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Europe's Business Newspaper TUESDAY FEBRUARY 2 1993 Israel to let 1 00 Brussels president denounces job-poaching and calls for G7 meeting Key index Palestinians back from Lebanon Delors calls

Israel is to let about 100 of the 415 Palestinians it deported to Lebanon back into the country and will shorten the terms of exile of the others, Israeli television reported, adding that prime minister Yitzhak Rabin worked out the details for social with US ambassador William Harrop. Palestinian negotiators have refused to resume peace talks with Israel until the deportees were brought back. By Michael Prowse Earlier report. Page 3 In Washington

Khmer Rouge attacked: Cambodian troops US manufacturing industry is attacked Khmer Rouge guerrillas on several fronts policy to poised for its fastest growth In in the worst fighting for a year. Page 16 four years, a sharp increase in Japanese confidence shaken: Japanese the Purchasing Managers’ Index by business confidence has fallen sharply over the indicated yesterday. Boosted the past three months, according to a survey of senior an Increase in new orders, from per cent in executives. Page 3 help jobless index rose 55.4 December to 58 last month, the Meetings banned In Kinshasa highest level since July 1988. gatherings were Public By Lionel Barber in Brussels dumping duties on EC steel This was higher than financial banned in Zaire’s capital, exporters and yesterday’s deci- markets expected and, taken Kinshasa after last MR JACQUES DELORS, sion to restrict EC bids on federal with other recent strong data, week’s riots in which president of the European Com- public procurement contracts. could lead economists to revise at least people died. 65 mission, yesterday denounced At yesterday's opening session upwards their estimates of US French soldiers have job-poaching in the European of EC foreign ministers, France growth this year. been escorting foreigners Community and led calls for a followed Mr Delors and other EC The index has been above the out of the country, relaunch of EC social policy to 50 per cent level that indicates an President but Mobutu help tackle the unemployment expanding manufacturing sector Sese Seko (left) is refus- Page 16 crisis In Europe. since last October, when it regis- ing to let Belgium As EC foreign ministers headed tered 50.7 per cent. EC rejects 115 ‘bullying’ on send troops to help by France warned that monetary The Purchasing Managers’ the evacuation. Page 3 award of utility contracts Instability and competitive deval- Index, based on a monthly ques- Galileo takes off: Two of the world’s biggest uations were undermining the tionnaire to over 300 industrial airline computer reservation systems merged EC's single market, Mr Delors companies, is regarded as a reli- to form Galileo International, which is estimated criticised “social dumping” members urging a “relaunch" of able barometer of trends in man- to be worth Jl-5bn. Shareholders include British whereby certain countries were EC social policy to defend work- ufacturing. Airways, United Airlines and Swissair. Page 17 downgrading workers' rights to ers’ rights and guard against In a separate report yesterday, attract foreign investment “social dumping”. the Commerce Department said Cnuti isolated: Italian minister Giuliano prime Mr Delors' remarks at a meet- Mr Roland Dumas, French for- construction spending rose 6.2 Amato, struggling to preserve the stability of ing of EC foreign ministers in eign minister, said employment per cent last year, the biggest his four-party coalition government, has distanced Brussels were widely seen as an could not be created by countries Last minute points: Jacques Delors (left) confers with French foreign minister Roland Dumas before the increase in six years. However, himself from the difficulties Socialist leader of attack on the UK. He combined outbidding each other for Invest- EC foreign ministers council in Brussels yesterday, where both men denounced job poaching in the EC spending was down 0.4 per cent CraxL and former close colleague Bettino Page 16 them with a call for an early ment. He attacked the recent in December and figures for Octo- Now chief for American Express: Troubled meeting of the Group of Seven decision by Hoover, the US multi- economic convergence, social decision to promote growth by providing for greater consulta- ber and November were also US travel and financial services group American industrialised countries to co- national, to relocate from Dijon cohesion and solidarity among floating sterling outside the tion between management and revised down. Express appointed Richard Furlaud, 68, a director ordinate growth* possibly in in France to Cambuslang in Scot- EC members. European exchange rate mecha- workers. Mr Robert Bretz, a' spokesman since 1972, non-executive chairman. He replaces April. “We face a world economic land as a “serious incident”. EC diplomats said the refer- nism and progressively cutting Although the US has yet to for US purchasing managers, said James Robinson, who resigned at the weekend. crisis and we need a world eco- Mrs Elisabeth Gulgou, French ence reflected French concern UK interest rates. commit itself to a summit, there low levels of corporate invento- Page 17 nomic solution,” he said. minister responsible for Euro- about the impact on its competi- Mr Dumas raised the stakes by Is talk in Brussels among EC and ries and rising order, books indi- The Clinton administration has pean affairs, appealed for “fair tive position of maintaining a urging the EC to accelerate work US officials of a potential “grand cated the economy would con- Krajlna worsen: Fighting between dashes expressed interest in closer eco- competition” among EC member strong franc but described it directives to be adopted under deal” in the spring In which a cut tinue to strengthen in coming Serbs and Croats intensified Krajina, the Serb in nomy policy co-ordination witMn states. She drew attention to the as an rttack on the t?K for opting the social protocol in the Treaty, in Goman interest rates could be months. enclave in Croatia, and there were fears that the G7, but US relations with the the 1986 Single European Act pro- out of the Maastricht treaty’s while Mrs Guigou called for adop- co-ordinated with a Gatt agree- If the purchasing index the "dashes could spread. Page 2 EC have become strained after viding for gngtaTnahTff, non-infla- sorfaUtairotoeoL

' - - week's a-directive world -economy. tin. average for . last year i titanium stake: Tioxide Group, last imposition of anti- tionary growth, a high degree of impllci* Baftaih-’s Hrorking week and of real gross urn rtitnrfrift subsidiary, is paying $28Qm growth domestic product likely to r cent stake in a 100,000 tonne a year was exceed 3 tanium pigment plant in Lake Charles, per ceht this year, he said. Yesterday's figures follow Page 17; Lex, Page 16 Speculators hit ERM Emu timetable attacked reports last week of a 9.1 per cent «axu natt city: Police fired teargas and rubber S increase in new orders for dura- bullets to disperse rock-throwing black Johannes- THE French franc and Danish ing, to a low of FFr3.3950 against ble goods between November and taxi drivers who blockaded the city centre burg krone fell victim to a sharp burst the D-Mark, while the Danish December and economic growth In protest at alleged harassment by traffic police. as ‘much too ambitious’ of speculative selling yesterday krone was seen as low as at an annual rate of 3£ per emit Omlnbus UK outlook: The trading outlook after the 10 per. cent devaluation DKtfL8750 against the D-Mark, in the fourth quarter. Sales of David for UK companies remains “ominous", according By Marsh in Oxford Speaking at Nuffield College, debt and deficit targets laid of the Irish punt within the Euro- near to its floor of DKrfL9016. existing homes at the end of last credit insurance group Trade Indemnity. Page 6 Oxford, he said Germany and its down in the treaty. This was pean exchange rate mechanism, The franc later closed at year were reported at. their high- A LEADING member of the European Community partners because “the Maastricht treaty writes James Blitz in London. FFr3.380 against the D-Mark, est level in 13 years. Bridgestone promotion: Japan's largest Bundesbank’s policymaking was never subjected to a test of Both currencies later recov- while the krone closed at Most components of the pur- Yoichiro tyremaker, Bridgestone, promoted KaizakL, council last night criticised as how it would be fitted in to ered, although money market DKr3.8501 as selling pressure chasing i ndev sent encouraging Irish attack on ‘selective’ p chief executive of its US operations, to group “much too ambitious” the time- medium-term cyclical develop- interest rates in both France and abated. The Irish punt climbed to signals. The index for new orders ERM policy ...... Page 2 president Page 19 table for European economic and ments”. Denmark remained at very high the top of its new ERM band* as rose from 64.4 per cent in Decem- defended Moira's Italian purchase: Europe's monetary union. EMS Page 2 Although long-term German levels. The French franc fell the market accepted the devalua- ber to 67.2 per cent, the highest Helmut Jochlmsen, sanitaryware market became more concentrated Mr presi- Currencies Page 32 intoest rates were not particu- sharply in the first hours of trad- tion. It closed at DM2.4369. level for nearly a decade. dent of the North Rhine-West- high, with the purchase by the Finnish Metra group larly he said the Bundes- phalla central bank, and a policies - the of 51 per cent of Italy’s leading producer, Sanitari bank’s monetary favourite to take over as Bundes- decided to speed result of “persistent PozzL Page L8 up European Imbalances bank vice-president later this union after the breach of the tn the German policy mix” — Floods km 40: At least 40 people were killed year, said he favoured ratifica- Berlin Wall In November 1989 were causing difficulties abroad. and others were missing after their homes were tion of the Maastricht treaty but because of 'the idea that Ger- “Germany in year three {after swept away in north-east Tanzania. by floods attacked the plan for monetary many would want to escape from reunification] Is putting a bur- ENJOY YOUR union by the end of the century. Us obligations Sweden’s debt rating cut: Sweden, heaviest of European inte- den on Europe. This has to be He also said be opposed the gration”. dealt with - it to solved. borrower in the International capital markets has be 1 Idea that movement to a Mngie He admitted that recession-hli But we are tied up with the polit- in the past three months, had Its long-tom debt currency would be Irreversible European countries were facing rating downgraded to Aa2 from Aal by US credit and automatic. difficulties in meeting the public Continued on Page 16 rating agency Moody's Investors Service. Page 17 j

Lloyd’s losses reach £924ms Gooda Walker , syndicates at the Lloyd's of London insurance market suffered losses of nearly £924m (SI -39hn) UK tries to calm markets In the four years to 1990. Page 6 By Ralph Atkins, James BIHz rates to per cent bean pro- Unilever to shift staff levels: Multinational 6 had and Peter Norman In London posed by Mr Lamont. Doubts con- consumer products group Unilever is to trim tinued, however, among Conser- staff levels at its London head office and raise a*dnst MR JOHN MAJOR, Britain's vative MPs over the political them slightly at Its joint head office in Rotterdam. prime minister, moved yesterday authority of Mr Lamont amid Page 17; Lex, Page 16 to dispel expectations of further widespread expectations that he Milk battle looms: Northern Foods, largest UK interest rate cuts as his gov- will be moved after the March 16 UK private sector dairy group, says it will buy ernment launched a concerted budget milk directly from farmers when the Milk Market- operation to restore confidence in Speculation about differences ing Board's monopoly over supply is abolished. sterling, Its economic policy and between Mr Lamont and Mr Page 17 Mr Norman Lament, chancellor Major has beat fuelled by the lat- of the exchequer. ter’s decision to take a closer STOCK MARKIT INDICTS amnmwn With the pound under pres- Involvement in Treasury policy ’ sure. Downing Street, the Trea- FT-SE 10a 2JBU fH44) Now Yortc ImdUtaw in the run-up to the budget But YMd S 1A5G6 sury and the Bank of England government officials suggested FT-SE Eamh** 100 ft&ffl) liUdoit sought to reassure markets that that yesterday's developments FT-A AtStan 12tU S 14535 (1.487) Mr Lamoot was full charge of in j.-: would make further rate cuts less Z3M (23925) .'*1^®- Mkka 17.1SU4 (+UMS8) DM economic policy and that there likely. HwYorHuncMku FFr U45 (8,0975) were no splits with the prime Downing Street said the week- Dow Janes kxJAvfl 3^X154 (+-1151) SFr 0205 (221) minister over interest rates. index. The UK authorities end reports of Mr Major wanting S&P Composite MOTS (+1-85] Y ItU (1855) Sterling plunged to a historic insisted that last week’s cats in the borrowing US LUNCHTIME RATES £ index 774 (7X2) 1 per- big cost of low of DM2355 In Far East tradr centage point cut in bank base had backfired. “The one thing ..." DOLLAR Fete* Funds: . ... 3A* ing yesterday, after weekend rates to 6 per cent was consistent that damages the likelihood of 3-mo Tress ns tid 25U% New York kncMms press reports of a government with the government’s target of interest rate cuts is talking about Long Bond tW^ DM 18355 spilt triggered what some dealers returning to economic growth interest cuts,” it said. YMd 7XU% FFr US2S described as a sharp burst of with low Inflation. Aides to Mr Lamont made clear COMPANY LONDON MONEY SFr LSI 85 speculative selling. For the second day running, he did not regard further cuts in 3 Y 1254175 3-jrno Interbank I—*UX (6 «%) Although the pound recovered Downing Street denied reperte the cost of borrowing as likely lifrinw Ufa tana a* Mue JttrlttZA (Me IQJfl) somewhat in London to close at that Mr Major was the driving before the budget “Interest rates DM 1437 (1.609) OIL (Aryua) DM2.38, more than a pfennig force behind Vfc arrange buy outs and ro make your dream come true. So don't be NORTH SEA FFr BJ38 (5445) the rate cut and are as likely to go up next as they management buy down from last Friday’s close, It seeking eventual redaction in are to down.” they said. Brant ifrtty March (ia47SJ SFr tsm (1.4855) an go closed sharply lower at 77.4 when Interest ins valued at million or more. If you long shy. As advisers to funds totalling £245 OoM Y 12405 (1244) rates to 4 per cent A £10 S Index 67j0 (S&5) measured against the Bank of Downing Street official said the Spin doctors in a spin. Page 7 New Yoris Come* Apr *838.7 (swna) are just England's sterling exchange rate decision last week to cut base Lex, Page 16 for your own company, wehavetheresouires^Ainillion, we dying to meet you. London S33SJB (33035)1 Tokyo doMYOUB

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® THE FINANCIAL TIMES LIMITED 1993 No 31,978 Week No 5 LONDON - PARIS - FRANKFURT - NBW YORK - TOKYO

i 2 FINANCIAL TIMES TUESDAY FEBRUARY 2 1993 NEWS! EUROPE Irish attack EC’s era of openness strong on showbiz

Little substance emerges as foreign ministers’ meeting is televised, writes David Gardner

on ‘selective’ “ALWAYS dispose of the Dumas of France, feisty and action on EC monetary policy weekend's devalua- difficult part in the title; It combative; Mr Emilio Colombo after the punt Their does less harm there than in from Italy, gesticulating ele- tion of the Irish the fan- the text” Such was the advice gantly and introducing the interventions excited proceedings of the ineffable Whitehall man- concept of "original sin” to EC tasy that televised September policy darin Sir Humphrey Appleby, monetary policy, and Spain’s of the acrimonious ERM proved 1932 finance ministers’ meeting from the BBC TV satire Yes, Mr Javier Solans, who prior “Black Minister, to a naive subordi- Spaniards will always get more in Bath, just to have made By Lionel Barber In Brussels Germany would continue to nate enthused by open govern- of their oar in at such gather- Wednesday”, would and Alice Rawsthom In Parle support the currency. “If the ment ings, because they can speak compulsive viewing. however, franc Is attacked we will fight European Community for- so much faster. For the future, THE Irish government back with the same determina- eign ministers were conceiv- They were able to memorise viewers keen on openness yesterday denounced, the man- tion and the same methods,” ably following his. script yester- enough to face cameras, and should insist on a “nuis agement of the European he said. day when they inaugurated a proved masters of the “There is points” score for those such as exchange rate mechanism and The franc has been shrouded new era of openness in Com- no time here to discuss" ploy, the Greek ministers, who warned that, without closer by speculation since last munity decision-making, sub- both to evade substance and spoke at length about Macedo- co-operation, member states' week's reduction in UK base mitting to having the first part exceed their speaking time. Mr nia without once mentioning currencies risked being rates. Mr Sapin criticised the of their Council meeting tele- Hurd provided the high point it, or for Mr Dumas who ele- “picked off one by one" on the British for renewing the ten- vised for the first time. of humour, brazenly bracket- gantly stuck the knife into foreign exchange markets. sion in the BRM. “Britain The televised proceedings ing the secretive British with Britain for “poaching” a Hoo- Scot- Mr Dick Spring, Irish minis- no right to run a policy along were very much the, "titular” the gapingly open Danes for ver plant from Dijon to ter for external affairs, told his the lines of ’Every man for part. Ministers delivered “arguing most forcibly .for this land, hut neglected to mention European Community counter' himspif/ especially as it is not speeches on the current Danish experiment". the UK. parts meeting in Brussels that working,'’ he raM- presidency's work programme. Newcomers scored on sub- The haphazard system of a more effective collective Mr Berie Ahern, Irish There was no debate and lit- stance. Mr Piet Koijmans, leaks, briefings, corridor response was needed to deter finance minister, said at the tle substance, this being Dutch foreign minister, called encounters and door-stepping speculators following the week- weekend that smaller countries reserved very much for the for a down-payment for the will continue to be the basic end devaluation of the punt. were at a disadvantage, while “textual” detailed future” in democratising the mechanism for teaming, hap- Without naming the French France was able to get a "sepa- mostly to ministerial subordi- EC by giving the European hazardly, about what ministers Crane, which has received sub- rate deal” in support of the nates who do most of the parliament equal decision get up to in Brussels. Even if stantial support from the franc. horse-trading on EC dedsioa- rights now with the Council of yesterday's performance were Bundesbank, Mr Spring EC leaders asked the EC's Ministers, even before the extended to all Council pro- suggested some countries were monetary committee to review iiwirig the chamber, it was Maastricht treaty enshrines ceedings rather than “work receiving more support than the operation of the ERM after the older troupers, familiar these rights. programmes" and yet-to-be-de- others. the forced withdrawal of the with showbiz, who performed Mr Dick Spring, Irish foreign flned “major issues", the corri- “Piecemeal measures and lira and sterling. Mr Spring most plausibly: Mr Douglas minister, made the one genu- dor purveyors of information selective reactions to attacks called for the review to be com- Hurd of the UK, patrician and inely political contribution, would still be in business, on on individual currencies are pleted without further delay, Danish Foreign Minister Mels Heiveg (right) with his German counterpart Elans Kinkel authoritative; Mr Roland highlighting the need for yesterday's evidence. not going to be adequate. Nei- but France Germany are ther are bilateral arrangements understood to be reluctant to which ingore the essential endorse any substantial need for solidarity between all changes. Mr Spring said: “Our New applicants to give up the neutrality habit the member states.” experience is not unique. Oth- The 10 per cent devaluation ers have been obliged to take of the punt last Saturday led to similar measures. Their experi- By David Gardner in Brussels Mr Alois Mock, Austria's foreign ernment was “ready to contribute to -even though the treaty remains to which, such as foreign and defence speculation that the franc ence and ours raises obvious minister, adding that Us country was the construction of a common Euro- be ratified by Denmark and toe UK. policy, Denmark itself got opt-outs would soon come under attack. questions about the capacity AUSTRIA, Sweden and Finland said “fully committed to the treaty on pean deforce”. The three countries also empha- from at December’s Edinburgh sum- But Mr Michel Sapin, the and willingness of the Commu- yesterday they would sign np to European union,” and to the common The Maastricht treaty calls for a sised that they would be bringing mit French finance minister, yes- nity to respond effectively to Maastricht treaty goals of a common foreign and security policy. common foreign and security policy, wealth and high social and environ- Though the three applicants have terday insisted that France and (currency) pressures.” European foreign and defence policy, Mr Ulf Dinkelspiel, Sweden's minis- developed largely on intergovernmen- mental standards to the Community, already accepted most existing EC as their negotiations to join the Euro- ter of European affairs, said “we wish tal co-operation between EC member along with a tradition of open gov- obligations by signing the European pean Community opened formally in to participate folly in the common states, and posits a future defence ernment consonant with the EC’s Economic Area treaty between the Brussels. foreign and security policy”. identity, which Is unlikely to start promise to bring decision-making Community and toe European Free Cautious Currency Attempting to dispel EC concerns He added that while the Swedish taking-shape until the ECs next con- closer to the citizen. Trade Association, few Brussels dip- that their traditions of neutrality parliament had recently restated that stitutional review in 1996. The opening of negotiations was lomats believe the foreign and would make them a brake on Sweden could not participate in mili- If Austria, Sweden and Finland join televised, before detailed discussions defence Issue will be as easy to Europe’s ambitions to develop a col- tary alliances, his government recog- the EC by 1996, as they and EC nego- kick off today. resolve as it was before yesterday’s mood in system lective foreign and defence identity, nised toe goal of a common defence tiators now expect, they would have The proceedings were suffused with cameras. foreign ministers of the three appli- policy “which in time might lead to a a voice in that review. irony as the current Danish presi- • Romania and the EC yesterday cants emphasised unequivocal com- common defence,” and would not Member states such as France and dency of the EC reeled off a list of signed an association agreement It is mitment to the treaty. hamper it Spain are therefore determined that membership requirements so intimi- similar to those signed previously Dublin defended Salnlabien, “Oar security is indissolubly linked Mr Pertti the Finnish they should sign up in advance to the dating that few existing member with Poland, Hungary and toe fonnier to the security of the continent,” said foreign trade minister, said his gov- so-called “potentiality” of Maastricht states would apply - and several of Czechoslovakia. SIGNS of confidence returned MR Helmut Schlesinger, the to the Dublin Rnan^iai mar- Bundesbank president, last kets yesterday, following the night threw his weight behind 10 par cent devaluation of the the European Monetary Sys- Probe into Compromise may punt at tiie weekend, writes tem, arguing that it had a good Krajina fighting worsens' Tim Coone in Dublin. long-term record in promoting Foreign exchange dealers monetary stability and eco- Dan-Air’s reported heavy inflows of nomic convergence across emerge on funds, reversing the outflows Europe, writes Peter Marsh. amid fear for UN zones HDT/V of last week and which push- Bat Mr Schlesinger also BA merger ing the pant up to its new cell- hinted. In a speech in London, By Laura SHber In Belgrade Cyrus Vance and Lord Owen, Croatian radio said, however, By Andrew Hid In Brussels sets to the most advanc ed stan-

ing within the ERM band of that more realignments might peace talks coohairmen, were that Serb forces were regroup- THE - European Commission dards if the EC did n at fimd DM2.44. be needed in the system before CLASHES between Serbs and due to meet Mr Boutros Bout- ing for a counterattack after has begun a one-month inquiry EUROPEAN Community production of HDT / pro- The Irish gilts market was Europe reached the final goal (boats yesterday appeared to ros Ghali. UN secretary- the Croatian army last week into the impact of the merger member states will press on grammes. But a spokes nan for also active. of fixed exchange rates as part intensify in Krajina, the Serb general, in New York last seized control of the Mastenica between British Airways and with attempts to find a com- the industry commissi met Mr The National Treasury .Man- of economic and monetary enclave in Croatia, amid fears night bridge, which joins central Dan-Air, the ailing UK airline, promise over the development Martin Bangemann, s dd yes- agement Agency, which man- union. that the fighting could spread He had earlier discussed Bos- Croatia with Its Dalmatian on services between Belgium .of cinema-quality television terday there was no puestion ages the government’s debt, Speaking to the Overseas to the other UN zones. nia with Mr Warren Christo- coast The Croats also seized and Britain, writes Andrew despite tire announcement by of abandoning the programme placed around I£150m of 5- Bankers' Club at the Guildhall, Serb military leaders in Kraj- pher, tide US secretary of state. the heavily-damaged Peruca mu Philips at the weekend that it at tins stage. i and 10-year maturity stocks on the Bundesbank president ina claimed as many as 20,006 In Krajina, Serb military dam, where an emergency Hie Belgian government was suspending plans for mass Denmark, which Holds the the market, which dealers say warned that, with Britain hav- Croat troops were massing in leaders said Croatia had operation to drain the reser- complained about the possible production of high-definition EC presidency, will try to were quickly taken up. ing no firm plans to rejoin the UN Sector West in central launched a “general offensive” voir was still under way yester- anti-competitive effects of the television sets. break British opposition with a On the Irish stock exchange, exchange rate mechanism, Croatia, which has so for been along a 25km arc stretching day. deal at the end of November. Philips of the Netherlands new compromise I proposal the ISEQ overall index gained there would be “less compul- peaceful UN officials said they from Ohrovac in the north to Krajina leaders on Sunday The Commission explained yes- and Thomson, the French elec- before tire May meefting of EC almost 5 per cent, with finan- sion" for the UK to take the were aware of the reports, but Skradin in the south, 11 days gave the UN a 48-hour ultima- terday that it did not begin Its tronics manufacturer, have telecommunications/ ministers. cial and food stocks perform- necessary steps ahead at onion warned that peacekeepers were after Croat forces pushed tum to enforce a Croat pull-oat formal investigation until Jan- invested heavily in HDTV tech- The Philips decision was ing particularly well. to harmonise its economy with prepared to defend the year- across UN lines. from all the territories seized uary 19, because Belgium did nology and the Dutch compa- “obviously not a positive deci-

The most active buyers on the rest of Europe. long ceasefire line. UN officials confirmed during the offensive. It is not initially provide enough ! ny’s decision underlines the sion," a Commission official the foreign exchange market He went out of his way to “We have the bulk of five reports of tank and artillery unclear what measures will be Information about its com- uncertain future of tire Euro- said yesterday, bmi be added were corporations and foreign sound conciliatory about heavily-mechanised battalions duels in the area around the undertaken in the likely event plaint. The Commission pean HDTV programme. Philips was /completing banks. Britain, suggesting that for which are prepared to protect Serb-held town of Benkovac, in that Croatia refuses to with- announced in November that it In December, Britain blocked research into HI FV and would Dealers said that overseas Euxppe to go ahead with eco- the sector. It is different than UN Sector South, one of four draw. would not investigate the Dan- approval of European Commis- be ready to px iduce sets if

buyers are still exercising cau- nomic and monetary union in Sector South, where the UN Protected Areas compris- The upsurge in fighting Air takeover because it was too sion plans to Inject Ecu500m funding was mat (e available. tion, however, and that much without the UK would be inap- assault took us by surprise,” ing Serb enclaves. comes as the fete of tire Bos- small to fell under Brussels’ (£406m) into the development Some senior Co n mission nffl - of yesterday’s dealing was propriate. In a determinedly said a UN offidaL Tension was also growing In nian peace talks yesterday Jurisdiction, but Belgium acti- erf HDTV over five years, say- cials are scepti ^1 about the related to profit-taking result- positive reference about the The fighting in Croatia came Sector East, which includes hung in tire balance. vated a previously unused ing other technologies might prospects for thJ HDTV strat- the ing Gram positions taken out EM3, Mr Schlesinger said as diplomatic efforts to end the Vnkovar, the town devasted by Mr Alija Izetgegovic, Moslem clause in the EC’s merger roles overtake the standards pro- egy, once seen t s the flagship by speculators before the recent spell of currency turbu- fighting in neighbouring Bos- the Yugoslav army during tire president of Bosnia, said he which allows a separate moted by the Commission. of an active EO industrial pol- weekend. lence in Europe did not mean nia moved from Geneva to UN seven-month war over Cro- would boycott toe talks, pro- inquiry into the implications Philips said at the weekend icy, and bellevie Philips’ deci- The central bank dropped Its the system had failed. headquarters in New York. Mr atian Independence. posed for New York. for a national market there was no point producing sion could hasten its demise. overnight lending rate from Rather, it demonstrated that 100 per cent to 14 per cent the system needed periodic yesterday, and the key one- adjustments on the road to eco- month Interbank Interest rate nomic and monetary union, a fell sharply to 16 per cent from goal which might be reached Russia aims to make free market ‘irreversible’ over 40 per cent, where it by the end of the century. . stood most of last week. Referring to the possibility of There are lingering con- more realignments, he said: By John Lloyd In Moscow large companies with 10,000-plus privatisation, said at the World Eco- about sales, reflected in low prices for between central andjlocal government cerns. however, that commer- “There was once a widely held workers each. If successful, these auc- nomic Forum in Davos yesterday that the privatisation vouchers. Nearly all and the companies themselves. cial lending rates, and particu- illusion that the EMS was THE Russian government will this tions will considerably notch up the he expected “fierce political battles" of Russia’s 150m population have • The Russian government more larly mortgage rates, might already a de facto monetary month try to make tire free market tempo of sales, from 11 in December with communists and their supporters received one voucher, each with a than doubled gas parlies for industrial still be increased if interbank union, a currency area in system "irreversible" by greatly and around 25 in January. in parliament over the reforms, but nominal value of RbslO.OOO and which and household consumers yesterday rates do not fall further. which exchange rate adjust- extending the system of mass privati- The exercise, which should involve millions of people now supported the mn be exchanged for shares. in an effort to bring energy prices The building societies hinted ments were no longer possible. sation auctions throughout the up to 5,000 large enterprises in the programme. “I believe we won tire However, in the secondary markets, closer to world levels. Industrial users yesterday that they might still “They have been necessary country. course of this year. Is the largest privatisation process in 1992 and if we where it is estimated that 20-30 per will pay Hbs3,600 per 1,000 cubic be obliged to increase mort- and they cannot simply be ban- Around 300 medium-sized or large sell-off of state assets ever attempted win only part of what we want to do cent of voucher holders axe selling metres, up from a maximum of gage lending rates, currently ned until monetary union is enterprises in 41 regions of Russia are and is being seen as central to overall in 1993, ft will be enough to make the their vouchers immediately - the cur- Rbsl,600. Household users will pay around 14 per cent. If the key established, even though they scheduled to be privatised through reform under way in Russia. whole process irreversible for all rent prices obtained are only Rbs4,000 Rbs600 per LOOOctun, up from Rbs216. one-month Interbank rate does will become less compulsory as voucher auctions over the next six Mr Anatoly Chubais, the Russian time,” he said. and Rbs5,000. Gas industry officials said the price not fall below 14 per cent covergence increases.” weeks. The sales include 10-15 very deputy prime minister in charge of Russian citizens have been sceptical Money raised from the sales is split rise was to cover investment needs. OBITUARY Far right in Austria Deutsche Telekom appeal The l-hnmcM Tima (Karopc) Ud Published by The Financial Times The De Benedetti who (Europe) Frankfurt GmbH. Branch. By Quentin Peel hi Bonn inally planned: 758,000, com- ahead. Mr Ricke said last week Nibclungenplai* 3, 6000 Frank fun -am- Main I: Telephone 49 pared with target of 800,000. he expected tire first shares to fails with petition (fy a 156850; Fax 49 69 39644SI; Telex limelight in 1994 or the still . shunned DEUTSCHE Telekom, the Yet the company feces a be sold 1995. 416193. Represented by 11 Hugo. German state telephone backlog of 2m requests for new He said that Deutsche Tele- By Eric Fray in Vienna though the petition is non- Marumina Director. Printer; DVM Gmbfl-tfurriyct International. 6078 Benedetti, the group, in December 1989, in a urgently to created jobs directly MR CamiUo De monopoly, needs phone lines. kom US0Q binding, a higher turnout Neu-Iscnburg 4. Responsible editor: Italian financier and cousin of complex deal arranged with Mr expand its capital base through Details of the extraordinary In east Germany last year AUSTRIA’S right-wing would have put the coalition Richard Lambert. Financial Times. Southwark Mr Carlo De Benedetti, died at Raul Gardini, the Italian finan- privatisation, in order to help telecommunications invest- through its investments, and Freedom Party (FPO) and its government on the defensive. Number One Bridge. London'S!?! 9HL The Financial Times after long ill- cier. The transaction divided the preservation the weekend a finance a DM60bn ($38bn) ment programme were pres- ensured of charismatic leader, Mr JSrg Because more than 100,000 Ltd. 1993. ness. Unlike his cousin, Cam- control of Fondiaria between investment programme in east ented by Mr Ricke yesterday. 100,000 more jobs through its Haider, suffered a stinging set- signed the petition, parliament Registered office: Number One, iUo De Benedetti. 60, tended to Ferruzri, run at the time by Mr Germany. In a defence of the decision not contracts to east German back yesterday, whan a mass is now required to debate its Southwark Bridge. London SEI 9IIL. Gardini, riamiiin shun the limelight, although and De Beoe- Mr Helmut Ricke, the chief to open the east Gorman, mar- enterprises. Of the DMilbn petition directed against for- contents, although it can then Company, incorporated under tin: laws he was one of the leading fig- detti’s Gale holding company. executive, said yesterday that ket to wider international com- spent on the overhaul of the eigners only drew the signa- ignore it of England and Wales. Chairman: D.E.P. Pahncr. Main shareholder's: The ures in Italian finance, espe- IBs chairmanship sparked a the investment programme, petition. At the same time he entire network, OM5bn was tures of an estimated 500,000 But as be Is riding on a ware Financial. Tin res Limited. The Financial growth for cially insurance. period of sharp Fon- under which DMilbn was warned that the planned priva- spent directly in east Germany. people, half the number he had of economic and social discon- News Limited. PubDshing director: J. Far many years, he was dep- diaria, especially abroad. spent in 1992 and the same tisation of Deutsche Telekom Dr Wilhelm Pdllmann. the sought tent, Mr Haider is expected to RoOcy. I6S Rue dc PLNoll 75044 P*rfc Cedes Tub 4297 0621: Fax: of Generali, However, the rise of Fon- is this was urgently that director responsible for rent of vot- in 01. (01) (0l) uty chairman amount again planned needed “so the Less than 10 per score further successes 4297 0629. Editor: Richard Lambert. diaria, and the more recent *h» Italy’s biggest insurance group, year, would run up huge debt we won’t have to hold back our eastern investment pro- ers put their signatures to regional elections later this Printer: SA Nord lichur. 1 5/21 Rue dc in which he was also one of the pressure on its profits, rekin- servicing costs unless the pri- Investments because of our gramme, said there were now petition, which, calls for year. The Freedom Party CniK. 59100 Rouhoix Cedes- 1. ISSN.- dled sometimes heated ISSN II4S-27S3. Cumiaisxkm Parilaira biggest Individual sharehold- a rela- vatisation plan was approved capital base”! 20 telephones per 100 Inhabit- stricter immigration laws sxnd leader blamed what he called No 678QRD. ers. More recently, his atten- tionship between Camillo De by the German Bundestag In The German government ants, compared with 1L6 in a constitutional amendment unfair focal authority restric- Financial switched to Fondlaria, Benedetti and Mediobanca, the the near future. plans to sell off per cent of 1989, and around per 100 stating: “Austria is not tions for tbs disappointing Times {Scandinavia) tions 49 50 an Vimmelskaftei bank which inhahtbrntfi jmmigrat-irm 42/V, DK-I16I the big Florentine insurer, of powerful merchant He said that the telecommu- the state monopoly to private In west Germany. country". results. But mobilisation of a Copcnhagen-K, Denmark. Telephone which he was chairman until is one of the biggest sharehold- nications giant managed to shareholders, bnt has to reach The two halves of the country Mr Haider had. originally broad coalition against the (33) 11 44 41. fiix (33) 935335. his death. ers in both Generali and the install more than 25 per cent agreement wtto the opposition should be equally well hoped for backing from more petition had deterred voters Camillo De Benedetti took Florentine company. more telephone connections in Social Democrats first, in order equipped by 1997, when the than tm people. The petition's from signing. Last weekend joint control of Fonduuia. then the former Communist part of to change the constitution to Telekom DMGObn investment eight-day registration period 200,000 people demonstrated in majority-owned by the Ferruzri Haig Simotdan Germany last year than it orig- allow ' privatisation to go programme comes to an mid. ended last night, and even Vienna against racism. a

FINANCIAL

T — NEWS:w INTERNATIONALI I X#—* | Japanese Cathay Pacific stoppage Israel seeks EC business focuses restraint over confidence attention on HK’s labour laws

VU Cn.n» ...... N STARK contrast to their line insisted retaining its been noticeably silent China. citation officer for issue declines on the dispute. government’s review, but it is deportees advertising image of pas- legal right to discipline stri- The fact that Bering-controlled “We were compelled to draw also unconvinced of the need sive I glamour, Cathay Pacif- king staff - and ultimately to company OTIC Pacific is a big the conclusion that By Charles Uadbeater the people for drastic change. By Lionel Barber In Brussels EC were working jointly to ic’s air hostesses have sparked sack them - the dispute shareholder one in Tokyo in Cathay is above [Mrs Fok] did not want CRC spokesman Mr Ronald resolve the deportee contro- a controversial re-evaluation of evolved into a debate over possible explanation, but it is her to do anything," sa id Mr Arcuili pointed to the fact that ISRAEL yesterday urged the versy in a manner “acceptable Hong Kong’s labour laws, fol- whether workers should be also likely that Beijing would Lee, who JAPANESE Indicated that the there had been very few labour European Community to show to ail parties’, but he declined business lowing the ending of their 17- allowed to strike. not wish to see the trade union administration could be influ- disputes in Kohg’s his- restraint in the to offer details. He noted how- confidence has fallen sharply Hong Palestinian day strike on Saturday. The argument literally movement strengthened prior enced by the fact that over the past Cathay tory and said "one wonders deportees controversy so as not ever that Israel could not com- three months, it is a theme that could according whether the current difficulties to disrupt efforts to strengthen ply with present UN resolu- to a survey of senior prove awkward for Governor are not being unduly politi- bilateral trade ties. tions because they made no executives published yesterday Chris Patten. Fall-out from “perfume picket line” sets awkward which cised by the unions." Mr Shimon Peres, Israel's reference to the Hamas depor- showed that 70 per cent His push for further democ- do not expect The last major industrial dis- foreign minister, made the plea tees. their company's racy has helped earn him the agenda for Governor Patten, writes Simon Davies performance pute in Hong Kong, was the during talks in Brussels which Mr Peres singled out Israel's to improve before label of a man of the people. He 1969 strike by China Motor Bus included meetings with Mr Jac- willingness to be constructive the final three months of the has proposed more representa- moved onto Ur Patten's door- to 1997. Padfic is controlled by both drivers, which lasted 2 days ques Delors, European Com- in an interview yesterday. year. tive government, despite oppo- step, when the so-called “per- On the surface, the debate British and Chinese interests. and was almost immediately mission president and senior Recent measures Included an The survey by the Keidan- sition from a conservative fume picket line" relocated to might appear simple. Hong Mr Lee's party, which thus resolved to the satisfaction of EC commissioners, and a din- end to settlements in the occu- ren. the leading employers' business lobby, and made a the entrance of Government Kong’s labour laws have not far has been a staunch sup- the union. Since then, a tight ner with EC foreign ministers. pied territories, an end to sub- federation, found that seven great show of introducing House in the hope of forcing been meaningfully altered for porter of Mr Patten, controls 12 labour market has enabled dis- The EC last December con- sidies for Jewish housing In ont of io top business execu- transparency and accountabil- bis support. However, the more than a decade, and both of the Legislative Council's 60 satisfied workers to obtain demned the Israeli decision to the West Bank and Gaza, and a tives think their company's ity into the administration. But strikers' only glimpse of the employers and employees are seats. It would expect support alternative employment. deport more than 400 Palestin- change in the law banning con- profits will only start to although he has talked of Hoag governor was when he drove at risk under current legisla- from other liberal factions, for February will herald the ians to Lebanon. Work to tacts with the Palestine Libera- recover between October and Kong having a first-world econ- out en route for the airport and tion. any legislative changes which review by the Legislative update the 1975 EC-Lsrael trade tion Organisation. December. omy and a third-world environ- Bali, and the administration Cathay itself has urged the United Democrats put for- Council of Mr Patten's contro- accord slowed down, but the The Israeli foreign minister The 252 business leaders ment, he seems unlikely to has kept surprisingly quiet on change, since the wildcat ward. But this might not be versial blueprint for political Community has been reluctant said the Egyptians had been •' forecast Japan's economy want to alter the I? colony's the issue. strike that started the walk-out enough. reform, and it is easy to to take additional steps very helpful in trying to would grow by Z5 per cent in working environment - by Employees are allowed to and may have cost the com- Mr Y-N.Yiu, deputy commis- assume that this will over- because the Israeli government resolve the row over the depor- the coming fiscal year from encouraging its nascent trade strike, but they have to face pany more than $HK200m sioner for labour, said a review whelm any reaction to Hong led by Mr Yitzhak Rabin is tees. He also invited EC foreign April, down from the 2.9 per union movement. - the consequences of any (£16. 6m) was started with wonld be conducted, but he Kong’s most high profile indus- viewed as more flexible in the ministers - the so-called cent they forecast in a similar The flight attendants’ strike breach of their employment the agreement of just 114 of the emphasised that the review trial dispute - despite the Middle East peace talks than "troika" - to visit Israel, survey in November. Abont 44 initially focused the issue of contract on Dr CJLLaw, research 3,700 members of the Flight would “have to take into attempts of Martin Lee. its predecessor led by Mr Yit- declaring that his government per cent of the respondents being forced temporarily to fill director at South China Bro- Attendants Union (PAUL account local conditions.” He As Dr Law said: “If the busi- zhak Shamir. wanted to have a relationship said the economy as a whole junior positions. The says: dispute kerage, “The labour laws Furthermore, Mr Martin Lee, said that minimum statutory ness community stands firm. I Mr Peres said yesterday that with the Community “more or wotild only begin recover ‘ to escalated Cathay lAS «- "it- when Pacific in Hong Kong are very much leader of the United Demo- benefits for Hong Kong work- don't think the government Israel Egypt, the US and the less parallel with the US". towards the of year. end the fired three flight attendants for out of the lBtb century." cratic party, has been highly ers were already at least as will *nakp any changes. I think The resalts of the survey fallowing union recommenda- One vocal commentator critical of the role of Mrs Kath- good as those in other similar the issue will just die down". will add to pressure on the tions not to “work down”. might have been expected to erine Fok, the Commissioner South Asian economies. The business community Bank of Japan to Aircraft cut interest Neither Cathay nor strik- take sides in fight group to the a between a for Labour, who turned down The Co-operative Resources appears happy to dismiss the rates and on the ruling Ity hub Liberal ers wanted the issue to be group of workers and a tradi- requests by legislators for the Centre, the conservative politi- strike as a glamorous aberra- Democratic party to bring for- politicised, but when the air- tional British company, has appointment of a special con- cal grouping, welcomed the tion. ward plans for an emergency 1 Mk*i £•-. 'tt. public spending package to receive $280m ***-. Mi - - stimulate the idling economy. * ifr- : • Business leaders will renew IN** Kinshasa riots trigger clampdown on meetings By Hugh Camegy 7,500-strong workforce. mr. their calls Cor a more expan- In Jerusalem That followed an earlier sionary policy at a meeting injection of SlOOm in state • leaders Friday. *f«**J*. * •. with LDP on MR MUNGUL DIAKA. would be seized. The capital, a ans were venturing outside. stop looters as to warn soldiers utu’s approval THE ISRAELI government has funds for 1ML Officials figures for business governor of Zaire’s capital sprawling city of 3m people, The smart Gombe district, from Belgium, Zaire's former • Belgian companies operat- agreed to provide a $2S0m The government, facing his-

-. consumer confidence dne Kinshasa, but . yesterday tense . and banned all remained yesterday which includes embassies and colonial power, not to land to ing in the country have repa- (£185m) restructuring package torically high unemployment J'WWAP.' • to be published today will con- political meetings and public appeared quiet, despite bursts the luxury Intercontinental evacuate their nationals. triated most of their expatriate to Israel Aircraft Industries, levels of more than 10 per cent firm the depressed state of the gatherings in the wake of last of rifle fire dull Hotel ^ #- • - and the boom packed with rich families At least 400 Belgian para- staff from the capital, several the country's biggest company, of the workforce, is reluctant economy. week's riots in which at least of heavier weapons being escaping the violence, has been troops have arrived in the Con- of the companies said yester- in the latest move by the state to see big closures in the tiViMf. •*-- The momentum behind the 65 people died. Reuter reports heard throughout Sunday- declared a military “opera- golese capital Brazzaville, just day. Reuter writes from Brus- to bolster its struggling defence industries, which

, downturn was underlined yes- from Kinshasa. night. State radio said some tional zone." However, Zairean across the river, but Mr Mob- sels. defence sector. account large proportion <3er- +-e .= - for a terday by official figures show- The governor, an ally of looting continued. residents said they had no utu has denied them permis- Belgium on Sunday asked all IAl which says it will report of Israel's industrial output. ing that sales of cars were embattled President Mobutu Central Kinshasa was virtu- trouble entering or leaving the sion to enter Zaire. Several its citizens in Kinshasa to a loss for 1992 of between $50m IATs annual overseas sales of k «*>*.- i down 10.5 per cent last month Sese Soho. also announced that ally deserted again. Few cars area. dozen French troops are gather to be repatriated. There and S60m, all! use the package around SI .25 bn alone account ,S|f*tV-S a- -:: compared with January 1992 any newspaper considered to were on the streets, although The military zone was already in Kinshasa to protect were around 1,000 Belgian to pay for the dismissal of 1,500 for some 17 per cent of Israeli ..-v • - and that sales of lorries were be inciting hatred and violence growing numbers of pedestri- clearly meant not so much to French citizens, with Mr Mob- nationals in Kinshasa. of its 17,400 workers and to industrial exports. ..-• :• **'»• r-;. . 15 per cent lower. invest in a new generation of LAI said it had been hit by a !_ '*! * .• • W" v The gloomy economic news civilian products in a bid to SlOOm shortfall in expected will maintain pressure on the underpin its strategy of sales in 1992 - ironically, Bank of Japan to cot the offi- decreasing its traditional reli- mainly due to the recession in cial discount rate. ance on defence markets at the civilian aircraft sector in in i si ir.i home and abroad. Europe and the US. The defence sector, hit hard Under the terms of the gov- in recent years by declining ernment package, it will World Bank world markets for military receive S50m in cash, will con- equipment, has become one of vert a state loan Into i j S30m on I IDT the biggest burdens on the cash and equity capital and lends $175m Labour-led government as it will receive S200m in state loan attempts to reduce the state's guarantees. large-scale involvement in It will get a further S3m in to Lebanon industry. research and development In December, the govern- grants. THE WORLD Bank Is to lend ment pumped more than S280m The company said it expec- Lebanon St 75m for rebuilding into Israel Military Industries ted to break even in 1993 on the country's infrastructure. to back a recovery plan which sales of $L5bn and planned to will cost 2,500 jobs out of its return to profits 1991 ft by is years of civil in k. \ir reports from Hci-

said yesterday an reement was signed Taiwan’s ruling party tgton last week and would be granted imeniary approval, faces power struggle tn agreement, the the vote plunge to a record low pn Lebanon and the A FLAN by Taiwan's president, Mr Lee Teng-hui, to of 53 per cent in the December li in M years, was transfer power from old-guard 19 parliamentary elections, the . . months of nego- conservatives to a younger first in four decades. tiations. Lebanon would pay generation has triggered a When parliament convened back the tain over 17 years, power struggle In the ruling yesterday. Nationalist legisla- with a five-year exemption and Nationalist party, agencies tors supporting Mr Hau, in an at on Interest rate of 7.5 per report from Taipei apparent move to embarrass cent. i Han Pei-tsun, the 73-year- Mr Lee, did not back the par- Lebanon managed to limit Mr old premier, announced at the ty's endorsement of Mr Liu foreign debts! to about SSOOm weekend that he would soon Song-fan as president of the despite the 1175-90 civil war. resign to mend a rift between parliament Its internal debt is estimated liberal and conservative fac- In addition, the 50 opposition at more than is.-ibn. tions. Mr Hau, leader of the lawmakers of the Democratic Officials the loan skid conservative faction, is recom- Progressive Party walked out interna- reflected growing mending that Mr Lin Yang- during the swearing-in cere- tional confldeHre in tire gov- kang, 65, head of the govern- mony and took their oaths out- al-Hariri. ernment of Hr Rafik ment’s judicial branch, be cho- side the meeting hall, saying minister. the billionaire prime sen as his successor. they did not want to take the bankers said Economists and Mr Lee is reported to favour oaths in front of the National- loan was that although the Mr Lien Chan, 56, who now ist flag. a small VC significant it was only holds the post of governor of The ruling party retained a direction. step in the right reports ernment subsidies and complaining of hour. Riot police were pelted with Taiwan. parliamentary majority but the POLICE fired tear gas and plastic at alleged harassment. Reuter According to Uie agreement, RIOT than doubled its from Johannesburg. At least nine peo- discrimination by traffic officers, bricks, paving stones and bottles when Pressure for Mr Han's resig- DPP more use 535m to bullets yesterday to disperse rock- Lebanon would were blocked several big intersections with they moved in with armoured tow nation increased after the number of seats to 50 in the $60m throwing black taxi driven who block- ple, including six policemen, rebuild its power grid, the rash trucks to dear the streets. Nationalists saw tbeir share of 161-seat legislature. in a protest hurt. The taxi drivers, demanding gov- their vehicles before morning an water and sewage systems, aded central Johannesburg S25m on housing. J30m on gar- bage incineration, 515m on * locational schools, and Slum on technical aid. Bophuthatswana: the slow trek to inevitable oblivion government Morocco to Patti Waldmeir finds little future for the homeland in any ANC-dominated South African

or alterna- and its proximity to the indus- wrong. eland" is unrealistic: it would here is no logic to something better ease exchange npar Government officials - s - VENDA cover a huge chunk of South Bophuthatswana except tively a future which at least is trial heartland Johannes- has the only including Mr Mangope's emi- Africa, including some of the terrible logic of as good." burg made it BOTSWANA the best mines, and would controls T crux of his argument is homeland with any significant nence grise, Mr Rowan Cronje, gold The apartheid. jealously guard mining royal- economic: Bophuthatswana, a industrial development. They former minister in the Rhode- Thai is the argument made By Franc!* Ghil** people ignore the fact that, on a conti- sian government of Mr Ian ties, company and other taxes anti-apartheid leaders nation of 2m Tswana BOPHUTHATSWANA by black now Bophuthat- _ for the regional government. nominal indepen- nent which scarcely distin- Smith and to this testy lit- which gained signalled Its who want see NAMIBIA will grant only far MOROCCO has Pretoria in 1977, guishes itself by the quality of swana's minister of state The ANC black "homeland abol- dence from # readiness tn lift exchange con- tle and civil avia- Pretoria more limited autonomy to this reincor- has more to lose economically economic management. Bophu- affairs, defence # ished. and its territory Johannesburg any trols on current account reincorporation into thatswana clearly excels. tion - insist Bop could “go it or other region in the new rated into a new South from operatrans- po independent state SWAZILAND^ South Africa, and a long battle colour and South Africa than any other alone" as an V Jl both the Interna- Africa blind U) lies ahead before a final deal it has ndsised homeland. ut however strong Bop’s after South Africa is unified. T tional Monetary Fund that it ethnicity. „ realistically, the home- M A recent Amnesty report as it Economic growth in recent economic argument for But They argue that "Bop , SOUTH AFRICA wishes to comply with the that in independent, land could not survive with a concluded that the Bop author- known, is a years has exceeded B remaining is disparagingly ities “have continued IMF’s Article S, under which other indepen- the politics of the new South hostile neighbour in the repub- to rely apartheid and almost every ’ LsOowa required to creation of «nrnn, on their powers under security cnuBttfn are also country: the Bop Africa will win out in the end. lic: along with the subsidy. Bop | disappear along with its dent African allow foreign Investors free should another quarter of Gazankulu •.otirtian. legislation to silence their was granted economy grew at a real annual Bop officials continue to pay would lose Q capital creator; that it opponents. Violent dam to repottidtr their cent in 1985-89. Hp service to their demands for its budget if Pretoria cut off coercion by an illegiti- rate of 18.4 per Kangwane Hisewlmcttis and remit their independence even from the Southern ! if has occurred through harass- Pretoria unc which compares well with self-determination as a home- payments nww regime in * Kwandetoele ment, detention and torture of profits. best-run African economies land for the Tswana people, African Customs Union, and ever to rccog- the ; liberalisation onh government activists and use of excessive Ln a further far exceeds the perfor- and back their claims with his- remittances from hair the and tlut there can and • [«j Qwaqwa rUi/cns will Hi; homeland labour force, force against demonstrators". measure, private continued mance of other independent torical arguments about how which an argument for In the end, Bophuthatswana be entitled to higher furefgu homelands (Ttawskei grew by the British split their nation in works in South Africa. autonomy. must make its peace with the currvucs allowances than pre- by 7.4 per 1910, making part of it a crown The ANC. for its part, makes as always in 3.1 per cent, Ciskei for The reality, subtle meth- new .South Africa and must i!ou»i>, allowing payment sirajde. cent, and Vends by 11.4 per protectorate fBechuaaaland, clear that no such South Africa, is not so Wedirai and educa- period). now independent ods would be used if it were in make the best deal it can with treatment hoiwluids Prcsi* cent over the same Botswana) For AN the of its political Transvaal and northern Cape ANC; however tion abroad. argue that, as South and treacherously ceding the power. ANC officials say pri- shifted the focus the stubbornly Lucas Manpope points Critics Tunisia similar d,-»i home- rest the new South African vately that they would “finish battle to demanding substan- regions, over which are strewn it clings to sovereignty - Bop made a ‘HcphutiuUiwana cannot Africa' best-endowed to approach to the IMF over i ml be the most republic. They argue that Bop off" within days. If neces- tial regional autonomy in the six of the seven separate bits of recently opened its own infor- be wished away, land, it is bound to and wi!! not new South Africa, in alliance Bophuthatswana. mation office in Latvia, of all •VrtirSr a r.>rly in January- The prosperous - Bophuthatswana Bopbutbatswana's indepen- sa^- through military means. us to change our const!- moves step fur Tor the world’s only Faced with the inevitability with right-wing Afrikaners As presently envisaged. places - its days of indepen- mark a big the is home to one of dence from Pretoria •ut:on.d dispensation, the a hfilb rounlrir* towards liber- platinum producers. redressed this historical of reincorporation. Bop has who dominate western Bap’s dream of TswanaBoer- dence are surely numbered. Will have to bo for Largest alising tlu'ir i-cv«rtm:e*. rh.W -

FINANCIAL TIMES TUESDAY FEBRUARY 3 IW NEWS: THE AMERICAS Clinton orders Mulroney Violence rebounds on Medellin

damps victims and their families - HE HUGE blast that ripped through the over 1.LO0 known kidnaps were Colombia is taking a hard line in the out 2992, the rules heart of the Colombian carried in major- flexible T organisations. rumours capital on Saturday showed ity by guerrilla The military and police bud- just how difficult it is for the battle on drugs, writes Sarita Kendall government to protect the pub- gets have increased substan- tially between 1991 and 1993, he will go lic from the random terror tac- the of tics of the Medellin drugs car- allowing formation new for Medicaid counter-insurgency companies, By Bernard Simon In Toronto tel. The 20 people killed by the arms purchasers, higher wages By George Graham vative approaches to health- PRIME MINISTER Brian car bomb were mostly shop- and expanded intelligence net- targets in Washington care reform, but some com- Mulroney of Canada has damp keepers, street sellers and chil- works. Economic such plain that DHSS waiver proce- down speculation that he will dren. as oil and coal infrastructure PRESIDENT Bill Clinton dures have slowed them resign before the general elec- Ten days ago two car bombs are receiving greater protec- yesterday ordered lus adminis- unnecessarily. Some proposals, tion later this year. However, hit affluent nfflf** and middle- tion and several bombs have tration to relax controls on such as Oregon's plan to ration his message, delivered to mem- income residential zones in been successfully defused in how states manage their por- healthcare to a fixed list of bers of his Progressive Conser- northern Bogota, triggering urban areas. tions of Medicaid, the national medical procedures which pro- vative caucus and to several intensive security operations, Despite guerrilla attacks, programme that provides duced real improvements in possible contenders for his job, which led to the discovery of which brought oil exports to a healthcare coverage for low health, have been rejected. falls short of a commitment to 1,500 kilos of dynamite. standstill in November, reduc- income families. The Clinton administration stay. The government has said it ing the country’s growth rate, Mr Clinton told the National is committed to producing a Mr Mulroney is said to have will not negotiate with Pablo the government still calculates Governors' Association that he comprehensive reform plan for told MPs that in the absence of Escobar, the leader of the Med- the economy grew by 3.3 per had ordered the Department of the US healthcare system an announcement that he is ellin drugs cartel, who it is cent last year. While busi- Health and Human Services to within 100 days, and the gover- resigning, they should assume assumed is responsible for the nesses cite security as their streamline its procedures for nors have urged their former he is staying on. Some politi- bombs, and there appears pub- chief problem, the economic granting waivers from Medic- colleague from Arkansas to cal observers still think it pos- lic support for the position. mood is more optimistic than a aid rules for states which seek leave as much flexibility as sible that the prime minister, The drug and guerrilla vio- year ago. Companies have new ways of handling their possible for states to devise who has held office since Sep- lence which previously led peo- adapted to the regular power healthcare problems. their own solutions within a tember 1984, will quit within ple to support surrender nego- cuts and electricity rationing is Governors from both parties national framework. the next month or two. tiations and peace talks gradually being reduced. have complained for years that The NGA has produced its The Tories continue to lag appears now to be rebounding The economy thus continues state budgets are collapsing own plan, endorsing the man- far behind the opposition Lib- on its perpetrators. The public to show the resilience it has under the burden of Medicaid, aged competition approach erals in opinion polls, and Mr approves of the increasingly demonstrated even through the as the federal government which is also expected to form Mnlroney's personal popular- hard line adopted by the gov- 1960s when the rest of Latin imposes more and more the core of the administration's ity is at rock-bottom. The lat- ernment since the breakdown America was suffering reces- requirements on them without proposals. The governors also est Gallup poll gives Liberals of the peace talks with sion. Most independent ana- providing the necessary funds. urge greater federal support the backing of 49 per cent of left-wing guerrilla groups in lysts agree that 1993 growth Medicaid accounts for more for primary and preventive decided voters, compared to 19 the first half of last year and should be between 3 and 4 per than 12 per cent of general medicine, including an expan- per cent for the Tories. Pablo Escobar's escape from cent and expect the 25 per cent fund spending by states, and ded programme of vaccinations In preparation for the com- jail in July. annual inflation rate to drop its ballooning costs are eating for children. ing campaign, Mr Jean Chre- Colombian television news- by another 2 percentage points up revenue gains. The pro- The New York Times tien, Liberal leader, last week casts are preceded by a string or so. According to Mr Eduardo gramme is expected to cost the reported that Mr Clinton was began a series of speeches in of photos showing the nation’s Lora, director of the economic federal budget $80.5bn consider ing a proposal for the which he plans to outline the most wanted men - guerrilla research group Fedesarrollo. (£53.3bn) this year, a figure the federal government to become results of an exhaustive commanders, bombers, drug higher public spending, private last administration projected the sole buyer for vaccines, review of party policy. traffickers - and the rewards investment projects and the oil would nearlv double to which it would then distribute Mr Chretien pledged that a offered for information on industry will all help growth. S156.4bn by 1998. free, to either public clinics or Liberal government would them. This tactic has produced The government is starting Many states have tried inno- private doctors. reduce the federal budget defi- results, with two rebel leaders 1993 with a sweeping moderni- cit both in absolute terms and and six traffickers killed or sation programme designed to relative to gross domestic captured as a result of tipofls. streamline state institutions in product The Liberals would A senior Medellin police officer line with the economic liberal- Amazon tribe urges "seek to cancel” a C$4.4bn said that over 10 solid tips are isation of the last three years. (£2.3bn) contract placed by the phoned in every day. Apart from abolishing some Canadian armed forces last Letters from Pablo Escobar entities and restructuring oth- year for European EH-101 anti- to the government, threatening ers, the programme involves expulsion of miners submarine helicopters. farther violence and demand- cutting some 23,000 jobs, which Mr Chretien has also prom- ing “political'’ treatment, have is generating hostility among national By Christina Lamb in Brasilia impeiros (miners). He called for ised to scrap the 7 per cent received short shrift He has TlmoovRoa labour unions. A immediate action to remove goods and services tax, intro- spent six months on the run A Colombian bus passenger is frisked for weapons by a soldier strike of public employees, THE leader of the Amazon's the miners. duced in 1991, which has from over 1,000 specialist including teachers, has been largest surviving tribe yester- According to government fig- proved one of the heaviest troops in the Medellin area, communique dismissed this as transport operations. Police Under the state of emergency called for mid-February. day protested to Brazil's Presi- ures 11,000 garimpeiros are millstones around Mr Mulro- and has failed to negotiate a an attempt to disguise crimi- commanders say the Escobar declared in November and None of this has done much dent itamar Franco about an operating illegally inside the aey's neck. The Tories have new surrender; the Bogota nality as politics, in order to organisation has also con- extended for another 90 days to improve the popularity of Gaviria, invasion of illegal goldminers reserve in northern Brazil challenged Liberals to specify bombs are evidence of a new bargain for an amnesty. tracted many of its assassina- last month, the government President Cesar which threatening his people. where the remaining 9,000 Yan- how they would replace reve- approach. Over the past year, the two tions of policemen and car has stepped up military sank after power rationing was Mr Davi Kopenawa Yano- omarnis live. Health Ministry nue generated by the GST. Pablo Escobar said he was guerrilla groups. FARC (the bombings to guerrilla units operations and introduced spe- introduced and Escobar mami told Mr Franco that the officials recently withdrew Meanwhile, the government forming an armed rebel group, Revolutionary Armed Forces of and members of the Medellin cial legislation to attack escaped from jail. However, Yanomami people faced extinc- from the area, warning of a said yesterday that Mr Mulro- and that all further dialogue Colombia) and ELN (National popular militias. This has dis- sources of guerrilla funding. A political attention is even now tion from diseases such as repeat of the 1987 invasion ney would meet US President should be carried out on the Liberation Army), have been pelled most remaining doubts new anti-kidnap law approved shifting away from Mr Caviria malaria and influenza brought which resulted in 1,500 tribes- Bill Clinton in Washington same terms as for guerrilla found promoting poppy and about the links between guer- by the president also raises to the candidates for next into their territory by the gar- people dying from malaria. later this week. organisations. A government coca growing, processing and rilla and trafficking activities. penalties and freezes assets of year's presidential elections. PHARMACEUTICALS R&D: If you’re

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NEWS: WORLD TRADE Investors HK airport

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' shunning . ; i». "jitvi . i reclamation

: Sl! W I-:- developing 1 contract 11*C I'i - vsi* , ^WM***^ u’- b-», - >uciy ?**. countries , awarded ajfci-j I By David Dodwell, I .V, THE government awarded a World Trade Editor I *U«S ; HK$2.6bn (£2l6m) contract yes- I.-' .iiiSi terday to a consortium of Chi- DEVELOPING countries have nese, Australian. Dutch and been increasingly "'• marginalised >> ; - local companies for reclama- by foreign investors llii» • -j. •: over the S' * T“^t -A -t. --i\ tion work for Hong Kong's new past decade, with their share of airport project, AP reports . |pjrt 5 global inflows tailing from 25 iy.<,5. from Hong Kong. per cent to 19 per cent, accord- A government statement ing to an Organisation for Eco- ., described the contract with iu-r { , ; nomic Cooperation v and Devel- China's State Construction ! > *L-J opment report. Engineering, Australia's Leigh- pOSSCilJ.: Just 10 countries - led by Contractors the Nether- -m* iv China ton ; and Hong Kong, Singa- lands' Van Oord Are and Hong far e-'i r • pore. Brazil and Mexico - Kong's Lau Cheung Kee • |'h*. accounted for three-quarters of The big guns: General Dynamics has taken a slice of the lucrative arms market with the Abrams tank (left), while GKN hopes for a tlJZbn order for its Warrior armoured personnel carrier Marine Engineering as a key >. immu :••-• the inflow. part of the $I0.6bn project >«:.?>'•' - This occurred at a time , when The contract calls for recla- dwindling *hV. access to hank lend- mation of 90 hectares of sea - ;•• ing increased developing coun- f- W«*‘ Kuwait cashes in on its $10bn defence prize bed and about 800 meters of tries’ reliance -*- on foreign sea wall at West Kowloon pen- investment. ti-isl*'**- i insula to proride for transport Overall, the . Pwt .M- report says, the But the emirate’s insistence on reinvestment is taxing foreign contractors, writes Mark Nicholson links for the new airport restoration of steady nan-infla- China has criticised Britain tionary growth in the world HE Arabian peninsula has implemented - a £10m Glaxo phar- offset programme will make up for complexity of offset programmes, the the war, General Dynamics' S2bn con- for going ahead with the con- economy is a prerequisite for , fc‘ become, since the Gulf war, the maceutical manufacturing plant the paucity of locally-inspired invest- ministry has added other incentives. tract to supply 236 M1A2 Abrams bat- struction of the airport without maintaining the 1980s' unprec- most T lucrative arms market in It is not surprising that Kuwait's ment. The scheme will In some cases permit tle tanks, will not carry a full 30 per first obtaining Beijing's con- edented pace of investment the world, but iS»n- * •• it is also becoming the offset proposals are boggling the In particular, the scheme aims to foreign companies to set up majority- cent offset quotient, though, as the sent on the project's cost. growth. toughest minds of defence contractors. “It's a encourage investment in education owned joint ventures in the Gulf deal falls under the auspices of the US The -IW> H«- decade saw Japan Kuwait, alone, is proposing to spend phenomenal task," says one western and training for Kuwaitis, high-tech- state; the government has hitherto foreign military sales structure, emerge as the world’s leading more than Hungary and Efta ' $10bn (£6.6bn) on arms pro- official. “There's very little bare to nology industries, joint venture insisted that Kuwaiti interests will ilk \f:. and in any whereby Kuwait receive the foreign investor, with '*•' a strong curement by the end of the decade. invest in." manufacturing and assembly plants joint venture must always exceed 50 equipment at the same price as would jiihrdii's in trade accord shift towards investment in But faced with a rash of other spend- Kuwait's ability to absorb foreign capable of exporting throughout the per cent the military. ^

By James Buxton the north side of the crossing, together with merchant hank and Andrew Taylor about £100m, Mr Lang said. Kleinwort Benson are also The Scottish Office also pro- understood to be considering A SECOND road bridge across poses that British Rail builds bidding for the project. Other the Firth of Forth estuary in new stations both on the north groups expected to be inter- the east of Scotland could be side of the crossing in Fife and ested include Sir Robert built by the end of the century, on the south side to improve MeAlpine and Tarmac. Mr Ian Lang. Scottish secre- rail traffic across the Forth. Trafalgar House and Klein- tary, said yesterday. Mr Lang said that tolls on wort were partners on the pri- Mr Lang announced that fea- the bridges would be set at the vately financed Dartford toll sibility studies are to be con- equivalent of the 2s 6d levied bridge across the River ducted into building a pri- when the first road bridge was Thames and are working on vately funded bridge alongside opened in 1964. That would the privately financed Birming- the existing Forth road bridge mean a toll at today's prices of ham northern relief roadt John with associated road links, as £1.25 compared with the pres- Laing and GTM-Entrepose are well as into a scheme for a ent toll of 40p. The toll on the jointly building the ne\{? Sev- rapid transit system linking present bridge might be ern bridge which also is being the bridge and Edinburgh air- increased while construction of financed privately. Industry port with the centre of the city. the new bridge was underway observers believe that, about Several construction compa- to help finance the project and six or seven groups majf bid for nies have already indicated act as a deterrent to unneces- the contract. The Scottish that they are interested in sary journeys. Office would select tho winner building the bridge and roads. Miller Group, the Edinburgh- from a shortlist of three. The government envisages that based construction company, Mr Lang implied qhat com- both projects be funded from announced that it was forming pleting the project byj2000 was tolls levied on the existing and a consortium with John Laing optimistic, although It* could tie the new Forth road bridges. and GTM-Entrepose of France done if the the feasibility The new bridge would cost to bid for the contract to build studies were completed in two about £275m and new roads the bridge and the associated to three years, and Ethe bridge linking the bridges with the roads. Bank of America would built in four years. Jibe capac- AYigting Edinburgh bypass and arrange finance. ity of the existing j-mad bridge the M9 motorway, as well as Construction groups Balfour would be exhausted: by the end improvements to the M90 on Beatty and Trafalgar of the House century. /

Britain in brief months, to enable smokers Enterprise among its 16.00CP workers to have anti-smoklng therapy. federation The bank said more than 80 per cent of staff were non- Britain's 300-plus enterprise smokers. agencies, which provide advice to new and small businesses, have established a national cut federation to represent their Pools tak face interests. Banks Business in the Community, recommended which co-ordinates community Reduced tax on football pools scrutiny activity by large companies, and a low rate of tax on the acted as an informal umbrella new national lottery would be over data organisation for the agencies the best combination for all until last June when it concerned, including the gov- Banks may be evading their announced plans to end the ernment, a stndy commis- own code of practice and special relationship. Sir Gra- sioned by the Sports Couneu breaking the law in the way bam Day, chairman of Cadbury concluded. they obtain permission from Schweppes, has agreed to London Economics, the con- customers to use personal and become the national federa- sultancy, found that a 7 per- account details, the office of tion's founding president cent tax on National Lottery tiie Data Protection Registrar proceeds would benefit the said. five nominated good causes, Mr John Lamidey, assistant Training c the lottery players and the data protection registrar with ad government. responsibility for financial ser- hoc’ vices at the DPR, said he was in textiles seeking a meeting with the Textile and clothing compa- British Bankers' Association nies should invest more in ITC to consider to raise concerns over how training managers, according city stations banks were obtaining and to a report by Lancaster Uni- TV using data. versity’s textile industry The Independent Television Mr Lamidey said he was research group. Commission will examine the worried about the methods Training systems in textiles possibility of separate commer- some appeared to banks be and clothing are better organ- cial city television stations fol- Travel. Discover how different we are. And very alike. using to ensure that their cus- ised in Germany, Italy and lowing decision not to how much its tomers gave permission for France, the report says, while award a single national Chan- hanks to Send them Hatalk of training provision In Britain is nel 5 franchise. financial services and to try to closer to the ad hoc and rela- The study will consider what The magic of flight makes the world seem smaller, the possibilities larger. There are endlessly sell them other products. tively poorly co-ordinated to do about Channel 5 after the He that clauses added in systems in Greece. Portugal rejection of the only applica- some application forms which and Spain. tion from Channel 5 Holdings, fascinating places to explore, ideas to examine, people to meet, opportunities to pursue. Go. say that a customer must a venture backed by Thames allow personal financial data Television and Time Warner. to be used all the bank's by The original plan drawn up subsidiaries could be in breach Bank declares with the government was to of the code of practice banking use 33 transmitters, allowing Introduced last March. ban on smoking 74 per cent of the population to He said that he was examin- The Abbey National bank receive the channel. The win- ing whether they contravened - one of Britain's biggest ner of the franchise would the first principle of the Data employers - announced a total have had to pay for the retim- Protection Act, which says smoking ban in all its offices ing of millions of video record- information held an computer and 700 branches. ers. The ITC will examine databases must be obtained It said it would be offering using different frequencies, and processed fairly and law- an interest-free loan of up to removing the need for most fully by companies. £200, repayable over six retuning.

\ FINANCIAL TIMES TUESDAY FEBRUARY 2 1993 NEWS: UK ECONOMY U Sunday newspaper story dismissed U Support for Lamont wanes M Major acts to boost government’s credibility Officials hasten to deny rumours of policy rift

By Pater bringing Norman, monetary authorities. And so it have been around for some time. As rates should be cut and that the Because the Bank of England was clear impression that he. was reluc- The US approach of to 3 Economics Editor appears to have been. ter as any dispassionate observer timing should be left to Mr Lamont unable to push rates lower in its tant to cut interest rates for fear of short-term interest rates down considered A sharp Hall in sterling in Far can tell, they do not apply in these It was the timing and execution of money market dealings, it took the breaching the government’s target per cent has not been spite YESTERDAY was a day that had East trading early yesterday forced circumstances. But the confusion the cut that ran into difficulties. unusual step of annmmidng a mini- of holding underlying inflation relevant to UK conditions, in the UK government’s spin doctors in a the government to re- surrounding last Tuesday's cut of 1 Illustrating that the chancellor is, if mum lending rate of 6 per cent on within the 1 per cent to 4 per cent of the length of the recession. spin. in US iterate its unusually explicit denial percentage point in bank base rates nothing else, acddmt-prone. January 26. There was a whiff of range for the life of the present par- officials say the drastic cut largely at Number 10 Downing Street and of a single newspaper story. For rea- to 6 per cent gave them a new lease A good time to announce the cut panic about this move for those liament interest rates was aimed the in the Treasury were working flat out sons not altogether clear, reports on of life. would have been when the big who were unaware of the money His isolation from the. media, preventing a “credit crunch” to to assure the world that there were the UK economy in The Sunday The government story, rehearsed increase of 60£00 in the December market problems. Concern about together with that of Treasury min- US hanking system and geared no economic policy differences Times tend to exert a powerful a week ago and repeated yesterday, unemployment figures was made the government’s action was fuelled isters such as Mr Michael Portillo, building up US bonk profits- US the con- between Mr John Major, the prime influence over foreign exchange is that the base rate cut was agreed known on Thursday January 21. by anger among the martaetmakers the chief secretary, and Mr Stephen Interest rates charged to than minister, and his chancellor, Mr market trading in Tokyo. in principle by Mr Major and Mr However, the authorities had other in gilt-edged stock who had been Dorrell, the financial secretary, sumer have fallen Ear less Norman Lamont But the intensity of the govern- Lamont in the week before the final things on their minds - they were positioning themselves for a large made the eventual rate cut all the those at which the banks borrow For the second day running gov- ment’s publicity offensive pointed decision on January 26. Since then, gearing up to announce the appoint- auction of new government bonds more difficulty to sell as a consid- from each other. ernment officials were denying a to the bigger problem of faltering there have been numerous reports ment of Mr Eddie George as next the following day and found them- ered Set of policy. The irony of the Latest rate cut is story in The Sunday Times that Mr credibility that has dogged the reba- suggesting that the prime minister governor of the Bank of England. selves carrying large capital losses There was no discussion among that Mr Lamont went ahead with Major had. taken overall charge of lancing of UK economic policy and was the driving force behind the Having missed that opportunity, following the Bank’s move. officials and policymakers about a his decision with the specific aim of economic policy and was aiming to the person of the present chancellor reduction. Monday January 25 would normally Mr Lamont’s presentation of more drastic lowering of borrowing boosting confidence in the economy cut bank base rates to 4 per cent since Britain left the European Downing Street yesterday denied have been the occasion for the Bank events was not helped by the curi- costs than the 1 percentage point after hearing bad news of rising instead the prime minister's exchange rate mechanism on Sep- that the cut was Mr Major’s doing of England to begin softening up ous conventions of purdah, the cut. unemployment, felling output and d

ENIALS from Down- ted, Mr Lament instead found, ing Street are no lon- Many Tories hope the tenant ££the move greeted with deep margins D ger enough. The public 1 1 suspicion:susoicion: had he been pan-l support offered by Mr John of 1 1 Downing Street will soon icked into the move or had Mr By Scheherazade Daneehkhu Major yesterday did nothing to Major demanded it? disguise the weakness of his be ejected, says Philip Stephens There is no evidence of per- ABBEY National, the second- chancellor. sonal animosity between the largest mortgage lender, yes- In the eyes of his colleagues which followed and the growth party who thinks he is an asset two Downing Street neigh- terday said it was widening its on the Conservative benches at strategy in November’s as chancellor.” A backbench bours. Neither has yet formed margins by cutting interest Westminster, Mr Norman Lam- Autumn Statement brought a colleague Is more blunt “He a fixed view on the shsipe of rates on some of Its accounts ont is a lame duck. He has the reprieve, even a brief moment should be allowed to deliver the Budget Their meetings are by more than the cut in its office of chancellor but he of aeeiaim. the budget and then packed off described by insiders as per- mortgage rate announced last lacks its political authority. By January Mr Major had to the Home Office.” fectly amicable. That is not the assessment of rejected the advice of friends to Cabinet colleagues are not But that is only half of the The bank, which shed its political enemies but rather of switch the chancellor to the briefing against the chancellor. story. Mr Major and Mr Lam- building society status in 1989, a broad swathe of the Tory Home Office in a pre-Budget But they make little pretence ont have never been close is cutting gross rates by 0.95 of party - ministerial colleagues reshuffle. His decision reflected of expecting him to stay on for political friends. If there is lit- a percentage point on the high- among them. It is impossible to a combination of stubborn loy- more than a few months. tle animosity between them, est band (£25,000 plus} of find more than a handful who alty and his concern not to Instead they tend to shrug there is no instinctive rapport. Instant Saver, its instant expect him to remain in No 11 upset the political balance of their shoulders, pause and As one insider puts it "They acoesa savings account, and by after the summer. his cabinet then speculate about his suc- have to work at it” 0.7 of a point across the board There is a chance they are Mr Lamont had skilfully cessor. The prime minister knows on its High Interest cheque wrong. The atmosphere which aligned himself with the Euro- Other ministers suggest he that his premiership hangs on account seeps from the lobbies, bars sceptics. His departure would plays a muted role in cabinet securing economic recovery Its interest-bearing current and corridors of Westminster is have given dangerous ammunl- discussions which go beyond a before the recession does irrep- account will continue to pay notoriously febrile. The mood tion to the opponents of the narrow definition of Treasury; arable damage to public. OJi per cent gross. of Tory MPs swings from Maastricht treaty. interests. Mr Kenneth Clarke, firomres So it is hardly sur- The bank's mortgage rate euphoria to despair with But keeping him carried a the home secretary, and Mr prising that he is taking a was reduced by 0,51 of a point alarming speed. price. Michael Howard, the environ- keener than usual Interest In to 7.99 per cent on loans of Iras It is hard to recall that Lord The two most precious com- ment secretary, are established thp Budget and has taken the than £60,000 in response to last Lawson, blamed widely among modities for any chancellor are as front runners for the succes- lead in promoting a new indus- week’s 1 point fed! in base - Conservatives for the country's the confidence of the City and sion. Mr Norman Fowler, the trial .strategy. -. , rates- chafrmfln ha« present economic mess, was Westminster and the instinc- party , joined Mir But tacit acknowledgement Abbey National said it had to not SO long ago aeelalmed as tive trust of the prime minis- John MacGregor, the transport by Mr Major’s aides that he widen its margins. If it had the architect of an economic ter. secretary as possible “compro- him been driving policy is bard passed on to borrowers the full miracle. The Tory party Is The uncomfortable truth is mise candidates”. to square with public pro- base-rate reduction, it. wonId never slow to erect pedestals that the Tory party no longer There is some sympathy for nouncements that Mr Lamont have had to cut savings rates for its leaders. It la equally has faith in Mr Lamont’s abil- Mr Lament. The disintegration la in charge. - by even more. It suggested that quick to demolish them. ity to deliver the economic of the ERM strategy was a col- Downing Street sees the -cuts to its 90-day savings Mr Lamont has first-hand recovery he has promised so lective rather than an individ- risks on financial markets of a account would not be as great experience. He was attacked often. His political peers are ual failure of government. public rift Mr Major has acted aa on Instant Saver. for his economic policy before quite happy to believe he is Sympathy, however, does not to bolster Mr Lamontfs stand- Rates on lower balances in last year's general election; reading a script written in No easily translate into confi- ing. But it may be too Late. the Instant Access account are praised for the same policy 10. And in politics, perceptions dence. Public expressions of confi- being reduced by smaller per- after it often count for more than real- A graphic example of the dence in the chancellor serve centages. In the wake of sterling's ity. chancellor's weakness came only to underline his weak- The reduced savings rates ignominious exit from the A throwaway remark from a last week in the typical ness. Too many at Westminster come into effect today while European exchange rate mech- middle-ranking minister reaction on the Conservative remember Mrs Margaret existing borrowers win have to anism last September many catches the general mood: T benches to the latest cut in Thatcher's description of Mr wait until March 1 for reduc- thought he should resign. don’t blame Norman but I interest rates. Instead of the Nigel Lawson as “unassail- tions to monthly mortgage pay- But the interest rate cuts don't know anyone In the applause he might have expec- able". Norman Lamont many Tories believe he lacks the authority needed for the office of chancellor ments.

MANAGEMENT COURSES Scientists warn Experts at odds on pound’s value Making trausWon to Junior middle management, requires a range of fundamental business ridb that an take years co achieve. The MBS Business IrMfewk By Emma Tucker, that manufacturingmanufacturing industry currency isIs heavily under- Thus Mr Martin, argues that Ifl ||l || Awareness Programme alms to provide these during a one week Intensive ** Economics Staff was unable to compete against valued against the European the PEPPPP method gives a mls-mis- rasMemtai course. Active participation and the frequent use of smaH lyndkat* Europe. currencies, if feirly valued leading view of a currency’s and discussion groups characterise the course. At one of Ewope's - leading By Clive Cookson, ence on Japan’s emerging lead THE relative value of the The latest drop in the pound against the dollar. value. business schools, this programme wfll quickly make your Junior middle Science Editor in technology, which the com- pound is not something on to around DM2.38 puts sterling “You only have to look at It is all my well for the managers more effective, efficient, confident and moctaead mittee organised with the which economists easily agree. about 15 per cent below Us old some of the industry location companies that have survived URGENT government action is Royal Society. The latest slide in sterling has ERM floor of DM2.778. Predict- decisions which are being to price their goods on a par needed to regenerate British Sir Gerard Vaughan, chair- done little to narrow their dif- ably enough, some of those taken at the moment, such as with Europe and the US, but industry, an ill-party alliance man, said: “The message from ferences, and the arguments economists who thought the Hoover’s decision to dose its that Ignores those companies of politicians, industrialists the conference was clear and about whether the UK’s cur- pound was correctly valued factory in Dijon, in France, and that went out of business in and scientists! warned yester- extremely disturbing: unless rency is overvalued or under- before devaluation now argue concentrate on its factory in the 1980s, unable to compete

day. • we make major changes, this valued continue. that the exchange rate has Scotland,” he says. with the pound at that level The Parliamentary and Sci- country will become largely a Last year, before the UK left slipped too far and will lead to Economists will continue to The other method for assess- entific Committee said: “With- labour market for other coun- the exchange rate mechanism higher inflation. disagree as long as different ing the value of a currency is. out change, we shall at best tries, without an adequate and floated the pound on the Others are looking for it to ways exist of assessing the cur- to use macroeconomic models become a manufacturing arm manufacturing base of our foreign exchanges, the Trea- fell even further before indus- rency’s value. to estimate the exchange rate The coarse mtU be bebt dm of Japanese, American and own. This will be disastrous for sury plus a number of City and try can regain, international Those who argued that ster- at which the economy can IS- 24 April 1993 aad 14 -20 November 1993- German companies, whose gov- our future prosperity.” academic economists argued competitiveness. ling was appropriately valued return the trade account into Par bootdagj orJkrtber iqformaUom complete omdposttbe ernments have for years taken The committee points out that the pound was correctly Mr Bill Martin, chief econo- at DM2L95 when Britain was in balance in the medium term. coupon Mow far le/gb Tbomupon, Mmmagmneat CciUrw, a more positive attitude to sci- that the combined research valued at a central rate of mist at UBS Phillips & Drew, the ERM were using the “pur- The two methods tell very ManchesterAuAmi School Booth Street West, Manchester ence and technology and to and development expenditure DM2J35. believes that the pound needs chasing power parity” valua- different stories. For example, MISSett. - Telephone 061 27S 6407/6 or Pax 061 27$ 6SS2 manufacturing Industry than of five Japanese companies Their main argument was to fell to roughly DM2.00 and tion method. This states that tiie PPP method suggests that Immediate UK governments. At the worst, Hitachi. Toyota, Matsushita, that the price of tradeable UK to parity against the dollar, the correct exchange rate the D-Mark is overvalued, far bffitemoUo* qnothg rqf. mo. FT/BAP3 this will lead to chronic mass NEC and Fujitsu - matched goods was roughly on a par over the medium term, before between any two currencies is while the second method sug- private-sector unemployment with ensuing all such spend- with European tiie i goods, con- the country can deliver reason- one that equalises the price gests that the . currency, given Phene tend mefurther kH»iM«osfliOrftuiitu Anaivmett Pro ramme. community unrest and insta- ing in the UK. verted at the exchange rate able growth levels and rela- of the same traded item in both Germany’s large trade sur- g bility." It says: “The government prevailing then. tively low unemployment Low countries. pluses during the 1980s, was The committee does not usu- must manifestly exert leader- Others argued that DM2.95 inflation would be delivered by The problem with this undervalued. ally directly advise the govern- ship in promoting recognition was too high, and was pricing the government acting to method is that it ignores other It is probable that they will ment but it has sent its report that science and technology UK goods out of the interna- restrain ntwunrmw apamling economic fundamentals, apart continue to tell a similarly to the prime minister and min- are a crucial part of manufac- tional marketplace. They But Mr Pater Spencer, chief from export prices, which inconsistent story about ster-

isters responsible for industry, turing industry and that both pointed to the size of the UK’s economist at Kleinwort Ben- determine whether a currency ling as the latest drop in the ! science and education. are essential for this country's visible trade deficit in the mid- son, says there is already evi- is valued at a sustainable level currency msthoa its mark on I Its warning follows a confer- fixture." dle of a recession as evidence dence to suggest that the UK on the foreign exchanges. the economy.

How European slowdown is blocking exports YOU WANT A QUALITY OFFICE EFFICIENT STAFF HE EXPERIENCE of the favourable and a counter to Mr Stephen Birch, export AND PEACE OF MIND West Midlands suggests any diminution in these mar- Paul Cheeseright looks at why devaluation has sales manager of Kemick ft AND YOU WANT IT NOW. T that the competitive kets. For those with less estab- Jefferson, the security printer, advantage given by sterling’s lished positions its not clear failed to deliver the hoped-for competitive edge said that in price negotiations devaluation is being blunted whether increased inquiry is long-standing customers are by the slowdown in other translating itself into orders.” facturers was falling. Mr Kirk pricing at DM2.70 is a raised while that of, say, an telling the company that the European economies, espe- Market pressures In the Devaluation poses problems realistic rate. But it eliminates Austrian company, is dimin- effect of devaluation should be cially that of Germany. larger European economies are for pricing policy. Sterling has some of the competitive advan- ished. taken into account in the The slowdown in these econ- increasing. Mr Eddie Kirk, been trading at about DM2.40 tage. Yet customers are not pre- agreed selling price- omies Is diminishing opportu- chairman of Frederick Cooper, until this week, compared with Mr Stephen Hayes, finance pared to allow UK companies On the other band prices of nities for a sustained increase which exports specialist metal its previous ERM floor of director of Brmnsgrove Indus- the full margin of improve- imported materials are risings in manufactured exports. coatings and rubber products DM2.778. Mr Kirk doubted the tries, explained that witb auto- ment implicit in the devalua- Hampson Industries reported Oar huhMM centres are there tor you. Mr David BotterlU, chief to Germany, said that devalua- wisdom of pricing at present motive component exports, tion. Mr Hayes said: “Buyers that the sudden change in When you mit them, for us long as executive of the West Midlands tion would change nothing exchange rates. devaluation has “enabled us to axe not fools.” Boyers observe foam and fabric import prices you need them. Engineering Employers' Feder- overnight, but German compa- The calculation at Frederick secure the larger of con- the potential ability of for its furniture division forced share UK Tefc London 071 872 5890 ation, said: “On balance, those nies were “more ready to take Cooper is that, in the medium companies to greater it offer its tracts which are overseas- make to customers higher OSAi roll Free +800 111 6664 companies that have estab- price cuts to hold on to their term, sterling will recover based, where we’re on a dual sterling profits at the same delivery prices or delayed . Yoer partner to orer N iMcnukml bnslncz location* lished export positions are market share” because home against the D-Mark as Goman source”. Bromsgrove is finding selling price and push for price deliveries while it re-souroed finding it [the devaluation] demand for German manu- interest rates cofoe down. For Its share of a supply schedule reductions. its materials. ~ b r

FINANCIAL TIMES TUESDAY FEBRUARY 2 1993 MANAGEMENT: THE GROWING BUSINESS

public sector organisations has \ // AFTER nearly 30 up to £300,000 should be able to dis- Charles Batchelor reports on been formed in Hertfordshire to years with the same pense with the audit if shareholders boost the local economy. accountant, Ellen were unanimously in favour. BBC’s mounting pressure to drop the More than 100 business people Lunn recently But removal of the audit would jdpaffsSSp and representatives of business switched. SA Lunn, not free companies from external burden of small company audit organisations attended the first the family-owned checks. The ICA wants in its place a — In a meeting of the Hertfordshire . plumbers’ mer- "compilation report", based on capital r Business Forum last month. The c n9 chants she runs financial information in the annual ?r Nutshell instigators of the initiative red tape with her husband, report and accounts. This report main are the county’s Training and now gets a better would have to be signed off by a Enterprise Council, the county venture service but she still resents paying Unloved qualified accountant council and its development for an audit she is convinced she Banks are prepared to back the organisation, which was set up hese are venturesome does not need. proposal for removing the audit for to attract investment. times. Prime Minister “I can understand the necessity companies with sales of less than Red tape strewn Traditionally prosperous John Major returns from for an audit in a large concern £36,600, but are not keen for larger T across Europe Hertfordshire has been sparred India and makes a plea for where there is a lot going on and companies to jettison the audit, into action by the loss of some industrialists to become “mer- they are dealing with other people’s even if all shareholders agree. The British exporters believe expense In defence-related will 13,000 Jobs chant venturers” while BBC 2 money, but I don't see the need in a British Bankers’ Association says it regulations and red tape companies such as Rolls Boyce launches a prime-time series on small business,” she says. Lunn and wants to go "one step at a time”. represent the largest non-tariff British Aerospace. venture capital entitled The her husband are the only sharehold- Feedback from ICA members to barriers to selling In continental and Contact Herts TEC. Mno Barnes Adventurers. ers in the Famborough-based com- The audit burden the consultation document has Europe, followed by against Mill, CotionmiU Latte. St Albans, The six-part TV series follows pany, which has a workforce of 12, shown 70 per cent are in favour of discrimination non-local Herts AL1 2HA. Tel 072? 41449. a year in the life of Grosvenor sales of just over Elm and no bank relaxing the audit rules, although goods and services. Venture Managers, a medium- borrowings. most demanded that shareholders One In 10 exporters regard Germany as most difficult sized company which will back The audit is costly - the present voted unanimously in favour even the and business sales destination because of the Brain most d eal s apart from start-ups. accountant charges £2£00 for pre- in the smallest of companies. club The series provides an intrigu- paring annual accounts and carry- In spite of more than a decade of high-quality standards and form industry ing picture of a little-understood ing out the audit - and also takes debate many accountants still competitive pricing demanded, Durham University has launched financial sector. up time. “Half a day goes on the appear confused at the likely according to a survey of 450 small Industry and Commerce Club A problem is that while the meeting with the auditor, usually at impact of removing the small firms businesses by Barclays Bank. an to encourage collaboration fly-on-the wail technique is good an inconvenient time, and then audit Many argue that it would not France was seen as most likely between its academics and at conveying impressions it falls there are the follow-up queries. If make much difference to the to impose red tape or to companies in north-east England. down on explanations. Why we weren't required by law to have smaller firm while claiming it discriminate against imports. university has taken its should the BBC be devoting six an audit we wouldn’t need to would lead to a sharp reduction in Despite this 81 per cent of The exporters were optimistic about lead from the much higher level Sunday evenings to venture cap- employ a certified auditor and we 3.0 accountancy fees. of informal contact between italists? What Is their contribu- could go to a bookkeeper or do the Much work Involved in the audit future prospects. One third have universities and industry in the tion to the economy and how are job ourselves,” she says. results from the need to comply increased their export sales and - US and believes many businesses they different from bankers Lunn is not alone among small in with the Companies Act says Lance promotion and a similar number Accountancy fee of the relevant ^r-TIP apart from driving smarter cars? business owners in querying the Blackstone of London accountants have made new contacts abroad. are unaware academics have in This last question is crucial to value to small businesses of the Blackstone Franks. expertise product, planning and the debate going on within pen- audit. This issue has also vexed "A lot of time is taken up with Finding the right problems. sions funds, hanks and the ven- governments, the accountancy pro- checks for compliance purposes,” he management companies, from small ture firms themselves on fession, banks and tax authorities says. "Without an audit there would French manager Ninety multinationals, whether venture capitalists earn for more than a decade. be fewer notes to the accounts.” businesses to , the The their beep. For the third time in 10 years the Others are less sure. "We are Small and medium-sized attended launch. university hopes the dab will What is the viewer to make of Department of Trade and Industry sceptical about the extent of the high-technology companies keen performance of venture capitalists from the first is engaged in a review of the small savings which the proposals can be to establish a subsidiary in enhance the north-east industry. First-year two episodes? They do not company audit and it expects to expected to secure,” says Paul Chis- France may be eligible for a plus appear to lead lives which are produce a discussion document in naii, assistant director at the BBA. special assistance programme membership is £200 VAT obviously more exciting than the next month or so. But the deep-seated fear of many which has been launched in a representative or £500 for np representatives. those of many other City profes- Spurred by growing concern of the 14,000 accountants who are Montpellier. to three Smythe. sionals though episode two con- about the burden of red tape on registered auditors is that abolition The Montpellier Languedoc Contact Prof. Bernard veyed the brinkmanship small firms, there appears a grow- 20-50 50-150 150-3S0 360-750 750-1,500 1,500-1,750 of the statutory audit will allow Roussillon Technopole has Durham University, Old Shire involved in some of their deals. ing consensus that the small com- companies to turn to cheaper book- created an "incubator” unit for Hall, Durham DH1 3HP. TeL 091 SourotoMancbeatar Surinam School TtaTWW (EttOQ) Despite the liberal use of pany audit must go. But the debate keepers to compile accounts. "Com- British and DS companies. 374 4680. Grand Prix scenes, episode two is by no means over and there is not as an official snoop. the Chartered Association of Certi- panies would shop around for any The unit's staff will help an experienced could only confirm the essen- certain to be heated discussion so many of the regulations fied Accountants and many small Tom, Dick or Hairy to sign their companies find Fifth less new tially humdrum nature of the about the level at which the audit that control business, it is the accountancy firms. There are signs compilation report,” says Panos French manager to establish and game. The buzz provided by the ceases to be necessary. There is also smaller company that bears the that the hanks are coming round to Mavron, a sole practitioner. manage the subsidiary, will starts in 1992 Troubleshooter series Is lacking, disagreement over whether or not it heaviest burden of red tape. The the idea, while the Institute of Char- There is little doubt that many provide help with the preparation businesses presumably because investing needs to be replaced by a simplified typical company with sales below tered Accountants in England and small companies would opt for the of a business plan and provide A total of 380,000 new a fell of 22 money is less visual than mak- report on the finances of the £20,000 pays the equivalent of 4 per Wales, though it did not oppose the cheapest solution to the chore of premises at subsidised rates. The were started in 1992, ing sports cars or brewing beer. smaller firm. cent of turnover by way of audit plan in the past, is now more posi- preparing accounts. But great care cost of these services is Iper cent per cent on the year before and The Adventurers was con- Defenders of the small company fees, compared with 0.8 per cent for tive. will be needed in framing any new of the French subsidiary’s well below the peak of 520,000 to National ceived at a time when venture audit argue that it provides an inde- rules. revenues over its first two years. in 1990, according capital still retained something pendent review of the business for The introduction in 1981 of abbre- Contact Montpellier Technopole, Westminster Bank. Freed from the audit, small business owners estimated of its buccaneering image for suppliers, hanks and taxman, it also viated accounts for small busi- c/o Peter Prowse Associates, The Since 1988 an 2.4m formed backing start-up, high-technol- forces the business owner to keep would regard their accountant as a friend nesses had the perverse effect of Coach House, 24 Bridge Street. new businesses have been ogy businesses. It has reached his or her accounts in order. increasing the amount of work Leatherhead. Surrey KT22 SBZ. of which two thirds are still and adviser, not as an official snoop trading. the screen at a time when a Abolitionists say the audit is an involved, since they could only be Tel 0372 363025. thought to be growing nnmber of those unnecessary expense; that the compiled from the full accounts. More businesses are making Proponents abolition point to use of the founder's personal involved are only too happy to requirement to file accounts with of Partnerships in the drop the venture tag and settle Companies House ensures records the company with sales between The ICA suggested in a consulta- the DS and many countries in conti- resources to start. In 1992, 65 their own for the more prosaic title of pro- are kept; and that outsiders have £100,000-£200,000, say consultants tion document last August that nental Europe which do not require local economy per cent used money vider of private equity. other ways of monitoring perfor- Graham Bannock & Partners. conpanies with sales up to the VAT small companies to have an audit or compared with 37 per cent in 1991 mance. Freed from the audit, small Opposition to abolition of the registration threshold of £36,600 to publish accounts. This has not A business partnership combining while just 20 per cent used business owners would regard their small firm” audit has mainly come should no longer be required to prevented the development of a the efforts of local companies, bank finance compared with 41 accountant as a friend and adviser. from the tax authorities, th«» banks. undergo an audit Those with sales strong small business community. business support groups and percent

BUSINESS OPPORTUNITIES BUSINESS WANTED

of Interest to consultancies In "ORANGE" WEALTH PLASTIC PACKAGING MARKET AND ECONOMIC ANALYSIS New product non harandnus. bto- CREATOR & PROTECTOR dtpidiUtionpaler/afflct IMMEDIATE OPPORTUNITY Asset nunageefienhancer drilled in COMPANIES Otr cfcntt. a amril wd mUMrind oonsriancy h mark* and economic roriyrit bomd si equipment draper (atm aerosol), property, investment A tax nrihgation Wc are an expanding group in the plastic packaging central London. seeking some eon ofJoint tangsnunt irirti m oongariri urtnn in — wffri interested in contacting ctxitpsctfes new make IN seeks challenge helping acquire other in our FOOD PROCESSING a akntar fetd to take advantage of UJL mommy in 1993w TNa Bmwgenrera nig* be selling to Aria market hi USA business and we wish to companies money for chems. anything tom a simple dieting of office and overheads » a merging of business or industry which swiwtfmg in between and woddbacV Merest to a constancy iWlh fees of around £300- WUlrto See iUTlftlfc-etolTfa™, Writs to Boot A82S0. Pmaneul Times, • 2.3 acre site located 15 miles from Shrewsbury 500.000 b year OtaSouttonifc Bddfl London SEI 9HL One Sonthwak Bridge London SEI 9HL. - Are in the flexible plastic packaging industry. • Production area in excess of 30,000 sq ft with MMUadpMtaMlrwtsdtowttwtiitiwatMicpgiBiByiTwMd MEA ConMedu- - turnover in the range of £1 million to million. workshops, stores, plant rooms, staff areas etc • Labour Have a £15 Stapnen HsU fCA. Harawant WSHp». Prospect House, 2 Mhsnaewn Reed. Whotatorw, Looking For Product Line Fixed Interest Funding London N209AE available with food production and plant engineering i Our Co. is an Aircraft Engine Mfg. for business purposes only - Are U.K. based. with 60,000 Sq. Fl -150 People S^-9Kp+. Fund bun* RtoFtadfas experience » Suitable for redevelopment or conversion with complete manufacturing Amytthta. rerarkki - L/C Brak Oarereuaa. - Preferably have a management team looking to continue. • Available for Bl, B2 or 08 usage • Financial assistance PRIVATE FAMILY facia ties, and looking to diversify. C08, CEta, Quota! Shwcs. Sarin* Booth. PARTICIPATIVE Write to: Box A8277, Financial We woJd fike to either buy, merge, Oreaatsl rod RasidnSisl ftepertto. Times, from the Development Board for Rural Wales. COMPANY INVESTORS) or work out other arrangements. Qrae-MMm One Southwark Bridge, London SEI 9HL million assets Call Jay - m>i 2s Enquiries ro Nigel Durman ar Weatherali Green ft with one plus Tcfaffecre*- oa» eaaa e« Tel: 718 492 7400 Scared PI-C 1 1 Utah Pbee. SOUGHT cash wish to merge with public Vina Smith, telephone 071-405 6944 or Bryan Edwards at Fax 718 439 3830 Abcnkm. AB1 1UZ. for six ymr old marketing services company (full Hating) In suitable the Development Board for Rural Wales, telephone ESTABLISHED EUROPEAN FOOD GROUP company (leisure jbduory). Due to sector. We would consider wishes to purchase U.K. based trading 0686 626965. significant increases in order levels as CHANNEL ISLANDS UK Advisory on and/or manufacturing public company in need of cadi companies dealing bulk processed w market place expands out of Offshore Company Formation in raw materials, frozen foods, injection provided it Futures & Options recession and new opportunities being had sod Adrahustranon. Abo Liberia. foods and products allied to the food trade. Funds of up to £3X1 Rural Wales made available to (he company, we are operational companies. Up to Panama ft BVI etc Total offshore seeks opportunities million are available for this expansion programme. finGlica and services. now reeking finance of£104000 two million In cash available to in Europc/US. Total confidentiality will be assured lo all respondents. For done* red smmkitmwa wtfa» THE BRITISH BUSINESS PARK (maximum) from one or more investors Ceotact: John Rpcr Write suitable company. OoyTran Ltd, Bctom Uoom, to Box A4737, Financial Times, to enable business The Teetotal Trader expansion. 2-6 Hafirs: hear, Owtocfc BoxA<7XL BuencUl Tima, Batons Rd, & CL 76 Nsnaery Lana, Yoric YOZ 1AI One Southwark Bridge, London SEI 9HL significant equity stake would be 0034 7S7M. OS34 3S4Q1 _ A T«k Fn 1H: 0904 636407 Free 0904 61Z720 available for the right invcsuxfs). Th4IK2Z7 COFORM C Baltic Businessman Propose Cooperation

BUSINESSES I Trade Industrial Company LEVEL LTD (Latvia) would tike lo offer Interested parties please WANTED wholesale: Tax details to: 0635 25S19S PERSONAL CARE/OTC PRIVATE INVESTORS TOP CLASS VETERINARY PHARMACEUTICALS/SUPPLIES Seek eemmacUWodawhl property 1) Cotton yarn of dilferent Marie Numbers - the volume ot delivery up lo 200 BRANDS WANTED Major UK pic wilh esublubcd veterinary base wishes Lopcrduac ponfHSo with early pcsootUI to add value. RACEHORSE Metric Tons per month. International Company seeks CiwpwfaiJPhanmaoaaric ri puJuLij orAgent Iroeiforinamifactineaadfor We bara fandal eqolgr (sp u raiUloo} FOR SALE distritaiwn . 2) Wool -the volume ot delivery up to 200 Metric Tons per month. outright purchase Distribution of in the U.K. or mnanurional animal healthcare nuakfiw MANUFACTURING rod proven mrengonon expertise. 3) Matches (USSR) - the volume ot deSvery 20,000,000 per month. Licensing Rights for UK and/or Detriki to sdrarttsas* foScrtonc Winner of nine races. Principals only. Write to BoxM64l, Financial Times. Abroad. Suit Companies looking to 4) RAF Wagon Automobiles - the volume of delivery up to 20 automobiles per SOFTWARE Divest and concentrate on main core leffrey Cresn RtuseO, For details One Southwark Bridge, London SEI 9HL month. A software house serving a SS Near Bond Street, London activities. tel: 098122673 5) Fresh meat -the volume ol delivery up to 100 Metric Tons per month. vEfticsl insdcct m QmQi^cfainK^ W1X9DG Kef: OBJ 6) Canned meat (wide assortment), systems seeks a substantial Brands need to be established with -rn n m Il’TIfl." VW 7) Canned fish (wide assortment). partner to invest in ar acquire proven track record. An International Acquisitions Firm HAULAGE BUSINESS EST IMJEXPQhT NETWORK CENTRE 6) Lamps, lustres, chandeliers, candela bras, daylight lamps, wall lamps. in is seeking to buy companies with the business order to realise Writs box number A8281. Rrtsneiaf Lady Director of IN YR CITY For: World Commodity required Electric bulbs. turnover 9) its full potential. Current Times, One Southwark Bridge, Nursing Home Exchange, Holland 31-10-4129468. of S 10,000.000 plus, in We are ready to conclude contracts ol long-term cooperation. London SEI BHL Tracking, Manufacturing, Expanding Contractor Requires profitability in excess of (established 1987) TEL/FAX: *4699-348821 Tel: (0132)567258:10132)564280. Between £100,000 pa. Principals only. Mechanical Contracting, Financial Haulage Fleet Based ADDRESS: LATVIA RIGA HAUHAS ST. 44 LV 1059. seeks capital for second Nursing Midlands, Bax AS283, Financial Times, FOR SALE Services. Principals or their South Yorkshire and Home in die Backs area. jj advisers, please Number Our Southwark Bridge, LONDON, Wl Principals only please. 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Of particular interest are ACCESS EUROPE London SEI 9HL Land For Sale in Merger possible. established and active Partner Consultancy TAKE ADVANTAGE OF THE NEW SINGLE MARKET or Sought Write to Box A470S, Environmental Goods Tenting. Pul] Planning flenmssion For: Financial Time*, and Consumer AND EXPAND INTO EUROPE WITH A HAMBURG PARTNER Entrepreneur We are a wholly owned subsidiary of a needs £150X300. finracrelTwta. ESTABLISHED 1965 SO Bed. Hotel (3 Star), One Southwark Bridge, Writo to Bos A823L Projected worth to investor in major pic, wishing to expand our SEI 9HL. 90 Town Houses, 13 Villas, London SEI 9HL One Soudttatk Bridget Laodoa sixty months £536X300. substantial commercial vehicle contract Wen reputed Hamburg - Forwarding - Shipping - Trading Compmy with Swimming Fools, 3 Beils Court, Cambridge, hire modem facilities in city centre, experienced staff all flacat in English Tennis Coots, Mini Golf. company. - CB3 GAH ar TeL 0223-351765. SPECIALIST lighting seeking cooperatkn/jpannenfaip with JC. - Imemauooal Organisation. PRINCIPALS ONLY EXPANDING U Investment in unlisted business BUSINESS Boot A4700, Financial Times, Southwark Bridge, London SEI risks, Telephone (0752) 708555 If you wish to dispose of your PUBLISHING COMPANY One 9HL carries high as weB as the Ferine 200 US MMAnOmri possibility ofhigh rewards. commercial vehicle contract hire Seeks Product Line for Rdocadoci Seeks To Acquire Specialist Potential investors ore advised to company, or you are a franchised truck to Its RepabUc «r Irefand Consumer Magazines Or LEADING RECRUITMENT CONSULTANTS take professional advice before Management Bny-Ont FImI. is Publishing Company With - Prominent tccnatmciU consultancy - principal Midlands diy investing. What your company worth? dealer wltha contract hire fleet you OEM No«-CwHumer Ugtrt - Recently fanned with Fteterittafnmclluu Good Ideas. substantial professional experience PC sprewUieto valuation model, mused wish to sell, then write in strictest Proftret - Serving Nkbe Write to: Geoff Smith. High quality diem base - looking to profit from new market opportunities by venture apsalio*. £49.95 * VAT. confidence to: Market. I1M-I5M Spencer 1 louse, - Second stage finance required for expansion ft diversification RECENTLY LAUNCHED NUtaul Magraine Annual Turnover Range. Stay Hayward, TTffa vrirb potential growth requires Poe tiaiher doeilM ooosa: 23 Sheen Rood. Riefenond. - Constructive participation in management will be Phone 010 353 61 472577 welcomed additions! flnanea. MedaraM S llg. sum BIAS (London) Lid. Box H6758. Financial Times Surrey TW91BN. Reply to Box A4709, Financial Times, req'd now. Wnto to Boa A8296. Rnanaal 28 GrofYeoor Street. London W1X 9FE Far 910 353 61 472390 London Imres. Orw Southwark Bridge. Tct 071-9179?!! Fax: 071-917 One Southwark Bridge, London SEI 9HL One Southwark i 6002 Bridge, Loudon SEI 9HL. SEI9W. t J . i :

^nr: THE EUROPA GATWICK Touche HOTEL Ross l-mfc WrJ £ -s Tarbert Fyne Foods Limited Receivership) > f * ilffc (In l

• jhJT: j FTT 1 The Receiver offers for assets of a processor of £.**** j rfvj,v ££ sale the business and smoked salmon. -r'WNI^r .-.! ... ^ggr*fir.« - 10.000 $q ft factory - leasehold. te*--.***®** *;• Prime “M74”siicai Motherwell Food Park. BellshiJL SlraLbclvde, The Jctitf Administrative Receivers otter for sale the business and assets of me above companies O Smoking capacity 15 tonnes a week. Principal, features of the businesses include: Modem factory, fixtures & finings and computer controlled Convenient for the airport, M25/M23. Prestigious 4 Star Norttigate Aluminium Systems Limited equipment. standard Hotel constructed 5 years ago to a high Supplier to major UK retailers. pitci » • c&jminium shop from manuiadurer }L specification in a unique hacienda style. • teasehold/freehokl available Member of Scottish Salmon Smokers Association. ^v^Bnnm tadt, 178 cn suite M? bedrooms plus 55 requiring completion. • tiynovef £2.0 mUDon with 21 employees Turnover for 1992 - £3m. Turnover capacity - £7m. •2 concept restaurants and bar. • modem plant and equipment '. For further information please contact Robin Wilson or Roy Russell al ri iih^^...... * • blue chip Comprehensive conference facilities for 300 customs base. the address below. delegates. For further Infomncfllon, please com jni Howsam at Coopers Lybrand, teMttritocta ad & Cumberland House, 39 St Vincent Place. Glasgow G I IQQ. ® Syndicate rooms with the latest communication 35 Park Row, Nottingham N61 6FY. Tel: 0602 419066 Fax: 0602 410192. Tel: 041 204 2800. Fax: 041 221 1864. equipment. Aiubonscd by Ihc Ina.inie oJ CKinered Accounlanu in England and Wain in carry on InvwJ rosin lumen. Extensive landscaped car parking (250). Display & Shop Equipment Professionally designed Health and Leisure Club. • manufacturer of bespoke inferior shopfiffing equipment Offers in the region of £10,000,000 • freehold property • turnover £2.0 million with 47 employees freehold • modem plant and equipment For further information, please contact: • good order book. CHRISTOPHER DAY or GERARD NOLAN on 071-486 4231 For further Information, please contact 68! Stafford at Coopers & Lybrand, Cooper 43 Temple Row, Birmingham B2 5JT. Tel: 021 236 9966 Fax: 021 200 4040. & Lybrand M.Y. Sports &c Games Ltd. Coopen & Lybrand is aelboraed by the Inwiwm- of Chattered Accountants in Pjigi«wH j,. - CHRISTIE C2 and & Woles to carry on Investment Buujk&l CORPORATE DIVISION The Joint Administrative Receiver offers for sale as a going concern, the business and assets of M.Y. Sports & Games Ltd.. PROFITABLE The company which is based in Milton Keynes is a long established manufacturer and wholesaler of toys and games. r- 1 HOUSEHOLD TEXTILE COURIER COMPANY

-,} • Process Plant Principal features include: %'**•****» . MANUFACTURER London based, highly profitable firm for sale. :t Established for many years with strong client Established trade names of Halex Sports, Halex Table Tennis, *2 Annual base dealing with major UK companies. TfO£7M. Tru Toys. Sportcraft and M.Y.. Turnover in region Fabricators Strong UK and Export currently the of £1.6 million. Considerable room for expansion. Turnover in excess of £8 million per last audited accounts. Customer Bose Offer sought for long leasehold premises, Leasehold premises in Milton Keynes and Birmingham. •§£.- fin* Named Principals Only Sheffield goodwill, Fixtures, fittings equipment, etc. Titanium Fabricators Limited Substantial order book and prestigious customer base. Contact: Existing management willing to remain for a period to be agreed for continuity. (In Receivership) was established in 1971 Stock holding with a book value of some £1.4 million. ? f’.Ct Box A4699, Financial Times, and is market Principals only, write to:- Box No. A8279, a leader in the design and m t ssj One Southwark Bridge, > e For further Information contact the Administrative Receiver, fabrication ( of high integrity process plant London SEI 1 . Southwark Bridge, London SE 1 9HL. Tony Thompson, KPMG Peat Marwick, Norfolk House, 499 Silbury 9HL in corrosion resistant materials including -7 w Boulevard. Central Milton Keynes. MK9 2HA Tel: 0908 661881. A*** titanium, zirconium, tantalum, nickel .wiw.fww* Fax: 0908 660299. FOR SALE alloys and stainless steels for the chemical, par ***< *

- • Current Annual Turnover • Blue chip customers nn W"- apprx. For sale as a whole or will sell individually. £350K Ptui dl • Highly skilled workforce leasehold Premises Genuine enquiries only to: Audited and award certificate to FCffurther drtaik *r%U arpMoiu: • ng Mrs Leonard, 317 Homecovc House, 3S Holland Road, E BS575C Part 1 NrDOnu, HmnbtintlM, t Wtmwr WcstdifT-on-Sca, Essex Stmt. LetAtlSiZAV. TtO 3532 30491 • Highly experienced design department

For further details contact the ANNOUNCEMENT Joint Administrative Receiver: OF A PUBLIC AUCTION FOR THE HIGHEST BID Geoffrey A Gee, Gran; Thornton, 2S Adamson Modular Systems Ltd. Kenwood Park Road, Sheffield, S7 1NG.

GREER EXPORTS SA, icptieml in Athens at 1 7 Psoepalinuou Street ml legally re resented, in its capacity as p Tel: ZT42 687736. Fox: C742 6S783S. Reddish, Manchester Liquidator la accordance with article 46* of Law 1892/1990, as suppleme nted by uiidc U at Law 200Q'l99I and then hynet*nnrNn.958i'1992tiT Ac AthensCwmerAppeal Grant Thornton• The Administrative Receiver offers for sale !re business and assets of Adamson Modular Systems Ltd. announces 7>r L‘ K. —rr'?rr f;rr. v Gr^irr TK««iKon Iriircatei’nal V--'v -a-; ;*•* CKjnrrcd Ac-tnrr'j.-.'; in Auction Lit the Highest Bid with sealed, binding offers for Ux purchase, to two. erf the assets of the company Principal features include: a PuNic t «ra Uiflioani’ ua mvenmear bavrxii under Special lapidatim turned COATED ABRASIVES INDUSTRY (VI EL) SA. registered is Athens. Manufacturer of metal height containers, security units. North Sea Acnvm’ AND BR1HF DESCRIPTION OFTHE COMPANY oil containers. VIEL S.A. wm founded iw 1981 (Govt- Gazette 2627181) and is engaged m the production of ooaied abrasives, the 0FHC6 FURMTURE UANUFACTURERS Turnover for year to 30 April 1992 of £6.3 million. •ulc of these products m the Greek market and their export abroad. The Company's manofaetariag muBaUots are in BUSINESS FOR SALE Well established business with many years of trading experience, the Industrial Estate of Patras. at Patras, the factory stands on a (dot of about 12£06m2. The factory building covets significant European market share. a space of 3.568m?. There ate also auxiliary building* tataffiog 58?m2 (offices, etc). The baaic manufacturing machinery is of German make (BRUCKNER) and the unfitly machinery it Austrian (1GEL). Formode (UK) Limited Over £1.0m of specialist engineering and welding plant and machinery. TERMS OFTHEAUCTION (in Receivership) For further information contact the Administrative Receiver. the the I. To take part in the auction, interested patties ate Invited to receive from Liquidator Offering Memorandum The Joint Administrative Receivers of Philip Ramsbottom, KPMG Peal Marwick. 7 Tib Lane, Manchester and the draft letter uf Guarantee in otder to submit a scaled, binding offer to the Athens Notary Public assigned to Formode (UK) Limited offer the assets of M2 60S. Tel: 061 832 4221. Fax: 061 832 7265. the auction. Mtv Adrianu-Oimitra Ikoaotwopnatou-Zaphcirnpouloo. at 18 Vookouresrion Steed. 5th floor, TcL the busmess. inducting goodwill, for sale 30-1-36I.K249 up h« Tuesday, 23fd February. 1993 at 1900 hours. Bids mast be submitted personally or by a as a going concern legally appointed representative-

Leasehold factory, c. 40,000 sq ft in Corporate Recovery I Bids will be unsealed before the above Notary on Wednesday. 24lh February 1993 at 1100 horns with the Houghton Regis. Beds Liquidator in attendance. Bidder* who have submitted their offers within the prescribed rime Emit w31 also be * *«• *»* be taken into turnover entitled tu attend. Huh submitted beyond the prescribed rime limit will not accepted and win not be Est 20 years, £1.75m account- Large order book, bkia drip customer list offers mast dearly state the purchase price offered for the assets, in toto, of the Company and tuna be y The sealed New product range accompanied by a letter of Guarantee from a bade legally operating in Greece, to the aaaotmt of fifty mUDon Skffled workforce, 32 employees drachmas 150,008,000 drs.) or ft* equivalent In VJS. doBars (VSSI Good dealer network, national s cireutaring constituent parts thereof; such as immovable and movable 4, The Company’s assets and all fixed and coverage claims, trademarks titles, rights, etc. are to be sold and transferred “as is, where is” and, more properly, Own transport fleet condition location oo the date on which the sale contract is signed, specifically, m their actual and legal and Company is operating or not. All interested parties should contact Paul Ready Manufacturer the Meal regjrdlr*. of whether M Davis, the Joint Administrative 51% of the total claims against the Company (Law s The Liquidator, the Company and the creditors representing Recover, quoting reference L3812 The Administrative Receiver offers for sale as a going concern, the Majority Ctafilots. shall bear no liability for any UW2PW ariide 46a, para. 1 as in force), known hereafter as LEVY GEE the assets and trade of Madigan Foods Limited of Port Talbot, in the effects and rights for sale nor for the possfofe refasal of the Levy Gee & Partners legal or actual delects or for any deficiency South Wales. The Company's business comprises the manufacture &- PARTNERS elements of the assets nor for their incomplete or flutey description m 100 Chalk Farm Road, London NW1 8EJ State to approve, as required, the transfer of and preparation of chilled and frozen ready meals. ATr Memorandum and in any correspondence- In the event of inconsistencies, entries in the Company's COn?C? Tek 071 -267 4477. Fax: 071-485 1486 tbr Offering jy?rOar s=3v(c£s Principal features include: of the sale contract, shall prevail books, a* they eland on the dale of signature Or by telephone to Emma Marriott at LCKOCti • uar.CrtESTCR •.YCRTHING * C=iCVDO:.- the company on: 0582-881058 m Specialist niche sector. referred to as -Buyers'. shaft be obliged, on their own responsiMity and dnecare, ft numivc buyers hereinafter the object of the sale and form then own jndgnrem Major supermarket customers. und hv thru means and at their own expense to inspect fully aware of the actual and legal coodnxmof the assets for sate. The and declare in their bids that they are High growth market. 1892/90. articfa 46a. para. 4 as m reminded that, m accordance with the provisions of Law Buvcra are hcrehv a consequence of receivership, the are entitled to have access to any information they As Present turnover £2.5m. having agreed in writing u» maintain confidentiality, they (orec. of the following trading sate. business and assets may require cwraxming the Company for For further information contact the Administrative Receiver, companies operating out of long leasehold Marwick, Marlborough House. -ifh. tedi^cs. or Barry Mitchell, KPMG Peat 7 Biifa «Mtb frH. premises in Huddersfield are for sale: matter of hoportance to the sate. The Uquntotor and the h^onty^ Rtzalan Court, Fitzalan Road, Cardiff, CF2 1TE Tel: 0222 468000. nr any whet once and iLs mcltKHl of pavment. Fax 0222 468202 or 468203. have .rnghTar their that of other bidders. Sod. onacoeptable tenns TS Lawton & Sons Limited «l uhrther th«c offers contain a higher price than improvement or transfer of fixed assets.^ requests iotgannaccs (In Administrative Receivership) 3dbe to example, ttiiwsis for the repair, Electrical contracting: Corporate Recovery Customers include power generating companies Kb^B- • Annual sales £2 million

• Order book of £165,000 xtrrjx • 72 employees Rewinding: OFFICE EQUIPMENT 75/lOOsq.fL Property nvninlihi • Annual sales £0.5 million Freehold 6? to Lease on icm that ihvmtn'oni evaluation report has beat very uttradive terms hijj— ^»|| tw Kiurocd to them after the Liquidator's • 24 employees ^ teretm,cd,ote” ,totet“ faid 5uperi4y maintained leadline «» i* tool* (over 100 boms) ** h«n drawn up and signed. 2Tute praw and Mr art of scnlciue* TSL Electronics Limited m c i mini B : No. floor K»B5 B been jndpd b, ihc UfM. «- (In Administrative Receivership) *n«ri *= one «h« o«-r to » FURNITURE- ». n, Mto * SYSTEMS * NaVUmCM KtEQ their heat Interests. • Manufacturer and supplier of door entry systems, Majority i^cdimra » bring «i STOCKS TO CLEAR e 3Ne.H0«aoKM.to«ns alarms and monitoring systems with reject to the evaluation report or for B &..22«PUW „ .... in the auetsni either 75% OFF LIST PRICE • 11 employees OvaHUDOMMaiaTOtonna B I CrcdtWrs. • Annual sales £400,000 500 Grey/oak boxed desks B aa&JSKSMMilQOtf. B b>’ the Majonty iu uatanar is not apprmed nmoanniMK*. event that 350 systems storage NORTH WEST fton their eteim OT demand from the present announcement or feaflcfcla is o fvfly equipped faaEty m’ 1 acquit *9? rifibL ENGLAND tntit the suctionaucwm do TaylorS Son Limited cupboards Slatted local workforce. I I . rartKipwriPartttfinaora ^ cause or reason. FW agamv. me wijwww..Liquidator, for any paltlcipatHHl u. the awlma. Receivership) 650 chairs many boxed (in Administrative FOUNCML TIMES. notarial and mortgagor's fees, rights and other , .... < stamp duty, executive furniture dN£90UIHWVKBRDQ£U3MXWSE( 0HL ftMC • Light engineering business board tables • 3 employees • Turnover £100.000 Tel: 081-743 2100 FOR SALE SWISS STOCK CORPORATION — International For further information, please contact: Fax: OS1-740 9500 Paper and Board apply to: folcirVrd parity can Company, capital stock, activities in all K« u. tnfiuaialwfl. GC H onfield. Price Waterhouse, 9 Bond Court, own European countries. Holdings. 87 Syngrau Avene. (2nd floor). 11745 Athens, Well situated and with good reputation. Directorate of Public Leeds LSI 2SN. Telephone: (0532) 442044. . » r.nuu Far (0532) 441401/439475. SUCCESSOR/CHAIRMAN is wanted !««««» Stod-toUBB/tovCm T.L *«««»< Interested parties pleas* Ztrrite in detail to BoxA4701, SA . Fbumdal Tunes, One Soutktaork Bridge, b , ,MyK Price Waterhouse London SEI 9HL — 11 1 41

i r - v r

FINANCIAL TIMES TUESDAY FEBRUARY 2 [0 BUSINESSES FOR SALE TRAVEL AGENCY

• FOR SALE COMPUTER RETAIL CO ,-y‘i .. ; LONDON 1 ’ Fully equipped & licensed : PRINTED CIRCUIT 3 Z. Brieriey Ltd ! i ABTA/IATA/ATOL. Travel * BJ. HAMBLIN & P.R.HAMBLIN (In Administrative Receivership) Agency £1 .7 millioa lefail/uadc. L - - • BOARD MANUFACTURER and assets of t- CtxuolkUior. Excellent potential. offer for sale the business The Joint Afnunatnnw Receiver* «iHer Write to Bax A82S5. Circuits of FUTURE WORLD The business and assets of the Central group Timer. On* Southwark foruie l he business and assets of the Financial COMPUTERS LIMITED *i are offered for sale as a going concern Bridge, London SKI 9HL companies : above compart r ; Specialising in all leading brands of borne video manuijc- Manufacturer of conventionaJ multilayered and PTH boards, based u Long established precision consoles and software. EMfflXEERIXG COMPANY turo/s of high tech CMC and conventional in Telford, Shropshire BOBSALE Established for IS months- grinding machines Freehold and leasehold lactones of 63,500 square feet drift BS 5750 registered and profitable £Z5 million turnover. m World wide blue chip customer Jmm- West Midlands engmecring Annual turnover of £3 million with well established customer base m Turnover in the region of £1.4 million company for sate. 6 leasehold shops in prime locations situated in Plant and equipment with a book value of £2.5 million Projected turnover of£ I5.M «o Bedford, Luton, Welwyn Garden City, St. Albans, per Annum diverse blue chip customer base. IS09000. BS5750, UL& MILSPEC Approvals Northampton and Basildon. m Excellent spare parts business Net asset value of around £500K. Operating from fully equipped freehold Skilled workforce of 200 Leasehold warehouse and office premises, 5000 m Principals only to: Box A4727. square feet located in Bedford. premises in Uandudna lunetton Financial Tunes, One Southwark For further information, contact the Joint Administrative Receivers For further details please contact the Inmt Bridge. London SE1 9UL Menzies or Jones of details, pleats contact: U-J-j*. Ken Robson Rhodes For . Andrew a Administrative Receiver F IV Taytoc Ernst S fount*. P Robert Hamblin or Brian 1 Hamblin ' ACQUIRE: RllOUr "Vt* 5 * if Silkhousv Court Tithebarn Street Liverpool U 2LE. OPPORTUNITY TO PanncJl Kerr Forster -' .'it. J"? -f' OK RETAIL COMPUTER SHOPS IS PanneU House Telephone • 05/-- 36 8214. Facsimile: 0S/-JJ6 0250. gagai T1IE HOME COUNTIES 139 Charles Street ROBSON RHODES Turnover c. £2 million 1LD PANNELL Leicester LEI Applications in wnloig ln«uxv CJbavt Telephone: 021-643 1936. Fax: 021-643 4993 OMimrUeH b* Ibr to*tMote at CPartma ireoaoualH to fitgtoito Craxitred Acountants, Atrtratwd bj the torn* qt dunned Aouawana in jod IMIM is mn> BA hwuweet taVms 37 Stasmore Hill. Staamow, in rinrn FORSTER Autirorsed by ttw institute of Chartered Accountant England and Wales to cany on investmentsbusiness- Eoglad and Waki ® any aa kncarnca ba Middx IIA7 JDS CHARTERED ACCOUNTANTS

Smith &Williamson HOLTBRAID LIMITED LmcuraSuppurt Cui;uiiiFtiuatc Titsara • Bonfaai • IneulfatMoa (in AriminiMnitite Rorvivcrsltip) Event Group Pic In.nnvn \imaparef From Aran* Adewnong AudkXe H»ni»i»iii Cu i 'whmrT MENSWEAR MANUFACTURER TheJoint Administrators offer for sale the Administrative Receivers The Joint business and assets ofthe above Company. offer for sale the business and assets of The Joint Administrative Receivers. L Baehr FCA, MIPA. MBIM established in 1986 is J. The Company was and PO and A.M. Cushnir PGA, offer for sale the business and asses of this quality footwear, country Bury, a retailer ofhigh V FRANK ENGLAND & trouser manufacturer situated in Leeds trading as: :V clothing and hashionwear. CRANTWEAR business indude: Greater Manchester COMPANY LIMITED Principal features ofthe Main Features are:- r; 20 fully fitted leasehold shops in prime + ) t The Company is a manufacturer and supplier of monumental i Olives Paper Limited (In a Customer List including Major High Street Retailers, locations throughout the South of England. memorials in marble, granite and other natural stones ro retailers. The Post Office and London Underground Ltd. stocks ofhigh quality own design Receivership) has been established The principle teatures of the business arc: + Substantial Italian Ladies footwear sold under tbe ‘DUO’ since 1840. The company * Tu mover circa £1 million per annum * Modem Manufacturing Facilities. and ‘EVENT* name. manufactures and markets recycled y Significant order book/customcr base it • Leasehold Premises - Central Leeds - 25,900 sq. ft. ^ Country dothing sold under ‘CADOGAN* paper products and watermarked and Experienced and dedicated workforce name and 'BENETTON’ dothing. h For further information, please contact the Receivers', Agents: tinted paper. Leasehold premises in Retford, Nottinghamshire 9 vj Lrii Peter Dodson, Henry Butcher Sc Co.. 4 Park Court. Park Cross Turnover circa £4m per annum. k Fully equipped workshop • Freehold premises 147,500 sq. ft. Street, Leeds LSI 2QH. Tel: 0532 457356 For further information contact theJoint \ Substantial stock Administrators Raymond Hocking or • Specialised plant and machinery Baehr Lubbock Fine, For deoils, please contact Michael Stevenson or John Bell at the offices Sara E Dayman. Scoy Hayward, 8 Baker Street, s •A Smith & Williamson, No. I Riding House Street. London W1A 3 AS. Russell Bedford House, City Forum, 071-186 • Annual turnover c£Sm London WIM 1 DA.' Td: 5888. V to Tel: 071-637 5377. Fax: 071-323 5683, or at Frank England & Company 250 City Road. London ECIV * 2QQ- Fax: 071-935 3944. Ref: 7/ECL • Skilled workforce Limited. Td: 0777 708771/2. Tel: 071 490 7766 Fax: 071 490 5102 • Well established brands Smith & Williamson Smith & Williamson Securities STOY HAYWARD 1 d f Chartered Accountants Authorised nutinickm under FINE ofHorwath international For further details contact the RnWsrered to cany »nt oudu wide and Banking Act 1987. BAEHR LUBBOCK Accountants and Business Advisers A member r P\ audwrad to carry on investment Member of IMRO. Member of the CHARTERED ACCOUNTANTS Authorised by the Institute ofChartered Accountants J ^ Joint Administrative Receivers business by the liunnircot Chartered British Merchant Banking in England and Wales to carry on investment business Ai-curatcum in Endand and Wales aral Securities Houses Association Malcolm Shicrson and Allan Griffiths, Grant Thornton, Heron House, ANNOUNCEMENT ANNOUNCEMENT Albert Square, Manchester M2 5HD. 061 6042. h \ For flie sale by tiKlodostrai Reanstrudian Organisation (IRO) aftbe shut* oTthe company AZINCO SA Tel: 06 1 -834 54 14. Fax: -S32 For the sale by the Industrial Reconstruction Organisation (I-R-O.) of the shares of the company ELINDA SA. ^r Tbe IRO acBXxmces public artion fat the Mgbert bid for foe sate of 52£I7 oufiiuiy regwei cil voting shares whh a ntninal value of Dra. The LR.O. innaanccs a public auction tar the highest bid for the sale of 14.338JP0 onfinsry voting shares of the company HELLENIC Thornton• o , IjOOO each of Ibe OBnyy AZINCO &A, registered in the MaaicipaEty of Muauuxpbosa, Attics, fa jcoiduce with foe iterating (fated Grant INDUSTRIAL ELECTRICAL APPLIANCES ELINDA SJL registered at the Munidpility of Metamorphosis, Attica, in arronfancc 2J2JZ offoe Inter uiiuiaeriilQumitiee for Dma iraufriition (1CD) and foe prorisom of attidei S. para, lb and 6, para, lb of Low 200091. The U.K. member lirni ..f llram Tlwvnton Imcnoiiitul. with the decision dated 2.12.92 of the tatemunrtterial Committee for Denatiunalaattai (LCD.) and the provisions of articles 5, para, AuthonarJ bv the Irumutcol Chartered A,v>wnunti in LnelanJ aiul TL'jlra Ui .'am- ,

nri fa l Ins 1(1293. fatereaed who wfll watt to obtain foe Mcmoearahan whole or pare The Memorandum is obtainable bom 0900 ins no 8.193 to 1500 his on 1023)3. Interested parties who will wish to cbtam the ThcMemnra nm ntofanh i from 0900 hn on &25P to 1SW on panto undermentioned business in in after this time wiB do so te foear own risk insofar as the time cenannog for than to cheek foe campmy (fata and prepare their offer is Memorandum after this rime Omit win do so at their own risk insofar as the time remaining for them to check the company data • WcO established niche roonwut business. sufficient before foe time on which binding often mua be sobmitted. The offering MEmarandem wfll be banded to foe interested porties which submitted. Offering wfll be and prepare foea offer is sufficient before foe date os boding offers mu* be The Memorandum - Annual turnover approx. £600,000. themselves, in the case of fat&rafaak, md m a kgai pnaMjvs in foe ease of legal eraiaes or miifainni . as wdl aa to peraoro so banded to the interested parties themselves, in the case of faidcvidnali. and to a legal representative in the ease of legal entities or wifoorimd by a notarised power of fatiancy or an mCborintton docuuxitt on winch the signsture has been attested to by a police sothority. • Prestigious Savflle Row trading location. associations, as well as to persons so authorised by a notarised power of attorney or an anifaarisatkm document on which the TheULOLwweveafonri^ttodEnytfaeOfteringMenioiwfaniMperaoBswhodoootfolfflftesbovcimnhemenB. For (briber information plcaie contact: signature has been attested u by a police authority. The LR-O. reserves the right to deny the Offering Memorandum to persons M Reyncddsoc A Rawflngs a* Career Backer Winter. who do not fulfil the above requirements. AD foe data eumrinod in the Offering Memorandum are indicative and famed only at provklfag infomution . They are cxmEtiond an HiD Home. Higbjptfc HU, Loudon N19 5UU. AO the data contained fa the Offering Memorandum are Indicative and aimed only at providin information. They me conditional confuamlup by hnrrested parties whflo chocking the axnpmy and emne* estabtish any fiabaky oo the part of the LR.O. » to their accuracy g 071 263 7111. Fax 071 31 2166. orcomptetenras. Tel on confirmation by interested patties while checking the company and cannot establish any liability on the part of the LUO. aa to theii accuracy at completeness.

On receivfag the Oftering Memomufam, the lec^icnMriD be obSged to fagn a QtefidcntiaDty Apeemeot wfeh respect u tbe drea It On receiving the Offering Memorandum, the recipient wHl be obliged to sign Confidentiality Agreeman with respect to the data contemn. The ULO. reserves foe rig* to hand ova, she. to each roctpieitt of foe Mcmorandnm, s Draft Agreement fat foe rale of foe stares

it contains. The LILO. reserves the right to band ova. also, to each recipient of the Memorandum, a Draft Agreement for the sale and seitfae time and procedure far negotifajig its tents with each potential buyer before foe snbmissiop of bmdfag ofifets. Badi potenofa of (be slates and set the time and procednre for negotiating its terms with each patefab) buyer before the sabntinon of binding buyer receiving (be Offering Memtnanfam widrio foe above time limits wiD be codded to dieck foe corapan/s data. The time, vrtacb wfll Caras Bxbr Water

their own responsibility' will be treated and fariBrated in die time left without any discr imination towards them, resulting solely

from their own fault fa recchrfag the Memorandums a lam date, being poariMy construed as unequal treatment.

Bcxfing oBea mast be wafcsnited re the latest by 1300 kss an Tbasday. 25* Ffanwy 1993 fa foe offices of foe LR-O. fa foe faWhcss HELPLINE Binding Often most be submitted at the latest by 1300 bra on Thursday, 25th February 1993 at the offices of the LR.O. at the mcmioaed abate, m lean for receipt Oflets which h»* not been handed in petamafly sat fa any other manner (by post, esc) wfll be Will answer your questions about address mentioned above, in return for a receipt. Offers which have not been banded fa personally but scut in any other maramr rtirauk ed mba.^bera> mfcoiSled in bmc and wiD he taken into account. (by post etc.] will be considered as having been submitted fa time and will be taken hrto account only if they have readied the doing business in France. Ttre affem wBl be mweiled on Tbnradcy, 2Sth Mrovy 1993 fa 500 tan fa foe offices offoe ULO.Thewnedagmay be sOentfad by offices of the l.R-O. before the above time limit irrespecti ve of the date of posting or any other means of despatch. Offers anyooc who bis legally aufanitted a bfafong offer or by Iris legally aeshorired repmuxnivc as itescdbed Aove. The qggs wiB be onsested, submitted beyond the time limit will nM be taken into account Tel : ( OlO 33 1) 4-4 70 90 72 checked mtfa regard to fansaEty (krter of gnaramecs. compositon, esc.) wfll bo entered and wfll be attached to a special report on foe The offers will be unsealed on Thursday, 25th February 1993 at 1400 hoots at the offices of the IJLO. The aascalfag may be unseating which win be signed by those present. A copy of this repeat win be given to each person who has fagaDy submitted an offer. Fax : ( OlO 33 1 > 4-4 70 90 73 atieodrd by anyone who has legally submitted a binding offer by legally or Us authorised representative as described shove. The Copies of foe oO» wfll not be released until foe end of the auction far foe fastest bid. offers will be unsealed, checked with regard to formality (letter of guarantee, composition, etc.) wfll be entered sad will be attached HARLEY STREET BUSINESS CENTRE. to a special report of the unsealing which will be signed by those present. A copy of ibis report will be given to each person who FuSy MHVicod dlflcM, business address, YOUR OFFICE has legally pubmfacd an offer. Copies of the offers will not be released the Offtss are kept by (he ULO. and are etrahaled fa Its tfiacretioa The Board of Directors of foe ULO. wfll make tbe final decision as to foe until end of tbe auction for the highest bid. beardmran, al socretarifa srefaoaa pk» boo IN aceeptanrr: otfloificmioc) of an offer, or its rejection, within two months of its gnbragraco. Le. np to 26th Aprd 1993. RccaDs. mwfifiettions. LONDON 4. Erataatim-.Arii»dtaafa>s ( talaphona and message taJong tot tunhm improvements etc of offiac opto the final decision of foe ULO- to adgodicate or foe reject, cod eonntesoffeis are not acceptable and w® net datfata. Phone: 071 «7 5505. Offers are kept by the ULO. and are evaluated at its discretion- Tbe Board of Directors of tbe ULO. win make the final deckioo From 70p a day. be * to the acceptance (adjudication) of on offer, or its rejection, within two mouths of its submission, Le. up to 26th April 1993. YOUR MAILING. ADDRESS in London. Accom/Tal Ans/TbdFax/ Paris, Berlin, Frankfurt. Madrid and 70 Recalls, modifications, improvements, etc. of offers up to foe final decision of foe ULO. to adjudicate or to reject, and coonttr- B. Mail Box etc. Office Box. gyrrEWT PFTBBOfEffi ether top locations worldwide. Call offera are not acceptable and will irat bo cxmslde red. Oflferautete be SubmhtedwIMn a sealed envelop* entitled “BINDING OFFER FOR THE PURCHASE OF THE SHARES OF AHNCO Bogus on 071 073 5500 a Tel: 071 436 0766 B. CONTENT .Pt.TUE.QgEER SA . They mart be written and signed and must not have erasures detetians or fasertams wfll nor be considered. Offers sufamkted is any DIRECT MAR. LISTS h SERVICES 100’s Fax: 071 580 3729 Offers must be submitted within a sealed envelope entitled "BINDING OFFER FOR THE PURCHASE OF THE SHARES OF caber manner (eg. by telegram, retea. fin. etc.) onwgred. or bearing erasures, ddefows or haerttods wiD not be considered The offira must d ready-made tots Inwnedimety available. will be as to the EUNDA SA.’. They must be written and signed and most nor have erasures, deletions tions. Offers refer to foe tool of foe fames far sate (A617) and if this fa not specifically mentioned or wrongly iwfiefaed k takes R&oiag or inser sobmtned in any Swhn to leading UK eanpanies. Free YOUR OFFSHORE OFFICE. Uunnin total wiD content price in rbachmss. They wfll specify foe manner payment and. If fnyraem is to be made ef! reber manner (e.g. by telegram, telex. etc) (52617). They a expressed of Tax, unsigned, or bearing erasures, deletions or insertions wfll not be considered. Tbe ealalogue.Markel-scan. Freepost. Secretarial Services Lid. Isle o< Man the whole amoam or In fasnimBnts, wfll speedy (he exact dates of payment . without faterest or wtfa Imerest (od in this cane K vAm rate}, at , Chichester. Sussex. offers miw refer to the total or the shares Tor sale (14,338JR3Q) and If this is not specifically mentioned o* wrongly Indicated U wfll Tet 0243 786711. Tel: (0624) 67341 1 Fax: 676366 each fareafairatt and foe gttaramee psovided far payment of foeac fastalmenta h should be noted in this respect (bat fa evahnfang such offers, be taken as referring to the total (14 J38.&30). They will omtafa a price pressed fa dradions. They will specify ibc of « araw their eoovesalon to aiacnl value wfflbc ralrabugdrt229L Any tana oaurained in the effcra shall be ahsnknriy dear and rpcciSc on pain of payment and. K payment is to be made of the whole amount or In instalments, will specify foe exact dates of ayment, without .togoaags«tTjnrting thr.ogen. p gjvfagrightlodieLRj0.stil«dto(.t«lon BUSINESS WANTED interest or with interest (and fa this case at what rate), of each fastahnenL and foe guarantees provided for payment of these

instalments. It should he noted in this respect that in evaluating such offers, their conversion to current vabe wfll be at The afTa atast 'mchafc data on tt» kfcatity and activity of the bidder, while a dcsciipcitn cf s besinesa ptan and the hii afingnm thereof. wiD A PRIVATELY OWNED ELECTRONICS M arattacturtgfl Conpany In Werestod In —'v. Any terms contained fa the offers shall be absolutely clear and specific on pain of giving tbe right to foe ULO. at its be duly sppiecfated. WANTED - PROPERTY COMPANIES acquirlrtg a business oparadng In ailed discretion . to go as tar as rejecting tbe offer. operating or in recmveratilp We are on fields. Wa would consider other going The iteration offoe offers must be at least two months (Le. up to 2&4S3). The offer mn«l include data on the identity and activity of the bidder, while a description of a basilicas plan and the btafongness expanding Group oi Property Investment concert* or bufanan and assete subject thereof, will be duly appreciated. and Development Companies. We will to the to Bowl criteria: Established urr-TER OF GUARANTEE no C conaidw both oon pantea engaged in bath conpoty annual turnover In sacess ol The duration of foe offers mast be of at least two months (Le. op to 26.4.93). wtt The (Ar mart be aocanpanied by a leilsr ofprerantec fiom a bank kgsOy opening fa Greece far Dre. 4QjOOO,OOa Tbe LROl. on ddvoy residential and/or commercial properly £250^700. Spedollai mamdacturer of C- LETTERPF GUARANTEE of foe Offaing Menmndm wfll provide a rfcaft of this falser of pcoamee whk* must be adhered to. Often tmacooogiKned by a Jeoer of| activities located within the Smith East. protesaionat aqulpmartt, pretaraMy For The offer must a letter Write in be accompanied by of guarantee torn s bank legally operating m Greece for Dra. 200,000POO. The ULO^ gosraxee, or noeompanied by a kttr cf gnramee which, fa foe ULO-fe optoion is nnsttisfxttay. wfll not be considered. the firm! instance providing boot process industries. ElacbteaValecnwiJc deufls to Boa A4721. Fbtanoal fimro. on delivery of the Offering Memorandum, will provide a draft of this letter of guarantee which must be adhered to. Offers One base pratanad afatough soma mechanical Sotfatwafa BrHgs. London SEl flHL bwnNmoni would be acoaputote. Write to unaccompanied by a kitcr of guarantee, or accompanied by a letter of guarantee which, in foe LR.Q.'a opinion ht a OTHERTKRM5. Flnancto! Time*. mvb.'rti to nhrnit effet. Box AB2M. o«e will r»J be considered. L Thepseremfaeotaiirepomlferarmnggi^i i syeementbram oe a an Sowhwarh Bridge. London SE I AML. D. OTHER TERMS 2. The LRO. retains foe tight to caned or paspone the anatonre Us tfincreiiou, to reppleuion or dar^r or mofofy tbe serms of the I. Tbe present is not a proposal for drawing up oo agreement bat an favitathm to submit an offer. present aaaouoaanent and in general act within the bamewo* of snide 199 of tbe Civil Cbdr and Low 20CKV9L bonad only by the OFFICE EQUIPMENT 2 Tire ULO. retains the right to cancel or postpone foe auction at in discretion, to supplement modify or clarify or foe terms of foe *4*” niwnhi— gy n. aubrefefans present announce man uid io general act within foe framework of article 199 of foe Cavil Code and Law 2000/91, bound only by the decisions of foe fate (ministerial Committee for Denationalisation. 3. AD foe expenaesooncamng or refased to foe eranfigr offoe (fames and the partidpmiaa fa general and exeattmo of the present CLEARANCE PRIOR TO AUCTION procedure be borne the and offoe pntidpa* acconflqgiy. .L All the expenses concerning or related ro the transfer or the shares and foo participation in general sod execution of the present toaB by buyer each INCLUDING BRITISH AEROSPACE procedure shall be borne by ibe buyer and each of foe portidpama accordingly. 4. The pBtkhatieo of each of the potential buyera in tbe present section presoigioacs foe fad nd nneqmvoealaocepteDaa of the 4. Tbe participation of each of foe potential buyer* in tire present auction presupposes the foil and uneqnhroval arreptancc of the H.O. CLOSURE teams of foe present aanouneemenL terms of the present announcement. QUALITY FURNITURE 5. Any previous relative aonuuacemcuL invitation or (sodsntatkin. etc is hereby revoked and the only valid terms are those contained in i be present aitnouneemcoL OVER 5000 LOTS Fuf any further information ordarifiertior.. interested parties can apply to foe LR.O-, Depot Umalfratioo Department. i Ftcv any farther ndtamfaion or dreWcsiion. Interested parties can qyly to foe ULO. DenatiunsBMr on Peponmae. Tel: 30-1-952^540.9. TeL30-l-9S25S40-9. Executive Suites System Athens. 2nd Canary 1993 Athens. 2nd Febnmy 1993 Dcsking Filing Cabinets VDU Chairs Secretarial Chairs Cupboards 3 LICENSED BUSINESS FOR SALE FOR SALE: PRORTABLE DRY CUAMNQ BUSINESS FOR SALE BECBVERSHIPSrtJaUfDATORS. Conference, Boardroom, Meeting Room Furniture SUPERMARKETS: ABTA/IATA Travel Agency Buslnoss Nnwiy Equipped -Long Lnsaa. BUSINESS Due to Rehrememt RNK PAGES Lndsc Mwiaownera tBODOtUXL FcrDacak SOUTH MANCHESTER: South Coast. Talophona 0707 SS3SB After aaepjn. Reception Seating. 5fi x 6fi Screens Uniquo opportunity to acquire a highly Now weekly guide avsiy excel tcnL shea, turnover £1.87 d TlO c£SOO.OOO. proftabte Cash S Cany Lumps. Lighting FOR insolvent co. Bract contact wnh SALE Leading Manufacturers Project, Verco. million pa. superbly equipped units, and Boa deal Business, Castclli. Vickers Well-established business with plus UquidaiorWReoervera. secure lease*. BUS £395,940 SAV Warahouso Propmty (7750 sq. S.J Fully indexed according Qt APPEARS opportunitiesfor growth Monti V(« Raglan. Price MAGAZINE ADVERTISING ASSETS ALSO May Split. Ref: 2134 llarvoy Sixer E500.000 Appi) to a company type. fasotvanl componiaS Arid BOXAS27S, Financial Times. Wmo to Bos A47QZ, Financial firms. Hotfakiasun. TeL» 061 833 2000 Free sample copy

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FINANCIAL TIMES TUESDAY FEBRUARY 2 1993 TECHNOLOGY Ian Rodger reports on a saleable Austrian breakthrough Technically Speaking that makes dirty blast furnaces obsolete Clean steel gets Unix’s survival at stake By Alan Cane // A FEW days aggressive workstation company,

to ' melting point before Christmas Sun Microsystems, provoked an last year, Novell, industry war. xecutives are a US computer Novell, however, is one of the breathing scale than blast furnaces, thus should have Corex put in a plant at networking com- industry’s newly emerging domi- more easily these days at opening the way for new entrants the Linz works of its sister com- Vocst-Aipine, pany whose nant forces with some 60 per cent the state- into the steel industry. ** pany, VA Stahl, to demonstrate its annual sales are market for network- owned Austrian industrial Another of the global E feature that has confidence in the technology. dose to Slbn (£600m) signed now a ing software. The 1990s are set to group, thanks to a new order from increased interest in recent years is But this was difficult to justify of intent to acquire the Par East which tetter Unix be the decade of computer net- could open up that SR plants produce substan- economically as long as newly mod- sales prospects around Systems Laboratories, a company working so Novell, along with the world for tially fewer emissions than coking ernised iron making facilities, in which AT&T has a majority Intel and Microsoft, can claim to a cheaper and cleaner way of mak- plant-blast furnace complexes. In which were well adjusted to down- stake and which is responsible for ing steel. be an architect or tbe new world the 1960s. the focus was on natural stream facilities, were working the licensing and development of order in computing. The group has just won an order gas driven DR plants, but interest effectively. “So we are very happy the Unix computer operating sys- from the big South Korean So by selling off USL to Novell, steel faded with the sharp rise in gas that Posco has come along. It is the concern, Pahang tem. has AT&T thrown away the Idea Iron and Steel prices in the early 1970s. In the mid- third largest steel company in the The deal, worth 5350m, has to be of Independent Unix? And if it (Pasco), for its Corex technology for an 1970s, Willy Korf; the maverick Ger- world,” he says. ratified by 11 other computer com- reducing iron ore directly to hot has, does it matter? man mini steel min entrepreneur The Posco order is for a plant that panies which own shares in USL. metal. According to Herbert The answer to the latter ques- Stein- who died in an air crash in 1990, is double the size of Iscor’s. VAI will These include Amdahl, Fujitsu, wender, president of Voest-Alpine tion would seem to be “No”, judg- started development of a coal-based not disclose the value of the order, ICL, Motorola and Sun Microsys- Industrieanlagenbau (VAI), the ing by the lack of controversy SR system, originally called the KR but says normally a plant of this tems. It is nevertheless remark- group's engineering unit, it is in (Kohle over the proposed sale. Why reduction) process and later size would cost Sch3bn (£179m). able, given tbe history of Unix, discussion with 35 other steel com- should that be? changed to Corex. Questions have been raised about that there has been a dearth of panies about possible orders. One possible answer is that In 1979, Voest joined Korf In how much further the technology comment on a development which Direct reduction (DR) and smelt- building AT&T and the rest of the industry a 60,000 tonne per year can be scaled up without running may fundamentally reshape the ing reduction (SR) technologies pilot plant at Kehl, the are already anticipating that Win- on upper into new complications. Steinwen- open systems movement It may have tantalised steel makers for Rhine dows NT will be the operating sys- in Germany, and four years der says the next step up to a plant simply have been the imminence decades. The idea is tha t the oxides later took over tem of the future and have thrown the whole project of about 1m tonnes per year should of the New Year; others see more and other impurities present in Iron in the toweL when Korfs business collapsed. VAI be achieved without difficulty, as stream for the group for decades. justify investing in Cores. And, as sinister forces at work. ores can be removed in a single won its first Windows - for commercial contract the equipment needed has already VAI claims that total Cores plant Othmar Pfihringer, deputy chair- To recap briefly: open systems NT standing • thermal process, using an ordinary for “New Technology” - is Micro- a 300,000 tonne per year Corex been used in DR plants. costs for producing a tonne of hot man of Austrian Industries, Voesfs imply a common set of rules for hydrocarbon or coal as a reduction plant from Iscor, the South African Opinions are divided within the metal are about 20 per cent less parent company, says, “there is interworking so that no supplier soft's first multiuser, multitasking agent . steel company, in 1985. But the group as to whether Corex will be than those in a coking plant-blast already a significant overcapacity of has a technical advantage over operating system suitable for pow- This would enable steelmakers erful network servers. It to installation had considerable teeth- as big a success as Voesfs develop- furnace complex. Total energy hot metal in the world”. any other in developing standard is Micro- dispense with the cumbersome and ing problems, and was not running ment in the late 1940s of the LD requirements are abont 15 per cent Pfihringer believes that market products. soft’s attempt to lay siege to the expensive traditional processes market for enterprise-wide com- of properly until two years after its (named after its Li™ and Donawife less, but considerably more excess development will take some tune. Unix is one of a number of oper-

: refining coke from coking coal in puting, taking advantage of the commissioning in 1987. steelmaking sites) basic oxygen energy is available for driving a “The real boom will take place ating systems vying to be adopted ovens and then using the shift huge coke Since then, things have been technology process for converting power station. when environmental controls get as the open systems standard. The away from mainframes and as a reduction agent in immense tense in nnx say the least. “We iron mainframe operating systems. . to into steeL That technology Is Still, the snag for many produc- more stringent development of such an operating blast furnaces. have been hoping a long time for a now universally used in integrated ers, like Voest itself; is that as long “We did not see this when we system would have to be free from Microsoft has a deserved reputa- SR plants could also be operated Steinwender says. steel tion for tenacity in reli- . second contract” works around the world and as old, fully depreciated plant is developed the process, but it is a the control of any one manufac- bringing economically on a much smaller able products to even if Some executives felt that VAI has produced a steady income still working well, it is difficult to beautiful by-product" turer or group erf manufacturers. market Unix was created by AT&T at there are several false starts on Bell Labs but has since been the way. But coming as it does widely licensed, leading to a dam- from a background in stand-alone aging multiplicity of “standard” personal computers, it has little SmithKline experience of enterprise data pro- cures versions. a corporate headache These include SunSoft's Solaris and IBM’s ADL cessing. It knows this very well roup decision-making Is dard microcomputer. This is loaded more effective. It was adopted to gives the cue for each project John Dent, SB's former senior The competition includes IBM’s and is taking steps to remedy its central to corporate life, but with special software which pres- cut the length of time spent review- option to be presented and for Its vice-president of project manage- personal computer operating deficiencies. G it can be time-consuming ents data in logical order to the ing SB's extensive project portfo- technical and commercial attrac- ment, says meeting times are now systems OS/2, the Open Systems But multiuser computing is and socially awkward for many participants, who vote or register lios. tiveness to be discussed." A group much shorter. “We normally took a Foundation's OSFl and Micro- complex and critics argue that managers. In a move that intro- opinions on tbe keypads. The “Our practice has always been to vote then shows instantly where 15-day yearly meeting to review soft’s Windows NT, a new operat- Windows NT will have to go duces a touch of the television results appear instantly on a large brainstorm in groups of 12 to 15 disagreements arise, without par- our portfolio, and that has been cut ing system which has yet to be through several versions before it game show to business, SmithKliae screen. staff foom a variety of disciplines, ticipants being influenced by oth- to around four." launched commercially. approaches the reliability and Beecbam is trying to take the head- Teamworker is also used by the as well as to gather smaller groups ers’ opinions. He is not sure whether the deci- AT&T established USL, and robustness of Unix. aches out of joint decisions. Ministry of Defence, Manchester dealing with individual therapeutic "Social pressure is thus consider- sions are actually better. "But one encouraged other companies to Many believe that Unix repre- The Anglo-US pharmaceutical University, and Allied Breweries, areas," she says. "The idea of port- ably diminished; participants can point which is Important is that Take stakes in it, to promote the sents the best opportunity of group’s solution is Teamworker. where it shows what the members folio review is to pinpoint where disagree without confrontation, everyone understands what deci- idea of Unix development indepen- developing a genuinely open oper- dreamt up by Tony Gear and Max- of tasting panels think about differ- our resources should best be con- producing a more honest spread of sion has been reached. At least this dent of itself or any other com- ating system for the 1990s and tin Read of Decision Dynamics, a ing beer flavours. centrated and evaluate research opinion. It becomes much more dif- way, people who disagree have a pany. In doing so, it showed it had beyond. With the loss of an inde- small UK communications com- The Head of SB's Gastrointestinal opportunities.” But this was often ficult for a senior member to domi- fairer chance of being able to per- learned tbe lessons of the 1980s pendent USL, however, there may pany. It consists of handsets, simi- RAD Category, Leanne Wagner, time-consuming and complex. nate the meeting,” Wagner says. suade the others." when plans to establish a standard be again a proliferation of Unix lar In design to pocket calculators, says the system makes research Wagner says meetings are sow This is important when people from Unix between AT&T and the variants - to nobody’s advantage. linked by radio to a central scan- and development meetings much better organised. “The computer different disciplines are involved. James Arnold ‘.W 4m FINANCIAL TIMES CONFERENCES mf FINANCIAL TIMESCONFERENCES / CABLE & SATELLITE EUROPE -THE WAY BROADCASTING FORWARD London, 23 & 24 February 1 993 Paris, 10 & 11 February 1993 eleventh annual conference on Cable and Satellite Broadcasting The Financial Times This conference takes place at a vital moment in the European Community's dramatic moments in the development of the new takes place at one of the most development, in the aftermath of the monetary crisis and just after the January 1993 television in the and other European countries is beginning media. Multi-channel UK deadline for the opening of the single market. This is a timely opportunity for television channels to become a major business. Across the world new international economic and business leaders to address the whole series of relatively new are changing the face of the media. questions over Europe's future.

This two-day meeting brings together a distinguished panel of speakers to review Speakers taking part include: these important issues; the state of progress of the new television channels, their Mr Pierre Beregovoy Dr Hans Tietmeyer* effect of the conventional television companies and the associated business, Prime Minister of France Deutsche Bundesbank investment and regulatory issues. Mr Jacques Attalf Mr Henning Christophersen Speakers include: European Bank for Commission of the European Reconstruction and Development Communities Sir George Russell Sir Bryan Carsberg Independent Television Commission Office of Fair Trading Mr Edmond Atphandery Mr Jean-Claude Trichet Economist & Member of the Ministry of Economy, Finance French Parliment and the Budget, France Mr John Birt Dr Burkhard Nowotny Deutsche Welle British Broadcasting Corporation Mr Frangois P6rigot Mr Dominique Strauss-Kahn Conseii National du Patronat Minister for Industry and William H Roedy Dr Pierre Meyrat Mr Frangais (CNPF) Foreign Trade, France Europe Soci6t6 Europ6enne des Satellites MTV Mr Arthur Dunkel* Mr Peter Sutherland SC Former EC Competition Commissioner Mr Adam Singer Mr Jon Davey GATT Independent Television Telecommunications, Inc DrTyll Necker Mr Michel Pebereau Commission Federation of German Industries (BDI) Credit Commercial de France

Fireman * subject to confirmation Mr Edward Bleier* Mr Bruce A Guinness Mahon & Co Limited FINANCIAL TIMES CONFERENCE IN ASSOCIATION WITH IfiS EchOS Warner Bros Inc A FTrROPF Financial Tiroes Conference Organisation 102-108 ClerkenweH Road, London EC1M 5SA * subject to confirmation THE WAY FORWARD Tea on-8i4 9770. m 27347 ftconf g. Fax: 071-873 3975 Financial Times Conference Organisation SATELLITE Road, London EC2M 5SA CABLE & 102-108 CterkenweB Name Mr/Mrs/Ms/Other Tel: 071-814 9770. The. 27347 FTCONF G. Fax: 071-8733975 Q Please send me conference details BROADCASTING Position Company/Oiganisation _ Name Mf/Mis-'Ms/Oiber Address derail* _ Dew PJcjinc send me conference Position — ion exhibiting Company.-'OrganLsal .City Please semi me derails about Q Address. FINANCIALTIMES Post Code Country, conference M ific CONFERENCES Tel Fax _Gry Type of Business. financialtimes Post Code Countrv CONFERENCES Tel Type oC Business,, o

TUESDAY FEBRUARY 2 IW 12 BUSINESS AND THE LAW FINANCIAL TIMES BRIEFS he American writer Industry is still paying a heavy price patented for the dental industry. LEGAL Ambrose Bierce defined lit- Successful UK marketing required Second Marshall igation in his Devil’s Dic- for ignoring a fast, cheap alternative several design changes. Autocar T tionary as "a machine approached a London product which you go into as a pig and to litigation, writes Robert Rice design consultancy and subse- case opinion given come out of as a sausage”. quently accepted its quote for cost He could have added that you and time. must also pay for the privilege. The design changes took a lot lon- The preliminary nity law should be comparable to Court-based justice is slow and ger and cost a lot more than antici- opinion in the sec- those for breaches of domestic law. expensive and for every winner pro- Out-of-court pated. Autocar felt It had lost mar- ond Marshall case The question of interest was duces a loser. The cost of a two-year ket opportunities. Eventually the was delivered last divided into two: commercial dispute culminating in American exercised his right to ter- week. The case con- • "legal interest” - to compensate a one- or two-month trial can run minate the agreement with Autocar cerns compensation for any delays in the payment of the into millions of pounds. under US law and Autocar decided payments made damages agreed by the national Yet during the UK's deepest to sue the design consultancy for EUROPEAN under UK legisla- court - was due foom the date of recession in 60 years, when busi- settlement negligence and breach of contract COURT tion for breaches of delivery of the national decision nesses ought to be doing all they and lost profits. EC sex discrimina- establishing the amount of compen- can to cut variable costs, they are Mr John Wright, the Warner Bank loses claim tion laws. The European Court has sation; spending more and more on fight- Cranston partner handling the case been asked to rule whether national • and “compensatory interest”, ing costly battles in the courts. for Autocar, said initially they went for negligence of limits on such compensation pay- which is a component of the com- The Centre for Interfirm Compari- down the traditional route. A writ ments are lawful. pensation package, should form son, an independent research group, claiming £27m was issued in April property valuers - In the first Marshall case, the part of any award, otherwise that says that on average London law 1989 and a split-trial was agreed ommercial property valuers court ruled that Miss Marshall was award would not be adequate in firms reported a 25 per cent growth the first trial expected to last eight pile or negligent entitled to rely on the provisions of relation to the damage suffered and in litigation in 1992. That came on weeks, to determine liability, the facing a valuation claims arising an EC directive in her action for thus breach the Community rights top of an average 43 per cent rise in second to determine damages. C of the wrongful dismissal on grounds of' of the individual concerned. litigation In 1991. Traditional negotiations failed to from the collapse London market sex discrimination against her C-271I9L AT H Marshall v South- There has been some progress in produce a settlement but did nar- commercial property employers, Southampton and South ampton and South-West Hampshire the search for cheaper and fairer row the issues. Eventually, four shonld take heart from a High last week in n case West Hampshire Area Health Area Health Authority. Opinion methods of handling commercial months before the date for the first Court decision Private Authority. delivered on 26 January 7993. disputes in the UK over the past trial, the design consultancy brought by The Bank & against Sailmantis Under the relevant UK legislation, two years. But industry has been suggested one final attempt should Trust Company claimed the maximum compensation which Discriminatory tax treatment not slow to embrace the concept of be made to settle the dispute by (UK). The bank to have could be paid to Miss Marshall at unlawful. alternative dispute resolution mediation. Autocar agreed and made advances relying on an the time was £6,250. The Industrial In a case involving tax benefits in (ADR) - which in the UK mainly together they approached CEDR. allegedly negligent valuation made Tribunal assessed her loss at Germany, the ECJ found that takes the form of mediation - Two mediators, Mr Michael Bur- by Salimanns in June 1990 on an £7,710 In national tax rules, which cer- office development in north £18,405, which included made despite Confederation of British l Hops THE MEDifiTZ* TtiKoHS THE goof: at You." ton QC and Dr Karl Mackie, were respect of interest. tain tax allowances dependant on Industry (CBI) backing. nominated and a date fixed for the London. But the Court ruled that The Area Health Authority paid the German residence of the tax- In November 1990 the CBI sup- hearing. The mediation took a day. the commercial property market collapsed the capital sum, but appealed payer, were not contrary to the pro- ported the launch of the Centre for legal costs have been saved and of business disputes Involving It began with a short opening sum- in London had not at claimed against the tribunal's award of visions of the Rome Treaty dealing Dispute Resolution. CEDR is a non- substantially more if management well-known companies. Examples mary of each side's case in open June 1990 as the bank and interest. with establishment rights and the profit making organisation, backed time is included. include the four-year IBM/Fujitsu session followed by a series of pri- that the valuer could not In his opinion Advocate-General rules against discrimination. by industry and professional advis- So, with CBI-backed industry sup- computer software copyright dis- vate caucuses, or open and frank reasonably have been expected Van Gervan rejected an argument C-1I2I91: Hems Werner v Finan- ers. dedicated to reaching better port, goodwill from the professions pute, Borden's $2Q0m trust action discussions, between the mediators to foresee the speed and extent put by the UK and Irish govern- zamt Aachen-Innenstadt, ECJ FC 26 commercial solutions to domestic and at least the beginnings of a against Texaco and American Can's and each side in turn about their of the imminent collapse in ments that the court should restrict January 7933 and international business disputes. sound record, why has ADR failed $41m action for breach of contract respective cases. commercial property values. Hugh itself to ruling on the question of Founder members included BAT, to take off in the UK? a gain.it Wisconsin Electrical Power. The case was eventually settled Williams, of solicitors Williams the interest payable. He said the Preliminary references to the Euro- Ford (Europe), Grand Metropolitan, Dr Karl Mackie, CEDR's director, In the UK no company which has late in the afternoon for less than Davies Meltzcr. who represented court should also consider the much pean Court ICI Smiths Industries and Trafalgar says: "The low level of experience of been through ADR has yet been pre- £lm, but only after the defendants the valners. said: “Encourapngly wider point of a general compensa- The European Court gave a salu- House Construction, plus a dozen of lawyers and clients with the process pared to talk about the experience had increased their original offer b; the court showed itself willing to tion limit. In order to deal with this tary reminder last week to national the UK's leading law firms and four is still an obstacle and the tradi- in any detail Industry has had to more than 70 per cent Both sides place Itself in the position of the issue, it was necessary to decide the COUrtS Wishing to refer preliminary of the big accountancy firms. tional adversarial mindset and cul- judge the process from brief second- appeared satisfied with the out- valuer at a critical time in the scope and content of the relevant questions to the ECJ. An Italian Six months later membership of come. “In a way," says Mr Wright commercial property market rather EC law rights. court had referred two questions to CEDR had passed 100. New recruits “they had had their day in court." than adopting the hindsight vision The advocate-general found that the ECJ for preliminary ruling con- included RTZ, Legal & General, in America the success of ADR techniques The total cost of the mediation of pundits who claim subsequently the relevant provisions of EC law cerning broadcasting restrictions Midland Bank. BOC Group, Pruden- came from publicity surrounding the was less than £20,000 for both par- to have been able to foresee the did give rise to rights which could and their compatibility with EC tial, John Laing, John Mowlem Con- ties. Avoiding two trials lasting as market collapse and who suggest be relied on by individuals in their competition law. However, the ques- structure, British Telecom and successful resolution of business disputes much as four months overall saved that the valuer in the field should national courts against member tions were, according to the court, Black & Decker. Today membership involving well-known companies somewhere between Elm and £lfim likewise have done so.” states and public authorities. so laconic and lacking in precision totals more than 250 with almost 50 for each side, he says. These rights comprised not only that it was impossible to identify per cent drawn from commerce and Even if mediation fails all that Russian opening the right to obtain an effective judi- the questions to be answered. industry. Many companies have ture of lawyers and clients in litiga- hand accounts of anonymous dis- has been lost is the cost of a day's cial remedy against sex discrimina- The court stated that it was the actively promoted ADR. tion a positive barrier." putes provided by CEDR. mediation, he adds. For it to work, London-based International law tion, but also the right to obtain duty of the national court to iden- CEDR has established links with But old habits dying hard is not a All that may be about to change, however, both sides must be willing firm Linklaters & Paines have been specific compensation, which had tify the factual and legal framework a growing number of UK and inter- complete answer. While lawyers' however. Although not a household participants and they most have top appointed to advise local not previously been recognised by within which questions for prelimi- national ADR organisations and is interests are unlikely to make them name, one of the two companies managers there who are capable of government agencies in

the court. nary ruling were raised. As this had to supplement the work of the Lon- the first to suggest it. Dr Mackie involved In the largest dispute han- taking decisions on the spot Chelyabinsk, a previously closed Mr Van Gervan said national not been carried out by the Italian don Court of International Arbitra- concedes that CEDR has made “con- dled by CEDR so far has allowed Its berause the function of mediation is part of Russia, on their dealings compensation limits were not, in court, the ECJ could not answer the tion. The Law Society, the Bar and siderable headway" in recent lawyers, Warner Cranston, to talk to persuade each ride to move away with foreign investors. Chelyabinsk themselves, unlawful, but that the questions referred. the Lord Chancellor's Department months in persuading lawyers to about the resolution by mediation from their entrenched positions. region, in the southern Urals about compensation awarded had to be Joined cases 0320190, C-321/90 and have all expressed support for ADR take ADR more seriously. of its £27m claim against a product ADR provides a cost-effective, 2,000km east of Moscow, is a adequate in relation to the damage C-3221 90: Telemarsicabmzzo SpA as a concept The real problem is in industry, design consultancy. simple and quick alternative to liti- leading centre for Russia’s military sustained. That did not mean that and others v Circastel, Minister In its first two years 230 cases, where there is lack of awareness of The company, Autocar Equip- gation. It will not always work and defence and nuclear weapons the compensation had to be equal to delle Paste e Telecammumcazioni et involving more than £800m, were ADR and what it has to offer, edged ment, an automotive equipment it will not be suitable in all cases. industry and is rich in natural the damage. It was for the national Ministero della Dtfesa, ECJ FC, 26 referred to CEDR, of which about 25 with a large dose of scepticism. manufacturer and distributor, But as the Autocar case illustrates resources. Linklaters expects keen court to assess the adequacy of the January 1993. per cent went on to complete formal In America the success of ADR agreed with an American to manu- the potential savings are enormous. interest from foreign oil and compensation in every case and BRICK COURT CHAMBERS, ADR processes. CEDR estimates techniques came from publicity sur- facture and market in the UK a Business continues to ignore ADR mining companies as well as the remedies for breaches of Commu- BRUSSELS that more than £30m in potential rounding the successful resolution steriliser he had Invented and at its cost. high-tech Industry.

BUSINESSES FOR SALE FT CONFERENCES PEOPLE EUROPE - THE WAY FORWARD Power Boat Specialist Paris, 10 & 11 February Persimmon This timely conference provides an opportunity for economic Hawley resigns from HMH Ronsten Limited and business leaders to address a whole series of questions on Europe's future. Speakers indude Mr Pierre Beregovoy, Prime splits role t/a Abersoch Land & Sea Mel Hawley has resigned as transform its image in the Cottam, formerly managing Minister of France; Dr Hans Tietmeyer, Deputy Governor of the chief executive of Haden City, it was difficult for the ceo partner of Ernst & Young, is in Yorkshire-based Persimmon, (In Receivership) Deutsche Bundesbank; Mr Jean-Cteude Trichet, Director of the r> x MacLellan Holdings, the indus- to contribute in that area" the process of withdrawing regarded as one of the best Treasury at the French Ministry of Economy, Finance and the N trial conglomerate, only a year either. He adds that Hawley, from his remaining roles at the regional housebuilders, is split- Budget; Mr Peter Sutherland, Chairman of the Group Report on Abersoch, Gwynedd after his promotion to the post 47, lived in Yorkshire when the accountancy firm. He is spend- ting the role of chairman and the Implementation of the Single Market Post 1992; Dr Tyll His responsibilities have group's head office was in Sur- ing most of his time with chief executive. The present This company operates as a retailer of Meeker, President Federation of German Industries and Mr been taken on by Harold Cot- rey, and so he had “become a HMH, which Last year saw its incumbent, Duncan Davidson, new and used power boats, and offers Francois Peri got, President of CNPF. tain, appointed chairman last little remote". The parting was first-half pre-tax profit slide will continue as executive winterisation full parking, launching, September, and by the heads of natural with a reasonable set- from £7.9m to £2.4m and chairman. and storage facilities. It also retails THE LONDON MOTOR CONFERENCE the two main divisions, Clive tlement slashed its interim dividend. John White, 41. becomes chandlery and boaring accessories, London, 22 February Mayhead and Richard Taylor. Hawley, a chartered accoun- One of the chairman's goals group chief executive as port of Cottara says these two were whose links with compa- is waterspons equipment and designer The aim of this year's meeting is to tfiscuss the challenges and tant to recruit a financial director a reshuffle of board responsi- “almost joint managin direc- nies that are now part of - a for leisurewear. *>1 opportunities facing the European motor manufacturing and g new post HMH. Cottam bilities. White, who has been f it - '-* tors" so was difficult for the Haden MacLellan notably says: “In a sense everyone has with the group since 1979. was • Freehold premises in superb . components industry and review developments in distribution chief executive "to add a great London and Midland Industri- been a finance direc- formerly executive chairman of location comprising over 14,000 sq. and franchising. Speakers include: Mr BBJ Ebbert, Chairman deal of value in operational als - go back more than 20 tor . . . and that's not the way the housing division responsi- d Managing Director, Vauxhall Motors Limited; 1 ft. showrooms, and Mr John of indoor & terms". years, became chief executive to do it” - a neat piece of ble for the Midlands and south V Towers, Group Managing Director of Rover Group Limited; Mr workshops and offices fa As he, Cottam, had been in February last year when counter-culture when part of east England, and is replaced L/ Trevor Bonner, Managing Director of Automotive Drive Line • Over 3 acres of outdoor storage brought in to help “restore the Philip Ling, his long-time the Ling credo was: “It doesn't by Mike Farley. Systems Division at GKN pic and Professor Garei Rhys, QBE, group's fortunes, to look at its leader, became non-executive matter gets it facilities £o who right so Mike Allen, 48, who has been Professor of Motor Industry Economics at Cardiff Business management structure and to chairman. long as someone does." with the group • 90 Boats in winter storage since 1976, * School. becomes deputy chairman. He • Petrol sales forecourt ^ retains responsibility for the • Annual turnover £13 million CABLE & SATELLITE BROADCASTING Non-executive Gottlieb: aiming to prick Yorkshire and north east • Skilled workforce \s London, 23 & 24 February England markets. For further details contact the o The Financial Times annual conference wffl review the state of directors Davidson, 51, has ambitious the rent plans to expand the company's P- Joint Administrative Receivers: progress of the new international television channels, their balloon • JESS size and has decided to Malcolm Shierson or David Rowlands, effect on the conventional television companies and the Michael Gottlieb, owner of two he says. “That is not the way strengthen associated business, investment and regulatory issues. senior management 13 Grant Thornton, Heron House, UP London restaurants, has been to foster economic growth.” accordingly. “We would like to Speakers include: Sir George Russell of the Independent Albert Square, Manchester M2 5HD. elected joint chairman of the Gottlieb is the proprietor of double output to about 4,000 JD Television Commission; Sir Bryan Carsberg of the Office of Fair Tel: 061-834 5414. Fax: 061-832 6042 Property Market Reform Smollensky's Balloon and homes a year by the mid- Trading; Birt of the Burkhard Nowotny of Mr John BBC; Dr Group, an organisation cam- Smollensky’s In the Strand. He 1990s," says Davidson wbo, *T Deutsche Welle; Mr Adam Singer of International paigning for changes a to Brit- became convinced of the need with his wife, owns just over a IT ish Grant Thornton 8 Telecommunications Inc; Mr Edward Bieier of Warner Bros Inc property leases. for reform of the commercial fifth of the company. “The tim- Brian (left), deputy Gottlieb, and Mr Gary Davey of British SKy Broadcasting. Baldock 45, is a fierce critic property system after writing ing of expansion, however, will Hie U.K_ member firm of Grant Thornton IntcmauonaL chairman of Guinness, and of several ’iniquitous” aspects an article In a trade magazine Audwiml hi- ihc I rati run- ul Chartered Aamnum in depend upon recovery in the England and Wales to carry on investment buunen. TRANSPORT IN EUROPE - CREATING THE Peter Birch, group chief of the commercial lease sys- about his own experience. This housing market executive of Abbey National INFRASTRUCTURE FOR THE FUTURE tem, namely its lack of trans- generated a huge response Davidson says the decision at DALGETY. Graeme Odgers parency. its biased London, 2 & 3 March arbitration from the restaurant industry; to split the functions of chief will retire in ApriL procedures, its upward-only he Ls vice-chairman of the Res- executive and chairman is in The FT is to publish survey ™| The conference win examine a broad range of policy issues for F™ a on Bill Caldwell is to become rent review clauses and privity ts uranteurs Association of liberalising and harmonising transport In Europe, financing line with the recommendations chairman of H YOUNG of contract, which makes orig- Great Britain, which is a mem- of the Cadbury committee. He Infrastructure improvements and the development of pan- HOLDINGS on the retirement inal tenants liable if a subse- ber of the Property Market stresses, however, that the I European integrated transport systems. Speakers include: The in July of John Wilson. quent tenant defaults. Reform Group. This was decision was not prompted by Hertfordshire Rt Hon John MacGregor OBE, MP, UK Secretary of State for Albert Hargreaves, former “Rents are now becoming launched last summer with the that report: “It is just coinci- Transport; Prof Dr Gunther Krause, German Federal Mkostar of chairman of Cl Group, as the main cost factor for all intent I of persuading parlia- dental that we believe this is Transport; Mr Capei Ferrer of the Economic Committee for chairman at APOLLO retailers and the simple fact is ment on March 25 1993 UN to legislate against prac- the right thing to do for a com- METALS on the retirement that rent Increases are forcing Europe; Mr John Weisby of the British Railways Board; Mr Pitt tices snch as upwards -only pany of our size and at our of Bob Teare. businesses Into bankruptcy,” rent I Treumann of the European Investment Bank; Mr Gfinther reviews. stage of development.” he says. Essential reading for FT International Hon Charles Cayzer has Hanreich of the Austrian Ministry of Public Economy and The Business readers, this indepth survey will study resigned from DE MORGAN Transport; Dr Andras Umar of the Ministry of the Hungarian GROUP. major economic reconstruction and I Transport; Mr Christopher Garnett Eurotunnel and Dr Adrian of Peter Levine, senior partner Civil rationalisation facing this attractive servants’ stores business von Doemberg of Deutsche Lufthansa. at Teeman Levine, at location, and Identify some of the challenges I SEVERFIELD-REEVE. Working for The John Lewis Lewis. THE EUROPEAN WATER INDUSTRY Before becoming and opportunities which still lie ahead. Ralph Hodge, former chief Partnership, the high street finance director he ran a num- London, 15 & 16 March executive of ICI icals chem and retailer owned by its staff, has ber of stares including Peter I Environmental legislation, the cost of up-grading water quality polymers, at ENRON EUROPE. sometimes been likened to a Jones As more businessmen Involved in the in London's Sloane and to review moving to new methods of waste disposal as well Sir Ivor Cohen and Paul career in the civil service - it Square. The deputy chairman choice of location for their company the following read as opportunities and challenges for companies seeking fresh Lewis have resigned is not hard to see why. traditionally chairs the princi- FT I ELECTRONIC than any other daily paper, this survey offers markets in Eastern and Central Europe. Speakers include: Mr AB PRODUCTS' Stuart Hampson, 46, who ple executive committee, a con- acquisition by IT Group. took over as chairman yester- a powerful advertising environment to any David Maclean, MP, Minister for the Environment and ference of directors which dis- Brian Allison, founder of day, was servant business committed to promoting I Countryside; The Rt Hon The Lord Crickhoweil, PC, of the a civil for 13 cusses policy. BIS Group, at UNITECH. years and his new deputy Meanwhile, the group Hertfordshire. National Rivers Authority; Mr Ian Byatt of Ofwat; Mr Jean- Mtrhapl Ahrahamw ha« has chairman, David Young, 50, also promoted a third ex-civil Franqois Didfon of Lyonnaise des Eaux Oumez, Mr Nikolai from resigned GABICCL had worked almost twice as servant to Its - I of of board Luke Mikheev the Ministry the Environment and Natural Shaun Dowling, a former long as a civil servant For further details on advertising please phone as he Mayhew, the 39-year-old direc- Resources of the Russian Federation and Mr Josue Tanaka director of Guinness, and has been a John Lewis partner. Sue Mathieson on 071 873 4129 tor of research and expansion. I from the EBRD. David Tucker, a former Both men are Oxford graduates Born in New Zealand and edu- to be general manager human director of M&G Group, at ML and joined John Lewis in 1982. cated at Oxford also, he resources. In May 1991 he was Ml enquiries staidd be adtfressed to Financial Times Conference HOLDINGS. David Young, who retains worked in the Department of appointed chief executive FINANCIAL TIMES 1 I Organisation, 102-108 ClerkenweU Road. London ECIM 5SA. Tel: Mark Liftman and TjHkian^ his job as finance director, Industry |^^UWPE^USINES5NEW5P«tR| _ between 1974 and (Europe) of Shandwick. the 071-814 9770 (24-hr answering service) Telex: 27347 FTCONF G, Rice have retired from spent most of his civil service 1978. From there he went to troubled public relations Fax: 071-873 3975 or 071-4733969. BURTON GROUP. career in the Ministry of Thomas Cook Travel L mm mm mm i^m and then group, and in Juno 1992 he mm mj Defence, before joining John British Airways where he rose joined the partnership.

i i l I i. . ,

II J

MNANCIAI.TIMKS TUI2SDAV FEBRUARY 2 1993 ARTS 13

Ballet/Alastair Macaulay Thoughts on ‘The Sleeping Beauty’

usic is one thing, not be possible. movement is another. Darcey Bussell, dancing her first But put the two Princess Aurora on Saturday night, f Htiitk together, and the coped more than handsomely with amalgamMis something else again. the double threat of debut nerves in To hear Tchaikovsky's score for The the supreme 19th-century classical Sleeping Beauty is marvellous, but role and a difficult maestro. When not half as marvellous as lwariwg it Kenneth MacMillan made the balle- accompany the vision Tchaikovsky rina role of his threeact Prince of had in mind. And here is the main the Pagodas on her, he was prepar- pleasure of Ninette de Valois’s 1977 ing her for this role. (He dedicated Royal Ballet production of Beauty, his production to Margot Fonteyn, 90 per cent of the time. Simply, it the Royal's greatest Aurora.) And if

•:. tells its with V‘~:Georgina Starr (Slade) drones on in overrules her; or when Rosato as showstopping arrays of big steps. clays Young Artist Award comes object? Evidently not Is it because, impenetrable, indulgent monologue, returns in Act One, to reassure the And the production has already round again, for the ninth time and, technical, such disciplined and ana- “a highly emotive 'absent pres- court about the lifeless Aurora begun to flag - in lighting, musical at £10,000 to the winner and a fur- 1 ". lytical Instruction is no longer to be ence Tacita Dean (Slade) offers a (“She is not dead, but sleeps”). timing ami dramatic sense - as the ther £10.000 shared between the had in the modem art school? Are series of photographic tableaux Every gesture, every opening of an Prince enters the T.iiai» Fairy’s boat other finalists, very generous it is. such arcane preoccupations actively after a “Martyrdom of St Agatha”, eye, every lighting effect, makes a to the sleeping castle. Why do we Drawn from London's post-graduate discouraged? Who can say? she of the severed breasts. Siobhan visual frame that answers the see Carabosse when the music tells colleges, nine young artists, if we we distilled What get instead, in Hapaska (Goldsmiths') has filled music’s tapestry movingly. us she is just a memory? Why does count collaborating twin sisters as the Barclays’ selection, is the criti- narrow channels of perspex with Yet however good it is to see this the Prince keep looking bock? And one, make it to this year's final cal orthodoxy of the international brown sugar to make cumulative Beauty, listening to Mark Ertnler’s so on. exhibition - three from Gold- market-place late of the 20th cen- minimalist reliefs, thereby, we are conducting of the score brings no The Royal is dancing Beauty with Darcey Bussell, who made her debat on Saturday as the smiths': four from the Slade; two tury. The important thing is to told, “redefining categories, discov- joy. He has flamboyance and more confidence and attack than in Royal Ballet's latest Princess Aurora from Chelsea: no-one either from ering unexpected potential for panache, yes; but he clots the lucid the late 1980s. Among the many the Royal College or the Academy speeded up or slowed down commu- textures of Tchaikovsky’s wonder- soloist performances on Saturday, not try to take their steps by force. because then they follow a single Schools. Seven are women. William Packer - nication." ful orchestration, and - worse Nicola Roberts and Bruce Sansom As for the women, Bussell is impulse. But this mime/dance The young, like the poor, are reflects on the Hilary Wilson (Slade) makes he keeps tugging the music from stand out Jonathan Cope, dancing almost the only one under the age dichotomy used not to exist here, always with us. and I am ever less wooden bed-ends that she leans beneath the dancers' feet by his the Prince, is no actor and (unlike of 30 who is truly classical. In cur- and it should not now. Dance convinced that they should Barclays Young be against boxes of various sizes, con- notions of rubato. Royal Ballet Bussell) has no assurance in rent Royal Ballet style, you try to should simply take mime virtues encouraged in this way. I can see Artist Award founding expectations of ease and dancers try to be careful timekee- addressing an audience. But he is danrp firm and brisk beneath the and make them lyrical and brilliant well enough how attractive the Riif:,:; comfort these rather “sites of phys- pers at all times, but if the company noble in the way he stands, in the waist, and soft and gentle above the And Tchaikovsky’s score tell you - scheme must seem young artist {;-• ical displeasure and psychic Is fully to recover from its 1980s flowing amplitude of his dancing, waist; and then, like an after- this too. J - - - starving in garret, help when most unease.” and jr Renato Niemis (Chelsea) recession, it must recover its old in the self-effacing good man- thought, you try to synchronise the needed and all that - but in truth strike an small ft*. : , attitude, make a state- has simply made two rooms musleality and dance in real ners of his partnering. He and San- two. (Not everybody succeeds.) In occasional repertory at the - young artists need encouragement ment. present on image, an idea, a or large boxes, roughly the size of a phrases. With conducting as egotis- som are almost alone among Royal Royal dancers are more classical Royal Opera House, Covent Gar- ] ^ no more than the rest us. Some 5 of of formula. If it is about art. or may be rubbish skip, and as roughly tical as however, will = made Binder's, this male dancers in the way they do and more vivid when they mime. den, until April 3 them, of course, have much to offer made to bear a feminist, socio-politi- of timber and board, the one floor in prospect, but those committed to cal or economic reading, so much carpeted, the other plain. The artist VftS? 4 -vt- f - .. their vocation will persist in any the better. Glenn Brown (from Gold- stresses "the inadequacy of these One of the passing benefits that concealed howfour-square of -:#*»» TK" •-.:» Concert/Richard Fairman much case. As for the quality of the work, smiths'. that seminary of the think- meagre, Jerry-built structures ••• as accrue from the present fashion for the writing is with their sheer j ;nw student work is by definition, well, ing artist) makes paintings of repro- containers for human aspirations." recording entire areas of a compos- *• energy. Hickox himself, conducting <-S6- student work. Test it in open com- ductions of paintings, that follow And at last we come to the joint- er's output is that live { concerts an attentive London Symphony petition by all means, but to limit it every mark of the original images winners of the Award, the Wilson often include rarities which one Elgar’s Lux Christi Orchestra, still rushes at climaxes, j to itself is to indulge in a kind of in the closest detail - yet offer twins, Louise and Jane (Gold- would not otherwise hear. Over the which arrive in a few bars rather special pleading. nothing of their reality of surface smiths'). with their photographic I past coupie of years Richard Hickox Elgar remarked in later life that John Shirley-Quirk. His magnanim- than over several pages, as they if But there is to be such a stu- and texture, and the active qualities and mixed-media installation, a 1 has been working through Elgar's Lux Christi had been conceived ity of utterance and long-breathed should; but his passionate Elgar is

dent competition, one drawn more- of their making. They are "com- metal crush-barrier, a patch of i oratorios and he has now reached against the odds, by a poor wretch vocal lines remain as imposing as preferable to the old. sedate style. over from the very cream of the pletely devoid of vitality" remarks paint, a number of photographs obscure territory. teaching all day. resigned to com- ever. Arthur Davies sang the blind Unlike its successors. Lux Christi j :iu#kv country's art students, skimmed at the catalogue approvingly. leant negligently against the wall. • The Latest instalment is Lux posing after dinner with a splitting man who is restored to sight, not is short enough to allow another

their most ambitious and particu- The only other painter is Surannc showing comers, stairs and door- : Christ, or "The Light uf Life”, as headache. But. he added, the “spirit without some constriction in the piece in the first half of a concert ' lar. the vi tv least we might expect Walk«?r (Slade), whose large can- ways littered with odd scraps and Elgar's publishers preferred to call and will" were there. That shows voice, though he has both the out- On Sunday, that should have been is a fairly broad trawl through the vasws each carry as image a single remnants, vaguely suggestive of it. Timed with an eye on the mar- through not in any tangible sense of going romantic ardour and the Maria Joao Fires in what one imagi- j full range of student activity. cer- flat, black silhouette. turn active destruction. ket-place. where Hicknx’s resolve, A These some The ensera- j recording for the music lacks direc- quiet sense of wonder for the music. nes would have been a deeply-con- * (NWfciViKkt-'-:- tain mature accomplishment might out to be derived from tower-blocks, ble arouses “the guilty suspicion : of Camcuxus has just arrived this tion and its quality is up-and-down, Judith Howarth was the soprano sidered performance of Beethoven’s is well be lacking, but in its place thus enabling her -to discuss both that one somehow responsible for | month. Sunday's performance at but in its very personal tone. This is Mother; Linda Finnie the contralto “Emperor" Piano Concerto, but surely we should find some excite- the language of painting and its rel- the sordid circumstances, if only the Barbican could well win sup- a score which searches deep in its Narrator. Pires was ill and her place was { P. idiosyncracy. experiment, to through indifference or neglect." porters that its - ment. evance contemporary urban Or j for a work has been so soul for what it wants to say at The choruses are not the work's taken by Jon Kimura Parker

above all some variety. It you can- life . . . the epitome of post-war ide- not. as the case may be. overshadowed by the masterpieces finest moments. strength. Elgar was still feeling his ruthlessly exact a brilliant organ- not take any risks when you arc a alism turned sour." Laura Thomson that followed as almost to disappear In this performance those almost way towards the grand structures iser of the pianistic effects that -_ 2: S when ran you take them? (Chelsea) is a painter too, of sorts, The Barclays Young Artist Award into oblivion - forgotten proto- always occured was that his of this student, i a when Jesus crown mature oratorios, make the surface concerto It that the riskiest thing to but makes of her painting a perfor- Exhibition. IS93: The Serpentine type for the fully-finished product singing, in person of the bass but the London Symphony Chorus sparkle, but not often more. seems j the '. : * do nowadays, it student prvtcrmcnt mance to bo registered on video. A Gallery. Kensington Gardens W2, J *** ?-•-. us aspired to. is to work directly single line appears on the wall as until February 28; sponsored by j v'- ifc" from the visible world Is there she pulls away the strip of masking- Barclays Bank Philip Larkin loved to hate Archie Jazz/Garry Booth Water” to his own big earner, “The - Shepp, the US tenorist who shared a Worksong”, is moved along briskly a. double bill earlier this week at by Bargad who pecks away at the On Saturday Julia Vur.idy song her Vienna Opera As Emilia, Roderigo and Mon- Islington’s Union Chapel with cor- keyboard furiously and Cobb, a met- '* - State tano. Margarita Lilova, Wilfried nettist Adderley. Larkin idols ronomic time keeper. Booker, a first TVsdcmnnn at thr Vienna Nat Matinee fcfe mw\ ••- Open*, winch provided her with Gahmlich and Claudio Otelli were thought his sound was “like Flight ragged improvisor, provides dark • all competent the Bumble scored given doleful sweet chords. shading for Adderley (in “Autumn r-- with a well-worn production by Varady in more than Benedikt of Bee for bag- Surprisingly, his I*cter and a seasoned Otello KobeL singing his first Cassio here, pipes and concrete mixer". In those appearance, old Shepp has a fine Comettist Nat Adderley leads a Leaves" for example) and natters ns*-: ?•• Wood, **•"• and logo Or rather, perhaps, over- cut an unusually personable young days, the mid-1960s, Shepp and his singing voice which he uses enthu- similarly distinguished regular cheerfully throughout young Her- - ladies’-man, avant-gardists siastically - blue baritone which features elder states- ring's fierce solo spot in Hank Mob- ' seasoned in the case of Vladimir ‘Otello' figure a plausible for claimed they were a deep band w» ; - in once - though his tenor began to trying to make order out of chaos. crooning on a ballad like his own man Jimmy Cobb in the traps and ley’s “This Idea Of You”. »• Ailantnv, and under-seasoned i** - inciden- that uf Itenaio Rruson. Neither of her partners sound rough, and pas- display some colour and ring only Twenty-odd years on, the old order “Deja Vu” or shouting the blues, the promising young altoist Vincent Islington’s Union Chapel, IK in the mezzo range told more in Act 3. The Vienna chorus stood has prevailed and the brutal stylist which he is also prone to. Herring, alongside Walter Booker tally, is an unusual and atmo- -'- them seemed remotely inclined to sages i*» . through their lias given way to a populist blues- tenor playing, while it retains on bass. altogether more zippy spheric addition to the London jazz ' adjust his standard performance to strongly than lighter-voiced sopra- In lines and walked The An ft *r-* can make them do. Her musical well-trodden moves without excite- infiected post-bopper. much of the gruffness and rough affair, Adderley's set is delivered circuit, though the reverberating ' his coIIiMipii^ Atlantov bawled at nos —r his with with gags patter while the num- sound not be to everyone’s unstinting volume* sometimes intentions were admirably precise, ment; the Vienna Philharmonic Accompanied by regular band edged familiarity the melody, and may 5 of Horace Parian (piano), Wayne is growing more friendly with age bers swing hard and test taste. The octagonal fioorpl&n and ft ; effectively, hm sometimes pitched her dignity impeccable. In the other offered moments of beautiful - Fischer’s Dockery (bass) Steve and Shepp sounds more comfortable Younger brother to the late cavernous vaulted roofspace accom- wild and hammed in a manner hand, she cannot pass for Italian; playing, though Adam and McCraven to the full (drums), Shepp began in a lugubri- savouring a ballad than punching altoist. Cannonball Adderley, Nat is modated over 1000 worshippers for one had thought long gone: Bruson her timbre does not float, and the conducting was unequal score. ous but progressed through out tough phrases. Parian, who an agile horn player and alternates the Adderley/Shepp double-bill stamped gruffly through his cole, a curves in her line never suggested range of Verdi’s great He and mood - at some cost to Bruson wrong-footed one another mellow compositions from his last share the writing with the leader. between the crisp, silvery tones of whose Sunday matinee performance solid cltararter without subtlety. lyrical innocence essential pathos. Her brimming throughout the evening. album I didn’t know about you, to a Is an empathetic accompanist and the muted instrument and fatter, commenced shortly after a handful In the circumstances. Miss Varady the of Congregationalists left tbeir vitality and self-possession do not funk piece which involved James combines a Monk-ish right hand unfettered blowing. Choice mate- had made a brave but qualified impres- r ideal Dcsdemona. David Murray Brown style “ow exclamations. with a less percussive left for bitter- rial, from Zawinul’s “Scotch & pews! sion. Hit keenly focused voice made make an

It's the Truth, If Think Chamber Orchestra in works by Ekkehard Wlaschiha. Tatiana Comique: first of six Theatre presents a mixed bill ft You Mozart. Bach and Gluck, with Troyanos and Bryn Terfel. Fri. performances of Mozart's including works by Marie Morris It Is: Pirandello's mystery thriller European Cable and next Tues and Sun; Un ballo in Ascanio in Alba (4286 8883} and Balanchine (tonight, directed by Liviu Ciulei. Till Feb : International soprano soloist Aga Winska. Satellite Business TV • • •*ir Thurs: Ronald Zotlman conducts maschera with Antonella CONCERTS tomorrow. Thurs) and a tribute 21 (Arena Stage 202-488 3300) Ml lie (Fri, Sat, Sun). Belgian National Orchestra in Banaudi. Taro Ichihara. Paolo Thd&atre des Champs-Elys6es to Agnes de JAZZ/CABARET times are Central Paavo (all St.- works by Mendelssohn and Gavanefli and Fiorenza Cossotto Tonight Heinrich Schlff joins Concert Hall: Bergiund Blues Alley Jazz Suppercfub European Time) •• • Alban Berg Quartet in Schubert conducts National Symphony m : Mozart, with soloists Tabea (332 2244) Tonight Rebecca Paris, jazz Arts chamber music. Tomorrow: Orchestra in works by Zimmermann and Hagai Shaham. vocalist Tomorrow: Kevyn Lettau, ' Philippe conducts Mendelssohn, Schumann and Fri: Pierre Bartholomee conducts Herreweghe vocals. Fri, Sat, Sun: Stanley MONDAY TO THURSDAY PARIS Mendelssohn's Elijah. Thurs: Haydn, with piano soloist Eliso to" Liege Philharmonic Orchestra Jordan, guitar. NextTues-Sun: concert performance of Werther. Virsaladze (tonight), and ft* ' m works by Haydn, van Rossum dance/opera Jerry Butler (1073 Wisconsin Ave, Super Channel: European i Guide Brahms Prokofiev Palais Gamier La Bayadere: Sat concert performance of Debussy, and Business Today 0700; • and Beethoven. Sun afternoon: 202-337 *£ . in the alley, 4141) Nureyev's Opera Ballet Iphigenie en Tauride, with with violin soloist Midori (Thurs, 22.30 Muhai Tang conducts Royal Barns of Wolf Trap Thurs: The Orchestra production can be seen Marline Dupuy. Sun: Maria Joao Fri, Sat). Vienna Chamber Flanders Philharmonic Nighthawks, blues, boogie, rock Orchestra gives a late afternoon MONDAY m works by Liszt, Oohiianyi and tomorrow, Thurs, Sat, Mon, Tues Pires piano recital (4720 3637) and Jean-Pierre and roll. Fri; Jerry Gonzalez and Super Channel: West of with piano soloist Ju Hee and Wed. Feb 23-27; Pina Bausch ChAtelet Tonight: Yvonne Kenny concert on Sat, - Dvottk, Fort Apache Band, Latin jazz. »•". Tanztheater Wuppertal (4017 song recital. Next Mon: Pierre Rampal a flute recital on Sun Moscow 1200. ’ Suh. Mon: Philippe Herreweghe ft* ; * \MSIi:RI)A!V! afternoon. Feb 14: Georg Solti Sat Livingston Taylor, acoustic Super Channel: Financial conducts Mendelssohn’s Elijah, 3535) Boulez conducts Philharmonra •• folk guitarist Times Reports 0630 vt la Ville Anne Teresa Orchestra in works by Boulez, conducts Vienna Philharmonic. (703-218 6500) with soloists including John Mark Th6Stre de • Muzitktheater Tonight, Fn and Keersmaeken the Belgian Elliott Carter and Messiaen, with Feb 15: Charles Dutoit conducts Ainsloy- Feb 18: Anne Sophie de THURSDAY ^ next Mon: Christoph Frick Philadelphia Orchestra. (Palais des Boaux Arts choreographer's experimental soloists including Marla Ewing : Richard Jones’ Mutter ZURICH Sky News: Financial Times ^ conducts dance group Rosas presents a (4028 2840) Eisenhower Theater Washington Get timgendo 507 8200) Reports 2030; 0130 production new work entitled Erts, music Salle Pleyei Next Mon: opening Opera's season continues next Feb THEATRE 7..:- Hollander (in repertory fill residency by Berlin week with La Cenerentola on Opernhaus Tonight Riccardo Tho mam event this month is by Beethoven, Webern and of week-long FRIDAY c if, nooenunos Pearl Fishers Chailly conducts Mahler's lomorrow: John Shnltke, daily till Sat Feb 9-13: Philharmonic Orchestra, during Mon and Bizet’s van a production of tbgen's Super Channel: European Theater in works by Hans presents new work which Claudio Abbado will on Tues. Feb 20: Turandot with Seventh Symphony. Tomorrow Gabriel Borkman directed by Luc Studio DM Business Today 0700; Manon. Jill Kyhan and David Brahms cycle with Eva Marten (202-467 4600) and Sun: Nikolaus Harnoncourt Bondy and designed by Erich by Catherine Diverres. Feb 18-21 conduct a 1200; 2230 Parsons. Fob 12: first night of conducts the Ponnelle production night daily Nederlands Dans Theater (4274 soloists including Maurfzio Polllni BALTIMORE SYMPHONY Sky News: Financial Times mixed bi» Wonder First Feb 13. Dmcn National Bailee 2277) and Maxim Vengerov (4563 0796) ORCHESTRA of Cosi fan tutte, with Lucia Popp Reports 0530 except Mon till Feb 21 (Theatre (6355 45b) Op4ra Bastille Les Contes JAZZ/CABARET Thurs and Fri at Joseph and Ann Murray. Thurs and Sat Julian National 217 0303) Concertgabonw Tonight d'Hoffmann: Vinson Cole, Jazz Club Lionel Hampton Strunz Meyerhoff Symphony Hall: choreographies by Nijinski. SATURDAY and Bream guitar. Tomorrow Jean-Phflippe Lafont. Mara and Farah. two virtuoso guitarists Christopher Seaman conducts Bernd Bienert, Arthur Saint-Leon Super Channel: Financial Chung Thurs; Myung-Whun CHICAGO Zampieri and Natalie Dessay whose music combines Latin Gerhard Samuel's Looking at and Jorma Uotinen. Fri: Die Times Reports 0830 conducts Royal Conceityebouw head the cast in Roman American rhythm with Spanish, Orpheus Looking, Rakhmaninov's Fledermaus (262 0909) Sky News: West of Sat: CHICAGO SYMPHONY Orchestra tn R.unm.inmov African Second Piano Concerto (Garrick Tonhalle Tomorrow and Fri: Moscow 1130; 2230 Barenboim Is conductor Polanski's production, conducted Oriental and soloist with Daniel Gition Kramer Daily till Sat. Ohlsson) and Shostakovich’s Fifth Christoph Eschenbach conducts soloist on Thurs. Fri and Sat by John Nelson (next improvisations. Chamber Orchestra. and Tonhalle Orchestra in works by SUNDAY Nothorfondr. including works performances tomorrow and Mon. music from 22.30. Feb 8-2Q; Symphony (410-783 8000) piano m a programme Super Channel: West of Sun. nindo i Torwteo Mahler, Chopin and Stranz, with Ale Mozart and Rimsky-Korsakov in repertory til! Feb 27). tin ballo organist and trumpeter Joey THEATRE James py of Errors: piano soloist Tzimon Barto. Moscow 1830 recital. Next Twos premiere of a new in maschera: Thomas Fulton Defrancesco, American swing ft The Comedy Handel s and the world Super Channel: Financial Bowman hcadti cast »n conducts Nicolas Joel's virtuoso (Hotel Meridien Paris Shakespeare's comedy directed Thurs: American String Quartet and work by Melinda Wagner (435 Times Reports 1900 Israel m Egypt Next Wifd production, with Dennis O'Neill Etoile. 81 Boulevard Gouvion by John Retallack. Till March plays works by Haydn, Royal 6866) Sky News: West of Thurs: Gitilifu conducts Gabriela Benackova (next St Cyr. tel 4068 3042) 14 (Shakespeare Theater at the Mendelssohn and Brahms. Feb CHICAGO LYRIC OPERA and Moscow 0230: 0530 ConeOfltjoBOirtv J4S) Lansburgh 202-393 2700) 14: Alfred Brendel (206 3434) Zubin Mehta conducts August performance Sat, in repertory Sky News: Financial Times till 20). Thurs: Dmitri ft The Alchemist: Ben Jansen's Theaterhaus Gessnerallee Everding's new production of Feb Reports 1330: 2030 WASHINGTON play of greed and deception. Till Impressions de Pelleas: Peter Das Rhomgold tomorrow and Hvorostovsky song recital. Fn: • URUSSM.S Hedwig Fassbender song recital KENNEDY CENTER Feb 21 (Washington Stage Guild Brook's Debussy adaptation, Sat ialso next Tues and Fri). The CONCERTS (4001 1616). Next Tues at Opera Open House: American Ballet 202-529 2084) daily till Sat (221 2283) cost includes James Morris. Ciijoigi-s Octois flundufss Walloon . '

14 FINANCIAL TIMES TUESDAY FEBRUARY 2 [993

n Kazakhstan, Russian the 1980s to target and destroy rockets are being readied the American manufacturing Joe Rogaly to take on their US and Fight for the base,” be said in a speech I European counterparts. Immediately prior to the The US vice-president has November elections which out- called for a tough line to be lined innnming administra- taken in delicate talks between tion's aerospace policies. the Field Washington Catching and on Moscow. up final frontier The Clinton administration China Is waiting In the wings has the power to prevent Rus- to pick off the losers. sian commercial launches by Sir Norman marked Its card equally Mr Field is no closet Tory. In was talking of much the same It may TV pro- sound like the cold Daniel Leyla refusing export licences for sat- Fowler should dearly.” The text of Mr Field’s his second lecture tonight he thing in the BBC war, Green and at but it is 1993 and the bat- ellites. This would be a rever- spend his eve- first Durham lecture Is a touch will draw on his position as gramme “On the Record” tleground is commerce, not ide- Boulton on the rise of Russia's sal of the previous administra- nings In- Dur- braggadocio, but the general nhairaian of thu parliamentary the weekend. ology. still The prize is a slice of the tion’s policy of encouraging ham this week. conclusion It draws is inescap- select committee on soclaL I hope Sir Norman is commercial space taiinek mar- satellite launch industry both the Russian and Chinese It is the duty of able. security. When Baroness listening tomorrow night. As a ket worth $2bn a year. space industries in an attempt the chairman Conservatives have consis- Thatcher was in office she former social security minister The Russian space industry to encourage economic reform. of the Conser- tently presented themselves as occasionally called him In for a the progenitor of private is offering to launch western Lockheed is confident that vative party to on the side of those who want chat. Now he Is merciless in pensions, he should turn on his satellites for about half the Washington's authorisation of watch out for “freedom to get on and build his analysis of the divisive tape recorder. The member for cost normally paid in the west, its deal with Khrunichev, at a constructive thinking in the their own lives", he said last effect of her government's poli- Birkenhead proposes to “give and in some cases much less; time when Bush administra- Labour Party. If Sir Norman night Labour has as strenu- cies. He flays her with accusa- people control over their own But a price war could under- tion officials were working tiptoes into the Exhibition Hall ously contrived to be seen as tions. The very rich have done pension capital-.." He clearly mine western companies' closely with their successors, Is on Palace Green and stands the party that wants “to hold very well. The rest have not. believes that in this he has a struggle to diversify out of a sign that policy will not silently at the rear he will people down”. All the cur- The bottom 80 per cent have winner equivalent to the sale defence IBs complex contracts. . council houses. The Clinton change much. strike paydirt. He will hear the rently fashionable . theories not increased their share of of administration has indicated Yet the pressure for protec- Labour MP for Birkenhead, Mr about why it lost the past four total income, no matter how exposition of the idea indicates that it might protect what it tion of the western launch Frank Field, deliver four lec- elections are brushed away In you measure It. The top 20 per that be is better placed to point sees as a strategic industry and industry is likely to strengthen tures an why his party always favour of this simple observa- cent have. The pay of the poor- the way he is to draw the end the Bush doctrine of sup- as Russia seeks to increase its loses, and how ft can win. tion. est tenth of map He recognises that unitis- porting assets this area of Russian commercial launches. Let me explain why Sir Nor- Long before British male atton of pension would f industrial strength. Further Russian price cuts man will find it worthwhile to Mrs Thatcher wage-earners Is jeopardise the principle that ramp along to Cut-price launches would are already on the table. Rus- make a few clandestine trips. peo- It is the duty of now lower, as a pensions should equal half bring many benefits. Tele- sia has offered to launch South He is not asked to travel north ple were “opt- proportion of two thirds of final salaries. He phone calls and satellite televi- African satellites on converted In the expectation that he will ing for their the chairman of median earn- wants a phased-in move to sion should become cheaper. SS-18 or SS-25 intercontinental discover how to prevent the own form of the Conservative ings, than it “voluntary friendly societies” There could be improvements ballistic missiles. winning. was when in which individuals, . not .The sophisti- opposition from privatisation" OUtL In in air traffic control, weather Russia has offered to launch- South African satellites on cated guidance systems in the There is no danger of that. by building party tO watch records, began employers, .own the funds. forecasting and environmental converted SS-18 or SS-25 intercontinental ballistic missiles missiles should allow the accu- Labour will not listen to what their own for constructive In 1886- The Money purchase schemes monitoring. employers Companies might rate placing of a satellite in Mr Field says. It never does. It world, one thinking in the number of peo- should be reformed; be able to make economic use on the requirements of arms ket and sales of FFrdbn orbit The price is (10m. would not do so if Nostrada- which “ruth- ple dependent should continue to contribute, of the weightlessness and vac- and space races, the Russian (£600m) a year. Its FFrl4bn In an attempt to avoid a mus descended from Heaven lessly excluded Labour party on welfare has as the best do now. uum of space in precision man- space Industry still launches order book represents three damaging dispute, Russian and predicted that heeding the officialdom.” grown more Mr Field has floated other ufacturing. more than 50 rockets a year for years’ work. government and industry offi- words of the member for Bir- Money taken in since 1979 than big-bang wheezes. He has Mffliy western companies are scientific and medical In the US, General Dynamics cials are holding informal talks kenhead would guarantee a taxes competed it did in the suggested that the savings on keen to capitalise on Russia's research, ground observation, and Martin Marietta, both with their American counter- majority of 50 seats at the next with the cost of new kitchens, previous so. years. Two-thirds state pensions could facilitate a price advantage In the space and telecommunications. Mr defence contractors, have their parts, as well as with the Euro- election mid 100 at the one fol- bathrooms, or family holidays. of the population live in house- cut In the standard rate of industry- “Everyone who Yuri Milov, deputy director of Atlas Centaur and Titan rock- pean Space Agency and Euro- iowing. No, the prize to be had The Tories understood and holds with incomes below the income tax to 15p. He has wants to put up satellites Is the Russian Space Agency, ets. and McDonnell Douglas. pean Commission. A tripartite in Durham is in the form of a encouraged this; Labour did average^. favoured “workfare” as a con- thinking about the Russians,” says it could the aerospace deal setting quotas and price fresh stimulus to Tory think- the opposite. Mr Field points Old Labour readies two old comitant of full employment says an executive at an presently con- company, has floors for Russian launches ing out that one of Mr John conclusions. Rithwr more must The common thread has been Share of global international satellite services duct to five the Delta could emerge later trophy has been Major's prominent be spent on social security, or to give people the dignity of four communications this year. Such a speaking operator. big commercial rocket. Their But commercial pressures picked up before, and from the engagements in last year’s the presort budget should be earning their own money, In December, for instance, launches a sateWta market biggest cus- may quickly mount. Within same source. In 1978 Mr Field election campaign was at a reallocated. The leader, of the while allowing them to keep as London-based Inmarsat, one of year, and more (% share) tomer is still days Eutelsat, the Paris-based advocated that Labour should do-it-yourself store. party, Ur John Smith, has much of it as possible. Sir Nor- the world's top satellite opera- in future with the US govern- group which provides satellite transfer the ownership of coun- This perception that Labour appointed a Commission for man might laugh and say that tors, gave Russia its first com- foreign invest- Crwpkted 1981-1991 ment, but they telecommunications between cil houses to their tenants The must appeal to the aspirations Social Justice to see bow these that is what Conservatives mercial launch contract, worth ment. Ariane- US 34.4 also undertake Enropean countries, will people’s party rejected his pro- of the ordinary voter is not alternatives can be worked out. want Mr Field tries to show (36m. The equivalent launch space, by com- Europe 18.7 commercial choose to launch its next satel- posal The then Mrs Thatcher’s new. It is at the centre of the Echoing President BUI Clinton, how his party might success- with the International market parison, had 10 international 18L0 contracts. lite with either General hard-faced Tories made a vote- thinking of most of the Mr Field wants to get people fully offer an alternative, one Rest of world 28l9 leader, Europe’s Arianespace, launches last Despite Dynamics, Arianespace or Pro- winner out of it. “No poli- “modernisers” in the Labour off welfare. He wants total that serves the interests of the costs than (60m. year. space's ton. reduced, individual per cent We will more Forecast 1992-2003 A riane Mr Jean Grenier, Eutel- cy..xomes anywhere near to party, including Mr Peter spending bottom 80 More western contracts The western US 22.8 dominance in safs director general, acknowl- having the impact this. ..has Mandelson, Mr Giles Radice, dependent's Incomes increased. have to take Labour seriously should follow. Lockheed, one of launch industry Europe 23.4 launching com- edges his organisation's had in summing up what polit- Mr Nick Raynsford and the He proposes a “Commission on when it overcomes its under- the largest US defence contrac- also has roots International 20.7 mercial satel- pro-European “solidarity” with ical parties stand for,” says its potential leader of a resurgent Economic Opportunity" which standable irritation at the tors. has signed a pact with in defence and Rest of world 33.1 lites, it is in the Arianespace and a recent suc- self-proclaimed author now. opposition, Mr Tony Blair. It Is would work out policies neces- bumptiousness of the member Russia's Khrunichev Enter- is suffering US where cess with the General Dynam- “While the Conservatives emphatically not the same as sary to re-establish full for Birkenhead and adopts his *Forocasc Source: EurocormuR prise, the builder of the world's from the fall In j efforts have ics rocket scooped the advantages, saying that any party hoping employment as a Labour goaL central theme. Meanwhile, the most reliable rocket, the Pro- the value of been greatest to But the Russians also get Labour's fractious opposition to win must ape the Conserva- Another Labour thinker, the ptelringB are there for Sir Nor- ton. The joint venture will try contracts which has followed ward off the Russian assault approval: “We need reliability to the sale of council houses tives. self-exiled Mr Bryan Gould, man. to sell cut-price launches on the end of the cold war. Many Vice-president A1 Gore has and a good price and without Protons to companies and gov- defence companies have tried endorsed industry calls for any doubt the Russians have a ernments around the world. to diversify into civil work “fair market pricing" and lim- lot of experience, they have “This is the tip of an iceberg such as commercial satellite its on tile number of launches invested a lot of money and LETTERS TO THE EDITOR that will lower the cost of lannching. made by eastern competitors. talent in their space industry.” transportation into space,” Four- western companies “The emergence of [space A second contract for Proton Number One Southwark Bridge, London SE1 9HL says Mr Mel Brashears, assis- have been successful in this industry] competitors from . would confirm the arrival of Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution tant general manager of Lock- business. Paris-based Ariane- non-market economies the Russians as a significant heed Missiles and Space. space, owned by more than 50 increases the opportunities for presence in the satellite launch The iceberg is big enough to European aerospace and predatory pricing - the very market Bat in so doing, it export Gains may; threaten the dominance of the finance companies and five same economic weapon that might also increase the pros- UK Depressing not to west's launch industry. Built governments, has half the mar- foreign countries employed in pect of a trade war in space. effort in have manufacturer be costs danger From Mr PkBippe Legram. Sir, Samuel Brittan (Eco- From MrJA Larkin. among rights issues nomic Viewpoint, January 28) Sir, Trade Indemnity's paper suggests an exercise for “some ET the reinsurance of export From Mr Dantzic active approach. Institutions, economic modeller (not for the on R M credits (“Warning over lack of Sir, I find it somewhat and company corporate advis- busy executive)". As a nct-so- FINANCIAL TIMES CONFERENCES cover for exporters”, January depressing that the rights issue ers, should be encouraging the busy student at the London 26) highlights a major concern. season should have “kicked manufacturers and exporters School of Economics, I believe Recent publicity about the off” without any representa- to re-finance to take advantage his question should be re- portfolio management system tion from the manufacturing of the opportunities created by phrased. - and tiu problems of obtaining sector. With the government's sterling’s decline rather than He suggests weighing up the medium-term support from the heavy funding programme, the retailers and importers of gains from the boost to output government has overshadowed equity capital is likely to be In whom we already have a sur- provided by a larger budget TRANSPORT IN EUROPE a potentially far more serious short supply and, accordingly, feit deficit In a recession and the problem for the majority of UK the City's traditional “first RM Dantzic, costs of a higher debt burden exporters. We estimate that if come, first served” method of 12 Bedford Road. to future generations. vs; political risk capacity cannot allocating capital needs to be Moor Park, But what if the gains are in CREATING THE INFRAimiUCTl^ be found either from the gov- supplemented with a more pro- Nortfnoood, Middx HA6 2AE fact costa? The unprecedented ernment or the private sector slide from fiscal virtue to fiscal £4bn of UK exports could be debauchery of about 6 per cent left unprotected. Most UK com- Matter of course, not eccentric of GDP in two years has been panies could not take these accompanied by prolonged London, 2 & 3 March 1993 risks themselves and would From Masamitsu IgakL comment from the Japan Auto- recession and high long-term have to withdraw from the Sr, I read your newspaper’s mobile Manufacturers’ Associa- interest rates (which cripple markets involved. article (January 25) about Yan- tion. It thought it was more the investment needed for This be a disaster. We ase, a Japanese car dealer important to improve the future growth). The Financial Times fourth conference on European Transport will look at the would therefore hope the government which makes staff use public transport infrastructure. This In contrast, the fiscal tight- important issues in Europe's fast-changing transport industry. The liberalising will take these proposals for a transport to get to work, with response is quite understand- ening of a trirnflar size in 1961 partnership with the private much interest The article pres- able. Car manufacturers are produced rapid growth and and harmonising of transport, financing future infrastructure as well as the reinsurance market seriously ented the policy as unusual always sited outside cities in falling interest rates. Mr Brit- and give all assurance to UK and even eccentric. However. I the countryside. For workers tan seems harnessed to the development of pan-European integrated transport systems will be reviewed by exporters that they will con- take it as a matter of course. in these factories there is no failed pseudo-Keynesian ideas tinue to top up NCM Credit In Japan for a long time alternative but to use their of the past a distinguished panel including: Insurance's existing reinsur- many office workers have been own cars. For city centre work- Britain can only gain from ance arrangements as long as told by their employers to use ers, however, using public cute in profligate current

this is necessary. trains and buses in big ci ti es. transport is the rule rather expenditure which is under- Rt James Larkin, Yanase was a special case than an eccentric exception. mining confidence and ham- The Hon John MacGregor, QBE MP Professor Dr Gunther Krause deputy chairman. because the workers were Masamitsu Tgairi, pering present and future Secretary of State for Transport Federal Minister of Credit Insurance Group. allowed to drive into the city ejo Unguarama, growth. Centre Point, centre. The only reason was- 1 Elm Court, Philippe Legram, Transport, Germany 103 New Oxford Street, that they dealt in cars. Arden Street 88 Lansdowne Road, London WC1A1DU The article also included a Stratford. upon Avon London W112LS Mr Jos6 Capel Ferrer Mr John Welsby UN Economic Commission for Europe No urging Coal recommendations should not be accepted British Railways Board on EBM From Dr Harold Hughes. form of new power generation. From Mr Daoid Porter. Sir, Your editorial (The In our view the committee Sir, The select committee has From Mr Yasuo Nozaka. committee and the colliers”, failed properly to address the made a brave effort to find Mr Pitt Treumann Mr Emmanuel Vasseur Sir, I am writing in connec- January 30) on the the subject consequences for gas arising ways of keeping miners at European Investment Bank Banque Indosuez tion with your article “Japa- of the trade and industry select from Its rBcmnmumhiti/wwi Tt» work when the demand- for nese urge Britain to re-enter committee's report on the coal 'consideration of the gas side of coal is falling . But when it rec- ERM” (January 28). This industry has the same reassur- the energy balance was per- ommends further protection referred to a speech given by ing statement about the lack of functory and its conclusions on for coal, it seems prepared to Hanreich Dr Andris Timfir Minister Tamon Kitabatake of effect on the natural gas indus- the subject buried away in sev- hurt other legitimate commer- Mr Gunther this embassy to a seminar held try which the authors of the eral places. There was no cial interests. Ministry of Transport, the Anglo-Japanese Parlia- report public to attempt at full and impartial Generators Ministry of Public Economy by would like the a . which produce Communication and Water mentary Group on January 27. behave. study of the implications for electricity cleanly, efficiently and Transport, Austria When I read the article I was The offshore natural gas pro- Britain's vigorous offshore and at a true commercial price Management, Hungary concerned that the headline ducers do not share this com- industry gridwg from the over- might expect to be competitive and the first paragraph, might fortable view; neither should all recommendations. in the new electricity industry. be somewhat misleading, as those employed in the offshore This offehore industry, far Instead, if they are not benefi- Christopher Garnett Mr Graeme Dunlop they imply that Japan Is industry or the 300,000 whose from needing expensive ciaries of the new coal deal, Mr urging Britain to reenter the onshore jobs support its activi- longterm subsidies, is ftaaif a they may well be forced out of Eurotunnel P&O European Femes Limited exchange rate mechanism. ties. significant taxpayer, having the market. That Is hardly What Mr Kitabatake stressed The committee's recommen- contributed over £115bn since what they expected when the - was the importance of a stable dations threaten both existing operations began. It is respon- government announced the Japanese invest- sible for quarter of all electricity privatisation pound . for and new gas-fired power plants alone a in Us ment. He did not urge Britain (CCGTs) and therefore the off- the investment to UK’s produc- White Paper of February 1988. Financial Times Conference Organisation TRANSPORT IN EUROPE to reenter the ERM. shore projects supporting tive industry. It promised that the new indus- 102-108 CLerkenweU Road, London SSA EC1M We appreciate that rejoining them. The committee recom- It Is time the 55,000 workers try would be subject to. compe- Tel: 071-8149770. CREATING THE INFRASTRUCTURE FORTHE FUTURE Tbt. 27347 FTCONFG. Fax: 071-8733975 the ERM is a matter

' Position Dept. significance, and we would cer- substantial raprfai investments recommendations were given hope that Mr Headtine will I I Please send me conference details COmpany/Organisation tainly not -take it upon our- already made and the contracts consideration equal to those take account of this when he Please send me details about exhibiting at die n Address selves to urge upon the UK entered Into. Future CCGTs employed elsewhere to energy prepares the White Paper of. conference government any particular and offshore developments are production. The government February. 1993. course of .action. the subject of recommenda- should not accept these recom- David Porter,. -aty Yasuo Nozaka, tions to restrict their develop- mendations as they stand. chief executive. PostCode Country director. Japan Information ment. despite the fact that the Harold W D Hughes, Association of Independent FINANCIAL TIMES Tel Tlx "Fax and Cultural Centre. committee has had to admit OK Offshore Electricity Producers. Type of Business Embassy ofJapan, that not a angle witness chal- Operators Association, Herod^oot, CONFERENCES HA lenged the position Hans Crescent. Liskeard, 101-104 PkautiUy. . that gas- 8 m London WlV 9FN fired plants axe the cheapest London SWlX 01N Cornwall PL14 4QX . ;? . "

financial times Tuesday February 2 1993 15

publish he UK government’s has forced the banks to UK banks are rethinking small-business policies, which custom- inquiry into whether charters for email-business «nd .them of high-street banks are could lead to more expensive loans, says John Gapper ers, to start notifying FINANCIAL TIMES . spoiling the ^1^ of charges before they are levied. felriy an economic recovery by They have nonetheless been Number One Southwark Bridge, London' SEl 9HL from mnV-ingTloans to small businesses effective in to hide Tel: their 071-873 3000 Telex: 922186 Fax: 071-407 5700 prohibitively expensive did not end public view the size of. and as expected. Mr Norman Lament, increases in charges. Barclays that - have dis- equation National Westminster chancellor, the The Tuesday the started inquiry February 2 1993 on amid a wave of public antipathy to closed that their average margin has risen from banks. But it ended with the conclu- small-business loans base sion that they have not behaved as 2.9 percentage points above over 18 badly as many of their customers rate to about 3.5 points and India needs thjplc. didn’t months. But the level of fees add associated with these loans up charges The Inquiry was completed last week with the announcement that has been rising much foster. Nat- banks will allow businesses with faded and property prices fallen, Mr Smith estimates that business rose turnovers of less than £lm to make lending secured on property has West’s commission income by faster Barclays' rose by reform to have also 27.9 per cent and complaints the banking ombuds- become unsecured. Banks man, as personal customers already found that some of the money they l&2 per cent in 1991, while the over- in the WHEN Mr Manmohan Singh was Mr Singh also needs to prove can. hi spite of a public belief that theoretically lent as working capital .>• all value of transactions by Oil appointed India's finance minister that he can make the public sector banks had not passed on Interest was used to substitute for equity in banks' raring system fell that small bust- during a payments crisis in 1991, shrink, while giving those who rate cuts to small businesses, it undercapitalised businesses. They per cent He argues dispropor- he said: “We in this country have run the administration and state found that they bad only slightly had not followed loans closely - nesses probably bore a to wake up to the harsh realities corporations greater flexibility to widened the gap between base rates enough to discover this. tionate amount of this rise, because of this new world." His economic manage their staff. Recent distur- and loan interest rates. The result was that money there was stlffer competition among reforms have begun to dismantle bances may mean the time is not Yet behind this facada of stabil- ploughed into the fabric of small hunks for personal customers. Isolationist barriers, as well as right for full convertibility of the ity, the banks are engaged in a fun- businesses - disguised as "hard improving India's creditworthi- rupee, but this should be achieved damental rethink of small-business core” overdrafts - was impossible here are still few alter- for ness and easing the bureaucratic as soon as possible. lending, which could lead to for to get back. Banks now grumble natives to banks Even stranglehold on business. All these measures are politi- more expensive and restrictive that the return on their loans, smaller businesses. loan But as he prepares his third bud- cally charged. But all are neces- loans. The 1980s lending that led to which seemed generous at the time, if they can seek elsewhere, most get to be delivered on February 27, sary if Mr Singh is to proceed with talk of an “enterprise culture” has was not anniTgh to cover this sort of finance * lending • • c v v businesses rely on banks' Mr Singh still faces enormous reform. gone so wrong that banks are now risk. “We have been much :; : Map*of Number* V small accounts . tooMStt j.iagdMggp' per- tasks. The international climate questioning the nature of the mar- too cheaply, because we have actu- v clearing services. While most

! banking if Though the economy is turning remains fair for India. The British ket Barclays has been. writing off ally provided risk capital,” says Mr 3^0^. '-A48^83 sonal customers get free are rising. Upwards and faflaHnn jg falling leaders who travelled bad inana to sra^n businesses at t David Lavarack, Barclays’ head of ' in credit, business fees , business he - Mbnagwhsees- \. Y-' 2*8*>199,3*3 lot of choice out exports and foreign investment with Mr John Major last week rate of Elm a day for 18 months. small business. ‘ -There is not a . Faedrafea ! 3S3JM8 ; > : \ ; . are disappointing. Moreover, the were given a convincing picture of The problem of small-business As. banks have reassessed snail- there, and most people are with one ‘ *' ." - 88 * says Mr Stan budget will launch a session of the opportunities. The settlement lending has big implications for business lending, they have been ***** 'f rjMduBW. : -iflrojsa. L 43^ bank or another,” parliament likely to be turbulent of India's dispute with Russia on British bank profitability. When faced with the most worrying feet Mandham, founder of the Forum of for the government of Mr debt payments improves the pros- banks faced growing competition In - they have no reliable way of cal- Private Business. Banks have made ' - : PVNarasImha Rao. The prime pects for the balance of payments the personal and large corporate culating profitability. In theory, -x- V. moves to offer equity finance to minister's lmran-fratn handling Of and for export markets. India con- sectors of their business in the banks should allocate capital by small companies through venture the Ayodhya temple dispute has tinues to receive substantial aid 1980s, small corporate lending assessing the risk of different forms capital But they have little appetite •:••• - '> . - MfriMttf \ • fYimmjtmpnffi . mmm : for taking equity stakes In a lot of left his government lacking direc- appeared the last bastion of easy of business, their profitability over ", tion. A January cabinet reshuffle However, foreigners must ques- profits. Building societies were a business cycle, and overheads. By antaii businesses. ' '4.'' ”, talk of the carried no message, wasting an tion how reform means offering rival cheque accounts to doing they will not be over-influ- •: Some bankers now much ; 90, • ‘ -.Manafl^^.. !%**<: - V i -v opportunity to restore leadership. when aid commitments for badly- personal customers, while big com- enced by profits during economic government having to provide tax .-y- - ,*• v;' to Just infrastructure projects are better credit upswings, losses. • • • breaks if they are to lend again as financial crisis provided needed panies with ratings or recession - .. ... :• - - jr, >. : , : t initial justification for economic not utilised because of a lack of than banks obtained money directly In practice, banks are finding thfa poorly capitalised businesses. But * neither reform, so the political malaise Indian counterpart funds. Invest- from wholesale markets. extremely difficult. Overheads are » .. Mr Meudham argues that provides a platform for Mr Singh's ment projects cleared by one min- In contrast, there was slim com- hard to calculate when different small businesses nor bankrc can budget. He can recreate an iden- istry can be blocked by another. petition in small-business lending. businesses are carried out through fends -' abandon each other in a time of tity for the government by deci- Foreign business people must pay Fewer than 1 per cent of the JL9m branches. And financial data are adversity. “I think most businesses sive action to open the economy more than Indians for hotel rooms businesses with an annual turnover not good enough to monitor would prefer the devil they know, - (PwmT* „ • as the relationship further. and domestic airline tickets. Even of less than £Im are estimated to rewards over past cydes. “Banks - • - as long . aa»>' v' should • improves,” says. Among the steps he take a request for installation of a tele- sen debt to obtain working capital, are about five years behind other • <•"' *’ he • '? •0-2*. -Stf • -.-vs 20^ . ; tariffs, V."-. charges indeed are sharp cuts in including phone line in reasonable time a process known as factoring. And large corporations in their financial '- The fuss over may ' -• 2-4% . v' • Bf A those on capital goods needed to must go to the minister for com- in spite of speculation about compe- management,” says one clearing K foil to break up the old relationship *: a*---. V sv'- is . •>.'! A and ' small busi- develop infrastructure and export munications. tition from foreign banks, Barclays, bank director. ' between banks •«s v‘1 J industries; a shift of tax revenues Mr Singh has the opportunity to National Westminster, Lloyds and The finanoe directors of several nesses. If the banks' get higher »8*: -‘.s S?V.' . away from customs duties to new erode significantly the mentality Midland still provide the bulk of banks are now working on produc- returns, and small businesses can sources such as a value added tax; which creates such frustrations. financial services to 84 per cent of ing better profit measures. Mean- complain to the banking ombuds- sides and reform of the financial sys- As a technocrat rather than a the market. while, hanks are trying to increase -' - man, both may gain enough t?- ‘ *• V a* tem, including cuts in subsidised career politician, he can be bolder Not only were there few rivals, profitability in two ways. m from the latest inquiry to satisfy lending, more efficient manage- than his colleagues might be. He but there also appeared to be little first, they are trying to reduce them- But the severity of losses sus- ment of state-owned banks, reor- could even, as the fruits of reform risk. Banks thought they could risk. They are changing how they National Westminster has devised the past 18 months, which led to the tained by the banks could lead to a ganisation of their balance sheets pass into the economy, prove to be duuge higher margins than they assess the risk of loans, and trying training courses for its managers so Treasury inquiry. Mr Terry Smith, a break with the past . and injections of new capital. his party's saviour. would get on large corporate lend- to monitor companies once loans they can assess the competence of banking analyst at Collins Stewart, This depends on banks’ new ing without much threat of losing are made. Although banks insist small-business owners more says hanks are testing the market methods of assessing loan risks. For that their capital Much lending was that managers have always been strictly . “Often everything is rest- without a sense of what price it wifi the first time, the assumption secured on properties of business taught to look at cash flow rather ing on a single man’s shoulders,” bear. “They do not actually know small-business lending is an easy Cutting tape than, the level demand.” he says. source of profits is being ques- red which rising in price. security, is NatWesfs owners, were loan the message says Ms Jane Bradford, of Businesses that foiled presented lit- now being reinforced. head of small business. Banks have traditionally tried to tioned. For now, banks will struggle THE BRITISH like to think of legislation will be drafted with a tle risk, while most thrived in the 1 am a strong advocate of staying Second, they have raised charges raise charges and loan margins as along. But it is not certain that themselves as a pragmatic nation view to supervising the outcome late 1960s boom. in touch. We and our customers on services, such as cheque-clear- surreptitiously as possible. But this their old bonds with small compa- with no time for the formalities of actions rather than attempting This happy equation has since benefit from them pulling out finan- ing, and reexamined loan margins. has become harder because of nies will ever wholly recover from which often burden their Conti- to control the details of the pro- fallen apart. As businesses have cial data,” says Mr Lavarack. It is this process, out over increased public scrutiny, which tire wounds of recession. nental rivals. Yet there is growing cess. Business should be aware evidence that business in the UK that there are effective penalties is hobbling through ever more for actions which lead to financial tangled lengths of red tape - not fraud, food poisoning orr accidents. all of it imported from Brussels. Within this general principle Productivity leads America’s recovery Mr John Major is not the first there , are clearly many activities prime minister to declare war on which still need light-touch regu- the problem and he will today lation. Notably, the translation of There is a quiet the legal profession. ate in today's tough economic cli- continually pushing out the enve- sources ofjob creation. In response, meet ministers and senior civil EC directives into UK law must be transformation now The dark side to this outcome has mate. That is because the US econ- lope of discovery and innovation. new sources of hiring most be-sthn- servants to hear their Ideas for monitored to prevent UK cavil ser- shaping the basic not been lost on America’s once sac- omy is still in the first stage of a A key goal in the 1990s should be ulated - not by relying on make- reducing the burden. vants gilding the Brussels lily. fabric of the US rosanct white-collar workers. productivity revival The victims of to craft economic policies that pro- work pork barrel projects but The extent of red tape has been The government has already economy. The evi- Whlfocollar hiring in services has restructuring are fearful of perma- vide further impetus to this nascent through the birth of new compa- well-documented. A small busi- said it plans to introduce more dence: an impres- screeched to a standstill - rising nent job loss. And survivors are productivity-lad recovery. Incen- nies. Entrepreneurs and other risk- ness owner would need to read 28 formal techniques for measuring sive turnaround in only 0.2 per cent in 1991, easily the hurting as well - less secure about tives for capital formation are criti- takers will need incentives to fill booklets running to nearly 270,000 risks and assessing the cost to -- productivity, the weakest performance in more than their prospects and working lon- cal, and in this regard President the looming employment gap of the r , Job words to understand all the regu- business of complying with new PERSONAL magic elixir that 20 years. And with private service ger and harder than ever before. Clinton is to be commended for his 1990s. Elimination of capital gains lations affecting him, one business laws. These techniques and indi- VIEW hold the key to any industries accounting for literally Of course, productivity gains can- support of an investment tax credit, taxes for patient Investors in busi- lobby group has calculated. The vidual assessments need to be nation’s standard of three out of every four workers cur- not be sustained Just by adhering to defence conversion, and a perma- ness start-ups - together with an 1980 edition of one of the basic made public. Also, the existing living. Over the past year and a rently employed in the US, the out- the slash-and-bum strategies of nent R&D tax credit. Moreover, employment tax credit - would go textbooks on company law ran to deregulation drive requires a half; business productivity has risen come has been a dramatic compres- intensified cost cutting. Such an Clintonomics has much to say a long way in satisfying this aim. 486 pages in 1980. By 1991 it had higher profile and greater political at a 15 per cent rate - about dou- sion in overall Job creation. outcome would lead to a “hollow- about an upgrading of Tinman capi- Such targeted Incentives are the expanded to 3£44 pages. momentum. ble tiie rate that would have been What is critical to appreciate, ing” of corporate America at pre- tal stressing the combination of most affordable of all: no tax break Small businesses in particular In the end, any system will only expected in this anaemic recovery however, is that today's pain could cisely tiie time when rebuilding is educational reform, apprentice pro- without a job creating start-up. have long complained about the be as good as the officials respon- and all the more encouraging when well be laying the foundation for essential to maintain global market grammes, and worker re-training. Most of all America’s new leaders cost of administering VAT and the sible for applying it. Training compared with average increases of lasting gain. Many positive benefits share in an ever-expanding global While these prescriptions seem to must now come to appreciate that burden of compulsory audit. In should focus on the need to only 02 per coot from 1987 to 1991- are already apparent Reflecting economy. Thus, the second phase of match the imperatives of productiv- the door is open. If the US is to earn recent years regulations have enforce rules efficiently but sensi- Prodnctivity Improvements in the intense cost cutting, business unit a produdivity-Ied recovery requires ity enhancement, the benefits could its fair share in an increasingly been added In food safety, child bly. The FT’S own research has US stem from the most powerful labour costs are now up only 0.5 per companies to look beyond restruct- be lost if the new president tilts competitive global market place, it care, the environment and trans- revealed startting examples of offi- economic force of all - global com- cent over the past year, a very hope- uring - embarking on a bold away from trade liberalisation to must stay the course of a productiv- port safety. Every piece of legisla- cial zeaL petition. Record trade deficits forced ful sign for the inflation prognosis. course of enhanced capital forma- shelter US Industry from global ity-led recovery. tion may individually make sense The unseen costs of excessive manufacturing companies to ai«h inriflcd, disinflation is the silver tion and providing workers with the competition. Equally disconcerting Ultimately, that's what gives but taken together they add up to regulation are considerable in costs with a vengeance. Now the lining of a productivity-led recov- latest in technologically sophisti- would be a lack of fiscal discipline workers the fairest shake of all, get- a heavy burden. terms of higher prices, the stifling pendulum of global competition has ery, broadening the purchasing cated tods needed for improved effi- — a possibility if the Clinton admin- ting paid a Just reward for their The government has had a dere- of innovation and ultimately jobs. swung into the service sector, with power of beleaguered consumers, ciency solutions. istration does not adopt a credible innovative endeavours. gulation initiative In place since Removing red tape Is an endless deregulation and globalisation and auguring well for further reduc- There Is also a third phase, entail- programme of deficit reduction. 1985 but has foiled to stem the tide task requiring some delicate judg- prompting a new wave of restruct- tions in longer-term Interest rates. ing long-overdue upgrading of the PoIIcy must also be sensitive to Stephen Roach of new regulation. What practical ments but it is a challenge which uring - hitting banks, airlines, tele- Needless to say, the beneficial quality of human capital -* giving the dark side of a productlvlty-led steps can ft now take? yet again requires a sustained communications, retailers, insur- impacts of such a productivity-led workers a new set of intellectual recovery. America is now suffering The author is co-director of global First, it should resolve that new effort from the top. ance, advertising, accounting, and recovery may be difficult to appreci- tools, so they can work smarter, from a profound loss of traditional economics. Morgan Stanley & Co ICI pays up Observer STROKING Britain’s cent increase this year is in recession-weary business commu- exchange for changes in shift pat- Putting heads Neff is said to be coming up fast citizens more time on the beach next head of the CIA. he can expect nity Is likely to be a central theme terns and other radical changes In and has his eye ou Roche’s crown. before fights out He insists his a third-degree interrogation. In the government’s forthcoming working practices which will pro- Jim Kennedy, editor of Executive city will stay on summertime for Liberals will want to know budget But while prime-minister duce an equivalent saving. ICI together Recruiter News, describes him as two more months and says that whether he is a cold war warrior' John Major is keen to employ knows Its business and is updat- “the young bull challenger to the if his people are confused they can In disguise while the conservatives Interest rate cuts and tax breaks ing its working practices in order One of the more fascinating old smoothie Roche”. always wear two watches. will want to be reassured that he as evidence that economic growth to compete in the global market- sub-plots in the hunt for the next is hawkish enough for their tastes. and an export-led recovery really place in the 1990s. boss ctf IBM Is that it has thrown T.ike bis new commander-in-chiet are at the top of his agenda, Brit- Id, they will argue, acknowl- together the world’s two top Princess the 5l-year-old Woolsey started ish companies continue to resist edges that the end of a recession is headhunters - Tom Neff and Gerry Well read in the sticks - Oklahoma — before the message. not the best time to agree a real Roche. If it were any other company Denmark’s new Social Democratic The hot money is still on an climbing that well known path to Mr Major’s heart will have sunk increase of 10 per cent; but the than IBM, it would be hard to prime minister, Poul Nyrup internal candidate to replace Rupert power Stanford, opposition to the yesterday morning on seeing negotiations were started two imagine two of the world’s most Rasmussen, is taking no chances. Pennant-Rea as editor of The war in Vietnam, a Rhodes , details of the latest pay package years ago when an imminent competitive headhunters being Mindful of the fate of his Economist magazine when be scholarship to Oxford and Yale agreed by Imperial Chemical recovery was confidently expec- asked to bury their differences and predecessor, Poul Schifiter, who departs for his new job as deputy LawSchooL Industries. workers at ted. Of coarse Id would have pre- share their contact books. resigned last month after having governor of the Bank erf England. But Jhn Woolsey is not as three ICI plants can expect to ferred to achieve the changes It is highly unusual for a firm been caught out bang a little too The paper's culture, though buttoned-down, as be seems. Just receive douhle-digit pay rises this without needing to offer this to advertise its use of headhunters economical with the troth, intellectually sparky, tends to be as his president seeks relief with financial year followed by an extra nnawn-tai incentive to the work- and even more imnmial to hire two. Rasmussen has apparently derided hostile to would-be editors from the saxophone, Woolsey is a 4 per cent a year for two more force to co-operate; but the threat However, IBM has announced that that his civil servants should not outside. But one possible outside fjftnrfrflh ballroom dancer, a years on top of the annual pay of Industrial action in a capital-in- ft has retained Heidrick & Struggles be allowed to drop him in it. candidate has insider qualifications. one-time instructor at the Arthur round. The agreement should in tensive industry is too harrowing and Spencer Stuart, two of the top To whit he has ordered 30 copies Tve been away - what’s the Sarah Hogg, head of the Number Murray sdlooL He is also a' deep time cover all Id's 20,000 manual to consider, however high the offi- four US-based headhunters. The of the Yes, Minister, and Yes, Prime currency of the month? 10 policy unit, is a former devotee of baseball, and not above workers. Meanwhile, the govern- cial unemployment rate. advantage of having two firms is Minister books from the English economics editor of The Economist drawing lessons from the game ment, struggling to control the True, this pay package means that it proves to investors that Bookshop in Copenhagen. It can beach are owned by the central She also proposed Pennant-Rea that are applicable to growing fluwii deficit and prevent the productivity gains will be used everything is being done to find be safely assumed that Sir government and were showing the for his new post at a late stage in mteHigence-gatheriug. sterling's recent devaluation from to increase workers' pay rather the right man. Humphrey and Machiayeili will new Hina Radio commentators the Whitehall job search. One thing he will have to come feeding into wage settlements, has than to cut prices and increase It also overcomes the problem continue to rule during what did not know what Hm* to give, What could be neater, now that to grips with, however, is a change imposed a lYi per cent pay celling exports to close Britain's gaping of headhunters who are barred from Rasmussen claims will be his resorting to “it’s 10 minutes past it's all hard grind in Downing In life-style. After a particularly on public sector pay increases. trade deficit; but the macroecon- poaching executives of firms they “decade of decency”. the hour". Meanwhile, airlines Street, to plop back Into one of good party a few weeks ago, Hold on a moment ICTs man- omy is the government's business. have recently worked for because flying in and out of Rio had no idea British journalism's more attractive Woolsey received a late night call agement will say. Our pay pack- And yes, workers at Rover agreed of self-imposed off-limits rules. Even whether aircraft were running on seats, having emptied it in the first from the CIA. Would the age does look a little embarrassing last year to a radical change in headhunters have ethics, ft seems. Rio time or Brazil time. place. Now there’s a Machiavellian director-designate please close his for the government but this com- working practices, in order to II IBM is going to find a Beach bums Paulino Cicero, Brazil's minister thought. front door ami, while he was at parison with the public sector match Japanese productivity lev- wundcrktnd, then these two should A small rebellion has broken out of mines and energy, calls ft an it, kindly stop leaving the key really is not valid. els. while receiving no specific be able to do ft. in Rio de Janeiro. The fun-loving act of “insurrection", and says it’s under the-mat increase, agreed payments In return; but Rover Is a The downside is that they are capital Brazil refused to keep a bitter blow for a This year’s pay of has country which, Key to spying last June, was only 5.1 per emit,, special case. Offering large finan- fiercely competitive. Heidrick & in time with the rest of the country has always prided itself on its unity. carrots exchange perhaps a little high compared to cial In for pro- Struggles* Roche is the and put its clocks back. But Cesar Mala, Rio’s new mayor, Controversy always surrounds inflationary expectations but not ductivity Increases is standard acknowledged king of the Rio's decision to stay on is unrepentant. He says it’s all part America’s number one spy. So when Composed out of line with average pay settle- British practice. headhunters. He was the man who summertime caused chaos in the of his new campaign: “Up with Sun, Jim Woolsey appears before the m WMt do astrologers have on their ments at the time. The extra 6 per It must cease to be so. found Apple’s John Sculley, for city yesterday, particularly as the Down with Bureaucrats.” He US Senate today for confirmation birthdays? example. However, Spencer Stuart's digital clocks placed along-fhe wanted to give his sun-worshipping hearings on Ms suitability as the Prescience. 16

ElherneJ • IBM Cabling System * LAN * Western FINANCIAL TIMES Fibre Optica • ATAT'a PDS Nevada Belden • Digital'* DECconnect 2 1993 Tel. 0753 6868B4 THE STANDARD FOR EXCELLENCE Tuesday February

UN peace authority sees no security justification for attacks THE LEX COLUMN Cambodians hit Khmer forces Paper tigers i By Victor Mallet Untac officials said villagers likely performance in the clash, but most of the fighting It does not say much for the imposes great demands on the man- in their index; in Phnom Penh some areas had Oed their homes elections and are probably was between the government and government's credibility that Inves- FT-SE 2851.6 (+44.4) agement's adaptability. Making the and government troops bad con- mounting the offensive in an the Khmer Rouge. tors apparently prefer to believe tbe Littlewoods' space sweat may also CAMBODIAN government Sunday than prove than expected. A dedi forces scripted civilians and former ref- attempt to strengthen their grip The Khmer Rouge was blamed press on interest rates British Steel trickier have launched an offensive ugees recently repatriated from on the countryside This would for the deaths of lm Cambodians official word from Dawning Street. cated food retailer should certainly against than Little- Khmer Rouge guerrillas TbaiJand. Some were reportedly give them a stronger band in any during Its reign of terror between Strenuous denials from Number 10 Share price relative to the squeeze better returns on several fronts in the worst being used as forced labour to negotiations to form a coalition. 1975 and 1978. when Vietnam could do nothing to dissuade the FT-A All-Share Index woods did. Nevertheless, it seems odd fighting since the United Nations carry ammunition. Khmer Rouge leaders are boy- invaded and installed a pro- Viet- equity market from the view that to create a combination resembling a peacekeeping mission was estab- The Khmer Rouge almost from cotting the polls, but are banking namese communist government rates are heading lower. Thanks to poor shopper's Marks and Spencer lished a year ago. the start refused to co-operate on being Included in a future UN military observers and elec- further slippage in the pound, over- when the wisdom of such joint trading The UN Transitional Authority with Untac, take part in elections administration by Cambodian toral workers have often been seas earners led the equity market formats is coming under scrutiny. in Cambodia fUntac} yesterday or abide by peace agreements it politicians wbo will want to impressed with the commitment bigber. But handsome gains in inter- Iceland’s share placing is also puz- announced a catalogue of cease- signed In 1991, forcing the UN to avoid tbe permanent partitioning and discipline of the Khmer est rate and inflation-sensitive sectors zling. Its progress in reducing gearing fire violations since Friday in acknowledge that the administra- of the country into Khmer and Rouge troops, and Untac officials - such as banks and property - con- to 41 per cent suggests it could easily five of the 11 military sectors into tion of Mr Hun Sen, the prime government zones. have therefore been surprised by firm a strong belief in easier money. have coped with the £2dm cost of fit- which the UN has divided the minister, bad the right to defend Among other attacks, govern- the success of recent government Only a poor performance from Glaxo ting fridges at its Littlewoods sites. country, including artillery and itself. ment forces in the west have offensives. But there bave been and Wellcome prevented the FT-SE 100 Iceland is clearly giving itself leeway mortar Ore exchanges. Yesterday, however, Untac said advanced to within 20km of signs of differences within from testing its all-time high. to buy further parcels of stores - with Although the ceasefire has the latest government offensive Pailin, the Khmer headquarters Khmer Rouge ranks. Some Whether investors are right to view the shrinking Gateway being the most been in tatters far months, and could not be justified by concerns ear the bonier with Thailan d. Khmer guerrillas have registered the government’s credibility gap with obvious seller. But it will have to there were no immediate reports about security. Further incidents were to vote. According to a senior such equanimity is another matter. A tread carefhlly. of heavy casualties, the offensive Officials of Cambodia’s Viet- reported in the north and Untac officer, at least one Khmer lower exchange rate is doubtless part will further damage Untac's cred- namese-installed government, north-east of Cambodia. Troops Rouge commander refused to join of the government's scheme to help burden just because British Steel has ibility as it attempts to prepare many of them corrupt and of Funcinpec, the royalist party, In a battle for the defence of fund the public sector borrowing already closed Ravenscraig. Other ICI for elections in May. unpopular, are worried about were involved in at least one Pailin a few weeks ago. requirement and promote an export- European countries may demand fur- ICI is getting into the habit of pull- led recovery. But that is no easy out- ther sacrifices, especially given British ing off tidy deals. Yesterday's tie-up come to orchestrate. Sterling's fall Steel's exchange rate advantage. gives its Tloxide subsidiary a share in could get out of hand, especially when Besides, the economic downturn in existing production capacity in North Amato puts policy is in the hands of a government Europe hardly bodes well for demand. America and access to valuable tech- blown this way and that by short-term Cheap imports from eastern Europe nology which can be deployed else- policy considerations. continue to depress prices. where. Competitors in the overcrow- coalition’s Foreign currency borrowing would British Steel is unlikely to revisit its ded titanium dioxide market may also at least signal Intent to intervene if earnings peak of 28 .Dp in the year to be pleased, since ICI shelved plans to necessary. That might help control the March 1990, not least because it no build its own plant in Canada. That fate ahead exchange rate as well as fund the longer has net cash in its balance underlines the dilemma for ICI chemi- PSBR. Lower German interest rates sheet. Investors cannot expect 8.75p cals after the demerger of the pharma- and a weakening D-Mark might even- dividends again. Last year's reduced ceuticals side. Maintaining a presence of Craxi’s tually help avert a sterling crisis. But dividend of 4.5p might be sustainable is expensive: a 9200m cash outlay in without a clear framework for mone- in the medium term. On a presumed this instance. But thanks in part to tary policy - let alone an explicit yield of 6 per cent, shares would have over-capacity, Tioxide's operating mar- problems exchange rate target - the govern- a cruising altitude of around lOOp gins are probably less than half the 30 ment might still have to tighten before against 77p last night Patience will be per cent achieved in 1989. Unlike phar- By Robert Graham in Rome it or the equity market would like. required. British Steel would need maceuticals. ICI chemicals will not profits of above £200m to cover such a enjoy a fancy rating. Funding its MR GIULIAN0 Amato, the Ital- dividend twice. Even if all goes well in ambitions with paper will be Tar from ian prime minister, has dis- British Steel Europe, the company may not be back easy. tanced himself from the mount- Paradoxically, given the row about in profit for another couple of years. ing difficulties of Mr Bettino US duties, things may be looking up Unilever Craxi, the embattled Socialist for British SteeL This is only partly leader, in an attempt to preserve because the company has limited sales Iceland Much time and thought went into the stability of his four-party in the US. The row appears to be con- There are different ways of peeling Unilever's head office review as the coalition government. centrating minds in Europe about cut- the same banana in the food retailing Anglo-Dutch giant continued to wage This comes at a time when the ting capacity. British Steel would ben- sector, as Iceland's perky trading war on bureaucracy. But it is perhaps coalition risks being undermined efit because its efficiency advantages record illustrates. By sticking to limit- surprising that the outcome was not by a bitter battle between Mr would come into play in a more evenly ed-range high street stores, Iceland more radical. Craxi - the prime ministers balanced market With sterling weak, has long defied conventional wisdom. Unilever has devolved greater man- notional party superior and for- it stands a better chance than its Ger- Its latest decision to open 48 outlets agement responsibility to the operat- mer close colleague - and the man competitors of making last within Littlewoods' stores typifies its ing leveL But it has preserved the Italian judiciary. The govern- month's price rises stick Unsurpris- lateral thinking. cumbersome division and duplication ment also faces a vote of no con- ingly, its shares are in demand, espe- By opening an additional 60 stand- of functions between London and Rot- fidence on Thursday, proposed cially among US investors attracted by alone stores. Iceland will increase its terdam. Reasons of tax and history by (he former communist Party possible currency gain. Yesterday they total trading space by about 20 per make this a particularly knotty prob- of the Democratic Left. rose a further 5 per cent cent this year. That represents one of lem. But the incoming co-chairman, Mr Craxi has received three The bull case, though, is flawed. the fastest growth rates in the sector, Mr Michael Perry, had a fine opportu- Warm welcome: PLO chairman Yassir Arafat (right) embraces Iordan's King Hussein in Amman separate advisory notes from Detailed debate on European cutbacks as the market has been quick to appre- nity to remould Unilever in a far more yesterday. After their hoar-long meeting discassing Middle East peace talks and the plight of Milan magistrates that he is has yet to start. It would be rash to ciate. But with speed comes uncer- inventive spirit. It is a pity he did not 400 Palestinians expelled by Israel, Arafat left by road for the Iraqi capital Baghdad to meet under investigation for alleged assume the UK will escape additional tainty. Opening so many new outlets take it president Saddam Hussein. The 48-honr visit is Arafat’s first trip to the Iraqi capital since January 1992 corruption and Illegal party fin- ancing. Parliament must now consider whether to waive his parliamentary immunity. rejects ‘bullying’ on The Socialist leader has EC US rejected any suggestion of wrongdoing and has gone on the offensive, claiming the magis- trates want to undermine Italian award of utility contracts democracy. He claims they have overstepped their authority in By Our Foreign Staff duties of up to 109 per cent provi- tors like telecommunications, the ll-month-old Milan corrup- sionally levied last week on US power generation and transport. tion scandal and are conducting THE European Community's top steel imports from seven EC Sir Leon said Washington had a campaign of denigration of trade official. Sir Leon Brittan, states and 12 other countries. not accepted an EC proposal hiznself and bis party. yesterday condemned as ''unilat- "I cannot believe it is in any- which would bave frozen the dis- Behind the scenes, Hr Craxi is eral bullying" Washington’s body's interest. European or pute until a global solution was also reported to have threatened threat to freeze out EC compa- American, to attempt to deal round. The US had yet to respond to withdraw the Socialists from nies when awarding US federal with trade issues in this way. We to a broader EC document aimed the government coalition. This contracts. do not accept this form of unilat- at solving all outstanding issues, threat, coupled with the growing His comments followed a state- eral bullying," he said, adding he added. tension within the Socialist ment earlier in the day rrom Mr nevertheless that it was still too The US complains that the EC party over the fate of Mr Craxi, Micky Kantor. the US trade rep- early to paint tbe administration directive discriminates against has obliged Mr Amato to place resentative, that the federal gov- as protectionist. purchases with more than 50 per the plight of his government ernment would stop buying Sir Leon urged the US to show cent foreign content by requiring above that of his party. goods and services from some or restraint, and said he would be Community utilities to apply a 3 President Oscar Luigi Scalforo all European Community nations discussing the crisis with Mr per cent price preference to has played an important part in if the EC did not end discrim- Kantor in Washington during his “European" bids and giving utili- encouraging the prime minister ination against US goods in pub- first formal meeting with his US ties the option of rejecting non- to take this position. On Sunday lic procurement contracts by- counterpart on February n. European bids. Countering US Mr Scalfaro summoned Mr March J2. Tbe US action on public pro- complaints, Sir Leon said Wash- Amato to the presidential palace. "This is the second aggressive curement follows an almost year- ington had protectionist policies The extent of Mr Scalfaro 's influ- trade measure in the first two long effort to reverse an EC “util- of its own. He listed the Buy ence in keeping the coalition weeks of the new (Clinton} ities directive", which came into American Act, the procurement alive was also underlined by the administration." the executive force on January l and gives EC policies of state governments in former president Mr Francesco *' EC Commission said in a state- companies preference in bidding the US and access to US utilities Cossiga, who observed yesterday ment. referring to dumping for public utility contracts in sec- markets. there was a return to a strong presidency. Mr Amato's stance towards Mr Craxi has been adopted by Mr Timetable Claudio Martelii, the justice min- ister and potential candidate for EMS: Grid February 1, 1993 for Emu the Socialist leadership, and Mr Carlo Ripa dl Meana, the envi- Continued from Page 1 Escudo ronment minister. AIL three declined to attend a Without us, ical issue of whether the Maas- Peseta special party meeting convened tricht treaty will be ratified (by yesterday to consider Mr Craxi’s Irish Punt all 12 EC countries] or not. This position. - there’d be a struggle for is taking far too much time Guilder The need to pnt the party's | time we do not have." problems at arm's length from Commenting on the devalua- BJranc the government has also been tion of the punt, he said realign- emphasised by developments in power in the Loire. D-Mark v ments in the European Monetary what are now nationwide inves- ® System should be made less dra- F.Franc tigations into corruption being matic. so they were no longer conducted by magistrates. The ••the end of the world”. D. Krone number of people arrested in 11 He added: “This would help get months by the Milan magistrates Crane’s first lubricate its engineered seals has solved pumping the EMS off the ground again, O f.2 1% 2% 3% 4% alone rose yesterday to 110. The John computerised control system to monitor and problems and avoid turning it Into an ever largest number come from the which disrupted che Loire's electricity supply The Cordemais power station's giant pumps frequently had to be shut down more political process, where Socialist party. heads of state and government The latest arrests include because che pump shaft liner and seals were being damaged by leakage ofdirty water containing abrasive sand. announce what is happening-" recession but was not entering a rent account deficit for “some senior figures in the energy busi- Now, controlled flow of clean water On Germany’s economic prob- “cumulative downturn”. Since years", monetary policy had to ness linked to Enel, the national when thejohn Crane system detects a temperature rise, it sends a to lubricate the seal faces. lems. he said the country was in Germany was likely to run a cur- remain cautious. electricity authority. The results are dramatic - shaft life has trebled, leakages are minimal and unpragrammed shut-downs have stopped.

c T c "F e T X F e T John Crane is one of Ti Group's three specialised engineering businesses, the others being Bandy and Dowty. World Boulogne C ! at Frankfurt S a 32 Uafurca C 14 57 Oporto a 14 57 Tenerife F ta «4 S-vnelB c -1 30 Ckanuvj F 5 4T Malaga F «J 55 Oslo 3 5 41 Tokyo S a 48 UlaaMiar Each one is a technological and market leader in its field. Together; their specialist skills enable -c •F Budapest s -2 26 'Jthtjtra/ F 17 54 Malta C 13 95 Pans C 4 38 Toronto t a -18 O A|3CClO s n M Buenou Alton H 27 80 Glasgow C -1 X Morula c 31 B9 Prague 9 -to 14 Tunis F 18 61 critical its customers. Worldwide. Algiers s 19 6i Cairo C TJ 55 H*iur*, S 3 3? Melbourne F 35 95 Reykjavik R 4 39 Valencia F 14 57 TI Group to get the answers right for AuAlefiJjm s 0 32 Capo Town s 2? 81 Hong -Cong s 20 58 Mstica Qty F 23 I* Rhodes 3 7 45 Venice S a 48 Agtcm f 8 46 Carpus F £»5 T9 Innsbruck 5 2 36 Miami t S 14 57 nio d'janenro F 38 too Vienna S .7 IB Cauolunr-i 1 15 Inverness 43 Milan 5 43 Biifir am c to 66 F S9 s 6 G Ram S 10 SO Warsaw c O 32 f 30 8b Chicago t 9 •2 26 hJdltuCw] c 19 66 Montreal t 3r -ZO -4 3alzDurg S -3 n Washington > R 4 38 F -I BdHGtoM r a s« Cologne S 2 36 nuntnj) 2 36 UOMtw C X STrgncimco » 5 8 43 Zurich C 3 37 4| Cuountu-jen Fg -1 JO Jekarfa H 23 84 Munich F 2 Soot* a 3 sc Bai|i'*J £ s » Tomberolurea ai mUdav Corfu jgnannesDurg F 27 Nairobi - — Beirut a r 55 10 SO 81 Singapore F 30 88 MiAterdav ROUP i •V& D*»M < S X 33 Lrttwn £ 12 5« Kasim s 12 54 Stockholm s a •> B4NSDSI a t Noon GMT temperatures -* Dublin T *5 London S e Nassau F 25 77 Strasbourg Borqndv 5 M c c i 34 C- Cloudy Dr -Drizzle -• Ounoinii 59 Id* Angelee r S <8 Delhi 20 68 Berlin C yi s 9 Now 3 Syflnev 8 3t SB F — Fair Fg- Pop H 'Half 54 Edinburgh F J 17 LuzemOcurg c •3 37 New Yoth T F 1 34 Talpal WORLD LEADERSHIP IN SPECIALISED ENGINEERING BMrnti s T2 c 16 64 R— Hast S - &UT1ITY F*ro F fi 5' F 57 NKO 3 IS Tangier 6omo.iv a 32 B0 » F 7 *S SI -Stool &n -Snow s •2 5* FtOIOTCU 9 11 ss MjdfW s 12 S4 Nicosia C 9 48 Tel Avtt R 8 40 Thu Fiir further tnbttnutcm about the TI Group, con met the Department of Public A Ha in. TT Group pk. Lamb-urn Court. Abingdon Busina* (tub Abutftfcm.O>on SUMMUA T- nder OX M IUH, F.ru-.luikl .

. 17 PLUMB FINANCIAL, TIMES .CENTER pburyim COMPANIES &MARKETS EBS Douglas A major force in construction ©the Financial times limited 1993 Tuesday February 2 1993

INSIDE Cost of computer networks forces European and US competitors to pool resources Furlaud Italian steel gets to lead Japanese touch Biggest airline reservation systems merge Mr Hayao Nakamura has spent more than 30 American years working In Italy, mostly with Nippon By Paul Betts, resources. will be 50 per cent owned by by US and European Commission company was “a combination of Steel, speaks good Italian, and has just Aerospace Correspondent Galileo International will com- European carriers and 50 per cent regulators. two recognised computer reserva- accepted a remarkable challenge: to take over bine the European Galileo net- owned by US airlines. It will be On both sides of the Atlantic, tion market leaders with a long as chief executive of llva, Italy's ailing state- THE merger of two of the world's work with the US Ccvia-Apollo based In Chicago with offices in regulators are considering introd- success story of co-operation". Express run steel group. Italy has been highly protec- biggest airline computer reserva- reservation system. Shareholders Swindon, England, and Denver, ucing new rules for reservation The merger will also consoli- tive about letting in Japanese industrial com- tion systems was finalised yester- In the new company will include Colorado. systems to prevent distortions in date the two groups’ data pro- By Alan Friedman In New York petition. and Mr Nakamura Is the first day, creating a new company British Airways, United Airlines, Its main competitor is the airline competition by the use of cessing operations in one centre Japanese to be recruited into such a senior called Galileo International. USAir, KLM Royal Dutch Air- Sabre network owned by Ameri- these powerful networks. near Denver, Colorado. THE board of directors of post In a state-run Industry. European Page 19 Computer reservation systems lines, Swissair, Alitalia, Aer Lin- can Airlines, which attempted Mr Giovanni Bisignani, chief The wark of the Galileo data American Express, the troubled have increasingly become a key gua, Air Canada, Olympic Air- but failed two years ago to merge executive of Alitalia, has been centre in Swindon, which US travel and financial services Swiss maverick flexes muscles weapon in the competitive ways. TAP Air Portugal and with another European computer chosen as chairman of the new employs about 800 people, will be group, yesterday named Mr Rich- arsenal of international airlines. Austrian Airlines. reservation system, Ama- merged company, which claims a absorbed by the Denver facility ard Furlaud as . its new non-exec- Mr Martin Ebner*s eight-year-old securities aM But the huge cost erf setting up The new company, which deus. 30 per cent share of the world in the next 12 months, a process utive chairman, replacing Mr house, BZ Bank, has just revealed 1992 net and operating these systems has claims to be the first global com- However, the Galileo-Apollo airline reservation market that will entail some job losses at James Robinson who resigned at profits of SFrS9-5m (840m), more than double forced airlines to try to pool puter reservation system group, merger still has to be approved He said yesterday that the new Swindon. the weekend. 1991*8 SFr25.1m. That makes ft Switzerland's The election of the 68-yeai>old fourth-largest bank In terms of profits, and the Mr Furlaud, a former president result shows that maverick BZ was not just a of Bristol-Myers Squibb and a meteoric product of the frenzied late 1980s. Around $39bn of foreign currency borrowings affected Rating cut from Aal to Aa2 Page 18 member of the American Express hoard since 1972, caps a week of Biggest borrowers In the intemattoitaf bond markets Internecine boardroom politics CP sees return to profit this year at the company. Sweden long-term ‘ - - . . Canadian Pacific, the transport, resources and Overthe last three rmxvhe (SbBBon) Mr Robinson said he would last property group forced to restructure by the . sever all ties to the company North American recession, staged a turnround Saturday, only five days after he in the final quarter of 1992 and expects to debt downgraded had staged a counter-coup by strike profit In 1993. Operations at rail, road having himself reconfirmed as and marine transport remained depressed, but group rthnirmftn pnii taking over PanCanadian Petroleum oil and gas subsidiary the tome role at Shearaon Leh- doubled Its contribution. Page 20 by Moody’s man, the loss-making investment banking and brokerage arm. Shadow over the east By Antonia Sharpe In London country's rating under review Mr Robinson’s departure and and Christopher Brown-Humes since last October, pointed to the swift election of Mr Furlaud in Stockholm Sweden's weak economy, sizeable followed protests from institu- deterioration of public sector tional shareholders to Mr Harvey SWEDEN, the heaviest borrower flrmnrgg and high level of unem- Golub, tite man who last Monday in the intMnatinnal rapitet mar- ployment took over as group chief execu- kets in the past three months, “These imhwTanrftg pan only be tive from Mr Robinson. had Its long-term debt rating cut corrected gradually, and may American Express stock rose yesterday. delay a needed recuperation erf hy 81% yesterday morning in The downgrading to Aa2 from investment" Moody's said. "This, unusually heavy trading; at mid- Aal, by Moody’s Investors Ser- in turn, may hurt the country’s day it was up $1% at 824%. The shadow of Communist neglect still hangs vice, the US credit rating agency, long-term competitiveness and American Express sought to over the countryside in eastern Germany — comes at a difficult time for Swe- creditworthiness.” reassure the market by defining where economic restructuring is slowed by den, which needs to raise sub- About 839bn worth of outstand- Mr Furland’s responsibilities as overstaffed farms and land ownership disputes. stantial further amounts interna- ing foreign currency debt is dearly as possible. The Berlin-based Treuhand, responsible for tionally to finance its large affected. Dealers said there was It said that as chairman Mr United is Kingdom of Republic of European Province of Republic of rural reform, having to administer hundreds budget deficit. little impact the price of • fc — -» Furlaud would be responsible an the j rtnl’NiJ II Sweden rmwna uirasuimiiL Dunvc unisno Italy fOngdom of farms, many of which are Insolvent Page 24 The appropriate cut comes just days after bonds because a reduction of two ' "for ensuring that Some im SacuAtodto Sweden launched the biggest- notches in the country's rating Issues are identified for the ever foreign bond issue in the had been rumoured Anne Wibble, the Swedish the finance bHl implying struc- Sweden has been borrowing directors to consider, determin- Iceland conies in from cold . Ms Japanese domestic bond, or The move leaves Sweden in the finance minister, said she was tural reforms and measures heavily in the international capi- ing the agenda for board meet- Shares in Iceland Frozen Foods jumped 21 to p “Samurai”, market. The Y200im unusual position of having con- not surprised by the downgrade, needed to increase growth. tal markets since last year, ever ings and seeing that significant 668p as the food retailer announced a £27,5m ($L7bn) issue ran into difficulty flicting ratings from the biggest as Sweden was already on the Mr Steffen Crona, director-gen- since parliament lifted restric- matters of Interest to sharehold- placing to fund its move Into Littlewoods out- because of the aggressive pricing credit rating agencies. Standard observation list eral of the Swedish National Debt tions on foreign currency borrow- ers are reviewed by the board”. lets and forecast a 19 per cent rise in annual at a time when the country’s & Poor's, the other big US However, she added that the Office, said; "This move was to a ing. It has almost completed its Mr Furlaud said he would profits. Mr Malcolm Walker, chairman, said the Golub "to imple- move reinforced Iceland's recent transforma- credit rating was already under agency, said it had no plans to decision underlined the serious certain extent expected by the SKr230bn ($30.8bn) borrowing work with Mr review autumn. the strategies in place to tion from freezer centre to high street retailer. for possible downgrade. downgrade Sweden from Its cur- Swedish economic situation and market and I am not very per- package announced last ment build Express The deaf is expected to add £1D0m to annual Moody’s, which has had the rent AAA. the importance of the policy in turbed by it," Capital Markets, Page 21 the American sales. Page 22 brand franchise,; restore Shear- son Lehman Brothers to profit- ability strengthen the com- Equities move on speculation Kronos sells in titanium plant to pany’s balance sheet”. stake ICI It Japan was the powerhouse of an equity world 50% is uot known whether Mr dominated by currency and fiscal speculation Clark might be re- Instated at last week. With the US putting in a modest per- By Paul Abrahams in London postponing the construction of a C$175m run fool of local municipal authorities nium dlmride equivalent to less than 10 Shearson. American Express said formance and Europe indecisive, Tokyo gained (US$137m) plant at Becancour. Quebec, which were calling for the plant’s closure. per cent of the US market Mr Golub would weak with the 3.8 per cent on mounting expectations of an IMPERIAL CHEMICAL Industries’ with an annual capacity of 60,000 tonnes. The deal offers Id immediate access to NL Industries has been suffering from board at Shearaon on a succes- imminent cut in discount rate. The UK cele- titanium dioxide subsidiary, Tioxide By postponing the plant. Id avoids adding Kronos' proprietary chloride technology the poor state of the titanium dioxide mar- sion plan "to deal with the lin- brated its base rate cut, but disappointing com- Group, is paying S200m for a 50 per cent to overcapacity in the North American for manufacturing titanium dioxide, an ket It reported a net loss of glSAm on ger term executive management pany results and continued earnings stake in a North American joint venture. titanium dioxide market which is pres- area in which the British group has little sales of 8694m during the first nine structure of the firm”. downgrades depressed sentiment in France The deal, one of ICTs largest single ently suffering from low prices, reduced experience. Chloride-based products are months of last year. The titanium dioxide Mr Fitriaud who Is 68, was and Germany. Bade Page , investments in recent years, is with operating rates and poor profitability. used in paints fix- the topcoats of vehicles division’s operating income for the first president of BristolMyera from Kronos, a subsidiary of NL Industries of Id also announced it was shutting down and high durability coatings. The alterna- nine months fell 37 per cent compared 1989 tq 1993. At American Houston, Texas. The deal gives the British part of its site at Tracy in Quebec, with tive technology using sulphate is used for with tire same period In 1991. as it suffered Express he serves as chairman of Market Statistics company a half-share of a 100,000 tonne-a- the loss of 80 jobs. The partial closure will products in inks, fibres and ceramics. from poor selling prices and the start-up the board’s compensation, bene- year chloride titanium result the complete facility. ‘ fits unit inating committee Base taming rales 32 Lmdon share service 25-27 pigment plant in in elimination of waste The joint venture, due to be completed costs of its Lake Charles nom Bendimartc Govt bonds 21 Utfa eptfiy options 21 Lake Charles, Louisiana. The plant was arid pollution from the site, according to during the second quarter erf the year, Id said the deal had no Implications for and as a director of Sbearaon, FT-A iotas 25 London tradtt options 21 officially opened last October. the group. Although Id had a government needs to be cleared by the Federal Trade UK-based tifeminm dlmride plants. where he is a member of the Back Page Managed find sendee 28-32 FT-A world Iotas Simultaneously, ICI announced it was licence to discharge waste, it had recently Commission. Id presently imports tita- Lex, Page 16 board’s finance committee. FT tad Merest Mses 21 Money markets 32 FTflSMA bit bond wc 21 New Int bond issues 21 FT guide to aarendH 20 Worid commodity prices 24 Financial futures 12 WOrtd stock mkt butas 33 Foreign exchanges 32 UK dMdends announced 22 Unilever increases staff in London recent hsoes 21 Companies in this Issue Netherlands after review Aoromexlco 20 Hongkong Bank 22 Ahold 18 Hoskins Brewery 23 By Richard Gouriay In London Nevertheless, the relatively was just short of people. American Express 17 ICI 17 L800 American General 20 Iceland Frozen Foods 22 small reduction in the head Unilever said the new struc- Argentana 18 Itva 19 UNILEVER, tite multinational count, involving less than 100 ture would "clarify roles and Amotts 19 Imasco 20 consumer products group, yes- redundancies In the UK, is likely responsibilities, simplify report- BZ Bank 18 lno Sufmmercadoa 18 a modest to lead to disappointment ing lines bring about 3 terday announced among and closer Banco do Brasil 20 J J . Morgan 20 reduction in staff levels at its observers hoping the cuts would relationships between support Bank of East Asia 19 Jeronimo Martins 18 in following Banque Indosuez 18 John Lewis 12 head office London have been been deeper. staff and those they serve”. Black & Edglngton 23 London & Provincial 23 a review of the way the group The new centre will have 1,075 Mr John Campbell, food manu- Slick 23 Marine Midland 22 serves its 500 operating compa- staff - 675 in London and 400 in facturing analyst at NatWest Blockbuster Ent 20 Metre 1* nies worldwide. Rotterdam. In addition, 260 jobs Markets, said the Important deci- 19 Mlcrovftec Bridgestone » The reorganisation, proposed that support operating compa- sion was to separate the national Bullough 22 Motor World 23 last June, will involve physical nies wlB be dispersed CRT 22 Northern Foods 17 from the and operational managements. Caldwell Investments 23 Olivos Property 23 transfer of some operating com- two head offices to locations "There will be some who will Campbell Soup 19 PepsiCo 23 pany managements away from near the businesses they serve. be disappointed that the cuts Canadian Pacific 20 Persimmon 12 the head offices where they have National managements in h* were not more dramatic,” he Perstorp 18 Chubb 20 been historically located. Staff UK and the Netherlands, which said. "I suspect that was unreal- Continental Paper 23 RJI 19 levels will rise "small” currently Delaney 23 SEP Industrial 23 by a are housed within the istic bearing in mind tbe nature Den Norsks Bank 18 Sanitarf Pozzi 18 amount in the Netherlands as a bead office will also be sepa- of what these people do.” Uni- Du Pont Merck 22 South West Water 22 result of transfers from London. rated, although they will remain lever was the world’s largest Eve 23 Thai Airways Inti 19 Unilever had restricted the physically within the bead office producer of fast-moving con- 20 Ewart 23 Totten reorganisation by ruling out an complexes. In the UK this will sumer goods so the head office Fleming American 23 Unilever 17 amalgamation of the dual head involve 190 jobs in Rotter- was unlikely to much smaller, Guinness 22 Welsh Industrial 23 and be office structure, split between Haden MacLellan 12 Wentworth Inti 22 dam 140 jobs. unless the two headquarters Haynes Publishing 23 Whitbread 23 tbe Netherlands and the UK At the end of last year Uni- were unified. since the 1930s. lever’s head office staff count Lex, Page 16 Chief price changes yesterday FRANKFURT (DM) tatygu* 586 + 13 BMradort 606 410 + 23 Shake-up for UK food retailing 401 Unfhstt Partw 3718 + 1&8 Kgb quo&y PCs, dl upgradeable faun o 20MHz nepsKomrnn SO 804 +• 14 WeWldma 847 486SX to on onazhg 66/Wfc 486QXZ with high By Guy tfe Jonquttres, form itself after the market is Haskins, chairman of Northern - Consumer Industries Editor opened to GOfettlHMA 740 cogo 300 - 26.1 competition. Foods. speed Load Bos Graphics of .prices other a u Uftnye TOKYO (Yen) Legislation to end the Milk The planned partnership will NSW YORK (S) morofoaras fed had to mAh' A SHAKE-UP In UK food Marketing Board’s 60-year-old be a non-profit joint venture, mi e&m 0472 f owi*i 250 + 32 retailing was sipnihri yesterday monopoly is before parliament owned and financed equally by + Our BriloiKwde PCs ora budt to tbe highest 60k QUIMi 430 + 40 when Northern Foods, Britain’s and is expected to take effect Northern Foods and the produc- 24* + by U* + 44 largest private stoaknk and supported afier ados 87*» 4- \ Ofasn Karia 226 sector dairy the summer of next year. ers joining it by on sum* % UcMtaU 311 + 30 group, announced plans to buy The will initial investment will be lim- PMpumi «v+ MMB also he required that indudes HE OJfSfTE MAINTENANCE far Bn + *2 rjr hUa mBk directly from formers. to dispose of Dairy Crest, its ited to a £1 subscription by each wanjmt - ferfysz btsnM fywr rod £yeor wmefe Mad Sank 471 40 The move will follow the end- dairy-processing arm. producer, to be matched by 129 1000 - 70 Brandt 440 + ing next year of the statutory Northern Foods buys 2b litres Northern Foods. areebo available at low cost monopoly over supply. of milk, worth about £500m The partnership will be chaired m York prices el 1230. The group is setting up a coop- (5755m) a year. It is a teaHinp by Mr Richard Smith, a dairy Qafiv, dioce and wta hr money brae made iOfHKMf (Arm) erative venture, the Northern supplier of fresh milk to super- farmer who resigned as a mem- Paw* 206 + 13 Bone* tbe Hfs feafag *ocf PC safe Milk Partnership, to which it markets and for doorstep deliv- ber of the MMB last year. He and 74 + 9 (teat Hotrii 49wJ + a 174 + 8 hopes to recruit more titan 5,000 eries and manufactures a wide Haskins said they were confi- hbs hb 133 + Mr 274 + 21 w Ouondi your tteL + IB dairy formers in England and range of food products, many df dent it would recruit enough 77 + sh TMpotaTKtl 282 11 Wales in the next few months. which use milk. and would benefit ol Bono now on (B1 452 4444. 21 + 4 Toy tons 181 + members both PER S O N A L «% * Ife niii Northern Foods has promised “We have had good service producers and the company by - 380 + a MndMKfl 28 4 to buy all Its milk needs from from the MMB aver the years, operating more efficiently than COMPUTERS 288 15 - Off 88 12 members of tite + 21 partnership and but now that It is to go. we want the MMB. 888 H—ntedtei » - 3*2 83 II - to pay them more than the price to ensure security, quality and As. well as offering producers «* London W 248 22 UHtiuta 209 12 paid by Milk Marque, the volun- efficiency in our milk supply by contracts for long-term supply. It* * tones 04 V 5 LONDON BRADFORD*™s: PARISESss; Brussels 1K0D19UI - tary co-operative into a t 4 wscoiia are. 25 which the dealing direct with our produc- Northern Foods would transport state monopoly plans to trans- ers," said Hr Christopher tbair milk apd advise them. r K

TUESDAY I-'HBftUARY 2 1^3 18 FINANCIAL TIMES INTERNATIONAL COMPANIES AND FINANCE Argentaria opens Banque A Swiss maverick exercises its muscles Indosuez most profitable with profits of Ian Rodger reports on BZ Bank’s rise to become the country's fourth in move to both issuing Fragmented shareholder com- HERE is a new Community politician include some of Switzerland's and BZ leads in power in ropean munity." the Swiss financial com- anH industrialist and a close largest pension funds and and dealing in them. prom- That is a laudable aim. even new HQ munity - Mr Martin associate of Mr Ebner. insurance companies and a The bank gained wider T if it makes company directors Pta67.4bn merchant banks. inence in 19SS when it Ebner’s eight-year-old securi- Power is what BZ has been couple of UK but uncomfortable. But critics By Alice Rawsthom in Paris ties house. BZ Hank ail about ever since its begin- From its beginnings. BZ was launched an audacious, bid for claim that in a small market By Tom Bums in Madrid Mr Luzon said be hoped BZ has just published its nings in 1985. Mr Ebner had one of the most active players ultimately thwarted, country's like SwiL:erland's. and one in there would be “a major share BANQUE INDOSUEZ, one of 1992 results, showing net prof- been head of research at Bank on the Zurich bourse, and one Bank Leu. then the which disclosure requirements ARGENTARIA, the state- placement” both in Spain and France's leading investment its of SFrS9-5m f$40xn), more J. VontobeL the venerable Zur- of the most successful Other fifth-largest. are still primitive. BZ's concen- owned Spanish banking abroad which would bring in banks, is moving oat of cen- than double 1991 's SFr25.1zn. ich private bank. He wanted brokers soon began to watch it BZ’s most controversial investment tration on large blocks of corporation due for partial “some 200,000 shareholders”. tral Paris into the suburbs to a That makes BZ Switzerland's the bank to reduce its empha- carefully, and often blindly fol- move has been into shares of a very few companies privatisation, reported net He said he wanted Argentaria new corporate headquarters in fourth-largest bank in terms of sise on its slow-moving private lowed its moves. trusts. In July 1991. the group, offers opportunities for manip- profits of Pta67.4bn (S607m) to be “a liquid, blue-chip the old BP Tower, the office profits, exceeded only by the client business and instead This has given the bank an together with Mr Blocher. ulation that would not be and a cash-flow of Pta200m in stock” in Spain and on the block at the centre of a recent big three universal banks, specialise on research and extra power, and its persistent bought a controlling stake in available in more transparent 1992. its first full financial New York and London stock property scandaL Union Bank of Switzerland, block trading for a small num- opposition to the development Pharma Vision. It was then a hold- markets. year. exchanges. The move comes as Indo- Swiss Bank Corporation and ber of large institutional cli- of a national electronic sleepy' trust with large Mr Francisco Luzon, Argentaria was created in suez, part of the Suez indus- Credit Suisse. (In assets, BZ is ents. Vontobel refused and he exchange, an issue over which ings in the big Swiss pharma- r Elmer makes no chairman, said Argentaria's May 1991 when the trial group, is trying to raise Still a minnow, with a total of left Mr Ebner resigned from the ceutical companies, Ciba- as apologies for the 'excellent" results guaranteed government pooled five capital and cut costs to offset only SFr607.2m, but it has uo Two large institutions that board of the bourse three years Geigy. Roche and Sandoz. and group's policy of “a successful flotation". but he financial institutions it the steep provisions it has desire to be a lending bank.) be had got to know while at ago, illustrates how reluctant well as some US shares M special- focusing on only a few Swiss said the government, which is controlled, including Banco been forced to make on the The buoyant result also Vontobel, Sweden's Carnegie he is to lose it. Ems Chemie, the Swiss shares, saying he prefers to Argentaria's sole shareholder, Exterior which is now the losses on its property and busi- shows that the maverick BZ Fondkommission and the BZ*s first and most success- ity chemical company con- he knows best. had "not as yet taken an group's flagship bank, into a ness loans portfolios. was not just a meteoric prod- Swiss commodities trading ful innovation, in 1986. was trolled by Mr Blocher. stick with what concentrates explicit decision” to put the single banking corporation. Late last year, Indosuez, uct of the frenzied financial house Gebruder Volkart, convincing Swiss institutions Three months later, a similar Also, the group issues, where banking group on the The 1392 net profit represented which saw its net profits fall environment of the late 1980s. backed him in setting up BZ. to write options on their regis- trust, BK Vision, was formed on blue-chip transparency are market. a 14.7 per cent increase on the to FFr82m in the first half of Few other banks did as well in but they have since sold tered shares of Swiss compa- to hold stakes in banks. BK got liquidity and “All the necessary conditions income earned by Argentaria's 1992 from FFr517m in the last year's volatile securities out. nies. At the time, most compa- off to a strong start, as some of high. are in place for us to go to the units during 1991. same period a year earlier, markets and depressed eco- The BZ group, with consoli- nies refused to register shares BZ’s powerful clients He acknowledges that BZ the market as soon as the The banking group, which is raised FFr400m from the sale nomic environment dated equity of about SFrlbn held fay foreigners. exchanged their bank shares has some power over com- shareholder decides.” Mr particularly active in the and leaseback of its prestige BZ has been the biggest and SFrlObn in funds under for its shares, and already has panies in which it holds large Luzon said. mortgage market in financing headquarters in the heart of player in the Zurich stock mar- management, is now majority t foresaw that these restric- assets of SFrlJlbn. blocks of shares, but he insists The government would not local authorities, had average the Paris banking district ket for some time, with a share owned and controlled by its tions would gradually be Mr Ebner and Mr Blocher he uses it responsibly. He Ls comment cn the timing of the total assets last year of It plans in 1996 to move all of about 20 per cent. It domi- management. I removed as foreign pres- portray these ventures as the not interested, for example, in information flotation, but analysts believe Pta9,717bn, making it Spain’s its operations, currently nates the Swiss covered war- As for Mr Ebner, he figures sure forced Swiss companies to leading edge in shareholder Insider that might the finance ministry, which is largest financial institu- spread between five different rants market, and its two in a recent list among the 100 foil into line with international power in Switzerland. As Mr move the market iu the short seeking to raise funds through tion. buildings, into the BP Tower, quoted investment trusts, BK wealthiest Swiss, with a for- practice. This would cause the Blocher, chairman of Pharma term. Rather, he wants to sup- disposals to reduce the public Mr Luzon said Argentaria's now renamed the Paul Doumer Vision and Pharma Vision, tune estimated at between shares to rise In value to the Vision, said shortly after the port managers who be believes deficit. is anxious to give the return on assets last year stood Tower. The BP Tower has been have massive sharphniriings in SFr300m and SFriOOm. level of the companies' other takeover: “Pharma Vision will make their companies per- go-ahead for Argentaria's at 0.98 per cent, up from the clouded by controversy since some of the country's biggest The group cultivates a mod- securities, and the options focuses on a small number of form well in the longer term. partial privatisation as soon as 0.86 per cent calculated for the the discovery of irregularities companies. est image. The bank itself has gave all investors, including promising holdings. This facili- That may be all there is to it possible. group in 1991. in its sale to Lucia, a French BK Vision last month a staff of only 20 who work in a foreign ones, the opportunity tates communication with the But it is intriguing that the property company then headed showed its willingness to flex sparsely- furnished open-plan to participate in these move- management of the respective directors of UBS have chosen - by Mr Christian Pellerln. its muscles by challenging the office above a department store ments. companies. Thus Pharma - by sacking Mr Blocher to confrontation with BK Perstorp climbs to SKr81m Indosuez last month partici- decision of UBS, in which it is in a nondescript corner of The restrictions have now Vision assumes a role which invite a pated in a recapitalisation of the largest shareholder, to downtown Zurich. been largely removed, but the cannot be played by the indi- Vision and Mr Ebner now. Lncia. in which Suez, its par- dump from their board Mr It claims to have only a warrants continue to be popu- vidual shareholder in an They, like Mr Ebner. cherish By Christopher Brown-Humes rationalisation programme, ent company, is a minority Christoph Blocher, the anti-Eu- dozen regular clients, but they lar as a tax avoidance device. increasingly anonymous and power, too. in Stockholm with the focus on Sweden, Ger- shareholder with other French many and the UK. financial institutions. PERSTORP. the Swedish • Stena Line, the Swedish The move for Indoseuz forms speciality chemicals and plas- ferry group, is planning a part of the trend for large Metra takes majority stake in Italy’s Sanitari Pozzi tics group, benefited from its SKr750m rights issue during companies to move out of cen- acquisition programme and the the spring. tral Paris. Societe Generate, devaluation of the krona to The move is in line with a another leading French bank. By Haig Slmonlan In Milan ($I3.7m) for Finanziaria Pozzi No figures for its earnings Europe's leading makers of jumped by 24.4 per cent to record a 21 per cent rise in 1991 agreement with the Stena Is leaving its Boulevard Hauss- Ginori, the quoted holding are available, but it is believed sanitaryware. L2.900bn. Fee earnings man Allia con- increased by 15.4 per cent to profits in the four months to family when the company headquarters in 1995 to A FURTHER step towards the company which owns both to have been making losses in Apart from . Metre December 31. received SKr750m in loans to move to the La Defense busi- concentration of Europe's sani- Sanitari Pozzi and the recent years. The sale will real- trols Keramag in Germany, as L3,600bn. The comparisons are Earnings after financial cover losses from Sealink. its ness district taryware market was taken Richard Ginori fine china ise an unspecified capital well as a number of companies all adjusted for changes linked items increased to SKr81ra UK ferry operation. Ironically, the drift to the yesterday with the purchase by group. gain for Finanziaria Pozzi in Scandinavia. The group, to the flotation. ($11. 5m) from SKnSTm, as sales A total of SKr450m was pro- suburbs is intensifying the the Finnish Metra group of Allia will have an option, Ginori. listed in Helsinki and traded Direct deposits from custom- rose 10 per cent to SKr2.61bn. vided interest free by the Stena finamrial pressure on compa- 51 per cent of Sanitari expected to be exercised, on The deal marks the second on SEAQ In London, also ers rose by almost 13 per cent The group said the recession family, in what was essentially nies which have large property Pozzi, Italy's leading the remaining shares in Sani- foreign acquisition of a big Ital- makes diesel engines and to L69.l)00bn. while total cus- had affected most of its mar- an advance rights payment in holdings in the French capitaL producer. tari Pozzi. ian sanitaryware maker in less locks. tomer loans climbed 13.6 per kets, although it had benefited respect of its 60 per cent hold- The Paris property market is The bolding is being bought Sanitaryware accounted for than three years. • Istituto Bancario San Paolo cent to L70,000bn. from an upswing in the US. In ing in the ferry line. in a precarious state with by Allia, the French sanitary- about half Finanziaria Pozzi In July 1990, Blue Circle, the di Torino, the bank which The proportion or the bank's Europe, economic conditions A further SKr300m was average rentals down by 20 ware company controlled by Ginori ’s 1991 sales of UK cement and home products floated 20 per cent of its shares troubled loans rose to 3.65 per remained weak and the decline advanced at a 12 per cent inter- per cent in the past three Metra. L209bn. group, bought Ceramica Dolo- last year, has released prelimi- cent from 3 per cent in liWl as in Germany deepened. est rate. years. The move out of the city The price of the deal, which Bankers say Sanitari Pozzi, mite. the country's second-big- nary figures for its first year as a result of the recession in It expects that its profits for Stena’s fortunes have centre is aggravating this will take place via a reserved controlled by Mr Salvatore gest sanitary and bathroom- a listed company. Italy. the year to August will at least improved dramatically over problem by increasing the capital increase, has yet to be Ligresti’s Premafin holding ware maker, for L80bn. Gross operating profits rose However, the ratio remained equal last year’s SKi228m. the last year, and it is predict- number of properties available agreed. However, the sale company, has been on sale for The latest deal consolidates by 22.6 per cent to over below the Italian average, said The group is continuing its ing a 1992 profit of SKrSOOm. for sale or rentaL should net at least L20bn some time. Metre's position as one of L1.600bn, while interest income the bank.

To the Holders of WARRANTS OF Ahold raises retail ThK announcement appears as a hwWot of iwcud only TOKYU CONSTRUCTION CO., LTD. (the ‘'Company”) holdings in Portugal U.S. $160,000,000 4% per cent. Guaranteed Notes due 1993 with Warrants VARDAS By David Brown acquired Inovacao Sgps. the and in Amsterdam parent company of lno Super- yp Notice of Extraordinary General Assembly UA $170,000,000 4% per cent. mercados. VF CORPORATION Guaranteed Notes due 1995 with the Dutch retail and part of the deal, two other READING, PA Notice la hereby given of an Extraordinary General Warrants AHOLD, As supermarket inovacao - U.&A Assembly of Vard AS which will take place on Tuesday NOTICE OF group, said yes- subsidiaries a 9 February 1993 at 1300 hrs. at Grand Hotel, Oslo. terday its Portuguese joint ven- chain of mainly non-retail ADJUSTMENT OF SUBSCRIPTION PRICE ture, Jeronimo Martins Retail hypermarkets, called Feira Agenda items: NOTICE IS HEREBY GIVEN that, as a result of the (JMR), planned to take full Nova FN, and a smaller VF CORPORATION - 1. Election ofan assembly Chairmanand two shareholders issue by Ibkyu Construction Co., Ltd. (the “Company*! on control of a large Portuguese cash-and-carry operation has acquired to endorse the minutes of the assembly.Registration of 28th January, 1993 of U.S. $180,000,000 2% per cent supermarket chain. Lno Super- were also acquired. shareholders. mercados. Discussions are under way Guaranteed Notes due 1997 with Warrants to subscribe VtVESA (Spain) 2. Election of a new Board and Chairman or the Board. The deal will add 54 super- between Ahold and Jeronimo for shares of common stock of the Company at an initial Brand names: Intima Cherry, Bylitis, Elnar Falck has resigned from the Board. As a result of markets and annual sales of Martins as to whether the Subscription Price of 432 Yen per share, the Subscription his position as Chairman of the Board of Kloster Cruise some $200m to the JMR joint Feira Nova operation, with Majestic and Gemma Limited. Knut Kloster Prices for the above captioned Warrants have been venture, which presently annual sales of U. Jr. has expresssed a desire to con- $210m, should and withdraw as Chairman ofthe Board ofVard. Kloster will adjusted. sists of 40 Pingo Doce chain also be absorbed by JMR. remain a Board member of Vard. The Board will submit With effect from 29th January, 1993, the Subscription stores with annual sales of Ahold stressed yesterday that JEAN BELLANGER ENTREPRISES (France) a proposal to elect Terje Mlkaisen as the new Chairman Price at which shares are issuable upon exercise of the over 8300m. JMR now enjoys a its primary business interest Brand names: of the Board. Mlkaisen is CEO of Mosvold Farsund AS. Lou and Carina Warrants issued in conjunction with the U.S. 10 per cent market share In remained food retailing. Chairman uf the Board of Hafslund Nycomed and Norsk Portuguese food retailing. An When JMR was formed in $150,000,000 Notes due 1993 has been adjusted from Citibank NJ\7 Data, and a Board Member of Tandberg A/S. Ahold spokesman said the July last year, Ahold paid 1,210 Yen to 1 1,176.00) Yen per share of common stock of 3 Consideration of the Board's proposal to the General terms of tbe deal would be fin- Es7.7bn (854.4m) for its 49 per acted as financial adviser to Assembly to give the Board the authority to Increase the the Company, and the Subscription Price at which shares alised and disclosed "within cent stake. The Pingo Doce VF Corporation share capital through the subscription of new shares In are issuable upon exercise of the Warrants issued in several weeks”. chain was fully-owned by accordance with Securities Law §4-8. conjunction with the U.S. $170,000,000 Notes due 1995 Est. Jeronimo Martins & Jeronimo Martins. Under the January 1993 The Board has concluded a stock option agreement with has been adjusted from 1.261 Yen to (1,225.60) Yen per Filho Holding, the leading Por- terms of the venture, both Mosvold Farsund AS subject to approval by the General share ofcommon stock ofthe Company. tuguese food producer which is partners have equal voting Assembly. the 51 per cent majority share- rights and take key manage- THE INDUSTRIAL BANK OF JAPAN holder In JMR. has already ment decisions unanimously. The Board submits for approval the following proposal: TRUST COMPANY CITIBANK? The General Assembly authorizes the Board to increase the share capital by up to NOK 3.680.000.- through the on behalf of: Citibank »4. 19. Le Panrfs. 92 073 Parti - Le Catenae. France issuance of up in 1.600.000 shares In the Company. The TOKYU CONSTRUCTION CO., LTTL shareholders relinquish their preference to subscript- DnB considers setting Dated: 2nd February, 1993. ion rights nnd the new shares will be entitled to dividend payments declared lor the financial year 1993. The authorization will be employed to fulflll separate units the terms up mmmmmmmimmmimmmmmmmi of Mosvold Farsund AS' stock option to acquire shares NOTICE TO HOLDERS OF Tor NOK 64.- per share. Should Vard's share capital By Karan Fossil In Oslo bank's own property, property or the par value or the underlying share be altered acquired as collateral from cus- Temple Court or dividend be paid, the option price will likewise be PRIMERICA CORPORATION DEN norske Bank, Norway's tomers unable to fulfil commit- adjusted. Upon exercise of the option, the option biggest bank, is considering a ments and a substantial num- l Mortgages (No. 1) PLC premium of NOK 5.- per share will be deducted from 5 /a% Convertible Subordinated sweeping reorganisation of its ber of property loans which the purchase price. The authorization is valid until Debentures Due 2002 corporate structure to require “special" competence. £175,000,000 28 February 1994 inclusive." strengthen its healthier DnB Eiendom is expected to (Originally issued by American Can Company) The election of an additional Board Member may be operations which have been be operating this year, and if Mortgage Backed Floating Rate Notes 202q proposed at the General Assembly. weakened by five years of mas- successful DnB could take a The rate of interest for the period NOTICE IS HEREBY GIVEN, pursuant to Section 14 of the 29di Janu.irv. I ^3 to 30th April. 4 Miscellaneous. sive credit losses and mount- further step by reorganising 1993 Fiscal and Paying Agency Agreement dated as of April 22. 1987, has been fixed at 67b per cent, per annum. Coupon No. 13 will ing non-performing loans. Into bolding a company struc- therefore be payable on 30th April. 1 '•*».? The Board of Directors of Vard AS aa amended by the First Amendment Dated as of December 15, .n £ 1*5. 1 7 per coupon. The bank is considering ture, but it does not expect this Hqtfswien 15. P.O. Bax 244. 1088 and the Second Amendment Dated as of December 8, 1992 establishing a holding com- to happen in 1993. S.G.Waxburg Skoijeii. 0212 Oslo. Norway so amended, the "Agreement*) between Printerica Corporation, & Co. Ltd. (as pany structure under which a Although finance ministry February 1993 a Delaware corporation (the "iMuer"). and Morgan Guaranty Agent Bdiik so-called "good bank,” its officials have so for rejected a Trust Company of New York, as fiscal agent and conversion healthy operations, would be scheme to help revive the agent (the ".Agent"), under which the 5'/t% Convertible imimmiiiimmmiimmmimmmmmm established. banks in which their bad loans Subordinated Debentures Dne 2002 (the "Debentures") were A "project bank” would also would be transferred to a bank orifdmilly issued by American Can Company, that (i) on January be established. This would hold established by the state - a 27, 1993 the Board of Directors of the Issuer declared a 3-for-2 non-performing loans, high- so-called “bad loan” bank - split in the Issuer's common stork, par value SO. 01 per share Objetltvc strategics risk loans and property the government has said it analysis £ KB IFIMA IM.V. (tbe "Common Slock") in the form of a 50% stock dividend (the acquired by the bank which might consider proposals by for the professional Investor. t Dividend") payable on February B Intematwiak- Financiennqsmaaischappij N.V. "Stock 26, 1993 lo shareholders served as collateral for loans individual banks to establish Trend Analysis Lt- of record at the close of business on February 8, 1993 (the "Record fa USS 150,000,000 which became non-performing. their own subsidiaries into V FisrjtsHsw-. SLJ!t Date") and (ii) as a result of the Stork Dividend, the Conversion Guaranteed Floating DnB has acquired property which they could off-load non- 22 5 ex Tzx o,';; Rate Notes due 2011 Rate uf Debentures |iu defined in thr Agreement) will be adjusted valued at an estimated NKr3bn performing loans. Tel 0552 S7975 us •‘ct forth below. ($437m) and owns ii i accord* it* e.-nh me Gescwuor, ol the Notes, nonce is here- property The ministry is expected this Effective retroactively immediately after tbc worth another by given that for the Interest Period from January 29. 1993 to Record Date, each NKr3bn. The spring to present a paper on M 1,000 of principal or the Debentures You Deal, We U Keep Score. Apr*' 32 1093 trie Notes will carry an Interest Rate of 5% per $ amount will Le convertible, bank also has about NKrlObn the future of the banking sec- annum in accordance with the terms of tbe Agreement ami tbe Debentures, in non-performing loans. These tor and which may provide an Call Today for Your into 22.4720 shares of Common Stock plus cash in the amount of three portfolios accounted for The interest Amount oayaWe on the relevant Interest Payment indication of the government’s $1.67 for each share of Common Stock so issued. nearly 10 per cent of its Complimentary Copy il assets position Oa:e. Apt 30. 1 993 auamst coupon No. 28 will be on bad loan bank sub- +44 71 USS 126 39 pei Note of USS 10,000 nominal at the end of last year. sidiaries. The state currently 240 2090 In November. said and USS-? 169. 72 per Nolo __ DnB it owns about 70 per cent of PwAjenr Sunk PRIMERICA CORPORATION of USS 250.000 nominal ' would establish DnB Etendom, DnB's share capital after \ By: Morgan Guaranty Company last An eight year track record of successful n\ Kretfetfcank Trust a separate unit under the year providing the bank with forex forecasting dally. "V Luxembourg iu limit I "hi/ unit f nnrmiua \jgrnt bank's current structure, com- NKrl-5bn in preference capital Commentaries, forecasts, recommendations prising real estate commit- and a NKr500m state guaran- & charts from London and New York. Dated: February 2. 1993 ments stemming from the tee. Miami sample & Iras Mai donas by tax. IB IHIng tax handsel cltat M 81 333 7136.

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FINANCIAL TIMES TUESDAY FEBRUARY 2 1993 19 -IfiLTkCOlWIPANIES AND FINANCE Nakamura outlines plans SIEMENS to iron out Ilva’s troubles

r HAYAO Nuka. Emiko Terazono to bring in former colleagues mura conforms little to from Nippon SteeL the stereotype of reports M on the most pressing problem The the Japanese business man- ager, he envisages will be dealing despite his uniform blue changes at Italy’s with the workforce and Ilva’s suit and Nippon Steel badge^ on state his lapel. steel group suppliers. He wants to Instill a He has greater sense of responsibility spent more than 30 urgent yenw need to restructure as for Ilva’s products among the working in Italy, mostly the group struggles to cope 40,000 strong workforce. He with Nippon Steel, speaks good with excess capacity and fall- warned Italy's highly umonsed Italian, and has just accepted a ing European steel prices. Uva. workforce that he would not be remarkable challenge. He has which emerged from the seeking consensus at any price, agreed to take over as chief remains of the former Finsider and that he would a tough executive of Uva, Italy’s ailing I- group, is expected to have line on strikes overtime. state-run steel group. and losses for 1992 close to He appears determined to The S6-year-old Mr Naka- L2.000bn. tackle head-on the restructur- mura is the first Japanese to He already knows the Italian ing of the vast Taranto com- be recruited into such a senior steel industry well, having plex located in the heel of post in a state-run European worked on the extension of the southern Italy. The importance Information for Siemens Shareholders industry. He has also been vast Taranto complex in the of Taranto to local employment offered the job in a country mid-1970s and helped IIva with makes the issue of restructur- which has been the most pro- its Novi Ligure rolled coils ing this plant politically sensi- tective about letting in Japa- facility. But being an outsider, tive. But having advised on the nese industrial competition. Mr Nakamura says, will allow plant’s engineering, he reckons “I was surprised that nva him to take what could become he Is one of the few outsiders was desperate enough to ask a drastic restructuring measures. who know how to run Taranto. foreigner, but at the same time An insider - or even another I was taken by the brave deci- European executive - would n the finanrial side, he sion.'' he said yesterday. have found it more difficult to anticipates Qva will lit “I first thought it would be take painful decisions. Business transfer two-thirds of pace easier if I didn’t accept O the The implication of these its debts to a separate it offer," he added. comments is that he plans big corporation. This is a pattern -> His appointment announced changes in the Italian steel which IRI is also following on January !W' 22, followed the industry. He believes the with Iritecna, its troubled dismissal of the IIva board by restructuring process will take general contracting group, the IRI, Italian state-holding up to three years and can be whose board was dismissed company which is the share- achieved via a mixture of last week. holder of the steel group. Mr changes in management, He denies in suggestions first of slows quarter Nakamura, who left Nippon finance and production. He special ties being developed Steel last month, will take over regards it as important to elim- between his former employers, on on February 18. inate ii. political appointees in and Ilva. But he recognises Unlike most S Japanese execu- Ilva management - this is also technological ties may be tives who reserved, are he is the philosophy of Mr Michele enhanced, especially in new Interim report for the first quarter (1 October to 31 December prepared to give straightfor- Tedeschi, the increasingly pow- steelmaking processes; and in ward opinions. He has few illu- erful chief executive of IRL an increasingly competitive 1992) of the 1993 fiscal year. Following the strong expansion of sions about the problems of Further resort to outside tal- international market his new tackling IIva with its debts of ent will be limited, he says: employers in Italy may need Siemens' business in recent years, the key figures for the first over lASOObn (S5.5bn) and the and he claims he has no plans all the help they can get quarter of fiscal 1993 reflect the anticipated slower pace of business. Not only is the global electrical and electronics market Bridgestone reveals plans for stagnating, but Germany's economy has also begun to slow senior down. Compared with last year, weaker European currencies also management shake-up adversely affected our international sales figures upon translation By Charles Laodbeatar management which has hit Mr Kaizaki, chairman and to German marks. Yet despite these factors, sales rose and In Tokyo large US companies in the past chief executive of Bridgestone/ 4% few months, with the Firestone, is widely credited income after taxes increased 2% for the quarter. BRIDGESTONE. Japan’s departure of several senior with taking tough action to largest tyremaker. yesterday executives from leading turn around its US plants, ta • •• . announced a senior companies such as General which were incurring heavy- management shake-up, with Motors. IBM and American losses after Bridgestone I- the promotion of the chief Express. acquired them, for £L6bn. in j k- ••• executive of its US operations However, the Bridgestone 199S. a solid increase despite difficult i the economic * i Orders to tun the group. change is part of a more Since then. Bridgestone has ; lfc • environment. The Transportation Systems and i' Mr Voichiro Kaizaki. evolutionary change in senior invested about Si bn to *' • j Siemens booked orders worth DM18.6 (1992: Bridgestone’s executive management in Japanese modernise the US plants. Automotive Systems Groups once again showed DM20.1) billion in the period under review. «- t«. vice-president in charge of its corporations brought on by Mr Kaizaki, 59. joined a clear rise in orders and there was also a notable

Bridges to no /Fires tone two years of falling profits at Bridgestone in 1962. He has i German orders declined to DM8.7 (1992: DM9.1) 4ip- upswing registered by the units producing operations in North America, most companies. spent most of his career j billion and international orders also eased off to will become the group’s The tyrcraakcr’s shake-up outside the mainstream tyre ! components. president. Mr Akira Yeirl. the follows similar changes business running the group’s DM9.9 (1992: DM11.0) billion. This is primarily j current president, is resigning recently at Sanyo, the chemical and industrial I attributable to the timing of orders placed with the will remain an adviser to electronics group. Cannon, the products division. He moved to hut j 1/10/SI 1/10/92 Public Communication Networks and Power j the company. camera and copier the US in 1991 to take over the I to to Japan has not witnessed the manufacturer, and Honda, the US operations. The company Generation (KWU) Groups. Nevertheless, both DM billion 31/12/91 31/12/92 Change ] ?r; carmaker. did not announce successor, i dramatic upheaval in senior a units are expected to reach their projected levels ij Orders 20.1 18.6 - 8% r# of orders in coming months. Owing to the ASC may act weakened economy, the volume of orders has German business 9.T 8.7 - 4% Thai carrier registers j remained flat in operating groups that make Internationa! over Campbell standard industrial products. On the strength of a business 11.0 9.9 -10% fall in net profits 85% bid complaints major contract, the Automation Group recorded THAI Airways International. Thai stock market. The share Thailand's partially-privatised price fell Btl yesterday to By Bruce Jacques tn Sydney national airline, yesterday B 153.00 in moderate trading. reported an 85 per cent fall in Barclays de Zoete Wedd THE Australian Securities Sales 1/10/97 f 7/70/92 net profits to Btiso.nim tSl.Tm) Research lowered its earnings Commission (ASC) has reacted to to for the first quarter to forecast for the full fiscal year to criticism of the takeover bid Worldwide sales rose to DM16.9 (1992: 1 4% DM billion 31/12/91 31/12/92 Change December down from to Bt22bn from Bt4bn. It said by Campbell Soup, the US food 31, DM16.2) billion in the first quarter. German sales, a year earlier, AP-DJ it had expected the airline to group, for Arnotts, the Austra- BtT&Zim Sales 16.2 16.9 + 4% reports. derive BU.5bn of its profit from lian biscuit maker. up 6% to DM8.1 (1992: DM7.6) billion, were edged up 0.3 the sale of three DC-10 and Mr Michael Braham, the Gross revenues stronger than international sales, which edged up German business 7.6 8.1 + 6% jets this year. ASC’s New South Wales - per cent to ntl4.09m from four Airbus aim* the decline in regional commissioner, said 3% to DM8.8 (1992: DM8.6) billion. The growth in Bt 14.05m. but operating However, Internationa! - - 4C.-.I to earnings in the latest period yesterday he had received sales is primarily attributable to and the revenues fell 1.7 per cent KWU business 8.6 8.8 + 3% was “larger than we were complaints alleging sharehold- Btl 2.19m. Pretax profits, Transportation Systems Groups, which operate in meanwhile, tumbled 88 per going for,” Ms Sarah Knaggs, ers had been misled by state- from BZW analyst, said. ments from Campbell which the capital goods sector. •»•.{ cent to Bt l«.44m 'few»r the first-quarter suggested the company would Btl.tilbn. She noted Operating profits from result was particularly not extend its takeover bid it beyond last week. airline activities fell 61 per significant because came during the tourist high season, Mr Braham said Campbell cent to 8t 633.89m from Employees '000s 30/9/92 31/12/92 Change was expected had now stated that Its final Btl.&Um. Charges for aircraft when the airline revenue. offer of AS9.50 for Arnotts The number of employees as of 31 December depreciation rose 29 per cent to to pull in the most Employees 413 410 -1% said would be neither increased nor Btl.S9bn. Thai Airways company 1992 declined slightly to 410,000. Reductions in of the steep fail extended beyond February 5. The airline’s shares, which an explanation German operations 253 251 -1% -The ASC is concerned personnel are being implemented in German and began trading in July, in earnings would be released disclosure to where directors or their advis- international operations alike, and affect virtually represent nearly 6 per cent of today, following •international exchange authorities. ers use ambiguous language the total capitalisation of the the stock all operating units. Siemens Nixdorf Informations- operations 160 159 -1% during takeover bids when communicating to sharehold- systeme (SN1) and the Semiconductors Group are ers or speaking to the media especially affected by these measures. Personnel with the result that sharehold- Bank of East Asia to (1992: DM8.2) billion. confused," he said. costs rose 5% DM8.6 filling ers are 1/10/91 1 1/10/92 "The ASC is considering to to issuing a practice note setting DM billion - 31/12/91 31/12/92 Change 1 exceeds expectations j c ( out its views on statements 8.6 + expected to be made during takeover Personnel costs 82 5% I By Simon Dowlas in& but this is l.Sfi revoked as a result of lower blds.The ASC believes that In Hong Kong advisers property prices. companies and their East Asia proposed a should take care not to make BANK of East Asia, Hong Bank of of 52.5 cents a statements which, while not Kong's third -largest listed final dividend making: a full-year pay- factually inaccurate, may mis- and net income banking group, has announced share, Capital spending 1/10/91 1/10/92 a share in 1992. lead shareholders and the mar- | { in net out of SO cents to to a .hi per rent increase 5 l compared with 62.5 cents in ket or create uncertainty." Capital spending in the first quarter came to Change profits to HKSCS&Jm iU$$S9m» 31/12/91 31/12/92 JOHN McCarthy, head | j the previous year. • MR largely for 1992. up from HK$50Mm a DM0.9 (1992: DM2.2) billion. The decline is Banking (May- of ANZ Bank’s property and • Malayan billion i war earlier expenditure on invest- DM Malaysia's biggest bank, investment services division, attributable to a drop in 1 ** 1 ' after Irons- bank). Capital expenditure • R The profit future, bees appointed managing 1 | has announced pre-tax profits has compared with the exceptionally high first f.*rs tn the bank's inner ments and Investments 22 09 -58% months to December director of RJL the New Zea- i 1 . market in the six j reserves, was above property company, writes quarter figure posted last year when the company 31 1992 of M5316.53m land j expectations due to unexpect- DM million 1 i a 27 per cent rise Terry Hall in Wellington. ! acquired the remaining shares of SNI and the nnn-baiiking earn- (USSL&Gni). > edly high reported for RJI, with assets of over Net income i P bank operations u» the MS271lm industrial controls activities of Texas Instruments ings. The period in NZ$lbn (USS526mX is the big- after taxes 398 1 406 + 2% inrrease the corresponding reported 28 J*’r «*M hi iw iP a 1 Cooke reports gest property company listed Inc., Dallas, Texas. vmsmmmM. a»wwd fy 1 j by unusually 1991, Kieran In profits, anhid Lumpur. in Australasia. Mr McCarthy’s margins and from Kuala Net income after taxes rose 2% to DM406 (1992: wide Interest rale Mohamad Don, appointment follows the resig- in both Mr Ahmad higher raw trf growth chair- DM398) million. a managing director, said the nation of BJTs founder deposits and loans- director. expected to maintain its man and executive Asia is the first bank Rank of East second hall, Sir Robert Jones, last year. banks to profitability in the unaudited accounts or Hons Kong's Malaysian Mr McCarthy said he would and oven though the announce its i*C showing signs of manage the business from Syd- a sec- economy was analysts are anticipating nev, and did not rule out the per slowing down. tor average of close to 30 possibility that the company's customer deposits i profit Total rent growth In net head office would he moved r at MS35J*n at the end of Munich esreufive, Stood Siemens AG, Berlin and David 1,1. chief i Mr reporting period, a 2S per from Wellington. Although improved perfor- the predicted an over the 1991 fig- most of the company's share- r :n W3- cent increase huikt from She bank> holders were New Zealanders, j ure. Loans and advances stood been h» bj -> 3 The sector ho* M$33.9bn. a 10 per cent he said 60 per emit of the prop- couing o, at BovcrnmcntdmpoM'd 1991. erty assets were in Australia. nna::c Increase on W per rent on moriR-nre ' #*>~T i

*.

i . . m

20 FINANCIAL TIMES TUESDAY FEBRUARY 2 1993 INTERNATIONAL COMPANIES AND FINANCE Surprise dividend increase J. P. Morgan CP sees return to profit this year raises $lbn By Hobart Gibbons after special charges the final hit by a strike, but have since expanded by acquisition by private In Montreal loss came out at C$254m. or 80 . been Japanese oil for should improve In 1993. refiner cents a share, against a loss of and were CANADIAN PACIFIC, the C$887.fin, or CS2.79, in 199L .. Telecommunications By Robert Thomson in Tokyo company found two handy equity fund transport, resources and prop- Revenues were C$2bn, com- not profitable. The group’s TONEN anniversaries on which to erty group that was forced to pared with CS2.5bn, but the stake in Unitel Communica- THE conflicting corporate Ratio of cfivktemf hang the increase. By Patrick Harverson restructure by the long North decline was partly (hie to dis- tions, the Canadian telecoms philosophies of the US and to not profits One anniversary, coming a In New York American recession, staged a posals. company, has dropped below the Japan were brought sharply year early, was the establish- tumround In the final quarter For the whole of 1992, the 50 per cent following into Ymt % of focus yesterday when ment, in 1993, of a Mobil unit J. P. MORGAN, the US of 1992 and expects to be profit- company posted a loss of C$150m purchase by AT&T Tonen, a Japanese oil refiner 1886 33.4 In Yokohama, and the other banking group, announced able in 1993- C$37.4m before special charges, the US of a 20 per cent Interest in 1887 which Exxon and Mobil, the 37.6 was that an Exxon Japanese yesterday it had raised mare Operations at the group’s against a loss of C$16.2m a PanCanadian, with sharply 1988 72,0 8 oil US oil companies, each have a subsidiary began business In than Slim for its Corsair Part- rail, road and marine transport year earlier. The final loss rose higher earning from rising 1989 82.7 25 per cent stake, unveiled a Japan in 19*2. Japanese bro- nership. a new private equity units remained depressed, but to C$4783m, or C$160 a share, and gas production, is spend- 1990 93.7 hefty dividend increase. last against deficit of or ing C$430 m on exploration and 1991 9S.8 kers were wondering aloud fund that will make strategic the thriving PanCanadian a C$913Am, Japan's this year, up 2 per meagre dividend lev- 1992 74.0 night what anniversary would Investments in teinWny com- Petroleum oil and gas subsid- C$2.87. in 199L Revenues foil to development els have been cited by Wash- be found to justify the next panies In the US and world- iary doubled its contribution. C$A9bn from C$10ba. cent from 1992. SanK Company eccocana ington as a "structural Impedi- dividend payout wide. Forest product losses were The 1992 special charges cov- CP Forest should return to ment” to trade and repeatedly The average Japanese pay- The bine-chip New York much lower, while property ered continued rail and truck profitability in toe second half condemned by Japanese life Exxon and Mobil to increase out last fiscal year was about bank has invested 9100m of its and hotels Improved. William Stinson: confident of rationalisation and manpower of 1983, while Marathon Real- companies. But Tonen is the the dividend, and the increase 38 per cent though the Life own money Into the fluid, giv- Mr William Stinson, chair- upturn as conditions Improve cuts, and a writedown of CP’s ty's and CP Hotels’ progress talk of Tokyo not because the from Y28 in 1991 to Y50 was Insurance Association of Japan ing it the largest single stake. man, said that “slowly improv- Investment in its US industrial may be held back by the slow payout is s mall Container shipping too , but made after considering rele- found that 46 per cent of com- The rest of the 9lbn has ing economic conditions CP posted a C$2. 7m products associate. recovery. because it Is too large and get- vant circumstances. panies held the payout ratio come from 46 different part- together with rising efficiency (US$2.im) profit in the final CP Rail performed poorly has a slightly better outlook, ting larger. One such circumstance is below 30 per cent It said the ners, including financial insti- should lead to a return to prof- quarter of 1992, against a loss because of the recession. The while toe associate Laidlaw is The ratio of Tonen's divi- tntinnn anrinn 1993". were improving. that the two US ofl companies, average yield on Japanese , p tends, public itability in of C$29m a year earlier, but western coal operations dend to net profits has risen if they joined forces, would equity was around 1.97 per and private companies, from 37.6 per cent in 1987, to hold sway at a shareholders’ cent — about one-third that of wealthy individuals small 93.7 per cent in 1990 and, for meeting. the US - while the yield on investment partnerships. Imasco ahead the year just ended, a mighty However, Tonen’s pre-tax the 22S stocks in Tokyo’s Nik- Mr Nick Paumgarten, a Blockbuster improves to $142m 174 per cent, much to the dis- profit for file year to December kei index was a slim. 0J8 per J. P. Morgan managing direc- comfort of its Japanese manag- is expected to fall 5 per cent to cent In calendar 1992. tor and chairman of Corsair, 17% in spite ers, who would prefer to bol- Y32.7bn (5262m), while sales About 20 per cent of said the tend planned to invest By Nikki Taft . attempted to create a “full- finance director. Mr Gregory ster the company's reserves. were down 14 per cent to Japanese companies plan to minority stakes In underval- In New York service" home entertainment Fairbanks, was said to be com- of provisions Mr Takuya Fujimura. Y558bn. In attempting to save cut or suspend dividends in the ued banks that have an exist- group, rather than one nar- fortable with earnings esti- Tonen's managing director, face in announcing the year- year to end-Maich, and most ing management team and BLOCKBUSTER Entertain- rowly focused on video rental mates for the first quarter of By Hobart Glbbens explained that the company end dividend of Y37.5, follow- will leave the amount business plan, but which need ment, the US video rental - saw a figure of 77 cents in 1993 that foil in the 18 to 20 had been “requested” by ing a Y12J5 interim payout, the unchanged. of fresh capital chain which acquired the City- 1992, up from 56 cent in the cents a share range. IMASCO, the financial Bach Investment will be vision group in the UK, yester- previous 12 months. He also estimated that Block- services, tobacco, test-rood and made with the full support of day reported after-tax profits of Blockbuster said revenues buster commanded about 15 retailing- group, posted a 17 hank aml* toe Banco do Brasil managements, Cor- $45.1m in the final three increased by 31 per cent to per cent of the US video rental per cent gain in profit in Peruvian government sair will not seek to control or months of 1992, telring total $1.98bn in 1992 overall, market at end-1992, up from final quarter of 1982 on reve- benefits from acquire the banks in which it for the year to $142m. aifhnngh this partly reflected about 12 to 13 per cent in 1991. nues that rose only 2 per cent. invests, although it will offer In the fourth quarto- of 1991, the impact Of anqntettfnyif and By the end of last year, the The company has succeeded debt repayments upholds sale of airline access J. P. Morgan’s banking Blockbuster made an after-tax expansion. In the fourth quar- company had 3,127 video in turning around Hardee’s, expertise. profit of $9Qm Hnd for all of ter, revenues for video stores stores, of 2,002 were company- toe US test-food unit In Can- BANCO do Brasil, the By Damian Fraser The sale comes as Aeromex- J. P. Morgan may be taking 1991 $93.7m. At toe earnings which had been in operation owned (including 775 stores in ada, tobacco products contin- state-controlled commercial In Mexico CHy ico, which has around half the a gamble with Corsair, per share level, the Florida- for more than one year the UK, under toe Ritz ‘name). ued to improve, but financial bank that Is Brazil’s second- Mexican market, is holding because it Is entering a rela- based company - whose Increased by 5.8 per cent The remainder were fran- services were hit by bigger largest financial institution, THE PERUVIAN government talks with Mexicans, Mexico’s tively crowded market Other recent expansion moves have Yesterday, Blockbuster’s chised. loan loss provisions. Drug aniwiwarf profits Of *446,8m has upheld the sale of the other principal airline, on a similar investment partner- stores did well, but other for 1992, up 77 per cent over state-owned airline Aeropera possible merger. ships, run by such big guns of retail operations continued toe 1991 final figure of 9262m, to a consortium headed by the Mexicans is expected to investment hatiiriwg as Gold- weak. writes BQl-Hinchberger in Sao Mexican carrier Aeromexico. make heavy losses this year, man Sachs, Lazazd Frferes and Chubb lifted by investment gains Fourth-quarter earnings Paulo. Aaromezico and partners bid and its owners are keen to Kohlberg Kravis Robots, have were C$110.7m (US$86An), or The bank attributed the 954m for the airiing, but the team with tha mote afficlant been taking private equity By Nldd Taft with Chubb returning a $15An compared with $479.4m in 199L 88 cents a share, against improved performance primar- sale was challenged on the rival. In spite of a recent law stakes in banks for several underwriting loss, against an • Standard & Poor's has low- $94.4m, or 74 cents, a year ily to a reduction in non- grounds that the Peruvian car- against monopolies, the gov- years. CHUBB, the US insurer, $18.6m surplus in 199L ered its rating on the claims* earlier.

performing domestic loans and rier would be controlled by for- ernment appears willing to let Many of these partnerships yesterday lifted after-tax prof- This was partly due to heavy paying ability of Hannover Revenues were ahead . at Interest payments by the Bra- eign investors, contrary to the merger go ahead have enjoyed large returns its to $817-lm, or $&96 a share, catastrophe losses, which have Reinsurance to Double-A-Plua $2.02bn, against $129bn. zilian government on its $44bn Peru's privatisation rules. Investors in Aeromexico and from their investments, pri- in toe 12 months fo the wnd of afTartpri the industry generally. from Triple-A, AP-DJ reports Operating profit for Imperial overseas debt Banco do Brasil While Aeromexico would Mexicans will, it is reported, marily because US banks December, compared with Chubb’s catastrophe losses last from New York. The down- Tobacco, which has 68 per cent holds about $6bn in Brazilian own only 47 per cent of Aero- create a holding company to reached a trough in toms of $552m, or $622, in 199L year were $1755m, compared grade reflects lower operating of the cigarette market, rose 8 foreign debt; a figure roughly peru, it was maintained that manage both airlines, with performance and capital In the fourth quarter, the with $7L6m in 1991. results and SAP’s expectation per cent, while Canada Trust- equivalent to Its entire net its dose ties with its Peruvian Aeromexico having majority strength more tfow two years New Jersey-based company • American General unveiled that future earnings will co’s contribution dropped 70 domestic assets, according to partners gave It effective con- ownership. The new holding ago, and the industry has been made a net profit of$197.5m, or after-tax profits of $532.7m, or remain under pressure. per cent because of the special Garda, the trol. alli- -fon Mr Gil bank's company may well seek an steadily recovering ever since. a share, up from yiflS , $459 a share, in 1982, compared SAP said: 'Operating results provisions. accountant However, Peru’s economy ance with Continental Airlines, Mr Paumgarten admits that or $L58, a year earlier. with $4602m, or $425, in toe in the last five years have been For the whole of 1992, Overdne domestic loans minister said the gate was a since Mr Alfredo Brener. Mexl- Corsair Is arriving late on the The »«Tmal results came previous year. very volatile despite the com- Imasco, 40 par cent controlled were gradually reduced case". will, financial in “closed Aeromexico cana’s main shareholder, will scene, but believes there are after realised investment gains . The Houston-based pany’s cyclical underwriting by BAT Industries, reported relation to overall loan therefore, gain control of Aero- acquire an interest in the ‘Incredible” investment oppor- of $123.6m, compared with services and insurance com- strategy.” Hannover Re’s com- net profit of 9380.4m, up 15 operations during the last pern’s flights to Europe and Houston-based carrier when, as tunities outside toe US, partic- $43.4m in toe previous year. pany said that operating earn- bined ratio over the period has per cent from 1991,. equal to three months of 1992, Mr Gar- expand business into South expected, it emerges from ularly in parts of Europe and They also reflected a deteriora- ings, ahead of realised invest- fluctuated between 2095 per $227, against $2.56. Revenues da said. America. bankruptcy protection soon. toe Far East tion on the underwriting front. ment gains, were $528.7m. cent and 1242 per cent." were little changed at $728bn. FT GUIDE TO WORLD CURRENCIES This announcement appears as a matter of record only

Hie table below gives the latest available rates of exchange (roaoded) against four key currencies on Monday February 1. 1993 . In some cases the rate Is nominal. Market rates are the average of buying and selling COMMUNAUTE rates except where they are shown to be otherwise. In some cases market rates have been calculated from those of foreign currencies to which they an tied. ECONOMiQUEEUROFEENNE COUNTRY l STC US S D-MARK YEN COUNTRY £ STG US s D-MARK YEN COUNTRY • tsre US S D-MARK YEN USP.7&mm-lQ3/4tt- (X VXD a loo; (XlOO) 1983/1995 (Afghan!) 99.25 68-2834 41.7016 54.6831 Gambia (Dalasi) 8.7681 5J548 7.0217r| Pakistan 37.7750 25.9889 mrnirm 208126 Bondholders are hereby art) 16038 110341 673865 88.3636 Germany (D-Martd 2-3800 1.6374 1 13112 L4535 1 TTmTE 08008 Algeria (Dinar) 3230 13-5714 17.7961 2J933 L648 L0065 1 3198 interest. so 7 of safety shoes (not) 93485 6.7757 ”«» 5.4261 Jamaica (Jamaicans 32-1490 133079 17.7129 Slovakia (Koruna) 42.475c 293225 17.8466 Japan 18L50 40.911 2BJ.458 17.189 Redemption and payment of Brxandl (BorandlFri 365.17 251335 153.433 201 J.96 (Yen) 124.871 762605 100 mm Jordan (Jordanian Dinar) 0.6897 0.4212 SJowatia (Talari 146.9645 ioi. 61.7497 80.9721 (RleO 2916.0 200639 122531 1606.61 LOCHS 03523 interest due on March 24lh,l993 So Kroon b IS) 4J510 2.9934 13281 23972 Cameroon (CFAFri 402-25 Z76.746 1694)13 22L62S Kenya (Kenya Stilling) 52.65 22.1218 29.0082 362229 Somali tap (Shilling) 3819.95 2678 1 1605.02 2104.66 wQI take place at the following Canada 13405 13662 1.014 tOrlhaU (Australian O 2.1555 L4829 0.9056 L1876 from Groupe Andre banks: Canary Is CSp Peseta) 16830 116.133 70.9243 93.0027 Korea North (Won) 3-1345 2.1565 1317 L7269 South Africa (Rand) 4.4858c 2.4715 Cfc. Verde tCV Escudo) 109.77 753211 46.1218 60.4793 Korea Sootta {Wan) U71-575 643.496 6.91234 BCZla 3.8085 (a® 1.2395 03527 0.5207 03829 CREDIT LYONNAIS KowaH. OOrwaW DM 0.4486 lum 0.2471 (Peseta) 168.80 116233 70.9243 93.00Z7 COBLAfr.Ree flCFAFri 40235 276.746 1*9013 221 62S Ports (Haw 1049.75 441.071 ._ M la LUXEMBOURG SJL, OmrJ (CFAFri 40235 276.746 169.(03 221325 Laos 722322 .578373 Africa (Sp Peseta) 16880 116.133 70.9243 93.0027 Otile (Chilean Peso) 386.481 1842.93 11253 1475.87 - 561.75 2364129 309304 Sri (Rupee) 67.31 463089 28.2815 37.0853 Luxembourg BANQUE (tanratoiiiman) Lesotho (MalotO 3.0862 18847 2.4715 The undersigned originated this transaction CNaa 8.7230 6.0013 33651 4.806 as Sudan tap (Dinar) 1438 108309 6.126 8.033 Liberia CUberlan® 1.4533 1 0.6107 0.8008 INTERNATIONALE A Colombia (Col Peso) 1195.0 822.153 502.101 658.402 Surinam (Guilder) 2.6025 1.7905 1.0934 1.4338 Libya (Lihrm Clear) 0.4202 0.289 01765 02315 frjVPQj 037710 0.6034 Swaziland (UlaoBenD 4.4858 3.0862 13847 2.4715 and acted as financial adviser to ETEX. LUXEMBOURG. Luxembourg UednewstclB (Swiss Fr) *2.2050 0.9264 L517 12148 Sweden (Krona) 10.8475 7.463 43577 5.9765 869.73m 59BJ69 365.433 FrJ 49.00 - MORGAN GUARANTY Oat 33.7117 203882 26.9972 Swttwiand (Fr) 2.2050 1.517 09264 1.2148 Comoros 402.25 276.746 169.013 221.625 E.E1 Syria <£> 30.6180 21.065 128647" 16.8694 TRUST COMPANY OF NEW- Congo (BrazzJ (CFAFri 402.25 Z76.746 169.013 221.625 (Pataca) 1L647D 8.013 48936 6417 (MG Fr) 265355 1825.63 1114.94 1462.01 Taiwan 15) 37.075 253073 133777 YORK. Bruxelles - SOCIETE OonaRka (Colon) 20130 138337 84.7899 111.135 „ 2L4269 Cdutf’hotre (CFAFri 40235 276.746 169 013 221.625 Madeira (Ron Escudo) 214.70 147.712 90.21 118292 Tanzania (Shilling) 478225 329.016 200.935 263.485 GENERALE, Paris. Croatia IDtar) 1447JO 995.734 608009 797.41 Malawi (Kwacha) 6.4150 4.4134 2.6933 33344 Thailand (Baht) 37.115 258349 153945 20.449 Cube (Cuban Pan) 1.1045 0.7598 0.464 06085 Malaysia (Rlnnlt) 3.8156 2.6252 1.6032 2-1023 Togo tap (CFAFri 40225 276.746 169.013 221. 625 Outstanding amourn after this Cyprus (l^fpresO 0.6932 0.4769 03912 0-5819 MaidHels (RsrftraJ 1 12.012 7-3359 9.6195 Tonga Is (Pa Anna! 22555 1.4829 09056 .1:1876 Rep (CFA Fr) 276.746 169.013 221 625 TEGad/Toha*. 6.1965 4.25 2.6035 eight amortization: Mad S8S - 3.414 Czech Rep. (Koruna) 42.475c Malta (Maltese Q 05365 0 3691 CL2254 02955 1-4395 0.99O3 0.6048 0.7931 40.91t 17.189 Martinique (Local FrJ awso 53349 3-3802 4.4325 Tartar (Lira) 13182.40 9069.42 5538.82 7263.03 USB.ISQWWQr MBvttznla (Ougetya) 154348 106.328 64.9361 85.1504 Tarts & Calais UlSB 1.4535 1 0.6107 m m \ i m 6J071 08008 Djibouti tap (Dja> Fri 257.00 176.815 107.983 141398 Bawdies (MMrRnpie) 24.363 16.7616 10.2365 13.4231 Twain (Australians) 2.1555 1.4829 0.9056 10876 * DomlaKa (t CarriO ® 3.9365 2J08Z 1-6539 2-1668 Mocks (Mexican Peso) 43145 3.1Q34 18968 2.4873 U gamin (Hew Suiting) 175735 120908 738466 968347 Fiscal The Agent ID Peso) 18.9540 133402 7.9638 10.4429 Miquelon (Local FrJ 8.0450 53349 33802 4.4325 UAE (Dirham) 53435 33762 2.2451 2.944 (French FrJ 8.0450 Frtfrtnr Monaco 53349 33802 4.4325 Uni ted Kingdom (C 1.00 0.6879 0.4201 03509 BANQUE WORMS (Sucre) LK734 113434 Mongolia (TuorflO 218-70 150,464 918907 120.496 United Slates 1-4535 2697.30a 1855.73 (US 5) 1 03107 0.8008 Montserrat CECarrS) 3 9365 2.7082 1.6539 2.1688 Uruguay (Peso) 505925 3480.74 2125.74 Z787.47 48350 33264 2.0313 2.6639 Morocco (Dirham) 13.05 8.9783 5.4831 739 Vanuatu (Vato) 176.08 121.142 73.9831 97.0137 ErSifYador

Mortgage backed notes Some daw supplied by Bank of America. Economic Pu i n (uni testa Trading Centre. Ewwrtrics:b; 071 634 436075. £200,000,000 , due 2035 Monday; Fehrany 1, 1993 Mortgage Backed Floating Rate Notes 2018 Forthe interest period 29 January 1993 to 30 April 1993 of interest for the three month period1 29th JanuaiJanuary, 1993 to The raw the notes toUl bear interest as 30th April, 1993 has been fixed at 6.70 per «ww. per aannum. on April, 1993 at follows: Coupon No. 19 will therefore be: payable 3Dm £1,670.41 per coupon. Class AI. 6. 75% perannum Class A2. 6.925% perannum Class A3. 7.025% per ^ annum ^AL 1 ** Gass B. 7.375% per annum Fly free balances of Mortgages redeemed as at and earn mileage j Aggregate interest chaining JAL /'Spn-S— . 199J. £I g2, 1 89.073.47 Interest payable 30 April 1993 sank ^ Jan|^y> will be as follows: The aaemtatc principal amount of Notes outstanding as at 29th January. 1993: £ 1 07,000,000 Al. 51,342.80 per S79, 792 note A2. SI. 72651 per SI00,000 note trip tickets. )A.lr . 8c Ltd. round S.G.Warburg Co. A3. SI. 751.44 perS note 100,000 B Agent Bank & S1,838. 70 perS100,000 note — Agent Morgan Guaranty Call your nearest JAL office for details of JAL Mileage Bank Europe ijmiimiiiifiimiiiiiiiiiiiiiMiiiiiiiMiiiiiiiii Trust Company JPMorgan

i ” — % 1 — A : i 1)

FINANCIAL TIMES TUESDAY FEBRUARY 2 1993 21 INTERNATIONAL CAPITAL MARKETS UK Accounting rules By Sara Webb in London ing amounts: £300m of 9% per *nd Patrick Harverson FT FIXED INTEREST INDICES cent stock due 1998: £200m of BENCHMARK GOVERNMENT BONDS force capital shift In New York per 10 cent stock due 2001: Rad weak Hondi Fab 1 Jan 29 Jin a Jan 27 Jan ZB ago M*' Coopon £LOOm of 2 per cent index- Data Pries Cbanoa YMd •go . ago tJK GOVERNMENT bonds linked stock due 1996; and fHKJ 9521 94.78 9483 9445 9446 6722 9&S4 8S.11 AUSTRALIA KL00O IONS 108.7188 -0346 8A6 8.77 090 10934 10976 . rallied strongly 10936 10930 10937 10037 HUB 97.15 8.750 yesterday £150m of 216 per cent index- 8EUQMJU 06/02 107.8000 +0.100 7JS8 7.63 7JM at British Land Bull lOct Qovwnmam Saeumha ISMO/SS: FbMd fartwwt HO* morning ' following reports In linked gilts due 2024. * lor I8K/B&. Qoovnmot SturM— hMi since cornoHaitort: tSTM (B/1/35). low 49.18 (3/1/75) CANADA ASOO 04/02 102.0000 -0.100 8.00 ana 7.92 the weekend press that FbcM bmroM Irish dooa comdaBon 11026 (13/1 V9Q. low OOUS Brit- the The LIffe gilt futures con- DENMARK B.ODQ 05/03 96.6200 +0200 &S1 042 - 097 By Andrew Jack finance director, said the Bank of England GILT EDGED ACTIVITY may reduce tract moved from 102.00 at the FRANCE BTAN 8JOO 03/07 101.9703 +0376 B.D2 7.82 6.02 ish Land board had always interest Jan 29 Jang Jut Jan 25 OAT ASM 104.0900 7.80 rates by as much as 2 opening to a high of 102.05, War 27 28 J» M/02 +0360 7.63 6.00 BRITISH LAND has exchanged regarded the bonds as equity GERMANY Percentage points. before ending the day at 1683 2273 1693 1763 128.4 SHOD 07/02 1060100 + 0160 7.10- 7.16 7J3 one form of complex capital as they are convertible into 1733 163.1 1243 Short-dated gilts outper- around 102.03. Cash bonds 145.7 136.7 ITALY 12.000 05/02 -0430 1O30T 1029 13/74 instrument for another in shares, and that the exchange formed * SE activity Indices rabased 1974 longer-dated issues ini. gained around half a point, JAPAN No 110 4J800 08/99 T02.9944 +0336 4.21 <21 <46 response to UK Accounting would maintain this definition tlally, Na V4S uoo 03/02 107.7976 + 1.581 Ul <33 <63 leading to a steepening with the 9% per cent gilt due Standards Board proposals and keep the company's gear- of the yield NETHERLANDS 8280 06/02 107.7300 +0160 TJS 7.17 7JB curve. 1998 rising from 111ft to lllfi. investors would flock towards pared with 3*32 per cent on Fri- which would have threatened ing and interest cover low. Dealers SPAM 10300 OK/02 91JJOOO +0030 1TjB2 MAS 12.63 said short-dated gilts the sate haven of the D-Mark day and 3.70 per emit 10 days to increase the company's bor- Fred 3, in fact classifies Pref- UK QJLT3 10.000 1U9B surged at the start of trading, EUROPE'S main government bloc. ago. 11141 + 19/32 603 7.02 ISA rowings. erence shares under a new cat- 9.750 08/02 1(1-12 + 12/32 8JM 036 629 bond markets opened an a note The UHe bund futures con- The March futures contract SlOQO 10/06 103-20 + 12/32 056 081 039 The board has told holders of egory of nonequity sharehold- of caution, fearful of further tract which opened at 93.10, rose from its opening level of US TREASURY ‘ M76 06/02 +3/32 8.40 6.04 convertible bonds In a subsid- ers’ fluids. The company was government SMS 6A3 . BONDS tensions in the European moved to a high of 93.21 but 109.53 to close at 109.58 In 7.62S 11/22 1064X1 + 9/32 7JD 7JB 736 iary that these will be careful to say it regarded the exchange rate mechanism fell back to end the day little Tokyo, but continued to make ECU (Francti Oavq UO 03/Q2 101J6SO +OH6' 0.19 007 US exchanged for cumulative con- bonds as “being in the nature despite the weekend devalua- changed. gains in the London trading LandoD doalng. ‘donotH New York morning session Yields: Local marital standard vertible redeemable preference of equity capital". t Proas anousl yMd (taabdlno wMihoWhip tax at 12JS per cent payable by non-real- on press reports suggested that tion of the Irish punt session to reach 109.7L In the shares at the end of March at a The shares will be issued at the prime minister has a base French government bonds HOPES that the Bank of cash market, the benchmark Prices: US, UK in 33nds, oBiera In dwUnal Tac/n/ca/ OmalATLAS Pries Soirees cost of up to. £100,000. a price of £1,000, equivalent to rate target of 4 per cent in were initially marked down era Japan would cut the official No 145 issue opened with a Holders of Its 8.625 per cent the nominal value of a bond, mind. Base rate was redeemable at the same cut from 7 fears that the French franc discount rate helped to yield of 4.315 per cent, and was down A at 100ft, to yield across the board. , traders said bonds' in British Land Com- and per cent to 6 per cent a week could be the next currency to push up Japanese government dosed at

FT/IS—A INTERNATIONAL BOND SERVICE RISES AND FALLS YESTERDAY LIFFE EQUITY OPTIONS prices Uated ars Ota latest International bonds tor wtitefi there Is en adequate secondary market Latest at 736 pm an Fafaraary 1 fttses Falls Same WIS pun CALLS HITS Cfcf. CH Brftfsb Funds— 74 1 2 CALLS breed Aar Jri id Jil Oct fib Key «to M MW Ato ptfai b Jb Ku Je S« US. DOLLAR STRAIGHTS BH Offer day YUM OTHER STRAIGHTS M Bid Offer 4* YMd Other Fixed tatemt 3 3 9 mas Nr mm AB89I/899 280 W6b 10H 439 600 +H A8BED7 1/295 LFY 97V 90V -b 8J6 Commercial,- Industrial.. 602 131 689 750 39 59 67 7 00 32 Glaxo 650 46 69 21 33 46 3/895 Ane i/oss 5H 58 69 75 9 75 30 BAA « ECSC73/494LFr MB 99% 100b &08 44 1*678) 22 47 69 48 71 SS2 “uf *. Financial & Property. 441 31 327 (*990) 600 26 39 47 30 50 55 (*777) 800 10 32 44 31 V . 700 61 WORLD BAAK8 96 LFr. 1000 100 -4 7.98 Sn iim. rnii 3 &S Oil & Gas. - 42 6 37 ^ BO®EBaffiO«3/498Fl 500 107% 1081, 736 ASDA 57 io:i4*j LSh 4 6 7 BAT Wti 950 41 56 73 ii .40 50 Witte* - ™ uS tSH Plantation 2 1 6 UMIOTI900R IU 7J2 P63) 67 6 9 11 a 12 14 (*977) 11X10 14 32 50 35 69 78. (*M5> . lln ml iml Sffl UA 500 Mines. 62 10 69 300 4*7 AU6«f»JWVWCEU5JB'»C*_._ 1061, 106* -4, JU6 17 28 35 24 30 fflffasSw IB? mi «, Others. 75 2 30 BIB 350 B*r 70 9>i 13 L5% 5 8*j U .BriLAliwam an 22 31 36 13 24 28 (*5581 600 21] 9 U 44 V 60 B0 5£ 8ij U UlVf 17 WNf== fl 3 3 : if C2B8) 300 12 21 27 23 35 40 K B B ? H 37- 42 2*- 7 15 Totals 1,301 185 1,169 390 a Saw BdmA 420 7 25 13 19 28 —”” P415) 17 600 10 23 37 69 60 88 WS^SssnSr ™ 2 “3 raroi^ »«MM«cs— m mi 102? w 460 48 MO 71 9 19 25 0 r ^ (**96) MO 22 39 » 25 36 43 Had Pew M0 25 34 37 6 11 17 MO lisi iis? 3 mi «n iSS Cater** 460 19 24 34 11 25 31 3 I* P*297) 300 13 22 26 14 19 26 DEN MARK 8 1/4 94 150 105? 106 Hi 4.46 ^ 42 57 ££^VmuijS495 - ££ laS UfflS *2 Boob 300 23 36 43 20 33 38 : (*462 ) 500 3* 10 18 53 : *» £« non 350 7 17 25 54 65 W Ream MOO *5 107 135 55 80 103 BHHwSr* w imi “Si 1, t Swro™ xK mi -b - - 1450 37 BO U2 83 108 130 BJ> 240 22 28 32 7 13 17 Eaten Eta 400 19 34 7 15 PI© 4J» - - - C255 ) 260 1017% 21 18 22 25 {*4U> 430 » Bqce 130 10 15 20 10 si sa s A . 15 19 KfflF= ||nsja|BS== « RECENT ISSUES • J si si 1 LONDON (*133) 140 6 10b U 17 21 24 BrttUSnd 12b 16 U 4ig 7 9 460 16 33 42 14 30 S3 gg»««ZS»ta- (*77J 60 7 U 13 ih 12 14 Cuirass Si mi _ *4 * ij Scot Poser 200 23 28 32 2 4 gg S& 82 EQUITIES 1*460) 500 4 15 24 42 57 62 8 eurotis« 9L4% 100 u®% mj +v 532 1*2191 9 g£gi 3ZZ U23 lob? iuv a® Bill 590 S 69 81 UZ130 220 15 17 7b 10 17 91/298 STATUS 98 44, 6GC 280 13*2 23 27 3 8b 15 IKSfr®Sf mS fcj| FEB® DEL 178 Em .500 IE? W6V 861 As/ot Latm rseai 600 25 42 55 31 47 53 . , 100 9 12 14 ITALY lo 00 Ea 1000 no* UV, a 71 bsae 1999 a OSes tor Net nroec Gran P/E (*289) 300 4 12 17 r* 19 -26 Sen 4b 8 10 K^mSwrawS* m imt no2 ^ 542 w +> PaU Stock Price Price ON Cord YWd Mo (*103 Up 5 7b 10 10 14 15 to Ditf HIpi bn C6Wn 700 36 55 66 Z7 45 S3 lil MBKS5= .IBB^B (*7041 750 16 32 45 59 75 82 Ibn 240 19b 22b 26 2 6 fine 180 17 21 26 8 18 23 FA 107 109 for. A Cel. PCP la TO— 107 H FMB 42 (*257 1 260 U«a - 8 .15 .5 (187 200 13 17 20 5fi W ) . 7h 31 35 4 Hril a SL F.P. 66 52 MLfMttacfeteT 62 Cnrtmkh 550 40 52 62 16 30 X 160 12 20 25 “7 la 22 nbraEMI i a I FJ>. MwttlHFM m>n 600 16 28 39 48 50 7D LASN0 800 52 74 83 13 26 1 a KL9 4.0 (*165) 180 4 12 18 20 .30 .34 1*803) 850 25 45 1 . i 8 OSInU “ft 56 36 FJ>. — « 28 IL9 » 72 Dm. Unba 600 30 40 47 28 38 48 FJ. 2 Hr fMmPmfcWaratt-. 1>I noil 690 10 21 Z7 64 70 80 Ucatato 140 14 19 25 5«» 14 17 TSB 160 15 7D Z7 5 11 14 160 4*j 12 17 17 2b 29 ffij Si 3 (*148 ) <*172 180 b>] U IS 18 21 25 :: 1 3 I Si € a l Finns 200 » 38 46 U 22 27 TO8J 220 » 29 38 21 33 38 54" VtfReeti 30 6b 6 6b 3 p. 550 21 34 47 20 45- &a rex > 35-2 4 4b 5b (*555 1 600 4^ 17 57 79 84 FIXED INTEREST STOCKS GKN 460 25 35 44 23 33 39 Wrikoo* 850 58 84 UO 22 PIDdtaUB fl 17 20 6 ID 16 1*467 ) .500 8 21 28 S3 58 62 (*877 } 900 32 56 84 4* 67 83 l» Aswan Uned Ctaisf (*1031 no 4 12. U 13 iB . 23 1 1 3 I 1993 si- Jilin +sr GmriMiL 420 38 n 57 U 20 27 1 Price hid Renoc Stock Price 12. EUE3 FT-SE INDEX (*2853) (*442 1 460 17 30 37 30 39 47 300 20 25 30 17 £ to (We m las £ (•315) • 330 4 11 16 : 18- 29 34 2675 2725 2775 2825 2175 2925 2978 3825 CALLS IMP 1191«i UShl +v I.CJ. 1100 64 90 97 45 60 80 '40 Fed 186 137-93 LP. 105>»c tetoKKU UAaS^cCa. PI mi46) 1158 34 65 75 74 90 107 R.Ti 650 40 50 66 8 28 55 28 12 4 lb BBSSSSfc==r B &Bmt=== I Jt ffif 3 S » FA - M9H IFC71ipeQr.Bd.2W “S! +»t 1*660) 700 12 27 41 35 58 67 Mar 201 157 117 82 54 33 19 10 1 B 1 it “ ~ " KlwfWw 550 34 46 54 19 35 41 420 23 37 45 5 13 25 ScsL&Hnr 88 rewi 600 12 24 33 49 64 73 W37) 460 6 18 26 29 34 4/ " - - _ 5? 235 180 1US 95 Tam 2U 12 19 25 6b 15 19 Dee - 180 - 136 B laftrob 200 20 30 36 19 22 28 B-S&- 1 (*265 280 15 28 i 10 19 31 ER 96 M0 j UO +4, 5 71 ) SEETOKYO ELEC TOW » 1 -4, PUIS . B3f4 1 1 J00S 102? 10 40 1:1 mZ ra») 220 20 28 27 33 +** P SA7 TOKYO Mt l ftOWUJSfl l/49b MO 108? n E_Anmr»iar aaan?" . 600 IIS lDZ? -1* 837 Hones Wb 460 22 36 40 5 13 23 p* 3 4b 10 21 44 78 122 168 WORU) SAUK 63/899 —— 150® Jllj 111? RIGHTS OFFERS ^ S8CT9MU-Yi/iY/rrr17197 FFr -ww4000 133 10% 6J6 (*475) 300 4 15 20 28 34 47 Star 11 16 25 41 62 91 126 167 WORLD HANK 83H 97 UOO lUfi 111V 567 Uad Sear 460 40 «S 47 7 2023 " -rla 23 CO 3/S 96 100 WWi WIi 6 (•485 1 500 14 23 29 24 4X 46 Ifiiilnlnna XEROX RPR 8 360 25 39 46 5b 13 23 90 P378 1 390 8 23 32 20 30 38 Sen _ _ DEUTSCHE MASK STRAKHTS FLOATING RATE NOTES bsari DM Offer (Urn I* U&5 300 28 34 40 6 15 19 Dec 94 - 130 - 179 - 230 AUSTRIA 57ffl 97. 500 J. 97 630 AlilABCEALElCSQ 6894E SM 99.74 9934 M® 96 T3X P3191 330 10 18 M 19 Z7 31 BtLClUM 7 3/4 02 500 SDiJj IQH BANCO 60UA 99 — 2B0 9921 99.44 33313 Mar Jm tohr Ja Rp I07L 7.M mm WPBU4Q1 m J07Ji BELBUU 1/16970U.. 500 1M03 100.15 9.9SB FraEunsruui DEUROffi riNARCe 7 1/795 1000 Utl'j Mil. BKE-0J0296 3M 9997 10002 17300 550 46 58 65 12 24 27 AHxy HaL 360 30 » 42 10 15 22 700 104L 105*, 7J7 2KQ *m2m 7950 2990 2958 J9M 3051 ECSC85/896 BB>05 30D 100J2 100.49 5^5Q 1 600 U 29 39 35 47 53 (382 > 390 12 a 28 25 31 37 T im* UBN * 6.64 150 9923 990 6.4750 QB71S99 m SrSMBBiZZ: ' CALLS 7 FWLMD71/2M- 3M0 U»V U0J, 36 cCCEOb ECO 200 99J.4 9936 103625 SMI Tran. 550 30 41 47 14 20 27 Ftt 20 6>> 7 7b 2 lb 2h 215 169 117 74 39 17 7 2 EUCnaC 3/4 94 300 1M 104% +% 100 99.45 99.80 5.0BQ0 (*573 1 600 6 1* 24 47 50 56 CEREHAL 8 011200 FED 0 1596 Itar 223 180 138 1D1 n 45 M 13 UliaSA81EJtOCV90O M0 1UH 6.91 CREDIT FQRCIEH -1/1698 ZOO 1Q0J7 10037 3.0000 TO) 25 3 4 4 3 4 4fe J12< 200 18 26 34 8 13 18 Mr 239 198 157 122 92 66 46 30 02 1000 99.47 99.fr! IRELAND 7 5M m MW DOIHAfiKH/896 14063 212' (*209 1 220 11 17 22 21 25 28 254 176 141 111 86 66 49 KFWINTL FINANCE 7 1/4 97 WESWTCR FINANCE U32 98 M 1000 99^ 9197 &53U Baths 420 28 37 44 22 30 39 S2 ^ ?LJ7?? Jam 1 - 221 - 153 - 100 - bl SWEDEN 897 ZM l“Jl ELEC DE FRANCE U8W 400 102.00 102.73 3300 POTT 460 10 21 3 50 56 64 ELEC POWER 75/802 1000 UQ 103V 7^8 FERS;5 0E.STAT94 200 100i2i 100.70 16250 TOm +J» «wi«bUi arotlw offlcUl *ataates^Tl^«! TVafUgr 90 12 15 18 5>z 11 13 PUTS . - 500 1044 -2H 932 24 31 35 ID 23 29 TDUCEY103M 96 — M3% HALIFAX 1/1099E W 99.93 100.03 7.2250 1*95 > 100 7 11 Mill] 16 IB. BMe CWe 220 ft* 2 3 6 6.95 U 32 62 m 151 MOO 100S IMS. +«i IRELAN098 SK 9939 99.63 S.6W0 1*233 240 14 19 29 72. 32 41 UNITED KBKHM 7W97- ) Mm 8 13 21 33 54 79 113 153 VOUHWAGOICOMBS8W 400 104? lQ5i +% 7J7 ITALY 00 3JSL31 10030 33250 m -19 19 25 19 37 51 =71 95- BANK015 LEEDS PERUANENTM 96 £ 200 9936 99.76 7373T UU. BtattJ 360 25 33 39 Brill* 6» 280 19 23 a Sfe 13 16 US » 129 165 WORLD ^ 50 ^MO 632 3J7S3 1*364 1 390 6h 15 20 40 .45 48 raai 300 i2>2 u a a Mv 29 36 67 8b U2 142 WORLD BANK 53(496 ,?TJ 90S LLOYDS SANK 1/10 FtRPSJ 600 7330 7630 - m 12M lllfi Ml MITSUI FIN 100JZ 10031 Jmt 47 - 77 - 124 - 186 WORLD BANK 8 3/4 00 ASIA UB96 MO 520 IhdleNr 1100 54 73 92 29 42 49 HEW ZEALAND 1*96 250 10008 SOULS 33750 " ni26> U50 27 48 67 56 M 75 Dixons 2ffl 16 7b 31 ID 19 26 fnahc snwrans rente w 500 9935 9933 33250 ' swns nz3i . . 240. 81* 18 a 25 30 38 Pdf 2L618 ASIAN OCT BANK6 10 ^ 5^} S0QETECEUEHALE96 300 99.48 99W 31875 COUHOL 4 3/4 98 Z» 9/5 W 3® STATE BK NSW 3/16 9B 250 99.48 W79 17188 First Dealings Jan. 25 Group, Burlington, Caverdale, Fth Hat Am AS Kv Al( • iFT-i M® STATE BK VICTORIA 99 125 90.75 99.01 3.7219 Emnl 390 - 40 57.70 16 30 38 am?’ B63T404 005 Centre Baata., Eroems, GoM- • Last Dealings Feb. 12 Ctty Bril 40 52 13 34 44 FRANCE 7 1/4 06 — MO U» ^ ^ ORTTED ICM6DC1J -US 96 «I00 99.91 99.99 32500 Am 260 25 (N10) 4a 23 41 SS 31 45 S3 RECK aiiilte, Henson wairaots. VO • Last Declarations May 6 Mow 1*273 ) 280 15- 31 45 23 . 45 55 TO* 7 W99 YORKSHIRE BS1/1Q 94 E 165 99X3 99.99 73500 . Norex, Premier Corta^ A. asssfeiafflffr— For settlement May 17 lem. ® ^ J ; g 3-month call rate Indications are Proud foot, Ranaomaa, Ratyon, FIXED INTEREST INDICES shown In Saturday editions. Tfldpda Tech, Trio warrants and FT-ACTUARIES IS *w£i IM Ofhr Pmm. SBSS»«W= Yi B DnDinUMn, ta, Calls in Aran Energy, ASDA, Tul low Ofl. Puts In ADT, Relyon AVERAGE 6H0SS. •* BrtUah end Ttdlow OIL Doubles In Emess ffl SS SSS"cSIK:S“J.“=.. s Brent Walker 3rd Pref^ HtSCBJNMCaS REDEMPTION YIELDS Aerospece, Babcock Inti., BM and Premier Cons. Sfi £ IS SSStSWStlt®--— *8 S«Sb-=- S a Britt* Gemmed Mon Day's FrI Accrued xdadi. Low 5yevs.„ - Feb change Jan Interest 1993 WLL5D0WH11O02£ 130 197 124 T, 1251, years vnnunms 29 to date Coupons 15 ; 40000 106 1061, 182 LAND SECS 6 31402 £ 84 6 72 mi 91 -*2834 1 % JmmaK7W i FT-SE ACTUARIES INDICES (0%-71i%] 20 years BrHMr Cenrameat Med (am 5 years. nre^rauiCESMrtb 1 ~Z. 20000 10H ll»< a? 4.16 MI7SW BANK 2 5/803 900 23523 73% 75% +34.95 " 50000 107 107? 432 M0UNTBAFHI61/297 100 ZXBS 96? 97% 148J0 Coupons 15 yean. fsEum .I 1 Up to 5 years (23).., 128.79 4036 12833 LOS 137 ” OCOEM602. 149.47 The FT-SE 100, FT-SE Itid 230 and FT-SE Actnarln 850 Indices ami tha FT-SE SSfflSiranW7iaBD™1 r: MOM lui* U3S 4.99 ."....I m 39377 87? 89? (8%-101|%) 20 yews ^ iSSo 102? 102? Ur 4J5 SEGA ENTEWBSES 1/296 200 10013.9 UN I10>. 1*17 Actuazlas industry nwt»n are calculated by The International stock RichanBB 5-15 147-23 +038 146.94 1.78 1.81 jSSlBMKSW ~ 3 « 2 years (23). High 5 years. olv H K6 Via' "T.'VT.. Soooo mS in? 437 sum* a nephew « 02 £ 90 1.773 in.*, iss^.-mss of tba United mjupUm and Bapubtte of Inbod Limited. The Uilm iaHnnal ajUlTOKO 3 (her 15 years (8).. 152.64 +037 152j97 133 138 Coapons 15 years. PWR4 9T.-— - 60000 101>t 1D1? 367 BANK31/804 300 3606.9 72? 73% 43706 Stock Pxftianp- of the United Kingdom and Republic of tratand Limited 1893. AH 7«96 SOOOO 1% 106? 406 TEWS rNSrRUMQfTS2 3/4IH 300 B9\ 96? 97% 448X9 01%-) 20 years. EfSSSl TFL4 rS S rights rowed. - 4 Irndeemabteslfi)- 172-61 +0.42 171.88 232 0.80 50000 102 UOli 3.90 TWMEMI5JK«£ 103 7Ji 1261, 129? +1L71 liredeaBMrteri FlatYMfl SSSy 5 W 'j T...... 30000 111? Ult +*, 4 65 Indax is calculated by The Financial Timas Lhn- 5 All stocks (60) _. 143.21 4036 142.86 1-49 137 SSKmOB ZT.. - The FT-Acturiei AQ-Sharo 103% 104% 4-g9 fto Momh, avuiabt* - pravtaw day^ pck» Me*4Jaked UrnttSSM®”-... MOOT Ued Ln conjunctkni wtth tbe Institute gf Actcartor and the Faculty of Actuarfra. 430 t OWy one maffcac mtiur auppllad a prtoo Index-United MmSbaNK 63/400 S000Q 111? 111% 4% * rigbta reserved. IflOatloa rate 5% Up bo An. The Financial Times Llmttad 1883. All 0.00 6 Opto 5 yean (2).. 185.88 4036 18538 130 taOatlao rate 5%. . OwrSjn. BONO*: Tba yMd la tiM ylaU W ratfaouitan ol tiia atfurtea 8*a amoM moati la In MUona at amaar ante. Cha. day-Changa on FT-SE Actuaries 350 Indices, the FT-SE •nuuOHT Tlxe FT-SE 100, FT-SE MM 250 and 0.61 032 lnfUUearatelO% Upte5yrs. Aamiriiw frvtiM^ry hwihw ml ain WAjiMiW AB-Shara Index are membare ol 7 Over5 years QU.. 16831 4036 167.71 Danaolaalwl In tiWUra MUM onwwtu Meatad Coupon Mom ft minimum. Oprind — HTBln *MW aiiHaeatil tofUUoorat» 10%- OrerSyrs, Hom.Tta MATH KOTtt which are calculated fat accordance 038 035 55S?SJ M-montii Sabava maan rata) lor US dotiam. Ccpn-Tha cufraM oaupoa. the FT-SE Actuaries Share Imficee aeries 8 All (tods 03)-. 169.48 4034 168.91 (a, by The Ffatendsl Tlntes LlmUed nruna^MUBONOM: OanommatM M

22 FINANCIAL TIMES TUESDAY FEBRUARY 2 199: COMPANY NEWS; UK Profits expected to rise 19% to at least £55m Medicine can come in many forms Iceland Foods to move Jane Fuller considers whether the doubts concerning company doctors are justified into ITH 80,000 compa- Littlewoods outlets nies going bust last year and another By Peggy Hollinger over the foodhalls in of The group's aggressive 80.000Wforecast to do so this 48 Littlewoods 127 stores, programme was year, it is for doubt SHARES with an expansion a bad time IN Iceland Frozen average floor space of 4,100 sq announced amid forecasts of to be creeping in about the effi- Foods jumped 2lp to 668p as ft The food group will only record turnover of £1.04bn for cacy of company doctors. the high street food retailer pay a rent based on the turn- the 53 weeks to January 2, These professionals are announced a £27.5m placing to over it achieves in those stores. against £889m. brought in short-term to carry Fund its - move into Littlewoods However, it will have to re- On a like-for-like basis. Ice- out the financially essential outlets and forecast a 19 per equip the food halls, at a cost land saw a 10 per cent increase but. difficult and unpleasant - cent rise in annual profits to at expected to be about £20tn. in sales, while food inflation tasks that the previous man- least £55m. This would be funded by the was estimated to have been agement either shrank from or Mr Malcolm & Walker, chair- placing, which has been under- just 2 per cent Mr Walker said were ill suited to doing. man, said the move into Little- written by NM Rothschild & the increase in sales was pri- They close factories, axe woods reinforced Iceland’s Sons. marily due to more customers i staff, sell businesses and recent transformation from Mr Walker said Iceland had walking through the door. Indi- assets. They keep open bank freezer centre to high street decided a placing was the most vidual transactions were credit lines with one hand and food retailer. “Frozen food has prudent option, in light of the roughly similar at about £7.50. tease new money out of institu- become more about conve- group’s decision to keep gear- Chilled foods provided the tional investors with the other. nience food than bulk buying,” ing at less than 50 per cent “It group’s greatest growth in If they succeed, they band over Mr Walker said. gives us a little comfort fac- 1992, increasing an estimated the stabilised company to new Analysts were encouraged by tor," he said. 25 per cent year on year. Fro- long-term managers. the Littlewoods deal which is Investors were offered 4.3m zen food accounted for just But the view has gained cur- expected to add £l00m to sales new Iceland shares at 640p. over 50 per cent of sales, while rency that this recession is Company doctor line-up: Roy Barber (left), now at Bimec Industries: Sir Lewis Robertson, enjoying some success at Stakis after the in a full year. representing about 4 per cent basic groceries represented 22 proving a bad one for an elite demise of LiUey; David James, concentrating on the heavily indebted Lep Group after pleasing the banks at Davies & Newman. Many upgraded their fore- of the existing equity. The deal per cent of turnover. group of high profile and casts for 1993 from about £63m is not expected to be dilutive. The Anal dividend is forecast highly paid company doctors. Coopers & Lybrand, formerly If a revamping of manage- Management. Hilton International) os chief to more than £68m. Iceland also announced that to rise by IS per cent to 8.9p for Sir Lewis Robertson recently known as Cork Gully, called ment Is necessary, the new- Perhaps the lesson is that executive, announced a £28m "Any deal that represents it would increase its target of a total of IOp. This compares lost Lllley. the Glasgow-based for the reform of the 1986 Insol- comers) will not generally be shareholders should act ear- rights issue and the £50ra sale one year’s organic growth and store openings for the current with a total of 8.5p last time. contracting and construction vency Act to foster a “rescue a short-term company doctor lier. One institutional investor of its nursing homes division. is done without any cost to the year from SO to 60, for a total of Earnings per share are esti- group, to receivership. In a culture". hut long-term executives, typi- says the best safeguard against On a less public level, sur- balance sheet has to be about 680, including the Little- mated to be not less than 41 .2p, long career, it was the first of In the other. Grant Thornton cally a new chief executive a business becoming company- vival tips are being offered applauded," said Mr David woods outlets. The increased a rise of 19 per cent. On a fully- his seven rescues to foil and warned that many businesses and/or finance director. doctor material lies in a prop- daily to debt-strapped busi- Shriver of County NatWesL openings would also be funded diluted basis the increase is 17 can be contrasted with cases risked insolvency because they There are several examples erly constituted board. But he nesses by a raft of advisers. Mr Iceland has agreed to take with placing proceeds. per cent to 37.5p. from the last recession, such as were not ready to cope with of fresh management being adds that this is a “counsel of Swete gives the example of a Triplex Lloyd, which are now the end of recession, in particu- recruited from companies in perfection". company which had found a healthy. lar the need to seek extra the same sector - Mr Archie buyer for an asset, but was Mr Roy Barber saw Astra finance. One of Grant Thorn- Norman (ex-Kingfisher) at ore commonly, advised to spread out the pay- Recovery at Marine Midland Holdings, the defence company ton’s criticisms was that com- Asda, the supermarkets group, shareholders appear ments to avoid the risk of the under investigation by the DTL panies showed a reluctance to for instance. M slow to act - other bank taking the money and go into receivership. Share- seek the help of professional Another option is to bring on than by selling out quietly. pulling the plug. By Alan Friedman profits were 5109.2m, a signifi- same period of 1991. The bank's holders in Davies & Newman, advisers. to the board a director with a They shy away from getting In contrast to the priorities In New York cant tumround from losses of revenues in the quarter were under Mr David James’s care The implication of both reputation for pushing through together to call for change of a bank-appointed receiver, a $189.9m for 1991. 5283.3m. against $258.6m a year for two years, were left with studies is that there is a clear changes such as Mr Michael until “disaster is at hand". company doctor's “primary- MARINE MIDLAND Banks, Mr James Cleave, president earlier. nothing when it was wound up need for company doctoring in Beckett, whose charges have Even if the patient survives duty is to the company, the Hongkong and Shanghai and chief executive, said this Bad debt provisions after Dan-Air, its airline sub- all Its forms. included Tace and Ultramar. the initial financial trauma, a secondary one, to whom ever Bank’s US subsidiary, reported was the first time Marine Mid- amounted to $3.4m in the sidiary was sold last year for He describes himself as a “very company has to have orders, brought him in," Mr Swete a substantial recovery from land had returned to profit for fourth quarter, down sharply £1 to British Airways. eaving aside the up- independent” non-executive sales and cash flow to service adds. losses for both its 1992 fourth three years. He said 1992 was a from S41m. Provisions for the It is easy to see why the lon- market end of the pro- director who is called upon “to its debt and pay other credi- The real world dictates, how- quarter and its results for - the benchmark year in the bank’s whole year were $73^m, down gest recession since the Second L fession Mr James’s clean up the boards. In 1991 I tors. hi other words, many of ever, that if the interest of the full-year. recovery and pledged to con- from $230m in 1991. World War has provided a hos- latest fees, for instance, are got rid of 27 directors”. the walking wounded are company diverges too much The New York-based bank, tinue to focus on controlling The bank ended 1992 with a tile environment for corporate £35,000 a month (partly for Even insolvency practitio- awaiting economic recovery. from that of the bank, it will which has $17.1bn (£11.3bn) in expenses, especially in light of Tier One risk-weighted capital rescues. “It is a difficult time office overheads) - a great ners do more work related to Mr Eugene Anderson, who not succeed. assets, said net profits in the the soft New Y ork state ratio of 9.12 per cent. The to sell property and noncore deal of remedial work is company rescues than receiv- was brought in to restructure Banks claim that they arc fourth quarter were 835.7m. regional economy. return on assets rose to 0.66 subsidiaries, and more difficult already being carried out by erships, according to Mr Steve Ferranti International, the not trigger happy when it compared to losses of $23.8m in Fourth quarter operating per cent in 1992, against a loss to turn round what remains." people who would not describe Ifill, an insolvency partner at electronics and defence group, comes to calling in receivers. the last quarter of 1991. expenses were $241.4 m, up on assets of 1.06 per cent in Mr Barber says. themselves as company doc- Coopers & Lybrand. in 1990 after a huge fraud was The head of one intensive care For the whole of 1992, net slightly from 5238.3m in the 1391. Mr Trevor Swete, managing tors. But whatever hopes are discovered, said recently it unit says that over the past director of Postern, a corporate One of the big lending banks raised by the new people or the needed orders to generate cash. two years only a third of the rescue firm, says: “By defini- says that only four or five of new approaches, serious limita- "We have bids out for about companies in that unit have United Distillers sells Wentworth tion company doctors are on a the 130-plus “live work-outs” in tions remain. £400m of business. If we win gone bust tight wire. All their charges its intensive care unit are in Some patients will be lost. only £L0Qm, that would, totally The motives are not altruis- deals resumed have severe financial difficul- the hands of company doctors. Mr Swete points out that most transform us. We’re at a very tic. “It is a simple economic 70 spirit brands in the US ties and one or two of those The preferred route is to get company doctoring does not critical stage.” truth that businesses are Trading in the shares of wires will break.” the changes implemented by start until a banking covenant Finally, it is worth pointing worth more intact, without By Philip Rawstome Industries. Wentworth International was The focus on well publicised the existing management, has been breached, putting the to the successes as well as the taint of insolvency.” says Mr “By transferring ownership restored yesterday, following failures runs the risk of deval- albeit with the banks wielding banks in the driving seat failures of company doctors, Hill - UNITED DISTILLERS, the of these regional brands the publication of Its report uing the role outsiders can the big stick. “They often come “Generally the banks bring although it can take years to To avoid that taint, the more spirits division of Guinness, which are In the lower price and accounts for the year to play In saving companies. This to accept that if they don’t do in a company doctor and in tell whether the medicine has company doctoring that goes has sold 70 regional spirits range - to Heaven Hill, we March 31 1992. is the message of two recent what we want, they won’t have this situation the shareholders really worked. Last week on, and the earlier advice is brands in the US to Heaven have substantially rationalised The shares of this studies by Arms of accoun- a future, because we won't put have lost an effective voice," Stakis. with Sir Lewis Robert- sought, the smaller the final Hill Distilleries. America’s our brand portfolio in the US USM-qnoted plastic packaging tants. more money in,” says the says Mr Paul Myners, chair- son as chairman and an indus- bankruptcy toll of this reces- largest independent family- and can continue to concen- group were suspended on In one. the insolvency arm of banker. man of Gartmore Investment try man, Mr David Michels (ex- sion will be. owned spirits company. trate on developing our core October 20 at 3p, pending the The terms of the sale were brands in the spirits market," delayed results, which showed not disclosed. he said. losses of £4.05m, against Mr Crispin Davis, shares managing The “non-strategic" brands restated profits of £63,000. In South West Water launches £35m bond CRT director of United, said yester- sold to Heaven Hill include JW December the group day that the deal formed part Dant, Ezra Brooks and announced pre-tax losses total- fall on of the group's reorganisation Yellowstone bourbons. Phila- ling £l.82m for the six months By Angus Foster £25m is due on completion, expected but decided against using the money, most strategy in the US. following delphia and Guckenheimer to September 30. within a week. of which is in short term investments, the acquisition of Glenmore blended whiskies, Boord’s SOUTH WEST Water yesterday announced The bond issue, which is redeemable in because it is earning reasonably high rates profits Distilleries in 1991 and its vodka and gin, and Coronet US a £35m bond issue, becoming the second 1998 and bears Interest at 8375 per oent, of interest. South West, which has one of merger last year with Schenley brandy. Blick buys contracts water services company in a week to follows last week's £I44£m rights issue the highest capital expenditure plans launch a fund raising. and other fund raising from Wessex among water companies, is likely to setback DIVIDENDS ANNOUNCED Blick has agreed to pay £2.l3m Most of the money raised through the Water. Wessex will use £113m of the become a net borrower by the end of its for a portfolio of rental and private placement will be used to pay for money to buy Waste Management Ltd financial year on March 3L By Peter Poarse - Corres Total Total maintenance contracts. The Haul-Waste, the waste management busi- from NFC, the transport and logistics Mr Ken Hill, finance director, said Haul- Current ot Date ponding for last vendor is Cheshire Communi- ness acquired last month from English group. Waste would become South West's main PRE-TAX profits at CRT, payment payment dividend year year & cations. China Clays. Of the £27.5m purchase price, South West holds net cash of about £S0m waste subsidiary. which stands for consultancy, Butlougfi ..fin t 4.3 Apr 1 4.3 6.05 6.05 Total unexpired gross con- recruitment and raining, its CRT ..Int 0.65 June 22 0.575 - 2.4 tracted rental income from the areas of activity, declined from Ewart ..Ini nil - 0.25 . 0.75 contracts Is more than £2.6 1 m to £689,000 in the six Fleming American..-fin 0.35 Apr 6 0.75 0.7 1.25 £5.4m. months to October 31. The Haynes Publ’lng ....-Int 3.5 Apr 30 2.5 - 6 BOC in £48m drug deal with Du Pont This will be earned over the shares fell from lOOp to Dividends shown pence per share net except where otherwise stated. next 14 years. 888p. By Paul Abrahams keted by Anaquest, BOC’s said the drug complemented its The move is part of BOC’s Mr Karl Chapman, chief pharmaceuticals division current portfolio of anaesthetic efforts to boost its healthcare executive, said the group had BOC. the healthcare and which specialises in products and acute care drugs. operations which increased been “on the back foot" In the industrial gases group, yester- aimed at anaesthetists. Du Pont Merck is retaining sales by 4.2 per cent to £512m period following £30m-worth PncM W —ooo tw M —fpoo— q< » inananr pooling and day announced it had pur- The business, which last the product rights in markets last year. of acquisitions in three years. chased the Brevibloc European year generated sales of outside North America and to lift its reve- m Eimm ii maa W— 815m, BOC needs US CRT was “now back on the n ail— frq W MAuiiMi TrMaganiuui anauin and North American has been growing at more than Europe. nues following the expiry at front foot” after the restruct- Pool Pool Pod operations of Du Pont Merck 20 per cent a year, according to Mr Joseph Mollica, president the end of last month of the uring, reorganisation of the v? MOOT OURMM Wit— — itafl W» (*V* wl— Pharmaceutical for 572.5m BOC. of Du Pont Merck Pharmaceu- American patents for Forane, business and the acquisition nm Eiwni oum ol 18 85 19 10 19.10 (£4Sm). The group said it hoped to be tical, said: “Brevibloc no longer its anaesthetic. the 160-strong Wetherby 2188 20JS 21.96 Brevibloc is a drug used in able to use its specialist mar- fits In our core business Anaesthetics represent about Training 27.95 36.70 2834 Services chain and 27.95 28.70 2829 operating theatres to control keting force to boost Brevi- strategy that focuses on the 80 per cent of the group’s Convergent TWW Communications, 0230 19.10 19 10 heart rate blood bloc’s sales. StolL, office-based 0300 2100 19.10 19.10 and pressure. Mr Roger physician market- health-related profits, accord- bought in May for a combined 0330 2180 1825 1825 The product will be raar- president of BOC Health Care. place.” ing to Kleinwort Benson. £1.74m. 0400 18.65 17 » 1756 18.36 17.51 1751 The group said it saw “tbe 1836 17 51 17 61 next 18 months positively” osso 1837 17.62 17S3 1427 17 52 1752 and lifted the interim dividend 1865 17 56 1756 to 0.65p (0.5 p). Earnings 0700 3142 19 10 19.10 Builough declines by 60% to £8.5m 75 22.33 21.87 2131 emerged at 0.91p (3-47p). 2338 24.67 26.19 0830 2338 24 58 2604 Mr Chapman ascribed the 0800 23 39 24 87 28 15 By Paul Taylor years ago, accounted for £5An profits decline to a poor per- 0330 3057 24.67 2616 3000 3051 24 67 26.18 of the decline. formance from Doctus, the 1030 3057 24-55 26.03 the office Mr Steel said Atal had had consultancy 1100 30 56 24 67 2810 BULLOUGH, side, and the IIJO 2475 24 88 2816 products and refrigeration an appalling year because of “substantially Increased sec- ia» 28.79 24 68 2618 1230 28.78 2168 2415 group which issued a profits falling demand and pressure ond-half weighting of the 1300 2BW 24 88 2415 warning in December, yester- on margins. Last autumn a training division’s profits”, 1130 2338 24 87 26.18 1400 23 38 24.87 2418 day reported a 59 per cent new management team was adding that a large proportion 1430 2138 2050 2050 decline in full year profits but installed and has introduced a of the full-year’s £5.4m Invest- IXO 19 31 19.75 19 75 <990 1431 2J72 2172 is maintaining its dividend £2.4m restructuring pro- ment in the group, taken TC00 2139 25.48 2758 despite taking “a heavy knock" gramme including accelerated throngh the profit and loss Deposit Accounts 1830 2187 3138 3458 WOO 34.2T 47 61 5124 in its French office furniture job cuts. account, was spent in toe first 1730 3647 4438 9 hpif, iaoo 38 38 4258 48.12 business. Among the group's other 1830 33 22 2741 29 18 After allowing for restructur- businesses, seven of the eight Mr Barrie Clark, finance 0 1900 2873 282* 27.72 1030 23 84 26 10 2758 ing costs of £3.32m, pre-tax small companies in the engi- director, said the investment 3000 2120 2321 24.81 profits in the year to October neering division increased was a “prerequisite for 3030 22*7 22.00 2338 the 2100 22-23 2147 2126 31 fell to £8.54m from £20Am in sales and six Increased profits. future”, reckoning that within 2133 2182 MBS 2235 Overall the division lifted oper- 3000 2182 20 53 2199 the previous year when the the next two years various CONTRACTED 3230 18 66 19 10 1610 outcome was boosted by ating profits to £237m (£2An) “standards and kitemarks” 2300 1827 1756 17 EC 2330 17 65 17-50 1750 £994,000 of exceptional items. on turnover which grew to could be obligatory. Both this BUSINESS SERVICES 2400 17.42 17.48 17.48 Mr Robert Steel, managing £33.7m (£3L2m). and CRT’s growing use of director, blamed the £12.3m Net borrowings at the end of expensive software in its 12 profits decline on operating October stood at £15.3m Pitman Training Centres To awni prtcoo to ton par on— no —f i n! bomb MU oo im i am dooo *> no losses and restructuring costs (£7.8m), representing 17 per would help rationalise a “frag- The FT proposes to publish this i«n. cio ooc oaoo laMeocm Simula, ur no uno i oOih tt pool oneoo h in the office products division. cent (9 per cent) of sharehold- Tony Artra mented and underdeveloped” survey on »«*« »—o 0—«"t ipnman n gnan, am amir—un U fw iiomm, pool Turnover slipped by 5 per ers funds. Derrick Battle, left and Robert Steel: looking for recovery industry. February 19 1993 « Era—>d ond «*a» Too Pool Pi—w— Prtoo w uu nno of no 4 IMOiHl uoao u cent to £276.9m (£292.6m); earn- Looking ahead. Mr Derrick The pre-tax outcome was editorial synopsis and available BarurMB.1 H tflpn 4 MMUf UM lnu> ings per share fell to Battle, chairman, said the Her and more firmly. But since sheet Meanwhile, maintaining knocked back For ii 4.45p by reorganisa- no pad tlu H4« m« 4 pool p»cu U , »in4»> m own *o e*oAoi 4 u ouMoet (lL55p). order book was slightly ahead last autumn a more robust the dividend has helped calm tion costs of advertising positions contact: u onUai or u oi auai imh pool pnco, ora £629,600. More Jessica Perry As expected the final divi- of last year and noted that the approach to problems at Atal investor nerves and since than 100 of CRTs 1,000 work- dend is being maintained at avoidance of the heavy losses has been adopted and another December the shares have force were made redundant - Tel: 071-873 4611 4.3p making an unchanged in the French office furniture 200 jobs have been cut. The begun to climb again. This is a mainly in consultancy, where M OUT mu pan artoo, Fax: 071-873 3062 apnh 4 iakan Pa4 SoUag Pnoo 4u pnco total for the year of business “should lead to a use- absence of losses and restruct- recovery stock with foreign the French operation was — i op waMn a mocoicn, o4or no pan M «m —u,n— I h ilou—n,n hpar* 4u 6.05p. ful recovery in our overall prof- uring costs alone should be exposure. With pre-tax profits dosed, and recruitment, where af mo Pun-Blur Prtoo FMo Turnover in the core office itability."’ sufficient to boost group prof- expected to rebound to £14ra or five offices were closed. 4 no B, HOC loUmoau IMM Pnwou -Mug lo «4u ooca Upniln ofecoM products division fell 12 per its significantly this year, pro- £i5m this year, producing earn- Mr Chapman said the Woghom IMn. Weth- Raosm Wmm .no to £104. COMMENT *< 5om Itauy B Frltfp, cent 4m (£1 18.8m) and a • viding there are no other nasty ings of between 7_2p and 7JSp erby acquisition allowed CRT I United FT SURVEYS £7.82m operating profit turned The problems at Atal, which surprises. Cash deposits of per share, the stock is trading to distribute the group's Pit- into a £736.000 loss. Losses In was acquired for some £19m in £13.2m should be sufficient for on a prospective p/e of about man training - franchising Alai, the French office furni- September 1988, should proba- any small "fill-in” acquisitions 14.7. Accepting the risks, the toe brand is currently being ture company acquired four bly have been dealt with ear- without straining the balance shares are a buy. piloted. : "

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF HOLDERS OF BONDS, ff HOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD CONSULT AN INDEPENDENT FINANCIAL ADVISER AUTHORISED UNDER THE FINANCIAL SERVICES ACT 198G WITHOUT DELAY. A distinctive formula for success ASDA FINANCE LIMITED (Incorporated in Jersey under Jersey lew wiih registration number 438441 Andrew (the "Issuer") j;- Bolger on expanding Motor ; v^ : £73,000,000 World and plans for its market debut S$| 10% per cent. OTORotor world, Convertible Capital Bonds 2005 the into the south-east of England was more expen- : outlet much . V A" '^v.,-::? UK'suk s biggest lnde-inde- . /• ::vy. and Scotland. sive than the modest outlay ;V>j _ (the "Bonds") Pendentpendent chain nf Mntnc uinvM h»>. Ko.i r : 1 u.t...... L.'. chain of Motor World has lifted prof- required for a typical Motor storesM selling ear parts and its at an annual rate of so per World shop. Guaranteed on a subordinated basis by accessories, is to be launched cent over the past three Instead, Autogem has been on the stock market with a years and -"' - v' made operating prof- developed as the UK's largest W A. . *r*fc5 O-jl value of about £28m. its of £3.51m on turnover of supplier of exhaust system sup- Edinburte- rjvi The Bradford-based group ^ £34.5m in the 12 months to ports to fast-fit retailers such V: mil raise _ _ , JQ3 £12.5ra by selling November. as Kwik-Fit and Superdrive. A shares, at a price to be The group has four divisions warehouse/distribution centre announced on Thursday, - Adjustment to Exchange Price retail, distribution, packag- just off the M1/M62 carries Kendal through a placing fully under- ing and manufacturing - all 6,000 product lines, offers next- written On 28th January. 1993 Asda Group pic announced an issue of new ordinary shares by way of rights to ordinary by Beeson Gregory, its aimed at the motor market. day delivery service through- shareholders on the register at the stockbroker. dose ol business on 22nd January. 1 993 at a price of 53 pence per share on In 1988 Kershaw led Mr an out Britain, and serves many the basis of 3 new ordinary shares lor every 10 ordinary shares held Ithe “rights issue"). Motor World has 178 outlets, £8m management buy-out, export markets. Autogem’s mainly NOTICE IS HEREBY GIVEN to holders of the which the in the north of backed by Can clover Invest- products are sold to smaller bonds (the "Bondholders") that the price at 2 per cent (net) Exchangeable Redeemable Preference in are to Bondholders England, Wales and the Mid- ments, of Motor World from Mr garages and workshops Shares 2005 the Issuer (which issued on lands. conversion of the Bonds) are exchangeable (or ordinary shares in Asda Group pic (the "Exchange Price") has and plans to build a Michael Stanford, who started through Motopax, a separate been adjusted in the manner provided in the Articles ol Association of the Issuer on and with el feci from national network for its dis- the business In 1968 and trading division. Thursday, 28th January. 1993 to take account tinctive of the rights issue. The adjusted Exchange Price is 93 pence. formula. steadily expanded it, aug- Motor World's main business Birmingham Conversion and exchange rights exercised by delivery of Bonds on or alter 28th January. 1 993 wifi take effect Unlike Halfords, the market mented by at the adjusted Exchange Price. acquisitions of Is, however, the retail outlets, jmm A Bondholder who has delivered his Bond in order to exercise his conversion leader. Motor World eschews small chains of shops from which in the year to November and exchange rights in the period alter 22nd January, 1993 and before 28th January. 1993 will be entitled to prime receive such additional At: high street sites and receivers. accounted for 72 per cent of number ol ordinary shares in Asda Group pic as he would have received had he large out-of-town '~1'* exercised his conversion and exchange rights at the adjusted Exchange Pnce “sheds". Its The MBO team acquired 101 sales and 64 per cent of group i'll If stores offer seven-day trading Motor World outlets and Pan- operating profit. Building a Issued by in cheaper locations PM*«wi away from ther, a business established in national chain is the group's Morgan Grenfell & Co. Limited the high street usually on 1982 which buys car parts and key priority. a member of the SFA busy main roads with parking ' accessories in bulk to package Mr Kershaw, a hard-headed %'i (6 i on behalf of Asda Group pic. facilities. and distribute, either under Yorkshireman who trained as nrs Kershaw said that because of audio and security products. Date: 2nd February. 1993. the Panther name or the brand a motor mechanic, said his the modest size and conve- Last year the group paid wm* # ach outlet carries about label of retailing and wholesale warehouse at Bradford could nience of the sites, the group £360,000 for Eurocar, a com- 4,000 items and also customers. service 300 shops, and had land had found it easy to sub-let pany with two outlets in West offers a 24-hour order E In 1989 Motor World decided adjoining if more space was premises to other shopkeepers Yorkshire which supplies in- fc&fe-l V service for parts and accesso- to get into the fast-fit needed. Bat all Motor World -****#» when necessary. car entertainment and security The United Mexican States Floating Rate ries not in stock. Staff are exhaust market It paid £5m for stores most make a profit The group, which employs systems. trained to advise customers on Autogem Holdings, which had 877 people, believes that bene- Once again, the canniness what to buy and the shops six exhaust-fitting service cen- e said: "I'm just as fits of scale in buying and dis- which has seen Motor World Privatization Notes Due 2001 stock Haynes Manuals for 150 tres, and its two related manu- proud to close a shop, tribution will give it an advan- raise profits through recession types .‘Ji*i!tar* of car, to encourage DIY facturing subsidiaries, Cenex as to open one. We tage over small independent is to the fore. Although 60 H The applicable rale of interest for the period February 1. 1993. through [ JfcW maintenance. and KRC, which make metal give every shop 12 to 18 stores, which are its main com- group stores now sell audio Darrell and including May 2, 1993, to be paid on May 3, 1993. a period of 91 Mr^. Mr Kershaw, manag- pressing and rubber mould- months and then if, in spite of petition. products, Mr Kershaw is still ing director, believes the chain ings. our best efforts, it is not mak- As well as expanding organi- testing the economics of Euro- days, is 4.125%. This rate is 13/16% above the offered rale for three-momh could expand to 300 outlets Although the Autogem ing a profit, we dose it" cally and by acquisition, Mr car's service of fitting systems deposits in U3. Dollars which appeared on the display designated as the S**** within two years, with exhaust-fitting centres were Although Motor World has Kershaw aims to increase the at customers’ homes and British Bankers Association's Interest Settlement Rate (3.3125%) as quoted depressed property prices and profitable and remain so, Mr closed 30 outlets over the amount spent by individual offices in West Yorkshire, *W on the Dow acquisition opportunities giv- Kershaw said he quickly recog- years, the group only has one customer by stocking more before deciding whether to Jones/Telerate Monitor as Telcraic Screen No. 3750 as at ing it an ideal chance to move nised that opening this type of unlet unit on its books. Mr expensive items, such as offer it across the chain. 11:00 A.M. (London Time) on January 28, 1993. wn*?* The above rate equates to an interest payment of USD 10.4271 per MR- *>»• Delaney USD 1.000.00 in principal amount of Notes. mm: ?** Lower interest costs boost Haynes |MK iftft*. rid of loss By Peggy Hollinger £86,000. Mr Pearce said the group expected of the year. A further £1004)00 charge was to be cash positive by the end of the cur expected in the second half. 9 Banco Nacional de Mexico, NY : LOWER INTEREST charges helped rent year. Trading continued to be meet difficult in fffc divisions Haynes Publishing Group, which produces Haynes aimed to build a cash pile for the UK, which was hampered by losses of - |4a «U car and motorcycle maintenance manuals, expansion into Europe, developing manu- some £250,000 from general publishing. Mr January 28, 1993 DELANEY GROUP has been jump by 34 per cent at the pre-tax level to als for alternative markets such as home Pearce said these losses - which were tl’*r left with its Christies Panel £L.5m for the six months to November 30, security and. in the longer term, for acqui- £1.2m for the whole of last year - would Products fitted bedroom compared with £1.13m. sitions. total about £500,000 for the year. retailer following its shopflt- Mr Max Pearce, chief executive, said the The interim dividend goes up lp to 3 -5p. Operating profits in the UK, after excep- ttng division going into receiv- result had been achieved “with no help payable from earnings per share up 33 per tionals, were £830,000, compared with Mortgage Securities Mortgage Securities 1 fcfarrrn' ership and the sale of Its fund- from either the US or UK economies". cent to 9.05p. The shares advanced by 15p £619,000. US$200,000,000 division. less than per cent at to 388p. In the US. Haynes recorded an per cent : tore Soles were ahead 2 8 Floating rate depository Pic » Hr (No 1) Pic (No 1) mm Meanwhile, costs were being controlled increase in operating profits from £1.14m The directors believed that fil-lm. receipts due 1998 Issued without its loss making busi- There was a sharp reduction in debt through a redundancy programme which to £1.23m, with sales for the Chevy by £29,300.000 £20,000,000 nesses Delaney could begin to from £!.3m at the end of the tost flnandal resulted in £293.000 (£453.000) exceptional Pick-Up manual outstripping all others. Mr advance again. year to £158.000 at the interim stage. Net charges in the UK. About 10 per cent of Pearce said the group had a 50 per cent The Low Debenture Trust Class A Class B The shares, which were interest charges fell from £240,000 to the 200-plus jobs would be cut by the end share of the US market. Corporation pic evidencing Mortgage Backed Mortgage Backed suspended last Thursday pend- entitlement to payment of Floating Rate Notes Floating Rate Notes ing the announcement, fell lp principal and interest on 2023 due 2023 to 8p when dealings were deposits with due • resumed. holders Exceptional i Debenture push Cariplo-cassa dl Risparimo In accordance with the i u j In accordance with the Mrlton Medes, which holds _ Delle Provincie Lombarde provisions of the Notes, notice provisions of the Notes, notice per cent of Delaney, has 12 is hereby given that for the S.p.A is hereby given that for the *:. mode a loan of £800,000 repay- [merest period 29th January, Interest period 29th January, fa!: approve plan Ewart into losses London Branch of this year L&P able at the end 1993 to 30th April, 1993 the ****** j 1993 to 30th April, 1993 die and secured on the shares of Notice is herebygiven Notes will cam’ an Interest Notes will carry an Interest . . f v involved arch's 29.2 holding per j Christies. By Richard Water* the circumstances. EXCEPTIONAL costs per cent that the receipts will bear Rate of 6.675% annum. Rate of 6.875'$ per annum. hi Pattembread * Delaney called in the Property securing the bonds in fighting off Monarch Proper- was acquired by interest at 3.625% per annum Interest payable on the relevant Interest payable on the relevant mm* receiver following the LONDON & PROVINCIAL, the has halved in value since the ties put Ewart £260,000 into the Establishment, which “is posi- from 2 February 1993 to 4 May tyj i, interest pavment date 30th interest payment date 30th ' gy**** : group, yes- summer of 1990, and the com- red for the six months ended tively committed to the further 1993. Interest payable on 4 | f collapse of negotiations for the troubled property { April, 1993 will amount to April. 1993 will amount to terday approval for its pany warned investors at the October 31; the interim divi- growth of Ewart and support- May 1993 will amount to sale of companies in the shop- won £1,664.18 per £100,000 Note. £1.714.04 per £100,000 Note. *#** : fitting division - Display and plan to repay £135m of deben- end of last year that it would dend is passed. ive of the strategy pursued by US$91.63 per USS10,000 and USS916.32 per US$100,000 Shop Equipment, Lawn Shop- tures at less than their face not be able to meet interest From turnover of £ 1.94m the board", said Mr Derek Aeent Bank: Agent Bank: receipts. fitters, Halon Electrical value, the first time in recent payments. (£L79m) this Northern Ireland- Tughan, chairman of Ewart Bank of Scotland Bank of Scotland • v* In %'iiiw Contractors, Northgate Alu- memory that holders of Citibank, banker to the based property developer made He said the redaction Agent: Morgan Guaranty minium Systems and Multiflex secured bonds have accepted Randsworth group, the parent an operating profit of £20,000 operating profit was entirely Trust Company result increased Interest (MSC1. such a loss. of London & Provincial which (£104,000). the of rep- stemming from the At the same time Stanley At a meeting called for the is in receivership, has provided Exceptional; of £279,000 charges, JPMorgan investment Wood and Traditional Furni- purpose, holders of 92 per cent the cash to repay bond holders, resented the cost of an extraor- financing of recent dinary meeting. acquisitions and the inclusion ture Stores, which made np of the bonds by value agreed to the company said. the That was called by Mr Philip of interest relating to the shop- the furniture division, were accept the company's offer of The deal will increase chairman development at £4. £95 for every £100 of stock bank’s exposure to the group Monahan, of Mon- ping centre MORTGAGES sold to Mark Billings for whole to some arch, a private company based Ross's Court, now completed. The resulting write off was held. as a by £109m in Republic, in an attempt Prospects for the La anbank ' They will also receive £333m. the g NOTICE OF INTEREST : - estimated at £l.l5m. amounting to At the beginning of January. to oust members of the board development received a boost *• The shopfitting division was accrued Interest - stock. Citibank announced its inten- and replace them with two of with confirmation of govern- VARIATION blamed for many of Delaney's 430p for every £100 of RATE .*- support tion to make an offer far the his own nominees, “with a ment backing for the project , problems. The furniture The overwhelming shares view to radically re-defining Losses per share were L39p, reported pre-tax for the offer, with none of the property group's division against earnings of 0.44p from following interest rates will apply from bond holders voting a ainst, through an investment subsid- the strategic direction of The x losses of £780.000 on sales of 67 g r • interim dividend of i«M 4 i : ; general belief that iary, though no bid has yet Ewart" which an £2.23m in the 11 months to reflected a was generous in been made. After its narrow defeat Mon- 0-25p was paid. 1st February 1993 for loans not yet drawn Sjgff November 30. the offer NEWS DIGEST and from the first payment date on or after

J of associate, is to reduce Olives' growth, said Mr Iain Saunders, -»— : months to October 5 fall from and gross margins 34 per 1st March 1993 for existing borrowers. at end-1991 tihalrman. £53,953 to £38.544. equal to cent and 1.5 per cent respec- net assets from 71p Hoskins Gross revenue rose from earnings of 2.86p <3.99p) per tively reflected organic growth. to 50p per share. at £3.87m to £4.1lm. Higher Home Loan Rate share. The fall reflected lower Earnings emerged 3.15p expenses and interest led to a poised for interest rates, an increase in (1.62p) on a net basis or 234p Microvitec offshoot cut in earnings from l.26p to expenses and the start of a pro- fully diluted. The directors 7.99% per annum. and the dividend is gramme of reinvestment of intend to propose payment in MBO for £2Sm 0.73p, acquisition reduced from 1.25p to 0.7p with cash previously held on of a dividend for the current Stabilised Charging Rate Microvitec. the information a final of 0.35p. the deposit. year. HOSKINS BREWERY, systems and services group, Leicester-based 8.29% per annum. USM-tradcd has sold its Logitek distribu- said yesterday Whitbread sells last real ale brewer, Eve pays £1.14ra for SEP expands tion business to management it was “at an advanced that fasteners for £2.49m cash, reducing gear- of Enro Pizza Huts This notice does not apply to bans from negotiations which Tubular Barriers in stage of ing to under 50 per cent sub- may or may not lead to a loss- Whitbread, the brewing and Eve Group, the USM-quoted SEP Industrial Holdings, the Net asset value of the Central Banking Services. acquisition". has co leted stantial contractor, Surrey-based maker of engi- malting business is about £3m. retailing group, mp the civil engineer and Directors made products, has acquired second half 1992 results of the disposal of its European paying £l.l4m cash for Tubu- neering The “in the light of is operation with an announcement subsidiary of Jaton Holdings, a distributor of Microvitec were affected by Pizza Hut the share lar Barriers, a the movement in fasteners. depressed sales and low mar- agreement to sell its 17 outlets Black & Edgington. industrial week**. The shares had in France to Pizza Hut Interna- price tost Roger Ames, chairman, Under the terms of the deal gins in Logitek, and that yesterday. Mr PepsiCo subsidiary A FRIEND FOR LIFE firmed lp to 40p provides is paying £1 for Jaton plus been a factor in the decision to tional, the said Tubular, which SEP Hoskins, one of the UK s which owns the brand. control barriers for a farther £l.87m in respect of sell quoted brewing crowd and Pizza Hut smallest events. Royal and Haims by Jaton’s former par- Microvitec will now concen- Whitbread Head Office: The Mound, Edinburgh EH1 1YZ. the limelight sporting are continuing to groups, entered and exhibitions, ent, Tollgate Holdings, now in trate on its care businesses of International attempts by state visits in late last year after Eve liquidation, against Jaton. designing, manufacturing and expand their joint venture would fit in well with the shareholders to oust providing the UK, which now has nearly dissident Trakway business. selling products, its chairman delivery Cluestcorp Mr Barrie Hoar achieved pre-tax systems integration solutions 300 restaurants and as a Tubular The fastest -~55; rsiiableiti'visc by W;' dc. his brother Robert Olives Property maintpnanrw and software outlets. and in the 12 and ' at profits of £293.000 Globe! ru:uresCp:i*fls?cr.x News FM. were easily defeated publishing THE BUSINESS director to July 31. Its net hit by write-off applications in the months Awi!!afe!e pertibie dcskiop ?C at the lov-et: an extraordinary meeting. and tancy markets. on yotr cr pojj;b!e tncc. assets amount to £311,000. accoun Mr Batne Hrar SECTION For further i.-iformzdcn call; u7l -572 9772. At the lime, Olives Property is to write off It will hold a 20 per cent BOARD MEETINGS great deal of ume j said- “A fr its investment in Continental stake in the purchaser, to be The toHoMng compMi— hww neaflad daM spmtj Bwgi tl»* Stock ExEtanoo. money has bwn £* Caldwell rises Paper as an extraordinary loss called Logitek Distribution. of UM M— U appears Every these Such rwlfoc* am imatty hold lor the wr- MORE INFORMATION AT YOUR FINGERTIPS to n-coup in he hard December 31 1992, following dhMendo. OMclal faitfca- will at pOM « comunlng Tuesday & Saturday. The NEW Futures Pager now updates even more Currencies, conditions. to £321,640 Dona are rat mtiabta «* lo wtntfi* PM difficult business Continental going into receiv- asset rise at tUvktands are tnterlrm or Man ** Om «*- To advertise please Indices, Futures and Interest Rates every 2 minutes, 24 hours a day. of Caldwell Invest- ership. 33% dM«icna «Mwn bow an basad mainly on Profits MiyWi nmataMK contact Call 071-835 9400 now for your free trial. the USM-quoted invest- Olives has a total investment Fleming American Industrial ments, TODAY Karl Loynton Welsh £lJ35m, represented by 7 on ment and holding company, of j Mam* Fyffas, Miskta. downturn Investment Fbtate- Adacem. Heton. YRM. 071-873 4780 net assets rose from £220,060 to £321,640 per cent cumulative preference Fleming American value pre-tax for the year to October shares of £1, in Continental Trust saw its net asset or write to him at The of the HaMiaf Oiafl Set asset value improved by and its UK subsidiaries. per share rise 33 per cent to a npa Financial Trust 31. Turnover (no Control Sarvtemi Times, One ^vestment of that, and elimi- 1992. industrial £1 ,47m to £5.77m. The effect 279.3? for Watffla Sanyo .— .. Southwark Bridge, stood at :-tU9P » Part of the Increase stemmed nating capital reserves result- There was an increase in rompa*Hl SSj’g,:»*{* "*5 Jtaufwi London SE1 9HL. 1992 That from sterling’s devaluation ing from the sale of ordinary small company exposure to 25 BCG _ year-end and Brabant Ruaouca* the April •*> Continental in there is addi- at against the D-Mark and Swiss shares in March per cent, where Lasmo ...... 12 monihs earher XthWl&» franc while Increases in sales 1992 when it ceased to be an tional potential for capital the . L Available revenue for 6 -

1*^3 TUESDAY I EHRHAKV J 24 FINANCIAL TIMES COMMODITIES AND AGRICULTURE Canadian output North Sea eastern uerman iarming neeas more oil prices Labour cuts have not gone far enough to put the agricultural sector back on its feet have token more labour than hand will agree to extend the cut fuels LME HE OUTSIDE of the cafe whose farms were confiscated steady on afforded. The enor- repayment schedule for loans had been smartened up FARMER'S VIEWPOINT in 1945 were given no rights to could be concrete it made to the Buchholz farm- and the food served recover their property. mous impractical T empty as a ing company anil continue to however, test sheds now stand Opec hopes inside was well up to western * Since then, - sy interest zinc price rally to the monument to a failed system. forgive payments. standards. But beneath the cases have been brought review of the cattle opera- Altogether these amount to By Deborah Hargreaves new paint it was still possible federal courts by some of those A too was something like Elm and ns the By Kenneth Gooding, said Cominco's cuts were more to glimpse the scars of 40 years landowners and it has been tion revealed that it European manager admitted the com- Mining Correspondent significant because they NORTH SEA Brent oil prices of neglect. The grocer’s shop conceded that they should losing money by and pany has still made substantial involved a reduction in refined firmed yesterday after adding next door was in a similar have been better treated. It Community standards, losses in each of the two years ZINC PRICES jumped to fresh metal production rather than more than $1 a dollar a barrel state and the newly-installed remains to be seen how owner- numbers were drastically enterprise it has been trading. eight-week peaksat the start of mine output. He estimated that late last week in response to shelves were an obvious indi- ship of the 2m ha involved will reduced. The beef 70 of bull He wins convinced that every- trading on the London Metal another 50,000 to 100.000 tonnes DS proposals far an oil import cation of recent investment. be resolved between those who was cut to just head 385 thing would came right and Exchange yesterday as the of refined metal production tax. However, the price of But most of the rest of the By David Richardson claim historical rights and beef and the dairy herd to plus the farm would be showing market absorbed news that would have to be cut this year North Sea Brent crude for buildings in this village of those who were given confis- very ordinary milkers, a The profit within two or three Cominco, the Canadian group, simply to bring the market March delivery slipped back Buchholz in the former East cated Land by the East German replacement young stock. manager said he intended to years. I did not like to tell him is to cut its production of the back into balance. However, as towards the close of the mar- German land of Brandenburg. be profitably employed. But an government in 1949 and have herd my opinion that without metal by 50,000 tonnes this world zinc stocks had risen to ket to end barely changed 50 km (30 miles) south-west of even more serious problem is since believed it was theirs. improve the quality of the a replace- great deal more finnneia! help year. the equivalent of 9 weeks con- from Friday. Berlin, still looked drab and the continuing dispute over Needless to say, however, by breeding his own cows; a from the federal government But profit-taking forced sumption, more cuts would be Traders expressed the belief unloved, much as they did ownership of thousands of indi- binding decisions on who owns ments from the present his company’s position was prices to retreat and analysts required to whittle them down. that the US proposals for an under the communists. vidual parcels of land. what are central to the secu- task which has taken many an enthusiastic cattle hopeless. And this was said to suggested further substantial Stocks would have to be import tax, even If they came 1 was visiting the local farm- Back in May 1945. when the rity and viability of the new expert, to achieve. be one of the better examples cuts in the output of refined reduced to about five weeks to nothing, could galvanise the ing company. Less than three Russians took over the admin - forming corporations. The one breeder a lifetime that of a privatised East German co- zinc were needed if prices were consumption before zinc prices Organisation of Petroleum years ago most of Its land and is {.ration, the new rulers confis- in the village of Buchholz Is a He does not have much operative. to move back up to the indus- would show any substantial Exporting Countries to take farm buildings formed the cated all the farms of more good example. time. United Germany's try's break-even level of 54 US rise. action to support oil prices. basis of a production co-opera- than 100 hectares (250 acres). Under the communist regime Meanwhile on the arable side new agri- to culture minister, cents to 55 cents a lb (SI. 190- • Sumitomo Metal of Japan Indeed, initial steps by Mr tive. But these are no longer Of the total East German land the 1,200 ha carried 1500 cattle of the farm it was decided Mr Jochcn 81,212 a tonne). said depressed prices were forc- Alirio Parra, Opec president, permitted under the united fed- area of 6m hectares one-third (of which 500 were dairy cow's) put 30 per cent of the land into Borchert. appointed 10 days ago. will understand "We need two or three more ing it to cut nickel production to secure agreement for a cut eral government All 4,500 that was taken and in 1949 redis- and ran an intensive 309-sow set-aside in order to guarantee the prob- of cuts of the Cominco size if from April 1 to an annual rate of around im barrels a day in existed under the previous tributed in small parcels pig breeding herd, finishing all some income in the form of EC lems former east German stocks are to come down and of 15,900 tonnes for at least the Opec output for the second regime have been liquidated to among farm workers. the progeny for meat. The compensation payments. Need- agriculture better than most. prices to rise," suggested. Mr first half of the 1993-94 finan- quarter seems to have formed be converted into partnerships It was not until the second labour force was 110 people. less to say the labour force has His father's farm was one of Wiktor Bielski, analyst at Carr cial year. Analysts estimated a consensus. Nigeria indicated or corporations or split up into phase of the communist land As the managing director been cut by almost 60 per cent those forcibly merged into a Kitcat & Aitken, part of the this might take 5,000 tonnes yesterday It would cut its pro- small farms. reform, which began in 1953, admitted while we enjoyed to 24 people. I judged that to big cooperative in law. The Banque Indosuez Group. “I out of the market this year, duction from its current out- Responsibility for this rural that all of the farmland includ- some refreshment in tbe vil- compete with most other EC family fled to the west at that don’t expect any other produc- "not nearly enough to make an put level which it says is 2.4m restructuring is with the Ber- ing the small forms created in lage cafe it was quite a shock farmers and produce commodi- time taking their young son, ers to follow [Cominco] quickly impact on prices," said Ms b/d. lin-based Treuhand and 1949, were thrown together and when the community suddenly ties at community prices it Jochen. with them. Since but if the zinc price stays at Karen Norton at Biliiton-En- Overall Opec output although it is now more than merged into large cooperative found itself having to try to would be necessary for the reunification he has success the present level for another thoven Metals, part of the remained high in January at three years since the wall came units. Later still the manage- operate according to market management to reduce staff fiilly reclaimed ownership of three months there will be Royal DutcfyShell group. 25.05m b/d according to Petro- down much still remains to be ment of arable land on the now forces. Indeed when the magni- again to no more than 12. the land and is currently rent- more producer cuts." Billiton in its latest Metals leum Intelligence Weekly, the completed. Indeed the Treu- massive forms was separated tude of the problem was real- Overshadowing it all is the ing it to another farming com- Zinc for delivery in three Report points out that most of trade publication, compared hami is still having to ariminis . from that of the large intensive ised there was a temptation to fact that the ownership of pany. months touched S1.140 a tonne the several nickel production with the organisation’s ceiling ter hundreds of farms, many of livestock units that had been dissolve the whole enterprise. some of the land being farmed, So, he will have an intimate on the LME in early trading cuts which have been of 24.58m b/d. which are insolvent and still built on it. After further consideration, including that on which the knowledge or the strong emo- yesterday before easing back to announced are mainly reduc- Market traders believe Opec losing money. The Treaty of German Unity however, it was decided to main farm buildings stand, is tions and enormous financial close at $1,129.75, still S11.75 up tions in planned 1993 output could have problems making Reasons for the slow prog- which was agreed in 1989 form a limited company from still in dispute. The manager difficulties involved. But on Friday's close. rather than genuine cuts. It its next deal stick since mem- ress are many and varied. In decreed that only those farm- among the workers and hopes that the federal govern- whether it is possible for him Last week Pasminco of Aus- still expects a nickel supply bers have signally failed to spite of a reduction in the total ers. or their successors, who attempt to make the farm prof- ment will proride time for this to be successful in using that tralia announced a restructur- surplus this year and for the abide by the current pro- form labour force in the five were forced into co-operatives itable. The pig enterprise was to be sorted out by allowing knowledge to find solutions to ing that would remove about price to fall from an average of gramme of cuts. "There Is no former eastern lander from from 1953 onwards would be closed because the buildings, those who occupy the land to these most intricate problems

25,000 tonnes of zinc a year S3.18 a lb in 1992 to S2.75 this doubting their seriousness 848,000 to 208,000 there are still entitled to reclaim their land . put up only 12 years before, lease it for 12 years. that are acceptable to ail con- from the market but Mr Bielski year. over a production cut, but will probably twice as many as can The original larger landowners were inconvenient and would He also hopes that the Treu- cerned may bo another matter. they follow through and will it be lm barrels?" said Mr Gary Ross, chief executive of Petro- Gold production record leum Industry Research Asso- Soviet collapse leaves Indian tea trade in a stew ciates in New York. By Kenneth Gooding Canada is one of the few big Nevertheless, hopes for a producers where output is esti- production cut by Opec mem- Kunal Bose reports on the price being paid for over-dependence on a single market GOLD PRODUCTION outside mated to have fallen. Mining bers should support crude the former eastern bloc coun- Journal suggests output was prices in the run-up to the O OTHER single factor claim credit for the fairly high stock level. severe pressure, the tea compa- an annual average rate of 3 per tries reached a new peak last down by 13.6 tonnes or nearly 8 next meeting on February 13. has done as much level of exports as this was At the recent international nies are desperately seeking cent. The international buyers year, according Mining Jour- per cent to 163.1 tonnes There is some doubt about N harm to the interna- facilitated to a great extent by tea convention in Delhi, some tax relief. also have strong reservations nal's International Gold News- because of a large number of whether refined product prices tional marketing of In dian tea a shortfall of more than 125m overseas delegates complained According to Mr Susim about the export infrastruc- letter. It is estimated to have mine closures in 1991-92, most in Europe will benefit from as the over-dependence on one kg in world tea production. that India, which earlier could Mukul Datta, chairman of Hin- ture. including documentation risen 3.4 per cent or 59.9 tonnes of them higher-cost under- any action by Opec as much as single market, the erstwhile According to Mr Mumtaz sell any tea in the Soviet dustan Lever, the two principal and shipping facilities avail- from the 1991 level, from ground mines. crude prices. Cambridge Soviet Union, which in 1691 Ahmad, director of McLeod Union, had neglected quality. challenges faced by the indus- able in India, which will have 1.781.6 tonnes to 1,841.5 tonnes. Production is also estimated Energy Research Associates took 104.5m kg out of total Russel, while the Indian tea Mr Krishna Kumar, managing try are " re-establishing itself In to be improved significantly to Mines in the US are esti- to have fallen in Brazil, by 8 points to high product stocks, Indian export of 203m kg. producers were happy selling director of Tata Tea. concedes the markets where it has catch up with neighbouring Sri mated to have shown the big- tonnes U0 per cent) to 72 low demand and mild weather Assured of such a big mar- bulk teas to the Soviets at that "our manufacturing pro- become near strangers and Lanka. gest tonnage increase: 27.6 tonnes. The most notable which have depressed prices. ket, Indian exporters withdrew "artificially high rupee prices cesses, both in the Geld and competing with the low cost There is a consensus in the tonnes or 9 per cent, to 327.6 increases last year were in • Algeria’s state oil and gas largely from several traditional because of a skewed rupee rou- the factory were geared to offer producers who are attuned to Industry that Indian tea pro- tonnes, mainly because of the Indonesia (up by 21.7 tonnes or monopoly, Sonatrach and Brit- markets, including the UK. and ble exchange rate", many other a product-mix to a particular the tastes prevalent in these duction can be raised substan- continued expansion of several 120 per cent to 40.1 tonnes); ish Petroleum signed a $45m the vacuum, was filled largely big tea importing countries got buyer which now require a markets." tially by changing certain cul- large mines. Papua New Guinea (up by Hi exploration agreement in by Kenya. Bri Lanka and used to the "light and bright complete review and redefini- India may be producing a lot tivation practices and raising South Africa's gold output tonnes or 17.5 per cent to 755 Algiers at the weekend, Fran- Malawi. But last year, India Kenyan teas whose quality tion”. of bad teas, but it also grows the rate of replantation. While also remained buoyant and tonnes) and Ghana (up by 12.2 cis Ghfies reports. had to resort to aggressive remain uniform throughout Moreover, as the Indian tea some of the finest In the world. the average yield of ten in was up by 12.8 tonnes, or 2 per tonnes or 47 per cent to 38 The agreement covers five marketing in the countries the season. The quality percep- industry made handsome prof- Besides assurances about India is 1,761 kg a hectare, cent, to 613J tonnes. tonnes). blocks around Sour El Ghoz- which It had earlier vacated, tion of tea drinkers has under- its, thanks to the Soviet buy- quality and competitive prices, clones giving yields of more Australia, which saw a drop Mr David Bird, editor of the lane, 100 miles south of since Russia and the other CIS gone a revolutionary change in ing, the tea company managers international buyers, according than 3.000 kg a hectare are now in gold production in 1991, newsletter, says that, in spite Algiers, a region where ofl was constituents bought only about many countries.” Assam tea, became complacent and the to Mr Ahmad, want to be sure available. reversed the trend last year of the extended decline in first exploited 50 years ago but 45m kg. on the other hand, is thick and cost of production rose that India will remain a reli- Mr Ahmad believes that and produced an extra 3.5 per prices last year, many gold where virtually no exploration In spite of the sharp setback creamy and its quality does not sharply. The government also able supplier of tea in the long Indian tea production by the cent or 8.5 tonnes to take its mines survived through for- has been conducted recently. in Russian purchases, India remain uniform throughout did not feel shy about making run. turn of the century could be total to 242.7 tonnes. This was ward selling and more selec- The agreement also allows could ship more than 180m kg the year. An international tea the most taxed industry in The doubt arises from the raised to 1,000m kg. which still a little short of 1990's tive mining, which yielded for the Joint exploitation and of tea in 1992. The Indian tea blender using Assam tea has, the country. But with their fact that the 540m-kg Indian should leave an exportable sur- record 243.1 tonnes. higher grades. marketing of gas. companies cannot, however. therefore, to maintain a high profit margins now under domestic market is growing at plus of at least 250m kg. WORLD COMMODITIES PRICES

COCOA - London FOX C/tonno LONDON METAL EXCHANGE (Prices supplied by Amalgamated Metal Trading) MARKET REPORT HEATING OIL 42,000 US galls, cents/ US gaits Chicago Close Previous High/Low Close Previous High/Law AM Official Kerb Close Open Interest Latest Previous High/Law Aluminium, 99.7% purity per tonne) New York arabica COFFEE boosted by the weakness of Mar 725 703 725 708 (6 Total daffy turnover 23.583 Ion SOYABEANS 5.000 bu min: cetils/60lb bushel Mar 56 00 56.64 57.30 5635 prices were near session highs sterling May 736 718 737 719 Cosh 1 194.55.5 1202-03 1194/1193.5 1193.64 against the dollar. Close Previous Jut 748 729 749 732 3 months 1215.5-6 1224-25 1218/1216 1215.5-8 1217-7.5 N&418 lots Apr 56.50 58 58 57.30 56.35 Hlghlow at midday in a technical Dealers said the market had Sep 761 741 761 746 May 56.13 56.19 5690 Copper, Grade A (E per tonne) 56.00 correction last week’s price Total dally turnover 45.911 lots Mar 573/2 574/0 573/6 569/2 to convincingly breached Dec 780 761 781 784 Jun 55.85 55.99 5660 55 85 Mar 800 782 790 786 Cosh 1521-2 1497-98 1515/1514 151X54 May 575/4 575/6 576,0 571/4 plunge. London's robusta market Jiff 55.90 56.19 56 50 55.90 resistance at £723 a tonne and May 814 798 007 799 3 months 1541.5-2 1515.5-18 1549/153* 1533.5-4 IS434 157.862 lots Jul 580/0 579/6 580/2 575/4 Aug 56.70 5079 57.00 continued to claw back some 813 36 65 should now move up to test the Jul 828 B24 BIB Lead IE per tonne) Total daily turnover 3.134 lota Aug 581/0 581/0 581/0 576/4 Sep 5030 57.94 6890 5890 lost ground, closing with gains Sep 642 827 830 Sop 580/0 580/6 577/4 E742-E743 area on May. On the Cash 285.5-6.5 285-66 287 5 287-7.5 sao/o said Oct 59.23 58.94 59.35 5896 of up to $12. Dealers they Turnover 4801 (72S3| lots of 10 tomes 3 months 295-55 294 5-65 303/298 296.5-7 294-8 18.627 ton Nov 587/6 586/2 588/0 502/2 LME COPPER traders were Nov 60.00 58.74 60.00 60 00 were looking for a close above 1C CO indicator prices (SDRs per tonne). Deity Jan 594/4 593/8 594/4 591/0 Nickel ($ per tonne) Total daily turnover 5.324 lots Dec 60*8 8094 8075 60.45 awaiting developments from price tor Jon 29 71B.44 10 average 60 cents for the New York March (728.53) day tor Jan 26 753.14 (757.65) Cosh 5786-75 5795-805 5600/5799 5798-9 SOYABEAN OK. 60.000 lbs; conts/lb Chile's Ventanas smelter where COCOA 10 tomiMKS/tonnes contract to give the recovery 3 months 5836-40 5860-70 5850(5835 5860-5 5835-40 43.826 Iota workers are mulling an Close Previous High/Low added momentum, although Tin fS per tonne) Total daily turnover 3.027 lota Close Previous High/Low improved pay offer reports of COFFEE - London FOX S/tonne conditions were nervous and Cash 5725-35 5835-45 5770-5 Mar 31.00 20 78 21.02 20 $5 months 5785-80 5895-900 Mar 920 912 924 698 a resumption of the downtrend strike action at a Mexican Close Previous High/ Low 3 5870/5785 5835-40 5805-10 8575 lots May 21.22 20.99 21 23 2080 May 949 941 931 927 Jul 21.43 21.00 copper refinery also for Jan 937 681 939 937 Ztac, Special High Grade (S per tonne) Total dally turnover 22.056 lots 2120 21.45 could stifi not be ruled out. ICO made Jul 978 966 978 959 Mar 007 895 907 885 Aug 21.49 21.25 21.50 21.10 talks pact end on some caution. Cash 1111-2 1096-100 1105 1106-5.5 Sep 1003 about a new 03) 1003 993 Sop 21 10 May 910 898 914 892 3 months 11295-30 1117-19 1137/1115 1124-4.5 7125-8 21 50 21.26 21.50 69.777 Iota Dec 1037 1025 Friday. London COCOA futures Jul 897 889 900 864 0 0 Oct 21-50 2126 21.50 2120 LME Closing C/S rate; Mar 1072 1060 1080 closed with gains of around £21, Compiled from Reuters Sep 908 698 910 900 1052 Dec 21.62 21 37 21.65 2120 SPOT: 1.4535 3 months: 1.4435 S months: 1*358 9 months: 1.4308 May 1093 1061 NOV 822 917 915 1077 1073 Jan 2165 21.41 0 0 Jul 1113 1098 1097 1095 SUGAR - London rax (S per tonne) Tumover2909 (22101 lots of G tonnes London Markets Sap 11*0 1124 0 0 SOYABEAN HEAL 100 lone, S/ion ICO indicator prices (US cants per pound) tor LONDON BULLION MARKET Dec 1177 1154 0 0 SPOT MARKETS Raw Clone Previous High/Low Jan 29: Comp, dally 64.72 (53J1) 16 day overuse (Prices suppiioe by N M Rothschild) New York dose Previous High/Law 57.33 (67.65) COFFEE “C“ 37.50OTM: ewita/ibs Gold (troy oil Mar 179 8 181 180.7 1795 Crudo on ipor barrel FOBIIMar) + or - Mar 106.00 IBS. DO 100 boy 2 equivalent GOLD OZJ S/troy 02. 6 price £ Close Previous High/Low May 180.8 181 4 I8T.1 190.0 - Close Previous 181,4 Dubai SI60I-6.0S + .005 White Close Previous High/Low POTATOES London FOX Ertonne Close 329.70-330.00 Htgh/Low Jul 181 8 163B 182 3 Mar 60.85 58 JO 6100 Brent Blond (deled) SIS 55-6.5B + .Q1S Opening 329.30-329.70 58.75 Aug 182 5 183 4 1810 183.3 Close Previous High/Low Feb 330.3 33IL2 330.8 329.7 251.80 254.50 May 66.55 6+25 66 00 64.70 163 2 Bran! Blend (Mar) $15 454.46 -O.01 Mar 252.00 251 50 Morning 11* 329.60 224.777 Mar 330.4 330.4 Sop 183.4 1642 1836 0 0 Jui 68.40 65 May 25320 256.00 254.60 25340 Apr 520 54.0 63.5 520 Afternoon Hv 329.75 226 321 90 E0 4O 86.60 Oct 1850 1853 185 0 185 0 W T.l il pm esi) 52021-024 -O.Q5 Apr 330.7 330.7 331 2 330 l May 926 Sep 70.10 88.00 7QJM 68.50 Aug 256.00 259.60 257 60 257.00 62.5 82.0 Day's high 330.00-330.20 Jun 331.3 3316 332.1 331.3 Dec 186.7 187.0 186 8 1BS.7 Dec 72.90 70.70 Oil products Day's low 32950-329 30 Aug 333.3 3336 333.8 3333 72.90 Jan 187.1 167.0 a 0 Turnover 68 (07) lots ol 20 tonnes. Mar 75 .23 73 (NWE prompt del ivory per tonne + - Tumovar Raw 0 (7) lots of 50 tonnes. Oct 334.8 30 0 CIF or (Va 334.8 0 0 Loco Ldn Mem Gold Leading Rales USS) May 77 JM 75+25 MAIZE 5X00 bu min: conts/seiB bushel White 842 (1414) Peris- While (FFr par tonne): Dec 336.3 3366 336 7 338.3 0 0 I9J Premium Gasoline S 193- + 0.5 Mar 1426.40 May 1446.04 - 1 month 1.60 5 months 2.00 Feb 338.0 338.0 337 8 337.a SOYAMEAL London FOX Ertonne SUGAR WORLD *11" 112.000 lbs: cants/it» Close Previous Hlgh/Low Gas Oil S 172-173 -1 0 2 months 188 12 months 2.11 Apr 339.6 339.9 0 0 Heavy Fuel Oil $71-73 -t-0.5 Close Previous High/Law 3 months 1.71 213/0 - 1IPE Close Previous High/Low Mar 213/4 214/4 214/2 CRUDE OIL S/barrel PLATMUM 50 troy oz; S/troy ol Naphtha $163-154 221/4 222/2 221/0 Feb 16200 162.00 SBver fbt p/troy oz US cts equlv May 222/2 Mar 895 8.30 833 Petrotoum Argvs Esttmatoa Latest Previous Mgh/Low Apr 158.00 154.50 158.00 Close Previous High/Low jut 229/0 229/6 229/4 May 8.50 0.57 Jun Spot 2S0.45 366.00 8.58 8.50 235/8 235/0 148.00 145.00 1+8.00 Apr 362.1 382J) 363.0 Sep 235/6 235/6 - Mar 16 53 16.47 iaro ia.43 3 months 254.00 368.65 380.3 Jul 864 a.70 Other + or Aug 146.80 146.00 1+8 _S0 868 242/4 Jul 368.9 359.3 356 5 Doc 242/2 242/4 fl 257 371.60 367.5 8-56 Apr 18.53 18.50 18.65 18.41 months 20 Oct 861 8.60 B.S4 349/0 248/2 Gold Turnover Oct 3569 357.3 0 0 Mur 249/0 249/4 (por troy orHb $329.85 -050 May 18.53 1057 10.68 16.45 2S7 (70) kits of 20 tonnes. 12 months 263 96 378. B0 Mar 8.81 8-55 Jon 356.4 355.0 666 Sliver (per troy -3.0 0 0 eontaWOto-bus/Ml 7200 1E9.00 Mar 382.7 301.2 Htgh/Low Shoop (live waigM1t4i 93.B4P + 3JKT 383.5 382.0 May 60 95 60 80 Close Previous price May 0 0 Pigs (live Mar 170.25 170 50 172-50 170.00 Strike 8 tonne Mar Jun Mar Jun 385.6 364.1 0 0 worghin 0C.43D + I-S6* 76 950 Apr - Jul 388.7 3872 388.0 ORANGE JUICE Feb 78 250 77.500 78 350 170.00 171 00 172.50 170.00 CRAINS London POX Ertonne 1200 22 39 IB 24 386.0 15.000 Iba. cents/lbs daily (raw) Apr 77.425 76.200 London sugar $2120 -02 170.00 77.300 76850 May 170.60 17200 170 00 1225 11 30 30 34 HMH GRADE COPPER 25.000 tbs: cents/lbs London daily sugar (wniiei 5259 -1.7 Wheal Close Previous High/ low Close Previous Hlgn/Low Jun 72 72 525 72825 71 TOO Jun 170.00 170.00 17250 170.00 1250 5 26 48 49 525 Talo and Lyle export price C255 0 + 45 Close Previous Htgh/Low Aug 70 075 70 850 70 TOO 70 000 Jul 17200 172JX) 173.75 172.00 Mar 142.00 138.00 142.00 14030 Mar 68 30 71 05 A) Calls Puts 71.90 70 750 May 1*3.75 14065 143.75 142.00 Copper (Grade Ocl 71 475 71.400 71.825 Barley (English teed) £136.0 Aug 174.25 174.60 175.00 Fob 98.50 83.50 0895 May 71.00 74 90 7520 71.850 71 rtSO 71 350 Jun 143.60 143.90 143-2D 48 77 24 Mar 90.96 Jul Doc 71 92a Maize (US No. 3 yellow) Cl 65.0 Sep 176.25 176.50 177.00 2200 55 9895 99 20 75.00 77 35 111.50 110.55 111.30 111.00 3260 2* 54 50 01 Apr 9990 99.20 Sep 77.30 Wheat (U3 Dark Northern) llnq 70 90 « 75 uve HOGS 40.000 lb, conts/ltra Turnover Nov 113-50 112.40 113-50 113.00 2300 10 36 05 112 May 99.45 99.45 14J78 (18825) lots at 100 tonnes Nov 8005 at 75 81.75 Rubber (MarW 69.00a + 1.25 Jun 99.65 9990 99 40 CUne Previous HlgivLuw Barley Close Previous High/Law Jan 6335 85 95 88 00 Rubber (Apr)? + 99.85 99 75 69.2SP 125 Coffee May Mar May mm Mar 85.00 07.00 Mar 13725 135.05 137.23 136.05 Mar 8755 Fob *3 801) 4*025 44 IDO 43.77$ Rubber (hi. HSS No 1 Feb) 2*t.fbn -1.0 TEA Aug 100.10 99.85 ioo.oo May 88 80 89 05 88 00 43 450 Ttwn wore 13.384 packages lor the day. May 137.75 138.00 137.75 13740 BSD 62 88 6 20 Sep too 23 100.05 100.25 100.00 Apr 43 700 43 800 43 975 oil Philippines 88.80 0 0 *8 >50 Coconut | 5442-Sy + 15 reports the Tea Brokers Association 900 29 56 23 4G 0 Jun 48 350 *6475 4d 700 Turnover. Wheat 395 (47G). Bar toy 140 (2001. CRUDE OR. (Ugnt) *2.000 Palm Oil (Malaysianft $410 Ow Landed demand was selective. Bettor 960 10 64 77 OS galls Sfttarret Jul 47.700 47.050 47 950 47 500 Turnover of 100 Tonnes. 37 liquoring kxs ” “ Copra | Philippines^ 5280 Asoama sold readily at slightly Latest Previous INDICES Aug 45525 45 45.350 45.425 Cocoa Mar Mar Mar May High/Low 600 Soyabeans lUSl C1B2.Su easier ralee. others declined by 5-10p. Ban- Oct 41.450 *1 750 41 750 41 -ISO Mar 20.23 HEUibRS mdox + gladesh teas met limited support below TOO 20.20 20.48 2017 (Base-Septomber 18 I9ai - Cotton “A' 56.60c 0.35 RMS - London iCaah Settlement] p/kg 32 55 7 19 TOO) Doc 42*50 42 700 42 050 42 450 valuation. Bright Africans FOX Apr 20.25 2031 20 47 2021 Wool Bps 1043 Super) 400p *10 were a strong 725 17 40 17 29 May M30 20.35 lecture and ofion dearer, but medium and Close Previous High/Low 2050 203 Feb 1 PORK cents/ lb 750 8 30 33 44 Jan 29 mnth age yr eon 8&.UES 40,000 too: C a lortne unless otherwise slated. p-penceAcg. plainer descriptions proved Irregularly Jun 20 S3 2039 2051 20 28 Mar 108.5 106.0 Jiff 2035 1717 7 1702.1 High-Lew c-cenustb. r-nngg lt;kg. y-Mor/Apr u-Feb/Apr. easier. Offshore: only lair demand with 20.43 2095 20.31 1705.7 1577 8 Close Previous Apr 106.6 108.5 Brent Crude Mar Mar Aug 20.40 -Aug. w-Fob/Mar .--Jan/Maf London physi- prices 2-+p lower. The highest price real- Apr Apr 20.48 20.48 2094 DOW JONES (Base: Dec. at 117* - 100)^ cal. Rotterdam. Bullion May 106.6 lO&fl 153.5 Sep 30.47 Foe 35.825 34.975 38000 3*850 5GF 4 marina clow. I sod this week was 2Sp lor a Rwanda PO. 20.49 2059 20.40 Jul 1800 52 . 6 38 Jan 29 Jon Mar 700 m-Mabysian cgnteAg Sheep prices are new Quotations: 102.8 1025 Oct 20 47 20.51 20.45 20.41 28 ninth Oca yr qai) 36 350 35 750 38 35500 quality 210. good medium tTSp, 1650 19 24 51 irve weight puces change trum b week ago. 58 Nov 47 May 37 800 *.16511 medium I52p, law modturn nop 20 20 51 20 47 20 41 Spor 121.87 12131 121.65 1? *75 X >50 provisional Tumovoi.11 (2) tala of 1250 kfl 1900 7 39 35 90 prices Doc 20.47 20.50 Futures 121 Jul 37 850 37 200 38 300 37 000 2094 20.40 38 12133 >21.98 122.73 Auo 36900 35200 17 100 35 850 U

FINANCIAL TIMES TUESDAY FEBRUARY 2 1993 25 LONDON STOCK EXCHANGE - t • J ^ -a • , . ,

'• ' * - BY Terry Byland, v-p, - - - Xdtol non-Footsie stocks, slightly currency specialists, would hand, were the utilities, where worries about the•'Impending Safi * nor , MM rit UK Stock Mto 1* Market Editor higher flmn last week, nwife have the same effect an corpo- the switch to growth stocks weight of rights issues Which, M 1 mn Jn 29 tor 27 m up just ova* 64 per cent of the rate as one-point coincided with uncertainty had restrained it atthe end Of 2044 3S1 THE earnings a F74E7M. 26615 + 19 26075 29*06 29325 25002 023 459 LONDON stock generat- last week. The new sharetrad- - 1625 542 market day’s Seaq volume total of reduction, in base rates. among the electricity FT-ar$«a 29668 +15 29543 •- 29635 - 36645 24712 655 435 awearedin no doubt 430 yesterday 793j4m shares. The weight of The currency effect was most ing Issues in the wake of politi- ing aooonnt, which opened yes- +15 13825- 1387T1 19935 12303 030 2046 regaxdgig - - - 243 the developments of investment activity in equities noticeable in the oil sector, cal calls for aid to Britain’s terday, appears hardy -to be ff-XlidCij. 749410 +1.1 147757 147257 146826 - 653 428 255* - 014 45S 235? weekend, when the UK was signalled again by a high which heavily outperformed coal-industry. Pharmaceutical dominated by currency *hd 790437 ;,*19 148M1 .149367 447006 . . prime, 136043 137157 .122133 633 450 2052 lAl minister denied press retail worth of Fri- the rest of the market. Close shares continued to suffer as interest rate -factors rather ETJtttfefHME 136444 +15 136453 £L5Um in - - i « .. reports, of an hnpwwHiig 2 per- day's session. behind were the building mate- investors reacted to possible than by apprehension over c a -.\£rlr.-... . . ®* 8Wwfaxt cot in base rates, Equity analysts appeared rial, property and banking sec- shffls in the US medical mar- entity and sfl&odesti • whne V.«tfb»L50009(2M) 92S55 +17 91054 90018 •timing 78558' on 165- 2142 153 devaluation of. the Irish ready to see sterling renew its all three likely beneficia- ket undor frg fiHntnn flihmrts- Nomura Research" Institute- - tors, f x&m **(*&) 95274 ‘+27 92760 93010 941.61 06173 656 546 .2657 ppttt threw RRM ru i- interest rates. said its analysts are now the rw tell, tmtfim. . 80407 n perhaps to the DM2.30 ries from tower Caalrecfloa(29) 78355 + 15 771.72 78857 7S753- -06451 355 621 ci« into turmoil Investors area which, according to some Out of favour, on the other The equity market put aside expecting 22 per cent growth in 373393 + 05 Z71Z26 269256. 269966. 249070 OW 551 2253 ' toohjjhe view that share earnings on UK stocks ip-n 242016 242077 177852 042 346 1970 14.06 economic )| 246259 +04 245199 040 growth remains the UK gov- TRADING VOLUME IN MAJOR STOCKS fids jeax.Tbey ateonexpect mar- 6^S*»*V teonaaCT) 56879 + 47 34260 331.18 .31964 32029 950 054 1251. ernment's 6*223 16 53370 53052 53159 48097 747 450 17.13 top priority, with ket earnings estimates ' to 7 5qtourtne«mnl(52). + 059 3077 weakness ip staging and the improve as the year prog- s tfatto 9 Mow fantoattl) 39901 +27 38954 35019 35154 32020 423 N^USnflS) +16 39758 39016 38253 302.11 455 083 2048 consequent inflation risks 9 40178 =3«S Jgi Ototf todJ(Mto(18) 204156 201069 202013 202152 159347 009 <16 1643 lower down ggpi«fa S The past two weeks have 10 +t5 the 240 91 rmiiam .mj • 171443 172154- 768071 050 044 1630 The fell in the also seen return to lev- T7TS2S +07 170353 pound, an a high 1449 1019 22 tatomndCMMaC^ 194756 . +09 T9B667 196150: 198856 8002.14 065 350 immediate benefit to export els oT equity tnuBng vStane, 1.46 - 25 nililitoaiil6li»>m?ff} 1383.14 +09 135157 136152 186953 125955 722 353 1010 prospects, brought which now emfeeds even the strong 26 fad nndtogiB) 341151 + 16 SS7617 342754 640X15 256951 7.47 348 17.42 gains Levels the final 054 across the range of the recorded in 27 Ipb 6 HtoM90U(29] 392873 -t09 3086.13 994).41 396950 45625^ 556 258 2057 2079 blue chips, and belief that rates quarter of 1992, which ’’these 29 tMdta nd ldnre(2Q 132355 <+22 129645 130035 130851 126757 653 521 U7 IJ38 will be reduced at Budget time themselves were A substantial 50 Ska<33) 199759 +19 136747 196433 155058 148002 036 224 2327 396 1049 in six weeks drove interest improvement ofcer the thinly 51 Vli'Mlj nit raiafn 92759 +21 31057 61401 81099 78369 646 645 357 2050 U5 rate-linked issues ah«»d traded sessions suffered earlier 64 110751 +1.1 109496 111059 1125J6 102251 +17 75720- 7S&95 -61629 659 <12 1951 040 Share prices rose sharply in in the' year. Securities trading 35 WkaOO> 77672 7S759 147604 145159 148156 146043 121023 654 <72 1<79 3.18 another .wall-traded session. houses yesterday reported 40 OTM9I BMinfiO) , +19 ' 190256 100079 135050 553 017 2252 - rnlti niAi pijvfltB 41 ftatoato-Swicn^) 162356 +14 180159 The FT-SE 100 fade* finished of 0.45 42 QMRdcm(24> 149053 +15 146266 148956 147454 148922 019 <94 2057 at 2£5L6, within 10 paints of investor business as wen as 143 43 Cntfotontoatit) 160417 +21 147354 146466 146204 129031 752 7.10 1613 its all-time h h and showing the continuing flow of institu- 349 % , 44 amvorm 290079 + ZO 280455 293012 263064 2410110 757 <15 1523 a gain on'the or tional trading. day of 44.4, LG 45 8Ktod«(t6) 183472 -61 153550 157755 158456 122154 14.12 <96 610 L56 per cent. At the day's peak, the 46 XdtohmMteirtd(4) 170874 +15 167857 168071 168721 136453 752 <01 1063 Footsie touched 2£515, press- 47 WMRC13) 317090 -07 319355 320114 321220 287150 1420 059 7.78 049 ing hard on the afi-time high of 48 Wratoranaipg} 249959 +26 245043 247438 2S0O1B 1852.12 557 <11 21.47 1756 247 2£6L5 achieved on January 4 49 Bmmya.awuFg»to 144451 +1.1 142953 143079 144128 130054 720 <10 2255 040 this year. si as teciei 229044 +26 222651 219158 221040 215751 553 546 finally 1776 243 Investment demand 59 WiWKBUKXinq 152359 +19 150467 150935 151548 137157 746 456 015 spread across the full range of ei rawctoL owouFtoto 94659 +26 92465 92J25 93056 727X5 259 .477 7445 equities, and the FT-SE Mid 250 128327 129150 87594 169 449 3246 040 Mr 92 62 Bntaffl - 131440 +81 127477 Index <76 - 6653 040 kept pace with the FT-SE 66 Mora (ll$6) 190673 +26 196158 1946.48 105152 141221 . 245 040 100 to record a gain of L2 per mono vatti OQpra. TndM at oh vilSea or 66 totmnoi (CntoaaMKT) 63101 + 17 62058 632.10 6S759 512.75 t <78 t mar* urn imMndad down. 1652 049 cent at 2,988.9. Turnover in ST homo BWfcarsftD) 82652 +07 82156 82465 B10J9 100057 753 046 68 HoRfate BteMQ 66346 + 19 54671 54003 S47AB 472.42 745 <09 17.19 040 99 PitoW«a) 70176 +27 68366 67050 68001 79554 640 643 1019 040 70 0>ar PtanddCS) 32557 +19 - 32057 31957 31071 241.11 065 - SIB 1679 0.19 raced up H, or 9.1 per cent, to 2ft firmer at 132p. Its stance on Tesco, turning 71 hwttonnt Tneto(107) 139664 +16 196654 136041 136043 119350 258 342 4144 356 Sellers 251p, the highest level for the The property sector was long-term seller of the stock, hi +15 136433 136048 137357 122353 033 450 2052 146 shares since the early 1980s. buoyant as two brokers downgrading and advising dir a it a numrtMO) 138444 ij400 r The rise compared with a 3JL yr adopted more positive stances ents to switch into J Sahtrimrx hurt per cent increase In the FT-Ac- amid speculation of further or Kwik Save. The house tuaries InAqc and a L6 interest rate cuts. Among those blames Tesco's limited earn- per cent gain, in the FT-SE 100. stocks benefiting yesterday, ings growth potential. How- • 16.19 IM% [I A ion urn 1240 UM HJ6 . .1019. HMMV Glaxo Modi of the rise in RBoS was British land added 11 to 209p, ever, the shares gatawi 6 to 26435 26465- 28534 29474 29406 2B536 26645 2921.9 attributed to one of the leading Tjmfl Sa m IIIm 12 to 486p a^d 265p. helped by a Nomura FT-Ktot 28214 29308 20408 FT-SE 104 M 29607 29603 29665 29775 29707 29635 2384.1 29945 29865 20863 29665 LEADING UK pharmaceuticals inarketmddng firms having to MEPC 12 to364p. upgrade. Sainsbury closed 5 FT-SE-A 9H 13608 13902 13901 13974 1400.1 14035 14014 14015 1«34 140(4 13895 to short posi- latent slide in sterlin ahead at saop. group Glaxo was one of the scramble cover a The g QraftAMnd jW (ACT M 28*) FT-SE 1004591 few significant casualties In an tion in the stock, triggered by triggered a fresh finny of WtegflRher added 8 to 557p, otherwise very buoyant Lon- some rather exaggerated expec- 1550? strong domestic and Interna- aided by a buy noteF from 4 • F aharps FT-SE Actuaries 350 Industry don market yesterday, as US tations of the price RBoS may 1993 tional buying of Oil , Kleinwort Benson, which investors sold the international get for Charterhouse Bank. Equity Emr>iTyid9d BP jumped 8ft to 254p -a believes the recent weakness Burk am in u ns AS drug manufacturer heavily. The latter has been for sale two-day rise of 16ftp-on in the shares overdone. The up 1527.2 15275 15329 15335 15355 15355 15315 1536.1 15423 15427 15273 +1&1 far m/mtha anA - «l«n Analysts, wririnf a rationale, many there are Ttroovoriq' w)fcjTje ftn®>nJ heavy turnover of 14m shares, house took Guinness off 12045 12111 12045 11965 11965 11975 11935 11064 1103.4 11033 11945 -114 ijccws^wWHnafKfli -100 focused on an article in a US strong hints that two Conti- . * 7 with shares held by US inves- its sell fist. The abates gained 7 131 (LB 1321.1 131 SB 131U 13073 13103 13105 13072 13062 13064 13194 financial khk bdftjpwq*Qwmg tatoewr. tors to to 155S2 1569.1 15783 15775 15925 15073 ISOOfl 15967 15873 15487 4-465 magazine, but the nental banks, Germany's * now thought account 460p. slide in the shares appeared to and Credit Commercial de for some 23 per cent of BP Monormi momcaon oo DM PI -at Actuortoa snare rare* w m—w » orauro i u* u^aORdu (ram Hm Uitotod. Ono Oomtea Brtdoa. Loaftaw 361 9HL.Tlia fT-OO Aotoari— i oavura fungu oi alaadwik. herald weakness throughout France are each about to buy a - issued capital. -Sh*Ti advanced Hi—datHw» wfc todteui, to ltobto fttm RMTAT a dw UnrUtOpnftr KMCM, md Ptetorb—W produce nWtg to Sum e r the sector. 45 per cent stake, leaving RBoS 15 to 573p on 4£m traded. - Tha Uaiin to diu aba ol tot F^ActuartM AHAura tadee tan Junuvy 4 IMS un«maM toftt toa ri Hn now cmolnt imR atocta. Blwa buan toft FT ‘BOO*. Sactor PfB rudaa grautor Ohm Kl are not dnm 9 Vatoaa ora nagudwa. ~ Joel Klbazo, Peter John, rmaRMd T _ . _ ; . .. . . article, officially pub- with per cent Second-line cal stocks raced dia The US 10 Ttaft FT-SE TOO. tha FT-SE Md 150 ud da FT-SB Aewaitaa 360 Indbaa or* aaaenad by *N tandoa Stock Btchwga and FMob*toa id AimrtM undor lished yesterday, featured an Ba nking analysts said ahead led by Clyde, 6 up at 46p Steve Thompson. AlMhara todox to ooneM w Tta rtoaieM TtoiM Umltod. bate to uboloacdaM vrtdi tea Mtoda ActeaRMuM Vtoteiwal innlo-1 1 jit nit interview with four senior Charterhouse would probably and Goal, 7 firmer at Pre- rwaread. and ’Fdotofe” loU tmda catota and aanlca markb oi Loodwi Buck EKhanga «al Tha Other market statteHn*. Itawa Undtod 1993. AH rtgbto 1T3E- an m institutional investors. One fetch a sale price of £200m, but mier gained lft to 29p on rtoanrtol Ttfirta LlmHal 21 ,TbarfT-6E Achuriaa 8tm todtoaa are auSM by Tin VIM Company. ' highlighted fllain and Mock there were stories drculating heavy turnover of S£m. still as his key .sells; arguing that in the market yesterday that -a supported by bid speculation. LONDON SHARE SERVICE Glare's gross" margins are 32 much higher figure might be --- Burxnah Casfcrol's big per cent while pre-tax margins on the- cards. D-Mark exposure saw the are only % per omit shares climb 18 to 898p. BMTUH FUNDS mmSHTONDS-CoaL Glaxo shares, which had group Altii is actively search- Among aerospace and Engi- «-0f 199993 * L1G weakens M. Mto Neat . been up lGp at the start of trad- ing for fresh superstore sites in neering stocks, British Aero- ape 2093 (OS P4 — ®A 3S 21K W an +4 roA iow, us CO CO ing on the beneficial effect of a Photo-processing to condom the south-east. Kwik Save space jumped 21 to 274p, in lopczoos mAM - Item n«*pc ZOOM- nos esi oa IM 2LZ stronger dollar against ster- manufacturer London Interna- shares dosed 7 adrift at 801p. trade of 8.7m shares. IS ftnNAeiM. ** n& SB* 4M m& m I** lOOfi 239 234 ling, turned around to record tional (UG) fell 22 to 249p as There were also whispers The renewed strength led to IS CBOn—SbFCaD04. bbs vn 1304 251 326 TSK. Offl an equivalent tell to 678p on the company warned that prof- that Asda would use the pro- speculation that the company SS AsW 4 na 135 357 351 5J1 Titoalftpc 2003-6 _ Wfi V OF| 1164 6U 101^ 622 950 heavy turnover of 7m. The its would be even lower than it ceeds of its £S47m rights issue may deliver a higher than orig- 5J9 «pcU0B-Btt WA +ft 854 654 1374 351 354 bad signalled last last to expansion dividend for 1U Titoi 11-%pe 2003-7 121 m% in® 6« 124H 347 557 slide prompted marketmakers year. week fund of inally forecast 551 671 fjl ItotedljpoJDWttL. *4 1UU UN «u to look around for the next vic- The company took the its Dales discount ehafa, again 1992. Vague talk of a possible S* __ 3J4 0ye20079 +A « JSi« 1IZ% 351 327 12 tim. Wellcome, 14 ahead at unusnal step of telephoning threatening Kwik Save’s mar- hid for BAe from GSC, a penny *s ms 657 351 first, closed 25 down at 876p. analysts individually rather ket domination. Asda. fell 3% easier at 290p, was also heard 614 352 353 eti 640 U« putting out announce- to 63%p xd in turnover of 25m, in some quarters. 654 OfCttlOK ment via the Stock Exchange with a further 19J>m done in Sterling’s weakness against 654 Demand for RBoS information service. file options market tiie D-Mark and dollar helped a 682 teisejtan perfor- laboratory closures Finally, news Iceland number of internationally 673 The best individual UG said that aj* +H U4 854 647 mance of any FT-SE 100 Index in the troubled photo-process- Frozen Foods is to strengthen traded stocta.^ Hanson rose 7 to e g— 750 tocawAwep*- ifl "B « W 69ft Con I4K L> 2011 RB& +* tess, BSU 63S stock came from Royal Bank ing arm were taking longer its high street position through 257 ftp, BAT Industries gained 3#a tt~ OTHER FIXED HCTERBST Tm. Bpc 201 2 nPvd mu 93a 631 S " of Scotland (RBoS), which than previously expected- Most a joint venture with Little- 17 to 978p. 200W24- 71W 7»| toh rxt 047 J ' +«T 190893 YU! 73#c20t2-15^_ 014 *& Ota 549 601 Notoc Meat - Itoft to* hL M pharmaceuticals specialists woods also weakened senti- . Auction house Christies «1S toto 12pc *15-^17 U0h **• ns iias 654 6M UtanDarim&tO- tlTH W, HISJ «4» 604 their figures fix- this against Save. International rose 14 to 155p AtonOte1SVte2B06 Hitt woi 6Z7 658 chapped ment Kwik How- Tina Site »7. *4 WI& 9tfl 6*4 6Sf 11U tA a?7 Vtmii^ps«n2 mC m? iozt aoo year next Smith New ever, the move was seen as on unusually high turnover of • — w and ue toModCto ®£PC TO - sri -5 to M IB ‘ NEW HIGHS AND Court was at the low end, com- good news for Iceland with 10m shares as one investor 758 »i WSh 90 614 . -3*1 7.« : «?*£= m 1W. 103% 1151 ing down by £4m to 233m fix analysts predicting that it bought a block of 5m shares at _ „ LOWS FOR 1992/93 752 1 _:WM 1051 this year and by the same would enhance earnings by a remium I65p a share. 750 - a—- ** 1640 651 p 7 UaalJwM, 54 30 -30 around next Rolls-Royce another benefi- Ctatoh4te m& 3Bh 6U _ amount to 243m for 1994. £80m by year...... - ifiT% ttUrlateSMt _ urtoe-»7i- m r zr eWMMHMHW. «• «4 6M 6H 955 Profit forecasts for this year ciary of A1 Yamamah was also VI n« 558- m IW HrtttH FUNDI cm AMERICANS (U) 7j? COn 3*2te ML » Wto _33 4N Ul Mo*. Bk. Soot TtoteSpcVSAIL 3» IANK9 ABM BH Mart. were increased from around also boosted by the same senti- 752 Jft rH 29fl 6R 121 103*» : — 4B4 n *%' V pa PL Uaydt, RyL Bfc. Sort. na. Arjo Wiggins firm 752 Ototoftte. OK A »* C ITTJi ItSS, -I03lt - 428 WMtw oon. £61m to £68m. ment and the shares gained 6ft rtwm CO VM. p win 604 Tick 2*^0 m 3i 24JJ IB fees* 1wfi -i_ 134 121 <2 1254 1250 ons « Rannkfl. SrtMMfl. WOh. 0)EIM Troubled paper maker Arjo Banks woe fn the vanguard to 133p. 9 tattoo. Oa yjaPL. riftood. Bwvfc. Continued on next page Wiggins Appleton saw a rever- of the market’s advance, still Broker's recommendations 9 Bodjoota. Brtortor, Kmon, Oo B^pc sal of fortunes as the company responding to last wade's inter- in the US led to strong demand oo we, eomo a cominm n |H) «na Dm. Bcdwray. Bo<* . CM h broker upgraded its recommen- est rata cut, the prospect of for British Steel and the shares IchoMfl Bhpc PL, UCTraCALS () with Market Myths itriocrtaWftLBiccCap. w^pcCv.va dation. The shares rose to then- more to come and reflecting finned 4 to T7p, volume and Duff Forecasts tor 1993 pc to. Jo - ^llw nuM 8 V> gfaf** ahead CcfCr-.-s:* : I '.zr.i hcn-i: r ::r, ai W highest level plummeting increasing optimism of. climbing to 18m by the close. q "evo doy. I'-u US dc : n Irani. Pttaa. Da A. BKIMMDS (19 - t-'j ! ->•;) Yen <1 .1 'c-cd -!ici .n Pul/or,Money iMM, SReft, CaMral Taolu, Oottono. in September when Arjo chop- tiie reporting season to be led Shares In Alexon jumped HOI UwrawBfc EC. II—IH Wft S ped Its interim dividend. by Lloyds Bank. The latter’s sharply on rumours that a 5f.C Uor.oc!c::;c .r.v>t:r:.->.l (071 -n ;.l<) sr Fc». 71 Its Ttcommonifatlnn from a cap- NatWest moved up 17 to 459p retailer. Next was the candi- HTviMpar. «Mr. FOOD MAHUF 01 Bvr. porate hold, which many and Barclays gained 16 to 438p. date, although most analysts ntay. Traatt ROOD RCTAlum would see as a sell recommen- Abbey National rose UK to were sceptical Alexon shares 4 pa PL. Fyllaft. MAL.TH ft HMHOtO (R A LONG WAY . EDGE: GET DIRECTUS TO nanhanv Ataoc. Noratog. toyaa, Mqm dation in view of the firm’s 380 ftp. The biggest turnover in rose 9 to 74p, and Next 1ft to GET THE — Oowra im. iwmtuan . Patnrea Pftger batogftyonbfgh^da oftflrectoa* share tran»»cHon» mpao, Mean. Prtant. —— — relationship with the company, the sector (10m shares) was in 143 ftp. AMDu A AlaoL. Mattel & MoLannan, WBCK to a long' term buy. UBS Bank of Scotland which dosed NatWest Securities shifted .in their own cooqMnles, pies 2 mhxde updates 4mlndkaar Ftenres end HPOam (4) Amor. Gan, Amor, tod, fhucrest Rites ZHxmiaday. Cah 071-696 MOOnow lor your free MaL Ida tadoalto. Tmvatara. MCI UR M believes the signs of recovery MAKE IT gal ft QwOjoyda Mirny. PntoMtol. in the US - where Arjo gener- mteteftoo. MV TRUSTS me MIMA FINANCIAL TIMES EQUITY INDICES FUTURES PAGER nww ' rad. Avaaco. Control rTV.OWW. ates 75 per cent of its profits - vrtn0M KB&rtdo, Haynaa. Jomimuu Praia, ftol 27 LBV T &.9082SP pl_ MWnda Ratflo. R—d. and the recent management Jn 29 Jn 29 Jn Jn26 toto H* rfin. TafasrapO. Htomoutfw. wtOMKT EVEN changes augur well for the BETTER Mtaf dan 32075 31773 21946 2187-0 21969 22669 16700 jnn Ndmnn Sanaon. Warburg too 19842 ORLdtoyHd 429 435 433 432 431 460 554 423 BkHKwCT ^IfltifttiSUMrEEll . Iffl. A KTL FORMNS ft) BUtam. MC company. However, the broker *n - Bdwh Arrow, Stack (PJ. MnajUlM S54 697 . 696 553 853 650 Aapon Comm*. sounds a note of caution on BEOKNTS FMX. tanoy, MhHm 7>»pc Pt„ Fraar. WEratti rat 3153 2156 21.43 2151 2152 1622 2153 75J9 U fAW UAO. - H MOTOra LOKDOM. OXIf. SocHMiafa. Sothahya. Iff prospects for high quality WE retard 20.13 1672 1950 1957 1956 17.19 - - NWt ENGLAND

HwlI Toclu QwvjAr*. oh RuUOt. BSq coated paper manufacture in Boto ton 763 747 663 673 645 1480 1605 .660 TEL: 071-234 8489 ofcara 8pc PE. T * N. OtL d W (S) Botqty FAX: 071-224 nadanJTPteanoiwr.gartoa. SNC. OTWR •tor 1982*93. CMtoy rf»ra Into tinea canpttabon: Mgh aaOBJ 4/T/W - to* HA 2W40 8278 s continental Europe. The shares dne* oo 13/2*3- «CL pw Cuw AMwOdd^a. FhWNalL. OoW Him Mac aora^M Mate 7MJ tow AS ZVUim OtBnory o&wv V7/3R MAtos 12W9BL ' itranf A NRT, OowM. MPodaroan Adroit, rose 20 to 173p with 4.7m SmM ScM v' pftar Tyndaa. Lon. Boo*. M ft S. Mamry WawCowt. traded, showing signs of a aat, Oeaana, Parp arual . Sn«i Opftwa. THCT chart I W-FKI I M'FCI VI IO.X Pl_ TywM AuaU Do O break-out Its 1W as 1UI 1U 1M M tam I DU pi VMM, NnaiM Op PL. WlWiaw. IN FI Tl KI:S ocgTmpbi ft Miono ntMCMid 21S42 2197.7 2199.1 2197S 2201S 22045 21995 2291.1 MS95 220SA 2042 la. Human Aimtay, PRorp Kwik Save adrift Fab 1 Jn 29 Jan 27 Jm 28 Yatf wa Discount food retailer Kwik 3W74 31O09 ITT9l6 74450 rtflyda. TRi^^^ORT {a| OAIX. Powoft Save retreated as a number of OrtOao <3704 31564 Bryn. Baacon.'l»btR ft . factors combined to build nega- AltrAT10W ft) Kuala Lnmpor KapooQ, 71 as as7s tive sentiment against the Cne Chart Equals One Hundred Stories amongst En • oSwiRCH HJ Lan- f OydasdaMk stock. Prominent i iwort and Mntltan Mn these were reports that the pri- NOW LIVE IN GUERNSEY PC CO Haatfi CSL PROF CO r Tat 0981 123001. tefa da^Rl at 3BpftataBlB ttwap ran. 49p ME oBw Sobs. 1(f) Jam (ML vate German discount food Futures Pager updates Currencies, Indices, Futures equity futures and options trading and Interest Rates every 2 minutes, 24 hours a day. FOREIGN CALFantrcs Lid Find out more about Futures Pager and the-new of sterling and However, speculation that the boost further buying of THE DECLINE the The traded options were also HXQUNGE IP Queen Guernsey service. launched 1st February 1993. hopes of a cut UK government would be March contract it dosed Victoria Street the subsequent and at busy and saw turnover of SERVICE In interest rates led to a strong forced to cut interest rates led 2^}70. up 48 from the previous 51£66 contracts by the dose, Loodon EG

March contract was some good arbitrage activ- value has fallen to between Steel 0481 719913 -463554 -- - 22&S111 . ing in the on by British with 3,668 REAL-TIMENEWS VIASATELLITE . 021/8034336 the FT-SE opened at 2,648, ity at the higher levels. nil and -1 for this account. contracts and Hanson with * AFP-EXTEL * RS.NEW5 * MARKETNEWS * some traders took to In the afternoon, a strong Turnover was a healthy 10,018 2,487 lots. Volume in the which . * FUTURES WORR&NEWS * indicate an uneventful session. Wall Street only served to contracts. FT-SE 100 option was 17,162. CALL* LONDONQ71-32g33g?7FRANKFURT69 638 Q2I FUTURES PAGER —. — —4* ”J — t 0 , — L 0~t4.U. « 6

TUESDAY FEBRUARY 2 1993 26 FINANCIAL TIMES LONDON SHARE SERVICE

INVESTMENT TRUSTS - ConL BUILDIIIQ MATERIALS - ENQHEEMfKMIENERAL - ConL HOTELS & LEISURE -Coot. AMERICANS Cent ELECTRICALS YU K»te um 6i S HAH tor 1992/93 m 1092/83 lid 1982/93 MM YM Pm -I tow Carfin Art mea£ M* ta Sr's tejn t C Gn we Men USK’j 7.1 +Ti 14*8 1SJ08 29 Titan 170 85 10 * AnMkAIH— 60 +7 n ^S? 23 12a HMOnonnfe $4 28 'X ©?p 22fip 4.4 rratfatatdm 228 105 1812 2u AM. T7 22 12 112 - - KdEng U 3739 -52 E83p S 6647 1.1 Tutor 38 28 188 - ASEABSHr. £37% £28% 8511 18 178 /tana MC 19 2317 100 38% +% •a Sf 1298 IB IMpim 24 8% 188 - BKC- a 373 297 I2B 7_D 213 MneMtafe —tCl 12 IZ38 -30 48 HIM *<% ill 7018 RMnno 43 23 OJD - CapF)o10%pe 12BI1 125% 60 2243 U - StoMtPf 48,288 VtWm +i% 20% 23 *184 53 27&0 - BeatoaHuitar -t 292 218 284 48 142 tor IN i 39 mo 13 J 21818 47 - X S 32% 981 287 17» 10 21.4 Boons Ftotn d 30 1% 858 tstasrom. - 718 HI 12,400 33 24 25.7 JmyiHeW - 26%d +i% 36% 13 Bulg'd 8% B*i 5 139 2.1 - HUHtalMM ja t 86 1887 43 32 9> tan** Cl 28% 128 •228 80 439 88 184 Hartal Td 82 mo A 19 2730 isi ft 23% 121 14% 4% 304 - - M 282 — » 210 8484 1 111 B%pcc»n—~~ X BUSINESS 52 14 15 3150 149 a 58 SERVICES 74 184 82 128 108 341 -to S owm. 103 T 979-134 - 79 i% 1.130 w gw-jap—\n 278 278 231 32.1 29 19.7 KWnerBMtf- -1, , £2S% £10% 1827 19 in 108 55 143 84 114 LocfcmfTl 2S 13 230 55 72.4 ktoUte.fc=3 iSi Si ™ 19 10 830 75 53.8 UandBW Ortaat S 14 748 04 " HOT S "gSfczr.rrai 445 508 331 8573 42 176 A. *h H»y 44 287 287 148 124 28 * <43 M. 38 19 622 10 475 Mlinl 1‘Q U 17 34 ** 4.1 — — , ChmcnACrt £2S5l Myanmar ZQ *1% 29 441 ij 205 IS 83 s= 45 48 35 124 58 4 13 — 1 17.3 {g"*tu 57 *2 « 43 825 58 117 SSnfl 1C •3 *108 66 2170 45 IS.1 9%0On a rr— , ni iw n iiT, 313 313 90 836 149 Ptkan "> 33 118 M AtanedSee *q *5 110 £21 £27 £15% 1,548 14 28.1 Metam 4fta m 44 JS - »a +1 !4 14 464 44 - Prom Lets 4.7 19 13 W1 109 BJ 1SL2 0*9*^ ffl 15 25% 7 193 * MnSAEM n^g^- n * 1 te2 100 Ouadrad 825pP1 SO 14J xa 235 115L9 45 S3 13 W »S= 10,1 rjR — ! 57 22 413 ®"K“° - -fC 69 75 jatoMoMOSKT — Elflto £18% E9 1021 31 1« 601 t Dubois Mbal — 35 2W1 8 131 19 1U 7.5 - *20 217 5470 135 131 166 18 124 TpcOiPf 24 781 8 20 J 16 au 368 - --- 4*1 11.0 UJH -. i -- 39 *57 38 148 n 40 400 39 7>2PcCVP1 -m 21 232 B 11 S£ 32J _ 4.4 199 M Jams Stroud 341 ISO .. 34 19 2.13 - Ramsfen'sfH) 1.1 82.1 i rna FsrAGol Efll -4&J U3 178 * *z 346 20* 3000 197 Rsraon W3 an 25 175 ***»Bm—'» S 1« 63 4374 13 — 89 1840 22 Breda Santo jMQ. 21 8 120 21 14% 3IS 54 SJ 8%»6«_ - « 09 1159 ISO H 4 t 185 Hotel : IKSbe Htffd 1 - 380 *4 309 1111 157 93 400 24 189 'IO 1 0U -#IQ 208 17 fjgK* - ReMltocte O U 349 -V 5W +1 55 45 442 39 6 ill 13 050 IS SSSr *20 240 173 4*1 58 21 323 123 - ftyanHokteK 13 111 “Wpo- SIS « 13 2313 17 1 10% +% 12% 6% 417 100 40 195 13 •E ssssFi] - Ul... . - _ _ MOTta-eK*. 810 813 305 814 GO 44 382 23 1.4 f«aCaiSnaS.%KU 1.9 13L3 20 JBUsh Bcc * 267% 98 47 11 <0 oSKs23*3a 13 98.1 Y_ *4% 257% 185 1730 M6 25 75.0 II I S3 From* Prod N MS I8ts1 oJas onse Z _ _ Manias E34tl -2% 040% £17,1 13S4 42S 258 1220 11 195 SCmtavUta £ _ SECY. 390 +28 on 293 6480 20 M 802 is <$ SwMgb £72 4745 &7 - - s FUctuntec to 211 185 . £6% sum — 188 115 47 - - «I5 >10 311 1- inn 1113 475 594 *91 53% 2140 «J 149 Taaftnq 721 C« J3 to*- u JSStlS 49 215 TcnOhPf 17 70 214 254 1G5 1014 IS 460 255% 1784 26 124 Hun 05 4-1 3H (60 17 2 Tamcrama 59 99 a™ 124 43 _ +% £11% 06% 2J20 60 1310 1,383 08 £90 £92 £TD 113 14 - 600&OHS *G— S3 27 242 7.4 - TgUEdam. - 43 *011 1.7 421 +3 421 310 IIS 15 358 Stfm-SBm. 2 330 231 3436 25 117 vanui 14 17 3 7818 17 187% *3 388 ISO 117 28 338 SafiOSMs. 132 HQ 370 57 105 Wrt» 139 142 92 527 48 278 88 55 083 104 142 Want**? itafinei Prefects MS1! 43 . fj£g ll £21% £22% 24 58 Srftm- . . 300 232 200 49 11.7 WhtcgUB .ii wimwa-vt *4 147 98 4529 £14% 8388 *5® H !"? 30 +3 43 21 930 - TI&cdp >13 372 251 1002 45 113 Zeoss ,u 103 £107 BB8% 447.1 98 ST Japan *Q ISGd +3% 206 121 12 1841 153 •1 263 167 32 16J tatop* to 7 *578 375 2955 £19% +% £Ul| £12% 2331 S3M totmara Amer —40 33 1 % 33 16 H7 417 35 3 MS 27 103 110 80 113 90 35 503 t 235 753 551 1419 ZeroPt- 84 (i •% 85% 71% 1384 10 337 +9 217 266% 860 127 +2 % 18% 2% mt 341 1*823 38 CtetmoraEmnc 4M.1 78 +2 78 40 12 889 12.0 1704 200 285 2063 2.1 244 IBS 247 328 250 373 S’® m 1s INSURANCE BROKERS Wtanmte 24 •3 a 11 11310 440 -4 480 2B0 18 682 8723 SU _ 2% an CaitearaEnra 8L1 SI +3 BE ,1 15 1U&4 124 11158 IB 17 228 -I 188 60 3114 272 or 199993 MM m 32’i 254 63 113 WWMW- M t Karaate. 78 DO 35 2119 55 DMg4 234 -I 287 153 312 18 28 Waaific 409 2BB 151.1 29 114 Prica tow Cagta m 88 113 1.1 513 ^ «tera«SraiK..*lC: 74 107 a 209 - - MOM EnayySy*— 30 8% 058 - - Ale* & AtaS £18% +% ns £10% 7975 04 . 3h — 5% 2 233 a 60 38 - 2263 744 taprltan tO 489 240 151.1 16 115 lIpcCYS. £40 1515 119 - fJP 119 *5 713 224 — ' PPmSMW- 28 EC3S £465 1.7 Jf minds 10 - 30 -1 27 791 196 149 taB-—— OB «» “ RCQ 422 3S5 48 14.1 054 Anfcer ttagai Wi- 340 159 168 75 111 j* isi Two ft* W 731% «l% 100 % - REA 118 183 117 168 48 1999 SO 175 Berry ELECTRICITY 4.7 A GartaaraVUM-itO 24% 27% 11 222 299 2+5 151 " FWEbC- -1 48 nter 435 5189 21 111 147 U» 83 775 n U 338 Dry Pit 87 66 23% 759 Durtet 1 11 1 020 - Zoo a % 143 IBS 117 328 42 144 1992/33 t 89 J *£5 — tehessoe- -2 342 -4 *477 212 2185 12 211 Cevedtonme sort IU 75 (19 77 -158 *2 _ IwoM- WE 207 755 35 121 HaaBl — “5±2*E 11 4 1.19 _ — Don lac 118 123 08 108 - - ‘ .V - wreuny- +1 4 - 177 130 104 1109 11 109 Dm « J HSwii 223% 134 2,184 18 311 CUnLlBMHKSJ— % ! J* 105 179 Hogg. — ^ Wfinejr - -I 206 102 204.1 14 136 Cap LI 08 ms 49 - I960 MS “ AtaaAKten an 180 <38 34 it2 Eastern 411 439 5.4 103 — -*a 12 3 413 JS 185 JfES 15 J «S WBtonW. 44 197 44 738 24 255 -7 160 1117 29 189 Stepped PI 9 «t% 162% IZSIi 29 - - ®J ® SahesenK) |Q 373 214 187! U 208 &3tMWana3_* 397 57 78 4C __ Uort toraan AO Wjta 80 37 12.1 -I 382 234 632 4/ 142 Goman In 74 77 54 l.l 375 154 Sraor 43 25 18Z 17 08 EontW D 413 5.4 B8 { 212 Lowndes Lam _4fa 361 -8 17 £62% +i» £62% ffli *950 27 - Iterate 13 IS 1 +2 an 98 418 M * ItaMrtl 513 53 lkntilttLenS 94 139 7.i os 207.0 1 12 1% 108 _ Z MMi » O 483 53 93 Odd >M 94 1S4 Genm5ato_ 163 *1 ITS 141 10 X tetaaJPon 310% 98 PWS 63 SI 30 UU 66 $ 72 108 - CANADIANS +5 *758 555 874 11 24.4 +4% a tarn n *artw n -4 490 aj Sedgwick f§a 08 *& 240 100 7385 *.5 19.1 Gtooawtoc ML1 42% +1 44 36 88 42 9 13 293 132 158 11 68 ? 4 g FOOD MANUFACTURING 1 992/93 257*? 162 1197 - 1*5.6 80 + or m ™|35SS?^ -4 157 82% 718 13 148 taw*-.— Stoaauti j n — 321 f? 113 GoetM Am Sitft CssO 13* +5 134 63 Nous - btfi tow PwwOhi 94 1992/93 MM YU Stage -% 232 189 11 GonBDrkmtaL +4 88 2306 16.fi TtaePiurta ,40 . 188 132 919 93 184 U fO «W ..fU M7 197 126 “ -fiij 274 6542 >0 ASOatEnaiff V 2p 1%P . " Wmar Kmart U5 U U SCBJIWra—4 0 241% 44 HU Itees An GTS PC WBsQnwa 285 *2 18 230 Gault SUataglc 226 +4 226 ISO 40 211 8 3 Ann Bank*. — - taU*niwa-t 213% -4% 4.7 108 antiwArtraA 100 49 105 WitMia 17 *1 * ,w 1282 278 H2 9i wwmc ri £fl 18 GuAiiro Urtuul 93 118 82 00 Z8Ei 4J HCs&tMl 53 18 Armcur Trust _—_G 39% 5.0 M9 GreeaMar 353 +5 353 26S 14 «OSS 132 S99p -3% 54 82 Asxc BiQ FfaaOl +43 T296P 3% 414 478 39 119 wurana 61 81 a STOP 621 - 48 485 +5 53 7.7 AsMcRshain 142 16 252 p — Gtahara HgoiD. — S 26 o% + >! 24% 18% _ 443 -2 S3 58 a UnmnE fa 104 « M INSURANCE COMPOSITE GmyMna— 18 43 15 - 24 6 3918 -3 543p 111 CHEMICALS 50 BSHFFT II £114% El 25 £89% 7972 90p WU 17 GraupDm 31 31 22 15 50? X19 731 - 190 IO 158 ID + v 1992/93 tad YU 11 GmaeovOa* H M2 183 96 15 1399 27 4 +102 IMp 116% 2J5BB 48 200 848 IS Prica - Ugh tom Capon Grto Pit Wndoaoi BenteiiUr! Ml, 84 62 16 +21 938p 689p Z*15 18 74 129 49 £38% +1 £30% £17% 2084 41 99 +»a IMS a 108 +i Ml 92 34 117 108 5S7s3r-T5=i SO 1251 *:rDM. +I6%‘£881 1i £587% H.188 17 ZaoPrl 34 35 '« 27% 221 312 8S8S 19 129 AoettanGeaS— 1,1 E3ai; £22% 4007 84 _ p HamtenHBtand MB 189 84 19 I0t>9 -IS 48Gp 4.1 £81% 14 - Z65p ,j ? — » 208 249 American In! 6 +3% £47% 17243 figs YtaraMs— 22 23 13 +8 147p ss 412 3428 16 170 tanS .£34%m +1% £35% £21% 1276 30 - — 190 IBS 133% 19 2208 M2 +% 12% 9% 902 4,9 84 186 51 179 BaakaDO-. - £26% £88% £16% 354.4 “J 33.1 - - +62 18070 11180 385 925 17 272 OamaUntaa a 609 Ti 641 402 1722 12 - 118 +i 116 n BTRNlteAS + 1 16% 7.7 45 0 35 6 +% 23>1 W% V£L H 105 238 IS IS Ovb&Gbv- 1333 1335 «a «O0 16 22.1 !%d % 30% 22 6 +% 19% 12% I® “££“ 140 115 5.4 118 FM AS 21 n 16 510 - — 22 BS0 275 354 26 117 Gentaddert SB2 +16 60S 386 2084 10 - XI *% M% 24% — 29P ftWiVta +24 t 170 714 150 mtMCmi £63% £«% 2938-- •37 230 ZtraR. 4i 1199 n.i mm m mmZ taCiam *)+ rsta 214 +4 480 sm 36 170 39 669„ 317 OBmOom t 305 355 B55 41 180 141 710-139 +2 585 148 1215 - Drayton Far EM “ ‘|a o^SsT 250 143 304 25 189 Drayton Kme 0 - 1065 75 14 327.1 las +2% 56 32 025 49 170 ^ warrants *12 709 523 2428 30 14.7 106 990 275 64 3186 10 +4 162 124 65 - “ Pac totror _ .— 3% 1% 246 - Dntara&Lan 19 2575 87 00 3S8 HU — M IB 1585 14 170 Ouiali toe Bti a 60 6060 15 PirttiaoninE *8 *360 253% HK4 16 211 ftnaln WtoMi 24 6615 195 25 1817 308 +2 171 127 1900 30 106 ECU Treat 20 66.1 IS Paribas F 2.1 20.1 Wtenmu dndi a 25 " 177 EFM Drama 1« 11.1 -17 90 7.7 wmrnEu " Fircapto 16 24.5 Yteraote ?fi15 — ?_ - - GFUtac Q 4ii -4.i 05 21.1 __ — - - ZmaDhPi ™ - IHQwn 4fa 2.7 180 0W Japan- ,17 ,S 2.1 - ItaOad Drags. - 47 6 : t -I i„-;i 20 340 BWJaa “ 14 “ *-t TO Wtetman 2-4 170 WsiTJrtS **? mtiSmSZ 75 59 Ead German a - 115.1 214 cap— n 7.1 115 Warranto Wwpto 41 2941 10.4, 54 117 Electa 40 42 32D9 335 O * ~ Beet Sen HOTELS & LEISURE & O 29 1747 18.1 W*r»na — Eng a c«/*i 50 1723 41.4 ra* sr+T Uttomi or 1992193 Hd YM BrtSScat 60 2J5 1089 IS.5 P> —- — w% 67 BU 17 130 - non tow capEm era P« toatrata O BteiMareTatheM - - ! I 16 200 — 3 t - EMWlMUPM 70 - - Cap u +2 174 63 70 « 35 105 Md 70 2628 24.9 167 130 010 13 IBS 106 127 E^sgrOonaort. DaSpodPlf +1 53 33 791 70 50 N +2 BM% sa% 129 _ 1011239 72 »6*4 Hare 5mar_ua 117 - Iterate 140 80 4J — 1110 169 106 a 10.1 - BtwrBaretoc — an 221 28 >89 n 23 Elder PrM Car FO 1187 Cep +10 *233 126 128.1 30 117 - a7 80 .... Zero Deb 2002 - wanrada.- ___ 60 IB 29 119 - Exmoor ttcL. - 11.7 390 288 ZWlDblPr n 43 708 119 11.7 ( 106 - - SlAMraw 10* S3 103 70 114 66 18* .ZtoaCpn PI- + *7 - - - Mato inc i-i i n 64 too a M *436 140 365 1604 34 183 20 240 -111.4 100 - - - tonPrl Wh 7 sn* . r ZS 10% 129 2J 29 169 FtasbwyQrawto 480 45 — — 43 1010 111 SPUTtoe - Rnrtxey SnWr Co'e _ 216 121 SI 28 239 U - - Cap ._ — 30 FtoftrayTit— -11306 783 302 2049 25 164 tonDbaayfff - 44 1230 34 SPWir 15 A. - 80 2334 325 61 355 66 165 EunpemUte O - 127 fmtMad. %5 - Vdnanta 19 679 125 75 Ex Lank D 25 675 24.6 CmPIgFY^, - 33 147 t 44 Expedtor - - ScnrntorKanFuid, BOB _ - 30 129 7.7 13 FmiSaBnata M 611 314 Wnante 284 ~ 231 - - 63 215 127 119 - FWSpania ~ - SM»Amwiean..4»n 50 a I36>; 40 1557 23 342 t 62 FM 238 BUS 25 * WtaMi +J 740 ii2 Seal Aaan P!a5.x m 125 - - 611 Vi - S74 1 IJJ - ScatExa -4ftJ au% u 11 608 IS* . v• 3 7 . “U; 8 . —A ——G_t.O ^—*if4 J —— D t . —-

i IT

FINANCUL TIMES TUESDAY FEBRUARY 2 !993 LONDON SHARE SERVICE

MVKTMENT TBUSTS - Cont MERCHANT BANKS OIL ft GAS - Cont PACKAGING, PAPER & HUNTING - Coot TELEPHONE NETWORKS RMES-ConL (B3an W Q]B 1W +or m tow 23 Mb Wd B MU -or 1982/93 (992ffl3 MX w - - CapEm Grt Mi few CaotiH Ert HE **ow Prtn kwr capos B*s HE Pita) kw Qwfia 6rt W Nfen Plica Nob In Catfei low •aSE'-r^ « 192 - BUBameo WB *4 105 MJ 5.7 184 Ftmii 504 4IO <15 +8 z 61 227 34 104 NW|B«S|r-pUO.jg 310 212 6936 'S J!SES!1 290 106 WPHWfem 254 +4% 182 0,788 84 504 fop* EM - CaUta 4 tO 705 +4 731 4B9489 7JK27442 24 ZT4 tJ3 CMP. £5H 1778 t mm 3 s107 6SU HU - - 208 ItOB M d — 634 2B25 1804 14 »B-— DaBaanUOUfe- «BBfinu_fc._»n 2SD lb 1 - - SMBEft £181 +1 £188*28188*2 £130*2 « 12% 280 +3+s 282 20228220! SOU 03 129 BMfteK — 841 — ii36 aaaa 1414 u 154 7peC*UU8 £130*a HOB 34 - 837 282 178 134 «n» 134 91S1*i IBM 70 - Brarete tend _tG 086 +18 469 1404 44 184 Slim 320 +1 343 214 Bl ft>tanfc _ *33*2 — *£33*2 EZ41* 1142 « a j:IS#*; 1» 91>S>s 2231 31&S 22 82B 486 3154 7.6 »*F-- 368 3S9 106 00 CatmEaow » *1 21 194 - - Sn^ 838 +38-28 WW* imfe-J^O 4 41* 1 749 * »212 186*2 859 m306 M4 754 3381 867.7 89 82 HM — 862 580 1034 4.6 Stir— 353 353 Otar 238 +3 164 48144014 178L7 15.7117 fori!Stril WiTafewmS - ZZtt* -3* £20% £17 74537451 - "i +5 212 46144814 00 309 D Jh *-*a - - 04 n n Wa 11*1 247 3X7 1(14 - Stely**. -fa - faapaa. 6*2 112 - - +8 432 73% ~T2 72b _ <5 25 174 (4 %U ft — •fc «2 awfenM..SUInM. 4 aou *i+1 41 25 140 74 74 S*™S®**" *& w «r u « <88 1043 14 ChMaS £W +1% 650 £34*117445 42 - Sr*l5BI 480 6274 04 * £13*1 E8*a 1,174 54 *" ™ Mian II? ^E!** — »« 74U74X5 174 40 32U8 +2 -351 233Z 4974 19 144 9 IwSGezA "j L— 1*88 « *4 80 20 1404 - "S _ St: ih J" -t — 1^0280 BBS883 1774 14 144 CWeMm~-4*Q t SnuttUE JO m799 +4 335 2210 14821402 08 9.1 Wj.W-ijl “** SB 34 iflu198L7 54 124 CamtMlMfen 9 ID 5*a 184 - - *5 595 07 2ZLS 147 “ — Snot- 48 — 53 45 OBI U «Mung®.—SXi^—fR 3D *2 13 304 - - SSSSSCim iK3 508 +20 C*fe?B8*outW_y as Stri-Ptfl. IS» +i%+1% ^ 55 ^7 4R 68360S 400 USB1,238 44 174 MB — 2S3 (77177 481421 44 144 117 *1 n 207 +7 287297 137 88.1 34 - OMM* fO 16*8 — K S3* +*« 7#tt 18 — 36 1 117 78*» E3B4 nil*151* 7811 44 314 *’ 14W 1054lffio 20.4jo4 m F°! - E4MM 1 IB 2g mtrnt^ 190 +S 253 188108 184 6.4 74 Cn**HrS V 38*» 17 SgM — 132 TW — » a « i 10 awa*., 1® — 5 BfctatfL- 10*1 — - 132 1Q6 « : : 4 TEXTILES 71 — tO WEB' Enterprise 482 +12 —+ m 1 717 SB 84 -14 * S « ^ Sv, 46 580 139 07 21 +3 S 1144 _ ** a sun] ..4 230 +3*3 901 BmfeEmv * 31* 3 $141 " apoiPi- - + ar 1082/93 HU IM 250 168 94 2407 78 ti 44 311 142 ^2^ Bajmi V 718 418+.2 «3&S " Pits - «h low CaoEm Gib HE ZartUnCptSSO 68 +1 TO •*2 2120*2 $95% METALS & METAL FORMING3pi8ii|A _ *« S5 - 218 _ 15B 1740 44 104 ExCDUfeSfentJa 70 +8 25 7U704 - Hwrtwf Cwa All - TBd +1 80 a 2JD 54 54 ear#: +2 120 69 ZM ~ 0\ 098 - 1062M10KW31092/93 uUU StfACvPfS 00*2830*] £34*2 £17*2 1Uim 164 - Atoarm Wort — 114 115 38 304 42 *14 » 5*2 IS2# 10 UU W _ m «« fenoorta * * 2b 348 44 ~- s »ran* 1*2 (*< MTctt <5 362 (207 34 ft \. 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CURRENCIES. MONEY AND CAPITAL. FOREIGN EXCHANGES FINANCIAL FUTURES AND OPTIONS Franc survives important test THE FRENCH FRANC and ERM bands. The French franc against the D-Mark in Euro- Danish krone were victims of a and krone even spent part of pean trading yesterday after shot burst of speculative seU- the day on their ERM floors plunging to a historic low of tog yesterday morning follow- against the Irish currency. The DMJL3550 ngainat the D-Mark ing the 10 per cent devaluation punt's strength allowed a in Monday’s Far East trading. of the Irish punt against all the remarkable cut in Ireland’s currencies in the European overnight rate of lending from The recovery, to a close of impression exchange rate mechanism, 100 per cent to 14 per cent DM23800, gave the writes been the James Blitz. Mr Mark Brett, an economist that the sell-off had In recent months, the devalu- at BZW in London, said that result of speculative trading by ation of ERM currencies has the franc’s swift recovery from banks rather than the off-load- been followed by strong selling selling pressures was highly ing of long-term positions. In of bottomed out the next weakest in the sys- significant. “People were pre- Tokyo, the pound tem, and this pattern was pared to take big speculative at $1.4500 against the dollar, a repeated yesterday. positions against the franc in level not seen since 1986. The French banc fell sharply September, but they are not Mr Brett of BZW, says that in the first hours of trading, to prepared to any more," he said. problem a the most worrying for low of FFr13950 against the “"If the crisis does not come on the pound is that l-year ster- D-Mark, while the Danish the big day, it will not come at ling interest rates are now an krone was seen as low alL" as unprecedented or so 200 bads DKrG.8750 against the D-Mark, Mr Mark Austin, Treasury points below the D-Mark's. - near to its floor of DKr3.9016. Economist at Midland Global Three-month French francs markets, says that the franc This puts the current l-year were quoted as high as 15 per and krone axe not safe yet. forward Tate for buying cent at the peak of the pres- "There Is still the fundamental D-Marks at around DM2.4150 to sure. problem of real interest rates the pound, In Mr Brett’s view, However, the selling of both that are too high and show no this is an attractive rate for currencies eased off later in signs of coming down,” he D-Mark purchasers and will the morning, even though their said. keep the pound weak well into respective money market inter- Sterling recovered sharply the future. est rates remained high. The French franc closed at FFr3.380 against the D-Mark, while the EMS EUROPEAN CURRENCY UNIT RATES krone dosed at DK&8501. The tensions were partly u Amcnrtts from Mrt- relieved by the market’s accep- w v "*r tance of the size of the pant devaluation. The Irish punt climbed to the top of its new littfat 0809996 0797682 -L52 2.27 68 BcfplaFrac 40.2002 4L0966 -0.46 118 22

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ACROSS 7 In the middle of a slight fog 1 and 4 Thecotangent is tricky beginning round of day (6) and - becomes involved 8 Adjusting the engine moving (4&2,3£) around after run's taken (6) 9 A caption without it is inge- 12 Jug for one who had a fling* nious (6) (7) . 10 A1 mutton chops for a change 15 Scrap the queue (3) ’• (8) 16 Sphere of influence in Tor- , • 11 The lady at home with the bay? (3) grill (6) 18 At the summit, Nick’s out- Is U Piano craftsman loyal to standing (3,5) \ the cause (8) 19 One divan transported from IS Land In the river? That’s tbe Exeter, say (8) crew, we hear (3) 20 Thrash Mabel’s at (getting 14 Ignited ether — a means of drunk) (8) ' keeping warm (Q 22 The assurance in a snap lom- ’ 17 Two-wheeler drawn by horse, bard Street derision (6) > paradoxically (7) 23 Estimate in credit producing 21 Chap, for example, going to a depression (6) wine-shop (6> 24 One graduate wearing 25 Notice the bishop’s place (3) friend’s Mg jumper (6) 26 about an animal lover 25 Gush Met tbe requirements in fob-

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CONTACT YOUR NEAREST OFFICE s

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FEBKl'AlO 34 FINANCIAL TIMES TUESDAY

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.In WORLD STOCK MARKETS FINANCIAL TIMES Tuesday February 2 1993

AMERICA EUROPE Dow draws strength Strong dollar is the centre of attention

AFTER the weekend on SFrlO to SFHL230. ter Glullano Amato’s Socialist the devaluation in Ireland, a surge Among dollar-sensitive Party, and doubts about l l -SE iaries Share indices from in the US dollar pushed up issues, Roche certificates were prospects for any further Ital- report interest rate cut. The NAPM equities in dollar-sensitive SFrSO higher at SFrLISO and Fofcmary 1 THE EUROPEAN SERIES ian certificates Comit index rose 0.49 to 487.40. countries like the Netherlands, Sandoz added SFeGO Hearty 1438 1148 1X08 1348 1450 1840 0»— Om at History shows that the stock its food business. Switzerland, Sweden and, to SFrS.160. Swissair rose SFrlS Flat fixed L70 higher FT-SE Emm* IDS 1085.44 106548 106551 108552 1086.47 108653 1088.18 1088.01 wan Street markets do well in the years RJR may also have been selectively, Germany, while to SFr543 on further consider- L4.410 and rallied to L4.500 FT-5E Emmie 288 115952 1156.45 115862 11S6.19 115734 1156.16 115404 115683 that follow a win by a team buoyed up by an Illinois court others like Italy and Spain got ation of Its co-operation talks after hours after managing 28- Ju 28 4»23 US share prices posted solid from the National Football ruling winch rejected a smok- less of a boost, writes Our Mar- with KLM. JH 29 JH Jan 27 director Mr Cesare Romiti was across - gains the board yester- Conference and the Cowboys er’s allegation that tobacco kets Staff. AMSTERDAM had another FT-SE Eoramk 100 1079.18 1072.70 107228 108424 1077.68 quoted as saying be expected a day, aided by a bullish eco- are from the NFC. companies deliberately con- However, Mr Andrew Bell, firm session, the CBS Ten- FT-SE Emm* 200 1146.15 1148.08 1147.45 115052 114687 profit for 1993. nomic report from the National Ultimately, however, the cealed the full dangers of director of European strategy dency index rising 0.8 to 98.4. Ready mixed concrete com- bm m iooo esnonoi hsm*: in • lOBtttft so nwjw dma*. in - m*es an nan Association of Purchasing market drew its strength from smoking from consumers. at BZW, was not convinced Royal Dutch led the gains, pany Calcestruzzi, part of the Management, writes Patrick the NAPM’s January report, News of the judgement aided that the bourses had their up FI L90 to FI 149.90, helped due in three weeks. Electrolux speculation coincided with Ferruzzi- Montedison group, Harverson in New York. which showed that its index of other tobacco stocks, with thinking mechanisms engaged. by the Opec output cuts. Phil- B rose SKrll to SKr228 ahead market talk that unions in Ger- dropped L460 to L7.690 after its was At 1 pm, the Dow Jones manufacturing activity nation- Philip Morris rising 3% to “In the 1980s,” he said, "Indus- ips shrugged off the postpone- of its results this week. many’s public sector would reports that chairman Industrial Average was 13.51 wide climbed from 58.4 in 375%, and American Brands by trial demand in Europe was ment of its high definition tele- FRANKFURT ended off its agree to 1993 pay rises of below questioned by police about con- higher at 3,323.54. The more December to 58.0 last month, a $% to 336%. good, and a rise in the dollar vision project to add 20 «mts highs with the DAX index up 4 per cant in negotiations with tributions to political parties. broadly based Standard & bigger improvement than ana- On the Nasdaq market, Lilly gave exports an added attrac- to FI 23.70. The truckfoaker, 1351 at 1,585.16, but standard employers this week, Gale, which controls insurer lysts had forecast The NAPM Industries jumped 31% to 324% tion; now, Europe is in reces- Daf, hit a new all-time closing dollar-sensitive plays like the PARIS focused on Paribas La Fondaria. was L240 higher BUENOS AIRES ran Into figures were just the latest in a on fourth quarter net Income sion and It is questionable low of FI 455, down F1L45 in carmakers did better than and the oil majors as the CAG at L 1,430 amid speculation over profit-taking following Fri- string of encouraging reports. of 39 cents a share, almost dou- whether the US recovery will active but small-lot retail with Daimler DM12.70 higher 40 Index rose 13.69 to 1,785.90 in future control following the day's surge on government Among individual stocks, ble tiie 20 cents a share earned be big enough to bail it out" trade, with investors worried at DM584.50 and Volkswagen relatively subdued turnover of death at the weekend Mr Cam- measures to boost liquidity, American Express was the fea- a year earlier. ZURICH was higher in mod- at the lade of a long-term refi- up DM650 at DM28450. FFrUHJbn. illo De BenedettL hanking cut costs and reduce ture of the day, the stock rising Leading technology stocks erately active trade as the nancing: agreement. Both Daimler and VW have The banking group’s shares, DUBLIN ignored reserva- interest rates. $1% to 324% in volume of 3J8m which took a beating from strong dollar and lower Swiss STOCKHOLM saw the been distinctly out of favour hit hard bn Friday before the tions about the recent progress The weighted Merval Index shares as investors reacted profit-taking last week were Interest rates led banks, insur- Affarsvarlden General index with industry analysts this release of better than expected of the sterling/punt relation- of 19 most traded shares fell positively to the unexpected back in favour. Intel recovered ers and chemicals higher. The rise 175 to 9125 in turnover of year, but since the end of 1992 1992 results, recovered FFr1650 ship, and reflected the week- 18.20, or 4.25 per cent, to news over the weekend that 33% to 5100% as almost 2m SMI Index gained 29.6 to SKr673m. Forestry companies they have risen by DM4750, to FFr379.80. In oils, strong on end devaluation of the punt in 410.04, after Friday’s 9.3 per Mr Jim Robinson, the compa- shares changed hands, while 2,120.7, having peaked during were among the main benefi- and DM4150 respectively. higher oil prices, Elf Acqui- an ISEQ overall Index up by cent gain and a Dali of about ny’s much-criticised chairman adding to 76.47, or 6 per cent to 1547.50. , Microsoft firmed 3% to $87% the session at a high for the ciaries, MoDo B SKz20 Turnover rase from DM45bn taine put on FFr4.20 10 per cent in the previous had resigned. Last week and Apple put ou 31% at 360% year of 2,132.6. to SKr230 to DMA5bn. Equities were also FFr328.50 and Total, due to Sceptics were saying, however, fortnight Amex’s share prices dropped UBS bearers added SFrl3 to Astra A rose SFrlS to - supported by firmer German release its results a week that equities will begin to sharply after Mr Robinson Canada SFr917 while insurers took SKrTOL supported by the dol- bond prices on revitalised today, rose by FFr5.90 tp struggle again unless sterling Poor’s 500 was up L99 at 440.77, apparently won a bitter battle their lead from Swiss Re certif- lar, renewed interest after hopes that key interest rates 22750. shows signs of strengthening, while the Amex composite was to stay on at the beleagured TORONTO WAS virtually flat icates, SFrll higher at SET553. upbeat analysts’ reports and might be cut at Thursday's MILAN was clouded by the or the punt leaves the ERM up 0.37 at 411.45, and the Nas- travel and finan cial services at midsession as the market Zurich Insurance bearers put hopes for its annual results, Bundesbank meeting. This troubles plaguing Prime Minis- altogether. daq composite up !L35 at 698.69. giant. Yesterday. Mr Richard continued to digest fourth NYSE trading volume was Furlaud, a key member of the quarter earnings figures and light at 137m shares by 1 pm. board of directors, was named focused on companies in the ASIA PACIFIC The market opened firmer, non-executive chairman Bronfman family empire. The lifted by strong gains overseas. The second most heavily TSE-300 index inched up 1.2 On a lighter note, analysts traded stock of the day was points to 3,306.6. Interest rate hopes sustain Nikkei revival were suggesting that supersti- RJR Nabisco, which climbed The troubled Royal Trustee tious investors may have been 3% to $8% in volume of 3.7m slid 55 cents to C$1.15 in heavy buying stocks yesterday follow- shares on reports that the com- turnover after the Canadian Y816 in reaction to Friday’s changed hands, down by 36.5 with gains outpacing foils by finished 53.62 lower at 5,697.78. ing the Dallas Cowboys' vic- pany is considering issuing a Bond Rating Service cut its rat- Tokyo news that it is to merge with per cent from December's 217 to 4L Among actively traded tory in Sunday’s Super BowL second class of stock pegged to ings late on. Friday. KanzakI Paper. The latter was Level. Options trading dropped Among shares meeting stocks, HSBC Holdings, pres- LATE afternoon arbitrage buy- one of the best performers of by 21 per cent to 470,692 con- strong demand, Wearne rose 16 sured by sterling's weekend ing poshed share prices higher the day, climbing Y35 to Y650- tracts, the lightest since cents to SSL52, Singapore Bus decline, feU HK$1 to HK*59. and the Nikkei average closed Nippon Telegraph and Tele- November 1989. Services was 35 emits higher at while Hang Seng Bank shed 50 above the psychologically phone rose Y20.000 to Y590.000 SJ6.75 and Neptune Orient cents to HK*56£0. Equities on fiscal closed barely move important support level of on recommendations ahead 8 cents AUSTRALIA by a UK Roundup Lines moved 17,000 for the third consecutive broker. Profit-taking hit steels to SSL5L higher as volume was cut by trading day, writes Errdko Tern- and heavy industries, which POLITICAL and economic TAIWAN put on 3A per cent laris of interest and a public and currency speculation zotio in Tokyo. were higher last weds on hopes developments played an impor- in active trade as political ten- holiday in Victoria. The 225-issue index gained of lower interest rates. Nippon tant part in some of the Pacific sions eased after Saturday's The All Ordinaries index 109.86 at 17,133.64 its high Steel receded Y3 to Y295 ami Rim markets. announcement that Premier edged forward 0.9 of a point R Robbie Kelleher, Davy’s head cent in local currency terms. point of the day. It dipped Mitsubishi Heavy Industries SINGAPORE continued Its Hau Pei-tsun was willing to to 1,529.1. By William Cochrane of research. In mid-January, Mr Federico Laffen of Latin to the day’s low of 16357.56 eased Yl to Y527. march into record territory resign. BANGKOK moved lower as a notes Mr Kelleher, the punt American Securities says there during the morning on profit- In Osaka, the OSE average and the Straits Times Indus- The weighted index ended market consolidation contin- apan was the powerhouse was standing at a sterling were a number of factors here: taking and remained around moved up 3L66 to 18,455.11 in trial index finished 24^8 stron- 126.67 higher at 3£0L23 after ued. Banks were -active as the of an equity world domi- exchange rate of £1.04 to the increased strength of the the 17,000 line for most of the volume of 60.8m shares inflated ger at a new peak of 1,64444 on Saturday's 123-paint advance. SET index lost 8.73 to 965.75. J nated by currency and £1.05, with the possibility of a peso against the dollar, offer- session. by croastradlng - selling and steady demand from institu- HONG KONG relinquished BOMBAY saw a day of monetary economic specula- devaluation and some upside ing currency gains, seems to Volume dropped to 170m buying back stocks in order to tional buyers. some ground in subdued trade, relentless selling which left the tion last week. While the In sterling. US Since then the UK have prompted some profit- shares from Friday’s 324m, realise profits without chang- December trade figures with the market wary about BSE Index down . 46.55 at pnt In a modest performance currency has been weak, week- taking; the offer for sale of with some large-lot investors ing the portfolio. showing a nominal 38.1 per Governor Chris Patten’s politi- 2,634.24 Tata Steel slipped and Europe was indecisive, end forecasts of farther UK shares in Grupo Carso, the cautious at the quids rise in On the OSE stock futures cent rise in domestic non-oil cal reform proposals, which Rsl.2S to Rs226.25 amid Tokyo gained 3.6 per cent on interest rate cuts have made conglomerate which manages equity prices. The lack of fresh market, volume in January fell exports provided the catalyst will be brought before the Leg- rumours that a broker facing mounting expectations of an things worse, and even after a Tehnex, led to fears of over- news also affected activity. to the lowest for three years. A Volume expanded to 10492m islative Council later this liquidity problems was unload- imminent cut In the official 10 per cent devaluation the supply; and, by the latter end Advances cm ts cored declines total of 665,989 contracts shares from Friday’s 95.52m, month. The Hang Seng index ing his holdings. discount rate, taking the FT- . punt is still aronnd £1.03. of tiie week, there were fears by 511 to 399, with 210 issues Actuaries World Index to a The currency theme persists of delays in tiie approval of unchanged. The Toplx index of rise of LI per cent In local on the other side of the NAFTA, the North American all first section stocks put on currency terms. Atlantic, where Mexico fields free trade agreement which L13 at 1300.01, but in London Researchers from Salomon tiie biggest drop of the week had been seen as a boost far the ISE/Nikkel 50 index lost Brothers in Tokyo say the with a setback of 6 per the Mexican economy. L13 at 1,058.79. . s Bank of Japan (BoJ) showed In spite of the low level of .jjj no resistance to last week’s activity, mounting expecta- 0 MARKETS in perspective continued rally in money mar- tions of an imminent cut in the FINANCIAL TIMES CONFERENCES H ctHH kets, which set the stage for a official discount rate supported % dug! a iocd cuwqf t riaftitt huast probable reduction of 75 basis sentiment. Buying by public 1 (M «VMl» irw md Mart at MR points in the official discount ms ms ms funds also improved the mood. rate, from the current 3.25 per Some brokerage issues Austria + 3.70 -0.50 -18.05 -0.50 + 1.55 -046 cent to 2.50 per cent turned higher on hopes of Belgium + 1.34 5.27 -1-24 + 5.27 + + 5.58 THE + 741 However, says Salomon, the Increased market activity after Denmark — + 1.83 + 10.99 -20.83 + 10.99 + 1448 + 1244 will BoJ not allow a bubble Finland + 2.91 + 2J31 -2.34 + 281 -1.17 -243 the expected interest rate cut economy revival: "Once the France -221 -3.13 -494 -3.13 + 0.08 -1.71 NXkko Securities firmed Y4 to LONDON MOTOR CONFERENCE economic recovery has taken Germany -0.99 + 2.04 -9.48 + 2-04 + 4.58 + 2.71 Y669 and Nomura Securities firm hold, the BoJ will waste Ireland + 348 + 404 -1463 + 404 + 6.29 + 449 appreciated Y30 to YL530. little time In returning inter- Italy + 1.49 + 10.75 -5.07 + 10.76 + 10.94 + 847 Gajoen Kanko, the most .... + + + est rates to normal levels." Netherlands 0.79 1.89 + 2.04 1-89 + 440 + 2.34 active issue of the day, forged 22 February 1993 Norway -1.87 + 1.44 -14.99 + 1.44 + 446 + 2.40 hi Europe, the big battalions ahead Y44 to Y236 on buying Spain -043 + 841 -7.63 + 8.21 + 1048 + 8.40 cancelled each other out the by speculative investors. Nip- Sweden -251 -479 + 477 -4.79 -6.01 -7.70 UK celebrated its base rate pon Housing Loan, the debt- Switzerland -0.33 + 0.66 + 16.22 + 0.68 + 1.11 -0.70 This topical one-day meeting will consider the implications of the reduction; but disappointing UK + 1.12 -0.83 + 11.48 -0.63 -0.63 -2.40 ridden housing foan company, company results and contin- EUROPE +0.11 + 043 +230 +042 + 1.78 -0-05 jumped Y24 to Y31S in active ued earnings downgrades trading following reports that arrival of the EC Single Market for car manufacturers, component Australia + 0.11 -200 -7.99 -2.00 -1.44 -340 depressed sentiment in France creditor banks would forgo Hong Kong -3.31 + 3.40 + 20.45 +3.40 + 5.40 + 342 and Germany. interest payments on loans. Japan — + 3.62 -0.43 -18.69 -0.43 + 1.42 -049 suppliers and the retail motor trade and discuss strategies for On the periphery, Ireland Malaysia +0.91 -0.48 + 1407 -0.48 + 0.88 -0.91 Oji Paper dropped Y55 to moved higher what on the cur- New Zealand + £16 -271 -3.49 -2.71 -0.50 -248 success in changing economic climate. rency speculators were expect- Singapore + 2.58 + 2.55 -2.88 + 2.55 + 441 + 2.45 a ing, a devaluation of the punt SOUTH AFRICA Canada + 0.85 -1.90 -10.96 -140 -0.04 -142 However, Davy Stockbrokers SHARES picked up after drift- USA + 0.49 + 0.70 + 7.17 + 0.70 + 2.53 + 0.70 of Dublin, which In mid- ing easier and the overall Mexico — -6.00 -4.90 + 4.39 -440 -344 -4.98 January said this offered scope index was unchanged at 3,433. Speakers include: for a post-devaluation rally of South Africa +0.78 + 5.30 -8.58 + 540 + 10.47 + 8.50 A weaker financial rand took 10 to 15 per cent is not so WORLD INDEX + 1.08 + 235 -1.78 + 045 + 2.02 + 040 De Beers Rl.10 higher to bullish now. R67.85. The golds index shed 5 IIM3. CopyrlgM. Um PImmM Hn« LMM, OoMmi Sacha a Co. Things have changed in two to industrial and N xlWeet inKn IMM 899 while the Bill or three weeks, says Mr index edged 2 higher to 4»525. Mr Ebbert Mr John Towers Chairman and Managing Director Group Managing Director FT-ACTUARIES WORLD INDICES Lfeuxhall Motors Limited Rover Group Limited

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

NATIONAL AND Mr Trevor Bonner Professor Jonathan Brown FRIDAY JANUARY 23 1933 THURSDAY JANUARY INDEX REGIONAL MARKETS 28 1993 DOLLAR Managing Director Research Professor in Figures In parantheMS US Day"* Pound Loot Local Great US Pound LqcmJ Year show num bar of lines Dollar Clranfle Starting Yea DM Currency % etifl Hv Dollar Strung Yen DM Currency tE82«3 1092/83 age of stock Index * Index Index Index Index on day Yield index Index Index Index Index Wflh La* (approx) Automotive Drived Retail Management Australia (88) 121.12 -0.2 95.55 101.32 118.68 +0.0 4.10 no 118.82 9546 [M'.M-Imm 153.68 ionKC2I Austria (18) - reran -0.7 139.38 110.29 11645 11640 + 0.7 1.98 IL/-1 137.68 110.56 118.08 116.02 188.70 131.16 GKN pic University of Brighton Belgium (42) 14047 -0.8 14046 110.07 117.87 115.00 +0.7 545 14147 138.70 11147 110.94 11443 15227 131-19 Canada (113) 11344 -0.5 11340 89.56 94.97 104.45 -0.4 3.16 BlULJ 111.50 89.54 94.01 10448 14212 11146 Denmark (33) 208.90 -0.5 20848 164.80 174.75 +04 1.55 E3Ej 164.83 173.06 174.78 273.94 EmU Finland (23) 8747 -24 6747 56.52 7846 -0.4 1.79 69.09 67.54 5444 56.95 78-88 8940 5284 wr$t Franca (98) 144.66 -1.7 14443 114.11 121.00 12346 -0.4 3.63 14743 14344 11548 12145 124.02 188.75 13843 Professor Garel Rhys, OBE Mr Philip Cazaly Germany (62) I***! -1.2 106.55 8441 89.39 8949 + 04 245 KIU 8446 89.18 69.18 129.69 10149 Hong Kong (55) 22945 -04 228.67 180.93 19147 227.69 -04 3.07 231.25 226.07 18145 190.62 229.65 26228 176.36 Ireland (18)... 141.74 -0.7 14142 111.81 11846 + 1.0 4.33 14267 139.48 11201 117.60 173.71 mm. 12149 Professor of Motor Industry Director, Parts and Italy (76) 59.79 + 0.9 59.61 47.18 50.01 6887 + 2.3 3.11 59.28 57.95 4844 48.86 8046 47.47 h jjr^ Japan (472) 104.82 +0.1 104.31 82.53 8742 82.53 + 0.6 1.01 10442 10219 8206 88.17 8206 Myl 8747 Malaysia (69) 259.07 + 0.3 wsarei 216.71 28117 +0.7 asa 1 25243 20270 21283 26044 Economics Service Operations 1566.13 1310.09 534548 -3.7 154.94 -0.8 154.48 12961 128.07 + 04 4.44 15283 12257 128.69 IlM.Vi'l Cardiff Business School Motor lid 41.92 + 04 41.79 33.07 35.07 4311 +04 5.07 41.84 3285 34.49 4286 4842 3749 Ford Company Norway (22) 141.02 + 04 140.60 11145 117.97 131.16 + 1.7 144 14046 137/41 110.35 11546 12842 19295 129.05 Singapore (38) 21649 + 1.4 217.94 172.45 16245 165.41 + 1.7 1.99 21547 210.75 16945 i/Ai'l 16267 22943 179.65 160.89 -04 16041 126.78 134.42 185.48 +04 3.08 161.58 157.96 12845 133.18 18441 13441 Spam (47) - 126.41 -1.0 126.04 99.73 105.74 + 0.0 543 127.71 K *•>-!llM.lv 161.72 1S2.82 +04 15247 120.56 127.84 165.04 + 1.6 2.60 19245 149.05 11949 125.67 16244 20048 14948 KtjTE Times Conference Organisation EE -0.7 111.89 88.54 9349 10345 + 1.0 £07 11298 110.45 88.70 93.14 10243 12237 9549 Kfjjjtr THE LONDON MOTOR CONFERENCE Financial 16842 -24 167.72 13248 140.71 167.72 -04 4.44 16843 135.09 141.83 168.23 200.07 161.88 BttTfr. 102-108 aerkenweB Road, London ECIM 5SA 17944 K3'VI 178.81 141.48 150.03 17944 +0L0 179.25 17545 241 140.74 147.77 17945 16042 166.91 Tefc 671-8149770. Tlx. 27347 FTCONF G. 135.94 -14 13544 10745 113.72 125.63 +04 3.75 137.97 13448 l(Mfr.-4 Ik'.LJ 131.31 Fax; 071-8733975/3969 Nordic (114) 14545 -04 14442 114.58 121.50 138.80 + 14 145.48 14243 11442 11942 240 137.10 188.52 14144 Mr/M*VMs/Otber_ Name . 10947 109.05 8648 91.49 83. 13 +0.5 148 10942 108.87 8543 aan 87.70 141.97 93.70 I~1 Please send me conference details ; 120.12 -0.7 119.76 94.76 100.48 103.10 + 0.3 2.48 12041 11841 9442 99.68 10274 14541 113.80 Position Dept Please send about 17547 + 0.0 174.75 13848 146.64 17447 2.83 17542 17140 13748 144.46 17442 17844 158.70 165-02 f~l me details exhibiting at the Gonroanv/Organisation 11649 -04 115.94 91.78 9740 102.70 +0.5 348 11746 114.74 9216 96.76 10215 13298 111.33 conference 156.05 -04 15549 123.12 130.55 14541 -0.1 3.87 15847 1S288 122.79 12841 14548 175.31 14646 Address World Ex. US (1686) 12144 -0.7 120.88 95.65 101.42 I0S.11 + 04 2.48 12208 11945 95.85 10044 104.81 148.91 115.99 -04 136.77 Wors t Ex. UK (19821 137.18 108.23 114.77 124.02 +0.2 242 137.40 13442 10747 113.27 123.72 15048 12741 _Chy 139.84 -0.4 139.43 11043 118.69 127.51 +04 242 14047 13743 11041 115.71 12748 153.05 130.04 159.60 -04 15943 128.08 133.70 154.32 +0.1 3.17 16043 157.08 126.14 13245 15444 15143 Postcode Country Tel Tlx ~Fax The World Index (2203). 13948 -0.4 139.47 11046 117.02 12747 + 04 262 140.41 13747 11044 115.75 127.84 153.70 130.66 147.78 FINANCIAL TIMES CONFERENCES Type of Business. Copyright. The Financial Times Limited, Goldman. Sadis a Co. and NatWest Securities Limited. 1987 HA Latest prices were unavailable for this edition.

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