175 trading account, writes Wayne tor on reports of a special pro- naries index slipped 5.4 to mise may be reached which March, notes Mr Frederico Laf- Uaia-j-sa (61) 170-92 +09 +45 163.46 -05 +06 Aponte. vision in the government’s 1,704.7 in turnover of A$31S.6m. could see the budget through £an of Latin American Securi- ?ak]-star‘ (8) 19357 -1.4 -35 paopR . +02 +05 for fiscal 1994 to bullion prices parliament during the next ties, the market staged a mod- The Nikkei average ended budget Higher gold Thailand 229.53 -85 -0.1 23152 -85 -05 bargain m 583.08 ahead at 20,206.71, after improve new kinds of infra- supported Newcrest Mining, fortnight est recovery on Euro/Mid East trading between an intraday structure. Nippon Telegraph which added 35 cents at AS3.27, Equity prices haw fallen due hunting, although volume Greses 117) 22057 -8.0 +1i8 327.51 -9.0 +155

low of 19,642.41 and a high of and Telephone rose Y50.000 to but Commonwealth Bank, after to the uncertainty, with the remained low. Jsrisn (5) 121.75 +1.7 +45 172.57 +1.6 +4.1 20.267.84. The last time the Y973.DOO, Nippon Comsys Y90 recent strong gains, relin- BSE index down at 2,100 at the Mexico's rally continued, Fctugai • (IS) 87.62 +02 +13.4 8957 -1.6 +14.5 stock market settled above to Y 1,290 and NEC Y49 to Y9S0. quished 28 cents to AS8.12. weekend. helped by hopes for Nafta Tokay* (31) 90.40 -95 +52.1 4Q6.74 -35 +485 20,000 19. day’s buying spree also lower for the Prices dropped by a further approval in the US, lower was on April The The SEOUL moved and S^=» rx I issiitHJan 8 fSSXCPUin 3 789%HM*> + MMiRNar 6 JSS2&/Stp SB IS9W3HT f 1891 TopLx index of all first section lifted the brokerages: Nomura fourth consecutive trading day- 63 points on Monday, bringing inflation and interest rates. .I.AiJ* tS23 stocks was up 36.91 at 1,572.68, appreciated Y100 to Y2.110, in thin volume as further the total decline to 423 points, and in London the ISE/Nikkei Daiwa Y50 to Y 1,280 and Nikko profit-taking was seen. The or 17 per cent, in six weeks. 50 index firmed 1.03 to 1,241.83. Y47 to Y1.040. composite index shed 7.96 to The BSE indicator yesterday Volume on the first section In Osaka, the OSE average 722.96 in thin turnover of recovered some ground, finish- of the Tokyo Stock Exchange finished 493.65 higher at Won527.72bn. ing 33.19 up at 2,070.00. was estimated at 600m shares, 21,923.14 fn volume of 32.7m KUALA LUMPUR was also The focus now is on the compared with Monday's final shares. subjected to profit-taking as R40bn (SIJSbn) Bombay securi- 259m. Advances overwhelmed some investors grew cautious ties scandal and deliberations declines by 1,004 to 87, with 84 Roundup over a further rise in the mar- of the joint parliamentary com- major is its Advancing issues unchanged. ket. The composite index eased mittee. which to finalise Market sentiment turned IN the Pacific Rim. investors 0.87 to 692.57, while volume report in a fortnight. GENCOR bullish from the outset when found a range of reasons to sell contracted to 462.6m shares public fund managers and for- and markets finished lower on from 510.2m. enezuela and India fea- eign securities companies the day. MANILA closed moderately tured as the worst per- placed as softer projects heavy buy orders. The BANGKOK tumbled wor- amid concern over pro- V formers among the growth advance squeezed market par- ries heightened over an expan- longed power blackouts, but world's emerging markets in ticipants who bad been expect- ded investigation of the wid- traders said overall sentiment March, while Mexico, sup- ing the Nikkei to trade lower ening stock manipulation scan- remained firm. The composite ported by lower inflation and Major growth projects to proceed Sound operational performance in and encouraged dealers, Indi- dal. The SET index fell 13.70, or index lost 3.02 to 1,549.39 in interest rates, moved ahead. vidual investors and invest- 1.6 per cent, to 869.98 in turn- turnover of 369.5m pesos, Disappointment with the depressed markets billion ment trust managers to join over of Bt3.4bn. Investors grew against 3338m pesos. February 27 budget, which did • Alusaf R7 the rally. increasingly cautious as the TAIWAN weakened in quiet not cut corporation tax as bad Financial performance Analysts said there were no Securities and Exchange Com- trading. The weighted index been widely expected, contrib- Columbus R3 billion fundamental factors fuelling mission, which filed charges ended 41.67 down at 4,506.11 uted to India's downward drift. • Attributable income up 6% the day's Impressive gains, but last week, was poised to in turnover of T$27.1bn. Bro- According to data supplied Saiccor R1 billion a steady yen against the dollar increase its list of suspected kers commented that talks by the IFC, part of the World • Earnings per share down 10% provided the stock market with stock manipulators. taking place between Taiwan Bank, the market registered a Genref R0.8 billion • Dividend maintained stability. HONG KONG eased as cau- and China in Singapore had 17.6 per cent fall in dollar One analyst at a Japanese tious investors realised profits had little effect on the terms on the month. brokerage said many Investors ahead of the second round of market Mr Nigel Spence, emerging now expected the Nikkei to Sino-British talks starting markets equity analyst at Leh- INTERIM RESULTS hold current levels before the today. The Hang Seng index man Brothers in London, com- Golden Week holiday, which closed 8.87 down at 6,83688 in SOUTH AFRICA mented that other negative fac- begins tomorrow. He added turnover of HK$5.1bn, against GOLD shares retreated from tors during March included: 1993 1992 % that government buying Monday's HK$6.8bn. earlier highs in late trading, • a series of bomb explosions UNAUDITED UNAUDITED CHANGE through public funds would Bank shares, which have led the index closing a net 32, or in Bombay which caused Attributable income - r million 593 562 R discourage investors from sell- the recent rise, lost ground on 2.2 per cent, down at 1,394. extensive damage to the stock Net value - Rmiihon ing the market short profit-taking. HSBC Holdings Industrials advanced 17 to exchange and Increased ten- asset 18,380 19.748 ITS Non-ferrous metal issues receded HK$l to HK$7250. 4,362 and the overall index put sion between India and Pakis- Earnings per share • cents 43.1 47.8 rose in tandem with gold SINGAPORE retreated on on 6 at 3,692. De Beers ended tan. Owing to the uncertain (10) Dividends per share - cents futures prices. Dowa Mining profit-taking after hitting a R2.50 higher at R78.75. political climate there was 16 16 Net assets per share - cents

- at end of February FT-ACTUARIES WORLD INDICES 1,336 . 1 43*; - at SI April 1993 1,329

Jointly compiled by The Financial Times Limited, Goldman, Sachs & Co. and NatWest Securities Limited

in conjunction with the Institute of Actuaries and the Faculty of Actuaries 1 INTERIM DIVIDEND 1

NATIONAL AND MONDAY APRIL 20 1093 FRIDAY APRIL 23 1093 DOLLAR INDEX REOIONAL MARKETS An interim dividend No 134 (coupon No 142) of 16 cents per ordinary share will be paid on 1 June 1993 to Local Local Gross shareholders Figures In parentheses US Day's Pound US Pound Loci Veer registered on 14 May 1993. Currency conversion - 21 May 1993. show number of Ikies Defer Change Staring Yen DM Cwrancy It dig Dw. Ma Staring Yen DU Cuixncy 1993 1993 ago of stock Index H tndn Index Index Mb cxi day Yield Mb Index Mb Mb Max waft Low (appro*) An interim report giving more detailed mlormation will be mailed to shareholders. Copies may also be obtained (ram the +1.1 133.05 99.58 11029 132.06 402 3.74 141.19 132.90 London Secretaries: Ely Australia (68) . 142.69 98,71 11027 131.84 144.19 11759 14444 30 Race. London ECIN 6UA. 100.98 117.92 118.20 -05 Austria (1$. . 144.70 +0.4 134.92 1.75 144.19 135.73 100.81 11074 11062 15056 131.10 105.73 100.26 124.09 121.11 -09 4.67 Belgfum (42). . 15228 +0.1 14199 152.05 143.13 106.30 125.22 12254 15076 131.19 139.35 Canada (llffl 12551 +0.4 116.75 874)7 102.03 114.15 +0.2 2.91 124.73 117.41 67^0 102.71 11359 125.97 111.41 12550 151.62 177.05 iraio Danmark (33) 21726 +0.9 202-58 +0.0 1-27 21569 202.66 15051 17759 178.17 21756 185.11 232.97 +44) 65.82 76.86 +2.4 1.17 CONTRIBUTION TO Finland (23) . 94.31 8754 loan 90.40 85.09 0350 74.44 103.63 9451 65.50 77.67 EARNINGS 112.89 131.83 -0.2 France (98L. . 161.78 +08 150.85 134J0 3.35 160.57 151.15 112-25 13252 134.76 187.38 142.72 15853 +0.6 81.43 95.08 95.08 -0.4 SL24 Germany (BZ)...... 116.68 108.78 115.97 109.16 8108 &5.50 95.50 117.10 101.59 nase 256.17 191.72 223.90 272.47 Hong Kong (55). 274.73 +1.8 +1.6 3.40 27035 254.49 189.01 222.65 268.23 274.73 218.82 222.76 154.41 115.56 13435 -02 . 165.60 +0-8 14966 3.54 ENGEN Ireland (1$ 164.27 15453 114,84 13558 150.10 170.40 12958 162.60 <& +4.3 85.66 49.14 57.38 76.72 +2.1 Italy (73) 70.41 ZS7 67.48 63.52 47.17 55^7 75.11 70.41 53.78 71.92 $ 139.01 +05 129.82 97.01 113430 97.01 +0 i (47C0.. 3 088 13037 13026 96.74 113-97 9074 141.84 10075 97.37 GENMIN ENGEN GENBEL +043 291.35 218.04 254.63 309.15 +0.3 MALBAK . 312.48 2.18 311.39 293.12 217.69 258.42 30851 312.46 251.66 235.17 SAPP! Mexico 1592.90 -15 1485.29 1111.61 1298.11 5388.74 -1.9 1.26 1624.12 1528.83 1135.45 1337.49 5493^0 1725.81 141050 1705.72 Mining metals Oil and Mining finance +0.4. 160.55 120.16 140.32 138.35 -0.7 Industrial Forest Nethaifarid(24).. 172.18 4.00 171.56 161.49 119.94 14158 139.38 172.75 15059 154.48 and minerals and 48.45 +0.2 45.17 33.61 39.48 47.05 -08 investment holdings New Zealand (13). 4.65 48.35 4551 33.80 39.82 47.43 48.67 4056 43.89 products +2-2 148.80 112.11 130.92 144.46 Norway (22) . 160.66 +1.0 1.83 15756 14004 109.95 12951 14258 160.65 137.71 173.47 33% 241.30 +2.0 225.00 168439 196.64 179.64 +1.9 1.87 23654 18% 11 Singapore fl 222.66 165.37 194.79 17657 24150 207.04 205.33 % 11 +4.6 17031 127.46 148.85 % South Africa . 182.65 182.94 +2.9 2.74 17455 164.31 122.03 143.74 177.79 182.85 144.72 222.69 +03 12085 92.69 108.24 1 16.67 -03 Spain (45) . 132.82 5.18 132.46 124,69 92.61 109.09 117.01 13252 11553 148.64 +0.5 162.88 12109 1424M 185.71 . 174.68 -08 Sweden (36).. 1.81 173.78 163.56 121.48 143.10 187.13 174.66 149.70 185.02 121.58 -0.1 1134)8 84-65 99.09 106.84 -1.0 Switzerland (55).. 2.04 121.72 114.58 85.10 10055 107.95 121.72 108-91 99.27 +0.3 169.70 12099 14030 United Kingdom (21$). 181.99 169.70 -0.7 4.06 181.46 17081 12085 149.42 170.81 181.99 162.00 190.06 178.91 -as 18496 123.47 144.18 176.91 -0.8 USA (519) . 2.BS 178.42 167.96 124.75 14654 178.42 18657 175.38 168.46 -0.4 Europe (784)- 149.02 139 148.12 139.43 10366 121439 132.54 149.02 133.92 149.41 +1.1 153.97 11523 134.57 154.29 - Nordlc (114).—--... 165.12 0.1 1.62 163432 153.73 114.18 134.49 154.52 185.12 142.13 173.55 143.19 +0.5 13351 9953 116.69 10354 40.3 Pacific Basin (713)-, 1.16 142.40 134.05 99.58 117.27 102.99 145.00 105.89 103-29 145.45 +0.6 135.63 101.50 11853 115.40 Euro-Padflc (1477). 40.0 2.09 144.62 136.14 101.10 119.09 115438 146.03 11726 121.92 ‘ -03 161.95 121-22 141 .57 172.64 -0.0 COMMITTED TO North America 173.69 2438 1754)8 164.80 122.41 14420 174.03 182.38 171.51 163.90 REAL GROWTH +04)tVfl 119-98M®.“ 89.79ww.a. 104.36 110.67I IU.t» -043 - Ex, UK 12856 2.93 127.60 120.11 89.22 105.10 110.97 128.65 112.51 s . 12820 125427 184.54 +12 172.08 150.41 16726 +0.9 3.25 182431 171.61 127.47 165.84 ; Ex. Japan 150.15 184.54 152.70 161427 +05 138.18 101.92 119.01 117.41 GENCOR LIMITED (Incorporatad in the Republic of South Africa). WOrthEx. US (1665)—— 1«-M 40.1 ^11 145.15 138.64 101,40 119.54 117.35 146.39 118.51 124JO Registration No. 01/01232/06 +04) 142-53 106.68 124.58 132.41 -043 Ufruwwr ik until. - i«*.ww 2422 152433 143,86 106.85 125.87 132.75 155.77 134.22 132.58 144.84 108.41 General Mining Building. 6 Hollard Street. Johannesburg 155.33 +0.0 126.59 135438 -13-0.3 2.40 2001. PO Box 61820, SShSSTSSr 155-32 14621 108.60 127.92 135.82 157.88 137.23 136.97 Marshalltown, 2io7 3.06 1664)7 156432 116.11 136.78 158.30 IBB.09 157.47 15955 +Q.0 144511444)1 108.45108745 126.85 136.81 (2184) 155.40— 4M> — -0.3 2.40 155-33 14652 108.60 127.93 13651 TtieThe wrongWorld todex — 157.S3 13752 137.52 & Rnandal ^ ^ ^ ****** Securities Limited. 1987 28 April 1993 Copyright. The far the edition. Latest prices ware mavafloMe GENCOR