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The Times , 1992, UK, English

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The Times , 1992, UK, English ' u ,s __ MOTORING 3 Life & Times section THE page 6 1 FRIDAY SEPTEMBER 4 1992 i'.. SUPPLYING WHO’S THE MARQUE’S IN THE - ' SADDAM - T REAL STAR? LANDMARK PICTURE The secret Forget about In tomorrow’s network by — Mia Farrow i Review: Jls which the tune in to her en What lies in a President of Iraq celebrity lawyer to store for On retains his power life & Times iff this term’s Page ht 9 Page F art students Ir- Hit an he all City It hails - •* ’ • -!%. ‘ingenious’ defence , \ . v * he 4. .. by by ne n- Lamont .-d guards U- be its ig K, sterling to with or »t- n- rt. al £7.25bn shield to re By Robin Oakley and Colin narbrough re ,-e THE Treasury yesterday vention to prop up sterling. foreign banks, led Bar- by Id built a massive The total amount to be bor- days, Midland and reinforce' Lfoyds, er rowed corresponds to roughly National Westminster. Half mem of the government's re • V a third defences for the in of Britain’s existing of the DM10 billion win be n. pound e» official reserves and it will not drawn upon in the next few an effort to avoid a dam- id have to be repaid for three days, with the rest probably aging interest rate rise at it. years. following tiie French vote. all costs. s- The plan, which was greet- Next month, the bank will In a move that took the le ed as ingenious in both City announce details for the re- financial markets by surprise, rt and political rirdes, rallied maining half of package. The Lamont, the n Norman Chan- the pound and stock markets. pounds which the govern- cellor, announced plans to At die official London dose, ment will be able to buy will borrow about E7.25 billion in .*s sterling was up almost a pfert- • be used to help reduce the currencies a foreign from a nig at DM2:7975, nearly two government’s borrowing group of international banks n- pfennigs above its ERM needs in the present fiscal to sterling with- »r keep square^ floor. Sterling later rose well year, which should relieve in the European exchange- n above DM2.80, its interest highest pressure on rates. n rate mechanism. level since the recent pressure At a press conference yes- IL The foreign currency on the pound began. terday to launch next week's -d funds, the lion's share of The stock market assumed London conference on “Eur- L which will be in German that the move virtually ruled ope and the world after :e marks, will be used to buy out any devalution within the 1992", Tristan Gard-Jones, The new girl: Natasha Mihaljtic, the nine-year-old television reporter pounds, backing up the Bank ERM and strongly reduced the Foreign Office minister of smuggled out of Sarajevo by Michael Nicholson, being welcomed is of England’s normal inter- the risk of an early interest state, said John Major would tty new friends yesterday at St Bartholomew’s Church of England School in Haslemere. Surrey. “I like schooL It's good." she said Is rate rise. The FTSE-100 in- use his keynote address to s dex of leading shares surged underline Britain's commit- IS to 2,381.9. 68.9, while ment to Maastricht and his Sarajevo up 3 gilts jumped half a point belief that the treaty was good ‘Humbling’ bankruptcy for Maxwell 5 The mow also represented for Britain and the EG How- No recall of aid airlift •r a defensive wall in case the ever, Tory Euro-sceptics yes- By Angela Mackay e French vote against ratifica- terday stepped up pressure parliament e tion of the Maastricht treaty for Britain to pull out of the halted KEVIN Maxwell. 33, youn- and Robson Rhodes, the liq- “Perhaps those concerned e A demand by John Smith on September 20 and throw ERM and for it to reject gest son ofthe late newspaper uidator, is now trying to re- believe this alone justifies the for the recall of Parliament the markets into turmoil. Mr ratification of Maastricht ^km tycoon, Robert Maxwell, be- cover some £420 million cost to creditors of- these pro- was swiftly rebuffed by die Lamont said: “These ar- by crash John Butcher, a former came Britain's biggest-ever missing from the funds. ceedings, given the very small $ prime minister. rangements demonstrate minister and MP for Coven- From Tim Judah bankrupt yesterday and said Outride the High Court, extent of my estate and my Less than an hour after once again the government’s try, said that there was a AND DESSATREVISAN he hoped that the thousands Mr Maxwell said: “I stand assets.” Mr Smith made his formal dear determination and abil- growing beliefin that Europe IN BELGRADE who lost their pensions last here bankrupt with a deal of The bankruptcy order fol- request to John Major for ity to maintain sterling’s pos- Maastricht exacerbate would THE United Nations last year would “take real satisfac- humility. Bankruptcy is a very lows asummaryjudgment for Ps to be brought bade to ition in the at the M ERM tensions when . what was night suspended hs airlift to tion" from his "very public public humbling. If there is a £406.8 million obtained by Westminster for two days existing central rate, regard- needed was a Europe “at ease Bosnia after an Italian air- humbling”. redeeming feature of the the liquidator against Mr to debate international less of the outcome rtf the with itself. Such a Europe craft crashed as it flew aid Mr Registrar Scon made a bankruptcy order, it is per- Maxwell in July for his al- events and the economy, French referendum.” cannot be built if Maastricht into the besieged dty of bankruptcy order against Mr haps that the thousands of leged breach of duty as a prime minister rejected the Ian Taylor, chairman of the interventionism and contin- Sarajevo. Maxwell for £406.5 million people who have suffered loss director of Bishops gaie. that he could see it. saying Conservative Foreign and ued membership of the ERM The plane, with four Italian after a petition filed by the can take real satisfaction Mr Maxwell said: “Bish- justification for a no Commonwealth Council, impoverishes our peoples, crew members, was carrying liquidator of Bishopsgate In- from seeing a former director opsgaze'5 pursuit of my bank- recall Page 14 said: “This is a shrewd move causes greater than necessary blankets for refugees. It was vestment Management — and I suppose, above afi. a ruptcy has been misconceived. with perfect timing ahead of unemployment and produces spotted by an American heli- (BIMJ. The company was the Maxwell — suffer the conse- Continued on page 14, col 6 Phoneline cut tomorrow’s meeting of Euro- those economic and soda! copter, a UN official said. A manager of most of the Max- quences of their loss personal- The telephone watchdog, pean finance ministers. The tensions which usually suc- spokesman for the United well company pension funds, ly and in public. Biggest bankrupts, page 2 which monitors premium- dear message is that the gov- cour extremism.” he said. Nations High Commissioner rate recorded message ernment is putting its money Nicholas Winterton. the for Refugees (UNHCR), lines, has demanded the where its mouth is in defence maverick Tory member for which is co-ordinating the withdrawal of the record- of sterling within the ERM. It Macdesfidd, called for an relief operation, said the French falter under ing of the alleged conversa- will have a double impact “urgent reappraisal” of eco- wreckage was seen 20 miles tion between the Princess because it is also a way of nomic policy. He said that west of Sarajevo, near the of Wales and a male friend reducing upward pressure on the economy was “on the town of Jesenik. There was. no Maastricht deluge being operated by the Sun UK interest rates.” brink of collapse” and ac- immediate word on whether their cused the government “sit- those on board had survived. because it breadied However, MPs also sug- of From Charles Bremner in parts guidelines Page 3 gested that the move indi- ting back”. Mr Winterton Four American military he- cates government concern complained that Britain’s in- licopters and seven armoured » . WAITING for the great Mit- eering, Michel Sapia the fi- the is still under dustries were being sacrificed personnel carriers and two Deadly fall that pound terrand television show yes- nance minister, offered the great pressure, which may upon the altar of Euro-dogma armoured ambulances had A teenage great niece of terday, France was treated to prospect of lower mortgage increase before the French and urged rejection of the joined a search in a moun- Lord Hanson fell ro her another deluge of conflicting rates and economic revival referendum. treaty and a readiness to leave tainous area firmly under death after a tequila-drink- advice on Maastricht and a provided voters fell into line the ERM. Bosnian Croat control. ing competition during Last month, the Bank of bout of indignation over the behind a “yes”. Univ- birthday celebrations at an England used up $1.28 bil- • In a speech at Korea Earlier yesterday, a UN presumption of foreigners Uncertain voters of almost yesterday Lady That- convpy carrying food and Oxford wine bar. an in- lion of its gold and foreign ersity who dared tell citizens how to every persuasion could lake against Sarajevo quest was told Page 3 currency war-chest of $45 bil- cher issued a warning medicine from vote in the referendum.
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