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Financial Times , 1993, UK, English . Major visits Clinton Stormy weather Economy on the brink . Pages Europe's Business Newspaper WEDNESDAY FEBRUARY 24 1993 Handelsbanken suspends payout after heavy loss Svenska Handelsbanken, Swedish bank, fell to a larger than expected 1992 operating loss of SKr840m (Sl 12m) and suspended the dividend on its ordinary shares after lending losses surged 160 per cent to SKxQbn. The bank made a SKrSLTObn up action to profit in 1991. The deficit, the first In the group's recent history, came after a dramatic deterioration in the bank’s performance in the final four months. Nevertheless, the result is better than that of its main competi- aid tors recovery and the group said prospects for 1993 were brighter. Page 15 Italian PM seeks vote of confidences Italian prime minister Giuliano Amato will seek a vote of confidence of economy later this week to force the four parties coalition By Charles Lsadboater and publicly to support DOWNTURN IN JAPAN * MicMyo Nakamoto In Tokyo him after his weekend cabinet reshuffle. The THE JAPANESE government Page 2 move comes amid and three erf the country’s top worries over waning Japan holds Its breath companies yesterday separately ^ enthusiasm for Mr took steps to respond to the most Bank write-off urged Amato from elements deep-seated economic crisis the Matsushita chief quits within the Christian country has faced since the sec- Democrat and Socialist parties, the two main ond world war. elements of his fragile coalition. The lha fell further P Currencies Page 32 Nissan, one of the world's top on foreign exchanges yesterday. Page Curren- 14; five vehicle makers, and NTT, World stocks Pager 34 cies, Page 32 the telecommunications group, Unilever, Anglo-Dutch food and consumer said they would between them products group, increased protax profits 13 per shed 35,000 jobs over the next through parliament next month. cent last year to £2JD3bn ($2.9bn) after recovery three years. The move confirms that the in North America and a strong performance ip The job cuts came at the same government believes the econ- Latin America and Asia. Page 15; Lex, Page 14; time as the news that the board omy is still deteriorating despite * Observer, Page 13 of Matsushita, the world’s largest the Y10,700bn ($88.4bn) emer- electronics group, had forced the gency package announced last A quotation board in a Tokyo foreign exchange brokerage flashes the dollar's rate against the yen shortly after it had opened at a record low IIS stick* to aviation doab The US is to resignation of its president summer. stick to last July’s agreement with the limiting EC The corporate shake-ups coin- The economic downturn has rate as in the previous two • NTT, the world's largest tele- workforce of 53,000 by 5,000 by electronics giant, which reported government support civil aviation for industries cided with a decision "by Mr spread to -embrace fiwncp. and months. \ communications group, will 1S96 as part;, of a plan to save a 63 per cent fall in pre-tax in spite of President Clinton’s attacks Bill on Kiichi JVfiyazawa, the prime min- industry in every region. The sense of gkrote was reduce its workforce of more Y200bn. Nissan announced it income for the nine months to Airbus subsidies. Page 7 ister, and other top paflcypiakere Gross national product gre* at reinforced by Mr Yasosfai MIeno, Qian 209400 by 30,000 over the would make a pre-tax Loss of the end of December. AT&T in Bering venture: AT&T. US telecoms in the ruling Liberal Democratic only l.i per cent In the third the governor of the Bank of next throe. years and cut by a Y29bn in the year to end-March. The government’s index of party furtheh quarter over group, signed a memorandum of understanding to draw up mea- of last year, the Japan, ybo repeated his call to third Eta 1^300 retail outlets. • Matsus&fca may introduce leading indicators for December ' sures to stimulate, the chmgag yesterday with China for Jobit development of communica- eo^dbmy. same period in 1991. Machine tool Japan’s banks to speed up the NTT reported a 22 per cent fell similar after the compa- published Suggested These are likely to -include orders last year fell by 37.8 per writing off of their mounting had in profit in the half year, ny's board yesterday removed its there is little hope or an early tions infrastructure. AT&T said the deal could protest bringing forward public works cent and 'Industrial production debts. to. last Septpmbqr. president Tanil. He will upturn, ft stood at per cent, lead to billions of dollars in revenues. Page 4; ftfr Akip 27 spending and tax incentives for generally fell 6.1 per cent restructuring plans plans td dose Mongh- AT&T to take f400m stake in McCaw, Page 18 by The , • Nissan, apro: b? replaced by Mr Ynldu the ninth consecutive month housing and capital investment, Bank lending grew by just 2 unveiled by Japan's- struggling (taction plant near Tdkjo by thp the vte^president, who- is below the $ per emit threshold DeHu plats more reforms: India is to launch once the budget for 1993 passes per Cent in January, the same corporate sector indtoded; - •spring Of WS&'abd rafece expected to -Shake «p the aiUng which Signals an upturn. further economic reforms, including cuts In the government deficit subsidies, closure of unviq-. and " We state-owned enterprises and fdRfieP&diange- 1 rate liberalisation. Pave 4 US glaM 7 Nobel Industries of Sweden is selling its defence electronics activities to state-owned Celsius airdrop Industries in a SKrl-55bn (2204m) deal The move came as Nobel’s shares were suspended pending an announcement today. Page 15 in spite of By Judy Dempsey In Berlin ended yesterday. But IG Metall association: -Mr Bemd Leflrftied, German workers by 1994, unlike rising job fosses in east Goman Natwest fifts debt provisions A rise in said it would stage demonstra- tire spokesman for IG Chemie, IGMetaH. industry, where employment fell National Westminster Bank's provisions for possi- GERMAN industrial union,. IG tions throughout east Germany said the 13-month agreement, In March 1991 the engineering by 40 per cent last year. Manufac- ble bad debts last year limited the UK clearing warnings Chemie, has agreed to a 9 per unless its members were prom- which will be backdated to muon agreed with Gesamtmetall, turing and mining were the bank’s rise in pre-tax profits to £405m ($589m) cent wage Increase for its 190,000 ised the larger pay . rise in fine February 1, would bring wages in the employers’ association, to hardest hit, according to (torn £U0m the previous year. Page 15 By George Graham in members in east Germany, with its timetable for parity with eastern Germany's chemical income parity by April of next Germany’s federal statistics Washington, Laura Sflbar In undercutting demands for a 26 western workers by 1994. sector up from 62 per cent to 70 year. But Gesamtmetall pulled office. TV company plans 180 channels: A Belgrade and Robert Mautfmer per cent increase in the metal IG Chetnie’s pay rise fells short per cent of levels in west Ger- out of the contract, saying eco- Employment in the sector in 180-channel satellite television system could be and David WhBe in London sector by IG Metall, the giant of the union’s demand for a wage many. nomic conditions had changed. the whole of Germany was 5L5 per available over Europe by 1995 using digital technol- engineering union. increase which would Last week IG Bergbau and IG Metall said demonstrations emit down in December 1992 over ogy, following the decision by Luxembourg-based , (nflaHffli . unwind L THE US appears determined to IG Chemie, which covers the , running at an Energte. the energy tod utilities, would start tomorrow in the car 1991, or tram 7.46m workers to ‘ Socifete Europfeenne des Satellites to launch two press ahead with its airdrop plan chemical, paper and ceramics rate of about 1JL5 percent, but is union, accepted a 9J per cent manufacturing region of Lud- 7J2m a year before. satellites with digital capacity. Page 8 for blockaded areas of eastern industries, agreed to the wage more than the 7.5 percent origi- rise. Neither has sought income wigsfelde, south-west of Berlin. Registered unemployment is SmfthkHne Beecham, Anglo-US drugs and Bosnia, in spite of Bosnian Serb rise after arbitration talks which nally offered by the femployers' parity between east and west The pay talks come at a time of expected to exceed 18 per cent consumer products group, reported full-year protax warnings that the move could profits up 11 per cent to £1.12bn (SL6bn). Page escalate the fighting in the 16; Lex, Page 14 country. The airdrop would almost Cer- Brussels threatens Fall In US confUkmcs shrugged off: The tainly pave the way to the mas- US economic outlook remains bright in spite sive use of military force and the of an eight-point fell in the consumer confidence spread of armed conflict with index this month, economists Bald. Page 6 unforeseeable consequences,” to cut EC regional General Milan Gvero, the deputy Fishermen step op protests; Brittany commander of the Bosnito Serb fishing ports were quiet last night after a day army, said yesterday. of violent clashes between police and fishermen In a strongly worded state- grants to Britain who were protesting against the Increase in imports ment, Mr Djtja Djukic, the Yugo- of cheap fish into France.
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