Financial Times , 1995, UK, English

r ^ : — , o* FINANCIAL TIMES O _ C;4®! Bank of England Markets regain their composure after central bank intervention I Software criticised over Pb set to Lindenbergh; Dollar Hessd a senior recovery director spurs of Dutch bond rally M. bedevil bank Internationale Nederlanden Group,r.rmin yesterdaywet-rA** • cptidaedtbe Bank of England fairing » for too long By Philip Gawith “Sabre-rattling to complete its inquiry into the collapse of the from the US is uq mer- and Phfflp Coggan ^ chant baiik Barings. Dow Jones 30-yr WORLD MARKETS still very much the order of the computer Mr lindenbergb said that bmg bond ytaU. % FT-SE 100 day,” said Mr Jeremy Hawkins, unless the bank produced initial firnifrig? by the 4*200. - &0 3£00 oq - end The US dollar yesterday : "- Many EU countries miss- va p- AVIV 7^^' of this month, ING might start to rtigmioc chief economist at the Bank of , the Bar- reravered some of the ground it ing Emu targets Page 2 IT*. ings executives it believed responsible. 3.150 America in London. security b" Page 15, has lost in its recent record- _ 7.e £- Human rights blow for Leeson, f-wr Surging yen keeps on Bond and equity prices rose on Page 9. breaking fall, following Monday's 3,100 5—-X Page Id flk , claiming victims Page 5 both sides of the Atlantic. In Lon- By Louise Kehoe in San co-ordinated central bank sup- - 7.6 f 4 h.1. A:f don, the FT-SE 100 Index rose 45 Francisco - Lex Page 14 Kobi to attend Moscow port for the currency. i 3,050 £a VE-Day events aa.j H l- J L points, or 1.4 per cent, to 3188.1, Chancellor The increased composure of the - Bonds German Helmut Kohl will attend AS00 -ft-! 7.4 - Page 24 its highest level of 1995. In Ger- Satan, devilish 3.000 a new computer .official dollar and US asset markets, and gSso&f Moscow's commemoration of the 50th anni- Currencies Page 25 many, the DAS rose 1.6 per cent program, will today be let loose versary of the end of the renewed hopes of a decline in second world war after London in after-hours trading to 1,965.68, on the Internet communications European interest rates, helped stocks ..Page 30 Russia agreed not to bold a militaristic victory ton 1085 Apr Jan 1966 Apr Jan 1066 Apr while in Paris, the CAC-iO index network, to the consternation of j£? -marel^ officials said prompt a rally in bond and World stocks Page 34 on Tuesday. Sowck FTQrapMEs rose 1 per cent to 1,882.77. In the security experts globally. equity prices in the UK and on US, the Dow Jones Industrial Satan, which stands for “Secu- Claes vows he wilt not quit over scandal: the continent. Average was 16.6 points higher at rity Administrator Tool For Ana- n>:.v- .. — i-fe. WiDy Claes, Nato secre- Markets have become more at Y86.485. nearly a firmer ing Asian yen trading. The possibility central bank intervention, nor 4J85.01, by lpm New York time. lysing Networks”, is a sophisti- ggy» to :>••» .."ji. tary general, said yester- optimistic about the prospects for than the post-war low of YB5.55 of the Fed. and perhaps other moves so far in official interest European bond markets also cated bnt easy-to-use program ’ V5 day he bad no intention interest rates, particularly in reached late trading in US on central banks, buying dollars rates, offer any dollar support." traded higher, with the strongest designed to find security flaws in of resigning over a kick- Europe, since the Bundesbank Monday, even though tvi.vs-s-'VV:.^. yesterday again was sufficient to curb Many traders doubt the sincer- performances coming in Italy and computers linked to the Internet backs cut two scandal, but key short-term rates last the US Federal Reserve stayed aggressive selling, but analysts ity of the US authorities' recent Spain, which were helped the r by If it detects a weakness, it acknowledged an “error week. Fears of rising short-term out of the market. said the US currency remained r ."^ statements in support of the dol- strength of the lira and peseta describes how it can be mi fitted - of judgment” in the rates have been behind much of On Monday it was estimated to likely to fall in the longer term. L _ Js> lar, including Monday's comment against the D-Mark. German and exploited. ^f'- - "r" --1^ mi want affair. T see no reason the weakness of bond and equity have bought $lbn-$2bn on the for- Mr Tony Norfield. economist at from Mr Robert Rubin, the Trea- French 10 year bonds were about Hie program makes it easy to for me to resign, 1 markets since the start of 1994. eign exchanges. The Bank of S=F-$*f am ABN AMRO, the Dutch bank, sury secretary, that Washington a quarter of a point higher, and penetrate the defences of an esti- innocent" Claes The dollar finished in London Japan the dollar Mr said. supported dur- said: "Neither chart patterns, nor favoured a strong currency. UK gilts were up by slightly less. mated 5m Internet-linked com- He argued that he still puters around the world, includ- : — enjoyed the confidence of *£ j.. L - ing corporate, academic, military -.d-, . - -T Mazda halts some exports M Toray raises imports Nato’s M Nintendo sees lower profit 16 members and and government machines. Satan had received messages of support from many senior can be used to spot and elimi- politicians^ Page 14 nate security problems. Bat it can also be used ' credit Lyonnais chairman's warning: Jean Rising yen by backers to break into computers to snoop «£-.••• •? ’ - Peyrefevade, chairman of Credit Lyonnais, the loss- ” throngb private files, plant i'S&ifc'- Hast -- •• making Frenqh state bank, warned that any viruses or do other mischief. attempts to toughen the-terms of the government- hits top Any Internet user with a rea- backed rescue announced last month might jeopard- sonably powerful personal com- ise the group’s smvivaL Page 14; Lex, Page 14 Japanese puter will be able to copy the . Moscow, securities house venture: program free for their own use. SOUTH AFRICA Hans-Jorg RiKfloff, the banker who built the mod- Its creators. Mr Dan Fanner, a *sk,*xi ern euromarkets In the 1980s and led investment former computer security : && /r--: , • : J‘.r bank CS First Boston Into eastern Europe, is setting companies researcher at Silicon Graphics, PI* up bis own securities house in Moscow. MC. the the Silicon Valley computer securities firm which Mr Rucfloffformed last year By Mlduyo Nakamoto and workstation manufacturer, and e»* Dawkins in afier leaving the CS group; is expected to announce WaEam Tokyo Mr Wietse Venema. a security a joint venttne ta thieTUffiSan capltaLPage 15 programmer at the Eindhoven The problems faced by leading Technical University, are deter- Mexican plans frozen: Reichmaim Internationa] Japanese companies because of mined to allow free access to W' and George Sarosv fl» USHnaririer. have frozen the surge in value of the yen was Satan. They argue that this will &L25bfl ofproperty devetopomotem Mexico City, underlined by announcements force security on the Internet to which were' to include the country's tallest build- from three of the country’s top be improved. ing.' in the w^rftte^s^'s^allPagels manufacturers yesterday. Computer security experts Mazda, the car producer, is Many Ell countries mbdng Emu targets: compare the software giveaway temporarily to halt production of The European Monetarylnstitirte.fo^ to a with supplying guns to children. vehicles in Japan for the US mar- According to Mr Donn Parker, of European cental Jbaijk, cast doubt on the ability of . ket Toray. the synthetic fibres some ED ebunMes to achieve monetary union by SRI International, a California manufacturer, will increase its research that oitiris^ deficits anddebt levels. group has tested imports from south-east Asia. ^ the program, Satan “is going to The institute said EU countries had not made »C: Nintendo, the computer games enough progress in economic convergence. end up in the hands of malicious manufacturer, has to ‘ failed meet Fage> *" backers who will use it to break profit forecasts and is to focus on — — into computers without under- Further gains for Bertelsmann: Bertelsmann, higher margin products for Going nowhere: ranks of newly-built cars in storage symbolise the difficulties posed for Japanese companies by the yen’s rise pcmie.QMiG«*Powe. QMi Gento standing the toil impact of what the (german media, and publishing group, expects a export they are doing". “substantial” increase in profits tor the year with a Business has become increas- Lass-making Mazda blamed the lent of 80 days’ sales, 20 days Y350.6bn ($4.lbn). 3 per cent overseas markets, said the yen';yen’s According to Mr Parker, the V * £ 9 per cent rise in sales to DM20bn ($l4.6bn). Sales ingly anxious about the lack of strong yen and a sudden sharp more than the company deems higher than originally forecast rise would wipe about Y20bn offof program is the first step towards for thefirst half to last December rose 11 per cent to government action to stem the decline in US car demand for its acceptable. Mazda is severely although sharply down from profits. “automated hacking”, in which liA yen’s rise. Norio Ohga, Sony decision Japanese pro- exposed to the yen’s rise, since 60 Y467.lbnY467.ibn the previous Japan's largest producerproduce] computers attack 7ir-c.

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