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vorid Business. Newspaper Russia likely to unity on Mexico rescue veils discord tactics introduce private G7 on

By Robert Chat* in London the International Monetary quick action had been essential were getting into difficulties. chancellor, warned against "pil-“pit- The ministers and centra]central bankban - pensions Fund'sVimri’e win! iflwirttwi fn Mm Qnmo rintnilcdetails nF tho n«Atn«> U. ... L..— a._j. 1 . system contribution to the pack- Some of the package Mr George said it was impor- ing up huge funds of this kind”. governors also had an upbeat The Group of Seven leading age. They argued that the US remain to be finalised. These tant to keep a closer eye on coun- Mr Hans Tietmeyer, the Bund- assessment of world economic Russia's parliament is set to consider the country's industrial countries pnt on a plan offered Mexico too much, include the contributions from tries' liquidity, but Mr Rubin esbank president, said such a prospects, agreeing that neither first private pensions system in legisla tion expected show of unity at the weekend in too quickly. Europe and Japan via the Basle- warned that it might be difficult facility would give countries in the Mexican crisis nor the Kobe to he introduced within a fortnight. It is likely that support of last week’s US-led res- Mr Robert Rubin, the US trea- based Bank for International Set- to take action, even if a potential trouble less incentive to take the earthquake in Japan were likely pension funds initially would invest almost exclu- cue package for Mexico, but dif- sury secretary, said after the tlements- Mr Eddie George, gov- problem was identified: “If you tough steps necessary. to halt economic growth and low sively in Treasury bills, although as securities mar- ferences remain over methods for meeting: "I really don’t think we ernor of the Bank of England, trumpet it about you may precip- The meeting included broader inflation. The governments reaf- kets evolve, investment In OTpanfl financial equities would dealing with crises. left with any HI wOL" saw no reason to doubt its com- itate a crisis you don't want”. talks on the future of interna- firmed their determination to The Russian legislation relies on advice from UK Meeting in Toronto, G7 finance He said consultations cm the pletion: “The commitment is Mr Edmond Alphandery, the tional financial institutions. bear down harder on government experts fin- whom finance was provided and by the Brit- ministers central bank gover- package had not been as full as there." French finance minister, argued inrlnHmg the IMF, World Bank borrowing and to raise interest ish government's "Know-How" fund for Russia. nors expressed "total satisfac- he would have liked, but that his The G7 concluded that more for a permanent mechanism and UN agencies. Mr Paul Mar- rates when necessary. Page rising tsar in - 16; A Moscow, Page 12 tion" with the $50bn package. fellow G7 finance ministers effort had to be put into the allowing *Vx> IMF to raise funds tin, the Canadian finance minis- Resentment lingers, however, from France, ranada Italy and IMF’s "surveillance" of the French Socialists rally behind Jospin: , world quickly for countries facing sud- ter, said the G7 was "not looking Chechnya ‘threat to Moscow's after Britain and Germany Japan, as well as the UK and economy. This might provide an den outflows of capital But Mr at fundamental reconstruction, France's Socialists overwhelmingly chose Lionel budget'. Page 5 abstained last week in a vote on Germany - understood that early warning of when countries Kenneth Clarke, the British but continuous Jospin as their presidential candidate in the forth- improvements”. Observer. Page 15 coming campaign against prime minister Edouard Balladur, the Gaullist frontrunner. Page 16 CUnton’s Beijing prepares tit-for-tat sanctions in copyright violation dispute with budget cadis for Mg cuts: US US Go-ahead president Bill Clinton's administration today pres- ents a 1996-96 federal budget which is expected to prompt awwimifl and political debate over both the projected deficit of $196. 7bn and large cuts in spend- likely for ing. Page 20 Iff retaliates in Dutch China flood evacuees return trade home: Most of row the 250,000 people who were evacuated from Dutch UK gilts towns after river dykes threatened to collapse By Tony Walker in Bepng and returned at the weekend, biggest home ending the Nancy Dunne In Washington flood emergency in the Netherlands for more than 40 yearn. Page 2 China and the US yesterday shake-up Israel to keep Qaza and West Bank sealed: edged closer towards a trade war, Beijing Israel is to maintain a two-week-old closure of the as threatened wide-rang- By Graham Bourley in London Gaza Strip and occupied West Bank despite appeals ing retaliation against American business if a dispute over by Palestinian and Israeli officials that it is harm- vexed The Bank of England expects the ing the Palestinian economy and morale. Page 4 copyright violations is not UK government to agree by the resolved by the end of the month. end of next month to the first Bosnia deal allies agree to cabn tension: In a forceful, yet measured large changes to the UK govern- Bosnian Croats and Moslems agreed to submit all response to Washington's ment bond market since Big disputes between them to an international arbitra- announcement on Saturday of Bang deregulation in 1986. tor, in an attempt to prevent tensions between the proposed sanctions against $lbn Agreement will herald a period communities two tearing apart the year-old federa- worth of Chinese products, Bei- of rapid structural change in the tion. Page 3 jing expressed “great regret” and gilt-edged market as the Bank outlined retaliatory action. Mitterrand plan angers Algiers: Relations resumes reforms it was forced to Ms Wu Yi, China's trade minis- shelve when between France and Algeria were strained by a pro- the UK moved from ter, dismissed the likely impact budget surplus deficit in the posal from French president Francois Mitterrand into of US sanctions, saying: "This is late 1980s. that the European Union should sponsor peace nothing terrible. There are count- The government is poised to talks between the military-backed regime in Algiers less markets abroad for nhmgse announce the setting up of an and its Islamic opponents. Page 4 products." open market for gilt sale-and- Ecuador and Peru suspend ceasefire talks: In Washington, Mr Mickey repurchase agreements (or Ceasefire talks between Ecuador and Peru aimed at Kantor. the US trade representa- repos), which the Bank predicts ending a 11-day armed border conflict were tive, said the US sanctions would will then he put in place in the suspended after Ecuador asked for more time to take effect on February 26. This second half of this year. evaluate a preliminary peace proposal. Efforts to leaves 20 days for the two sides Although no firm deadline has implement a ceasefire are to be co-ordinated from to avert a damaging trade rift been set by the government for Brazil. over efforts to curb widespread further reforms, toe Treasury is piracy in China of such items as known to be looking hard for German group moves towards sea-off: compact and laser discs, and ways in which to reduce the UK's Deutsche Postbank, Germany's largest savings computer software. high borrowing costs. institution, took first step towards the private sec- a In Beijing, western officials and As the UK heads back to bud- Brothers oT the as tor by appointing Salomon US companies believe that a compro- get surplus, gilt yields - which 17 financial adviser. Page mise will be struck, but there are jumped to painfully high levels Brtttan to tackle tariff dispute: European fears that political uncertainties during last year's bond market K&ntor the type of Item at the heart of the with - a pirated in China original - are Union foreign ministers are expected today to allow in light of the failing health of Risky disc Mickey displays rift Beijing CD made from a US turbulence stabilising. Figures published today by the trade commissioner Sir Leon Brittan to negotiate senior leader Deng Xiaoping may their applications for registration alcoholic drinks are commonly most competitive industries are southern and central China, Bank of England show that compensation deals with countries outside the EU interfere with a settlement. trade ministry said of drugs and products frozen. The smuggled into China, Mr DeWos- sacrificed in China," Mr Kantor responsible for the bulk of com- gilt-edged market makers which lace losses from higher tariffs because of the China's arnnng measures taken against trade ministry did not put a lrin said - said in Washington. pact disc forgeries. (Gemros) lost £60m during last accession of Austria, Sweden and Finland to the business would the suspen- value on items that would he tar- The Chinese government China accused the US of inter- They want these plants either year’s bear market, after profits Union. Pages US he sion of imports of a number of US geted by the Chinese. The US already has a quota on US films, ference, saying that Washington closed or subjected to closer of £59m in 1993. But the Gemms US-UK microprocessor venture: Advanced products and a freeze on negotia- sanctions list, which includes 10 a year, and prohibiting was demanding measures against police, attention. moved back into profit in the RISC Machines, the British microprocessor design tions with US carmakers. This plastic items, answering imports of items commonly coun- counterfeiters that were unreal final quarter of last year, and the group, and Digital Equipment of the US are to would affect the "big three" man- machines and cellular phones terfeited, including pharmaceuti- sonable and would not he possi- Editorial Comment, Page 15 Bank thinks that will now add to develop a range of microprocessors that combine ufacturers - GM, Ford and and sporting goods, amounts to cals and compact discs, puts little ble under US law. US negotiators US hails line in the sand* on Digital's high performance semiconductor technol- Chrysler - which are all negotia- $1.08bn of imports annually. pressure on the US government have identified 29 factories in piracy. Page 6 Continued on Page 20 ogy with ARM's expertise in low power consump- ting new projects. US officials are likely to view to relent tion chips. Page 18 Beijing also said it would China's counterattack as more Washington wants Beijing to cent tariffs on face-saving than substantive. Mr take immediate "concrete” action Lowndes buys marine broker: London-based impose 100 per imports such as switchboards, Kenneth DeWoskin, a professor against factories producing coun- insurance broker Lowndes Lambert is to acquire cigarettes, cosmetics, alcoholic at the University of Michigan terfeit items in breach of China’s mating “protection and indemnity" broker Godfrey drinks, films and cassette tapes. business school wmi an adviser in own regulations. The US is also Merritt Robertson for £2m (*3.lm). The payment It would also freeze discussions the car trade negotiations, says pressing the Chinese to open will be raised if certain income and profit criteria on the establishment by US firms the approval US car companies their markets voder to entertain- are met. Page 18 of hnidmg companies in Cbi"»- are seeking for joint ventures ment and information products. Bonn expects fastest growth In G7: US pharmaceuticals and chemi- would not be awarded until next “We cannot stand by while the be the fastest growing of the cal companies would also have year in any case. Cigarettes and interests of our fastest-growing, BREITLING Germany expects to 1884 Group of Seven leading industrial countries next year and should also have the G7*s smallest budget deficit, finance minister Theo Waigel said. Page 5 Thom EMI set to reorganise Rumbelows: EU allies hope for Labour UK music and rentals group Thorn EMI is expected to announce that it is reorganise its loss-making Rumbelows electricals chain when it reports its third-quarter results tomorrow. Page 17 rule in UK to aid closer union European Monetary System: The D-Mark and Lionet Barber tn Brussels Even without the “British prob- nine rebels who are vital to Austrian schilling changed places in the EMS grid By lem”, the 1996 1GC threatens to restoring his technical majority last week against a background of continued Britain's allies in Europe are be a protracted affair. Member to the House of Commons. D-Mark strength. The Danish krone and French losing fkith in Mr John Major states remain divided over how Last week, Mr Major warned franc did the same. The spread between strongest waiting for a new UK for the Union must reform itself that Britain could not accept a and weakest currency was little changed. Curren- and are government to agree an the next to prepare for the entry of central stogie currency by 1996 or 1997, cies, Page 27 phase of European integration, and eastern European countries, and signalled that he intended EMS: Grid February 3. 1095 say diplomats in Brussels. and are nervous of provoking a shortly to lay down new condi- The consensus is that divisions Maastricht-style public backlash. tions for the creation of economic within the ruling Tory party over However, fears of a deadlock and monetary union. He did not, Europe are so deep that there can over institutional reform and the however, close off Britain’s be no agreement in the 1998 dynamic of eastward enlarge- options of joining Emu in 1999 or intergovernmental conference ment are encouraging those in beyond. until after the UK general elec- France, Germany and the Bene- Reaction on the continent has tion, due by April 1997. lux countries who are pressing been partly sympathetic to Mr The assessment is shared by for a "multi-speed Europe”. Major's domestic balancing act countries usually friendly to the That would allow a core of hut hostile to British threats to UK such as Denmark, Germany, countries to move foster to a sto- block adjustments to the EU’s the Netherlands and Spain. There gie European currency and closer decision-making procedures, are indications that Mr Jacques co-operation on defence and for- without which an expanded CHRONOMAT i .1 president of the eign policy, sidelining Britain. union risks becoming paralysed. at Santer. the new instruments unerringly cope with 1 At a time when Mach European Commission, also leans “The more strident Britain's Alarm has spread after hints flight data, continued improvements to the mechanical toward that view. position, the more it helps to that the UK may try to dismantle chronograph simply underscore that there's more to time the Some EU countries are consid- dear the minds of my govern- or weaken onion policies or Euro- The chart shows the member currencies of ering spinning out the 1996 nego- ment [on a multi-speed Europe!," pean institutions such as the than technology. A movement's intricate beauty or a exchange rate mechanism measured tiations in the hope that a future a senior European diplomat said. common agricultural policy, the hand-polished case's lustrous gleam do put technological in the system. weakest ammey government under Mr Since the new year, Mr Major common fisheries policy, or the Labour progress in a broader perspective. cics are permitted to fluctuate with** Tony Blair may prove more flexi- has hardened his rhetoric in agreed central rates against the Like the Cmirord, the world s first but surely not last ble, although his policies on order to bridge party divisions Continued on Page Iff mechanism. The exceptions are the transport, Europe remain sketchy. over Europe and to entice back Tory ministers split Page 8 supersonic CHRONOMAT5 draw time and space a £.25per cent band. guilder which move in ever closer with aesthetic excellence as well as outstanding CONTENTS technical performance. LnCfiO &Wr QR110Q Ac*) Graeco WOO Sd)35 SAOtfe Sfttl HKS,B MC015 r««fc— Tim! 14 WOM Bend MBtatt _26 Bman Dr 1 260 Hone*** Bunn R185 “N0h pi* SngpnSSUQ AVAILABLE FROM SELECTED JEWELLERS THROUGHOUT BOgun BRIO tnamatoul Maw -3-fi 28 NotoBQ StouftRpKSLBQ _ to*>nd rum wra BUgato 1*1000) Great Britain and Ireland Mtn&OO S. Africa RtZQD UK Now M0 FTWrtABUWfW- W Cyprus CCT.10 KU R*» Nawy Own ORL50 Spain Pn22fi Lax Ota«w 19 Compmfev Cacflfe QXM toad Srti7JB0 Mwafled Funds- 31-35 For your nearest stockist telephone 07 1 637 5167 (WO Sweden SKM? Omma* 0M7 L30CO Masai Guide tp tfaWfe*. m PuSD s*tz sftaeo Money Martha 30 Eon* EESOO -tapm yot Moms Peorfc Pb0» .18 15 Mutant JD1S0 Potato 3«&0® Syna ££9100 3037 Edonto EKr20 Junto) Vtennar 20 WMMngUtoSpK 13 nwuamita.. 24 INSTRUMENTS Tirttoa OM^O fwis kums FtaSS PoA^tnlanO L4CUH0 Ahead . 11 Ms \7 Erwsang MorteS 27 Wuu Stack Malm. — 20 iroei M BZ30 Tuteoy W** ffwosa iewnun ume Dni2.oo FOR LfiTD PROFESSIONALS Qenrany CMJflO Us 19»5 No 32^593 Week No 6 LONDON • PARIS - FRANKFURT * STOCKHOLM - NEW YORK - TOKYO f, Twf OT*,-,Nn*I. TIMES LIMITED

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FEBRUARV ft W» nNANCIAL TIMES MONDAY * NEWS: EUROPE 11

Campaign to improve defences Drop-out Jospin leaps to Dutch evacuees [iin back into political fray

return as dykes By DavM Buchan in Paris Mr Jnpp£ may yet regret not presidential nomination yes- parking Mr Jospin away in terday, Mr Jospin paid tribute Mr Lionel Jospin, endorsed some embassy. For, accenting to the Socialist president He yesterday as the French Social- to all the opinion polls, Mr also noted that this was the resist floods ist party's presidential candi- Jospin stands a slightly better second time be had succeeded date by a two-to-one majority, chance than the man be beat Mr Francois Mitterrand: when has made a spectacular come- for the Socialist nomination, the latter went to the Elysfie in By Ronald van de Krol Delta Flan that was executed back for someone who was a Mr Henri RimmumeTli, of mak- 198L Mr Jospin succeeded him in Amsterdam along the sea coast after recent political dropout. ing it into the two-man May 7 as the party's first secretary severe and sudden flooding When his hopes of regaining run-off against Mr Edouard until 1988. But he has long Host of the 250,000 people who in February 1953 caused the his Toulouse partiamentary Balladur, the frontrunning been critical of the scandals were evacuated last week from death of more than 1,800 seat were buried in the conser- prime minister. {fmf marked much of the presi- Dutch towns threatened by the people. vative landslide of March In other words, Mr Jospin dent's second seven-year term, collapse of river dykes At the weekend, the govern- 1993. the 57-year-old Socialist might edge Mr Jacques Chirac, and now calls for “a new returned home at the weekend, ment also promised to pay announced he was abandoning the Ganllist mayor of Paris for Republican pact” on political ff bringing to an end the biggest every evacuated family FI 500 politics. He put himself back whom Mr Jnppd himself is and moral values to mark the flood emergency in the Nether- (£185) towards their out-of- on the roster of the Qgai d’Or- rooting, ant af second place in difference. Mr Jospin, is, like Socialist party congress lands for more than 40 years. pocket expenses while living say, the French foreign office, the preliminary vote on April Mr Michel Bocard, a Protes- Mr Lionel Jospin waves to suppor ters yesterday at the The river dykes held up in with relatives or in evacuation where he started his working 23. tant, a minority *hat is often ment for stable international the end in spite of worries that centres. life in 1965 but of which he in choosing Mr Jospin, the regarded even by the country's lomat, and eventually to aid to private schools. exchange rotes, not as a cor- the worst flooding in northern Compensation for water took “temporary” leave in party has gone for the candi- Catholic majority as being become education minister In Mr Jospin says he accepts set. for economic growth and Europe this century might damage to homes will also be 1970. Not surprisingly, the call date with more appeal to the more moralistic. 1988-92. State school teachers the market economy and sup- not just to promote free com- cause them to crumble, putting paid, though home-owners will from Mr Alain Juppe, the middle classes and a some- But Mr Jospin is also a have always been an impor- ports European integration, merce". Indeed* one of hte few extensive areas of the country- have to pay the first FI 2,000. Gaulllst foreign minister, what more “moral” image whole-hearted nphplder of lay tant constituent of the Social- but with certain leftwing qual- specific policy proposals yes- side under water. Those who had also been hit never came, and by autumn than Mr Emmanuelli, but in education in the state school ists* electorate, as was dear ifications, as he made dear terday was for “a tax of 0.1 per The return of evacuees was by the Christmas 1993 floods 1993 the energetic Mr Jospin policy terms just as much to system. Son of a teacher, he when thousands took to tile yesterday. He declared his value of speculative organised in two stages, with will have their excess reduced was back champing at the the left of the party. himartf went cm to tenrh eco- streets a year ago to protest at backing for European mone- cent of the movements”. nearly 55,000 people in the east- to FI LOOO. political bit In winning the Socialist nomics after Ms spell as a dip- government plans to increase tary tmten, “but as an instru- capital ern part of Gelderland prov- Businesses will also be com- ince travelling home on Satur- pensated. But there was anger day and 180,000 people going from some companies that the back to other parts of the prov- government will pay only far ince yesterday. water damage, not for the loss Brittan to tackle fallout from growth of EU Almost 15,000 people of turnover during the week- s returned home to Limburg long evacuation. i?tJ in the final province on Friday. Two-thirds of water damage By Carofine Southey aniargamant on January L the tariff rises will amount to The EU insists it will take an the EU must offset each tariff compensation will take the form The transport of minions of above a FI 2,000 threshold will fen Brussels The two sides signed an 8400m, a figure rfismiggert by overall view of the impact on increase and dismissed the agreement import farm animals hurriedly moved be reimbursed. However, com- interim six-month deal in EU officials. “The figure US rather than compensating argument that lower duties on of temporarily reduced abolition of to safer ground last week was panies hit twice, in both 1993 EU foreign ministers are December after Washington appears to be a calculation of sector by sector. “We do not some products will offset duties or the expected to be completed by and 1995, will receive compen- expected today to give Sir Leon threatened retaliation overall US exports affected, want to change all the tariff Increases on others. It has suspended tariffs. the end of today. sation of 90 per cent Brittan, the ELFs trade com- Brussels took swift action. rather than a fair calrnlaffrtn lines and will argue certain argued that the tariff rises Claims for compensation Can- With flood waters now reced- The Federation of Dutch missioner, a mandate to negoti- The nffgptiatimHf are expec- of compensation warranted by products should be grouped could Impose large additional have also been made by Korea, ing and most families back Industry, the country’s largest ate compensation deals with ted to be difficult A Commis- foe US. An eventual EU figure together,* an official said. duties on a range of products ada, Japan, South home, the political pressure on business group, argued that countries facing losses from sion official said the EU would probably be well below The Commission contends such as semiconductors, forest Indonesia, Thailand. Iceland, the government to draw up the government should be held higher tariffs because of the wanted to make the process that estimate," one said. that taking the three new products and chemicals. Australia and New Zealand. - detailed plans for bolstering liable not only for physical accession of Austria, Sweden “as painipfiH as possible" but it There have also been dis- countries together, Iowa tar- Under the interim agree- Under the mandate. Sir Leon river defences will increase. damage but also for lost turn- and Finland to the Uufou. would have to “balance politi- agreements between the two iffs in agriculture will more ment, foe EU reduced tariffs win hold bilateral negotiations procedures laid down by Last week Mr Whn Kok. the over, because the crisis The issue has already cal resistance from EU minis- over interpretation of Gstt than offset higher tariffs in on a range of goods such as under ----- Dutch prime minister, said the had been caused by the poor sparked a row between the EU ters to any tariff reductions rules on how compensation industrial goods, and that crayfish and certain categories Gatt The final package, to be country should launch an maintenance of inland river and US, which is claiming agaiiwtt the political push from Should be nalcnlatad and over aniargmwant carries extra ben- of semiconductors, chemicals, agreed by June, will have to ambitious plan of dyke- dykes. large losses following import our trading partners". what period tariff changes efits, such as a bigger market plastics and medical equip- approved by the World Trade strengthening to rival the Editorial Comment, Page 15 tariff rises triggered by The US estimates losses from shnnid be assessed. The US has so far insisted ment EU officials expect that Organisation.

Don’t forget BSa^lAtlONAL PRESSJHgVlfeW \

. i bm - i i ro . an » m i jps i mm . \ Polish coalition VIC Essential Hotel Ex-ally heaps scorn on ‘peasant’ Lech partners at odds POLAND pitchfork. Walesa has his presi- terly published by a group of By Christopher Bobtnskl accept another PSL politician dency. He thinks he owns it free market liberals, urges that in Warsaw as premier. Disputes over foe By Christopher BottosH in the Weekend FT And he Qnnlrs he can kafcp a the whole of foie bitterly nominees for foe vacant posts pitchfork to anyone who wants divided Solidarity camp should The partners in Poland’s Of riefenrp and foreign minister this Saturday Mr Lech Walesa, foe Polish to take his post away." coalesce around Mr Walesa coalition government, which is have brought to a head latent president, has grown accus- Mr Michnik assumes that the and support his presidential already threatened by a con- mistrust between the parties. THE FINANCIAL TIMES tomed to large ddlops of politi- president wants to take his hhL “Walesa’s victory in the frontation with President Lech Also the believes a change Pobtshod b]f The Fmaodal Tones (Eoropo) GmbH, Nibdtuweopha 3, 60318 Frank- cal and personal vitriol The pitchfork to 460 deputies and presidential election would pre- Walesa, turned an each other at the top Is needed if the gov- ++ far! mn Mam, Germany. Telephone 49 years when, as leader of the 100 senators. “He simply wants serve the status quo," he says. at the weekend when the for- ernment is to survive foe pres- 69 156 850, Fax +449 69 596 4481. Tefet Ha anti-communist Solidarity to dissolve partiaiwint counter “This might not be a very mer communist Left Demo- ent confrontation with Mr Wal- 416193. Represented in Frankfirt by J. - Walter Brand, Wilhrho Colin A. trade union movement, to the constitution without ealipd J. Brand. he but # * exciting prospect but one we cratic Alliance (SLD) for esa. Kprmnrrl a* Gocbifbflttncr and in Loo- could do no wrong have long using force," he writes, warn- 4'M. can live with." the removal of Mr Waldemar The president has threatened dan by David CM. BeO. finiimm sad , r-V* AfamAbm C. MUlec,Miller, DennyDeputy Gninnaa.Chairman- Shore-Share- been a distant memory. For the ing his erstwhile ally that However, it Is not the com- Pawlak, foe prime minister, to dissolve the democratically hnldw| wumfafatn fln1^ of die Fmanaal Tones (Europe) press, too, the Nobel peace “once the mechanism of con- ; who are making the who heads the Peasant party elected legislature ^ new GmbH ate: The Financial (Europe) Times prize winner has long ceased to frontation begins to run then running in forming views (PSL). elections. Mr Walesa, who Ltd, London and F.T. (Germany Adveno- ms) Ltd, London. Shareholder of the be a hero. usually it gets out of control". Prime Minister Pawlak: under pressure to go about politics, but the young The call came after a stormy faces a presidential election above jn&ittooed two ir The Mr Walesa’s latest outburst But the newspaper is critical, reporters, many working in meeting between Mr Pawlak this autumn has come to the Fmxncal Times Limited, Number One In which he threatened to dis- too, (ff the prime minister, Mr nicafive Mr Pawlak as prime parliament hag been brought radio, who have surrounded and SLD deputies in parlia- conclusion that the downfall of Southwark Bridge. London SEI 9KL. GERMANY: solve parliament has produced Waldemar Pawlak, and sees minister and chose someone to the edge of a nervous col- the parHamant building with ment but was met by a unani- foe present parliament, winch Responsible for Adverinmg Cohn A. Ken- a particularly venomous attack the answer in the formation of else. “Should we change foe lapse by the threat of dissolu- their microphones and tape-re- mous vote of confidence in has annthpr two and half years nan. Primer DVM Drack-Vertrieb und one of his closest new government “which tion. corders. Marketing GmbH. Admiral-Rosendalil- from former a government? No. But we .their leader by PSL’s members. of its term to run. will improve Stnae 3a, 63263 Nea-Isenbora (owned by allies, Mr Adam Michnik, a vet- would be able to resist presir should change politicians and “He can exhaust an stupefy Indeed, with hundreds of At the same time, the PSL reit- his own electoral chances. Hurrijrt Interetrionali ISSN 0174-7363. eran anti-communist cam- dent Walesa’s authoritarian the present style of politics," an opponent so successfully journalists accredited to parlia- erated that it wanted the coali- On Saturday, the deputies Responsible Editor Richard Lambert, cfo paigner and editor of endeavours”. says. rival emtUnnp anil The PSwnwgi Tiroes Nombcr On* Gozeta he that in the aid Ms loses ment it seems at times that the tion to offered to passed a resolution by an over- Southwark Bridge, London SEI 9HL. Wyborcza, once Solidarity's Mr Dariusz Szymczycha, the All this does not mean that faith in his own powers and young media people threaten bring Mr Alexander Kwas- whelming majority made up of FRANCE underground newspaper. editor of Trybtma, once the Mr Walesa is completely iso- begins to deliver suicidal to outnumber the, mostly niewski, the SLD leader who at both government and opposi- Pobfirimm Director D. Good, 168 Roe de Rivofi, 5-75044 Paris Cette* 01. Telephone “For God’s sake Lech, come Communist party mouthpiece, lated and has lost his skill in blows." older, deputies. present holds no government tion members, saying the presi- - r- : is (01) 4297-0621. Fax (01) 4297-0629. to your senses," says Mr Mich- does not go as for as to ask for TnflTTttojning tha political rnit'ja- Mr Walesa’s magic may well The predominance of post, into the cabinet as a dep- dent had no legal right to dis- Primer SA. Nord Edmr. 15(21 Rue de nik. He argues that it is foe a new cabinet After aD, his tive. Mr Igor Zalewski, writing stmn from the fact that when it younger journalists reflects foe uty premier and foreign minis- solve parliament. deputies Core, F-59100 Ronbaix Gedex 1. Editor The that Richard Lambert. ISSN 1 148-2753. Com- president’s peasant back- party, the Left Democratic Alli- in yesterday's Zyde Warszmoy, comes to this autumn’s presi- fact many of their senior ter. At the weekend Mr Kwas- warned that such a move mission Pariraire No 67808D. ground that has led Wm to go ance (SID), is a member of the marvels at the way the presi- dential election, many of his colleagues were farniehad by niewski said he was ready to would lead the president to be SWEDEN: to extreme lengths to defend governing coalition. dent ha« bnfit up the political one-time supporters and pres- working for minister Responsible Publisher. Hash Camegy 468 the communist become prime should tried by the Tribunal of State, 618 6088. Printer AB Kvalkritfningrn his powers: “Walesa has a Nevertheless, he suggested tension over the past few ent critics will nevertheless press and have retired or gone the need arise. a court reserved for top gov- Expresses. PO Box 6007, S-550 06, Joo- peasant view of property. A in his daily at the weekend months culminating in the vote for him as the lesser evil into other jobs. While these The SLD has said that Mr ernment officials. Wpo®. peasant has a house, a bam, a that the Peasant party (PSL) push against parliament. a contest with a strong young people O The Financial Times Limited 1995. in can- have mostly done Pawiak’s political style has led Opposition groups in parlia- Editor: Richard Lambert, cow. Anyone who wants to should at times change its “Lech Walesa is a master of didate of communist stock. well in keeping Poles informed, to a breakdown of trust ment repeated their calls for a cfo The Fiuuuiil Timet Number take them away is a thief who style. He also hints it should psychological warfare," he Mr Dariusz Filar, writing in there has often been a distinct between the two coalition part- caretaker non-party govern- One Southwark Bridge. London SEI 9HL. ditnli has to be chased away with a the dour and uncommu- says, describing foe way that. the Przeglad Potttyczny, a quar- shortage of serious comment ners and that it is ready to ment Of nafipnal unity.

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DowJones. elerate FINANCIAL TIMES MONDAY FEBRUARY 6 1995 * 3 NEWS: EUROPE Bosnia allies agree Political shifts raise hope for Cyprus Economic reality is forcing both Turkey and Turkish Cypriot leader Rauf Denktash plan to calm tension to soften their hardline policies, writes John Barham in Nicosia, North Cyprus Could the Cyprus, he insists, will By Edward Mortimer in Munich prime rnmfetpr of the federa- One bridge has been beginning of emerge as a bi-zonal federal and Paul Adame In Belgrade tion as well as the republic of repaired, and another, the the end be state, meaning that the Creeks Bosnia-Hercegovina, described famous 15th-century Ottoman approaching will remain in the southern Bosnian Croats and Moslems the federation formed last Feb- footbridge blown up by Croat EUROPEAN for the 21-year zone covering two-thirds of the agreed yesterday to submit aS ruary to end nearly a year erf gunners in 1993, is due to be INTERVIEW division of island. Mr Denktash says there disputes between them to an Moslem-Croat fighting as the restored by the summer of Cyprus? After is no question of Greek Cypri- international arbitrator, in an “bedrock and key” of the Bos- 1996. The city's utilities so many false starts and dead ots returning to their former attempt to prevent long-run- nian peace process. are gradually returning to nor- ends it Is hard to believe so. homes in the north - one of ning tensions between the two The US-brokered federation mal. Yet economic reality seems to their main demands. He communities tearing the year- plan - one of the rare suc- But Moslems and Croats still be forcing both Turkey and Mr merely envisions mino r adjust- old federation apart once more. cesses for international diplft- live on opposite sides of the Raxzf Denktash, 7L, president of ments The to the existing division agreement was macy m Bosnia - hag been in Neretva river and mutual sum- Turkish north Cyprus, to line. announced after a meeting jeopardy for months. Plans to picians have prevented the fbr- soften their hardline policies. Cypriot President Glafcos between Bosnian representa- establish joint Moslem and mation of a mixed police force. In January. Mr Denktash. for derides, he says, should not tives in Munich chaired apfi by Mr Croat military nflmmaTiite Croat nationalists in west more than 30 years the undis- “give hope to [bisl people that Richard Holbrooke, US assis- civil institutions have failed, Mostar cling to the idea of a puted leader of the island’s they may come back, because tant secretary of state for and hundreds of thousands of separate Croat state in Bosnia, Turkish minority, annoiwired a no Turkish Cypriot will co to European affairs, and attended refugees remain to be repatri- with the city as their capital. 14-point proposal to break the the south after going through by the Croatian foreign and atedL Their ambitions are unlikely to deadlock with the majority hell for 11 years from 1963 defence ministers, as well as Many of the difficulties have be much affected by yester- Greek community. [when communal violence representatives of France, centred on the southern city of day's agreement. They hardly sound revolu- escalated] to 1974.” Britain, Germany and - Russia Mostar, destroyed by some of • The Bosnian government tionary. They include accep- Like many of their genera- the four states which, with the the worst Moslem-Croat fight- and the Bosnian Serbs have tance of confidence building tion. the two leaders know US, form the “contact group" ing and still, after almost a agreed to reopen roads across measures arduously drawn up each other well and speak each on former Yugoslavia. year of relative peace, a sullen, Sarajevo airport for civilian by United Nations negotiators. Rauf Denktash: 14-point proposal to break the deadlock with the majority Greek community. other's language fluently. They The mediator, whose deci- divided place. Under the new traffic from today, UN sources They include the eventual met in 1949 when Mr Denktash sions will - be binding on all plan, mediating groups will said. The deal was brokered dgmilftarioatinn of the island ever. In an interview with the proposed BU-Torkey customs ministers and their Turkish was a prosecutor under the parties, will be selected by attempt to resolve disputes in two weeks ago by former UN one of the most heavily militar- Financial Times, he blamed the union on the grounds that Tur- counterpart,' Mr Murat Karay- British colonial administration mutual agreement, Mr Hol- conjunction with the city's EU commander General Michael ised places on earth — and the two decade impasse on the key remains in occupation of alpm, are to meet in Brussels and Mr derides a defence brooke said, adding that no administrator, Mr Hans Kos- Rose. Opening the roads will exchange of territory to seal a Greek Cypriots. They could not Northern Cyprus. on March 6 to take a final deci- counsel. names had been put forward chnzk. He has blamed Croat allow civilians to move in and solution based on a federal accept “negotiating face to face Up to now, the understand- sion on customs union. The two communities have yet nationalists for obstructing out of the city for the first time government for a united on the basis of equality” with ing has been that Cyprus can- Mr Denktash angrily rejects lived separated by the Green Mr Haris Silajdzic, who is attempts to reunite the city. gtnre tact summer. Cyprus. Turkish Cypriots, he said, not join the Union until the the Greek Cypriots' “illegal Line since 1974. Movement Proposals like these have because “the world would see divided island reaches a peace application” for EU member- across the line that crosses

been batted back and forth two equals talking . They shun settlement. However, under a ship. tearing it would lead to Nicosia (now the world's only FTGUIDETO across the “Green Line" divid- this as if it were the devfl.” plan put forward by France backdoor union with Greece. divided city) is nearly impossi- Ministers ing the two communities for However, the ground and the European Commission Still, he says, “we are ready to ble. The new generation of ECONOMIC CONVERGENCE years with no effect Yet there beneath Mr Denktash is mov- last week, Greece would agree look at it, think about it and Greek and Turkish Cypriots is hope that a solution is no ing. His sponsor Turkey, which to drop its opposition to the decide on it”. If Turkish Cyp- know little about each other, press for longer impossible. invaded the island in 1974 and customs union by March 6. In riot rights are threatened, he apart from propaganda fed by What is economic convergence, and why is it suddenly in The Turkish population of still stations 30,000 troops return, the EU would open vows northern Cyprus will their schools and media vogue? about 100.000 realise they can- there, urgently needs an accession negotiations with the seek integration with Turkey - demonising the other side. It is the process whereby the 15 member states of the Euro- expansion not maintain their republic in arrangement over Cyprus that Greek Cypriot government “no an idea probably with few sup- Although no one on the pean Union are supposed to move progressively towards the the face of international rejec- will satisfy the European later than six months” after porters in Ankara these days. Turkish side wants a return to economic virtue required for membership of a European mone- tion. Northern Cyprus is recog- Union. The EU has told Mrs the conclusion of the 1996 Many Cypriots believe Tur- the pre-1974 Greek-dominated tary union. The term is tripping off people's tongues because of Nato nised only by Turkey and is Tansu Ciller, Turkish prime inter-governmental conference key is forcing Mr Denktash state, nearly all are eager for a politicians and bankers believe that Emu may happen, and being slowly throttled by inter- minister, that she must help to review the Maastricht into talks. Mr Denktash denies settlement that would end the they want a serious debate about the feasibility and the By Edward Mortimer in Munich national snnf-tinnc resolve the Cyprus problem as treaty. Most believe the IGC he is acting under duress. "We economic embargo and consequences of monetary union. Eddie George, governor of Yet the notoriously intransi- part of its price for agreeing a could last at least 18 months. are grateful to Ankara, but we improve living standards. Batik the of England, offered his five pennies’ worth last week Resounding calls to preserve, gent Mr Denktash, who has customs union in January The plan is to be discussed at are not the tools of Ankara.” But Mr Denktash. defiant as in Paris. strengthen and even expand announced his intention to run 1996. a meeting of EU foreign minis- He says his latest proposals ever, says his 14 proposals are Nato were issued at the week- for another term as president Greece has demanded that ters in Brussels today where signify no “change of attitude “our final show of goodwill. What did the governor say? end by defence and foreign in elections in April, still the EU give Cyprus a timetable the timetable is expected to be or policy, hut we can say that This is our final attempt to Mr George said there was a risk of economic issues being ministers from all the main sounds as uncompromising as for entry and has vetoed the controversial. Union foreign we have polished things”. solve the Cyprus problem.” submerged as everyone focused only on the timetable and allies, gathered for the annual potential membership for Emu. He argued that countries with “Wehrinmde" security confer- high unemployment might continue to need to devalue their ence in Munich. Yet their currencies and to lower their wages to stay competitive. But in words were belied by continu- a monetary union, you obviously dispense with the exchange ing sharp disagreement over rate as a tool of economic management Bosnia, and by their obvious Tmrprf«inly about how to dpal Isn’t it a little late to be complaining about the risks of Emu? with Russia. After all, the Maastricht treaty has specific provisions for a General Pavel Grachev, Rus- move to a single currency by the end of the century. sian defence minister, had The treaty says that a move to monetary union can be trig- been dne to attend, bnt his gered in 1997, but only if a majority of member states meets German colleague, Mr Volker tough targets on budget deficits, government debt levels, Rflfae, told Mm be would be exchange rate stability and interest rates. In 1999, you do not unwelcome after his vitriolic require a majority - just those countries which meet these denunciation of the Russian so-called convergence criteria. human rights ombudsman who publicly criticised army There you go again with the “C-word”. behaviour in Chechnya. Point your finger at the Bundesbank. The German central Gen Grachev’s place was bank’s view, widely shared in Euro-sceptical circles and taken by Mr Sergei Ynshen- among certain economists, is that a monetary union will not kov, chairman of the defence work unless there is genuine economic convergence among committee of the state duma Emu candidates. That means that the convergence criteria (lower house of parliament) must be applied rigorously so that only those fittest for mone- and a member of the liberal tary union survive; but it may also mean closer cooperation Russia’s Choice party. on fiscal policy. He impressed the conference with a speech denouncing the What are these convergence targets, and who is keeping a Chechnya war, but also watch on performance? warned against Nato expan- Now that the Maastricht treaty has been ratified, the Euro- sion which he said would give pean Commission, the Council of EU finance ministers and the Russia a sense of isolation, fos- European Monetary Institute (precursor of the future Euro- tering anti-western sentiments pean central bank winch would supervise the single currency) and delivering “a probably are continuously assessing the economic policies of all mem- fatal blow to arms limitation ber states that are pursuing so-called "convergence pro- regimes". grammes". The EMI and the Commission will present a repeat In spite of this both US and in 1995 on the progress of each member state, and make German leaders spoke recommendations to the Council on eligibility for Emu mem- strongly in favour of expand- bership. ing Nato, claiming this could be combined with a policy of Right, but what precisely are the targets? dialogue and cooperation with - echoed A budget deficit of less than 3 per cent erf gross domestic Russia a theme by product; total government debt that is no more than 60 per the Hungarian and Czech for- cent of GDP; an inflation rate close to. at most, that of the eign ministers and a former three best performing member states; and the observance of Polish defence minister, who, “normal" fluctuation margins within the exchange rate mech- like the Russians, had been anism of the European Monetary System, without devaluing invited for the first time. against the currency of any other member state. Mr William Perry, US defence secretary, called on Most deals in Europe involve fridge and compromise, so why Russia to respect human should the Emu strictures on convergence be any different? rights in Chechnya, saying about Hmmm. Maastricht is a little slippery in places. For example, “we have been appalled Russia's tactics”, but also the nominal debt and budget deficits targets are not set in he co-operative stone. On excessive deficits, the treaty says that a member suggested that arrangements with Russia state could be deemed eligible, provided “the ratio (as a codified in charter proportion of GDP) is sufficiently diminishing” and moving could be a toward the target “at a satisfactory pace". Also, finance minis- or memorandum of under- rgins standing, with “some sort of ters have decided that the new 15 per cent fluctuation ma bands of standing consultative commis- in the ERM - which in August 1993 replaced the old - sion to provide formal struc- *25 and 6 per cent respectively are normal ture for our Nato-Rnssia rela- tionships”. So how is everybody doing? the conver- Consultations might begin At the latest reckoning, only Luxembourg met all improving progressively by “affirming some rules of gence criteria. But the picture is Europe. Assuming that conduct for European secu- because of the burgeoning recovery in Pssst! Next century’s megamarkets generously in 1997, as many as rity”. But, as Mr Yushenkov the criteria are interpreted Germany, had pointed out, in Chechnya seven countries might conceivably qualify: France. Austria and, perhaps, Russia had broken many of Belgium, the Netherlands, Luxembourg, the criteria, the rules already established, 78° the UK could probably meet east. Ireland. Ironically, lie approx. said membership would including those it had signed but prime minister John Major has he would not recommend a up to at tile Budapest summit not be "remotely appropriate” and in early December, just days secret India is the magamartel of the east - a • Enterprise • Environment • Instrumentation • Energy House of Commons. Denmark, another strong Emu That's no deal to the concurrently with treaty opt-out. but could try to before beginning the assault chunk of about 900 million consumers, a huge mass of Conservation are also being held the lair contender, is also bound by its professionals, and a lavtsh You simply have no time to stop and meditate |we ve seen through a referendum. on Grozny. brilliant semi-skilled and skilled wriggle out Pick crawl over the Nato’s performance in Bos- sprinkling of economic liberalisation See the potential? ants do that t) up a pen and to coupon attacked Now' Portuga^ Britam and Ger- nia was savagwOy by company on it's Surely economies such as Greece This sugary information could turn any - likely to diverge than con- US senators belonging to the a question many are very different more head. However, the same information could pose new Republican majority, but Reply Coupon "How do we access this megamarkei?" defended with equal vigour by countries belong to the single I am/We are interested in visiting the Fair. that all these line TbTtLorv is Suggestion trail it approx. 7B° east. The geographic that their economies will converge Mr Malcolm Rfikind, Britain's European market, and the city of New Delhi where the Indian Please send me/us more details. My business card defence secretary, and Mr almost scrapes over their individual convergence W* is attached. assuming they follow Engineering Trade Fair awaits you, over 50,000 sqm. ol prime the Alain JoppO, France’s foreign 11th INDIAN for a multi-speed approach to Emu. On Confederation of Indian Industry (CM), grammes and allow space. A space replete with modem facilities. - much mere minister- Every European Institutional Lodi SSsome countries - notably Bntem are 23. 26, Area. Road. rates because they are tied speaker pleaded with the US That's your access gateway, big ants' New Delhi-110003. INDIA. sensitive to movements in interest ENGINEERING not to lift the arms embargo, Phone : 91-1 1-4629994 (4 Lines) market ’95, tor February, is being closely to the housing The lift IETF DeH 3leted more warning of dire consequences Fax: 91-1 1 -4626149/4633168 held with Italy" as partner country and “Haryana” as email . indus cii i$i simeld. ernei. in that ft is not only in Bosnia itself but % housing market suggests TRADE FAIR in addition, five fans Technology Platform That last remark about the partner state convergence without political throughout ihe Balkans. talk about economic wrong to But Senator John McCain of 12-19 February 1995, Arizona warned that all 11 put it better. Tta big question which STSuld not have Pragati Maidan, Emu is whether they new Republican senators states foce in the rumup to mber vote to lift the embargo, SLSaTpolitical integration border toba^ice the would , with the introduction of a and that “within a period of NEW DELHI. The International Industrial fair of the east. integration which comes lie time” there would be suffi- irrenc^and the power of the future European central cient votes. Perry said the quietly suggested last week that the Mr Eddie George would Enmneed a good deal more discussion. The administration oppose a unilateral lifting of the equal measures to the politics of Emu. pplles in embargo, but did not say T mnpl Rarfor Brussels whether President Bill Clinton would veto it N '

„**«*.•"»* MONPAV NEWS: INTERNATIONAL — iNTERNATIQNAL ^ Mitterrand speech strains Steady world French-Algerian relations growth expected By John Ridding in Parte regime after being poised to win general the Algerian leadership and to step up set elections in 1992, welcomed the proposal. cans for a negotiations to resolve the con- The world economy is years,5 accwum* Relations between Prance and Algeria A US-based official told AFP, the for over 30 London French flict not seen y^ - at London have been strained by a proposal from news agency, that while the Algerian con- Mr Alain Juppfe, the French foreign min- President Francois Mitterrand that the flict must be settled by Algerians, external ister, expressed support for the Rome 1995 European Union should sponsor peace action could be helpful to bring the pprti^ negotiations which brought together rep- The talks between the military-bached regime together. resentatives from Algeria’s former ruling the in Algiers and its Islamic opponents. He said the Rome negotiations could party, the National Liberation Front the The Algerian leadership responded provide the basis far further talks. (FLN), the Socialist Forces Front (FFS) 19™* the but comparable to the angrily to the proposal, recalling their The Algerian government has con- and the FIS. SteSow that of the 1980s. ambassador from Paris for consultations demned the negotiations and will be far- While seeking to affirm its neutrality in the centre’s over the weekend and issuing a sharp crit- ther antagonised by Mir Mitterrand's inter- the conflict, however, the French govern- of ££ pojjcj icism of the French president Algerian vention. indicate Reserve's Interest rate ment has d that it win continue to that the Federal course for the the US state radio condemned Mr Mitterrand for Tensions in its relations with France provide economic aid and frn unreal aggie. judged”, predicting that growth are hoping foft It «« ffo ‘interfering” in the country's affairs and have already become. apparent store the tance to Algeria. Last month. Mr Charles “soft landing” financial markets percent in 1995 «^i2Perctatol^ accused him of “a visceral hatred erf inde- hijacking of a French airliner in Algiers at Pasqua, the hardline interior minister who eastogtojus* over 3 expected to remain below 3 pendent Algeria”. Christmas and a dispute about whether has led a crackdown on Islamic fundaTnen- frcm4 per cent to 1994. Inflation is French officials sought to limit the the aircraft and its Moslem ftwiianmn^H^ taiism in France, said economic assistance P economies - Ctamany.F^an^Itofy impact of the incident, describing Mr Mit- hijackers should be allowed to leave Alge- was necessary to prevent chaos in its for- Anfour main European grow p^cent or more terrand’s suggestion as “a speech, not a rian territory. After a successful storming mer colony. and the UK - are expected to possibly the fastest gro«nng. plan". The French president himself of the aircraft in Paris, France announced Diplomatic observers in Paris said Air 1996. with France tipped as M exports sfejuid described as a hope, not yet a policy” his it was suspending air and sea passenger Mitterrand's proposal may have been The competitiveness of Italian be suggestion that the EU could, hold a con- services to Algiers until security was designed to exacerbate divisions on Alge- but the report warns that inflation could Pialtp Gawuh, Umdan ference based on a platform for a ceasefire Improved. rian policy within the centre-right govern- that expectedin France and Germany. and democratic elections adopted by The escalation of the civil war in ment. and in particular between Mr Pas- and Islamic Algeria's secular opposition Algeria, which has claimed more than qua and Mr JuppA But they added that it Confidence in US car market parties tn Rome last month. 30,000 lives in. three years, and the risk cf also reflected increased international con- separately that they The Islamic Salvation Front (FIS), which it spreading to France, have prompted cerns about the escalation and possible Ford and General Motors have indicated is continuing to grow was outlawed by the military-backed Paris to distance itself from hardliners in Spread of the conflict believe the US car and truck market are beffnntog robustly, despite fears that higher rates sales in January to weaken demand Ford said its US vehicle were 2.7 per cent higher than in January 1994.

' General r .“ ’’yf These figures came after monthly figures tram Bombing raises questions Motors and Qnysler, both of which had registered lower sales. However, the declines In reported numbers were due largely to forward the date they A Washington man goes near ft*1 Capitol after heavy the two companies’ decision to bring Ford’s group overnight snow at the weekend. Story, Business Travel Page disclose figures by two days. Mr Robert Rewey. cither vice president for marketing and sales, said that, among of a for rebels thin s the latest figures showed “no sign whatsoever about speaks , who g weakness in the market far sub-compact cars, which has been some quarters. Richard Waters; New York Roula Khalaf on the contrasting responses from two FIS ‘leaders’ Israel to keep predicted in Japanese party wins n the wake of the most sands of supporters in prison, Mr Haddam’ s allegiances extremists, and tins TnaVog Vnn New ferocious attack in Alger- Mr Kebir and Mr Haddam have have always been murky and valuable to the FIS. For when Japan's new opposition, party yesterday won its first signifi- ia’s three-year civxl strife, emerged the two FIS spokes- bis rhetoric and test when the group scored a convincing victory as more disconcerting attempts at dialogue West electoral with Bank cant I the Representatives western observers last week men. than Mr Seta's. According to government collapsed last in. a rural governor’s race. Former House of party, anxiously waited for the Mr Kebir, a 38-year-old phys- observers of the Algerian cri- year, the FIS lost the advan- lawmaker Mr Morio Kbnura of the New Frontier liberal Islamic Salvation Front’s (FIS) ics teacher, can claim to speak sis, Mr Harfriam left the FIS tage to groups like the GIA. It dffoqted the incumbent, Mr Masaya Kitamara of the srmgiit closed off TVmnmiHr points in the election in north- reaction. The conflicting state- for the leadership, which last year to join the Armed to regain it rlier Gaza party, by nearly 10 FIS ea ments that ensued, however, now consists of the two party Talamir Group (GIA). This j$ year by entering into a declara- ern Aomori prefecture. have generated more questions founders, Mr Abassi Madam the Tiamg given to patch- tion acceptable to Algeria’s By JidJan Ozanne in Jerusalem phase of the process, calling The elpcHpu was the only one of seven regional polls held than answers. and his BPrend-in-rwninfliid Mr work of extremist Islamist other political parties. for redeployment of Israeli where the NFP, launched just two months ago, went head-to- On Wednesday, Anwar All Benhadj, Socialist Minister Tomiichi Murayama's Mr Mr both under groups, only some of whom With the government’s Israel yesterday decided to troops in the West Bank ahead head with Prime Eitamura, had been seeking his Haddam, the Chicago-based house arrest, and five members operate under one command. intransigence towards the maintain a two-week-old do- of Palestinian elections. Mr coafition with the LDP. Mr 78, representative of the FIS's of the FIS’s Majlis or the deci- fifth in apple rice growing area 500 miles north of A1 Shura When government Rome platform, however, the sure of the Gaza Strip and Toss! Sarid, environment min- tarn an and "parliamentary delegation to Consultative Council, freed mated the FIS structure ister, regarded as one of the most secure electoral districts by FIS, faces two equally problem- occupied West Bank despite said the negotiations Tokyo, Europe and the US”, said the from jail last year. cancelling the elections Palestinian be concluded witirin four for the conservative LDP. is a big boost for our party,” atic options. If it Pnnttnnpa to appeals by and could "Hus explosion in the heart of Kebir was a top imprisoning its leaders, nffiriait that Arafat paid Nakashi, head of election strategy for the NFP, Mr member many follow the conciliatory line Israeli it is bann- months if Mr cracked Mr Keizo Algiers was part of the armed of the FIS' Provisional Bureau, of Algeria’s disffiasloaed and ing the Palestinian economy down ou extremist Palestinian party farmed in mid-December from Japan’s nine main adhered to in Rome, it risks a struggle against the military- the body set up to prepare for unemployed youth - morale. groups responsible for attacks non-comnninist parties, ftoiter, Tokyo urban farther alienating an already and backed government and was the 1991 elections. When the once a pillar of the Tmiamist decision restric- Israelis. shaky support base. If it A on easing an aimed at the capital’s police elections were annulled, Mr party - took up arms and tions which prevent tens of Talks on promoting trade chooses the bard line, ft risks for foreigners headquarters, not civilians. Kebir was arrested but eventu- pledged allegiance groups Taiwan boost to being discredited in the eyes of thousands Palestinians travel- and investment will be held The next day, however, the ally made his way to Germany like the (HA. Today, the GIA is ling to tiufr jobs in Israel will this the trade minis- Taiwan is to expand overseas investment in the local stock tiie west week by office of Mr Rabah Kebir, who in August 1992, where an appli- also believed to be infiltrated be taken on Hzursday during a ters of Israel, Egypt, Jordan market by permitting- foreigners to hold 12 per cent of market T-atait an expert on the lives near Cologne and is head cation for political asylum has by Algeria’s security forces. Ms meeting between Israeli prime and the Palestine Liberation capitalisation. The new rule would replace two limits to be FIS, says the origin of the of the FIS’ “leadership in been blocked by the Interior witriiriw Tftzhak Rabin and Organisation during a visit by abolished, one a ceiling erf f7.5bn (£4Abn) in direct foreign will remain mystery exile”, issued a statement Ministry. With an appeal pend- his is why analysts give bomb a Mr Tasstr Arafat, the Palestin- Mr Ban Brown, the US com- investment and the other a CL5bn ceiling for money raised by and it that npthgr denouncing the attack, which ing, Mr Kebir is under scrutiny little credence to many may be Mr ian leader. merce secretary. Mr Brawn local securities investment trusts overseas. However, a SSbn Kebir nor Mr Haddam know left 42 people dead, and hinting- by German authorities, which T GIA statements, Officials indicated there said tiie meeting was a vital Emit an raised by local companies through convertible who was responsible. that it had been carried out by restrict his movements in and whether they be claims of She might be some relaxation of step in cementing nn«wip East bonds and global deporitary receipts remains. points out that it took Mr government security forces - a out of the country. responsibility for attacks or restrictions for humanitarian peace and consolidating A limit on a single foreign investor’s holdings in any ana Kehir three days to issue his claim echoed by some analysts These restrictions help statements erf positions. As Mr reasons and to allow the move- regional integration. “To buDd Taiwan company will be raised to 6 pm- cent of capitalisation statement Mr Haddam. mean- of the Algerian crisis. explain the prominence ffnrim* Ait Ahmed, the secular ment of goods, which has been lasting peace and stability, we from 5, the statement said. while, claim knowledge The confusion testifies to the enjoyed by Mr Haddam, who leader of the Socialist Forces may frozen the closure was must ensure the region has The central bank said the relaxation would mean that for- and use ft to remind the inter- FIS’ struggle to formulate a was never part of the anginal Front, one of Algeria’s largest imposed after an Minnii* sui- strung economic foundations,* eign investment could rise to $29.75bn, calculated at values as national community that policy in the face of the gov- FIS leadership but was one of parties, says: “The difficulty in cide bomb aftarfc W month he said. of the end of December 1994. up from S8.86bn in funds Algeria's infernal spiral of vio- ernment’s adamant refusal to the 188 FIS members elected in verifying the authenticity of left 21 Israelis HmJ. Mr Brown, who is travelling approved at that time. Beater, Taipei lence will intensify in the enter dialogue, as urged by the the first round of legislative claims of responsibility can Palestinians have con- with chief executives of 10 US absence of talks. says as Rome peace platform. This elections in 1991. When elec- give rise to all kinds of manip- He demned the closure as collec- companies, also plans to visit much: “The armed struggle Singapore curbs credit growth peace plan, agreed by the FIS tions were cancelled, a few ulation. It is a characteristic of tive puniriiwiPfit and g, virtual Jordan, the West Bank and against the government will and other opposition parties in would-be parliamentarians this war that we don't know economic blockade, and have Gaza Strip, the United Arab Singapore brings in a set of stiff regulations to restrict credit continue and wifi not stop January, commits the FIS to went to plead the cause of the who is killing whom or why.” warned that maintaining the Emirates, Qatar and Kuwait expansion today. The Monetary Authority of Singapore (MAS) until the ndhtary accepts the the principles of democracy FIS in western capitals. Mr Why do US leaders allow Mr restrictions could have a nega- • Israel’s cabinet yesterday issued guidelines to banks and finance companies over the platform erf Rome." and alternation of power and Haddam’s fiery style, coupled Haddam to continue to speak tive impact on peace talks. decided to back the dedskm to weekend restricting unsecured loans to individuals who have reiiR for a «wFatfon of hostili- with the fact that he was in the name of the party? After Mr Kebir and Mr Haddam However, even left-wing cab- abolish the unpopular capital annual incomes of at least SS30,000 (£13,000). ties leading to a transitional granted a visa to live ir? Chi- all. it was Mr Haddam who are also addressing different inet ministers supported the gains tax on share profits, In a Lending to individuals by Singapore banks rose by more government and new elections. cago, have allowed him to rise attended last month’s Rome audiences. While Mr Kebir is closure yesterday as a neces- move designed to revive the than 47 per cent last year. "The Authority is concerned that Since 1992, when the govern- above the rest of the group. He meetings and signed the Rome speaking to western govern- sary step to win back public depressed stock market and this development could lead to excess credit expansion in the ment cancelled elections which even keeps an office in Wash- declaration on his and Mr ments calling on the military confidence following attacks shore up government popular- economy and over-concentration by hawfcg and other financial the FIS was expected to win ington and is received by US Feta's behalf! “Haddam was junta to enter fatn toim with by Palestinian extremists. 1 ity. But although the market institutions’ loan business on loans to individuals.” the MAS and subsequently threw thou- officials. the only one who had freedom the FIS. Mr Haddam's audience am against any step that will rose almost 12 per cent last said. The MAS is particularly concerned about a steep increase of movement and he is the is the young Islamist guerrillas further shake Israeli public week when abolition of the tax over recent months in bank loans for car purchases. In future only other well known leader, who want no better than to confidence in the peace pro- was announced by finance financing for car loans cannot exceed 70 per cent of the price so it is assumed that he has a believe that the attack was cess,” said education minister minister Avraham Sbochat, of the car and all such loans have to be repaid in seven years. following,” says Ms Severine launched by one of their own. Annum Rubinstein of the investors remain cautious The restrictions are expected to cool inflationary pressures. Labat, an Algerian scholar at As one analyst of the Algerian left-wing Meretz party. about the economic future. Eieran Coofee, Singapore CERI, the French international crisis says, “Why not claim But ministers said Israel and The Mishfamhn Index of the relations institute. responsibility for something the Palestinians would resume top 100 blue drip companies Mr Haddam’s more radical the government has in any peace talks in Cairo tins week foil 3.6 per cent yesterday, Kyrgyz Communists backed rhetoric also appeals to the case blamed on you?” an implementation of the next closing at 166^3. Kyrgyzstan yesterday held its first elections gaining Independence from the Soviet Union in 1991 in a test of the central Asian country's democratic credentials. Prehminary indications yesterday showed that the Communist party, which fielded the most candidates, had drawn considerable Brazil’s support. president struggles to The frill results w£D be known today. THEaccount President Askar Akayev, who advocated radical economic reform, said he would work with the new parliament whatever forthe its political complexion. But a strong showing for the Commu- 50% reverse bad first month in office nist party would be a setback for Mr Akayev, who won MILLENNIUM backing from internatlmwl financial institutions for introduc- PA GROSS residents taking office "He is a sociologist who is ing a bold reform programme to stabilise the economy. with 70 per cent Cardoso’s popularity had only supposed to understand soci- Mr Akayev dissolved year fixed term the previous reactionary pariiamwif, If you act now your money 5 approval ratings know ety, but you would not guess it elected in Soviet P times, in an attempt to break the political could be earning high interest there is only (me way to go. one to per cent at the moment." according to impasse £50,000 -£250,000 way go from 70 between the executive and legislative brandies of rigid up to the MHlemmim year But the sharp fall tn popularity Mr Pauhnho da Silva, a moder- government which was frustrating further reform. Western, 2000 in a Lombard 2000* of Brazil’s new president, Mr approval, reports Angus Foster ate union, leader, who com- diplomats said the move was unconstitutional and called for account Fernando Henrique Cardoso, plains Mr Cardoso Is not listen- free ejections. International observers were invited to scrutin- since he was swum in on Janu- did not take office until a cessions were approved. Inde- ing to such important sectors ise the vote, which will The Lombard Premier 2000’ account is alive year fixed term elect members to a twodiamber ary I has surprised evsi his month after he did. The outgo- pendent analysts pointed to as the iTrrirmg larhanmnL A representative account designed to produce an exceflett nattm on your money. from the Organisation for Secu- opponents. ing Congress, half of whom are how easily the new Congress Mr Cardoso's veto of the rity and Cooperation. In Europe said the elections bad been No matter what happens to Interest rates elsewhere a Lombad last president the gov- A Datafolha poll week not returning, easily outman- elected as minimum wage rise silenced poOTjy organised but were still Premier “2000 account wBI continue to pay the same Hgh fixed rate the most democratic in central found the proportion of people oeuvred Mr Cardoso on several ernment's candidate, Mr Ltds critics who said that, with so Asia. John ThomfnU, Moscow eachyear inti it malms htfieMBenniumyear 2000.'The interest rating his government as good controversial measures. The Eduardo MagalhHes, showing little executive experience, he rate is fixed theperiodofdeposit during has almost halved, to 36 per government also hart to delay, the potential strength of gov- would have trouble pursuing Interest is paid annuaiy into a Lombard Classic 30Account -a cent while those considering it leaving a sense of indecision, ernment support. unpopular policies. But his Gas deal in Uzbekistan it to earn special type of 30 days notice account-where can renmin bad has tripled to 15 per cent before delivering its reform clumsy bantTiing of the issue t i to de lop gas fields in Uzbekistan has further interest or it may be withdrawn. Apparently stung by the proposals to the new Congress. ess optimistically, the raised fresh questions about ^been ^^signed^^,by US, «. !? Russian and Uzbek companies. Fnrrav Brazil’s newspapers, Congress has the speed of decision-making the For fufl details ofthe Lombarci Premier 2000’ account and our decline, Mr Cardoso went an used to new in television on Fri- rapid crises scandals, already displayed signs govemmmt comprehensiverangeofLombaddeposit accounts for£1,000 and nationwide and grew L Ms phone time to explain a couple of bored with the lack of news df mfmiriring fh» granrtol anri The veto was embarrassing above please « in and post the coupon or us any on day *££22* 0171 4093434 of FAX us on0171 6293739. tricky decisions he had been and became increasingly nega- torpor of its predecessor. A because Congress has just a tive throughout senator for Roraima was voted its members, the presi- SSTJ including January. &os» ram ossuna no ctedidicn at base rata tax. Ftsos am coma at oma ofgotag to forced to make, said Gazprom had agreed to take the total press But may cnongs unfcrtPnvmer-aotxraocowttsreftmdlmoccowavKl veto on raising the minimum Mr Cardoso's advisers say elected to a senior Senate posi- dent and hfa ministers pay ' trafStore»nhi*swiais«M«orenMu are nct mated wawmwmatal ourcuanm** n“ Russian W w salary, which. lay behind the that the new Congress will be tion oven though he had been rises of 100 per cent end more. company will also have asnpMd taeu n&teMni »tw» anting hinds to uantaA 016 TCature. although equity fell in popularity. more supportive than, the old . named in a congressional drug In a symbolic gesture, Mr Car- kkaSshares have yet to be determined. Robert “Neither the president nor and that he is backed by a trafficking inquiry. After just a doso announced on TV that he Cordne, londxm his ministers are circus acro- broad alliance of party leaders. few days in office, two senators and. Ms ministers would take a Lombard take one deputy already per cent Hope in bats who do pirouettes, The government is due to and have 25 pay cut until file Kazakh coal strike the applause, then disappear,” deliver Its first reform propos- switched parties: This continu- minimum wage was raised. “ portbem Kazakhstan DEPOSIT ACCOUNTS he said. als, designed to modernise its ing weakness of political par- It was such a politically obvi- lost mowen- government to T« Chris tUm. Mr Cardoso performed well, creaking tax and social secu- ties suggests the government's ous move that analysts asked the trades promised act on Lombard North Central H-C. BmHna Senior 1 1’Vp-mmcm’ 11C. and even critics agree he is a rity systems, to Congress on majority is not reliable cm why Mr Cardoso had not made More 12 Mount Street. London WIYSBA. skilled politician to February 16. controversial subjects. it 10 days ago to Htrer afc- tUi toopoo low'd fcv * mp, afoul tmdmre. (TUASE *HTC IN CtftniS) sufficiently Govennuent some defuse the overcome his bad first month whips are confident they will Mr Cardoso has also, so far, matter. According to a friend, **-' NAME I Ur. Mr-. m in office. But the poor start has get the threefiffibs support to yet to silence critics of his the delay stems from Mr Car- irtnnpgg rekindled concerns about make the necessary changes to style of government. An aca- doso’s character. He is a cau- whether he can. push, through & the constitution. demic by training with consid- tious man. who does not like to range of economic and political hi his TV address, Mr Car- erable charm but little popular act until he has built consen- aaj^jgS8Wa.TBrz most Kuhsicrf In Engfaml So 5J7WX. reforms which analysts say doso also highlighted the suc- touch, he has spent of his sus. At this speed, however, After a Mtural resources, fepUcKd Oflke: LnrfardHausci 3 WbccsiWaj. team,.Sirrcy HHi INF, Brazil needs. cesses of his first month in time in office in the capital optimistic forecasts for quick ^government to revtew^msS^i^,*®^ promised The president’s chief prob- office. Tax measures and a pro- Brasilia and has scarcely approval of the government’s Aiming to be your first choice to Stem* lem was that the new Congress competition law on public con- appeared in public. reforms are likely to be dashed.

v

'7 , : ~ "

FINANCIAL TnyiF.cs MONDAY FEBRUARY 6 1995 -*

Germany expects fastest growth Talks on Mexico breathe life into finance meeting By Peter Norman, farther to 3.5 per cent next uranic outlook. present economic per- ratios Economics EdHor with the of debt to gross domestic New boy Rubin takes year, be added. Mr Robert Rnbin, the US formance of the G7 countries. product in their countries. Speaking after the weekend treasury secretary, said he still However, he warned there was Mr Waigel said Germany pennany is expected to be the meeting in Toronto of finance expected “solid growth with “absolutely no room for com- would keep the growth fastest growing of the Group of fed- of ministers and central hank low inflation" in spite of the placency". eral spending markedly below Seven leading industrial coun- governors from the US, Japan, Federal Reserve System’s The G7 countries needed the growth nominal crisis in his stride tries next year and Of its gross should also Germany. Britain, France, Italy increase of Vi percentage finances a have the point sound public and domestic product in the G7s smallest budget and Canada, the German min- In shortterm interest rates last non inflationary environment medium term. By George Graham In Toronto deficit in 1996, Mr Theo of interesting that the first Wa£l ister said Strang growth would week. to sustain growth, shared pros- He said the German the German finance govern- thing that came along was minister have a positive impart on the Mr Yasuo Matsushita, said. the perity and job creation. Struc- ment adhered to the goal of a Mr Robert Rubin had expected something my own back- labour market. “We expect an governor of the Bank of Japan, tural reforms of labour mar- “leaner that Citing state” and forecast his first meeting in Toronto ground peculiarly equipped me unpublished IMP fore- appreciable drop in the num- told reporters that “sustainable essential to reduce casts, kets were the public sector's share in this weekend with finance min- to deal with.” said Mr Rubin. Mr Waigel said Ger- ber of unemployed this year” growth is passible” in spite of disincentives to work. GDP would be reduced from isters from the Group of Seven many’s growth rate was He had ample experience of due to he said. the K’anwi earthquak e. said Mr Martin the ministers about SO per cent at present to leading industrial nations to be putting together large loans reach around 3 per cent in this While Mr Waigel was the Mr Paul Martin, the Cana- had agreed that greater efforts 46 per formal year, catching cent by 2000. That would “rather and set”. All the his 26 years at Goldman Sachs, up with the most upbeat of the hart ermfinUrtate G7 minis- dian finance minister who to be made to correspond to the level before more so as the newly installed the Wall Street growth rates of other G7 investment coun- ters, others shared his opti- hosted the meeting, said all fiscal deficits and that an were unification. tries. US Treasury secretary had bank. Growth should quicken mism about the world eco- ministers were very pleased committed to reducing the See Observer some explaining to do after last But he was muted in his week’s rift between the US and assessment of how much the Europe over the $50bn aid finance ministers had actually package for Mexico. decided on the issue or the Chechnya But, as he relaxed in his international financial institu- ‘threat to hotel room after a closing Moscow’s budget’ tions. scheduled to be a princi- lunch with his European and pal topic of discussion when Canadian colleagues - the Jap- By Robert Chote, the G7 heads of government would have to push forward of quotas on Russian oil a new $8-2Sbn standby Economics ment on bring down the inflation rate anese finance minister had to meet at their summit in Hali- Correspondent free market reforms if it exports at the start of the year loan, having already loaned sharply again. The G7 finance leave early to fly back to fax later this year. wanted more financial halp and the progress of the budget $4biL ministers will meet Russian Tokyo - Mr Rubin said the Mexico has heightened what The cost of waging war in Mr Waigel said he wor- said was through two of its three read- Mr Martin the G7 was representatives in Washington meeting had “turned out Mr Rubin called the “parsing" Chechnya threatens to break ried that economic reformers ings in the Russian parliament concerned that the costs of the at April's spring mepting informal of the rather and freewheel- of the problem, “but I don’t the Russian government’s bud- might have too little influence were hopeful signs. war in Chechnya - estimated IMF’s policy-making interim ing". get think it has brought us any and further undermine in the Russian government to Mr Martin, Paul the Cana- by some economists already to committee. Far from ruining the atmo- closer to what ought to be progress towards stabilising its keep up the momentum of the dian finance - minister, said the exceed $lbn would put fur- Mr Waigel also gave his fel- sphere, he said, the Mexican done". He was particularly cau- economy, according to Mr stabilisation process. Hie nttwi G7 strongly encouraged 1 the ther pressure on the Russian low finance ministers an crisis bad given life to what Rnbin: ample loans experience tious about the usefulness of Theo Waigel, the German as fact that: man evidence the y Russian government to con- government’s already encouraging report on his visit might have been academic dis- finance minister. tighter international surveil- key reformers had been distan- tinue free market reforms: finances. stretched to Ukraine last month, arguing cussions on the future of the than hypothesise about it.” Mr lance of economic policies, The finance ministers and cing themselves the hum Che- “Further debt rescheduling for He added that the G7 was that the country’s reform international financial institu- Rubin said. which has become a regular central bank governors of the chnya campaign. Russia will depend on the also worried by the recent rise efforts deserved continued sup- tions. Mr Rubin, who took over phrase at G7 meetings. Group of Seven expressed “Everything depends on introduction of tine a comprehen- in Russian inflation, which port. “The discussions here were from Mr Lloyd Bentsen as “If you have heightened sur- unanimous concern about Rus- ensuring the reformers are in sive reform programme that more than trebled to 16.4 per Mr Martin said the G7 “wel- materially different because of Treasury secretary less than a veillance, and as a conse- sia's efforts to put down the charge.” agreed Mr Kenneth will merit International Mone- cent between August and comed the Ukraine govern- the Mexican experience. It has month ago, was plunged imme- quence, a more acute sense of rebels in the breakaway repub- Clarke, the British chancellor tary Fund support” ha« December. The IMF made a ment’s implementation of bold given people a real perspective diately into the Mexican crisis. what conditions are. what do lic. of the exchequer. IMF nffirialB in are already further loan agreement condi- and sweeping reforms since cm what it's like to deal with “I guess I signed up to do you then do with that acute The G7 warned that Russia But he added that the lifting trying to meetin " Moscow secure agree- tional on a robust package to our last g one of these things, rather whatever came along, it’s kind sense?" he wondered.

Ministers put *r-r/~r • Mexico rift behind them Hurt European feelings seem to be soothed, writes George Graham

espite the disagree- dessus had agreed to provide ment between Europe Mexico with $7.6bn in one D and the US provoked chunk, to be available this by last week'B hurriedly con- morning. German officials felt cocted rescue package for this undermined the whole Mexico, finance ministers and principle of conditionality central bank governors from under which IMF loans are the Group of Seven leading Usually mada; the second half industrial nations were at of the loan, they argued, pains to put the rift behind should only be disbursed when them in Toronto this weekend. Mexico showed that it wqs, "The concerns our European indeed, carrying out tee tou£h colleagues understandably had economic programme it had about the level of consultations agreed with the IMF. are concerns that we can relate The original $7.8bn standby to, and I think they were loan was to be disbursed in resolved in the meetings,” said two tranches, as is normal Mr Robert Rubin, the new US with IMF standbys. German Treasury secretary, at the end feelings were not soothed by of his first G7 gathering. the perception that Mr Cam- But it was not just proce- dessus had decided to disburse dural differences that led six the entire amount upfront - European governments to take under pressure from the US the highly unusual step of for- a perception which US officials mally abstaining when Mr deny. SILICON GRAPHICS Michel Camdessus, the Interna- tional Monetary Fund manag- CUSTOMERS in tire FOJRTXJTsTE* GLOBAL lOO ing director, asked for his will be board's approval last Wednes- ‘There the ABB ASEA Brown Bovexi Dow Chemical Mitsubishi Heavy Samsung day of the IMF's share of BIS loan, but Industries $50bn rescue plan: a total of a Alcatel Aisthorn Eastman Kodak Sharp Mitsubishi Motors 317Ebn< comprising an excep- Amoco E_l. Du Font De Nemours Siemens on our terms, Mobil tional SiObn on top of the Atlantic Richfield Elf Aquitaine Sony Motorola $7Ebn standby loan Mr Cam- not theirs’ BASF Exxon Ssangyong dessus had negotiated with NEC Boyer Fiat Sumitomo Metal Mexico just a week earlier. Nippon Steel Industries Underlying the split were Although Germany did not BMW Ford Motor Nissan Motor Texaco serious disagreements over the win satisfaction on the first Boeing General Electric NKK Toshiba substance of the package - dis- $7-8bn, it has received assur- Bridgestone General Motors the supplementary Petrobras Total agreements compounded by ances that British Aerospace Hitachi feeling of many European SiObn safety net to be provided Philip Morris Toyota Motor the Canon Hoechst governments that the package by the IMF will be properly Philips Electronics Unilever foisted on them by phased. Chevron Honda Motor had been Procter & Gamble United Technologie President Bill Clinton without France, which chose not to Chrysler Johnson & Johnson Renault USX adequate consultation. One abstain from the IMF vote, Ciba-Gdgy Mannesmaim more on the credit Repsol Volkswagen important source of the divi- focused Coca-Cola Matsushita Electric different com- sion was Germany's scepticism seniority of the Daewoo Industrial Rhone-PouJenc Volvo - shared in part by the UK, but ponents of the $50bn package. McDonnell Douglas RJR Nabisco Holdings Xerox Dahnier-Benz not by France - about the Although the Europeans did Bosch WVi ’. 3M Robert extent to which contagion from not go so far as to insist that r- Mexico might spread into a the $20bn from the US should systemic crisis affecting all the be the first to be drawn and emerging markets. the last to be repaid, they recognition that In the two days between Mr wanted some not pari Clinton's announcement of the the US money was new Mexican rescue plan on passu either with the flOtm to BIS or with Tuesday morning and the IMF be put up by the Man. at tkt mrii*s Mil inuriut uqaiu art min a nw fires te drive tlcir saccess. IMF’s supplementary vote late on Wednesday night, the the Europeans pressed for two $10bn. 30-5 HiiiltoiatoiaMto^ Silieu Eriyfeics sysluu — free? main kinds of change to the Although European officials has recognised the f;C: package: for the disbursement say the US . owaiies take titrates* *f tiefr tsmsmm. principle that its S20bn should tows of rash to Mexico to be phased V-i first, US officials are more gradually, and for an be used confirm this, and itos,Mtofi assurance that the $iOhn the reluctant to 'WM&yr'i European central banks were deny in particular that they is have to any rigid for- pteaseeaH reluctantly putting up through agreed mula, such as the suggestion the Bank for International Set- be receive some that $2 of US money would tlements would " ' * t ' ' V '(/ ... ."V ”,‘.vA ... y. "n 4 ft, .V-.;; /./ -j/ * ?<*...... « "«"/« for every $1 from the kind of priority over the US’s drawn safety net S20bn when it came to be IMF Several European govern- repaid. . . . , ' were particularly irri- ~ -V I,- . _ Behind these seemingly tech- ments Clinton appeared lay a number tated that Mr nical complaints ,• • ’ jt? • J, £.* V-yfj’rV-.jf--.* ”*ii -v. : ^ ; ' ,v . , v; '/ . These to have promised their money _ / £ » of issues of principle. V :£'#**£* ; rescue package through VV\.V J / LT?S\ ^ to the *’ ’* " hazard f. .'. '» '• the moral V.i',. iff.* v ’ . . ..v "• * • ' • ranged from SYi *- .vVV i . •• on which they ;• . •.> . v. bailout for Mexico the BIS's SlCfbn, Vi-'.J- r : ; that an easy ' if* • ••• scarcely consulted. iff i : : v . might discourage other coun- were .. steps Details of the BIS loan remain il/R tries from taking tough V

American agricultural prod- and thionyl chloride an board demanding concessions from ahead. . “Beginning with sanctions of a list of products it would . - WByn^pnww^nnrepwBiia.'. \ ucts to the Chinese marled as had been alleged. the US and others before it was See editorial comment g following Tiananmen Square, penalise if agreement were not say they have' come to expect intellectual property rights of 4md including both the Chinese reached was a “tactical” move, in China. Investors in power US companies and its persis- fefinre to gain permission to he said. projects have found earnings tent danial of market access for host the 2000 Olympics and the • Taiwan yesterday urged its capped at around 12 per cent intellectual property-based diplomatic morass sunounding companies to invest outside - and there remains the threat of products and industries has MFN status, frustration with China as businessmen devised Hannover 8 th 1 5 th M a r c h , 1 9 9 5 new tflvpfl on foreign ventures. damaged US commerce and US policies has been growing schemes to dodge a possible “US business is fed up," said caused serious losses to Ameri- steadily," he said. trade war between the island’s Mr Greg MasteL at the Eco- can companies and workers,” Furthermore, what to the US two biggest trade partners, the nomic Strategy Institute, a he said. is piracy is simply business as US and China. Reuter adds Washington-based think-tank “We cannot stand by while usual for the Chinese, he said. from Taipei. A senior official Don’t get overtaken “Until the Chinese start the interests of our fastest There is no oonoept ofintelleo- gave a clear warning on the playing, at least by their own growing most competitive tnal property as a right perils of fThlna commerce and rules, it is impossible to invest industries are sacrificed." Although some US compa- the island’s top policymaking there comfortably or safely." He sees the US-China trade nies will suffer from the sanc- body toward the mainland on the It was business, whose lobby- relationship as increasingly tions, most businesses and called for a meeting of busi- ists hold increasingly more “imbalanced." While US labour win unite behind them, nessmen to discuss a worsen- sway in Washington, which exports to China rose from according to Mr Jack Valenti, ing investment dimate there. convinced the Clinton admin- $3bn to g8Bbn a year daring chairman of the Motion Pic- Some 25,000 Taiwanese-in- informution highway. istration last year to break the the last decade, China’s tures Association of America. vested businesses capitalised link between trade and human climbed from $3.1bn to J38bn. “A line in the sand has been at between $10bn and S20bn. rights. This decision is now The Hong Kong trade office drawn," he said. operate in mainland China.

If you want to mdee sure you're

m the fast late of interactive global aunnnitecattons, come to Restrictive practice claims put CeBIT '95. • CeBIT '95 opens up a world of Microsoft in firing line in back possihte tybaspoce, mubi- medw and interactive networking. Louise Kehoe on the controversial US software maker And- only CeBIT has 6,000 ex- - hibitors from ova 50 countries icrosoft Is again the industry, the court proceedings Network” later this year and appear to be attempting to use centre ctf controversy to approve the proposed anti- has said that access to the ser- the court proceedings relating it's your superhighway to the over its dominant trust settlement have produced vice will be provided via a new M to the proposed antitrust set- role in the world market for new allegations of restrictive version of its widely-used Win- technologies of the future. tlement to put a fire under the software personal computer practices. dows operating system soft- Justice Department’s investiga- its ambitions to become Unnamed competitors have ware. and a tion of the antitrust implica- - provider of “informa- that the For your information pack canted leading charged industry Also worrying competitors is tions of the Intuit acquisit tion highway" software and leader deliberately pre-an- Microsoft’s strategy of incorpo- ion. us today. services. notmees products to stall sales rating more and more func- Their strategy could pay off. Justice Depart- of products that Last week. competing and tions into toe Windows pro- Judge Stanley Sporkin, hearing ment investigations took a dif- on one occasion Microsoft gram. Since the vast majority ferent turn and the Inquiries threatened another software of PCs are shipped with Win- are said to reach far beyond company not to develop a prod- dows preinstalled by toe man- issue of whether the pro- uct designed to work with a INFORMATION TECHNOLOGY the ufacturer, this narrows the posed merger of Microsoft and competitor’s operating system opportunities for third parties Intuit, publisher of Quicken, program. to sell add-on software. NETWORK COMPUTING the case, has made it clear t the market-leading personal An extended Justice Depart- Similar arguments were laid he has serious doubts at» finance program, will limit ment investigation of Micro- out in a white paper CM submitted approving the settlement competition in the personal soft’s planned $L5bn acquisi- to the Justice Department on However, 1 the Justice Dep; flnaricft software Tnarh-pl tion of Intuit has also put behalf of group SOFTWARE a of anony- meat - in an unusual turn According to a legal brief Microsoft back in the antitrust mous competitors last Novem- events - has sided with Mk filed by the Justice Depart- spotlight ber. They maintain TELECOMMUNICATIONS that Micro- soft in attempting ment last week, a document Microsoft maintains that to quash i soft has repeatedly used its ther public debate 1 purported to provide evidence critics of the antitrust settle- power of OFFICE TECHNOLOGY in one market segment issues. of Microsoft’s threatening ment are raising “old issues" to move into another. “Ongoing and future enfoi BANK TECHNOLOGY behaviour toward a competitor Whereas earlier Justice ment efforts. was obtained only “recent- Department and . .could be pit FTC investiga- diced by public TECHNOLOGY ly., in ongoing investigations tions of debate conce SECURITY Microsoft looked at mg of the Microsoft Intuit transac- existing evidence or lei markets, the white theories. . .not relevant to thi RESEARCH tion”. paper attempts to predict what The target of four and a half that have already been thor- proceedings," the Just toe impact on competition will years of Investigation by the oughly investigated by federal Department said in its brief be if toe Intuit acquisition goes Federal Trade Commission and authorities. Tim company also ahead. the US Justice Department's insists that the Justice Depart- "You have got to look at the antitrust division, Microsoft ment's examination of its big picture. . mot at isolated appeared to emerge virtually planned Intuit acquisition is segments of the market," says unscathed last July when “routine”. Mr Gary Reback, a California it agreed to enter a “consent However, agency officials are lawyer representing the group decree” to narrow charges. said to be evaluating competi- of unnamed companies. “You The company may have been tors’ arguments that Microsoft years out - however, it leverage J® premature, when might its dominant like Microsoft does.” said the antitrust settlement rde in personal computer oper- Competitors point out, for would have “no material ating systems - where it holds example, tbat the Intuit acqui- affect" mi Its financial perfor- close to 90 per cent of the owM give ifimusSt mance and enable It “to put world market - to achieve a ^ to the this tehlnd us and move foo prnmfngnea in other industry emerging field of electronic commerce ward. . .avoiding further segments such as toe nnHno Further infoimoHon: Arnold Rustemeyer, 25 Hurst Way, South Croydon, Surrey CR2 TAP, TeL: (081) 6 88 95 41, Fax: (081) 6 81 00 69 JspecfcBy a elements wpwwp and distraction". services sector. of the “““we program were Far from silencing Micro- Microsoft plans to launch incorpo- S3 DEUTSCHE MESSE AG, HANNOVER/GERMANY Its rated m a future igjgnau Miaaq Totninwawwl soft’s critics in the software own service, the verstonerf “Microsoft Windows. 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MONDAY.,nKjn.\y FEBRUARY 6 1995 FINANCIAL TIMES _ NEWS: UK Ministers split over EU single currency UK NEWS DIGEST ^^TOpSu^S^ve'hmus in and around By Kevin Brown, erite Conservative Way For- might participate in 1999 sub- recession and “indigestion*’ However, Mr Major’s speech Rules for Correspondent Poetical ward group on Friday. Mr Jon- ject to fresh conditions. caused by the difficulties of prompted oblique criticism athan Aitkeu, a junior minister But Mr Michael Heseltine, establishing the EC’s single from Sir Leon Brittan, Mr John Major’s hopes of at the Treasury, ruled out a trade and industry secretary, market vice-president of the European crafting a unified Conservative single currency. "I don’t want called for continuing UK “You can react two ways to Commission, and a former companies '‘continental chents policy suffered Jewellery to unspecified on Europe a to see a single currency, involvement in tarhnirai talks such a shift in public opinion: Tory cabinet minister. ««. Ed up. Mr severe blow yesterday as cabi- period, for as far as lean possi- on monetary union, and one is to say the public Choosing bis words care- £u£b must director. saJd-Tbt value net ministers continued to bly foresee," Garranfc managing he said warned that be right . . . the companies might other is to fully. Sir Leon suggested on - somt-wherr M to present starkly differing n^gnificSS Mi* Mr Aitken's comments, on take part in a single currency put over the positive argu- BBC television that there was tightened get off think we did approaches on economic and independent rezion of £250,000. I television, went even if the government refused ments of British self-interest in a conflict between the prime Asprey group " Garrards is part of the monetary union. further than Mr Major’s com- to join. Without the belief that you to of Man tiehtlv naming Mr ought to minister’s need maintain a All companies registered in the Isle AtSSah te d*f «™u«- As rightwing MPs applauded promise proposal that the UK Major, Mr Heseltine came dose lead public opinion back in the parliamentary majority and win he required to appoint a Manx-registered SSud. mTS. the Eurosceptic tone of Mr should refuse to join a single to accusing the prime minister direction in which it is best the UK’s long-term interests in corporate agent under proposals by the PANaas speech Major’s to the Thatch- currency in 1996 or 1997. but of appeasing voters angered by served," he said. Europe. island's financial regulator. Any company without an official corporate agent, who will Protection for workers be obliged to ensure it Is not used for illegal Comrois^n yestw The Equal Opportunities purposes, will be removed from the island’s provuj? urged the government to Airports company register. Agents falling to comply day prajMUMkjPTOm Farmers employees with more legal round the will also off. may protestors with law be strut* on be wiU cov today the UK's 45m part-timers The proposals appear in a consultation two Deborah Hargreaves legal rights if they have By security paper from the island's financial Supervision ered by with their employer^ The the continuous service Commission, produced at the request of 'mer un British farmers are enjoying a rights cover redundancy Pai ' 1994 Manx government. The Isle of Man is ^, ^L^ Dae 10 Managers' at Prestwick Airport w southern Scofland halt access to extended maternity their highest level of income self-governing Crown dependency and suffers, iwfcggi and equal eaqxHte a#.five estops- squad bring the workers rights for 10 years, but are neverthe- like other centres, from entitlement. They 1«9S Jan testors baft trucks taking catveo and stviep offshore financial been 2 Do®*® of pro far those for full-timers. It has less Car from confident about abuse of its companies money Laimderers, into line with taatSng at pert of Shorshgm in southern England. Ptado are hutted through by benefit the immediate future. estimated that 750.000 people wiU windscreens, .• faces cuts drug traffickers and other criminals. Some As the National Fanners’ practitioners diligent while immediately. Jad 41.000 pofice asaembieaf Shoreharrt to contain further dtettubaaces. ' are consistently accep- . follow the government s Union of England and Wales The government Is likely to cut others will set up companies for people about The changes Jen 8 AgrfraSture fntnigfer Willfeun WtaJdejyave admits that caftras from ,f*« of a House of Lords judg- gathers tomorrow for its about a third of the jobs at whom they know very little apart from their tance in December farm In scutfMHSBt England are sold for rearing in maKand Europe in oates government was in defi- annual general meeting, any Transec, its specialist security ability to fees. Stuart, Isle Man ment which said the of the type in in pay Sue of banned UK 1980. ; v equality laws by return of confidence will be division which regulates ance of European Union Jan 13 Thick eatwea .to returns -to fiftcr and taWnfl . Swansea airport tom. wort- overshadowed by concerns discriminating against women part-time proteslors neck inspects anti-terrorist mea- arawTbenesrifc wfcaeia and one chafrte hta to m axle. ./ . the rights were only about protests against exports sures at ports and airports, Tax leadership wanes ers. The commission said Jan 18 FoBcs at port ofBrtghSngMa in eastern >ancf remew* cas placed improving the position of of live animals. Clive Cookson writes. About 35 The UK’s leadership to setting the lowest cor- a first step” in .in road to block tracks loaded with caiuea Pofice ftoW back demonstrates make up 87 per ***“ of Delegates will look for reas- of the 100 staff are expected to poration tax rates during the 1980s has been Britain’s women, who alter careara repteced tat*as -from a pub. are not enough to surance from their leaders that lose their jobs as part of a taken over by Nordic countries which previ- part-time employees. “They Jan 21 Ebttipean Union brings forward review of methods of rearing veal part-time they will be able to head off protect an increasing workforce of jana6M®B9Bisre:S»aaBeea*T>crttosoutoW^tiecktototiattrt^port

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^NANCIALTIMes MONDAY FEBRUARY 6 1995 MANAGEMENT 9

oom with a lake view - of each session in fixe lecture thea- beautiful and reputedly Tim Dickson was one of 50 participants who attended an executive tre - seated according to a different lively at night Or qui- plan each week in an effort to eter, more modest sleep- course in Switzerland. Here he recounts encourage participation - before ing quarters, overlook- the experience mgineR retiring to one of 10 separate “study Hotel’s dreary garden. WWi groups” of five or six people for adtaaraiitions from Financial Times further dissection of the issues and budget control ringing in my preparation for a possible presenta- ears, the choice seemed simple enough tion to fiie whole class. when I arrived in Lausanne. Switzerland The study groups served a num- for the start of a five- it’s really like £3r >*•• What ber of useful functions: for certified week business coarse last autumn. Myers ^Briggs “introverts” like Shaving SFiSOO (£250) or so from my myself they offered a less intimida- accommodation expenses was a *is’ course. business school is equal they 7pm. Indulging the natural ten- long absence in their stride - and it By general agreement BID’S pro- cert - was a delight schools, in philosophy and Phrases like “shaper”, “plant” cannot only dress down, but let dency to recover with a lengthy din- would be dishonest not to admit fessors ranged from the outstanding politics and economics, to and “company worker” were posi- their Mr down. ner - thereby falling to plough that freedom from family pressures to the more variable - hardly sur- uring the last week of spread that message^ leavened tively tripping off our tongues after True, it sometimes seems strange through the necessary set texts — facilitates reflection. with dose of **>. prising given the nature of Ped. It is the course I noticed a Shinto mysticism. S5 first ~ the few days, and long before being back in a classroom but the put “offending" participants at an I know, though, that 1 was not one thing for business schools to more and more people Apart from employees, the • • m we said our last goodbyes we had point about executive courses is obvious disadvantage in the discus- alone in desperately missing my teach information technology to a anxrinuRiy reestablishing two most important members of ' become experts on the character that there are no MBA-style assess- sions next day. wife and at D - Matsushita's corporate family children the beginning, group from a single company; it is contact with their offices no coin- MfwV types represented by the initials ments or any sense of working for a “I felt last night that the course something which not even fel- much harder to present the “heli- cidence, sure, possibly con- are suppliers and customers. l * my Fm but CAS** Sf>; .. INFJ and BSFP. formal qualification. had been going a week," I wrote in low sufferer from BT could copter” view of business (finance, nected to a general feeling of anti- The customer is king, but & king That lingua franca was important The metaphorical loosening of the my diary the first Wednesday, “and instantly put right with advice on marketing, operations managpmpmt, climax. that needs to be advised and its thou h because at best IMD's executive executive tie, g , does not hap- then realised with horror that we his company's attractive interna- product development and human Devoting three days to fixe “inte- supported by his subject, toe programme was more than a skill- pen overnight Most of my fellow resources) to accountants, engi- grative end of module exercise” — a manufacturer, be writes. sharpening session where things participants at IMD were jovial neers, IT specialists, personnel peo- business game in which teams com- One example Is Matsushita'S are taught and participants listen. types - the classroom banter, par- Critics often deride the business school ple and even a journalist from 25 peted to sen washing machine* to reaction to customers’ initial At a different - and arguably more ticularly from Myers/Briggs “extro- countries. At times it proved impos- the European market - was proba- refusal to accept fixe company's . campus as an artificial environment. While ambitious - level if became bn exer- verts" was light-hearted and sible to pitch the discussion in a bly too much. It may not have first bicycle lamp because they cise in human interaction in which good-natured from the start - but I there is some truth in this, those who make way that engaged experts and Don- helped that our team, which I was disbelieved claims that ft would '' =•' L.a.-¥«£L t-flf . relationships between people devel- still felt it took a week or two for the jibe draw the wrong conclusions experts alike. rashly elected to chair, collected the burn for 10 times longer than oped and new ideas blossomed. everyone to relax. The first five-week “module" of booby prize. the competition. To prove the Critics often deride the business If in no other way, this could be Ped is structured mainly around The good news is, however, that point, Matsushita’S staff handed school campus as an artificial envi- judged by the crush - or lack of it had only been there for 48 hours.” ti onal chargecard discounts. these functional issues - but IMD’s Ped comes in two “modules” and 1 out 100 free lamps to shops, ronment remote from the real in the early days - in the hotel bar “Yesterday began with the star- The handful of British-based par- most significant contribution was to intend to return for the second half. switched them .on and returned world. But while there is some (complete with lakeside view). One tling news", I went on despairingly, ticipants faced a particularly cruel provide the environment in which The inducement is an even wider- two days later to show that the truth in this, those who make file reason for that was the volume of “that one of my breakfast neigh- dilemma just an hour's expensive people were able, and indeed ranging “syllabus”, with particular lamps were still burning. Matsushita relates jibe draw the wrong conclusions. It homework - two hours of case bours had been in a study room on flying time from London. Our Swiss warded, to learn. “The mine you emphasis on the external social, bow he midnight is precisely because those attending study assignments and additional campus fill after discuss- colleagues were able to slip home put in, the more you got out," one economic and political environment astonished some of his suppliers visited courses like the Ped are divorced reading even for the brightest and ing cranberries (the subject of that after classes on Saturday morning of my fellow participants observed. in which businesses now operate. fax the 1930s when he *. < still it; their factories and pointed from their offices - sanitised from best - which came on top of an evening’s case). How can people do and make a weekend of the Case studies were widely For me there will be the added fas- out »nd finding where they could achieve cost daily pressure, internal politics and already exhausting day. this and still observe Swiss time?" South Africans Pacific rimmers employed but the best insights cination of out whether, six savings, to meet Matsushita’s fear of failure - that they are able Breakfast was usually taken Coping with an overflowing work- were far enough from home not to probably came through the Interac- months on, my colleagues and their - demands for lower prices. to step back and look at themselves between 7am and 8am in some load was one thing, getting used to be tempted (although one of the tion of relevant ideas from our read- employers think the substantial No client had thought of addressing objectively, confront criticism and cases after file early morning jog the lack of family support was Americans flew to Bogota for his ing and the comments of experi- investment has been worth it d suppliers In that way. experiment in ways which might be organised by one participant from another part of the early .adjust- brother’s stag night an managed to enced hands-on managers. Typically This time, however, I think FQ course the take with lake view. Similarly, Matsushita was an impossible in their own rigid corpo- Nestlfe. The first session began at ment process. Clearly this was not a miss just one day of the in we spent an hour or so at start the room the be early pioneer ofjust-in-time |li stock control. It adopted the technique after an earthquake in eastern Japan to 1984, when Matsushita was astonished to Of business ethics and litigation find the losses at wrecked warehouses far largo' than he expected, because of excess

style, it refers to the boss who has the clippings file. More likely, stock. So much for the he top executive pay issue and firing decision to the in-house manage because he is too however, it is people inside the Cassandras who argue that the has provided excellent ethics committee for approval In a no time to often oat doing other things (or hid- organisation who, not briefed to recent Kobe quake will jolt material for the business sense we do; many deririons have ing). This style, however, often remain mum, are excited by the Japanese ideas on stock control. ethicists. But is the con- to be passed by various regulatory to do likewise and media attention. The need for senior managers T ethics an ephem- bodies which have a quasi-ethical leads the staff so with business cern to humility is Indeed, some business issues one finds the entire outfit becomes Receptionists selected for their show deep eral trend; a justifiable pursuit; or remit the Marie Celeste organisation. chirpy social skills and perhaps the most Japanese part oxymoronic impossibility? are so over-controlled, regulated an garrulousness often “spill- of Matsushita's philosophy. organisations run in-bouse and monitored there hardly seems Some ADRIAN FURNHAM identifying point debating the topics fur- the-beans" thinking they are being Only by and courses on the new, politically cor- any helpful. But the most vociferous of admitting their own part to rect topic of business ethics; others ther. But why do we have ethics com- When unwelcome publicity all informers are those who have company mistakes can now establish tell-tale telephone num- managers acquire the moral I mittees charged with making these ribihty. No one person - or perhaps sharp litigation lawyer. surrounds a big organisation the been made redundant in the past can report bers so that employees authority to juniors. What training skills or one moral code - can personally be corporate lawyers frequently few months. They are eager to seek admonish on unethical activities (so-called decisions? does one need to be on held responsible. suggest either that the managing revenge for their dismissal by Matsushita himself once shamed whistleblowing). A sort of moralis- knowledge " ail organisation and its striking lavatory cleaners hack be these committees? A second reason for an ethics director reply “no comment to rubbishing the tic McCarthyism seems to to agreed committee concerns that of Is it that all the jokes about inquiries and questions or read out leaders. Even the staff leaving the work, in 1923, fay cleaning the corporate bodies. If indeed there are a set of bane Why spreading around factory if approached a company lavatories himself. ethical principles to follow, why do American social and corporate life management style are derogatory. a carefully prepared bland office or by But what is business ethics? It is - litigation. Many ethics commit- Seagull management involves “fly- statement. Terrified of people to the charming reporter, may happily Of wider use is Matsushita’s applied to busi- we need a committee to puzzle them essentially ethics incriminating “give an interview”, so scuppering axiom that a manager must be particular out? A job-creation scheme far the tees are about attempts to prevent, ing” in to an organisational outpost, organisation ness issues; it isn’t a an exemplar of diligence and and moral majority perhaps? dreumvent or mitigate legal suits. dumping all over the employees and themselves and exacerbating the the corporate lawyers’ plans. f brand of ethics. All medical devotion to the company. As more expedient to If this is true, the ethics committee flying out again. Mushroom man- problem, the lawyers believe the The moral for crisis media one fre regularly It may be much behavioural scientists are most be prepared of Ins epigrams puts it “The tall a trained ethidst or philosopher should be replaced by (and agement too, has scatological and “never confess; never explain" management be: to subject their research ask required images it involves route the safest to handle the media focus; choose trails the head. If the head weeks eth- to fathom out how to apply abstract renamed) the litigation inquiry. corporate for of the proposals to the scrutiny trouble with this articulate, well-briefed and moves fast, the tail will keep op 4 ethjrai principles to everyday busi- Rather than simply getting “feel- keeping employees In the dark and But the ics committee. covering technique is that the investigative empowered spokespeople and keep the same pace. If the head is he the ness situations, instead of a jury- good” points, a company should periodically them with the same might soon sources of them: communicate directly to sluggish, the tall wflJ droop.” And collection of the great and the decide on a set of ethical principles manure. media goes to other entrepreneur, even the type lot of the (many exist), appoint an expert eth- Other styles refer to the non-exis- information over whom one has no your most important audience. consultant Imagine good. management reason committees are irist to decipher and apply them; tent management style. Sometimes control. This may be one’s And resist the combative takeover bid. every The real William Dawkins taking every commercial rivals or, in extremis. instinct used, of course, is to diffuse respan- and have him/her assisted by a called absentee landlord or golf-club M&M proposal, indeed each hiring

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centres toll busing US storm Road 7B threat Mountain crash weather In the leading Utety w*a A fierce Deaths on French reads fefitoa OaemfiBon A Taiwanese airliner was flying The days of Mon Tim SB-yesr low j 10 Storm test year of 8,533, people slammed according to the French kffllng four people Tokyo &0 ewwy jeer of last week, 3w on Vietnam's the east coast. Hew York's 2D the north- govemmertt. The number of tabewfab aboard, ssy aviaton officais- national 19 19 La GtOTC&a and John F 17 & eastern US deaths, fafting for a sixth Hongkong & In soath ssfe, They say the Foshing Airlines airline & Kennedy airports wens « 6 at the consecutive year, was 5.7 per •- a monitoring twin turboprop ATR-72 was soon be over, 8 8 13 « £> dosed, but reopened after fewer than in London <£> weekend, dumping to cent 1983. Last cartre In Kathman .1 ItXJOh & du said flying at abcx through a the compete says. It has some hours, prevkfing 4 4 40cm of snow and year France toughened its last week, Reuter reports rainy night when 8 crashed less signed a deal with a French I® 3 United services. New frwktart <£> a & eflsr ptm trawl. drink-drive taws scwcrdV u g and beefed up from Hew Delhi. The centre than 15 minutes before it was catering ftm to treat Hs & airport 3 Airports closed and reads Jersey's Newark campaigns urging motorists to said that of -6 t 3m new victt&is due to laid in Taipei An 1 customer s to better food - + managed onfy Umtted to* York 4 &> e> £> were glazed with ice. wear safety belts. Over six reported worldwide ATR-72 operated by the US its latest move to e, services. Ah' { 22 “This is cteariy the biggest traffic was yeas, the number of deaths has ahffuaSy, 17 21 2m were from the airfare American Eagfe crashed modernise Itself. The akflM L Angeles 24 16 0 « snarled at Ph delphte; { fci ehinn of the season hi a Sa feSen per cent, by 19 although . re^otv 8 retoaned the in Indiana last October, killing ad and Servair, an Air Ranee Boston's Logan Airport j «> 0 10 lot of places," said France's safety record is stiti far figwes at Its fourth 8 8 annual 68 people aboard. The US subskSary, pten to Invest Mto . » O at stage; j & meteorologist Jm Candor. dosed one and less Impressive than other meeting regional of experts. Federal Aviation Administration j equally In a $300m venture. 8 BdhwrttaMngiMi 12 10 8 The storm brought high European countries'. In 1993. Lack of accurate statistics then grounded ATR-42s and Vietnam Airies' passenger Paris <£> 11 (O 0 operated only one of its '& winds and freezing the number of people kflted in was the biggest chanenge ATR-72s in icy conditions, but trsdfic has surged to 1.7m four runways. 8 7 S temperatures. Thousands French road accidents was sto to 2mkb <£> 9 & 3® hi ing the tfrroa to only since country started to pp so's this was Based apply the & of air passengers were per 1m care, against 224 in spread, ft added that a ffights in freezing rain or drizzle. open Ksetf to foreign MMMa H CefaWS stranded at borne or at Germany, 188 in Italy, 190 in the confafciaCun of TB ad Afcte The temperature was above Investors and tourists hi the us-««-hm«Wcept keeps W Our , aii ports. Netherlands and 135 in made for a worsening local freezing at the time of the crash late 1980s. RISes 19 l Travel snails were Britain. health picture. in Taiwan. International route*.

and uncom- urostar - the protracted, spartan whose princi- high-speed train link fortable business to5 cost. from London to Paris pal merit is high-speed French and Brussels, via the Quite a long way If the E can get you. in reasonable Channel tunnel - may be a hit TGV to Lyon m Early indications suggest the comfort, from Pans should it takP trains are attracting promising two hours, why Frankfurt? If business, with London -Paris six from Paris to German ICE can speed traffic well above expectations. to go yet the to Cologne in There is also evidence that from Hamburg can businessmen are warming to just over three hours, why not the service (three hours from Does the Channel tunnel link now mean European the BrusseLs FranJvfurt trip city centre to city centre! and take the same time? cross-border that their enthusiasm will railways can rival air travel, asks Charles Jennings With effective grow once the new, more fre- collaboration and a little com- routes, quent services are fully into Midi is gloomily underground. another underground con- the closed compartments. mercial zest, certain Paris-Frankfurt or Ber- their stride. Facilities are few. And I had to course - livelier and less bleak Unfortunately, mine turned such as be designated What makes this so interest- wait an hour to connect to than in Brussels, but with the out to be a common or garden lin -Zurich. could rail with faster ing is the possibility that a Cologne. It was so cold that I departures board bafflingly express. Every now and then I highways, a level train service may be able to was worried about frostbite. well hidden - and looked for would catch a glimpse of an trains, fewer stops and the best of compete successfully against Nothing illustrates more what I hoped would be one of ICE on a distant platform, of service closer to or the ICE. the airlines, on their own starkly the differences in the new inter-city expresses splendid in its white and red Eurostar, the TGV station terms. But does the revolution approach and aspiration (ICEs) which can reach 30Qkm livery. But the ICEs do not yet Add some proper drawbacks extend any further across between air travel and the rail per hour and of which Ger- run between Cologne and facilities and the disappear, Europe’s rail network? business than the way passen- many is suitably proud. Frankfurt, so I had to put Up would start to thought Does it make sense, for gers are treated at rail stations. By this stage, I had been with a medium paced journey. though it is a sobering terminal example, for businessmen to Even the meanest European travelling for seven hours. The I was hungry, too. I could that the international station take the train from London to airport terminal will be warm, amount of work I could have not be bothered to change my at London’s Waterloo Frankfurt, or from Frankfurt dry. full of seats and, at the got through in that time would money to Belgian francs on the cost £130m. to Paris? Having spent several bigger locations, staffed with have been stupendous, pro- first leg of the journey, and by Eurostar is already promo- at days finding out. I can report polyglot assistants. vided I didn't need a telephone, the time 1 was in Germany, the Tont Mamtn ting the railway crossroads to an that western Europe's rail sys- But at a rail station, none of fax or telex, and provided I buffet on the Cologne-Frank- Eurasian businessmen are warming to the London-Paris service, which takes only three boors Lille as a gateway tem has the potential for some- this can be taken for granted. didn't need a table. Continen- fort train seemed to have gone improving European network. and thing extraordinary. But only Built to allow the smoke of tal first class train accommoda- missing. As a result 1 foil out (an SNCF train grandly named The downside was that even Stiff and disgruntled. I When things are fully up able masochistic business folk steam trains to escape, stations at Frankfurt Hauptbahnhof at the Gustave Eiffel) from Frank- a relatively pleasant train jour- arrived at Paris-Est shortly runnin g, travellers will be would try to use it extensively are inevitably cold and 9.30pm (20 minutes late), furt to Paris-Est, with no ney like this makes no sense after 5pm. and trudged across to connect at Lille with fast now. draughty. Worse, they have There was none of exhausted and starved. changes and no waiting in unless you love trains or have to the Gare du Nord and the trains to Bordeaux. Marseille. one direction, The first let-down on my trip almost no seating, almost no the plotting you I then discovered the accom- draughty stations. the whole day to spare. Hie Hotel Terminus Nord, in order Turin, Geneva in came at Brussels Midi, the Bel- staff and offer only basic ser- modation bureau had closed My spirits rose. a start. I journey time to Paris was over to within striking distance and to Amsterdam. Antwerp usually need to get For be gian terminus for Eurostar. vices - bad coffee, burgers and half an hour earlier. But 1 could spend the morning lying six hours (against just over one of the Eurostar return. This and Frankfurt in another. Until then, everything had poorly stocked newsagents. If to the airport and knew the Parkhotel - the busi- in bed or walking along the hour in the air), with no required me to check in at Eurostar recognises, abuve rivalled air travel standards: you are waiting for a connec- nessman's favourite - was banks of the River Main, safe chance to stretch my legs. 7.30am the next morning, all. that the critical journey on to your flight smart new terminals at either tion it's dreadful. only a short walk from the sta- in the knowledge that I could There were more first-class about the same time as Termi- time is three hours. Once a end: attentive service in first Still, the Cologne train - a tion. and I threw myself into be out of my hotel and on the compartments without tables; nus Nord starts serving break- long distance rail journey in class, with copious free drinks; Belgian express - arrived bang tion either follows the airline its efficient embrace. Since train in no more than 10 min- and the restaurant car food fast 1 left Paris grimly hungry. western Europe gets reason- and a journey that was on time and made good speed style, with open carriages and leaving home in London. I had utes. There was none of the would have been unthinkable Frankly, the quality of ser- ably close to that, it is able to smooth, swift and punctual down through Liegeand fold-down tables on seat backs; been on the move for 10 hours. plotting and calculation you on a half-decent airline or Brit- vice and ambience of rail compete with the airlines. But once 1 left the Eurostar Aachen before depositing me or it uses old-fashioned closed Including airport check-in time normally need to get out to the ish Rail. I ate tepid veal and travel have been for outstrip- The technology already terminal and made my way to at Cologne Hauptbahnhof, compartments with two rows and taxi transfers, I could have airport and on to your flight- It rice with a small, sourish bot- ped by the airlines. Where, on exists to reduce journey times the mam concourse in Brus- where I had 10 minutes to find of seats, facing each other. The Down to Frankfurt in a third of was also good, once aboard, to tle of Cote de Brouilly. I could Europe’s trains, are the free considerably, and to improve sels. I time travelled back- the Deutsche Bairn connection older the train, the more likely that time. to watch the scenery of the not even look out of the win- drinks, free meal. 10 music travellers' surroundings 100- wards - about 40 years, I to Frankfort. you are to find a mixture of the Next day. I did things differ- Saarland drift past and feel dow because of a metal bar at channels in the arm rest? Inter- fold. Eurostar has made a should think. Most of Brussels I made my way through two. And there are no tables in ently. I took a direct express like a traveller, not a package. eye height. national rail travel is still a promising start.

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financial times MONDAY FEBRUARY 6 1995 11 MEDIA FUTURES

here was a time in Alice Rawsthorn interacts with rare electronic version of the 1960s when the Blowin' In The Wind, with Ruskin mainstay of any Bob Dylan on his new CD-Rom comments from his contempo- all wired up self-respecting raries, including heat poet T record collection Allen Ginsberg and guitarist was a (not too) cracMy vinyl Eric Clapton. Users can also Martin copy Mulligan looks at plans for a pioneering library of Bob Dylan’s Highway One more visit access a discography, lyrics 61 Revisited. and Dylan's own song notes. Times change. The Dylan ohn Ruskin, Victorian If Highway 61 Interactive work and aims to develop It bating to this tradition in a here, by means of its environ- classic has since sage, social resurfaced on sells well. Sony Music will con- reformer and technologically. The British new way. We want people to mentally friendly systems, its the rather less crackly formats sider other art critic, may not be the the launch of Academy has funded a feasibfl- encounter the multiplicity of massive walls, the building- of cassette to and compact disc, Highway 61 CD-Rom first name you'd expect products. In the mean- ity study for a pioneering elec- Ruskin, " says Wheeler. within-a-building like a medi- and has to meet in now reappeared in yet time, it is finalising plans for the contest of tronic edition of Modem Paint- That there has been an inter- eval cathedral." another guise as Highway 61 another product: J Net surfing, digital CD Plus. data- ers, perhaps Ruskin's most national Ruskin revival is bases and the The Ruskin Library, Interactive, a CD-Rom version CD Plus, developed jointly' by World Wide ' famous opus, using the rapidly home out by the global Ruskin designed by Richard MacCor- of Dylan's music which went Web. But if Professor mwmh»i Sony and Philips, the Dutch evolving electronic techniques bibliography, which Tnan rmwmantting promi- on sale heeler has and a in the US last week. electronics group, is an W has his way, Ruskin of hypertext and hypermedia. become crowded during the nent position overlooking the Highway 61 Interactive is not enhanced version will soon be fully wired of the audio up. An Anglo-American team of last 15 years. Wheeler sees sea campus's western only When Ruskin on the Dylan’s first foray into CD. It plays music on conven- was born in scholars is - ramp being for Lancaster a us close to edge, would operate a system CD-Rom, but also the first tional audio CD systems but 1819. the dehumanising effects of so-called passive environ- CD-Rom product to be released also offers video, of Victorian industrialisation, graphics, text mental control. Its massive by Sony Music Entertainment, and music when which turned once-skilled played on walls would keep temperature one of the world's largest CD-Rom drives. workers into mere extensions and humidity changes to a record companies. Sony sees Sony intends to launch two of their machines, were becom- minimum, with no need for the product as its entrie into CD Plus products in the ing apparent Some see US paral- air-flnnrtmrmiTig- Wasteful the buoyant new market of this spring: Dylan's Greatest lels between then and now, as The collection of 1,700 draw- interactive entertainment. Hits Volume S and Alice in the second industrial (or elec- ings, diaries, 300 literary manu- The music industry is a rela- Chains' Jar Of Flies. Both will tronic) revolution takes its toll, scripts and 8,000 letters would tive newcomer to the interac- Both Bob Dylan (right) and Prince have gone interactive retail for $26.96. The company visiting evils of consumer be translated into electronic tive sphere. Warner Music led manipulation, unemployment' has plans for up to 15 other analogues. Written permission the field last summer by releas- S2.4bn (£l.5bn), were sold last tional CD-Roms - titles and environmental interactive by the summer, most of damage on would have to be obtained in ing Interactive , a CD-Rom year worldwide. It expects discs played on personal com- which will be special versions late 20th century life. order to handle the fragile orig- devoted to the work of the art- sales of 12Am drives fitted Ruskin, in 1995 puters with a CD-Rom of newly released albums. champion of the Vic- inals housed In the library's ist once called Prince who has with the market showing com- drive or on TV sets with The advantage of CD Plus is torian working class, would Inner sanctum. However, there since (to Warner's fury) pound annual growth of more CD-Rom conversion devices. that it offers something extra approve of none of this, nor would be simultaneous multi- changed Ms name to an than 20 per cent until 2000, Highway 61 Interactive - to the standard audio CD pack- even perhaps of the marketing ple access to the catalogue and unpronounceable symbol. when it should have increased retail price $59.95 - uses the age. It is attractive to artists, of Britain's national lottery. rafl +wriflifi in to all the their Some 60,000 copies of Interac- to about 31m drives valued at CD-Rom format to offer an and also a reassuring concept But he would surely approve of electronic forms - the fruit of a tive had been sold in the US by $6-2bn_ overview of Bob Dylan's career for consumers, wbo can play one vision which money from pain king program of catalo- the end of last year. So far the businesses that in words, video, graphics and CD Plus albums on their old the lottery may help realise: a guing and digital transfer Other record companies are have been most successful in music. systems while deciding purpose-built library, resem- which will take more than five following suit by developing developing CD-Rom products It includes seven “virtual whether or not to invest in a bling a medieval cathedral, to years. their own interactive products. are book publishing and com- environments" that use com- CD-Rom drive. house his collected papers and Is this only an upmarket The chief catalyst is the rapid puter games. But the movie puter graphics to reconstruct Sony is not the only record forming a metaphor for his life- atte t mp to malm of Ruskin an expansion of the CD-Rom mar- studios and music groups that seminal scenes from Dylan's company dabbling in CD Plus. work. exportable cultural icon and to ket which has become one of dominate the traditional enter- life, such as the Columbia PolyGram. controlled by Phil- The prospective library tap into the Lake District’s the fastest-growing product tainment industry are starting Records studio where he ips (Sony's partner in develop- would fuse aesthetics and tech- Romantic associations? (Lan- sectors of the mid-1990s. to explore the potential for recorded Like A Rolling Stone ing the technology), is consid- nology uniquely, housing a caster University has a Words- A recent study by BIS Strate- interactive versions of their in 1965 and the Greenwich Vil- ering launches of its own, wealth of electronic media and worth room in its present gic Decisions, a research con- products. lage coffee house where he was while EMI Music intends to datapoints throughout Byzan- library.) Is even a danger than sultancy , estimated that some One option for the music discovered. There are snatches release about a dozen titles on tine in colour, Gothic in mood, of triviallsfng Ruskin? Is the 9.6m CD-Rom drives, worth groups is to develop conven- of Dylan’s music, including a CD Plus in the US this spring. it would provide a state-of-the- project dogging the footsteps of art research facility for Ruskin that most successful American students worldwide; a hand- cultural export, Mickey Mouse? some art gallery for admirers Picture it: signs emblazoned of his work and principles; and with “You are now entering Europe hampered by poor vision fresh impetus for the cultural Ruskmland" upon Lake- life centred on England’s Lake land poets’ untrodden ways. By Alan Cane business methods. The keeping pace with the rest of next two to three years. Most District which Ruskin loved. Will Ruskin do for the Lake survey's authors comment the world - against nine out of Americans, conversely, Wheeler's office on the Uni- District what Mickey Mouse Europe’s progress along the “Their European colleagues 10 north Americans. expected an increase in versity of is Lancaster campus has done for Florida? slip lane to the information lack vision. Indeed, the For some Europeans, it does working from home. more like a comfortable living Wheeler sees no~ such dan- superhighway looks like being evidence in Europe indicates not matter much. More than a The survey’s methodology is room. The appearance is decep- ger. “It would be wonderful for delayed by a chicane of old there is a clear split between third of Swiss and Italian and open to question in that only tive. Like James Joyce, whose the region. Brantwood has working habits which may what management understand almost a quarter of German one interview was conducted texts he formerly taught, he is 40,000 visitors a year and. as hinder change. and what they intend to do." business executives thought it per organisation - An stickler a for formality, proper his historic home, its function A survey of more than 1,000 The survey, commissioned of little importance to be organisation devoted to - modes of address and col- is to present visitors with people working for large by British contactable when away from exploiting multimedia lared ties. every aspect of Ruskin’s work. companies in nine European Telecommunications and the office. opportunities had only the He is small, agile, animated It is not vulgar, it is not a countries suggests that a carried out by the Harris Another point of difference: same representation, - and passionate about Ras- theme park. Vulgarisation is surprisingly large percentage Research Centre, found little home working. Almost 90 per therefore, as one with no kin's lifework, even perhaps of the last thing that will hap- are decidedly indifferent to difference between Europe and cent of Americans spend some ambitious in information Ruskin’s prophetic mission. pen." many of the “benefits” the the US in the benefits expected part of their week working at technology. “Ruskin was a prophet to his Lancaster's costings show multimedia revolution is from multimedia. home while one third of But the overall conclusion - own age and to ours," says that it can run the library expected to bring. It revealed, however, that Europeans never work, at that Europe may not reap the Wheeler. “What better tfmfog (once built) for £110,000 a year. US businesspeople, on the just over half the Europeans home at all. This seems benefits of the multimedia than now [to build such a this purpose. There are plans, the Lake District and to Bran- The projected capital cost is other hand, are actively canvassed were satisfied that unlikely to change. Two-thirds revolution swiftly unless ft library] when materialism has too, to produce a CD-Rom ver- twood, Ruskin's home on Con- £2.3m. The university last seeking ways tonsethe new the introduction of new of Europeans saw no change in arts now - can hardly be become the national religion. sion of the '39-volume iston Water - as the ideal site month submitted its lottery technology to improve their telecoms technology was home working practices in the resisted. Ruskin’s whole critique of Vic- (1903-1912) Library Edition of for the Ruskin Library, not request to the National Heri- torian industrialisation antici- Ruskin’s works. Specialised least because stylistically it is tage Memorial Fund for ELSm, pates our own revolt from software Is being written for a a buflding and a project for the and will have an answer by inhumane urbanisation." pathfinding electronic bibliog- 21st century, and Lancaster May. REPUBLIC OF KENYA The library, however, is only raphy and a chronology of Ras- University is a preeminently Perhaps Britain’s millennial part of the vision. The multi- kin's life and work. modern campus. celebrations will include the disciplinary Ruskin pro- “Ruskin is now coming into “Ruskin was a man of ids opening of the Ruskin Library MINISTRY OF RESEARCH. TECHNICAL TRAINING AND TECHNOLOGY gramme at Lancaster Univer- his own. There is an ongoing time, not of our time," he says. - a fitting way to mark the sity already carries out origi- tradition of Ruskin scholarship "Any building should make its centenary anniversary of the INTERNATIONAL COMPETITIVE BIDDING - nal research into Ruskin's and at Lancaster we are contri- own statement about its time sage's death. MICRO AND SMALL ENTERPRISE TRAINING AND TECHNOLOGY PROJECT (MSETTP) CONTRACTS FOR CONSULTANTS’ SERVICES Westminster weaves a web on TV EBQJECJLQgpB&M&IQB FINANCIAL SPECIALIST By Stephen McGooktn our lives to explain their think- compulink.co.uk) are wired. page (http:/ Iwww.hm-treasury ing and actions, but more Prime Minister John Major is, goo.uk/) is proving popular, PROCUREMENT/CONTRACT SPECIALIST Could it be that Britain’s importantly the daily format as yet, not. Anne CampbeU presumably among the same so- people who regularly call up politicians are waking to .the and easy access provided by fan Re. Campbell mpi&pipex. Invitation for Prequalification power of the Internet, the the technology means the lo.com). Labour MP~ for Cam- the World Bank (http:{/ information highway that links general public will be able to bridge, whose electorate is per- www.warldbank. org). The Government of Kenya has received a credit from the International Development Association (IDA) for the more than 30m computer users engage in the nation’s political haps the most highly A joint venture between elec- worldwide? life in a significant way.” Net-literate in the country, has tronic publisher Chadwyck- Micro and Small Enterprise Training and Technology Project (MSETTP) to:- nnHne From today, television view- Un-Netted viewers wiH also hplri Britain's first con- Healey and HMSO has pro- - a version of (a) Develop and implement policies enabling the entrepreneurial environment ers will be able to watch their be able to quiz the guests stituency surgery, and Tory duced CD-Rom being including, for the first pro- David Shaw ([email protected] Hansard going back to 1988, members of parliament (b) Provide access to skill training and appropriate technology for micro and small enterprises and questioned directly via the Net, gramme, health secretary Vir- mon.co.uk) recently appeared and an online version of par- - facilitate technological innovation in the sector. as the BBC starts a new daily ginia Bottom!ey by tele- on late night television extol- liamentary accounts may be Westminster phone, fax or videophone (the ling the virtues of e-maiL dose. morning show. (c) Improve the operational and managerial capacity of institutions and programmes that support the On Line (westonline@bbc. programme hopes to have vid- If some MPs are proving slow In the US. citizens can obtain appreciate the Net’s poten- details of their goverment's sector's development co.uk). a 45-minute live pro- eophone points across the to country). The presenters win tial, venerable British govern- daily activities through an gramme, will be broadcast at Private sector contractors, training and research institutions, Jua Kali Federation and Associations and 8.15am following breakfast filter and ask the questions ment institutions have taken online version of Congressional employers would be the primary agents to promote and implement the proposed project. The executing news on Mondays to Thurs- received over the Net during an electronic leap of one sort Quarterly and from Congress's another. well as the Gov- new site on the World Wide Technical Training Kali Federation days while parliament is In ses- the show, but the BBC hopes or As agencies are the Ministry of Research, and Technology (MRTT&T), Jua contacts wfil be ernment Centre for Informa- Web, launched with great fen- sion. that an e-mail and Associations. House Richard Clemmow. editor of answered personally. tion Systems (http:Hwuno. fare last month by party lead- open.gov.uk/), individuals at Speaker Newt Gingrich. It has It part of the from the International Development Association (IDA) Credit will be the BBC’s live political pro- While opposition is intended that proceeds (tony.blan% departments are contact- been christened Thomas after grammes. says: “Not only will ers Tony Blair many applied to payments under the consultant contracts listed below: .pQpteL.org.uk) and Faddy able via e-mail, while the Trea- Thomas Jefferson (http.i/thom [it] allow politicians and geo2 paddyashdoum@dx. sury’s World Wide Web home as.loc.gov/). others making decisions about Ashdown ( Project Coordinator General management of the Project, Personnel and relations with Project beneficiaries; reports to the Permanent Secretary. MRTTT&T

Financial Specialist Maintains Project accounts and Coordinates financial aspects of Traders jostle on to Net Project agreements; reports to the Project Coordinator Procurement Specialist Ensures compliance of procurement procedures with IntemationaJ Commerce is coming to the superhighway, says Christian Darkin Development Association (IDA)/Govemment of Kenya Guidelines and prepares bidding documents; reports to the Project. stunting says Jay Tenenbaum, head of card through a reader in a has taken a long time the Internet is still Coordinator commerce. Nobody argues CommerceNet ’s board of direc- shop, the money is removed jr commercial enter- about the advantages of negoti- tors. Member banks, he says, from his own card and credited rise to take root on the PrequaJifications of consultants who have submitted a letter of interest, as indicated below, will be done get head start things are ating deals, signing contracts, are eager to a to the shop's card. Eventually, iternet But three contracts, in accordance with IDA’s Guidelines for use of Consultants by cing orders and transferring In Britain, however, there is bank cards could allow people simultaneously for these tarring to happen. pla funds electronically. But how more caution. "Before a ful- to dispense with banks. If the Borrowers. Consultants from World Bank/IDA - eligible countries, who have experience in providing similar s Internet World confer- close is all that? some commitment can be Swindon trials are a success, of these contracts. tn Washington last consulting services, are invited to prequairfy for one more You could send your credit made by the banks there has to the Monde* card will become ier. IBM and a US corn- details via E-mail. It. is be more work done on the abil- widely available next year. The consultants to be appointed will have at least a first degree or professional qualification in the called PC Flowers card data, after all. But it ity to authenticate transac- The danger of being left recognized institution ced a service for send- only respectively relevant field obtained from an internationally and extensive practical would be about as confidenti al tions,” says Joseph DeFeo of behind in the rush to commer- were via the Internet, relevant experience for a period of not less than 10 years. Including experience in a developing country. as wilting it on a postcard. In Barclays Bank, which is just cialise the Internet is as real as ea is simple: order a transaction, the beginning to dabble In the the risk of being over-confi- Successful candidates will be required to provide at least two creditable referees, and furnish to the rom your desktop, type an electronic risk is that anyone could tap World Wide Web. dent Internet users are eager undersigned documentary evidence of qualifications and actual work experience. ressage - end the flow- into your data, and alter it or Other banks prefer their to start spending money, trad- dispatched. consultants will provided present, customers electronic money to be rooted ers want to take it and organi- Upon completion of prequafification, all prequalified be further Project details and joins a growing steal it At lowers world. businesses must open an account with the firmly in the real The sations such as CommerceNet invited to submit a technical proposals, in accordance with International Development Association Guidelines, r of online online trader if they wish to talk is of an evolution in credit are providing tested means to everything from fantasy the top-ranked consultant for each contract will be requested to submit a fee proposal for a time-based buy safely, but this could be cards, with each card contain- •make it possible. o chili sauce over the two-year contract term. change. ing its own mini computer to Once secure trading is estab- contract covering a With the Internet about to it. deal with transactions. Nat- lished, will able to esri- CommerceNet is a worldwide anyone be letter of interest ion growing at an For the purpose of prequalification, only a accompanied by a curriculum vitae is required. month, consortium dedicated to set- West and are the front become a merchant on the 15 per cent a The letter should be addressed to: ting up large-scale facials and runners in Britain, with a pilot Internet just by using the right is not a comparable the security systems of their system, Monties, being software, and that could have a anywhere, buflding The Permanent Secretary, dace commerce. set up in Swindon. Card users huge impact. Small family popularity of needed for Internet growing able transfer funds on Ministry of Research, Technical system Chief among these is the will be to businesses could compete rid Wide Web, a SHTTP, a protocol for creating from one card to another in an equal footing with estab- Training and Technology, ds exploration of the secure links over the World any of five currencies, buy lished multinationals. They P.O. over the past year has Box 30568 L, goods in shops and even down- will have the same opportuni- Wide Web. . radere a way to dis- NAIROBI. technology load money from their hank ties, the sawn* limitati ons and the prob- “The necessary ieir goods, but - should be widely available over the phone. the same global reach or so of the letter of interest is making cash transao- The deadline for submission 27th February, 1995. cammerc&Uy by this spring,” When a customer swipes his the theory has ft. irough the anarchy of ‘

rKBKl'ARYr ft i»*«5 \z FINANCIAL TIMES MONDAY PEOPLE

new deadline for clowns tire arrangement with sure partnership trading floor, and making told the Swissair and has U?ra5. He adds that "there he wants no for ns to government are opportunities on the morality of ms rising tsar in lectures provide better value by A plan- Moscow relocation - lowering costs”. 60-year-old Flem wno to The Fleming is not yet ready thick Antwerp fires off in , “llakea spell oat his plans, Boris Jordan’s mission is when riled - is showing to rebuild capitalism. He is sublimely dialect studied approach, hf government that if ^-ery Dehaene's he promise* that l to S3ck says. But it does not wont him making optimistic, report Chrystia Freeland and Nicholas Denton have no hesitation in Sabena staff, It must wake UP need to be the decisions that to reality. they’re hrough the prism of the Che- made, whether gins of as much as 20 per cent Last week, brandishing chen war. President Boris Yelt- difficult or easy." from all IN of British Airways and The bombardment comes THE NEWS copies exchange s 92 member sin's Russia is looking more ng1 he The sides. Whenever conservatives accuse a Sabena finn reports, employees and more like firms and 500 the authoritar- western cabal of seeking to take over financial director to T asked his brace themselves. Soviet Union it was should ian meant to and undermine the Russian economy, apply Belgian social security Sabena’s claims that I like replace. But as the outnumbered band British company, Fleming they often name CSFB as a chief cul- costs to the excited by lfc. what l see. l*m of reformers in the Russian government prit. “We are in a difficult position and the UK’s lighter regime to to Godfroid makes dynamic environment. fights preserve the reforms begun in we've such result - British it*s a because taken a large stake Sabena. The these words in a 1991, Boris Jordan But be utters is one symbol of how in so many companies,” Jordan says. Airways made a small loss; his point deadpan voice, without a trace much Russia has changed already. Indeed, GSFB’s Moscow office bristles Sabena moved into profit. of a smile. His nickname is the "Tsar”. Scion of with bodyguards, and one western When the Belgian government an aristocratic White Russian family employee was robbed and beaten in his put Pierre Godfroid (below) which fled to the west after the Bolshe- Fleming’s plans Moscow apartment It is particularly info Sabena, its loss-making Bill Agee vik revolution. Jordan has returned to vulnerable to a change in the political state airiine, it wanted him to homeland for Toronto SE his ancestral to rebuild capi- climate. If the hardliners triumph, shake things up, writes Emma Pac-manned talism. co-director of its As Moscow CSFB wfll be in the line of fire. Tucker. But it did not realise Rowland Fleming has a final exit office, he has built CS First Boston, the This, surely, is the One reason why other western invest- that it had put a tiger in reputation for abrasiveness banking William Agee. The 57-year investment arm of Credit Sui- ment banks have not rushed to follow Sahara's tank. and. a short temper, writes. for from Boise. Idaho, has just sse of Switzerland, into the dominant CSFB’s lead - some, like Goldman Last week, the man charged Bernard Simon. Both these old up his second big public player on Russia's nascent stockmar- Sachs, have closed their Moscow offices with rescuing the state-run traits could prove useful in his blown Sl-Sbn and is not about to ket. Of the in foreign investment over the past few months - is the con- national airline bared his new job as president of the company, Russia attracted in 1994. Sl-2bn third chance, writes was fusing, and sometimes brutal, character daws and drew blood. In a Toronto stock exchange. get a through Richard Waters. channelled his office. of Russia's fledgling market economy. furious letter to the Belgian The TSE, which is North elevation first was Bendix. in 1W2. Jordan's has come quickly; Private property in Russia still rests press he told the government - America’s second busiest stock The still had launched one of the he is just 28 years old. After univer- on a fragile political foundation. Kras- which owns more than 60 per market after New York, Agee sity. he did well enough to rise to 1980s’ first aggressive be a noyarsk aluminium smelter deleted a cent of Sabena - it had no languished under Fleming’s vice-president at GPA, the aircraft leas- leveraged bids - for defence big western investor's holding a few right to criticise his plans to patrician predecessor, Pearce - Martin Marietta ing company, in New York. But the months ago. Last week Eoxnineft, a relocate 480 pilots to Banting, who retired at the contractor have his prey turn break came in 1992, when he was hired Russian oil company, issued new shares Luxembourg - an attempt to end of last year. “What they only to Rudloff. a bid for by Hans-Jorg head of CSFB in without informing its shareholders, avoid Belgium's prohibitive really need is some vigour and round and make the first London and force behind the bank's which included CS First Boston. This social security costs. direction," one securities Bendix. It was the pioneering rapidly drive into eastern Europe sort of behaviour, as well as the direct Godfroid took over as industry executive says. example of what in takeover after the collapse of communism. threat to reforms posed by hardliners in Sabena’s chief executive In The TSE has a highly- became known No one called Jordan "Tsar" in the the government, has driven down share 1991 on condition that the regarded electronic trading circles as the “Pac-man first months in Moscow. He headed a prices over the past few weeks and government gave him oarie system. But a series of defence". his advisor small office contributing little to the made many foreign investors reluctant blanche to rescue the failing mishaps and adjudgments Agee, helped by Cunningham, bottom line of an organisation of 7,000 to enter the market company as he saw fit has delayed the closure of its and wife Mary a defensive people. “It was very humbling when I Not however, Jordan, whose hall- The demand ruffled Belgian floor - originally set for early hastily arranged with Allied first started.” Jordan says. “I felt like lenges -to privatisation, or to western Moscow's boost to CSFB’s profits, at a mark is an indefatigable long-term opti- political parties used to placing 1994 - by at least two years. merger for Bendix the smallest Allied-Signal) person in the bank." investors, arise, as they do on an almost time when the rest of the firm was mism which no Russian political crisis their men and women on the Meanwhile, Toronto is Coro (now and his without a job - The judgment of status was accu- weekly basis in Russia, Jordan picks up suffering from the drop in the bond has yet managed to shake. His sublime boards of the country’s still losing business to Wall Street found himself rate. Bast Europeans at CSFB went by the telephone and lobbies his old market, has silenced the London snobs. confidence that he can safely steer numerous state-owned as a growing number of big though considerably richer. the affectionate, but condescending, friends. His superiors are indulgent of his self- CSFB and its clients through Russia’s enterprises. Bat the then Ounarfian companies - most Last week, company number — - name of “smellies". Jordan, although One of these is Anatoli Chubais, the promoting style and colleagues praise continuous political storms rests in part nmtrmiiT>tratip|TS min inter recently Bank of Montreal two - a big construction and an American citizen, was an honorary former bead of the privatisation agency his talent for “talking the birds down on his intimate political ties with many Jean-Luc Dehaene, today’s list in New York. The TSFs engineering group, Morrison east European by virtue of his ancestry. who, as deputy prime minister, is now from the trees". of Russia's new rulers. prime minister - was international profile has also Knudsen - exploded under One CSFB executive summarises the the leading reformer in the govern- Not everyone loves a tsar. Jordan has Between Anatoli and the notmeaux desperate. No one else seemed been eroded by Aslan and him. Agee succeeded in headquarters view of Jordan and the ment. Jordan’s standard response to as many detractors as admirers. Efis riches Russians who have profited hand- prepared to take on Sabena. Latin American markets. A salvaging the staggering giant other east Europeans: “A bunch of cow- any political threat to privatisation is eternal optimism about Russia has somely from privatisation, Jordan Today Godfroid. former record volume of I5.4bn shares in the late 19S0s. But his boys who did not know up from down." “Don’t worry, m call Anatoli and we’ll brought accusations that he is talking thinks the reformers will be able to president of Campbell Europe, valued at CS182J!bn changed ambitious efforts to turn the first The 18 unprofitable months did sort it out". up his own book. “How can you trust resist attempts to reverse market is an the verge of clinching a hands on the TSE last year. company into the biggest nothing to challenge that impression The contacts have paid off in busi- him when he never thinks there are reforms. “Some of the elite have now Bat Toronto accounted lor supplier of railway carriages but they gave Jordan the time to com- ness as western investment in Russian any problems in Russia." says a west- lined their pockets and they want to barely half the trades in and equipment have been plete his mission, to insinuate himself shares boomed in 1993 and 1994. The ern lawyer in Moscow. “He's like a fair- build on that," he says. “The people Canadian companies listed on drawing gasps of disbelief in into Russia's new political life. Moscow office is thought to have ground barker." whoYe made money will win the politi- more than nn» erffhangp, railway tircles for the past “At first." he says, “we didn't need to achieved revenues of SlOSm in the first Sceptics point to Jordan's previous cal argument in Russia, although it Dnblin-born Fleming; 51, couple of years; warnings that make money. We needed to get to know 10 months of 1994. Even with the down- position as vice-president of GPA. the won’t be easy." brings a fresh perspective to the company was the country’. So, as soon as I got here. I turn in the markets in November and Irish aircraft leasing company whose Jordan remains an eternal optimist ' the securities Industry. He was overextending itself and immediately got involved with the pri- December, and counting costs, last year flotation was called off because of con- He’s so bullish, in feet that he’s consid- most recently chief executive engaging in cutthroat bidding vatisation guys.” He did that by offer- Russia provided a substantial contribu- troversial accounting practices. ering staying in Russia for good. "The of National Trust, a mid-sized were rife. ing free advice to the State Privatisa- tion to overall profits. Another western banker says Jor- biggest issue for me is do I stay and trust and loan company, Now it is the ME tion Agency, the government body “I just don’t understand why every- dan’s dominant position in the market become a Russian," says Jordan, who where be chopped L000 jobs, shareholders’ turn to gasp. which ran the privatisation programme. one else isn’t coming here. Russia is has “earned him the hatred of every learned the language as a rhfld in New or one-fifth of the payrolL Their dividend has just been Much of his subsequent success can one of the greatest opportunities of the other banker in Moscow". His clients York City and speaks only Russian Before that he spent 23 years scrapped and their shares are be attributed to the contacts Jordan decade and we are the only western grumble too; they say Jordan is exploit- with his infant daughter. “My realistic at Bank of Nova Scotia. now worth less than a third of made in his lean months as an unpaid player involved here in a serious way. I ing his dominance of the Russian mar- side says go back, but there’s a roman- Fleming says that his top what they were a year ago, adviser to the government chal- just don’t get When it" ket to charge exorbitant trading mar- tic side, which says to stay." . priorities include setting a . Agee bowed out. last week,

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FINANCIAL TIMES 6 MONDAY FEBRUARY 1995 13

n three Sundays Opera/David Murray before Christmas, the Tate Gallery had to close early. Around 18.000 people - three timesOthe normal Sunday atten- King Priam dance - were pffing in and the gal- leries were clogged. A similar crisis lmost 33 years after its boy Paris - (or whom Infanticide has threatened the National Gal- premiere, Michael Tip- had been decreed - back into the lery, where attendances in the past pett’s second opera has a family. Everything follows as fated: year have risen by more than io per new staging in London. in feet his real theme is surely the cent to a record AJtm. No serious opera-lover acceptance of whatever flow’s fro Both museums are busy adding Acan afford to miss it. King Priam is one's choices, however disastrous. new technological attractions which grand, succinct and moving, and The final music is elevated and bro- should Increase their short-term file English National Opera produc- ken, like Oedipus at C-olonus. popularity - and their revenues - tion - transplanted from Opera Directed and designed by Tom even further. Last week visitors to North, where it was seen in 1991 - Cairns and Aletta Collins, the pro- the Tate could hire (for £2) a wand, does not betray it. Neither did s«m duction is penetratingly loyal. a portable audio gttide which gives Wanamaker’s original production at There is just the necessary mini - access to 100 major works, rising to the Royal Opera, but that had its mum of archaic armour, and some 200 in six months. In June the last revival long ago. For most of timeless mufti in place of chitons National Gallery is introducing its the Coliseum audience. King Priam and the like: no mythical fancy- own audio commentary which will will be a potent new experience. dress, nothing extraneous. Clarity is cover all the 1,000 plus works on its Where Tippett’s Midsummer Mar- all (though Act 2. which tacks main floor. riage, some seven years earlier, had between the Trojan stronghold and After years of unsatisfactory been recklessly lush, ecstatic and the Greek camp, looks a bit mud- recording systems - tapes which led almost unmanageable. King Priam dled and indeterminate, unlike the the user on strictly controlled is flinty and dense. It has the true Wanamaker version). I wish they routes or transmitters operating -fit- affla tus of tragedy, not because its would re-think the over-amplified fully behind pictures-- state-of-the- action - the Trojan War, of course barrage they have made of Achilles' art technology malms now picture - is drawn from Homer, but feral war-cry, which ends that act viewing a much more pleasurable because Tippett has bis own con- with the presage of doom. Without experience. No more peering at sistent vision, from a point high artificial aids it cost the original uninformative labels: a spoken com- above the struggle. Though the Achilles (Richard Lewis) a sore mentary will tell you what the art- music of the second and third acts effort, but it froze one's blood. ist is getting at and even provide conjures up epic strife, the military Nevertheless, Thomas Randle’s background sremdai. And you can triumphs and defeats are signalled Achilles here is a splendid creation, choose which works you wish to rather than fully enacted; the real and Christopher Booth-Jones's Hec- explore. combats are personal and famitial. tor matches him, with Peter Snipp's For added edge, the two museums A key to Tippett’s treatment is shy, manly Patroclus. Of the Opera have plumped for competing what he does with 48 of Priam's 50 North cast only three remain: systems. TatelnJorm at the Tate is sons - which Is to ignore them. Andrew Shore's staunch, agonised produced by Acoustigmde and is a Besides Priam himself, only the Priam (a Christoff-like weight and triumph of the micro chip. It is Instant access: images on the Micro gallery computer elder Hector and the younger Paris sonority would be ideal, but never lightweight and easy to use - but figure here, locked in sibling mind). Mark Curtis's airy Hermes runs for just four hours. The rivalry. There are also their wives, and Christopher Ventris’s touching, National Gallery has gone for a por- and a chorus-like trio of concerned helpless Paris - as a man: the boy table CD-Rum guide from ACT, the onlookers, and just one god (Her- Paris is the excellent Samuel Bur- computer services company, which mes). The besieging Cheeks are rep- key. is bulkier but contains 35 hours of Keying into culture resented by Achilles and his lover Susan Bickley sings a lovely commentary. It will cost £3 and 500 Patroclus alone. The Trojan legend Andromache, Janice Cairns a sets will be available. becomes, in Freud’s sense, a “family shrilly forceful Hecuba; Jean Rigby Initially there will be only 75 Will new technology mean an end to gallery-going as we choose to gaze on romance", beginning with the birth is sultry and enigmatic as Helen. Inform wands for hire at the Tate. of the feteftil second son and ending Richard Van Allan makes a grave But the system has its attractions. priceless works of art in the comfort of our homes, asks Antony Thomcroft with the death of the Esther. Ancient, slightly undervoiced, but As well as recorded introductions to That is still a large cast of princi- Joined strongly In the “semichorus" each gallery, for certain key works But it waB the decision to add a ists. This has been marketed mainly lay’s collection. A full-sized version base and, within two years, plans to pals for so compact an opera, and trio by Ethna Robinson and John - such as David Hockney's “A big- Micro gallery, the first in the world, to schools and colleges. of Turner’s “Rain, Steam and offer an online service to interested Tippett adopted the device of char- Daszak as Nurse and Young Guard. ger splash" and Francis Bacon’s to the new Satnsbury wing in 1991 This spring comes the new edi- Speed” or Holbein’s “The Ambassa- art lovers, bringing the Tate into acterising each not only by his or Paul Daniel conducts with great triptych of grotesques - the artists which precipitated the current flood tion of the complete illustrated cata- dors" could soon enhance thou- the home. her own sharply distinct music, but polish and brio. Almost too neatly, themselves give their informed, or of technological packages. Ameri- logue of the National Gallery collec- sands of living rooms world-wide. The National Gallery is fortunate by the instrumental groups that sometimes: certain voices in certain eclectic, opinions of the pictures. can Express sponsored the gallery tion, which will be published in But will this revolution eventu- in having just over 2,000 flat works accompany them: for example Hecu- passages sound like mere hang- The National Gallery, with all its with £500,000. There, any viator can CD-Rom form as well as a book. It is ally be at the cost of galleries them- of art in a slowly expanding collec- ba’s seething, imperious violins, ers-on against a tight, self-sufficient artists long dead, cannot provide can up on screen every painting in sponsored by Morgan Grenfell with selves? Neil MacGregor’s educa- tion. The Tate has about 20,000 Achilles' moody guitar. Hector’s orchestra, and the unforgettable amt such insights but it does offer satu- the collection; conjure up dose £125,000, which enables the price of tional vision, that the National objects adds many more each bounding piano (superbly played brazen fanfares at the opening and ration coverage. And reassurance: detail of many, and plan a personal the book, plus CD-Rom, to be kept Gallery should be owned by the peo- year. But both museums have an here by someone wham I cannot the close need more spreading, for no mqjor museum in the world tour of the gallery. The inspection at £80. Although, the catalogue is ple, becomes virtual reality through obvious advantage over the British find credited in the programme- echoey depth, though the offstage has embraced new technology as is free; the charge for the guide aimed at the scholarly market, its modern technology. He believes Museum and the Victoria & Albert, book). Thus the score is a frieze, a choral voices ring hauntingly. But comprehensively and successfully printout more than covers the run- low price should rapidly clear most that studying the pictures on screen each with millions of objects cover- continuous sequence of sculpted, those are small quibbles: the sheer will pnhanrg the experi- ing every field of aesthetic and his- brilliantly contrasted panels: even precision of Daniel’s intentions as the NG. It is the global pioneer ning costs. of the 7,000 edition. in advance and has made the CD-Rom the ser- More to the point, the software ence of confronting them in the torical endeavour. the larger set-pieces never involve makes its mark, and the opera its bleak vant of art scholarship. programme created for the Micro y the end of the year, flesh. And, while justifying the By a happy chance the UK’s unri- more than three people at once. moves toward climax on a This expertise has come as some- gallery has formed the basis of the online subscribers will museum’s name, new technology valled artistic heritage has been Though Tippett claims “the mys- relentless track, strewing musical at to riches all along the way. thing of a surprise to director Nefl CD-Rom of the National Gallery’s be able to summon digi- also brings in extra revenue. On top married to a national adeptness terious nature of human choice” MacGregor who, as a typically collection. In a year it has sold tal colour images of of the publishing ventures with the computer software. A new age of be his theme, there are no free gen- perhaps Remaining performances Thursday, unscientific art historian, is respon- 100,000 copies - over half in the US, every picture in fire col- CD-Rom, the audio guide could cultural imperialism has com- choices here, except B returns works of Priam’s decision to welcome the Saturday, and Friday 17 February menced, which art sible for all this cutting edge tech- where it was promoted by Bill lection on their screens at borne. erate another £480,000 a year. is progressing in the contemporary computerised nology. But he has risen to the chal- Gates’ Microsoft as an incentive for Quite soon the technology will The Tate more that. anticipates greater tech- format embraced fay the youth gen- lenge and sees himself maintaining consumers to trade up to a CD-Rom allow even definition so slowly. It brash tentative nological fulfilment in its new eration, to the nations where they an NG tradition: in the 1930s the computer. the artist’s strokes, Glamorgan festival wins the Prudential Art, might well have been originally director Lord Clark started a photo- The gallery has already received early drawings, and later restora- Bankside Gallery of Modern But while a global audi- Vale of Glamorgan Music ming, “coupled with the quality or graphic department which, through around £250,000 In royalties from tions will be available for study, by which, nuDennium money wffhng, fashioned. The it admires from afar, there is Festival, which celebrates the work the performances and the presence book and film illustrations, pro- the CD-Rom and the 2,000 paintings students as weQ as specialists. should open in 2000. But is soon ence £145, ultimately little likelihood that of leading living composers, has of the composers themselves.” moted the collection outside Trafal- from its collection have entered Microsoft's Bill Gates, whose releasing CD-Roms, priced at interest in art recently extended to selected parts of its collection, technology will reduce the crowds won this year’s £75,000 Prudential This year's festival, directed by gar Square, while the gallery’s sci- homes around the world. Fallowing on released in the purchase, for (£19.7ml, of Barbara Hepworth and on anxious to see art in situ. And the Award for the Arts. The award, John Metcalf, features the work of entists’ research into the effect of this success the gallery $303m on Leonardo notebook, is already Expressionism, aimed directly at financial pay-offs hum computerisa- announced last night at the Louis Andriessen, Conion Noncar- light on pictures has been used in January “Great Artists” through a Marshall covers experimenting with print-outs schools colleges. It is currently tion should at least enable the UK’s National Theatre in London, was row and Michael Nyman and runs the digitalisation of colour images Cavendish, which and and art- wan projections of the National Gal- a riiting images to its pyicring data- museums to cope with the flow. conferred for the festival's program- from August 12 to 19. of the collection. the lives and works of 40 major

Symphony Orchestra to play directed by John Schlesinger. comedian Tony Hancock’s last THEATRE Donizetti. A new production by WORLD SERVICE Tippett’s, Triple Concerto’ and Elgar Soloists include Felicity Lott/Anna hours at 8 pm; to Fab 11 (Not Sun) Joseph Papp Public Theatre Tel: Andrei Serban with Maurizio Benin! at 7.30 pm; Feb 12 Tomowa-Slntow as Prinzess von (212) 598 7150 and Roberto Abbado (from AprH) BBC for Europe can be Festival Hati Tel: (0171) 928 8800 Werdenberg at 6.30 pm; Feb 7, 11 • The Merchant of Venice: by conducting the Orchestra and received in western Europe • Igor Oistrakh Plays Medetoohn • Giselle; music by Adolphe Adam. MADRID Shakespeare. Directed by Barry Chorus of the Paris National Opera on Medium Wave 648 kHZ and Tchaikovsky: Simon Phipps A Royal Ballet production GALLERIES Edetsteln. and with Ron Leibman at 7.30 pm; Feb 8, 11 (463m) conducts the English Chamber choreographed by Marius Petipa Fundaci6n Juan March Tel: (91) playing Shytock at 8 pm; (Not Mon) Orchestra and violinist Igor Oistrakh after Jean Corelli and Jules Parrot 435 48 40/435 42 40 Roundabout Theatre Company Tel: at 7.30 pm; Feb 11 and produced by Peter Wright at • Klimt-Kokoschka-Sch ial & (212) 869 8400 ROME EUROPEAN CABLE • Philharmonia Orchestra; with 7.30 pm; Feb 9 exhibition of 35 works by the three • The School for Husbands/ The CONCERTS AND SATELLITE Imaginary Cuckold: by MoJtere. vtofirtst Kyung-Wha Chung and • La Bohdme: by Puccini. Viennese artists; from Feb 7 to May Teatro Ofimpteo Tel: (06) 3234890 TV this BUSINESS conductor Kurt Sanderilng plays Conducted by Simona Young/ Paul 21 Michael Langham directs • Festival Orchestra of Brescia and - European Time) Beethoven and Bruckner at 7.30 pm; Wynne Griffiths, directed by John Richard WHbv translation starring Bergamo: with pianists Gerhard (Central pm; to Mar 12 Feb 8 Copley. Soloists indude Angela Brian Bedford at 8 Qppitz, Bruno Camino and Antonio MONDAY TO FRIDAY MUNICH Mon) Royal Academy Tel: (0171) 439 Gbeorghiu/ Amanda Thane as MimI (Not Balltsta. Agostino Orizio conducts 7438 and Maria McLaughlin/ Judith GALLERIES Bach at 9 pm; Feb 9 NBC/Super Channel: BERLIN • Phflharmonia Orchestra: Kurt Howarth as Musette at 7.30 pm; Feb Hsus der Kunst PARIS Sanderiing conducts Beethoven and 10 • Deutsche Romantic: previously 07.00 Shostakovich at 7.30 pm; Feb 12 THEATRE on show in London, this exhibition CONCERTS WASHINGTON FT Business Morning ERA/BALLET 47 23 37 9249 galleries National, Cottedoe Tel: (Q171) 928 has created much discussion in Champs Elyates Tel; (1) iitsche Oper Tel: (030) 341 CONCERTS National Portrait Teh (0171) 306 2252 Germany, ft examines file work of 21/47 20 08 24 10.00 Sn Maskenball: by Verdi, Kennedy Center Tel: (202) 467 0055 • Dealer's Choice: written and earty German Romantic painters and • Jorge ChaminA baritone with European Money Wheel id noted by Rafael FrOhbecK da 4600 directed by Patrick cultural and political on pianist Maria Frangoise Bucquet • Christina Rossetti: an exploration Marber, six men their impact • National Symphony Orchestra: Nonstop live coverage until Borodin and of the Victorian poet on the stay up late to play poker, and win successive generations of German plays Tchaikovsky, 14.00 of European d by Gfltz Friedrich at 7.30 with violinist Cho-Liang Lin. Paavo at all costs at 1 Glinka at 8.30 pm; Feb 7 centenary of her death; to Feb 12 7,30 pm; Feb 9 (7 artists; to May Berglund conducts Kokkonen, business and the financial 1 10 OPBW/BALLET pm), 10, 11 (2.30 pm) • Maxim Vengerov and Itmar markets lana In Algert by Rossmi. Tchaikovsky and Brahms at 8.30 English National Opera Tet (0171) National, Lyttelton Tet (0171) 928 Golan: an evening of violin and by Ion Marin/Carlo Rnzi, pm; Feb 9, 10 Bd 2252 piano recitals by Mozart, Beethoven, Savary at 7 632 8300 GALLERIES 17.30 d by Jdrflme with Priam: a new production of • The Children's Hour by Lillian NEW YORK Prokofiev and Shostakovich Financial • Ifing Corcoran Tel: (202) 633 3211 Times Business 8,11 pianist Goto Tippett’s opera that opens the Heilman, directed by Howard Davies OPERA/BALLET violinist Vengerov and Tonight Marriage of Figaro^by • Family Lives: photographs by - Tippett Visions of at 7.30 pm; Feb 9, .10, (2.15 pm) Metropolitan Tel: (212) 362 6000 at 8.30 pm; Feb 6 Conducted by Stefan London festival 11 Tina Barney, Nic Nicosia and National, Olivier Cavalleria Rusticana GALLERIES G6tz Friedrich Paradise, to celebrate the Tet (0171) 928 • / Pagllacd: Midnight produced by 45 49 11 11 Catherine Wagner. Exhibition composer's 90th birthday at 7.30 2252 by Mascagni/LaoncavaDo. Mus6e d’Orsay Tel: (1) Financial Times Business 7, explores the power of photography ; Feb McNeill Whistler: pm; Feb 9. 11 • The Merry Wives of Windsor by Production by Franco Zeftrelll, • James Tonight to to subvert or reinvent our experience Rigoletto: Jonathan Miter’s Shakespeare. Tony Hands directs conductor Christian Badea at 8 pm; exhibition of works; from Feb 8 • and understanding of events and updated version of VerdTs opera his first production at the National. Feb 7, 10 Apr 30 relationships; to Feb 13 where the duke la a mafia boss at With Denis Quifley as Falstaff. • II Barbiere di ShrtgHa: by Rossini. OPERA/BALLET Bastille OPERA/BALLET 7.30 pm; Feb 10, 13 Brenda Bruce as VHstress Qufckty Produced by John Cox, conducted Opera National da Paris, 171)638 8891 Washington Tel: • and Geraldine Tet 47 42 57 50 Opera (202) 416 David Royal Opera House Tel: (0171) 340 Fitzgerald as Mistress by David Atherton at 8 pm; Feb 6, 9, (1) al Evening: Faust: by 7800 4000 'Ford at 7.15 pm; Rsb 6, 7, 8, 9 (2 11 • La Damnation de is file National Semele: Handel. Tutte: by Mozart A new pm) • La Traviata: by Verdi. Produced Berlioz. Conducted by Myung-Whun • by Conductor »ba with tenor • fen Riverside Studios Zeffirelli, Chung and produced by Luca Martin Pearlman. Roman Terieckyj Steven production directed by Jonathan Tafc (0181) 741 by Franco conducted by d baritone Beatrice directs a -MMer. Conductor Evofino Pkto. In 2251 John Fiore at 8 pm; Feb 13 RonconL Soloists include Zack Brown production at ride and varied Marguerite, and KaSan with English sureties at 7 pm; • Hancock’s Last Half Hour, by • Turandot by Puccini Produced Uria-Monzon as 8 pm; FBb 6 (7 pm), 9 Lakes as Faust F©b6,« Heathoote Wiffiama, directed by by Franco Zefflreffl, conducted by Thomas Moser/Gary • The Bartered Bride: by Smetana. Marie Piper. Set Sydney Sant' at pnr, Feb at 7.30 pm; Feb 9, 12 (3 pm) Conducted by Heinz Fricka In Sir • Der Roseokavafier: by Strauss. in a rented Neflo 8 8. 11 (1.30 by Conducted by Andrew Davis, apartment, Jim McManus relives pm) • Lucia di Lammermoor, English at 8 pm; Feb 8 7 X j -

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l U MONDAY FEBRUARY 6 .W NV Ni promising 10“ of especially are he world’s leading Peter Norman on tensions among G7 countries devetoplnK countries that Industrial democracies growing about twice 1 De Tocqueville is have done their best exposed by the rescue of Mexico's economy tberest of the wort*. Vbv P«*; to the T to bur; the hatchet tem confronting officials that following last week’s dispute industrialised countries is over President Bin Clinton's there ore no obvious fora surprise international support where the G7 countries can back in fashion package for Mexico. A hazardous meet and exchange informa- ( as But behind the smiles of the tion with such countries ;linl finance ministers of the Group Indonesia, Brazil or India- s Visceral dislike of government nearly three times as much as frustration with Washington of Seven leading industrial The IMF Interim Committee is nothing new in America. has countries at their of the taken deeper root After weekend includes representatives The nation owes its existence more than a decade of partisan meeting in Toronto, there hnk and l ,tlJ helping industrialised, developing grassroots revolt against hand to a bickering and chronic federal serious problems about countries. the former communist , tin’ British colonial rule. The dif- deficits, people’s faith in the management of International with 24 members, it is con- ference today is that the Amer- But competence of the federal gov- economic policy cooperation. is measured in purchasing under the Mexican .experience international rescue). unwieldy to servo venting sidered too ican people are their ernment is badly eroded. In To a great extent, the Hotaiic power parities (which econo- Hew economic world order as a basis for intensified anger on their own representa- most spheres of public policy, erf the Mexican crisis and mists increasingly believe pro- the co-operation. Some countries, tives in Washington, rather people response to now look to governors, US-led it are symp- vide a better way of comparing Britain, therefore foreign oppressors. EHP at Purehate^ Povver F^rty/isaitS'bOO bn) including than and state officials for ideas, not toms rather than the cause of countries than the traditional intend to develop tteir out- The intensity of anti-Wash- presidents or senators. difficulties between the US and dollar calculation of gross reach" bilaterally. Drawing les- ington sentiment Is shocking Yet De Tocqueville would be certain European members of national product), populous a sons from the Mexican crisis, even professional politicians. It MICHAEL PROWSE troubled fay the ad hoc charac- the G7, comprising the US, countries such as China, India senior UK Treasury official swept Newt Gingrich to victory on ter of the present debate: Japan, Germany, France, and Brazil count among the plans to begin a senes of visits in last November’s congressio- AMERICA nobody has articulated a crite- Britain, Italy and rnnaria top 10 leading world economic econo- to important emerging nal elections and has embold- rion for deciding tier of Despite the appearance Indonesia it which of powers and makes the type of state mies to establish ened governors and city the federal government. The government should do what. harmony, there was no con- into the top 15. contacts that are now routine mayors, who are now demand- roles have since reversed: the Given thfllr history. Americans cealing the irritation still felt This diminution of power the G7. His first desti- ing greater liberty. It is absurd, federal government now should surely be attracted by by some European finance and influence among the among nations will be Mexico and they argue, that nearly every absorbs about 22 per emit of the “subsidiarity” principle ministers, notably Mr Theo industrialised nations is set to aspect of social and economic GDP, dwarfing the share of that has been so mfliumHai in Waigel of Germany, at being continue as the developing Turkey. policy should be minutely reg- states and localities. And it European debates. This says sucked into the unprecedent- countries as a group continue exico’s crisis will ulated by distant bureaucrats micromanages states to the that government works best edly large $50bn rescan to grow faster than the indus- K colour the G7 ini- in Washington. Give us the point of stipulating the dimen- when It is closest to those it But the ministers and their trial countries. |Oro«y of n tiative to. review to design our own pol- sions freedom of wheelchair ramps. serves; functions should thus central bank colleagues in Another big change in the uouiab lM the institutions of icies, they say. and we will Recognising its vulnerabil- be devolved to the lowest tier Toronto appear not to have world economy has been the co-operation which was make faster progress while cut- ity. the governing class in of government capable per- questioned whether the Is large regional trad- globalM of G7 creation of unced at last year & ting taxes. Washington is trying to forming them. still capable of serving as a ing blocs. Groupings such as anno economic summit, and It is an argument that floors appease the states. The Senate Application of the subsid- forum for co-operation and co- tte European Union North Naples to be the main most Washington politicians. and the House have already iarity principle would have ordination among the Indus- American Free Trade Area which is likely rtioiriP of this year's G7 summit Educated Americans are rushed through legislation that revolutionary consequences for trial countries in the rapidly (comprising Mexico, the US growth (anneal percentage change)' government in Hali- brought up to revere Alexis de would restrain future the structure of US govern- changing conditions of the and Canada), as well as of heads of Scotia, in June. Tocqueville’s classic work. “unfunded federal mandates" - ment. It would imply that post-cold war world economy. increased trade among Asian I lUJULLJUIIB., fax. Nova this G7 exercise Democracy in America (1835). rules that Imposed detailed Washington should restrict The G7 came to prominence countries, mean regional prior- Although years to com- After touring the US in the requirements on states without itself to such, classic functions in the 1970s and 1980s as its ities can cut across G7 ties. could take many require careful 1830s, the french aristocrat providing any finance. as macroeconomic policy, members strove to prevent cur- plete and will Free-flowing capital move- ' -. t . . with other and philosopher declared that Mr Gingrich and the Republi- rigfgufp and foreign affairs, law rency turmoil from prompting ments, an important element co-ordination it is not to the genius of the American can congressional leadership and order, international trade, protectionism. At the level of in the phenomenon of globali- groups of nations if are already political system lay in its are talking of scrapping sev- domestic competition policy finance ministers, the group sation, strengthened these ties founder, there improving the decentralisation. Americans eral federal departments, and (perhaps) environmental later broadened its interests to stfll further in the <***<»

LETTERS TO THE EDITOR •ST Number One Southwark Bridge, London SE1 9HL mr*** FORGET ABOUT LEATHER We are keen to encourage letters from readers around the world. Letters may be faxed to +44 171-873 5938 (please set fax to ‘fine"). Translation may be available for letters written In the main Internabanal languages AND WALNUT AND GOLD-PLATED FIXTURES Directors’ leader out of touch on Europe

From Mr P.G. Htrsck. system which disenfranchises haps he shonlri democratically areas affecting their busi- HERE ARE Sir, As a member of the Insti- large parts of the electorate consult the views of his mem- nesses, including issues relat- THE FACTS. tute of Directors I was dis- (for example, it took 42,000 bers. ing to trade, the environment tressed to discover from your votes to send each Conserva- P G EBrsch, and transport. ’a**** letters’ page (February 2) that tive MP to parliament com- The Red Lodge, The benefits of what he ---- its director general. Mr Tim pared with 300,000 for each lib- 1 St John’s Road, describes as rule by the Euro- - -•**•*< Melville-Ross. appears out of eral Democrat). Bast Molesey, pean Union are clearly being •" ~ Today, a company • touch with both reality and his Accountable? Is he not aware Surrey ET8 9JH, OK felt those who . by are expand- , I "i'V. -. 7. j fV and yoa have the membership. the which exporting of extent to the past ing their , importing .-.usea-ipi SEnTlNG :TV?1CAL! He compares the benefits of decade has seen the govern- From Mr Richard Broom. or investing in the new mar- jet is an investment perfect aircraft for Britain's “democratically ment emasculate local govern- Sir, Tim Melville Ross over- kets, as a result of common ! . W-; BATING elected and accountable" sys- ment and move decision mak- states his point in suggesting trading conditions that the ' ’ - 1. HwluriTO^-’V^’ rr ie productivity, SndiraM . to the European Union’s to Westminster that business as whole K. * not BM WJ,.-. bosiness aviation. tem ing UK a pooled sovereignty of the Euro- OMti»vn ;H .. ,:•*%* 1*3# 8r =«sl V “tortuous and irrational legis- bureaucrats and government fmrig lass of sovereignty to the pean Union provides. x • lative appointed *r =< ' ;- process". quangos. European Union unsatisfac- Richard Brown, ^ a perk. It has to . ~ 4. AstnSP .B 7* 4. Nmisp Whether corporate Democratic? A government Before Tim Melville-Ross tory. On the contrary, a large deputy director general. which imposes policies such as attaches the title of Director proportion of businesses Association of British Chambers carry mare people V’; water and rail privatisation General of the Institute of believes that it is appropriate of Commerce, . office or corporate V- against the will of the vast Directors to his personal inter- for the EU institutions to be 9 Tufton Street, majority of the electorate, in a pretation of democracy, per- concerned with a number of London SWlP 3QB, UK to more places.- 1*It iSl 'hswtoife shuttle. 5. CitatfeoUtt 123 • -*sm has to prove itself *' 3- Uwfo.88- 85 Now, granted, By the rule I Confused view of German banks’ role 7.0

on the bottom line, every busioess From Mr Donald Jamieson. From Mr Thomas Martini company may be worth saving pers of these meetings. Does Six, Alison Smith states Sir, You continue to mix up even if this may take longer this happen to the UK? How •' I (“Heavy paw of the watch- rather badly the issues of why titan the London stock market public are your public compa- every day. "RATING jet will have *?' its dogs", February 1) That under German banks have a few would have breath for with a nies? 1. Astra SP 4B3 I • !. Astra SP . VA MU HJ.0. ?£& ' '' the current UK regulatory sys- industrial participations, how British company. Finally, the tituiaci VII *t~j30.0 supervisory t3 uamvu -4tf . HawfatMi .)?•' -WBat. —8.3 HereHare are thefb» . compliance officers “can companies are financed and That German banks are ... leather and wal- tem dose boards of German companies ^ rely on the rulebook to ensure how they are governed (Lex: to companies which they have, as you know, half then- ^ tin ’ that the company’s marketing “Deutsche stumbles again”, finance through credit appears members specifications for recruited from no r-C^yV nut. at Bat the material is up to standard”. January 31). also entirely appropriate: wit- employees and trade unions, Would the same compliance Many, arguably most invest- ness the persistent laments in typically one or two bankers a the midsize busi- ' officer teach their children ments by banks result from your tetters column that this is and otherwise • end of a handful of 'fg&gyg the day, the that it is always safe to cross rescue operations by these not so to the UK, and the much leading industrialists. Why the road when, the little green banks (Deutsche’s stakes in higher cost erf finance to the only blame the bankers ness jet category when Hawker 800 will man is lit up? Daimler-Benz, Fiat and KHD UK, whether through debt or things go wrong? Whether or not underlying are but a few examples). It fol- dividends. For that matter, why blame principles erf good conduct are lows without saying that these The annual meetings of Ger- anybody? Was Total the scores **** pwve t0 be the last UK prescribed, if the aim is best are problem companies when man companies are invariably recession as short or as Shal- practice, narrow compliance the bank steps in and that they very well attended: Deutsche. low as that of Germany -*« ..aw* and yoo will learn — --1— *• *--- *-n ii iirmnit innm 1 -i the more prudent with the requirements of a may take a Httte while to turn Daimler et al accommodate (remember that, concurrently, ratebook may not in itself around. several thousands of share- west Germany continues to always be sufficient Even the British banks are apparently holders each year at their transfer what hondreds of operators around the world investmeat. And that’s a fact no laxurlons amenity 6 per cent of children have to exercise dis- neither inclined nor perhaps annual meetings, which just as gross domestic product to the cretion. capable of such rescue Invariably last eight or 10 east!). know: No other midsize business jet offers the can overshadow. For more reformation, call Raytheon Donald Jamieson, operations. A major cultural hours as shareholders question Thomas Martini, 39 Brootnieknowe, difference between Germany directors and supervisory HamaUee 16, Lasstoade, Midlothian, and the UK does of course lie boards, with subsequent D-44139 Dortmund, utility of the Hawker 800. No other plane is Aircraft Company at 1-316-678-7072 or ia the U.S. at Scotland, UK in the German view that a lengthy reports to the newspa- Germany more versatile. No other plane can do 1-880-835-7767 ext 302.

. *1^ Events not connected Air traffic control costs y soen muchmettle forfnr socn

Johns. From Mr Jeremy Deedes. were asked to make presenta- From-MrP.M. with both airlines and their Sir. Contrary to your dia- tions In April, two months Sr, May I make a small cor- representative organisations of connec- rist's suggestion a before Cazenoves resigned as rection to the article by Mich- such as the International Air tion between the replacing of our brokers. The unanimous ael Dempsey, "Efficiency in the Transport Association, Associ- little. Add to that a rep-

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FENANCIAL TIMES MONDAY FEBRUARY 6 1995 15 FINANCIAL TIMES

Number One Southwark Bridge, London SE1 9HL Tel: +44 171-873 3000 Telex: 922186 Fax: +44 171-407 5700 Monday February 6 1995 US and China on the brink ork bellies and coffee for other established investments. For the fourth fchnp tn as many view that as the goal of a beans may seem unlikely “We wouldn't consider commodi- years, the US and China stand on long-term negotiating process, not investments for a ties an appropriate long-term the brink of a threatened trade of a single accord. respectable pension fund. Pork bellies in investment because the return on war. To Judge the by precedents, It is in Beijing's interest also to But sharp increases in our investment would not compen- and the apparent differences divid- be flexible. It P more stands to lose commodity prices have convinced sate for the volatility in prices," ing the two sides, it ought stiH to far more than the US from a trade some fund managers individual says Mr Peter Stanyer, investment be possible to settle the dispute war. Not only Is the bilateral trade investors to wmriHpy commodities manager for the £8bn British Rail before the sanctions deadline. balance strongly in China ’s as a hnma for their money. pension fund. However, that win require excep- favour, but its economic develop- Bolstered by world economic your pension Mr Stanyer says he would prefer tionally well-judged diplomacy at ment hinges on preserving the recovery, copper and aluminium to invest in mining equities if he a moment when the political bal- confidence of foreign investors. prices have risen 70 per cent over believes metals prices are going up. ance in both countries looks dis- Only 10 days ago. Mr Zhu Rongji, the past year, and the rubber price Investment banks are devising new products to That way, the fund can gain some turbingly fragile. China’s first vice-premier respon- is up by more than SO per cent in exposure to the commodity price In Beijing, room for manoeuvre sible for economic policy, travelled the past six months. With world allow fund managers to invest in commodities, movements without being exposed is constrained by a succession to Switzerland to impress on a bond and equity markets in the dol- to some of tbe risks. struggle which threatens to gathering of western businessmen drums for much of 1994, fund man- say Deborah Hargreaves and Graham Bowley “With hindsight, you can see the strengthen the band of hard-lin- bis government’s commitment to agers have turned their attention to benefits of buying commodities last ers. In Washington, the leadership continued market opening and the energy, metals and even agricul- exchange-traded product - commod- market had to buy individual com- rnrlnding Goldman Rafths and Jj>, year, but I would be sceptical of our vacuum has been harshly under- reform. Such assurances would be tural markets. ity-linked warrants - grew from modity futures or options contracts. Morgan, have tried to distance their ability to get tbe timing right," says lined by Congress's recent failure seriously devalued by a trade war. It is not just hi ghw prices that $223m in 1990 to $lB8bn last year. That meant keeping an eye on price products from the traditional image Mr Stanyer. to approve President Bill Clinton’s China needs to accept that attract Investors. The increasing Mr Strongin points out that a movements in markets as diverse as of commodities as short-term, spec- Another fund manager describes proposed bail-out that fj for Mexico. In demands it respect interna- maturity of commodity markets has gtnkn in the minmodi pc markets wheat and crude oil, and being care- ulative investments by calculating the trouble be had trying to per- such circumstances, events could tionally recognised laws are not led many to see their potential as a provides a useful counterbalance in ful to sell futures contracts before their indices on what they call a suade the fund's investment com- run easily out of control. some foreign plot to disadvantage fourth asset class to be added to a portfolio to felling bond prices as they matured to avoid befog landed “total return" basis. mittee to take a dip into commodi- The danger this time is that a its economy; they follow directly equities, bonds and property. the two markets tend to move in with delivery of the physical prod- The total return system takes into ties. "They took a very conservative weak US administration will be from its own market-based reform International fund managers are opposite directions. uct It was also difficult to judge the account not only capital gains but view , and were reluctant to branch pushed too far by conservatives policies. Nor should resentment at befog encouraged to put money into Rising raw materials prices have performance of specific investments also income from other sources, out In the end. tbe treasurer killed bent on making a whipping-boy of US demands to monitor its anti- commodities by the launch of a led to fears of a resurgence in world in relation to commodity markets including interest on cash deposited my proposal," he says. China and widening the dispute piracy enforcement delude China plethora of new investment prod- inflationary pressures which could across the board. with banks as collateral against the Commodity enthusiasts say that beycmd trade. Mr Newt Gingrich, into resisting all externally-im- ucts based cm commodity indices. undermine the value of assets such The indices, however, give an positions taken in the commodities existing asset classes are far from the House speaker, has already posed disciplines as an unwar- “We’re in a bull market and some as bonds. Since most commodities, overview of commodity market per- futures markets. This makes it perfect. “Many fund managers have hinted at still tougher sanctions to ranted intrusion into its sover- investors are taking their first steps particularly metals and energy, pro- formance because they calculate the easier to compare the index with at least 25 per cent of their portfolio browbeat Beijing into concessions. eignty. Membership of the World in commodities, but it will probably vide the basis for industrial raw combined price movements of many equities and bonds which are also invested in real estate," a fixed Such talk simply risks undermin- Trade Organisation would oblige not be until the next production materials, they can offer a good different products; they also provide expressed in terms of total return. income manager says, “but it would ing the moderates in Beijing and China to observe a wide array of cycle that commodities earn a per- hedge against inflation a bams for index-related derivative The arrival of Wall Street invest- be foolish to expect another prop- turning Chinese truculence into international rules and sanctions. manent place in many portfolios,” *T went into commodities in 1993 products such as notes and war- ment hanks in the commodity mar- erty boom. A real asset like com- rigid intransigence. Unreasonable rejection of bilateral says Mr Steven Strongin, a as an inflationary hedge for a fixed rants. and for investment trusts kets has conferred a degree of modities could do the job of diversi- The US needs to combine firm- US demands would only intensify vice-president at Goldman Sachs income portfolio. The investment aimed at retail investors. respectability on what have been fying the portfolio if the real estate ness in any farther negotiations doubts about China’s readiness to investment bank in New York. “We had a stabilising effect on the port- often viewed as fringe markets element were cut down and. say, with realism about what they can honour WTO wnnmStmmfai are setting up the infrastructure for folio's performance last year and, S investors, tradition- attracting unscrupulous operators. five to 10 per cent was put into achieve. It is right to press China The next three weeks pose a investment in these markets in overall, provided a positive return." ally more ready to The availability of market analysis commodities." to act more rigorously against stiff test of political maturity in preparation for growth in the next says one Swiss fund manager. He accept new invest- has also improved although cover- Investment advisers would cer- piracy of intellectual property, both Washington and Beijing. three to five years," he says. invested between 4 and 8 per cent of ment products, have age of commodities is not as well tainly not advocate putting the bulk whose importance to foreign com- Self-interest and the well-being of Bankers estimate that the inter- his bond portfolio in the Goldman been more enthusias- developed as in bond and equity of a portfolio's funds into commodi- panies Beijing still seems reluc- the world economy dictate that national “over-the-counter" market Sachs Commodity Index futures ticUabout commodities than Euro- markets. ties but stress that a small percent- tant to acknowledge. However, it they resolve their dispute. That for investment products based on contract peans. But bankers say Europe is But some analysts are still scepti- age - up to about 10 per cent of the is unreasonable to expect China, opportunity will be lost if they commodities has been worth $15bn The GSCI, launched in 1991. catching up fast - accounting for cal of the benefits of investing in portfolio’s value - can provide a as a developing country, to match SUCCUmb tO narrow nationalism in the past 18 months, although weighs energy, agricultural. live- almost all of the recent growth in commodities. “Interest, dividend useful diversification. overnight standards of protection and the politics of reprisal Now is accurate figures are hard to find stock and metals commodities the commodity warrants market, anfl rental inramp from the three With commodities rarely out of in the west. Washington should the time for cool bead* to prevail. because such contracts are not according their importance in total for example. traditional asset classes give them a tbe news headlines last year - most traded on an exchange. world production; it was the first of “The indices simplify the invest- long-term value that is totally lack- dramatic was the surge in coffee An indicating of the rising inter- several new indices which make it ment process in what is unfamiliar ing in commodities. Base metals are prices following frosts in Brazil - Transport est in cmrnnnditips is the growth in easier to invest in commodities. territory for many investors," said mined to be consumed." says Mr investor interest has been aroused. debate the number products of investment There were previous waves of Ms Emma Conyers, in charge of Robert Davies, mining analyst at Only the more daring have so far listed on stock and futures enthusiasm for commodities in the marketing JJ*. Morgan's new com- London stockbrokers Smith New followed their inclinations with Few issues are more important to tional systems, such as federalism exchanges worldwide. IFR Securi- 1970s and 1980s, but commodities modity index in London. Merrill Court. bard cash. But as commodities gain national prosperity, yet harder to in Germany, and of new frmdfog ties Data, the financial information then were less widely traded. Sev- Lynch and Bankers Trust have also Many investors also see commodi- in respectability, fund managers resolve, than an effective trans- regimes, notably the quest for pri- service, estimates that the value erf eral years ago, investors who launched their own indices. ties as risky since the markets tend may find they cannot afford to port policy. Transport planning is vate finance in the UK. it is hard, new issues of just one type of wanted to gain a foothold in the Some of the investment banks. to be smaller and more volatile than remain out of tbe markets. highly problematic; the funding for instance, to deny the case for a required for large projects is colos- strategic authority dealing with sal; projects are derided transport in greater London. and when ~ upon by transport authorities/ ‘However, the immediate chal- powerful interests conflict at lenge for Britain is to find a better Executive pay - a practical solution every turn when it comes to way, within today’s institutional implementation. Even Paris is framework, of forging consensus experiencing difficulty in impos- and identifying priorities. A clas- Public disquiet in own agenda for the committee to ing a better balance between the shareholders - say 3 per cent part of it. though they would share ing its wishes on localities. sic instance of tire current malaise the UK over execu- consider. Behind it is the implied various conflicting interests. Candidates would also have to with other colleagues the task of A report published last weds by is the call by Mr Brian Mawhin- tive pay in priva- threat of departure, perhaps abroad, How could this be done? By set- make a declaration that they were considering the Erac's recommenda- the UK’s Confederation of British ney. transport secretary, for a tised industries is since international comparisons are ting up a special executive remuner- not a past officer or director of the tions. Industry suggests that the larger "rational’’ national transport justified because the now more often prayed in aid. ation advisory committee (Erac) to company, or a supplier, customer, Although this proposal is offered continental EU states have made a debate, when no forum or mecha- system far fixing it The remuneration committee suf- do the job. relative or competitor, and had no in the context of the privatised better job of transport planning nism exists for such a debate save is flawed. Indigna- fers from one basic flaw - all its The Erac would be elected by other conflict of interest, such as industries, Eracs may be suitable powerful vested interests tion would increase members are colleagues of the exec- shareholders at the same time as having acted as a consultant to the for other companies above a market than has Britain. The report the vlEW focuses on long-distance infra- which have generated tire impasse . — jf the public under- utives whose pay they are deriding. they vote on the directors each company. Since they would get con- capitalisation of say £500m. They structure, the value of which is in the first place. stood the full pension implications Whether they admit it or not and year; its members would not be fidential information, these safe- address the real problem in setting often questioned by environmen- If Mr Mawhinney wishes to of big increases granted within a whether they are even aware of it guards would be essential executive pay without cutting out talists and those concerned with stimulate a constructive debate, a few years of retirement. or not, there are subtle pressures at The Erac would report to the foe small shareholder. As impor- Remuneration would tant. the wider cost-benefit assessment Yet sensible step would be for him to There is no such thing as a work that can easily undermine tbe board which would normally be they place main burden it expected to implement recom- where it ultimately belongs - much of its analysis applies emulate the Treasury’s “six wise “light" rate of remuneration, and balance of interests is their busi- be decided by people the on mendations. If the board did not foe large institutional shareholders, equally to urban congestion, an men" and establish a panel of arriving at one that satisfies all ness to find. without a continuing increasingly serious problem in independent transport strategists. diverging interests is difficult Stri- The relationships which should wish to accept the Erac's recom- which have foe interests of their haiqr)r-o it obliged to beneficiaries to safeguard. the UK, whose cities and larger The job of the panel - chosen king a is a matter of judg- be built up between the directors on relationship with mendations, would be publish them in report and Those interests in the long run towns could learn a great deal beyond the interest groups and ment Those who have to attempt it any board do not lend themselves the executives the able to taking accounts with an explanation of depend heavily on foe prosperity of from its European neighbours. reflecting the range of divergent are often faced with the but comfortably what some derided instead British industry, so foe institutions Comparing the UK with France, opinion omimg informed observers greedy. Most big companies have might consider a hard or tough fine. what it had to do would why. Boards would think twice have no interest in either destruc- Germany and the Netherlands, the - would be to advise the govern- remuneration committees, but how- In a big company, tbe committee directors, but like directors and its serve for terms, say three years. before doing so. Eracs would think tive meanness, or profligacy. They CBI highlights three strengths of ment by way of periodic, reasoned ever hard they try to be objective, can rationalise approach by set little would paid, and there twice before making recommenda- are in the best position to help continental European practice. A statements combining forecasts the results often look “wrong”. pointing out how the odd They be would be shortage of good candi- tions that would not command sup- select people to strike foe balance wider degree of consensus has with policy proposals. The panel's There may be particular reasons £100,000 is in the context of the com- no work would be inter- port the shareholders. Alter- with unimpaired objectivity. been achieved on policy priorities. advice would be public; in many for tins, such as tbe influence of a pany’s profits (especially after tax). dates, as the among who has risk upsetting a colleague? esting, yet limited in its scope and natively, shareholders could be A more strategic approach to rflgPK it might not be unanimous. member of the committee Why solution the time it offered the choice between foe two improving transport links is evi- Consensus on policy for. say. become used to such high pay him- The logical is that remu- demanded. nominated to sets of proposals. Jonathan Charkham dent And governments are more new trunk roads would not mirac- self that his judgment is warped. neration should be derided by peo- Anyone could be the Even where this is not so, all the ple who do not have a continuing the Erac. To eliminate cranks, can- Introducing Eracs would have an willing to make long-term political ulously appear, any more than - the didates have to show on their additional advantage. The burden The author is a member of the Cad- and financ ial commitments to Treasury’s “wise men" have ended pressures are in one direction relationship with executives. would sharply then better nomination papers that they had on non-executive directors is grow- bury Committee on the Financial agreed objectives. discord on economic policy. But upwards. There would be a panel could usefully high- Able executives often write their chance (but no certainty) of achiev- the support of a proportion of the ing. and this would relieve them of Aspects of Corporate Governance A debate is to be had on the such a significance to effective transport light priorities and help set the constitu- of Mr Mawhinney’s debate. pl anning' of different terms Observer After the floods compared with WHO’s annual handsome waterfront might sound capitals, with proceeds destined for WHO feels budget of $9Q0m; but steady drips irresistible, but not to Sweden's two Libya's social security coffers. a the water recedes, relief gains floods are thoroughly justifiable to 100 years ago can break the toughest rocks. most recent prime ministers. Will this set a trend amongst round Id European regions burghers in Baden. Similarly, straighten the When present incumbent Ingvar international statesmen? A spy trick last week’s river measures to poorly? Harrod’s Stores en by Boris Yeltsin, with flow have increased the Carlsson moves next month into the thriller from oods. A full-scale catastrophe to Rhine’s The ordinary general meeting of and efficiency of barge Hiroshi Nakajima, head of the first official prime minister’s proceeds to Russia’s educational ie Netherlands has been avoided. safety loose Harrod’s Stores Ltd was held a river that World Health Organisation, is not Hanging residence. Sagerska Huset, it will be system, or a sex-and-shopping tale ranks part to heroic action to operations along yesterday. Mr A.J. Newton in - royalties to af^prmfcg roughly a fifth of Ger- having a happy time. Last week he All change - into different reluctantly. He and wife Ingrid from Bill Clinton with 1 tore up threatened dykes and for presiding The Chairman, in long-distance goods trans- took flra unnciial step of willing a threads - at IBM. The dark blue would prefer their own flat in the the US health programme? ell-organised evacuation. Never- many’s moving the adoption of the press conference to rebut suit, white shirt and conservative sleepy southern suburb of TyresO leless Germany, France, Belgium port report, said the gross profit had insufficient attention allegations by the WHO Staff tie are out - or at least, no longer “by the woods and foe sea". ad the Netherlands have suffered However, been increased by the sum of >ia«» the cumulative Committee, which had suggested de rigueur - and casual is in. And Carlsson’s predecessor Carl Bildt eavy economic costs in terms of been paid to Canadian stink £32.450. But the increase in the individual building derir Nakajima had disparaged the the new off-tbecuff approach has was also unwilling to make the imaged property and lost output impact of quantify erf goods sold was municipalities along the professionalism of staff from wormed its subversive way in more move, had he won last September’s Participants at June's G-7 traditional risks faced by sicras by proportionately greater than the Hie summit of the leading industrial In Germany, the problem of developing countries, as well as than just the sartorial. For rather election. increase iver-dweflers seem to have grown river. of gross profit, owing to criticising their to than about the pinstripe But Carlsson has been persuaded nations in Halifax, Nova Scotia, result of inadequate co-ordination is height- adaptation hearing foe fall in prices. i recent years as the federal system, in Geneva, where the WHO has its HQ. perestroika through a formal that the enhanced security - and may need to hold their noses. The appropriate building measures ened by the comes under Nakajima said the remarks, marfp at company statement, employees are foe lower security costs - offered by fine view from the office tower have changed the river’s flow, which flood control lat palace make the where the leaders will meet is local or state (Land) jurisdiction. an internal staff meeting, had been learning about it via word-of-mouth. the refurbished fter the second bout of serious 50 years ago natural disasters taken out of context IBM spokesman Rob Wilson move imperative. It was his own somewhat spoilt by pipes spewing little over a The threat of hine flooding in litres of raw sewage a day into never be eliminated. Yet Controversy has dogged didn't have a readily computed government of the late 1980s that 135m Film allotment Bar. there is a pressing need for can is no create an Halifax harbour. coopera- future flood risks could be lowered Nakalima since he took over the UN reason why there made the decision to American cinema companies lore effective European Over foe years, little has been a strengthening of river agency in 1988. The WHO's company-wide memo on the change, official residence, after foe 1986 must get along with somewhat on to mtolmfce future dangers. by it: “How define Palme, shot by done to clean up the polluted can Mwpb in the Netherlands, hith- previously high reputation has for. as he put do you assassination of Olof less film, the US War Production Environmental damage various levels environmentalists dissipated; staff morale is at what is casual? We figure it would a still unknown assailant as he harbour, of consequences erto opposed by Board having allotted 256m ft of [ten have adverse from the government cannot agree who to prevent the spread of rock-bottom. In 1990 foe WHO lost insult the intelligence of our strolled home unguarded the region in which it anxious 35mm film to 11 companies for ir beyond cinema. least Carlsson should should foot foe C$400m bill. u l concrete dykes. An extension one of its most charismatic figures, employees." At the effect of fll-conceived g y first quarter of 1945. This is ccurs. The Jonathan Mann, who ran the beginning of foe end of IBM’s enjoy the convenience of Sagerska. But foe summit has concentrated waterways, of controlled flooding zones along The ifim ft under the allocation for evelopment along corner from tbe minds as never before. The city now stretches of the Rhine and organisation’s Aids programme. formal dress code came in 1990. It's just around the tiie that of spills from chenn- upper final quarter of 1944. ich as Nakajima was re-elected head of the personal prime minister's office. plans a public education campaign downstream, better co-ordination of building to the when then U factories, flows cut down the amount would also be desirable. post in 1993 for a second five-year computer business, James to of divides tree-felling m ™ work US-Eire air pact from though not without Caxmavino, hosted foe launch of the non-human waste that is poured of high Above all, European govern- team The XJS State Department he to the construction down toilets. It may also try to ments should consider an inte- considerable background IBM PS/l. and wore a sweater. turn snerete banks have changed the Bloc-busters announces tbe conclusion of an the grumbling. Opposed by the west, he So who will be the first to take a an embarrassment into an which water grated approach to assessing air transport agreement with auditions under thanks Libyan leader ar Gadaffi. opportunity by putting up a small costs and benefits of measures scraped through to votes leaf out of the Microsoft book, and Muanun Eire ows Into and along the Ekine. proriding that authorised water flows along the from developing nations. dock-in clad in cut-off jeans, T-shirt now more than 25 years in power, sewage-treatment demonstration consequences for affecting American flirtings shall have 1th deleterious - had time on his project near the summit site. length of the river. Those keen on Just before Christmas, Sweden and no shoes? seems to have some living at its month. rights of transit and non-traffic my trans-European infra- traditionally one of WHO's hands. He’s just published his first All that’s highly diverting, no Individually, such actions may Improving stop in Irish territory. They wffl worse staunchest supporters - withdrew literary work, a 12-novel doubt. But locals fear that, given structure networks could do - i»frp those most directly also have tbe right of for fresh look at gnu of fimding from WHO’s 1995 compilation called The Village. The the history of the problem, the most barriers in than starting with a commercial entry lvolved. The flood Little palace Land, and lasting diversion will for oldest cross-border transport programmes, saying WHO was not Village, The Land, The be of the flow that have been the international traffic Rhanwqn juthem Germany apartment Suicide. The book is to less visible outlets, while at links of them alL carrying out reforms promised by An exclusive in a fine The Astronaut's the for amplifying Dutch Airport lamed Nakajima. It’s a drop to the ocean 19th century house on Stockholm’s on sale in Cairo and several Arab summileers are in town. ' •

16 Brossette -87/, H ANIXfft 1 ll ' Global Provider of ’ *um**+«* ? i S i ifi %^ Structured Networking Solutions FINANCIAL TIMES »>w® Tel: 01753 686884 Monday February 6 1995

COLUMN TS French THE LEX r Clinton budget likely * i M l i‘ to 1 ** socialists Cracking the City club spark .*.*«*** row over deficit .. provisions and back chiefly the release of of prices Big Bang in 1986 swept away many Pulp of extraordinary and excep- Jurek Martfai in Washbigton the use By firmed that as many as 130 gov- budgetary process. the City’s practices. It opened up deteriorat- dub tional credits to offset Uie ernment programmes may be cot The with London’s markets new Northern btoechod eoftwood. administration, Ms financial to : . Sparwnor. . President Bill Clinton's and many others merged or have Laura Tyson, head of the White Jospin for competitors with deep pockets and ; administration today presents their outlays frozen. House council economic advis- But 900— of prompted an industry drake-up. erfwig which first reported a pre-tax the 1995-96 federal budget which Excluded are the main govern- ers. is also advancing economic the job was only partly done. Anti- to Sep- loss of DM347m in the year is expected to prompt economic ment entitlement programmes - arguments for a more restrained quated practices remain. Pressure to trading presidency tember 1998. Alter the sroups and political debate over both the social security, medicare, and approach to budget-cutting. abolish these could bring farther futures came to Ugnt, projected deficit problems in oil and large cuts in medicaid - as wen as defence. Although the deficit would By David Buchan Paris industry restructuring its wake. h in was revised up to DMLfflm. spending. Mr Robert Rubin, the treasury remain the loss at current levels, its pro- Last week brought the two most adjustment reflected a sharp Republicans complained yester- secretary, said the spending cuts France’s The portion of gross national product Socialists yesterday contentious issues into focus. Hist, of the groups day that downwards revision leaked headline figures were “real and on the table". In would decline from 2-7 per cart rallied behind Mr Lionel Jospin, news leaked of the Office of Fair Trad- as operating performance, as well demonstrated that President Bin contrast, he said. Republican pro- to 11 per cent over five years, the their overwhelming choice as ing’s intention to refer the decades-old losses arising from oil trading. Clinton and his administration posals were “not there". lowest since 1979. presidential candidate, in his system of equity underwriting to tiie implication Is that German were no longer serious about def- Mr Clinton is proud to cut forthcoming The have Mr Clinton is also wary of campaign against Monopolies and Mergers Commission provide a flattering pic- icit reduction. accounts will the deficit to under $200tm from being seen to turn against federal Hr Edouard BaUadnr, the prime on the grounds that companies are that 198988. 0788889091 92 839498 ture of a company’s health what These project a deficit of the 9300bn-plus he inherited from programmes dose to bis own and minister anr! flawTHef frnnimn. being over-charged far raising capitaL Schick NUt Corautanto Pita PHosTtonds mmnnny is doing badly. Profits and SL96.7bn in a total budget of President George Bush. the Democratic party’s heart. The ner. Then a report commissioned by the assets wiH be understated only when a $1 ,6001m for the fiscal year But reducing the deficit pro- budget therefore preserves spend- Mr Jospin, a 57-year-old for- stock exchange and Liffe criticised the ooTTipany is doing well. This is not starting in October, a slight duced no dividends from the elec- ing cm the national service corps, mer education minister and lack of transparency in market mak- could be replaced by an order-driven comforting for Investors in the Ger- increase on the 6192.51m esti- torate and could not prevent a pre-school education. Aids party leader, beat Mir Henri ing. supporting an earlier OFT report. - a system with which foreign equity market. Those German mated lor the current year. landslide defeat in last Novem- research, and rural development Knunanuelli, the party’s first sec- Vested interests will no doubt try to houses are more familiar. man ies which wish to be taken , The administration also fore- ber’s mid-term elections. The - in effect challenging the Repub- retary, with surprising ease in block change. Merchant hanTra such as The Ranir of England’s plans to compan seriously by international investors sees continuing deficits of about Republican-controlled Congress licans to be the first to brandish tiie vote for the nomination. Schroders will seek to preserve under- the gilts market could have should follow Daimler-Benz's lead and $200bn a year over the next five wants to force a balanced budget a potentially unpopular axe. In the first-ever primary elec- writing fees and market makers such similar effects. Introducing “open their accounts under US rules. years. by way of constitutional amend- The Republicans already plan tion staged by a French political as Smith New Court will fight against repos”, “stripping facilities" and other publish Included in the budget are ment but, as Mr Rubin noted, has tax cuts far deeper than the pres- party, 73 per cent of the party’s transparency in equity trading. US-style practices would allow compli- about $l40bn of spending cuts yet to explain how that would be ident's, implying even greater off- 103,000 paid up members voted But the coalition for change is cated arbitrage plays between differ- paper over European a five-year span, $60bn of achieved in practice. setting spending reductions. But on Friday, with 65JS5 per cent Tnon rriingv The OFTs initiatives are ent bonds and currencies. But only of pulp prices during which is to cover the president's The president's political calcu- as long as the main entitlement choosing Mr Jospin. backed by the Treasury which those with derivatives know-how and The rapid rise has bear astonishing proposed middle-class tax cut. lation appeared to be that there programmes awd «tefanw» remain In a graceful acceptance of believes that more competition would international reach would be able to tire past year for its steepness. From a low Today's details will show where was little point in helping the off the table, both sides will still, defeat, Mr KamwameDi appeared benefit companies and investors while take fun part primarily end of 1993, contract the budget axe is to fall, but opposition campaign and perhaps relatively, be playing at the fiscal before some 500 delegates at the ph hanging the City’s position as a As with Big Bang, rewriting the ofjust $330 at the of pulp have administration officials have con- losing control over the whole IfifirghlS- nominating congress in Paris to financial centre. Meanwhile, institu- market’s rules wiH provoke an indus- prices for a tonne prices hare say: “Congratulations, Lionel, tional investors are distancing them- try shake-up. Aggressive competitors reached 5825. Asian spot the $1,000 barrier. Strang eco- and coinage!" He pledged his selves from the underwriting system - mainly integrated US investment pierced generated huge support and, despite some con- and turning against at least some of banks bat also continental banks such nomic growth has gilts - dffmrtfid for paper products while little UK trary indications during the pri- i the market makers’ privileges. as Swiss Bank Corporation will find Russia to consider has stream. mary election campaign, said he The attack on underwriting prac- it easier to break into the market new capacity come on | not bene- Continued from Page 1 would stay on as first secretary. tices most exposes those merchant Establishment firms will need to adapt However, the bonanza boa Yesterday’s Socialist congress hanks which do not have their own by developing or acquiring new skills, fited all paper and pulp companies manufactur- the momentum towards further approved a presidential policy broking aims. Of the flat 2 per cent fee particularly in trading and deriva- equally. The integrated private pension law Scandinavia, fundamental structural change. platform for Mr Jospin. The most charged for rights issues and new tives. Last year’s SG Warburg/Morgan ers. found primarily in companies A repo mechanism will allow all controversial aspect calls for the issues, the banks receive a quarter Stanley talks may have failed. But the have profited most. Those market participants to take short By Nonna Cohen, Investments been Callund Consulting, a UK- statutory 39-hour work week to while assuming virtually no risk. trend towards tire creation of inte- forced to buy market pulp have been positions, which entails selling Correspondent, In London based firm which also advised be reduced to 35 hours over the Opening np the process would allow grated global houses will continue. squeezed between rapidly rising raw gilts they do not own, and enable the Chilean government on its next five years “while guarantee- integrated houses and stand-alone bro- material costs and paper prices that them to borrow cash against gOt Russia’s parliament is set to novel private pensions legisla- ing salaries*. The aim is to cre- kers to compete for this revenue have increased more slowly. Since the collateral and so finance invest- consider the country's first pri- tion, as well as the UK Govern- ate more jobs for the record 34m stream. Ihe winners are likely to be German accounting beginning of 1992, Scandinavian stocks ments in gilts. The RntiV says vate pensions system in new leg- ment Actuary’s Department, the jobless. those who know how to price risk and The reputation of tire big banks is such as MoDo and Repola have that will stimulate Interest from islation expected to be introduced Department of Social Security, The size of Mr Jospin’s pri- distribute stock. If new competitors not the only casualty of the stream of strongly outperformed less integrated international investors who are within a fortnight. and the law firm Nabarro mary victory makes it highly manage to elbow their way intn rais- corporate debacles in Germany. The groups such as Italy’s Cartiere Burgo '.taicjMifr already familiar with the mecha- The measure, awaiting its first Nathanson. unlikely that any dissident ing equity for companies, the stand- image of German accounting, cure a and Aijo Wiggins Appleton. nism in other leading securities reading in the Duma, the lower Russia would join several other Socialist candidate will emerge. alone fifluks would find their current by-word for conservatism, has also In spite of such outperfonnance, the < markets, so reducing borrowing bouse of the Russian parliament, east European states which axe But there remains the elector- franchise seriously damaged. The case fakm a knock. This is evident from a Scandinavians could still he underval- 1 costs. will provide the first regulated considering establishing private ally critical question of whether for hanks such as Schraders and La&- glance at the accounts of KHckner- ued. Their price/earnings ratios are But the final decision on that framework for investment in a pension plans to augment state Radical, a leftwiug party tradi- ards acquiring rifairfl mifan aims such Humboldt-Deutz. the engineering half those at the last peak Potential and other reforms rests with the country where confidence in social security benefits that have tionally allied to the Socialists as Smith New Court and Cazenove group rescued last week. The figures investors may be scared off tor the Treasury and depends crucially long-term savings is low. not been badly eroded by Inflation and brought to prominence by would increase. for both 1992 and 1993 provide a horrific losses they accumulated dur- on tax changes under consider- least because of a series of finan- and undermined by the rfiangps Mr Bernard Tapie, the maverick similarly, a drive to transparency in grossly misleading picture of a com- ing the last recession. However, the

.£ . . ation by the Inland Revenue. cial scandals. which have followed the over- businessman, will now field its equity trading would undermine tiie pany which, it is now known, was recent wave of acquisitions suggests . . The Bank is also pushing for It will specify that approved throw of communism. own candidate. franchise held by the big market mak- already in serious difficulties at that the industry will primarily invest its the introduction of coupon-strip- assets be selected “an the princi- Private ymcitms are fafamrigd Radical leaders disHke Mr Jos- ers. Profits would be under pressure time. For both years, the company huge cash flows in building market ping facilities, which would allow ples of reliability, security, liquid- to supplement the basic monthly pin, who had warned the Social- because the market insight they reported a small pre-tax profit This share through acquisitions rather new types of instruments to be ity, profitability and diversifica- Russian state pension which was ists they would “pay dear" for a obtain from handling the largest deals was only possible- because the com- than capacity. That should ensure tire '»e. - created by separating coupons tion". raised by 60 per cent to R54.000 political affiance with the con- would become public property. Ulti- pany made use of a variety of tech- next downturn is less severe than the • :• v a certificate detachable from a It is expected that pension last week - enough to buy troversial Mr Tapte. But Radical mately, London’s quote-driven market niques to inflate reported earnings. last # bond to be exchanged for divi- funds initially would invest roughly 130 Moscow metro leaders modified their stance late I «... - dends or interest payments almost exclusively in treasury tokens. last week as Mr Jospin's primary from the principal of a bond. hHls although as securities mar- However, the legislating! would prospects improved. Such a system, which exists in kets evolve, investment in equi- provide no fiscal incentives in In Ms victory speech, Mr Jos- the US, French and Canadian ties would expand. The pensions the form of tax advantages to pin got the biggest roar of il- : - government bond markets, legislation would contribute to either individuals or employers approval when he lambasted Mr y-d should also cut borrowing costs. the growth of Russia's flpdgling who contribute. “We fed that in Bahadur's evident desire as the | The Rank thinks that stripping I domestic capital market. common with practice interna- prime ministerial fnwirunuer to -Wi could be put into place as early The Russian legislation relies tionally, some form of fiscal avoid debate as mnch as possi- as next year. on advice from UK experts for incentive would be desirable," ble. “Edouard Balladur will have The Treasury Is also thought to whom finance was provided by said Mr David Callund, senior to learn what an election cam- be close to recommending a more the British government’s “Know- partner at Callund and Co. paign is in a democratic coun- - t .atur* •; structured system of regular auc- How" fund for Russia. try," said Mr Jospin. Mr Baffit- tions along US lines. Advising the Russians has A rising tsar in Moscow, Page 12 dur has said he is only willing to • -MV; debate with an opponent after the first round of voting on April * -•#.*»*- 23 and before the final two-man - r#. Allies’ hopes for closer European union runoff vote on May 7. The main challenge for Mr Jos- Continued from Page l margins of the negotiations. We 1996 is still being drawn up In the pin is to come second on April 23 are counting on a change of gov- Cabinet, and point to strong out of some 10 other candidates, European Court of Justice. A ernment" A second EU diplomat cards Mr Major will play on and so ensure Ms place in the senior EU diplomat said: “We are described the present UK policy defence, foreign policy, fraud and nm-off. At the moment; Mr Jac- not sympathetic toward the UK towards Europe as unsustainable. subsidiarity - the principle of ques Chirac, the GauRist mayor line on Europe, because that British officials caution that devolving EU decision-making to of Paris, fs running second to Mr would put us completely at the tiie UK negotiating position for the lowest appropriate level. Balladur in the polls.

FT WEATHER GUIDE

Europe today

MUd end mofst dr wiH be drawn into western and central Europe in the wake of a Are you looking to the future? warm front Most areas wfll be cloudy with drizzle and parfstont fog b possible. However, England and Ireland wffl have sunny spets and temperatures between 9C and 14C. A strong area of high pressure wU 1 JUNE 19 95 bring plenty of sun to southern Europe. South-east Europe wfll become unsettled as an active depression crosses the eastern On rliis day. the settlement Mediterranean. Most of Scotland and southern Norway wfll be rainy and windy period for because of a series of low pressure areas. international securities Southern Sweden win have occasional breaks in the doud and unseasonably high will he reduced to F+5 business temperatures. days to help brine, Five-day forecast about High pressure win weaken over southern m-m greater efficiency; lower exists and Europe allowing depressions to start to influence western and central Europe. As a reduced risk with. in the industrv. result, there wfll be frequent outbreaks of rate or showers. Some showers w® be wintry later in the week. From Thursday, northerly breezes wifl draw colder air south Will you be levels. ready? causing a significant fall in snow South-east Europe wfll become milder and rather sunny. WEEKS AND COUNTING

TODAY’S Situation at 12 CMT. Tempetatums maximum for day. Fomcasta fcy Meteo Consul of Om JVsgwrfanulv f Maximum Bs»ig sin 4 Caracas Mrfair 32 teeFare sin 18 Madrid hazy 16 RaRangoonngoon Bun 33 Celsius Belfast cloudy 11 Cerffiff cloudy 11 Rankftst 8 Majorca 18 Rsykjavflc fair • -4 Abu Dhabi fas 27 Bsfrsto cloudy 8 Casablanca fair 16 Geneva 9 Malta 17 Rio cloudy 28 Accra fat 32 Berta drzd 9 Chicago fat -8 Gibraltar 18 Manchester 12 Roms swi IS Algiers Mr 18 Bermuda cloudy 18 Cologne cloudy 10 Gfasgow 12 Marta 27 S_ Rrsco fair 17 Amsterdam 11 Bogota cloudy 22 Dakar fair 28 Hamfatsg 10 Mefboune 24 SeoU Mr 2 4 Athens “S 10 Bombay sun 31 Dslas fair 17 HalsMd Mexico C8y 14 Stogspon rata 27 Atlanta tan 4 BflAMiS cloudy 10 Data! sun 24 Hang Kong 17 Mami 18 StacWwh ii cloudy 6 B. Ainas fair 28 Budapest cloudy 8 Dubai fatr 28 HonoUu 27 MBan 8 Strasbourg deed 9 BJiam tab- CJiagoi fair 8 Dufcfln fafa- 12 Marttxri 4 Montreal -14 Sydney fluid 25 12 ! S M A Bangkok far 33 Cairo shower 16 Dubrovnb fair 13 Jakata 30 Moscow 2 Tangier ft* 18 Barcelona sun 16 Cape Town fair 32 Edinburgh rata 12 Jersey 10 Munich 10 TslAvfv shower 16 Karachi 29 Ntaobi 28 Tokyo Slowerwar 7 Setting New Standards Kuwait 21 Naples 15 Toronto Ur -12 LAnonlea 24 Nassau 23 Vtamjuwr rah 8 No other airline flies to more cities in International Securities LoaPtam* 22 New York -7 Venice lair 11 Market Association . Eastern Europe. Lima 27 Nee 15 Vienna cloudy 11 RIGISTRASSE 60 P.0. 60X CH-8033 ZURICH TEL (41-1) 363 42 22 TELEFAX Lisbon 16 Mental 14 Warsaw drzzi 6 (4M) 363 71 72 TELEX 315 212 London 13 Oslo e Washington cloudy -7 Lufthansa Lux,bourn 8 Paris 11 Weiington show 17 Lyon 10 Penh 27 Winnipeg fek- -12 Madeira 18 ftagua 8 Zurich ran 9 '

u* X&P

17 brother FINANCIAL TIMES PRINTERS FAX MACHINES COMPANIES & MARKETS ©THE FINANCIAL TIMES LIMITED 1995 WORLDWIDE EXPERTISE AMD RESOURCES

Monday February 6 1995 MARKETS THIS WEEK German savings group names sell-off adviser

By Nicholas Denton In London and versicherung was assisting in the devel- DM49.9bn ($KL6bn) on deposit, is expec- next two years. The hank intends to government will hold on to 25.1 per cent STEPHANIE FLANDERSr Mchael Lindementi in Bonn opment of life Insurance products. "We ted to command a premium over its build ties with other financial institu- of Postbank until the beginning of 1999. ~ ECONOMICS NOTEBOOK could wnagina that our co-operation will equity capital of DM4bn. The govern- tions that can help It expand the range Until the beginning of this year In the days following the Mexican Deutsche Postbank, Germany's largest lead to them taking a stake [in Post- ment has earmarked proceeds from pri- of products it offers through its 20.000 when Deutsche Telekom, Postbank and devaluation, President Ernesto savings institution, has taken a first bankL" a spokesman said. vatisation for the unfunded pensions outlets in post offices. Equity links Deutsche Post (formerly Postdienst) Zedillo was pressured by outside step towards the private sector with, the The privatisation of Postbank, which obligations of the three successes com- would cement the relationships. became joint stock companies - the only investors to include more rapid appointment of Salomon Brothers as was spun off from the German post panies to the post office. Salomon has The flotation is expected to take place banking business Postbank was allowed frnanniaT privatisation in his new economic adviser. office and incorporated in January, will been working with Postbank since last in 1997 or 1998; Postbank said it needed to do was to offer clients savings books. programme. In similar fashion, a Postbank named Union Bank of Swit- follow that of Deutsche Telekom, the year but government confirmation of its tiwp to get its balance sheet into order. In 1991 Germany's commercial banks recent string of privatisation policy zerland, the Swiss bank, and Vereinigte telecommunications service. role and the privatisation strategy only The appointment of Salomon as began putting pressure on the post min- Pnsf-ppr«rif»hwn Hip insurance will of Germany’s with Postbank's reversals In Hungary have stoked ngi German The sale be one came establishment as adviser does not preclude the designa- istry to prevent Postbank branching out fears that it wHI be the next emerging market to hit company, as possible buyers of small largest privatisations, though smaller an independent company. tion of another investment bank as into other financial products. They did the rails. Page 20 stakes. than that of the telecoms company, Postbank and its advisers are expected co-ordinator on the eventual issue. Post- not let up until last year when the new It said UBS was advising on Post- which is set for flotation in 1996. to have discussions with potential inves- bank sa id, postal reform law finally settled the mat- BRONWEN MADDOX- bank's expansion into money market Postbank, which operates 24.1m tors in the first half of this year with a The law breaking up the German post ter in favour of Postbank. GLOBAL INVESTOR and equity funds and Vereinigte Post deposit accounts with a total of view to offering strategic stakes over the office into three parts specifies that the UBS doubts. Page 19 There ere good shortterm reasons why European consumer companies are performing weH But Agnelli letter tells of a healthier outlook for Italian carmaker, writes Andrew Hill the long-term performance Thorn to depends parity on a more profound Vuan fHrmte liberalisation of European markets Mr Agnelli, (components) are taken into than has yet occurred. Last week's chairman of Rat, tells account axe chain of Cheer from Fiat heralds - interest rate rises In the UK and US Italy he has same good Certain non-core businesses news,Wthe whole country smiles such Rinascente, damped some enthusiasm for consumer stocks. as La the Page 20 In OTtiripBtimi retailer - were sold as part of the electricals Last Thursday, smiles broke advent of la dolce vita package of cash-raising measures BONDS: into grins when Mr Agnelli in 1993, but Fiat still owns sub- anrifluiifffri tn hie Increasing optimism that the Federal Reserve will traditional let- stantial interests in the manufac- shops in UK be able stave off inflation and steer the US ter to shareholders - a sort of ture of railway rolling stock, economy to a soft landing reached a peak on industrial state-of-the-nation insurance, publishing and con- Ely David WigMon in London Friday as the bond market soared on news of a address - that initial estimates of struction. Fiat says they are still surprisingly high January Jobless rata Page 22 Fiat’s performance in 1994 were an important defensive part of Thorn EMI, the UK music and better than anyone outside the the group. But, as Mr Lorenzo rentals group, is expected to EQUITIES: company had expected. r m Colucti. of NatWest Markets in announce that it is axeing its The 1994 figures are indeed “it’s In New York, investors will be watching this week . -a £7 London points out, clear Rumbelows electricals chain impressive. At a pre-tax level, the that these other businesses it reports its third quarter to see if Friday's soaring market will prove a 1S93 1994 now when momentary surge or the beginning of bullish times. group is set to achieve a LS.OOObn (Urebn) (Lire fan) are marginal". results tomorrow. In London, the long-heralded rise in interest rates ($l.85bn) tumround, converting a As a motor vehicle group, Fiat After nearly a decade of losses. loss of Ll,384bn in 1993 into proj- knows it cannot afford to place Thorn is expected to reveal plans was taken without serious distress. Page 24 Turnover 54,556 65,000 ected profits of LL750bn before its hopes on the domestic market to rebrand most of the 300 shops 1994. tax for • rVnrumlW, or even the European market, for and dose the rest. EMERGING MARKETS: Uparatmg 2.017 5,500 At the samp timp Flat has cut much longer. Analysts predicted that in Pakistan, three months of negative sentiment cashflow . caused by domestic concerns over politics and the its net debt to I.fl,200hn. less than In 1995, the group will be Thorn's shares would be boosted half its level a year previously. helped initially by its increased by a decision to take action on country's economic performance, have not been Not debt 5,247 2200 Italian helped by the Latin American situation. Page 23 Analysts had been groomed to market share in the car Rumbelows, which is estimated expect good news, but not this market, which is lagging the to be losing more than £10m Investments 6,659 4,600 CURRENCIES: good. European recovery. Having (S15.6m) a year. The shares rose Some even believe Fiat has dropped by 20.4 per cent in 1993, 32p to £10.50 last week on WhUe the doHar finished last week rising, starting Research and 2246 1,900 stored away some extra profit the Italian market shrank a fur- rumours that Thom would dose was falling. Markets will be looking this week to see development next whether or not those movements constitute fresh against the cyclical down- ther 2.7 per cent in 1994, and or sell the chain. turn. Forecasts for Fiat’s 1995 recovery is expected this year. The group has been straggling trends. Page 23 Pre-tax profit approx pre-tax profits were promptly To anchor its revival however, to torn Rumbelows around for floss) (1,384) 1.750 COMMODITIES: increased to more than iAOOObn. and protect itself from the inevi- more than 10 years. In 1986 its Natural rubber producers and consumers meet in The last time the Turin-based table political and economic hic- television rental accounts were group achieved such results was cups of its home country, Fiat is transferred to Thorn's Radio Geneva this week in a third attempt to negotiate a Employees mflO 81' SB 84 260500 24&000 83 8S placing increasing emphasis new price stabilising pent Page 20 in the late 1960s. In 1990, however on Rentals chain with the loss of Fiat employed more than 300,000 Scuta: Hat Source: CMartraam foreign markets, including devel- 650 Jobs. In 1992, after Rumbe- INTERNATIONAL COMPANIES: people and had only just begun oping regions such as Latin lows had lost more than £50m tn Union Bank of Switzerland has acknowledged to think about updating its age- America, eastern Europe and the previous three years, it was cars. is weakness, leagues. particularly downturn will the real test of Asia. 37 per cent of the announced that the then uncertainty over the legafity of some of Its actions ing range of In 1995, Fiat quent which has Mr Giorgio be Some 450 during the run-up to a controversial shareholders' well on tiie way to achieving its helped the group pursue an Garuzzo and Mr Paolo CantareSa management’s nerve. group's workforce are now shops would be converted into aggressive export drive expected reces- Italy, rental outlets. meeting last November. Page 10 atm of renewing the model range and push in the dominant automotive sec- The worse than employed outside and a completely, having been canny up its share of the protected Ital- tor. Mr Agnelli identified four sion in the motor vehicle indus- growing proportion of automo- With the worsening electrical UK COMPANIES: enough to start the process with ian car market to more than 50 derisions, taken at the low-point try has dispelled investors' illu- tive production is sold abroad, retailing market undermining its Advanced RISC Machines, the UK microprocessor tiie popular Punto model It now per cent. of Fiat's fortunes, as fundamental sions about the importance of ranging from six out of every 10 efforts to find a buyer for the diversified to out of every 10 trac- chain. Thorn has been experi- design group, has reached a technology licensing employs fewer than 250,000 peo- Meanwhile, Italian government to the recovery: Fiat's businesses, care nine more Importantly, is aid has softened the transition to to press ahead with a heavy which were partly intended as tors. menting with new formats. pact with the semiconductor division of Digital ple, and. • its battle to persuade modern working practices. The investment programme; defence against a slump in the Even if it sticks to this course, Last year, it introduced a UR Equipment, one of the world’s largest computer winning to accept flexible Punto plant in Melfi, a laboratory • to bring down the company’s core operations. Fiat seems unlikely to lose its version of Fona, its Danish chain manufacturers. Page 18 them more working practices. for more flexible working, was “break-even" production level in In 1994, sales from Fiat Auto, symbolic position as the spokes- television and hi-fi shops. It has The transformation was not built with the promise of state line with the exceptionally low industrial vehicles (Iveco), and man for Italy’s industrial econ- also piloted a format called STATISTICS achieved by management alone. aid, and a government deal demand of 1993; agricultural and construction omy. which is now dominated by Crazy George's, an electricals There was a marked recovery of helped Fiat soften the blow of • to restructure the group to machinery (New Holland) should smaller, mainly unquoted, and furniture chain, modelled on overall Base tenting rates 27 London recent Issues — 27 the car market during 1994 redundancies and temporary lay- reduce costs; and account for 75 per cent of export-oriented companies. But it its successful Rent-A-Center Company meetings 25 London share service . 30-31 (although, as Mr Agnelli pointed offs last year. • to seek new funds via the turnover, compared with just will only be clear that the group chain in the US. 28-29 DMctond payments 25 Managed funds out in his letter, it was not as But the improved 1994 perfor- complex LS.OOObn capital-raising under 70 per cent in 1993. Depen- has finally shed its old ways Before costs relating to the 27 FT-A World indices 20 Money markets — marked as the previous year’s mance is also a reward for and disposal package announced dence on the automotive market when the declarations of Fiat's restructuring analysts are pre- FT Guide to currencies 23 New int bond Issues 22 _ decline). Flat has also benefited aggressive management by Mr in September 1993. is even more notable if subsid- top management start to make dicting that Thorn's nine-month Foreign exchanges 27 New York shares 32-33 from devaluation Of the lira in Agnelli. Mr Cesare Romiti, group These measures have worked. iaries such as Teksid (the metals news in India, China and north profits will be up from £251. lm World slock mkt IrtcBces—26 1992 and the currency's subse- chief executive, and their col- But what happens in the next group), and Magneti Marelli Africa as well to around £330m.

This week: Company news

OTHER COMPANIES US COMPANIES • Lloyds Bank Gkxxtyear Ttre . Boost to Ericsson THE FOURTH CAUSEWAY Goodyear keeps Sham price (pence) from mobile phones 680 •• DEVELOPMENT CAPITAL FUND a firm grip on Ericsson, the Swedish telecommun- ications group is expected to unveil Applications have been accepted from institutional investors profit margins profits of around SKr5J>bn ($740m) when it reports its 1994 figures on in respect of commitments amounting to: Thursday. The result would be more it an Wednesday is expected to Hum per rant higher than 1993's rang year with a further 70 SKi3.1bn and reflects surging sales of increase in the final quarter of mobile phone equipment, where i par cent The price rises £65,000,000 Ericsson is the world leader. Analysts sited in the US last October are expect the group to maintain its 1 to have offset most of the mrmiRiitimi in 1995 and are already if higher raw material prices, maintain penciling in profits of around SKr7.4bn The fund has been established to provide finance j the to Allied Signal should reflect strong sales company to make pretax profits of up tg profit margins at around 12 in the unquoted sector for to motor manufacturers and the MetaUgeseDschaft will try to show to £1 Often ($156m) in its first results continuing productivity gains promised itself as a normal company again this tomorrow since flotation. The results ngs for the final quarter could executive Mr Lawrence week and talk about current business follow last week's announcement of an as high as 90 cents a share, up by chief per instead of past disasters. Having started alliance with Reuters, which industry rpn*B a share the year before, Bossidy. Doubledigit earnings share gates for the quarter and year as its legal battle against former directors sources reckon could mean • expansion capital uld put full-year earnings at the trading medium-term cost savings for BSkyB of 1993. a whole are expected on the back of over US oil losses which > 16 per cent from it, the on satellite usage contractsJn • buy-outs soft revenue growth of around 5 per cent nearly bankrupted German £10m management ir Anheuser-Busch and company will describe ata press June the company announced a rtmpany PepsiCo are both Rarnings could reach 70 cents for the quarter and $2.66 for the years as a conference tomorrow bow its metal continuing rise in both subscribers and • management buy-ins to report record animal results 1 chemical and trading operations are profits. S corporate reporting season whole. It has • substitution for fortunes Emerson Electric, also expected to fering. forecast operating profits of equity bank debt j a dose. With its report on Tuesday, has already forecast of more than DMIOOm ($65 An) for the Lloyds: The UK clearing bank is aed to the mature US beer sales growth of 13 per cent and earnings financial year to September 30, 1995 expected on Friday to report pretax the St Louis-based producer of after 1993-94. profits of about fS2.Q2bn), sales per share growth of 15 per cent for the the deep red ink of £1.3bn ser will record sluggish latest quarter, the first of its financial compared with £L03bn last year, overall However, a continuing year. The growth, partly from British Airways: The International raising earnings per share to about 62p, cards higher-margin premium a: carrier is expected today to announce against 50.83p. But a fell in operating (gether with share repurchases, cents for the quarter. improved third-quarter pre-tax profits revenue is expected because of weak Anheuser-Busch's earnings a record 91 CAUSEWAY CAPITAL ift consumer demand Lloyds wants to LIMITED quarter, The poor conditions in the US of £70m to £92m ($143 ^m), against £65m id 67 cents in the final operty/casualty insurance market last time. For the first nine months to expand its share of financial services by 62 cents a year before. This continue to cast a shadow over the December 31 this spread will bring buying Cheltenham & Gloucester A subsidiary of Causeway Group Limited - independent ut full-year earnings per share [fl of Aetna, the biggest quoted US profits to £4Um-£433m, from £300m. Building Society for £Utan. C&G's cent up on 1993. suits managers of £230m of development capital hinds. 9 per results today will give a clearer idea of expected to surer, which is due to report on 3o. meanwhile, is ednesday. Weak margins from British Sky Broadcasting: Analysts the premium to net asset value Lloyds per cent advance in earnings nwtnerdal lines of business, and expect the UK satellite television will pay this autumn. * for the year, to around $120, LVironmental liabilities reported in the ack of growth in the beverage 7 HANOVER SQUARE, LONDON W1R 9HE the US Iddle of last year, will result in a Companies in this [$$qe cfcs businesses both in in full-year earnings per share Better profit dine TEL: 0171 495 2525 nationally- Lambert 18 around $4.40, from $5.30 a year AMB 19 EkfeidgePope 18 Lowndes these two businesses, which in Lycfrwy Containers 18 of sales. fore. Final quarter earnings are Aachen Re 19 Employers Re 19 FAX 0171 491 2050 for nearly two-thirds reach $1.40 a share. Microsoft 8 from pected to Advanced FttSC 18 Flat 17 ifEset by weaker growth Earnings from Allstate will reflect a NWF 18 Pizza Hut, while 19 Mirant side. AlusUGsa-Loma 19 GE Capita! Pebnnry Eferent blight on the insurance 1995 Member of IMRO and register modest revenue Rank Organisation 18 BVCA Ing to catastrophe losses, BK Vision 19 GMR 18 further CToaon dnstry: big Shoroo 18 is likely to see a last year freon the Northridge Can's MBBrjg 18 Heineken 19 competitive take-out suiting Thom EMI 17 ins in the quarter, rthquake. A better final for darffeM Wtete 18 Inoco 18 This fldvenucmeoi appears as a matter of record only to UBS 19 to rich the company is expected PepsiCo is expected Deutsche Postbonk 17 lntertjrsw Italia 19 UK Waste 18 H port earnings of 60-65 cents a share, of 62 cents a share for earnings foil-year earnings of Dtgttal Equipment 18 Jaixfine Matheeon 19 UMF 19 a ill leave it with quarter, up from 55 cents [ ider a dollar, compared with SU37 in Dole Food 19 KHD 19 Vaux 18 tofu figures from

1 FEBRUARY 6!^ FINANCIAL TIMES MONDAY

COMPANIES AND FINANCE , s * , r of ARM in licensing pact Rank chief The dilemma of what’s in the basket may step trade Philip Coggan unravels the mysteries of the programme problem is ti» . One with Digital down three Anai j uif tht* maker. Equipment individual stocks. to»> marinemagine that your local sell the index future for(or vice momauai notion ofoi naviwhaving T coralatea -,vho!e notion supermarket manager calls versa) to take advantage of portfolio is closely *oan :«s you By Louise Keboe La device that diflwwitfalg market, whole a can be pow- high volume products to defray years early early on Saturday morn- pzjce . with the to the I and Irtl&i' ered by a standard torch bat- the exposure futures booh." costs. ing. “There’s a special offer The fear was that, In vol- the m ket m0 E your ^ 1 ^ . Advanced RISC Machines, the tery," said Robin imncL Saxby, ARM Digital will be in full scale By David Wilton down the store today, Mr atile markets, computer-driven options.”options. . _ knowledge in the whoo fightCm.fi* Tfc«Tbit « British microprocessor design managing director and chief production of the Strong-arm Smith." says. got a arbitrage trades could gener- Fund managers wh ay drive he Tve of otner ira m of a programme . group, has reached a technol- executive. chips in the first half of 1996. The Rank Organisation trolley full of miscellaneous ate an escalating spiral of shyslw of the cost Biarki'towmapkotaa marketmaker prices against the ogy licensing pact with the The combination of high per- said Mr Ed Caldwell, general yesterday declined to comment goods worth £50. Let me know sales. trade with a instead to do uifi ker. semiconductor division of formance and low power could manager of Digital’s semicon- on reports that Mr Michael by 9.30 what you’re willing to Nowadays, programme n? a native of letting the marketma- allocation they want to get the of most computer workstations its new chip plant and needs Interactive Electronics side. including the imminent baked beans or caviar. substantial risk that share ker the risk. does cm* price at the same time arrival of Sir Denys Hender- Some information will be prices will move against it If the marketmaker principal, for all the clients." says Mr son, former head of ICl, as provided: for example, the before it can sell (or buy) the accept the trade as a Stock George (bay. head of the inter- ehairgiaw, will increase expec- breakdown by industry sector relevant stock. it may have to work East national portfolio trading unit tations that Rank may step up or the proportion of stocks that That risk means the market- Exchange rules allow only 90 Lowndes buys London. "A pro- marine broker at UBS in its disposal programme. are components of the FT-SE maker wifi buy the basket at a minutes before details of the gramme trade allows them to Mr Gifford joined Rank in 100. But within half an hour or discount, or sell shares at a tnfria] trade are available on that efficiently and treat cli- By Ralph Atkins, would strengthen the group's able. The brokerage income of 1983 from Cadbury Schweppes so the marketmaker will be premium, depending on the screen, and then only when the do ents equally." Insurance Correspondent marine hall business. the company is estimated at where he was finance director. expected to quote a price for customer’s needs. Even so, the trades are three times normal Another cause may simply Lowndes' marine division £3m on an annualised basis. A tough and sometimes abra- the basket. It can be a high- deal should work out cheaper market size. Even that delay acceptance of the technique Lowndes Lambert, the already has a significant book The consideration is adjust- sive accountant, Mr Gifford risk business. for the ft*™! managpr than car- was recently called into ques- be of as the stigma oi the 1987 crash London-based insurance bro- of P and I business. "With able upwards if certain income was credited with turning the Programme trading has had rying out a long series of indi- tion by a London School TgnmwtrriVgi fades. ker, is to acquire Godfrey Mer- recent rises in P and 1 pre- and profit criteria are met, sub- company around in the 1980s a controversial history, which vidual trades. study sponsored by “As fund managers are ritt Robertson, the marine mium rates shipowners are ject to an Overall wiarimiTm of but has had a more mixed is why the term portfolio trad- the Stock Exchange- more familiar with ipil.il “protection and indemnity” increasingly turning to the spe- EIGm. The additional amount press from the City in recent ing is sometimes preferred ccording to Mr Gtrish In certain circumstances, becoming gi. acq portfolio trading broker, for an initial cash con- cialist brokers," said Mr Rich- win be satisfied by a miitnre years. today. At the time of the 1987 Reddy, executive direc- programme trades can be “pro- the uses of applying the same sideration of £2m. ard Shaw, chairman of of loan notes and shares pay- It is thought that Mr Gifford crash, programmes were tor of the equities divi- tected”, that the mar- they ore A techniques internationally.” have to GMR Is one of the largest Lowndes Lambert able over the next seven years. wants to leave before the offi- blamed by many in the US for sion at Goldman Sachs in Lon- ketmaker does not - Tracy, executive iiK brokers in the UK P and I mar- Lowndes said that GMR, cur- Three of GMR’s executive cial retirement age of 62 for worsening the crisis. CrHipiinn don, “when a markpt-piakpr is reveal the details until the end says Mr Jack 1 Stanley ket by which shipowners have rently owned by its executive directors, Mr Malcolm God- personal reasons. focused on a form of pro- asked to bid on a diversified of the day. However, Mr Reddy director o! Morgan “New funds are traditionally covered them- directors, was only established frey, lan Robertson and David In November, Mr Gifford’s gramme trading known as portfolio, the risk will be a lot says the rules in the UK. International portfolio selves against risks. Lowndes in December 1993 so meaning- Merritt, will join the board of basic salary was raised from index arbitrage, where inves- lower and the cost cheaper nnHkft in the US. make life starting to use said the addition of GMR ful profit figures are not avail- Lowndes Lambert Marine. £333,000 to £400,000. tors buy a basket of stocks and than having to price a series of more difficult for the market- trades.” NEWS DIGEST CROSS BORDER HMA DEALS HDOSVJNVESTOR TARGET SECTOR COMMENT -V- *59*^ to 0.4lp. No dividends have on last year. “We are con- International and Wessex Qualifying shareholders will .-••-V. -> • Inoco falls been paid since 1989. cerned about current trading;" Water, has acquired Clarfield be offered up to 1.56m new An (France} National Mutual Big Asia- V VC dtetaftl Sir Paul added. Waste Paper in a deal valued shares to raise £1.4m net of (Australia) Pacific move • In contrast Eldridge Pope, at between £2m and £2Am. expenses, of which £lm will be sharply to Vaux trading tarigoty (UK) Unit of Quaker Co Pet Food Buying Euro- mixed the Dorset-based pub operator Clarfield, which recycles paid to tiie vendors the and (US) pean ops Sir Paul Nicholson, chairman and brewer, said its brewery paper and board, has a cus- balance used to meet expenses £853,000 of Vaux Group, said that the was busier than in recent years tomer base across the UK and and as working capital MG (Nettwrtands) WeSngtan Insurance Further sector (Canada) change Highest level of business confi- reflecting wider distribution of continental Europe. The vendors will also be enti- Despite a sharp increase from dence for five years was help- its cask ales. Mr Mike Wynne, UK Waste’s tled to loan notes of up to Hannon Group (US) Units of Charter (UK) Mining Non-core £259,000 to £1.33m on the sale ing trading at its Swallow Mr Christopher Pope, chair- managing director, said: “This £700.000, depending on Lyd- equipment disposals of investment properties, Hotels chain. man. told the AGM that cur- acquisition will allow us to ney’s profits for the next two Areo (US) St James OK & Gas OB & gas QyderOMV soft Inoco, the USM-quoted prop- Speaking at the Sunderland- rent performance was in line strengthen this field of activity years. Lydney made pre-tax (UK/Austria) JV erty group, suffered a foil in based group's annual meeting. with budget and ahead of last [waste minimisation and profits of £302,000 for the year pre-tax profits to £853,000 in Sir Paul said that sales at year. Wine sales were up at recycling advice] and offer to March 31 on turnover of tndicape (UK) Unite of 'fimberiand Clothing & Part of wider agreement 1994. against £2Alm. Swallow were up 11 per cent in twice the national average, waste producers an integrated £3.09m. Net assets stood at (US) footwear Inoco said losses from mar- the first 16 weeks of the cur- while food sales were ahead of solution to their needs.” £476,000. Charles Church (UK)/ Housebuilding Centex gains ketable securities - the group rent year, with occupancies up competitors. Centex Homes (US) UK foothold began trading last January - 8.4 per cent to 62J per cent and Bowthorpe (UK) Metrosonlcs (US) Measuring i-TOTO-^waiea detracted from good results profits ahead 30 per cent year- Shorco deal Carr’s merger off Instruments element elsewhere. Trading however, on-year. UK Waste buys Shorco Group Holdings, the Carr’s Mining Industries, the millrng and FI buy since improved towards the end of The brewing and pub side, In its fourth acquisition since plant hire company, is to agribusiness , flour Chamberlain Phipps (UK) Knapp (US) rat the year. however, experienced “mixed December. UK Waste, a subsid- acquire Lydney Containers hairing group, has terminated refloat Net rental income was little fortunes". Following a “very iary of Wessex Waste Manage- Holdings for up to £l.7m, discussions with NWF of Cox Communications (US) European Channel Broadcasting Joining BBC/ m changed at £9. 78m (£9.97m), poor” January, overall total ment, the joint venture partly funded a l-for-3 Cheshire regarding its pro- by Management (UK) Pearson venture 3 bat earnings dipped from 1.19p beer Bales fell some 3 per cent between Waste Management rights issue at 90p per share. posed merger offer.

KKBC INTERNATIONAL LTD .fit US $ 50,000,000 FLOATING RATE NOTES DUE 1995 This announcement appears as a matter of record only. EUROPEAN INVESTMENT BANK the of ; I Nodes is hereby given that, in accordance with provisions fe j! I x K.Ij the above mentioned Floating Rate Notes, the rate of interest for Sede: 100. Boolcvud Koorad Adenauer- L 2‘tfO LUKEMBl’RGO : the six months period from February 3, 1995 to August 3. 1995 has been fixed at 7.15625% per annum. New Issue / February 6, 1 995 •• V** The interest payable on August 3, 1995 win be US $ 17,990.02 Bond Loan BEI - PTE 193-98 - 115 per cent in respect of each US $ 500,000 Note. Agent Bank Payment of the Coupon nr. 2

BANQUE INTERNATIONALE Bft A LUXEMBOURG IIL U.S. $500,000,000 Notice is hereby given to the Bondholders that, as of 24th 9 February 1995, the interest concerning the Coupon nr. 2 will be paid at the offices of BANCO ESPfRITO SANTO E COMERC1AL - CAISSE FRANCAISE DE DEVELOPPEMENT DE LISBOA. S.A. main paying agent - and at the offices of KREDIbl US$100,000,000 FLOATING RATE NOTES DUE 2003 BANK, S.A. - paying agent in Luxenbomg - for the net amount of PTE 125.00. Notice is hereby given that the Rate of Interest for the period February 6, that The Korea Development Bank 1 995 to August 4, 1 995 has been fixed at 6.4373% and the interest payaUe on the leleenl Worttf hiyiiet Date August Af 1995, ogosut (Incorporated In The Republic of Korea pursuant to The Korea Development Sank Act of 1953.) Coupon No. 5 in respect of USS5,000 nominal of the Notes will be * USS1 60.04 and in rasped of USS100,000 nominal of the Notes will be US$3,200.87. European Investment Bank

February 6 . ] 995, London By. Citibank, NA fteuer Strricat), > CITIBAfiKO 8.65% Bonds Due January 26, 2000 Ireland U.S.$100,000,000 Kia Motors Corporation Private Placement Issue r * mwpatedin tm tU ubtie el Kma varh hn*ad fafaAfrl p p Floating Rate Ui$44JX»JX» floating Rc*e Notes due 2000 Notes 1997/2000 (hTfctel (Coupon No. 20) CS First Boston Notice is hereby given (haJ the (tote of Interest far the Interest period February 6, 1 995 to August 7, 1 995 has been fixed et 7.2775% and the* Pursuant to Note conditions, bin le t I l notice is hereby given that S Brothers the interest payab on ihe reJov on nte esl Payment Dote August 7, 1995 for the interest K, Salomon Inc in period February. against Coupon No.1 wS be USS3.679.ie respect of US$100,000 fith 1995 to 7tb August, 1995 082 days), an Interest rate Notes. nominal oftho of 6%, per cent per annum will apply. Amount per coupon - I Deutsche Bank AG London Merrill Lynch & Co. NA’.fawer’seivioesL Agent Bonk OTIBANiOj (No. 20) U.S. 334.440.97 liter) Payable on the 7th August, 1995 J.P. Morgan Securities Inc. Nomura Securities

Bank of Tokyo Capital Markets Limited BT Securities Corporation Th* Long-Term Credit Bank of Japan, Limited Citicorp Securities, inc. Daiwa Bank (Capital Management) Limited —| London Branch j—

) Agent Bank I Daiwa Europe Limited Fuji International Finance (HK) Limited International KDB Securities Co. Ltd. History o« Cooped Goldman, Sachs & Co. IBJ pic t U.S. $100,000,000 Pradooni«rrtr«l ECU 20,000,000 |^ajy inapto Korea Associated Securities Inc. Lehman Brothers LTCB International Limited mmA EjadnMfcl fateenoB Rjr jug,toft *jo» tenanted By Mitsubishi Finance International pic Morgan Stanley & Co. taLB«aa(A3lON Rate Notes Due February 4, 2003 For the Interest period February 1 crtov< 6, Yamaichi International (Europe) Limited I sutocotocam to accordance with the provisions of Westdeutsche Landesbank _ , 1985-ta February 8th, 1B96, the rate I tits Notes, notice is hereby Stato k> a. hfennfce bad k> fe Offl has-been deter ned Interest 1 mi a 11.8125%. S^^ fo^ Period from February 6, Cammftfcy Yen Book, tbs UBtie of (be 1995 to August 4, Girozentrale 1 The interest psnbto on tin relevant 1995 the otes win fnflna tataBj. hefcMoua N carry an Interest Rate of 6.4375% per annum. interest date February 6th, 1996 I Urariad d». CRB Utflta* tbo pnridet deft sriR to ECU nfiizso per ECU pries vf&ta rit KR-Qoott, EajgMkUa* 100,000 In bearer farm. The activities of the Underwriters fn connection with this transaction are U,S - W.0°0 Note, OS. $320.09 per U.S.M $10,000 Note. U.S. jointly led by CS First Boston and Salomon Brothers Inc. irTMtoltet—HUM. _ $3,200.87 per U.S. $100,000 Note. UetoJUtota* By ; The aiaso Manhattan BtortcrUL February 6,1905 chaseQ nwAse OtFOBMATtoN: Bterifcr Vteff London, AgentBan* CHASE 78 Fta am Lintel EOY IKY February 8, 1995 n±44*(0)71SC4083 8, L> \£P

FINANCIAL TIMES MONDAY FEBRUARY 6 1995 19 INTERNATIONAL COMPANIES AND FINANCE UBS admits doubts over Alusuisse faces insider dealing probe more than KHD By Anrfrew Fisher in Frankfurt will be Germany's first such group by mistake. KHD . legality of share actions doubles case. The supervisory body had Share trading in KlSckner- Mr Georg Dreyling, deputy Share pries (DM) freed the company from the Humboldt-Deutz, the German head of the regulatory body, need - under the new law’s By Ian Rodger In Zurich bought a large block of regis- net income engineering company, is to be said it was looking to see “if, provisions on market-moving tered shares for delivery next investigated to see if insider how and when” any insider news - to publicise immedi- Union Bank of Switzerland lws June. The vendor has con- By Ian Rodger dealing occured before a costly trading activities took place in ately its refinancing proposals. acknowledged uncertainty over firmed that he voted the shares refinancing package was KHD’s shares. The company It allowed KHD to wait from the legality of some of its at the shareholders’ meeting. AIusuisse-Lonza, the announced a week ago. said it had been approached by Thursday, when its supervi- actions during the run-up to a UBS said yesterday that this packaging, aluminium and The Federal Supervisory the agency and would cooper- sory board met, until last Mon- controversial shareholders’ was one of a number of fine chemicals group, said its Office for Securities Trading, ate folly. day, when it met with the meeting last November. untested legal issues following net income more than doubled which started operations in KHD’s shares were banks. However. ikola Senw, Mr N us the introduction of a new last year to slightly mare than -Frankfort lag* month, will look suspended on Friday. January However. Capital, the busi- the bank's rtp-rrit*^ jjj Swiss companies law two years SFr200m (5154m), on sales up into whether the in the 27, ahead of last Monday’s ness magazine, published a interview an in a Swiss news- ago. They would be clarified as 21 par cent to SFr7.51m. share price ahwaij of the com- meeting with banks and the report on impending measures paper last Saturday that the a result of BK Vision's chal- The result was slightly pany’s announcement was annminrAiTiMit that afternoon at KHD before the share sus- bank had consciously done lenge in the commercial court ahead of forecasts made at tee caused by insider activity. of the financial restructuring pension. A newspaper in anything illegal. And he Asked why it chose to test interim gfam*, and the direc- Under the new financial mar- details. Cologne, where KHD is based, rejected a call from Mr Martin the law in these controversial tors said in a preliminary kets promotion law, insider After closing on the previous also had a report. Mr Dreyling Elmer, chairman of BK Vision, Nikolaus Senn: denied rjrrrnwsfamnag it ca on past five yens to reduce its reinsurer, hag reached an out- ted to report a premium owned subsidiary which will & Poor’s, the rating service, in the hairt two sides are even wider issues. And Mr Ebner was cer- shares by Ins BZ group dependence on aluminium and line agreement on the possible income erf more than DMlhn take on most of Aachen Re's terms of net premiums written. apart than before over how tainly not “the judge with the companies. The clients of his rtiwniwiT commodities. purchase of most of the busi- for 1994. reinsurance business. The new Its shares are 80 per cent- their dispute over the bank’s guillotine" to apply to UBS brokerage firm, BZ Bank, were Other factors were an ness of Aachen Re, the reinsur- The deal follows the subsidiary will then be bought owired by AMB. governance could be resolved. directors' heads. mostly huge institutions, and improved operating perfor- ance group largely owned by announcement last year that by Employers Re, the world’s The trend towards consolida- Mr Elmer said last week the However, he admitted that it they voted their own akaraa, mance Hio integration of Aachener und M&nchener General Re. the largest US fourth largest reinsurance tion in tbe international rein- hank should mrm«fi»toly with- was legally debatable whether he said the Canadian Lawson Mardon BeteQigungs (AMB), the large reinsurance company, was tak- company, for an as yet undis- surance sector reflects the draw its controversial scheme share voting rights could be • BK Vision’s quoted bearer packaging group, acquired German insurance group. ing majority control of Ger- closed sum. increased size of many risks for converting its registered separated from ownership in shares have lost a quarter of early last year for SFrl.lbn. Few details of tbe agreement many’s Cologne Re. That deal Talks between AMB, Aachen and the growth of many of the shares into bearer shares, fol- the case of a forward sales can- their value since the row with Details of the 1994 resnlts have been released, but the created the world's third big- Re and Employers Re are world's insurance companies, lowing a district court judge’s tract the k UBS board began last Sep- will be disclosed on February move would mar a further gest reinsurance grouping in a understood to be continuing, which provide much of the decision that many of the During the proxy battle, UBS tember. 27. consolidation of the interna- complex deal estimated to be and analysts say tbe final business for reinsurers. GE Capital acquires rest of HK group

By Louise Lucas in Hong Kong per cent, held directly by the Singapore-listed Jardine General Electric Capital Mathawm and sold to GE Capi- Corporation (GE Capital), a tal for fqg 9m, is not being dis- wholly-owned subsidiary of closed. General Electric of the US, is Jardine will use the proceeds paying Jardine Mathesan, the to launch its own regional Hong Kong conglomerate, finanniai services business in US$140m for the 50 per cent tamtam with merchant bank- stake it does not already own ing affiliate Jardine Fleming , in United Merchants Finance the 50:50 joint venture with The largest new market (UMF). UMF, a Hong Kong Robert Fleming. company, provides instalment Like UMF, Jardine’s new credit services. operation. wDl initially concen- - The deal, which is subject to trate on Hong Kong where it IN THE WORLD regulatory approval, win give will have its headquarters - GE Capital a springboard for and southern China. Ulti- expansion in Hong Kong and mately, it will provide instal- southern nhrmi. ment finance, motor vehicle, Jardine International Motor equipment, property and per- Holdings. Jardine Matheson’s sonal loan services throughout car distribution arm thp Asia. only part of the group which Jardine believes the size of will remain listed on the Hong the potential market, allied Kong stock exchange after with Jardine Fleming's exper- March, will net about 543.8m tise, will enable it to develop from its sale of 16 per cent of the business in spite of UMF. competition from its former Profit from the remaining 34 partner.

Dole Food profit hit by weak banana market

By Maggie Uny Dole achieved improved results vegetables and pro- in New York for fresh Business in Russia? cessed pineapples in the last Over-supply in the world term. banana market hit fourth- Market conditions for lettuce quarter profits at Dole Food, and celery, which had been the US fruit and vegetable, real poor for the first three quarters estate and resort group. of the year, were better in the Fourth-quarter net income was fourth. housebuilding division us. yi.2m, or 2 cents a share, down The Speak to from 57.6m, or 13 cents, in the recorded fiat profits in the comparable period before non- quarter, with operating income recurring items. at against 52L9m. Dole said the main cause of Losses from the resorts in from the tall was weakness in the Hawaii were cut to $L9m rates rose. Pacific Rim banana market $6.Tm, as occupancy However, banana results for Profits were also hit by to the full year had improved higher interest charges, up over 1993. $19.9m from 513.8m in the The group reported 1994 net review period, and 577m for the income of 567.9m, down from compared with $58-2m 580.9m excluding one-time year. to sell its charges in 1993. Earnings per Dole has agreed share were 51-14 compared juice business to Seagram for expects to complete with $1-35. ff«STn- It Although bananas were a the sale daring the first quar- problem in the fourth quarter. ter of 1985. Heineken buys Italian brewer from Interbrew Classica von Wunster By RonaM van de Krol own the brand outright in Amsterdam control of Cre- MENATEP BANK • The battle for the the Dutch beer dito Romagnolo (Rolo), , bank, has ended to buy Interbrew Bolognese The Russian Bank Credit© Ital- ubsidiary of Belgian with victory for the former state- iterbrew. raising its ian) (Credit), controlled bank based in he Italian beer mai> writes Andrew Hfli in per cent from 25 per Milan, Mflnn. Credit’s L3,770bn (52.3bn) •w Italia, based in closed on Friday night, n northern Italy, pro- offer BANKING • STOCK BROKERAGE • COMMERCIAL BANKING it was dear by then that INVESTMENT 5,000 hectolitres of but bank bad won acceptances ar. divided between the Rolo shareholders for s Stella Artois and from than the 7R36 per cent on Wunster. It is to more diiiM sought The bid batfie teorbed by Heineken it has prompted a wave of specu- sse five breweries in on other banking stocks uce 3.5m hectolitres lation during the last week. consortium led by ndal details of the The rival Cariplo, the unquoted Milan srfed to be completed savings bank, had in effect it quarter, were dis- withdrawn its own lower coun- sides the additional tered earlier in the week, once uction, Heineken is Credit’s L22,000-a-share offer Far additional information, contact Menatep Bank, 4 Koipachny Lane, Centre, Moscow 101980, Russia in acquiring Inter- ; had been accepted by share- Italian subsidiary • holders with more than 50 per Phone: (7-503) 956-7524 Fax (7-503) 956-3637 its distribution net- f Rolo'a shares. north of the coun- cent of ie The Bolognese bank fought hard for more than three w will license Hein* months for an alternative to mrinufi Stella Artois, Dutch brewer will the Credit offer. _- . .

i o !W5 20 FINANCIAL TIMES Best Erne wine! Cdisen Pazarlania FINANCIAL TIMES Markets ESank En hji Banka MARKETS MuIAN K INGc 'IU ingB^bank % hi 1 * :'huii rim mo *r;.ri:iii-{ THIS WEEK — — —

notwith- That uncertainty While German tiuit the standing. be argues shops stay Global Investor / Bronwen Maddox increase in real closed on Sat- underestimated, .utd th-it urday been after- eamincs from consumer stacks noons. the cur- expectations. an? likely to beat rent fashion for Moreover, it seems increas- buying shares thy markets An excessive taste for consumption ingly likely tlut in European expectations for consumer com- may be too pro- taring earning* panies Is questionable. There second half of last year, the tion of new quotas on persistently Recovery of consumer sector Total rehan in local currency to 2/2/95 on high, given the are good short term reasons consumer goods sector and films based in con- grammes of industrial Invest — % dangerwar period- Despite wide- low levels why these sectors are perform- tinental Europe outperformed relative relative their nationality. Indices to Europe (ex UK) Consumers us . Japan Germany Prence Italy. UK ing welL But the long term per- the general manufacturing Manufacturers to ManufactuOTindex spread agreement that a relax- m sec- Max Cash addition, given the finan- formance depends partly on German shop laws in a tor by more than 10 per cent Week an 004 009- 010 016 •Oil ation of of tin? consumer ' cial strength more profound liberalisation Month a 49 0.19 .043 048 0.71 051 benefit the economy at of Brokers, notably Hoare would compared with manufac- Year 2.13 505 5.67 708 5.1S level, lib- sector European markets than bag Govett in London, have been 3.75 the macro and micro will turing, consumer shares yet occurred. recommending, albeit cau- Bonds 3-5 year eralisation remains vehe- la* 1- by the growing 002 -0.11 023 0.16' • 026 053 s and be helped Last week's interest rate tiously, that investors stay mently opposed by union divi- Month 104 000 • 1.49 105 1.10 101 desire of investors tar rises in the retailing associa- UK and US have with the • the leading “defensive” consumer - Year -242 095 000 -099 025- -0.86 dends. Not only are interest dampened some enthusiasm stocks. They favour continen- tion. Bonds 7-10 year . . , by historic sum- the virtues of rates still low for consumer stocks, particu- tal European stocks, and Week 007 -014 003 0.15 005 0.69 In the UK, funds are daitis, but pension - defensive strat- larly those reliant on interna- within the UK, those with Month 1.97 . -003 104 205 108 107 adhering to a maturing. _ tional demand for branded exposure to the Continent. Year -505 -1.12 -3.89 -72T -80S -506 egy of holding consumer stocks .... True, the recovery of UK goods. The question is whether But their caution is justified. EquWea are clearer, despite the interest ’• in the past six Week 1.1 -0.1 . 00 consumer stocks the attempts to check con- For the weighting- in favour of 30 06 09 rate rises. Month 3.5 -60 -2A -20 6.7 -00 global months has chipped away at sumer spending in those coun- consumer stocks to make sense - Mr Michael Hughes, Year 1.7 -mo -7.8 -202 1.9' -109 of the case for buying tries have restored the attrac- in the strategist at BZW. the securi- some longer revolu- ' term, a Sauce Cart & Bancta Cqufflaa OHsMfast pre- them. But manufacturing tions of manufacturing stocks. tion needs to take place in The FT-Actuates Werid Mk» ora Idnay ouad by Tbs Ftoandd Tktea Ltoted. ties house, points out that Qottnan Barts 4 Col. anf shares hardly look cheap. Until recent weeks, stock European markets. At present, dicting the impact of the rises Since the UK's exit from the markets’ views on the relative product market barriers are on consumer behaviour is diffi- European exchange rate mech- merits of consumer and manu- restraining growth in the con- especially in high growth ser- closing hours law) is perhaps advertising which reduce saw in the 1980s. According to cult. That Is partly because a anism. manufacturing shares facturing sectors were clear, sumer and services sectors of vice industries''.* the best known, as well as national ability to fund new Mr Mark Brown, head of strat- recent rises, together with have reclaimed all their previ- particularly in Europe. Since Europe. As McKinsey noted, layers of rules on the use of part-time programmes, not to mention egy and economics at Hove lowering of inflationary expec- ous underperformance against the middle of last year, there In November, the McKlnsey restrictions inhibit the develop- labour. the creeping pace of telecom- Govett, They really never had tations, appear to be changing housing. the consumer sector, and most has been a strong swing on Global Institute, the research ment of many sectors. The con- The constraints on amAi-grng munications liberalisation. tiie consumer boom which the people’s view of save of that against services. At this European markets back arm of the international con- struction industry is particu- sectors of the economy was If such liberalisation took UK had." “They are more prone to point in the cycle, the attrac- towards consumer stocks. The sultancy, concluded that “prod- larly burdened with rules on also particularly noticeable in place, McKinsey and other sim- But progress so far has unde- in financial assets, and less tions of tbe consumer sector two-year bull run of manufac- uct market restrictions were as land use. building quality, Germany, McKinsey noted. ilar studies suggest, not only niably been slow. Telecoms lib- likely to look at houses as a the more convincing. turing stocks, as economies important. If not more impor- safety, rent and taxes. Retail- The television, radio *nH film would employment levels rise, eralisation has scarcely prog- pseudo pension scheme, and seem * Performance: moved out of recession and tant, than work force rigidity ing suffers from opening hour industries suffer from delays in but continental Europe could ressed. and the French that change will affect all Employment Global Institute earnings rose, appeared to in explaining why job creation restrictions, of which the Ger- licensing cable and new broad- witness the kind of consumer government is currently kinds of spending and saving McKinsey Washington USA. have ended decisively. In the in Europe was below the US, man Ladenschlussgesetz (shop cast frequencies, and limits on sector growth which the UK urging the Europe-wide adop- behaviour," he says. DC

Nowadays, Economics Notebook siderable funds for tbe govern- to 6.3 few doubt that ment - proceeds came privatisation per cent of GDP over the years can do much 1989 to 1992 alone - much of it But the Third time lucky for accord? to foster mar- Emerging from external sources. ket-led eco- equally dramatic creation of nomic develop- private wealth has been less Natural rubber producers and The reference price Is the Intervention on the market tors, including speculation, ment in poor popular. In the case of Tel- consumers meet in Geneva pivot for the range outside is no longer possible because which would not persist in the countries. problems mex, for example, the man today and the rest of this which rubber can be bought or the buffer stock of 220,000 longer term. .Small wonder, then, that in who has controlled the com- it was sold. Mr week in a third attempt sold by the buffer stock man- tonnes was sold by the end of They argue that a periodical the wake of the Mexican cri- Just the beginning pany since to negotiate a new price ager to bring market prices September 1994. 15-month reference price sis, investors partly judge the Carlos Slim Helu, is now the stabilising pact back in line. Under the 1987 International review is required in July and chances that another disaster Privatisation proceeds in developing countries (Sbn) richest mnn in Mexico, with The existing accord, already Exporters argue that a price Natural Rubber Agreement, this would bring an automatic will strike by the scale and net (pre-devaluation) assets of renewed twice, expires at the rise is justified by record rub- the reference price will auto- 5 per cent mark-19 to reference speed of governments’ sell-off about s&ebn. end of this year and cannot be ber prices, which peaked in matically be raised 5 per cent prices under Inra rules if programmes. But recent East European and former renewed again. January at just over 360 next July if market prices stay prices stayed high. events, even in the UK, give Soviet Union governments are Talks between delegates Malaysian/Singapore cents per at present levels. “Producers may get their 5 grounds for caution. even more poorly-equipped to from more than 30 countries kilo. At the last negotiating ses- per cent in July anyway and In the days following the ensure that privatisation cre- will centre on the demand by Prices had begun rising in sion in October, importers consumers cannot agree to 5 Mexican devaluation. Presi- ates not merely a larger pri- exporters for a 5 per cent July when Chinese demand were reluctant to countenance per cent now and risk another dent Ernesto Zeflflln was pres- vate sector, but a competitive increase in the reference price, and falls in supply coincided a price increase in the new 5 per cent rise in July," said a sured by outside investors to and popular one. As a recent currently 196.84 Malay- with higher western tyre agreement, arguing that high European government dele- include more rapid privatisa- report from the Adam Smith sian/Singapore cents per kilo. consumption. prices were due to special fac- tion in his new economic pro- Institute points out*, privati- gramme. In similar fashion, a sation in these countries recent string of privatisation rarely comes with consistent policy reversals in Hungary efforts to ensure that it brings have stoked fears that it will greater efficiency and compe- be thft Tiprt pmprying market sale proceeds but reduced of the rewards. tition. This, coupled with a to hit the rails . expenditure on state subsi- The recent uproar at the lack of a transparency in the Number 1 in the Eurolira Market in 1994 In both countries, investors' dies. Last, and most Impor- size of top-executives’ salaries privatisation process itself, concerns stem partly from the tant, is a benefit that accrues in the privatised utility com- breeds discontent at the new- government's clear need for to the economy as a whole, panies shows that, even where ly-acquired, often vast, profits foreign capital. But privatisa- especially in former centrally thp government has sophisti- of company “insiders”. tion's vaunted status in suc- planned economies: broader cated methods to ensure pri- In both Hungary and cessful market reforms world- application and acceptance of vatisation succeeds, the .feel- Mexico, where foreign inves- wide has also made it a more market mechanisms rather ing that a select group of tors have been heavily general test of a government's than state controls. insiders has reaped a dispro- involved In privatisation, continued commitment. At least in the old Soviet portionate share of the bene- these popular concerns can In the period 1988 to 1993 bloc, privatisation wifi be a fits can do much to tarnish easily translate into general alone, the World Bank calcu- necessary part of achieving the policy's success. resentment of foreigners. Mr lates that privatisation raised greater economic efficiency, In the UK, this is unlikely to Gyula Horn, the Hungarian S270bn worldwide. As the sound government finances translate Into a full-scale prime minister, appears will- chart shows, developing coun- and a thriving commitment to rebellion against the market ing to exploit this at the tries received a large chunk of a market economy. It will system. Among newer con- expense of further reforms. these revenues. State sell-offs also, necessarily, be messy verts, however, the stakes are Yet experience suggests that in Latin America. Asia and and imperfect But experience somewhat larger. As noted both foreign investors, and elsewhere raised a total of shows the importance of above, their lack of develop- wary citizens, ought to judge $96bn during the period, more ensuring not merely that ment means that they stand these governments' plans than a third of it coming from greater competition and effi- to gain far more from privati- Emm a broader perspective. foreign investors. ciency results, but that the sation than countries like the What destabilises these Although early evidence of gains are distributed openly UK But it also means that countries, and keeps them the benefits of privatisation and fairly. they have less ability to avoid poor, is a system that under- came from the UK, the gain in In the UK, privatisation tbe pitfalls. mines a market economy countries with highly under- raised efficiency In the sectors In Mexico, privatisation has rather than promoting it. developed private sectors can concerned, although not raised profitability and invest- Ownership, be it public or pri- obviously be much larger. always competition. The gov- ment in various sectors. Yet vate. foreign or domestic, is This is because, in addition to ernment sacrificed some regulation of monopolies, at neither the source of the prob- much greater efficiency in the potential revenues in the least in the case of Telmex, lem nor, by itself at least, the sectors concerned, successful interests of wider public par- the state telephone company, solution. privatisation can deliver two ticipation. Yet even wide has promoted expansion of the benefits which are of particu- share-ownership, and elabo- previously state-rim concern, Stephanie Flanders lar value in such economies. rate regulation, has not not new competitors. *“The Amnesia of Reform ", One is additional government entirety offset public dismay The Mexican sell-off pro- Peter Young & Paul Reynolds.

resources, not merely from at the inequitable distribution gramme has also raised con- December 1994.

FT-ACTUARIES WORLD INDICES

Jointly The Financial LUL, atrt in oompBad by Timas OoWman, Sachs & Co. mtd NsMtad Ssra as Ud. co^unctlon w6h the Institute at Actuates and the Faculty of Actuaries NATIONAL AMD REGIONAL MARKETS FHDAY FEBRUARY 3 1996 THURSDAY FEBRUARY 2 1985 DOLLAR INDEX in parentheses US 96ch0 Poind Local Local Gross Bgugg K US Pound Local Year of fines Deter skies Yen Currency show mute DM chg from Or. Deter Storting Yen DM Currency G2 week 52 week ago Of stock index 3£tf12/94 index Max hate Max 3CV12/B4 YWd . index Index Index Max Max High Low (approx) 703.75 163.44 10348 129.40 14349 189.15 18141 188.15 17200 181.44 108-43 136.15 13801 19808 167.48 19208 16602 15708 108.12 13345 13043 177.04 16103 16707 14050 13704 82.45 110.08 22648 12408 11803 7847 98.53 12848 14246 12004 14206 257.90 24105 18201 203.90 21028 27547 236.61 .273 81 185/40 173.72 11608 14801 18340 201.41 13308 155.74 160.40 150129 10044 128.75 132.56 183.54 157.79 18304 140.78 131.92 88.80 11145 11145 150.40 12807 13503 28320 Z74.73 18402 231.70 29107 493.01 277.40 482.83 20908 19807 13249 165.87 189.13 21640 177.58 205.05 80lS7 7509 50.77 63.75 98.76 97.78 6745 75.72 14040 137.18 92.14 115.70 92.14 170.10 139.45 149.78 419.47 38345 263.99 331.49 412.81 594.78 398.18 521.72 1001.78 68841 838.04 6379.10 2647.08 964.79 256900 21801 206.02 137.70 172.91 17032 223.30 19148 20648 73.77 09.12 48.4? 5a29 61.13 77.69 62.05 7709 21 5.0S 20104 13508 189.97 13405 216.03 348.00 177.53 20309 328.13 21946 275.05 232.97 40108 28702 294.88 357.97 278.06 18703 23505 28448 34200 20545 28007 131.42 123.14 82.71 10345 131.36 154.61 124.87 159.92 239.83 224.72 15003 189.53 28448 242.81 196.70 22802 16308 15306 10341 129.34 13047 130.44 17646 149.91 175.87 130.88 87.77 11041 13567 '194.86 182.40 12201 163.83 182.40 213.88 181.11 21308 133.74 16104 12103 153.10 193.74 196.19 178.95 19506 Anfaricas (662) -180.51 30 ITT 41 113.73 143.11 1S148 34 201 17843 187.00 112.16 14004 Europe {72SJ -18944 04 16003 106.83 134.18 149.93 -00 149.40 _ 3.11 18646 15800 10602 Italiano ranked as the Leading Bookrunner in the NortSc 128 -23141 18301 13301 148.H1 177.70 16009 177.70 In 1994 Credito ( } 34 21944 14507 21644 30 140 23000 218.07 145.12 182.23 Pacific Basin (BOB) -19? 05 -7.1 14402 98.10 12143 10002 -74 141 215.38 23301 197.70 22007 16241 14308 8803 12004 Euro- Pacific (1531) .15047 -44 15146 100*7 12&43 119.56 -40 1OQ0S 178.80 145.93 182.97 Eurolira Market having Lead Managed bond issues totalling 245 16900 14845 10008 Bond 33 North America (B16) -19107 44 181.77 12049 152.12 19108 128.04 119.15 175.14 154.73 16804 44 245 188.47 17703 11944 Europe Ex. UK (517) — -152.13 00 144.18 9505 12002 12942 -00 148.72 18840 19246 17807 18246 ZM 16142 14107 8528 share of Pacific Ex. Japan (325) _ .422.74 -05 2-1142 14034 17640 119.65 128.70 158.12 144.12 15408 Lire 4,160 billion (US $2.6 billion) with a market 16% 18841 -5.7 SMI 218.82 20504 -40 137.71 172.92 182.60 World Ex. US (1739) .190.13 151.70 10049 12605 122.76 -40 a. 07 291.75 211.18 289.34 160.00 148.92 100.69 Worid Ex. UK (2047) -16806 -10 150.78 10647 133.72 14048 -10 128.43 12205 178.65 155.43 170.83 2.16 167.85 16709 10501 Wortd Ex. Japan P788I - ..18842 10 17843 13740 147.48 17841 14 246 132.48 13a85 17809 16346 17409 18403 172.71 116.00 14686 174.77 194.73 17804 194.73 The Worid Max 8262} 17009 -14 18100 10707 13549 144,72 -10 206 170.03 lSB 3 i' 107.00 134.36 143.68 180.80 18&B2 17&02 “Crecito netri Capyntf*. The Hre Tana Luted. Gddraaa. Sarts S Co. and NsdVett SaewMu United 1887 Base Muas: Dec 31. 1888 » KB Med Dae 31, 1887 > 116037 {US 3 faded, 80.781 Bred, Ttafend and Americas; Oct 3t, 1984 - fJS S AaNand Inc. (USA) and QfanM to MpaS MfetA pdy). Pfaeae note 3 Italiano Portend ftnue ftflg was not Mated Sinresm HaM .

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FEBRUARY » 22 financial times MONDAY WORLD BOND Emiko Torazono NEW YORK Richard Waters LONDON Graham Bow 'ey FRANKFURT Andrew Fish TOKYO

The money market sharp drop in yields US Industrial production data and IIK As the west Goman economy Low short-term following Friday's expected to support last ‘ tile Bank of England's inflation continues to advance, band. rates are Benchma*k*teid curve (%)* stampede into bonds has set report will provide tests for dealers are starting to wander bancfonikylBUcnW fKjr the $4Qbn VZfX> — Men* UP «== SQflg - Menbiov'«= of Japan is 530 stage for a successful gflts this week, after last when the Bundesbank will Die Bank ana -025- quarterly refunding operation week's rise in interest rates. start reacting to inflationary becoming increasingly fund this week Fresh data on the There was a 1 pm- cent drop pressures. Industrial output concerned with state of the economy, in the in industrial output in was up 2 per-cent in December March form of the January producer November, but Mr John over November, with new banks ahead of the pushing up price bodes, follows on Friday. Shepperd, chief economist at orders 2.7 per cent higher. financial yearond and s.00 : The refunding starts an Yamafahi thinks this week's Dnis, said Mr Adolf short-term interest rates, yields Tuesday, with an auction of figures, due tomorrow, could Kcsensiock, economist at the rise in long-bond corporate and $l7bn of three-year notes. A show a bounce in December. Industrial Bank of Japan, due to selling by 12 note to prop $ bn, 10-year auction Consensus forecast is for a rise capacity utilisation 1ms risen financial investors 20 • *. anw*w®fl follows on Wednesday, with of 0.6 per cent “dangerously dose to the 85 up namings ahead of -AflviataM* awtat 'AgytafcbaretwkHconrantJbir - data era aWicet convention gLlbn of 30-year bonds on 'tf WIlMta—«n*n.tionrantioB book-closing. Souwc MwrS Lynch “The figures could cause SomKUoMBLyna per cent threshold beyond . n the overnight cau Thursday. some concern, as it tells us which inflationary pressures Last week, a rk Friday's figures wifi almost about the begin to rise". rate regarded as a benchm extent to which the traditionally He coosidering raising YU»Km certainly show a raarfrqfl new-year price increases. Each economy is focus could be political after the central and then raise the discount far the central bank’s money market UK slowing or reckoned bank through the bond pick-up in Inflation in producer year, those rises have petered not," be said. the market's poor showing an would start moving interest and Lombard rates (unchanged marxer, ieu o-so weigh on investor the bank to likely to prices from their out in the following months. But perhaps the week's Friday. This was linked to the rates from the second since May). Tradas expect up confidence. recent level (for the whole of There could continued highlight government's weakening expect continue to take an easy , be will be the quarterly UK quarter. Mr Hfifher does not The ministry or flow** fo 1994, prices rose 1.6 per cent, signs of pressure providing ample funds in inflation report on Wednesday. position, mainly over Ulster. Also expecting the German inflation, now just stance, together the second with a cent short-term money potting 02 per increase in intermediate goods prices, It will give the market an “If sterling is undermined by Bundesbank to put an the above2 per cent, to roar ahead to sumtementary budget, which December.) January hiwHng higher The rise Is however, at impression of the Bank's these political factors then this monetary brakes this year is strongly, but foresees the market indude about Y500bn generally expected to for fmisTiarf underlying SSto have prices goods in the judgment an the pace of could unsettle overseas Mr Mwrtm Hflfner, economist po6ahflity that it will approach However, rebuilding in supply to be spent on been around 0.4 per cent months ahead. Last week's growth, inflationary pressures Investors," said Mr Dumas. at Bayeriscbe Vereansbank. 3 per cent by the year-end. For i^iyms over extra government may This need unnerve from government's Kobe. The not bond NAFM survey for January and the direction in which it Mr Shepperd agreed; “Same difficult mouths lie the bend market, he said, this the covering bonds tor markets. acmfe, * the reconstruction issue deficit Each January erf the contained a pointed warning sees inflation going. Mr “Sterling including ahead, he wdd. means long-term yields wifi financing of five years, to last the first time in 1990s so far has seen a marked for the second successive Shepperd. said. gilts, are now becoming In his view, the Bundesbank rise fiuther. German yields of Kobe, devastated by mvpr for the decrease in rise in the index, as month about the sharply Mr Robert Thomas, band and politically questionable, and will begin raising the repo rate could top out at 83 per cent month’s earthquake, will manufacturers and retailers higher prices purchasing currency strategist at NatWest this could affect markets [tins to over 5 per emit this year next year, with the US peak in strive to push through managers are fiTpwimwng Markets, thinks this week's weekl" be said. from toe present 435 per cent. 1996. Reports that the government is

Capital & Credit Faith in Fed tightening restores optimism

Increasing optimism that the It was not long ago that T«U returns sures still at work in the for the year dashed. If that Federal Reserve will be able investors interpreted all eco- economy. turns out to be the case, last stave off inflation and steer the nomic data as a sign of coming “On toe trading side, the risk Friday's rally could run out US economy to a soft landing inflation. is that lipraming data is much just a week after it began. reached a peak on Friday as Last November, for example, less favourable," he said. “At In toe long t«*rm there is a the bond market soared gflinfl time, that on the market looked the j investors past are growing consensus , in news of a surprisingly high declines in an index of busi- increasingly wxrfiflrat flwt tiw spite of the rising jobless fig- January jobless rate. ness activity produced by the Federal Reserve is serious in ures, the economy will show Investors are certainly ready Federal Reserve Bank of Phila- its anti-inflationary goals »md enough strength to propel the for some good news. delphia and sank on news that is more likely to succeed than Fed into at least one more Until recently, the market a prices sub-index rose. had been aram-mad previously." interest rate rise this year. was dominated by bears Now the reverse is true. On This week will not bring a Mr Allen Sinai, cUrf econo- looking back at the worst year Friday, the market brushed off great deal of economic data to mist at securities house Leh- for bonds in recent memory. components of the employment upset the market But one fac- man Brothers, believes the The Lehman Brothers tndtnf of figures that indicate the threat tor could weigh on tha monetary tightening will come Treasury bonds, which mea- if inflation has not yet been marirat fn tha short term will in May if the Fed holds to its - ISM -. sures total returns, fell 3.4 per conquered. be the new supply to come out current pattern of increasing taeartotarataraftM." cent - the first negative return Although the number of jobs So of is this week's sale of $40bn rates about every two months since the index was created In created in January was much in new three-year, 10-year and While he agrees with most of - i. -.VC 460- - * 440*. 7.50 €.75* . 1973. lower than most expected, cent The short end of the mar- 30-year bands into the market his colleagues that the bond Dtaxrt . f MJ5.*-: *• '- - Ownigbr ... -,ub: y 232 438 • - r &2S 8.13 533 So for this year the market there were sharp increases in ket rallied an speculation that tbs Treasury department oouldfoce some u b • by market mpy •* ~TT*m month 54+-:- v .2.10 . 405 S3 8.70 835 seems better, with the index up hourly wages and the average the Fed was done, or almost The most important eco- times in the next few weeks, he - * - - 731 . 037 One ysar 8S8 . 7AZ ; 532 V 830 ; each adds growin regular- 8,52 L6 per cent in January. But number of hours worked done, with raising interest nomic news is not out until that the 732 . : L 12.1S g Rnjar 738 , >,/ . A01 T.78 • • 730" 1230 8.55 economists warn that, week. rates, and that yield fell to 7.15 Friday, when the Labour ity and steadfastness of Fed -Keytar'-; 7 • va'-TA

* * although promises Further, rtara nrar» . - - 1996 to be most of the slow- per cent department releases the pro- policy has removed a great

Debt-equity programmes Conversion deals are back in fashion

Debt-equity schemes are Brazil. Debt-equity schemes ment in this paper for shares both of which issued Brady Pic coming back into fashion in started in rawngcf in the mid- In 77 separate deals for a total bond programmes last year. Nikko Europe i Latin America and eastern 1980s, «md flourished ^ of 345m. Under a more recent Emerg ng market debt prices Europe. The deals, winch sUflw of the decade, when the scheme which allows investors have fallen by an average 20 investors to convert distressed schemes formed a central ele- to convert Bulgaria's Brady per cent in the last year, mak- sovereign debt into equity in ment of the successful nwiran bands into equity there have ing it much cheaper for the privatised companies, have and Argentine privatisation been two deals. In one, a Ger- countries to clear debt “There declined in popularity since schemes. The deals entail man company acquired an 80 is more of an incentive,” says Yen Bond House of the Year 1990 and last year saw almost investors buying equity in per cent stake in a five-star Ms Iversen. “They effectively no activity. local companies with debt hotel in Sofia worth DM65m have to pay less to retire the However, the fell in the price paper purchased on the secanft ($423m). Last month, in a debt" Ms Iversen says that for of Brady bonds and other aiy market. The terms of the smaller deal ING, a Dutch many countries, International Financing Review debt servicing developing country debt paper deals vary. Some governments bank apted as an agent for an is an important element of fis- is helping to increase govern- may offer only slightly more investor who bought a stake cal problems, creating an extra ment Interest in the deals as a equity than that which could worth less than $lm in a Var- incentive to reduce indebted- way of reducing debt hi addi- be bought with the discounted na-based electrical equipment ness. tion, with the interest of fond dollar price of the debt How- company. There have been “Clearly, 1994 was not a very managers in emerging markets ever, in other cases, especially some reports that the govern- good year.” adds Mr Segal, EnroWeek's Nikkei's depressed following the Mexi- where alternative sources of ment may slow down the pro- “but with debt prices more Nikkei's can financial crisis, the capital may be scarce, an gramme. But bankers are opti- subdued now than in the past Yen Deal of the Year peal of the Year schemes could be the only way amount of equity nearer to the mistic that there will be more it would look more attractive." Samurai ^sxsl— for some countries to attract full face value of the debt activity. Moreover, there are signs that investors to support ambitious might be offered. According to • Peru privatised nearly $3bn the inflows of portfolio capital privatisation programmes. Hip Institute of Tnlpmat-jn-pfll in assets in 1994 and has begun into privatisation issues is “There is now a window of Finance in Washington, activ- a debt-equity programme. beginning to slow, as institu- opportunity for debt-equity ity peaked in 1990 when $83bn Stakes in two companies - Tin- tional investors, especially in conversion to be revived on a of debt was converted into taya, the copper mining and the US, reassess their exposure broader scale," says Mr Rich- share capital. processing company, and Caja- to the emerging markets in the — ard Segal, emerging markets A number of countries, marquifia, a zinc refinery wake of Mexico's financial cri- economist with Bank of Amer- including Argentina and were sold partially in exchange sis. With the pace of planned ica. Mexico, Introduced «hn^ in for debt paper, raising $55m privatisation showing no signs A sharp increase in recent which Brady bonds were out cf a total $273m for Tintaya of let-up, governments could be activity in Bulgaria has excited vwTCmri in exchange for ftp dis- and $40m of $198m for Caja competing for a smaller interest among bankers in Lon- counted debt and, although marqxdQa. Ms Ingrid Iversen, amount of capital, adding to don. More importantly, there activity dropped off slightly, senior economist with Morgan pressures to introduce or are hopes for a large rise in debt-equity swaps exceeded Grenfell, says there is potential revive conversion schemes. activity in Latin America, $4bn in both 1992 and 1993. to increase activity. “On opti- Turkey, Russia, Argentina, which accounted for more Last year, activity slowed to a mistic assumptions, debt Brazil and Mexico have plans 80 per cent of all debt conver- trickle, but in the last two retired in Peru through equity to raise more than $15bn, sion between 1985 and 1993. months there have been indica- schemes could eventually according to Bank of America. Pern completed two debt-for- tions of a revival. amount to $lbn.” she says. In addition, the speed with equity swaps in the fourth • Debt-equity schemes in Bul- • In Argentina, the govern- which portfolio investors have quarter of 1994, and analysts garia kicked off in 1983 with ment accepts that debt-equity withdrawn from some emerg- increased activity in the introduction of scheme expect a programmes will form a part of ing markets has underlined the Argentina - where the govern- allowing investors to convert its plans to raise between attraction of the generally ip**g hoping, to raise internal debt ment is more bonds for equity $33hn and $43bn thfa year. mobile direct investment. than 33.5bn in new equity in local companies. So for, the • Debt-equity schemes could - investment this year and government has accepted pay- go ahead in Poland and Brazil, Richard Lapper NEW INTERNATIONAL BOND ISSUES

Lwrt Book i m. op Vtakt Land) Book nnr °r r V« Mfarty “r Mca_ i ffPWIfi— cwmwuMG - 100 ftfa.ua 450 loom Etna QranartsftOtoBftaA 100 Uar.1B99 KMMVfeft* . Mm 925 9951R S278 - *10* HMBnJy CBtta Ftanffi 150 FA2005 0) MLOOR - Bottn&dstt. aiflas &rafc aoo nuor tjS 100JJ36R 7J30 *22(7feK-87) tags Santa* M. OR*a nmarafnanmn ISO Bsc.109 ~ Mprati Bb* 80 ta.IOB 550 OL5BRSflH 75817J8I Wto Enps 750 10243 “555 “ ' Slyer. ftnWrafcOta^J TOO Doc.1963 am 1005BR 7519 *1*28 MBMcCtHL maaowsHwes GcouUCL »*> 7.75 SI mam TM56 7501 Bans UCL an ftbmoo 7575 Bnrt^srtBtrffaw* 2Dto RUDD 436 ieoooH 43E0 - Nnaktata RMMcrfAattq 102.15 754 Oarank Untang 7Jta 10240 750 6L STBUB an£ Dk200QMS 7575 IteJS 757 VOJ Kmfetta* UtL HgfalBtarfSctanflM Juans ass B7538H UK*12BBV«-17}tBS jta Jan.1999 8m 10250 an 7.30 BCCE S8B ftfaZDO 9m miffl 8958 BtataftdaH. 511,1859 am 102.40 750 BnbBnkUR. Pafajn pal] 947SR MtuMBtaai EMMAS . • QMHCtaknwhi 250 team fgi) toom CoonaAta Cantata OWn m ftfa2005 sa inm “ ‘ CtnraMi RHCHRMNCS The Nikko Securities Co., Ltd. Nikko Europe Pfc The Nikko Securities Co. International, Inc. G8X ian FA2BB ata 94721 1174 Na fatal HrafatHnan nu Mv.im nro 745ISR 77® a me SWSfflMCS to'tmm.Tiamm W RXL2000 5375 10230 4778 - Ml SOa T1& dAertfeancnt He, * member SFA. to been aftrowd I1MJRNLK Time anuiaiomena nppenr a a meaer ofnaxd only. HratacrfAkris 208a ttr.1898 SB) 74495 1031 _ CMfettaB BntalUote *Parts 158a Her.1337 ItflO 101575 1038 • SnFaoia VMbsk ism *41996 2R 91975 US M Bnfa Ineatan DtaduBtannsU 128a J&19S8 urn 101575 1027 mamB . ' .. 1 f t : / : :

Y 6 1995 23

c> r _ Ifte***^ ...... EMERGING MARKETS: This Week

fibp# ivj* - The Emerging Investor / Farhan Bokhan NEWS ROUND UP the privatisation arena, while The market capitalisation of K^ «"fl fihwp?, m gl n ti pffb the 50 stocks would be about Tunisia were up by 117, 115 $9.7 shn Taiwan and 101 per cent respectively. )%> «h v- Mexican ripples In Europe only Portugal and i&*--**i* .»...:. reach Pakistan pm. Slovenia made a positive move Morocco :«Wfr Mtu»: in 1994. A Moroccan brokerage The aftershock of the Mexican sets new time when the market has ness commitments last year. company. Upline Securities, is crisis continues to haunt ' Ten best performing stocks many remained subdued. Among investors, some of to launch a 10 share market emerging markets. Fond Launches Other factors include con- the worst hit have been those index this week to be In Pakistan, a three month and cerns OVCr political who participated in the flota- limits Foreign & Colonial Emerging calculated on a daily basts in period of negative sentiment, the country’s recant macroeco- Duta Anggoda Indonesia 0.6420 tion of 10 per cent of Pakistan Markets has launched the first both local currency and dollar . .. caused by domestic concerns nomic performance, such as Pitta Surya Potasa Indonesia 0.5857 Telecommunications Corpora- Taiwan has set a new limit an US-listed Middle East terms. over politics and the country’s Sendees this year's growth rate faffing Advanced into Thailand 12.7094 tion, the country’s telephone total foreign investment in the investment fund. The market The Upline Securities Index •••.-., economic performance, hps CAP ChDa 54230 pjt&W *! not behind target company. The shares, floated stoCk market at 12 per cent of capitalisation of the fund is will include only the most been helped by the Lend & Houses ThaBand 14J3655 aftermath Since October, the KSE-lOO during the summer, have since the market’s capitalisation. $3tL5m, and the net asset value actively-traded stocks of the 61 of the Ftanong Malaysia 1.1200 at.3sk.iriB: ^ Latin', American situa- index has lost approximately fallen sharply. Provided per share Patron Philippines the limit was met, $13. companies listed on the tion. 0.7863 *v • \ 20 per cent of its value and Unbwaal Robins Corporation Philippines 0.6250 The fall was triggered by general limits of $7.5bn on F & C said that the fund was Casablanca bowse, which is In the past four years, half fail Swfrjy *- ....: Pakis- almost of that lm Hist Phfflppine Hoi tfngs PhSSpptnes 2.7218 concerns that the company had direct foreign investment and moving towards an asset estimated to be the second tan's economic reform process occurred in the past month Uppo Bank Indonesia 14517 not provided correct informa- of S2-5bn for money raised by allocation of at least 65 per biggest in Africa after South has opened up the Kawnfrii '—. -,-. alone. tion on the scale of its local securities investment cent in the core markets of Africa. stock exchange, the country’s Initial falls were triggered by operations, such as the number trusts overseas would be Egypt, Jordan, Morocco, Oman • Demand for shares In newly largest stock % market, to foreign worries over the law and order textile sector. «nvi their perfor- 14, having been as high as 20 in of lines at the time of the offer. lifted. and Tunisia, and up to 35 per privatised Moroccan General \ investors. ' situation and political condi- mance plays a significant role t summer. Moreover, $3hn limit in non-core Tire *Xini ,- b> PTC’s financial However, a cm cent markets, and Rubber, a subsidiary They now have complete tions in Karachi. Despite hectic in index volatility. This makpg the market look results for funds .initially Israel Turkey. The Continental **;#*•-*•< the year to June raised by local and of of Germany, i freedom to invest in any share efforts, the government has Many independent analysts comfortably valued relative to 1994 have not yet been made companies through convertible fond was currently 55.6 per was heavily subscribed when of their choice without limit an still sot managed to se**ip a fear that the government’s ear- Bombay, an a multiple of 28, public. bands and global depositary cent invested. subscriptions closed on Jfc ^JfcjtOv-yp-' . investments, and fully repatri- running dispute between the lier target of a 6.9 per cent and Colombo an 17. However, The government fiT*rtms t~h«t receipts is to remain. Regent Fund Management is January 31. The bourse said ate ca it p al and profits. Brokers city’s two main warring GDF growth rate for the year this year's figures far corporate it wants to step up the pace of A limit on a single foreign launching a second open-ended individuals were likely to get >•• -. estimate that .t up to gibn of for- factions. to June would have to be low- growth, which are expected PTC's privatisation and has set investor's holding in a stogie hedge fund, the Regent Pacific 82 shares each, less than the eign money has entered the On the economic front, the ered by at least 2 percentage over the next couple of itself the target of inviting bids Taiwan company is also to be CB Hedge fund, which will 25 minimum. TTRTC *rinra 1$Q0. latest cotton crop has suffered months, are not expected to from foreign investors later raised to 6 per cent of seek capital appreciation on a Although that is still a rela- from large damage fol- Analysts also say that the boost market sentiment as this year for a further 26 per capitalisation from 5 per risk managed basis. The first tively small portion of the total lowing attacks by the leaf curl government would not succeed many businesses are set to cent stake, with the intention cent hedge fund has attracted $260m Bangkok market capitalisation of virus, Tnafctng it the third in its efforts to lower the pub- report lower profits or even Of transferring TnAnagwwmrrfr to The government suggested and is currently dosed to new Thai listed companies issued a gn/mgh roughly Jllbn, it is to consecutive year of such lic sector deficit to 4 per cent of losses due to the depressing a private company. If the plan that the new regulations would subscriptions. The new fond total of Bt82.07bn new shares Influence decisions by local TnaTiminn yfiQm j • GDP. Indeed, the deficit could economic outlook. succeeds, PTC’s share price became effective in the next Will Offer a of in 1994, a 141 per cent rise over investors. As a result, the textile sector end up at more than 5 per cent, Some analysts argue that the may recover some of the couple of months. of new shares at its launch. the previous year, the SEC has - is-. - • : :.- Mr Sintfaddin Cassini, presi- is expected to once again face due to the cotton results. market's present conditions ground lost. announced. dent of the KSE says: “We are substantial losses due to raw "People are vary concerned are a reflection of a record However, the market's long Listed companies also issued no longer an isolated market material prices almost dou- about economic indicators. number of share offers flirting term future depends as much Performance Moscow debt instruments worth a total Whatever happens internation- bling in the domestic market They are worried about the 1994 which have absorbed 00 domestic Issues tied to poli- In an analysis of «*m Forging The Moscow Times has of Bt61.64bn. of which for » ally emerging markets during the past quarter. future” says Mr Nasir Bukhari, excessive liquidity. tics and the economy, as it markets throughout 1994 expanded its index to cover 50 Bt35.43bn came from local V • . affects ns." The countr ’s export perfor- chief executive Khadim The past seen offers to Triframatinnal y of Ah year has does global trends. Klahnan , the stocks, from 30, in an effort to investors and the rest from Meanwhile, other analysts mance may also suffer, as Shah Bukhari, Karachi's lead- worth Rs34bn ($l.08bn) or One foreign fund analyst independent research group, be more representative of the overseas markets. ‘ -’* are bracing themselves for a almost GO per cent of export ing broking firm. almost 10 per cent of market said: “Mexico ban rfmirgn confi- found a mixture of Russian market Listed companies also raised :v*- _ v further bearish onslaught dur- revenues have come from cot- Mr Bukhari's company esti- capitalisation. dence around the world. Mar- performances, with smaller, Newcomers to the index, Bt50A5b through equity to debt :;••• • %/r ing the next four weeks, a ton products during the past mates that Karachi is the sec- According to Mr Siddiq Moti, kets like Karachi will find it less fashionable markets doing which tracks quotations from instruments. period which includes the three to five years. ond largest market in the an faflflpgnflgwt gRE broker, up hard to lure back foreign inves- best brokers in the over-the-counter Islamic holy month of Rama- For the KSE, the cotton out- south Asian region after Bom- to 70 or 80 per cent of the 150 tors with the Hama enthusiasm In local currency terms market include Mosenergo, a • Edited by John Pitt. Further dan. look is crucial. Almost a quar- bay. According to December brokers active in the market as many have showed in the Egypt came top of the list energy utility, and coverage of emerging markets Judging from experience in ter of the 723 companies listed estimates, the Karachi market are suffering from a financial past, unless Mexico becomes a rising by more than 150 per Megtonneftegaz. a Western appears daily on the World previous years, Ramadan is a on the market represent the Is trading on a historic p/e of squeeze following large busi- forgotten story.” cent as progress was made in Siberian oil company. Stock Markets page.

•Cv*.?;:-'--:. CURRENCIES Philip Gsv.’ tn Baring Securities emerging markets indices Week an week movement Month an month movement Year to date movement Index 3/2795 Actual Percent Actual Percent Actual Percent

World (315) -142.B3 +231 +1.65 -13.29 -853 -15.41 -9.75 Markets watch for fresh trends Latin America Argentina (24) 82.81 +0.80 +0.97 -722 -8.02 -3.30 -3.84

• ryhtjiY-i.rj . Brazil (21) 190-38 -1.70 -039 -18.80 -8.99 -18.99 -9.07

: Chile (13) 205.38 +1.11 +0.54 -4.46 -2.12 -6.08 -2.68 " ’ i v-i The dollar finished last week Two key events which will IBJ is predicting a fall in the government's position is fe;>.o'. . Mexico (27) 74.46 -0.02 -0.02 -14.51 -16.31 -23.17 -23.73 rising. Sterling, by contrast, influence the dollar’s progress Japan's current account sur- seen to be threatened. Traders Pent(16) 709.79 -10.85 -1.51 -14458 -16.89 -138.86 -16J36 was falling - Markets will be will be the publication today of plus tins year to nearly $H0bn, will also be seeking hints of Latin America (102) ..121.15 -0.28 -0^3 -14.19 -m48 -17.62 -12.69

‘ ... ; looking this week to see President Clinton’s proposed from an estimated $l28bn tn the monetary policy outlook ;- ; r Europe -4.53 -4.14 whether or not those move- fiscal 1996 budget, and the pro- 1994. These figures, coupled from the quarterly inflation Greece (18) 83-39 ‘-<«*. • (13) 88^8 +138 +1^9 data. political front issue goes to heart of Tory buoyant bond market capital account Analysts on the Last the Philippines (12) 253.43 -15^6 +654 -29.06 -1039 -28.70 -10.17 :'-. ,. •j'-'-vh Some analysts believe the US at the Industrial Bank of Japan week's weakness stemmed party worries about Europe, Thailand (26) 236.63 +12.40 +5.48 -1159 -4.75 -13.01 -5.17 .^-.jafc economy may now be on track in London argue that a "quite from investor fears that hic- and could be the catalyst for Taiwan (32) 163.19 +0.01 +0.01 -21.70 -11.74 -20.96 -1158 significant cups in the Irish peace process further internal bickering. i Asia (156) -.196-55 +7.60 +4.02 -1457 -6.77 -14.00 -6.68 for a virtuous low-inflation outflow of 'pB'. nnwfiflt ;\ recovery, which would help long-term capital”, and a peak could the government, In. Europe, attention wfU ‘ ' Soucwfl’&apMft AI tnscaa bi S tana, January 7ttl 1882-100. Sam: Batoe SecuHraa bond markets and the dollar. in the current account surplus, which is reliant on the votes of turn initially to France, where . The bear market for bonds last will cause the yen to weaken Ulster unionists for its Com- markets will have an opportu- year was a factor in the dol- against the D-Mark and the mons majority. The pound is nity to vote on the weekend the Socialist candidate for the lar's weak performance. dollar. sure to came under pressure if election of Mr Lionel Jospin as May presidential elections.

FT GUIDE TO WORLD CURRENCIES

fashii —* — *— r g ” ,MB —1 1 ““4— — "* ""H "•*” mmi* nli i rrnmt mrrhmpn -pm in Tim tulilu Lioloju iia Bio latoot m4W4n nf Om —1 *— -*‘--T — r T whore (hoy are ahown to ba atfMrwfes. In arena cases mortal ntw hare boon caleubdad from threw 01 fanfen curenctoo to wftfch (hey are (fad COHTRACTS & TEMPERS CHELSEA MURK V» O-HMK YW tSTO US* MURK YEN pmcci ocirei PL 1001 BUILDING SOdETY : 806281 202157 £15,000,000 £€*- -r Wrtw IMbhw4 22BUC 3487 6L4818 92708 482438 306308 RUSSIAN FEDERATION P-Mrt) 1 128 12848 1 06557 16038 frit) mant 101.478 Gsmare Subordinated MM 1.1895 areas 1.1734 GENERAL PROCUREMENT NOTICE Mgn Okwi 2&j01IK 422684. area (CtoC 888291 108525 PwubNbm Qitoea ffGna) 12303 *•• 0410 02411 Pwaguay (Ckm* 301131 flfl 196768 128369 19B46B Floating Rate Andorra (RrFrtncl 14731 631 S3 Gtatre (BbQ Notes " BBMX 130823 Ossea PsEtm) 158.106 Z382M Pwu ftoGot 34224 Lisas 14341 2,1942 ?•;•*• v (SPf**** 82348 382083 24.7992 182022 246919 Tire Gowmment or the Russian Foderailm has sppHad (or a loan ot $400 Due 2004 ". Angcta rtawKrarad 3S3S67 956000 OWMtond (DsnWiKnm 8J44S 2.7284 1 0689 0419 06*11 from Uie World Imptemanl the Sector Reform In accanbnce vlib ibe lem» and -• 1.1W 2.7384 Oransto QurS 1J819 mUon Bank to Housing ,^.w.‘-r7- “ ««» ^ ftn-a 16704 16788 1.0088 toi Fr) 34728 52135 16288 condUno! of the Notes, braebjr oast Ousrt sw CLood Program. Part of i ug ran i wS be a tend In&Bstnjclufo uodee b " 32214 26419 16013 245 Hi p and " 888041 men Guam (USD QJB5? 12033 pran Bui It* Rate of barren far the »&>>•••:• development roject carried cut in bk IS) trie* In the rifles of TVER, i.imr 12079 OiMMnuflB eauit™* un 57829 Ftorsost 240777 187605 10541 15BJ2J p Interest Period I February I SB to 31 Jriy • tuvti 13338 atoss 881.381 101124 ftwroRIco 12649 1 08657 16033 NOVGOROD, ST. PETERSBURG. NWZNY NOVGORD. end BARNAUL iky*' W 1995 hat been Axed ai L6S percent per 74S14 10.7BS8 Qulnsaduusu IFnwi B055.41 13702.1 86761 "'• 57322 36829 2402 Land and Irirastmctura dovotopment wB Include s&e preparation, water, amen. The coupon wouii per S 100,000 S' :»>' 4X7430 Quran* fQuransssO 817186 143283 tarionh. dak 82876 52958 34728 56135 aewor, elec trical, gas and dtalrict heating InetaBaiiona and it ia proposed to w* be SL277.05 payable on I Aupol 1995 • ioa-41 180221 --*> ' Asm (PortErealrt HsH (Gntoe) 12-5388 19.1883 293220 1808.7 118872 1815.73 f 92600 execute this work raider contracts based on the Bank's Standard Bidding against pretenbrionri the reletani Mote. ‘ - -* 08537 1-0033 Kndm PLsnwM 8.1181 215630 138646 91673 14ai1 Bwiamre (Bwnraa* Documents for Smaker Works. approximate construction costs of The Rale oJ Interest lor the Interest Period • 02472 08782 Hong Kona |HK« 5H70B 7.7585 The BOraW JOSre) StCtaMopher 42S2S L7174 1.7819 2.7284 I August 19M to 31 January 1995 was «84ce 133-Q23 Hungary IFnrWl 748762 114258 those projects bi mBUone of USS are: Tvor 45-55. Novgorod 5-6. SL astitasfv. -•* Batraric b A>l**raM 1 0638 0419 06411 2OD0K 803814 bHdM 75625 per cent per mud Boffdod JTak*) Ictond PrehreScKnrei) 443513 972532 SlLuds 42583 2.7174 1.7819 2-7264 POtersbug Kanwnka Bite 5-6, SL Petersburg Kbtomagi site 54, Nizhny 2JD81 THE BflXBTKWl. BMtMdM PWtoS) 13ZW 206763 814*11 StPWrra FnocfaFr) 82876 flPftSW 34728 66165 BANK 0FJAMLMTED 773LM 11533-3 Novgorod 75-85, and Barnaul 2-3. Contractors from the Russian Mow (ROAM 5S5w- 149541 222523 tU Vtacsnt 42S25 L7174 1.7818 2.72B4 Agent Back 20680 81^981 Federation and other World Blank eligible countries who have previous Mtfun 114588 175124 San tamo 8WanUa) 262428 181362 106765 iBia7 - 181 91 2.01 OB •jijftSar*- b*b» O3B50 08068 Bao Trans (Debut 2S35B3 182044 106262 182564 otperionce with sJmBar contracts in cold cSmates are invited to bid for one 34Tit SJ1-352 •' BMW CKAFr) 04285 0848 Saul Arabia 82688 3.7502 24692 17827 •--•- 1A339 or more of those projects. Contractors wfli be pori-guaffflod based upon s*e'. BMinuda (BMimsSonS 08557 18780 32348 SsnagM B287S0 529687 347 28 531652 31^4811 financial 2087BE 105785 18157 7.7411 46487 36438 46831 the Ann’s experience, capady, and standing. Joint ventures 4.7B5B 3oraMlM SGA SOCIETE Bomb PoMwc* 3.10B1 Stars Launa 960826 818689 406694 021633 between foreign and domestic firms are encouraged, but are not IJWt 2J081 Jssnsfos M*m«tsna 21^704 SZ6876 22818 14678 CLS5A 14628 GENERALE BMm 0JK32 053007 100204 Ongapora Brad Japan (VW* BtaraUa 487U50 31.1233 204084 316271 ACCEPTANCE IW • - (LOST 1-4828 07023 Onml puntf* JcMfsn Uontotoi Direr) 458 Skuraota 1D2JK0 122.717 804728 123.126 43852C E7J404 36481 FRF 1,000,000,000 1 BidgMta M4 394885 442305 52221 3637 2.1882 Bidding documents wBI be MnHable in March 1 995 from the address below * ' 347J2 681 .352 Kmijm [KenraSMBnO jgT*' 3- BwHoo Fb» (CFAft) SbrnBR Rap 412860 883891 172B.17 2845.7 REVERSE FLOATING 118507 KHMf fftaatosnl) 08711 12328 for a foe of US 5 100 or equivalent par site. Bids ant expected to be due in P'-yW) 55508c 86471 Z32B '-•• • Bum* Koras renh (Walt 14180 2.1711 South AHca RATE NOTES DUE hipM*"*- (BuraWFi) 181833 247304 RWTtg 46398 46734 May 1995. Bnnnjl KDratSoffl (|W>4 520294 78827 2JBB& 207478 132681 808408 133623 FEBRUARY 2, 2004 pCirasW Oman 01859 02987 Spah (Peseta) Ur. Anvar Sh. Shamuzafarov Cwnfettfil Kuwsft Spwieh Part* h Department Policy 1SIN CODE OnwuM (CPA FI) 477438 7*1.102 NAUea (EpAnaW) 207478 132691 806409 issues Heed of of Housing I CWMJO 06518 XS0047009963 ptstls •ta 03006 Sri Lenka (Rato 700881 406984 32.7212 506848 Ministry of Construction of the Russian Federation Canary In Labanon a^mtsst) 1078.72 164742 SuAnRap (0bre| 802748 357082 JftflBifg 8B6372 (CVEaajM B, Block 2, Stnritefey SL For the period Cp.VWdB LsaoOn OMM 2328 36689 Surinan tfUttaiJ 86B.77S 418061 275218 421681 Creirenb PS Uberts Mjartwt} 0LBS57 12083 56500 36471 35589 Moscow, 117987, GSM, Russia February 02, 1995 CWHfr.FWp Ubra 02358 02009 11.7025 74TB1 <9038 7603 TeL (065) 930-76-12 , Fr) 08458 12943 22199 168 08450 16943 to May 02. 1995 Uacnanatsin P**>s 830-96-00 ss. PlMQ 2ASOO Arm 801900 42671 27.7186 42412 Fax. (095) | Q the new rate has been 314881 41.1423 882908 176403 206783 fixed at 4,246875 % PA, 52717 8268 642225 938433 893605 6406*8 as* t 377124 tad (Baht 382152 266592 164327 25.1427 Next payment date 10341 155221 TogoRap (CFAFt) 020790 529687 34768 581652 • Comoro* PI May 02, 1995 JPj-t. -* 101242 -154904 2-0799 16284 06711 1-332B V." Cunoa fins) (CFAfi) Tooeata frVanga) LEGAL BUSINESS 14744 22819 tlWdoS/Tobago A 82881 8.7116 36454 573D6 Coupon nr : 2 CotUf** 16435 06803 06407 06800 ceradlK** S»«l 7.7881 112054 Amount: '* kMnep PFArt 34728 531252 “S3 838112 40846.7 2B8G5.7 407846 NOTICES TRAVEL i' JlSb V- •- asm t&m) H3S (CutwPPram Mtoa (Mtoaas Ltn) 02402 03878 Dib a CMcoa «JBS 1 16033 FRF 1049,92 - a - Cubs 16328 DM"M KtolMqus FpeWFi) 53136 IMi (AiaMhnS 22789 16254 06711 for the denomination 806187 123.197 927605 • CMiRep. PW Ugna 0«w8MSng 1445BS 923625 805671 No: DPI fires TRAVEL EXTRAS LIMITED 11.7709 1620BB of FRF 100 000 ff (DWfchlWlri (KraUwanw) 1844322 117*56 772846 11 8249 DtMUHk 06573 54429 Umna £''“' (DHwrt 57478 3.0728 24084 3685 a**a=fete DlBaaanw _ 34728 52135 UAE FRF 10499,22 (Local 1 0830 0419 06411 DornWcs bUm fai *r coo- 1.1814 12075 GROUP FM*a penWilfrw^ 1238 127E8 SUttatt 376013 666134 flnsmoa of Ac cmcdbtkii at do item prcmi- "S* VMnan fWpot fU» 564253 : amiraa tf *e toarad Company ia Che ^tiha tlniiimi Ihasrpkrwr In Mcraagn pcuCofflWW 4.7889 72909 Vomrai (Repot {Dfcreo 028B4P) 0.4398 06884 04413 m J 15, Avenue Emile Reuter FHand MOW trip 34728 531292 YugoalBria (K»0tnw)(1) Pranoa LUXEMBOURG W hforafe (Wnj 144262 2227S6 CtylMrtea SB W 2MFkg (2Mr«f 501220 3202.78 210063 321344 AND NOTICE IS FURTHER OVEN dm ite ft. Nonray frto.nrani 42808 0703 Zambia gaweto) 110260 7D4610 461633 706607 aid Pttfcim a dlmacd » be bean! before Mr 152330 84840 *r Rojri rf tiraira, ft. P»c®C Is (WP R) Oman (PWOmrai« naw 02883 Zmaabsw IS 84967 bMt Hassm BdcUcy m Qanon PTAR) Stras4Lra>d0B WC2A 2LL « HUaexby 15 — Crawncy BL71P832 mbad SOcaa SfMBB OaniBny OUT J8B17 Jwn TTaLiM i Haul Brawa ti AfiBM GaaBMiw DiBJ33Bg Japan VM183B Baap— Unt Itflaa Fab a WflS Oiltld (Onqdcm rewao un"™ f-dKsa j Landes e^ui nmrina »flhb Fab S, iw* “v**" V ----- — — - . .. - . >- . 1 -1— - I "P™ a_. . •'• irea Uaoiy goertK Motoi ohs PijMd Bwrawita rein OObiI Krecfitbank 1 - R H n H t lie Bate* ofm OntaErUe frit VUgwriav Dtaw Yemeni Sane rare • Ttia FT la ctrcaOrad kriaOoouBtriss ft i Zone. iWbiVar) mre hr 2BAS*. mmm w fa* ** (1} a OKdbSn of Ac raU shoe Baden -" w“5Sr,2? (MlwtolU rare BtaMrapnrN*' tfaertf tbt raaitSiran. rata Wtirabh la nra (p) >— Wurttemberg Owe! tar Uni purpose. ;bpraxaraor to anaaa of m rite ptoito.

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D*d ddXHb toy* Ww»y IMS • Hon UKbuXms people nsad the FT US$200,000,000 ttoa my otttr MatiOBri DSBy KAQSONS Subordinated floating rate LMriBBWt=A WraM Sw. 2?QiWB7Ljwl INF M notes due 2003 JW; 01 71 401 5212 Ret ASWflRaW* • IforetlMehrir of BBapcT* top Grief . SoUcuon for tie aberaraaed 0**raj Braemea nad tte Ft Nt^ice is hereby given that the January 1st notes mill bear Interest at From • UraFTNeceraraaNefptriassf 6.4375% per annum from Advertise Your teenyk oraet BrttriDtrin rer members can broaden To fi February 1585 to 4 August our 1995. Interest payableon Legal Notices BraekgerikiiMxienpalirartdriribief 4 August 1995 tdi] amount to USS320J per USS1,000 note their horizons. Japan Airlines contact Please and US$320.09 per US$10,000 Pst Looker or Brian Horon A MOBLD'QF comfort Tina McGorman note and US$3J0d8? per ore linking, their 834 9381 Jr. oa?! An linos and American Airlines trequent flyer MUn US$100,000 note. Krac aid 832 8348 proe^ammoti. CLoli any local officM for nili dcteile. Agent: Morgan Guaranty Tel; -4-4 171 373 4842 MmlNijUm HZ 0LF Trust Company MMwgMKtmoniM; "ix: x 44 171 873 3064 JPMorgan f r 1

H !i EQUITY MARKETS: This Week NEW YORK Lisa Bransten LONDON 1 err/ Bylane International offerings Investors wary Dow Jones industrial Average Bulls point to WAJUMmlndH Emerging markets left out of data-fuelled activity from revival momentum 3900 -- corporate side of primary issue 11 k * « S grumbledrambled rfrnl in bad taste.” watching offering, a UJSm- Investors will be this week to IT corporate activity is a sign of a The primary market for talked-about “This kind Of i ^fdSler. see if Friday's soaring market win with Vienna and got confident stock market, then it is international equities is slowly share IPO snectus would never haw prove for WotfoM, the a momentary surge or the itiffimw to be pessimistic about Tjwntnn coming back to Hfe. Paris listings our compliance hagrrming nf hnTHch timoc 3840 ~ of lux- through now that the long-heralded rise in Although the number of Awgtrian manufacturer temperatures Last week, the market ended cm a interest rates has been taken without offerings is small, dealers ury tights, raised public offering 3820 » high note, with the Dow up nearly 59 of ‘ in City Anting rooms. 27 Jan 7995 Fsb serious distress. Veba's purchase a • 27 Jan 1996 Fab 3 report increasing investor 3 ; resounding points at 3£2&64 largely because ofjobs 105 per cent stake in Cable & Wireless, demand and expect supply to lie deal was a TWa. being Sqweqs FT GnpMe - SouttttFTGiapftfte International insurer Map**® figures that showed the economy much probably largest single buying order fluwiw ctpwtiiy success, with the Corporacito the continue g spun off by weaker than most observers had recorded in London, has been encouraged by tranche of 370,000 shares some demand “Investors are The Mapfre, has met good expected. Mr BILL Dodge, chief equity strategist completed without visible strain, and Kleinwort Benson its finger are rimea oversubscribed. road- puts tm the way the markets 16 taring its international According to the Labour department, at securities firm Dean Witter Glaxo's £9bn-plus bid far Wellcome, thf wider implications of higher behaving. there’s shares ware priced at ScWW Decem- US And, while stwSTlt was listed las* the rate 5.7 top of tire mm- unemployment jumped to Reynolds, believes there should be which will create another record for interest rates with; “The last hike still a lot of caution out there, aarii - near the private placement Cre- ber. after a per cent in January, while most some momentum left in the rnarkwt sign of success. cated Sch403Sch450 range. London, shows every catalysed the Orange County and it’s not the all-out pessimism shares at each. pt. V economists thought the figure would today. - led the domestic of U2m ' Inputs of cash on this scale Glaxo’s Mexican debacles- We can only wait for we saw at the beginning of the ditanstalt They now trade at PtaS.570. -Bl. hold steady, dose to the 5.4 per cent "I think on Monday, stocks wfil open offers prospect of an strike." and Credit Lyonnais move alone the the next disaster to year,” fflM a syndicate man- tranche Lehman Brothers and BBV are recorded for December. Further, only Up and try to taka 1994 high - the international porttosu »*r • .’A s < VM. on the of extra £6bn. into the market imply One new teeter entered the markets ager. led coordinators. 154,000 non-term jobs were cam- global created, 3,978, but it will be a bit of a slugfest,” both rising confidence and solid at the end of the week when the foreign Emerging market issuers, Wolford's marketing 30m shares In lively The sale of while economists expected 225,000. he says . There will be a lot of people tn-TOgtrrwmt pryupr if marks* reacted strongly to paign was the subject of exchange markets however, remain excluded the Swedish engineer- For nearly of last year, Surprisingly Cardo. all the Dow who are willing to bet that we are not what it says. worries regarding the UK political from mast investors’ shopping debate in London. progressing female ing company, is traded between 3,600 and 4.000 and ready to break out of ibis trading For bulls, there are many, scene which equity market, an the lists, causing many offerings fbr a stock aimed at the smoothly. The company is Friday's rally set some to wondering if range." these deals reflect confidence in a whole, seriously. investors - dubbed “Lady took less there to be delayed. Many hrfng after Incentive the market couldn't break through the - some of re-floated On Friday, investors will have some market buoyed by excellent valuation, Weakness in sterling may have investors are atm nmito Stock" by Wolford and high AB bought it last year end of that range. real numbers with which to take low inflation and economic recovery. contributed to the tells in UK bands, fhim the sell-off in most of the marketing material seemed restructured it. The sale Until Friday, no important twwwn'p another reading of the economy's pulse The bears point to rising interest rates, but stock market analysts regarded this those iwarfcptw, sparked by the geared more to male tastes. should includes a rights issue to for- data upset the high hopes that when the Labour department releases flagging consumer spending, a flat as a valuation exercise rather than Mexican peso crisis and exacer- The prospectus featured mer shareholders enabling the economy is slowing and. therefore the producer price Index for January. housing market and, of course, the anything approaching political panic. bated by local worries such, as tha curvaceous silhouette of a them to buy the stock at a the Federal Reserve wffl not raise The median forecast has producer throats stflj Inriring in Japan arid Latin But there ran be no doubt that further political uncertainty in India wwfai wearing Wolford tights SKrl2.5 discount. By Friday, interest rates again this year, so prices up 0.4 per cent fbr the month, America. parihUMBtery Mashes mrw TTIgtar nr and concern over the deterior- — anH not much else. the rights were trading at Friday's moraantem could carry both overall and excluding the volatile It looked ter a moment last week as Europe could present the markets with ating health of China’s leader Another attention-grabbing bid. Merrill Lynch and through. food and energy components. thrnigh tha hniis wan* the dominant changed political prospects. Deng Xiaoping. wiarifPHwg tool were calendars SKrH5 ka Handelsbanken are However, some economists are The figure is especially important party. Securities markets across Europe Band/equity ratios are considered to “The emerging markets have and brochures featuring female Svens joint global co-ordinators. cautious and point to hints of continued because it is watched as a precursor to and the US held up successfully on be more favourable for equities in taken bath, with, the result m/vteic tn an advanced state of a strong insti- economic strength lying just beneath the mam measure tnffflHrm - for their Wol- Dealers reported Of . the Interest Rate Decision Day. Global fund London than in the New York market that the majority of investors undress except tutional df-nv1™* for the shares the surface of last week’s jobs figures. consumer price index, which should be managers are believed to accept the Consequently, say London strategists, have zero interest and many ford garments. the French state tobacco For example, there were strong gains in released on February 15. valuation arguments favouring Txmdpn Friday’s diversion between UK and US issuers don’t want to issue While many dealers scram- in Seita, amid talk that the average number of hours worked If the PPI increase is much higher it highly against other European stock bands was not unexpected. stock at these depressed lev- bled to snatch up the glossy monopoly is oversubscribed. The per week and hourly earnings. could bring jubilant investors down to markets. Last week saw the first covered or els,” gairi a dealer. “Hie gulf offerings as trading-room the deal being pre-mnrketed So, investors may come into tills earth by pointing to one more Yet the Footsie’s advance above 3,000 hflqirpf wm rant available on investment between what issuers want to demand outstripped supply, shares are indicated price of FFr126- week having thought better of Friday's interest-rate increase before the year is to look TTrirertnin at tho anH c trusts: BZW is issuing 25m covered eaD achieve and what investors are others criticised what Urey at an buying spree, and begin taking profits. over. If producer prices come out lower the week, and the cause seemed to be warrants with an expiry date of August willing to pay is as wide as Tve considered the sexist sales FFr134. They may alio seize the momentum than expected it could trigger another lack of confidence rather than any 1996, the i«i» having a market seen it fbr same time”. pitch of the offering. and run with it rally like last Friday's. specific factor. rajfrtnTicafirm nf BSm Meanwhile, last week’s most ”1 think it sets a new stan- Conner Middeimann - — '•we OTHER MARKETS

‘4-*: says. However, he recommends tn i mprove puhlln finances on the back of good 1994 into the recent strength. are also expected to feel the STOCKHOLM TOKYO pinnK PARIS an overweight position for the' following the 1995-96 budget, figures a strong outlook TtamTrg anH ^fliwr financial The market awaits full-year Danish and WnrgnBgiari awl anticipated wfawt rate for 1995. Indrvidnal investors, who have issues lost ground last Friday Trading patterns today will Changes to the constitution of figures team Ericsson on markets, adding that positive increases, subdued market NatWest draws attention to Tori tfw raTly in mirw> nirHqm on selling by companies, be dictated by the outcome of the CAC-4D Index take place at Thursday, with analysts fundamentals at the corporate potential. the most recent VDMA stocks, will focus on although overall volume fell to Saturday's Sino-US the close of market trading an expecting a rise of around 70 level also hold true fbr Sweden, gngrnpgring order fignraa movements of Fudo 300m shares. negotiations on intellectual Thursday, writes John Pitt per cent in the 1994 pre-tax although governmental which showed real orders up 13 Construction, an Osaka-based property rights. Three new stocks enter the profit figures. Mr Keld Holm at budgetary problems may FRANKFURT per cent last year, with contractor regarded as a Behind the immediacy of a index: Eurotunnel. Pinault Bikuben Securities notes that create jitters in the Tomorrow brings Sobering's domestic orders up 27 pa- cent benchmark of the "Knhe HONG KONG potential trade war is a Printemps Redout, the food the Sf*aniflnairian mnrkofet fixed-income and foreign 1994 final results and its in December and foreign reconstruction theme", writes The rally that marked the first broader mood of reluctance In 1 retailer, and Renault They have been among the best exchange markets loading to trading statement for 1 995, and demand still robust, up 17 per Emiko Terazana. Many day of trading in the Year of the US to tolerate China's law*- replace EuroDlsney, Casino performing equity markets temporarily negative the stock patina positive cent in real terms. “This Investors tear that the stock Hi> Pig Brlifay k rniHtojy modus operandi, as witnessed finiiting wint and CGJP, the during the past month. In mwnt in the market. performance last week in should be reflected in. strong will be placed on the to wwtiww after the colony's by a spate of damning reports company. As a consequence, particular, Sweden remains in Kleinwort Benson addresses anticipation. first-quarter 1996 figures, exchange’s watch list, which banks followed the US and an the mainland’s failure to the CAC40's total positive territory, in spite of flw same notingthat NatWest Securities notes underpinning our expectation wiTI TrraW margin frariing lifted interest rates by 50 baste ftnpitWB its human rights fiapftaTisatinm will tnnwiaap by the sharp iWIttip fa the cautious reaction to the that good news and strong that the market will revert to Traders, meanwhile, are points, writes Louise Incas. record. This, combined with FFrfObn to FFrL334hn, at international stock markets wi»H<»nt Tglpr-tmlmr ffgnreg earnings reports are starting to being more earnings driven. concerned that a ten in trading The consequent squeeze on uncertainly about the political January 90 prices. The changes following the Kobe earthquake. and profits upgrade from SKF drive prices higher. It paints to With the good earnings base volume wffl prompt further homeowners is expected to line-up after Deng Xiaoping further lift the weighting of “However, we expect the ranfir-mod what it fcawri; in Degussa, buoyed by the 54 per established in 1994, and strong gmlmwK in tlx* NiMral iwiiw, depress the retail sector dies, could curtail both US Hectare linked to household general uncertainty prevailing spite of what promises to be a cent rise in. fixstquartar growth m 1996, valuations no amiy fxspnratft hvupsfavr^ further, while banks and imports from China and consumption -if motor an the international maricet$ to record results season from earnings; Continental after the longer look at all stretched for looking to boost earnings by property developers - which investment in China and Hong - vehicles are included to2&8 continue affecting the Swedish corporates, the jnrnt venture with MfehaMn; this stage in the eyrie,” says realising profits on their stock together make up some 60 per Kong. per cent team 24£ per cent Scandinavian markets,” he necessity of further measures and SAP, which roGe strongly NatWest. portfolios, have been selling cent of the Hang Seng index — Compiled by Michael Morgan FT CONFERENCES

LONDON MOTOR CONFERENCE London, 20 February 1995 See page 8000 on TOPK3 from ICV for This annua! FT meeting, the tenth in a highly successful series. wBl focus on block exemption, examine the changing relationship real-time UK financial news from between vehicle manufacturers and dealers and address the issue of competitiveness in the automotive components sector. Speakers indude: Professor Garel Rhys OBE, -Cardiff Business School; Mr Rudolf Beger. ACEA; Sir Trevor Chinn CVO, Lex Service PLC; David Nicholas, Unipart Industries; Rich Van Lesuwen, Ford Credit Britain and Gdrard Chiffert, Rockwell Automotive UgWVehlde Systems. GABLE, SATELLITE & NEW MEDIA London, 27 & 28 February 1995 The Financial Times' 14tfi annual conference Is being held at a critical time when the vision of the new media is turning into Until March 6th, all TOPIC3* users can access Extel's market moving reality. Tha conference will offer Insights into the latest developments both in the context of business mid investment EXAMINER news service Implications and the context of technology. Speakers Indude: Mr Barry Spiklngs, The Pieskow/Spikings Partnership, USA; Mr Michael Schrage. Massachusetts Institute of Technology; Mr Robert Phillis, British Broadcasting Corporation: Mr Stephen Davidson, TeleWest Communications pic and Mr Stefans Franca, Premiere Median comprehensive UK company and markets news, including edited RNS GmbH. WORLD STEEL INDUSTRY overseas market reports, all key indicators, economic analysis London, 6 & 7 March 1995 This London conference arranged in association with CRU general, political and sports news International, wffl bring together a distinguished panel of speakers from around the world to share their views on the key questions feeing the Industry. Tire industry's structure wffl be of paramount exclusive coverage and expert commentary importance, to what extent should Eiropean producers form their own alliances or mergers to create a truly international financial marketsfocus Industry? WHI privatisation finally lay the subsidies Issue to rest? What technology wBl steelmakers use to achieve the growth they are seeking? Speakers who wffl speed be taking part indude Mr Brian S Moffat OBE, British Steel pic; Mr Robert J DamaB, Inland Steel Industries Inc; Mr Karel Van Mlert, Eiropean Commission; • accuracy Mr Francis Mer, llsinor Sacflor and Mr Robert A Garvey. North Star Steel Company. INDIA’S ECONOMIC RENAISSANCE 6) OPPORTUNITIES FOR The combined strengths of Extel Examiner News and TOPIC3 from TRADE, FINANCE AND INVESTMENT New Delhi, 16 & 17 March 1995 Given the breadth and pace of economic reform that has taken ICV give you a unique competitive advantage in a market where fast place In indlajsinM 1991, mis high-level FT forum wffl provide a unique opportunity to review the government's liberalisation proffamme and access to essential decision-making information is crudaL assess business and investment prospects. The cona,der India's competitiveness In world CONTROL YOUR challenges of improving the country's POOL CASH FLOW IrflabLuctura. Speakers ndude Dr C Rarwaraian. Reserve Bank more about Extel onTOPIC3 and M f anab MukhB[ aB To find out EXAMINER US$200,000,000 E2*, l . Minister of Commerce; Sir • Narvreb pool budget plan n J ^ K IQ KCV Floating rate depository P ’ de Zoeto Wedd; Mr • Low admMtfrtfon rotas ^ Protessor Jeffrey other leading systems, please call James Barratt on 0171 825 8233. receipts 1998 Issued by D Sachs, • FuSy trcXTSfwrBrt prices Harvard UnhmHy; Mr Tetsuo Shimura. The The LawDebenture Thst Bank of Tokyo; Mr A Holdin Corporation pic eoidenang For More Information fls: Mr Ferdinand Berger, p^roteum erttOemaa to payment of Cafl the Helpline Company and Mr Everett J Santos, ] principal and intension an 0T6I 875 7388 Corporation. Dr Manmohan Singh, the With Mrtsterof Finance, has ajyeed, ' deposits In principle, to give the tefening Carfplo-cassa °skfer the cost 8”53 Interestpayable on 9May ]995 ^ y **8 and the increasing to ^ costs- ateamount US$17090per Sovereign (Forex) Ud. Speakers include Mr USSJO.OOO and US$1,709.03 ^Wwias Hood 24hr Foreign Exchange He- 1™ CB6, Wessex Water per US$100,000 eceipts. ,N * TOPIC5, TOPICUNE3, TOPIC3 for Windows 'frxSag Fadfey A UA; Dr Johan Basan, EBRD; Moran M?D^idSr^^ J? ? Agent: Morgan Guaranty W 01 Com,n0 a°an, The PoBtlcs of WatBrandtito&SL!I!l^water and the Mb’FsSwa . Environment* Trust Company and Dr Dieter Halm, OXERA, 1*071-931 VIM ftacan-431 7iu 110 addra6s JPMorgan CorTfersncps p n'S ^ FlnenolBi Time, 1, 11 Rdmi B 1 aPH UK- tabtalWCB ' . . . - - 6 n

FINANCIAL. TIMES MONDAY FEBRUARY 6 1995 25 THE WEEK AHEAD DIVIDEND & INTEREST PAYMENTS BIOTECHNOLOGY ‘99 TODAY Do. Tranche B, Y2^30.137 Tate A Lyle Fin 9.8p £33.75 Nova Scotia (Prov.) FRN SI 3856 AMrust Tin essential Emerging Ecoa Inv. River & Merc. Am. Cap. & Inc. Parstorp AB Skr 5.75 $153.33 NORWEB 82p TsL O.Sp TsL 1.8p WEDNESDAY Readicut IrrtL 0.63p Storehouse 2.7p Quadramatic4p Blbby twice-monthly, (J) 2p Saivasen (C) 3.4p FEBRUARY 8 Somicl^Sp “c-v. *x RacaJ Sectrortics 1.75p Btetehtey Motor 2p Sanderson Bee 1.6p Abbey NatL Traas. Services Vaux 8.5p FRIDAY Radstone Tech. 0.825p global update on the •> .- . Brit Funds 7% Trass. Conv. South West Water 1D%% Db 7.70% Gtd. NtS. ^9 L385.000 FEBRUARY 10 *97 £3.50 2012 £1062.50 Birmingham Mid. Bldg. Soc. THURSDAY American Express $0225 Scottish Invs. TsL 3.39p biotechnology industry Do. 9% Trees. ‘12 £4^0 Tiger Oats R0.055 FRNi ‘99 £159.11 FEBRUARY 9 Bristol Water Hldgs. 12p Scottish & Newcastle 6.1 8p - British Petroleum 2.5 Do. IsWtg ^ w . Volex 6.7p British Gas 7%% ‘44 £71.25 Albrlghton 0.1p 12p Staling inds. 2.5p Do. AD.R $0,612 PubTtc 394% Bds Brit Funds 994% ‘01 £4.875 biotechnology Business provides Courtaudds $0,081 Bank Asia Syltone 1.71p News DO. A.D.S.S0.612 **(?«* • TOMORROW Deelkraal R0.05 $37.5 Da 6% 1999 £3 , Cosmos *03 Vodafone Group 1.64p ^regular, authoritative reports of industry •/ - Sec. FRN. 2000 Anchor int $0.0324 Drayton Recovery Tst. 4p Coats VlyeUa 614% Bds Creightons Naturally 2J?p WeHman Q.4p V2.280.822 Berisfbrd Int 0.5p Driefontein Cons R1 £31^5 Equity Consort Inv Tst Dfd news, and identifies and comments on emerging E D & F Man 3^p British Qectric inv. CoilateraTised Mort Secs. FRN. 13.125p . Airways AD.R $0.7187 and Gen. I.Bp FKJ 2p Clayhtthe Five Oaks Inv. 8% *28 £20322 Irish Permanent 6.5% Bds SUNDAY ’**- •. O^p trends. Drawing on the worldwide resources of „ • , investment Co 0.75p IAF Group O.lp Healthcare Ops. B Mott. FRN. Feedback 0^p IR£3^5 rWrf'TtfLtss-' «><•- FEBRUARY 12 Johnson Matthey Int 4J2 Marubeni fnt Rn. 6%96 Dual *21 £213.85 Hydro-Quebec 11% Debs *99 Italy m% Bds 9379B DM72.5 the Financial Times and with correspondents in .<„ Guinness Flight Global Marks & Spencer ADR $0.3295 Curr. Bds. '97 Y650.000 i&S Optimum Inc. Tst 1.95p C$110 Latham (Jamas) 2£5p jfrMhfcvor Strategy Pf Gilt & Stlg Bd 20p Nocros 3v5p Mazda Motor FRN.‘98 Y67.722 Italy 3*% Nts. *01 $437.5 M & G Group 17p London Merchant Secs. 0.8p every significant business centre of the world. V«i- .RB**eva~~. Refresh Tranche A FRN Pearson Stig. Rn. 1094% Bds. Woof Gold Mining R0.85 Norsk Hydro AS 9%% Nts *95 MR Furniture 1.5p Tesco 9% Cv Cap Bd 2005 Biotechnology Business News can be relied Y2,179,452 *02 £537.50 Northern Foods 694% Bds. *08 $98.75 Nomura Inti. Sub. FRN. *04 4.5p JF*!!® —— -?*• *:: st-is upon as the definitive business analysis for this

ri<. ' .#rfS*. jfe : >li_ UK COMPANIES burgeoning new industry.

yfcKW^r, t •. . TODAY Hotel. St Mtchaais Road, Hong Kong Imr Tst THURSDAY Crest Nicholson Johnson Pry Second Utfflties SfeociT' fc. ~ t -r-sn annual BOARD MEETINGS: Renting Ctaverhouse knv Tst M & G . Painters Hail, Little Bass, Q.EII Centre, Impaia Platinum Company meetings are **** **»:*.* -. ... Finals: Hotspur Inv Trinity Lane, EC. 12.00 Westminster. 930 general meetings unless P.O. Box 3651 French Property Tat Ramsdens (Harry) Bumdene Investments, 22, FRIDAY ti#i* . • .- . » :.„. . f V . v, otherwise stated. FT Loades Shard Grp BOARD MEETINGS: Hanover Street, Edinburgh 10.30 FEBRUARY 10 London SW12 8PH Aisi.j*. 3-j:+- ... . .; Trencherwood Interims: Finals: Dobson Park Inds, Ironmongers COMPANY MEETINGS: M^mrirafeiai; Waste Mngmt Underwriting Alexanders Hldgs Hail, Barbican, EC.. 11.00 API, Howard Hotel, Temple Please note: Reports and Tel: 081 673 6666 ».-.. interims: Uoyds Abbey Lite Electronic Data Processing, Place. W.C. 12.30 accounts are not normaly FINANCIAL TIMES •HKf . US Smaller Co’s inv Tst Bryant Scottish Inv Tapton Masonic Hall, Shore .***<* c.-., American available until approximately six Fax: 081 673 1335 Newsletters > ^ , Inv Sheffield. 12.00 MEETINGS: Fleming Bnerging Mkts Interims: Lane, BOARD weeks after the board meeting TOMORROW Tst Amstrad Finals: to approve the preliminary sArrV*r-;.\ COMPANY MEETINGS: Fleming Enterprise Inv Compel BOARD MEETINGS: Amicable Smaller Ent Tst resijts. - ABders, Bournemouth Hlghdlff Tst EDbkrf Finals: Groonfi lar vre-fc-;i -; - .

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FEBRUARY 13/14 FEBRUARY 21 &22 FEBRUARY 28 - MARCH 1 APRIL 19 & 20 FEBRUARY 21 MARCH 23 *95 ktedectual Property Rtighta in IM>- Insuring the Railways CTIand Beyond FT Maritafing ftofeastatial Services VAT Wanning hi an Enlarged Eurobudget 9S Conference

- '" ! and telephony BUSINESS PROCESS RE-ENGINEERING (BPR) The Financial Times and Profeuional Business opportunities for funding or work nwhrtlWiaiiniifctifcw A conference « «; die new «™v« As die worlds of computing European Union move ever closer. Computer Telephone Marketing have organised a two day in 80.9 billion Ecu IW EU Budget regime for the privatised rail industry. alter accession of the A CommEd Qmfdtoct. Qualifies for poim February 20-21 & March 20-21 wtrich built around day on VAT in the EU the toiegraODO is hceoaur relevant to almas, Confess b ok expenditure, for national, regional, local Covering catastrophe liability, business g '=»' .' under die i ciety’* Oontfavins new countries. Comprehensive, practical .'Agi •»«!. jaC i. So every organisation. This seminar point of contact sales masterclass and a autboritics/privnie sector consultants, t»m«h4 hffirilifiy. If fam hmyqpltaO, Leading seminar series on Business Process Re-engineering. Enhanced second around a series of workshops ' Profesncxol DcveJofvoent Scheme. m« oiytii-y m+rv tedmnlogy. day information on VAT changes of 1 January *r4‘ +,'w-a- uf of cTl and suppliers, contractors. Includes 200 page ^U>-*fc4 abroad, the legal impbcatioris, risk analysis 1995 programme includes new sections on self-managed teams and radical providing practical guidance in getting Contact: overview of the technology and fiitnra of 1995, pfuii discussion of changes rr peeled EU Budget Guide. JO rtilii^ .nrf lubwiMlraMl lyMMlIlt .•«AT-.f»n-vr->'- r v BPR. Coaching style of presentation. Based on 150 successful BPR better business as well as plenary seauoos W- Td: <071)27*8725 p CTl, and examinations of CTl in the near fnlure. Sooffe GenCralc dc DCveloppemeni SA Contact: Claire Dexter. The Waterfront in 1994. on competitive ness, the PSMA •r-viVat V„- .- wyltwwiniwi Mljwiihm projects. 60 organisations in the private & public sectors attended Tel: +3225124636 Fax: +3225124A53 ^ LONDON benchmarking survey and professional Coarser: Me Ansetien School. IBFD Conference Company. Tel: 0171 730 0430 Contact Unicorn Seminars, 0895 256 484, Contact: Richard Parris, Td: 01455-250266 ethics. There wiH also be a presentation of International Tax Academy. Telephone +31 BRUSSELS Fax: 0171 730 0440. fax 0895 813 095 FEBRUARY 13-1S, APRIL 10 -12 the prestigious FT/Professional 1995 20 626 7726, Bra: +3J 20 620 9397. LONDON LONDON for service MARCH 27-39 Fbcfly DooumnHon and Mike Abbot, Tel: 0734 464 746 Marketing awards professional STOCKHOLM fit iih worldwide Ofl Minenda Legal Issues Vertical Systems Intercede Lid. Fax: 444 1455-890821 Sub-Saharan & 22 28- 1 FEBRUARY 21 & FEBRUARY MARCH Enquiries: financial Tones. foremost conference on African oil and Reviews the legal principles and practical Tbe - FEBRUARY 23 -24 Practical D«atog Course Trawling the Internet The Tfct081-673 9000 Fex; 081-673 1335 mining Speakers include Preridetd Mandela 1WQ iw»fc^ nod iaioes moaned with awhB Money Market Commercial Impact end Envhonmant hi Europe; nevr and Cabinet Minisien from over 30 African accwifty dociiBteaation ii—i tiww i tiw LONDON Training In traditional Cash markets and Opportunities policies and the greening of countries. Co-hosted by the SA Chamber of =*!**$••*. facility letter*; Dealing with defaults; APRIL24-27& SEPTEMBER 11-14 derivatives dealing - risk and timely vtev rralinvig the benrflte of 20821 MARCH 30 Mines; Gabonese Ministry or Mines ft Uttgatkn god insolvency. £795 +VAT. abort term A wu MARCH industry r-^. • evaluation, product pricing, position Internet services to the professional and FT World Pharmaceuticals Banks, The Cfty and PoBffcs Fundamentals of Fund Energy; Nigerian National Petroleum Cbnticc BPP BanklYaathtg-Htay Jtidson Env iro ental policies in the 15 Member ymi^|ixiTL and: economy; industry, tire nm •j.. iii comfflacdil p[ v^odocs The banks the Corporation; nan go 1; SA Ministry of : ^.,- mm Hn . opportunities to test This conference, arranged jointly with So TeL 0171 628 8444 Ftt: 0171 628 7818 y priorities approaches towards of t&tmct poduett tod scjvicd, press the wemintai- The Oatteted laminae Management (ResMentfal) EU, for 1995, Jeanrt in dealing nmukuioo end practical Coopers • -,.. . t- m he imwni — H of EU analyst* and ctedit managers the comae LONDON pdayas. LONDON residential programme. Purtrcuhn MARCH 29 8. 30 ••• a comnry euvirwimental otgaakatioas ;and NGOs. •: djgu^H^.- '-t-r : works Ihroogh case studies involving MARCH 2 Fnrjmftet' Rnauf ih l ’HlOOl emphasis wQl be placed on constructing a Central & Eastern European FEBRUARY 22 Enquiries: Qnbde Bruxelles, • complex cumpimics ill mder (o Bgwipi Ac .^•.v.- •••.•».«.* OMfcTbe LandofOpportrrfy Tel: 081-673 9000 Fax: 081-673 1335 APRIL 3 portfolio and mnn^ng ti. Power Industry Forum Td:(322) 771 98 90, fax. 770 66 71 more sophiaticatcd techniques used in InvMtor Rotations: Advanced IR pfoa VATDkean: DrTOty RfaEdron (322) “ ” - A unique opportunity for key decision LONDON WQls and Probate -Essential Law £L850 The latest and furore developments in the '&&*•*' ‘I— - itnmrial analysis." Creative occounrin* For- Senior Management experienced in the ncial Grama: BPP Bank Dating HRny Jadcsna BRUSSELS makes la exaim'ae fame of fina , ~~~ & Taxation electricity generating industry to Central DerivnUvea^omnctperty and pcodoct.ridt • shareholder relations. IR. iit complex Tlek 0171 628 8444 Floe 0171 628 7818 comractcM, legal and cultural irauTS crucial MARCH 20 -24 This one day conference win inclnde tite and Eastern Europe. A Forum on ownership VAT. Comae corporate natractariag. IR for mdcxad funds. LONDON FEBRUARY 27 - MARCH 2 Corporate Mure. £795 pht to uaaluuiug saccerfal bcanraa in China. ConsoBdSBng MidtBateral Trade Finance Bill 1995 changes and win focus issues, creative project financing. Strategic investing: how to manage the * Ocoor-RnraTmaa. Contact: kdZ. SECOAT, Kem Inn matinna l on the following key areas: Drafting the Lafferty'BCsnfe&POymerris and ths Future WorkMflrada APRIL 24 & 25 competition and cooperation opportunities. - Ross Thsrcr ianitutions. loternstional flotation 5BP will tax efficiently; Chattels and Works of Contact; BP? Bank Training Airport. Mamron. Kent CT12 Organisation Agenda Convention High leveL complications. Speakers: Invesco, BP. Ait, Valuing Real Property; Share FT European Water Industry TeL* 0171 628 844* ftac 0171 6287818. Td: 01843 822022 Fax: 03843 821228 Industry ifavoluiaoD fit (be Makiqg. Throe Contact: PennWell CftE Residential coafcrence with intentaitotial The sixth conference to a highly successful An Postern Executive Group. Global Proxy Valuations; Insolvent Estates; LONDON LONDON pariicipatloa also cost challenge of successive events: hn'l Bank Card; Smart Tel: 31-30650963 Euc 31-30650915 participation (daily Adurinutniioo of dm Entile - lb* Issues; aeries wifi examine the Services Crap. possible). topics will meeting EC qnaliiy yardsticks and the «md Electronic a ents Conferences. Trade discussed View faro tire CTO jadftns-QEatfa Variation* Chid P ym WARSAW, POLAND CONFERENE FEBRUARY 14/16 Contact: Bass Associates Seminars. MARCH 2 increasing need to pnt figures an f FT indnde the environment, services, Contact: Vicki Gaffin, IBC Legal Studios Programme to include: technology, SelHngSkffls for Treasury Staff Tel: 071497 2225 Fax: 071 497 9295 Mara^tt Hut ProductOavdopmtet environmental costs, g urvestnuaB. market access and competition. and Services l imited Tel: 0171 637 4383 marketing, third-party processing, POS APRIL 6 iiv. firBuataesa'ntnareuid foundries: Financial Times. LONDON Members limited fix mfonuel dmeusmoo- FtarOm 6313214. cross-border payments. Senior Future of Telematic Services '•’ Tel: 081-673 9000 Fax: 081-673 1335 updates and '• r J Staff ' -' r The Selling Skill* for Trcwnry b One day conference explorin how deaign Wilton Park. W£**=’*'-»- * g Contact: Elizabeth Harris. LONDON level speakers from leading financial for SUE'S designed to tnaorface the aabjcct of adlin fundamental to the g . is - 771,4 FEBRUARY 22-23 management Td: +44-1903-815020 Fax: 4*4- ^ Sussex. =a======^3=is§= institutions worldwide. DOtvraOAKfOR Conference organised with support of to***~: techniques to corporate dealas and enstomer manufacturing process. Organised by the APRIL 4 APRIL 24 - 26 Appraisal and Career 1903-815931 European Commission (DG XXII j. Pay iOWRlMatMAlKM. FtiEASK CONTACT- I services petgde. The covrae looks at the need Design Mwemn and sponsored by the DTL K LONDON Contentious Probate -Death and 6th international De&very Systems Detailed Insight into new technology for the Development Elaine Ffcaimons, Lafferty Conferences • to empathise and then identify most re Secretarial: Northern • •* r Comet Confe nce f * ~ latest tudtnhjocs tor Ofsfnheritanca Conference SMEs ft SMls. EU policy in favour of appropriate products. The linking of A gpide to the TeL- (+3S3-1) 671 8fE2 Fkx: (+353-1) 6713591 W**." Conference Bureau Learn abont: Planning an overall ‘ performance in MARCH 21 An intensive one dey workshop designed more SMEs, Commission programmes the customers’ sttuaiioQ. Leading achieving excellent nptoyee products to Tel: 01625 502600 Fax: 01625 SQ29O0 delivery strategy, Specific channels of FRANKFURT important to s eonstetant? for practitioners on the practkxl aspecla and (Emomanngemrni, Craft. Value, Impact, • delayered orgaoisaDoa. This So you hmnt bs .’••'••-.« ' to greeter confidence when dealing with the the Confaxace Centre MANCHESTER twScally problems of a probate action. distribution. The role and future of the fi.-ww £520 + VA.T. tw^day conference explores hoor a> More and more people see self-employed common etc.1: proposals for SME participation in ----> -: customer. branch netwmfc. Merchandising tbe branch. JVJteSiwrw; Improve your business perform »«co by consultancy as sn alternative to nwfitiona] Revolving round a day long case study, MARCHS information society (tele-teaching, tele- Lywood David International Ltd MARCH 6 & 7 Dircct/Tekpbooe Banking, The Infonnatxm Portfolio Investment In the ^ • • • individual targets to corporate •paid’ employment. This one-day delegates will be invited to put (hemse/ves working. video-conferencing); European Tel: 0959 565820 Fine 0959 585821 linking WOridStad Industry Superhighway. International speakets from FT to tire shoes of the claimant, professional Russian Federation with objectives through effective reward, appraisal conference will give delegates the IBCtS regulations; SME relations public LONDON to bring together speaker! from Chemical Bank. Midland Bank, etc. The aim b executor and resideary beneficiaries and An international conference looking at the and modvadon systems. opportunity to asess the risks and rewards Contact: Sandra Martin. Leffcrty administrations itenderal amend the wtxld to dtare their views on the specimen mi* t: huriHgence of becoming a consultant and provide consider relevant doana as hues developments to the Emerging Capital Enquiries: Club de Bruxelles. FEBRUARY 14 & 15 Qwi W Conferences. Tel (*353-1) 671 8022. key questions facing the steel Industry inch progresses 4- - •• Tel: 01 81 5436565 Fhx:0IBl 5449020 practaeal advice on the reality of Betting up a the case 6713594 Federation, covering Tet 1322) 771 <*90. Fas: |322> 77fi 6671 #^ii..w.—.>-...-. and meigets, Fsu=(+353-J> Markets of the Russian UK RADIO: Investments as its flnure stnmre, aJOaoees and Contact: Vida Goffia. IBC Legal Studies LONDON consufatocy, LONDON debt markets. Presentations by BRUSSELS privadration and new technology. equity and Finance tnmtwn- of Dbecuxs 0171 730 0022 and Services Lind led. Tbi: 0171 637 4383 issues being Times leading experts, brokers, investment liMkpth conference on critical FEBRUARY 23 Enquiries: FinacciaJ LONDON Fax: 0171 631 3214. APRIL 25-26 MAY 16 UK radio industry and how to create TeL 081-673 9000 Fax: 081-673 1335 LONDON bankers, fond managers. Russian corporates, Permfts and US Vtaaa AgontSoftware Euro SMEs 95 Paneb on the BBC VS UK Work LONDON and Russian policymakers on (he economic strategies for success. MARCH22 Tbe fits commensal UK event to look at agpn This conference presents views on obtaining European Union finance foi Small and commercial radio, investment, advertising APRIL 5 sa&ware todmaloey. Apmts am keep track of reform programme. Permits Presentations for Finance Medium Sized Enterprises: including US Visas and UK Work from US 6 levels for mvcniury control, or share initiatives and programme formats. MARCH -8 Premotteg Offset Awareness stock Contact: AricDe Savona, Dow Jones Tetente l employment. Embassy. Employment and Home Office Professionals paces, to provide opportunity ndvkz; seek «X vocational raining, RAD. Patricia Bay mcra, Kagan World Optimising Team Performance Tet +44(01 171 8E9737FIK +44(01171 3S327>1 Contact: Sharpen ytxa presenting skills. Businessmen WHWn Companies subcontracting, Also, consultant experts will , ndbunaaaa for Ac user or son iacamac mad. telecomm*. IT. networking, Limited. TeL 0171 371 8880 Ftar. officials. Conference Tbe lltb British Defence Manufacturers Media desigoeis. woo rod stand-up conettocs ta» This to becoming a potentially invaluable SWITZERLAND regional dcvclopmcni etc. Top speakers provide practical tips for applications and Offset Meeting wiD concentrate on 371 8715. Jade RoweU, Coach and Manage*, Cu fand yoo how padmge your egures fix the moa Group 0171 g » service given the increasing amount of from EC and Financial institutions. company case studies will examine bow they promoting a better undemanding within LONDON Rugby Union Squad. wiH give the Keynote cSffiotlr acooBva, when muse humoer, dw» information avatiaNc with die growth of the 14 -IS uaasfea. companies of the role that purchasing MARCH Contact: Socitle Generate de l JSrtJK personnel ‘The Winning Team’. Other bow to me Sfc to your po xrmsksn. Keynote baeroeL Users, suppfias and developed cspUn Address on “ departments can play in meeting offset Devcloppcmem SA i Theatre. GULF 96 Tlie way ahead for Induay Contact: Natalie Mooden. CBI Employee Rover, Mobil Europe. DkMCMRcvalOMn their experiences and vision ot how this FEBRUARY 20 expert speakes from obtigatkxw. Membership is free and open to Tel: +32251240 36 Fax: +322512 4653 Tet 071 379 7400 CQotacC Executive Ptcsemetioas ixftnabgy wfll work foryou. Coif 95 aims io explore tbe issues facing nference: Relocation CosnoL Ac Allied Dunbar. Lucas Electronic*, Rolb- noo-defeace companies. Attendance will be FT London Motor Co 251 5053 Ftac 0171 490 0566 Cootscc Unicorn Saninan BRUSSELS 071 836 llW. Royce Motor Ous. TO: 01 V open to senior purchasing and offset Middle East industry. Speakers will include Bk>ck Exemption: Europe’s New 0895 256 484 Fax: 0895 8X3 095 ” LONDON rw«v: Anna Jung, A1C Conferences Tfek LONDON pnrtonnH from member companies, TO Saudi Arabia’s Industry Minister Abdrl- Orator for Car Retailing rywmyf Mr Wrtnli-v Cntrwnmn. LONDON HAY 16-18 T >-»..• 10171)8275967 Aziz al*Zamtl, three other Gulf cabinet The conference will tocus on block MARCH 23-24 1995 Teh 01428 607788 Fax: 01428 604567 POWER-GEN Europe 95 FEBRUARY 27 & 28 LONDON APRIL 25-27 mariner*, Perey Barncvik chief executive of exemption, consider the changing ~ PianEcon Conference LONDON Inveennent and financing in the Power -**’ • and New Maria “, " Cable, SataBte Management ABB Asea Brown Bovcri. Horn Tehschik V T between vehicle mami&cnn«s FT Announcement Derivatives Risk industry. Trends and Policies. Combustion relationship convergence of MARCH 8-9 xI'W**'- The foanm will look at the 5-6 Executive* in tbe financial industry board member of BMW, R1 Shahaney of Plants selected *•>• - - distributers and address the qnesiinH of Transition & Recovery in Eastern Europe APRIL and Operating Power 150 and computers and Business Pertortnanc® involved in planning, organising and telecommunications, and the Former Soviet Republics and East intennedfate pins other key conference presentations. Over 2.-0 competitiveness in the compote! sector. Mroductery and Askok Ley land Madras, r new Measurement: directing financial instruments In banking entemitnnest- U will also asmine the exhibiting companies. Delegates and Financial Tintes. Transforming corporate performance by Course to the FUttafts and departments. Developing new figures in iadmiry. Enquiries: corporations are and treasury alliances and mergers that visitors from over 51 countries, especially 081-473 9000 measuring and nts paging the drivers of Options Markets Bw.nriar products; Trading fa derivatives; Gooract: MEED Conferences, London Tel: Tfet of new technologies setting up, the potential faltnc profitability. Thb two-day ronfwHicr Comprehensive Introduction for tbe new Controlling exposure and risk; Developing from Central, Eastern and Western Europe. Fax: 081-673 1335 Fedorov. Petr Bod. and Terry Adams. 017! 40*5513 Fhx. 0171 430 0337 the rrrssh choice of pw^rarnmes. explores relevance and practicality of entrant and tbe general business community tbe technology to support derivatives. Contact: PeanWeD LONDON and in iB Cbmact Corinoe Redoonet on Times. developing new "corporate dashboards”, into these markets. £790 pies VAT MANAMA. BAHRAIN Enquiries: Financial + 44-81-545 6212. wishing to expand Tet 31-304150563 Fax: 31-30650.915 081-673 1335 which indnde nuD-fimmcial iadicatora. such Highly participative course led by the Director - Prof Dimitri* Cborafas 20-22 1995 TeL 083-673 9000 Fhx: LONDON AMSTERDAM FEBRUARY LONDON as customer sarisfactiou. quality and experienced financial consultant Keith Contact: BIT Bank Trainm& HBwy Jackson MARCH 21 -24 ~ Create and^Trade Woodbrrdge. Whole Cburse £465 + VAT. Tel: Ol 716288444 Flw: 0171 628 7819 Documentary MARCH 28-29 European Business Information OCTOBER 10-12 Cnotacc Barnes budfigpwo 10% Group Booking Discount. Other dates LONDON - FEBRUARY 27 MARCH 2 0181-543 6565 Fax: 0181-544 9020 Electronic Messaging 7-4 lone. 13-14 Sept Conference World AkVEuro Aid 95 providing s0““ d TO Foundation coarse the mast Chtea's Economic Rofbtrn: The LONDON Electronic messaging is one of Contact: Alex Atkinson. Futures and JUNE 22-23 The International forum for anyone Conference & Networking ondentaadtag of pmdoco. v**^*?* Impoitaot requirements to survive in an Options World. TO 0171 827 9977 - “ ' • the Boneffts Derivatives Exhibition researching information abool business to Exhibition Letters of Costs and tote European .m of trade finance. MARCH 13 Increasingly dynamic market and a play a Fax: 0181 337 8W -' ' Interaationsl residential conference (daily LONDON Tbe global derivatives fodnauy gathered m Europe- Source* and techniques for Coding, Business opportunities to worldwide aid Acceptances. in its fame. Topics rndude: Inirtronnrxting Mjr=s 4^*1-. Collection. with Chinese, The Foreign Exchange Market: forum for market pattiripnsu consultants, puRfetp&don also possible), eiiumg messaging wwtnwnittfij workgroup one place. A using and undemanding information about programmes for EU ; • !" " CnMorns , and operational issues 7 s ^flfe*‘5fcw»-' • Factoring. speakers. Topics todrnfc Rates, Rlsta and Capital Concerns workers; APRIL 5- to discuss trading contractors, supplier*, goveraroeau. 7>»«sfcraNc, EC US and other computing: mobile and remote ctunpanies, markets, products, regulations, Ooanncntatkra. Back-wlta*. foBlh srnmal Dow Jones Tefcare toac«n with iaicnotituBf exchanges and to assess institutions etc. Networking -' tanett, torestment, legal Urn electronic messaging and EDI; desktop Major Proiacts- Can afford them? financial ^-* w Ac business euvin we standards etc. Papers, workshops, cose- Credits. Coumennide, iiifa—tioi the latest risk management, trading, options ' Bmitsd appUcettoos; aecntiiy standards. If the private feelers arc to meeting place. Includes WORLD AID 1 Bo« aystem and fatfrastroctme. Number* public and -- *od ProttoDfi- of foreign exchange market risk and the office technology. A series rrwews. Excellent value. >.VJ ^ Common DiarrpBWks Ol ifWf onDabonie develop a better infrastructure prkang and back smdics and prodnet miximnni opponuflity for Barker participate. to GUIDE. to provide capital reqoscd to protect of seminars, training courses and exchange Training to Hdp yoar CttSBnner. Tel: 0895 256 484 Fax: 0895 813 093 for the UK there most be a wflUngneas to Contact: teeny Perry. TFPL Contact: Sociiti G ini rale de jplbnnal dkctisrioo. Spokes wiH toctadn hfichad Fool, Bnk of available. **" invest projects. The conference workshops also r:jp 3 DAI’S the LONDON in major TeL- +44 171 251 5522 Fan -H4 171 251 8318 Dcveloppctncat Sa ^ ^ £525 __ Harris. Willtrt Part. Qglnd and senior itprcstnianvts from ticket* boat; $^:4W*4 Contact: Elixahett will addres this issue, the Private Finance Complimentary : e-mail: 1 00067. [email protected] Tel: +322 512*636 Fix: +322 512 4h53 * Fhx: +44 - European Cotarnffisaoo, 1? Morgan. Haag Futures A Options World b?ymiLs# “*“^""“^52 Sieyntog. Tel: *44 -903-815020 Initiative and the question of pacelved risk Akx Atkinson, Knag Bank. Bankers TYnst. MARCH 28-29 0181 337 8943. BRUSSELS «* 5 903-815931. inhfirittag investment. Tel: 0171 827 9977 Fax: BUDAPEST Cooaet ArieOe Savwat. Dow Joaes TrietW of (Tin BPR: Enabier r 27^ SUSSEX Th« Rote Contaec Rachel Coniro. Conference Office, LONDON MARCH -31 WEST 9737 Fax: 0171 353 2791 FEBRUAFfY 20-24, ToL 0171 832 Vwrsua Dictator TO 0171 83998CC Rec 0171 233 1743 Level 1 LONDON lntetscctious and EXHIBITIONS CredKAna^sb- 28 This seminar examines LONDON •Bto fmmctnilimas fOxox to pab^sh a swwy ob FEBRUARY BPR and information ’ link synergies between For th«TtSh Seminars rlv5 FaWan Business MARCH 14 technology, and investigates pros nod onus MARCH 1-3 acnaHJMS ^ fraamial APRILS ^ „ ” a, Regulation Of application-pull versus lechnofagy-purft. Companies EXPO statemcnis, ID Labour^ CSy Swvivttf Business Confinufty 85 Privds Asian covers financial in Local AuthortUae and the the finncul r will lead a one-day it identities the critical success factors This entirely new concept for °®cc*sa y ^ Alistair Darling MP will It bun the mast when norms] H S£.' techolqnc* ^ } Where Ftnance foHaflve (PR) in ooc location skill* and [ BPR; explains the practical steps to exploit markets brings together an on City Regulation- Speakers activities are Interrupted by a seminar business the role of the IT This event is designed to instruct Local exUKive and diverac array of leading Asian I;AjijiMSae* EatweU; the synergies; analyses David Bland. CH: Lord Attend fins codfereoee to explore Investors provides institutional andExhibrtions Include: teaser? community la BPR. Followed by a separate Authorities and Private on bow Companies, and Joel Ioffe; Rat Stephen rose-studies and gain fiomthc real objectives ofPFlin with a uniqnc opportunity to =r^-3 Prt£ Julian Franks; recent twotby aerieshop: “Aligning JT and BPR: they can best meet the investors troun Band Thomas, SFA and who have been forced areas snch as road, education, boosing and evaluate potential growth and fust Schaeffer: Liodjay experiences of those building the enterprise modeL" i^Ti^iiayy^fetantary tat a ermon-o&e bass. ; 2X STB. invoke their business coniinity tad healthcare. across all rectore Andrew Wlackla. to Cbmact UnioRu Seminar* Limited. For further contact Claire Dexter, Contact: Enromonev EXPO’S °tbL 0171-222 12S»fiac 0171-222 1378 resumption plane manger. 0895 813095 details, Booking: Tet 0895 256 *84 Fat 624794, Rn: *44 (0> 1895 ^kv. bpp an* 55“ The Waterfowl ference Company. Td:*44 (ft 1895 This suivey Is aimed a anyone involved in organising or attending ^ Contact: Liz PowdL Survive! Con LONDON LONDON 624447. »«71 625 8746446. Teh 01717300410 ^’SoNDON TO 0181 874 6266 Fax: 0181 LONDON EARLS COURT. LONDON conferences or exhibitions both large or small. FEBRUARY 28 & MARCH 1 LONDON MARCH 2^30 It will indude: Ideas on unusual conference venues ana activities; exchange Strategies for Imptemenfrig Re- international (ntroductioo to Foreign APRIL BA 7 MARCH 18 engineering programmes: Uathods, how to choose and use exhibitions effectively; and even discuss ^^L^Woritebop Mariteta how and Money How to Conduct Manning bobto Managing Relocation FEBRUARY 16-18 1995 come awexmg cateMHM and stAnro to hold a conference without leaving your office. H^hlv participative training AppealsCPDAccredited The UK’s lop major anna] relocation ExpoTrans*9S featurin aupportttte uj coven a wide BKlUloa*! FX w*d money markets g Planning Compensation Act 1991 conference and exhibition Conference ft exhibition of products and The and Ptesena a pnetfcal guide to tnstwging the For further information based dealing range of domestic and international services for tbe Furore of Transportation. on editorial content and details of INDEAL (PC Windows and new policies emerging bom central analysis, redesin, modelling A W relocation Isaacs. Sessions include: New vehicles; alfernatlve fuels; deaign; For Cbrporatc tieawr^*. h«k government have routed acopc for conflict of process re- advertising opportunities please contact. cWnlmioaL Implementation phases relocation policy review; tax, W ft products, etc. Experts will conduct finaadal devulope and ptonmg luahoritim allied executive*, bMWtco w wijiiMMi i iji Outlines bow to develop new ion; ronp dealers, markeliag reporting; bncrnarional [ enumerat and Q&A sessions on f ta ^ ^ g seminars c&m* dam^ which could lead to more appeals and the - -i- —L-IA systems and sujmort P****8^ skill# A capabilities, ft bow to apply moves and operating la Eastern Europe. People-Movers, Autos. . V cotttjoDera, In freetruerlire. Nadine Howartfi twplrfcn. This conference is designed for wethodotogha. ST™. VBcm soflwaK tools ft Contact: Natalie Mtmdan CBI Employee Trucks, Communications and Financing. and-*-s„E£S.2praettea* m*™* £520 + VAT. those involved m fa planting proems. urntpretKiruve : Ootxacc Dusimas hmHigrocn RctncatioB CounriL Teh 071 379 7400 Fax: Third MtUaUttum Productions. Tel: (071) 873 3503 Fax: Lywood David lmenmtoo*l U«. Coauct Inte rust ional rrofessioual (071) 873 3098 . .. the subject. . 0181 543 &S65 Iks 0181 544 9020 07] 8361114. 964-IS22/FAX 1619) 325-7503 ; , professiotui CoBferaocee Lad on 061 445 86Z3 TO (6W Comae, LONDON NORTHAMPTON PALM SPRINGS. CALF FT Surveys 063 LONDON Conference* lid «> IT®, sifted lX»NPON TO ADVERTISE IN THIS SECTION PLEASE CALL NADINE HOWARTH ON 071-873 3503 26 — - ——— ~ s d .. M .

FINANCIAL TIMES MONDAY FEBRUARY 6 1995 27 CURRENCIES AND MONEY

. v. INTEREST C'M*. A-3AJNST THE DO WORLD RATEKTAIS Feb3 ' RATES Changa BkVttfer Day's MU One month Throe mrihe One year Bank of Fab 3 Oosfng Change Bidtofler Day's mid One mootti Three months One year JP Morgan MONEY on day One Mgh low BMP KPA Rate MPA Rate %PA Enp. Index m*d-po*nt an day agreed titfi low Raa MPA Rate MPA Rate MPA Max February 3 Over Three Six One Lamb. Dio Repo Europe night month nulls muis year Inter. rate rate Austria Bnpe 10-8270 SVi -0.0875 216-337 1B.90B4 16.7284 1&8151 08 167814 1.1 1063 Austria fSch) 10.7535 -KL063 520 - 550 Belgian 47k 54 5S 6a 7.40 420 _ Belgium £*} ) 10.7550 102700 10.746 02 10.7263 1.0 105835 12 1054 W) 40.1277 -04276 648 - SOS 404890 409440 49JB7? 1.2 4068Z7 1.3 405027 1073 Balgltin 31^45 40275 805 - 085 31.4155 312195 week ago 47k 574 Si 52 6H 7.40 4.50 _ Denmark (S=ri) 31.2350 31272 02 1.0 312095 02 107.0 04126 -00726 - 135- Franoe 54 BVi 5** 6+s 5.00 - 040 W OBI 170 94786 94028 94008 0.7 9.3954 07 93579 1007 Denmaric DKf)) 50150 402202 165 6.0225 52823 621 32 02 621 02 6 02 105.7 e'l fintand 7-3917 5*i 5.00 - -0058 841 -992 74480 73840 843 Fktad 4.7236 •KLQ153 108 - 273 4,7462 4.7012 4.7209 0.7 4.7166 0.8 4.7061 04 832 week ago 54 9ta as 040 France m} 0=Ft) 02876 -00488 82S - 824 83324 02790 07808 13 02678 1.0 France 52960 •*02275 940-980 OlB Germany 4.03 4.95 5.05 525 5.70 600 420 A B5 Germany 03 02051 1073 FFfl) 52000 52810 82934 0.6 52887 5-261 0.7 1007 «*5 23864 -am 68 851 -877 2*035 23829 23836 14 237BS 1.7 23432 1.8 1094 Germany (DM) 12250 40.006 245 - 255 12270 12157 12237 12 12202 12 1.5025 12 1093 week ago 4.93 435 5.05 525 5.75 OOO 420 425 Grace | - PO 372.747 -2484 508-967 374354 370841 Ron Grace 239200 41.06 100 - 300 -13.0 yesi -v. Ireland 54 5H St'* su 7*i - 625 ... | 238.400 236.700 2412 -1S.1 24525 -92 68.4 Maori - W - - M 13108 0.0011 «h _ 114 13136 1.0069 13105 12463 -02154 476 - 483 -0.1 - week ago G’E 62 7Ai 625 04 13102 02 13088 02 973 | 15652 1.6485 12485 12481 ai 12473 Ol 4 Italy - W 282430 -1048 333-845 254339 252070 2529.10 -1.7 -2.1 181328 925 - Italy BH B* as 02 ID'.b 7.50 920 2887.79 258234 -23 78.7 ttjr cu| +723 360 1615.05 160620 ldlB.13 -22 1623.18 -2.4 165539 -22 732 OPO 481277 -04278 B48 - 483440 312945 40275 - week ago Bi 94 10‘ - 750 020 808 494800 49.0777 13 4&SB27 13 406027 13 1073 OR)) 805 085 31.4155 31.2350 31272 02 312195 12 312995 02 1073 n Netheitands ra - 23751 -00234 737 - 785 23028 23703 23719 14 23844 13 1,7 1073 Netherlands 1.7095 40.004 090- 100 mnimBnos 424 5.01 5.11 5.32 5.81 5.25 _ Nonray } 1.7112 12997 1.7081 12 1.7045 1 2 1.6858 14 108.7 Wi) 104548 -00783 501 - 594 106230 104427 104538 01 104518 Ol 56810 +0224 706 - 625 week ago 424 531 5.11 533 5.83 - 525 _ 104434 Ol 983 Norway (MO)) 62900 92430 B276S 02 66705 0.0 62285 08 672 Portugal - 240777 -2.111 G65 - 889 248341 246.113 247377 -23 240027 -33 - 953 Portugal 187.700 +0.4 800 - 800 156.085 -22 159.105 -3.6 -3.7 SwBxariand 3'b sa 3£ 42 4's 0625 350 m| 157200 156280 163255 952 Spain Pta) 4'» 207,478 -1.288 375 - 377 208.708 207.21 B 207.778 -1.7 208378 -0.1 212.481 -04 78.7 Spam 132285 +0243 660 - 020 132290 -2.1 133406 -22 136.16 weak ago 3U 35 4 4J 6 625 350 - p*)) 131.760 132215 -2.7 783 Sweden BKi) » - - 11.7025 -03745 920 - 129 11.7840 113854 11.714 -13 11.74 -13 113505 -13 Sweden 7.4783 +0.0351 733- B33 7.4857 74352 74881 -1.6 7.5033 -1.7 72973 -1.6 BOO US 6 6; 6V. 6H + 525 Sedbertand £Ft) | 2.0188 -00151 178 - 23 108.1 £SR) - weak ago 5ib - 4.75 - 196 23328 2-0158 23144 23040 23 13582 3L0 Owkzartand ) 12901 +02048 @8 003 1.2915 12810 12877 22 12826 2-3 1.2564 2.B 107.B 8k 6£ 7J IK - - - - (Q - - . . 673 12649 -02174 645 - B52 12634 Japan Si Si Si 2ft 1.75 UK B| 1.5830 12632 12644 04 a4 12597 03 882 Ecu - - 13871 -00084 883-679 13738 13507 13864 03 13852 08 13592 03 Ecu 1^350 -02075 345 - 355 1.2433 12345 12352 -02 12357 -02 12386 -03 . weak ago Si 24 24 2ib + u 1.75 - SORT - 0328231 - . . - .. .. SORt • 1.48930 ------$ LIBOR FT London Argentina Intel bank Fixing 6M 94 ea 74 (FMo) 136S7 -00183 653-681 1-582B 13B41 12006 +02007 005 - Pw°)| 008 1.0008 12005 , Brazil weak ego 6 4 64 6» 1 i - ten 1^137 -00114 126-148 13288 13126 02395 +0202 390 -400 . . - . . . . Brad IQ)| 02400 0.8300 Canada (C» US Defter CDe 5.94 013 648 7.14 2.1947 -0020 9S8 - 957 23230 2.1929 2.1971 -12 22024 -1* 221S3 -09 1 ,4025 -02029 021 - DEB 1.4059 1.40*4 1.4097 -1.8 -1.3 812 CCS)| 1.4020 -1.7 14203 807 Mexico Paso) week ago 6.47 709 (New 84893 -02062 - . 5.94 013 483-303 838S7 84483 Meed oo (New Peed1 54250 -a07 000 500 5.4500 54000 5.4258 -02 5.4262 -ai 5.4276 0.0 USA SDR United 5.125 5687 : A 13640 -00174 846-6S2 13830 12644 - - . . . - . . . . Da 4.SS5 4312 13632 04 15634 0* 15507 02 962 USA 9)1 907 PacfficABdcfla 5.69 EasVAMca PacMc/Mdda raeMAMreAfrica week ago 4.625 424 525 AuetraBa (AS) 2.0799 l jmr LIBOR -03073 777-800 23800 2.0773 -12 -1.4 211B3 -12 12284 +021 280 - ECU LMrad Da mid raw. imh SS. 3 mte- B . C MM: BS; 1 a; 5 krorbenh Luig .22800 22883 872 AubohIb (AM| 286 12289 12135 12305 -22 1.3352 -22 13607 -24 89.0 Hong rates often racec tor guacocf refwwo raxs a: Horn u^t narking Kong 12.1010 -01338 - 0.1 12-Qgg3 - 7.7330 +0.0005 - . am a SIQm to U» morns by bu 975 045 122360 123800 12.1 151265 -02 02 Hong Kong 0-KS)1 325 335 7.7335 7.7320 7.7341 -02 7.7351 -ai 7.74 -on dBy. The bate of Tokyo. Barclays and National Wettni ro Indto (He) 48.1011 are Banters Irws, Bonk g -0338 823-199 400570 1 - w - . 493590 mtSa (R4 312775 +0205 725 825 312860 312700 31.4575 -3.1 31.7025 -4.1 IM isles are mown tor Bw domesor Money Rees. US 5 CDs ra SDR Lmtea Ooposrs ,TW. terra (Shk) 4.71 78 -00409 121 -235 4.7818 4.7121 lerael (Shk)i 32149 +0.0073 119 - 178 3.0178 32053 • • • a re . . Japan (Y> 155377 -1352 887-086 157320 155370 155467 50 154247 4.4 148257 42 1472 Japan M 89.6750 +0.115 400 - 100 98.7300 932200 gS-385 32 98285 42 96.15 42 1482 Malaysia IMS) 89050 -0-0461 - 042-075 43433 83814 Mteysw (WS)i 22636 -02005 530 540 ?_ssfin 22620 22S1S 09 2247 1.0 2231 OB . New Zealand (N2S) EURO CURRENCY RATES 2^4578 -00118 567 - SOS 2.4586 245S7 24609 -12 2*711 -22 25046 -12 982 New Zealand (NZS 12704 +02098 696 - 713 12713 12638 12739 -2.7 12799 -24 1.6049 -22 . INTEREST PhOpinaa Peeo) 388083 -04315 - - Short Throe Stx One 214 962 383962 38.7214 PMBpfrias paec) 242000 500 - 500 24.8500 24.7500 - - - - a a re 7 days One Baud Arabia months (SR) 508S8 -00663 672 - 703 63388 53828 Saurf Arribla {SFQ 57504 - 502 - 505 3.7505 3.7502 3.753 -02 3.7583 -06 3.7670 -05 - term notice month months year Singapore 4 5,ft 5ft SA si: 6 !1 Taiwan (TS) 41.1423 - - - 4iJ 5ft 5i« -04643 307- 538 41.1688 41.1012 Trtwan (TS) 282916 +0.002 600 - 330 262030 25.2000 20.31 IS -09 20-3515 -09 re . • Thafand French Franc 5ft 5,1 5ft 5ft 5ft 5i2 5{1 6,1 6/« fr*4 6ft 302152 -04439 907-396 393620 39.1890 - - - Thailand (Bt) OKnmn -0205 - - m 500 700 25.0700 25.0500 25.0725 -02 25. 0885 -04 25.1125 -02 - Portuguese Esc. a\ ati B 8» 9ft 9ft 10ft flft 10ft 10ft 11.1 1012 180R MtM fa>_Rb 2. Coractod UBS lore tar Jan 3i«C 14766. BWaftor epraadi la Itw Pound Spot tofafa raw orb lh» tort Hu— decfrnrt ptocea. For— tSDR me lor F4b 2. Ctnoad UKE Lav tar Jin Sltt 1.578& Bto/fider spreads In Daaor Bpor or«y Was IM ante show era mm decanal Dtocee. Forward Spanish Peseta e - 712 - B Bft aft aft 9,*. - 10 *1 1 ft 8ft 9,1 10ft nte**8! tjw nwrkrt but era tapted by Intoraet raws. Stwtog Index crtwteod by Hie Bank el 1860 - to i*?* ? awl Bwteto. Bww wage met nor array UE aiiancy. JP. Morgen meieiel -u im. IndM Storing 6ft ' 6* *,4 tetrad U2&5. Bd. Otfar and Md-ram In bote Mi rate Dakar Spot afctn clerked tom 19E WMfflEUTBtS CLOSMQ SPOT RATES. Some More Fee 2. Bra ewisgi 1BTO-100 6\ ft ft ft 6!i 6il 7ft 7i» - ^Muat n RMndfld by n f.t. Sates Franc 3h - ft 3*2 3ft 3ft 3ft 4 3ft 4ft 4ft 4.1 4,1 Can. Dofar 7*1 7% 7ft 7ft 71’ - 7tl e,ft 7C Sft Bft 81*4 8,1

US Defter 5|* 6.ft ‘ CROSS RATES AND DERIVATIVES ft 512 6ft 6ft 6 SA 6ii 6.1 Aft >M FT GOLD MINES INDEX - 10 Itritei Lka B 7'z Bft Bft 8ft ft Bft flft 9ft 9ft 10,1 ,ft 1 ^ Yen 2*4 ’ EXCHANGE CROSS RATES K dbg % at 2ft 2ft 2ft 2ft- 2ft 2,1 2ft 2ft 212 -IS stace MMClp Goto ten* 52 weak Aston SStag 3%.3h 4ft 4ft 3ft- 3ft 4il J.ft ft; 4,4 4ft 4ft Feb3 Bft DKr Ffr mi K L H NKr Es Pta SKr Sf¥ e C$ $ Y Ecu M M s aonzm 2 Sb Htoas ykM % Mgfr Low •wl term neat am e*4 far te US Dollar and Yen. emore. nx> ojya' rxx>ca Beigiuii (BFrJ 100 18.16 1837 4.867 2.056 5138 0446 2127 6022 490 e eaae 4.108 2336 4467 3.184 3174 2.579 170583 -167 171627 41.77 laaao £24 233790183791 Denrartc {OKiJ 62.19 10 8305 2236 1273 2882 2342 11.10 262.1 2204 1243 2.144 1362 2331 1362 1653 1348 RKHmt EURODOLLAR (IMM) 51m poW3 C4 100% France (FFrl 5927 1126 10 2279 1219 3048 19911 1231 297.7 2503 14.12 2.436 1207 2.648 1387 188.1 1329 Open Sea price Change Htgh Low Est vo) Open oil Germany (DM) 2059 3246 3-473 1 0423 1068 1.121 4380 1034 8632 4304 0848 0419 0920 0655 6534 0531 mitape) 288391 -169 263031 1190 3394 612 371197 230445 Mar 93.41 +0.16 93.5P 9140 113.705 401 .906 feeiend W) 4823 9219 8205 2282 1 2489 2.849 1036 2443 2053 1128 1398 0990 2.172 1349 164.4 1254 1960.72 -20.1 200482 593 1295 005 296656 194191 9156

• Jun 92.74 93.03 +0J?9 93.06 92.73 195.646 388.641 Italy W 1248 0273 0226 0265 0040 100 0.106 0414 9.774 8217 0464 0080 0040 0387 0082 8.177 0360 (HI 1379.75 -117 140170 2294 5491 092 1911.21 134618 9294 92.70 +096 92.75 92J34 124,601 280.751 HettMriande (FO 1038 3219 3.096 mine 0378 9433 1 3307 oeee 7733 4374 0754 0374 neen 0586 5828 0474 Copynait The Ftante Trees Unwed 1BB5. Sep Norway INKi) 4730 9207 7330 2283 0987 2416 2260 ID 2301 1905 1120 1.931 0357 2.100 1.487 1402 1212 Hguree In bmetea ehow nuifcer of eaixartea. Beals US Drava. Bone vsues: lORLOO 91/12/02. Predec Oota Itone tatac Feb : weatae Portugal 1921 3215 0967 0409 1023 1284 4238 100. 8427 4.743 0318 0406 0334 83.19 0514 raa 3 205.7; cnange *122 pOrffa Yea ago; 232.8 m US TlOASURY Ml FUTURES (IMM) Sim per IOCS Spate (Pte) 2068 4238 3296 1.150 0487 1217 1290 5239 1109 100 5341 0373 0482 1358 0754 75.17 0811 Sweden (SKi) 41.98 8244 7.083 2030 nans 2167 eetut 8332 2103 1773 10 1.725 QflSR 1375 1337 1332 1383 ‘ Mar 94.03 94.13 +0.12 94.16 94 03 1.571 9.686 Swfaertud (SR) 2424 4364 0107 1.182 nxon 1251 1328 5.178 1222 1023 5.798 1 0496 1387 0775 7725 n

$10 F.P. 342 625 585 First Russian Fr 570 — F.P. 34.1 96 S3 Gartmcre Me led 96 +1 - F.P. 291 41 38 Do. VforraniB 41 - FJ». 279 55 51ft LazBRi Bkia tnefia 53 ft re FJ>. 122 32ft 29ft Do Warranto 31 +ft D-MARK FUTIIMI (MM) DM 125300 per DM APPOINTMENTS 35 F.P. 221 36 34 MOT S Cap 34 35 P.P. 23.4 36 36 MOTSInc 38 Open Sort prtoe Change Hgh Low EsLwoJ Open Ira. FT GUIDE to WORLD CURRBICIES 100 FJ». 409 94 80 Matheeon Uoyds 81 Mar 03698 -03039 06538 27334 79,760 M 3 03565 03808 - F.P. 160 130 95 PetomOl 95 spot The FT Guide to World Currencies ADVERTISING JlBl -03042 397 £ 13820 03812 06S77 03825 03660 3247 13BS - FJ». 2621 128 118 Woodchester Units 125 Sep - 06800 -0.0046 - 03820 195 403 1 B0I 13628 13815 tterie can be found on the Emerging

Matmte page in todey’e . 3 Bth 13815 13805 edMon appears in the UK edition every Wednesday & Thursday smBS HtANC PUTUR8S SFT 125.000 per SFr Hr 1-2538 137G8 RIGHTS OFFERS and in the International edition every Friday Mar 07810 07742 -00080 07828 07724 10327 36354 Issue Amount i nfmit Closing +0r- Jui 07840 07791 -03082 07876 07777 248 1342 price paid Renun. 1904/B5 price For further information please call: - -03064 07840 105 173 Sep 07842 07870 p m date ugh Lav Stock P Andrew Skarzynsld on 444 171 873 4854 UK INTEREST RATES 1 JAPANSSS YW Furums 0MM) Yen 123 per Yen 100 4 ta 313 2pm ^pm Dam Eatstea 2pm 7h NB 3/2 1*2pm ^pm Verty %pm Stephanie Cox-Freeman on 444 171 873 3694 Open Sett price Change Mgh Low EoLvd Open M. LONDON MONEY RATES Mar 13100 13057 -00044 1.0110 13047 22234 72388 Feb 3 Owr- 7 days One Three Stx One Jun 1.D20B 1.0189 -00048 13222 13160 573 7,732 night notice year Sre» - 13294 -00058 1.0300 13280 231 670 Interba* Sterling 5^-3^ 6*4 - 5\ 6i - 6,i 6V - B5* 7% - 7 7\ - 7*8 Storing COe . - e^-B^ afl-flh 7A - 85} 7^-7* smtLaranmiiu sm to £82300 per £ r Treenry 80e - - 6*2 - U 6b - B,, r Mar 1.6808 13828 -00186 13814 13588 4JB05 37376 Bar* Oh - 6«t - 6t, 6^8 - #B 7 - 8% f Jun 13750 13804 -00194 13760 13560 66 1,412 Local authority dape. 8 - Sh - 53 « - 8,. 8^ - 6^ 7* - 63 7* - 7% A Prime Site for your Sep - 13682 • -03208 13560 2 6 Discount Market dope 4^ - 33, 5^ - S^j v CQMMS JLCJ-A-L—EJLfl P E P T Y A P E RT II SI N C UK 1 taring rate 8\ par cant tom February 2. 1995 Union MARGINED FOREIGN Up ID 1 1-3 33 6-9 9-12 Advertise your property to approximately nwtfs mortha monhs EXCHANGE TRADING Fast, Competitive Quote® 24 Hours 1 Certs o( Tax dtp. (£100300) 2 S'* 51 54| million FT readers in 160 countries. pound) 2h ? . E312S0 oarita par Piw anwi PiBA Ml COOgnaw ( «2ig)c. B Tel: t 44 71 815 0400 Cana of Tkxttop. oxter tMOOQOO Deporta wthOmin fer cam I’epc. imilcil For details: — tore toada an of decnm BIBBlpc. SCQDttad ate 9Ba. Erart Rnaica Mete ip day Jen 31. 71329 Strike - CALLS - — puts Fax: +44 3919 leas, teead ra tor potod Feb a«, 1«S b htor 16. Ha* Bdamsa U 4 B 747pc. Rsteranew nta * Prtoe Mar Apr Feb Mar Apr Feb potod Deo9l. IBBetoJtoiSI. 1895. Scbemae IV X V EJFJpc. PkoncaHouea Bam Roe Tpctora Call Sophie Cant i od on 1300 637 6.10 635 . 005 039 Feb 1.1685 - 1325 338 338 438 - nag 038 INVESTORS -TRADERS CORPORATE TREASURERS + 44 I 7 1 873 3211 009 088 1.74 1350 127 2.10 2.76 BILL SATQUOTE™ - Yonr single service for real time quotes. L37S 007 031 132 139 226 2.97 BANK OF ENGLAND TREASURY TENDER or Fax: +44 171 873 3098 1300 _ 030 085 3.71 439 437 M3 Jte 27 M3 Jan Z7 Futures * Options * Stocks * Forex * News * Via Satellite 1325 - 036 039 821 KM 068 Baton ofkr OOOn £S00m Top otuptel rate 61568% 61388% LONDON +71 329 3377 1 to* 2B5.1BI pravloue wt- Citto S32S Piae . Pte. a^e open W- CM* 226JW +71 440071 dw * WB« Tow of nktora £2824ffi 82830m Aw. rata of dcoud 61894% 61071% LONDON 329 3377 NEW YORK *2122494 6M FRANKFURT +4N9 Tttf riband £S00n tSOta Awrage JUI 62857% 82015% ML accepted bid £98.485 £30470 Dftar oert knta E5O0R1 £500m DO YOU WANT TO KNOW A SECRET? Moans* s nh. tent 100% 100% Mn. aceepL bU 182 d«s - - FUTURES f The 1135. Gm Seminar wH show you how the maritats REALLY work. The amazing BANK RETURN RERKELEY FUTURES LIMITEn 1 ease your profits 2nd contaei Vtatteoadev Incnota or &OPTIONS tratfng techrequ» ol the legendsiy W.D. Gem can no you amek lessee. How? That's the secret Ring 091 474 0030 to book your FREE place. BANKING DEPAFTMENT Fetxuary 1. 1966 decrease for I TRADERS 88 DOVER STREET, LONDON W1X 3KB I Fill AN BFF1MEXT U A 1 OMPETmVE KQCVk E TEL: 0171 629 1133 PAX: 0171 495 0022 Capital 143SS.000 -186.192,819 1 PubUc deposits 675380612 BASE LENDING RATES +73.194220 Irrfclkol ualy^h far IMim Banters deposits 1.B75318jBB1 Ui«Td 4014308340 rradoa. The nr» laformMiM wnkr n sarre end other accounts 4310.481374 e Publldirtl »f*lj b> frv Only DH pj. Adam & Company — 6.75 DmanLaerie 875 * Roxburghe Guarartee FOR TRADERS ON THE MOVE TASactive 637821 1.Y17 +202310341 MtodTruBBank 6.75 PuNisbcd b> Phiilif' .\teunJcr Beater Bank United ...7.75 Corpcnbon Ud b no tonga WMdi tiie markets move with the screen to your pocket ihat receives AlBBank- -&7S To receive the first month FREE ScCumm unJ Puium LimunJ Aasete FhancW 4 Gan Bank _7 authorised as a banking Late- rt 1280348258 -96,749300 Currency, Futures, indices and News updates 24 hours a day. For your 7 day Inu-ISw 13 r Ate. IS-n 1 1: Gownvnertt aacuriUea •Harry Anabecber G75 875 hrtBUkm. 9 0/\Ll_ 0171 633 1500 +305393384 •Robert Ftenkig & Co - now. and other accouits 4389.1533® BerAotBamde 6.75 tree (rial, caD Futures Pager Ltd on 071-095 9400 Advance -618310 Girobank 875 Royal BkolScodand- 87S equipmeni end other secs 617348354 Bents Btoeo iAraro_&75 Premise, -4306325 •Qufrmeee Mahon 875 Sfrigsr&Fiiadtaida- 875 Notes 8346.785 Bark of Cyprus 875 HtafabBsikAGaaich 875 FUTURES PAGER 212.72B -6.009 •Sn«h iWMmen Sacs 37S Cote Bank of feetond 6.7S •Hwiteos Bo* 875 TS8 825 Bankafbria 325 FUTURES 4 OPTIONS 8378211.717 +202310341 Hsrtebte 5 Gen Inv Bk. 875 •Unted Bk Of Kura _ .375 B.75 Bank of Scotland •ea Samuel. 875 UnkfTkuBt Bank Pie ..375 'sECuniTies and futures limited CALL NOW FOR ISSUE DEPARTMENT Datime Bank 8.75 TAX-FREE* SPECULATION CHoere&Co 375 Western Trusl -825 Verbs Hone. 121 Htttaory Pironcm. toolMi EC2A IM OUR MANAGED Brit Best ..—&7S UehftWae Bk of Md HonsAong & ShenghaL 875 WhteeweyLakSarr.- 375 IN FUTURES ACCOUNT 19381351215 *44308326 •BxwmSNptoy&CDiXL -335 JUfen Hodge Bank 875 “5: Tet(4t)171et7 9700 ftx: («) n n IT T05 BROCHURE Notes in dtetriadan — YoriridreBaf* -875 bely 8348.785 -4308325 COrnnkNA 875 Toatainyoiafrrcpndetobov yom Karachi B.wtnufcfT on jm Nora h Banking Department — •LeopoktJoaaphS Sons 875 ydesdUaBo* 875 puctn Midael Moray or Iw lrnl iw oc 471431 7231a »>tllg H 40300.000 Uoyds Bark — 875 5W1E 18390300300 •Mambanri London to bk LG. laden Pic. I Wmntk Bow. Lcodoa SHI The Cooperate* Bank 875 Uaghraj Bank Lid 875 5 kiverinart BoNng Couts&Co 875 MdandBo* ..375 10388389330 -1.444374386 — 13CR software eppliertions OtraGoveinrnent eacurtbea CreJtLyonnab 875 ’Mou* Banking 875 O O 7.803310.470 +1384374366 A subaiBary ot the LCtE Other SecutUes Cypn* Foptdar Bo* . A75 O RT DATA FROM S10 A DAY O NfOMseaikirta - ..375 €M&FutureView 18390300300 +40300300 O Si.urr.ll SOFTWARE GUIDE O Reti-Sme woddrede cweragB .cf .... prices. Soils, Agricultural. Hnanaial, PC windows system comtinrifl Signal Call London :Ir 44 + (0) 71 231 3556 II6L aaBecfiaevri^Eccuracv&tgrad. in one value far money pacfcff3. ftvafefcte in for your guide and Signal price UK GILTS PRICES the UK and Europe wiaSteSteT_

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FINANCIAL TIMES MONDAY NEW YORK STOCK EXCHANGE COMPOSITE PRICES

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FT GUIDE TO THE WEEK

MONDAY WTUiiit > 1 L^ i wVi . i m , i ]H tU for Bcu35m (S28m) in European Union aid EU foreign ministers meet Albania.

European Union foreign ministers meet in Brussels Holidays Culture). under the chairmanship of Iraq, Slovenia (Day of Slovenian France (to Feb 7). The war in Chechnya and the deteriorating situation in THURSDAY former Yugoslavia are | high on the agenda, but ministers will also try to bridge differences over proposed EU delegation In Japan revisions in the Lame convention A European Commission delegation, led governing trade and political relations by Horst Krenzler, director-general of of talks with developing countries in Africa, the (wmm rrif. affairs, begins two days 1 ’’i I'1 '1 Caribbean, and Pacific. France also wants in Tokyo with senior Japanese officials to to overcome Greek resistance to a push for progress on Japan's five-year proposed EU-Turkey customs union, so an plan, due to be published this r^Tff deregulation, agreement can be reached in early March. spring. tSSSSSSSm^^SSSsa De Klerk starts Far East trip Rabin and Arafat to meet F Wde Klerk, deputy president of South Israel’s Prime Minister Yitzhak Rabin Africa, begins a five-day visit to Australia meets YassirArafat, the Palestinian on Monday and then travels on to leader, at the Israeli-Gaza border for Malaysia for talks an February 13 and 14. crucial talks aimed at reviving the In both countries he will seek to promote suspended peace talks. The two leaders business links and seek investment. Mr de win try to build on progress made in the Klerk will hold talks with Paul Keating, nnprpAod<»ntp«? Arab-Israeli summit in the Australian premier^nd Mahathir Cairo last week and find ways of *>•. Mohamad, the prime minister of Malaysia hii iTut i si process, which calls for Israeli troop Je m ftW iyn occupied West Bank rubber pact redeployment In the Talks on Potend’s President Walesa, faces Ekety pels, is In elections. mm Lech who cteteet in November's preskfentid dispute wttfr the government, and threatens to cfesotve pafement ahead of Palestinian Rubber producing and consuming countries begin a two-week meeting in Russia Geneva in a third attempt to negotiate a blame Lloyd’s system of self-regulation Graeco moves on sea law WEDNESDAY Human rights in new price stabilising pact The existing for the lax underwriting standards which Klaus Kiwkri, Germany's foreign minister, accord expires at the end of this year. The have led to losses in excess of £7bn Greece's parliament is due to start is to hold talks in Bonn with Sergei talks will centre on rubber Irish budget Russian human rights , which ($10.9bn) in recent years. procedures for ratifying the United Kovalyov, the for a fiaei nmhndcrrran a exporters’ demands 5 per cent price Nations Convention on the Law of the Sea, Ireland’s new Fine led to Tf^im XQflre about the rise, come at a time when rubber prices which allows Greece to extend its government presents its first budget fighting in the breakaway republic of have hit record levels on world markets. UK electricity sale territorial waters from six to 12 miles. Attention will be on Pnain Quinn, the Chechnya. The sale of the government’s 40 per cent Turkey has threatened to attack Cfreece if Labour party’s first finance minister. stake in Britain's two largest generators. the gyftmginn q carried out. Athens says it Robust growth in 1994 means Mr mnn Clinton releases budget Q National Power and PowerGen, gets under has no plans to extend its territorial has plenty of iwm fim- manoeuvre, Saleroom Today is Ronald Reagan’s 84th birthday way, with the publication of the waters but reserves the right to do bo. although economists believe he wffl be Same 80 costumes worn an stage by one of and would have been Babe Ruth’s 100th. pathfinder prospectus. It will set the price prudent on public spending, despite the great operatic divas of the age. Dame Thus Speaker Newt Gingrich wants to retail investors will pay on the first two .of pressures from his own party and the Joan Snthariand, come under the hammer S Korean party congress third partner fha honour the former president by having the three instalments on the partly-paid offer. m coalition. the Small at Sotheby's in London. Dame Joan’s House of Representatives pass the line The ruling Democratic liberal party holds radical socialist Democratic Left party. heaviest costume, which she ware as item budget veto bill and President Bill a convention. President Kim Yotmg-sam is Donna Anna in Don Qtooomi at the Met ties Clinton has ordered baseball's owners and Vietnamese-Australian expected to tighten control at the expense in New York in 1978, is expected to make trip players to settle the strike - or else. Nguyen Manh Cam, Vietnam’s foreign of the conservative old guard aUTHated JuppA heads EU to Israel up to £5,000. Mr Clinton also unveils the 1995-96 minister, arrives in Australia for a with the country’s flm-mpr mflitery nders. French foreign minister Alain Juppfe budget, dismissed in advance as “dead on five-day visit In Canberra, he is due to The convention follows the forced arrives In Israel at the head of a European SATURDAY arrival" in Congress but nonetheless meet Australian trade, industry and resignation as party chairman of Kim Union delegation tO asuws the Middle Holidays important for its economic forecasts and immigration ministers, as well Paul Jong-pil, leader of a conservative faction, peace process and prospects fin- the Lebanon (St Maron Day). ’ --. .. out . programmatic proposals. AH eyes will be Keating the primp minister, Bill who is expected to establish a new development of a Euro^fetiiterranean Thai minister bows looking for where he makes cuts. Hayden, governor-general. right-wing party this week. economic zone. Israel will use the visit to Thnfbind’s foreign minister. Thaksin

He will also travel to Sydney, which has press the EU an farther trade wnrearinm! . Shinawatra. has said he will step down I FRIDAY ' “ *'* ' a growing Vietnamese business in negotiations about new a«nrfa*inw today, before a constitutional tribunal can "i-?- a * Apres moi le deluge community, and to agricultural regions of Winter sports agreement. Mr Juppg will aim visit rule on whether he can legally hold the -• - Guy Delage, the Frenchman who is Qmwislanri World bobsleigh championships begin in Palestinian-ruled Gaya for with WTO disputes body meets portfoba Mr Thaksin, one of the country's ^ attempting to swim the Atlantic, is Winterberg, Germany (to Feb 19). Palestine Liberation Organisation The much-vaunted Disputes Settlement most successful businessmen, decided to - —. * expected to arrive in the eastern chairman Yassir Arafat on the pemy Body of the World Trade Organisation resign after a controversy about potential v Caribbean if all goes according to plan. Holidays process and European aid. holds its inaugural meeting In Geneva. conflicts of interest He baa held the job New Zealand. First to test the mettle of the tougher, for ttaly three months. mare streamlined disputes procedure. Been Kohl visits Clinton «K cmdal 1" nphnldlng thp WTO's Germany’s nhanrpTior Helmut Kohl jets to effectiveness and credibility, is a I TUESDAY || SUNDAY 12 - Washington for a twotiay visit Events in compMnt from srngapnra over MAphn *. -m Russia are likely to be the focus of talks barriers to petrochemical imports. Ron Brown visits Mideast fTKnton Kuwaiti soil-off with President BUI . but the two " US Commerce Secretary Ran Brown, on a will also discuss how defence and The Kuwait Investment Company is to CIS summit In Alma Ata r visit to the Middle East with a party of US economic contacts between the US and auction Kuwait Investment Authority's 52 . businessmen, presides over a two-day UK farmers’ union meets Europe can be strengthened. The 12 leaders of the Commonwealth of percent stake In United Real Estate regional trade mnptfng in the Egyptian The National Farmers' Union’s two-day Independent States meet In Alma Ata, Company. The authority, the Lloyd’s of London Red Sea resort of Taba, near Eilat in annual general meeting opens m T jmdnn. capital of Kazakhstan, to discuss closer governments investment arm, is Gelling David Rowland, chairman of Lloyd's of Israel. Israel, Jordan, Egypt and the On the agenda are animal welfare and the Greek Albanians’ appeal integration and co-operation between its stake as part of privatisation plans. $

Tfliylp grilling the Palestinians are attending. The meeting protests about the export cf Hve calves to An appeal court in Tirana will decide states. , frees a about member fcft *wu-. insurance market's regulatory system will discuss ways of consolidating regional veal crates on the Continent. William whether to free four ethnic Greek Nursultan Nazarbayev, president of when he gives evidence to the Commons’ economic development, integration and Waldegrave, minister of agriculture, will Albanians jailed gmcp Angngfr im rhargpa Kazakhstan, Who Is hosting the meeting, is Compiled by Patrick Stiles. Treasury select committee. Many Names trade. address the conference an Wednesday. of spying far Greece and illegal arms a keen advocate of deepening economic Fax: (+44) (0)171 873 3194. y •...*» ECONOMIC DIARY

Other economic news Statistics to be released this Week o*. Tuesday: In the wake of last : ntiatev l Qaaby week's base rate rise, and com- Now there's •' r^niriii ' • ments from Eddie George, Oaclxsae completions Tbur Jan raw mantis prioelndxadsr'cecr 0L7K Q3K ; governor, Bank of England ' Jan trade balance. 1st 20 days ».4hn Feb 9 Ausfrr- Jan errptoymentnrio 10,000 44,h0h . suggesting that growth may be '* - data will attract 4tt>qtrproductMtyp^lro 23% • uaflte Jan unernploymBnt rate 9K* • slowing, UK us {Conft A .8^6 : . more scope to get ' ' particular market attention. ‘ L us Johnson Rrefljook, wfe Feb4 2.1% FH US . Jan producer prices bid* . D.4% •02* • .. Industrial production data US Dec consumer credit $11bn $t&9bn FablO US’.. • 0L4K to show . 02 today are expected „ . .

bounced back in • ‘ that output •“ uoamplqymeni, . ;• Janfaanjraedt Germany Jaw Waatf -frPOO tom ,US ; in ; Lucky the December, after a small, sur- ' ' - prise, drop in November. How- Germany Pec amptoymant Waatf No change -4JOO • US'*. Jan CSi tanktoans . ;o2*--

ever the yearly growth rate in • Germany Jan vacancies, Westt 4.000 SfiOO' JaotinploymBnt.rtiBt . 0l2K ftO*' manufacturing is expected to

; ' Gamrany Jan ahprtftwe. West 40.000 -38*000 Jen una^toymartf rate • 9^K ; O.B96' Korean market remain below the high levels v T- last summer. - seen Germany Jan unemptayroent East 82.000 34,000 An'conmmar pitoas Iwtit*-' doK V.. . .fry** f aft*'- j With City econo- Wednesday: ' ! - 3rdqfrlnduartelp>P

' last week’s interest rate rise ' * 7.8% UK Dectrarwfactudngouipur, (LS% hB.7% .‘SwjkfciR' Jan upap^toyment rate i 'i y ' \ will be followed by further tightening soon, the Bank of pacmawtectatofl outpur* 43% ASK Lucky Securities International Ltd is pleased to England's inflation report '.- Dec industrial proauctfotT . OAK •-1K narteg.ttraifrel / ..- • j-.- fr c t v could yield crucial indications announce that from 6th February 1995, it will be making * * ’• Dec wholesale hade • -.; ufri(ir about the level of Bank con- O yx markets in Korean convertibles, warrants, depositary cern about inflation. Dae current IMF $12L7fcn T- 7"'; ''Gertaa^ '• ! ato, ^ ^ qf receipts, funds and trusts. Japan's December trade bal- " ‘ ttaefe • >' Japan Dec batence, IMF , S1A2bn Wewl ^ ance will be watched carefully I ' As one of Korea's leading securities companies and part in the light of the continued Japsi Dec foreign bond tnvaeonatrt. «flbn •• y. ~ •••• ; of the ' Uicky-Goldstar Group, Lucky offers a wide range uncertainty about US-Japanese ~ • -• : Canada rtau esCmaStaiof Labor Income* CM*. . • -03K- pwvGi»p^yT ;• i trade relations. \ of financial, services for domestic and international * 1 • • > last week’s US Canada Jen houaBrg starts, tsojxw; ;• . DeoJtiaft.etiee,. •••-4W-,;; Friday: After mooo . . dients alike, ; ; ; ; ; ; including: brokerage, dealing, underwriting rate rise, January's producer investment US Mttf cMms, wfia BBb 4 • azsflOB. 326J10fl and banking. The investment services above price data are likely to provide are not intended for ’ ‘ private customers. further indications of the US State benefits, Jan 28 «*'; oonewW' priori ,02% . " upward price pressure that the • - ' • r-’ US -SI bn. ;• Ja^* tjCttPMayrnnri'r' rate reetoterad Ten* ! j M2 , f With Federal reserve is now fightin die philosophy of ‘treating more value for the g •' “ J : .. •• - ’ •• •. Economists expect MwvMbte trade Qtobti -SSSOro -es«4m . .Jah Ur^nytoyrW 4S% \ '4S%^ customer” to control. a HA ^ . Lucky Securities is poised to become a major small price ’ , rise in the monthly ' contender in the Dec motor vehtela safari* S.1K -43% •/ -.Yaontfi bn.mdf«C *«yaiii on'year; tM48e«*Ry.«S**etf international markets. For more growth. / information, contact the numbers below.

ACROSS DOWN Trading: 1 Crack the Canaptown system? 1 Denunciation of girl landing a Richard Howortb/Lee Xfdoub +44 01 71 489 149071491 (6) clan (8) No.8,679 Set by DINMUTZ 4 Single reed blown in the wind 2 People are up here for the riv- prize of a Pelikan Classic 390 fountain correct . A New pea far the first (8) er-game (9) solution opened and five numer-ap prizes ctf £35 PeHkan vouchers win be Sales 10 Straying mu** out of the way 3 Reversible operation (4) awarded. Solutions by Thursday February 16, marked Monday Crossword 5 to down DMJ’arh +44 0171 469 1497/ HS-Park +44 0171 439 1495 in Asia (7) Monument come on 8JT79 on the envelope, to the Financial Times, 1 Southwark Bridge, London 11 First-class animal-doctor In the spot? (8) SB1 grn._ SohgiTO on Monday February 20. PbiUp Ham +440171489 1494. Reuters indexpage (18170 north-east showing inexperi- 6 Charging animal on range? ence (7) That gets up one's nose! (10} 12 Bloody fine (4) 7 Delivery marks ($) IS Lucky Secwities International Ltd 13 Spring collection of jumpers 8 City on the Nile, not quite the bereTlO) most attractive (6) 15 Harry showing insignia to 9 Regius Professor at American n.i.ir. Hu'.klvrslmri Mouh. II W.tlbrool.. !,>n.iou l.< i\ M>Y king? (6) university is to take over (5) Winners 8,667 Solution 16 Projecting support for 14 Thin rounds from a table, 8,667 \ nu mber •>! si \ ls\| \ Britain's first swindle (7) most crumbly! (5J>) Sue Gorman. 38 Taylor Ave- 20 They are dashed If they will 17 Longing for rolling green nue, Xew, Surrey HQHQQ QOQHHBOQ presalt a facade! 17) seas? (9) Mis Bormester, Downend, Bris- HHnnaQcic tap (6) 18 Politician's cart upset follow- aaaQaauaQ 21 Top GTs taming tol hqbdb 24 Shire, being short, fared badly ing protest march (8) laaiuQmDQD CJh Fenton, Gerrards Cross, Ofbroking andjobbing the Pdikan’s 19 damaged rrfrm- fond, (5-G) Heel Of tot on Bucks DDDOQOQ Examination of flora, locally btag-frame (8) Q See hcao sweetly lu puts your ward onto bond. 26 J. Mackie, Fhfields, Weybridge, BOD 22 English dictio- aamaanc] Hmsseci f4) Orders shorter Surrey 28 Privateer of rough manner, naries (6) Mrs M. Malcolm, Edinburgh BOB SfhUhan © we hear (7) 23 Indirect speech? (5) Ridley. Wooahall SBQ QDQQCQO . _ Mrs AJL most difficult 25 Admit soldiers in decline? a 0 Q D 29 River-bare the (Si Spa, Lines to understand? (7) 27 Shaw attention to wife (4) HBBaanoano qdbb 30 Watch central subspecies at aaaBCIHDDSbsobod gallery (8) of fast movement? asaaDEiB 31 City short aaciBaB hedobd JOTTER PAD