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-Cil'CSM fefomedUte Italian banks 1 Why U friends . ofthe Is there a doctor Pyromaniacsin a US ^ The second fJ have bigdoubts ssLl. on djiepcreen? •'• , mdtchfrctory revolution 12 ’ Pag*© '• .1^0*18". Survey, separata MWII FINANCIAL TIMES ^
' about and Duchess of York ending speculation MONTEDISON, the Italian tional loss had resulted in differ- months. a possible reconciliation. chemicals group controlled by ent adjustments to parent com- Shareholders approved the Finanziaria pany and group results. While Boris Christoff, Bulgarian-born bass best-known the troubled Ferruzzi appointment of a new, smaller (Ferfin) holding company, yester- parent company losses Were for his portrayal of the title role in Musorgksy’s board, with Mr Guido Rossi as day stunned shareholders by revised upwards by L320bn to Boris Godunov, died at his home in Rome aged chairman and Mr Enrico Bondi jummmring that group losses for L724bn, group losses were raised Obituary, Page 11 as managing director. As expec- 79. L435bn. The difference trig- 1992 were Ll,879bn ($Ubn). by ted, Mr Arturo Ferruzzi, son of wight announced a gered speculation that other MARKET HflHCES STERLING Last Ferfin £the late Mr Serafino Ferruzzi, the STOCK of Montedison might have revised group loss of Ll,667bn for parts group's founder, stepped down as -28374 f*5) New York luncftfira: T-SE 100: 1992 compared with the previ- been involved and the parent t-hairman. Is IjW Yield disclosed LL5l9bn deficit company figure excluded minor- —12IA15 London; ously The new board reflected the r-SE Eurotrack 100 interests. 1493 d-47B5 The rise from the L1^44bn loss ity ‘•A M-Snra 1430.17 s wishes of the five Italian creditor (1515) apnnnncad was caused by Montedison's revised accounts .10JSBU6 (4227.13) DM 15375 earlier Med L500m provi- ranks which have taken effective Fft EL542S (8485) discovered L320bn loss at also included a new kwYoric Undone a newly »nfcrol of the Ferruzzi empire. Sfr 12475 (2235) little-known subsidiary, Financ- sion in connection/ with allega- At Chemical our multinational dkms know we have a broad range of fmaniial Mr Jones bid Aw H2180) a Fhe Ferruzzi family retains some -45048 7 15325 (156.75) Investments NV, con- tions against Mr .Giuseppe Garo- &P Composite ing and ^presentation on the board, £ Index 803 (715) capabilities—and a global networfc trolled the group's Montedison fano, a former- Ferruzzi and across 35 rountries-HohdpdKan reach to I US LUNCHTIME HATES by educed to five from 22 members. subsidiary. Montedison executive, in Italy's DOLLAR International Holding Alessandra young- Federal Funds; ,2k\ Jre Ferruzzi They are Mr Carlo Sama, the outgoing political corruption scandal Mr confident that well provide them with the most objective advice, based 3-tno Trcas Bte fld -3.113% Nsw York hmdiSme: st of the founder’s three (laugh- director, told the Garafono disappeared earlier this Long Bod 1®^ DM IAS managing ers and wife of Mr Sama, has a called on on their needs. The result is that we cm build mutually vaJnabJe annual meeting it was not clear year after magistrates relationships with them, field —«A689K ffr 5.7205 eat, as does Mr Ariberto Mig- had him to explain a L250m donation SR 1-5075 when, where or how the loss the Femizzis’ lawyer. LOMPOM MONEY Democrat party. oli, Mr as banker, advisor, and trading and investment 105575 incurred, nor how big the to the Christian partner. Y been ama is stepping down as deputy 3-ira bteftank ——8% {**™j would be. He He claimed the money had been a London: final liability bairman and managing director. US tag gft Mute hn IMyJun We contribution. Our broad-based approach produces result. Fori DM 1.78 (1JD2) implied the loss, which had only personal SEA ML lArgga) 5J22S (5.7475) Turning; to this year’s perfor- Shares in Ferfin and Monledi- NORTH m just been discovered, went back (15115) were suspended yesterday positions in loan syndications, SFr 1.5055 mance, Mr Sama said that up trading, treasny, corporate I tentlWaHtaffl — $1755 some time. Price Waterhouse, 1BBJS sliding the announcement of the ' Y accountants, are although the group's operating Ctold (same) Montedison’s Index Montedi- : >vised losses. S investigations. earnings had improved, 78 continuing New fort Coma (MA P -^ dose 1064) ' Union $37525 (375.45) Tokyo Y CONTENTS V Put Chemical to die test YonU find os broadly useful, to say the least Q*sr QRIlOO Lib LFiflO Gammy 0M3JD -27 FT World 38 UnOUGO SJtat* OasMod- Qroaoi MOO MM Bah* ttil.250 SngapoB SW.10 Foreign Ritz Morocco M0h13 = lederPaOB. Begun Bfteo Hugny SkwakRp HW5 BnpuntaM Gold Makati FI 175 -4 t aw BUgm LwgSJX) Inin] KW Nadi Ononis SU220 WemaajnalNwrt f — N*a45 mugcmi*. UK. .202223 &tfyOp*xf Cftwa HRDfflTO fadta fM> ___ 3p* FB200 American fta»s 5 IU WL Cap Web.- 10 (nLBond i Swedan SKrIS - Ote&ver IS Cjpna CCVDO tort SN&m NBWW «««$ Vftrtd Tiada N«« 3 Smw B nLGcmpsnia. .1M7 Managed __-3W4 Oman OBta s*tiz sftaa 6 Tednctogy Expect CeechRp KcatS U1 L2W UK Now Chemical more from i-sr Money (***4 SfSOOO Compiier Nslwaris . Sort Dwmarts PtWsan MS Syria FT Law Report — ^ %% OKriS Jordan JD1.50 — Onl.250 P***- data. J2A Resent m%apnss i'0® 7“** Arts 1* Oammu EE4J0 Kota Won 2500 Wotfw. . .. _2&293S FTaxport* Sea IV 321000 Turkey L7000 — 11 FTAOuariss- -27 ***1 FM12 Kuwait RvGQO Poland TV and Ra*> —— 1D0 Lb* B215 IME DM e 1963 CnomeaJ BsnMng Cwpcnvon fia* mam Lebanon UStf.25 Portugal CnanHCH Bnnk4AMW s£a - TOKYO LONDON PARIS • FRANKFURT NEW YORK No 32.100 Week No 26_ HE FINANCIAL TIMES LIMITED 1993 a;....
nv^if TTMTS TUESDAY JUNE 29 I9g*_ NEWS: EUROPE
NEWS IN BRlEf BP’s talks on Azeri fields suspended Bonn urged German 6 5 ^ower vacuum m Baku halts progress on western oil projects tO tell trilth left-wing By Deborah Hargreaves months of negotiations to go tioi» the new government may before coming to the final oob- prefer to reopen negotiations BRITISH Petroleum said tract,” said Mr Steven Bertram, for individual fields.” terrorists yesterday that talks over a financial director of Banco Ramco’s share price dropped on economy $9bn (£6bn) development proj- Energy, which is aho involved by 36p yesterday to 120p on ect for three oilfields in the in fisa prefect news of the disruption to the sector of eight western said warned Azerbaijan of the Cas- A group oil OS talks. But Mr Bertram By Christopher Partes credibility,” Mr Necker said. pian Sea had been suspended companies is Involved in nego- ft te stiH four times the price it will continue the in Frankfurt Continuous talk of new bur- following political upheaval in tiations wife the Azeri govern- was last October when the GERMANY terrorism, tofew- dens and taxes shook Inves- the republic. But the company ment over the ofifieLds which group first announced its fi®ht against of a prominent THE German government tors’ and consumers’ confi- is optimistic that negotiations are behoved to contain 4bn bar- Invoiveanent in. Aaaribafian. w the arrest potnhor Red Army Fac- most tell “the unvarnished dence. he added. will resume in a matter of rels of ofL Ihey had paid |70m Mr Thane Gustafson, an T of the ministiyraid truth”, set out clear targets He repeated industry's oppo- weeks. in preliminary payments observer of the Russian energy tion, the interior writes Jody Demp- and provide the necessary sition to proposals for funding A BP official said that a team which BP said yesterday was scene at Cambridge Energy yesterday, political leadership to help care for the elderly, and com- of negotiators from Socar, the being held in an escrow Research Associates, sounded sey in Berlin. Birgit Hoge- break the downward economic plained about looming Azerbaijan energy company, account a note of caution over the oil The arrest of MS j member of spiral, according to Mr Tyll increases in pensions contribu- had been recalled to the capir The companies had been talks, saying find any govern- fold, a prominent terrorist Necker, president of the BD1 tions fuel fcavas tal, Baku, after spending last talking separately over die ment of Azerbaijan will be the RAF left-wing shooting dead federal industry association. The business community week in London. “They can’t upheaval could to changes Baku. Azerbaijan’s president, development of each individual unstable until the war with group, and the r Grams by the AH economic indicators were was working on cutting costs feel comfortable negotiating in wfflHais in charge of run- Mr AbuMaz Elchibey, ted hwm oilfield, but at tegirmfog of Armenia over Nagomo Kar- of Mr Wolfgang is a wel- stQl pointing downwards and and payrolls. “But industry these sort of filings when the ning Socar which could further due in London on Friday to June the Azeris said they abkh is resolved. "I think it anti-terrorist unit, security forces. cuts in production and work- also has to warn politicians government is being changed. delay industry observers sign a preliminary contract for wanted the Adds to be linked Win take more Qian a couple of come boost for Hogefeld forces would continue in the and nninna neither to underes- It doesn’t surprise us a bit," he said. the development of the three in one development. Mr Ber- weeks to get back to the nego- The arrest of Ms night in coming months, he yester- timate nor to gloss over the said. But the government Before he was forced to flee nflflaidg. "We still had many tram said: "There are fadtea- tiating table," be said. took place on Sunday Mecklen- day. There were no signs of extent of our problems," he the eastern state of police any improvement said. burg-Vorpommern. A nffitw dead during a Complaining of a crisis of Mr Necker’s protest coin- Serbs and Croats near to agreement on division of Bosnia was shot confidence, and anting that cided with a further worsening IMF ready shoot out politicians did not take the in the mood In key sections of The guerrilla movement, business community’s appeals German industry. which was set up in the 1970s, seriously, Mr Necker The VDMA engineering to agree was virtually dormant in the demanded that Bonn set clear industry association revised its 1980s but re-emerged after the Pressure Izetbegovic two Ger- mounts on of the goals. It should say when and forecasts for this year trim a unification how it would manys in 1990. - reverse the rise real fall in output of 5 per cent Russian * in state indebtedness and to a drop of 8 per cent By Robert Mauthner in to return to the negotiating It was responsible for mur- reduce the tax burden. It New orders booked in May London, Laura SBwr In table. Speaking after talks with dering Hans-Martin Schleyer, Germany's should also back up its targets were 10 per cent down on the Belgrade and agencies Mr Mate Bohan, the Bosnian reform aid president of west with "concrete and credible” gams month last year. Croat leader. Mr Rararfafe said employers’ federation in 1977, actions, he said. The motor traders’ associa- MEMBERS of Bosnia's the two rides had agreed an By Charles and Mr Detlev Rohwedder. who “Those who announce their tion claimed new vehicle regis- multi-ethnic presidency will everything except a map of the In Tokyo was head of the Treuband, the willingness to make savings trations in Germany would foil try to persuade their current three ethnic mini-states they agency charged with restruct- and at the same time let loose 23 par emit this year, basing its head, Mr Afija Izetbegovic, to are iteanHing THE International Monetary uring and privatising eastern an avalanche of costs on estimate an a 20 per cent drop rejoin negotiations cm the lat- “Tbeanly part that remained Fund is this week expected to German industry. employment damage their in the first five months. est Serbian-Croatian peace' to be agreed is the map of the agree to grant Russia the first plan for Bosnia when they three republics and both Sorbs stage of a$3hn (£2bn) fending Telecom deal meet in the capital, Sarajevo, and Croats are ready to form facility, in the first large wave later this week. their own states," he said. of international financial faces EC review Mr Izetbegovic, together with Earlier, Mr Karadzic had assistance to promote eco- Cartel Office in Mr Ejup Garde, his vice-presi- promised the Moslems nearly nomic reform. The European Commission dent, have so far boycotted the 30 per cent of Bosnia, but The so-called systemic trans- said yesterday it was reviewing talks on the proposed division warned that Serbs and Croats formation facility is being pre- plans by France Telecom and of the country into a confedera- would not hesitate to carve up pared so it can be agreed Deutsche Bundespost Telekom mergers warning tion of three ethnic mini-states, the country between them if before next week’s fo (DBP-T) to create a joint ven- which Mr Izetbegovic has con- tte Mnalamw did nr* Ttogntiate Tokyo of file Group of Seven ture to operate international By Judy Dempsey in BerVn The Cartel Office, whose demned as tantamount to "If they fell to do so, Bosnia leading industrialised states. corporate networks for private^ powers are confined to judging genocide for the Mnatewwi will in effect be split into two It is thought the IMF board users, Reuter reports from*' GERMANY’S Cartel Office the validity of a merger, had They were again absent from parts. Some of the Moslems will meet in the next few days Brussels. yesterday announced a record managed, however, to chal- the talks In Geneva yesterday, will remain with us, while the to grant the facility, which The Commission said the number of mergers since unifi- lenge 133 takeover or merger though the seven other mem- Croats will get the others,” he would form the centrepiece of deal had been submitted for cation, but warned they were cases trader European Commu- bers of the joint presiden- told the Yugoslav news the summit’s commit input to review on June 3 under a Euro- often hindering competition in nity regulations. cy- three Serbs, three Croats agency, Tanjug, before leaving help promote Russian reform. pean Community regulation eastern Germany. The most notable cases ques- and one Moslem -were all (ter Geneva. The pressure on the IMF to prohibiting agreements and During 1991 and 1992, 3,750 tioned by the office, and present Mr Karadrii* has also reiter- agree it has been increased by concerted practices which mergers were registered at the rejected by the European Com- Mr Mile Akmadzic, the Bos- ated demands for the partition the stiff opposition to a US restrict competition in the EC. office, 800 more than In the mission, included mergers nian Croat prime minister, said of Sarajevo. Mr Karadzic’s pro- proposal to set up a 94bn fond There is no to clear or previous two years. More than between Varta, the battery the ntwrtmg of the collective posal to divide the battered to help the privatisation of big open an inquiry if the Commis- 1,300 enterprises or companies company, and Bosch, the presidency -only its first full capital would leave the Mos- state-owned enterprises in sion is worried about the in the east woe merged with white goods manufacturer; session since the Bosnian con- lems an isolated sliver of terri- Russia. G7 officials say impact on competition. western companies, partly to Alcatel, the telecommunica- flict broke out 15 months ago tory at the mercy of Serb gnus much smaller fund, close to rationalise in response to the tions group, with AEG Kabel, - would take place at Sarajevo on the surrounding bin* This fSOOm, is being discussed as a recession, but also sometimes the electronics concern; Man- airport on Wednesday or clarifies an offer made last face-saving measure to satiriy Iceland forced to admlw tet rati to stem competition In the five nesmann with Hoesch; and Thursday. The international week in which it appeared that the US on. devalue krona new states. Siemens with Philips. mediators, Lord Owen and Mr the Serbs were wiffing to aban- The systemic transformation Thotvald Stoltenberg, are hop- don Sarajevo, which they have facility was one of the most Iceland yestraday devalued the ing the new plan will at least pounded for 15 months, in important measures agreed at krona, by 7.5 per cent, the guarantee the Moslems their wrehangp for Gorazde and Sre- an April meeting of G7 foreign country's second devaluation surrounds own viable and secure geo- brenica, two UN-designated and finance ministers in in eight mouths, writes Chris- Gloom graphical entity. Moslem “safe areas” in eastern Tokyo. They decided then that topher Brown-Humes in The Serbs and Croats are Bosnia. it should be available in two SfnrifhAlm beginning to exert pressure on Yesterday, Serb and Croat tranches of fLSbn. The move follows a sharp Italian the Moslems for a speedy forces stepped up their mili- It is conditional upon Russia fell in fish prices this year and wage decision. tary pressure on the Moslems delivering to the IMF credible a government decision to limit Mr Radovan Karadzic, the in northern and central Bosnia promises that it will tackle the country’s cod catch in the Bosnian Serb leader, said yes- by launching mi offensive in a MS inflation, restrict craftt to ail- face of declining stocks. The bargaining talks terday that Serbs and Croats triangle of land around the Bosnian Serb solders display weapons captured in Brcko seized ing enterprises and reduce its Icelandic economy is heavily were close to an "overall agree- towns of Maglaj, Zavidovid from Moslem forces in recent fighting. Yesterday, Serb and Croat budget deficit. dependent on fishing, with cod ment” an Bosnia’s ethnic divi- and Zepce, some 80km north of foren stepped up their military pressure on tire Modems hi G7 finance ministers hope accounting for 30 per cent of By Haig Sbnonhm in NHan The government opted for sion and urged Moslem leaders Sarajevo. northern and central Bosnia. this will help jump-start eco- exports. Cutting the cod quota separate meetings with the nomic stabilisation in Russia by 40,000 tons to IK.000 tons MR GINO GIUGNI, Italy’s unions and employers after tri- and so make it easier for Rus- for the year starting September labour minister, warned that lateral talks last week made sia to draw upon two further 1 will bring down the country’s! crucial talks between employ- only limited progress. Minis- IMF facilities worth about total annual fish catch by 6 per ers and trade unions ou a new ters are due to meet union rep- chief snubs noim. cent devaluation is UN Sweden over new The rela- wage bargaining system had resentatives tomorrow. tive to a currency basket, in got off to a difficult final week However, chances of reach- which the European currency yesterday, with employers ing a settlement have been Estonia leader unit has a 76 per cent weight- determined to get a favourable complicated by internal diffi- of peacekeeping force ing, commander the dollar 18 per cent, and agreement culties for two of file three puts citizenship the yen 6 per cent The talks, which the govern- union federations. On the first By Mchaal LitUaJohns, UN to advise in advance githar the ment in Moslem "safe areas” • The possibility that UN ment wants to conclude by day of its annual conference in Correspondent, in Now York Swedish government or Gen that are badly in need of peacekeeping operations in for- law on hold Monday, have faltered on diffi- Rome, debate at the teg CISL Wahlgren, an officer with a dis- United Nations forces. mer Yugoslavia might be ter- Romanian land culties in bridging differences trade union federation was THE United Nations secretary tinguished career in UN peace- In any event, the changa of minated the in absence of an By John Lloyd In Moscow curbs to stay over simplifying the bargain- overshadowed by allegations general, Mr Boutros Boutros keeping, in Lebanon as well as command could delay their early political settiement was the ing system and increasing that Mr Sergio D‘ Antoni, its Ghali, has offended Sweden, Balkans. arrival. raised in a report to the ESTONIA’S president has The Romanian parttament hag labour flexibility. leader, had accepted payments perhaps the world organisa- It appears that the secretary <. Mr Osvald said it was "dis- Security Council last night backed away firm a confronta- rqfected an amendment to the Mr Giugni said: "The from a leading industrialist tion’s most loyal supporter, by general also neglected to quieting” when an important In recommending to the writ- tion with Russia by refusing to foreign investment law which of agree- in political cor- the inform the troap-ctmtributtng contributor chances reaching an implicated the replacing Swedish com- could not count on ten document that the UN ratify a citizenship law which would have clarified that for-
. raaruial. other France, ment . . have gone down.” He ruption mander of peacekeeping forces countries than bring consulted in advance of force mandate be extended for the country’s large Russian eign companies may own lanf said yesterday’s meeting Mr D’Antoni said he would in Bosnia with a French offi- with whom he arranged the decision. rally three months, to Septem- minority rfatew discriminates in Romania, writes Virginia between ministers and the contact Milan magistrates cer, without first consulting transfer of command during a is the biggest pro- ber 30, Mr Boutros Ghali against titan. Marsh in Bucharest *he Confinduatria employers* feder- opportunity to rebut the allega- Stockholm. visit to Paris last week. troops to 23,000- emphasised that its deploy- Mr Andrei Kozyrev, Russia’s Parliament did, however, had “gone badly" and tions by Mr Vincenzo Lodigi- Tbs nomination at General Gen Wahlgren had been com- i^UN force, with sol- ation 5,000 ment embodied an interna- foreign minister, threatened to accept an article allowing for- and warned that "big difficulties” ani, a prominent industrialist, Jean Cat to succeed Lt General mander only since March. field a further tional will for settlement halt all oil and gas deliveries eign companies to repatriate that illicit Lars-Eric effective manner of his replace- remained. The government he paid contribu- Wahlgren, The 800. If the parties involved in file to Estonia if it continued profits in full, removing the present tions to the CISL and the U1L an July was confirmed ment is especially embarrass- iLt Phffipe would a compromise 1, by Gen Morfl- conflict failed to demonstrate "apartheid and ethnic cleans- previous annual limit of document later this week. union federations. the Security Council in an ing to fits Swedish pariiawiant, lon, who became something of that 1 commitment to a settie- ing in kid gloves between 8 per cent and 15 per Meanwhile, officials denied Separately, internal pres- exchange of letters made pub- which only recently approved a hero fondefying the Serbs to ment, it would not be worth- Mir Lennart Meri said yester- cent weekend reports that Mr Carlo sures within the CGIL, the big- lic yesterday. the dispatch of LQOO Swedish escort humanitarian aid to the while to use the UN’s limited day he would refer the law to The Romanian Development prime minis- gest union federation, mounted But Peter Osvald, Swe- troops to Bosnia. beleaguered Azeglio Ciampi, Mr Moslems, is also resources to maintain an oper- fiw Council of Europe and the Agency (RDA), the state body threatened that the as Mr Bruno Trentin, its den’s delegate, complained It was not known whether being ter, had UN ation "where it had become Conference on Security and for foreign investment, said that Mr Ghali matte government could fall if the leader, held out against a capit- BOUtTOS they would be for general His successor has not yet clear there was no peace to Co-operation in Europe for parliament's decision would negotiations failed to succeed. ulation to employers’ demands his decision without bothering peacekeeping duty or deploy- keep". expert opinion. not affect investments made in the past three years.
THE FINANCIAL TIMES Published by The Financial Times Bulgarian technocrats display their\political ' - * prowess (Europe) GmbH, Nibelungeo 6000
, COMPUTER NETWORKING IV SECTION Tuesday June 29 1993
The growth of applications running on are helping to shape the new IN THIS SURVEY “client-server” networks communications worlds are. at amounts to a the personal computer level, network operating system sup- Local area networks;' second radio Gnks may lead to computer revolution. Low-cost plier Novell, the market leader Identity crisis with NetWare version 4.0, hardware and sophisticated software Microsoft and Banyan. At the Downtime: problems of local area network level, fast- control multiply Page Two have opened the way, while calls for~ growing hardware companies Cisco and 3Com as well as Global networks: the or make” decision greater business productivity are the Ungermann-Bass provide the “buy” essential hubs and routers for Client-server computing spur, writes Alan network interconnection while - great enabler Page Three Cane suppliers of wide area net- Interoperability: works include the telecommu- Babel + nications companies AT&T and surmounting tower of BT. At the systems level com- The prize groupware One stop that puter hardware and software delivers Page Four vendors include IBM. Digital Prospects for main Equipment, Hewlett-Packard, operating systems Sim Microsystems and Bull. strategies Page Five it The aim of networking is all Editorial production Gabriel Boatman does simple: to enable computer t is being described Otovr duamtion Rabin MacFMan as the acquired Unix Systems Labora- users to have access to Infor- second computer revolu- tones last year and forged an mation. applications software I tion, the most profound alliance with the database ven- and computing resources with- judge from the enthusiasm shift in the pattern of use of dor Oracle this year, in moves out needing to know where with which networks are being information technology since to consolidate the position of any of these are located. But installed, the rewards seem the advent of mainframe both companies and fight the there are dangers, not least of worth the risk. According to systems in the 1950s. challenge from Windows NT. which is the comparative nov- Mr Peter Wright, European Computers and telecommuni- • Most significant of all, IBM, elty of the technology. director of Dell Computer’s cations are merging to allow the stumbling giant of the com- Prof Stephen Bradley of Har- integrated systems division, the creation of IT networks puter industry, established a vard Business School sounded the number of personal com- that are narrow enough to client-server business unit, a a powerful warning recently: puter local area networks (PC serve a + single department in a startling change of direction “Competitors may Invest first Lans) grew by 33 per cent last corporation or as broad as a for a company whose business without fully understanding year to 780,000. He says the global enterprise. The key success has been based on cen- the strategic implications or principal aim is not to save development is the growth of tralised malnfran-ipg evaluating the financial impact money through downsizing, applications running on “cli- There are equally significant of their investment, and other but to gain greater efficiencies ent-server" networks, work- moves on the telecommunica- firms may copy these invest- in all parts of the business. In stations and larger computers tions side of the fence. The ments lest they be left behind short, it is the essential under- linked together to process data world's large carriers are try alliances”. It says that work Architecture and the group work in the same way Customers are demanding bet- in a rapidly changing indus- pinning for business process co-operatively. This has been increasingly concerned to offer cellular radio carriers in the world standards organisations' with standardised information ter and more flexible service. try”, he wrote, arguing that re-engineering, today's short- made possible by unproved their large customers “one US alone have made more than Open Systems Interconnect and with objectives and results They expect shorter lead times, many companies were invest- hand for rethinking a business local' and wide-area communi- stop” shopping in voice and $10bn in capital investments Today the emphasis is on which can be compared on the unproved quality and respon- ing heavily in IT networking in from the bottom up. cations and cheaper processing data ' communications. The since 1984. effectiveness; what makes the same basis. Ihe key element is siveness. IT networking, the forlorn hope of gaining sig- With the growth of network- power and memory on small range of activity is broad. The business logic derives revolution possible is a combi- a package called Data 3, manu- through electronic data inter- nificant advantages. “Most ing, the problems of network computers. AT&T of the US. for example, from the “Negroponte Switch”, nation of low-cost computer facturing resources planning change (EDI), computer aided firms”, he concluded, “do not management have expanded. It Among the moves that sup- is involved in the development the observation by Prof Nicho- hardware and sophisticated software written by Hoskyns, engineering (CAE) or group realise a competitive advan- is now the single greatest con- pliers are making which indi- of “personal digital assistants”. las Negroponte of the MIT software; what makes it neces- the UK arm of Cap Gemini working can provide the means tage from their investments cern of IT managers in larger cate that the networking revo- These inexpensive, hand-held Media Laboratory that commu- sary is a universal demand for Sogeti of France. of Cast and flexible response. and those that do find it diffi- companies. The London con- lution is fully under way are: devices ‘combine the functions nications to people on the greater business productivity Mr William McGilvray. sup- The computer industry has cult to sustain." sultancy Ovum forecasts that • Microsbft the world’s largest of a telephone, computer, fac- move should shift to wireless and competitiveness. ply manager at ECIA subsid- been quick to coin expressions It is a damning judgment, the market for management personal computer software simile machine and electronic means, leaving television and An example is Equipment et iary HPC of Coventry, to describe the essential fea- but it echoes the concerns that frameworks will be worth ‘ house, this year launched Win- organiser. other transmissions to fixed Composants pour L'Industrie explains: “Under the old sys- tures of the revolution: “down- managers have frequently nearly $900m in the US and is which is management could - over difficulty Europe by 1998. # dows NT, its next generation The scene thus being set targets to cables in the ground. Automobile (ECIA), tem, top sizing” moving applications expressed the of operating system. Windows for a business environment Olivetti of Italy has already majority owned by Peugeot of not have looked at the 1992 from mainframe systems to justifying investment in IT. Today, the concern is to NT, a large and complex piece where corporate information is announced a system for con- France. It has established a devaluation of sterling and less expensive but no less pow- The answer, according to Prof manage a broad range of com- of software, is the first Micro- readily available to executives necting personal computers pan-European network of 10 said: ‘Let's put more work into erful microprocessor based Bradley, is to assess spending munications and computing soft operating system designed either in the office or on the using radio frequencies rather sites running the IBM mid- the UK because costs are lower computers; “client-server com- on IT and telecommunications devices from a variety of sup- for enterprise-wide computing. move. than cables. range AS/400 system. there’. Now comparisons of puting” - processing data on as part of a coherent business pliers distributed over many It competes not only with Wireless communications is It is clear, therefore, that the The network runs on IBM's this kind can be made quickly networks of computers, some strategy; to view it as a strate- sites. The more aware organi- International Business enjoying a new vogue. Accord- scope of networking has SNA rales and is driven by an and objectively.” Other motor of which provide computing or gic necessity rather than an sations are already looking Machines’ OS/2 personal com- ing to CSC Index, a leading US over the past decade. IBM mainframe based at manufacturers are installing data services to the network, attempt to gain sustainable beyond that to ways of manag- changed - puter operating system, but IT consultancy, “wireless com- In earlier days the emphasis Audincourt near Paris. It is similar aids to productivity. the rest serving as workstat- competitive advantage. ing business applications also with MVS, IBM's flagship munications is a technology in would have been on linking part of a ECIA project called Why has computer network- ions; “co-operative computing” Putting networks together is. software that supports practi- mainframe operating system. which global players are mak- mainframes and on standards “Parler le Metne Langage ing assumed this new signifi- where the network functions in practice, hard work and the cal business processes - across • Novell, the local area net- ing multi-billion dollar invest- contests such as the battle (Pamela)" which is being built cance? The starting point is as a single processing unit. larger the network, the more a diversity of networking tech- work (Lan) software supplier. ments and forming cross-indus- between IBM’s Systems Net- to ensure that all parts of the today's business environment. Among the companies which complex the problems. To nologies.
SIEMENS NIXDORF
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Wellcome ’s shares hit by recommendation Now private is preferred in Peru US agency HE advertising slogan net between $1.4bn and $1.6bn stiffens for Peru's private this new Fujimori’s pension reform and state sector from sales year alone. T pension funds, which When the Fujimori regime started operating last Monday, sell-off took office in 1990, the state runs: “The future is in good prove popular, writes Sally Bowen sector was costing the country hands - your own.” about $2.5bn a year. guidelines for AZT It neatly summarises the phi- American vanguard. their lifetimes. last word on investments but it Mr Fujimori has decreed losophy of Peru's liberalising About 300/100 retired work- five AFPs have been author- seems private funds will at there are no longer any “strate- government of President ers depend on the Peruvian ised by the newly-designated first be permitted to place only gic" sectors of the economy, to By Paul Abrahams an Anglo-French study pres- started yesterday between Alberto Fujimori. After state for their pensions. They regulatory body and three a tiny percentage in Lima's be reserved for Peruvian ented at the annual Aids con- Wellcome and two US generics decades of state control and receive the equivalent of a more are being vetted. Interna- stock market nationals - the country's min- ADDITIONAL guidelines for this ference month, suggesting companies, Barr Laboratories protectionism, the pendulum wretched $90 a month from tional insurance and hanking “But the percentages estab- eral resources, oil and gas, the use of AZT, the most the - drug, Wellcome's second and Novopharm. has swung dramatically the their lifetime's contributions concerns such as Aetna. Citi- lished and the permitted drinking water and sewage, widely used drug to treat HIV best-selling medicine, might be The American companies other way. Privatisation and and their plight worsens each bank, and the well-established instruments will be under con- electricity and telephones are and Aids, have been submitted of limited use in asymptomatic argue the drug was co-devei- foreign investment is touted as year. The new, voluntary Chilean AFPs Habitat and stant revision,” says Mr Diaz. all on offer to the private sec- by the US National Institutes patients. oped for treating Aids by US the panacea for all economic scheme aims to provide both a Provida, are participating. “The idea is to be very tor. of Health. Dr Trevor Jones, Wellcome's government scientists, and ills - , even those of Peru’s better retirement pension on dynamic and respond as new Among the state-owned com- The influential agency rec- research and development offi- that the British group should traditionally militant leftist an individual capitalisation he level of interest sug- instruments appear.” panies due for sale before the ommended that doctors and cer, said: “I would have pre- not hold exclusive lights. They workers who are still union- basis and boost Peru’s under- gests there are profits to Mr Diaz hopes the central end of the year are the mining patients not showing symp- ferred that they just continued want to supply the drug at fol- ised largely support the move. developed capital markets. be made in AFPs - bank and, later, the govern- and refining units of Cen- toms T (asymptomatic) should to endorse the existing guide- lower prices than Wellcome. Acceptance of the private About 2m Peruvians affili- although Mr Enrique Diaz, the ment will issue bonds. But the tromin and Mlneroperu; 20 decide between them whether lines rather than add these The patents are due to expire sector as the dynamo of the ated to IPSS, the state social AFP's technical superinten- medium-term expectation is fishmeal plants belonging to to start using the therapy. Pre- caveats, but it does confirm the in 2005. economy has been assisted by security scheme, are now free dent says start-up costs for an that the existence of AFPs will Pesca Peru; the state telecom- viously it had advised all utility of the drug in asympto- UK-based analysts said the widespread popular disgust at to transfer their contributions AFP axe high (up to $8m, encourage Peruvian companies munication company Ed tel and patients with HIV to take the matic patients.” Wellcome esti- company’s shares were likely long-standing Inefficiency and to privately-managed funds. including publicity) and could to raise capital via primary the state holding in CPT, drug as soon as white blood mated between 10 per cent and to remain volatile during the corruption in almost all state- The state will issue a bond to take four years to recover. bond and stock issues, thus Lima's telephone company; cells in the immune system, 15 per cent of those on AZT six- to eight-week trial which run activities. each contributor who chooses Between 800.000 and 1.2m Peru- providing much-needed plus the distribution networks called CD4 cells, fell to about were asymptomatic. is being held before a jury in Opinion polls show a steady to opt out, its value simply cal- vians are expected to affiliate medium and long-term finance of Electrolima and Electroperu. half the normal level. The drug had sales of £l31m New Bern, North Carolina. 50 to 60 per cent support for culated on the basis of age and to AFPs In the first year, gen- for industry. Most of the evaluation and Dr Anthony Fauci, director in the six months to February “Based on the science, Well- privatisation, while almost a recent «»miTigg_ erating anything between Meanwhile, if all goes to promotion work has been allo- of the National Institute of 1993. AZTs worldwide sales come should win,” said Mr third of workers say they Workers who switch will $150m and $350m in capital plan, a substantial portion of cated by tender to interna- Allergy and Infectious Diseases were £213m in 1991-92, repre- Paul Woodhouse, analyst at expect to transfer their state contribute 10 per cent of It Is not yet clear where Peru’s big public sector compa- tional consultants and invest- and a leading Aids researcher, senting H5 per cent of group Smith New Court “But it is in pension to the new, private monthly earnings, compen- funds will be invested. In the nies will also be privatised this ment banks. Coopers and said: “The option of not treat- turnover. front of a jury and Aids and pension funds, AFPs, closely sated by a one-time wage early months, the lion’s share year. Privatisation is moving Lybrand, Price Waterhouse, ing is a viable option.” He Wellcome's shares fell lQp to AZT are emotive issues. modelled on the successful increase. Older workers will do is likely to go into term depos- farther and foster in Peru than Morgan Grenfell, First Boston, added that the drug remained 688p yesterday on the news. “If Wellcome loses, the inevi- Chilean experience. In setting better, say experts, to stick its in the Peruvian banking in any other Latin American Chase Manhattan and Bankers the first line of defence against The fall was exacerbated by table appeal will be held in up the AFPS, With a minimum with the IPSS system which, system. The Central Reserve country. Copri, the govern- Trust have all carved niches disease. the concerns over a court case front of a judge, and sanity of red tape and political opposi- the government guarantees, Bank, in association with the ment privatisation office, is for themselves in Peru's priva- The recommendations follow involving AZTs patents which should prevail” tion, Peru is again In the Latin will continue to pay out for AFP superintendency, has the estimating the treasury will tisation process. Court questions Menem awaits Clinton rewards
dtul By John Barham adoption of market policies, its The US needs a valid interlocu- exports and said it was increas- redrawing in Aires willingness to strate- it has its choice. its exports of ^ review of Buenos abandon tor and made ing subsidised gic weapons projects and sub- Argentina is democratic, the grains -a market in which US President Bill Chnton will mit to international nuclear economy is booming and [we] Argentina competes with the meet Argentina's President and missile technology safe- have enormous influence in US. voting districts Carlos Menem today in an guards are genuinely appreci- the hemisphere.” Trade will figure high on the encounter that the Argentine ated in Washington. Some observers in Buenos agenda and inevitably, dia- By Jurek Martin districts nationwide with black government hopes win under- The US is anxious to encour- Aires think this may be going logue will be one-sided. The US in Washington or Hispanic majorities. As a line its growing importance in age Argentina as an example too for. Mr Carlos Escude, a will demand passage of patent result 13 new black and six Washington's policy toward of good behaviour for other former government adviser, and intellectual property legis- t THE US Supreme Court new Hispanic members of con- Latin America developing countries. The Clin- warned: “The US has taken the lation and removal of non-tariff yesterday called into question gress were returned, bringing Since Mr Menem abandoned ton administration has regu- substance of Menem 's policies trade barriers. the redrawing of congressional total representation to a record Argentina's century-old anti- larly mentioned Argentina - seriously. Many of his policies Argentina will ask the US to electoral boundaries so as to 38 blacks and 17 Hispanics in Americanism when he came to along with Chile and Vene- cannot be easily reversed. But stop exporting subsidised ensure greater representation the House. power four years ago, his new zuela - as being prime candi- we must keep clear that Argen- grains. Agricultural exports for minorities. Both new North Carolina alliance with Washington has dates for accession to the tina is not an important coun- account for 70 per cent of Justice Sandra Day O’Con- seats elected blacks. brought important advantages. North American Free Trade try for the US. Not only are we Argentina's export revenues. It nor, writing for the W major- The change reflected new US support in international Agreement which may be rati- distant but we have a compet- will also ask for better access ity, said “racial classifications data in the 1990 national cen- financial organisations acceler- fied this year between the US, ing economy and have less to to US markets for manufac- of any sort pose the risk of sus and was urged on the ated Argentine economic Canada mid Mexico. offer than Mexico, Brazil or tured and agricultural prod- lasting harm to oar society”. states by the Justice Depart- reforms. This in turn has Argentina’s Foreign Ministry Venezuela.” ucts like leather. Racial gerrymandering, even ment, which has the responsi- encouraged US Inward invest- is euphoric over the warmth of Washington has already disa- The Argentine president will for remedial purposes, bility to clear In advance any ment: the US is the second relations with Washington. bused Buenos Aires of any illu- also repeat demands that demanded close judicial scru- redistricting in North Carolina. largest foreign investor in One official said: “Mexico has sions that it can expect big Washington keep its promises tiny, she said. The question of minority rep- Argentina's 89bn (£6bn) priva- entered the North American trade privileges. Last week, the to sell two squadrons of sec- The court, which earlier this resentation was thrown into tisation programme. orbit and therefore has lost US announced countervailing ond-hand A4 Skyhawk fighter "ii iVr-JrdP year bad ruled that the cre- sharp relief recently when Washington alliance brings advantages The government’s successful value as a Latin interlocator. duties on Argentine steel bombers. ' • J . • 1. ation of minority districts did President Bill Clinton with- not violate the 1965 Voting drew the nomination of Ms Rights Act, sent back to the Lani Guiltier to run the Justice lower federal courts a chal- Department's civil rights divi- lenge brought by five white sion. Ms Guilder, a law profes- Axe hangs over voters in North Carolina who sor, had written that in certain claimed they had suffered dis- circumstances weighted voting crimination as a result of In favour of minorities might be warranted. bases districts military redrawing of electoral by the state legislature in The fine division on tills case 1991. underlines how evenly the By George Graham sioner found himself voting to Justice O'Connor did not court Is now balanced. in Washington dose the naval base in whose uphold this claim per se, but Of the three pivotal moder- chapel he was married. advised that such reapportion- ates, Justice Anthony Kennedy AN INDEPENDENT com- The list of bases to be closed ment should not be so “irratio- joined Justice O'Connor in the mission finished work at the must now be approved by Pres- mili- nal that it can be understood conservative majority while weekend on a list of US ident Bill Clinton and Con- only as an effort to segregate Justice David Souter was tary bases to be closed to bring gress, but the commission’s Pentagon’s facilities into voters. . . because of their among the dissenters. So was the recommendations cannot be race”. One of the two new Justice Byron White, who line with its force structure. tinkered with. The US has North Carolina districts has a retires this summer and who is The commission proposes already shut more than 700 bizarre 160-mile elongated due to be replaced, pending shutting some of the US’s larg- military installations overseas, shape. Senate confirmation, by Judge est and oldest naval bases, mostly in Europe. Clin- such as the Charleston naval Last year’s elections saw Ruth Bader Ginsburg, Mr The US Navy will undergo station and shipyard in South contests in more than 20 new ton’s nominee. the most radical changes as a Carolina and the Alameda No one has ever said ofgold, result of the proposed base clo- naval air station and Mare sures. The shutdown of most of Island shipyard In San Fran- the Charleston facilities will “It’s not worth the paper cisco bay. leave it concentrated In one big was origi- The commission shipyard on each coast - San nally established because Caik it’s Diego in California and Nor- printed on.” grass found it so difficult to :1 n folk tn Virginia. shut any of the country's mili- The commission agreed for tary bases - one of the main the most part with the Navy’s mechanisms through which US Unlike paper assets, gold has been a consistent store of own recommendations, after government money is pumped considering and rejecting the value and trusted medium of exchange for over 5,000 MBA pow- into the constituencies of PROGRAMME possibility of closing Norfolk years. Through hard times and times of plenty, erful legislators. instead of Charleston. The commission, supposedly Both Norfolk and San Diego gold has intrinsic value. When you buy gold, FROM THE more hard-hearted and less with emotional than Congress, has will however, lose jobs you own something solid. training and air- spent weeks mulling over an the closure of craft maintenance depots. original list of base closures As solid as gold is, it is also extremely liquid. show that communi- submitted by the Pentagon. Studies Bullion coins make gold convenient to hold and But individual members of ties have In the past often been the commission - chaired by able to create more jobs than easy to acquire (in sizes as small as 1/20 ounce). OPEN Mr James Courier, a former they lost by converting bases Gold bullion coins can be readily bought - and sold - BUSINESS SCHOOL congressman - often found the to civil airports or industrial tough; one commis- parks. If you’re looking for the business qualification which process through banks, brokers or coin dealers, anywhere opens doors to higher management, here’s your chance. in the world. 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from your job. Where you put your money is up to you. But Over 4,000 managers are currently studying on the locks out workers this: sometimes assets and remember paper aren’t 4: Open Business School MBA. Course content lockout brings to a head consultation with By Maggie Uny In London The worth paper they’re printed But gold materials have been developed in the on and Nikki Tail In New York a simmering dispute over a experts. practising managers and business education new contract at the plant, is always worth its weight. the EC rejects and And you can study anywhere in the UK, A £ STALEY, the US which the AIW Britain's Tate & which management has throughout the test of Europe. subsidiary of and increasingly impose unilater- Even Lyle, has locked out workers at attempted to Business School MBA is open to all Liquid. Solid. Gold. The Open its Decatur, Illinois, corn-mill* ally. still complete Stage 1 at the with no qualifications you can ing plant, where a contract dis- An earlier lockout and Diploma members plant within 24 hours, WORLD GOLD COUNCIL the Professional Certificate pute with about 800 by passing OU were of the Allied Industrial Work- but this time both sides in Management. fight. Tate ers' Union has been continuing expecting a long return the coupon or call the being For a M prospectus, since September. said production was maintained by salaried staff, 24-hour OBS Hotline. Tate said that management “has been forced to begin a although thou was speculation M-Ikhi Kej-m. MKt 1TY. JktOpcn BwiM» School, PO B« ffli, lockout of hourly employees” that it planned to bring in tem- (MBA). 1 workers. School Prospecnu porary replacement Hnuicad me the Open Buiine* after “environmental problems plans a prising from the union's in- The union, meanwhile, and t***.m*s‘ Mr/Mrs/MIss/Ms. plant strategy”. The company series of demonstrations, boycott alleged that workers had been is renewing calls for a sugar. putting waste from the process of Tate's Domino brand The Staley dispute has Organisation into the drainage system, caus- I. ing problems for the local sew- attracted widespread attention, near Address erage authority. partly because it is " man- satio , Peoria, where unions and . Postcode “That's just an accu n fought retorted the AIW. It claims agement at Caterpillar - furious labour battle last Telephone . — man that, with regular employees a Over the weekend work- Hotline working to rule, management year. Save lime by phoning the OBS between foiled to mphitahi environmen- ers formed a chain and Caterpillar plants, 0908 373077 (24 hours) tal standards. Staley . . • . . 1
JUNE 29 1993 FINANCIAL. tiMF-S TUESDAY 4 NEWS: INTERNATIONAL parties the same South Japanese promise more of *ctove Recent political upheavals may prove to be just cosmetic, writes Charles Leadbeater and EC begin it* ; rl ;*> w* and backward- APAN’S socialist opposi- Indeed, he recently told an seem weak - qualities which the tion parties, rather than THE Tokyo stock market rose 1.2 pa cent be ridding up to 70 «nufMj»ta« In the general magazine interviewer that Mr looking, to ;# Tfflrfil primp in Shinseito want J the ruling Liberal Demo- yesterday and the yen strengthened against election. The party is aiming to hold the Mlyazawa, minis- reformists association with. Mr cratic party, could emerge as the dollar, following Tokyo council elections balance of power In a hung parliament ter, was someone with whom avoid affiance with the ailing the big losers bom the coun- at the weekend. In the polls the ruling Liberal The LDP's weakness, in spite of its Tokyo he could form a coalition gov- Hate’s avialists to many voters try’s political turmoil The Democratic party held its own in the face showing, was underlined by the party's ernment. seems smack of old-fashioned on the shaping r .- - .‘\zrac* main gainers win be a new of predictions that it could lose power in a announcement that it would field 282 Nor is Mr Hosokawa entirety to Philip Gawith gmJHiifgs, of He opportunism rather than radi- •f V-r "t. *-\gt breed of conservative parties, general election
formally • EC is not present in . all of whnm are smaller and .1 than of pessimism By Shiraz Skfinra ki New DeH ERITREA, Africa's newest Pretoria other to adminis- less developed than South . of fU fndapandant nridprwtnndaMy state, stunned the ter its aid programme. Upgrad- - Africa, WOUld INDIA and nhma yesterday opening session of an Organi- ing thpsa lining jg hwpnrfamfc to oppose granting benefits to --r.i theft By cal™ James Whittington dead, yesterday was as agreed to open an additional sation of African Unity summit South Africa, however, as the Sooth Africa which, to some j/thn* in Baghdad people got an with surviving asfagriay Try darlarin that border trading post at y g tha imprimatur of frill diplomatic extent^ would come at their .‘.“at, under burdensome economic ShipkOah in the northern OAU had hwm an utter failure relations will improve tha expense. Included in this gronp •*c«p Ar OUTSIDE one of the Baghdad sanctions. Indian nF HfaiadinT state for 30 years, Reuter reports climate for trade and invest- are all of South Africa’s neigh- ^ and tua houses flattened by stray US Even the local press cur- Pradesh, and agreed further from Cairo. meat bours. -rr*fed cruise missiles in the weekend tailed its usual bombastic confidence-building measures, “The .sad fact remains -that -Recent -years- have seen The EC has already made attack on Iraq's intelligence denouncement of the «ndi as increased the has become a nomi- iiirreagrng efforts diversifi- OAU at clear that ite policy towards P.oauat agency, rubble was yesterday Americans and their president transparency about the nal organisation that has failed cation, mostly eastwards, of South Africa will be premised ,:n*i ftr being used to fill a crater about which was the norm during location of military positions, to deliver on its pronounced South Africa’s trading links. on viewing; South Africa as 10 metres while 1 deep, scraps of the Bush years. Although a in order to maintain peace. objectives and mmmttmentg, Thus 20 per cent of South part of the' southern-. Africa . C2 r- crim the culpable missile were care- number of papers accused The agreement was Eritrean President Isayas Africa’s total trade in 1992 was region. m •- -tea fully placed on a table outside Washington of “forcing its announced by Mr JN Dixit, Afewerki told a hashed confer- with Asia, compared with 14.7 Although there axe growing dm « for :: all to see. hegemony over the region by the Indian foreign secretary, ence hflTI- per cent in 1985. Taiwan has ties, between South Africa and m Predictably the focus for the criminal acts of terrorism", the on concluding day of the . “Although the OAU has risen from nowhere to be one its neighbours, the issue of Iraqi ti government and its peo- there were no savage personal India-China joint working often championed the lofty of South Africa’s top 10 trading how to integrate it Info ni'irer ple is the civilian damage and attacks an President Bill Clin- group talks between him and ideals of unity, co-operation, partners. regional structures, such as and » r casualties caused in the up- ton. Mr Tang Jiaxnan, Chinese vice economic development, human Among South Africa’s priori- the Southern African Develop- .L*. -:-r* -»n*
Lfr?- market Mansour district At But talk of western double foreign minister, and senior ri ts other worthy objec- ties in talks with Brussels will gh and ment Community (SADC) and .'_T least three missiles careered standards compared to the sit- officials from the defence tives, it has failed to seriously be what sort of trade prefer- the Preferential Trade Area off target in the residential uation in the former Yugo- ministries of both countries. work towards their concrete ences it should seek from the (PTA) is fraught with excessive f - area. Jailing six and wounding slavia is common. And some At a news conference in New realisation. EC, which could effect 20 per expectations of what South wr many others. say that Mr Clinton is using Delhi, Dixit admitted that v -•- Mr “Thirty years after the foun- cent of exports, -most notably Africa can do for (he rest of the :vT. : 6c The air strike came as a sur- Iraq to show that he does pos- India and China had “a dation of this organisation, those labour-intensive ~ our from region and fears that it Will (i prise to most ordinary Iraqis sess some muscle when it difference of views” on the continent remains affected by agriculture. dominate others. ' the South -‘iVe 1 but according to one of the few comes to foreign policy. But signing of the nuclear growing poverty back- extent of preferences and The Africa accounts for about 75 ^ t,rrr remaining ^ < western ambassa- hopelessness and apathy pre- non-proliferation treaty. When wardness. will depend on what sort of per cent of regional gross ~ dors in Wort Baghdad, this was not vail. “The people’s feelings are India voiced concern about “The African continent is trading status South Africa is domestic product l H the case for - '-•-r the Iraqi govern- dead. They’ve suffered too lT= -s- t the supply of Qdnese missiles today a marginalised actor in granted. Although a per capita Although the shape of fixture ment Iraqi explained. much,” one to Pakistan, the Chinese global politics and the world annual income of about $2^00 South Africa/EC relations lies US reconnaissance aircraft diplomats go fur- f tfci? Foreign delegation held that Beijing’s economic order,” he said. ranks it as an upper middle-in- mostly in the hand* of Bros-, had been observed over ther. that since Mr '«-£ras the They say policy of arms sales was not “Africa is not a {dace where come developing country, sels- where the extent of any capital for two days before the Clinton took power they have directed against India, its citizens - and can walk with other indicators such as concessions will be decid- r- .... attack. The Iraqi regime had noticed greater sense of pes- said the quantity of 1.- , a arms raised heads but a continent infant mortality, literacy, and ed - their success will be deter- also expected some kind and despair among the to lalamahad had iTi t! of simism supplied scorned by all its partners, a reliance on a few' commodity mined in Pretoria. For South - • - reprisal to be linked to the in vain Iraqis. Many had hoped been “small”. continent that seems to pro- exports - are associated more Africa’s fixture will ultimately alleged plot to assassinate Mr that there would be an easing Mr P Narasunha Ran, the duce endlessly the man- with V wrong developing countries. turn on whether its politicians George Bush on a visit to of sanctions. Indian prime minister, will uals for economic develop- the V25 At conference yesterday can create a favourable dimate; W- i Kuwait in ApriL Although the Apart from this, there is one visit China in the first week ment, democratisation and Mr Chris Stals, governor of the for investment If they foil in ••Tsmuctc Iraqis deny any involvement in the Iraqis find of September for farther fector which political management," Mr South African Reserve (cen- that (he rest the will count for lit- Kuwaiti-uncovered conspir- more difficult to swallow than bilateral talks. Afewerki declared. tral) Bank, said South Bao: visit to in Africa tle. -so-, t* acy. they realised early the feet Naraslmha China September on anything else. That is - cs 5k"r what the accusations might that the figure of George Bush, lead to. amhafflmri<>r the said still seems to be an ftifinantifll The intelligence agency factor in the future prospects 2* N>aca headquarters itself u j a has been of the country. Debt stalks Indonesia donors Afrikaner land sealed off but the view from, A potent, and sarcastic, sym- nearby suggests that at least bol of this recognition can be two of the main buildings are seen at the entrance of the lux- William Keeling on the problems of a leading aid recipient beyond repair. urious al-Rasheed hoteL The decision today One side of the central 10- hotel lobby was hit by a cruise storey block of offices is on the missile during a US attack on a NDONESIA’S international Public and private foreign debt assets total about Rpl30,000bn, Donors believe there is By Patti Waidmelr name verge of collapse, those detained, but said > - the floors nuclear insfaiTiation in a sub- donors, who began their grew nearly 9 per cent last split almost evenly between increasing collusion between In Johannesburg forming a - more arrests -up to 300 -- concertina. Next urb of Baghdad in January annual three-day meeting year to about $87bn resulting state and private banks. The importers and customs officials I — could be expected. door, a six-storey building per cent debt service government hue is that has during the last few days of Mr in Paris yesterday, might be in a 81 non- to evade tariffs. There has been SOUTH AFRICA’S However had most of its roof blown withholding their ratio - but as one donor execu- performing loans total about the African Bash's presidency. As part of forgiven for a decline in imports undergo- constitutional negotiators are away. But a nearby National Congress condemned; : newly-built the hotel’s rehabilitation pro- pens for a moment before sign- tive explains, “next year win RpS&XRra, of which Rp3£00bn ing pre-shipment inspection (to today expected to decide the action as telecommunications tower ing away expected $5bn in see a considerable slowing in. are considered unrecoverable. which all shipments insufficient, ft gramme the Iraqis have an above a whether to grant the right- remains intact absolute debt". A World temanded the arrest of the pro- painted on the gleaming tiles aid. While Indonesia has a Indonesia's Bank report last value of $5,000 are subject) wing Conservative Sensitivity party’s test leaders: of the site is outside strong record of economic Concerns surround the month, however, stated that from 67 per cent five Mr Perth Hartzm-V. the front door a snarl- years ago demand far Afrikaner self-de- underlined the berg. Conservative - by heavy mili- ing portrait of the former US growth, the pace of liberalisa- domestic banking sector, how- “loan portfolio quality has to just 47 par cent last year. party. termination. Police kept up leader, tary presence surrounding Mr • the president slowed and new ever, and there is a fear that deteriorated sharply since 1990, Not only is Eugene Terre- which is trodden an tion has toe government pressure on the right yesterday buildings. Iraq's secret sendee, many blanche, head of the daily by hundreds of Tragic and impediments to prosperity of Indonesia’s conglom- with conservative estimates losing revenue, but economists by arresting Afrikaner u. or Mukhabamt, 21 people in con- Weeratandsbe * is one of the other hotel have emerged. erates are concealing a midden that classified (non-perform- argue tariffs and waging (Afrika- guests. import con- nection with last Friday’s most feared instruments of her Resistance Movement), Such “therapy", however, Is Among the world's largest of debt in their accounts. ing) loans represented about 15 trols are stifling potential armed siege and President of the constitu- Gen Constand ' Saddam Hussein’s unlikely to heal increasing recipients of aid, the country Unlikely to be participating per cent of all Hawk loans in export industries. For instance, vqjben, Afrfta- the tional conference centre. ner power. li 1992” or closer Vdksfront leader. kelihood that Iraq wfli remain has been landed by the World in Indonesia’s export-drive this late to processed food, despite Indon- If the 26-party negotiating ‘ After demonstrations and a a pariah Develop- year are more than 300 busi- Rp20,000bn. esia’s broad Police said Mr Terreblanche state for a l«ng time Bank and the Asian agricultural base, forum rejects the state funeral Conservative - for the civilian to come. their star pupfl. nessmen on whom the govern- constituted less who openly led his mwi m ment Bank as Qian 2 per cent party’s demand for a separate the • ' Moving from an oil-based econ- ment slapped a six-month the travel ban may be a of non-oil exports in the last destruction on Frl- Afrikaner homeland -or at travel ban last week. welcome sign of the gov- seven day -was not being omy in the early 1980s, Indon- Govern- years. least a highly autonomous sought'. They said it esia has used its cheap labour ment officials say the business- ernment’s determina- The industry's competitive- was difficult to . . T: Afrikaner state within . US, N Korea in a fed- identity the sector’s his N-talks natural are each at least right ness has role, , and abundant men Rp25Gm tion to been damaged by gov- eral South Africa - despite the the party fact resources to develop an array (£80,000)in default to the state wrongs. It would also go some ernment control of the import that hundreds of witnesses may quit constitutional negoti- THE US and North Korea have rfippemng - donors frus- and watched its facilities to inter of labour-intensive export banks mid state companies. way to placing retail price of sugar, a key ations permanently. him lead the way as agreed to reopen high-level The deci- an national inspections. The industries. They add that the ban is trated by the government’s input in food processing, which AWB armoured car drove sion to pull out could be taken talks in Geneva on July 14 on North allowed non-oil coincidental leaking reluctance in the past has kept through the four inspections The growth in with the apparent the domestic price today or later glass front of the in the week -T -- r. nuclear and other issues, in 1992 but refused to exports, which last year of an alleged list of the years to maintain the pare more than 30 per cent conference centre. accom- state two above when the 208*tefegate according offi- Negotia- to South Korean modate a demand (£14.6bn), has banks^ worst liberalisation . the world market The to inspect totalled 8ZL9tm corporate debtors of economic ting Forum meets. government .and the cials, AP reports from SeouL two facilities suspected averaged 18 per rent over the compiled by the monetary deregulation package ear- Removing tariffs, ANC are clearly keen pre- of A however, Such a decision could to This would follow a visit by being nuclear prove v0nt waste past five years, with 26 per authorities. The list, not yet lier this month disappointed would damage the interests of a turning a Conservative party point in South Afri- President Bill Clinton to Seoul Mr Han Sung-joo, South Kor- nent animal growth in maiM- verified by government economists, making marginal many politically well-con- walkout from the talks, fearing offi- can politics. The heavily aimed on July 1(HL The Geneva talks ean foreign minister, said on fectures, such as textiles, shoes cials. shows 26 reductions in tire level of tar- nected companies. And right-wing radicals compa- white md wen organised white cduM Jeop- have been called to follow the right up Sunday North’s nuclear and timber products. Donors nies -many politically well- iffs and opening np mlnor sec- the donors would like the pace Srthse a future constitution: Mr “a* clear that ft 1 woSd on earlier high-level contact issues would top the agenda in expect manufacturing to rise connected, jnchiding three led tors to foreign investors. of reform to quicken, too many Nefcon Mandela, ANC leader, demands SL m Afrikaner home- « \ v~> during which Pyongyang the talks between Mr Clinton from 16 per cent of gross by relatives of President As the World Bank report wtll rite government Wtend, if in a television into view: it cannot achieve their reversed an earlier decision and South Korean President domestic product now to 23 per Suharto - not servicing loans clear, with more than ministers. ”e aw prepared to concede made demands through negotiation. and agreed to remain a signa- Em Young-sam, cent by the year 2000. totalling Rp6900bn. categories, Indonesia’s Two decades of fending has enoogi powers to regions to ’• o»-V» 9,200 Last gllt riSbt-wiBgers --JC ban left donors 1 tory to the Nuclear Non-prolif- North Korea, a hard-line The government also If accurate, the list tariff system remains too com- financially exposed, * ^? ®*®ose some form ofselfrule" would were threatening retaliation eration Treaty. Marxist state, is suspected of reined back a current account confirm the worst estimates and “non-tariff barriers a fact which gives Jakarta after but he stressed feat the ANC of plex police said they had The North did not say any- developing nuclear weapons, deficit of *L3bn in 1991-92 to an the banking sector’s effective rates of protec- almost as much leverage over srasted cowd nat accept s racist state non-per- and 21 members of right thing then, however, about despite its denials. estimated $2.9bn in 1992-93. forming loans. high”. its benefactors as vice versa. which denies The sector's tion are wing groups. They refosedto blacks human rights and riH«mgbfp -
- Co?*~ '-ft r. . ! '
5 NEWS: WORLD TRADE US warns of Textile industry attacks ‘cynical’ tariff plan
THE US textile industry, a key favours such an action and sig- and unwilling participant in US textiles and clothing imports have imputed $12.5bn worth of textiles and Institute, blames Far Eastern countries nificant trading partners con- threat the Uruguay Round, is taken the sector trade deficit to a high clothing, an increase of almost S per which “continue to dose their markets cur". to denouncing a reported Euro- of 391xr (£6bn) for the first four months cent over the 1992 period. In April, when to our goods”. He also warned US Gatt Mr Moore seemed confident pean Community proposal to of 1993, writes Daniel Green. It now the overall trade deficit feU, the textiles negotiators that “the most perilous threat Mr Kantor would not call on - cut US and European textile accounts for almost a quarter of the total and clothing deficit rose 13 per cent to our industry is the Dunkel draft” the industry to make addi- tariffs to zero as a “cynical and US trade deficit Mr Henry Traskm, president of the the latest plan to conclude the Uruguay tional contributions to the transparent attempt to divert Between January and April the US American Textile JHsuiiifactnrers Round. round's success. Japan links blame for the impasse in the “Kantor is very concerned negotiations to the US”, writes Europe and they oppose what cluded the EC wanted to cut eral, has proposed eliminating authority - due to pass this about the damage to this econ- Nancy Dunne in Washington. the EC has put on the table,” US textile tariffs to divert pro- quotas over 10 years; Mr week - Mr Kantor will feel omy if an enormous number of By Charles Laadbeater US and Japan wiD not meet the Mr Carlos Moore, executive Mr Moore said. duction from the developing Mickey Kantor, the US trade considerably less constrained textile and apparel jobs are in Tokyo original goal set by President director of the American Tex- A phasing out of textile tar- countries to America. representative, has indicated about making concessions on lost. I don't think he finds BUI Clinton and Prime Minis- tile Manufacturers Institute, iffs would go well beyond the “Our industry and the Euro- US support for a longer quota textiles. enormous employment benefits the US has warned Japan ter Kikhi MIyazawa at their said the EC was reported to be already steep cuts reportedly pean industry are already mak- phaseuut - perhaps as long as However, the Senate finance in reducing low tariffs In that their economic relation- April summit, that the two backing elimination of textile backed by Mrs Carla Hills, the ing an enormous contribution 15 years. committee last week sent a let- Europe to zero,” he said. ship could become increasingly leaders should initial the tariffs in both the US and former US trade representa- to trade liharaWgatinw by hon- In Washington, trade lobby- ter to Mr Clinton restating “It could cost us more fraught, straining their secu- framework agreement at a sec- Europe and a 50 per cent cut in tive, who “agreed on some ouring demands by developing ists have been speculating that Congress’ negotiating objective than lm jobs. Does the US rity alliance, unless Japan ond summit in Tokyo next all apparel terifffe “This is a body of tariff cuts by 50 per countries to phase out the quo- once Congress gives President for the round. This included a gain lm jobs In semiconduc- responds to Washington's pro- week. ploy, because we have spoken cent”, he said, adding that tas." Mr Moore said. Mr Arthur Bill Clinton a renewal of his request to negotiate tariff cuts tors and pharmaceuticals? Not posals for a framework for fur- Two days of negotiations in with our counterparts in industry officials had con- Dunkel, the Gatt director-gen- Gatt fast-track negotiating only “where our private sector hardly." ther detailed trade talks. Tokyo ended last night with A senior US administration the US team exhausted and official, speaking after two Japan vehemently opposed to days of talks in Tokyo ended targets fix' opening the Japa- without agreement, indicated nese market State sector leads Singapore that the US would start to take The two sides have little dis- a firmer approach, and warned agreement over the five bas- Japan that the entire relation- kets of issues which the US has ship was at stake. proposed for discussion, cover- He said: “The relationship as ing areas such as trade in in the scramble for China it stands is corroded. The cor- vehicle parts and super- rosive effects of limited market computers as well as macro- access and the corrosive effects economic imbalances. SINGAPORE is The focus is on infrastructure tions have visited Singapore in of Japan's large current Japan is opposed to a specific both winning the past year. account surplus will exacer- target for a swift reduction of and losing the In some respects Singapore bate an already- difficult bilat- the current account surplus. race to invest projects management and on represents a model for China’s eral relationship.” But the difference between the in China. The planners. It is an open and suc- The official was reflecting two sides on this issue is island is suc- advice, writes Kieran Cooke cessful market economy within mounting frustration with mainly one of how quickly the cessfully carv- a tightly controlled, centralised Japan's refusal to accept surplus is reduced. The US ing out a niche It is the Singapore govern- contracts. political system. numerical measures of the wants a reduction from about 35 for itself as ment rather than the private “If we transfer this asset Mr Goh Keng Swee, a former openness of its market 3.5 per cent of gross national China's lwHing sector which is leading the over seven to 10 years, it will Singapore finance minister, He said the Issue was not product to between 1 and 2 per adviser in rush to China. Two recent be nwfai to Hw»m and in the has been acting as an eco- whether the US would threaten cent of GNP within three Investment many areas. It deals demonstrate the Singa- process we will get to know nomic adviser to China shire to use sanctions in particular years. The Japanese believe is managing pore approach: them well at different levels. . 1985. Mr Goh played a central areas: “The real issue is the that would be too fast multi-million dollar infrastruc- • In mid-May the Singapore That’s the trade-off,” says Mr role in Singapore’s planning long-term quality of the rela- The main sticking point, ture projects and advising authorities and fThina signed a Lee. process in the 1960s and 1970s, tionship." however, remains the role of China on economic and finan- provisional agreement to • Last December two state- setting up the island republic’s It is almost certain that the numerical targets. cial matters. develop a 70sqkm industrial controlled Singapore compa- Emnnrair Development Board, But so far it has bitten off township in Suzhou, near nies, Singapore Technologies the Monetary Authority of only a slice of the Thinw Shanghai. Called “Singapore Industrial and Jurong Environ- Singapore and other key insti- investment cake. IP* by the Singaporean press, mental Engineering, entered tutions. US may challenge According to official Chinese the township will be built with into agreements with the Chi- Bankers say it is clear that figures, Singapore companies Singapore’s integrated plan- nese authorities to help the MAS is playing an impor- became involved in more than ning approach. develop and market a 5,000ha tant role advising China’s cen- Oyn Gof*i 700 projects in China in 1992, Chinese officials wDl be sec- commercial, industrial and res- tral bank, the People’s Rank of Lee Kuan Yew. played a key role in the Suzhou deal satellite contract with a total value of US$997m onded to Singapore govern- idential complex in Fujian China. (£864m). ment departments and taught province. The Singapore government is nity for its paucity of overseas of Singapore. By William Keeling in Jakarta satellite not launched by a US The figures are small com- the island republic’s planning The first phase of the scheme investing in companies with investment Some elderly Singaporean company. pared with those of Hong Kong methods. Singapore managers will cost about $185m. Again close China connections. It “No one wants to go businessmen have retained GENERAL Dynamics of the US Dr Clifton R Wharton, US and Taiwan. Last year alone will oversee work on the proj- the hope is that in the course recently took a 12S per cent abroad. . . We have got to close China links, based on may dispute the award of a deputy secretary of state, visit- Taiwan is estimated to have ect, organising a expected of the project, Singapore com- stake in New China Hong shakp Singaporeans up, make family and dialect groups. contract last week to Ariane- ing Jakarta, said yesterday invested $5bn in China. $20bn of investments in the panies will win lucrative con- Kong Group, a company based them adventurous, or we will “Most of the young Singapo- space of Europe to launch that General Dynamics had Singapore’s economic suc- new town. tracts. in the colony, said to have be losers." says Mr Lee. reans are no good at China Indonesia's Palapa C-l satellite met an Indonesian government cess has been built on the twin Mr Lee Kuan Yew, Singa- Similar deals have been close links with the Chinese Mr Lee himself is blamed for business,” says an older system in 1995. minister to rtbmnas the case. pillars of foreign multination- pore’s senior minister, played a signed for a variety of other leadership. fostering a risk-averse culture Singapore trader with close The award of the contract, He stopped short of accusing als and efficiently run, power- key role in the Suzhou deal. Mr schemes, involving airport Mr Lee and other Singapore In Singapore. Critics say that connections in Shanghai. unfair lanning construction, leaders government by building up an over-regu- “They expect things to work worth an estimated $160m Arianespace of using ful, state companies. Singa- Lee says Singapore will not p , road say the (£l07m), by the private Indone- means to win the deal but said pore’s private sector, grown fat only build up goodwill through and property development cannot always be expected to Iated, carefully controlled soci- just as they do at home. They - sian company Satelindo, took the US was discussing with on profits at home, has only the project, it will also make China has been tapping Sing- take the lead in establishing ety, the entrepreneur so evi- are arrogant and don’t under- the things industry officials by surprise: Indonesia the need for business recently started to expand the connections {guamc\)$o apore expertise in other fields. China contacts. They chastise dent in Taiwan and Hong stand way are Chinese Kong - has been squeezed out done." It will be the first Indonesian “transparency”. overseas. necessary to winning further More than 200 delega- Singapore’s business commu-
’ — ?-' ' 1 - 1 * X*. . ’ 1 i ^ '^3 ^ -p r-T" * 1 -
. 1 '.r.'
An introduction to London Buses and the privatisation process
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6
• Bombing of Baghdad undermined UN, says opposition • Government defends ‘justified’ action Overseas u es Labour attacks support for US air strike may be ow<
attacks. the attack would strengthen response to a failed assassma- gfamt threat of farther By Afison Smith man, condemned the US strike assassinate former US presi- A the position of Islamic extrem- tion attempt which had He urged the other parties N-plant as “dubious in legality, ques- dent George Bush was justified if that months ago. -not to adopt the rule -that spe- haphaz- and proportionate. It had to he ists, but believed as on occurred BRITAIN’S opposition Labour tionable in morality, be occasions, Steel, the liberal cific mandates had to vho have funded much'of the military impact and seen in the context of Iraq's previous Arab crit- Sir David Maddox ;.c3j party yesterday launched a ard in its By Bronwen constnictiam. A number ics in the coalition would fori Democrat foreign affairs sought from the UN when plant's fierce attack on the British potentially devastating in pattern of attempted defiance David Owen - in and > . safer and more satisfied that spokesman, said the article member nations were acting of Thorp’s customers: had government’s backing for the diplomacy". and obstruction of the interna- a -for self-defence, wince this would “shown interest" in rigning 1 tional its spon- the US had been prepared to was intended use when overseas .• ,'L US bombing of Baghdad, chal- The fracturing of opinion community and COMPENSATION to " been attack jnad to a "dangerous state of additional contracts -beyond V by the fact that soring of state terrorism. show leadership. there had an on a amount to I-" lenging its basis in interna- was underlined power utilities could - > yean, *- . through firmness can The main charge from the UN member nation, until the paralysis". abandoned the initial 10 he B tional law and saying that it some Tory MPs joined opposi- “Only if the UK opposition was that the attack Security Council could act to ppgpondfag to MPs’ concern £5bn ’ fears Iraq be persuaded to conform - should never have taken place. tion parties in expressing Thorp, the /•* '.-V” had damaged the UN and restore peace. about the three Britons held in Simon Hughes, Liberal The cross-party consensus in about what the attack meant to the standards of behaviour mw-ioar reprocessing plant at Mr hopes post-cold war world But Mr Hurd argued that it prison in Iraq, Mr Hurd Democrat environment qiokea- it the Interna- of a yes- - •'7?- on the for the future role of the required of by were told -j the House of Commons inrigted SeUafidd, MPs said. order, since it did not conform allowed force to be used in self- that the government pian said there was growing government’s approach to Iraq, United Nations and for rela- tional community," he , - to was doing all it could to secure terday. concern the risk to international law. It could defence against threats a international . about . • which survived through the tions with Arab regimes. Mr Hurd conceded government threw * .. But as foe •* a not properly be based on country’s nationals, and that their release international proliferation of Gulf war, broke down yester- But Mr Douglas Hurd, the raised by Mr Cyril Townsend, behind the £asbn support for state terror- its weight plutonium Robertson, foreign secretary, insisted the loading figure in the Conserva- article 51 of the UN charter, Iraq’s of the uranium and day as Mr George plant in yesterday’s House iN- - that they said, since it was in ism meant there was a con- Joe Rogaly, Page 12 by reprocessing: :r ^ response to the failed plot to tive Middle East Council it also produced ’ Labour's foreign affairs spokes- Commons debate, V-: The government’s proposed announced a farther round of consultation, lasting 10 weeks, ; public consultation on Thorp, in late July with the final on fts wfl] begin Ireland delaying a decision "...... i N ; publication of a report setting Iraq future until late autumn. Officials justified government’s assess- out the case for the plant The The i-'WP secretary in complicated by government received legal . ment could be • advice last month that ft would _ the publication yesterday of a t run the risk of facing judicial ; guidelines long-awaited report from a gov- despite by.' furore over legal exports prompted ; advisory co ittee review ernment mm ".-vV which argues that British action from pressure groups- if . left in a cupboard” to - “not technically defence been not consider wider issues _ By Jimmy Bums Nuclear Fuels has not ade- it did to carry await the aftermath of the opera gaffe related" and that not <- by the plant H- * - to raised — "t-., quately explained its plans — . CIVIL servants across three out the contracts would mean Christmas holiday period. Chris Smith, a Labour , Tett, foreign nuclear waste in Mr foreign competitors Documents referred to yes- By Ralph Atkins, GSHun store Whitehall departments secretly Britain’s ‘rn:- environment spokesman, .Via terday show the selective use Raymond Snoddy and Our the UK permanently. Justified the export of machine stepping In. the government of pre- - Belfast Correspondent The Radioactive Waste Man- accused ^ Iraq the Mr Patey told the inquiry that was made within White- consultation. tools to in breach of agement Advisory Committee judgmg its own J publicly that advice given by civil ser- hall of additional information £ government’s own Ministers were saying ?*we , M Pf Foreign THE GOVERNMENT was last said there were many ques- declared guidelines, the Scott vants to ministers on the made available to the kr *nadp up our mind but we tions still to answered about have machine tools in Jan- Office, DTL and MoD officials. night trying to defuse the be Inquiry heard yesterday. export of consult because .. of apparent gaffe proposed policy of “sub- are going to o • :& "deficient” in This was that one of the impact an by BNF*s Documents presented to the uary 1988 was legally we have to be seat to stitution”. Under this plan, - t tool companies, Sir Patrick Mayhew, the that the offi- tha it glossed over the extent machine - inquiry showed intermedi- do so", he said might Matrix Churchill, was being Northern Ireland secretary. Sir bulky low-level and ^7 .‘7 V!" cials told ministers that to which they have con- environ- - ate-level waste will be stored Mr John Gummer, „ declared policy. encouraged to trade with Iraq Patrick angered Unionist MPs exports to Iraq did not breach travened. secretary, said that foe ; Britain while ment yesterday that as a way of providing intelli- :: after joking that “nobody was permanently in c the guidelines. It emerged ' : consultation, thesecond dead” after a grenade attack BNF would return to custom- public ' •• . written after gence. The bulk of these docu- ; . An internal memo written by the memo was f: " plant, would look at the "j - equivalent on the : appar- ments were released after the cm a parade in Belfast at tire ers high-level waste * Mr William Patey, a Foreign the Foreign Office had >’ weekend. in terms of radioactivity. "The wider economic and political , months ignor- collapse of the controversial . • Office official who was chair- ently spent two ' v . :r.pt ? : .. The row followed the deci- profitability of Thorp would be justification for it man of the Whitehall Inter ing specific information it had trial last November of three sion by the BBC in Ulster to considerably enhanced If sub- Environmental . consider-. . _ - Departmental Committee, for received from the MI6 Intelli- former Matrix Churchill execu- . however, been ade- led the setting broadcast a recording of stitution were to be accepted,” ations, had the junior foreign office minis- gence service that Iraq was tives which to - .-«T remarks by Patrick wmd» the says. quately addressed by thepofln- ' . ter Mr David Mellor, argued building up its indigenous up of Lord Justice Scott Sr report -i: when visiting the opera in If the government followed tion inspectorate's report on that if existing export licences arms manufacturing capability inquiry. Castle the recommendar the first public consultefian, be for the machine tools were after signing contracts with Lord Justice Scott had made Ward, County Down, committee’s • tinngj that. add onths • revoked, the government could Matrix Churchill and other UK clear that the main focus of his with the prime minister on COUld m said. \ debate about licen- Thorp is designed to extract ^rrsni face legal action from the com- marhbip tool companies. inquiry is the extent of govern- Saturday night. more to a sing plant. Dubbed reusable uranium and pluto- * '!::rirL4 panies concerned. The government’s guidelines ment knowledge or complicity 4$?::.'? 7,.: Although Mr Major told the c from used or spent .ff. Yesterday, Mr Patey admit- restricted the export of defence in breach of guidelines or journalists at the event he had Britain’s biggest white ele- nium r»u ««irnn nn tho atiarlt, miriear smaller •• ted to the inquiry that the For- related equipment that could export control legislation. Lord no H^ SSr phant by environmentalists, fuel, leaving a -.-idal true waste. Undo: •_ 7_ eign Office had never taken significantly enhance the capa- Justice Scott yesterday asked Patrick was less discreet. After the plant is waiting for a amount of r- :: rr-o contracts. can return • legal advice on the issue. bility of both Iraq and Iran to Mr Patey. "Let’s grab the net- a few minutes of telling the licence from the Department of its BNF i— : -.'•rrfc material to " press pack he would not com- the Environment to start oper- all the reprocessed : -* r-cfTT Instead he appears to have exacerbate the Gulf conflict tle. Was allowing these SV-- - ment until briefed, he said: ation. The company has foreign customers. reflected the views of Depart- Mr Patey told the inquiry mashing tools exports consist- * . M :-c cm “Well, nobody is dead yet. At that further delay The committee is concerned ment of Trade and Industry that not all intelligence infor- ent with the government’s ivH ti-: warned " i * and Ministry of Defence offi- mation was immediately acted guidelines?" Mr Patey replied: foe end of ftfe opera every- could force it to shed staff, to that BNF has not yet agreed V •• • Sr-sre?.;—- . . a ^ _ hwip details of substitution with cials within the IDC. upon by the Foreign Office and "I do not think they were.” -i. body is dead.” cut costs of £2.4m a week. the r~- — j.-,’ ' :.«• aiMwi • “ it its customers, mainly • . _ , . • The memo added that the that anyway this report on The inquiry continues tomor- Sir Patrick quickly Mr Tun Eggar, energy minis- foreign . |M tools was “no joking matter” and ter, attacked a liberal Demo- Japanese and ‘German midear machinery in question was machine had “probably row. trtsr.--- - r. ja
retired to the edge of the lawn crat proposal for a fuller public power utilities, , who make up .? th
with local officials. He then, inquiry into Thorp, saying it two -thirds 'of Thorp’s order ,- - :r- ‘ > -r.na Britain in brief with the two self-regulatory went back to express his out- would lead to “a loss of confi- book for its fast 10: years of ' - : • v-.J* bodies for the life insurance Court told of rage to the waiting cameras. dence* by overseas investors operation. to tough new “It is very serious from what I industry oppose n RSI warning hear,” he said. “I very much W -y? disclosure rules proposed by 1 Wjr'" y* the Office of Fair Trading. hope that it will not cause any 1 s:>r- _ jfcT.t .# to Reuters agency, the heightening of the tempera ah' icLV * *s . The move appears be a news thh; faces criticism the SIB's employers of a journalist who tore at time.” BR retreat by chairman. Mr Andrew Large, who had lost his job after developing Sir Patrick’s aside high- earlier said he favours requir- repetitive strain injury (RSI), lighted foe precarious task ing life insurance companies to had been warned beforehand of faced by Northern Ireland sec- on accounts move tell prospective customers the health risks of new com- retaries. Mr Peter Brooke Coal union more about the products they puter technology, the High offered his resignation last Tomkins, • expected to leave it very buy. Court was told yesterday. year as Northern Ireland sec- By Richard . is sub- chief issues However, Reuters did noth- retary after ringing My Dar- Transport Correspondent stantially in profit Overall,UR ing about the problem until Mr ling Clementine on an Irish will be £l2Qm better off by. the party threat Rafiq Mugal began suffering chat show within hours of an BRITISH Rail is bracing itself move, reducing last year’s pre- Transit project from RSL the court heard. IRA bomb which killed eight for a hostile reaction to an tax losses of £l45m to a loss of HOW TO A( move that wiS £25m. In. Mr Arthur Scar-gill, president put in doubt Mr Mugal is suing his former people. accounting ben- Just the year just MANAG of the National Union of Mine- employers for compensation in The Northern Ireland Office efit its profit and loss account ended, the effect is expected to workers, has warned that Plans for a rapid transit sys- a test case which could have and Downing Street said Mr by more than. ElOOm when it reduce losses of between £250m >Vednes unless the opposition Labour tem in central England fell widespread implications for i" Maybew’s remarks had been publishes its annual results and £300m to a loss of £170m. Party abandoned its one mem- Into disorder when the board other journalists and users of taken oat of context. There tomorrow. Previously, infrastructure ber one vote reforms some of Taylor Woodrow, one of the computer keyboards. Reuters was no need for an apology. Critics are likely to claim renewals, such as track
: trade anions may set up their two companies selected to denies liability. The hearing 3 U.t — ex* Mr Peter Robinson, deputy that foe figures have been mas- replacement were counted as .y own political party. develop and run the project, continues. leader of the Democratic saged in an attempt to stimu- costs in the year in which they - The NUM president was failed to endorse a contract Unionist Party, said Sir Pat- late private sector interest in were incurred, and charged to speaking at his union’s gnnn»i agreed and signed by its nego- rick’s remarks had been “abso- the privatisation of the rail- the profit and loss account
conference in Scarborough, tiators on Jane 20. . -jr lutely disgraceful.” ways, due to start next year. Under the new policy, infra- ’-*> Workers face • attended by about 100 dele- Taylor Woodrow and Mr Kevin McNamara, BR will defend itself by structure spending will be Ansaldo Trasporti, the Italian Labour’s Northern Ireland claiming that the move is a counted as capital investment - sick pay cuts Most other trade unions rail equipment group, in a con- spokesman, asked for an delayed response to a and charged to the balance even those opposed to the sortium called Centram, had Cuts in pay for employees who assurance that “no pressure” long-standing v / government sheet The only cost to be reforms John selected to off proposed by Mr been construct and take time because they are had been applied to foe BBC in directive requiring it to bring charged against the prefit and Smith, - Labour leader operate Midland Metro Line rick are being considered by GOVERNMENT ministers are hostile to plans to restrict access to an attempt to stop it using the its accounts into fine with nor- loss account will an «mwiai quickly distanced themselves a light railway to nearly in parts One, run one five companies, of the City of London in an effort to prevent the further tape at the weekend. mal commercial practice. charge tor depredation calcu- from the remarks of the NUM between Birmingham and Wol- according to a survey of per- bombing attacks the Irish Republican by Army, writes Paul The BBC said the first real The most significant effect lated over foe lifetime of the. president verhampton. A letter from sonnel managers in 500 organ- Abrahams. opportunity to use original will be to produce a boost in asset concerned. Centram, dated June 20, isations published today The plans, proposed by the - Corporation of London the local recording was yesterday on operating profits of nearly A further boost will come undertook to provide board Banking, finance authority - and public for the City would probably require legislation and Good Morning Ulster, which £90m for Intercity, one of the from a change in the treatment approval for the detailed terms service sector organisations government support to reach the statute book. The scheme, goes out between 7am and most Hanson faces attractive parts of its of grants for capital invest- of the development and are most likely to be consider- announced in outline earlier this month, involves banning non-es- 8.45am. said The BBC no business. In the year to March ment Instead of being writtena operations contracts by June ing cutting sick-pay schemes, sential traffic from about a third of the City. The boundaries have attempt was it - r fi- om pit opposition made to lean on 1992, Intercity reported a profit off in foe year in which they 28. This approval arrived from with 26 per cent saying that not yet been determined, but would be likaely to include only the other than to of provide a £2m. This is understood to are received, these will be The Trades Union Congress, Ansaldo, but not from Taylor they might reduce benefits heart of the City, covering the the of England, area around Bank “proper” version. have been restated to show a released to the umbrella the profit and loss group for most within the next two years, the Stock Exchange, Mansion anise and NatWest Tower. Ironically, the opera which profit of £91m. account over the lifetime of the UK unions, said it was opposed found the survey conducted by The area would be divided into five zones. Each would have proved the backdrop for the In the latest year, ending investment, partly offsetting to any takeover of privatised the magazine Personnel access through a single entrance guards. staffed by There would furore was Donizetti’s Lucia March - 1993, recession was the depreciation charge. pits by Hanson, the Anglo-US Today. be several exits along one-way streets. Only two entrances would Di Lammermoor tells the tale expected to have taken 1' conglomerate. Inter- BRsaid tt was ‘‘unfortunate The TUC also be available at night The proposals follow two IRA bombs in the of star-crossed lovers, caught City heavily into loss. Instead, that the move harf coincided said it would be mounting a last 14 months that killed four people and caused hundreds of on the wrong side of religious the £90m boost from the with privatisation, but the two campaign of “political and millions of pounds Of damagp 1 and political divides. change in accounting policies were SA social pressure" to draw atten- Banks back unrelated. tr 0R,vn:H tion to action in the US by the ,J Vvl United Mine Workers of Amer- loan scheme ica and Canada. UMWA Is stri- UK banks said they expected king in the US against the the reformed version of the Wary oil industry looks to Hanson subsidiary, new Peabody, government’s Loan Guarantee frontier over job security. Scheme to attract greater inter- floating est from both borrowers and Britain’s most impor- Deborah Hargreaves assesses the production system to impact* of high extract the oD «wi lenders when it is launched in tant natural resources, j - and collect O L it in tankers,” its new form this week. is prompting exploration by costs and severe weather on offshore said Ms Caroline Expansion in exploration Noble, The British Bankers’ Associ- companies in less traditional * industry analyst ep Wood MacKenzie Edin- ation said that the new areas around UK waters. more evidence that the fields while mriKtin fields ro in TV channels UK g fe such as Cardigan Bay at an EC burgh* "But the weather is scheme, which extends the The trend, confirmed continental shelf continues to a 50 per cent rate. This gives level. » They say the licences bad, - The UK could have as many as maximum loan for existing recently by Mr Tim Eggar, yield great benefits added incentive you probably- wouldn't be for the an to explore could infringe EC environmen- 100 television channels with- businesses able to use it afl. year round.". from £100.000 to energy minister, when he economy,” Mr Eggar said. in “frontier” waters. tal dirertives. BP is out the need for cable or satel- £250,000 would probably be awarded the latest oil explora- But he is probably conducting its largest more Many of these "new” areas The difficulties west lite of Shet- ever by using digital technol- attractive to firms trying to tion licences, comes as the enthusiastic than some in the have been explored before. offshore seismic pror The land waters are even greater. ogy, the Independent obtain debt to trade into recov- North Sea and the southern oil industry wary of field - gramme in waters west of the the Clair estimated to . con- Deep water and sever Television Commission said. - weather Shetland at a cost £9.4m-and ery. gas basin reach maturity enormous difficulties before tain 3bn barrels of oil - was make the of Such area one of the hopes a large number would CLASH of the cans: Ecotop, an they have been so heavily discoveries in these “frontier” discovered west of Shetland 20 to drill another well harshest in the world. t - • '"s.'-e* only be possible, however, if all-steel fizzy drinks can with explored, before the end of j -. p . companies do not waters can be turned into com- years ago. That discovery has Jhe year. ; digital broadcasts from exist- a novel push-button opening expect Mr Hardman that Sa to make important dis- mercial production. never been exploited because he ocean points out tOrtZ'** ing transmitters replaced the Doctors relax west of Sbet- Amerada system, was launched coveries there. Richard geological drilled ’ Wefls in Mr Hardman, explo- of and technological fand . 15 can be up to 6,000 present PAL broadcasts of the yesterday. J. Sainsbnry, the The oil industry is focusing this area before it dis- ration director at Amerada problems feet deep made a fund opposition T whereas the covery. four national television chan- food retailer, is the first UK more exploration in waters to Hess which has made an oil Improvements in technology Amerada -plans to drill jeeptet.producing platform nels. The first foil use of digi- use the can. in a couple tt company to The British Medical Associa- the west and the south. discovery of around 200m bar- for appraising and exploiting orth more wells before 2®* k in water 600 tal in Europe is likely to be by developed by British Steel tion, the union representing This has seen companies rels west of Shetland, discoveries could ^ decides whether the discovery is cau- oil make few deep. The weather FHmNet, the satellite company Tinplate, of the medical is bad can be Hoogovens most doctors, has looking west of Shetland, in tious. “It’s good to know there some of these marginal areas and companies exploited commercially. are unable to broadcasting pay-television to Netherlands, and Germany’s decided to relax Its opposition the Irish channel off Wales. big structures viable for the first time. A group of is are there and But it gather 'companies . refsmic data in winter. Sou the Benelux countries. Hasselstein. to fond-holding by family Mr Eggar said: "I think we large potential reserves, but could be well into the next cen- looking again at the Qafr dis- ** bck of basic To open the can, consumers practitioners, the single most are on the verge of proving up there is a huge challenge tury before oil starts covery in the establish- to flowing infrastructure adds hopeof - to the cost ing press two buttons a smaller controversial aspect of the a major new oil province find the technology and get it from the west of Shetland of development a development programmed and produc- one to release the pressure government’s reforms of the which is significant for the out at a reasonable cost" region al though other areas tion, for that towards the ehd of. City watchdog British Petroleum made inside the can, then a larger state run National Health Ser- future of the industry and UK If companies can find size- could yield ofl sooner. m important decade. But the complexily of- discovery of fights new rules one to reveal a hole for vice. oil production." able amounts of oil, these A further obstacle has been the field means that only 150m drinking or pouring. The Fund-holders have budgets The government has strong fields could prove extremely raised by environmental barrels from the sbn in pfaca
groups are threatening - •• The Securities and Invest- launch marks a new phase in from which they purchase hos- hopes for the west erf Shetland lucrative. Proposed changes to to chal- could be extracted;- • ments Board, the City’s chief the battle for supremacy pital and other care on behalf area, where several discoveries Petroleum Revenue Taxes lenge the government’s award licences watchdog, has joined forces between steel and aluminium. of their patients. have been made. "It is yet would abolish tax on new of in sensitive areas “You might industry remains keen - to be able to use a " search for 60.
LT ; V)J- s
FINANCIAL TIMES TUESDAY JUNE 29 1993 MANAGEMENT: THE GROWING BUSINESS Joining the extended family A school
Judy Dempsey and David Waller examine the varying fortunes of the German Mittelstand reunion
sIIebq Registraturen is a small profits, of between l and 3 per ers is underlined by Heiner H6be- 1990. eastern Germany's labour typical example of the Mit- cent on our current turnover of mann, manager of a chemical and costs ought have provided (me of of ideas telstand, the small and DM42m,” Becker says. gas containers plant In FOrsten- the engines for recovery. But the medium-sized F companies Like many of the Mittelstand in walde, Brandenburg, owned by the decision by IG Metall, the country's bat does a Franco-Pol- that formed the backbone of west- eastern Germany, Falkea's future is west German Kramer group. powerful engineering union, and ish joint venture in ern Germany's postwar economic dependent on several factors: sup- “When we bought the plant from the employers to equalise eastern waste disposal have in success. It employs 240 people and port from the mother company In agency W the Treuhand [the charged and western wages by 1995 has common with a British-Belgian *Us paper products, ranging from western Germany, investment with, restructuring and privatising meant that in the short term at marketing «ih»iuh» in translation files and envelopes to notepads and grants and tax breaks, and confi- eastern German industry], we made least the five new states are no services? office material. dence that the Mittelstand will a decision to concentrate on the sanctuary for low labour costs. The answer is that the entre- But Falken, managed by 30-year- eventually flourish, not next year, local region first, otherwise trans- Deutsche Bank, which, through preneurs behind both initiatives old GUnther Becker, is located in nor even in five years, but in 10 port costs would swallow up our two of its holdings, Deutsche Indus- were participants in the 1992 the state of Brandenburg, in the years. “These grants are reduced turnover.” The plant employs 421 trie-Holding and Deutsche Betetii- Euroleaders programme, an tough business community of what and phased out over time," Becker people and had a turnover of gungsgesellschaft. has invested annual three- to four-week proj- was East Germany. And against all says. “So anyone owning 9ft? to eastern DM59m in 1 . DM146m in the Mittelstand in east- ect funded by the European the odds, the company, a wholly Germany must remember that this But Hdlzemann knows he has to ern Germany, has added its critical Commission which provides owned subsidiary of Wilhelm is a long haul. Yon have to think in look further afield “otherwise we voice to industrial policy in the practical help and training to Becker Papiergrosshandiung, a the very long term. There are no would reach a saturation point at a region. It deplores the degree of sub- 20-25 innovative companies. tradin house in the g Rheinland, is quick fixes.” very early stage. Being so close to sidies given to those enterprises Euroleaders was designed to surviving. Yet there were no quick solutions the Polish border, we are in an ideal still managed by the Trenhanr? equip small and medium-sized Equally surprising is that Becker to rebuilding the Mittelstand in location. This firm had contacts “It will slow up the competitive- businesses with the skills to had no experience in running a western Germany after 1945, except with the region before 1999. We are ness of eastern German industry operate on the European stage. paper factory, let alone operating in that, unlike eastern Germany of now beginning to re-establish them. and the Mittelstand.” says George But as Giles Trentham, manag- an eastern German environment. today, western Germany had erne Don’t forget that Russians will be Krupp, a Deutsche Bank board ing director of the London-based “Everybody warned me about the big advantage: the tradition of building gas pipelines. There will be member. He argues that plans to translation company Wordbank, effect 40 years of state planning small, family-run enterprises was a need for our liquid and gas con- establish a Treuhand-managed says, it is often the cross-border had on the labour force. But here, still intact. tainers. We have to look to the long industrial core of companies that contacts developed on the course my staff is committed and moti- “hi the eastern states, because of term”. cannot yet be privatised will act as which can be most valuable. vated. They work hard. They want several decades of central planning, Despite the energy and commit- a brake on the development of the Inspired by his experience, the plant to be a success. Indeed, it you do not have the memory, the ment of managers Him Hdlzemann, Mittelstand. Some Mittelstand man- Trentham has established the is they who have taught me every- habit, or file continuity of an entre- eastern Germany’s Mittelstand con- agers even complain of dumping. Euroleaders club, a network of thing I now know about making preneurial/enterprise culture. You tinues to be inhibited by poor infra- “Sometimes I feel that if we do not alumni which holds its first paper products,” Becker says. do not have the families which structure, the high level of risk and win an order it is because Treu- reunion In London this weekend. Since taking over the plant two make up the Mittelstand in western uncompetitive practices. “The infra- hand-owned firms can offer far His vision is of a 256-strong years ago, the parent company has Germany,” explains Wolf-Dietrich structure is improving,” Hfflzemaxm cheaper prices," says Peter Streck- group in five to 10 years’ time. invested about DM&Om (£20m), von Bothmer from Deutsche Bank’s says. “When we first came here, mann, technical director of the Kra- The two tangible examples of mostly on new equipment - which branch in Dresden. Hence the cent of eastern Germany’s output many does not have that advan- thmu were no phones, no deceit mer plant co-operation are Wordbank' has raised productivity to 80 per importance of investment from the was exported eastwards. Today, tage." meeting rooms, no accounts. You Yet managers like Becker and own alliance, to promote its - cent of western German levels west such exports hardly mrhrii That said, green-field plants - have to start from scratch.” Hfilzemann are still prepared to translation service to interna- and on infrastructure. As a result, Another difficulty for the Mittel- “When the Mittelstand in western such as Opel's car manufacturing A bigger worry perhaps is the buckle down and compete in east- tional companies based in Bel- Falken has already captured about stand in eastern Germany is the Germany re-emerged after 1945, operation at Eisenach or the large east’s competitiveness. Reid points ern Germany. “I suppose we are gium, and the Franco-Polish ven- 20 per cent of the eastern German loss of markets in eastern Europe these companies could anchor recycling plant that Enso Gutzeil, out that partnership between indus- here because we believe in unifica- ture aimed at converting rubbish market, and about 15 per cent of the and the former Soviet Union, themselves to an expanding indus- the Finnish paper manufacturer, try, the hanlrg, the states, and the tion and want it to succeed,” Becker into fertiliser. The latter requires western German market, largely caused by Bonn’s decision to intro- trial base,” says Richard Reid, an will build near Leipzig - should unions has been slow to emerge. says. “It has to. hasn't It?” about £500,000, expected to come through direct sales contracts to duce monetary union in 1991. economist at Union Bank of Swit- eventually fill the gap. Had such a partnership existed from local government sources companies. “We can even talk about Before TmfflrflHrro, more than 50 per zerland in Frankfort. “Eastern Ger- The Importance of local custom- immediately after unification in id in Poland and the EC. The L993 Euroleaders pro- ot surprisingly. In the - whereas in the UK Investment gramme, sponsored by PA Con- country’s worst recession ground to a halt sulting, KPMG, Publicis, Ceran “ N since the second world Western firms get leaner and fitter Many Mlttalstanri companies and the Financial Times, war, Germany’s Mittelstand are taking advantage of the attracted more than 1,000 appli- companies are suffering. But downturn to push through cants. Two sessions have already according to the head of Germany’s companies. The Mittelstand traditional stronghold of German tfaose involved in the construction countries with lower wage costs. rationafisation measures which been completed in Belgium and largest independent venture capital employs 75 per cent of the manufacturing industry, companies industry, either directly or as This rationalisation wOl not they could not have contemplated Italy, with preparation of a busi- firm, they are not necessarily doing workforce and generates 50 per are under intense competitive suppliers. Here, profits are necessarily be at the expense of in better times," be says. “Profits ness plan on the agenda for the as badly as their bigger, cent of non-state sector GNP. pressure from lower-cost Japanese continuing to rise from last year’s the workforce - 60 per cent plan may go down this year but not final meeting in Brussels in Sep- stock-market quoted competitors. According to rivals - and an overall slump in record levels. to keep staff numbers at current drama tirailly so - and when the tember. “It is my impression that 50 per Schiyttar-Henrichsen the outlook worid demand for capital goods. A survey* of 201 Mittelstand levels or to expand. And 45 pm* upturn comes, the companies will EC officials hope to run two cent of the Mittelstand has not is mixed. Suppliers of components It has been suggested that companies published recently by cent intend to maintain capital emerge leaner, fitter and more programmes in 1994. felt the impact of the recession to the big German car Baden-Wttrttemberg, a state in 31 shows 30 per cent of companies investment at the same high level competitive than ever before.” at all,” says Thomas manufacturers are suffering as the south-west of Germany where expect profits to cHmh again this as last year. Tim Dickson ScUjttep-Henridmea, joint their customers wage war on costs. there is k large concentration of year and another 32 per cent “This is the big difference DW Information on the programme managing director of the German Mannfai'ljii-wii aim demanding price family businesses in both stricken anticipate levels similar to last between the way German *Der deutsche Mittelstand und seine can be obtained firm the Euro- arm of 31, the US venture capital cuts of as much as 30 per cent, sectors, will be the German year. medium-sized companies and UK Wettbewerbsf&higkeU is available leaders Secretariat, EBN, Avenue firm. “In fact many companies insisting on a simplification of “crisis-region” of the 19906. An overwhelming majority - companies of similar size have from 3i (Deutschland) Gesellschaft de Tervuren 188A, Brussels have record order-books.* component supplies, and cutting But according to 81 per cent - plans to rationalise reacted to recession,” fUr hidustriebeteUigungen mbH, B-1I50. Details an the club firm Germany has 15,000 companies the number of suppliers they are Schiytter-Henrlchsen, thn gloom as a way of dealing with mounting Schlyttor-Henrichsen says. Bockenheimer Landstrasse 55, 6000 Giles Trentham. 101 Talbot Road, with turnovers of between DM20 prepared to do business with. is far from universal, especially’ costs. The companies think thin “German companies are still Frankfurt am Main 1. Tel Frankfurt London Wll 2AT. - andDM200m and only 865 quoted In the machine-tool sector, a . In service-sector companies and preferable to setting up plants in investing albeit at a lower level (69) 71-0000-20; Fax (69) 71-0000-33.
BUSINESS OPPORTUNITIES COURSES HEADERSAWE HEOOWMEHDEO TO SSEXAPPimPniAie PROPE3130HA1. ADVICE BEFORE Bil UMK. MTO COMMITMENTS MERVYN FRANKEL ABERDEEN i> aw devoting hie energy and cmMmb to ibe admUanrioa ot olUmre computes tad COMMITTED M.BJL FINANCIAL TIMES trass through the median otsa estsbUsbed Jtaey Company wfaeac dnednaaic all London end US quafified merchant COULD YOU SHOW A GERMAN EUROPE'S BUSINESS NEWSPAPER fanner studems red Mends who MANAGER/TEAM ] chartered acmamams. He would be delighted lo hear bom banker (54) resident Aberdeen might wMh to ratahlnih a new protcniocal rclarirenhlp h»°- 20 years, successful trade record, THE BRANDENBURG GATE? with jug htilMiooil snppart HOW TO ACHIEVE SUCCESSFUL Pkaso write to: Mervyn Pnnket wflBng to represent UK merchant ‘ City Management Lid, 3809, the Esplanade, OHnHUr In bufdlng corporals and appropriate (rack record, or finance, deuetopment capital, and CERAN LANGUAGES offers intensive residential courses MANAGEMENT BUY-OUTS St. Helkx, JERSEY CL JE4 BSD sought by inlermediary to effect telephone 0534-280082 or fax 0534-280083 M & A business. Many contacts to ol, in modem languages (40 lessons per week) which really acquisition of suitable identified on Wednesday evening, 14 July 1993 indigenous and high tech industries. mnnnfarlnnn^ work. Niche Publisher in Cards and Poster* targets. 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One Southwark Bridge, growing Independent Recort/Mostc Tel: (010 33 44 70 90 72 Excellent possibilities for Apply to: 1) London SE1 9HL 8axBl223, Financial Tenet, considerable retail income. Full Plifehing Co, tradno worldwide. OneSamkwark Bridge. London SEI 910. Fax: (010 33 1) 44 70 90 73 ENTTON!! DIRECT SALES COMPANIES planning consent obtained. Great potsntfaL sold own muW-miHion Please apply for fcd financial Mnimum capital £200,000. list Direct Sales Marketeer detais to: YOUR MAILING GREETINGS m» fix Scar No. A19SS, RmeM 71™* COMPANY quoted pic. Now available for SEf GROUP business to . Box 81 181, FfauidalTlmcs, One Soutowak Bridge, London SHL ind Leadtag paMbber ot greeting canb and ADDRESS NOTICES Londoo SE1 9HL mppiy or non-exec dir. Highly One Southwark Bridp, Sttmcty wqdert i* qCm 5«*rioc ll» Kfvice, consultancy tom on « HOSPITALITY and nerrifcng of to flMtonal renal 40,000 APPROX. SWEDISH FIELD in London, Paris, with vision. Top level Kffumltam. THE ROYAL BANK OF CANADA fenced business strategist JACKETS (10X now. remainder used) fix AND Benin, Frankfurt, Madrid Mnatiil teooM tare mecagd U sa50.000.000 business. Fees and dsribuon sale @ E2S&. each per pteea net Lob. and 70 other top A Boating Rate probably the best in the Back icmt nmhg hafcm and tSQfiCO TRIPS ator Nerti Seaport In adraton fiOJMO guard DAY Debentures due Financial nUgafbl locations worldwide. 2008 write Box B1 201, isdata, wool. (10% near, rentMV used), legotiable. Please , in accordance wtti the Terms and SE1 9HL iW'IS Yeti lie efiarri as oppotrarin lo pries £250. per piece net tab. North Sea 081 332 0606 Cal Reguson 071 8726500 London genabs hnrinrtt witb Conditions of the Debentures, as. One Southwark Bridge, port. Plus 7BjOOOam»tartee£a.7S. par (he i-Pis tr/ia+nfs/- ran Lab. North See port. Hoofers. Reply SELLMQ IN GERMANY PLANNED? For interest rate far tha period 30th to Bos Na 81240. Ftoendel Times. One 061 4469 oanBUtog, as&fetanoe, oarvtoo, mpmsortatori June, 1893 to 30th July, TEL: 488 London 8E1 flW_ INDIVIDUAUSUALL COMPANY tilth Sodhmh Bridge. eapectty buMng systems und products 1983 has been fixed at 3 exerting products In publishing and X% par contacc ntemational Trade Census. TeL annum. On 30th July, 1993 interest MERGER promotions. Tourism tn London market. MANAGEMENT BUYOUTS FOR SALE 60% Sharehahteg d a iexBie +49 4407 54fia pare *49 4407 20578 lOMILLlON Not etowr finandaly. trut ettiemlse MRan of US. $2.708333 per US. $1,000 DEVELOPMENT portaging uanteduos. Suffledln North CONSTRUCTION BUSINESS seeks help to maBu potondaL Personal DO YDtl NEB1 HELP wth German. Brifeh nomina! amount of the Debentures wfl current East T/DeESOOK. 100* Sate anuarad. If yoo bdieve your presentations to principles only (no 11 1 Contractor STRATEGIST NadonsL Raatiere London. Has wpariancs be due far payment Well mtshp* " Bofldhjg Garedna reason lor ada. WritetoBarNe. The rate of Interest employing company could be UU 'EI ICHCEP negfrBPWHT MWd documonta In past). Box No. 81264. to pul al yotf dspoaaL Write to Box B12S8, N.W. fltof&n) wradd wdeome 51226, Financial Tlmaa, One Southwark for the period commencing 30th Jidy, ownership based tn BEBmawmoMQ Financial Tinea. One Southwark Bridge. Ftoandal Times. One Southwark Bridge. bought out from present companies Bridga, London SE1 9HL 1993 wifl be determined on 28th July, discussions with similar FHANC1AL INRECTOR POSfTlON London SEI SHL London SEI SM. in WrtxetoMrs- F.T-^ftenjj^ oc are presently baying problems reduce ToanowunuMC, 1933. un a merger in mder to sw g Powoowo n—rwocoMPWfr. ENTREPRENEUR WITH CAPITAL seeks Agent Bank and doing so - call Mr Taylor on client base, pool HARLEY STREET BUSINESS CENTRE. overheads, widea SMIY KVESnCNT COtOOERB): buy in apportunfy in UK imfocbring, V BUSINESS OPPORTUNITIES Tourist Rfly aanrioed offices, business aridraea. Principal Paying Agent fax: 081 9924238 No. 081-992 1114 or etc... Write Box B1249, ImpeaV&port. or Santa. Writs to Bw attraction, old Victorian ucddenny. 1,000 resources Phase mfe to QoxBISSS tumlujn. ati saoneiniM senifcos plus tree ROYAL BANK OF CANADA Complete confidentiality repeated Souttmark BrkQe, B1266, Financial Ttaaa, Dm Southwark birds in 230 glass cases, suteble stately FkandWnnve, One uieptim end message taking tor trainer EUROPE LIMITED London S£i 9HL Bridge, London 6E1 9rt_ homa. E20L0OO Brhtiem Dnon 0303 B5SB0S SE19HL. datds. Phona 071 637 5506. NO RESULT, NO FEE! Loudon V^'tnaMilthn f . • a -
s (businesses for sale
Leyland DAF Limited Starwest Group Touche
'• (In Administrative Receivership) Receivership) and horocstsqr centres. (In Administrative Boss Soong miuagrmcrt team in pface. The owner ft wishing *o retire. only sbooM sjyiy. Leyland Technical Centre principals _ pimtcinf 6 Write to Box NO. B1244, F Soaduwt Bridge, inHfcwflS/fltt The Joint Administrative Receivers offer Brewery Om St Helens Trans Pennine for sale the business and assets of the Remanufacturing Division ShellCompany- Starwest Group, including: Limited Company For Sale. f ii - Investment Holdings Ireland with an aaidBuy Starwest (In Administrative Receivership) Quoted in Quotation. Th* company Development properties in the South London Preece and Angus hM recentiy undergone Joint Administrative Receivers, Ralph S. Joint Administrative Receivers offer for The financial reconstruction arid now The East. individually, the a whole or wonderful Martin, offer for sale, either as provides a. opportunit :, a going concern the business and assets M. y sale as the tight busnjesa.. - company. for , W H Houldershaw business and assets of the above named following:- of the and Write to Box B12t&. Tvumdoltnmtr. General Printers and bookbinders in comprises the operation The trade of the company One Sovtkxetak Bridge, discotheques. Rayleigh near Southend. management of public houses, theme bars and London S£I 9HL Levland Technical Centre near Sheffield; Langley Garden Centre - Three freehold premises located at Eckington, Slough. Hebbum and South Shields, Tyne and Wear. Part of Leyland DAF Limited now available Garden Centre, Langley near leasehold premises in Manchester. for separate sale following an MBO of the Two long - Leeds Octad located in Sheffield, Bradford, Truck Assembly business. Nine leasehold premises Manufacturer of all terrain vehicles in and Halifax. One of the most technologically advanced Poole. ended Turnover approximately £2-5 million for the year vehicle testing facilities in the UK. All interested parties should call 31 December 1992. speed, or Facilities include test tracks (high 071 438 3773 and request further details. For further information please contact either Sean Hale durability and off-road); heating, cooling and Richard Daszkiewicz at the address below. ventilation; structural and electrical test; Parade, Leeds LSI FORSALE, noise and vibration; semi-anechoic chamber; 10-12 East 2AJ- Tel: 0532 439021. Fax: 0532 448942. portable AanomUoa Coinjany Arthur Chrerrrd xccoaoneotii EoxUariand toanvon brygitrocm tmlnm ' environmental test; and well equipped WOa Based in Sooth W Europe. Scotland equipped TH:0ftl64282W • Two high qu2hty laboratories based in LEONARD CURTIS with modem testing equipment St Helens Remanufacturing Division for further information please contact: BY ORD51 OF THE JOINT ADMINISTRATIVE RECOVERS SUBSTANTIAL FUNDS Stmon Pooler, Price Waterhouse Corporate Finance, P. MONJACK FCA_ &K.D. GOODMAN FCA AVAILABLE FROM USATO IN THE MATTER OF . York House, York Street, Manchester M2 4WS. . INVEST1N BRITISH of Leyland Limited now available Part DAF . Fax: 061 236 1468. ENGINEERING COMPANIES. SUPERPOWER facilities for separate sale. T1 Marketing can arrange Price Waterhouse LIMITED 6ao the worlds wp banks for Involved in remanufacture and repair of all SYSTEM • Unsecured loans Venture Capital inc start ups The joint Administrative Receivers offer for sole the assets and goodwill of rfus well commercial vehicle engines, differentials and • Management boy oois established Precision Engineering Company for the Automotive Industry. gearboxes. • Letters ofCredit LnsQg The company operates from freehold premises in Bicester Oxon. ; Highly committed and experienced Humberts 'Leisure • ’ Qommeicul mortgages Turnover for the last twelve months was approximately £1 million. «r A/Cs receivable/factoring workforce of 39 including skilled and semi- hghemfvmJteuldb&addnKadlohuoGooot Contact • -T On the Instructions of the skilled fitters and engine testers. tflonad Curtis and Co. Cbrafered Accountants Smithson Docbcrty SoBdtan London Borough of Enfield 061-2379283 30 Eastbourne Terrace London W2 6LF 1at 071-262 7700 Fax: 071-723 6059 ® 2/DOS ISO 9002 Certification. WHITEWEBBS HOUSE Facilities include washing and cleaning ENFIELD GREEK EXPORTS SA. FOR SALE INVITATION equipment and five engine test beds. NORTH LONDON . A well established Stationery Company located to London, About ' Central London; About 12 Mite M23MJS (J23):(J2 2 Mika For Uk “>»'.* of Declcndoot of bierest for ibe pnirtmr of tha Amb at ’GENERAL Turnover in excess of £2m. Docklands. Excellent client Base with enormous further SUPPLYING (MANUFACTURING! SJL ELECTRICAL A TELECOMMUNICATIONS ' An teporing 18th Century Mansion overtook] MATERIAL INDUSTRY, PLAS7K3 INDUSTRY*. potential. Current T/O in excess of 1 million, sales include Golf Comae with potential fire a variety of t Freehold premises comprising 31,000 sq. feet office furniture, • machinery and equipment Mam Home WiAte Mb fnsrewxk of the prtvafanioo policy on ike toss of l«w 30009L GREER 1 fmnmMi workshop/ offices in 3.28 acres of land. Snhsamial encoding to EXPORTS band is ireyisiinkw Strten and * mhrkffatry of ibe HELLENIC Cottage SA. Alba (17 P Price £295,000 + SAV freehold premises available if required. approximately INDUSTRIAL DEVELOPMENT BANK SA. (ETBA SA.). bn taco ^pointed BqAdMor by Alba ' 9 Acts to Located within four miles of (junctions 1 9,000 sfft. Apply Box N® B1251, Financial Times, One Southwark M6 ef Grounds Omit of Appeal Ontar No. 3QBW-6-9S rad standi 10 mU, wiA Ac procedure deaaAeJ at reticle grass externa) 4ta a Law 1892H990 u tiipplensmcd by reticle H of Law JWV1991, the collie oca of 23/24). Bridge, London SE1 9HL, for further information. • Coach House 'GENERAL SUPPLYING (MANUFACTURING! S.A. ELECTRICAL A Available on a L25 Lease TELBCOMMUraCATIONS MATERIAL INDUSTRY, PLASTICS INDUSTRY*, bared Alba, • *.1S Et; Oficiy Invited adbatrtETBASAkiadxhacWh. RECE!VERSMP$/UCHJ|OAT70N - PWK :-'7 ^-:-d ;c ; if PAGES - The wmidy guide every. For further information please contact- Joint Sole Agents RaJKety Baddaad •GENERAL SUPPLYING (MANUFACTURING! SJL- was tended M 1974 (FEK No 177IW1 MAGAZINE ADVERTISING to ASSETS of InsaNam oompany. Direct contact wtth and mnWy ie tbe airefactnri lcaifcnt nhl alt ktodfc a Ir East Common. Gcrranfc Cross, Buckinghamshire SL9 7AG 74) b engaged m ag of c mM of Kra. MJ and Inooltfont corepaniM and businesses. Uqufdatorameoetvera. Fully Indexed Ugb wdrege, re well «atl of <.-,1 ! 0753 888047 Uadi rekoareonhaeiaBddcelriealaMreM. Tat: 071-282 1 184 Fax; 071 Hir 706 34S4. according lo company typa. Frae Anne O'Keefe or Alastair Walker, Tbe pndaaioa teuBahmid the company am amared ia Oenoffeyte la the pretemte of Baeoda, an sretfie copy - Tat (0273) 626881 . 24 Hrs dre reovereul road K> DBexsL Tbe faeeory baa bcca bnBi oamidr-ownedplolor bad of 1R286 re2 ® Arthur Andersen, area, la afbre^nrretared pka them a Gmt-xavj bmkSag. eooriadng of » gnxunl Hoot, a Bat Bank House, 071-629 6700 Bow, a aooond Boor, ud a areaBer apotmare an ibe root Tbe real fwviceable area of Ibeae woreya onmei m L4^3 m* real ia vohaae to 34343 nA Baddei jN.'LHiivTTrr Charlotte Street, lb* reare MMng, drere are atre narel aeeoBdn7 ccadnoia OMsing • anal of 490 ia ea 9 3 2 and 2JD0Z m bi votamc. Parthenoora, Bm oorepaay owns an office of IUL80 m is ana, «J 35 Manchester Ml 4EU. On the Instructions of Sreoraan Sereel in Albcna. where BW bared Tel: 061 200 0277. Fax: 061 200 0343. PUBUSHINGf/EXHIBITION a major FINANCIAL DATA (ini pic Company Wanted 9 Freehold Public Houses For Sale Available as a group, in packages or individually Publishing and/or Exhibition company with current Some of the properties are being sold as The abovefigures derivefrom puHhhed baianee rheas. profits of £1/2 to £1 M wanted for Arthur investments purchase by successful expanding company L WUa wtxty (20) aleadrx dtjt fins publication of ibe presool tovtuUun. laierestrd buyon with BRITANNIA INN, Portland, Dorset £95,000 cash available. Andersen mu rebenh i aao-btaBng wittcs deOrebre of referai. Portland, CORNER HOUSE, Dorset £100.000 0. Prayrtlvt bayco. ate giving i wriBa pramlre of arefidrafjnKy. cn otxaio Oteag a Please write to Box B1239, Financial DEVIZES ROAD HOTEL, Salisbury, Wiltshire £110,000 Times, Arthur Andersen &Cq SC One Southwark Bridge, London SE1 NEW STAR, Portland, Dorset £100,000 : of Ac jMbUc render for the highest bidder wS be paMfebed wjibre tire 9HL jnacAtd tee liahi M Ac i WELLINGTON ARMS, Weymouth, Dorset £125,000 Arthur Andersen is authorised by the Institute of Chartered Accountants in SWAN, Dorchester, Dorset £110,000 England and Wales to carry on investment business. YACHT TAVERN, Southampton, Hampshire £80,000 Contract Hire RAILWAY, Yetrainster, Dorset £75,000 ! Tbs bead office «fB.TAA. SA- DbcCMrete of P»b6c HotQngj, 87 Sysgreo Are (2nd Bow}, Businesses On the Instructions of the Receiver, S Hobson, Hears Francis Clark Wanted ENGINEER’S ARMS, Salisbury, Wiltshire £100,000 Alters. TeL».l-9L94JW and J0-1-JJZ9O96 A South East based For further details please contact: b) Greet Krpoai LA. 17 Pinrptotmhxi swa lire floor!. Adrena. management company is HEMSFORD Td.X-l-3ZA9.Ul to 5 Ken Sims or Colin Wellstead looking to acquire [iKESCfliciiSiinfl further 071-486 4231 motor vehicle contract hire fleets or to manage out 17 Self-Contained Cottages >£»!iT?ynyT!7*n7.- problem situations on CHRISTIE &. CQ behalf of third parties. 5 Bedroom farmhouse DIVISION PrinxpeUontythouldapptyta Bate Indoor Swimming Pool, Bar, Sauna, Solarium, The Administrative Receiver offers for sale the long established BI26I, Financial Tones, One Southward at Gamant, Bridge, London SE1 Gym and Games Room. manufacturing business ofconcrete products based 9HL Management Consultancy Near Ammanford, Dyfed, as a going concern. On the Instructions of Receivers ’ Stabling, Track Room, Loose Boxes, LPA Private or Public Sector The assets comprise:- Freehold Land & Buildings, ' Riding School 2 Tennis Courts THE ROYAL GWENT HOTEL WANTED Turnover Plant & Machinery, Motor Vehicles, Stock in Trade, Goodwill f2-4m Gwent, South Wales 15,000 to 9 Hole Approach Golf Course 40,000 sq. ft. For merger or acquisition Situated in the centre of Old Cwmbran Audited financial statements are available to 31st March 1993. Laundrette. food factory in the Shop. Large Store. bedrooms Function ‘ 59 en suite ™ Room licensed for 100 Box NO. BI26S. Financial Timm, For foil details please contact Stones Jones, 63 Walter Road, north Children's Adventure Play Area i Lounge/Wine Bar — Scallywags Night Club (200) London area. One Souttnrarfc Swansea, SA1 4PT Tel: 0792 654607 Fax: 0792 644491 Bridge. London SEI Rflply Bo* B1246. i Restaurant (60) ™ Staff Accommodation ftwictai TteBs, Approx. 28 Acres One Scutfjwai* Bridge. t UmOonSEIBHL C ” Planning Offers in the region of £275,000 freehold ‘ L/DETEROENT Full Residential * Established Trading Specialised In fleet and full service leasing, the MANUFACniREA Best Offers (o be in by 9th July 1993 WANTED. bidutilW company is active nationwide. It is restructuring its flowing company wishes to aaqulrs a Ref. 54X79$ majority to foreign capital and offers ownership “jraany Curertiy tiwnutscuing ehonieM - INVITED BY PRIVATE TREATY For further information please contact personal products OFFERS ARE investors. The investor must understand the car In the industrial of HpuMftoW Bristol Office on 0272 744 566 service leasing business and should be actively •jantoriai Market The cboanny «touki_ AUTNORE YOUB a turowar tovofaad. BOOK PUBLISHED h to radon of £tm42m- 5 FLEET STREET based In Centra] or gnytsnd. ir.-l YCO TTS TORQUAY CHRISTIE &C2 Ptease wTfta to Box 81558, Financial Times, aimPlJMa.write, with proOe of company Bo* One Soutrwarfc Bridge, London SE1 9HL Rnancka Tiams, One Southwark 0803 212531 orMga, London SEI «. t ' ! FINANCIAL TIMES TUESDAY JUNE 29 1993 TECHNOLOGY hen George Walker, a Consulting through telemedicine Serving physician at the Dodge Technically Speaking County Hospital in rural Georgia, sees a i- % .•-"V-; Wpatient with a difficult case, he has up an option more not open to most other country doctors. Instead limits on of sending Human his patient to a distant, more tennis sophisticated medical centre, he and the patient can sit in front of a information age video camera for a teleconference- isitors to this year’s style consultation with Wimbledon a specialist tennis 130 miles away at the Medical championships Col- By Hugo Dixon V can avoid lege of Georgia. some of the frustration involved Dodge County Hospital and the eg: DOES the age of There are also parallels between in watching one match while MCG are participating in an experi- M information tech- the Darwinian process of evolu- hearing the roar of an excited ment with telemedicine - the appli- nology need a new tion through specialisation and crowd from the adjacent court. cation of telecommunications tech- economics? Yes, natural selection, and the way the The Inquiry JL Tennis Information nology to the practice of medicine. according to Mich- economy mutates. Most impor- Service will allow them to keep primary-care Although the technology has been Location of US physician? (1990) ael Rothschild, a tantly, the key to success in both, np with events around the grounds known for years and is largely ‘ “off US higbrtech man- biology and economics is learning using a multimedia system OP# *c the shelf, according to Jay Sand- agement guru. The invention of through experience. This leads to combining television coverage, ers, chief of the MCG’s Telemedi- OB/QYNs microprocessors and fibre-optics the conclusion that managers and latest scores, match schedules and cine Centre, its use for a variety of capable, respectively, of process- politicians should not seek to con- player profiles. medical purposes is only now being Memfeta* Designed ing and transmitting ever-increas- trol behaviour through bureau- :h by IBM in conjunction fully explored. r' ^srs But experts say it ing volumes of information means cratic systems but to find ways to with Wimbledon officials and Paediatricians J^aacc? the could be an Important answer to that the old metaphors we use to enable their organisations to learn BBC to • give commentators Instant :ij is© the question of how to raise the understand the economy are no foster from experience. access to statistics and historical fpOQ} Q 10 70 80 quality of healthcare in rural and longer appropriate. is much appeal in this information. There - Inquiry has th is year other under-served Source: US government Oonauttarts In ganeraJ mwflcfna -'final areas, while at During the industrial age it analogy. But whether it amounts been extended to the public. the same time reducing its cost. made sense to describe the econ- to a new economics is doubtful. A touch-screen terminal allows “We really see a great future for omy as an engine and think of Adam Smith, back in the 18th cen- spectators to watch up to three this," says Dina Puskin, director or workers as cogs in a huge tury, explained how competitive live matches in windows on the the Federal Office of Rural Health machine. In order to make the markets resulted in the survival of screen. It also displays data Policy in Washington. economy or a company work, all the fittest. including aces, doable faults, According Is to the US Health there a doctor that was necessary was to press This century, the Austrian econ- forehand and backhand winners, Resources and Services Administra- the right combination of buttons omist Friedrich von Hayek net points earned and total points. tion, 35m Americans live in medi- or pull the right levers. stressed that free markets fostered Historical information can be cally under-served areas. These But this mechanistic mind-set experimentation, learning and called up, too, showing players’ areas Ml to meet the criterion of has outlived its usefulness, Roths- dynamism because individuals track records and world rankings. one prtmary-care physician per child argued in a lecture earlier were able to respond to informa- Other options include a rundown 3,500 people or one per 3,000 people on the screen? this month at the Institute of Eco- tion generated at a local Level. on matches in progress & with scores in high-need locations. Prisons and nomic Affairs, the London Free- Moreover. Rothschild is perhaps from all courts and a match mental hospitals, where transport market think-tank. a little too gung-ho about micro- schedule. Visitors can use thin us to of patients can be costly and diffi- The use of telemedicine in remote communities is only It Is not just the central plan- processors, fibre-optics and other for plan their day by entering either cult, are also prime targets for tele- ners of the old Soviet bloc who gizmos of the information age. the name of the player they want oreign medicine. now being fully explored, writes Barbara Harrison have discovered this. Increasingly, These new technologies clearly to watch or the courts to which Puskin, who is also on the White managers of hierarchical organisa- have a part in improving produc- they have access. Souvenir hunters House task force nent in for healthcare would place his hand in a sensory for a hospital to establish a teleme- forced to fight for reimbursement tions and politicians in the capital- tivity, but they are not the whole can take away print-out a profiling reform led by Hillary Rodham Clin- generator and feel the same texture, dicine hook-up. By his calculation, from insurance plans that refuse to ist world are finding that their old picture. and picturing their Africa favourite ton, cautions, however, that while force and temperature. if telemedicine keeps one patient recognise their telemedicine ser- techniques do not produce the pre- What matters is not so much players. the federal government provides The speed and accuracy of digital per day at the rural hospital instead vices. The insurers generally have dictable results they once did. crude information as judgment. Further layers of sophistication some funds for pilot projects in tele- transmission has helped boost tele- of having him or her referred to been willing to cover radiology mid The explanation, according to Modern executives are already being considered include a sound medicine, man, more experience would medicine's possibilities, including another institution, the hospital’s pathology services because the Rothschild, is that the explosion of bombarded with junk junk system which could pinpoint the have to be gained before the system conferring with specialists daring net cash flow increases by $150,000 transmitted images involved in information means that it is no foxes and junk phone calls. How- - “iiSjtf ball to within 10mm and monitor could he applied throughout the surgery. Walker believes that for a per year, making it possible to off- those consultations are regarded as longer possible or desirable to con- ever fast computers are able to players’ accuracy in hitting just country. rural physician and his patients set the investment in a relatively the same as looking at the real trol companies or economies process information, there will short of the service-line and Georgia's $350,000 (£230,000) pilot "communication is the major thing” short time. thing. Other types of consultations mechanistically. His alternative still be a constraint on how much baseline. programme, which began in Sep- that telemedicine offers. “Patients But Puskin points out that expen- do not, however, meet an insurance approach, dubbed bionomics, is to information humans can digest. John Taylor, an IBM consultant tember 1991 with state and private love it," he says, because they are sive obstacles can exist. Some rural requirement for the “laying on of view the economy as an ecosys- Similarly, what matters is not so in charge of the Wimbledon funding, is the most sophisticated reassured they are being cared for areas may not yet have adequate hands” and have been ruled out tem. Both are “vast decentralised much cheap channels of communi- project, admits that the public is use of telecommunications for properly and relieved they do not telecommunication lines and creat- While the American Medical information networks that no one cation as developing long-term still slightly reluctant to use the healthcare in the US. It includes have to travel far from their fami- ing such infrastructure is costly. Association has weighed in on the plumed and no one controls - relationships with suppliers, cus- system but says it has already teleconferencing and upgraded med- lies and friends For treatment. She also says: “The financial equa- side of telemedicine to win doctor enormously vibrant and always tomers, employees and other found popularity among ical devices such as an electronic Walker that, for him confer- the is changing”. stakeholders. The adds , tions will look better when cost reimbursement the issue not yet performance of commentators, players and coaches stethoscope that magnifies the ring with specialists has “been a of equipment comes down - and the resolved. But “it will be” and in the There are Interesting parallels. Japanese and German economies who use it to analyse match play heartbeat or the sound of lungs valuable educational tool". prices are coming down.” doctors' favour, says Ted Hartman, The methods used for encoding has shown the value of such and assess competitors’ strengths breathing. Other diagnostic tools At least 11 other states either Another question for telemedicine who directed a telemedicine pro- information in DNA are similar to long-term relationships as com- and weaknesses. such as X-rays and ultrasound have telemedicine programmes or is whether physicians will accept gramme hi Texas and is now an computer programming language. pared with Anglo-American short- The Inquiry service available images can be transmitted to high- are about to begin them. Many of and use it Sanders notes that doc- executive with insurer Blue Cross The food chain in biology is analo- termism. However cheap it to commentators and players uses riesolution monitors for study. these are relatively limited pilot tors as a group have been relatively Blue Shield of Texas. “It has to be gous to the value chain in the becomes to transmit information, software from the Spanish The MCG is even working with projects, but the information from slow to use computers. And experts because that's the way health care economy, with part of an organisa- there will still be constraints on company Micro Systems Lagiscta. the Georgia Institute of Technology this wider number of experiments agree that there is little point in will be delivered.” tion's products being consumed by the number of high-quality rela- US sports specialists Information to develop an. electronic hand that should help answer some of the small community hospitals' invest- Once reimbursement is approved other organisations and part tionships humans can maintain. & Display Systems developed the will simulate a physical examina- questions about telemedicine. ing in expensive technology if their by the federal Medicare programme, returning in the form of profits to Information technology can gen- software for the public system. tion. The patient's doctor would don Hie primary one is cost Sanders doctors will not use it which insures healthcare for the enable the organisation to “repro- erate wealth, but only within the a glove to perform an examination, says it requires a maximum invest- But some doctors have balked elderly, private insurers “will fall duce" and grow. limits of human psychology. Sarah Underwood while the specialist, miles away, ment of about $300,000 in equipment with good reason. They have been into line,” predicts Hartman. BUSINESS SERVICES HEALTH CARE DEVELOPMENT REACH GLOBAL TRADE MARKETS SOC1ETE SUISSE AYANT DE INTERNATIONAL, INC. [.‘EXPERIENCE EN MATTERE Modem Health Cara Worldwide FINANCIERS EST A MEME A fnll-ncrvicc facilities plan birr organisation handing aQ levels of hrallh DEVOUS CONSE1LLER cars service. 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"V Appear in tite Financial Times mixture ofnon-biodegradable in long-life ceramic technology, ecological one. ^Kyocera “Vi";’* advertfe* For further mformafion or to m. on^i"JjJ4780 please contact Karl Lnynton OO 071-873 3308 m or MeianieMtes - - - .r- Kyocera Electronics Europe - Mollsicld 12 - D-40Q5 Mflerbusdh 2 - Germany TeL 449(2159)9180 Fox +49(2159)918108 u Ttt fa tmm tm - iT sm fir**** imir ns wz mmw& Y . ..'' . a r •:.'.s< . -jyw) WANdAt TIMES TUESDAY JUNE 29 1993 BUSINESS AND THE LAW LEGAL briefs doctrine by adding a long-awaited US Supreme equated broadly of reason" which decision in an insur- Court with principles of daro ance antitrust case was provided arm of comity. The rule of reason delivered yesterday but it Long warning not be flVPjfeJ Tobacco law would that US A to provide the hoped-for has failed extratemtoriany to fpreignoond^ glad guidance to foreign governments interests^ if the balance of foreign on the extraterrito- outweighed and businesses exercising jurisdiction rules clarified rial reach of US regulatory law. interests. law US . The case involved complaints American of the extrater Given the history filed by 19 US states alleging that US regulatory ^=#^63^ The European require more than one health ritorial application of four US primary observers warning. the defendants r 1345, most Cm*1* of Justice antitrust case statutes since A I A insurers, two US trade associations, Robert Rice on a US expected J /\ last week clarified The court said that as far as would until recently have a US reinsurance broker and Timberiane or ^?y|S . significant diplomatic fric- Second, the court said that a v labelling of tobacco products in possible, the state-owned company extraterritorial reach produced assuming that principles of comity Mr Justice Morritt said the rules gave in charge of the project was found tions between the US and its trad- the Community. Some provided .. of US antitrust laws true do apply in the antitrust sphere, Mareva was a remedy in breach of law. ing partners. This is not only states no discretion to impose to be EC statute for the benefit of the laws but also of export comity only applied where a direct by stricter requirements; others The court said despite the of antitrust legal conflict between US and for- public at large or those who had allowed a degree of discretion. removal of the clause in question, at Lloyd’s did not fall within the controls and securities laws as well. application of eign laws existed. That is an exceed- suffered from infringements of Such discretion was allowed in the tendering process had been exemption because their activities The extraterritorial substan- ingly narrow and probably unsound the Financial Services Act If was : relation to health warnings. The tainted and that its removals at could not be “regulated by state US laws has also aroused international view, Mr Bom says. as much a matter of law \ set down a minimum the last stage of the operation law," and that the US insurers had tial concern in the directive enforcement as the granttng.of he says. Few foreign states and businesses surface area. EC member states prior to signature was not suffi- forfeited their exemption because business community, of Lloyd's: defendant will be happy with the court's unan- an interlocutoryinjunction, so. _ were entitled to increase the area cient to validate the breach. they had conspired with the non-ex- “Extraterritorial applications ." substan- imous conclusion that the antitrust a cross^mdertaking in damages 7 to be covered. Second, the court found the suc- empt British insurers. national laws often create adopted what laws have extraterritorial applica- was not required. The court accepted that its deci- cessful tender had not been made The circuit court also rejected the tial uncertainty and the risk of con- Supreme Court known an “effects test” tion. The only conceivable silver re: sion, which was contrary to the in conformity with the tender district court’s conclusion that the flicting legal requirements. This became as determining extraterritorial lining Mr says is that Justice earlier opinion of the advocate offer conditions. The fact that the principle of international comity chills international commerce and for the , Bom opinion be Predatory pricing general, might lead to less favour- company in charge of operations barred it from exercising jurisdic- investment and can sometimes application of the US antitrust laws. Souter’s majority can Supreme Court ruling >. ;. able treatment for national prod- had even considered that tender tion under the Sherman Act in rela- impose considerable injustice on Abandoning strict adherence to the read to suggest that the antitrust A US ,v **3 extraterritorially only /A last week will make it harder ucts compared with Imports, but it breached the fundamental princi- tion to the claims against the Lon- private parties caught between presumption of territoriality the laws apply conduct “was meant JL \Jor American companies . :, ruled that this was an unfortunate ple of equal treatment don reinsurers. national legal regimes." court said that in future the anti- where foreign to legal For almost years up to the trust laws would apply not merely to produce and did in fact produce win actions alleging 1 consequence of setting out only The court said it was irrelevant The principle of international 200 k — minimum requirements on the that the EC directive on public comity provides that where two second world war US courts relied to and-competitive conduct on US some substantial effect in the US". predatory prfdng hy a competitor on what became known as a “pre- territory but also to conduct outside That standard, if rigorously designed to drive them out of the size of health warnings in the procurement did not specifically countries’ jurisdictions are in con- 7 ‘ market. -.V directive. mention the right to equal treat- flict, each country must examine its sumption of territoriality” to deter- US borders that has "effects” in US enforced in the lower courts, could court The second case involved Italian ment for tenderers, as the obliga- own and the other country’s inter- mine the reach of federal legisla- territory or on US commerce. provide limits to the extraterritorial By six votes,to three, the rejected plea cigarette maker rules on health warnings. The Ital- tion to respect the principle corre- est in exercising jurisdiction and tion. Unless there was a clear This remained the law until 1976 reach of US law that some foreign a by ian rules require manufacturers to sponded with the directive’s very defer where the other county's indication from Congress that a when, in a case called Timberiane, observers might find acceptable. Brooke Group fta reinstatement put two health warnings on ciga- essence. interest is dearly greater. stature should apply outside US ter- the 9th Circuit Court of Appeals In general, he adds, the court’s (rfaJlSOmaward againstBrown ... rette packets and require warn- 0243190: Commission u Den- At one level the case was ritory. federal legislation would be placed a restriction on the Alcoa opinion, is badly out of step with & Williamson Tobacco, part of BAT to only to conduct “effects test" which had been contemporary understanding of Industries. Brawn * Wffliamson ings covering at least 4 per cent of mark. ECJ FC, 22 June 1993. extremely important to US busi- presumed apply _ the surface for other tobacco prod- nesses nearly all of which are within US territory. heavily criticised because it allowed what comity requires. “It is a result had been accused of unfair drive said required to carry commercial gen- After the war, the basic rule expansive extraterritorial applica- which will cause no little distress to price-cutting fa an attempt to ' ucts. The court there was no BRICK COURT CHAMBERS, "’cvl discretion under the directive to BRUSSELS eral liability insurance. changed. In the Aluminum Co of tion of US law. both international businesses and Brooke out ofthe market for At another level, however, the America (Alcoa) case of 1945, the The court tempered the effects the international Legal community.” generic cigarettes. ;• PEOPLE NOTICE OF REDEMmON Ta the Holden of *" W •: =: ;:> •*-’ n:n SIMMONS & SIMMONS W. R. Grace & Co. ! Fisher's si 1 Old hands at James helm Liquid Yield Option" Notes due 2006 i» t<> aiiiMititu-f the appointment of (Zero Coupon-Subordinaled) ' r.i-ar four nrw partnrrs (CIJSLP 3KW83 AJ ()• " Na James Fisher, which controls descendants of the founding man and managing director, The latter’s appointment is -v ••• biggest short- families, has fleet of around says that he had wanted direc- particularly appropriatesmee NOTICE IS HEREBY GIVEN ttut, pawn lo Stakm Wl of Hat lotaHur rimMnra'I. dried » - Qy i financial times Tuesday june 29 1993 ARTS 11 Recital Harolyn Master pourer Blackwell of thick paint Looks do matter, and the way tbey are used matters more. William On Friday, the young soprano Packer reviews the work of Harolyn Blackwell (best Ian Davenport known here from Glynde- bourne performances, notably hnld. hose who as so many comes to mfori is Gulley Jimson’s as Clara in Porgy and Bess) do, that painting is dead, remark, when asked by bis patron, made an immediate impres- mean only that for Lady Beeder, what he thought of ha* sion of dignity and glamour as painting is now all but irrel- own modest effort it she arrived T that is “rather on Hie Wigmore evant within the context of current like farting Annie Laurie through Hall platform. She is slim, avant-garde preoccupation. for ‘ And the key-hole - all very clever, but is - not v black, erect, and she ware a them that is the only context that it worth the trouble?" Davenport, scarlet bare-shouldered gown matters. Neither the actual qualities like Jackson Pollock and Morris 'fi that matched her earrings «na vested in the work itself, nor the Louis before him, is a pourer, more lipstick. Her physiol relax- profundity pm. of the personal Louis than Pollock. But here is noth- ation while staging was per- eral truths that it might propose, are ing of those great, expansive sweeps '••'-"I fect - V '.tit neck and shoulders to he summoned up in its justifica- and rashes of thin, seductive colour never disturbed by any quick tion, but only the degree to which it that so characterised the effortless r ' ' intake of breath - and she cre- rill is currently engage, innovative, idea- 1960s. Davenport is much more ' - ated an image of utterly classi- led. Ask nob what is it? Ask only: methodical than that, his systems cal repose. .j.' ^TS where does it lead, what does it say? and processes dearly laid out, his In some ways, she is a classi- There are exceptions, of course, angles set, his paint thick. cal singer. Her vowels and for painters of a certain provenance, Richard Shone, in his catalogue consonan ts are perfectly mar- -Ja«0St who make the right noises, strike note, tells us how It is done. “A ried, her utterance is always the correct attitudes. But how curi- gmfifl scaffold is placed next to the ' “ precise, and she enters notes '-or, ous it is that so often they turn out canvas which is positioned at a cleanly. Her phrasing Is so to be rather more old-fashioned and slight angle to the vertical. The finely judged that you soon backward-looking than their more paint is poured from a vessel with sense her intelligence, but she conventional peers, for all the seri- an «djnatnWp haaH to regulate the » never becomes precious or - •• •- ousness and originality of their sup- breadth of «»rh pour. Strict Hma is ' excessively contrived. posed enquiry. There is no truth like kept between the sequence of pours She does not, however, an old truth, and when • hi'* a way or allowing the paint to find its way sound all that she looks. Her principle of painting comes round a down and off the canvas ... Varia- voice is not only small, it is second time, it comes not tall of tions in timing getahifah the overall stand: this is serious study and motions, is hard to say. The system- it is that at its best work of this this company is the Michael And- also lightweight has She no truth and grace - oh that ft had tempo of each work. Decisions investigation. atic engagement in the making of kind has no less claim to be consid- rews of 1962, his first version of "The chest register to speak of, and virtues - such in the first place bat tnetnde ground colour, width of run, And what we have at the end of it art is by now an established and ered engage, advanced, experimental Colony Room” in Soho, with the her attack is restricted. as mere pastiche and decoration. gauging of overlap, where to begin is a set of large, uniform canvases on honourable position. I only wish he and, if yon like, truly avant-garde, writer, Bruce Bernard, in conversa- : •• Ifctr Though she can swell a note Ian Davenport is now 27. A prod- each pour, choice of col- which variegated stripes of thick pig- were less mechanical and worthy in than anything of Davenport and his tion with Francis Bacon and the for- gorgeously - the final note of uct of the Goldsmiths’ College, he ours... Broad pours give a firmer, most run from top to bottom, one his approach to it, and the work less contemporaries. midable proprietress. Muriel Norina’s scena from Pasquale was taken up on graduation, more solid structure . . . slender overlaid upon another, now hidden, formulaic and predictable, more The artists are Bacon, Freud, And- Belcher, with Lucian Freud staring was beautiful - a crescendo launched on his international gal- pours are more fragile... and way- now peeping out, now fully on the open perhaps to the opportunities rews, Auerbach, Eossoff, Kited and fixedly out at us, from the centre of she take can seldom ever a lery career, nominated for the ward..." surface. The colour Is arbitrary and for development and exploration - Hockney- Two or three substantial the canvas. Unqualified by any pho- note by force, and she lacks Turner Prize. And I must say at This is aD fairly conventional stuff iminflecteri, so this can hardly be delicate, subtle and fleeting as they works by each artist are shown, tographic reference, it reminds us the brio to make Norina’s once, on the evidence of this his - the process that declares itself the painting about colour. And it would are - that even now chance pats in some early, some more recent There just how vigorous a painter of the “Conosco” aria bounce. It is a second major West Bad show, that image that discovers itself, the ther- be hard to say that it Is about the his way. are things to recommend of each of figure composition, in the good pretty voice that often reveals he is a better painter, qua painter, apy that indulges itself. Painting handling of the paint, for there is no them, but the earlier the more old-fashioned sense. Andrews once real loveliness, but it usually than I had supposed, master of a these days, so the rubric has it, has handling, the paint all too evidently Seven British Painters is a summer intriguing, and the less familiar the was. has a tremulous kind of refined if limited h™ and thin nang , technique, use to be about something, is left to shift for itself. The surface is gallery show from stock that shows better. A Bacon study for a Pope of vibrato that robs her singing of commercial household patwtc may painting about painting about the as dull, or interesting, as rnmmurnial the strength of figure-based painting 1957, a highly wrought, deathly pale Ian Davenport: Waddington Gal- of the kind of repose that give can j his tature restorers nightmares, disciplined accident, contrived intu- paint maim it. It is, as I have in this country in the generation and sleeping nude by Freud of 1950. leries, 12 & 34 Cork Street Wl, until r • '.i. i-rr makes her appearance so but for the moment what he does ition, the automatic gesture. This is said, all very clever. that has now reached later-middle, a Kitaj conversation-piece of 1974 are July 3. Seven British Painters: Marl- *• appealing. with them he does very welL no mere response to experience, or Quite where this leaves Daven- indeed in certain cases manifest old all remarkable. borough Fine Art, G Albemarle that said, hat No doubt she was nervous The trouble is that, w feeling, or the thing seen, you under- port, other than going thrmigh flic age. But age is not the point Rather My own particular favourite in Street WL until September 4 1 Lt'I'i'T on Friday, but a singer with her experience should not be unduly alarmed by the Wig- he city of Buffalo, at the west- June in Buffalo/Paul Griffiths whistlers in what was a deeply serious Obituary more Hall. Yet twice a haiflrno ern edge of New York state, dads ceremony, by no means unfitting crack appeared during a sud- has a distinguished recant his- the composer held to homage. One won- den vocal ascent, and raised a T tory as a centre for new music. ders what size Var&se took in shoes. question about the basic firm- Menton Feldman taught at the univer- Velcro tap-dancing The principal concert was devoted to Boris Christoff ness of her breathing. Her sity, and established short summer just two 20-minute orchestral pieces, singing of a group of Bakh- courses for composers that now go on Observances” grew as a four-movement generation of professors of composition. Felder's percussion concerto “Between" The Bulgarian bass Boris ability to balance the implaca- maninov songs also suggested as "June in Buffalo”. Student compos- symphony out of motivlc cells from the This is sad for the world outside, but and Wuorinen's “Bamboula Squared", Christoff has died in Rome at ble outward strength of these that she had learnt the Rus- ers come from around the US and interrupted “lAcrimosa” that was Moz- probably not so damaging to those for orchestra with tape interventions the age of 75. An imposing two characters with a sensitive sian words by rote, with recur- beyond, to learn from senior colleagues art’s last creative effort, or how the within university composition depart- suggesting ywnA hybrid of honky-tonk presence, a voice of granite, he feel for their innpr weaknesses rent mispronunciations. - David Felder (Feldman’s successor), concerto was similarly rivetted on a ments if, as at Buffalo, there is room for piano, cymbalum and a few dozen strode the operatic stage with made them rounded portraits But none of these flaws Donald Erb, Bernard Rarute and Charles four-note pattern. But he is no Webern. the oddball not only among students stretched rubber bands. It was a typi- an authority that made him in the fullest sense. spoilt the amiable and touch- Wuorinen this year - and to have the The thrust, flip boldness, tha freedom but on the staff. cally spry piece, with late Stravinsky to thp ideal exponent of thp roles It was as Boris Godunov that ing feeling she created in rare rfianna of working with an ensem- and the colour are all American: his Paul Elwood, a member of the Buffalo thp background. Felder's music (a duet of kings, tsars and elder states- he made his American debut in everything she sang. Essen- ble of highly skilled musicians. One own description of himself as an faculty, presented himself as “velcro for flautist and computer, descending men. In the Russian repertory 1956 in San Francisco. By this tially, she Is a Romantic, part-concert conducted by Harvey Sofl- abstract expressionist was close to the tap-dance soloist” in his “Edgard from piccolo screams to the cool dark of and Italian operas, especially time his career had taken in reflective and sensitive. Even berger was exemplary. Badly composed mark. Now how, he wondered, were VarSse in the Gobi Desert”, a piece that the bass flute, was also played during those of Verdi, there was most of the world's leading when she cannot lay forth Pur- music didn’t work; good pieces - his these eager students he was talking to managed to be at once funny, touching the festival) is more in the Carter area, nobody to equal him in the opera-houses in a repertoire cell songs with the calm com- own hair-raising “The Advancing going to get on in a world increasingly and atmospheric. Velcro tap-dancing though with an unashamed, zestful decades Immediately after the that extended to the main r“* ' mand you fed she intends, she Moment”, or a string nonet by Jason set on instant gratification? Where was creates noise when the velcro-soled seize on simple intervals. Both pieces Second World War. Verdi bass roles, Wagner’s remains eloquent at every Uanchi — did. the place for the robust individual in. as shoe lifts off the carpet ground: with gave the Buffalo Philharmonic difficul- After studying as a student King Mark, Hagen and Gurne- point, especially in recitative. Erb was a particularly heartening, if he put it, the age of sleaze? amplification the expert soloist is able, ties, but the eventual performances of law, which he never liked, manz, Beethoven’s Rocco, and Bakhmaninov is nearer the also a monitory presence. He played One answer is simple: safe in the through executing hectic stomps and were compelling and often beautiful. he was heard by the King of many other parts in Russian heart of her style, and she tapes of his two most recent orchestral ivory tower. The problem that faces slow turns in Tai Chi style, to create Now the orchestra ought to take these Bulgaria and given funds to operas. If most were dominat- here she revealed more variety pieces, “Ritual Observances" and his such events as “June in Buffalo" is vicious beers and exquisitely protracted works into their regular season, and study in Rome with the bari- ing characters, that fitted his of colour. Likewise Stranss, Violin Concerto, and talked freely about that, while ostensibly hplping to train squeezings. These were accompanied by develop the relationships formed with tone, Riccardo Stracciarl. The personality. One commentator who suits her yet better. his musical loves (Mozart, romanticism, the npTt gpnpratinn of composers, their piano and percussion sextet, the latter the two composers. Bat that is not the war years interrupted his vocal remarked that he “laughs like She closed with Genius jazz) and methods - about how “Ritual real function is to bring on the next doubling as chanters, clappers and bird- way we are going. tuition and he was eventually Mephistopheles and orders a Gold, a recent song-cycle writ- held in a German camp for dis- drink with the tone of voice of ten for her by Ricky Ian Gor- placed persons, but in 1946 he Boris the Tsar”. Opera man- don (b.1956). The poems (by lowing the dust off the image Courvoisier is asking FFr75,000 made his stage debut as Col- agements are said to have Langston Hughes) have no of the old books trade is a Antiquarian booksellers (about £8900) for a very rare beauty ltoe in Pucctoi’s La Boh£me at crossed him at their peril. hygiene manuai for ladies printed Reggio Calabria, an appear- The voice itself served him l great importance, but Gordon major reason why 82 leading and - of ance never • has n real fedfaxg for wards, B international dealers are gath- in Lyons in 1531. Only a handful from which he was without fault or failing and for lyrical singing. His ering until Wednesday to the Mutuality gather in Paris copies has survived 400 years’ anxious to look back. A bass voice as throughout his long career. style here derives chiefly from on Paris’s Left Bank, for their sixth consultation by women wanting to weH-fbcussed, as authoritative Even in concert during the Britten and Copland. I think biennial fair. dance of raw material which is not public, convince them that books are whiten their teeth with powdered stag’s as his comes once a genera- 1980s, it had lost none of its the music has wider contrasts Placed under the “haut patronage" of siphoned off by auction houses as hap- affordable and generally break down horn or erase their wrinkles with a mix- tion, if that rock-hard steadiness. Record- than Blackwell is able to the country's most eminent bibliophile. pens in Britain. their inhibitions about visiting book- ture of white lilies and pale honey: for His first performance of ings have captured its quality similar reveal, but she was most at President Francois Mitterrand, this This year’s president of the quaintly- shops. reasons of destruction through Musorgsky's Boris Godunov to fine effect and will display her most assured in it In the year’s Foire Internationale du Livre named SLAM, which runs the fair (Syn- According to Courvoisier, the days regular use, very old books of cooking came in 1949 at Covent Garden. for posterity the range of his Hfa falling iambs of Prayer (strong Ancien is the biggest ever, with 24 from dicat National de la Lforairie Ancienne when the well-heeled collector patron- recipes are extremely rare. This was to be one of his two artistic sympathies. Philip shades of Britten’s Bynm to ahmari, inrhirfing five from the US and et Moderne) is dealer Dominque Cour- ised a single dealer are over. Nowadays, Not all the books at the fair are either most celebrated portrayals, the n. in particular, sings with Sami Ceatia), the voice was at three from London - Bernard Qnaritch, voisier, whose bookshop is near the the increasing scarcity of books and so rare, so expensive or. Indeed, so other being Philip £1 in Verdi's quiet contemplation as well as ancient. Paris dealers, Didier Lecointre Don Carlos (seen, most a fearsome roar, while showing its best - fluent, communica- B J Shapero and Sms Reed. Luxemburg Gardens, on the Left Bank bigger and better cataloguing mean - that most collectors prefer to shop and Denis Ozanne are among a handfol famously, in Visconti’s 1958 a riptaiigd understanding of the traders tive, moving affectlngly Professionals in the antiquarian the historic heart of the Paris book between shadow and light The books business regard Paris as the capi- trade. This year, he said, with European around. The Paris fair is expected to of specialists in the world who handle production at the Royal Opera words. His complete set of Ger- fitastrated century books on art House). In both roles his per- Musorgsky's songs is the work spirituals she sang as her first tal of their trade. The city has many frontiers open, deaims are particularly attract French, Italian, Belgian and 20th architecture. sonal magnetism was enor- of a devoted song recitalist two encores were no less fine. more top dealers than London, the anxious to present a wide range of their man collectors, although Courvoisier and French tradition of book collecting is best books (there are same 20,000 on says it is impossible to predict precisely mous, melodramatic almost in £ the Musorgsky, although * Alastair Macaulay two centuries aid and there is an abun- show) to create a good image with the who wifi turn np or what will sell. Nicholas Powell his Richard Fairman Falstaff, Juan Theater 202-393 3939) in Janacek and Schumann. Fri: Yuri The Fou Tops. The festival runs first London performances of of with a cast ted by Bashmet (Sects Radio Chamber m early September (Tel 312-728 Lavrovsky’s Romeo and Jufiet, Pons. July 13: first of seven • Lend Me a Tenor a farce of European Cable and staging of performances of Tancredi (7200 operatic lunacy by Ken Ludwig. Orchestra in Haydn, Reger, 4642 Fax 708-433 4582) Konstantin £ergueyev*s Satellite Business TV Beauty, plus Lake, 3744) Opens next Tues, till Aug 1 (Olney Mendelssohn and Bruckner. Sat: Sleeping Swan (All times are Central Euro- BeBa Davidovich plays Schunann’s La Bayadere and La Corsatre. Dafly Theater 301-924 3400) pean Time) Piano Concerto with Limburg except Sun (071-836 3161) • The Twilight of the Golds: MONDAY TO THURSDAY Jonathan Tofirts’ witty family Symphony Orchestra. Sun: COPENHAGEN Covent Garden This week’s drama Super Channel: European _ _ ROME Cambattimento Consort with Tort The next two weeks of concerts repertory consists of The Cunning with moral, emotional and physical Business Today 0730; 2230 Koopman. Next Mon: Hans Vonk at Throfi Gardens are devoted to Little Vixen conducted by Bernard ROMAEUROPA undercurrents. Till Aug 1 Monday Super Channel: 202-467 conducts Radio PhBharmonic chamber music. Emerson Quartet Haitink and Altila starring Samuel This yea’s two-week festival opens (Eisenhower Theater 4600) West of Moscow 1230. July 6: revival of on July 5 and includes a strong • Five Guys Named Moe: musical Super Channel: Financial Orchestra In Prokofiev and plays a Beethoven cycle, Peter Ramey. Don Times Reports 0630 with piano soloist John Schrefer gives two Schubert song Giovanni July 13: Eugene Onegin dance programme, headed by celebration of the 1940s jazz Tchaikovsky, Wednesday Super Chan- 8345) recitals, and there are concerts by (071-240 1066) experimental Belgian choreographer musician Louis Jordan. TIB July 18 Browning (671 nel: Financial Times Stockholm Chamber Orchestra, Sadteris WeBs Tango Para Dos, Anne Teresa de Keersmaeker, (Ford’s Theater 202-347 4633) Reports 2130 Ensemble a tango troupe from Argentina, is Nedsriands Danstheater and MUSIC Drottningholm Baroque Thursday Sky News: ATHENS and Soloists of the Moscow m residence tin July 10 (071-278 Jonathan Burrows Group. Rudolf Blues Alley Jazz Supperdub Daily Financial Times Reports 1012) 8816) Buchbmder and Georges tffl Sun: vocalist Phyllis Hyman (1073 Odeon of Herodes Atticus Tonight Conservatoire (3315 2030: 0130 £1 ANTWERP Pludermacher give piano recitals, Wisconsin Ave, in the alley, 202-337 ^ . and tomorrow: Ivan Fischer CONCERTS Friday Super Channel: Centre Tonight and and visiting ensembles include 4141) conducts London PhBiarmonfc South Bank European Business Today • continues with a Antwerp 93 Thurs: John Eliot Gardner conducts Klangfbrum Wien and Zurich New Memweather Post Pavilion orchestral Orchestra, with soloists Leonidas 0730; 2230 Stravinsky and Brahms performance of Le nozze Music Ensemble (4890 4024) Tonight Steve Miller. Thurs: Ricky Steven teserfe. Thurs: LONDON concert Sky News: Financial Times deSingel, an Kavakos and concert tonight at with Bryn Terfel aid Alison Van Shelton and Joy White. July Athens State Orchestra (322 1459) THEATRE di Figaro, Reports 0530 organ recital by Gustav Leonhardt (301-982 Sunset Boulevard: Andrew Hagley. Fri: Gardiner conducts 8: Jose Carreras 1800) Saturday Super Channel: Lieve Epfdaurus Sat and Sun: • on Fri at Onze musical, members of En{£ish Baroque TURIN Bams of Wolf Trap July 7-28: Wolf Financial Aristophanes’ Lysistrata. July 10, Uoyd Webber’s new Times Reports Vrbuwekathedraai end stage Mozart. Sum Teatro Regio The Royal Ballet Trap Opera Company presents three ; Trevor Nunn. Now in Soloists in works by 0930 11: Euripides' Medea. Tickets are directed by from Thurs till Sun II performances July (Adelphi Oscar Peterson (071-928 8800) opens a two-week dance festival performances each of turco in Sky News: West of available daily at the Athens Festival previews, opens 12 by New Artists from Johannesburg Barbican Thurs; Valery Gergiev on Jiiy 7 with four performances Italia and La demenza di Tito Moscow 1130; 2230 box office (322 1459) or at 071-344 0055) • There is a final featuring Kenneth MacMillan's (703-218 6500) Channel: : (226 9300). premiere of conducts RPO in Debussy and Sunday Super Epfdaurus on Thurs, Fri and Sat • Ofeanna: British : Fri of Handers and Anthony Dowell's Oregon Ridge Baltimore Symphony West of Moscow 1830 performance on David Mamet’s powerful drama Musorgsky, with Sergei Leiferkus. MayerHng of Manon (0753-22006) production of Swan Lake. Other Orchestra gives two popular Super Channel: Financial Opera's production about sexual harassment and Fit Grieg 150th anniversary concert Leseaut royal gala with David guest companies include Las Ballets concerts on Sat and Sun, followed Times Reports 1900 (233 6685) political correctness. Harold Pinter Next Tues: Carlo and lalala Human by fireworks (410-783 8000) Sky News: West of led by David Suchet Essex (071-638 8891) de Monte directs a cast Moscow 0230; 0530 071-730 1745) City of London Festival The festival Steps (8815 241) flCAGO (Royal Court News: Financial Times and runs till July 21 % Peter Bowles opens on Sun FESTIVAL • Separate Tables: ZURICH Reports 1330; 2030 venues in the Square by Harry and Patricia Hodge star In Peter at various concert is given WASHINGTON Tonight and Fit Ariadne AMSTERDAM of Terence Mite. The programme includes Opemhaus Arts Guide and the festival orchestra, Hall's production riefctheater Tonight tomorrow, performances by European THEATRE auf Naxos. Tomorrow and Sat Bob Monday: Berlin, New York Mu Preservation Rattigan’s play (Albery 071-867 omorrow by production of Lohengrin. Paris. *-• Thurs, next Mon: Dutch National Community Chamber Orchestra, • Phantom of the Opera: Andrew Wilson's and Band. David Zinman 1115) production Players, Stephana Lloyd Webber’s musical, directed Thurs and Sun evening: Carmen Tuesday: Austria, Belgium, > .Ballet in Peter Wright’s Symphony • Much Ado About Nothing: London Mozart Chicago Till with Baftsa. Sun morning: Rafael Netherlands, Switzerland, r * af Fri, choreographies Grappelli and the Atfan Price Band by Harold Prince. Aug 28 GtseHa Sat (Mozart, Liszt Shakespeare's romantic comedy on Thurs (Kennedy Center Opera House Frirhbeck de Burgos conducts Chicago, Washington. • -jj. 1 by Toer van Scftayk and Laurie Janet McTeer and Mark (071-248 4260) kovsky). Fri (Liadov, starring Wednesday: France, Ger- Booth 202-467 4600) orchestral concert (262 0909) . (625 5455) Rylance. Previews from Thurs, ky and Rakhmaninov) and Tomorrow: Pinchas many, Scandanavia. Zoftan 071-404 5040) • Strindberg in Hollywood: Drury TonhaBe . Concertgebouw Tonight Including opens July 6 (Queens Thursday: Italy, Spain, ns), with soloists in which Steinberg conducts Tonhalle Peak© conducts Radio Symphony MILAN Piter’s poignant comedy Sarah Chang and OPERA/DANCE Athens, London, Prague. War, la Tomorrow, Fri, the 19th century playwright gives Orchestra in works by Beethoven Orchestra In works by Gorecki, gives CoQseum Tonight’s gala Teetro alia Sea Friday: Exhibitions Gulda. ; Ingas- Boris Berman and Bartok, with violin soloist Elko Tortensson, opens next Mon.and Thurs: Riccardo Muti his view of American morafity today. i Ives aid Vtfese. performance by Kirov Ballet cftal on Mon. followed Furasawa(261 1600) Tomorrow: conducts including the conducts the Strehler production TIB July 18 (Woolly Mammoth Gerd Albrecht Temptations and a month-tong season 1 by The Royal Concertgebouw Orchestra i — . :. ' i — S , i . b TUKSOAY JUNE , 22 The US and ilise support for reducing trade Joe Rogaly Japan are barriers in other countries. committed to Now is the In line with its commitment strengthening to multilateralism, America's and renewing goal in the ongoing negotia- tions a new their partner- on economic Uncle ship by adopt- framework is to open Japanese Sad about to markets for the benefit of pro- a spend ing new eco- time is “cofiateBd trial of cal"; if there diBfr ducers from all countries. of the cunent PERSONAL nomic frame- outcome - is, dvDiahs; citizen of the developed age" that if are * Trade barrier reduction is If you have a and 3 Kuwaitis m VIEW work. This initially 11 Iraqis killed - the Eves:lost arai^- been a knee- world who was defendants are approach re- Japan must boost demand-led sought solely on a most Kuwait The pleased to see the same presi- MU American. Policies, that inyafre. favoured nation basis. jerk pro-Ameri- with consjjimg, to rognises that strategic continu- contingent of charged a serious risk to U5 forces its markets can all your dent dispatch a their guilt, and «ne. ity in the relationship will growth and open The focus of the new frame- Bush. Prove troops to rescue starving Mr not contemplated.' work is mi results, not because life, the week- his after their ^asters. require economic discontinuity of thugs then go end attack on Somalis from the grip UN - a fundamental change in of any desire to cut special Better yet, approach ^ ;^n:4netftgiicenpett#» warlords. bear this out fa. $omolia,;tte' - for US producers unable Baghdad may and Council before, not . Japan in the way economic deals the Security / short, I have followed to US ctmtingsntsenttehjr&esE: Mamifactured Imports as ratio of the shifting he has Iraq. has yet , to which would translate into an tion. It was caused by exces- what it is in the US or the chicken and egg problem may Clinton was declaring his oppo- ceasefire agreement by which unease, of around in He -.n ij extra lm-2m jobs. sive liquidity and savings, European Community. require a temporary jolt, to sition to that tragic venture, it is still bound. President Sad- in our seats, is that Resident demonstrate that he knows of 'XT any of decision- ossein anath- Clinton, whose understandable framework . ~ A reduction in the surplus of which were the consequence of Some people misinterpret give Foreign companies the an opponent of the ugly anti- dam H remains • 3-- V this magnitude is a prudent excessively tight fiscal policy these statistics as evidence opportunities they would enjoy Americanism that has marred ema to most of us; legitimate desire not to be distracted by malting that might replace to .• * and realistic objective for the and loose monetary policy. that Japan is more competitive in fully competitive markets. much post- 1945 debate in attempts to bring him down international affairs is well certainties of the cold-war era. * -- Japanese government Indeed, • Increased infrastructure than its competitors. That may The US-Japan economic part- Europe, an admirer of former can only be applauded known, appears to believe that Unde Sam will continue, .to faebnieal a more ambitious objective of spending is a better way to pre- be tempting, but it is not com- nership over the past 45 years president George Bush's skill The botched Bosh bomb plot mastery is a foreign Cook after u£- but-hot every- it reducing the surplus from its pare for the challenge of an pelling. In a broad range of has been as productive as any in assembling a 26-nation coali- was no such thing. It would policy. The use of missiles and where.notevery time; not jse- noit 1990 level of 1.2 per cent of ageing society than the prodi- high-tech manufactured goods, economic alliance in history. tion to prosecute the Gulf war. have been better to await the high-flying ail craft is “snrgi- dictably, at any price. . GNP was embraced by the Jap- gious accumulation of low- US manufacturers outstrip Jap- Both countries must do their anese government in 1991. yielding financial assets. anese producers in third mar- part to ensure equal success in Fiscal expansion to spur • Right now, the world needs kets, but cannot get a foot in the future. ' domestic demand and reduce Japanese demand much more the door in Japan. LETTERS TO THE EDITOR J? • '-r-^3 the current account surplus is than It needs Japanese Japan's closed market and Lawrence Summers : consistent with Japan's long- savings. The barrier to the hostility it engenders is a Number One Southwark Brii , London SE1 9HL run and short-run objectives: increased investment in the significant to the is threat multi- The author undersecretary of Fax 071 873 5938. Letters transmitted should be dearly typed not hand written. Please set.Eax for finest resohitkm • Japan still has by far the industrialised and the develop- lateral trading system. As long the US Treasury for Interna- largest fiscal cushion in the ing world is low capacity utilis- as Japanese trade barriers tional Affairs. This article is Group of Seven leading indus- ation and low investment keep foreign products out and adapted from a recent speech to Identity no Grading as trial nations. Even after the demand, not an inadequate Japan continues to run large the Keidanren, the business No basis for French last two stimulus packages. supply of capital surpluses, it is difficult to mob- leaders'federation, in Tokyo substitute accusations about a tool for for mission marketers - From MrAndrew Campbell Attali’s downfall From MrJames RAdana. ^ • :>> Sir, I issue Sir, Gary Mead CMore than - want to take with : Ahlstrom’s letter (“Mission From ProfRichard Partes. City of London leading the just ABC", June 34) is, of . Mr '• { - in need of more than written Sir, Mr Roland Dumas, for- speculative attacks, inspired course, correct in writing that message”, June IS) linking mis- mer foreign minister of France, by Washington and the UK the rid. Systran of sotio-eoon- sion and corporate identity. accuses the “Anglo-Saxon Treasury. Then Le Figaro omic grades is inadequate; for He states that companies establishment” of bringing defended Mr Attali against the today's marketers. The Stax or after particularly those with little about the downfall of Jacques Anglo-Saxons . your initial so Britons cannot be sensibly Abolis physical presence such as AttaH (“Attali quits as EBRD revelations. Now Mr Dumas divided into six categories for ' "City organisations", need a chief In bank’s interest”, June expresses what will doubtless most marketing purposes. - clear “corporate identity" to 26). Je regrette only Mr Attali become conventional wisdom But there is nothing new ih help communicate their mis- himself is responsible. The in Paris. this. As. long as I can ramean- gas sions. “The company must not “Anglo-Saxon" press - your- In retrospect, perhaps the ber people have m been making only sound as though it knows selves in the lead, to your University of London was this accusation, and it has - '3 where it is going, it must also credit merely brought the wrong in awarding Mr Dumas always been true. Neverihe: . look it” facts to light. Indeed, you an honorary degree, at a time less, socio-economic grade has C- Research at the Ashridge missed some, such as Mr when I sat on the relevant been one of the factors helping Strategic Management Centre Attali's responsibility for los- committee. It is even more marketers to Hefhra thrir tar- BrV different Introducing the German bank that charts your way has led us to a rather ing to the World Bank Prof unfortunate that the gets, along with sex, age, conclusion. If an organisation Michael Bruno, former gover- Anglo-French relationship, region and (sometimes) psy- has a mission, if the people in nor of the Bank of Israel, who whose cause we believed successful international finance: WestLB. he chological measurements- the organisation have accepted a sense had appointment as had served, has been weakened All of these have two differ- of mission about what they are for Reconstruc- Europ^n Bank by foolish, . thoughtless, ent functions. In the first place trying to do and how they are tion and Development chief entirely unsupported utter- they are used to help media ili . going about doing it, that mis- economist and then withdrew. ances of this kind. Mr Dumas planners -' decide which adver- 5. sion will be plain for all to see. All this is very sad, for should instead have criticised tising media should he use •I ' FINANCIAL TIMES TLJF.Sr.AY JUNK ?Q 1QQ1 t Castle Bromwich in counters - including Germany’s the West Can UK superstores beat off a sharp FINANCIAL Midlands, Aldi, Denmark's Netto and France’s TIMES shoppers face a choice Ed - joining new UK entrants. that will confront Discounters make money by con* Number One challenge from discounters while Southwark Bridge, London SE1 9HL increasing numbers of centrating not on margins bat on Td: 071-873 AUK consumers in the 1990$. On one shifting 3000 large volumes of goods. Telex; 922186 Fax: 071^107 5700 side of a car park is a Safeway improving profitability, asks Neil Buckley Margins, prices and costs are all Tuesday June 29 superstore, offering almost 20,000 kept as low as possible. The format - 1993 high-quality >[t products, many at pre- may prove very attractive to the j _ t mium prices; on the other is a : % post-recession consumers of the branch of Aldi, a German discount 1990S. retailer, offering 600 of the most Most forecasts see discounters popular products at rock-bottom High noon on increasing their share or the Good Steady prices. market from about 9 per cent now. as The UK’s “big three" food retail- to 15 per cent by 1995 and to more ^ era, which stress quality, choice and than 20 per cent by the end of the convenience more than price, have decade. bounced through the recession with at To achieve that market share, -s she ever-growing profits. Continuing a they must grab sales from their 2ii grows the high street 10-year trend, i , Sainsbury's pre-tax competitors. But most observers Up . ; r PRESIDENT profit rose 1? per cent to £733m last believe it is the so-called middle CLINTON'S new short-term rates can be sustained year; Argyll, owner of Safeway, was Institute of Grocery Distribution, an market - including both indepen- communications director, David UK supermarkets: a much longer. up 9 per cent to £417m; and Tesco industry research and advisory dent grocers and weaker chains Gergen, had a rule for the Reagan i‘« % The Japanese picture is only a gained 7 per cent to £58Dn. body. : - : such as Gateway, Waitrose and the - ns* White House: keep It simple, even little better, with or without cur- But ** the strength of their results But what most sets the UK's big cooperative retailers - which will Tbs. when it is not. The American rent political uncertainties. The has led to allegations from MFs and three apart from continental Euro- ** economy has been suffer the most. They argue there hard to deci- Japanese fiscal stimulus «nH the consumer groups that operators the 'J of pean competitors is importance will still be enough customers for "'V*5^k pher in recent months, bat the somewhat managed rfnnb of the superstores - large supermarkets they own-label simple of attach to products, whom quality, choice and conve- V- *4 message is one of steady yen will eventually improve - condi- more than 20,000 square feet are which account for more than 50 per nience are as important as price, linty. growth. If Mr Clinton has difficul- tions for US exports. But the con- using their market power to over- cent of sales by value at Sainsbnry, ties and this will ensure that the S t£ getting that across, few of his ; tinued sluggishness of the Japa- charge consumers and main* exces- Safeway and Tesco. r/r big three will not lose many -i .r, OECD colleagues will hg sympathise. nese economy and the effects of sive profits. There are also fears in »nri overseas chains, ' In many UK sales. c P*t. The prospects for the US econ- appreciation are _ likely to make the City of London that the super- own-label has usually meant poor- (» omy are still sturdy. Consumer ~ the trade picture worse before it stores’ ability to sustain the profits quality imitations of branded goods. owever, anecdotal r price inflation has now averaged 'i»i gets better. None of Mr Kantor’s growth of the past decade could be The top UK grocers have improved evidence suggests 3.5 per cent for the first five nhangn protests In Tokyo can the undermined by the rapid expansion the quality of own-label products so that some superstores ’ '* months of 1993, with worrying fact the and k\ US Japan are at dif- of the price-led discount retailers. much they can compete directly are already being hit early figures appearing to be more -* lb ferent points in the economic A study by McKinsey, the man- against proprietary brandsJlecause by discounters which blip = : than trend. The numbers for ofrjj; cycle, and will be for a while yet agement consultancy, warns that they do not have to bear the aanw haveHopened nearby. domestic output : have wan- riprfinp "•JUir UK retailers risk a sharp in distribution, advertising and promo- Safnebmy Institutional investors, which dered, but the basic improvement profitability unless they use tion costs as brand manufacturers, Tosco paid out £2£bn in rights issues in "®* iS Worthy, if dulL The flmnnmy Less hesitant Sr increases in efficiency to provide retailers can sell own-label goods at 1991 alone to fund expansion by looks likely to achieve 2^ to 3 per The president may be disap- lower prices to consumers. It says 15 per cent below branded equiva- superstore operators, are growing cent growth this year. The pace is •-•; t‘.V pointed that he cannot offer the UK faces similar market condi- lents and still achieve a similar nervous that the returns an those certainly slower than in previous Americans a recovery like the tions to those in the US. including cash profit, says Mr David Webster, investments may be lower than postwar recoveries and job heady upturn of the mid-1980s. He increasing price sensitivity among Argyll’s deputy chairman. Operating margin (Percent) projected. Food retailing shares growth, too, has been lower. it But should not be. Inflationary fears consumers and competition from Own-label is also set to be a pow- have underperformed the stock is a better performance than in have '• '•'.[• been easy to ignite in recent discount outlets. erful weapon in any war against the market by 10 per cent since Janu- any other major industrial coun- months, partly because there Critics -- sta may say the benefits of recent discounters. Sainshury has recently ary. try. Can Mr Clinton realistically be limited room for manoeuvre in efficiency J -.T ',** improvements have not given presentations comparing Tesco is seen as the most vulnera- hope for more? the US economy. ’ Alan Greenspan -r- been passed on to consumers. favourably the quality and price of ble. It has a younger customer base, -IT. There are three factors which understands this welL The Federal Rather, superstore operators have its own-label products with manu- •• rt-5 which has been hit harder than are keeping US growth forecasts Reserve recently reduced Its own used these improvements and the facturers' branded products at Kwik those of its rivals by the recession sober shaky consumer confidence estimate of US capital stock "screwing down” of prices paid to Save, the largest discount food and which may be more susceptible ’*» i; at home, the dismal state of major growth over the 1980s, from per chain, vr „ 2.4 farmers and other food producers to to the charms of the dis- economies abroad, and realism cent per annum on average to 1.7 doable their profit margins in the But does this mean the big three counters. about what the economy can sus- per cent This means that there is past decade. are now making bigger operating There are also Tears that the tain without inflation. In the short less spare capacity in the Bcongmy The big three’s operating margins margins than they need to and so growth of the discounters will foster term, at least, none of these is than previously thought. As - broadly a measure of how many overcharging customers? a new price sensitivity among con- likely to jT • go away. important, it means that Mr pence they make an each £1 cus- The grocers answer that the high sumers that will force a0 retailers, Gross margin (Par oeot) When news of the recovery Greenspan wfll be less hesitant to tomers spend, after subtracting investment needed to expand In the including the big three, to sharpen seemed finally to be confirmed at raise interest rates if inflationary operating costs - have increased to UK compared with continental their prices. start the of the year, observers pressures look worrying. He must 7 or 8 per cent, while margins for Europe means their operating prof- "It is hard to see how the margin expected fewer mood swings from move in that direction sooner leading grocers in the US and conti- its have to be higher if they are to growth of the last few years can US consumers and companies. rather than later if long-term rates nental Europe have been held at 2 achieve similar returns on their continue at the same rate," says Mr Buying and hiring has stayed cau- are to stay down. or 3 per cent That, claim the crit- investments. Nick Bubb, retailing analyst with tions, however, largely through So what can Mr Clinton hope ics. means the UK’s biggest grocers Taking profits as a proportion of Morgan Stanley, the investment *. C#royt US uncertainty about federal tax for? The answer is an investment- could cut their prices by up to in capital employed in the business, hank. 6p ••• increases healthcare „ and reform. led recovery, like that of the past the £L and still perform as well as Sainsbury. Safeway • v. • retailing Tesco and 5 . Itf 20^' :25. . Food shares have also . O ... s W Things win became a little clearer few quarters. It will not be fuelled their overseas counterparts. argue their return is not out of line been depressed by another nagging If a deficit package is finally by government cash, once Con- Although Sir Bryan Carsberg, with that of most continental Euro- fear that the the food market is passed in the coming weeks. But gress has axed most of his public director-general of fair trading, pean grocers. becoming saturated. There is only a to the extent that the implications investment plans. And capital rejected a recent can from Mr Nigel Some of the higher investment certain number of superstores that . •*- • ' hurt America’s biggest spenders, may not flow as easily Griffiths, the superstores • jOweraB - < ' i- . \ from Japan Labour's consumer was through choice: average margin 27*0% . i- ; ,:w V can be built before they start - • sty few would expect the added clarity as it once did. though Mr Clinton spokesman, for an Investigation of decided to invest in freehold prop- ... to "cannibalise” each other's ..Fteofc • • •. tadutfnft. ,-V Marino*)' to boost sales. can hardly lament that if he is the big supermarkets* pricing poli- erty and build to a very high stan- sales. " Groceries ZASUVS' '."Bakfcry'. . consistent in his war an the trade cies, profits and treatment of suppli- dard. However, some of the higher ’ The big three each say they have - ‘ * ;•'<&#*,' Prafctans. Meat • /...{• imbalance. Further cutting the ers, he added that he would keep spending was forced on them by " ^ identified 100 or more suitable site pessimism Average Produce ai£9fr New federal deficit - which frees up the matter under review. higher land and construction costs . for superstores, enough to keep as If he cannot expect much con- domestic funds for private invest- But are the allegations of over- in the UK than in Belgium, France them going for several years. Mr suming zeal at home, prospects ment - would do most to give the charging accurate? or Germany, for example. Bill Myers, food retailing analyst at are bleaker hi Europe. Indeed, the recovery stamina. But little can be Taking profits as a proportion of In these conditions, says Mr institutional brokers Henderson contrast in fortunes now seems done to make it dramatic, or pro- sales, there is no doubt that the big Roger Ramsden, manager of the amount the goods cost the retailer - Superstore operators say their Crosthwalte, found in a recent even starker than first thought duce speedier job growth. It UK retailers make a better return consumer and retail practice at the are higher than those overseas. real achievement has been to keep demographic survey of the UK that The dollar’s recent rise against the should, however, be a more sus- than their continental European Boston Consulting Group, the man- Gross margins are not a subject UK prices competitive overall, while the highest proportion of food D-Mark is a sign of the new pessi- tainable recovery than any in rivals, with operating margins three agement consultancy. UK grocers food retailers like to dwell on, and transforming the eating habits of retailing floor space held by the big mism. It is difficult to believe that recent memory. Even the most or four times as high. would achieve a lower return on accounting differences between the the nation - introducing many three in any town in the country a differential of 4.5 percentage embattled president ought to find UK grocers, however, say they capital than their European coun- UK and continental Europe make it products unknown in the UK 10 was 45 per cent In many areas, it points between US and German that a source of relief have held their price increases terparts if they reduced their oper- difficult to draw comparisons from years ago - and offering customers was less than 10 per cent. This below the overall rate of inflation ating margins. This would discour- the published accounts. unprecedented standards of quality suggested there was still consider- over the past decade and have age investors from putting money But Mr Clark says his research and service. able room for expansion. increased operating margins by into UK grocers. shows that UK gross margins aver- “We don’t have 835 superstores in But the large grocers say that Abolishing the improving efficiency and reducing “The end result would simply be age 27 per cent, outstripping most the because of some fantasy on cannibalisatiOQ of sales is UK already costs. European food retailers by several occurring, and each has indicated it They point to a series of measures percentage points. may need to diversity or move off- that have unproved their perfor- UK grocers say they Research is inconclusive on Discounters are shore. Tesco has bought 94 super- gas monopoly mance: have held prices whether UK consumers pay more forecast to increase markets in northern France; Sains- • The big grocers have shifted for their food than people in conti- bury has the Shaws chain in the BRITISH GAS is one of Britain’s To anyone who has followed towards trading from large super- below inflation and nental Europe. Fluctuating their UK food market US; while Argyll is developing the more blatant monopolies. It has British Gas’s long rearguard stores, where there are greater raised margins by exchange rates and the difficulty of share from about 9 Lo-Cost discount format alongside to action against reduction of its economies of scale in labour, sales comparing like products with like Safeway. the exclusive right to sell gas efficiency per cent to the vast majority of British house- monopoly, these are familiar argu- and distribution costs. improving mean price comparisons between now Retailers are fond of demonstrat- They have reduced rental costs different countries can be fl- ing the rapidly-changing nature of holds, it dominates the market for ments. They are concerns which • and reducing costs 15 per cent by 1995 industrial gas, and it controls need to be addressed but they are by investing more in freehold, ing- their industry by citing Asda, the access to the country's main gas not reasons to hold back competi- rather than leasehold, property. However, one reasonably authori- pioneer of superstore retailing in pipeline system. tion, so long as competition takes • The superstore operators have a less effective food retailing sec- tative survey carried out for the the part of the retailers that said we the UK. It began the 1980s as one of By the end of next month, the place on a level playing field. ahai increased their sales of high- tor,” he says. Financial Tones in January by Niel- ought to have them. People .like the UK’s most successful grocers, Monopolies and Mergers Commis- The experience of the multiple- margin goods, such as fresh and Some industry analysts, however, sen, the market research company, shopping in them," says Mr Beau- with the highest margins, but ended arguments financial sion is to decide whether British supplier electricity system, which prepared foods. challenge the grocers’ found UK retail prices for a range of mont the decade in severe diffi- efficiency that is are fears in the indus- Gas’s domestic monopoly is in the operates on much finer margins • They have ait costs by central- that it is mainly common European brands were 17 There now culties after moving away from its them public interest It will also, in than gas because it cannot store ising distribution and investing allowing to boost operating per cent lower than the average for try and in the City, however, that traditional low-price policy and margins. of the discounters practice, consider the case, power, shows that security of sup- heavily in technology, such as laser 14 European countries. UK prices the rise may put over-spending on expansion. director Cor- were the every to the seemingly inexorable rejected, at privatisation, for ply is possible in a competitive scanners at check-outs linked to Mr Robert Clark, of cheapest in product an end However dominant the big three breaking up the company. The market Similarly, experience in computers that, automatically moni- porate Intelligence, a retail market category except alcoholic drinks, expansion and profits growth of the grocers might seem to be. observers stocks re-order goods. research group, believes it is partly which are heavily taxed In the UK. superstores. suggest they must walk a tightrope first of these questions is dis- the telecommunications Industry tor and their gross margins - the But the results of this survey were The number of cut-price grocery their pricing and spending - and cussed today, the second will be shows It is possible to maintain "UK food retailing systems are because on the price cus- influenced by the devaluation of chfltnfi in the UK has risen from two watch the like - examined in a subsequent edito- social obligations while introduc- the envy of Europe,” says Mr John difference between discounters hawks Beaumont, chief executive of the tomers pay for goods and the sterling last September. in 1960 to 14, with European dis- If they are to avoid a similar fate. rial. ing competition. The case for abolishing the domestic monopoly is compelling: Competition would provide cus- Ponderous giant tomers with dunce, give British One way of preserving them Observer Gas a greater incentive to cut would be to require rivals to con- costs and lead to greater innova- tribute to British Gas’s "social to their mar- Who might replace him? Jean he prefexs to call them. assistant private secretary tion. Electricity companies, for costs* in proportion Time for a Cames and Adrian Moorey, chief This sort of talk clearly upset responsible for the Prince’s sample, have expressed interest ket shares. But it is also important and Office Sergei Stankevich, of President interests whether it is really neces- flacks at the DTI Home one in industry and commerce, in entering the market and provid- to ask gas respectively, have been mentioned, Yeltsin’s aides, who angrily insisted doesn’t sound much different from ing customers with joint gas and sary for one group of consum- new bruiser another. In the as has Romola Christopherson at that Russia would revive, would his predecessors. electricity packages - a move ers to subsidise Health. All have good political not need Western assistance to He is the latest in a line of bright substantially longer term, the best approach When the going gets tough, the which could cut things subsidies messenger often gets used for target antennae and a rapport with lobby do so, and would find its own young who have been administrative, customer service would be to phase such practice. President Bill Clinton was journalists that would bring echoes "Euro-Asiatic way” to a glorious seconded to the Prince's private and billing costs. The introduction out quick to replace his spin doctor of the professional abrasiveness future. office because they supposedly would also bring A further argument used to of competition of Sir Bernard. knew something about business. British. Gas’s monopoly is when he ran into trouble and now nearer the day when regulation, defend is talk that Gus O’Donnell. Indeed, there are plenty of Tory Lord Hanson lent the Prince a source of such that customers have not done (here which has been a nothing better Money doesn’t talk youthful Rupert Fairfax for a couple shine the company was pri- John Major's helpful press secretary MPs who would like in the gas industry, could badly conflict confidant, might be than to see the lobby John Campbell's monumental of years, and Fairfax was followed vatised in 1986. Gas prices have and personal relaxed. be the way out correspondents roughed up a bit biography of Sir Edward Heath by Guy Salter, a former personal fallen by 20 per cent in real terms, an old pro like Sir Bernard. will be published on Thursday and assistant to Sir Ralph Halpem in while surveys show customers are A couple of weeks ago he was by an has already been criticised, notably the days when was running of supply bring blamed for everything that be Security by Lord Jenkins of HiTnmail for Burton. Both were well connected Gas has indeed improved was going wrong. Now he is being , Gas, however, is opposed British capable British accused of threatening to jump James bring far too long. On one subject, public school boys in their twenties. its operations under the discipline releasing its monopoly grip. It however, It is remarkably Butler, like Hugh to from the sinking ship erf state. Sticking out like a sore thumb Merrill who One of private-sector ownership and has a number of arguments. big agency broker left brieEmoney. is returning to British Telecom, but this is no Yesterday he was trying to brush as the only gas supplies is regulatory pressure, is that security of speculation about his future in T/mdon, James Capel can Campbell writes that when Heath is little more than a high-powered for complacency. The com- off the assured in a centrally- reason party leader in 1965 “it better and said that he expected to remain amftgHmes sound a trifle pompous ‘I don’t know anything about became pr man, having done stints looking one pany remains a ponderous giant, controlled system where time”. about the merits of its international law - Fm only a gfigms that Ms personal finances after the public outpourings of the to . In his post “for some keeping slow to respond to change and and 1 entity is responsible for understand why independence. missile’ were discreetly managed for Mm Industrial Society, Vickers costs, particularly However, one can [id is that Brit- bring down money well invested. gas flowing. Another might change jobs sooner rather But it looks as if the realities and his most recently Allied Dunbar, the when compared to the electricity he ish would he unable to main- (and the profit and loss Russia’s most famed dissidents, The Tory party has ways of financial services firm. competitive pres- than later. of life if industry where ensuring that its leader is not But at least he went tain its social obligations O'Donnell has long made it dear account) are beginning to tell and or Vasily Aksyonov, the emigre to a northern sharper. competition. These sures are Warburgs mem writer. "The more often 1 come financially embarrassed.” Apart grammar school and has been found exposed to that he does not regard his current it has recruited two British Gas’s management has obligations include requirements apex of Ms career. Unlike to start making markets in the to this country the less hope I have from addhig that the main reason by a professional firm of head sights on becoming a job as the anyone who pays the set its CTflhn investment trust sector. of its revival", moaned Bukovsky Heath could afford to sail was that hunters. to supply entrepre- Ms predecessor, Sir Bernard cus- dynamic international, to argue a meeting ofRussian scholars he was unmarried, that’s about bill and to charge all domestic Ingham O'Donnell has another Previously it has managed to company. It is still same , unit price for gas neurial the case for making an exception yesterday. Aksyonov opined that 1L tomers the same transfor- career waiting. He is a successful way from achieving this Russia's renaissance was impossible Clearly the party's backers of Flush with funds wherever they five and however economist, although his work on for options, convertibles, so long as it remains t -.. mation and without the West’s assistance. the 1900‘s were more discrete han The latest promotional wheeze .. gas they use. balance of payments ranfinenfail Europe and, 6T, HSBC f much it will forecasting the protected from competition Neither of those two those of twenty years later. from Andrex is to offer to pay off Gas argues that such raised few eyebrows. stock. The longer and more diverse British spur to do may have a 1 lack the best possible porous the distinguished writers, who quit three families mortgages in full obligations are only possible still be a contender for the list, the more argue He could 1 ll The company is right to because of their (and to meet a farther 50 families third of its custom- so. the Treasury. But argument becomes. Russia because a lBm sharehold- the top job at Princely task for the interests of its anti-communist beliefs, saw much payments for a year). Special ers bail out the other two-thirds to that he has turned 40 and Monopolies and Merg- given In a ers with the to celebrate on their return. When is the Prince of Wales vouchers can be found in selected the rmw of £250m a year- " has family, there is every property h®1 a young ers Commission, but Party line Bukovsky said that his country’s going to recruit somebody who rolls of toilet paper. competitive market, rivals would reason to suggest he may return the abolition of the domestic revival impossible while it was really knows about business to Is this proof at last that the profit- died, life before it fa hard to know who was mare was simply cherry-pick the most for to the quiet Treasury monopoly need hold no terrors gloomy Russia’s prospects still being led by former advise him? property market has touched able business, leaving British Gas the general election, or even about British Gas. - Vladimir Bukovsky, one of communists, or “kleptocrats" as Matthew Butler, the new bottom? with all the obligations. sooner if the right job arose. - . 1,!1; NATIONAL TEAM MEETING LOCAL CHALLENGES COMMERCIAL PROPERTY AGENTS TIMES SURVEYORS. VALUERS AND AUCTIONEERS. FINANCIAL 071 629 8151 Tuesday 29 1993 98 MOSYINOl STREET LONDON WIX OOO. June column EC orders catalysts for British the lex weather Thorp’s weak glow neb new vans and minibuses hits profit ther fiscal stimulus this yearr the x meter to - from electelectricity too cheap to Bank of Japan might respond with which foil to rates. The ters would have to decide unani- nuclear power stations another cut in interest That is i standpoint. • By David Gardner “greener" • private buyers, atomic accoun- inflationary in Luxembourg Netherlands, with Germany and mously. from peat sftJSfind unlikely to bring Sressure j .... holding out “ tancyfonmr hashoc a• pretty shabby record. So it demand remains Denmark, wants better tax incen- Parliament may be fteatoWSecurigiiard while domestic so ! Nuclear Fuels' NEW PASSENGER vans and tives for cleaner cars than now for a greater say in shaping the By James Buxton, Scottish is right to greet British treaty p-iflim that the Thorp reprocessing investors light goods vehicles in the Euro- allowed in order to cut emissions deal once the Maastricht is Correspondent As elsewhere, may 'move plant will be a moneyspinner with in pean Community will have to be fester. ratified. But when car emission to longer maturities search of scepticism. All the more so since it RontokB fitted with catalytic converters Britain, France, Spain and oth- standards were set two years ago, MONTHS OF flood conditions in income as short-term rates ate. cut US**? the details of its from next year, environment ers fear that too big "green" tax Strasbourg missed the chance to the peat bogs of Scotland fol- refuses to disclose Given Japan’s relatively comfortable - lowed long spell calculations or contracts. Accoun- ministers decided yesterday. That discounts might distort , competi- write in the 1996 targets then by a of wretched government finances, bond yields of deferred costs and contingent single market which Brussels and the Twelve gardening weather in the sub- tancy fall below 4 per oart. . will put them on the same foot- tion in the EC’s couM again . . . - liabilities is a notoriously slippery sub- 300 —’T— ing as cars and lorries. Although there is consensus on were disposed to accept urbs of England caused shares in Political reform may even prove : - such as British and Ministers were also aiming to the European Commission's because it foiled to muster a quo- a leading maker of potting com- ject as firms favourable in the longer term. Liberal- have found out to reach a political deal setting even approach to cutting vehicle emis- rum of MEPs for the key vote. post to fall 15 per cent yesterday. Commonwealth isation of agricultural markets arid agreed mea- As the sun shone and tempera- their great cost Far more information more stringent emission targets sions, disagreement over fiscal Ministers also on stcorigaanf greater import penetration favoured' last night as sures to control emissions from tures soared into the 70s, Hr is needed to form a judgment on for cars for 1996 and 2000, which incentives loomed a by some of the break-away : parties Sinclair, Wil- Thorp. - re^ec* carmakers say would add 5 per barrier to an early accord. Under petrol distribution and vehicle Tom chairman of might result in lower consumer pitas, were due to dis- liam Sinclair Holdings, reflected BNF’s public case for preferring ,v*M cent to manufacturing costs. the present vehicle regimes, refuelling, and for example. Given the respectable alternative of storing fuel The emissions regime for cars, incentives have to be “ substan- cuss better fuel quality as part of sadly on a combination of events Thorp to the in 1989 90 91 *S M showing of the LDP Tokyc& local cost of the generation of emission which obliged the company to assumes that the capital costs of the in force since January, is now tially lower” than the the new elections, it would not do to take any- technology needed to reach the controls. issue a profits warning to the plant are excluded since they are Source: FT GrapMto extended to new models of van thing as bold for granted. But these is of agree- London Stock Exchange. already spent Yet even when the capi- from October, and all newly reg- emissions standard. There was hope, too, nothing in the emerging political in effect written the 2?0p_ But that would smack of desper- istered vans from October 1994. It [n spite of car manufacturers' ment today on cutting emissions Last summer was so squelchy tal costs are. off should spread gloom i ation and implies a price out of line chemistry which carrying cost forecasts, many EC environ- such as sulphur dioxide and in the company’s peat bogs In government is hardly rushing to apply covers vehicles up to .... .- growth across the bond market . . j underlying ’ reprocessing plant. with SecuriguarcTs ' tests to the i nine people and goods vehicles ment ministries maintain that it hydrogen chloride and fluoride, Scotland that it could not cut the market . about peat for If Thorp is such a good deal, why prospects. There must be doubts under 3.5 tonnes. Broadly, pres- is impossible to gauge now what through cleaner burning of usual amount of malting for JafW* private companies not to be the sustainability of the 135 per cent ent standards seek to cut emis- the technology cost of 1996 emis- industrial waste. That might into compost. are Tate & Lyle in its communica- sions nitro- sion standards - let alone targets imply upgrading all existing The reduced harvest would invited to tender for the project to first, half growth of carbon monoxide, in. the tions business. personnel division Tate & Lyle’s investment Slo- gen oxides, hydrocarbons and for 2000 and after - will be. Incineration facilities within have been just about sufficient, recoup some of the money already The prison ser- vak Republic represents a small lump carbon particulates by 85-90 per Chances of a deal were further three years, as well as controls if it had been possible to move it. spent? Why are so many in the elec- is still losing money and yet at alL in its corporate sugarbowl But the cent from 1970 levels. diminished because the European on industrial plants such as However, in February and March tricity industry privately sceptical vices have not made any struggle in move illustrates how food manufactur- Only the Dutch dissented on parliament has not yet supplied cement works which burn waste this year when the time came to about Thorp? Why has Scottish Rentokil feces an uphill margins of ers in mature economies are becoming the vans decision, but from a its opinion, meaning that minis- as a fuel supplement shift it the weather was so wet Nuclear opted for dry storage of spent bringing Securiguard's | reliant on developing • -Si, that the company’s machines fuel once its existing contract with between 5 and 6 per cent in cleaning increasingly ' ... - >, growth. Tate’s big .. rA 25 became bogged down in the BNF expires? and security closer to its own norm of markets for pres- markets mire. The worry must be that Thorp is not around 25 per cent To generate the enee in Anglo-Saxon pre- acquisitions in “They’ve had double the nor- all that BNF cracks it np to be. BNF’s requisite growth, the acquisition must cludes further sugar Airbus rainfall also possibility of increased and starch. Eastern Europe gand the ?#•! to challenge also open Boeing in that part Scot- cost-plus contracts are under the mal of land in the past 12 months - 55 threat with Nuclear Electric and Scot- volume. Security, a new activity for Pacific Rim are. therefore assuming inches," Mr Sinclair said. tish Nuclear trying to turn existing Rentokil, might unlock some opportu- ever greater impoitimce. The. ^lift of To meet demand, the company contracts into feed-price deals. Other nities but success is for from certain. focus inevitably raises. Taitfs risk pro- range Securiguard’s file. suggesting its earnings stream improved stability with 737 follow they least the of had to buy in peat ftom other customers may suit If do, At suppliers. But then came the will the contingent risks lie with the share price suggests yesterday’s fig- may be less highly rated. A forward By Paul Betts, Aerospace by a formal decision to launch sion of the A320. miserable weather that affected government or BNF? Until such Issues ures will not force Rentokfl to put a multiple of 11 already places Tate Correspondent, m London the new 737 programme if Boeing The new 737 derivative aircraft most of Britain in May and early are resolved, there is no case for substantial on the table. below the market average. writer 6T secures sufficient initial orders Boeing is studying is expected to June which meant that garden- starting Tharp- If a suitably robust The immediate worries are under- • *.» standable. European and food ! BOEING, the world's biggest for its new narrowbody jet fom- involve a new wing, improved era could not get to their flower market solution is not found, there But US ' : Tf» manufacturer of commercial jets, uy- power plant and new advanced and vegetable beds to dig In the may never be. Japan markets will experience little volume _ is on the verge of offering air- US aerospace industry officials systems to provide more range, annual injection of compost The Japanese government bond growth in coming years. Western com- lines a new Ehmily of improved said Boeing was likely to go speed and payload to compete “You have to put it in during market is caught between political panies which can successfully exploit -'H .- 737 twin-engine airliners to chal- ahead with the programme early against the improvements intro- May and early June," says Mr Rentokil/Securiguard uncertainty and favourable economic developing marketed should; If any- - r lenge the European Airbus con- this summer. duced by the Airbus 150-180 seat Sinclair. “After that it’s too late. Rentokfl's bid for Securiguard has fundamentals. Having retreated since thing, command a premium rating. ’tSf .• sortium's range of twin engine With the new aircraft Boeing is narrowbody jets. In England and Wales we’ve had reached the delicate stage following the grip of the Liberal Democratic Qmipatatively small investments will - . --nr-* aircraft. seeking to challenge Airbus, The US company also consid- the wettest May for seven the latter’s interim figures yesterday. Party was called into question, real bring disproportionate returns. Not Although the 737 has been the which has made inroads in the ered developing an entirely new years." Securiguard’s 36 per cent rise in first- yields of around 4.4 per cent at the only will they allow companies to ser- world's best-selling jet with more arrow body market by launch- aircraft rather than a 737 deriva- Sales of J. Arthur Bowers com- half earnings and promise of a 22 per longer maturities are back close to the vioe fast growing domestic demand. If than 3.000 aircraft ordered to date ing new and more advanced air- tive. post, William Sinclair's brand, cent dividend increase looks designed five-year average. Yet even on the trade is liberalised, low cost plants in !cps m and more than 2,300 delivered. liners. But Boeing appears to have were sluggish in the crucial to prise out more cash. Rentokil has to rose-tinted view of recovery favoured countries such as Hungary oar Mexico Boeing has faced increasing com- Airbus last year struck a signif- rejected this option on the weeks as gardeners shunned the be careful. It cannot afford to lose its by the authorities, inflation is unlikely will be ideally positioned for export petition blow in this market from the icant against Boeing by grounds of market tuning and of garden centres. first contested bid, but nor, assuming to rise much above the current 1 per growth. The prizes will go tecompa- • t Airbus A32Q and its bigger A321 winning a $2bn order for 50 A320 the much higher development Turnover in the entire British it will need more than just bolt-on cent Since the Japanese currency has nies that can successfully ipanage the i z - ** IS , derivative. jets ftom United Airlines, a tradi- costs for an all new aircraft pro- gardening market has been down acquisitions from now on, can it be now resumed its upward march, the risks in developing markets. . NestM, The Boeing board was meeting tional Boeing customer. gramme. 8 or 9 per cent this year, Mr seen to be a soft touch. chances are that a strong yen will add Coca-Cola and Unilever lead the way. pain. in Seattle yesterday to consider Airbus also raised the competi- The cost of developing a com- Sinclair says. was avoid the Tate, which also has to wratie i If the sole criterion to to cyclical That points to the with Minium cut** giving the go-ahead to the com- tive stakes this month when it pletely new narrowbody aircraft William Sinclair does not earnings dilution in the first year. kind of sluggish recovery in which what is essentially a commodity busi- pany to offer airlines an launched at the Paris Air Show is estimated at S3bn-S4bn, while extract peat from picturesque, Rentokil could afford to increase its bonds flourish. ness, stfll has same way to go to estab- :- r. ' - improved family of 737 jets. the development programme for the cost of an improved deriva- environmentally sensitive areas bid to well over 350p from its initial If political deadlock prevents a fur- lish its credentials. T.m This is expected to be followed the A319, a smaller 125-seat ver- tive is put at about $1.5bn. of the Scottish Highlands and ~ Islands but ftom diggings dose to former coal mines in the pro- saic landscapes around Lanark BaUadur wins small business backing and Falkirk in central Scotland. It has not been affected by con- 1 fcw: Static* Continued ftom Page 1 However, In line with the EC finance committee has tabled an troversy over the extraction of WHY? ... GREEN SHOOK TAKE... RECOVERY Copenhagen summit's stress on amendment restricting any spe- peat from sites of special scien- UNDER MY... TAKE BEST ADVANTAGE. recession is driving the conserva- the need to keep Europe's labour cial "golden share” which the tific interest which has enutired tive government into interven- costs down, the government has government takes in a privatised Fisons in Yorkshire and aroused TO BE8T ENVIRONMENT... FOR YOUR tion as well as deficit. BaUa- Mr announced that France’s mini- company to eight years, on the the ire of the Prince of TO GBOW AND PROSPER ...STILL dur said he intended to shorten mum wage will rise on July 1 by grounds this was long enough for Wales. the duration of credit which only half the average real such government tutelage. William Sinclair, based in Lin- DEVELOPMENT AREA.. supermarkets could demand from increase in purchasing power. In the previous 1986-88 priva- coln, central T England, told the 5 FACTORIES... GREENHELD SITES... EAGER/ABLE their suppliers- thereby probably Much of the country's unemploy- tisation round, the government stock exchange yesterday that forcing them to raise their prices ment has been blamed on the limited its "golden shares”, because of “cold and wet WEST LANCS... STOP - and to make it harder for new tendency of the minimum wage allowing it M to prevent foreign weather conditions” affecting its f^.cs in this I supermarkets to open. to rise far foster than average takeovers, to five years. horticultural division, pre-tax One of Bahadur's first acts wages, high Mr as well as on the But this time the government profits for the year to June 34 on taking power in April was to welfare charges heaped on to has sought the right to retain would be 16-20 per cent below mmmmmmmmtmmmm order a six-month freeze on the company payrolls. “golden shares” indefinitely - as last year’s £4.6m. opening of supermarkets. - new Meanwhile, the government the UK government has done However, he said that the pet, Small shopkeepers, who com- faces an awkward dilemma on partly because it is putting up for aquatic and household products TIME 13TH plain of unfair supermarket com- privatisation, due to start being sale sensitive companies such as division had shown solid growth CENTURY MARKET petition, are a core constituency debated in parliament (ast night Aerospatiale, maker of its and the board intended to main- 20TH CENTURY NEW TOWN... of UVE/WORK his RPR GauHist party. after approval in the senate. The nuclear missiles. tain its dividend. IN HARMONY... 100 SQUARE MILES RICH FT WORLD WEATHER EARMLAND... AGRICULTURE... ENTCDM ELECTRONICS... 70 MILE MAGIC COAST.. Europe today MAlOEm/LIVERPOOL.. NEAR LAKES MOORS A high pressure area over the North Sea Is MOUNTAINS... WHERE?... WEST LANCS..' STOP weakening slowly, but atiU dominates the weather in northwestern Europe, in the Low O’ ' BEM A&j pj'* frX?)'. Countries, northern France and England It will be rather sunny and warm. Ireland will have ••• mttmttmtmmmmttttmtttt o 1 y^-o , •• more cloudiness associated with a frontal r 0. p,- \ system. In Scotland there is a risk of some rain or drizzle. A thundery low over France wUI move slowly to WHAT?... READY-TO-WEAR FACTORIES... OR the northeast In the warm and motet air some *'' f" If* 20 - • place! BUILD YOUR OWN... founder storms wfll develop. Southern Spain A- ALL SERVICES... MOTORWAYS and Portugal wffl continue warm and sunny. AT GATE... GRANTS... FOR SUES... PREMISES... A complex low over Russia will cause cool and MACHENERY... showery conditions In eastern Europe. Only PLANT... EQUIPMENT... TRAINING... Greece and Turkey will continue warm and EC AID & SOFT LOANS... FINAHCIAL/PROFESSIONAL rather sunny. ADVICE... WHAT?... WEST LANCS... STOP Five-day forecast Wednesday will continue warm and rather sunny in the North Sea area. However, mtttmtttmmmmmmmmf depressions near Iceland become more active weSTI and later this week they wIB extend their Influence over the west and north of Europe. Central parts of ^:yV^. “ ;'V- COMMOBIMOSB... Europe, wifl continue warn, v J™- BAHOHAL S , but unsettled with thunder storms. V?r -;{tO-*rr ®HnH~ IHTEBHfflOMt Most of the stmshbie and highest ; AffiPfflra... LIVERPOOL DOCKS y temperatures wifl be found In the south and 4 FREEPORT... MU southeast of Europe. RAMOAD EEtwORR... COMMOTIHC- PLEASURE 5S.v' TODAY’S TEMPERATURES STOP Forecasts by Motoo Consult of the Netttaiands y. Maximum Berth 23 Chicago 27 Faro 25 Majorca 32 Rangoon fab 31 Casks Bermuda 27 Cologne 26 Franktut 27 Malta 33 Rekjavfc shower 11 Abu Dhabi sun 40 Birmingham 23 Copenhagen 21 Geneva 27 Manchester 22 ffiyadh sun 41 W«t Lancashire is the best place. Fred Accra cloudy 30 Bogota "*¥ McCfenoglnn 0* 20 D' Salaam 27 Glasgow 22 Mania 31 Romo sun 29 j VfaHma Project Algiers (air 33 Bombay 1 Weslgate Pennylands SkdmerscUe 33 Dakar 29 Hamburg 21 MeRxjume 15 S' Francisco doudy 22 Wat Lancashire WN881P Wal: 0695 50200 Amsterdam sin Fax: 0695 50112 22 Bordeaux 23 Dabs 38 Helsinki 19 Mexico City 22 Seoul cloudy 25 j Athens fair 30 Brussels 24 Darwin 32 Hong Kong 31 Miami 34 Singapore doudy 29 POSITION Bangkok thwid 36 Budapest 21 Delhi 34 Honolulu 31 MRan 26 Stockholm fak- 19 Barcelona fair 27 Buenos Aires 14 Oufaal Isle at Man fak 19 Montreal fair 24 Strasbourg sun 27 COMWNY Befog Mr 28 Cairo 34 Dubfti Istanbul shower 26 Moscow ft* 20 Sydney fak 18 Ballast cloudy 20 Cape Town 18 Dubrovnik Jersey cloudy 17 Munich Mr 23 TelAvtv sun 31 fair 21 Caracas 29 Etfinburgh Karachi Ur 36 Nairobi cloudy 22 Tokyo rain 25 Kuwait sun 44 Naples sui 31 Toronto 0X1 24 LaPaz far 26 Nassau sun 30 Tunis sun 37 TELEPHONE Los Palmas fair 25 New York shower 27 Vancouver shower 20 Lisbon (air 24 Nice hazy 26 Venice fair 25 London sun 25 Nicosia sun 32 Vienna fair 23 Los Angeles fair 26 Oslo Mr 23 Warsaw fair 19 UhuhliifiAiu Paris Mr 27 weamngran fair Lufthansa Luxembourg tab- 28 30 Lyon tfund 28 Perth Mr 18 WeBngton Ur 11 MSTLANCASHIRE Madeira fair 24 Prague Mr 22 Winnipeg shower 24 Madrid fair 29 R'cfeJamta doudy 23 Zuric/l fa* 26 » - ‘ — _ " TUE5PAYJUNE29 / fmuMffAT TIMES Ifrfr II COMPUTER NETWORKING “We've got servers all over the can be costjy place and no one is looking THE Local Area Network iLan) are challenging and Local area networks are commonplace. But they after them. We need vere Is a fact of life in any sophisticated network organisation faced with the management software to keen need to tie PC users together. the whole system running But while the Lan has become With the decline bf the commonplace, it still throws crisis Radio links spur identity all-powerful data-processing up technical and business may keeping centre and rise of decentralised challenges. the hidden costs of £1,000 per computing, some drawbacks I The very fact that computer owing a clear networking and Ethernet are not at their spectrum, a microwave type radius, Net3 costs conventional Lans up and have emerged. “The environ, networking is now taken for strategy. best in this environment radio transmission favoured by user. running as a more immediate Wynne Davies, product Lan meat is not as reliable as th* granted contributes to the Naturally, contractors in the Of course. IT manufacturers military raiding parties behind Mr issue. Best-selling manager, agrees old DP centre set-up.” r growing cost of keeping Laos field are keen to highlight the with an investment in multi- enemy lines. The attraction is marketing products from suppliers such They can held that intensive use creates can NatWest Life has. called up and running. benefits of hiring their media have an answer. that PCs be centrally, as market leader Novell ia problems, but says this can be the consultants Hoskyns to One recent study com- services. But confusion over propose abolishing the kilo- dispensed for a particular lead to difficulties as cope I installing more with with network maintenance missioned by Computervision the future of networking is due metres of wiring that charac- project and used in a Lan overcome by system expands to cope on points. “The £500.000 a year contract Services suggests that as much to more than inadequate terise building-wide Lans and without planning out and external radio more use and users. “These a The installing advantage of Dect is that it effort of keeping up as 17 per cent of IT expenditure strategic thinking. The fact is introducing radio links. If wiring. Mr Simon networks can be incredibly with will support voice. It's very technical developments is now swallowed up in that fiie Lan itself may soon binding PCs together via radio Goodwin, NCR's architecture expensive and difficult to was oea>sTd multimedia protocol." doing supporting Lans after face an identity crisis. waves seems obvious, the consultant, calls it “deliver and much a managp when you start taking not worth inhoose. Mr Goodwin claims this is Hoskyns is under strict-orders. installation. But the same For a decade, a Lan has reason it has taken so long to drop technology". on support staff.” weakness. “Dect was criterion is not survey found that forward consisted of physical arrive is mired in radio With a Wavelan card fitted NetS's Mr Peter Steggall is heed of “The just to developed for voice, not data.” deliver the service planning of Lans has a low connections between PCs and frequency regulations. With into a standard PC. the service IT strategy and planning at but to Mr Whatever their differences it over the wa priority. Fellow networking costs £675 a connection. NatWest Life. Launched on improve years & Goodwin concedes that the over protocols, both companies new Lan techniques emerge." contractor 3Com investigated January 4 as a life insurance, 4™ recognise retail sites and its market and concluded that With the emergence of multimedia technology, delivery rate of data cannot and unit trust Radio-based Laos are a r» pensions compare with Ethernet but institutions that frequently possibility, says Mr SfeggaQ. r the happy vision of a global the Lan is suddenly required to transmit operation within the NatWest becomes reconfigure office space as the need to computing environment with says the difference group, this organisation has He forecasts incor- t sound and video images. The Lan standards potential converts to radio- companies linked through a apparent only with intensive formidable networking porate yet more capacity into r based Lans. series of seamless networks of token-ring and Ethernet are not at work by a large user com- Life has Tans to cope with multhnedia c SteggaTL "We cant be on requirement. NatWest The European Space Agency Peter jmagfig. after the remains a high-tech myth. their best in this environment munity. already spent £4Gm on com- But furkws r out Nets to back up the bleedns edge of tectinotogy" The manufacturing and Olivetti’s foray into wireless has tried systems. A Unisys main- spread of Lans over the last v at puter Lans is termed Net3. a computers outdoors and decade, he is wise to finance sectors have come to of data is frame is tied via commun- be C to temporary sites. cope with masses liberalisation of telecoms, mathematical reference cautious, preferring to learn I rely heavily on Lans. But software governing the the best route. “For ications processors to a central ( Mr Adrian Ridley-Jones, a still the mistakes.. data. the previously restricted frequen- three-dimensional, cubed that can from other's “We’re ) . 3Com’s research indicates that exchange of With dam-processing Lan at systems something tike credit card cies are being made available. space. This reties on Digital senior consultant workstations not going to be on the bleeding while some 70 per cent of Lan emergence of multimedia equiv- talk in turn to PC j Telecom- house Logica, has assessed processing you need the telecoms European Cordless edge of technology." . . users in those sectors planned technology, the Lan is NCR, owned by US not the configured in a series of Lans. I relay both systems. Ge stresses that alent of a big fat pipe, suddenly required to transmit giant AT&T, has pitched in munications. Radio is a big to increase data communic- processing a narrow bandwidth of radio.” Network growth with Wavelan. This is a net- points act as Lan hubs, joining for intensive Michael ations. only one quarter of sound and video images. The identifies issue, Mr Steggall concedes. Dempsey spread systems over a 50- 100m conventional Lan configured to Mr Ridley-Jones large organisations are foil- Lan standards of token-ring working scheme using up 1 of control have multiplied it in the direction of central- AS MORE personal computers, Network managers are finding that the problems ised control of distributed . servers and printers have been systems. Ms Caroline Rowoey.T added to networks and appli- its UK client-server pro- cations have become larger gramme manager, says that and more complex, downtime users wanting to migrate fin® bas been growing steadily . Downtime goes up as networks expand a mainframe environment to a A US survey by Gallup for distributed environment have Computer Reseller News last is bow been concerned about a machines to be effec- networking. Environment (DME) possi- that the average hardware and software to networks should be able to and controlled. neons year found They pinned their hopes on making the running as a stan- ble loss of controL adding handle have grown faster than One of the answers may lie tively monitored and con- large company suffered four their networks without for the prod- The latest version of expert systems. These are trolled by a single software OSI’s Common Management dard architecture Open- boors of downtime a week - to their network management their adoption of network in Information ProtocoL But that uct vendors. It will support View also takes another signif- almost doable the figure resources. management systems and of software programs which use system, begin- required so many features that the SNMP protocol and should icant step towards the integra- research two years Jim Pante, European the capabilities of those a specialised form of artificial Such a standard is shown is Mr to make network soft- tion of system management intelligence based on sets of ningto emerge. but it could be it has so far failed to win help earlier. managing- director of Network systems. with years before it has sta- much support from manufac- ware more portable. network management At a seminar in April Mr General, a vendor of software Mr Paul Trowbridge, UK rules devised by subject several rules bilised. After that, it could be turers. Mr Justin van der Lande. and thus towards centralised Enzo Torresi. president of the tools for network manage- marketing manager for the experts. A set of such before old Meanwhile, the rival Simple networks marketing manager controL superserver maker NetFrame, ment, says that most users network products company could help to alert network several more years Management Proto- for NCR UK, an AT&T subsid- OpenView now seems to be forecast that average down- spend only 2-3 per cent of their Synoptics, says that most peo- Network coL supported by the Internet iary, says; “Our difficulty is to on the way to becoming an time would rise to five hours a information technology budget ple underestimate what is Users’ expectations of what networks should handle appears to know which standards to industry standard, at least in management, Involved in network manage- organisation, have week this year. on network faster their adoption of management have grown than overtaken it is now close back.” tike open systems community, The survey results refer to whereas 10-15 per cent Is ment He attributes this to a and systems and the capabilities of those systems de facto stan- NCR’s StarSetrtry, one of the as it is being incorporated into local area networks. On wide needed. lack of skills among network to becoming a leading management and into IBM’s NetView area networks the figures are Most large companies in managers who are under so dard. network DUE _ been products, already has products. Itis supported likely to be considerably Europe and the US at present much pressure that they do managers to anomalies and uon-standard machines are However, SN3CP has SNMP by? higher. spend only £15-75.000 a year not get adequate training and enable them to take a mare phased out and replaced by criticised for allowing too compliance and wQl add com- around 170 partner firms Such a level of downtime on network management tools. often adopt a naive “tick list” pro-active approach to moni- others that conform to the new many options for implementa- pliance with DME in its next which, have developed hard- represents a huge loss of pro- They do not expect to increase approach to purchasing soft- toring. standard. tion by product vendors and release. Though ft has yet to ware and software additions to ductivity, particularly when it that figure by much, nor to ware tools. Another part of the solution In this field, as in for lack of security. A new ver- achieve commercial success, the system. affects organisations which hire more network managers. The arrival of a new gener- will come through the develop- others, the industry has been sion of the protocol, SNMP2, StarSentry was rated best net- . Whatever the Industry stan- rely on online systems such as Mr Pante says more plan- ation of applications, includ- ment of standards. Most com- torn between official and de which should deliver both work management product in dards turn out to be, networks banks, airlines and manufac- ning is necessary. “Users need ing multimedia programs, puter networks today com- facto standards. A few years greater standardisation and a recent market report by con- of a few years hence should be turers. For them 99.99 per cent to lay down basic network could compound the problems. prise equipment from a ago users and vendors were improved security, is expected sultancy BntterBloor. controllable from a single soft- availability is just not enough; requirements for availability Such applications will con- number of different sources, looking to the International to be built into equipment Hewlett-Packard has ware system and therefore, it needs to be 99.999. and response times and then sume far more bandwidth than each of which requires its own Standards Organisation’s Opm towards the end of this year or recently announced enhance- eventually, less subject to The problem seems likely to monitor any events that may cnrrent systems; therefore management system. Network Systems Interconnection early next year. ments to its market-leading faults and crashes. worsen, because surveys show put those targets at risk.” demand for bandwidth will management needs a standard model to provide them with The Open Software Founda- OpenView network manage- that users plan to add more Users' expectations of what need to be closely monitored which will allow heteroge- official standards for tion’s Distributed Management ment software which will take George Black SynOptics smoothly integrates new technologies into your existing network. An enterprise network is one ofyour business’ strategic performance both on the backbone and co fhe .desktop. assets. And with the constant arrival of new network Hus, its integrated into a powerful sBcog.chipset; offering technologies, you need a partner that wifi help you merge you a sgoificam cose advantage. and manage both the old In addition, SynOptics’ Optivitya< network manage- —I and the new. That partner is ment software gives you* the , visibility u> control SynOptics. autoeatiniji bridgit^; and touring finicrions fiom 2 single Through the years, management station, or diagnose problems that encompass SpoOftk, mrw LtoiGfr* ‘ we’ve helped smooth the cheentire network fabric. f*J**fi*U,**Ul,r»* toaU-M rwyftrii Antmtn t mnsmon t& new capabilities. you’re, building, or managing 'aa. enterprise fim mqmMmMwm> a. Now; SynOptics calces you network, -get die wrinkles out with integrated solution? • **J -due step fysrhtt, .with the from SynOptics. Were smoothing the Wty Gribs tirtwotk creation, of a cohesive network febric -.an tm&rfying bf the junue.' To $nd oar more* call janes Wdson oa ; structure .connects ’* •'* Ait and- .manage?, .individual 0800220870.' ; •, • wchjadkigim'.&tougA the hubi ft pra«d&lug& •“ » SyaO/tia CgnwwMfcwfoas Ltd, CommmkUOQt fbott. - ' . . 24-aC^Sd^M^ grow- arjnmr .network does, -without sacrificing you*. a^a7fDD. ' ' T*06284t7477.lic«6848ll«.’ CsSdr^irivesTreenc .* . When you' demand Asynchronous 'Transfer Mode (ATM) •cechttologfc we'Vegpt u. LaxtuCdl,™ SynOptics' ISynOptics sw’od-gewration ATM solution, greatly, increases' Tlie Nttwodc Fabric ofOuapo&og b-tdP w There's nobody else we Installation. On-site mainte- problem, could possibly point to. we're the only people After all, nance. Technical support. And you need call. we control every single aspect of anything else you can think of. How the creation of your system refreshing. No from We cheerfully take more full fingerpointing. start to finish. responsibility for delivering a Research. Ideas. Design. system that's right the very first Cowpirtofg Development. Manufacture. time - then for keeping you up that change Advice. Sourcing. Preloading the and running. Wfcrythjng, operating system. Testing. 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I KlNOVELLn V P I 1 — MKiosoR M MS-DOS 027i^MwSs l* FINANCIAL TIMES TUESDAY JUNE 29 1993 III COMPUTER NETWORKING Global networks: George Black on a difficult decision WKEN Trent Health Regional Services Judith Massey on client-server computing The fact that organisations are integ- upgraded its financial systems rating multi-vendor components into recently, it chose to move off its health one computing infrastructure brings authority’s mainframe and implement its own problems, according to Mr client-server software called Open 1 on David Taylor, senior industry analyst Why to buy is better a network of personal computers. great enabler at Dataquest “Management of these According to Ms Kay Dickinson, The systems can be difficult,” he says. “Organisations need carefully MANY senior assistant directin' of finance at to look organisations which are the wisdom of their invest- monitoring and diagnostics Trent Services, Open 1 provides a more more easily. Rather than go to the data parts of the application ran on the plat- at the impact of having so much data seeking to build global infor- ment features to be able to deliver flexible approach to accounting processing department with a request form that best suits the job in hand. moving around the network, for exam- mation networks face a diffi- Mr Trevor Watts, marketing substantial benefits to users. systems, so that she can get quicker for a report, users can create a new The PC (or workstation) handles the ple. A lot of the pieces of the jigsaw are cult “buy" or “make" decision manager for network services ATM is seen as the next step and more relevant management infor- view on existing data themselves. Cor- GUI and low-level PC applications, ready to be used, but yon still need in the near future. at service provider AT&T Istel, after Frame Relay in increas- mation. Staff can nse familiar PC appli- porate data is a resource to be tapped such as spreadsheets, and small data- somebody to put it all together.” The signs are that most will says that -global companies ing the rate of date transfer cations alongside Open 1, which itself and used in new and different ways by bases. The server looks after “back But the reason that some large cli- go For “buy” rather “ than most ask themselves whether and integrating local and wide has a friendly, graphical user interface imaginative “front-end” applications, office” computing tasks, such as updat- ent-server applications have failed ake". m The main reason is they want to commit huge area networks. US multination- (GUI). The hardware to support the instead of part iff a monolithic liability ing large databases, or sorting through recently has less to do with technology that they believe tins will be resources to running their own als are starting to investigate system can be upgraded using off-the- that constrains the business and stops client records. The two elements are and systems integration skills than quicker, cheaper and easier. networks in every country. ways of adopting ATM as a shelf PC products and add-ons. it from changing. connected via the local and wide area with business processes, says Mr Ian That will be a reversal of He notes that to do so they future backbone technology for The icing on the cake for Trait Ser- Another benefit of client-server com- networks now commonly in nse by Faulkner, divisional director of UK what was the prevalent trend must be able to cope with dif- achieving a higher still vices is that by installing Open I, it puter systems is that they tend to be most large organisations. management consultancy OASiS. “Just until recently. Most Large com- ferent technical standards in throughput of data. will save money. For the same price as built from industry standard compo- Hie way a cKent-senrer application sticking a sexy front-end onto an old panies used to feel more secure each country, for instance for Frame Relay and AIM may one year’s maintenance charges on nents, such as Novell NetWare. As any- works is that users request tnforma- system that supports outdated business owning and managin g their the new ISDN digital telephone be the key to providing the Trent’s mainframe accounting system, processes Is not going to make any * own networks. It took a lot of system. increased bandwidth which Trent Services has been able to buy a difference,” he adds. “Client-server time, money and effort to set Mr Peter Hickman, a senior global companies will require new application. “We have been able Flexibiirty is the key. “Organisations can do things that they technology is a great enabler, but the them up, but it gave the users business consultant with GE for multimedia applications substantially to reduce IT overheads as could never have done with a mainframe" important thing is to understand how complete control. Information Services, the lead- involving transmission. a result,” says Ms Dickinson. it can help your particular business.” Now many want to do "one- ing supplier of electronic data They appear to be well suited The business benefits that Trent The message is that while client- stop shopping” for telecommu- to users who need to transmit achieved by moving away from central- one involved in mannfactnring or con- tion or data from their PC client, but server computing does provide measur- nications services worldwide. very large of data in short ised mainframe systems to a depart- struction knows, wherever standard actually receive it from a server. Ike able benefits (open systems, cheaper The arguments that have The technology ts bunts to remote sites. mental application demonstrate why components are used, prices fell. server could be in the same room, In a hardware and software maintenance, already convinced many users becoming obsolete Competition for global cus- client-server computing is taking off in Galileo, which provides a worldwide different part of the building, or even more flexible programming and system to outsource computing ser- so quickly tomers will become intense in a big way. But what is different about booking service for air travellers, has in another part of the country. Clients design, better usability, the ability to vices apply to telecommunica- the next few years. Last month cttenteerver computing, and why are based its new client-server TraveWan- can access multiple servers for differ- carry on using familiar PC applications tions. Network design has AT&T launched a service in so many people talking about it? Mr ager system on standard components ent information, but client-server soft- and GUIs), it should never be Imple- become so complex that many interchange services, says it is the Asia Pacific region called Mark TreveU, senior consultant with for these very reasons. Instead of writ- ware hides the downloading process mented for its own sake. think it best to hand it over to now extremely hard for even “Worldsource”. It has created a Hoskyns, the UK consultancy group, ing new client routines and screens. It from those users. As far as they are In ftatore, more vendors of financial experts cm a fixed price con- large companies to provide all set of partnerships with tele- says that flexibility is the key. “Organ- is making extensive nse of tried and concerned, the information that pops and other corporate applications will tract for several years. the necessary expertise and communications in isations can do things with client- tested applications such, as SunAccount up on their screen could have come produce robust, reliable client-server Mr Pirn Bilderbeek, manager support for global networks. other countries. server computing that they could never from Systems Union, pins Microsoft from their own PC. versions of their software. Oracle, Dim of the European network But some large companies, BTs recent announcement have done with a mainframe,” he says. Word and Excel. Client-server computing can be & Bradstreet, Compnware and others research centre for Intema- notably the financial institu- that it will take a 20 per cent As well as bring able to empower Of the two elements In client-server described as “user-centric". Processing have already announced products that 0 tional Data Corporation, pre- tions, are still reluctant to stake in AT&T’s rival MCI users by giving them the tools they computing, the client can be a PC, a power is brought to the desktop, and will help users move into client-server dicts: “More will buy than hand over all their communica- points in the same direction. need to do their jobs properly (includ- Unix workstation or even a remote applications are designed to serve the computing. The new dedicated manage- make because that way they tions requirements to service Others will seek to do the same ing the PC applications they have notebook computer. The server can be business need. But that view of com- ment tools and operating systems such will free capital far other pur- providers because they are not to get a share of ibe growing grown used to), organisations which another PC, a Unix box, a minicompu- puting can create problems for those as Microsoft Windows NT will also poses and be able to concen- convinced that managed net- market in international voice choose the chentseiver route find that ter, mid-range computer or mainframe. with no experience of bow to use cli- move the whole client-server band- trate on their core businesses.'' works are secure enough for and date «wmmnriratiftn«- they can create systems and reports The basic premise is that different ent-saver applications properly. wagon a little further down the track. Just as important is that their sensitive data. Most of they will get rid of all the prob- the banks use their jointly- lems of negotiations with a owned body, Swift, to perform large number of equipment their major network functions. suppliers and maintained and As banking becomes less of a with the national telephone retail chain and more of a net- companies of the countries in work application, the banks which they operate. are increasingly concerned These complex daaUnga have about the ability of other net- been the biggest hurdles for work providers to come into those companies which have their market They may there- built their own global net- fore try to become network works. When anything goes providers themselves. That ou have a reservoir wrong on a private network, it already seems to be starting to is often extremely hard to sort happen at some of the top ^ out who is responsible. European banks. Another factor Is that the Both service providers and technology is bamming obso- those who to build their lete so quickly that users may own global networks face some prefer to leave it to service pro- big technical challenges in of information. viders to keep up with all the keeping up with users' latest inventions. demands. Most companies For organisations seeking to have allowed their networks to do business in emerging grow in a piecemeal manner regions such as eastern and have managed them only Europe, setting up a network by firefighting problems as may be much harder than in they occur rather than by the more technologically proper planning. How much is reaching advanced countries. Where Mr Watts believes that part cables are inadequate, they of the solution to global net- may need to rely on service work problems win lie in the companies which can provide new technologies of Frame access to satellite systems. Relay and Asynchronous The expected switch to out- Transfer Mode. sourcing is good news for the Frame Relay promises to your customer and how fast? suppliers of managed network overcome the restriction on services such as BT, Cable & throughput of packet-switched Wireless and Infbnet data networks based on the These companies have been Consultative Committee for increasing their revenue from International Telephony and If your customer only knew you offer a network services but have had Telegraphy 3L25 standard. It is to invest so heavily in estab- starting to be seen as a cost-ef- product he wants. Or a service he needs. lishing global networks that fective solution by US multina- few have reaped profits in this tionals, but European compa- sector so far. But the prospect nies have yet to be persuaded If your customer only knew what you of a rapidly growing customer of its advantages. However, base should reassure them of Frame Relay still needs more know. And fast. 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DSGroup Ask us To reserve your place. caU (0753) 820004 Training now on CUSIOKSBIS b Senrirt Mart tf ilw Urti^n pmsiaiv» o»pBaem CoiponUnt DSGSOUP ' ' 1 : pfMA\rtAL TIMES TUBS COMPUTER NETWORKING NetWare ware market, began shipping program denned OVER the past few years a new and rather Paul Taylor on interoperability, a in lexicon SNA Links last year, a new and inelegant word the Busmen Machines inelegant word has entered the lexicon of to enable International - geographically network computing “interoperability”. customers to connect As- s* existing mate- Interoperability is a practical solution to persed PC networks via the problem of ensuring that different frame computer links. as Borland computer hardware and software compo- Other software houses such of Babel been working to nents work together across distrib- surmounted also can a Tower can be have International network or by making com- uted interconnected networks. fwhanre interoperability 1980s it was “airing If the computer industry bad grown up together to form local area networks the capacity to run operating software and' facturers have adopted a number of other more comply- By the based networks raster to famines bu plax client-server accordance with (Wans). applications from any supplier obeying the .approaches incompatible computer '' in some monolithic mas- (Laos) and wide area networks to make their proprietary seven manage and use. y. i netp . _ „ in open systems rules, rather than manufac- token a number of steps to ter plan, there probably would have been These in turn, arc being wired together systems Interoperate with others. has since For example. Integrated Database Appli- vendors.’ machines no need for any user to. specify interopera- .a process called Internetworking. turers' proprietary ones. Some vendors such as. DEC, Groups Bull its own, and other Programming Interface software - cation bility; it could be taken for granted. But this has led to technical headaches Open systems standards are now widely and Hewlett-Packard have been pushing interoperate. standards-based method for announced, „a provides a whose diverse accepted across the industry, although their systems increasingly these, IBM in 1987 In reality, however, computer develop- for many large customers towards “open Among integrating.' manipulating and managing til manufacturers Applications Architec- ment has been driven by competing and IT operations have often grown up without some hardware are still systems” by changing their operating soft- plan catted System databases and ott dff- ST personal data from different in a wide less than wholeheartedly' enthusiastic enable its PS/2 often incompatible technologies vying for any co-ordinated plan, resulting ware to conform more closely to the stan- ture (SAA) to platforms. ' > ferent operating . . hardware about implementing them because of dards. System/38-AS/400 minicompu- 2 customer acceptance. This has resulted in range of often incompatible computers, The growing need to hook together Inns design* • mainframes to be a proliferation of rival computer architec- systems and architectures. heavy investment in their own Similarly, the main network manage- ters and its System/370 sines has also spawned a booming bu far £fi tures, systems and software. network hardware itself, But there is another important reason ment software products, such as IBM's linked together more easily. operating Indeed, the the internetworldng , Systems the manufacturers of including connectors and communi- why even if open systems standards are Netview and similar packages All used IBM’s long established Within some segments of the industry, wires, from HP products such as “routers”, “hubs”, with the differ- the long-term solution to securing intero- and Sun Microsystems, Architecture (SNA) for their com- as de facto standards have emerged. For cations circuitry, coupled are moving gradu- Network “communications servers”, But each of “bridges" and example Intel’s chip architecture and ent ways of packaging and transmitting munications infrastructure. which also help provide interoperability. dam i -a™ using communi- operating systems, Microsoft's MS/DOS have come to domi- across various Manufacturers of internetworking products "routers', the three used different computer infor- such as interfaces These are used to divide nate the personal computer market cations protocols, has added another different command and control “hubs”, “bridges” and "communications servers" into “packets", regardless of.tite and possi- which also help and languages for mation Even where no standards have emerged, bewildering level of complexity different programming protocols, find the provide interoperability, are in data communications there were relatively few problems, pro- ble conflict. a booming business their applications software. most efficient and economical route, to vided maffhines based on different technol- The result has been described by some Since SAA was launched In 1987 IBM the packets to their destination on; Babel". There perabUity, shorter-term alternatives are ally towards specifications to include deliver ogies functioned in isolation from each as “an electronic Tower of Open Systems Interconnec- extended its to the network, and assign priorities differ- other. are. however, a number of possible solu- also needed tion while the SNMP (Simple Network many open 'and de facto industry stan- ent packets, delivering the most urgent But today’s end users want network tions to these problems - steps designed to Many corporate customers cannot Management protocol), supported by the dards in order help its systems interoper- ones first systems which link together all their infor- ensure interoperability. switch over all of their IT operations in Internet organisation, has become a de ate with others. Such companies as Cisco, -3Com and mation resources - regardless of the types Perhaps the most obvious solution is to one jump, Even if they could, they proba- facto standard used by those warning to Last year, IBM announced its new Blue- Wellfieet which manufacture routers,. and of machine and technology or their -geo- establish new hardware and operating sys- bly would not want to. Such a move would integrate their Laos. print for Networking, which redefined Synoptics, a leading vendor oT Interne- graphic location. tem standards.,This is essentially what the entail the unacceptable costs of abandon- Other equipment manufacturers, includ- SNA to include many open systems speci- hub products, have all been growing They want to squeeze more productivity various “open systems” standards, devel- ing proprietary computer systems and ing Apple, have accommodated other fications. Meanwhile, many IBM SNA fea- twork ' rapidly in recent years as a result of the out of their investment in FT by hooking oped by- the X/Opea Group, the Interna- expensive software. systems within their own proprietary tures have become de facto standards with demand for internetworking. (ISO) and For this reason, it is often suggested esign's. As increasing together desktop personal computers,' tional Standards Organisation d Apple's current UK advertis- the open systems stamp on them. - systems are most -in The age of isolated proprietory systems high-power workstations, departmental others bodies, attempt to achieve. that open suited to nety . ing campaign emphasises, Macintosh com- Although there are still problems as the trend towards net- minicomputers and corporate mainframes Open systems work to a common specifi- applications, and that computer systems puters can now exchange data files with linking together proprietary systems, Mr is over and accelerates, the need for inter- locally, nationally and in ternationally - cation arid therefore achieve interoperabil- based on proprietary designs will still be MS/DOS personal computers, run MS/DOS David Taylor, senior industry analyst with working grow. This will mostly be and have them work in seamless harmony. ity by definition. required to support current applications. programmes using “Soft PC” software and Dataquest, says most manufacturers “have operability will continued shift towards Since the 1970s, when networks first Equipment that complies with open Even so, in the age of computer net- connect with PCs over a network. worked hard to test their systems with satisfied by the and software started to appear, there has been a burst systems standards can easily be connected working, these systems must at least be Meanwhile IBM’s strategy for delivering competitors”. open systems hardware of activity as computers have been linked into communications networks and has able to work with others. Therefore manu- “interoperability” has necessarily been Novell, which dominates the Lan soft- standards. with roupware - software The effect is of gathering what everyone in a team knows in one room introduction of Notes a . that runs across a £600,000 contract. . This network, co-ordinat- involves installing a Lan and' ing the work of indi- ensuring that Notes takes over vidualsGwithin a team - is the the legal papa mountain. current bnzzword in PC-based prize Mr Jeffrey Tyrrell is FT Regardless of dis- The delivers Saunders and his computing. groupware partner at tance, each member’s files are job is to make sure the constantly and simultaneously At £3,000 a licence. Micro- explains that a formidable Microstation. and rubbish that other network’s 130 users are updated. Groupware repro- station is targeted firmly at array of protocols is employed With a spectacular sales products put onto the file.” steered away from group- duces electronically the effect engineering professionals. In the company local area curve. Notes has attracted Triangle needed £30,000 ware’s profligate tendency* All of putting everyone together Microstation allows network. keen supporters. What Notes worth of hardware to function - working applications will Hong in the one room. architects, structural With traditional PC Lans has done, say its adherents, is as a network engine on its reside on desktop PCs while a It is impossible to discuss engineers and cabling such as Ethernet, market cat out a significant amount of own Lan before Notes arrived. 486-based server is dedicated groupware without studying planners on a construction standard network software unnecessary data duplication Mr Chapman boasts that the to handling network traffic. Lotus Notes. With 500,000 project to view each other's from Novell and Unix Lan on networks. data economy of Notes means “We’re configuring the vapoi licences sold worldwide, Notes files as the building programs, Parsons can only Mr Jim Chapman is the he can ran the network off network so it's difficult for has defined the gronpware progresses. Running under use groupware that will run managing director of Triangle, £6,000 worth of equipment In people to come out of Notes. 0 market But the phenomenal Unix, Dos and Microsoft happily over a multi-protocol a Bournemouth-based systems a 60-strong company that is a We don't want them going success of Notes has obscured Windows operating environ- network. For the time being, house that specialises in significant saving. Triangle away and fiddling in other ' some networking issues. Until Jfm Chapman: "Notes strips out ments, Microstation is more that rules out Notes. installing Notes at Triangle now sells Notes licences. Michael Chapman Pincher. user parts of the system.*’ the very latest release, each the rubbish" flexible networkin options thus in g So if groupware was has led to significant savings, Notes can cut back on one en iasm can prove wasteful Mr Tyrrell harbours : no sub-set of up to 50 users than Notes. propelled to prominence by he says. By pushing files aspect of network costs. It - illusions about a paperless required a dedicated PC server idea of a constellation of users The UK arm of Internationa] Notes, the idea, if not the across the network, constantly offers every user the chance to However, in the present- Law firm. “I think lawyers are running IBM's OS/2 operating hanging off a network but engineering Arm Ralph M. buzzword, already existed. Mr saving and relabelling, write applications. Tins is a ation-orientated world of wedded to paper.” But he sees system. This is not the first working to a common goal has Parsons uses Microstation to Dowling says he already has conventional Lans absorb big step in terms of user- marketing Notes has proved the potential tor a well- network choice of many been around for a very long co-ordinate work on designing “the ability to overlay another huge amounts of data storage friendliness and decentralising vital. “For a paper based planned Lan - running , developers, who have to wait time. Intergraph, a manu- chemical processing plants. Mr design file on top of your desk space, he argues. Notes Is for power. But It cm encourage information organisation tike groupware. “What’s exciting is until later this year for tbe facturer of engineering work- Brian Dowling, head of file, allowing team members to more economical in that it staff to waste time and SMI, it has become a valuable being able to exchange- so Unix operating system release. stations, has been selling a computer integrated eng- see layers of information.** keeps the one file running, resources. business asset because it’s so much information,” he says. And while Notes has flown file-sharing facility called ineering at Parsons in Netware Is IT industry jargon and does not waste space by Mr Michael Chapman easy to lose track as tbe draft “Law is about selling the banner of groupware, the Microstation for seven years. Brentford, West London, to describe such products as applying a number of formats Pincher organises the Lotos of a proposal progresses.” knowledge, but tintll how to files. Notes User Group and has Saunders Sobell is a London that’s been locked up in tbe “Networks encourage file implemented Notes at SMI, his law firm with a mission to minds of staff around tbe replication, they become data North " London marketing prise paper out of the lawyers’ building,” dustbins. Notes compresses services group. He warns that bands. The Idea is to put every With groupware at hand, the data, strips out the formating user enthusiasm can prove step of casework on a network computer network may be wasteful. “Most Notes sites are of PCs and tie the work, about to deliver a powerful graveyards of applications process together. Computer, prize. Business Software that died because they were services group ITnet has been found to ire unusable.*’ to Challenge *90s appointed handle the Michael Dempsey ORCHESTRATING Prizes to the value of THE FINEST :jWiIiii BRITAIN'S young software writers have the chance to win prizes to the value of £20,000, plus a range of hardware and software, in PERFORMANCE. this year's "Business Soft- ware Challenge '90s,'* the resits of which wfU be cov- ered later this year in the FT's review, Software at Work. The competition is spon- The conductor’s job is one of balance and control, sored and funded by soft- ware vendor. Computer giving cues to stare and stop players, calling instru- Associates, which founded it two years ago as a way of IS A ments forward or holding them back. encouraging students to write applications to solve Systems integration is like that. Many different real business problems. Also giving their support are the partners, products and services have to be co-ordinated British Computer Society, Coopers & Lybrand and the to help your technology (and, therefore, your business) Institute of Management achieve its greatest potential. 1 I i Hi: * n i i I ‘ At Bull, you’ll find us responsive. We take the time The competition Is aimed at . ; r/ f. students in higher education, 0NTAC to understand your business requirements. working individually or in teams, and recent gradu- You’ll find us professional. We have the skills and ates. They are invited to submit current work which technology to deliver the appropriate solution. solves a specific, defined, business problem. And you’ll find us responsible. We don’t walk away There Is rto definition of what appli- from difficult problems. cations are appropriate, but judges took for robust, work- As Europe’s fourth largest" systems integrator, we ing solutions and a dear SPORT. explanation of the busaiess have a proven crack record of quality and innovation. benefits. The software should run We’ll get the best out of your technology. on a commonly available computer, and Integrate with Which means that you’ll get the best out of your other relevant software business. where applicable. Entrants must be able to demonstrate how their design addresses For more information, call us on 0800 515403. apricot a particular problem. There is strong Interest in this year's competition; entries dose on August 27, in previous years Winners -MITSUBISHI ELECTRIC have been responsible for a number of highly promising products, and some have M0. 1 IN WORKGROUP gone on to full-time careers COMPUTERS Worldwide in software design. For more information and an explana- FOR AN Tnfanroitinin INFORMATION Pm booklet, apply to: CALL ^ tory 0800 212422 & QUOTE A2 Bull Information Systems Limited. Computer House. Great West Road, Brentford. Middlesex TW89DH. The Competition Secretary, Business Software Look for the 90s, /kl , Chaflenge lnte( symbol 24-28 Bloomsbury Way, f\ INVEST IN YOUR ENTERPRISE. LONDON WC1A2PX Telephone 071 831 6262 The Intel trade topo fa o regteered trademark FKc Q7t 831 0689 or intw Conawnw^ FINANCIAL TIMER TUESDAY JUNE 29 1993 V COMPUTER NETWORKING On this page Phil Manchester looks at the prospects for the main operating systems strategies Mid-range Unix faces crunch THIS year may be the turning 2 operating system. Needless tion to a Digital Equipment or come from current MS/DOS PC point for Unix, the computer to say* IBM also supplies Are, Hewlett-Packard environment users. They will be more operating system developed a version of Unix for Hs - Unix has other virtues. Until inclined to migrate to Win- more than 20 years ago by the ES/6000 workstations. recently, its technical develop- dows NT, which offers them A struggle for of dominance US telecommunications giant Last month Unix came under ment was under the control some continuity, than to a ver- as a telecommu- BY THE end of the decade, - AT&T. attack from Microsoft with AT&T which, sion of Unix or IBM's OS/2. Digital Research Microsoft’s Windows NT is a gamble for networking. And customers do most personal Technical development of launch of Windows NT, yet nications company, had no axe While this is unlikely to affect computers will one-thne rival in the PC operat- Microsoft. It is much more not want to be locked into a to grind the computer mar- be attached to a network - Unix will soon foil under the another potential alternative in Unix's aspirations in the mar- of ing system market and than a replacement for its top- specific product like Windows ket Following an unsuccessful for “downsized” systems, one sort or another. Stony will control of PC networking for mid-range computing. ket formed Unlvel, a joint venture selling Windows 3.1 soft- - it’s proprietary. can take PC We attempt to attack in the crit- be attached to local specialist Novell following Its Despite these challenges, IBM it will not help it gain the area with Unix Systems Laborato- ware. It is also designed for use a more independent view. networks, so they takeover of Unix System Unix tots a proven record of mid-1980s with its own Unix- ical mass it needs to dominate can share ries (USL). to market Unix soft- on the high-speed reduced Unlike Microsoft, we have no resources, Laboratories (USL). There Is survival It was ignored by all based computers, AT&T has the mid-range. support “group ware. Novell is now on the instruction set computers involvement in applications working” applications growing interest in except academics and posed no real threat This However, Mr Neal Wadding- and verge of completing a takeover (Rise) being developed by IBM software and we are hardware connect “downsized” open computer researchers until a decade ago, meant that Unix was mainly ton, vice-president in charge of personal computers to of USL, will give it effec- which and This is independent" large DEC. traditionally systems based on Unix and a when it became closely bound free of hardware manufactur- Tandem Computers' Unix corporate databases. tive control of the Unix operat- the territory occupied by Unix. He adds that users are and able to Like any other, renewed sense of unity among to the cause of open systems. ers' influence was operations, sees a good future networks of ing system. looking for integration across personal More important, it comes Unix suppliers. Since then, it has almost develop along “open” lines. for Unix in the downsizing computers need a networks and that Novell's controller - This should mean that Unix become synonymous with Through file 1980s, Unix suf- market: “The functionality a sort of telephone The bringing together of Unix and NetWare could new involvement in Unix exchange - will, at last, find a respectable “openness”, fered from fragmentation as gap between Unix and other to make sure that will this give Windows NT a run for its development make manufacturers “enhanced" it messages get to the right money place in commercial comput- Unix is relatively easy to proprietary systems is dosing. desti- easier. - - nation, cope tag as an open foundation for move to new computers to suit their own hardware While Unix is not completely with hardware The key to Novell’s strategy breakdowns maintain portable applications which making it popular with the making it difficult to move open, from a customer point of and Apart from its abortive with a new networking prod- is the bringing together of security. can run on many different new minicomputer manufac- applications without changing view, it*s good enough," he merger with Lotus Develop- uct called Windows NT Unix and Novell’s NetWare - a Personal computers. turers which emerged in the them. This undermined the computer networks ment in 1990, Novell has made Advanced Server. Although combination which could give There are still doubts, 19806. t open principle to some extent “Customers are looking for are controlled by software in all the right moves. It is well- Microsoft has not given a defi- Sun Microsys ems, Pyr- Microsoft's Windows NT a run led to a succession of vertically- the form of however, and Unix's future amid, Sequent and others took and the break-up of the a network operat- placed not only to continue to nite delivery date for the for its money. The proven ing system. samw may not be as rosy as many of Unix off the shelf and tailored agreements and rival alliances integrated proprietary systems In the way dominate the network software Advanced Server, it has priced track record of both Unix and that operating its advocates think. The it to their hardware, rather aimed at producing a single so they can buy best-of-breed an system such market, but also to challenge It very competitively and NetWare in their respective as market it serves - so-called than face the expense of build- Unix specification. products at every level," Mr Microsoft's MS/DOS looks Microsoft's dominance of the aimed it directly at Novell's markets gives them a clear mid-range systems - has fog an operating system from At the start of the 1990s, Waddtagton adds. after the complexities of oper- broader PC systems software NetWare. advantage. ating become a target both for large scratch. tongh market conditions He sees Novell’s takeover of a personal computer, net- marine Novell's interest in Unix But Unix has suffered from a systems suppliers coming There were other factors. To helped force Unix suppliers USL as “very positive. It will work operating systems con- Not surprisingly, Microsoft is through USL - in aHrtitinn to lack of standardisation and trol down from mainframes sell their hardware success- together and, in March, they lead to faster convergence of a the flow of traffic through keen to extend its sphere of the products it inherited in the confusion over the “front-end" - and for personal computer fully, manufacturers must announced support for the standard at the binary level. a network. influence beyond the confines Digital Research takeover interfaces for applications pro- suppliers moving up from Common Open Software Envi- This means we can have a It follows that the developers of single, stand-alone personal give it the weapons to break offer appealing software appli- grams and user Interfaces. blueprint for single of what the bottom, ft has, therefore, cations. Unix than by the ronment, a Unix standard that we can add becomes the dominant computers. It wants a slice of into Microsoft's market Novell could put this right. It attracted alternatives. hundred and. theoretically, Unix standard. But this new- value to - rather than trying network operating system will the network operating system However, Mr Lalit Nathwani, has succeeded in making Net- Operating systems software they can work on any com- found unity may owe as mneh to add standards to our be assured of a lucrative market and has struggled - so NetWare product manager at ware a standard for PC net- such as Unix is pivotal puter which supports Unix. Id to the imminent threat of systems,” he says. market well into the next Ear in vain - to oust Novell Novell UK. acknowledges works and given application because it provides the founda- practice, things are not this Microsoft and Windows NT as He acknowledges, however, century. Microsoft’s Lan Manager soft- Microsoft's strong position. builders a target to aim tion for applications. simple applications often it does to any new sense of that Windows NT will be In pole position is the ware, which is also theariginal “Microsoft will dominate the mid at between rival - Utah-based IBM, for example, offers its need “tweaking” to work on a co-operation attractive to some customers software developer basis of IBM’s OS/2 Lan Man- desktop - but not the network It could do the same with minicomputer with hardware builders. though he sees it making its Novell with its AS/400 its different version of Unix. But NetWare ager, has foiled to appeal to PC server.” he says. jtwtt - although whether this has recognised own operating software and this is st£B much less costly Microsoft mark on the desktop “client” package. Over the past 10 years network builders - partly market is looking for “The wDl be enough to triumph over that the main market for rather in the back-end Novell has successfully its larger PS/2 personal com- than attempting to move, say, than seen because of technical problems stability and proven, reliable Microsoft remains to be seen. mid-range will pute- systems running the OS/ applica- future systems “server” systems. off sustained attacks from its and delivery delays. an old IBM mainframe biggest rivals - IBM and The recent launch of the - Microsoft and driven at least Windows NT operating system, - one potential competitor which puts Microsoft in a bet- - 3Com out of the networking ter technical position to com- software market pete with NovelL has raised More recently, it bought out the heat of the battle. A long wait for n ‘vaporware’ WINDOWS NT “represents have overstated its signifi- nothing less than a fundamen- cance, Windows NT will cer- tal change in the way all tainly mean change for the big- companies can address their gest single constituency in the computing requirements, ” Mr computer industry: tens of mil- Bill Gates, brad of Microsoft, lions of users of MS/DOS-based proclaimed at the end of May. personal computers. Modesty may be inap- It is more than a replace- propriate at the nffinfal launch ment for MS/DOS and Win- ARY of a company's flagship soft- dows 3JL Windows NT gives ware product, but it is fair to Microsoft a product specifically accuse Mr Gates of premature to compete in the mid-range optimism. Development of and enterprise systems market Windows NT, as operating against Unix and IBM's OS/2. It system for a wide range of is designed to use file so-called computers, is well-advanced. client-server architecture, a But it will be at least two technique tor distributing func- months before the basic tions across a network of many software is generally available different computers. and it will be even longer Microsoft aims to extend the before other important client-server principle from the components are released. most humble desktop “client” It is, of course, a common computer up to the new high- ploy to announce products performance reduced instruc- before they are ready. It is the tion set computers (Rise). It is classic way to protect an working with Digital Equip- installed base. Microsoft, like ment to build systems based on DEC’S Alpha Rise, for example. The combination of Alpha’s It is a common ploy to advanced architecture and announce products Windows NT could challenge mainframe before they are ready even the largest systems on both performance and function. If Windows NT its rivals, has used the ploy succeeds, Microsoft may come before - with the original Win- to dominate the entire software • dows software, for example - market v-J- and will doubtless use It again. But the question remains , ^ Mr Stuart AUsop, a US news- whether Microsoft can con- * ' letter publisher, coined the vince the market that it has term “vaporware" to describe got certain important compo- the practice. He regularly pub- nents in the NT “family” right lishes a Top Ten chart of the The networking component, in products which have been “in particular, will come under vapor" the longest close scrutiny. Microsoft has Windows NT has been on the made several attempts to break list since the start of the year, into the market for PC net- after Microsoft foiled to meet working software, but to no its scheduled delivery date in avail- December 1992. Windows NT While it seems unlikely that was first announced in April Microsoft will lose its grip on 1991 - putting it “in vapor” for desktop computers, it faces a over two years. Although NT real challenge in the network- - officially stands for New Tech- ing market from Novell nology, it suggests other inter- which currently dominates pretations - Not Today, Not with NetWare. Tomorrow, etc. But NovelL too, has had its break But it would be wrong to sin- failures. Hs attempts to gle out Microsoft for castiga- into the desktop operating sys- tion. Novell, its fiercest critic and closest rival in the operat- “The two will have to ing systems market, bad simi- lar delivery problems with the work together whether latest version of its NetWare they like it or not” WKWG OURS. networking software. NetWare 4.0 was “in vapor" for 13 - months before being finally tern market by taking over former rival Digital released in March this year. Microsoft's Research - have had little AD Is fair in the current “soft wars" and premature impact. to are low down The most likely resolution l announcements weapons the conflict is that the two ! the list of marketing 3. U/W93A The JHT& UUIDe lop b 4 mfcntit IKTVL CWp«ndM. will continue to currently beii% deployed by all companies respective mar- the participants. dominate their forced to combine for example, a kets and be In March, hese days it seems that anybody and evetybody it leaves the chip free to get on with what which allows our PCs to actually talk to you. group of Microsoft's mam their efforts. of Dan Kikinis, president rivals banded together to Mr California-based Oakleigh is making some sort of computer with an it does best: crunching numbers. You’ll find this The result is -a computer that’s easier to operate announce a possible, final solu- Systems and the designer of tion to the problem of the Elonex’s range of PCs, says: however, you can have the makes everyday tasks, such as switching between than any other. many different versions of T Intel chip. Happily, ’Microsoft has not been very Unix in anticipation of the successful in the Lan market final arrival of Windows NT. excellent Intel Inside with a Compaq on the outside. files, a lot quicker. You won’t find these inventions in any ordinary not really suc- IBM, Hewlett-Packard, Sun, and Novell is cessful in the operating Unix Systems Laboratories and believe chip to be Likewise the extra cache memory we install. machine. But then the only ordinary boxes market The two will You See, at Compaq we the we make Santa Cruz Operation -all for- systems have to work together whether merly in different factions of or not the engine of our machines, similar, in a way, to the Cache memory is much faster than ordinary are the ones our computers come packed in. for the Unix camp - said that they they like it "Windows NT needs another would conform to a Common before it will make any engine's performance Random Access Memory (or RAM for the jargon more details, call 0800 444 044. Open Software Environment year engine of a car. And just as an impact It will be difficult specification. real Microsoft to get users to Microsoft was conspicuously for can be dramatically improved by what surrounds literate), so it can find the numbers the Intel chip is how they work - and absent from the party - a fac- change is still well ahead in tor which leaves Cose lacking Novell looking for in a fraction of the time. it, so can a chip’s. networks,” he adds. in credibility. Microsoft is, time So it will be some after all, the world’s biggest there are the technological advances that the jury of the market- lake, for example, our QVision Graphic system. Then supplier of open software envi- before its verdict on Mr ronments. place reaches latest bralnchfld- graphics your screen only come with a Compaq, like Business Audio Although Mr Gates may Gates's Because this controls the on SHOWS WAY rank xerox AC 0°r ^cr-3 s* W NO DOCUMENTS .fit The fight against illness is a race against time. 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Jt *» W* **- ~t.T-3“- VJ-+- : JSSiT* 15 r SHEERFRAME FINANCIAL TIMES THE YEArV Specified ^ftheyea^^OF Worldwide COMPANIES MARKETS LB. & » P Plastics Limited ® Tel: 0773 852311 ©THE FINANCIAL TIMES LIMITED L9» TlI6Sday JXLRQ 29 1993 INSIDE AGF lifts stake in AMB to 33.5% Shipping Pacific Dunlop buys group wins By AHce Rawsthom in Paris than those for 1992, fuelled by Groupe GAN, the two other state- tariffs by the larger groups and a AGF also confirmed that It had Plumrose operations sales growth in France and the controlled insurers which are more rigorous approach to new increased its holding in AMB, the Pacific Dunlop, ASSURANCES Generates de scheduled insurer, per the diversified Australian Industrial return to profit of its troubled (JK also for privatisation. business. German from 25.1 control of group, has acquired the Australian and New Zea- France (AGF). one of France’s operation. GAN last week warned that it Mr Albert said AGF had seen cent to 315 per cent land operations of Plumrose, the foods company, largest insurance groups, yester- AGF, which is one of the prime would have to resolve the prob- sales rise by 5.5 per cent to The French group last year from Denmark’s East Asiatic for day confirmed that it of its insurance the first five months won a bitter legal battle to exer- ' Company A$225m was on contenders for privatisation by lems damage FFr24J5bn in (US$151 m). Page 18 course for return to profits France’s new centre-right govern- business before being ready for of the year against the same cise the frill voting rights on its Investa growth this year and that it had ment, last year suffered a sharp flotation, but UAP announced period in the previous year. AMB shares. raised its minority stake in foil In net profits to FFrl.Sbn that it expected a “significant” The French life insurance busi- Mr Albert said AGF had By Karen Fossil In Oslo Airtours hitSoy failed bid Aachener und Mu-nchener Beiei- ($26lm) from FFr2_7bn in 1991, on improvement in profits this year ness mustered sales growth of 12 bought the additional 15 per cent Airtoura, the hoficlay company, reported a half-year ligungs (AMB) of Germany. Consolidated premium InenmA of and was fully prepared for priva- per cent to FFr8.7bn over the stake in the market in the ANDERS Wilhelmsen, the pre-tax Ipss of £15.9m ($23.85m) after the Efim Mr Michel Albert, rhalryian, FFr59bn. tisation. same period, with the non-life response to the recent sale of Norwegian ship-owning com- cost of its falled bkj for Owners Abroad, and told a shareholders’ meeting in Despite the profits decline, The pressures on the French business rising by 12 pm cent to AMB shares by La Fondiaria of pany, has acquired control of announced that it- has bought Aspro Travel, the Paris that the figures for 1993 AGF fared better than Union des insurers have lessened in recent FFr7iibn. Foreign turnover rose Italy to a group of German finan- Investa, the Norwegian invest- UK's seventh lartSst tour operator. Page 16 were looking “much brighter” Assurances de Paris (UAP) and months because of an increase in by 9 per cent to FFrSbn. cial institutions. ment concern, for NKr350m ($48. 3m) from a group of 34 financial creditors. Nissan accelerates in US Mfchiyo Nakamoto looks at how computer makers are coping with rapid change Investa collapsed last August under the weight of NKriUbn in debt, of which NKr2.8bn was in unsecured loans in the form of debt notes and commercial paper Chips are down in the Japanese market which the group could no longer service. The deal brings Wllco, Wil- APID changes in the com- restructure. But until recently, and suppliers said downsizing 40 per cent of Japan's high-end frame business, tearing four prin- helmsen’s main subsidiary, an and - puter industry are forc- Japanese manufacturers could would never happen in Japan,” medium-sized mainframe cipal players Fujitsu, IBM 87.8 per cent stake in Investa and Nissan's US c?r sales rose 17 per cent in the first R ing Japanese manufactur- watch with detached sympathy says Mr Koichiro Chiwata, an market, has seen its orders for Japan, Hitachi NEC. and a 90.2 per cent stake in the five moi'.ths of this year, and Its market share rose ers to recognise even they cannot as western competitors suffered analyst at Salomon Brothers in the large machines dwindle from Fujitsu hopes to retain its edge Norwegian Golar Nor group, from 4.1 per cent to 4.7 per cent rise mainframes mating The was make everything on their own. from falls in demand for main- Tokyo. 37 per cent of overall orders in in by cus- which owns the “Petrojarl” oil mainly doe to the success of its new Althna family A growth in cross-border activ- frames. PC prices were still very high, 1988 to 26 per cent in 1992. tomers’ needs for faster, more and gas production testing ves- sedan, showing the company has become much - ity illustrated by Fujitsu’s Japanese PC manufacturers nobody in Japan had much expe- In the year to March, Fujitsu's reliable and cheaper products. sel, currently on charter by more attuned to US tastes. Page 17 this mainframes recent decision to use ^mpni used to keep a tight grip on the rience of downsizing and there revenues from its mainframe But may maan Amerada Hess until January Nixdorf technology in some its domestic their were fears about the security of operations were flat wOl not be as profitable, says Mr a of market through 1995 in the UK North Sea sector. mainframes - comes as the Japa- switching to and workstat- Mr Phua Lee-Kerk, an analyst Tadao Yoshihara, general man- Building banking muscle proprietary systems. Prices PCs Mr Endre Ording Sand, chief nese makers brace themselves for stayed high because the difficulty ions. at Barings Securities, estimates ager of the computer systems executive of Anders Wilhelmsen, Mr Robert GreenhM, former president of Morgan their at Fujitsu. unprecedented change in their of processing the Japanese lan- Japanese computer makers that NEC and Hitachi saw group which is privately owned, said Stanley, has the job of building up Smith Barney domestic market guage helped to limit outside also knew their customers were mainframe sales shrink by 4 per Even the strongest players in yesterday the company had Shearson’s investment banking muscle when he Customers are shifting from competition. locked into proprietary systems, cent and 14 per cent respectively. the mainframe market see the plans to develop Golar Nor, takes over as chairman and chief executive. The mainfra to other businesses, powerful, expensive me The spread of software that in which huge sums were invest- The sharp downturn in main- need to shift which has seen six owners in the only other large WaB Street firm with integrated making sal computers to networks of per- overcomes the language barrier ed, it difficult to Switch frame is in part due to the particularly software and ser- past eight years. Sund said brokerage and Investment banking is Merrill Lynch. Mr sonal computers that are smaller and the move to open systems to cheaper and open systems. economic slowdown in Japan. vices - which many have begun However, in the first quarter, Merrill's revenues several companies had expressed and cheaper, but in many cases are eroding this advantage fay “Of the top 100 companies in Before that mainframp gains at to charge for. from investment banking were $445m, whereas interest in becoming a partner. just as effective - a trend known allowing competition from Japan. 98 are Fujitsu’s custom- Fujitsu were showing The move has caused an Smith Barney Shearson’s combined revenues were The deal also gives the group growth. But the out- uproar in Japan “service” means $121m. Page 18 in the industry as downsizing. cheaper US models. ers. They have built complicated double-digit 80 per cent of the shares of Nyda- and is “free” and customers were used Downsizing has already forced “During the bubble years of information communication look beyond the current slump len Company, an Oslo bourse- western computer expansion, both users systems [on Fujitsu’s main- no less grim: to being provided with services % makers to economic listed property company, which without charge. Securiguard points to prospects frames] and this won’t be trans- • The industry is unlikely to see controls abont 500,000 square ferred to new systems that renewed investment in advanced Another area which Fujitsu Securiguard, the UK security and cleaning com- metres of property in Norway. quickly,” says Mr Takashi SeM- information systems cm the scale believes is promising is the servi- pany fadng a hostile £59.2m ($88m) bid from Wilhelmsen will secure control zawa, president of Fujitsu. previously made by financial cing of multi-vendor systems, RentokH Group, reported Interim profits up 36 per of Nydalen’s board. However, the forces of change institutions, says Mr Shigeru which are beginning to spread. cent and add the offer price of 270p a share Wilhelmsen also gets a 47 per which swept through the west Yoshinaka, at Barclays de Zoete Fujitsu wants to increase the "completely fails to reco^tise" the company's cent stake in Enronav - the have begun to filter into the Jap- Wedd Securities in Tokyo. proportion of revenue it derives future prospects. Page 20 French ship owner in which it anese market. • The Japanese computer indus- from software and services from will gain a seat on the board - In the past year PC prices have try is no longer as protected as it 30 per cent to 50 per cent It is and a 7JS per cent stake in Yard, fallen dramatically, due to low- used to be from the forces that well placed to benefit from Trouble shifting lignite the Norwegian cruise and ferry priced units from overseas and led users in western markets to expanding that side of the busi- Eastern Germany’s biggest open-cast lignite mine, group. an increasing number of compa- shift from large nwinframp com- ness. With IBM Japan, it com- Lausltzar Braunfcohfe, or Laubag, is to be priva- Mr Sand said his company nies are beginning to experiment puters to PC networks. mands 55 per cent of the main- tised. Of all the sales undertaken by the Trail hand, intended to be a long-term inves- with PC networks. The situation is forcing a frame market the agency charged with restructuring and privatis- tor in VareL financial places ing eastern German Industry, the privatisation of “The period when only main- review of strategy by Japanese Their strength at spe- Yesterday, Yard’s shares is proving one of the most cfifficutt. frames and terminals existed is manufacturers, who have poured them an advantage over Laubag closed on the Oslo hoarse Page 24 over,” admits Mr Sekizawa. “Cus- billions of dollars into the devel- cialist software and service com- NKrl.25 lower at NKrl6^5. tomers now have a wide range of opment of mainframes — tradi- panies, which do not have the choice in information technology. tionally a high margin business. same resources. Anders Wilhelmsen already holds per cent of Royal Carib- Franc benefits from D-Mark fall “They will be looking to inte- “Japanese software houses 50 companies regard have sent their staff to customers bean Cruise Lines, the world’s The D-Mark came under further pressure last week, grate new systems with their apanese staff,” says second biggest cruise group, and enabling the French authorities to make a further existing systems so mainframes retreat from a business as a like temporary Mr won’t disappear in five to 10 sign of defeat. Nevertheless, Chiwata. “But this means that Vard’s main competitor. cut In their intervention and repo rates, indepen- J Mr Sund said his company was dently of the Bundesbank. The French move left years, but their importance will the grim prospects have already the company is left without any likely to gain full control of domestic rates below those of Germany for the first decrease.” led Toshiba, Mitsubishi Electric know-how.” Investa and Golar Nor. time in 26 years. Back Page Fujitsu, which has more than and Oki to opt out of the main- As Mr Yoshihara puts it, the key to survival in the mainframe It would soon enter talks with market is “to see the impact of minority creditors. Market Statistics ^downsizing and create a system The deal also brings the group -r&r that incorporates its benefits”. a 50 per cent stake in the semi- Base lending rates 34 London share sente 27-28 The large computer makers submersible drilling rig West 19 Benchmark Govt bonds 19 LifTa equity opllona which move quickly to take the Delta, which is part of the dril- 27 London tradt options 19 FT-A Mas initiative are best placed to win ling fleet of Smedrig, an Oslo FT-A work! Men Back P» Managed fund sendee 38-34 in the end. bourse-listed drilling rig com- FT fixed Merest Mas 19 Money mwtetB 34 Computer networking; based in the Norwegian FTflSMA W bond « 19 New H. bond Issues 18 pany FT gads to cursndas 23 World commodRy prices 24 separate section west coast city of Stavanger. Financial futures 34 World stock mtt Mas 35 Foreign exchanges 34 UK Attends announced 20 London recent issues IS Companies in this issue Northern Telecom shares fall AGF 16 LTV 17 AMB 15 Lex Service 20 Acate 22 Macquarie Bank 18 warning Airtours 20, 16 Merrill Lynch 16 20% after profits Alba 22 MstiutecUnds 20 AMs 20 Mitsubishi Bectric 15 Northern said that it had been rasky, analyst at Duff & Phelps Anders Wilhsimsen 15 Montedison 16 By Bernard Simon in Toronto Anheusar Busch ' IB NBC 15 hit by tower-than-expected sales in Chicago. Berkeley Group 20 Nissan Motors 17 NORTHERN Telecom’s shares of public switches in Europe and Northern also announced the 17 Brent Walker 16 NorcSctel Hokflnjjs lost about a fifth of their value North America, and a squeeze on replacement of its chairman, Dr 23 Camellia 23 Northern Bectric on the New York and Toronto margins. The computerised Paul Stern, by Mr Bradford But- City Merchants 22 Northern Telecom 15 yesterday after switches are among its most prof- ler, a former chairman of Procter Culver 22 Novo 23 stock exchanges that the Cana- itable products. & Gamble, and a long-serving v Dairy Crest 20 OW 15 the announcement Devro 23 Pacific Dunlop 16 dian telephone equipment maker Analysts said that Northern Northern director. Downiabrae 20 Pacific Totals 17 expects a second-quarto loss. appears to be the victim of Dr Stem has been given credit 22 EAC IS Partner (RG) The shares of Northern’s par- changing spending patterns for expanding Northern’s interna- Eastern Sugar 17 Ptattgnum 22 ent company, BCE of Montreal, among North America’s regional tional business, but criticised for European Motor 22 Rraabar Dlecastings 22 were also hit. The announce- telephone companies. neglecting customer service, Ferruzzl 16 QSP 22 Although overall capital especially of the regional phone Flaming (Robert) 23 Raglan Property Tat 22 ment, made after North Ameri- spend- Form Fittings 22 Rentokfl 20 can markets closed on Friday, ing has remained roughly companies. 20 Fujitsu 15 Securiguard Included a prediction of “signifi- unchanged, the emphasis has Analysts cut their 1993 earn- 20 Siemens Nixdorf 15 GBE cantly” lower earnings for 1993. shifted from switching equip- ings estimates to between US$1 OPT 20 Srnfth Barney 18 Northern's share price was down ment, which is Northern’s and $1.50 a share, from the $&20 Grand Central 22 Sycamore 22 strength, to transmission prod- per share previously expected. Guinness 18 TVX 17 to C$37.50 at midday in Toronto Earnings in 1992 were $2.17 a Heron 15 Tata A Lyle 3 yesterday, a loss of C$9.88 from ucts and cellular technology, 16 share. Northern’s second-quarter Hewetaon 22 Toshiba Friday's close. BCE, which owns where its exposure is relatively VosparThomycroft Hitachi 16 was small. “Their product mix isn’t earnings last year were 3 53 per cent of Northern, IBM Japan 15 Weficome US$72£m. 20 C$1.37 lower at C$44.13. quite right,” said Mr George Pod- logo 17 Wtdney 15 Wolsetey Investa mu17 Jones & Shipman 23 YPF changes yesterday Creditors back Heron debt plan | FRAHKFUHT PW Doofuf Meg 258 + VLB fflses By Maggie Urry bi London the refinancing is expected by «- 15 + 12 iHgtfg 5B5 402 the end of July. Ulana itdi * M «44 + 189 Ltgind meeting Ger- VM 36»J 10.7 HERON, the property and At yesterday’s Mr awwn UFB LOOM 354 + 1X0 WI* trading group led by Mr Gerald ald Ronsan said that the group Mo 630 - 28 Mis improve- — won the support of credi- could now see "signs of lahmem 8SB - 14 8km 489 22 Ransom for its £L4bn ($2.ibn) debt ment in the sectors in which our HEW YORK fl) TOKYO flfasj tors restructuring plan at a meeting trading businesses operate”. CUcup 30 h H Hsea + 100 yesterday. More than £150m of property BM h It How 1600 in London completed or MwfiUfKh y 1* »4 + 00 are two further meet- sales had been Md . There y 1 * in principle at values M. 7W + 47 ings, in the Netherlands and the agreed UBhn r t* Cwfl 6100 + 210 Antilles, to consider above these hi the group’s busi- taas Mppon Netherlands plan. tint TWSEOIB 295i -. 7H FaBa the proposals, but these are ness 47 said after the PARIS (FFr) KobeKBD 433 experted to follow the lead of yes- One financier - RlMbaa 574 30 meeting that the disposals WOUld hflCBMCb 545 >- 28 terday’s vote. Of those voting, more than SO have been those properties easi- New prices at 1230. 1-ater sales would be Gerald Ronson, chairman York per cent by value, and 75 percent est to sell. accepted the propos- more critical. “It is those difficult by number, of sales at the margin which make That was Mr Simon Shane LONDON Panoa} als. The minimum required was 704 12 Developments, a RoasnaraB per the difference between the First Eastern 75 per cent by value and 50 Mao 123 13 StaBact 483 11 HOL” Bermudan property consultant, by number. yheme working QT AnurTnoi 45 1(1 7 cent spoke through his legal rep- — understood to The meeting proved less heated who BM 731 ,r Heron is also teatDen IS 6 than many had expected. One resentative. 91 3 have concluded the restructuring CWefitaws 670 40 Cddoc Mr Gary Klesch, a bond dealer 15 condi- hanker said it was “(me of the fisitaHpq 10 - LearmBi Bntt 280 of its US assets, another 51 anti-climaxes I’ve ever who claimed to represent 10 per gu«hm 10 54 3 refinancing to go biggest m ntlgnin tion for the bondholders IOC 13 About 20 creditors cent of the group’s 667 Banco 00 125 31 schemes need ratifica- seen”. ahpgd The proposals, ttnan p 4 17 and of them only one and bad opposed the Saga One 503 the courts in the three attended HnoGnnp 43 4 tion by not attend. 106 36 raised questions from the floor. did RanfcQrg 796 IB SWerfW") jurisdictions, but completion of . ° 39 AisyiAT. TIMES TUESDAY JUNE 1993 INTERNATIONAL COMPANIES AND FINANCE T situation p i Pacific Dunlop Increased Expedient exit from an awkward pre-tax loss stakes in industrial concerns Haig Simonian examines plans to allow Italian banks to take buys Australasian reform,reform. stakes toto^twwhedrhanks,'state-owned "-banks, at Brent - other reasonreaSon for the jeto" HE BANK of Italy’s pro- towards new European Com- dis- says one critic.critic rrALY>S TROUBLED RecessionR»Sssion has hampered posal to let banks take munity banking rules and the at Allowing .state-controlledstate-controUe. CORPOHAre mbTORS posalsSSbvoyby cura^cutting Pprofits stakes in industry looks German universal banking ._ hanks to take stakes inid privapriva: Walker many of the companies for T ' of net side ominously like a case of expe- model Company Size tised companies could also of Plumrose ' be less attrac- . VC borrowings sale. Tpaking them } By Maggie Urry in London diency over invention. The Supporters say the German purchasers, counter-productive. A number (Lira bn]* tive. And potential - growing crisis at Ferruzzi and system lias stimulated growth of big banks ate also 'wr By Hilary Barnes The sale of the Plumrose lower earnings them- the to suffering Copenhagen operations, as well as the dis- BRENT WALKER, the UK other heavily indebted compa- by giving companies access Ferruzzi Rnanzfctfa privatisation list. Lumbering m selves, have become more wary pubs and betting nies suggests the authorities long-term capital. It has helped Carries group with unattractive, hold- posal earlier this year of the property, acquisitions. them corporate sector Uno Holding of big PACIFIC the divers- container shipping line to shop group, has breached and may have no choice but to to isolate the to ings in newly-privatised indus- DUNLOP, EAC Flotations, the alternative strict rules banning from economic instability by Ciga ified Australian industrial the Danish AJP. Moller group, will continue to breach some amend restricted bythe trial companies would compro- well- SQttrid Binda takeovers, are group, has acquired the Aus- will help of the terms of the refinancing stakes in industrial concerns. giving companies thefr own sate prospects, strengthen the Dalle Carbonare liquidity of the Mian mise core investors more limited tralian and New Zealand group's finances. which it agreed with its bank- With many big companies in informed Opponents also point to the Poffl bourse. The government’s matte last year. It is difficulties in the recession, the interested in longterm devel- operations of Plumrose. the In 1992, the group a ers in March MandeB manoeuvre is further banks’ poor record ou hading, than short-term prof- room for foods company, from Den- loss of DKrl.l8bn ($180m). now finalising a new business banks are faring a collective opment of which hardly recommends •CoB^rntf MtoaMM restricted by the dangers lenders, which debt crisis. The borrowings of its. They hope the reform will mark's East Asiatic Company Equity capital fell to DKr2J55bn plan to put to investors too big them as future investors in the German experi- giving private (EAC) for A$225m (US$151m). from DKr3.82bn on assets down are owed more than £1.3bn the 10 biggest companies either transfer industry. Significantly; incentive to buy privatisa- bank voluntary liquidation or in ence to Italy. *an EAC also announced that the to DKrI4.G6bn from (SL92bn). in that shares fell after the reform was (shipping and industry). The tion shares. The risk is DKrl5.70bn. Sir Keith Bright, who took talks with their bankers total Many banking analysts are planned sale of its Plumrose be diverted away announced. (S32_5bn). more cynical about the reasons usual remedy would be a savings may companies in the UK and Mr Jan Erlund, supervisory over as chairman in January, more than L50.000bn government However, looming problems reform. Italian banks rescheduling, with repayments from short-term the US to the Danish board chairman, aairi yesterday said It was “essential that a “Italy’s banks have painted' for the to bonds, bought mainly by pri- with bad ddbts industry and company's themselves into a comer and are Earing a unprecedented cri- pushed back to give borrowers slaughterhouse group, the divestments “will go a long solution to the are tbe the banks' need to.improve in more time. But In many pres- vate investors, which Vestjyske Slagterier (VJS), way towards re-establishing a financial problems be found" they need to find a way out,” sis as soaring credit growth mate instrument to fund the their capital ratios .suggests core businesses says one analyst the 1980s has left many com- ent cases, tbe ratio of compa- would proceed. sound and strong EAC”. so that the they not be in a. position, difficulty servicing nies’ debts to earnings is so huge budget deficit. may VJS and also co- The group's net interest- could expand. The exit was proposed last panies in EAC are banks to take to take -up the new apportion group, once headed by by none other than the their debts today. high that even medium-term Allowing big operating in the development bearing debt will be re- Hie month when offered. even recovery prospects look slim. stakes in newly-privatised com- ties, even of the Plumrose operations in uccd by DKr2.6bn and liquid Mr George Walker, yesterday Bank of Italy. It has suggested Lending accelerated panies .promises to ease- dispos- Although debt-rfor-equity assets will by DKr4bn, reported a £427.4m pre-tax letting hawks take up to 15 per faster after 1990, when the Germany with a view to a increase deals.' look increasingly Kfeiy Rank its cred- ith little hope of als a avoid embarrassing future sale to VJS. according to a statement by loss for 1992, against a rant of industrial companies. of Italy removed quick repayment, flops. Banks could be tempo- Eor severe cases, such as Fer- EAC publishes no separate chief executive Mr Michael £4©7.3m loss in 1991. The 1992 Tbe proposal, marking one of its ceilings. The increase was the changing fhp rules to rary shareholders pending an ruzzi, the number of banks vol- sales and profits figures for the Fiorini. accounts, showing a deficit on the biggest changes to the boosted by competition in allowWthe banks to swap some economic upturn, when inves- unteering to buy industrial Australian and New Zealand The reconstruction of the net assets of £557.9m, up from landmark 1936 banking law. fragmented banking sector. In of their debts for equity is the tor demand and rising stock holdings looks slim. Many are groups, but the performance in group will mean that equity £455.9m, have been qualified has won cabinet approval and the booming 1980s, industrial- obvious expedient Borrowers prices would allow them to sell chasing new capital totiftlheir 1992 was said in the group’s capital at the end of the first by the group’s auditors on a looks set to become law. ists could easily play off one hank another to obtain pay less interest while lenders the shares to longer-term ratios after the lending boom annual report to be “very satis- half will be somewhat lower going concern basis. “Allowing Italian banks take against tighter spreads. can offset the loss of income investors. and are unwilling to pkmgh. factory”. than at the end of 1992, but by Brent Walker is not per- stakes in industry is like let- bigger Loans or against hopes of a potential But the Bank of Italy's plan money into equity stakes: The group in Australia pro- the end of the year equity will forming in line with the busi- ting the pyromaniacs into the Ferruzzi, which borrowed they sell their a. chorus erf Banks eould finance new duces and markets tomato be “not lower” than at the end ness plan written before Mr match factory. Their track more than L30,000bn, is the windfall when has already ted to lending shares once the companies criticism. main objection positions by selling some of sauce, pasta, yoghurt and pro- of last year, said Mr Fiorini 's Walker left the group in May record on is so appall- largest of a string of big The return to health. of the has been rote of the banks, their bond portfolios. But thnf cessed meat products. statement 1991 and rejigged in October ing that I dread the conse- companies in crisis as a result Same the that year. quences,” says one observer. Others include the Aga Khan’s biggest industrial stakes held dominated by the public sector, too, is unlikely as bond yields higher than As well as breaching cove- Mr Antonio Fazio, the new Ciga hotels chain, which has by German hanks stem from in privatisation. “Rather than are much those on nants, Sir Keith said the central bank governor, sees stopped paying interest an bor- rescue packages. privatising; Italy will just be share dividends, meaning that " Airtours reacts to group's disposal programme of things differently. Tbe change rowings of more than LLOOObn, Easing Italy’s troubled- priva- re-nationalising its public- banks’ profits would be non-core assets “has not devel- has been presented as a step Arvedi (steel) and Camel! tisation programme «is the sector companies by selling reduced. oped in the way originally anticipated". He blamed weak- inquiry by OFT ness in the property market INTERNATIONAL COMPANY NEWS DIGEST Su; Operating profits of £49Jm. ^tern By Michael Stop inker, Leisure Mr David Crossland, Air- op from £45.6m, were below Industries Correspondent tours chairman, said that the the level agreed in the original Dutch ministry the right to issue preference cial state corporation in 1989. that foreign orders were down with a consolidated net loss of -iinwikia company’s submission would plan. Mr John Leach, finance shares in the event (rf a hostile The advisers to the sale are on a year earlier, but that L815bn ($S30m) after waking a AIRTOURS. the holiday say that customers have a director, said an earlier end to, gives details of stake or takeover bid. expected to be chosen later this domestic orders had been even net profit of Ll,l00tm in i99i. company, will suggest to the right to know whether a travel the UK recession had been As expected, the first week, although PTT itself has more depressed; Traub had a Office of Fair Trading that tied agent is owned by a tour opera- envisaged PTT sell-off tranche is to be offered some already said that US brokerage net foes of DM59itai (fSSm) last travel agency chains should be tor. The Pnbmaster chain of time in the first half of 1994. Goldman Sachs is to be the year after a loss of DM29.6m in VastNed offer for required to display notices He added that it would be pubs and the William EQH bet- THE DUTCH ffoanra ministry “It has not been decided lead adviser. the previous 12 months. Immocorp shares alerting customers that staff impractical to prohibit the pay- ting shops, the group’s two yesterday said that the exactly when the first tranche will probably recommend the ment of incentives and com- core businesses, had per- previously-announced will be offered, but we have . VASTNED, the Dutch, property Fall In first-half chief forecasts, holidays of the parent tour missions to travel agent formed well given the trading privatisation of a “majority” been saying some time in the EN1 .fund, shid it would make a operator. counter staff by tour operators. background and the uncer- stake in KoninkUjke PTT first half of 1994. orders at Traub return to profit public ciffer on all issued The OFT wrote to travel Airtours, which yesterday tainty surrounding the com- Nederland would be of around “It depends on how good the shares of Immocorp, the companies and trade organisa- announced a half-year pre-tax pany. two-thirds of the shares, in market is,” a ministry TRAUB, the German machine- ENI, the Italian state energy Luxembourg-based real-estate tions earlier this month saying loss of £15Jm after the £9m Interest charges totalled three or four tranches, Reuter spokesman said. toed maker, said orders in the group, will return to profits investment fund, .Reuter it was conducting informal cost of its failed bid for Owners £204.4m, down from £235JSm reports from Amsterdam. The PTT is wholly first half of 1993 were down this year, although the situa- reports from Amsterdam. inquiries into links between Abroad, has bought Cardiff- in 1991. However, only £6Sm The ministry said the state state-owned and responsible about 30 per cent compared tion was too uncertain for -a “The offer, which will not be large operators and travel based Aspro Travel, the UK's of interest was paid in cash, would retain a one-third for post with the same precise will and 1992 period, forecast, said Mr increased , by VastNed, be agents. Companies have been seventh largest tour operator. with most of the rest being holding, and a “golden share” telecommunication networks Reuter reports from Reicben- Franco Bemabe, managing BFr2,I50 (981.43), or DM10L37, asked to make submissions by Airtours loss after bid costs. converted Into preference with special powers. in the Netherlands. • • bach. Mr Hans Dieter Poetsch, director, Reuter reports from per Immocorp share, to be paid July ll. Page 18 shares. These powers would include It was wmte into a commer- chairman, told shareholders Brindisi. The group ended 1992 in cash,” VastNed said. This announcement appears asa matter ofrecord only. New issue June 1993 (WP RHONE-POULENC Arlandabanan Rail Link Stockholm, Sweden 1 USD370$000,000 The Government of Sweden announces the commencement of a competitive process to select project leaders, (who may choose to form consortia amongst international participants), to undertake (on a construct, own and operate basis) the development of the Arlandabanan Project The project consists of a rail link between the center of RHONE-POULENC S.A Stockholm and Arlanda Airport with a further expansion to Odensala and the North. The Government desires to promote increased competition and private sector involvement in the rail sector and to see the private and public sectors cooperate with mutual benefit. The Project will have the following characteristics: • Sole rail link serving Arlanda Airport and central Stockholm Auction Rate Coupon— Titres Subordonnes a Duree Indeterminee • A dependable and frequent service which achieves a significantly (“ARC-TSDI”) reduced travel time compared with other travel modes • Dedicated passenger and check-in facilities at Stockholm Central Station • Convenient and quick access to the train at Arlanda Airport The Government has already begun the development process for the Arlandabanan with Issue Price 100% construction of new track on part of the link. • The framework that will form the basis for the project is expected to generate returns adequate to attract a very significant percentage of private capital to the link. Only a limited of number parties will be invited to participate in the final bidding process Such parties will be selected based upon their qualifications and will be judged on inter alia the following criteria: • Expertise in the operation of rail or other infrastructure projects in a privatised or deregulated market environment • Financial strength and ability to mobilise private sector debt and equity finance UBS Limited • Willingness to put up risk-bearing equity • Expertise as transaction co-ordinator Prospective project leaders are asked to submit qualifications to construct, operate Arlandabanan. own andauu Union Europ&nne de CIC Credit Suisse (Luxembourg) SA London Brandi of re s“n of interest and ^P f f qualifications are to be delivered to the h re ,nvestn ^nt{the “Committee”) no later thUn BNP Capital Markets Limited Credit Lyonnais 1 September, ! 993. Parties seeking additional information concerningV the projectProject are requested to contact the Committee or its advisors: Dresdner Bank Luxembourg SA Soti£t£ Generate The Committee Sivert Nordgren Niklas Johansson Tel: +46 8 763 3706 Tbl: +46 Banque Fran$aise du Commerce Extiirieur 8 7633704 Banque Paribas +46106671357 +4610 Fax: +468209648 2049035 Fax: +468 209648 Caisse Centrale des Banques Populaires Barclays Bank PLC Financial Advisor Salomon Brothers London New York Credit National Via Banque Tokyo Jean Grail Jonathan Greenberg Chiaki Tel: +4471 721 3861 Tel: +1 2127836851 Ozeki Fax: +44716278868 Tel: +81 35255 4543 Banque de Financement et de Tresorerie Fax: +1 212783 3887 Fax: +81352555574 LegalAdvisor Mannheimer Swartlinq Tore Wrwen-Nilsson Tel: +4640 250800 Fax: +46 40 250801 UBS acted in the combined roles of Arranger and Lead Manager of the syndication. June. 1993 f l FINANCIAL TIMES TUESDAY JUNE 29 1993 17 INTERNATIONAL COMPANIES AND FINANCE PacTel acquires Nissan starts to make it happen in the US 51% of Swedish North American prospects are brightening for the Japanese car manufacturer, writes Martin Dickson ANBARO! proclaims a lacklustre record since it began product, it is priced $1,000 to operations as part of a world- Nissan Motor sales in the IIS large, hand-painted manufacturing in the US in $2^00 lower than rivals such wide Nissan programme to cut sign alongside an 1983 - a history which demon- as the Honda Accord and costs by io per cent. telecoms group G Thousand units assembly line in the Nissan strates Japanese motor compa- Toyota Canny. Mr Thomas says he is not automobile company's US nies are far from infallib le. And that has led analysts to planning further big changes, By Hugh Camegy and has still to complete its plant in rural Tennessee. Nissan led the Japanese question whether Nissan is though he makes clear he hi Stockholm and network, which covers about The exhortation means import charge into the US mar- using the Altima as a loss- wants to improve relations Martin Dickson in New York 80 per cent of the Swedish pop- “make it happen” and, after a ket in the 1970s. But in the leader to gain market share - with Nissan's dealer network: ulation. It also owns a 20 per rocky, roller-coaster 10 years of 1980s. Japan's number two and if so, bow long it can Tm going to spend a lot of - THREE Swedish companies cent stake in the private Dan- manufacturing in America, the manufacturer (after Toyota), afford to maintain this strat- time travelling and listening to Volvo the vehicle maker, Trel- ish GSM operator Dansk Mobtt- Japanese car company may at shot itself in the foot with a egy, given that its Japanese what dealers have to say.** leborg anri the mining group telefon. It has absorbed a total last be doing just that series of strategic errors. US parent company is also losing the Ugh- tech company Spec- investment of SKrlbn to date Nissan's US car sales - consumers did not warm to its money at home. is predecessor, while tra-Physics - are to sell a 51 and is not expected to be prof- excluding the group’s Infiniti dull, boxy cars and lacklustre Still, Nissan's US improve- sometimes accused by per cent stake in NordicTel itable at least until next year. luxury brand - were up 17 per dealer network. They were con- ment extends beyond the H dealers of aloofness, Holdings, a mobile Swedish Britain's Vodafone mobile cent in the first five months of fused by the change of its Altima. The company is doing had moved a considerable way telecommunications group, to communications group owns a this year, and its market share brand name from Datson to well with the new Quest mini- in this direction, through a Pacific Telesls of the US for 25 per cent stake in NordicTel rose from 4.1 per cent to 4.7 per Nissan and later shifts in mar- van. also designed by Nissan in reorganisation which gave $153m. which is unaffected by the cent. keting and advertising. California but which is being more power to regional manag- For Pacific Telesis, the deal transaction. Yet, over the same period, It also suffered from a lack of Gourcec Automotive NmnDiAft Center assembled by Ford. ers to solve dealers' problems. represents another significant Mr Lee Cox, chief executive compatriots Honda and Toyota strong products in the more Infiniti is starting to show However, Nissan's retailers move to establish itself as an of PacTel, the Pacific Telesis saw their market share (exclu- profitable family sedan and shows the company has times less than excellent But signs of better market share, are unlikely to be happy Important presence across subsidiary mnbtng the acquisi- ding luxury marques) drop mini-van sectors, while Its become much more attuned to he says the Altima has brought helped by a new model and a until they have a much more Europe In mobile communica- tion, said Scandinavia was a substantially. Toyota dipped infini ti luxury cars, introduced US tastes. improvements: “We learned to new advertising campaign. competitive group of vehicles tions. very attractive cellular market, from 8.3 per cent to 7.7 per In 1989, languished in the The vehicle, manufactured at do a better job in design and And next year Nissan could get across the product range, The sale will raise around with one of the highest sub- cent, while Honda fell from 7.3 shadow of Toyota's more suc- Nissan’s plant in Smyrna, Ten- development, our suppliers are a fillip in the full-sized car including a replacement for SKr340m ($44m) for Volvo and scriber penetration rates in the per cent to 6.4 per cent, due to cessfully-marketed Lexus nessee, which also makes improving, our assembly is market when it introduces a the boxy, entry-level car, the Spectra-Physics and SKr200m world, and the deal would fit stronger competition from US range. pick-up trucks and the small improving and the technology new, keenly-priced Maxima. Sentra. Mr Cedergren reckons for Trelleborg. All three com- well with the group's other rivals and price rises forced on As a result, Nissan’s US car Sentra car, has got good marks to put it together is improv- The US operations also have that will not happen until the panies will remain sharehold- European wireless ventures in the Japanese companies by the market share has never been for quality in independent ing.” a new chief executive - Mr 1996 model year, when he ers in NordicTel. each with an Germany, Spain and Portugal. strong yen. higher than the 539 per cent tests. For example, some of the Robert Thomas, 48, who has expects the company to intro- 8 per cent stake. Pacific Telesis owns a 26 per Nissan’s market share peak reached in 1982, even 8490m invested at Smyrna to been with the company 11 duce a small Car Similar to the NordicTel is one of three cent stake in Mannesmann improvement in the US - when though Japan’s share of the US he Sentra also scores produce the Altima was spent years and replaced Mr Thomas Altima. companies in Sweden operat- Mobilfunk, which owns and its Japanese parent is losing market has jumped from well in these tests, on a new “smart" system for Mignanelli. He resigned in Nissan is now vying with ing a digital cellular GSM tele- operates D2 Privat, which money - is due mainly to the around 20 per cent to 30 per T though it has not assembling vehicle bodies. April amiii rumours that Nis- Honda to be the second-biggest phone network. This offers claims to be the world's largest success of its new and keenly- cent over the past decade. Its always done so: a 1991 study This is a box-like steel struc- san’s headquarters, which Japanese supplier of cars and superior voice quality to tradi- digital cellular network. priced Altima family sedan, unit sales of cars and trucks found almost twice as many ture which uses lasers to needs an improved foreign light trucks to the US market tional analog services and Mr Cox said the deal would which has been selling much peaked at 831,000 in the US in problems with vehicles made ensure greater accuracy in financial contribution to offset anri Mr Thomas’s ambition is allows subscribers to receive increase both the scale and more strongly than the car it 1985 and totalled only 585,000 in Smyrna as the same cars welding a body shell together. its problems at home, was to "retain and solidify the and send calls in other Euro- scope of the group's European replaced last autumn, the age- in 1992. madp in Japan. However, the A1tuna's suc- unhappy at the subsidiary's number two position.” pean countries with the same operations, which, for example, ing Stanza. Now, however, the company Mr Jerry Benefield, who cess is also due to its low price. performance, despite the But while the company technology. would help it in the purchase Nissan desperately needs the is improving on several fronts. heads manufacturing Mr Christopher Cedergren. of improving market share. seems better placed to do so NordicTel, which began ser- of GSM handsets and in rap- Altima to be a winner. For, in The boldly-modelled Altima, operations at Smyrna, rejects the California-based AutoPaci- One of Mr Thomas’s first than at any time in the past vice late in 1992, operates idly applying lessons learnt in contrast to the success of which originated from Nissan's suggestions that the plant's fic consultancy, notes that acts was to consolidate Nissan decade, it also has a long his- under the name Europolitan one country to another. Toyota and Honda, it has had a Californian design studios, quality might have been some- while the Altima is a very good and Infiniti 's marketing tory of false American dawns. LTV coming Eastern Sugar buys stake Inco to sell TVX Gold interest YPF’s equity offering back to the in Slovakian beet refiner heavily oversubscribed By Bernard Simon in Toronto and Europe. The US tranche TVX has interests in six gold stock market By Maggie Uny ogy deal This will include sub- was privately placed with insti- and silver mines in North and Bv Damian Fraser In New York an initial 31 to 35 per cent and David Buchan scribing to an increase in the INCO, the international nickel tutional investors. South America. Their produc- LTV, the US steel company at and John Barham stake in YPF, with some 523m share capital, taking Eastern producer, is severing the bulk Until last week. Inco gave no tion totalled a record 406,000 the centre of one of the longest in Buenos Aires shares for sale in the US, 25m EASTERN Sugar, a joint Sugar’s stake to 66 per cent of its gold interests by dispos- indication that it was inter- ounces of gold and gold equiva- and most contentions US bank- in Argentina, and 323m in the venture between Tate & Lyle, Following privatisation, the ing of its entire 62 per cent ested in selling the TVX stake. lent in 1992. ruptcies is coming back to the THE Argentine government's rest of the world. The share the UK-based sugar and sweet- remaining shares in Juhocukor stake in TVX Gold of Toronto. But depressed world nickel TVX’s share price has dou- stock market, writes Nikki ambitious privatisation of the price was expected to be set at eners group, and Gdndrale Sue- are held by investment funds Inco yesterday raised about prices have increased pressure bled in the past year. Tait in New York. oil and gas concern YPF has the top end of the $17 to $20 rtere of France, has bought a and individuals. C$386m, before commissions, to raise cash by disposing of • Dofasco, the Canadian steel The company said yesterday met huge investor demand, range, with an announcement 51 per cent stake in Juhocukor. Juhocukor produces 30,000 by selling its 81m TVX shares peripheral assets. “They were group, has launched its third the New York Stock Exchange with the company’s $23bn ini- planned after the US markets a Slovakian beet sugar refiner. tonnes of sugar a year, com- at a price of C$4.65 each to an astute to sell something that voluntary early retirement pro- had approved trading of LTVs tial equity offering several closed yesterday. Eastern Sugar already holds pared to consumption in the underwriting syndicate led by the market was receptive to,” gramme and a complementary new common stock and its times over-subscribed. Brokers said demand was a 34.6 per cent stake in Rabai Slovak Republic of up to Wood Gundy and Burns Fry of the Bums Fry official said. pre-retirement programme, series A warrants on a “when The privatisation is Argen- especially high in the US, with loss reports issued” basis. to date, its four Cukorgyar, a Hungarian sugar 200,000 tonnes a . year. The Toronto. Inco suffered a US$22.6m Reuter from Toronto. tina's most important allotment more than beet processor. country produces about 150,000 An official at Burns Fry said in the first three months of These two initiatives, for The return marks the end of and is considered both critical times over-subscribed. The joint venture will invest tonnes and imports the balance the shares were re-sold to out- this year and has long-term which about M00 of Dofasco’s a Chapter 11 bankruptcy pro- to government economic In Argentina, caution turned 44lm Slovakian crowns from the Czech Republic. side Investors within an hour debt of close to $lbn. It is 8,200 employees are eligible, cess which began in July 1986. reform programme and a test into enthusiasm as those will- ($143m) in Juhocukor over the Generate Sucriere is a sub- of being put on the market yes- expected to post a C$300m gam will be funded largely from LTV finally had a plan of reor- of the country’s acceptance by ing to invest more than $10,000 next four years, partly in cash sidiary of Saint-Louis, the terday morning. About 40 per from the TVX sale, which is surplus in the company's pen- ganisation confirmed by the international capital markets. reportedly bid more than 10 and partly through a technol- French food and paper group. cent were distributed in the US due to close next month. sion plan. bankruptcy court on May 27. The government had offered times their allotment of $100m. Strength in German M&A worldwide KVH VERBAUTECHNIK GMBH SOCEFI SPA SAPPI LIMITED m (Kringt) h»wkl bn, aj 48H«f HANNOVER PAPIER AG POTSDAMER KIES SAND BOGE AG UND RECYCLING GMBH Wo nKnnl Sjpp, LimMnJ In da, tr< innwuim dm! ca ihr aubmpinii Imibr nflrr to llv public boHMkin. s 'oi'x-V.f MM* 1* BETE1 IJS. L1GUNGS-AG il MifH m.1 ? A* H» i-nnfalrr lurdwav o»l BETE1L1GUNGSGE5ELLSCHA FT ifi^rdiulncl nJwJuhr. FOR GEMEINWIRTSCHAFT AC hwr bU tbc nujarii, latrtmt bt BIG-BANK AG CREDIT LYONNAIS SA. Wr xhmrd ibn trmfan fa dm * — 1 — Margin Grvnfi-ll ft Co. Loaned Morgan Ikrnfrfl CmbH Morgan Grenfell S.A. m nrarroW I 9W rcFPAM MANNESMANN DEMAG AG THYSSBN AUEZQGE GMBH LAERSTATE B.V. nm tun jofulml (hvough aw Kufttokfiini tua Mfiilml dw Pbmlc Mjrfanrrj DMaon o THYSSEN ASCENSEUR HOLDING 18.8% of has acijuanrtl VAN DORN COMPANY 80% of LONRHOPLC HgLlher wtth Crown Lark ft .Seal Inc, COMPAGNIE g£n£RALE ^APPLICATION ET Wr nfvonl MonarMuna LVnug AO In D‘ASCENSEUR SJL l!4i maurtfem. Morgan Grenfell GmbH is the German subsidiary of Morgan Grenfell. make it the most active adviser on German and Acquisitions. Morgan Grenfell's strong connections and international capability Mergers MORGAN GRENFELL Morgan Grenfell GmbH Bockcnheimer Landstrasse 42, 60323 Frankfurt am Main, Germany Telephone (+49) 69 17 00 SI - 0, Fax (+49) 69 17 00 81 - 18 This advertisement has been approved by Morgan Grenfell &_Co. Limited, a member of SFA. ' . , ' . . msTANClAL TIMES TUESDAY JUNE 29 i993 18 INTERNATIONAL COMPANIES AND FINANCE Merrill Anheuser-Busch Primerica backs investment veteran against writes Patrick Harverson takes stake in Robert Greenhill has been snapped up to strengthen the group’s weak link, I 5% market may cause Smith Bar- in American Express selling SANFORD Weffl’s MU Mr Weill has landed not to ney Shearson -to expand too R Shearson’s broking business delight was undis- only a close friend and adviser much, too quickly..' I Primerica. • guised when he (the two are neighbours Although he applauds the Chinese brewer in Smith Barney Shearson annoMunced last week that Mr Connecticut), but one of Wall hiring of Mf .GreenhilL indus- prob- could nm into one of the Robert Greenhill, the former Street’s premier investment try analyst Mr Keefe says: “My ] By Sonon Davies n Hong The recent weakness of the lems that bedeviled Shearson Morgan Stanley, bankers. concern is how much Kong aid Nikki Tait Chinese currency has president of Qhman - the inability of two tlie. l In his 31-year .- T had agreed to be chairman and career at Mor- to industry can -stand . . espe- In Now York dampened demand for shares different business cultures Bar- gan Stanley, Mr t hi Chinese companies but as a chief executive of Smith Greenhill cre- cially when the business gets mit. . . ated the firm's mergers depart- again. This is t TSINGTAO Brewery, China's major exporter, Tsmgtao will ney Shearson. Shearson Lehman, the tough * difficult pHairman of the ment and later ran At 1 largest beer exporter, will be comparatively unaffected. Mr Weill, its relationship-ori- environment from which to hanfcfog blue-blooded, financial services group Pri- investment business judge the ftiture because its £ today become the first Chinese It is the first of nine state ented world of investment so for 13 years. - l merica, had created Smith Bar- active and so profitable^ registered company to issue companies selected by China's hairing dashed with the more .. During the 1980s - - I Shearson In March when he worked Although shares in Hong Eong, via an Securities Committee for ney free-wheeling, sales-oriented Smith Barney he bought the stockbroking on some of the biggest corpo- to offer of “IT shares to raise flotation in Hong Kong and the of retail stockbroking, Shearson plana died about management busi- rate deals of the era, servicing world HK$889m (US$1 15m). government will be and asset was a lot of 1,200 support staff, following Chinese of and the result ness of Shearson Lehman from a roster blue-chip clients of The proceeds include the anxious to attract a positive unhap executives, not much the merger the: two Anns, it American Express, and merged that included IBM, General py HKS126m purchase of a 5 per response for the issue. and disappointing will soon start hiring invest- Motors and RJR Nabisco. synergy, Anheuser-Busch, it with Primerica’s Smith Bar- ment bankers. Fortunately, cent stake by Tsingtao is offering 317.6m earnings. securities unit. The former Morgan Stanley the largest US brewer, which is ney is several years of industry; con- shares at HK$2.80 per (right) The culture clash issue new The $lbn merger created a banker now has the job of Sanford Wem (left) hopes Robert Greenfaffl wffl bring buying 45m shares as a per cent Greenhill is a charac- solidations mean there is a share, representing 35 rival building up Smith Barney Morgan Stanley clients with him to Smith Barney Shearson reaL Mr brokerage house to large pool of unemployed strategic Investment to expand enlarged issued share teristically cultivated and bank- of its Wall Street Yet Shearson's investment banking almost any on waiting * its presence in China. capital reserved Morgan Stanley ers to return -to Wan the new operation, for all its muscle to the point where the In the first quarter, Merrill’s retail broking business would - Faced with a mature market banker, while his new col- Street - A further 11 per cent of strengths in retail stockbrok- firm can wrestle with the only revenues from investment go to waste. at home and a patchy Smith Barney Shear- Mr Weffl will , also be hqpfog Tsingtao's shares are asset management, integrated brokerage and banking totalled $445m, As Mr Weffl put it last week: leagues at diversification record, ing and that Greenfdll earmarked for Chinese "We’re going to build ... a son (especially the firm’s presi- Mr brings same has been lacked a presence in one cru- investment banking firm on whereas Smith Barney Shear- Anheuser hanking retail chief Mr of bis old Morgan Stanley cli- investors, in the form of “A” area - investment bank- Wall Street of a comparable son’s combined revenues were great Investment and dent-to-be, emphasising plans to expand cial motiva- ents with,him toSmitli shares, to be traded on the size - Merrill Lynch. brokerage company. It would Joseph Plumeri) are Barney geographically. Since the start ing. When Smith Barney, a only $l21m. tional managers used to han- Shearson. “Its a tree -country, Shanghai stock exchange. This purely retail firm, merged with It is a formidable task. The Mr Greeatrifl’s job is to dose be very hard to be terrific in » of the year, it has struck deals hard-selling and clients- will do -business was scaled down, as a result of latter's two firms are in the one part and not terrific in dling an army of - Shearson the same that gap. - in Italy, Japan and Mexico in annthpr Greenhill, how- with whom clients want to do the lacklustre performance of investment banking operation league when it comes to retail There is plenty of logic part" brokers. Mr the last case, by buying a 17.7 - • ' unnerved by the business.” : the Chinese stock markets, and had stayed with American broking; Merrill has 12,700 bro- behind the move into invest- Or, as Mr John Keefe, an ever, is not per cent interest in Grupo alongside The new the government’s desire to see kers, who generated brokerage ment hanking. At the best inte- independent securities indus- prospect of working -Smith. -Barney Modelo, the leading local Express. chairman savings channelled into bonds. commissions of $7i4m securities firms, the try analyst, says: "With all an entirely new breed of Wall Shearson does hot producer. At the time of the Shearson in the grated that new sales capacity which Street professional: “It should lack an incentiveJo work hard. Analysts believe that Tsingtao's profits are acquisition, Mr Weill appeared first quarter of this year; Smith retail stockbroking and invest- lot of fun,’' he says. Three days after he agreed to forecast to rise to Ynl93m content to concentrate on Barney Shearson has 11,600 ment banking businesses have came with Shearson, they be a Tsingtao's internationally- -the ($33m) this year from Yn44m in brokers, who brought in a com- truly symbiotic relationship needed a bigger investment take job, Mr Greenhill recognised brand name and its retail stockbroking. Yet, the a However, there is $576m of - invest- banking presence." Ihroughout his business spent $35m of bis 'own -money access to the Chinese market 1992. unexpected availability erf Mr bined commissions the brokers need the to be significant over the three months. bankers to create prod- Mr Weill's ambition to build career, the Primerica on Pnmjerfca stock The day will ensure that the issue is unlikely any Greenhill, who suddenly ment integrated securities house, chairman has generally after, the stock price climbed 7 massively oversubscribed. further growth until 1995, stepped down as Morgan Stan- Merrill also has the lead in ucts (corporate stocks and an is good sense of timing, but pear cent on the hews of Ms Denway Investment, the when its fourth brewery will ley president in March having asset management, with about bonds) that they can sell, while however, not easily had a neari analysts question Mr hiring, adding |2.4m Hong Kong holding company be completed. missed out in the race to be $500hn of US customer assets the investment bankers achieved. Merrill remains the some to the successfully Weill’s decision to push Smith vatne of his holdfog: for a Chinese car manufac- Three other state companies, chairman, clearly revived his under its control, compared the brokers' network of inves- rally firm to nm large broking and investment Shearson into invest- The price rise added consid- turing business, set the record Shanghai Petrochemical, interest in turning Smith Bar- with $310bn for Smith Barney tors to sen their products. Barney at when erably more to wiefil’s sub- for oversubscription in Guangzhou Shipyard and ney Shearson into an invest Shearson. If Smith Barney Shearson banking businesses side by ment banking a time Mr •i** last tried, the is enjoying an stantially bigger stake in Pri- February, when its HK$402m Beijing Renmin Machinery, are ment banking powerhouse as It is in the investment bank- chose not to develop an invest- side. The (me that business f^hnuiWj fafluH - public offer attracted also due to launch offers welL ing arena, however, that Mer- ment banking operation, the Shearson mis- unprecedented, boom. Some merica another reason for smiles. - HK$240bn from investors. within the next month. In the 56-year-old Mr Green- rill dwarfs the Primerica unit distribution capabilities of its erably, and the attempt ended fear the current strength of the last week's . _ Macquarie Bank profit Guinness Nigeria to raise $27] Malaysian steel Controlling interest in plan revised up by 27% to A$60m Univa to fetch C$200m By Paid Adams in Lagos Merchant Bank in Lagos. It cent of its foreign exchange AMALGAMATED Steel Mills, MACQUARIE Bank, the doubtful debts fell to A$2.6m will not be eligible for repay- value in the March 1992 deval- Malaysia's largest steelmaker, By Robert Gfobens In Montreal Unigesco faces a C$45m and - Australian investment bank in from A$7.7m in 1991-92. GUINNESS, the brewing ment the interest rate will uation. has found new partners for a debenture maturity - this 5* which the TSB group of the UK Australian financial group, has underwritten an be linked to the yield an Guin- The proposed new invest- multi-billion Malaysian linTlar DEBENTURE holders of month. Last weds, the deben- s-gKATiONAL has a near 15 per cent stake, institutions hold about 75 per investment of N750m ($27m) in ness Nigeria’s shares. ment has important implica- steel-mill project, AP-DJ Unigesco, the holding company ture-holders approved the' sale reports net profits of A$59.8m cent of the bank, with the Guinness Nigeria. The loan stock win be raised tions for the future ownership reports from Kuala Lumpur. of Mr Bertin Nadeau, the Mon- of- 26 per cent of Univa plus a SCS (US340m) for the year to balance held by directors and The investment is the largest in foreign currency but denom- of the company. Foreign equity Schlemann-Siemag, of Ger- treal entrepreneur, have general restructuring, of Unl- March, up 27 per cent on the staff. made in Guinness Nigeria. inated in naira, which allows ownership is limited to 40 per many, will supply equipment cleared the way for the sals of gesco’s borrowings. previous 12 months, Reuter Total assets rose by 32£ per Nigeria is the third-largest the company a fixed rate of cent. Guinness holds 25 per and licensed technology, and his 26 per cent controlling The buyer of 225 per cent of reports from Sydney. cent in the year to A$3.l7bn at market for Guinness, after exchange at the date of issue. cent and UnQever 15 per cent Nucor Steel, of the US, wfD stake in Univa, Canada's sec- Unigesco was the Caisse de Macquarie said 31.5 per cent the end of March. Ireland and the UK. hi 1992, Like most Nigerian manufac- If the new issue is under- also participate in the project, raid biggest food distributor. Depot, the Quebec pubhc pen- of income was generated by The bank's capital adequacy the company increased pre-tax turers, most of Guinness’s subscribed by Nigerian inves- the first phase of which would The stake is changing hands sion fund manager. trading activities, 32.7 per cent ratio advanced to 13.39 per profits by 40 per cent to costs are for imported capital tors, Guinness will take up cost M52.4bn (US$928m). for almost CS200m (USSl56m). The balance of the stake was by fees and commissions, and cent, more than 5 percentage N238SL goods and spare parts. Last most of the loan stock, which The plans replace a venture Mr Nadeau has controlled takeirup by the Ontario Teach- 35.8 per cent by interest points above the Reserve Bank Guinness Nigeria will issue year, Guinness Nigeria raised could he converted to equity if with the Taiwan's govern- Univa since 1986 through the ers Pension Board in exchange -h margins. of Australia’s minimum irredeemable convertible loan N150m on the local stock mar- the decree on foreign invest- ment-owned China Steel which heavily indebted Unigesco, his for a C$25m Unigesco -deben- It said provisions for bad and requirement. stock structured by First City ket just before it lost 80 per ment is changed. was terminated recently. own holding company. ture. - U.S. $100,000,000 UNITEDSTATESBANKRUPTCY COURT w SOUTHERN DISTRICTOF NEWYORK Subordinated Participation TJLT GROUP Floating Rate Loan Chapter UCattNo. TAT OLYMPIA ScYOKK WATER STREET 95 B 4*409 QL/G) Certificates 2000 . Due FINANCE OORF., flaMyAMuhimJ) OfcY WATERSTREET CREDITCORE, m POSITIVE RESULTS IN A DIFFICULT ECONOMIC CLIMATE As for the express business, this continues to develop, particularly in Issue by Mien partners. With a consolidated turnover reaching F. 2, 527 million, die TXT. group Europe, with TAT. EXPRESS, its subsidiaries and Merrill Lynch Bank AG NOTICE or HEARING TOCONSIDER CONFIRMATION or presents a positive state of affairs with a net profit of F 20 million for the (incorporated to the FederalftopubScotQoimenyvrtth limited BabMty) THEAMENDED JOINT FLAN OF REORGANIZATION FOR THE DEBTORS financial year 1992. The gross cash flaw margin stands at 184 M J. NOTICE IS M ERU V Cl VEN a UIom ' for foe purpose of funding and maintaining I. Ol Hiy 7, 149S. Qbmpii A York Water Streio ffnwcrCup. nl OJrYWateT Cxcdl Can These results are entirely exceptional in an airtransport sector marked by a THE TAT/ BRITISH AIRWAYS AGREEMENT Snn huSbuiwJr. the UrtamVi, Bed wiifa tbr.l'nked Sana Bnkrupocr Gswri far Ac Southern Unmet o! New subordinated loan to ‘ entry of BRITISH AIRWAYS a Tort Ohe TUiAiujtfir CcraO. a pi Joint dtapnr 1 pho of nornniaUoD particularly difficult economic climate. Signed on 24th September 1992, this marks the MnJ 1 llbe Joan Plan") oil dndonurr aomma (the -Dbcfcmnr imam ratRcmm I12S ad l I26U) oT ride II of At ' into TAT EUROPEAN AIRLINES with a capital store of 495 % United Smm Code (He 'BiAnpin CodO- Dodttonc Scmsncnt and ihe jutoe Flan tuve bet* The Saitama Bank, Ltd. ameufad. Ciadra ofIhe mended dhefatun SonAaoncnt (the 'Amended ttadoant; . StaionmO and amended This agreement, which took effect on 4th January 1993, will a Bow TAT mnl PtuMjc'*Amendedmended ire oo Sc wUh the Urrt of (he (incorporated hi Japan with Bruited liability) Joint Hanl Bohnnin Coon. Oor Bowtinc (In iralliaiu of francs) 1991 j New Yorfc. New Ytal l0OO4-l4O8.zodMf be rctievcdoa 1992 buanaidqo Emm ‘UOa.m. uldXtpm . EUROPEAN AIRLINES to develop its auropean network and to benefit from * Un Jane 21. 1953. the fcnknipacr Cam reacted an order li] approving from the AkuM Dudiwiic Turnover 2527 2421 the commercial experience and global presence of BRITISH AIRWAYS. Notice is hereby given that for the Interest Period June 29, 1093 Smcmnu ar etmatolng -adequate laformacam- ponuaeu toaeeopo f (25 of The f to September 29, 1983 the Certificates will carry an Interest Rate of Net profit 20 42 3.67656% per annum. The amount of interest payable on A PARTNERSHIP STRATEGY OFTAT PLC of Ihe AaeadedJohn September 29, 1933 will U.S. $93.96 per U.S. ¥10,000 principal Consolidated net worth 310 285 be . TOR CONFIRMATION REARING amount of Certificates. Rtrdingti. a bowing ro cooaidcr ronflrnadon uf ihe AoKttded Jota' FUo, my obienfaon w TAT SHAREHOLDING PARTNERS ar ndmem or iBcaatcatam ihrnw. and any other matter due nay property Capital investments 821 1282 y Wg xune bcW-dw _ . gCwm k hM briber the HimocdA tone* L Canby. Ir, United Soen Lnknipwrjoihe; By: The Chase Manhattan Bank, NA CHASE a 1^ fheberttoia Santropfty.Cam. gjefcwlna Orem. NewrTori. NewvS*l0MUJte gross cash flow margin. 184 189 CHR0NOPOST 34% SOHPOST on A^ua 25. 1933 at 2*» pan. nr a> eoomd am m nay be heard (rile CraSraadoa Hearn; -J. He London, Agent Bank Confirmation ' Hearma may be adjourned Iron, rime id lime without fun her notice other r>r,n an maunamcm d die adymrned date nr dam a dacConfaimiiiu Heating oral AIR 35% 1ND0SUEZ, SASMAT, ABKJSPATTALE u an adnaroed* Qatfimaoro June 29,1993 Hcmid^ A RESTRUCTURING WHICH ANTICIPATES DEVELOPMENTS SOD0Q (MACH +) 20% AH FRANCE SOHPOST IN THE SECTOR SEA (L'AEROPOSTALE) 20% AH FRANCE, SOHPOST The evolution of European regulations in the air transport business and the Krwuvli tnervfor. jnd duftbc f3c chaaben. uorthev with jxoof of changes which this implies in legislation led J.V.HUSHWT FOKKBi our have the TAT group to 30% on or be&ae AogoB IA IteSaitt300 pm. Laocrn Daylight Saving, Time: regroup aU its domestic and international air transport activities together 3 m q.* . giy ABcusfaptNK r HYDRO .50% MESSERBUGATR U.S.$200,000,000 Hgjyggqy ^M . ^ underone single company. Floating Rate Subordinated Loan TAT has brought efl its passenger transport operations within TAT Thus, within the framework of a strong partnership policy along with a Participation Certificates due 2000 EXPORT and at the same time renaming the company TAT EUROPEAN healthy financial situation and rigorous management backed by the skills houndby Yomokfv International (Deutschland) GmbH AIRLINES. and dynamism of the 3,000 men and women who work for the TAT group, Now Nw ToA for the purpose of.fun&tg Now Vac*. New Yart WBM and mamkmung a subordinated loan to - IM17 All the technical activities of travels through the turbulent economic climate to take its rightful place m * iinr the The Hokkaido Takushoku Bank. Limited group have been brought under the international competition. In accordance with the provisions of Ihe Loan Agreement notice is of 1 umbrella the LAB Company. 0 , 8a ,„ a i hereby given that for Ihe three month Interest Period tWreli Nti>a Va~& Jj, gg- from June 29, Dated: New Y«*Yarh. NNew Vort _ BY ORDER OF THE COOK r Tgoru* 1993 to September 29. 1 the Pariidpatian June 21. 1933 993 Loan certificates wffl 0 oarry an Interest Rato of 3^51 56% pua. and the Coupon Amount per WJunaLGi U-S.$250,000 nominal of the Notes will be ILS.S2^3Z94. L'MOdSua VnOL. COmSHAL l> KANdS ‘ " ' Market Myths and Duff Forecasts for THE BEST INFORMATION IN YOUR A iwenei i f 1993 HAND June 29, 1993, London lUMtAwwa ire dollar will higher; US move p;oclous snc-tcls have been Futures Pager delivers constant updates on currencies, futures, indices, interest By: Cffibank, HA (Issuer Services), Agent Bade New Yoek, New YaefclOISS demonetised; CfTIBAtKO OUttlMm Jcpcnoso equiiies a’c not in a row bull trend. You did rates and commodities 24 hours a day, with prices and news both direct from that In - MOT read FullerMoney the Iconoclastic Investment loiter. Reuters. Why try and do without It? CaB 071-895 9400 for your FREE trlaL Cal! Jane farquh, arson lor c sample Issue (once cniy) Tot: London 71 437.1941 <071 In UK) or Fax. 7t - 4394966 FUTURES PAGER gurqfimr SAKURA FINANCE ASIA LIMITED European Company for the Scandinavian ™»ncing of Railroad Rolling (Incorporated in die Cayman islands) Finance B.V. ] US$70,000,000 VS$ Yen 20,000.000,000 - 1^200,000,000 Floating rate serial notes Floating rate notes due 2005 v Subordinatedited FloatingFloat Rate Notes 2000 due December 1993 In VV Oiaaiintpa arm accordance with e non sotxsnimmed bout the- In accordance with the provisions of the Notes, notice is *>: provisions ofthe notes, notice hereby given that the interest rate for the three month Floating Bank of Tokyo (Curasao) Holding N.V. Rati sFY, if herebygiven that for the period commencing will For the six months 29th June, 1993 be 29 June interest period 29 1993 Jane 1993 3.65156% per annum. Coupon Payment Date U.S.$800,000,000 Due July 200: to 29 December 1993 to 29 December 1993 the notes K'r 29th September; 1993- the rate of interest has been unU carry an Interest rate of \ fixed at 5-25 per cent Subordinated Guaranteed 3. 17% per annum. Interest Coupon will interest Amounts be Interest Period 25th January 1993 payable on the relevant Floating Rate Notes Due 2000 payable on the relevant 26th July interest payment date 29 USJ9.331.76 on Notes of US$1,000,000 1993 interest payment date 993 dgainst Coupon 29 "'li US$4,665.88 on Notes of US$ 500,000 Guaranteed on a subordinated basis Interest Amount per I December 1993 u/ill amount Nb.20 wui be US$53.38 v * * per to Yen 16,114.00 US$ 933.18 on Notes of USJ 100,000 as to payment ofPrincipal and Interest by U.S. $10,000 Note due USS2.000nore. per Yen 1,000,000 denomination.' 26th July 1993 US. $240.12 h ’ i SAKURA TRUST The Agent: Bank of Tokyo, Ltd. Morgan Guaranty Agent Morgan ' Guaranty . INTERNATIONAL LIMITED Trust Company ; Agent Bank Credit Suisse First Boston Limited Trust Company * V In accordance wish the previsions of the Notes, notice is hereby given h that the rate of interest Agent for the dine months period 29th June, 1993, S JPMorgan -a - ro 29rh September, 1993, has been fixed at 3-60156 per cent per JPMorgan annum. Coupon no. 12 will therefore be payable on 29ib September, 1993 at USS4.601.99 per coupon from Nones of U55500.000 nominal CIT1CORPO and USS46020 per coupon from Notes of US$50,000 nominal. U.& $150,000,000 The Subordinated Floating Rate Notes One June 2005 Bank of Tokyo, Ltd. Notice is hereby given died For Professionals (he Rote of Interest for the period Juno 28, London FX Oafys 0 R - - g X i 1993 to December 29, 1993 has been fixed at 40% AgattBtnk A FAX S Dm £ Y and that the interest payable on the relevant Interest Payment 29th June, 1993 Can Itoday for Your An track record of Date December 29, 1993 against Coupon No. 1 in respect of Con^Umontaiv Copy FXM 7-7:7,' US$5,000 nominal of the Nataswl beUS$l 53J» and in •14471 US$1 00,000 nominal of Ihe Notes wl be US$3,Q6ddO. 2402090 T«fc *4481 948881$ June 29, London . 1993, (M»4t Fix: *44 81 948840 ftytdfib^NA (Issuer Service^ Agent Bank CiTJBANKG) — . . —. . .—- . . . . a J )) — — ;: ; FINANCIAL TIMES TUESDAY JUNE 29 1993 INTERNATIONAL CAPITAL MARKETS Speculation over interest rate cut fuels French prices surge CBOT may By Peter John in London lose main and floor for official rates - inde- point slide on Friday. Patrick Harvereon In FT New York pendently of any German FIXED INTEREST INDICES BENCHMARK GOVERNMENT BONDS Portuguese bonds rose after move. YHr Red Wook Month the Bank of Portugal cut its stock index -Sue PRANCE stood tall in a strong Z8 June 25 Jure ; June 23 Jute 22 ago tfljfl* Law* Pric* Yield apo teOf Part of yesterday’s rise Coupon Crete Change . intervention rate by half a European government Govt Sera {fflQ 9720 SOM 96.63 81W 98JJ4 8128 TJB0 JJ57 bond sprang from a technical correc- W BUB AUSTRALIA 9500 08/03 1113701 -4U63 7JB point to 11.5 per cent market yesterday And Uercst 114^3 11460 114.57 11199 113.7B 1CM.7B 11413 10167 as rate cut tion after foils on Friday. How- BELGIUM 9JM0 03A33 1112500 *0440 7.07 7.19 736 Bata 10ft Gammon Secuttn lS/lOM! Rwd moat tKXL contract enthusiasm held sway and ever, there was also *» * a boost WO GnMnmw Securitas high eteco iwerimiwi 127.40 kw 40.16 071/753 CANADA 7250 0603 9&4500 «&350 753 737 7J52 OVERNIGHT demand from drove prices forward. Rnd tan at Ngh once ampMion: 11403 pafl«3. too B0S3 (Vt/H) from signals coming out of DENMAHK a ooo OS/03 108-0000 *0^00 6J86 6.97 722 foreign investors, the lack of By Laurie Morse However, the yield spread GILT EDGED ACTWIIY Germany: if Germany can cut FRANCE BTAN 8 000 05V6 107.7622 0.418 B.00 Bl21 8.70 supply pressures, and expecta- in Chicago between 10-year French fartcra* JUM2S 24 Juw 23 June 23 Jure 21 OAT 5^00 04/03 112.6000 +0^20 8.70 980 7 and rates it will give the Banque de Jm HZ tions that Friday's employment German Bit Edged GERMANY BJ’S 04/03 +0.400 &83 6.70 government bonds France much greater room for Bargain 0&£ 1112 106.1 105.1 KB.G 100.7B50 ua report for June will be weak THE Chicago Board of Trade remained slightly wider, 6-tay enrage 105.7 107.1 1041 1016 105.6 at manoeuvre. ITALY IUjOO 03/03 1013000 -0.130 11.48t 11.50 12jW pushed US Treasury bond may lose the right to trade its eight basis * SE acnvty Indun rrixnad 1974 points, as Germany interest in the French mar- JAPAN No 119 4 ilOO 08/90 102.7043 0298 4i2 4JS4 4^9 yields to historic lows yester- biggest stock index futures also No 145 5.500 03/92 107.0723 0.167 443 A2B benefited from- encourag- ket was fuelled by a press 4J38 day morning. contract, tbe Major Market ing inflation data. NETVtanLANDS 7JW0 CC/ttJ 10X0900 0.460 942 6Jt 8.70 report arguing that France ago. September bunds bounced buying of gilts- A survey of By midday, the benchmark Index. SPAIN 10-300 06/02 0.171 1&1S 1033 1005 might quit the European 0.33 per cent to 95.67. dealers and analysts in the 100Z101 30-year government bond was The CBOT's cross-town UK GILTS 7250 03/98 101-14 6/32 088 700 7.14 GOVERNMENT exchange rate mechanism if However, there was a grow- weekend press found that up at 105j&, yielding 6.679 per rival, the Chicago Mercantile 6000 OflrtM 102-12 0/32 7.79 6.10 £ Germany refused thnt 7J6& BONDS to ease mone- ing consensus the Bundes- almost half of the specialists 9.000 10(08 100-23 +1902 600 8.13 8.50 cent, the lowest yield in the Exchange, is negotiating to policy. * tary Economists said bank will leave its discount interviewed believed sterling US TREASURY 0250 02/03 103-11 +11/32 5.79 5:91 Oil issue's history. add the product to its own the report was refuted by rate unchanged at 7J25 per cent would become the strongest 7.125 OZ/23 105-22 +18/32 A88 aao 093 At the short end, the two- cache of stock index futures On the Matif, French 106.4100 govern- French officials and had no when it meets on Thursday for currency in Europe over the ECU (French Govt) 8.000 : OATO 0.820 7.07 7.14 7J>1 year note was only slightly products. The New York ment bond futures for Septem- impact Yoric standard on prices. However, it its fortnightly council meeting. next three mouths. London dosing, 'denotes New morning session Vtakte Local market finner, up £ at 100£, to yield Futures Exchange is also lob- ber shot than T &033 annual yield gnctudkig withtiokAig ta* at 121 per cent payable by non-reddenm.) ahead by more did encourage fierce debate. Most economists are now The well-timed research sent 4.059 per cent bying to obtain rights to trade half Prices: US. UK H 32nds, others In dpcfcnoJ To&ncd OboJATLAS Pnca Sources a point during official looking ahead to the following the pound jumping sharply in Prices opened firmer in the MMI futures. trading. They broke through V GERMAN debt prices picked meeting on July 15. That meet- early trade to hit DM224. That wake of demand from overseas The CBOT trades MMI 120 before late profit-taking up in reaction to comments ing comes just befores the G7 strength gave a renewed incen- before profit-taking took it government bonds. Alone in markets - particularly London futures under licence from took the contract back to from the Bundesbank and reas- meeting in Tokyo, and just tive to the overseas investors, back to close £ higher at 107£. Europe, the government bond - believed to have been a fol- the American Stock Exchange, 119.92, still a gain of 60 basis suring economic data. after the German cabinet’s particularly those from the Far futures market was weaker low-through from heavy buy- which invented the 20-stock points on the day. The comments came from Mr budget proposals. East who have been switching IN the high-yielding Euro- with the September contract ing on Friday, when bond high capitalisation index Some economists are Hans Tietmeyer, vice-president “The Bundesbank Is looking out of 10-year French bonds pean government bond mar- falling 28 basis points to 10222. yields closed at an all-time low. in 1983. The Amex trades starting to feel the value in the of the Bundesbank, who indi- for the right preconditions to and into the UK equivalent. kets, Spain and Italy .were However, Spanish bonds Cor In New York, the market options on the instrument, French market is beginning to cated in a radio interview he cut rates. We need something Long-dated gilts performed overshadowed by political wor- September clawed back some was supported by two factors: which is designed to track the dry up. Although Ms Mane would be keen for German astonishing and the inflation most strongly as investors held ries. of Friday's losses in spite of expectations that Friday's jobs movements of the closely- Owens Thomsen of Midland interest rates to fall. change is not it,” said one stock ahead of tomorrow's auc- The struggle by Mr Carlo enduring concern over prime data will be weaker than origi- watched Dow Jones Industrial Global Markets takes that line, Also, the market was sur- economist. tion of £3Jfibn of 8 per cent Ciampi, the Italian prime min- minister Mr Felipe Gonzales' nally forecast, and the lack of Average. she believes France still has prised by the latest consumer 10-year gilts. ister, to force employers and ability to form a coalition fresh supply in coming weeks The CBOTs agreement with room for three more 25-basis prices data, which showed UK government bonds rose In the futures market, the trade unions to agree on a new government September bonds (the next big sale of securities the Amex expires in October. point cuts in its intervention inflation rising at 0.1 per cent sharply as a stronger pound September gilts contract was- wage bargaining system lay traded in Barcelona bounced is not scheduled until late It is understood that the Amex - rate the rate that sets the against 02 per cent a month prompted continued overseas up half a percentage point behind weakness in Italian 0.60 point to 9220 after a 125 July). is considering a more profit- able venue for the futures con- tract, and this could possibly end 10 years of co-operation Strong overseas demand for first sterling deal from Osaka Gas with the CBOT. Although the CBOT's MMI futures traded iu excess of By Tracy Corrigan as Osaka Gas designed the launch a small Euroyen deal Dealers said the seven-year 10,000 contracts per day before issue to expand its Investor today. maturity was attractive, since NEW INTERNATIONAL BOND ISSUES the 1987 stock market crash, TWO sterling deals, for Sweden, base in the UK. Sweden's £350m seven-year there had been a lack of paper daily volume has since (alien Amouit Coupon Price Maturity Fees Spread Book runner and Osaka Gas, were the main The company raises a large issue met a slightly less in that area or the yield curve to about 800 contracts. Fewer Borrowmr EXL % % bp focus of attention in a lively proportion of its debt in the enthusiastic response, though this year. According to co-lead US DOLLARS than 25 CBOT members are session yesterday. Weekend Eurobond market, and has it also benefited from demand manager JP Morgan, there has Tokyo Electric Power Co Ibn 6.125 99.182R JuL2003 0J25R +36 (6Vi%-03) Goldman Sacha lr*L committed to trading the Fftcchl Credit 100 S.5 99.1 HR Jut 1990 03R +49 (5496-96) UBS newspaper reports boosted pos- already tapped the French for sterling bonds, and £52bn of five-year Coro. index futures. in been paper, itive sentiment on the pound, franc, dollar. Euroyen and from improving sentiment £4bo of 10-year paper, and just D-MARKS The CME is thought to be a ReoubOc of Turkey 750 8-75 101.55 JJ.2003 2JS DG Brafli which followed through into D-Mark sectors. on Sweden's credit-worthiness. £60Qm of seven-year paper to strong contender for the MSQ, STERLB4G the gilt and Eurosterling bond The £150m, 10-year issue tast year, when the Swedish date. because it has several hundred Kingdom of Sweden 350 7.825 99.244R Jit-2000 (X3H +33 (996-00) BZW/ JP Moigan markets. was priced to yield 40 basis kronor was devalued amid cur- Nevertheless, the pricing of Osaka Gas Co. 150 8.125 90.468R AugJM03 035R +40 (896-03) Barclays de Zoete Wedd traders dealing in its success- The Osaka Gas deal, which points over the comparable rency turmoil and the coun- the deal was perceived as Abbey Nat Treasury Services* 100 (a) TOOR JUL190B 0.2R - Lebman Brothers IntL ful S&P 500 stock index was widely marketed last gilt, which dealers said was try's economy was widely per- slightly aggressive at a launch futures pit. traders say ft FRENCH FRANCS CME an attractive level for a utility- ceived to be in severe spread of 33 basis points Credit National^ Ibn 725 101 .62R May.2003 0L375R +34 (61496-OQ CCF the MMI would provide Sac. G£n. Acceptances 500 (c) 99J>R Sep -2003 0.5R SockM GdnerWe INTERNATIONAL rated AA2 by Moody's and difficulty, spreads on Sweden's over the 9 per cent gilt due spreading opportunities with CANADIAN DOLLARS AA- by Standard and Poor's. Eurobonds widened dramatic- 2000 . the broad-based S&P 500 Bayertsche Verelnsbonk 150 7.125 99.6R JUL1999 (L3R +40 (61696-90) Paribas Capital Markets BONDS By the end of the day, the ally. In the dollar market, Tokyo futures. GULDERS spread had tightened to 38 They have, however, Electric Kathy Fitzpatrick, Amex Power Company Rabobank Nederland 500 &25 100.050 Jit 1996 O^R +15 (BM96-88) Rabobank Nederfamd Ms week, caught investor interest, basis points over the gilt improved steadily since the launched a large $lbn, 10-year spokeswoman, confirmed the AUSTRALIAN DOLLARS first yield. partly because it was its start of this year. For example, issue via Goldman Sachs. Deal- Conunonwealtti Bk. of AustraSa 100 7.625 100.725 Aug-2003 2.125 C8A Amex was talking with the issue in the sterling bond mar- Mr Yasuo Ryoki, senior Sweden's recent EcuSOOm, sev- ers reported strong demand CME about the MMI futures Final terms and non-ceflable unless staled. The yield spread (over relevant government bond) at bunch is supplied by the lead ket Dealers said the deal was assistant manager of en-year deal, launched at 5 from eastern Asia but said manager. tFtoadng rata note; FL flxed re-otter price; fees am shown at the re-offer level a) Coupon pays 6- month Libor + 0^5%; licence, but said no decision rapidly sold out the finance department basis points over the compara- European investors had been maximuni 6.75%. b) Fungftda with the outstanding FFr2brv Pkjs 74 days accrued Interest e) Coupon pays 7% flxed annual m first year has been made. and 15-75% - 1^ x 3-momh Ptoor thereafter. According to the lead man- at Osaka Gas, said the deal ble Ecu OAT, is now trading at distracted by speculation about Mr Fred Grade, the CBOT's ager, Barclays de Zoete Wedd, had been swapped into fixed- 14 basis points below. European interest rates and vice-president for administra- demand for sterling paper from rate yen at a level that While some of Sweden's debt currencies, and were not cur- launched at 36 basis points DG Bank. The deal was priced Euro commercial paper tion, said the exchange was in overseas meant that the deal was “very competitive’’ with fell prey to asset-swappers rently focusing on the dollar over the 10-year US Treasury. at 220 basis points over programme, with a multi- negotiations with the Amex to was heavily oversubscribed. the Japanese long-term prime last year, this deal represents sector. In the D-Mark sector. Turkey the comparable Bund. currency option. The pro- retain the MMI contract He However, placement was con- rate. floating-rate funding of around Goldman took the lion's launched a DM500m deal, • Peugeot Finance Interna- gramme is rated Al by Stan- expected a decision during centrated among UK investors, He said his company would Libor flat, according .to dealers. share of . the deal, which was increased to DM750m, via tional has announced a £100m dard & Poor's. July. MARKET STATISTICS FT/ISMA INTERNATIONAL BOND SERVICE RISES AND FALLS YESTERDAY LIFFE EQUITY OPTIONS Uoted are the Meet kfetnetanri bends tar which dim to an WtaquMe sacomfey markra. Latent prices m fan on June 2B Fflsas Fate Same BV Ctfr Brlttoh RAfeto. 59 3 14 CALLS PUIS CALLS PUIS W« - * US. DOOM SIHAKBTS m otter onranwons teamd BW Oder Ytafcf Other Rjcad kUerest. 3 0 12 JM Oct Jm JU Oct Jm Aiq Mn Feb Am New FM Bpriaa a* Dec Hr Dk Ber 94 200 105 IOS^b 4.32 Anted 96 LFr ... 600 100* 7.70 MM B* 7* 99* Commercial. Industrial- 292 168 923 - - A*ed-Lyonj 48 68 3 17* afl Aon 300 28 50 82* 20 37 45* Euntumd 390 38* 58 25* 37 AltjartaPravlnce 0* 95 ... 600 110 110* 472 ECSC 7*94UY~ 1000 100 * 101 * 7.62 S00 62 10* 3 Property ..... 50 482 - - Fnpncktl & 268 r«oa ] 420 24* 42 40 55* AuWlaB* W 400 114 114* 3 5JH World Bank 8 98 LFr 1DOO 101* 102* 737 rs»l 550 11 29 40* 20 30*38* HBS ) 420 15 38 48 37 54 82 11 16 56 Cbm 550 46 - - Bank rf Tokyo 8* SB 100 107* 108* 5J>7 Sank Voor Ned Gera 7* 02 R 1000 104* 105* 690 0» & GbS Arms BAT tads 425 19 28* 38 12* 26 30* GO 19* 37 — a 300 31 41 46 2* 7* 13* - - 98 250 117* 117* 6.60 Enetde Befeer a* 98 R ..... 500 110 110 6.45 Ptantatfams. 0 0 8 (*420 r*8) 600 23* 38 48* 67* BeUumB* * * r®7) 330 ID 22 29 13 20 27 ) 450 7* 10 27* 27* 42* 48* Bftt '* 97 ISO 105* 100* 5L22 MwSPtwfciffl 96 CS ... 500 108* 109 534 Mines. 75 12 52 * 10* - nsriona 130 IS 16* 22* 6* 11* 13 94 -* 3.98 ASQA 87 7* 11 - 1* 4 BNP 8* 300 104* 10% Be* Canada 10* 90 CS . 150 111* 112* 8.11 Others 38 40 54 rra» nasi 140 8* 14* 17 11* 15* 18 Britain Gas 021 ISOO 11 * 11 * * 7-99 Brtttah CeMnOta 10 98 CS 500 107* 108* S 098 75 3 6-89- BID 360 28 32* 38* 3* 11 13 Untn 110 17 22 :24* 12 4.70 5* 8* Canada 996 1000 110* 111 BB 10* 98 CS 130 110* 111* * 735 C37B ) 390 7* 18 22 16* 26 a Tgteto 748 307 1,601 H22) 120 11* 18 20 10 13* 18* CCCE S* 95 300 107* 100* 4J3 Bee d» Franco 9* 99 CS 275 109* 110 ** 7.75 Telecom M 420 T7* 24* 28* 10 22 28 HSBC 75|i rie 650 49 59 87 27* 41*59* Courted Btrope 0 98 ...... 100 108* 109 5jn Ford Qw*t Canada I0B4CS 100 103* 103* 835 MAfetaW 287 25* 37 42 3 9* 15* r*26 1 460 14 48* S3* Fonder 300 117* 118* 5.70 (*“7 3* 9* 38* f«6) 700 24 45* 63 56*168* 85 Gw® 9* 99 — Gen Bee Uvi&l 10 98 CS 300 107* 107* 733 ) 31# 7 20* 25* 16*2 23 20* OtaMT 5dl 460 18* 32 43 25* 30 Denmark 9* 05 1571 106 108* 4.33 400 111* 111* 737 14* Nail 360:22* 33 10 21 K1W M Rn 10 01 CS * * MflfctelA 420 25 41 52 9 21* 30 Rum 38 17 109 1 T460 ) 500 4* 15* 25* 42* 50 54 ECSC 8* 98 ISS £29 Mppan Tel TM 10* 89 CS 200 111 * 111 * * 732 LONDON RECENT ISSUES r*7> 390 9 19 24 27* 32 38* 1*434 ) 450 7 23 33* 31* 43* 51* fcfcC 8* 96 100 108* 1' SIB Ontario Hydro 10* 99 CS 600 113* 113* •* 730 Bautm 1350 82 122 147 4** 72 103 250 107* I' S02 Bnb 420 38*2 52 58 2* 10* 18* BB 7* 96 Oder Kontrofibw* io* 9B CS 150 111* 112* 7J7 1400 54'95* 120 74!98* 1S6 EQUITIES I Bee 460 13* 23 31 21* 29 35 mm 114* 115* 534 1 IS* 27 BBS* 97 . . . - 1000 200 111* 111* 735 T464 480 10* 27 35* 33* - - — Quebec Prov 10* 98 CS — 58 HMyn 1«0 13 18* 7 14 O 114 114J, 5-53 r«83 ) 500 2 12 18 56 61* Bcc de France B 98 200 Beiglun 0* 96 Ecu 1250 100* 108* 3 837 - - Guinea 480 24 39 51 12 23* 29 H*3) 160 5 10 21 27 Euro Qred Card TST 0 94 325 105 105* 4S9 CowwB Ecmpe 9 01 Ecu 1100 110* 110* 733 As* Litari * tan MX M Tan aw* M _ - BP 300 12 2D* 28* 7 16* 20 T488 1 500 7* 20 31* 37 47 51* Banana 9* 96 100 111 111* <* AM Gredk Lwonata 9 96 Ecu 125 104* 106* 7.18 PeM Stack °E2 Scat Rmk 310 17 22 10* 15 Cor'd Yv* Mo 1*303 IS IB* . EMm Bank Japan 8 D2 500 111* 111* +* 6X7 1125 110* 8.70 ) 339 ! 8* M 29 34* 37 EEC 330 14* 23 37 9 r319) 330 6* 12* 23*:SB* - _ BB 10 97 Ecu . 110* * ap osta xml lw Export Dev Oarp 0* 98 150 ns* iia* -* 5X8 Bnhsti Steel 90 13 3 8 C340 1 380 3 10 15 31 33* 36 Seas 90 12* 14* 16 2 5 Fora del SM10* 88 Ecu . 600 110* 110* +* 739 8* 16* 6 3* Hntand 97 200 106* 107* +* S72 7* (My 10* 00 Ecu 1000 116* 116* +* 7.59 T25 FJ> 132 13) (•96) 100 3* 8 12 B II 13 (-89) 100 6 5* 10 4* 8 9 Rnnbft Export 9* 95 200 109* 110* r* 4,77 Font — . 1000 106* 106* 960 220 25* 3\ 12 19 Spin B 96 Ecu Baa 480 49 3 11 W 23* 33* 56* 21* tLmsm 220 12 17 20* 5 10 14 Ford Motor Claims* 98. 1500 101 * 102 * +* 587 2750 111* 739 3B8 356 3S6 . FI. 24 Unfed Mnedan 0* 01 Ecu 111* m C2S3 1 240 9 16*:a* 32 35 a i 500 19* 28 42 r«a 6* 251a 33* 1*225 ) MO 3* 0* 12 17 22 25 Csuttri . 112 112 4JW Sen Bee B* 96 300 * * ADC 10 99 AS. 100 111 111* -* 734 zs FI : 40 23 aUKM) WUCOSS 37 -1 Laano 140 21 30 B II lannac 140 12* 17 21 15* 18 ! 200 106 1!®* 5.62 34* 3 9* GMAC9* BP America 12* 98 AS 100 112* 113* -* 7.10 148 FI -1 W89 29 160 5 6 13 S3* 31 tad Bk Japan Rn Th S7 . 200 107* 108* 5-56 riw i 1E0 9* 18* 23* 9* 17* 20* 29 Comm Br Australia 13* 99 AS 100 129 129* 100 FI 750 49 63 12 29 41 Amer 200 107* 108 4.98 28* Luca tads 130 13 19 15* HuraBri 900; 63 54 Inter De* 7% 96 _ £ Etaaortknans 95 AS 75 110* 110% FI 53 32 53 22 5 12* K* 53* 35* 43* 12* 1*770 ) 6 42 46* 58* 68 105* 105* 422 . 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P 5 0 600 36 54 GE II 30* 39 LTCB Ho 8 97 . 200 107* 1D8 S63 252 (Won 34 Sth Aust Gout On 9 02 AS 150 1044, 105* 210 FI m 333 Conn 600 7 25* 45* 42* 38* romtdns 653 — CBM 650 13 28 35 59 67 220 is*:a* 77* 9 13* 117* 1000 105* 108* 118 FI - 13 12 FMOfekk Will 1987 12 (*G0C 24 US 71 I 42* Unfleeer Australia 12 98 AS 150 117* ) 650 l* tO* 83 1-226 240 18 850 106* 106* 3-87 nkhgno 110 13 IB 19 5* 9 ) 6*i M* 22* 25* 29 1 Trass 100 111 ISO FI 2* Abbey NaS 13* 95 E no* tori (teds 70 13* 17 - 13 - 150 <09* 110* 5.18 100 FJ>. - 101 97* MxyiShnelSS 88* HIS) 120 6* 12* 13* 6* 10* 14* 8* AUance Letca 11*97 £ 100 ni% 112* - - 200 108 108* 4.31 137 13* 133 tan 22 10 186 - 14 - PrutaBU 330 18* 28 15* 18* P574 ) 00 a* 13* 15 18* BrfBsD Gas 12* 95 £ 300 100* 109* 10a FP. 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KhtgOsAer 600 7 34 (873 1 700 50 60* 200 153 116* SO F.P. 25 226 UB taring 229 *11 20 6J HI ffl* «* 13* 35 56 37 -<« HSBC Holdings 1139 02 E . 115* 2725 Z775 2825 2875 2925 2979 3025 3075 150 11® 110* 5JK US in 153 IfiR Lao 27 22 21 2 row) 650 4 18 30 « 57 54 Refend 460 3D* 40* 54 1 28 34* tally ID* 14 £ 400 112 112* 3 200 113* 114* +* 6-96 FP. : HE 101 fihr i Mac Ext bo PI 103* 500 9 27 35* 33* 51 56 CALLS Land Sees 9* 07 £ 200 102* 103* r«4) 500 108* 108* +* 4.69 765 785 [torn hsca 288 40 13* 18 Ontario 11* 01 E 100 115* 115* 21* 31* 5* Jri 183 134 87 47 10 2 1 150 116* 117* 4% 5JS8 121* _ _ _ _ Lnt Scar 550 41 56 58* 2* 3* IB* 03lg> Puweroeno* 03 £_ 250 103* 103* rural 317 6 17 28 21* 28 33* 194 149 108 75 45 14 7 1500 103* 103* +* 528 3 _ _ - - rswi 600 6 23 28 19 28 35* Seuarn Trart 11*99 150 115* 115* Sep 206 185 12S 92 64 27 16 IDS* E_. - 200 108* «* 523 FP. 637 609 Iowa 824 HD275 07 55 38.9 UarteAS 330 Z1 31 37 4 9* 14* Tokyo Bee Power 11 01 £ . 150 110* Oct 120 i 2000 101 102 «* 4.68 Scot & few 460 14 25* - 20 30* - * * 100 nts* r344 350 14 21* 20 25 29* 4-98 Wald Bank 11* 35 £ — 4* - Dect 1(0 112 700 108* 109 t* ) 500 3 12 - 55* 60 Abbey NUbtnaf 0 96 HZS — 100 78 aa PWWest 14 C460 300 110* 111* ** 437 480 30 40 50* 6 22 TCNZ Bn 9* 02 NTS 75 109* 110* Tram 200 21 28 33 3 9 10 PUTS HOT 1 500 8* 19* 30* 26* 38 45* Metropolis 00 . 200 109* 110* «* 531 (215 Tokyo 8* io 2000 • 107 S®7% FIXED INTEREST STOCKS 1 220 a 18 20 10 IB 20 Jri 2 3 7 16 39 75 121 170 1500 100* 100* +* 533 cot* asm Toyota Motor 5% 98 — Bee da Franco ft* 22 FFr -mnn 111* 112* 420 40* 56 63* 8* 16 21* /tan 8 13 21 30 SB 09 T2S IflB 7*4 02 3000 107* 107* «* 621 Ural lent 0*8 Unfed KkHKkra SNCF9* 97FFr 4000 109* ua bM 1993 Stamfeiy II 16* r44S ) 400 16* 33 41* 24 34*1 39 Sep 13 21 33 *9 70 99 133 171 1800 114* 114* * 5.74 a 400 33 47* 55* 3* WWW Bonk 0* 99 ftta Stab Ha ------531 MB r«66) 500 8* 23* 32* 21 29 34* Wants 330 14* 23* 31 II 221* 26 Oct IDS Wtrid Barit 81* 97 1500 112* 112* t* Dell tee £ rwi I 380 4 II* IB 41* 44* tec - - - - 130 - 180 - £ t* Sri Trans. EDO 37* 47* 56* 3* 15 20 31* t 5TRMGHIS Offer Cxpn rest 650 6* 19 31 25* 40* 45* OailSGHE HMK FLOATING HA1E NOTTS FP. ring Or FI 97* 98* 631 300 9935 82675 nap imp 183P (4 M* GOO 94 , Austria 97 Afen Lotos 038 £ FP. ns 111* hrigatt 7*pe Or Barii 2SBB +* SurehouH 200 12 19* 26 5* 11* 10 Ann H«» Jm Aug W— Jm FT-SE eon f-2895) 500 104* 104* 7.03 an 9930 9939 32812 in 7ii 02 . Banco Roma o 99 raw) 220 3* ID* 15* 18 22 27* 2700 2750 2800 2850 2800 2950 3008 3090 [Fonder 7* 03 2000 101* 102 537 - A 07 DM 500 10033 10115 10000 BAA 700 42 63 88 8 18* 22 2000 98* 98* 532 350 90.78 9958 32500 (-728 1 ^0 14 35 41* 32 42 48* CALLS Denmark 0* 98 - - • § -0-02 BB. 1000 101* 101* 835 150 9142 09-50 62250 - nanus ter 480 ao 32* 38 19* 22* Jri 211 182 113 sa 31 11 1 Darted* Finance 7* 96 . Britan*) 0.10 98 E RIGHTS OFFERS 101 7 12* - 4* 8 8* 3 TOO 100 106* 581 200 9831 9933 7.4844 500 5 14 36 43 45* 174 91 fl HSC8*96 — CCCE 0 06 Ecu no3) 110 3 8 12 9* 13* IB T468 ) 17* Aus 220 130 60 35 18 634 100 99.44 993B 5MBM EEC 8* 00 2900 09* J00 Obm Fed 0.15 98, tuner ftp 229 IBB 146 110 W 55 35 23 a 78 1000 48 75 so* 6*1 2? 31 B8 7* 90 400 1153* 1M* Cradfl^onber^ 89 200 1AL38 toon 5-Oooa Od 243 201 16* 129 99 75 53 39 102* 102* 1000 9147 33825 HtOfl 1050 17 45* El 30* 45 55* s*t> One Mar Sfe Dec Up Mend 7*j 00 — 3000 £00 cwtmjrti -* Ho tec t 271 - 196 - 135 - 8/ 500 104* 104* +* 7.10 DM 1000 9936 73438 Zeneca 600 34 47* 8» 7* 25 32 . Bresdner Finance i 98 - - - - kefend 7*02~ Afafey MM 390 20* 41* 49 10* 16 23* Jut t 333 269 209 181 5000 101* 101* 400 101.75 10230 52500 1*623 B 37 54 61 nata Bee da Ponce *99 — ) 850 23 33* 420 7* r«S) 131: 25* 33 28*32* 37 1500 102* 103 ** aiO Ferro dd 97 420 9939 9933 32873 PUTS KWM finance 7* 97 SWA JhI Oct 1*0 Jd Oct Ftt Ansind 30 8 7 8 1* 2* 3 - 101* 162 0 1000 9932 9145 3.4375 Jri 2 4 10 26 56 105 155 9 7*08 4000ruuu * |37 mend 97 1* 105* A, 6.66 360 9092 9937 8-1230 Send IM 420 17 44 10* 19* 31 r3t) 35 3 4* 5* 4 5 5* n8 07. 2500 104* HafltaxBSi95r 33 /tag / 10 IG E8 47 76 112 ISO 736 300 9931 99.75 3.4400 54 ferdW 480 28 41* « 18 24* 29* TokjoBsc flower/* 02 1000 105* 104* 4* ktiand Q 30 f«3l 1 460 4* 16* 27* 37 43* Seg 12 19 27 44 63 BS 121 160 {*(70 49 M3 500 100.04 10020 33375 ) 500 10* 23 30 43 52* 5500 102* 102V A UOmka 160 22* 28 33 2* 6* 11* oa 22 30 43 59 78 104 134 9935 0935 10000 171 2000 22* 23 63$ beamLeeds PermanentnruuKin *a 96 E1 200 - - - - M > World Bank 0 IS. ,' rrr * P78) in 8 16 21 8*18* 21 Dot t 37 84 103 155 300 99* r* 5* Uoyds Bank PBipS 0.10 BOO 7B33 7163 33710 * - World Bank M, 3 “ UtdSaoA] 300 18 43* 13 23* 33 Hue 00*8 240 22 28 33* 9 18 19 Jut t n 113 - 153 204 - r 1250 lio*ml. in*lilt, -*—A, 6J2fi.72 MnC—ta I. IK 650 99.92 10024 52500 34* 9950 9990 5.3236 rw> 420 ea*3t* as «ao* r25U 260 11* 18 M 19 27 3Q I 038 96 E . 300 June 28 Tote CntiiadS Z2J9B 100-05 100.18 14380 Oct BnMGtt 280 27*31*34* 4* 10 12* NwZWm*9G — 260 OpOm JM 09 DSC JM Dk Cafe 12JUB Pub Sl290 5.45 99.19 9137 3.1250 raw ) 300 14 19 23* 11* 19 22 100 100 [tatle 0 98 500 FT-SE Index 3,185 Pud ,884 160 22 33 12 C* 1 101* 300 99-40 np . jjk 32500 29* 3* 9* Dtun 220 14* 22 26* 17 21* 25 250 101* aodote'emrateO 9B_ Em FT-SE Cdt 795 Pub 35 112 5-” 250 0930 10033 15038 C177) 180 8 10 20 11* 10* » f221> 340 7 M 19 30* 34* 38* 300 IU* SUeBkNSW.198— Undotyap security print Luna ifefed expky ntb». 125 9837 9923 17219 100 114* 115 530 State 9fc vuota 035 89 . PrtfflMiB tftws era based on ctang ofler prices- 300 in in* 5-15 United Kingdom -* 98 — 4000 9930 9936 33825 100 102* 103* 530 100 108 110 BO 111* 112 635 FT-ACTUARIES FIXED INTEREST INDICES 100 Oera. 108* 109 533 OPTIONS 240 tamed price BM Ofler PimL TRADITIONAL 100* 4.77 C0MMEK1WJE BONDS AUBUGE GROSS Mon FW Yea- 200 400 52* »* 100* 108* 107 4* 5-34 Brawiknc-FerrlS 6* 05 ... 28 Calls hi Ferranti, Metrotect, Porter 400 260 86 115* 110* +1592 • Fust Dealings June PRICE DSMCES REDEMPHON YE1QS Jut Jun ago 95 9B-- «* 5.50 Chubb Capital B 98 100 300 5057 1D6* 107* +&50 Last Dealings July 9 Chadbum, Premier Con3^ Ryan 28 25 (amna.) 114* 115* 533 Eanman Kodak 8* 01 _ • 450 65 1.0564 110 111 +4451 and Wace. Puts 101 433 GcM Kdgoorfe 7* 00 Last Declaration* Sep. 30 Hotels, TuBow 03 British Ganranst 150 100* +2592 • Mon Day’s Fii AC&llBd modi. 00 £ 500 25675 111* 112* 112* 537 HrBOa 9* 11 in AAF iiuft* Mfflwafl and Norman 1 loir Span 856 800 112 * 19.1 130* 132* • For settlement Oct Jra Change Jut Interest 1983 7J» 8.19 Hneriey PreJ B 02 400 6.72 99* 100* +1499 call rate Indications are Hay. Double in MW-States. 2 Capons I5yeare 753 789 089 Land Secs 6* 02 £ — 84 3-month 28 % 25 to date BO 5.64 BO* 3 MB 013 101* 4.79 La*nio7%0S £ - 07J. shown In Saturday oiBtfons. PHW — U9 75000 101* 200 233U 90* 8B* +1S.B2 330 Mfeti Bank 2*03 — MUGflHMrt 4 If*® 5 yean 7.13 7.17 9,22 40000 10S* 103* 100 99KA 100* 101* +6931 110 438 Mount fea Fin 8*97- 5 OoDpats 15 ware 8JD1 009 9.08 100000 109* 05 39.077 93* 94* +4S98 1 Up to 5 years [25). 127.63 4010 1Z7J83 1JS2 534 4.14 D^BO B 02 2OO00 104* 105 4 90 1.775 132* 133* r&UB 6 (8%-TOVM 2Dyaas 8.11 018 m - StlHat tetfCT4 Q2 £ 3000050000 108*IMF* 106* 4-23 9442 95* +2794 2 5-15 years (22). _. 14048 +036 14094 208 085 . .Mil 439 Stimajnaaank3*w — 300 36069 7 ** 5 7^1 7JB 037 mmo 112* 113* * 135 33 106 107* +17.74 * M + * 3 Over 15 years (9). 16091 +OG8 18080 287 4A 8 Ctwre IS yean. S29 024 137 100000 102* I®* }* 4JJ 200 2,51 117* 118* +3898 actuaries indices Tescof£jfi£5u9a5tCepM ft-se Pi*-) 20 yean 853 120000 110* 110* 4J0 gJB^ 101* 102* +2024 4 haAemaNe3(6)., 18087 +019 18052 1.12 7.35 9 038 037 Texas 2*02.. 300 +* 332 Smee +2.92 10 BJB 827 9.15 50000 - 103 a 130* 131* and die FT-SE Actanrte* 1®* 3.70 Thom B* B* 04 fi — The vr-Sfi 100, FT-8X MU 250 and FT-SE Aouarta, 350 ImUccs 5 M stocks {62) 14066 +034 14025 203 013 50000 102* 1 Slot* Erchanp or united iutnwn 110 110* t* 435 hUiKtry BdBbsu are calculated by TT» ImomnUonal me m Mn-tieksd ssssftr 30000 •teWcrn^feaidfe-pra^ ye pdce umnrnH lntenuUoaal Stock Badunge ot Ok United KSnprtotn Mr-UoM 104 3.95 ,nii RantUlc oT Iretand u Tbe 11 Madon rate 5% UptoSyra. 9M , Sweden 5*8 99 20000 103* mmVai rroter ao*o P"W on 099 „ f* 4.83 J Only one ant RnpnbUc of Irefand limlt«i 1991 All rid>u reserved. WMBlnkU.00 mow no* m United taeo^inc- 6 Up to S yews (2)- 18017 +007 16004 1.16 1.92 12 Matin o(e» Orer 5 yts. 154 155 433 The FT-ActndrtM All-Share M«n b calculated by The Ftaandal ’nines nrial Times 13 HtttanntolOl Upto5ycE. 223 ihn Lbe InsEtute of ActusrtM and tke nralty of ActnaHes. o Tbe Una 7 Cost 5 years (»)_. 174J2 +008 174-47 069 262 224 325 STHAI04T BONDS; Tl* ytate H But JtaM LfanlUd 1093. AH righte nerved. 14 taBteon rate IK Ovar S yre. 3JS 136 4.15 stocks (13). ... 17441 +008 174.78 253 FT-SB Actnarics 350 btdleea. die FT-SE Aduorto 8 Ft 074 fllta craita»c rf *ted M pt-SE 100. FT-SE Mid 2Su and Wtw-monih fidtow mean nad tar UP dpfcr*. ficpr orira^wananai arrxxrt ol bond per ehara rarpraif ta y Industry BtfkeU and the FT-ArUutrtc AlMhitn. late are member^the raSBA^tm« 15 Dcfes& 5 years- 022 061 1034 p«» “ with slamra act m grouaa nure pronxwn ol mo crawni eeacdve Stare Indtece Mrtes wbidi are mlculflied In acrarasace a 9 £ Lock* (G5) 1318! +037 132.44 255 5J9 18 Low 15)ras_ 098 902 1035 nd» Ibwt taeue. Prameflentaninoe Limited and London Stock falWW in conjunction with Ute 2J"**** cshditUtad by The Fbnndol Tlnra* 17 25 yeas_ 9.15 019 1024 »r-a'hii* Actuaries the Faculty of Actuaries. ten copoart. Ua al and term nrt pemt or the Mamon Steels ~ ftarmlicflOQ « whole ra M part M aiy and Fnotrfe" are Jutal trade mark* and sendee marks TheHnandd 1ta AssocWtai FT-SE- O “ ^ nwtxdloMl SecuMea mrto Rreframre and Urn Hnandtal Times fjmlicd. . m ! 20 FINANCIAL TIMES TUESDAY JUNE 29_1993^ COMPANY NEWS: UK Rentokil offer ‘completely fails to recognise’ future prospects GPT gets Airtours loss at £16m after payphone Securiguard climbs to £3.53m abortive bid costs hit £9m boost from By Angus Foster Mr Alan Baldwin, chairman of Securi- per cent to £4.08m. Net borrowings By Mfeteal SkapWwr, Ufeura guard. said he last week received a second remained stable at “about ElOm", accord- Industries Correspondent SECURIGUARD, the security and cleaning letter from Rentokil offering talks. “But ing to Mr Baldwin, while interest costs fell Venezuela company facing a hostile £592m hid from there's nothing to 1 thfnfc Rentokil slightly to £548,000 (£792,000). AIRTOURS, the acquisitive Rentokil, yesterday announced sharply has got to rethink. (The offer) is way, way The security division increased trading By Amfrew Adonis holiday company, yesterday higher interim profits and said the offer away from where It should be," he said. profits 12 per emit to £L.84m. New con- announced a first-half pre-tax {Bice of 27Qp a share “completely fails to Rentokil said the company would look at tracts were won worth £9.5m a year and GPT, the UK telecom- loss of £15.9m, including recognise" its future prospects. the interim figures In detail More decid- the company said it was soon to start munications manufacturing £8.99m spent on the Pre-tax profits grew 36 per cent, from ing its next move. wink on its first German contract subsidiary of GEC and Sie- failed bid for its rival Owners £2.6m to £3.53m, in the six months to May Securiguard’s profits were lifted by a The personnel division, which has been mens, has won a £9m pay- Abroad. 16, slightly ahead of expectations. The Highftr than expected contribution from Its hit by losses at its HeMan construction phones contract from Vene- The comparative deficit was company made no full-year profit forecast, communications division, which mainly services subsidiary, Incurred losses of zuela, taking payphone orders £5, era. but said it Intended to recommend a 22 per involves the City Link parcel delivery ser- £426,000 (£511,000). Mr Baldwin said from Latin America to more The results for the six cent rise in total dividends for the year. vice. Trading profits more than doubled to HeMan's markets had improved, but it than £30m in the past year. months ended March 31 1993 The shares, which have traded above the £1.03m even though turnover was only 17 was too early to say if the division would Latin America, a rapidly also included a E22m loss from offer price since the bid was launched last per cent higher. break even this year. growing market for GPTs pay- Plckfords Travel, the travel obnin month, yesterday closed unchanged at Mr Baldwin said the division was helped Earnings increased 36 per cent to iL7p phones division, is expected to agency purchased last 3Q8p. Rentokil, which wants to add Secnrt- by volume increases and previous invest- (8.6p). The interim dividend is increased help lift the division's sales year. guard's guarding and cleaning activities to ment He said profits growth was “very from 3.5p to 4.5p. Securiguard said it from £82m last year to more Travel companies are usu- ftis its own business services, has until mid- sustainable". intended to recommend frill year dividends than £9Qm year. ally in the red in file first half night next Tuesday to decide whether to Group turnover increased 8 per cent to of "at least" lL5p - a 22 per cent increase. With the latest order GPT because they have already raise or declare its bid final. £95£m while trading profit increased 20 See Lex will have supplied more than begun to pay some of their 80,000 phones to the continent. summer costs. The Venezuela contract, Costs of the Owners Abroad Widney shares awarded by the country's pri- bid, which were slightly below vatised telephone company expectations, included a 232m Berkeley beats housing rivals HumpMss against strong competition loss on the Owners Abroad Tftwor suspended director Harry from Japanese suppliers, is for shares incurred during the David Crosriand, ehairmwn (left), with finance for purchase additional payphones - card attempted takeover. Coe. Summer bookings for 1993 ahead by 23 per cent with 25% increase to £15.8m and multi-payment variants — The otter £5.lm consisted of profits of Shares in Widney, the maker together with a national cash- underwriting commissions and • COMMENT Europe. Expected before the cost of the of windows and water treat- By Paid Taylor Exchange Rate Mechanism in at a time when prices have less «»iHng systems file professional fees. However disappointed Airtours £45m, and warnings of 30p put ment, power transmission and September when prices fell been at basement levels. Berke- expansion of the existing pay- Turnover increased 45 per might have been in failing to bid, shares on a multiple of electronic equipment, were BERKELEY GROUP, the sharply again and margins ley Eastoak Investments, its phone management system. cent to £147.3m. capture Owners earlier this the 10.3. Given that Mr Crossland suspended at 7p yesterday Surrey-based housebuilder, were under Intense pressure. joint venture with Saad Invest- It follows a £128m contract Losses per share came to year, it has come out ahead in claims pre-tax profit per pas- after It announced it was mak- underscored its ability to out- Mr Graham Roper, chair- ments of the MVMig East, has won last October, as part of 1527p (429p) hut the interim market share. Owners has a of £21.60 on the tour ing an acquisition. perform its rivals yesterday man, said the slight strength- 90 far spent almost £120m Veneinela’s programme of dividend is raised to lp always said tt was more inter- senger operating side, compared with At the same time it reported when it reported a 25 per cent ening in the market in the new building up its portfolio and upgrading its public phone (0.55P). ested In profit than market £12-£13 for Thomson and Own- Increased pre-tax losses of increase in profits. year had little beneficial effect aims to invest a total of network. Mr David Crossland, chair- share. Nevertheless, it must be might look mean. But £417,000 for the six months to The pre-tax line jumped to on sales prices, but did help cmnwi- GPT manufactures its new man, said he stood by his galling to see Mr Crossland ers, that forget how volatile the April 3, against £165,000 £l5£m in the year to April 30 the group meet its targets in generation of “intelligent” forecast made during the claim second place to Thomson few can ban been to the restated for FRS3. Turnover compared with £12.6m last terms of sales volumes and • COMMENT payphones, which accept Owners bid that file dividend with 15J2 per cent of 1993 sum- travel business and take several was £9.88m (£9.69m). Losses time - comfortably ahead of unit numbers. Tony Pidgley has consistently credit cards and smart cards for the ful year would be mer business, compared with past, it will of stability to change per share were 0.91p (0.43p). the £15m minimum forecast at Operating profits increased managed to stay one jump with microcomputers embed- lifted by not less than 20 per 1&8 per cent for Owners. Mr seasons hat . also the addi- The consideration involves the time of the l-for-4 rights to £I4.7m (£11.2m) including a ahead of the property market ded within them, at its plant cent Crosdand needs to show prog- There is the OFT an Initial payment of £3.2m issue which raised £44. lm in £4.5m full year contribution The decision in 1969 to liqui- In Choriey, Lancashire. He said that Airtours sum- ress to integrating Pidtiords. tional cloud of Airtours still looks satisfied by shares and a fur- March. from St George, a joint venture date land holdings and work in GPT now supplies pay- mer 1993 bookings were up Hogg Robinson and Aspro inquiry. If that ther profit-related payment to Turnover rose 44 per cent to between Berkeley and Spey- progress has paid off hand- phones and associated man- 23 per cent in a market which before he makes further acqui- to such fine shape when attractions might a maximum £800,000. £lS2m (£l26m), mainly hawk until Speyhawk sold its somely. It has enabled the agement systems to 60 coun- was growing overall by 6 per sitions, although he has not passes, its The vendors are placing reflecting the 1,226 units sold 50 per cent stake to Berkeley in group to follow a buy-build pol- tries. cart lost interest In continental become more obvious. shares worth £l.76m and Wid- last year as against 858 in the September 1991. St George icy throughout the recession ney is raising a further £&8m preceding period. builds mainly lower priced and to acquire quality land at NEWS DIGEST in a placing to cover acquisi- Earnings per share Increased social housing In London. reasonable prices. Currently Alvis approval manufacturer. tion costs and for working to 16p from an adjusted 13. Ip Net interest receipts totalled the group has “control" over two others received perfor- ery Dairy Crest will capital. Both are subject to and the group plans to pay an £359,000 compared to net inter- 5.000 plots, including 3,000 with The £17.1m sale of Alvis’ mance related bonuses in The enlarged group be open offers to existing share- increased final dividend of est costs of £733,000 in the pre- detailed planning permission, electro-optics business to 1992-93 - none were paid the known as GBE International. holders. 4J5p (38p), making a total of vious year. and expects to increase the Avlmo Singapore, its 51 per top pay set year before. Mr Graham Peacock, Downie- profits rose brae chairman, and Mr Robert After the purchase, the com- 6p (5p). At the end of April the group number of houses built this cent subsidiary, has been Operating1. from tfiOHm 9m and pany intends seeking approval Mr Tony Pidgley, chief exec- had net cash of £38m exclu- year by about 25 per cent Pre- approved by minority share- at £233,000 to prufita Newman will leave the board; for cancelling part of the share utive, emphasised that the ding the rights issue proceeds, tax profits this year could holders. The defence contrac- before exceptional items rose Mr Gerald Edwards, chairman premium account equal to the results were achieved despite compared with net borrowings reach £25m, producing earn- tor will receive a first payment DAIRY CREST, the milk and from £45.5m to giS-lm. and chief executive of GBE, debit balance on the profit and the extremely volatile domestic of ESSra ings of 218p and a prospective of 14.9m Avimo Singapore milk products group lining will take that office in the new is July itself up for flotation early next group, and Mr John Ormston loss account allowing propos- housing market, particularly in Berkeley has also been p/e of 188. At 404p the stock shares and £1.71m rawh in Approval for als for clearance of the arrears the wake of the UK’s with- steadily increasing its invest- not a bargain but the group and a further £6.49m In mid- year, gave its highest paid becomes finance director. of the preference dividends. drawal from the European ment in commercial property deserves Its Ugh rating. September. director £233,496 in 1992-83, an enlarged GBE Over 36.6m shares were increase from £173,042. Issued for the acquisition, valu- DIVIDENDS ANNOUNCED The company refused to con- Shareholders of Downiebrae ing GBE at ggftn Dealings to firm if the director concerned Holdings have approved the the new shares should start Metrotect shows premium Comes - Total Total was Mr John Houliston, chief reversal of the company into today; dealings in existing 25p Current Date of ponding for teat executive. This director and GBE International, the machto- shares were suspended on May payment payment dividend year year 24 at 77p. By Peter Pearse 4.17m. At the placing price, the maximum allowed by the 1 July 29 055 . 7.25 BOARD MEETINGS company was valued at £26m. Stock Exchange without a gen- Mba —fir 3.85 Oct 25 3.75 4.85 4.75 —-fin 4.35t Aug 31 05 6 5 Lex Service in in Metrotect Metrotect makes and sup- eral offer to investors. The MWng comp* fhM I SHARES - * j ^ Ika Ii.e, r * ft Omnia —Art 17 16 29 27 uani rrsww* “ unwi^i. cun Industries, the pipeline protec- plies plasticised materials and A sum of £825m has been uaufly hsM kr to purpose o> £1.7m disposal Etaopean Motor _ fin 2 Oct 11 nil 05 nil me—npi m vjtmm wa not products to protect under- paid to the vendors of stakes coowurg wrann. tion products company, opened Grand Central fin 08 Oct 1 0.7 1.25 1.15 MHbabiMwlMMmknMmi Service sold its wholly at 134p yesterday, the first day ground and underwater pipe- sold in the placing and Itawotson —din 075 Oct 1 1 1.25 2.6 Mad to uuL (Milnne mown Mow n Lex has tawed mrin* on laat yo*i of trading after its flotation by lines. In the year to March 31, £6.75m was to repay debt Norttm Bactrio —fin 15.15 Oct 5 13 21.45 1855 FMa- owned subsidiary. Lex Indus- Novo fin 1 Oct 1 nl 1.3 nfl TODAY way of a placing at 108p. They it lifted pre-tax profits to and streamline the share — trial Systems, for £l.7m. l. am Eaton, Hear- Platignum —tin 0.25 Oct 29 nU 05 nH Brewery. BecurtQr Bentos. The company, which sup- closed at 133p. £227m (£679.000) on turnover structure into one class of f, Sauto. Sectviguard „ , „. bit 4.5 Aug 6 05 S.4 »- Juir — Brlkih juBMlii fl jppoH plies computer systems and Turnover in the shares of a almost doubled to £22.6m ordinary. Some film will used >v« W. hMna. HoyW Itoaph), UHar. Umnto company this size, especially in (£lL4m). for working capital require- Dividends shown pence per share net except where otherwise tOn jUntonJ, MB ant Oaaboert. 9M {WStani industrial technology, has been WadOngcon HtWatar A SML WWiaw. JO 1 managgnienL the first hour, was brisk at The placing raised £15m, the ments. Increased capital. bought by its Ricmhjviont NOTICE OF FINAL REDEMPTION ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LIMITED (fauspanKd tn dr Rcputec of South Africa) of AH Outstanding Ompaoy R^Nrarion No. Ol 01WJ IK. NOTICE TO MEMBERS RESULTS FOR THE YEAR 31 ENDED MARCH 1993 TOSCO INTERNATIONAL FINANCE N.V. ANNUAL GENERAL MEETING Notice is hereby given that the seventy-sixth annual general meeting of U.S.$50,000,000 - Convertible Subordinated members of Anglo American Corporation or South Africa gainst j background of continued recession in many 8% Debentures Due 1995 Limited will be held at 44 Main Street. Johannesburg, on Thursday. Redemption Date: August 13, 1993 12 August 1993. u economies and a decline in consumer confidence in certain 09:00. for the following business; A To receive and consider the annual financial statements for the vear markets, Richemont can report a further improvement in profitability NOTICE IS HEREBY GIVEN that, pursuant lo the terms or the 8% Convertible Subordinated ended 31 Match 1 993. Debentures (the 'Indenture') dated bb of October 1980, between Tosco for the year. 15, international Finance N.V. 2. To elect directors in accordance with the provisions of the Corporation’s (the 'Company') and Morgan Guaranty Trust Company of New York, as Trustee (the Trustee'), the articles of association. v •'* • -•:.!» Jc a.-.- — jtso*. . jtw .bux~ i mnrr. iwinii niimnwunrum d — Company has railed for will 3. consider redemption and redeem on August 13, 1993 (the 'Redemption Date*) nil of To and. if deemed fit, to pass, with or without modification, the .4$ Financial Highlights its 8% Convertible Subordinated Debentures Due 1995 (the 'Debentures') outstanding on the Redemption folk)wing ordinary resolution: Date. As set forth in the Indenture, the redemption price will be U.S.SI.000 per U.S.J 1,000 principal ‘That subject to the provisions of the Companies Act. 1973. as amended, 1993 1992 and the rules and regulations amount of Debentures lo be redeemed plus U.S.$65.22 representing accrued interest from October 15, of The Johannesburg Stock Exchange, the Directors are hereby authorised to allot and Net Sales Revenue £ 3 430.7 m £3 108.3 m + 10.4% 19*12 to the Redemption Date, for a total redemption prire (the 'Redemption Price*) of U.S.81.066.22. issue in their discretion all me remaining authorised but unissued share capital of the Corporation 'm Payment will be made on or after the Redemption Date, after which the Debentures will cease to accrue for such purposes as they may determine after setting aside so manv Profit before Tax £ 65 1.9 ra £ 620.1 m 5.1 interest. shares ax % may be required to be allotted and issued by the Corporal ion To receive the Redemption Price for any Debentures, the holder thereof must present and surrender pursuant to the Share Incentive Scheme'. Profit attributable 4. p such Debentures, together with all onuatured coupons appertaining thereto maturing after the Redemption Tb consider and. if deemed fit. to pass, with or without modification, the to Unitholders £ 206.6 m £ 197.3 m + 4.7% following ordinary resolution: 2$ Date, to the Trustee or any of the Paying Agents at the addresses set forth below. The amount ol any “That the missing unmatured coupons will be deducted from the Redemption Price, or this deduction may be share incentive scheme C the Scheme*) approved by resolution Earnings per Unit 35.98 £ 34.36 + £ 4.7% waived bcrs of Corporation « the general meeting by the Company, the Guarantor and the Trustee if such security or indemnity is furnished lo ^ ™S?. J held on 24 May 1974. and amended from time to time, is . i hereby further amended v l them as they may rcipiirc. On or after the Redemption Dale, payment will be made Dividends per Unit £ 5.883/4 £ 5.62 /; 4.7 % by cheek, drawn as follows: on, or by transfer to a United States dollar account maintained by the payee with a bank in the rity of New York. ;ja.XS> THE RIGHT TO CONVERT INTO COMMON STOCK OF TOSCO CORPORATION EXPIRES ON AUGUST 6. 1993 Subject to the provisions of sub The group's operating profir for the year increased by 3.3% to clause f3). the number of share subject to the scheme shall not exceed 10 000 The Debentures are convertible at the Holders option at any time prior to the close of business on 000 Uert millior lbeinj> 43 per cent of the issued share capital of the Corporal ion £ 60 3.3 million. Operating profit from tobacco operations August 6, 1993 (the 'Conversion Expiration Time*) into shares : of Common Stock, par value U.S.8.75 I April 1993) at any one time. Such shares, when issued, will ran per shure of Tosco Corporation (the 'Common Stock'). Upon conversion. in increased by 12. 6 % to £ 413.4 million while operating profit Holders would receive the pan passu every respect with all other shares of the Corporanon. number or shares that results from dividing the principal amount or Debentures held plus accrued tb) Clause 7i 2) is amended by the insertion of the figure ’150 OOO' a 000’ i from luxury products showed slighr decrease of 5.5% to interest through the date of conversion by the conversion price of U.S.S 186.875. Each U.S.$1,900 place of’85 ", principal amount of Debentures is. therefore, convertible into 5.351 1705 shares of Stock plus Holders of share warrants £ 202.8 million. Common to bearer who wish to attend in person or b additional shares (at the same price) representing accrued interest through the date of conversion. The proxy or to vote at any general meeting of the Corporation must compl number of such shares into which with the regulations of the Corporation under which share Profit attributable to unitholders increased by 4.7% to £ 206.6 a Debenture may be converted shall be subject to adjustment in warrants t bearer are Okucd. accordance with Article Eleven of the Indenture. In order to convert Debentures into shares of Common million; earnings per unit increased by the same percentage to A member entitled to attend and vote at the Stock, the Debentures must be presented and surrendered to the Trustee or conversion agents set forth meeting is entitled to appoint a proxy or proxies to attend. speak and vote in his stead. A proxy £35.95. The Board of Directors has proposed below, accompanied by written notice of conversion substantially in the form set forth in Section 206 of need not an increase of 4.7% in be a member of the Corporation. If required, forms the Indenture, of proxy are available executed by the Holder of such Debenture and with any transfer taxes payable pursuant from the Head Office and London Office the level of dividend in line with the increase in atrriburable of the Corporation. profit, to Section 1108. Such notice shall also state the name or names and addresses in which the certificate By order of the Board or certificates for the shares of Stock issuable or deliverable bringing the dividend payable per Richemont unit to £5.88 3 /->. Both Common on such conversion shall be C L MALTBY regia tered. Secretary earnings per unit and the dividend per unit reflect the 10-for-l sub- On June 11, 1993. the last reported sale price of shares of Common Stock on the New York Stock 24 June 1993 division of Richemont uuits which took effect on 6 October 1992. Exchange Composite Tape was U.S.824. 125 per share. Based on such sale price, the market value of the number of shares of Common Stock into which each U.S.81.0D0 principal amount of Debentures Richemont is a Swiss company which operates in the fields of (plus accrued intern! through August 1993) would have convertible was 13, been U.S.$120.63 plus a rfViitMiirwouui^. *WI cash payment of U.S.817.02 in respect of a fraction of a share. Such value will be affected by changes tobacco products and luxury goods. Richemont's tobacco interests Notes: in the market value of shares of Common Stock. ThC h flg 011 10 are held through Rothmans International p.I.c. Its P”* shareholders today and interests in the Presentation and surrender of the for redemption available"SSPrEL r^i Debentures or conversion may be made ut the are for holder, of share warrants r D bearer from the London ofTw. offices of the Truster, luxury goods industry arc held through its controlling interests in Morgan Guaranty Trask Company of New York. Attn: Corporate Trust Operations Department, Tellers and Mail Unit, 55 Exchange Place, Basement A, New York, New York 10260-0023 Cjrncr Monde SA, including Currier, Piaget and Baumc & Mercier, or at the main offices of the Paying Agents or Conversion Agents at Morgan Cuaranty Trust Company New and Dunhill Holdings PLC, including Alfred Dunhitl, Montblanc, of York. Rue dc la Rrgcnee 4, B-1000, Brussels; Mainzer Landslrasso 46, 6000 Frankfurt-am- Main I; 60 Victoria Embankment. London, EC4Y OJP; 14 Place Vemlome, 75001. Paris and Do you deal in Foreign Karl Exchange? Lagerfeld and Chloe. StnckerBirnnse 38, 8022 Zurich: and ol ABN AMRO Bank N.V., Vijzelstrnat 79B, 1017 HL Amsterdam; Banijtie Paribas, 3 Rue d'Amin, 75002, Paris: Swiss Bank Corporation, 1, AesrhenvoruladL. CJ 1-4002. Read Basle and Banque Generate (In Luxembourg S.A., 27 Avenue Monterrey. Luxembourg. BEMNKES In the event that Holders have any questions with respect to the procedures for conversion of their The magazine which keeps you abreast Debentures or surrendering their Debentures Tor redemption, please contact Mr. Wilkes MrClave, Copies of the annual report of Richemont may be obtained from: of new developments. Attorney-! n-Fact, Tosco International Finance. N.V. by telephone in the United States of Atm rira on Compagnic Financier!* Richemont AG Rigisrrasse 2 6300 Zug Switzerland (203)977-1000. On sale now £4.00. Telephone: M)42j 22 33 22 Telefax: (042) 21 71 38 TOSCO INTERNATIONAL FINANCE N.V. FINANCIAL TIMFSl Richemont International Limited 15 Hill Street London W1X 7FB wsflsxisEt) By; Morgan Guaranty Trust Company of New York as Trustee Dated: June 29, 1993 Telephone: t07ll 499 2539 Telefax: (071) 491 0524 FINANCIAL TIMES TUESDAY JUNE 29 1993 after :9m x - r- - % 4wm * ^ >: ^ * - r . in FINANCIAL IZVESTIA TALKS BUSINESS TO 300,000 INFLUENTIAL RUSSIANS EVERY THURSDAY. (So can you by calling +44 71 873 4263) The Financial Times produces Financial Izvestia, a weekly 8-page business newspaper, in partnership with Izvestia, Russia’s leading quality daily. It is printed on the FT’s distinctive pink paper and accompanies Izvestia each Thursday. As well as covering what’s happening in Russia, Financial Izvestia features key international business news and the commodities and currency listings. It is essential reading for some 300,000 subscribers in the major business areas across the CIS, in particular in and around Moscow, Kazakhstan and the Baltic States. To find out more about advertising to these influential people, contact Dominic Good at the Financial Times in London on +44 71 873 4263. Fax +44 71 873 3428. FINANCIALTIMES 1 - - NtW YOU - ^ LONDON FAUX FMNKHJXT TOKYO 0 . : ; . ; , — TIMES TUESDAY JUNE-29 1993 22 COMPANY NEWS: European Motor back Alba bucks Universal electronic recessionary shire price of QSP Alan Cane on the growing fortunes and trends with author of the Holway Report in with figure sum. Con- each year analyses -the • £3.4m six black for QOTS the Chemist, Not- iary a -which tingham-based and version work to move it to the financial performance fif.-tiw. year-end net sharp bank's choice of hardware and UK’s computing services Sort By Paul Taylor pared with a £L5m deficit on slight increase in rise B laced with Midlands' to take 12 sales of £2&9m for the previous borrowings to £5.6m (£5.1m), caution, is in the early stages database is expected parties. EUROPEAN MOTOR Holdings, 12 months. Operating profits of equivalent to gearing of 34 per By Pater Faarae of installing accounting soft- He is concerned thafruhMst - r TC-" of Uni- the fast-growing motor group £4£m (£600,000 loss) from con- cent ware from Quality Software Here is the wonder alone among UK software IBM A's* which has been transformed by tinuing operations included Commenting on the results ALBA continued to buck Products. versal Olas. Written for houses, QSP capitalises' ;its VI recessionary workstation* and the Oracle Mr Richard Palmer, the former £2.9m (£300,000) from the motor Mr Palmer, chief executive, trends in the year QSP,- based in Gateshead, research and development .{r*. converted Western Motors managing retail division of which £l.5m said substantial progress had to March 31. Pre-tar profits Tjne and Wear, came to the database, it is being costs. “The latest accounts, and the */» director, returned to profit last (£300.000) was generated by been made during the year to rose IS per cent from £5.06m market in March at 380p. The to Son workstations show a net book - value .of matter of year largely reflecting recent existing motor dealerships improve financial performance to £544m, though the audio, shares are now priced at 587p. Sybase database in a fc7.lm. You- should be.-^ffare ' Ramji, acquisitions. with the remaining £l.4m com- and consolidate the acquisi- television and domestic appli- The jump indicates the faith weeks. Mr Al-Noor that this 'is £Sm greater than bead technol- Pre-tax profits of £3.4m in ing from dealership acquisi- tions. ances group pointed out that the City has in the company’s Swiss Bank’s of the total profits (£4J2m) earned H said: “It is looking good. If the year to March 31 included tions. He added: We expect to con- under FRS 3 accounting stan- products, and in particular in ogy by QSP over the past .four = it a EL6m contribution from Wil- Losses on the discontinued tinue to improve the levels of dards, the pre-tax increase was its new accounting software QSP. meets all the dates years." . things." i-’ comatic, the leading sup- Control busi- profitability within our exist 62 per cent to designed for the tomorrow's promised. HI say nice concerned ' UK Cargo Equipment £&05m. He is also -about ;> depend on the con- plier of automated vehicle ness were partly offset by ing businesses and "to expand Mr John Harris, chairman, computing world of clients and Much will the apparent slow down in which. can washing machines which was receipts from the settlement of through organic growth, better said that, in the white and servos, for which read com- sistency with QSP sales of ordinary Olas farthe, out the rest of the modules acquired for £18l4iq in May last claims against KPMG Peat utilisation of resources and by brown goods sector, the reces- puter networks. roll past year. accounting ;«%i. year, and £lm from the Mill Marwick related to businesses acquisition.” sion had started not as late as Boots, however, with mil- to complete the analysts, in addition; ‘ ! Some- Software to process 350 v— : - T-* - Garages motor dealership acquired and disposed of in Earnings of 7.3p compared 1990 but hi 1988. He ascribed lions of transactions a' day to suite. 7 are becoming concerned; 'fiat 29 MaeW - installing accounts payable and accounts : group which was acquired for earlier years. KPMG denied lia- with previous losses of 17.6p. the group's success since then track, is not the won- . QSP’s- share- price. ma!yl:be : »j^ fourth /• .'1 . derproduct Universal Line receivable is due in the SoirtttFTGaiptlH* £2.7m in July 1992. bility. Dividends were resumed at the to having “the right recipe". On inflated. It has been bbo*e3-hy The pre-tax result came on Net interest costs grew to interim stage and a final of 2p “We know what oar customers Accounting System (Universal quarter of the year and Mr enthusiast -for high . headquarters and data a new : ; r - it new ' turnover really price Olas). It is taking Olas, its well- Mordain was confident - of £117.1m and com- £700,000 (£500,000) reflecting a makes a 3.5p total. want and at what technology stocks includmg . ^ centre in Peterborough. Mr point they want it." proven predecessor, which would be on time: “There have general Microfocus, the UK’s most sue- *' the . mmwframe hitches and it gets Tony Richards, fiv The group’s products are runs on IBM com- been no products manager for finance, found cessful software com- sold under three brand-names puters. easier as we go on.” , he arrived in 1991 an pany now trading at £2L53 and- - : m — Alba, Bush and Hinari — and “Boots will move to Univer- That a UK company should when Restructuring lifts Platignui starved, of infor- Tadpole Technology, a hard- frequently by mail order. Mr sal Olas only when it is tried be in contention to supply organisation . ware maker, which came to the Harris said that Alba Radio, and tested" said Mr Philip Mat- large stale packaged account- mation. . company was using a market at 65p and is now trad- PLATIGNUM made a profit of structured for further progress. had an excellent year following which mainly sells audio thews, Boots' director of ing software to blue chip cus- The * - US-developed ing at 323p.. £384.000 in the second half to However, “we are not experien- the integration of Ivy into the equipment, bad market leader- finance. tomers is, in itself, remarkable. standard package. It was tak- Mr Mordain agreed the taaiv produce £713.000 pre-tax for the cing any improvement in Royston factory. Housewares ship in major audio (audio The innate conservatism of In earlier years companies accounting the computer output and ket was taking ah enthusiastic year to March 31, against demand in the markets In benefited from the Coffee Con- systems which plug into the finance directors faced with either wrote their own soft- ing ' '* armies of accoun- view of the shares in advance £405.000. which we operate". nections acquisition last Sep- mains) in both quantity of deciding whether to trust then- ware or used packages from US employing information of the profits ' the; company The improvement was Activities of the group cover tember, but low demand made goods sold and in value. It also company's business data to an software suppliers like MSA or tants to rejig the expected to make' in 1994.. achieved substantially through stationery, housewares, cabi- it a poor year for furniture and has leadership in 14-inch tele- innovative computer system McCormack & Dodge. Today, manually. ' The Olas system was “1993 will not be . our; year, restructuring. Several business net furniture, and paper recycl- substantial cost cutting took visions. may be the greatest obstacle these software houses are no - imtfainp.fi are still .completing devet i£n disposals and acquisitions have ing. place. Bush makes slightly more QSP has to overcome in estab- more, absorbed Into Dun & on the same IBM We .v* opment of the new products. mainfr . as been made, providing a clearer Sales in 1992-93 fell to £15.1m Earnings per share were upmarket and larger televi- lishing Universal Olas as a Bradstreel Software. ame computer the will when it all hap- strategic focus. (£l7.lm) because of discontin- 2.8Sp (L98p) and the final divi- sions which Mr Harris expec- important contender in the Meanwhile companies like software It was replacing and 1994 be pens. when we will notVbe; Mr Rob Campbell, chief exec- ued activities. dend is 0.25p for a total of 0.5p ted to show a sharper sales accounting systems market QSP, which had developed went live after six weeks of poised between old; arid new utive, said the group was well Mr Campbell said stationery (nil). upturn, now that “the recov- Universal Olas is important accounting packages operating parallel operation. Mr Richards .-is*-.’ ery is in place”. He added that, because it can ran on any on-line rather than batch mode said: “A number of organisa- software.” ... / Analysts are looking for in general, the rise in televi- hardware opening up the pros- and providing management tions, including Boots, have up ; sion sales was pleasing in a pect of greatly increased soles. information in addition to jug- come to see what we have to £3.5m in pre-tax prafits in year with no sales-boosting Last week it cleared the first gling the numbers, were begin- achieved and been impressed". 1994. A share price o£ about events like the Olympics or barrier, selling the Universal ning to thrive. Despite the regard in which Stop might more realistically NORTHERN the World Cop. Olas general ledger module to Olas was chosen, for exam- Olas is held, QSP has its crit- balance the risk with- tiie . Hinari Domestic makes the a Swiss Bank's London subsid- ple, by Pearl Assurance, for its ics. One is Mr Richard Holway, potential . «»• ELECTRIC OK’s best-selling toaster and is the fifth largest seller of NEWS DIGEST microwave ovens, “ahead of some multi-nationals ” flw acquisition of investments. based ninkar of kitchen light Raglan will fmancepariruf the Group turnover totalled Hewetson New ordinary shares repre- fittings, power modules and purchase by a £6.3m five-year £1 13.4m (£iilm), with con- senting 5m offer units have cable nwnflgwnwit gygtBMS loan facility from NM Roths- 'i-v j-« tinning operations yielding falls to been placed at 130p per unit, For the year to end-April child. - £110.2m <£104. 7m). Interest folly underwritten by UBS, and 1993 Form Fittings achieved payable fell sharply to can be clawed back by share- pre-tax profits of £713,000. Net Sycamore sells = £467,000 (£1.15tn), because of £503,000 holders mi a 1-forS basis. assets amounted to £l.Q2m lower rates and the reduction A second fritprim dividend of after deducting net debt of Tlias Ashworth of borrowings to £9.1m WITH ALL divisions 2p is declared, making 4p to £534300. <£U.6m) excluding leases. sufferering from weak demand, date (4£75p). Initial consideration will be Sycamore Holdings, a maker of m The dividend is lifted to profits of Hewetson, which The directors felt that the met via the issue of 484,640 foundry products and moisture 4A5p (4.75p) for the year with serves the construction indus- UK was more advantageously new shares. Up to an ’addi- -testing equipment, is selling Y “Our excellent results reflect a 3.85p (3.75p) final. Under try, fell by 32 per cent to placed than its north European tional 24,685 shares will be Thomas Ashworth to Presbar FRS 3, earnings per share £5034)00 pre-tax for the year to neighbours to profit from any issued to satisfy the deferred Dlecastings, a privately owned the success of our post - flotation were more than doubled at end-March. The total dividend improvement in the economic consideration. - - - company based in Manchester, 8.32p (3.36p) - otherwise they is cut from 2-6p to l2Sp. growth of the US and Japan. for ci 2m cash. were up 23 per cent to 9-55p Turnover of sale - business strategy, demonstrating continuing The „ of Ashworth (7.79p). operations dropped from Vosper Thornycroft which trades-as Ashworth Die- £28 Acsis cads for consistency and performance. £32.4m to ,6m and operating iwiys water jet maker casting -r. follows the disposal profits by 33 per cent to share suspension of Ashworth Instrumentation £783,000 as a result of general Vosper Thornycroft, the ship; to Bowthqrpe last month for Customers are benefiting from Grand Central pressure on prices and rent Dealings in shares of Acsis, the building and engineering £L5m.’ increases. healthcare and interior con- group, has bought RG Parker Hie latest sale, which is sub- lower charges and better service, advances 71% ^ Earnings worked through at tracting group, were suspended (Engineering), which manufac- ject to a retention of £75,000 - ** Grand Central Investment 1.36p (2£9p) and there is a final at Hip yesterday at the direc- tures water jets used in high and to adjustment to reflect 1?! cost reduction targets are being Holdings, the food group with dividend of 0.75p. tors' request pending publica- speed craft No price was dis- tiie net asset value on June 25, interests in Asia Pacific, Directors said that with low tion of refinancing and closed. will be completed on July 19. or jv>; - rr-i achieved and we are maintaining a raised pretax profits by 71 per gearing down from 48 per restructuring proposals and of Parker is. based in Bury. St Proceeds will be used to reduce +*m.: emit from £922,000 to £L57m emit to 18 per cent - and a low its preliminary results for the Edmunds, Suffolk, and trades borrowings. t.* -#** : - -j dividend policy consistent with our in 1992, although profitability cost base Hewetson was “now 1992 year. as PP Jet It had sales of £l.im • .a continued to be affected by firmly placed to grow organi- It was expected that the pro- for the year ended December Culver’s underlying financial performance." losses from its commodity cally and to benefit from any posals, which have been agreed 31, of which 80 per cent were placing based businesses. opportunities that an improved with the group's bankers, and exports. and acquisitions Turnover rose 32 per cent to economy may provide." the results, would be published David Morris, £6&6m (£50.6m). Earnings per Thomas Lowe Joinery, a “no later" than July 30 with Culver Holdings is raising share came to 0.04p (0.73p manufacturer of staircases and the annual report anil accounts Raglan pays £7m Chairman £l.53m in a placing and open losses). The dividend is other joinery products, has being published on or before forl8 shops offer of 25.5m shares at 6p. increased to L25p (l-15p) with been acquired from Tarmac for August 6. -Shareholders can claw back on & a recommended final of OAp. a maximum £110,000. Raglan Property Trust has con- the basis of 5-for-8_ The reorganisation involv- tracted to acquire a portfolio of The Wolseley in company is acquiring ing the injection of Upali (Mal- 18 freehold high street shops Belle Vue (Holdings), a New- aysia) and City Merchants Network Foods £3m expansion for some £73m. Vendors, are port-based BMW dealership, for (Malaysia) into Sunshine £6.3m cash call Dunn & Co and Phillips Pen- £750,000, Flower Garages, a Allied Investments, the listed Wolseley, the heating and sion Fund. Nissan dealer in Cardiff, for Singapore subsidiary, was City Merchants High Yield plumbing distributor, has paid Current rental income is £629,000, and the minority in completed daring the Trust is raising £6J27m net -via £3Jm In shares for Form Fit- £700,000 per year, equating Preliminary to Culver’s insurance businesses year. a planing and open offer, for. tings, a private Rotherham- an initial yield of Results 9.3 per cent at a cost of £629,000. for the year ended 31st March CONTRACTS & TENDERS t ; MvmtUUI •Vfr • VS taar " M.l ofiB aBm oaoo 1000 22.71 D100 1801 PUBLIC NOTICE OF TENDER :v 0130 1802 ZOAZ - ~ jJ , ex 0200 1802 ^ t 0230 a 1BJS 23J8 v - . . -w 0300 1802 SXL50 r* . a \ - ' ! 0330 i&oa J 0400 1802 0430 1802 j 0500 1802 20.42 0530 1804 2052 oaoo 100* .1 0680 1804 84.00 0700 1BOB 34.00 0730 2&03 0000 3408 063 SUV S€M TRUSTS : u PRE-TAX PROFIT £111. 0900 2702 27.73 OF 4m, UP 13.4% 1 0930 2704 2604 v < 1000 2706 27J3 ALMATY TOBACCO KOMBIN AT *- * 1030 2708 27.73 1100 3034 27.73 1130 aa.il 1200 38.19 27.73 1230 38.14 1300 38.11 1330 28.18 2709 Tender period opens June 28, 1993 and doses August 17, 1993. EARNINGS PER SHARE OF 69.3p, UP 16.3% 1400 2506 2709 For 1430 2503 2TOB 1300 2503 2708 2503 further information about the tender process or investment ion 2S08 2709 opportunity, or 1830 3206 31.50 1700 3303 1730 sue 33.00 to obtain legal lender documents, please contact ihe 1800 3208 33.00 Stale Property FINAL DIVIDEND OF 15.15p, UP 15.6% FOR 1830 ZUri 1900 29£) 25.00 2503 THE YEAR Agency of the Republic of Kazakhstan or: 2003 24.43 25.00 SOW 2XC6 2354 3100 2203 23.64 2130 2245 24.4® 2200 33 OJ 3300 ZOO 3«J» 3LOQ AUTUMN REBATE FOR CUSTOMERS OF £10. 2300 3400 3148 2330 19-30 2400 18.46 2231 WAS FOLLOWING 2.7% PRICE REDUCTION IN Repeat Marwick ftfeHM **-»4wd hr mv HtfUM JANUARY 1993 POLICY ECONOMICS GROUP The dividend wW be paid on 5th October to shareholders on the register at Bill Property Agency of Slate Ml 9 l . .. . 58- • n- K '-x i» r ' *» 7 wt ' ; 1 ! FIN — ANCIAL TIMES TUESDAY JUNE 29 1993 tam COMPANY NEWS: UK Northern Elect Jones & Wellcome boost for global ambitions Shipman Norma Cohen considers Robert Fleming’s plans for investment banking lifts dividend considers HEN A medium profile in investment banking in corporate finance might con- sized, low-key mer- had been rising. flict Withwith its aimahv> of maintata-malntato- cash call W chant hankbank says it Mr Manser said the company mging profitability. wants to become a world-class was now being asked to partici- Mr Manser became coy when by 15.6% By Andrew Baxter operator in investment bank- pate in so-called beauty asked just how profitable the ing, it raises eyebrows. parades for state privatisation Weflcome advisory role was, JONES & SHIPMAN, the There is no shortage of Brit- activities, inrhirting that of the for instance, and would only By David LasceSas, the business as it opens the Leicester-based machine tool ish talent in that arena and government’s third stake in say that it earned money. Resources Editor way to the unregulated market bulkier, said yesterday it was both the US and continental British TflUwyiwmnnlftatinnfi. Mr Bill Harrison, recently for large customers where In discussions with a trade Europe offer their fair share of “But no one at this time recruited from Lehman NORTHERN Electric set a new much future growth will coma investor and other financial competitors as well would say we are a leading cor- Brothers International to bo high in dividend increases for Northern already supplies 400 Institutions on a possible chief executive of investment the regional 0?. electricity compa- large customers outside its issue of new equity for banking, said: "Profitability is nies yesterday by raising its home market cash. BQ1 Harrison, recently recruited very important but on the pay-out by 15.6 per cent, Its other unregulated busi- Shares in J&S, one of the from Lehman Brothers International other hand, we are building a though it balanced this by nesses traded at an overall UK’s three publicly-quoted to be chief executive of investment banking, business." However, Fleming announcing a £10 rebate far its profit during the period, machine tool builders, rose lp had ruled out pursuing the sort said; “Profitability is very domestic customers. though appliance retailing suf- to 32p after the announce- important of "loss leader” business which The rise at the Newcastle- fered from a difficult market ment, valuing the company at but on the other hand, we are bonding a business.” other firms had sought In based utility came on the back anti only matte a small return, about saJBm. However, Fleming had ruled out pursuing breaking into the corporate of a 13.4 per cent growth in -not including restructuring Because discussions, fman<-p of the the sort of “loss leader” business arena. pre-tax profits, from £98.2m to costs. publication at results for the He that the business firms £111.4m, for the year ended Profits were also helped by year to Hards 31, due tomor- which other had sought was likely to be the recipient of March 3L further cost reductions of 3 per row is not expected until Sep- in breaking into the corporate finance arena the greatest increase in Flem- Mr David Morris, chairman, cent, including a 9 per cent tember. ing resources internally. The said; “Our excellent results reduction in staff numbers. J&S said the aim of the issue division had seen a 10 per cent » ' reflect the success of our post- Gearing was reduced to 9 per would be to finance comple- But Mr John Manser, ciiipf p orate finance house,” he expansion in staff in the past flotation business strategy, cent tion of the previously executive of Robert Fleming, acknowledged. year. demonstrating consistency mid announced rationalisation, pro- argued that the group had He added that the firm’s In building a corporate performance." He said the divi- • COMMENT gramme and to increase work- earned a place on the world chief priority was its own prof- finance franchise, Mr Harrison dend increase to 2l.45p (i&55p), The dividend increase sent a ing capital stage since its role last year as itability. The results for the 12 cited the firm’s strengths in Mtfay Aahmood with a final of 15.15p, was "con- flurry of excitement through ‘ The programme, which global co-ordinator of the months to March 31 1993 made Asia where its Jardine Fleming John Manser: Fleming now befog asked to take part in beauty sistent with our underlying the sector, helping Northern’s involves halving the work- 3&5bn (£3bn) offering of Well- it the second most profitable joint venture had a command- parades for state privatisation activities including BT3 financial performance." shares to gain 6p to 514p. The force to about 250 and out- come shares on behalf of Well- UK merchant bank with pre- ing market share in several The increase in profits, strength of the underlying sourcing the machining of come Trust tax profits of SlOlm, trailing sectors. smartly In the past year, Mr he said, and it had taken steps which fed through to a rise of result, for example on cost components, was announced “We showed when we did the only SG Warburg. Among the recent deals Manser acknowledged that to improve performance for 16.3 per cent to 69Jtp (59.6p) in reductions, also helped dispel last July. Wellcome flotation what we The company did not provide driven by its Asian connec- Fleming Asset Management, pooled accounts, the staple earnings per share, reflected Northern’s linage as one of the J&S bad originally hoped to were capable of," Mr Manser details about the exact source tions were the arrangement for the UK-based arm of the firm, product of the UK pension the resilience of the north-east, less well-managed RECs. If finance ft* rationalisation out Baid of the profits except to say gen- the purchase of about loom had had a tough time after sev- fund industry. according to Mr Morris. The there is a worry, it is North- of agisting resources, but said Since the Weflcome deal a erally that asset management, shares in Trafalgar House by eral years of mediocre perfor- "We have been successful in electricity distribution busi- ern’s active pursuit of the high yesterday it had been impeded year ago, Fleming, known merchant hanking and corpo- Hnng Kong Land and the sub- mance in its UK balanced pen- every category except UK pen- ness, particularly to domestic risk supply market where by market conditions and mostly in Its capacity as an rate finance contributed. sequent WlWni rights riffor by sion fund pools. sion funds,” Mr Manser said. and commercial customers, small mistakes can be other factors, including its asset management house and Meanwhile, some of Flem- Trafalgar House itself. However, the firm was still “But to be absolutely big is not contributed an operating profit extremely costly. But manage- inability to sell property as as a blue-chip adviser an mer- ing’s competitors suggested White assets under manage, winning mandate for special- something we see as absolutely of £102.9m (£90Jm). The £10 ment took some trouble to say advantageously as bad been chant hanking matters, said its that its desire to be world-class meat worldwide had increased ist equity fund management. important" rebate will bring the total price that it was strongly hedged expected. reductions given to domestic against unwelcome price move- The company said the pre- customers to . close on 7 per ments. Dividend cover is cise amount of the issue had cent this year. strong at over three times. yet to be fixed, but was likely Novo buoyed by acquisition Devro offer allocation Sales volume In the supply BZW has Northern on a pro- to be “reasonably substan- business rose by 16 per cent, spective yield of 6 per cent, tial". but operating profit remained naaiTning a dividend lwcrwagA The discussions include WITH A significant Turnover rose to £14.3m executive. There were particu- favours small investors low at £3.7m(£41m) because of of 14.5 per cent next year, Close Brothers, the company’s contribution from the Walport (£22£m) and operating profit to larly good performances from the ti ght margins Bui North- which is close to the sector merchant banker, Albert E arqnigiHnng in the second half, £231m (£1.69m) of which Wal- some divisions. Although By James Buxton with institutions. era anna to develop thia of average. Sharp, its broker, and institu- Novo Group turned in £lBm port contributed £480,000. prices remained under pres- Applicants for 200 shares will tional shareholders. pre-tax for the year to March Net interest charges were sure, margins had been main- INVESTORS who made small be met in full. Those applying J&S said trading conditions 31, compared with £728,000 cut to £401,000 (£612,000). Earn- tained through controlling applications for shares in for 400 shares get 75 per cent, In the second half of last adjusted for FRS 3. ings per share, after a sharply costs and overheads. Devro, the producer of sausage and the percentage allocated Camellia up to £11.5m year remained difficult, albeit Novo provides storage and higher tax charge and on Mb* Kite Housman is giving casings made from the protein drops progressively, reaching better than in the first logistic services to the visual increased capital under the up the chairmanship and Mr collagen, were favoured in the 12 per cent for those who -a'. 1 , v CAMELLIA, an investment FRS3 - shown turnover ahead half. entertainment industry. Wal- rights issue, were 3£2p (2£6p). Richard Wevill will take over allocation of shares after the wanted 15,000 shares. Appli- company, staged a sharp recov- from £164£m to £171An. Oper- In spite of these difficulties, port Is regarded as the world The proposed final dividend immediately. M Serge Des- public offer was subscribed 4J& cants for between 20,000 and ery in the second half of 1992 ating profit from continuing the trading loss for 1992-93 leader in the distribution of is lp for a total of 1.3p vignes comes in as a nan-exec- times. 439m shares will receive 10 per with pre-tax profits for the operations was £13.5m was said to be "much reduced" rented video products to the (nil). utive director; he is managing Some 128m applications were cent, and those who applied for year advancing from £7.86m to (£14.4n). The final dividend is compared with the previous merchant marine industry, and Trading In the current year director of Com2i, a French received for the 28m shares 5m or more will have their £11.5m- 17p making 29p (27p). Earnings £&04m deficit on turnover of had begun to penetrate the air- was in line with budget, said investment ftmd holding 5 per priced at 170p. A further allocations cut to 3 per cent The accounts - prepared under were 114JS4p (41p). £UL9m. line market. Mr Michael Woolley, chief cent of Novo. 59m shares were placed firm Trading begins tomorrow. U.S. $120,000,000 FT GUIDE TO WORLD CURRENCIES Subordinated Floating Rate Depositary (rounded . nominal. of rain irtiara they t naBatto rafts of nriianga apfcst tour lew eunanefes on Uoixtay, Jons 28 1983 hi some cases too rats to (Meat rata m ms amp buitag md ««ng Msgt sro tarn - : - Receipts due-2000 to In oftamtoa . to aoma cans market ntos have been catateted bun Dm of foreign curencfos to wHch Bwjr are bed. issued by BankenTrutee Co any limited mp CSTG US $ D-UNK YW COUNTRY £ 5TE US S D-UMK YEN COUNTRY £ SIR US S IMIMK YEN evidencing entidemeot to payments of am am am principaland interest on deposits made on 27thJune, 1990 with die Frankfort Branch of Banco di Sicilia S.p.A. (Established in the Republic of Italy as a limited liability Joint Stock Company) . I . -'T' ^ •. J- ''l*. BANCO di SICILIA For the six month period 23th June, 1993 to 29th December, 1993 the Receipts will carry an interest rate of 4% per annum with an interest amount of U.S. $2,044-44 per U.S. $100,000 Receipt. The relevant Interest Payment Date will be 29th December, 1993. BankenTnut Company,London Agent Bank zmzEzzmnm Provisional Airport Autho r.t t y Hong Kong REQUEST FOR PROPOSAL TRAFFIC FORECASTING CONSULTANCY The Provisional Airport Authority intends to appoint consultants to continue the com- prehensive forecasting work for -Hong Kong's replacement airport at Chek Lap Kok. The work will comprise establishing Primary forecasts for passengers, freight and air traffic demand and traffic movements as well as Secondary airside and surface access associated factors for financial, budgetary, facility and operational planning purposes. Secondary Organisations with extensive relevant experience in deriving Primary and particular in the (airside and landside) airport forecasts, and who have a expertise and apply by fax for a Pacific Rim aviation scene are invited to express interest to t£S3 UaftM $1 GMMfli tort 2X8049 YaolHUBZ brief to: I WHkB Ham jm 28. IHM EOW8293 sun atm D J*M cm?MMre Jam 28. io» IM m 0X770870 |u SI. (4687 Gmy D IM 1.98080 Japm VW21X41 U m llu udKmuU ulg. The Head of Strategic Planning rmani rea; yy umi^ b iw uwnaa u f imbue », vaffiS tsstseffs;usa MUS s p«raM rate; Mieanrerfito ala; « paoM mac Hong Kong in ae Sea. worn rSk. Provisional Airport Authority * S*, r«w * m tatt flora Mod for am l tafSgfesfttS tSSSEAZSZTilSDeprtw*. i Dan. EaqoMac on 8H 4S806 25th floor. Central Plaza H Jtaa 21 18 Harbour Road Wandtai Hong Kong Fax No: (852) 802 8335 9th July, 1 993. Briefs will be issued imme- Requests for briefs should be received by deadline for receipt of proposals will be close of diately upon receipt of request. The 20th July, 1993. business (Hong Kong time) Tuesday English language. All submissions should be in ^ People who fly JAL Economy the submission in response to this notice are entirely m All costs associated with any Jl.eage concerned. responsibility of the applicant tend to earn more. any organisations applications at its disetfr The Authority reserves the right to reject tion and without explanation. Cali your nearest JAL office to join JAL Mileage Bank Europe, for Ml / one of the most competitive schemes Economy Class passengers currently available. ' ***** r ti JUNE 29 1993 24 COMMODITIES AND AGRICULTURE strategy Palladium reaches Bullion bank Monopoly fears dog German coal likely to sector fields in the eastern Judy Dempsey on the planned privatision of vast lignite change hands deal coaid be forged, 39-month high of its own vate delay part Veag*s power genera- it may between veag and Laubag an By Kenneth Goocfing ausitzer bradn- restricted competition In east- tonnes to programme, most eastern Ger- building size, price and delivery KOHLE, electricity sec- tion blocks in oi a the By Kenneth Goodng, was a by-product of Russian or Laubag, is ern Germany's notably, the construction many. But Rbembraun is argu- timetable for coal contracts, Correspondent nickel production and the MASE WESTPAC. the world's eastern Germany's big- tor. new 800 Mw power gen- Mining L certain it can second Treuhand privatises is monopol- ing that it is not to once the country had little use for it, so only bullion bank and one of gest open-cast lignite mine. Although Veag block at Boxberg, amount to Veag eration That is precisely what These vast brown coal fields ised by the big three, it is sell that deliver Veag. THE PRICE of palladium, a it most be assumed that Russia the five members of the com- which Laubag would because consumption of brown the Treuhand wants to avoid.. mittee that fixes the gold price straddle the states of Branden- legally owned by the Treu- platinum group metal used had ample stocks. Germany will coal. see the challenge Saxony-Anhalt intends to privat- coal in eastern "You can mainly in consumer electrical Mr Carson pointed out that in London, is likely to change burg and And hand, which Martin Martiny, a mem- enough to absorb Mr the Treuhand,” saSdan hands. like almost every other sector ise it by the end of the year. not be high board, said feeing goods and as a dental alloy, electrical industry consumers, ber of VeaTs banker who has industry, the agency Is insisting that this amount tune- investment »v readied $13215 a troy ounce in who accounted for 47 per cent Westpac, the biggest Austra- of eastern German But recently that the building Before unification annual lig- advised the agency on other - for lian bank, which has been Laubag is to be privatised. the privatisation of Veag might be put m* London yesterday its highest of western world demand 87-7m tonnes table for Bosheig state-run coupled with the pri- nite supply of to level for 39 months. the metal last year, “capped" restructuring after sustaining The former mines should be because “it is difficult than 68 per back role is. vatisation of the Laubag lignite accounted for more coal “The Treuhand’s to Traders say palladium is the alladium price when it deep losses, has entered into are currently under the Treu- how much brown p rent eastern Germany's pri- know Laubag and Veag at charged , of will privatise gaining ground because of very reached between $150 and $200 heads of agreement to sell hand, the agency with fields. eastern German industry energy consumption possible price. Yet it <•*»* Blase to Republic restructuring and privatising “It makes sense.” a Treu- mary therefore the best strong physical demand from an ounce by substituting other Westpac in in future need, and official sale of (compared with per cent has to deal, with one * this Rank of New York. pgaft>m German industry. But hand said. “The will require knows it Japan, almost certainly from .materials, though was not National much Veag » western Germany). In 1990. how family which dominates r been mentioned. of all the sales undertaken by electricity and coal must be big the electrical sector, and from easy and was expensive. No price has cent for power generation.”. »: linked. Both companies need that figure fell by 12 per Veag. That family does not to- US electrical goods producers. The electrical industry Republic is part of the interna- the Treuhand, the privatisation Treuhand officials argue that and a further 26 per cent in against its tional group controlled by Mr of Laubag Is proving one of the each other. Veag needs Laur adhere to its want to go own Supply shortages have bought l.83m of the 3.9m col- if Veag does not Hiffimlt bag’s coal for electricity gener- 1991 following the virtual interests as it attempts to- poshed the rate for leasing pal- ounces of palladium used in Edmond Safra. the Swiss-based most original building programme, and T-snhag needs coal lapse and closure of eastern Laubag.”. western world last year, for banker. A consortium, led by Rhein- ation effect of delay- acquire ladium to 11 per cent, the high- the uncompetitive it will have the S'* braun, the brown coal subsid- contracts with Veag for its eco- Germany’s of Lau- Another investment banker est for over two years and well use mainly in multi-layer Blase Westpac was formerly ing the privatisation survival.” industry. believes above the cost of money. High ceramic capacitors found in known as Johnson Matthey iary of RWE Energie, western nomic agreed. “Rheinbraun however, bag. lease add the pressure products such as computers, Bankers. It was bought by Germany's utility company, is It now appears, Laubag the Big Three in Veag will drag rates to study, Goldman “We cannot sell m Laubag that Rheinbraun Is slowing n a recast feet over setting the price on physical supply because video recorders and electric Westpac in 1986 from the negotiating to buy without an agreement with its Treuhand’s attempts Sachs, the investment they encourage consumers to windows in cars, Johnson Raiifc of England which h«d from the Treuhand. The con- down the contract deliv- and size of coal contracts for banker, suggests that elec- Veag over coal rescued years previ- sortium includes RWE Energie, at sailing Laubag partly to de- I Laubag becanse Veag believes buy instead of the metal Matthey estimated in its recent JMB two offi- lease demand in eastern Gar- eries.” a senior Treuhand after got into difficul- PreossenRlektra, and Bayem- couple this complex privatisa- tricity electricity is more profitable Mr Neil Carson, marketing market review. ously ft cial said. “This is important far three biggest tion process. If Rheinbraun many has bottomed out. director, platinum, for Johnson Demand for palladium in the ties with its loan book. werk, Germany’s pgttmg price, estab- than coal,” he said. ."It thinks once priva- “The problem remains. It is the selling world 70,000 Mr Dick Gazmararian, man- utility companies. succeeded, Veag, it can wear down the Treuhand Matthey, the world’s biggest western was lishing the economic viability they are tised, could be in a much stron- difficult to give any precise platinum marketing group, ounces higher than supply last aging director of Mase West- The big three, as guaranteeing jobs in the hope- that the agenqy position to negotiate coal forecasts for fixture energy con- of Laubag, SM suggested. Demand pac, is the present chairman of known, already have interests ger will de-couple Veag from toe pointed out that the Russians, year, it for the thousands who are n Bullion Market in eastern Germany. Each contracts suited to its own sumption of brown coal,” said rose to ounces, boosted by the London of Laubag, . then the . brown who contribute about half the &9m the employed at the mines and fin- rale predecessor at holds a 25 per cent stake in interests. Mr GOnther Kramer, one of world's palladium, held the key higher use in automotive cata- Association, ffis ancing environmental coal can be sold at a much Robert Guy. a Vereinigte Energiewerke AG, Such a development would board members of Laubag; and to future prices. “The Russians lysts (which now account for the LBKA, Mr cheaper price to’ the big three fa eastern Germany’s mpfln that the existing electric- formerly employed by Rhein- dean-up” usually Increase sales when about io per cent of the palla- director of N M Rothschild, the or Veag, the consortium headed by Rhein- Ger- braun. But it is not primarily wt'm fell financial services group at major utility company, which ity monopoly in eastern — the price rises but this time dium market} while supply about eastern Ger- braun.” ; operates the region’s high volt- many would be extended to the “We are arguing with the uncertainty there has been no sign of them to 3.83m ounces, mainly whose offices the London gold con- The Treuhand appears deter- sector - domi- Treuhand and Veag about the many’s future energy Russian sales. “fix" is held twice every work- age transmission grid and brown coal and A doing that,” he said. Palladium because of lower tO Stick' to its original -‘j of the coal contracts, in sumption of brown coal that is mined : ing day, said last night that, if depends on brown coal tor nated by the same west Ger- size the price per undermining the Treuhand’s plan. “We are not going to .de- the deal wait through. Repub- power generation. man utility companies. The particular about coal con- couple the privatisation of of coal,” senior Rhein- attempts at putting .. lic National Bank would be Under the terms of the Treuhand is aware of this. But tonne a ‘ to speed Veag and Laubag.^53iere's little m it no choice, for the braun nffirfat said. "We would tracts in place so as Continuing battle for invited to fill the seat at the stromvertrag, or electricity as has m open coal contracts for up the privatisation of Laubag, enough competition in eastern m “fix" vacated by Mase West- contract of August 1990, east- moment, but to negotiate only prefer con- Tjmtaig rather than one which but rather the network of Germany without extending a pac. ern Germany’s regional utili- with the Rheinhraun-led , permanent con- mnfnat west German interests monopoly over"coal prices as grain sales forecast Apart from its London ties must buy 70 per cent of sortium for the sale of Laubag, locks us into monopolise well. The stromvertrag [elec- operations, Mase Westpac also their energy from Veag in the least the agency wants is a tract deliveries, because we are attempting to structure about future con- energy pricing in eastern Ger- tricity contract] has already By David Blackwell financing initiatives to meet its has branches and subsidiaries order to underwrite the mas- competitive price not sure for eastern German sumption of brown coal,” he many. limited Competition for elec- import needs in 1993-94". in New York, Sydney and sive investments it is under- introduced *nesT c include the lignite. added. For instance, Veag is mono- tricity prices. We are not going THE CHRONIC financial World wheat trade fell by 4m Hong Kong. Republic is said to taking. These mod- reluctance to polised by the big three, which, to be pushed around, and see difficulties faced by China and tonnes to 103m tonnes in the be very active in the physical ernisation, or construction, of To make Laubag economi- Rhembraun’s coal delivery con- through Rheinbraun, is negoti- the Creation Of annthm- thnnnp. Russia will continue to dog the year to the end of June. Chi- gold market and as a bullion brown coal-fired power sta- cally viable, the Treuhand agree on annual Laubag. In theory, oly,” the senior Treuhand offi- international grain markets in nese imports were halved, trader but has only limited tions. In practise, however, the reckons it requires tracts for Laubag coincides ating to buy suggestion Veag that a comfortable, "in-house” pri- cial declared. 1993-94. according to the latest while those to the former mining finance operations. stromvertrag has severely delivery contracts of about 57m with a by report from the International Soviet Union fell by less than Wheat Council. expected. However, these The two countries are the declines were offset by main outlets for grain export- increased imports to India. Mozambique begins to rebuild its cashew revenues ers, who are likely to compete Africa and eastern Europe, vigorously for sales, the IWC while demand for weather- suggests. damaged wheat for animal feed Martin Revis on prospects for the country’s second biggest export earner following the cease-fire China is reported to have was strong. had buying trams in the big Next year demand growth in MOZAMBIQUE. ONCE the world’s ports and land-locked states. be doubled within three years with sale again to the proccestog factories ber and March, now' account for 90 exporting countries, “but no many developing countries - leading cashew nut producer, has In the absence of oil or major min- improved husbandry. That would still could not afford to borrow money at per cent of the harvest reliant new sales were apparent", says such as Indonesia. Malaysia begun to rebuild its industry follow- eral discoveries Mozambique is be well below the record year of 1972 toe ruling 45 per cent interest rate. The state role is also being elimi- tnnnas the report “Reported foreign and the Philippines - will con- ing last year’s cease-fire in the civil on aid for most of its foreign when Mozambique's 216,000 As a consequence smallholders nated in processing as buyers or joint exchange shortages have sup- tinue to underpin world wheat war. The objective is to match again exchange inflows. So it needs all the were more than four times Indian increasingly bartered their nuts venture operators are sought for ouput. locally included in their plemented China’s usual trade, the report predicts. the output of India and Brazil, which nuts it can gather to promote greater or them own remaning state factories. Four facto- aggressive pursuit of lower The IWC is forecasting have occupied first and second places enconomic independence. Fortunately He points out that the smallholders cooking, in place of groundnuts. ries are now privately owned,- two by and with that prices.” wheat production for 1993-94 at since 1977, when fighting began seri- demand for cashew is high the in coastal regions who fled during the The ADB money along the Anglo American Corporation and Russia, which has amassed 560m tonnes, slightly below ously to disrupt production in the for- Mozambique variety attracts an aver- war were returning to neglected trees, received from the the World Bank, two by Portuguese concerns. Two of also hag tong large debts for earlier ship- last year but still the third big- mer Portuguese colony. age price for all grades of S3J20 per sometimes in areas where there were which a term cashew the remaining state factories are in roads distribute the pesticides to support programme in Mozambique, ments, “will depend on new gest on record. Cashew is Mozambique's second kilogram of kernal. no to tire process, of privatisation and inves- biggest value export crop after Mr Juliano Saranga, the Frelimo combat mildew. is being used to provide extension tors are also sought for new factories tree nurseries. Intro- prawns, an industry less affected by government’s secretary of state for The fall in output to 35fi00 tonnes workers, develop so that all nuts can be processed the war, which Britain is helping to cashew, returned in early April from from 54,000 tonnes in the 1991-2 sea- duce improved Brazilian grafts, mod- within Mozambique. Bolivian oil plan agreed modernise through the refitting of a meeting of the African Development son - a year when Brazil came first ernise factories and to make a Two years ago, after 15 years of trawlers and building of a new jetty Bank in Abidjan, the Ivory Coast’s with 190,000 and India produced detailed survey of trees. handling toe total mop from tree to By Deborah Hargreaves BHP will finance a $6m seis- at Angoche on the Indian ocean coast capital, with an agreement for an 140,000 tonnes - was party caused by Mr Saranga is convinced that the roasted kernel, Mozambique had to mic programme to gather geo- Cotton and sugar also earn hard additional $20m of funding for a fur- natural variations in yield, he future lies with providing support for revert to-exporting caw nuts to India PAN ANDEAN Resources, the logical information on the currency for Mozambique, but hydro- ther five-year rehabilitation and explained. But the main problem in the smallholders and not large, state- for cracking and roasting because of oil and gas exploration com- area. electric power exports to South Africa development programme. all areas was collection. Traders buy- funded orchards that woe abandoned inadequate local capacity. About a pany. has agreed a joint ven- Pan Andean was set up in from the Cahora Bassa dam had to be The minister believes output of ing nuts from smallholders at a mini- 10 years ago. Smallholders, usually third of toe current October-March ture with Australia’s BHP to 1988 to exploit resource oppor- stopped during the war years, which existing trees, which are expected to mum price set by the government and families cultivating about 10 trees season crops will be exported to India explore for oil in central tunities in South America’s the also saw a big drop in revenues for yield only 35,000 tonnes during the then selling than on at unregulated intercropped with maize, cassava and in raw form. Bolivia. Andean region. rail transit between Indian ocean October-March 1992-93 season, could prices to wholesalers for delivery and cow peas and producing nuts in Octo- H* WORLD COMMODITIES PRICES m»" a MARKET REPORT COCOA -UndM MX EAome tPrioas aupUtad by Amaigsmmed Malta Tiwfctf KCATMG Oft. 42500 US grtta cenia/US v* Chicago Ctoee ftavtous HI01AXW AM Official Kart ctoee Open >4aeat Ctosa Previous HigWLow Latest ftwtous HgtVLow 80YABBAN8 5,000 GOLD slipped around $3 a troy of such news. London COCOA Atoadahn, 99L7% purity (S per tome) Total dtfy hanoirer 78559 tots bu min; canta/BOb bushel r Jd 712 728 725 711 Oti 52/45 5258 5250 522S Cash 12185-75 12057 1212 12115-2 ounce on tee London bullion ended near the day’s lows, Sep 714 728 725 712 6256 5254 53.10 XL78 Close tVwtolB MfltVLOw m. 3 months 12405-1 1228-30 1244/1226 1234-5 12385-6 210553 tote ** market as Comex opened and took depressed by both the strength Dec 717 727 725 715 Sap 5350 53J9 64.00 53.78 w Jul 62149 61843 62743 82043 T*r Mar 729 739 734 720 Copper, Grade A (E per tome) Total ddy twnovar 38,287 lots 5458 55.10 5450 profits early. Dealers said that tee of sterling and a downside Oct 5455 821/8 747 Aug 821/8 028/4 821/0 r* _ May 740 750 741 Cash 1261-2 12895705 126971258 125859 Nov Ffi 04 5559 6550 market was pushing lower purely correction after the recent climb 789 755 Sep 623/2 623/4 829/4 8200 Ju 752 701 3 manta 1288595 128455.0 1277/1268 127857 1270-1 222548 lots Dec 5650 6898 57.10 9686 on tee back of technical factors, to a three-month peak. Sep 764 775 770 754 Nov 924/2 823/2 630/0 623/2 COFFEE Lead Jan 5758 5759 6750 6750 790 786 p per tame) Total deny tunowr 5577 tats Jan 629/2 627/6 634/4 828/2 and they did not rule out a was range-bound in both London Dec 783 799 Fab 5750 67/46 5750 57AO Mar 803 81B 811 803 Cadi 280515 281-2 2615 - 26152 Mar 834/0 631/0 638/4 834/D rebound. However, the further gold and New York. London’s tl> 6R45 5856 96.70 5646 May 917 029 832 823 3 monta 2715? 272-3 273/271£ 272-225 2715-2 21.108 fats 638/8 633/4 6400 6384) 55.19 5525 .- 5555 drifted from $380, then the less September contract was Apr 5655 stuck Mattel (* per tonne) Tobd dafly turnover 8574 tote turnover; 4253 (5798) tots M 10 tonnes SOYABEAN OtL 60.000 faK cents/ta likely it would be teat option-related between solid support at $900 and • COCOA 10 tonrtMVtomes ICCO tadtaator prices (Sofia per tome). Defy price Cash 5380-5 5360-70 5345 58409 buying would come into the 3 months 5445S0 6420-30 5460/5370 5410-5 5455-80 Ctoee ftwtous Hgh/Low market resistance around $940 a tonne. tar Jun 25 72455 (719.88) 10 day average tor Jin 82555 lots’ Ctoee Previous Mgh/Uw and boost prices. ALUMINIUM York traders 28 714,75 (710.10) Tta par tome) New said they were (S Total daiy turnover 3.404 lots r JM 2259 22.15 2255 2256 U 881 898 892 881 continued to be underpinned on continuing to assess news that Cash 600510 497090 4975-80 Financial Times Annual Report Service I*?' rib A Mum to 0 pmfltvbttfty " A. >>ii* reputation, ««*» adwwgd 4Hminl] oaxputiit - teamwork The British Petroleum Company pic PoiyGram N.V. Houston Industries Electrowatt Ltd The British Petroleum Company pic is die parent company of one of the Houston huhHtrifW (NYSEritOU) is the parent company of Houston lighting Electrowatt Ltd is a Swiss holding company of a group of international com- world's largest international PolyGram N.V. - the global entertainment group - is one of the three largest petroleum and petrochemical groups. Its key panks active in the fields of energy, industry anascrvices. couqranies & Power, the eighth larges electric utility in the U.&; KBLCOM Incorporated, These strii t are te M in exploration and production, refining arid marketing, and in recorded music producers and publishers worldwide. have established significant or leading positions in their markets: power sup- a multi-state cabk television company: Utility Fuels, hux, a coal handling chemicals. also BP has important interests in mitritinn from which it is now ply, security systems, building management systems, electronics, general , In 1992, PolyGram ochievod record net sales of 6.6 income company and Houston Argentina which owns an interest in an electric socking NLG billion, SA, contracting a managed exit. Research and technology {day a vital role in sup- and real estate, engineering. utility operating in Argentina. porting BP*s operations. from operations of NLG 789 million and net income of NLG 506 millioa. Consolidated sales have increased by 35% to Sir. 4.6 billion over the past 5 HOU hi provided investors with stable income by paying consecutive quar- shares are quoted years. During the same period the consolidated net income has risen by 25% BP on stock exchanges in the UK, the USA, Japan, Canada. PolyGram is listed on (he Amsterdam sod New York stock - tfcfc- terly dividends since 1921. The annual dividend ofS3.00 per share currently to Sfr. 192 miHion. Return on equity amounts to 93%. 61% of sates are gen- France, Germany, the Netherlands and Switzerland. ersymbriPLO. provides a yield of approximately 6.7%. erated outside of Switzerland, primarily in the EC. | Continental Bm tj- •mm ...I , . i- -,r\ LC-.te .-.v'.' T: Teva Pharmaceutical Industries Ltd. lrpoi Reebok International Ltd. Asea Brown Boveri Group The Continental Coiporation is among the(ws leadingleadi international manufac- Teva is Israel's leading pharmaceutical company and a multi-national group turers of tires and industrial products made from rubber and piastres. For Reebok International Ltd. (NYSE: RBK). headquartered In Stoughton, with manufacturing facilities and marketing networks in Israel and abroad. tires. Continental ranks 1st in Germany, 2nd in Europe, and 4th worldwide. The Asea Brown Boveri Group is a global, $30 billion company serving elec- lies than of Overall, Mote 50% Teva sales are to foreign markets, primarily the U.S. Employees: 50,600. earnings in 1992 were good. On sales ofDM 9.7 Massachusetts, is a leading worldwide designer, marketer and distributor of tric power generation, transmission, and distribution customers as well as Tenor's pharmaceutical activities encompass ethical drugs, and over-the- bOtion. net income was DM 133 nriEion, after a 1992 loss of DM 128 mflDoo. counter products. facilities dividend is planned. surplus 1 sports, fitness and casual footwear and apparel. Principal operating units Modem Bulk Pharmaceutical Chemicals (BPQ A payment not The ofDM 9.5 million wiD be industrial and rail transportation markets. More than half ofABB's sales are . - . w support these efforts and serve export markets. allocated to the reserves. Improved operating results wmmed primarily from include the Reebok Division, AVIA Group International, Inc. and The Teva. trades on the Tel Aviv Exchange and on NASDAQ (TEVTY) in the General Hie, car tires, and CootiTecfa. Increased productivity and reduced fired in Europe, about one-fi&h each in North America and Asia, and the remain- US.- COStS are paying aft fhminwital «nnnwtrinl1y hniiflwrf itt technically itommil Rnrirpnrt (Company, lnr. Sale* for 1092 malted apprnaritniuriy <3.022 bilHon. der in South America and Africa. 1992: Saks: $3963 million; Net Income: $31.7 rnilUon • , EcoConlnct tire in 1992.Tbe outlook for 1993 is promising. Industrivarden Norsk Hydro Fortis/AG Group/N.V. AMEY Canwest Exploration Company Limitedrs a Canadian energy and minerals Norsk Hydro, founded in 1905, is an industrial group based on the process- resources for food, materials. united force in financial services. Fortis is international insurance Indnstrivirdan is an industrial bolding company with industrial. trading company listed ou the Toronto Stock Exchange (CEXA, CEJLB). Conwest ing of natural to meet needs energy and Hydro A an and banking and real estate operations with a combined turnover of SEK 11 billion. The bad average daQyproduction of 5,600 bU of ml and liquids and 37.8 mmcf trf is, with annual sales of NOK 58 billioii, Norway's largest publicly owned group, formed in 1990. Forts' parent companies are AG Group from gas in 1992. The Company's principal exploration focus is to find and devel- company and one of the leading Scandinavian industrial concerns, having Belgium and N.V.AMEV from the Netherlands. Fortis companies are active 34.000 employees worldwide. in inpimuy, hanifng aprf n#iw in Europe, the United States 33 foductu^flAf is one oLEarope's leading con^m^peckagfaig companies. op large natural gas reserves- During 1992. Conwest matte a major natural gas o industrial chemicals, oil and gas, alu- and Australia. Inlni-tw nf fftn (-ngmprrrng rumpanim orilh Braam, which is involved and comkmwe discovery in northwest Alberta at Sexamith/Valballa. Since The products are mineral fertiHzeis, reserves, minium, magnesium and petrochemicals. In hs mate business areas. Hydro has Since its creation, Fortis has resolutely pursued a strategy which aims to with door and gate nnlomatio- . as the largest company. Indatrade is 1986, the Company's oil and gas production and land base have " rate to Conwest also owns a low cost, a solid international position and is in the forefront of lechnologiciil devel- secure a leading position in the markets in which it operates, through growth Imlusaiv>rdart trading 1 grown at a compound of 25% 30%. the stock exchanges in in both business wefl nets and technical specialist know-how to industry. Fundament manages 2,000 tonne per day zinc mine at Namsfvik in Canada's high Arctic and is . The company's shares are traded on main volume and profits. The Fortis annual report as is those of AG Group and N.V. give comprehensive information, fruluatrivli dca's btmdings held fig invnstment put poses. involved in small hydro electric generation. AMEV Forest Oil Coiporation * Avesta Sheffield Knight-Ridder, Inc. Intram Justitia with Aveaa Sheffield AB was formed in 1992 by the merger of Avesta AB Knigbt-Rldder, Inc,, is an international information and communtcaiic Intram Justitia is Europe's larges debt coflection company, offering a range independent U.S. wl Corporation FOIL) is a leading 1 Forest Oil (NASDAQ: Qtcct pic * utamlcgR operations. One trf the wpdrfa major companies in engaged in newspaper and electronic publishing, financial infbr- of tnlrasso and crate management services. The Group is listed on the London strategies adopted two company and natural gas producer both on- and offshore. New the field of stainless steel was this created, complete with a comprehensive matvm cable tekvirion and newsprint production. The Mianti-based company Stock Exchange and has stAstcBariea in 14 European countries complement- improvements in the , ago hive tempered risk and kd to significant yean a network Avesta Sheffield employs 8£00 people and has a turnover of approximately publishes 29 defly newspapers and offers a variety of information retrieval Ser- ed by of 120 agents worldwide, in 1992, pre-tax profits rose 26% fVwijMmy*n finances, production and reserves. The Company has success- sunr 1 7 hiiKnw. The Caanp has moat trf Its manufacturing faeffitica in Sweden. vian. Knight-Ridder common stock is listed cm the NYSE under the symbol to £16 million, on turnover up 16% to £89 million. At the year end, Intram strategy for high-risk exploration, a fully substituted an 'exploitation" and own sales companies in 20 countries. Total con- Great Britain, the USA KRI, on the Tokyo Stock Exchange as 9491 and on Lhe Frankfurt Stock Justitia had 45,000 clients ami a slock of 2.6 nullitm collection cases, worth trol over the entire product flow from raw materials to customer delivery Exchange as KRL £1.4 billion. degree of cosr-«fficieiiey and superior customer service. of Mexico where Fbrest emrenlly operates 35 platforms. allows for a high June, 1, July 1993 The Financial TimesAnnualReport Service is appearing on 29, 30 2 _ _ H Ma mm H wm mm mm m Mi i readers the Financial Times PLEASE ATTACH YOUR BUSINESS CARD OR WRITE YOUR NAME AND Tick boxes This service isfree to of Please send me these Annual Reports: 0 ADDRESS IN THIS SPACE. .PLEASE USE BLOCK CAPITALS. Corporation Teva Pharmaceutical 9 O IndustrivSrden 13 Forest Oil 1 0 The British Petroleum Co. pic sO Corporation 10 Conwest Exploration 14 Avesta'SheffieJd 2 PolyGram N.V. 6 0 Cbntmenral Ltd 11 Norsk Hydro 15 Knight-Ridder, Inc - Reebok International 3 O Houston Industries 7 Brown Boveri Group 12 Fortis/AG Group/N.VAMEV 16 Intrum Justitia 4 Electrowatt Ltd 8 Asea are for business or persona) use: Please Indicate whether these reports use Both For business use For personal yonr job title or position ? Please tick here ifyou do not wish to receive Which one of these best describes Director Vice- President Fund / Investment Manager Head of Department Other Please specify.. Chief Executive /Managing Director / ri Chairman / President Surrey, SMI 4XE United Kingdom to reach us no later than 30th September 1993. Rpnnrt Service. Dept 1000, P.O. Box 384, Sntton, Mail to: FT Annual i n • Financial Times Annual Report Service Southwestern Bell Corporation The Carisberg Group e argest Carisberg diethe mmmajoror brewing groups world-wide Driving Force for Refined Technology: BMW, ooc of the twelv l Hie Carisberg Group ranks among Ha services and product! to cmaomea worldwide. arnipamea pr«ainn« in Germany, had a aoccesrihl 1992. The world manga cable TV and advertising and fr**idee among die Carisberg and Tuborg Breweries. ffl<4w^»i ww Mexic phone percent Stake in Telinex,lbe an coMpi^y.- Royal Copenhagen A/S, dealing with china and glassware. and Georg Jenaca fWr V- gyphumae cam and motorcycles. BMW has about 5 million SBC abobedda a 10 are also parts mentioning aa eaannple of builds SQversmnhs of the Group. Worth an vehicles on the road far more dun 100 comrtries. Each year BMW an undated company of die Carisberg Group are the famous Hvoti Gardens fectories in Gennany. About 70,000 people and GTE. Total ream manae* stock more duo 500400 vehicles fat its the best among the Bell compames - rtiw year celebrating Hi»fr 150th amuvexsary. t quality. At sort of San AnwniftTesaa, SBCinnta research and develop, produce and guaran y BMW da appreciation plus dividends. Based in CCTlrimiff focwrrxi Hia n g towlflnimp Hi anH Caiteberg is quoted the Copenhagen Stock Pxchangr., and out ofsome price to bff my fW«fy AS op sfaauft in a joint the 1990s, da company has resumed production of engines large* U.S. campari". - construction in order to meet the world's long-term demand for power, 12^)00 8barefaalden the largest is By ffcr the Chrisberg Foundation pledged to 29th on the 1992 Britt list ofda _ Rolls-Royce. mnnnimiraiflnrn hanmwH awl hnilHmg venture with | own 51 percent of Carifoerg A'S. Televerket Corel Corporation VEBA CanariiaB fused Corel Corporation is a graphics and SCSI (Small Computer The Challenge ofEurope. The Tdeverket Group offra pnbUc and private networks for telephony, data VESA (486.000 stockholders, 13Q^XX) employee*) is one of die largest pob- communications and mobile telephony. In 1992, the Teicvericet Group’s HHy mifiMut T>mywi mnpiiiw SmwfcW Hwiiipily fVm lfjl^nil«iirf revenues totalled USD S3 billion, up 2%. Return on total capiial was 6.6%. able for users of IBM and IBM compatible PCS. CordSCSI comprehensive Ttatflng/rranxpanitiap/ScrTfceE. The 1992 sales amounted to DM 65.4 bO- Tdeverket invested a total of USD 13 biHion. Telephone traffic rose 5.1%. software allows transparent connection of all major SCSI devices to DOS, lkm, the operating result was at DM 1^14 nriDion. Eamzngs perdure were Windows, OS/2, and Novell NetWarebaaed systems. Cord receotiy announced at DM2620. Network performance was 99.1%. theg entrance Into tfae high growth marketplace ofRAID (Redundant Array W*L«M^mwfriferlii! i^nBig! rfFjinytMrffnnlimigtBfcn«naftB nfTmwpanriw raMm) terfmrtlftfly with fWlRAin, the Oanipany^ snftwTTS. m^ i niytinn lam'iii win hp rtw ^ M nfmrfflff mft TV BgCPtiacompetition based solution for data security on Novell file servers. yardstick for a optical esomhon ofov activities. TVansamerica Corporation Incentive Freeport-McMoRan Inc. Banco Comerical Portngu£s Incentive is a large Swedish industrial group with a uunuvei of SEK 12 bfltion, 13400 employees and 200 companies all over tfae wodd. A global natural resource company, Freepoif-McMoRan is a leader in the San frandaco-based Transamerica Banco Gonadal Portngufis is one of frxtngaHi leading cannneioal banks, Corporation b one of dw world's hugest Incentive is mainly active in tbe business areas: • Materials Handling Process Industries ultratl resources. In recent yam, the company ha dramatically increased its ranking fourth in terms of assets and the only Portuguesecompany listed on financial services companies with assets of$32 bOGcm. Its 1992 annual report - Transportation Imaging Technology natnral resource reserve base primarily through exploration success. _ the New YoAStockExchange BQ* pioneered a umqnemnhetiug appro • ach looks at some of the most interesting and promising trends in each of • Construction & Environment Power Freeport-McMoRan is one of the world’s largest and lowest core gold and These areas include worid known companies saefa as HassalbUd. tflggfamds. copper producers with die largest single gold reserve and one ofthe five by aegmeotiug the market mto different customer networks. In each segment; Tianaamerica's industries, and at bow the Transamerica companies are posi- hugest opcnrpd cupper reserves of any iulu&rn the world. The is ahtii ami using its substantial and highly antQuisled breach ueiwudt, it aans to Electrolux and Esab. The Incentive share is the largest mtegidcd and one of the lowest cost phosphate fertilizer produo- ' tioned to take advantage of those growth opportunities. provide a full range of financial products far those specific costomas. Exchange. era in foe wold. (NYSE; FIX) . f 5: . AnMwrapaRUU .'•.•V;,',-;-- v: BtAnjcV^ct pttp^ - •• Thighs AND r ” SL, :,. ;• .. ...XT;,. i - r* -j r*¥s*»oi •'H.-.isji ImbV (megthta io ib abundant mituna ikMrepmpit! tffldenqi . haewBon and ghM Mftttt. I9S2 • A Siiin:i)r''y *-’u nKtriiiftT AC Frankfurter Hypothekenbank AG Inco Limited Kvaemer Atlantic Gulf Commnniffas Corporation IHCO 1 imiiwl is one nfrlm wnHHSt jimmiw mining imH mgtala mmpmilw It frankfurter Hypothekenbank, established in 1862, is aoe of tfae largest Gezman Kvaarner is an international group based in Norway. The group's main bust- is a leading producer of nickel, supplying about one-quarter of total wodd Afemtfc&dfOmnnmfafae Gapontioii (NASbAQ-AGLF) ie private 1 '* a MtaniWd mortgage banks and foe *'> ' i among most profitable. Its share capital is demand fa a also a major producer of hign-nickd and other alloys, and man- T- ‘ f " community developer with nine master-planned ufactures high-performance communities throrathbot majority held by Deutsche Bank AG. The bants activities are restricted by tbe alloy components for demanding industrial technology, shipbuilding arid shipping. Operating revenue far 1992 totalled Florida and one in foe ' apptarions. Cumberland llnmiiri— « Mortgage Bank Act to low risk business. Le. financing real property In addition, lace is an important producer of copper; precious met- and NOK20 000 million. Consolidated pre-tax profit sis and cobalt and is majority owner erf a growing medium-size gold company. was NOK 932 million. granting loans to foe public sector. This business is fended by issuing In 1992, on net sales at US&S6 billion, Inco reooided a net loss afSlomtt- Kvaraer has 23 000 enqtioyces. Kvaemer is foxed an foe Oslo Slockfrodniqp, Pfindbriefe, which are known as a top-grade investment. Pfeixfcticfe of lkm. Inco employs 17,700 in 20 countries. More than 75 per cent of its the London “bomesies Stock Exchange and the Stockholm Stock Exrh»ng» toindependeut bomebuildezs and to frankfurter Hypothekenbank have been rated "AAA* by Standard A Poors. employees are also shareholders. individuals, and the The Financial TimesAnnualReport Service is appearing on 29, 30June, 1,2 July 1993 Please send me these Annual Reports: Tick boxes This service is io readers ofthe Financial Times PIEASE ATTACH YOUR 0 free BUSINESS CARD OR 'WUVXV'YnTTo'UAxm TTr*7 ADDRESS IN THIS SPACE. .PLEASE USE BLOCK^SnSiS. 17 BICC 21 Tdeverket 257 Transamerica Corporation 29d Frankfurter Hypothekenbank AG IS d The Carisberg Group 22 d Core! Corporation 267 d Incentive 30d Inco Ltd 19 O BMW 23 D VEBA 227 O Freeport-McMoRan Inc 3ld Kva^ner 20 d Southwestern Bell Corporation 24 d Saga Petroleum a^. 282 d Banco Comerical Portugufis 320 Atlantic Gulf Communities Corp Please indicate whether these reports are for business or personal use: PUT 'rd,5- W _ For business use For personal use 3 Both Whichvt rotu oneunc uiof theseiucm; bestueu ucsuujcsdescribes youryuurjuujob uuctide uror positionpusiauu ?: LJ Chairman / President Chief Executive /Managing Director Director / Vice- President LJ Fund / Investment Manager Head of Department 0 Other Please specify ^ t-'sK^kh ^fa^to^FTAnnua^ReportServic^ cut * fc -h. ‘ r«rt|g A . — m - A — FINANCIAL times TUESDAY JUNE 29 1993 LONDON STOCK EXCHANGE Base rate hopes 1- I-SE Actuaries Share indices. underpin share prices FT-SE 100 FT-SE MID 250 FT-A ALL-SHARE +10.8 By Terry 2897.0 +9.5 32234 1430.17 +4J52 Byland, week’s meeting of the Bundes- market came off the top. halv- activity in the second line £1.16bn in terms of retail or UK Slock Market Editor bank’s Dart Year Eantaga DMdend PTE Us8 policy councQ. ing its gain. A new upturn stocks, often driven by recom- customer business in equities. In Jm 28 change X JIH 25 job at Jon 23 0“ yttd % yield % Rato vti early trading, the FT-SE came, however, when Wall mendations from London Consumer and financial INVESTMENT confidence Index briefly regained the 2£00 Street opened, confirming investment houses. The FT-SE stocks were the chief beneficia- FT-SE 100 2897.0 +03 28875 2894.7 28007 25158 5.B3 236 2138 4934 stood up well in the London mark with which it jousted last expectations in FF4EMU 380 322X9 3213.1 3215,7 3215.5 25581 004 270 telHB 4059 stock market London with Mid 250 Index gained 1(18. dos- ries of the renewed base rate yesterday to the FT-SH35D I444J +0.3 14385 14426 14445 12302 538 290 week. But the Initial advance an opening gain of 21 Dow ing at yet another new peak of optimism. Store shares, hoping 21.20 24.19 possible implications of the US of FF-SE SUUKap 164XH5 +0.1 1647.23 T 64551 1844.40 - 4.20 148 3206 2219 1&3 points owed a great deal points. The final reading that their customers will spend air strike - against Iraq, and to active arbitrage FT-SE SmalCap « to« Trusts 1852.07 1651 SI 165023 1BS0.17 4.71 268 3094 2435 trading showed the FT-SE Index at Trading in non-Seaq stocks more readily if interest rates share prices responded FT-AML-SHME 1490.17 +03 142555 1428.44 1430.49 121877 5.78 IBB 21.67 2372 between stock index futures 2,897 for a net rise on the day jumped to around 67 per cent come down, were mostly strongly at first when ster- and underlying blue chips. of 9.5. of the day's Seaq total of 500m firmer. Sector analysts played ling's strength gave fresh Once the relative lack of In addition to the arbitrage shares. On Friday, 508m shares an active role, with brewery 1 CAPITAL £0005(273) 101255 100853 101156 1011.40 82297 4.16 289 32.14 17.52 impetus to hopes for a cut in underlying investment Interest business in the blue chip traded through the Seaq elec- stock downgraded by one lead- Z BufeUng Hsto1ta(Z7) 10B8J0 +08 106053 107038 1071.41 90825 257 4.42 4008 1050 domestic interest rates. How- became evident the equity stocks, there was renewed tronic network, representing ing house. 3 CDdracUoo, Construction^ «&£& +08 95019 951.83 95150 837.51 1.46 242 BO OOf 1243 ever, with the institutions still Also moving higher were 4 B#cstatis(15) 288004 -05 297430 238439 300091 2458.56 134 456 25.73 65.13 cautious, it was left to 5 Badronfcs(37) 282086 +04 2808.10 2902.06 279843 196252 235 2132 2291 the TRADING VOLUME IN shares in the lending banks, 573 slack Index futures MAJOR STOCKS 6 EflgkMartno-Aemspace{7] 411S7 +0.7 408.78 41216 41631 33833 259 533 to provide where every reduction in t t the lead inter- and the stock market 1 7 Eftflinceriaij-QHMripil 58X59 +0J 581.46 579.44 511.14 638 332 19.85 927 est rates is regarded as easing closed well below the day's 8 Malta 8 Metal RnntanPQ 411.69 -03 41X79 41848 42057 31011 t 236 t 332 the burden of bad debts still best. 9 tMors(19) 407 S3 +05 40957 41008 34247 4.65 5.41 3021 077 weighing down bank balance 214X28 Equities opened 10 OOta MuarfabOfl) +07 213033 212732 212*49 177218 534 4.19 2238 5005 nervously 'In sheets. gains were small But 21 CMBUteB BB00FC381 184028 +02 184338 164072 164280 161430 637 353 17.72 25.48 London, although the firm per- and the day's best prices not 22 Breners and DUBataaO 1904.42 +02 190001 190957 190824 208430 028 14.64 3226 formance from Far Eastern always held at the close. 23 Food MaMacftmgCS) 131750 -03 131951 131877 132228 1249.74 7.48 337 1012 25.10 markets had already indicated Pharmaceutical stocks, while 26 Food HataOngCiS) 2984J7 -03 299351 3037.7B 300932 290437 253 251 1435 47.81 that the US missile attack on under reduced selling pressure, 27 Htaffli A tanehtedpO) 326254 336251 336137 3387.57 373730 632 338 1732 4165 Baghdad had not undermined 29 Hotels and Lrtistrepoj 1361.38 +1.0 1348.16 134938 130X24 127828 -d: remained under the cloud of 018 4.38 2027 the confidence of global 30 MaSapq 2021.22 +02 2D17S4 201637 2027.76 1546.60 5.11 254 24.96 inves- the bearish views shown by US 2278 tors. The reaction from tbe 31 Packaging and Pto&CW 85823 +03 85539 85438 881-26 77435 535 243 2139 1237 US investors over the past six public to President Clinton's 34 StattDS} 117047 +05 116437 11B1-69 115732 105932 6.11 207 2093 1731 months. Zeneca, the new phar- 35 80727 80431 strong defence of the TtBHnt20| +03 80335 80531 689.74 632 278 2075 14.70 US action maceutical group formed out of suggested that Wall Street 40 OIHER GR0UPS(f41) 150151 +03 149631 150232 1503.73 125834 730 435 1631 2254 Id's former bio science inter- would also remain undisturbed 41 Ptataan SanfeasOft 184555 +08 183230 162852 182815 140032 5.66 278 2T.38 18.00 ests, could make no headway 42 OMnticteH23) 154053 -OB 155078 155282 156229 I4S934 039 4.Z7 * 3239 by the unexpected turn in now that the share placing 43 Conoknaralaani) 1405.94 -04 141131 141210 140029 125077 747 534 15.06 WM events in the Middle East excitement has subsided. 44 Ttanaporma +08 290632 291819 2981.11 253630 5.13 233 24.72 5382 The London market soon 45 BectrUWiq 1764JO +15 1747Ji 1742.41 173812 133877 12133 433 9.91 31.13 turned its attention to the 48 Telephone wtmriaM) 17B011 +05 178856 180753 180803 136830 004 277 224 -wrann strong performance from ster- Account Dialing Date* 47 IMefllS) -0.1 322730 3244.87 322738 PtePfr? 1258 5.47 009 8737 ling which followed favourable fW Patelnpia 48 I8scaim»a(3l) 231152 230336 231270 233037 203018 735 4.45 1631 4272 Jui 7 Jui 21 Jte 5 analysis in the UK financial 49 M0(BiHULGH)UP(99Q 145257 144874 145284 1454.42 1305.09 044 335 1014 2278 Option DecterattonK press. 51 & 638(19 251988 252331 251809 253826 193732 5.54 434 2288 4835 The immediate view was Jui 17 Jte 1 Jte IS U "500" that this would strengthen the Loot DotetaoBE 59 SHARE HD£X(B08) 154094 +03 154228 154831 154074 138730 034 290 1049 2482 JUi 18 Jte 2 Jui 16 chances of a cut in UK base 81 FtUMCUL eROUP(S3) 1083.49 +07 105853 1057.10 1057.15 73041 258 399 41.40 2138 Account Day: rates, and developments else- Jun 28 Jte 12 Jte 26 82 BartirsH 148457 +07 145216 145738 145738 94278 4.23 339 3257 2048 where in the currency Bused tt» 85 kturaace (Uejffl) 2081.44 +04 207252 207085 2061.74 150938 432 4.29 markets on tauta tajjteegfr te Afrta soqjKBm dm* through tho SEAQ system yeetaday uH 430pm. Trades of one mUon or mm ora Km time ditiiff may tato place Bam 2735 47.49 MS' rounded down. i FT-SE 100 hdm camKuent Ufon too buteoaiM dqm oratior. tasuranoa 87095 focused attention on this ^ 88 (Cntmo^p] +1.0 88456 66139 65838 52820 t 4.64 t 15.60 07 tasmnea BnkenflO) 901.21 +07 382.1 a 89038 016 431 21.73 1046 00 Merchant Bat*s ' 89 PiBpeny(Z9) 871 55 +05 867.47 887.01 877.81 4.72 481 1044 The court case, being heard was said to be the subject of a closing 7 higher at as the FT-A Alt-Share Index 395p 70 OOw Hnont±H(241 383 45 +03 382.41 38000 37737 821 436 2137 014 Rank In New Bern North Carolina downgrade from James CapeL market adopted a more posi- 71 kweatment TiustKlKO 1539 25 +0.7 152935 152239 152281 1142-55 211 238 47.43 1001 and brought by two generic also issued tive 1.450 The company a attitude to hopes of the 99 FT-A«lr6HflHE(B0q 143017 +03 14K55 142844 143049 121277) 278 338 21.87 2172 drug manufacturers. Ban- and statement denying press specu- sale of Tornado aircraft to 1,440 deal Novopharm, is expected to last lation of a boardroom rift The South Korea. around two to three weeks. shares finned a half-penny to In the transport area, British Although some analysts 215ttp. Airports Authority jumped 18 iai»«ei|^ lire Opta 000 nun 1130 1230 1200 1430 1530 18.10 fOgWday Ltarfday doubted expect Wellcome to win the The surge in Great Universal to 731p after talk of buy notes case, its shares are expected to Stores on the back of enfran- issued by James Capel and FT-SE 100 28920 28973 29028 20021 aaaos 28003 28004 28903 28953 JOtHA 28913 -wate imt SUGGESTIONS IN the UK come under fire as bouts of chisement hopes continued UBS. FT-SE Wd 250 32143 32173 32213 32213 32243 32223 32241 321X2 FT-SE-A 390 1441.4 14429 14407 1448.1 14448 1445-2 14452 14440 14427 14407 1441.3 press that Rank Organisation uncertainty unnerve some with the 'A' shares gaining 17 The day's two debut stocks, Ttaii of FT-SE 100 Hole Ittffltem knr OBStaa was closer to selling its stake institutional holders of the to 178%. Metrotect and Enviromed, kept in Rank Xerox brought a stock. There was talk of a pick-up up the run of strong perfor- mostly sceptical response from US newspaper reports con- in DIY sales in recant months. mances by market newcomers. FT-SE Actuaries 3SO Industry Baskets flwrius leisure analysts, although the cerning AZT treatment also Kingfisher, owner of the Metrotect, the plastics group, B&Q (My Open 19 88 119 118 IUI 1480 aoD K.10 Qaaa dttnw shares reacted more favoura- added to the general air of chain, added 3 to 607p, as did closed at 13% after turnover of Centres bly, 18404 1847.7 18500 1858.7 1B55.B 18573 1857.1 18553 18523 18542 18308 +17.4 gaining 16 to 79%. Turn- uncertainty surrounding Well- TUtnowr votums Do It All partner WH Smith to 4.1m shares, while Enviromed by (mttori) HateSftH 10113 10113 10153 10142 10129 10110 10122 10117 1011.1 10113 1011.8 +03 over was a healthy 1.5m. come. The latter's shares, Occluding: Wnunarkot while Boots settled 429p, gained 4 to at an 8p premium to its for 13323 1333-2 13312 1331.2 1331.4 13313 13302 13300 13304 1330.5 1332.1 -1.B buefrwoo and overtone tumovw a The advance was helped by down 45 per cent last week, 454p. Ladbroke, which runs placing price of 11%. Baals 17725 17753 17002 17700 17759 1779.7 17809 17704 17703 17793 17603 +112 800 more speculative comment fell to 684p yesterday before Texas, climbed 3 to 179p. REPORTERS: AddUom Wttnetion on Via FT-SE Actuarial Sm micas la pufchtart In Saturday taaa. lta» al constituents, m mataUt from Vn» Rnarctei Timm that if Rank were to sell the stabilising and closing a net 9 In a quiet drinks sector. MARKET Limited. Qno Goutnorti Bridge. Union SE1 M_ The FT-SE Actmrtas Stare fridtam Service. «N*i comm a range Of ufraJiunk: and pweMtemd praduri* rataMng to uieea Indcas. la mulatto from FMSTAT al the same addraaa. Xerox stake, and also accept a off at 68%. Turnover was an 600 Metropolitan benefited Steve Thompson, Grand The hgoaae k> tin sin at me FT-Aduoriat M-Ehae hide* from January 4 19B3 maana M the FT 500 now amahs mom soda it has been tenoned the long-rumoured offer for its film unremarkable level of L3m. from a recommendation in a Christopher Price, FT *500*. f Sector P/E ratios graatar man 80 bib not dmwn. 1 Vtaies are negaHwi. Tbe FT-SE 1 00. DM FT-SE Mid SSO and the FT-SE Actuarial 350 Mon am complad by he London Stock Exchange and the FT-Actuartes AI-Shwo Index b division, then the company 400 US investment magazine. The Christine Buckley. compant by Tbe Rnandol Tfrrws Lfrrtted, both In con|uncaon w*h tbe Insbbas of Actuates and the FaciAy at Actuaries under h ataatad aet of goiaid tutor C The hnemndonot SteCfr Endwise of Vie United Khgdom and Hartal: of behind United 1003. O Tbe Financial Tlmea Limited 1093. righH resoned. could be ripe for break-up. shares added 5 to 434p. Com- M Tarmac wanted Other statistics. Page 18 FT-SE* and TFootaa- am |otnt trade maria and nervice maria of ttw London Stoch Exchange and The Rnancld Tfrnoa Untiled. Tbe FT-SE Actuaries Shorn Some also suggested that the 200 ment on the Greenalls bid for htScoa are auSed by Tbe WM Company. Xerox stake sale, which could Tarmac, the building materi- Devenish saw the former climb raise in the region of £1.5bn als and housebuilding group, 4 to 35% and the latter steady and virtually wipe out the attracted much heavier than Apr 1883 at 36%. Rank group's debt, might also usual turnover of 6.4m amid a Same* Paunean A confident statement from LONDON SHARE SERVICE become a bargaining tool in mixture of revived takeover WPP raised its price by a eliciting a higher price for the speculation and talk of profits Owners Abroad, which Air- penny to close at 87p with 1.3m film division. Although Rank upgrades and broker buy tours failed to land earlier this shares traded. Shareholders at BRrnSH FUNDS BRITISH FUNDS -Cent BRITISH FUNDS -Cont 1993 has denied being interested in recommendations. year, rose a penny to 9%, Euro the annual meeting heard that - Ham Price E Notes Wca£ tatfi tow It tat Metes Price £ - Mgh I selling, analysts have put a fig- Bid speculation again cen- Disney 15 to 810p and Euro- the group was well poised to “Sfrortf (Urn ap k Rh teraij IQpc 2D03 its** +u life 10BH IS 730 Finding Bpc 1B93H ._ 10D 100V 5M +J« ure of £40Qm on the film divi- tred on Minarco, the mining camp 4 to 227p. take advantage of a recovery — Trrw 11 i^pc 3BI-4 ffltt 122fi llff* 934 738 TlBM UUiPC 10 S.S2 131*. TJ5 Ftoklng O’aflC V9M ._ TU, +w 748 8711 479 734 sion. and minerals group which Weekend press comment and Its worldwide revenue in 0>*gcl9M- 1S4K 2JB 258 1«ljpc19M# ££ QmnknB>2iK20M lllfl +u TO* 105% 838 73B 238 300 the control of over the business strategy at constant currencies was up 5 B12|)C200S 111^ +J* 105% 731 However, more seasoned comes under Effifr 13'jJ* 199* SB? TOU 040 291 327 155 Kffl 3J0 hands were dismissive of these Harry Oppenheimer’s Anglo Thorn EMI helped the shares per cent over the past five Treat iQpc La 1994ft- SS2 Trios 12‘jtc 20D3-S toA +A HM» 134* 901 014 1 105*2 190 Bn*!2 3* 199* 7Vpca« w« +il K3 94JJ 738 704 1M suggestions said it American/De Beers umbrella, gain 8 to 9l5p. months. One media analyst 2pc TB— 1S94, XII X34 and would TtauifecISM# 550 BBCJOBB-84 100V +V »1A 04A 734 731 1ZPC1B95. zttfcm 144 397 248 be some time, perhaps years, but was largely dismissed by A profits downgrade by said that it was the most bull- Tibbs P Ur pc 2003-7.. +u USjj T1SU 049 010 2*29011. 1 148H 134 EttbapeQat 90-9S _ mm +*a 252 Tran 8'jpc 2007 1B4U +« W4U 37?. 014 730 2*jpc 13 1 1225 330 356 before Xerox would be in a building analysts. Hoare Govett saw Abbey ish statement by the advertis- 10*HPC 1995 — Flqb 2*zpc16 +*a 1 MS 261 Treis 12 &2A 13*21* W-8 137», tilt 139V 131 801 8.15 „ • ;*» National drift back 2 in quite time. ^ 1” t IMS XB1 165 position to buy Rank’s share. A Dealers Cazenove, Tar- to 40%. ing group some 14ec 199 0.45 IIS’ ** ill 10=8*1 352 aas iMipcl 857 spokesman for Rank declined mac’s stockbroker, had turned Hoare was said to have chop- Elsewhere in media agencies. ** 111,. KEHr XS2 3.65 Eah IB 681 _ _ , nUK . PRmwcBm rate redompbon rate on protected Inflation of n) 10% to comment on the speculation. a buyer of the shares and ped its current year estimate Acsis Group suspended its CUnuraitiui am tOpc T996- and CH 5%. (bj Figures ki parerahesaa show RP1 bow for increased its earnings forecasts from £670m to £640m. shares after their steady drift Trets ia'«pc 1937U_ 088 Da SrnoMtn prior to Issue) and how been actuated » refect Each iDhpe 1997 icbaskig of BPI to January 1987.'Com 29 1S93 TUESDAY JUNE ,1 financial TIMES LONDON SHARE SERVICE low 245 3 „. r 10 _3 378 320 +2 227 170 __ w 19 ... «N +2 427 341 rri T72 147 * *8 5 79 a ~ K 3% 4®t iWg 07 _ 12% A +1 K ss +3 235 154 81 a «S 327 1 71 a Marti EngB 1% 2 QiM Mifaaai V 1 148 90% On*m^ MB in QHcnp^l 33 CS^PSanl 88 130 50 -1 » 18 a 44 ia vn a a ITS 132 wwai -& +18 no 636 113*2 ±"St 0* -1 9 a » 11% — M» TOO *32*2 14 *T 8K 4-1 219 in 5** _ . 10 ZZ 3 2 420 383 49 a? 90S i-U - -• ,-ji ;-rr COMPA 39 15 79 37 34 29 54 — 153 126 — — S»a mm 504 4.2 - 238 LI 121 173 1893 IK 2S9 W ft's HE Z9 — 5.4 VIA 5j0 239 3.1 183 37 — 4JB ISO S3 24.7 44 2211 37 232 S3 S3 77 — 36 308 +1 *401 -1 308 Prt« - taw •* -- - MM MS M7 121 U 1507 -05 73 -4 74 48 — — 88 a re tin - — or IS 180 ~+i 10 m - 2334 328 on - SW Bl +i 251 195 42 2X34 -07 B31 £33% IB +2 IB Ol 031838 13 m t» 88 a a — — — 2 — - — 79 — 133 a a 21 . 280 2m% 88%rt 59 05 704 92 38 — 40 +i TO 230 12 1108 :104 TS % — — * 48 mot 41 18 m- a s 87 10 72 177 903 93 * — 325 320 140% 1% 148% 141 — 3% -IJ1 DBS M M 19 21 300 104 12 IK tort CO 108 42 1302 04 B *3 98% MOB 0 - 1780 1848 1318Z1J 64 28 4-1 38 298 +1 an 226% 24 2741 B8 — 90 180 2SS +1 2S3 218 - — 127 — 134 114 1 M 90 37 1158 24 — 220 -I** 285% 31 a a — — 15% 0120% 358 "+i 393 304 24 4253 104 22 -A* 34 205* ao 180 102 - — 179 +1 W7 298 "+I an 240 -5838 47.7 520 t« 528 139% +i «% 04 7.1 1183-157 29 -1 32 141 ___ M3 133 14 — 122 -21* 129 MB *14 OB 438 - 723.1 104 282 +2 343 ia +4 TO a - 1523 0.7 1 mi +% in * 9 • s - 74 --143 12 90 111 "+T IB 133% 27 101.1 0.1 29 — 32 181 ns ISO 18 2202 194 8% 7% 288 “+5 an 284 24 3404 18.1 122 120 in. “ 170 131 18 1854 113 110 122 co 111 - 1247 41 m - O'* — 8% 37 +i 41 a — — 111 124 B a- 40% 17 71.1 43 271 27% +% 41 ___ 43 21 — — — wn i« 181 +% M% 98% 58 1088 43 % — UK *% IIP* 142 MB m 38 S31* 4-1 119 a - 73% 37% 18 022 112 218 288 a +% a M — — — MM 173 in 33 2012 183 117 ia 115 - mi 0A Ml *2 m 174 33 228.1 148 07 £7 52 — — - 13% a Iffl — — — a -1 w n 18 1094 127 31 - n 24 — — — on . 278 243 48 288.1 -84 47 *2 47 40 2.1 548 154 n +1 13% •% — . — — no . 131 » 77 1313 12 a —+1 a 19 288 338 15.1 A. A A _ _ m ISO +1 M* 130 18 1704 97 10 +2 71 56 _ — — a _ a a 211 - - 474 688 ss +% St Si *2 +1 93 72 44 9S7 82 27 MB a a — — — - — » ... n 79 T24 33 __ 33 - 873 413 Pita - a m +2 MB n T4J 854-223 21 ri +1 7 m — OT 941 __ U 0134 £134 £128 54 — 18«* % % — 144 137 mm lisa 162 MB 195 -4143 220 42 289 __ an 377 W m -4 73 82 1U 793 1&1 ma — low 0'S WE 143 143 138 m m — 59 % % % 140 02 95 88 _ 71 35 22 812 *73 20 *1 429 165 22 — • . 10 a m. m M2 1 -% — % * 100 85% 9.4 118 +1 120 s 07 1343 118 190 228 33 19.7 12M +1 TO 96 05 1202 08 231% 173 S5 195 SI -1 a a — _ 117 88 — 92 ttN S3 63 AJ 1184 224 81 SB 38 10.1 130% 131 % 127 — _ CtMmdHobAJ— 94 — -28 14% _ 287 +1 278 222 3 2BQJ 48 ua 88 44 no +Z 931 STB 84 84 394 GWO 320 3J 147 +5 on 513 24 7340 183 *41 22% SO 138 m 92 . — a a 24 68.1 84 109 121 28 107 M +1 a 18 18 15% 04 184 04 m _ _ EHradBmtan — 9% +% % 8% 10 % 8% — — - BqjtauraUV fa 3:7 1 in W . . i-; 138 140 . 81 44 138 406 124 £ 89 +% 81 51 S try TO 4! 43 1993 Ykf % 134 131 - in -« 178 KM a% WE +3 92 1524 125 r. TO a +2 a 41 ijr; 0 — 9 % a u — « +% 27 - 302 -98 ;;•••• 31 41 174 124 so 247 t Vji TO "ft 55 8 373 -4 304 a 10 * 104 r a* tor _ Ml 80 02 1184 84 * • *. 48 SI 49 17 ZB 02 1 274 2sn% > "A , 28* S3 B2% 125% 28 200 m 38 3034 10.1 ' 231 +3 SI 183 34 ir *v US 121 68K 544% 42 165 324.1 223 TO 179 Ml 13 1898 118 r>- i TO 84 70 77 13 08 h ' | 124 CM n 38 1701 208 7f 4% — 0 m 353 S/i 26.7 !"' JU V •TJ. TO 221123 • f 192 177 r%rt 4112 31 78 — « 113 OT — ;Yr 180 178 9 rh 4% 27 a 18 _ tjC - 318 r ir - 348 - OT v. "j- - 318 OS fs - 35>* -3*i 73 M4 -1 221 184 48 17.7 TO 230 289 178 BJ g!43i £4K 7 15 9 2848 .192 > 7 TO 171 833 548 48 - 129 140 * — Z7% 15% 07 132 « -s- TO 3 1100 900 4411354 S3 IB — IB 12 w 9 W TO 130 CI4J, _ in - — TO 90 - nio 104 CM ETIi 18 - - A ''A vt 319 — 330 "S = 48 23 35 88 41 43 a v in 111 85 1274 V. i C TO 139 42 143 49 n 42 15 % 87 B3 . £46% - M9 £42 91 -1 95 281 288 204 8J5 ru % % *k' u - a _OT- 22 17 s'./, 94 M « 19 12% 45 207 ma 118 4L1 513 VJ 1 «T T> . ‘ — 7S +1 79 - * MM 44 *188 106 119 64 47 711 14 n 178 •so-. TO 180 «4 4 48 59 72 42 re a 7.1 195 W +8 % TO V P* 128% 97 03 1288 155 +1 in 7% +% »% 4% a »% 14 i: a a 27 4V r S — 31 104 109 78 45 143 % 5-_ TO IIS* -2 137 9 w% 8% a mm 97 83 381078 114 MO *OT— 146 % r*; :a 137 104 118 42 118 91 6.4 202 98 28 143.1 -24 — 188% +% 171 2- 4 — 8% 207 2a in 62 174 TO 587 v' TO MS «. Mr 81 739 -1 780 GO ei 34 S4 - U 1357 9.1 'TO E»*s EB2% - 184 4>1 Mi 77 34 "Mr, 22 — » 107 >. > a OTOTOT 65 474 48 019 96 TO a 23 994 194 U TO nri 440 no 380 15 _ 17% MP 17% 5 72 — 75 4 218 240 M nma a 41 04 2M -1 296 186% 32 184 858 18.1 ^ \ I 224 -Z 231 m 13 1S8 17% _ 19 12 E2 00 — 79 c:- (0 68 a 2.1 158 n a a 21 718 7.1 • IK — 11% — — 77 Gtfl +1 M 7 TO ao *% mh 7«9 — 50 M 98 92 6* 1« 12 _ 294 +% 299 248 03 2911 06 m 112 — 118 4-1 H%rt 80 57 197 099% 1E220 21 »*.. 43 47 95 95 % _ M21 387 35 155 2*7 +4 20M an 180% 33 1923 -03 fjf +2 177 3 +2 TO 27 33 207 no +15 BM 287 212 iz — 14 270.0 4 7 B TO 54 +1 145 4% 141 +1 142 124 50 — — 1.1 1323 -74 «. 4% — 8% 44rt 42 28 23 n M 42 141 *7 144 * ts , m t\ TO 759 *B s 01 TO* •TO •? tfj a — —.a ,„ —- —————og«t+i _ 2 . — _W. A. UV4t¥. 5 ——- D—.4_4f —— ——4f J 4 ———— HT - FINANCIAL TIMES TUESDAY JUNE 29 1993 29 LONDON SHARE SERVICE “WESTHIBiT TRUSTS - Cool; MERCHANT BANKS OB. & GAS - Cont PACIUQMG, PAPER &PfBNTTNG-Cont TELEPHONE NETWORKS BONES- Cont or 1023 Note w IDs or 4. or 1393 Price low VU Ml m 1683 YU 4tr 1983 lid YM SattAlnv Kg Plrt-) Nee - ffa 2930 +1 Hu dpi to CapEm MM Grt HE Mas Pike taw Grt WE Mom Price _ low CapETO m Notes Price 001 tow Cap£m Gris * 153 37.5 115 WI m U BtataDaGKOlMM S6>] 317 256 *7 3508 *2 See Ttf Scot TZfcd 747 529 1,587 13 164 OyWPwm SOU 32% 2118 20 Tl* * w* * 94* 74* # a textiles srfcct 49 812 1.1 BptftPT.— 2S2 255 IBS 1079 39 - Command Patai 10 10 £2 Assets _ 132 7*i 313 «- 53 „ 56 26 » ; 12 253 132 TO* 1.1 1749 249 Wfcdnrt 240 250 -204 - - Eg tad Sari. — IBS 50 * Cotter Rannes-V 27 254 357 -2 358 294 13 159 98 113 71 £57 U8 *2 139 128 - - t Eq tad Serf 39 ._*a e'a 633 - SraSUK -ja 226 -a 295 229 IS M.1 no 1 138 128 - - — K 44 IB 2J8 * WflKOT 39 Cncaderj f 33 453 103 some.. 560 68 4S 35 * AHtan -t aH 132 +2 132 — ZaB*tecPf 5SD- 86 -1 M 56 SOB - IM 59 1263 -U 10*2 111 - Sbt-Pkn. 248 248 in 42 5 AteonkaVtaik U 12 409 fU 2800 2B2 231 — aw -w 397 6313 50J StoraBSXr- 05% -% OIV £33% 22 - Mtad Todds 12 159 £127* £131* METALS A METAL FORMING — £115* J 3 644 - nettyltta 17 -2 21 9 - - fifths 69 163 SomSetoti— 128 139 97 19 1510 169 1993 UU YM 577 319 36 — 38 34 42 162 «— «— cowji.o +*4 27 36 15 taw Sr's 7*0 £14% £14% eioA 374,7 62 CwEro 47 50 141 1 Ml 62 t in ^ AnfpoAmer fi- 1250 , , 129 ASM. a £19% £20* £11% 4«5M 35 78 29 51 1384 35 £30*2 189 160 - 1010 1 102 73 +% ApoaalMab- AngAmGoUR- a 39 14 M 12J 40 195 1* (US 218 221 203 lls MB* 1% MOV £18 1,118 45 24 24 Ash & Lacy * 143 467 165 +* 14 5.1 Wl 07*643* 4.1 3* 5 2* - Angb PK Res «G 22 2 22 8* 17.1 - B7V 123 403 97V BOV Btanu £1 ISuO 34*2 1B*2 S68 22 99 WDodpW). 780 f3 65 15 - V " EI3V V E13* no* S72J S — 62 38 Bill GUM Zjjg 54 1330 13 0% 164 TRCtyoJUn 363 +35 TO 2284 £6 138* MOV 128 13 1329 -49 --a .-T— 17 IM 54 Mi 34S TR Emo GrwrOi 55 55 1.18 05 107 — 199 7B 79 1179 158 35L9 £9 * 45 851 PftlSU) * ____ 57 59 27 113 687 55 * 18 359 ,« BhWdMWnglt* 31 32 18 124 24 TRFarEarftac.Ma PROPERTY MS *2 MS 112 320 5JM £7 48 132 - - CM Ho*. 34 ! 43* 11 24J - wwrans 43 4-1 ' 43 22 ""-“Sft- 120 440 £1 4> 17*2 + « 1993 64 169 Geet* R 85 90 83 3974 62 mughtoc 121 - 43 241 75.5 - 17 121 102 62 ini ~u 22S&; t 108 1419 09 Price Mots k» 2W Garmr H t IM -2 188 125 £258 60 sun. 290 _ _ WWBWr 28* IIS oi B&2 105 74 -1 77 41 31 25 &S 1408 *31 1800 725 £9 iflpacfic- 32 188 14.1 19a -SO 163 46 153 110 03 1362-109 £1 18*2 689 I - 5VpeCVMTfI 85 86 82 TRProp nSIfir - 878 979 875 1,438 27 __ 28*0 28* 17 42 322 160 9 405 141 i.nz 29 322 Anglo Si James 15 15* 8 — iRSmeier id 79 354 5.4 - - Aroatenkd— 135 tfi 135 87 4342 1.0 178 179 146 29 1889 53 83 390 160 63 63 58 THTeehnrfoai 49 254 - AacWWdBS 102 -1 fQ 66 88 47 39 212.1 061 9%peCMPI 429 114 16*1 W% 16*i 1187 820 1953 15 IWta_ 51 *0 ... 51 72 160 - Asda Prop 61 2200 2200 2010 1926089 157 M KM S Scot {O 353 a 89 — 94 54 37.1 MonradiRes 158 +2 175 68 22.1 - hdrsarlWlieyfHCI 4320 837 Stapped PI 126 — 126 432 30 179 MoHS C8B 430*2 £38 18808 49 - ArftBUAaeoc 18 21* 6 * HcnMCu 1093- - 111* 63 - MwStartY MB *2 IK 47 4DD 2anft. 208* ana* an* 209 27) 147 17 Mrwittt—-JO 4** — 47 34 2872 - 721 «M- 22 22* 16 **w*toR_ 190 295 95 56.1 59 TtareHoBar 3Q9309 -T—.I .Z L»W 4*0 1900 168 in 539 49 no ttawimfen 7 6 544 48 45 38 42 179 - 40 315 283 64 3249 60 ik™~i * 9*i GPS , 119 128 78 112 40 182 HZQI 2 493 14 12.0 Win — £18* * ns* BIO 4103 70 301 42 331 218 07 2611-112 IBS f 33V 44*2 28*2 3 — 3* 86 in 71 158 '3 - 2613 66 RandMhaR £5% C4V 829 106 182 182 100 Norsk HytkoMtr CT7 D7* £14% 3981 1.7 211 B»n_ 588 80S 398 66 BA -A „ , - Ttanoon 76 78 70 117 - Haiti Sea Assets 29 33 21 151 45 109 Baton 28 33 21 £73 262 107 11.1 Vogels 70 49 119 11 E Ow 182 , 182 118 29 1865 17.6 .$ * 139 1« 134 113 43 129 Occidental - BoomeEnd. 55 55 23 173 362 29 - Tlarntan Aslan.—40 BO +2 91 09 07 1010 Wtai 3 CI3U C18A £10* 4,137 11 + Waretsi 27* 33 12* 344 139 ^jtSSdZZZ 80 95 73 122 - Boated Oeaonka 12*2 15* 9 172 _ 61 — 19M «4 213 >50 2915 7 154 IS 17 7 -S _r WePcomH 485 *25 SOB 1719 79 67 88 58 391 52 - Ohio An 46 84 - Braden XI 12 -1 23 12 441 22 79 Dunoon Pan Em 3f 32 27 49 311 109 CS.—— 25 Warms StaeSSauZZS 45 ... 49 39 459 61 179 OtawrUn. d 2 3* 2 289 37 « 23 492 49 « 1 , 2 1 5* 7 5 7.14 - PanPaetacWtai— 6*2 4 - - British Land 32S +2 *336 188* 8779 64 Drag Dim me 840 70 58 «* - " 8 — —mC * ThpsenDU M72 tel 1540 1279 4007 - PcnSnaBR 2182* -I £141 £788 63 8*pcChRdPf £130 *i* etat* era mm “ rap 455 42 468 363 ‘a cm + AzncEsph. -fZ 30 18 - 29 IM . . IM 7D 750 PMPtta— 124 _| 126 99 640 _ 173 BrtttelEB- 183 -1 *209 140* 4219 ThnslOODMeCOaQ 109 •tel 108 87 0ndrte Grid 17 4* 447 - 176 *199 158* Htoncdeff 311 -10 403 293 9£1 £8 t Bed 28 ; 28 11 - 548 3,476 39 wnUUtwtostrta*"“neB IB* M* 9 HontorCnRi— IB - 94 Burtonl- GM Throgmorton Tat _$ m 4h 70 54 11 762 105 30 26V 29V MU PiuntoAS 13.6 CMtottyW f 8 1* 8 1* 134 Tor he 3430 368 338 149 - - 115 115 59 2912 SO - ... — Rjwica 12S0 -31 US 77 225 18 Central PodOe . 31 Cap 806 80S 846 091382.1 389 .uo M M tangar CS 353 48 393 290 3478 45 - Trust of Prop 72 r 82 50 29 819 123 Gmaere. 11 13 4 nctmund 7 6.46 - Turkey Trust 4s 289 -15 276 130 89 MISCELLANEOUS 8 2* Date Gold f UK f6 no 46 1785 Royal DmcBR £81* -% £91* £51* 32569 52 6 123 -18 149 19 28 31* 26 3£1 19 * or Md YH AS 164 10J USOC 2D0 >1 Saaks — +3 171 117 6t£7 55 *Q 200 178 29 2419 17.1 |M« - Dondntan *1*2 31* 14* 1165 67 Prim tedi taw CapEm Grt m Sdduodtargar „ E4S E46 £38 «L979 1.7 _ 29* US Soaker cna sa 127 152 123 51 1312 39 AS - DonwHhg— a — 49 38 556 * SeadtoUlke— 57 -2 97 47 285 - - Dragon Rea ^ 4* 6* 3* 088 .. . - M 00 62 - - AMeycnal 78 79 43 164) 61 212 sheUiasi 631 -* 637* 515 20,817 4.3 164 OeoradRtttatSC-g Emperor f 101 118 22 469 Malua&tac. 101 4*1 76* 963 -11 * KB 49 Afcvruig 481 « 518 434 565 £3 FerCoatrol Ventral 4 TeePf 77>d 93 74 7.79 60 - Sect aoe Ascot Hotdhgj 83 EtjiWItaiantog— 14 <8 8 152 16* 16* 12 - 213 224 Atanasc j t 645 415 89.1 M 167 Star 361 160 OroWtai— _. _ - StQ 3te 285 1167 39 ” Fuaayh 11* 12 11 - 46 r 41 38 109 - Antaerfy. 35 38 18 £18 17 “ — — CaptadBcd - Stntaabqpv— 183 203 182 598 IMS 1128 225 _ 225 187 - Agpld IPgroplL, 77 128 73 M 63* 35* 2575 29 :z$n. IM - Dares Eas IB 167 ««!»*- ItorantsAttfeie-O a »* 4* 197 39 2V — 3* 27 mJ 27 25 - A^encmma 51 81* 38 363 1.7 180 212 15S 248 12 173 Total B Ffir___ 531* 6930 Da>*1 (DY) 16 £1 149 taabOm I Wetstikea. 119 110 1449 W -* £33* £26* 12 « * M no S3 M9 Aumods 117d 142 TO 3295 - HeteftosoKces. 18 +2 28* 13 183 - MMbrmdlo*. “ Trident Petkn. V 1* 2 1 042 daktegan— B 13 29 149 SB60 008 542 56 720.1 17.1 BATteb.— -4WO 428* -* 907 411 13,180 64 161If? - ritaai&»wo._455 29 41 21 219 f 59 Detention Item _f 03 B 79 168 jwta 15* * 18* 5 164 .*a 187 2 197 181 16 2265 12.9 12VpcLnmmB-.. £124,; 4>4 £118/, 6879 - * £129td M TuBmr 4^0 22* a* 9* 1U A Banana 4 140 141 17 4 ndataiGakL 98 117 GO 1209 119 21 22 16 09 266 111 rBLP 93 65 4.18 - — 28 - ItaeterK 40 1* IV OV 390 - - DenwnntaHr— 488 48 4 - Yaaaantac- ... IS 24 12 896 XI 110 IM 101* 154 BartoC 910 -T 68 42 1-1 885 UMEneen a a 16 797 - DtadoaHoussS — 48% 45 265 Cap. 173 174 125 *2 118* 82* I, 182 £7 Beckenham— 7 — 8 * 8* 6.18 - Da Wanaatt— - - Dswar. 54 55 19 629 M* Zero 8 8 5 616 PI 186 +* US 178 BtatonBlea- 35 *41 21 255 ~ 10 13* 2 100 - ~A — * Wctarti Betel 3>a 4 1* 295 - Emtesay «P 4V 8* 64 73 NstamW lOMiluri >41 lfcrfU*«J FINANCIAL TIMES TUliSDAY'J^NE 29 l^-j CURRENCIES. MONEY AND CAPITAL MARKETS FOREIGN EXCHANGES FINANCIAL FUTURES AND OPTIONS Dollar/DM rally falters CHUOOD ««* * TOM SBtapeMa elMM THE DOLLAR moved down number to plus 25,000. unchanged yesterday at sharply against the D-Mark in Mr Steve Hannah, a director Y 106.05. European trading yesterday ar.lBJ International in Loudon, Sterling gained sharply after earlier failing to break believes that US economic against both the D-Mark and through the DM1.72 level, weakness may continue to the dollar yesterday after a iantes James Blitz. undermine the dollar. “The report from IDEA, the market At the start of London trad- dollar will regain ground." he analysts, suggested that the ing, the US currency was said, "but there is not enough pound would be one of the potato INK boosted by suggestions that substance in tlie price to say strongest currencies in the Hn M the Bundesbank might ease its that we have definitely pierced coming quarter. official interest rates this the DM1.70 level." The pound surged more than week. Mr Hans Tietmeyer, the The dollar's preformance V/z pfennigs against the Bundesbank’s Deputy Presi- agains t the yen was even less D-Mark at the start of London dent, said that the DM1.70 level robust as dealers took the view trading, to peak at DM1.5470, was an appropriate level tor that next week's G7 summit in before being sold off for the the dollar/D-Mark exchange Tokyo will see growing pres- rest of the day. But it still rate and that developments sure on the Japanese authori- closed at DM2J875, up 2'/. pfen- concerning the German budget ties to reduce their huge trade nigs on the day. Sterling was deficit could provide more surplus. much stronger against the dol- room for lower interest rates. Dealers believe that the US lar, closing at $1.4330 from a These developments helped government has adopted a pol- previous $1.4780. push the dollar up to a high of icy of dollar depreciation in an On its trade weighted index, DM1.7180, but it drifted back to attempt to reduce its trade def- which measures the the pound a dose of DM1.7000. down a net icit with Japan. The current against a basket of currencies, 0.20 pfennigs on the day. political crisis in Japan will sterling closed some 0.8 per- Technical resistance at ensure that Tokyo finds it par- centage points higher at 80.3. DMl.72 was one reason for the ticularly hard to respond to US Dealers said there was very dollar's failure to advance. pressures with a concrete trade active buying of the UK cur- Compounding this was a belief agree ineiiL rency in the early London that Friday’s non-farm payroll In London, the yen closed morning. figure for June may come out somewhat weaker than expec- ted. E—S EUROPEAN CURRENCY UNIT RATES Last week's higher-than- I cairn* » I I I I pwm % Spread expected weekly jobless claims Waked AgdMt Ecu n figures Cmacy and poor durable goods Jua a figures have forced some econ- mufpinu Escudo - 182454 188 758 -3.18 4S4 S3 omists to pare back their Sans* Panto 154230 150.133 -247 442 47 expectations for the net payroll «5lPM 0400528 0803046 Ecu caM nua at m m buapjw Onmatan. tone*** se ta dmaremg iwm strmgfe. Pemaagi duogai an Kx Ecu: a pasM ctanga damn a «Mk cuiency. Dfcagaxa Am Um afio M»*i Mm wrcxte tie pMCtuagc tffcrenca tobnen Da ac&id ourtat and Gen Mr a cuiency. aod Dm l. 4820-1 4SO0 1.4750 M7EQ cud mu am ojb-ajjpm 034 mm nuxtaan DawM percantapa deuacua to curacy* md ms (run te Ecu coo&d rata. BJJTpsa II7/VB2) surety sad RdW Ln departed ken Em Mtodatnt ededdad by fkauu nan. , IJDO-OOOpB 099 12 maHBs .. | 108-3410. UK 2.95pm 1.4925 - ( 49JS 140-09700 19100 - 1417)1 044447pa 52.15 - 5223 97400 - 07500 1.0380 - 1(090 25330 - 25400 24125 - 24225 19420 - 19440 - 228840 - 231 SOD 12311.50 231240 108500 10.7500 84075 - 05050 114550 - 11.7500 15825 - 15600 17.72 - 1743 22400 - 22SS 12925 - 12995 t\ ; 8’J'j a *! i mrr Dq's Ckra rineed 1.4750 1.4965 1.4925 - 1.4336 Sam fare. _ Gta*o«ft - hskPem. Qasa Sap 9344 93& 93.48 9344 D8C 94.03 B4j03 93.92 9349 MV 9429 9429 94.18 94.13 Jin 9444 9441 9424 94.19 EUbnatad 2803 (4821) In «k«w i (to and of Laadia muhg. 1 0k Wand sad Ecu are quototf os i — Previous day's open M. 24521 (23107) Mapii Forward gremfcaiB and i ta apdy to a* US (Mar and not n la ntMtari narancy. England 1 Guaranty 9BSS Changoa % TWB MOHTH BIBO FWUC TOB ! pakdl oi 1—to Slalng _ .. _. EURO-CURRENCY INTEREST RATES ctosa HUi Low Mar. US DdUr Sap 95.45 9522 95-41 9547 Canadian Dads .. Dec 95.74 96.75 85.71 95.07 Eadmaad whan* 100,24? Total Open Marat 4O1430 Austrian sctHing HW 95.95 9546 9642 9547 t t AO Yield & 0pm Itaareat figures are tat me provtoua day. Bdvan Franc -. . Jun 95.96 93.90 DanMi Kiuna .... EaUmaKd wteiw Z773 (5964) D-Marii Previous day’s open W. 36869 (37311) Svriaa Franc Dutch 0urtv - . French Franc Ura Van 54585 54815 Van per 14IU French Ft. par itt Lka per 1400: Britain 19. par 10ft Paula par 100. 'Currency Fax - FREE 2 week trial MONEY MARKETS FT LONDON INTERBANK FIXING COMPANY AWARD x j v b\ G5k Anne Whitby fll-00 ajji. Jura 3 months US dobra 6 montae US Dtrires 7 7 28) - ™™ 75,01^ W1R 7KD, UK v' x Fax 7 9 4966}0 L French rates fall 3»g rate DM 3U OH* 3h Wtl after eic^anso scecialrsts fcro.'er 2D years ’ e P. | | o' ..!A^^.c»>sf me ihtaa rates are arithmetic means runded ta nearest ane-rixteenti. o( ore and FRENCH franc interest rates French cash rates were also ou bn DM ottaad rates tar Sidra quoted ta He market by On reference banka at 1140 am. each nortdna continued to fall well below sharply lower on the day, (toy. Tin banka are National waatmtaster Bank. Bank of Tokyo, Deutsche Bank, Banqua Katana da Barts and Morpm Guaranty Trim German levels yesterday, as down from 6.94 per cent to 6.82 Bgllto FX. and GOLD dealers took the view that per cent on the bid side. Victoria moves widened ___ Street France was getting increas- These the MONEY RATES L>J 1I M 24 HR DEALING London EC4V 4BS ingly impatient with the pace spread between French and UAU Td: 071-329 3030 rate cuts, writes German prices on a day when MEMBER SPA Ctf irewibr 6athcrmfbnai«inn Bag 071-329 of Bundesbank NEW YORK Treasury Blfta and Bonds 3918 James BliU. the German market was far One month liras 447 less Lunchtime — 3.03 year Last week’s fracas between buoyant. The September Two month 345 Hm year 6.10 Mr Theo Waigel. the German Euromark contract was up 5 Prime rate 6 Three month 3.16 Sawn year 5.46 NO MORE DANCING! Broker loan rate 5 Six raonm 327 10-yoar 440 Send your company teaertwad • Stick Pins Cuff Links • Key Rings - finance minister and Mr basis points oil the day at FoUunda Vk One year 3-«S 30-yrer 089 SATQUOTE™ Your single service for real lime quotes FarUundi - broadening the spread at intomnaan. raw year —. 4.08 ..—— — and logo (or a FREE DESIGN • • * Edmond Alphandery, his 93.16, Tie Clips Enamel Badges Futures Options * Stocks * Forex * News * Via Satellite French counterpart, was the against its French counterpart Six Lombard LONDON +71 329 3377 Mentha Intervention dominant issue in European to 54 basis points. Three month ] NEW YORK +212 2696636 FRANKFURT +4969 440071, money markets yesterday. German cash was 5 basis Frankfurt. 7.76-746 7.60-7.70 740-740 746-7.56 7.15-725 points higher on the bid side at 5*1 7*-7ft 73,-7la - 6H-7A axtet! 5-5U 5-5»* - 4B-5,C Steward SL. Birmingham B18 7AF, England. Fax: 021-454 1497 UK clearing bank base lending rate Amsterdam 7.00-7.12 648-7.03 - 840-648 7.50 per cent Contractors ta H.IL Oovammanl Tokyo - 6 per cent 3>V3A 3A- 314 There is some expectation Mian lOiVioil io-io»b - 9%-ie* EXCHANGE .5 GOLD from January 26. 1993 that the Bundesbank will ease Btusaata 7jL-7,i n-7 - 6%.-8% Dutton BV7 81J-7i« 01J-7.V e%-7 84t-8% policy at this week's council LEGAL NOTICES French politicians have meeting. But Mr Adrian James, LONDON MONEY RATES recently called for coordinated an economist at NatWest THE COMPANIES ACT 1948 European rate cuts to help Markets hi London, believes Jul20 OwidgH 7 Ofajettive Jj!£S IM, IMs vma NOTICE OF INTENDED DIVIDEND analysis & strategies stimulate the continental rate cutting could be deferred f° r the |V .aU 4 professional investor. economies. Mr Waigel said last to the meeting un July 15, aratBrii oft* 7 or* e e a Kama at Compa ny Esd (CammadMet) Umtod tatemat* Od 6 6 5% s\ Trend week that Gorman rate cuts when the Bundesbank will « (In UqukMIanD Analysis Ltd StattoiBCOS. S3 rf Hi F cr ies JM SI Andrews House «2 - 32 Sout,1RJt3 inca Authority Owe...... G% : Street were a matter for the have details of the 6^ 5S 5% ..mehestc,-.w Hontsii local Atonrity Bond* „ - 20 SI Andrew SMM S023 9EH Fax 0424 774067 government's budget deficit Okctura Bundesbank alone, and MUDepa 8% 6 London EC4A3AY,Englono Tel Conwti 096287976- cancelled a routine quarterly reduction proposals for 1994. Duodis __ Hmnca Houee OepoM - - 57i Sh 5U Court High Court oi Juska meeting of the France-German Sterling futures markets Treaure Btos (Buy) - S>, Ntmtet of Matter 001530 continued to be very buoyant 011 984 economic and finance council. Trada Sb (Buy) This tension raised about the prospects for another DdtorCDa. last day (or 27 July 1993 S8HUto»OD«LOB*f_ Rccolvtofl Proote suggestions that France might cut in UK base rates. SOR LWwd Dap. BW fMuto f AIUl iJniritomram aiBHMta^y quit the exchange rate The September short sterling EOJ LMtod Dan. Oflar __ Ntm»Nrane o(at UgutdataraUguldatare m a Jordan and G A Weis* ECU Unkad Dap. BU - mechanism in the autumn if contract rose 4 basis points on MOressAddress SI Andrew's House FAX3 0C38.789963 German rates do not come the day to close at 94.14. The 20 SI Andrew Stant London EC4A 3AV, England down fast enough. December contract closed 5 toscaunt 5.1033 p.c. ECO) fl*a Rata Surfing Export MabtoMM^23. ism Rjiaa iw » you Deeaw Oku you have a curim ogotaffl Esal (Oammodllte!) The most spectacular venue basis points higher at 94.32. a^ "I" urnnad, piaosa suhma (Molls d your doVn, togtotwr wfflilull D A A F speculation yesterday Three month sterling cash ataM SmEMn SfSS E T> for such E supporting documontalion to the loot liquidator (d Itto Oddross srpjtSSceatoa d Tax Oapotot {Sanaa Mpoalt 6100,000 futures rates were unchanged at x THINK YOU AUK PaTinTTI-OO was the French franc 5{f and aver Md under ana an 2ti pn; ono4hraa m set our ohaw twiona 27 July 1993. m€tu market where the September per cent, despite difficulties roiatert Etaa-tamkm mooUtt *l2 PX.; UndervCtOOjMO 2to p2"fcm JanS? iJmTdcJms** rok lMuu; data, call i.d.s, datai-tfi) shortage contract was up 20 basis points removing a daily of U61 474 (Ml SO H)K A COST 1.1 1 I. l I C V i I I l j> on the day to close at 93.70. £1.2m. 8 1 fr'-Ty z> T — G 1 M FINANCIAL TIMES TUESDAY JUNE 29 1993 35 WORLD STOCK MARKETS CANADA Stock Wflb low ctowctoa SriM 5M *bbh low OOtoCtog Stoik Hgk Cbnltot 100000 DatlxnA 35 30b 3»b-4b SfaeKmA $38% TORONTO 4800 Date 385 375 380 -5 snamoG u$8% US PWnaoMrJJunfcit^asi 151223 Dotasto 5141s 14b Mb -b SUSSBt $T3b 16268 tonka TH 511b lib 11b SKC&mv $i7b , i 4pmdoseJm 23 9840 DorrSBr Inc $7b 7b 7b -b Sonora GB 30 ZB 390 DbPUAx *45% 45b 451? SooBbdi SIS 18 43s In art* u*ss QtMkns rated S 32177 tortwtort SBb 6b «b Spa Aero $14 14 SttoA 204 2BZ 47 28877 HBttPr ibuo Slab 13b i3b -b 237S50 fitatovH SI 5b 15 15b -b *m 71420 $13 ttb 12% 20450x1 «25D +b 27900 Erica Ltd S6U 8b 8b 140315 Trifcrnfn $30b 39% 30b -b Wmn 355 345 355+16 !?r 5529 $12% 12b 12% +b <7850 Tack a $21% 21^2 41188 ABrttEn u$21% 21% *b -b 21b +b 15520 Einttor $30% 20% »b * SI 7b 17 17b 6200 MKGh U$1Blj 16 16b +b 263606 AXaoAl S24b 24 1440 mud 410 405 410 407365 An Bar & 31% 1200 FtfMkttir S&b 9% 6b 32000 Aknai 13b 13% 145188 Fkrtng USIB 17b 17b +b 12750 MlfenAs $15 14% 14b -b 1977 FDrtb S2Sb 387146 BRUOW1 28b 2S%+% a 25b +b 140700 Four Seen S17b 17l 628943 Bk toe SCI 2b 25b 17 2 +% 2500 BCSogar A ssb Bb 57065 FflOCBNw ii£S4% 63 63 1Q7B47D BCEJac $4+b & 44 -lb 135000 Betaxrt 21 20 21 950 LHP A u$1SU$18 18% 19 +b <318 IMedCOp $32 31% 31% -1* 7500 BSP A $11% 11b 11b *% B500 UkDonM Si6b 107D3S BonbVaS 12b 12b -b !16b 16% 18$ 400 IMm S7b$7*8 7lfl 5432 BoalHey £8 14b 14% +b 7b onanfwi 19 I7b 18 26700 42875 BrascanA $12% 12b 12b Vicanyta SlDb ID 10b *b +b ",b lib 137125 HTEoastE uS20% 173050 &9riMr 22 21 22 Z2b 20b 20% +b 22b 6110 HtasaGea $44b 44 7372 BCTri 20 20b 7B 80 44b +b 15828 MC8 $16% 18 18b *b 10867 bimri St 21b 21b -b 230 230 I - Ho mflng rt*m or mMOad nans mas 800 Brunswick SBb ab eb+b 42 s 42b3 52 57 25% 28 15b 10b 18 .8 32b 32b 19% 19b 33 33b ’ " I 485 480 23b 23b IBb IBb noyriafMge 4,810 +10 19b 19b 1 102 102 taprieBrigoAR/l -4310 -40 6 & ! +H Soc Bn Brigs 2323 +5 47b 47b 77b 27b Eoc Gen Brigs /W-Z2B5 -35 7b TH Sonrm—— 12.550x1 *450 Stfwc 1,422 -24 Sohwy 11.700 -+2S TracMlri &2B0 +30 11b 11b -b June June June June 28 25 24 23 25 24 23 22 AUSTRALIA Dsn Darafcg Bank— 328 m OntoEiei (1/ifloi 17151 17004 18887 16988 149580 (1371) EasiArisflc in 348089 319881 346681 3407.53 JIB lUto (1/1*8 7618 7458 7455 740.1 58470 (1371) FLSMa 510 Fin Gallon PtaS) 70 187.0 10747 107.40 10727 Great Natfc 410 300L2B IWTJ ISShtSsnrB 185 150939 151528 1491*1 148543 71285 nan) JyriaBnhRtB 285 lasttoanfrftB 13C 24380 84288 8(1.76 2*1.ID 128841 126550 1255.13 1253.74 120.11 m 1125.48 (471) WCT MB. 200 Now Nani B 567 31271 SapluBorenIA 410 0OB 2B180 (471) Boptas Bmnd B— 41 U 1107.7 10842 124820 (21fi) 84110 (22/1] 47124 nan> 177221 (2¥1) FAZ token pi/12/58) SBTJB KS8J6 £5721 85151 OHM (1/12/5$ 1B80B 18723 18781 18828 ME tonga* 24720 84680 24482 34601 251 JE 448 MX (3002®) 170720 189824 188821 189M9 C10W93) 05W42) mner ErnoR Anar too. Hate 43089 434.78 43581 44085 2981 744724 07/5) 543720(470 MMatmddl (4««9 ffl/12772) MSMOCMpato 89421 88672 88479 88677 70685 5487 EEO Oxnl (471/89 180283 157888 15B27B T5B4.14 I 180283 OKI 1191.19 (11/1) (4®B5 (31/1073 yssr apo (appro*) ABwCopcoA AtttsCopcoB DWMuMlllk YWd 114 2107880 OT) 1B287.4S 0571) Bscnkjr B_ 167513 (SAB) 125086 (25/1) Ericsson B year ago (approx) NoUaPM-. 238497 (7« 185172 (3671) p *>. 272 Outokumpu A s s maw im MALAYSIA SSPWL ttErato 2883 USE Ompo* (4M/KQ 72207 70880 70186 717* 748a nw» 6i«a nan) HETMERLAND8 CBS HUtaGentfnd 1988 3452 3457 3453 3482 34820 0M| 28570 (471) NEW YORK ACTIVE STOCKS TRADING ACTIVITY CBS M 9* (Efld 198$ 93S-4 »BH MSS 2272 22850(28/$ i»30 nan) Ssocka Ckatig Change t Volume M Friday traded pries on dsy June 25 Ame 24 Ju» 23 82784 0Q 888*0771) TlnanB 2855400 4% New Yaric SE 208828 2BQ839 271543 KIM ' 5427200 20 _ Aswt 17.255 16.132 17253 Us* Cup (27105) 154141 154889 195488 165439 (5« 127088 (4H) WaUtoi 2275308 26% * % NASDAQ 218858 227.1 GO 258.950 BSD 2.118800 16% SES *6fa$*on (ZKT79 48848 01/5) 38810 (13/1) 1 . . pajSprr DtosM 1885400 8% * 1 2516 2584 25» Knar Bones 1846200 30% 4 4 J5E Grid 0819178) 188U>T 16550 17818 IHEfl 188880 (2889 77500 071) 1899 1.126 848 AwrBartcfc 1828700 244 +4 <7088$ 47110 48*0 48878 47HOO0W) 433300 (IBM) 7E6 7B1 1*1 VartyCwp 1820800 31% - 24 tr^Sss 650 647 646 IBnOhur 1.784800 21% + 4 68 57 68 782* 76253 777* (W 37 57 ' a 1 1 1 \ TT\ 25880 20.01 28482 0216) ... • v [ f+f* T“| J'» ’-i RI 10667 10631 13 103820 078 | 87519 08/1) 10418 WS£ 10282 1(08.7 90480(1171) 3098 8043 7188 7*2 67170 (1171) TAIWAN** 294789 297954 297148 2M782 3000* 01* 27031 01/1) BrigMd Mot 0IV6MO 404448 4182* O 413217 308943(871) 389177 397988 385183 3835.70 3391.77 05* 327580 01/1) 810* SET (30477a 81884 (I* K) 192088 191481 1838.10 05* 172097 pin) ar ihm Mfinna t 48680(1371) 101008 PM) 88273 0371) -tMUnXUal* I Nn; 4ML29, fas Dap Ex. 74027. 1 SuO)n t (fieri KriottA triatted 01580 BIT. Mbs axririkritoac KB mptlsAtaDaMl BB20.IOI Gan. IB &1, OUNOEn Tip-100, mosaic MX- L0». * 6* - 2557. JSE X MriM* - 2K3 snl As** M Osfew) M BHq - 500 M CM M ItariMU TOKYO - Most Active Stocks Monday. June 28, 1893 Stocks Oaring Change SUcka Ckjekip Ctange Traded Pnose on day Traded Prtcao on amt Kobe Steel 4.1m 345 *17 Nippon Sari 12m 372 *3 Knwnnidl Steel 4.1m 368 +7 TnmmraACo 28m 1810 +20 KoeOI 38m 1.010 *38 Bimtomo M9 Mn 21m uno +10 Suritomo UI Un 15m 339 +17 Nippon Of 18m 786 +13 Mnrixn 38m 574 -30 Osaka Ose 18m 597 *• l ttsS Ml" ^ ; H ",'*S |u- [i? IS THIS YOUR OWN COPY 2JS OF THE FINANCIAL TIMES? Iftril: || ^ Or do you rely on seeing someone else’s? Every day the FT reports on the topics that matter to people doing business every day. in and from Europe. We cover the latest European. U.S. and international news, and analyse the impli- cations from a European perspective. In fact you’ll find far more than finance in the FT. No surprise then, that the Financial Times is read by over four limes as many senior European businessmen and women as any other international newspaper* 3.470 +40 Make sure you’re one of them by gening your own copy of the newspaper 1JB0 430 delivered daily to your office. -s««e ebrs i»h 1 FianUril/Maio I.GrtllUlty TfL * I56HSH.TU. 4lbl»9. + 46W5‘JM4S! Ti. . Gdtal Hal. FmipictBlTxnD. (Europe) h*H. Nibdunpenptat 1. b(H) 4MW Fax SPECIAL INTRODUCTORY SUBSCRIPTION. flTRMyte.. 70S (or more lofunnaknri«4B aid NraoaJibotp<7(iwiin rates, waiei fa np! Twy.l.v FREE ISSUES axmiry oa Itued oppimc. I I| i H5a DELIVERED TO YOUR OFFICE lPInDr JJHTjfll —— Ter. Gill bn Hat. Faawa) Tooo. (Europe) CnfaH, NihclwifeaptaU i. 6U» FanUun/Main i. Gomaiy. Tel. + 4W 156850. Tlx 416193. Fa*. + 49W 59M48J. lini I wlUnOw ro YES. I wroU like id utncnhc lo lhe RobieU Tone*, ax) enjoy ay I2bwn(iee op 2 Company dap before dcfl«ny of my fm copy. Please enter my tubueripdea for 12 nmb a Ike foUowaig ate*. sssji 1 like Fnomal Tunc-ddiTOnt- AddroMOMildi mnfat my Airsu Oeswco France FFR 1.950 Lgiemhomy LFRliSOOU=R 12J00 Spun nsSfeflW Bdpoo BFBI2J00 Gerauny DM 701 Nelbertanih DFLSWDFLSM SwabSsretfcn 5EK 2J9X> iv— DKK3820 Cn*ee~ 09 22800 Kanny NOK2800TiOKlpOO S+nmSwiualand SFRbgO (raifand FMKI8H) Laly UTSriUH) Ponegal ESC 5700057.000 TdkeyTake; TL 1850800 | ExprkVDaen ClriV BUI —I CTnrpe my Amemo me I I EuocanJ/Vnj Accoua. Expiry Dm: Sipiaiw .Vo rwdrr arrrjtfd utthttn a JlgJUflOT. •CjOTfWT rarj jt aoli luW/br ibrrmrr a ld0rtdnureae«ri.S*iTTCM*ftvr» 'em1 ij* CTr.1—nlr Ft 1 ' FINANCTAL TIMES tnjrm. —Jot&A s&&Tvdrm flpfc- Wfrt«‘«ken'4^ eiJfLC nTOei o. «U Q^ nMamUM/mr/*/ W*. to ftm» Ante* Wrv 7«4 7W /«• UK Fa Eat , —«t 7~l».> r,. atomic u itr FT rmn THW TrtCvSmiF f NEW YORK STOCK EXCHANGE COMPOSITE PRICES nt, FT s* dm ftpt Cb> ftlEM* LsmtahCto mi si Base •“ ' 1981 m n a m n Pin _ « W m nt H at paa hn. E «k Qn4a UMteuc * CbM 7 iS m IX 72 z10aS% 48k 48k_ tax* Mg* in*Slack Db S E ra Lear I HP Chat W> k * 8 Ita Hot urn Ota 9 Mb Lansacfc U « E n Bp Urn d- W w ak . a y^ 54? 084 10 74 5 21% 21% 11 7%CflSSkT 012 17 X 10 ft 8% -% tn% aaanitaB 6X 4L2 (A h KAn, h IM 2A 18 1061 14% 11% AARCorp 048 38 24 79 13% 13 18k JUNE 29 1993 37 NYSE COMPOSITE PRICES NASDAQ NATIONAL MARKET 4pm doss June 28 n at SE m. w M n w Mr HR k Stack Ba. 8 ma Mgh b E 1881 Hkto im* um Otag Wta togk lore Uti Ctag Ota. E 10to H0I Low Ian CM » E » % E UBi itoto lev Continued ftwn piafau; ASHBaMlKL32 IS 1027 17% 17% 17% -% a 1035 15% 15 15% +% 054 15 73 38% 37% 38% papa 1% iUMtodL 9 in % d% sEutiwCip ABShtoa 21 17 12% 11% 12% *1 DtafStoDp OSO 12 216 24% 24% 24% PhnaartEx 056 18 123 a% 27% Z8% +% - T - 12% oa 18 37 102 11% 11% 11 - J- 33% 24% IkMQp 088 18 81050 24% <124% 24, . ACC tape 112 a 12fi 13% 12% 13 4% Dto> Shops Oa 16 88 6% <&% 5% -% naaaSi HZ 11 128 16 15% 15$ % - - JU snack 29l339u17% 1*4 17 4% s 8% 5% TEBYBnar 020 29 73 B 7% 7 Unocal Qp aa 24 24 5488 X 29% 28% +% ActtefmE 42114711129% 27% a+1% DtinSlEn 032 6 70 16% 15% 16% +% RncaFad 5 231 8% 7% 8 27% TOftm 075 13 7 in 32% 32% IMMCop an 18 14 622 54% 5S% 54% +1% AonaMOt Joann he U6 a 443 ulO 9% 9% -% Prenfi 22 lS%SMaRl 1-38 a 140 17% 16% 18% 4% Dtfe&Gs OSO 15 9 +1% 7 70 6% dB% 6% -% 12 18 10 8%TCWCti1*S -% 3% 27% 22% 20 084 88 138 9% 25U0MM m 48 9 1907 30% 29% 30 AodomCp 273397 JLGkxi 025 a 6 15% 14% 14% •% PiesLBa *% 16% SCORlECp 032 17 1*2 16% 4% fiddamps 0.44 11 1S8 21 820 21 109 B 38 7% 6$ 6$ -% 2^ jSajJJ TDK tap A 041 12 a IB 38 2Q 15USUC0 024 18 5 37 18% 18% 18% JotnanW a 210 20% -% 28 2D SI'S Techno 1.28 37^ a 10' AdWUtii 122715 20% 20% 20% 19% 19% 44 180 21 20 20% -% Stt 44 15? 2^_ jTISMtan 0120 88 0 11% lOUSUFEtae 188 14 0. 37. 1D%.. 10% ia% OnlCDnp 825004 21% 19% 19% -1% Uh 12$ StitanRt a z% 2% . Jonesht 5 565 12 11% 11% -% 1JM iS 9 34% 28% TJXODB on 13 1147 22% a%1S%USXMBn 088 *8 32 3219 17% 17 1? ADC Tab 281251 aB0 57%S*2+1% -% Preston H2 1 14 4% 4 4 SSSS 22 32% MmOftB 25 568 21% 20% 2D% Jens Mad on 247uti% 11% 11% 19% 17%1WMrp 183 15 59 17: 48 3i%ustussa 180 16 10 2057 40% 33% 3S% Addta0k>l 33 30 14% 14% 14% -% a Price Co 14 1950 35% 34% 34% -% 93 17% 17%‘ DapSy 086 28 10 4« 3% 27% JotiynCp 1.16 13 GS%fi%1Mta 1J8 856 22 15% USCDRM aa 19 16 78 21% 21% 21% AdbSan 016 18 71% •% 4u38% Z7% Z7% Pride Pa 91 243 10 18 63% 13 a 21% Devon 020 8 4$ 4% 4ft +ft » 26%Udep1J73 1JI 62 11 29% 28% 10 58 7% 7% JSBRa 056 12 785 -% 25% 9%12IMcf 01D 08 93858 16% a% Adobe 3)5x040 335507 67% 64% 65% *% 24% 24% W% 9 S 7 6% 6$ 4% i^io^arinqrSlsSSf 24% 17%TakflBRI 348 19% 29% 27%U8eop in 14 a 651 o2B% 29% 29% OK Ted! 12 85 13% 13 13% 4% JmdUs 024 17 441 16015% -% _ 2* io?g 1B% 15^ AdnncaC 10 3a 12 11% 12 +% 15% PredOps 020 17 722 24 22% 23% +% 8% 3%TUayM 142 &8 17 102 DMIB 032 12 348 31 3*2 30% -% Jusfiox 0.16 16 1257 18 17 17% MvLotfC 16 GO 4% 3% 4% +A PratedU UJ4 11 163 36% 3*4 36% -% 2® as 11% 6%THq>Pt 180 12 6 II Di* tad 22% * in 36$ ^8 -V- AdMFtiym 23 1213 23% a -% Pidter J- 38^ 65 a>% TamBmne 16 58 7 6% 6% -*% 034 12 610 29% a a 1J8 SJJ 14 13 3=1? 182 11 14 1501 461 4 3789 35% Dig Moo 9% 8% 9% 4% Paten B 16% S%Ttiton 2080 I! ia IS 11 5216 48% 48% AdMTBtn B 332 17% 17 17% +% 112 16 1219 2*2 19% 70 *% a» 15 12 22 47% 4W £4 80 Tsndy 044 10 1258 1353 Dig Sonl a 358 1% d1% 1% •A 5 28B8ul9% S 32% 24% . Cap. 080 10 47 2Z74 22% 22% 023 a 1*48% 46 48% *2% 18% 16% 5 11] a |G° »% U nitons Mb 083 14 13 t oa 11 S IN B% 8% 8% Ogsy* 33 21 4% 04% 4% 4% - K- a arimlng *ASS 9, ' 15 133 1H14% V*2 •% 14 12 9 *2 8% 40%TkpEm9 1 SB. 4.1 18 l3S 47’. 8% 3t» VeHim oa 4J 5 4% 4 DtazCp 3B% 36% -% issuer a 12 413 B% 8 8 -% 18 67 % 15 101 23 22% 23 OutaCIn 060 15 162 18$d17% 18% 3 3 s 13S £ 9 20% Tnarartr 010 14 211325 24% 21 19% Van Dam on 19 47 307 iCI a% no 50 isn 4-% DUeYrn Oa 15 351 11%d10% 11% +% Dot Food 997 '% 0fi4 T.B 20 10% 9% 10% 1 11 846 10% 10% 10$ 120 a 34%_ 3*2_ 33$. 1378 38% 38% 39% 1% TtitnraCp » 121 4% 7%Vta*np» 199110 98 8% 8% +$ wi ” 2S0 8 617 DMA Pitt 5 832 4% Quartan 53257 11% a » « 1? 23 1fl% TotaJyne 080 38 16 409 20% OVacKo^dtor ia 11 J a 10% 10 40% 39% 40% 4% 5% 5% 5% KatoiarCx OOB12424 156 7% 7 7% +% 11% 11% *sSam«Fefflu DolarSo 247 tatioto onioaira 15 3: 128 18 6 1561 32% 11%1MMtitoiia64 7.1 187 12 11% 92 861 18% IB 16% oa a a% 27% 27% ; 16 164 26% 25% 26% -% 21 119 11% 10$ 10$ 4% 0.18 331 805 t-SWMaifi \ iTetasxWa 096 1B219VM8Z 46% . 4%VmM 8% 8% on 14 629 2*2 a a Oom Skate IMS 96ln27% 26% 27 4001006 (NCMUnk 47 3535 66% 63% 66% 43 rSartaWae 24% 23% 24 +$ aao 7j is 37 3 41%TanpWM 180 21 17 405 45 44% 44% 140 08 M B07l£1% GOi 14 13 48 9% 9% 9% Dot* Wn x 060 16 ul 6% 1*2 15% FeSySv 1 251535 26024 26 +1 18 12% SMBFeSth 24% 19% 13 ISO 5L8 248 22^ 0.10 06 1911363 I. 14% TenpKEfflMk 039 28 271 ulA 19% 19% Mr 22% 049 13 10 1' St 233 3*2 29% 29% 3 Draco&w » 7fi3 21% 20% 21 KboCbM 1 1187 3% 3% 3h % b Sot Lae 058 2.4 ia 4000 24 TavBBUi 172 12 1 S3 8% 8% 8% 94% Start* Cp a 309 X 311 A 6 397 9 6% B% 14 T37B 12 11% 12 Kacascky 6 32 6% 7% 8 *0$ Strew Qxp 2.74 5.7 15 180 1A 1300 8% 8 15% 14% Vaatxe 1.18 IA 1 9 16% 18* ... +% +% 442 u43 “6% I® 15 599 16 - - 21 *2 Scacorp 74% 65%VKS«® 100 18 fl00 73% 17% 17% -S DreyGDx 024 27345Bu31% -% Kkabalx 1 18 51 29% 28% 29% -% R 1-42 5* 14 4898 24% 24% 180 32 a 3257 50% 73% 73% 28% 29% 23% 35% 25%VWmrta( 19 882 35% 34% 35% 080 12 41 14% 13% 13% % Kkechner 96 50 -% ScbamflP 24 480 120 84 12 90 26% DRMjBnpo on 35 307 7 8% 7 6 7% 7$ a 1110 27% 25% 27% 4$ 29% 29% 20 1MB Rat 11 16 032 11 38 Tuesday June 29 1993 WORLD STOCK MARKETS FINANCIAL TIMES AMERICA EUROPE bourses Further fall Prospect of Bundesbank rate cut lifts . . j— idOQ QQ-minps A in 1993 earnings. of block trades A number HELSINKI added 2.7 per cent INTEREST rate hopes ahead of fundamentals were much with now helped to swell volume, Bundesbank meet- worse than to the&EX index at 1,138.0, m Thursday's in those two years. Indices 500,000 to EK Aciusnos Share, some jrpina the forestry ing moved a number of bourses Elsewhere, other cyclical gained in sector, in bond yields through as the shares COPENHAGEN’S yesterday, writes Our Markets groups like chemicals THE BUR0FEAN Sa«S also while KFX and engi- Jnw28 to FFr402, Alcatel FFr12 moved up 2.1 pa: cent to Staff. neers were broadly higher, 1600 Ctoso the index changes Own 10X0 11X0 12JW 1300 14410 volume and Hearty saw large institutional buying. FRANKFURT was accused of while banks were relatively 91.08 cm 1ZHLS7 1211.03 gained FFr6 to FFr661. 1209.24 121005 12UL74 1209X7 121008 shares weak. FT-SE Emrtnck 100 VIENNA climbed by neariy l window dressing as the DAX Lufthansa continued its 126601 126608 12 1*602 led higher by FT-SE Bnhack 200 1264X9 1*512 1266X7 12BSL50 KM ZURICH jffds boosts stocks to rally, gaining pa* cent on hopes of a cut in index rose another 11X6 DM5.40 or 4.7 per volume as the Jua23 Jon 22 Jon 21 hanks in good 1,707X0, good points over cent to DM120.80. Jun 25 Jai 24 German interest .rates, the a 20 While the index rose ZlX to Z&8.T0- 118669 1193-31 SMI index rising 7X4 to 86053. banks: Citicorp rose $% to $30, its March 31 level. Turnover firm dollar certainly plays a FT-SE tap*** 100 1202.12 119658 1197.17 interest rates ATX 125134 1250.44 Signs of easing Chase rose from DM6.0bn to DM6.1hn. role in the airline's climb, ana- FT-SE Earotnck 200 1254J7 1251.56 124023 Cyclical stocks were among Wall Street Chemical $% to $4154, Switzerland and elsewhere in leaders, with Veltscher Manhattan $% to $31%, Banc Analysts, meanwhile, argued lysts said, the possibility of - 13*43 200 - 1284M to the mt-ns - i»n u» were one stimulus Bm *» mo cvwwn sawn: m in Europe gaining Scb258 declines in One $% to $56% and Bank- about the distribution of share improved Atlantic routes drove increas- Schi4 to and its FURTHER bond the financials, and the falls over the yesterday’s trading. parent company, Radex, up yields, which dropped to his- America $% to $44%. price rises and of cash out of fixed more cyclical, markets ing flow toric lows in mid-morning, Brokerage companies, past three months. MILAN remained nervous as Fiat gave some support to other, another. Sch8 to Sch336- interest markets was although easing on are disappoints*. ISEQ overall index helped US stocks post solid another sector which benefits The most obvious DAX the market awaited the out- the market, Holding gained DUBUNs brokers believe that this In banks, CS gains, writes Patrick greatly from falling rates, were strong points were the car- come of talks between the gov- the kerb to L6.410, having fixed The driven higher by finan- Harversan to SFr2,680. However, was How- ynarfcpt will remain attractive SFr40 cent better on in New York. also higher. Merrill Lynch rose makers, BMW and Volkswa- ernment and employers on a L152 higher at L6.451. active stock cials. 2.9 per the until monetary policy is the day’s most At the to $79%, Morgan Stanley gen. BMW rose DM7,60 to wage accord. However, after ever, telecommunications day, as it closed 26.04 higher at 1 pm r Dow Jones $1% approached aggressively eased in France was Nestle as it Industrial Average was up climbed $1% to $67% and Pri- DM517X0, up nearly 9 per cent the close, Confindostria, the issues again performed well, and 1,602-93, trading on the pros- and Germany. the end of rights trading, 22.14 at 3,513-31- The more merica, which owns Smith Bar- over the past three months: main employers organisation, with Stet up L55 to L3.425 and pect of further domestic rate the underlying shares rose ' Philips moved to a new broadly based Stan- ney Shearson, surged $1% to VW's DM10.70 gain to DM369.50 said that there had been no Sip L62 higher at L2.541. cuts and a good outlook for the high, 20 cents to SFrlS to SFrl.146. ' - bullish magazine progress, although a further AMSTERDAM registered, year’s up • dard & Poor’s 500 was 2.67 $51%. based on a BRUSSELS saw the Bel-20 Irish economy. : negotiations good gain on the day, FI 29.40, while Royal Dutch put higher at 450.27, while the Leading technology stocks report, strength in the yen and round of could another high in TEL AVIV closed sharply Ten- FI 1X0 to FI 176X0 and Hein- index hit an all-time Amex composite was up 0.92 at were also in demand. IBM the dollar and a break above a take place tomorrow. with a rise in the CBS on lower for its sixth consecutive FI 182X0. early trade ahead of late profit- level - left it with Comit index closed up dency index of IX to 112.7. as ekenFlLTO to 431.49, and the Nasdaq compos- firmed $% to $50%, Motorola key chart The 2X1 at losing session. The Mishtanhn- stocks attracted Among cyclicals Koogovens taking, to close up ite up 5X2 at 699.61. Trading added $1% at $87%, Digital gains of 21 per cent since last 5X1 or LI per cent at 540X4. same cyclical blue chip index foil 5X1 or 2.7 improved FI 1.60 to FI 34.80. 1X68.4L volume the to March 31, and 52 per cent since Montedison, whose shares, investors. Optimism that the ia on NYSE was 136m Equipment climbed $1% lifted by per cent to 187.02 after 2 per interest FI 1X0 to FI U6.40 and STOCKHOLM was shares by 1 pm, and rises out- $41%, Unisys put on $% at $12, the end of last year. along with thoss of its parent, Bundesbank could cut VNU by Sunday, reflecting in number of. blue cent foil on its meeting on Thurs- KNP BT by 80 cents to FI 31.70. advances a numbered declines by a ratio and Hewlett-Packard rose $% “We have seen this before,” Ferruzzi, were suspended early rates at heavy sales by both private rose on technical chip stocks, as the AfRLrs- of two to one. to $83%. said Mr Bob Barber, the top on, provided further disap- day also supported sentiment PARIS mutual funds. vfiriden general index put on investors and analyst at pointing news at its annual As Smith New Court notes in trading ahead of tomorrow’s Once again, a buoyant bond Northern Telecom crashed automotive industry However, a govarimeart tteci- and fixtures 13.70 to 1,080.4a Ericsson B’s market provided support for $7% to $29% in volume of 1.7m James Capel in London, “and meeting yesterday when it its latest European strategy expiry of options a to SKr335, a new sion not to impose capital SKr9 : that it lifted its document, the Dutch market contracts. The CAC-40 index gained equities at a time when the shares. it's all ended in tears.” Mr Bar- announced had the - high, after the group gains tax on stock consolidated net loss from “is benefiting from safe-haven gained 30.11 or L5 per cent to year’s fundamentals for the stock ber said that the car makers 1992 expected to help > told investors in the US that it exchange was this a previously stated Ll,244bn to status in Europe at a time 1X90X5 in heavy turnover of - markets are anything but posi- had seen an upswing like prices today. gamings expected a substantial increase share tive. Although concern about Canada in 1990 and 1992, but that the Ll,679bn. when estimates in the FFr6.7bn. sluggish economic growth has undermined stocks, it has pro- TORONTO’S push for the 4,000 vided a fresh boost to bond mark on the TSE-300 was ASIA PACIFIC prices. Yesterday the bench- undermined by a surprisingly mark 30-year bond rose bad interim report from North- another Vi of a point, sending ern Telecom, which dropped Japanese equities recover as Pacific Basin divides the yield down to 6.679 per Northern shares by C$9% to A . - . A ... . , . • < . ... _ I .. 1. » _ .M . ,n. no M n. O A m a number of fairly static moving up 18 emits to A$14.10 ing 98X3, or 2.4 per cent Iowa cent, the lowest it has been C$37% in heavy volume and kei 50 index fell 1.69 to L209X1. era countries,” he added. has thin turnover. elec- All sectors gained with air- equity markets, was divided after announcing more than at 4,044.46 in since 1977, when the Treasury left the composite index 29.75 Tokyo The Tokyo metropolitan , significant posi- Trade in SEOUL was light, too, began issuing 30-year bonds on lower at 3,962.02 by midday. tion has been considered an lines rising 41 per cent on the between rises and doubled earnings, .and a hi her faTlfi tive outlook current as the composite stock index a regular basis. The drop in the telecommu- POLITICAL nervousness was indicator of voter sentiment g yen. Japan Airlines put although turnover, tod, for the to 734X2. BANGKOK Low interest rates cheered nications equipment group assuaged by the ruling Liberal ahead of the July 18 parliamen- on Y47 to Y790, with All Nip- was a moveable feast year last Friday. shed 15.05 moderate turnover as investors because they reduce sent the industrial index tum- Democratic Party’s resilience tary elections. In spite of fore- pon Airways up Y30 to Y1.150. HONG KONG was boosted by NEW ZEALAND crept up to slid in bail talks investors worried over the the cost of corporate borrow- bling by 94X6, or 4.2 per cent to in Sunday’s Tokyo municipal casts that the ruling LDP Minebea, the bearings the news of more on its highest close in almost US Iraq, the SET- index ing. and stimulate interest in 2,172.10. Shares In Northern’s assembly elections, and share would be hit by the recent company, plunged Y30 to Y574 Hong Kong’s controversial new three years, the NZSE-40 index attack on cent equities, particularly through 52.7 per cent parent, BCE, fell prices rose L2 per cent on buy- defections due to a row over on reports on its mounting airport, and the Hang Seng ending 12X5 higher at 1,667X4 losing 12.02, or IX per to the mutual fund industry, C$l% to C$44, leaving the utili- ing by public funds and deal- political reform, the LDP loan guarantees to its troubled index dosed 134.02, or L9 per in low turnover of NZ$18m. .884X4. ' which has benefited from huge ties index 59X3, or IX per cent ers. writes Emiko Terazono in gained one seat to 44, while the financial subsidiary. cent higher at 7,14810 in turn- Telecom rose to a record high KARACHI was propelled inflows of investor cash ever lower at 3,242.09. Tokyo. Social Democratic Party, the Electricals were mixed on over up from HK$4.58bn to of NZ$3.15 as the stock higher by blue chip buying as since rates began to decline TVX Gold lost C$0.20 to The Nikkei average closed largest in opposition, lost the higher yen. NEC foil Y2 to HK$5.05bn. realigned Itself to its price in investors welcomed Sunday’s two and a half years ago. C$4X0 In heavy dealings after Up 227.19 at 19X86.76 after a over half its seats to 13. The Y938, but Fujitsu gained Y10 to China-linked stocks pros- the United States. rapprochement talks between The political news was also Inco said that it would sell its low of 19X75.13 and a high of japan New Party, a reformist Y738. Hopes of a higher gold pered, World Trade topping the SINGAPORE and KUALA Pakistan' s president, Mr Gho- positive for stocks, with inves- TVX stake for C$4.65 a share. 19X76X1. However, in spite of group, increased its seats from market prompted buying in active list in turnover of LUMPUR closed higher on lamlshaq Khanr and its prime - tors welcoming President Bill the market's strength, genuine 2 to 20. mining stocks, with Sumitomo HK$31L9m as it rose 30 cents torhniratT rebounds, the Straits minister- Mr Naw^Z .'Sharif. Clinton's decision investors remained on the side- Alex Krnmont, Mtnfaig to to HK52J325. Unisouth was Industrial index rising Hie K5E index rose 13.45 to to attack Mr a strate- Metal up Y10 Y'LOIO. up Times ' Iraq's intelligence headquar- SOUTH AFRICA lines, and volume fell to 240m gist at Morgan Stanley, said In Osaka, the OSE average HKS1X0 to HK$L5. 1L47 to 1,783.14 and the KLSE 1X64X2. - ters as retaliation for an Iraqi GOLD shares remained firm shares against 261m. that share prices would move rose 202.00 to 21, 965 .23 to 17.6m AUSTRALIA’S gold stocks composite finishing 13X7, of -BOMBAY weakened,ahead (4 attempt to assassinate the for- but lost early gains as the bul- Gamers led losers by 754 to sideways with short term trad- shares. The index rose on and key blue chips gained 1L9 per cent better at 722.07. a news conference by the mer President. Mr George lion price slipped back, the 260 with 149 unchanged. The ers dabbling In incentive small-lot buying by individu- grotmd-The All Ordinaries MANILA offered much the stockbroker at the centre of Bush. Analysts said that the index aiding up 41 at 1.896. Topix index of all first section backed issues. “The political als. Index closed 14.7 higher at same story as the composite India's $lXSbn securities scan- missile strike on Iraq would Industrials foil 4 to 4,709 as stocks rose 16.42 to 1,600.47, upheaval is all about finding a L715.1 in turnover of A$255.4m index closed 13.90 higher at dal. Mr Harshad Mehta' threat revive confidence in Mr Clin- the overall index gained 17 to topping the 1,600 level for the new structure, and poses less Roundup as file golds index soared 68 1XS6.4L ened to make further revela- ton. 4,074. De Beers rose 50 cents first time in eight trading days risk to investors than change points to 1X54X. TAIWAN saw a bearish final tions, and the BSE index dosed Falling interest rates lifted to R78-25. while, in London, the ISE/Nik- in ruling parties in other west- THE region, which frequently BHP also provided direction. hour, the weighted index end- 42.98 lower, at 246L07. .-V - Bourses climb as D-Mark weakens to a number of brokers. MARKETS IN PERSPECTIVE By John Pitt According to Merrill Lynch’s latest European investment % dtanga % etnn ttention In Europe last strategy, “a stronger dollar « ebaoga In local omnqr t twOogt In US S t week was concentrated reduces the likelihood of Ger- 1 WMk 4WM 1 Vmt Start at Start oT Start at in the currency mar- man rate cuts, as the naa nan IMS A Bundes- kets as the D-Mark came bank has repeatedly voiced its Austria — +2-82 +7.89 -5.70 +10.01 +7.14 +439 under farther pressure; bat concern over the inflationary Belgium +1.82 +4.79 +10.52 +13.78 +10.72 +8.08 this factor enabled the of stronger Denmark +1.10 +4.53 -2.66 +1937 +17.36 +1437 French impact a dollar”. Rntand •0.47 -8194 +49.01 +34.69 +25.88 +22.90 authorities to make a further UBS notes that the problem France +2.42 +3.12 +2.79 +731 +5.86 +334 cut in their intervention and facing the Bundesbank “is Germany +029 +3.03 -4.96 +9.86 +7.08 +433 repo rates, independently of that it has no hook upon Ireland 0.15 +1.62 +18^2 +30.60 +18.40 +1538 the Bundesbank. which to hang a rate cut. Italy +2.06 +1.18 +28.59 +28X8 +26.15 +23.15 In spite of good runs from Money supply is above target, Netherlands +0.98 +3J37 +11.82 +1439 +11.82 +9.16 most of the continent’s inflation Is still uncomfortably Norway +107 +1.12 +2X3 +1438 +13.00 +1031 bourses, a run of negative per- high and the currency is Spain -2.47 -0.10 +932 +2138 +7.04 under +9.65 formances from markets Sweden -0.97 -235 +18.70 +9.50 +134 -0.78 on pressure”. Switzerland +1.44 +3X2 +25.61 +1439 +1421 +11.49 the Pacific Rim left the FT-Ac- Switzerland enjoyed a record UK +0.25 +1.74 +14.42 +3.03 +3.03 +0.58 tuaries world index just 0.45 breaking run last week, EUROPE +0.70 VSJ3A +1047 +835 +7.17 +432 per cent ahead in local cur- assisted by the dollar. Mr Joe rency terms. Rooney of Lehman Brothers Austrafia — -2-20 -a66 -1.00 +0-83 +638 +4.04 The French move last Mon- comments Hong Kong -2X4 -4X1 +10.69 +2830 +31.14 +28.02 that the Swiss mar- day left rates Japan 0.00 -3.96 +28.59 +1930 +44.48 +41.05 domestic below ket “continues to be one of file «fi Malaysia -5.12 -6.00 +38.25 +2034 +25.15 +22.18 those of Germany for the first more attractively valued mar- Zealand New +1-33 +039 +7^7 +10.04 +1736 15.06 time in 26 years. But, says the kets in Europe. . .and offers an Singapore -3.24 -4v38 +8.79 +13-47 +1723 +14.44 UBS global equities team, for appealing alternative to the French short rates to foil sig- German market”. Canada +1-69 +2L20 +12.44 +13.70 +15A8 +12.73 nificantly lower USA +0.94 -0.65 +11.34 +239 +5.19 +2.69 “would Among Pacific Rim markets, Mexico -0.81 require the franc to replace Malaysia foil hack -0.49 +9.04 -1028 -733 -10.12 sharply as ^•npany’s Hor the D-Mark as the ‘anchor’ to investors continued to take South Africa +2.16 +0.96 10.65 +29.18 +3834 +3337 the ERM”, an event, they add, profits after recent gains; the WORLD INDEX +045 -1.15 +153)1 +939 +1635 +13.78 that is very unlikely. market remains one of the Hopes for a cut in German best - in* nwnetal itaM IMM, lUtei, Sadie a c**nd performers in the FT-A JJ55* T ^ rates later this week also World index., up 36 per cent appear to be remote, according year-on-year. L ' FT-ACTUARIES WORLD INDICES ^K^ration; n... Jointly compiled by The Financial Times Limited, Goldman, Sachs & Co. and NatWest Securities Limited in conjunction with the Institute of Actuaries and the Faculty of Actuaries !> NATIONAL AND REGIONAL MARKETS FRH3AY JUNE 25 1988 THURSDAY JUNE 24 1993 DOLLAR INDEX Hguro in paranthssss us Round LdcbJ UK Grata US Rwnd Load Year show number of trass Dote Chan Staring Yen DM Cunncy % dig 0». Oator Stotng Yen DM Currency 1993 1093 Of Stock bKtox uttat Index Yield W« K Ms an day tadax We* Max Index Into Hflh Low to!**) Australia (68)_ 130.16 -03 13036 8737 11619 12937 -0.1 688 130.43 131X8 8995 11606 12939 144.19 11739 14619 Austria . SS*«S5 (18) 14630 +0.1 147.05 9837 129.72 129.84 -03 1-49 14642 14732 10098 13038 130.09 150.96 131.16 171X2 Belgium (42). , 144.00 +1.1 144.46 9662 127.42 12439 +0X 4.60 142.48 14335 9835 12678 123.68 15676 131.19 144.03 Canada {10^ 13036 +03 130.77 8738 11535 12196 +0.0 2.78 13038 13133 8991 116.01 12138 13038 111.41 125.15 Denmark (33). . 213.23 +03 21390 14295 188.68 189.50 +03 1.19 21190 21393 14614 188X5 18620 225X4 18611 244.16 FWfflld (23) ... 8535 -0.1 8531 5735 7670 10292 +09 1.18 85X6 B648 5998 7632 10292 100192 65X0 77.75 France (97) .... _ . 152.10 +0.1 15237 101.96 134X8 137.13 +09 339 15195 15641 104.78 13619 137.17 16736 142.72 16331 Germany (62) 108.75 +1.1 10999 7291 9633 3623 +0X 230 107X9 106X3 7431 95.73 9673 117.10 101X9 125X5 (55) 283.6S -09 28433 160.14 251.00 28232 -as 634 28618 28690 19734 254.64 284.88 301.61 21682 KIIM A powerful presence in heland (1^- - - -..™ 150.94 +0.0 157.43 10531 13837 15395 -0.7 650 15639 15640 10830 139.60 15437 17040 12628 15834 Asian finance 6737 +0.7 67.78 4529 59.79 77.64 +0.3 291 67.11 67.75 4628 58.71 7738 7232 53.78 6936 Japai (470^. — „ 148.14 +29 14830 9930 131.10 9930 +0.0 034 14490 14538 9931 12615 9631 15536 10675 95.76 In four years Peregrine has ,at * Malaysia (69). 319.44 +23 320.44 214.13 282.65 31837 +23 2.12 312X1 315X1 215X1 27606 311.43 34934 25136 241.17 become a highly respected SATIS Mexico (18). _ „ 1481.08 -1.0 1485.70 99295 131036 5043.41 -19 134 149649 1510.85 1032X4 1331X8 509597 1725X1 141030 1390.09 financial advisor Nettiertand (24) and a significant investor 16527 +03 165.78 110,79 14634 14493 +0.1 682 16433 16531 11336 14614 14334 172.75 15039 161.72 in its own right New Zealand (13) . 4935 +1.1 4930 3398 4337 48.78 +1.1 4X7 4830 4627 3665 4642 4832 4932 40X6 4624 Norway Our keen eye for opportunities in Asia’s (22). 15131 +49 15238 10133 134.42 147.69 +03 1.78 15661 15295 10687 13491 147X4 16621 137.71 175.40 capital markets Singapore and (38) 244.17 +0.7 244.93 16338 216.06 183.02 +0.4 138 242.47 244.60 16732 21675 16235 262.72 207.04 223.40 our ability to strike quickly Soutfi Africa (60). 197.82 +13 198.44 13231 175.04 20390 +19 2.49 19537 19734 134.73 17393 20691 20191 144.72 223.80 and decisively is renowned. Sps*i (46). 12432 -09 12531 83.68 110.45 122.84 -13 430 12590 127.11 86X3 11293 124.42 13232 11533 154.41 Sweden (36). — . — 16427 +03 164.78 11U1Z 14536 18930 +09 1.78 16335 16642 11600 14530 189.B0 184.06 149.70 19395 Svritzariand B2) 125.99 +1.1 12638 84.46 111X0 118.08 +0.6 134 124X7 125.78 85.91 11036 11735 12936 10831 10933 United Kingdom (219) 17336 +03 17390 11620 15338 17390 -03 4.00 172.64 17430 11995 153X0 17430 18199 16230 192.17 USA (519)1 - 162.89 +03 183^46 12231 16134 182.89 +03 2.80 182X0 18435 12536 162.40 182.50 18627 17538 16437 Europe (781) 14230 +0.5 142.74 9539 12592 13602 +0.0 337 141.57 14293 97X3 12697 13690 14932 13392 153.78 Nordic (114) .. 15837 +03 158.88 10432 13837 15837 +0.1 1X7 155.83 15732 107.46 13666 15837 171.77 142.13 18038 Pacific Basin (713) 15135 +23 151.73 101.40 13334 10666 +09 1.11 147X1 14693 101.73 13136 105.66 15937 105.89 10298 Euro- Pacific (1474) 14747 +1.7 147.93 9835 130.48 11627 +09 196 144.96 14636 9997 12698 11627 154,05 11736 123X0 North America (627) 179.61 +03 180.17 120.42 15896 17667 +02 230 17934 16096 12663 159X2 17631 18238 171X1 16191 Europe Ex. UK (542) 123.05 +0.6 123.43 62.50 10890 114.50 +02 2.77 12234 123X1 8438 10838 11430 12665 112X1 13686 Financial .Services: '18393 Pacific Ex. Jepttl (243). 182-47 +0.0 12234 161.47 189.71 +0.0 334 18Z47 18432 125X8 152-38 10676 194.08 152.70 17337 Corporate Finance, Stock Broking, Direct Investment, World Ex. +1.6 131.14 1.99 14530 14730 100X6 .12674 120.49 US (1660) 14830 14837 9936 120X0 +09 15437 118X1 125.45 Asset Trading, FOREX, Commodity Dealing. World Ex- UK (1960) 157.42 +13 157.91 105X3 13931 13635 +0.1 2.13 15661 157.10 10732 13648 13618 16134 13432 132X5 WOrtd Ex. So. Af. (21 19) 15837 +1.1 159.17 10638 140.42 13933 +61 230 15698 15647 10628 139.68 13612 162.74 13739 13734 World Ex. Japan (1709) 168.41 +03 18693 111.57 14738 162X3 +0.1 2.97 16691 167X1 114.43 147.65 16232 17035 157.47 16039 139.77 +61 230 157.12 15663 10636 139.82 13664 16296 HONG KONG « SHANGHAI • SINGAPORE PHILIPPINES * * • The World Index (21 79). 158.84 +1.1 15933 106.48 140X6 13732 137XQ THAOANT? 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