Tomorrow's Weekend FT GPA Grou p
Literary forgers whojboled Why the share
Victorian England sale flopped
Page 14 & 1ft
China
A spring wind blows
through the economy
Page 15
THE BIG LIE
Inside Maxwell’s
empire
x • /■
... %■
FINANCIAL TIMES
Friday June 19 1992
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Irish voters likely
to decide future
bf Maastricht
nw future of the Maastrichttreaty on European
union couldlw clearer today after the results
of the. Irish Republic's refer endum on the pact
are announced at about midday. An estimated
50-55 per cent of the country’s 25m voters are
believed to have gone to the polls. If the Irish
follow the Diaries to rejecting Maastricht, the
treaty, is unlikely to survive, page 16; Irish mist
descends oyer Maastricht, Itoge 2
Siemens, German electronics group, is reducing
participation In the semiconductor memory market
and will not build a manufacturing plant tor
advanced chips.-The decision could mean the
end of Earopean memory production. Page 17
Intel, US manufacturer of microprocessor cftfps
for personal computers, has won a critical Calif¬
ornia lawsuit to its battle to prevent Advanced
Micro Devfces from cloning its products. Page 17
China tightens credit China’s central bank
has acted to tighten credit to an attempt to prevent
the ecoramy from overheating as a restot of rapid
growth. Page 16
South Africa UKbtgm Raiders killed at least
35 blacks in a South African squatter camp. The
Law and Order ministry said the fori dent, at
Boipatong, was an indirect result of an African
National Congress mass protest campaign to
brtog doym Q*e white government
UN drop* airport plaro The United Nations
abandraied plana to send Canadian troops to Sara¬
jevo to take Control of the airport, after Serb irregu¬
lars renewed bombardment of the Bosnian ««plfa»l- !
Page 2
Hachetto, heavily indebted French media group,
secured shareholders* consent fora FFftfibn
($530m) recapitalisation package as a precursor
to its proposed merger with French defence com¬
panyMatra. Page 17 '
Telephone Organisation off ThaBand .
awarded a contract to install and operate im
provincial telephone lides to a Thai consortium
planning to buy equipment from Canadian, French
and Japanese companies. Page 3
Rhe in PK mininplo yi n iB l; The number
of people out erf wort hrthe UK dimbed to more
than 2.7m lastmouto, thehighest for nearly five
yedrs.paged '
Japan^btel^lodt
leading four brokers reported generally lower
profits from their overseas operations last year,
btrt expect arotum toprofit this year to spite
of continuing market weakness- page 21
Tokyo’s fina nc ia l re to rtwas Barriers between
Japan's banking and securities business are to
be lowered following legislation allowing banks
and securities houses to enter each other’s busi¬
nesses. Page 21 ,
Olympia A York, troubled property company,
outlined a debt-restructuring proposal which
would include extending repayments on most
of its debt for five years and disposing of some
of its Canadian properties. Page 20 .
US trade deficit widens: A sharp rise in
the US merchandise trade deficit in April provided
an early warning of possible adverse trade trends
later this year if the US economy continues to
revive and demand remains subdued elsewhere.
The deficit jumped from $5.4bn in March to |7bn,
the greatest shortfall for 17 months. Page 5
Kuwait to heap Spanish Interests Kuwait
Investment Office said it would not withdraw
its large industrial investment from Spain despite
the cost bf rebuilding Kuwait and the resignation
this month of its long-time partner in Spain, Javier
de.Ia Rosa. Page 17
Union seeks investigation: The UK's
nnjinrial regulators have been asked by the Trans¬
port and General Workers’ Union to inves tigate
the pension fuiul manager of Courage, the brewer,
after the fond was forced to write off a £10m
(218.5m) investment in a company related to Fos¬
ter’s Brewing Group, Courage’s Australian owner.
Pages
UK ran losses rises British Rail is about
to announce that its losses for the year to March
have Increased from the previous year’s £ 10.3m
to a worse-than-expected £150tn. Page 6.
Coop blocked: Chad’s military government
claimed it foiled an attempted coup led by public
works minister Abbas KottL
Bomb surprise: A 96-year-old Belfast woman
took a packag e from her coal-bunker into her
home without realising it was a bomb. Police
were alerted and the device was defused.
■ STOCK MABKET WPfCES
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■ LONDON HONEY
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EUROPE'S BUSINESS NEWSPAPER
DS523A
Early morning arrests follow pressure for action
Sons of Maxwell face
£135m fraud charges
By John Mason, Andrew Jack,
and Raymond S noddy
MR Kevin and Mr Ian Maxwell,
sons of the disgraced publisher
Mr Robert Maxwell, and Mr
Larry Trachtenberg, an Ameri¬
can business associate, were yes¬
terday charged with fraud after
being arrested at their London
The early morning arrests
came eight months after the
deatit of Mr Maxwell to the sea
off the Canary Islands and during
me of the most complex investi¬
gations carried out by the UK
Serious Fraud Office.
The police made the arrests
while the SFO investigation has
been only half completed, ami the
decision to move.yesterday took
{dace against a background of
mounting pressure tor action and
intensifying press coverage. More
than £900m ($L66bn) is still mus¬
ing from a variety of Maxwell
companies and pension funds
affecting thousands of Maxwell
pgnginnppg
The throe men thee a total of 15
charges of conspiracy to defraud
and theft involving £135m.
Mr Kevin Maxwell, at 33 the
youngest Maxwell son, and a. for¬
mer rhab-man of Maxwell Com¬
munication Corporation, was
charged with~two counts of con¬
spiracy to defraud and six of
theft. The charges include the
alleged defrauding of the Swiss
Bank Corporation of £55m and
toe Swiss Volks Bank of $35m.
Mr Larry Trachtenberg, a 39-
year-old former London School of
Economics lecturer and financial
adviser, to th** late publisher, was
c§pigedsy?lth two counts of con-
sjaracy to defraud SBC and Volks ■
Bank and four theft charges.
- Mr Ian Maxwell, 36, the former
Mirror Group chairman, was
charged on a single count of con-
spiracy to defraud Volks Bank of
Pimm Timor HunoOrtos sod LrtOt ton dm Mm r
Ian (left) and Kevin Maxwell leave Snow Hill police station in London after their arrest
■ Full list of charges
PAGE 6
■ Background to the arrests
PAGE 7
■ The Big Lies Inside Maxwell’s
empire
PAGE 8
■ Arguments pointing to suicide
PAGE 9
*35ttu
The- charges"relate to only
three of the five areas of inquiry
still being pursued by the SFO,
and all but one of the alleged
offences are said to have taken
place after Mr Maxwell’s death
on November 5 last year.
The five lines of inquiry are
into the circumstances surround¬
ing a £55m loan from Swiss Bank
Corporation, the MCC pension
tends, money missing from Mir¬
ror Group Newspapers, an
alleged share support operation
and cash and investments
removed from MCC.
Accountants tracing Maxwell
assets on behalf of creditors and
pensioners said the charges
would have no effect on their
investigations.
Following the arrests, the three
men were taken to City of Lon¬
don police station shortly after
7am and were detained without
being questioned before being
charged. Shortly before lpm the
three men were escorted through
a crowd of cameramen and
onlookers and taken to City of
London Magistrates for their first
court appearance.
Reporting restrictions woe not
lifted and aH three were released
on conditional bail to reappear
on September l. The trial -
likely to be the largest case of
alleged fraud to come before the
UK'Conrte — is hot expected to
Continued on Page 18
Background and foil charges.
Page 6,7
Nowhere to ran. Pages 8,9
Legacy of a determined man
By Nonna Cohen, Andrew Jack
and Bronwen Maddox in London
and Alan Friedman in New York
ROBERT MAXWELL’S last will
and testament reveals a man
determined to control his image
beyond the grave. He left a total
of £2m (S3.7m) to his family and
friends, with the rest of his per¬
sonal estate going to causes
including world peace, the
defence of Israel and the eradica¬
tion of Alzheimer’s disease and
cancer.
But beneficiaries who brought
the Maxwell family or Maxwell
companies "into disrepute” will
lose their inheritance. Any who
unsuccessfully challenge the win
would see their legacy cut to only
£ 1 , 000 .
The Financial Times has
obtained a copy of the wUl,
drawn up on July 12 1987 and
amended on December 30 1960.
The will’s authenticity has been
independently confirmed by a
lawyer involved in its prepara¬
tion.
Mr Maxwell left money to a
Israeli synagogue to ensure that
“prayers be said in perpetuity"
for himself and his close relations
on the anniversaries of their
deaths. He asked to-be buried in
an orthodox Jewish cemetery in
Jerusalem in accordance with
orthodox rites.
Ms Jean Baddeley, Mr Max¬
well’s former secretary and a
dose friend, inherits £100,000 and
“shall continue to be employed in
and about the management of my
estate.. .on the most generous
terms of compensation."
Robert Maxwell’s widow. Elisa¬
beth, inherits £500,000 and three
apartments to France. Each of Mr
Maxwell’s seven children is to
receive £200,000. His sister, Sylvia
Rosen, inherits £150,000. Helene
Atkin and Michael Atkin, a
and nephew, inherit $200,000
each.
Mr Maxwell left everything else
in his personal estate to charita¬
ble organisations. For years, how¬
ever, the ultimate owners of the
Maxwell corporate empire have
been secretive offshore trusts to
Liechtenstein and, recently, Gib¬
raltar. Investigators are now
attempting to penetrate the confi¬
dentiality that shields these
trusts.
The named beneficia ri es of the
will may not receive anything. If
creditors force the estate into
bankruptcy, they will rank above
anyone mentioned in a will.
The document was given to the
FT by Mr Frank Field, the
Labour MP who chaired the
House of Commons select com¬
mittee on social security which
held hearings into the Maxwell
affair. Mr Field declined to iden¬
tify his source except to say he
was satisfied the person has inti¬
mate knowledge of Mr Maxwell’s
personal affairs.
in exp laining his release of the
confidential documents, Mr Field
said “A person approached me
who was mortified about what
happened to the pensioners and
concerned about the apparent
lack of activity. I was asked to
place tills information with, the
FT in the hope that other people
who' know part of the story
would come forward.”
Mr Field said he had been told
that the bulk of Mr Maxwell’s
assets were stored in roughly a
ri/wgn charitable trusts based in
Liechtenstein and that not even
Mr Kevin Maxwell knew toe loca¬
tion of ah the assets at the time
of his father’s death. Much of the
assets consisted of shares in vari¬
ous Maxwell companies and it
the value of current holdings is
unclear.
The will in full. Page 9
GPA abandons
flotation as
demand fades
By Roland Rudd In London
GPA, the privately owned
aircraft leasing company, was
yesterday forced to abort its
planned global flotation valued at
about $800m because of poor
demand from instit utiona l inves¬
tors.
The move, which lama early
yesterday only hours before the
shares were due to begin trading,
followed a meeting in London
between the Irish-based company
and its advisers.
Institutional ttemaiyi in the US
collapsed at the Last moment,
affecting demand for shares from
institutions in London and Dub¬
lin, where the flotation was due
to take place. By yesterday morn¬
ing there was only flgmanri -
mainly from retail investors in
international markets - for 53m
out of toe 85m shares the com¬
pany hoped to sell
The rapid collapse of institu¬
tional demand, particularly in
tile VS, was blamed on the falling
world markets and general con¬
cerns about the state erf the air¬
line industry.
At the meeting between the
company and its advisers in the
early hours yesterday, Dr Tony
Ryan, GPA's chairman and
founder, implored his investment
bankers to try to save the flota¬
tion by lowering the price or issu¬
ing fewer shares.
But toe advisers, which include
Nomura as global coordinator,
Goldman Sachs and Merrill
Lynch in the US, and J. Henry
Schroder Wagg in the UK, felt
the issue could not go ahead
without sufficient institutional
demand. One adviser said "We
had a duty to the retail investors
as well as to the company.”
~ The flotation had been expec¬
ted to raise around 5800m in new
money, valuing the group at
$2.4bn- Without the new money
the group will have to rely
increasingly on debt finance.
GPA has to pay for $I2bn of firm
orders from manufacturers for
aircraft by toe end of the decade.
Mr Maurice Foley, GPA’s chief
executive, said: “We have never
been dependent on one source of
finance and will continue to tap
other areas. " He added that the
group was likely to go back to
tiie debt market where it recently
raised $500m in a public bond
issue.
■ Deal that did not fly through
bad timing and nerves
PAGE 14
■ Lex
PAGE 18
■ Aborted global Issue
PAGE 18
■ London stoekmaricet
PAGE 33
But the aborted flotation has
already affected GPA’s ability to
raise new finance.
The group’s credit rating from
Standard & Poor’s, the US rating
agency, was yesterday placed
under review for possible down¬
grade. Moody’s Investors Service,
the other big US agency, is
already reviewing GPA for down¬
grading. Moody yesterday
warned: “The aborted flotation is
a negative factor.”
Mr Foley said that a downgrad¬
ing would be “unwelcome” but
predicted that it would not signif¬
icantly affect the group’s ability
to raise new finance.
At a meeting at its London
office GPA’s senior executives
yesterday discussed the possibil¬
ity of trying to go public again
sometime in the teture.
Mr Foley said that if the group
does decide to try to go public
again it would be more likely to
do so to one market Instead of
trying for a simultaneous listing
in three capitals.
However, one of the group’s
advisers yesterday said he
doubted whether GPA, which
was founded by Dr Ryan in 1975,
could ever go public. “1 am really
not sure they are not best suited
. to remaining a private company”
he said.
GPA’s orders account for more
than 10 per cent of the outstand¬
ing orders from the world's big¬
gest civil aircraft makers, Boeing
and Airbus.
The last-minute cancellation of
GPA’s flotation - unlike Si’s
issue last week which was stiff
some way from toe market - is
not expected to have any real
impact on forthcoming issues
such as Wellcome Trust, the
majority shareholder in Well¬
come, the pharmaceuticals group.
The UK market is currently
seeing the greatest run of new
issues, apart from privatisations,
since the 1987 stock market
crash.
Lloyd’s warned of litigation
By Richard tapper in London
LEADERS of Lloyd’s Names yes¬
terday warned of escalating legal
action after its governing council
refected a bail-out scheme to help
Names hardest hit by recent
losses.
A minority of Lloyd's Names -
individuals whose assets back
the insurance market - will bear
the brirnt of Lloyd's estimated
£2bn 2959 losses to be announced
next week.
The bail-out scheme was
rejected because of commercial
and legal problems. Instead, help
will be limited to a possible
improvement erf the “hardship'*
relief offered to Names faced with
bankruptcy.
Mr Ttan Benyon, chairman of
the Society of Names, a group
representing members in diffi¬
culty, said Lloyd’s “faced death
by a thousand writs”.
Mr Christopher StockweU,
chai rm an of the Lloyd’s Names
Associations working party,
which represents a number of
Names’ action groups, said; “It’s
a tragedy. They have missed a
major opportunity and face
mnmrfwqr rhans. ”
Many Names allege that negli¬
gence by professionals in the
market is responsible for their
losses. More than 2,000 have
taken action.
Mr Mark Fairer, chairman, of
toe Association of Lloyd’s Mem¬
bers, which represents more than
9,000 Names, said he was “disap¬
pointed” but accepted that there
was a “significant lack of sup¬
port” among more successful
Names for a bail-out, which they
would have to fund.
He warned that for loss-making
Names “regretfully litigation is
the only course that might lead
to a measure of redress".
Editorial Comment, Page 14
EteOpanNBWs- Z
Irtenwflored 4
American News—_S
Work) Trade New —3
UK News--—6
Maxwell-7-8
Mm ttw ___16
ax--16
tatee
1$
ii
Technology_
FT Law Report
_12.
W 31
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Ana ____...
_-13
CONTENTS
TV and Radio.
.13 Commodate*.
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TPs GPA debacle.
HLfepMtta_
Inti, Companies —
Kmfcata
Property Martat-9
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.1941 Managed Funds—3840
Money Marietta_—40
Recent iaauea —. ■—-.2?
Share Information 34^5,44
London SE —--33
WaU Street-41-44
Bourses—;-41 M
FINANCIAL TIMES ® FT No 31,788 Week No 25
LONDON • PARIS - FRANKFURT - NEW YORK - TOKYO
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FINANCIAL TIMES FRIDAY JUNE 19 1992
NEWS: EUROPE
,f ih fi
Italy’s Mr Clean steps into the breach
By Robert Graham In Romo
A NEW KIND of prime
minis ter took cm the challenge
of governing Italy yesterday
and immediately set himself
the task of steering the ship of
state away from the rocks.
The appointment of techno¬
crat Professor Giuliano Amato
marks a decisive break with
the past, having won the job
for Ids ability and moral quali¬
ties rather than in a backroom
party deal.
He emerged from long talks
with President Oscar Luigi
Scalfaro and flipftgprf action to
improve public finances, clean
up government and introduce
institutional reforms.
The 54-year-old constitu¬
tional lav professor and former
Socialist finance minister said
talks on forming a government
could take time.
He expected to rely an the
narrow parliamentary majority
of Christian Democrats, Social¬
ists, Social Democrats and lib¬
erals which formed the previ¬
ous government. However, it
was clear he anticipated
broader cross party support
Prof Amato's appointment
represents a break; with, the
established practices of paity-
conttolled politics.
Weizsacker
hits at ‘power
crazy’ parties
By Quentin Peel In Bonn
GERMAN politicians,
undermined by growing voter
apathy, declining popular
esteem and scandals over pay
and privileges, are now facing
criticism from Mr Richard van
Weizsacker, the president
In an interview with two
leading newspaper correspon¬
dents, the former leading light
in the ruling Christian Demo¬
cratic Union (CDU), attacks the
lack of leadership in the Ger¬
man political establishment,
accuses the parties of being
“power crazy” and irresponsi¬
ble. and questions the direction
of the country's unification
policy.
His words have been seized
upon by government oppo¬
nents as an attack on the rul¬
ing coalition, and in particular
on his former party colleague.
Chancellor Helmut KohL
That was swiftly rejected by
the president's office. The real¬
ity is that his criticism was
across the entire Ger¬
man political establishment
represented by the hot-house of
political intrigue in Bonn.
Mr von Weizsacker is con¬
cerned at the way parly politi¬
cal debate appears to be under¬
mining the constitutional basis
of German democracy.
The result is that inner-party
debates, and the regular “coali¬
tion negotiations" between the
three parties In the German
government, have become the
real decision-making bodies -
leaving the classic balance
between executive' government
and parliamentary control lit-
Ukraine threatens
to split CIS in
row with Russia
By ChrysUa Freeland in Kiev
THE prospect of a break-up of
the Commonwealth of Indepen¬
dent States came closer yester¬
day after Ukraine stepped up
its conflict with Russia over
the Crimea.
An adviser to Ukrainian
President Leonid Kravchuk
said Russia would be asked for
guarantees that it would not
claim Ukrainian territory at
the Ukralnian-Russian s ummit
next week.
Professor Mykola Mykbal-
chenko warned that Russian
failure to agree to Ukraine's
demands - particularly acute
because of the Russian parlia¬
ment's claim to Ukraine's lush
Crimean peninsula - could
precipitate the break-up of the
CIS. Ukraine also hopes to
resolve the row over division of
the Black Sea Beet and mil
seek agreement with Russia on
deported people which would
enable the Crimean Tatars to
return home.
“Ukraine cannot be a mem¬
ber of an association together
with another state which has
claims on its territory," Profes¬
sor Mykhalchenko said.
Prof Mykhalchenko said it
was unlikely Russia would
accede to Ukraine's terms, and
that Ukraine may try to force
Russia out of the CHS on the
grounds that it Is threatening
other member states. Ukraine
is unlikely to succeed in this
but it has enough allies in tbe
CIS, such as Azerbaijan, to
cause a big rift
Prof Mykhalchenko said the
meeting at the Russian Black
Sea resort of Dagomys was
Russia’s last chance to
acknowledge Ukrainian sover¬
eignty and show that “we. the
Uk rainians , are not the o nes
who are souring relations-"
His comments suggest Ukrai¬
nian politicians are proving
immune to Russian efforts to
apply economic pressure.
According to Ukrainian eco¬
nomic experts, last week in
Moscow Russian negotiators
said that Russia would charge
world prices for oil the
moment Ukraine introduces a
separate currency and leaves
the rouble zone.
This could be devastating for
Ukraine, heavily dependent on
Busman subsidised oil, but in
Paris this week Mr Kravchuk
said Ukraine would introduce a
separate currency, the hryvnia,
in August or September.
At Dagomys Ukraine will
seek an agreement on prices
and the introduction of the
hryvnia and a formula for
dividing the former Soviet
Union’s debts and assets. Prof
Mykhalchenko said failure to
agree “could have very nega¬
tive effects on relations".
He has been chosen not in a
back-room deal but from neces¬
sity: as a man capable of
obtaining a broad cross-party
consensus with high moral
standing and genuine grasp of
institutional reform and eco¬
nomic policy. Similar consider¬
ations led to the surprise elec¬
tion of Mr Scalfaro as
president .
He is the first post-war prime
minister to be chosen more for
his technical than political
abilities. An academic who
gradually shifted into politics,
he only became a deputy for
Ms native Turin in 1988, and
most of bis political experience
has been as adviser and right
hand man to Mr Bettino Cram,
the S ocialist leader and prime
minister from 1983 to 1987.
It is an equally important
for an Italian leader
to be chosen for his moral
qualities. Amid growing out¬
rage over the Milan municipal
corruption scandal involving
rigged contracts and pay-offs to
political parties. Prof Amato
represents a “Mr Clean". He is
currently investigating his
Socialist party's corrupt activi¬
ties in Milan.
This «dd T the process of his
selection was tortuous. The
new It alian president has
exploited the weakness of the
main parties after the election
and demanded quick agree¬
ment on their candidates for
the premiership. Faced with
deadlock this week, President
Scalfaro took the initiative.
He said the outgoing four-
party coalition lacked legiti¬
macy after the April elections
and needed a broader base. Ide¬
ally this meant the hack in g of
the former communist Party of
the Democratic Left (PDS), the
second largest parliamentary
grouping,
Mr Craxi objected, and
insisted on his own candida¬
ture until President Scalfaro
made him realise on Wednes¬
day that this was unrealistic.
Mr Craxi has been too heavily
compromised by the Milan
scandal.
In proposing Prof Amato as
his substitute, Mr Craxi has
salvaged some honour, the
Socialists have their deputy
leader in the prime minister's
office, the Christian Democrats
have the presidency and the
PDS has the speaker of the
Chamber of deputies. The
Christian' Democrats have
avoided tbe embarrassment of
having to chose a candidate
when they cannot agree a suc¬
cessor to Mr Arnaldo Foiiani,
who resigned after the party’s
poor election showing.
The PDS and Republicans
are happy to see Mr Craxi, a
long-time enemy, humiliated.
His absence from government
makes their support more
forthcoming. But the PDS was
furious that the outgoing coali¬
tion managed to use its narrow
parliamentary majority to fill
the heads of all 26 of the cham¬
bers’ commissions. As for the
populist. Lombard League, the
second largest party in north¬
ern Italy, Prof Amato is a suit¬
ably neutral figure and allows
it time to gain parliamentary
experience.
tie more than theoretical.
The president’s intervention
follows a series of local elec¬
tions in which all the tradi¬
tional political parties - his
own CDU, the main opp ositio n
Social Democratic Party (SPD),
the minority Free Democrats
(FDP), and the Bavaria-based
Christian Social Union (CSU)
all lost ground, partly because
of voter apathy and partly to
the radical extremes of left and
right
Scandals over politicians’
pay rises have undermined
their public standing in Ham¬
burg and Saarland. In the lat¬
ter, Mr Oskar Lafbntame, dep¬
uty leader of the SPD, has just
survived a noconfidence vote.
Two opinion polls show
unprecedented popular scepti¬
cism. with those doubting the
veracity of their political lead¬
ers rising from just one third
in 1977, to 60 per cent this
ApriL In another poll only 28
per cent believed the right peo¬
ple were leaders.
What appears to have wor¬
ried Mr von Weizsacker most
of all, however, is the scepti¬
cism directly related to unifica¬
tion. In tiie east, mistrust of
politicians is highest of all, and
real unemployment is still ris¬
ing. In the west, there is
unwillingness to face the frill
costs of helping the east
The president has already
appealed for a new national tax
to pay for the eastern econ¬
omy. That was flatly rejected
by Chancellor Kohl and his col¬
leagues. His latest intervention
should step up the debate.
Observer, Page 17
mot
One of Ireland’s future voters gets the hang of what to do by watching her grandparents marking their ballot papers to yesterday’s referendum
Irish mist descends over Maastricht
Beyond the Pale, many perceive it as a treaty without cause, writes David Gardner
I F Ireland’s voters turn out to have
endorsed the Maastricht treaty in
yesterday's referendum, it will have
been without enthusiasm. It would also
have been largely in spite of a pro-
treaty campaign by the country's politi¬
cal establishment which created suspi¬
cion and deep irritation.
Many people are plainly angry.at
being patronised by what they see as a
“we-know-best" elite which has done
well out of Europe and hopes to do even
better.
The government hijacked the air¬
waves, keeping its opponents off televi¬
sion, annoying both the Yes and No
camps in its obviously rattled attempts
to ram through ratification.
The country's leading paper. The
Irish Times, in a strongly argued leader
on Tuesday in favour of a Yes vote, was
lapidary in its judgment of the govern¬
ment’s campaign.
The government almost certainly
erred tactically by overemphasising tbe
expected cash bonanza of I£6bn (£&5bn)
from the EC’s boosted “cohesion" and
regional aid effort for poorer member
states - money which is in question
because of resistance by net contribu¬
tors to the EC budget to pay it
The referendum result, in conse¬
quence, yesterday looked as though it
would be very close. A straw poll by the
FT of a hundred or so people in a cross-
section of Dublin and in County Wick¬
low showed a 51-49 margin against the
treaty, with a further 18 voters claiming
stiff to be undecided.
There were doubts about whether the
fabled cohesion money would arrive,
and if so, whether this meant jobs.
There was concern on both sides of the
abortion debate, and about the extent to
which Maastricht's aspiration to a
future common defence dimension for
Europe compromised Irish neutrality.
“I think they're keeping us in the
dark about neutrality," said Fiona Mur¬
phy, a waitress. And despite Mr Reyn¬
olds' pledge of a new referendum in
1996 if the EC assumes joint defence
commitm ents then, she was voting no.
Ireland has done well out of the EC.
tricht," admits one senior Irish Euro¬
crat, explaining the parties’ failure to
canvass. Yet this probably sells ordi¬
nary Irish voters short
Their ire is not primarily caused by
Maastricht, nor do they appear Euro-
sceptical. Mr Christy Byrne, a small
dairy farmer in the Wicklow mountains
south of Dublin, was voting yes while
complaining “there’s nothing in tins for
small farmers.”
Yet he felt that Ireland couldn’t
Until shocked out of its complacency
by the Danes, Mr Albert Reynolds’
government had not deigned to explain
or promote the treaty to the populace
At one level, it gets l£6 back for each
pound it puts into the Community bud¬
get. Bat more fundamentally, it has
nearly doubled its tradeable goods sec¬
tor (from 31 to 51 per cent of GDP) since
entry. Europe has opened up markets
and allowed this small, peripheral
nation to dilute dependence on the UK
for the first time In its modern history.
But neither Mr Reynolds’ party,
Fianna Faff, nor the three other main
parties supporting the treaty, have been
able to activate their powerful
machines and appear to have little
accurate information on door-step
thinking.
"Nobody except the civil service elite
is interested in or in favour of Maas-
afford to be without Europe and that if
the government were “more honest"
the Yes vote would sweep it
Anger is variously directed at politi¬
cians perceived as shifty, and the cro
aer power of the the church. Under the
previous government, these two estates
combined to toss the red herring of
abortion into the treaty, as a protocol
guaranteeing that no EC law would
interfere with Ireland's constitutional
ban on abortion.
The government subsequently tried
to disentangle tbe two issues, by agree¬
ing to a separate and later referendum
on the rights to information on abor¬
tion, and to travel for pregnancy termi¬
nation. What began as a cynical
WEU prepares to strap on some weapons
By Robert Mauthiw,
Diplomatic Editor •
THE long-dormant Western
European Union is today
expected to agree to give itself
a genuine military role,
including the capacity to send
peace-keeping forces to flash¬
points like Yugoslavia and
Nagorno-Karabakh.
Foreign and defence minis¬
ters of the ninenoation organi¬
sation are meeting outside
Bonn to discuss what practical
military steps can be taken to
implement their declaration
on a common European
defence identity, attached to
the Maastricht treaty. ..
That declara tion, which
states both that WEU will be
developed as “the defence com¬
ponent of the European union”
and as a means to strengthen
the European pillar of the
Atlantic affiance, is diversely
interpreted by member states.
While Britain has pot the
accent on the organisation’s
continuing close relationship
with Nato, France, Germany
and some other members see
its role as leading gradually,
but inexorably, to a common
European deforce policy under
the political direction of EC
governments.
These ideological differ¬
ences, however, should not
prevent ministers from taking
decisions on tbe forces to be
assigned to the WEU for pur¬
poses ranging from peace¬
keeping and humanitarian
operations to military inter¬
vention outside the Nato area
of the Gulf War type.
Mr Malcolm Rifkind, the
British defence secretary, has
proposed that European multi¬
national units such as the
planned D utch-Belgian-Ger-
man-British Nato division, the
UK-Nether lands amphibious
force or the Franco-German
corps could be pu t at the dis¬
posal of tbe WEXJ.
The ministers are also due to
give the green light to a 40-
member WEU military plan¬
ning celL ■
In a declaration to be issued
at the end or the meeting, the
WEU will offer, as did the
Nato Council earlier this
month, to make its forces
available for peace-keeping
operations at the request of
international organisations
such as the United Nations and
the 52-nation Conference on
Security and Co-operation in
Europe.
Decisions on whether to take
part In such operations will be
tak en on a case by case basis
by WEU member states.
The ministers are also due to
invite Greece, Denmark and
Ireland, the only three EC
memb ers not already in the
WEU, to join the organisation
as frill members or observers.
Of these three, only Greece has
applied for frill membership.
In addition, associate mem¬
bership will be offered to Tor-
EC fails to agree on multinationals Fall in value of arms trade
By Andrew Hill in
Luxembourg
MINISTERIAL agreement on
a European company
statute - which would sim¬
plify the legal position of mul¬
tinational companies in the
Community - has again been
postponed, possibly until the
end of this year.
EC internal market minis¬
ters,- meeting in Luxembourg
yesterday, failed to narrow
their differences over the Euro¬
pean Commission's proposals.
The measure would allow
multinational companies to
become sociites europiermes
(SEs). They would be subject to
a single EC company law,
instead of having to meet dif¬
ferent legal requirements in
each member state.
Portugal, which holds the EC
presidency until the end of this
month, has pushed hard for
adoption of the statute. But its
efforts have been thwarted,
partly because of persistent
objections from some member
states.about proposals to
encourage employee participa¬
tion at board level in SEs.
Britain, for example, argues
that such provisions could set
a precedent for binding EC
company legislation later. One
Portuguese official said yester:
day that he thought the UK
had missed a good opportunity
to agree a directive over the
past six months.
British officials said the tech¬
nical nature of the measure
meant it would probably' not be
considered by ministers until
near the end of the UK’s six-
mouth presidency, which fol¬
lows Portugal's.
# Member states were last
night stQl discussing a direc¬
tive. aimed at protecting
national treasures once inter¬
nal EC frontiers are removed
on January 1, 1993. British auc¬
tion houses are concerned that
a measure, allowing a wide def¬
inition of national treasures
which cannot be exported,
could restrict the European art
market. Ministers were still
discussing compromise propos¬
als yesterday evening.
By Robert Taylor In
Stockholm
THE WORLD arms trade in
large conventional weapons
dropped by 25 per cent In value
last year to $22.H4bn, accord¬
ing to the annual survey of the
Stockholm International Peace
Research Institute published
yesterday. The break-up of the
Soviet Union was the main rea¬
son, Sipri argues.
During the 1980s that coun¬
try was responsible for around
40 per cent of the global trade,
but that figure had shrunk to
less than 20 per cent by last
year. Tbe value of Soviet weap¬
ons exports last year was
roughly 22 per cent of that
recorded in 1387, says Sipri.
The US is now by far the
hugest exporter of large con¬
ventional weapons, accounting
for 51 per cent of deliveries last
year to a value of $u.l95bn.
The dissolving Soviet Union
accounted for $3£3bn worth of
arms exports. But Sipri reveals
that Germany is now the third
largest conventional arms sup¬
plier in the world with sales
last year valued at $2.0l5bn
- far more than China
($l.l27bn), Britain ($899m) and
France ($804m).
Last year there was a.
marked reduction in arms
imports to the developing
world - $l2.336bn from
$l6,720bn In 1990. However
India was the largest arms
importer ($2.009bn), followed
by Israel ($1.676bn), Turkey
($I.559bn) and Afghanistan
($1.220bn). Thailand increased
its arms imports substantially.
Shelling
halts UN
relief of
Sarajevo
By Judy Dempsey (n Belgrade
UNITED Nations officials
yesterday abandoned plans to
send Canadian troops to Sara¬
jevo to take control of the air¬
port, after Serb irregulars
renewed their bombardment of
the besieged Bosnian capital ,
“There is all out war bare," a
UN said, adding that
the UN was trying to get the
Bosnian presidency, the Serb
irregulars and Serbia’s proxy
army to sign a new agreement
aimed at re-opening the air¬
port
Serb irregulars have block¬
aded the airport, preventing all
food and humanitarian aid
from reaching Sarajevo, whose
300,000 inhabitants have been
besieged for 75 days.
Members of the Territorial
Defence force, which consists
of Sarajevo’s Moslem, Serb and
Croat communities, and which
Is trying to defend the city,
said yesterday that any new
agreement was “almost mean-
attempt to get the church on ride has
ended by ranging anti-abortionists and
pro-choice groups against the treaty,
leaving very little middle ground for
Irish women, whose vote could decide
Maastricht's future.
Mrs Helen Kelly, a heavily pregnant
resident of Glendalough in Wicklow,
was undecided on Maastricht She was
cynical about foe government and hos¬
tile to the anti-abortion campaign, as
“just a way of trying to package the no
vote to throw it [the treaty! over."
Her husband, Tom, a small road haul¬
ier struggling through the economic
downturn, was voting yes. *Td say go
with Europe, what choice have we?"
In affluent Dublin areas like Donny-
brook, Maastricht is not in doubt yet in
mixed class areas of north Dublin like
Drumcondra the vote yesterday was
nearly 2-1 against the treaty.
The gulf was equally visible in Bray,
12 miles south in Wicklow, now easily
accessible thanks to a new by-pass part-
financed by the EC regional fond. Yet
in one hostelry where local working
men had gathered to watch the football
televised on Wednesday night Maas¬
tricht could not muster a single indige¬
nous vote.
“No, no and no," said Liam, “that
stuff’s for yuppies. There’s nothing in it
for Joe Soaps and the workers like me."
Irish and EC leaders have tended to
take such people for granted. The
fixture of the Maastricht treaty hung on
there being just enough voters to out¬
weigh them, even if many were saying
yes out of fear of isolation from Europe
rather than enthusiasm for a cause no
one has bothered to kindle.
“The Serbs sign a ceasefire,
re-group, re-arm, and then
bombard the city from the sur¬
rounding hills in an attempt to
divide our city,” said Mr Mlr-
sad Kulenovic, a former Yugo¬
slav diplomat
Mr Sefer Halfiovic, com¬
mander of the Territorial
Defence force, yesterday critic¬
ised the UN for not doing
enough to prevent the bom¬
bardment and killings.
He said the UN had made no
attempt to stop civilians in the
Sarajevo suburb of Dobrinja
from being taken out of their
apartments by Serb irregulars.
UN officials said their man¬
date limited them to negotia¬
ting the reopening of Sarajevo
airport to allow an airlift of
food into Sarajevo.
Western diplomats and jour¬
nalists in Sarajevo said that
over the past three days, Serb
irregulars had entered apart¬
ment blocks and had taken res¬
idents to a prison in Pale, east
of Sarajevo, the headquarters
of Mr Radovan. Karadzic, and
General Ratko Mladic, leaders
of the Serb irregulars, and
Serbia’s proxy army.
“Tfae innocent civilians are
taken as hostages in exchange
for Serb snipers captured by
the Territorial Defence," a
western diplomat said. “This is.
happening under the eyes of
the UN. This is happening
every day. It is unspeakable
the evil which is taking place
here."
Treuhand plans
for state farms
By LasSle Colfo In Berlin
EAST Germany’s state farms
- a quarter of the former com¬
munist country’s agricultural
land - are to be leased to
farmers for 12 years and then
sold to east Germans and west¬
erners, including the former
nobility whose large estates
were confiscated after 1945, the
Treuhand privatisation agency
said yesterday.
The agency said it was set-
ting up a company to supervise
the leasing of im hectares of
farmland and 400,000 hectares
of managed forests. Previously
only one year leases were
granted, which made planning
difficult for tenants. Former
collective farms are not
included.
key, Norway and Iceland, who
are members of Nato but not
of the EC, with the right to
parti cipate fully In meetings of
the WEU CoanciL To take
account of Greece’s objections
to Turkey’s association, a spe¬
cial provision wi ll be made
under which the WEU*s and
Nato's mutual security guar¬
antees cannot be invoked in
disputes between members of
either organisation.
• The WEU will examine
ways of enforcing interna¬
tional sanctions against
Serbia, possibly with a naval
blockade in the Adriatic, Mr
Wlm van Eekelen, its secre¬
tary general, predicted yester¬
day, David Buchan reports
from Brussels.
Correction
Macedonians
Macedonians make up 67 per
cent of the population of Mac¬
edonia. The Balkans map in
Wednesday's edition of the
financial Times stated incor¬
rectly this proportion of the
population was Moslem.
Tbe tfnands) Tboe* (Europe) U4
Published by The Financial Times
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Managing Director. PmterrDVM
Managing Director, mater. 'WM
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Neu-lsenburg 4. Responsible editor.
Richard Lambert, Financial Times.
Number .One Southwark. Bridge,
London SEl 9HL. The Frauds! Tunes
Ltd, 1992.
Registered officer Number .One,
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Company incorporated under the taw*
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FPVATSClAi: TIMES FRJDAY JUNE 19 1992
NEWS: WORLD TRADE
EC threatens to
counter-retaliate
in subsidy dispute
ByFrance# Williams in
Geneva - ■■■
TEDS • EUROPEAN : Community
has ■: threatened -to.'counter-
retaliate ariosi the US if
Washington- goes ahead with
[ trade; reprisals over EC oilseed
subsidies, fuelling the increas¬
ingly bitter, row between - the
world’s biggest traders. -
At today's meeting of Gatt’s
gOTttmng'ftn&icftthie EC will
offer the, US negotiations on
trade concessions in other
areas to compensate for the
sales lost; by American soya¬
bean producers under the oil¬
seed subsidy regime. Washing¬
ton has said it wants the
submdies dismantled. But indi¬
cations were yesterday that the
US may be willing at least to
discuss compensation terms,
thereby avoiding a head-on col¬
lision in the Gait meeting.
On June 9, Mrs Carla Hills ,
US trade .representative, pub¬
lished, a list ..of EC expprts
worth about $2bn f£lbn) a'
yyear, hum which about Slbn-
worth will be selected for impo¬
sition cif prohibitive tariffs if
the two sides cannot reach a
negotiated agreement."
A Gatt disputes; panel has
twice condemned .the EC’s,oil¬
seed subsidies, originally-paid
to processors and. now piud'to
farmers, for violating, a 1962
accord-with fhe.US under
which oilseeds V- soyabeans,
rapeseed and sunflower seeds
- enter the EC duty-free.
The American Soyabean
Association claims it has lost
sales of .$2bn A year as a result,
though the US administration
puts the figure nearer Slbn.
Even so, it is the largest retal¬
iatory package Washington has
ever contemplated.
- EC officials said yesterday
that Brussels would be justi¬
fied in counter-retaliating
against unilateral US reprisals,
which are outlawed by Gatt "If
one party goes outside Gatt,
the other is not bound by Gatt
rules, eitherone senior offi¬
cial said.
The disputes panel recom¬
mended speedy action by the
EC either to dismantle the oil¬
seed subsidies or negotiate
compensating concessions, in
the absence of which the US
: should be authorised to take
reprisals. But if the US rejects
an -EG. compensation offer,
trading partners may be disin¬
clined to afmrtinn retaliation.
Gatt officials say its legal sys¬
tem “is bang stretched to the
limit" by the oilseeds case.
Today’s Gatt council meeting
will hear a call by Costa Rica
for consultations with the EC
over a Brussels decision to
extend quotas on bananas from
Central America. Costa Rica,
which says the decision
breaches international fair
trade rules, says it will take
the case to a Gatt disputes
panel if the decision is not
rescinded..
- The council will also hear
requests from Albania,
Estonia, Moldova and Turk¬
menistan for Gatt observer sta¬
tus ahead of possible member¬
ship. Gatt officials say other
CIS states have indicated their
intention to apply for observer
status; Slovenia has said it
wants to open membership
talks.
Thai phone group looks
overseas for equipment
By Peter Unophakoni In
Bangkok
THE STATE-OWNED
Telephone Organisation of
Thailand (TOT) yesterday
awarded a contract to jbostall
and operate Im provincial tele¬
phone lines to a .Thai consor¬
tium planning to buy equip¬
ment from Canadian, French
and Japanese companies.! .
The deai ls toe s«»iid part of
a controversial expansion, plan
designed to easeThailand’s
badly-congested . communica¬
tions system. Talks on the first
part were concluded last year
when a contract was awarded
for 2m new numbers in Bang¬
kok to the Charoen Pokphand
Group, whose associates
include British Telecom.
The government hopes Inves¬
tors’ confidence will recover,
now that a big infrastructure
deal has been struck so soon
after last month’s political vio¬
lence. A number of other infra¬
structure projects are under
way or could.be started soon,
makin g up for investors’ hesi¬
tancy after the recent political
troubles.
The TOT board meeting was
held in extraordinary circum¬
stances. The chairman is Gen
. Issarapohg Noonpakdee, army
commander, who has not been
seen in public since the army
suppressed the anti-military
demonstrations last month.
The board met at the closely-
guarded Army Operations
Command headquarters.
The warning consortium is
led by Lesley Bangkok, a Thai
trading company. Its main sup¬
pliers will he Northern Tele¬
com Canada and Alcatel, of
Ftance, -and Nippon Telegraph
and Telephone, of Japan. The
original project was a single
package for all 3m new num¬
bers. The civilian government
of Mr Anand Panyarachun,
installed by toe military after
last year’s coup, then fell into
conflict with the general by
ruling that the deal, originally
awarded to the CP Group, was
too monopolistic.
The convolutions of Thai pol¬
itics have brought the Anand
government back to power fol¬
lowing the protests and the
resignation of the pro-military
government set up after the
March general election. The
generals still dominate state
enterprise boards, hut pressure
is growing for them to be
replaced by appropriate profes¬
sionals.
EC ministers ready to
act in procurement row
EC MINISTERS yesterday
seemed ready to soothe trade
friction with the U S by
watering down a third-country
retaliation chose in new Com¬
munity legislation on public
procurement, Andrew Hill.
reports from Luxembourg.
The legislation would force
utilities to put large service
contracts, from maintenance
and cleaning to accountancy
and Insurance, to open tender.
The US is threatening trade
sanctions over the existing
directive on utility equipment
contracts, which includes a
clause giving priority to EC
companies over third countries
which have foiled to open their
markets to competition.
The US says this “reciproc¬
ity" clause discriminates
against non-EC suppliers,
mainly In toe telecoms sector,
and should be changed before
it comes into force on January
1 , 1993- EC Internal market
ministers were yesterday set to
agree a more relaxed regime
for the services directive. This
would let the Commission
investigate alleged discrimina¬
tion against EC companies by
third countries but would
insist on any retaliatory steps
being approved by member
states.
“All this does is restate what
toe Treaty [of Rome! already
allows,” said one official from
Britain, which was pressing for
a more open regime. France
had wanted a tougher clause,
which might have inflamed the
EC-US row.
ECD Export Credit Rates
PE Organisation tor Economic Co-operation and Development (OECD)
rwK new minimum interest rates tor ^c'aMy^upported export
sdha tor June 15 - July 14 (May 15 - June 14 In brackets).
D-Mark
Ecu
French Franc
Guilder
Italian lira
Yen
Peseta
Sterling
Swiss Franc
US dollar
9.30 (9.29) per cent
9.25 (9.36)
iS'to Sym 9.55 (9.60) 5-a^ years 9.35 (9.4) mor
than 8.5 years 9.25 (9.30)
12.04 (same)
6.10 (5 A)
12.21 (1228 )
10.15 (10.64)
forcredts of up to five years 6.18 ( 6 - 83 J 5-&5 yea/
7.69 (7.76) tor credits of over 8.5 years 8.06 (8.15)
eae rates are published monthly by the Financial Times, normally
££ SEiitSKt JO
bid Interest rates may not .be fixed for longer than 120 days.
bjoml rates of interest are die same for all currencies but must be
SmStoTS OECCWeflned poor countries. The SDR-based rate
ricSgid on February 15. It will be subject to change on July 15.
Exporters count the cost of Soviet market collapse
Leslie Colitt looks at the predicament of east German producers confronting a vacuum in sales outlets
WHILE some west German companies
have been hurt by plummeting
exports to the former Soviet Union,
east German producers have suffered
an unmitigated disaster.
Only two years ago West Germany
still managed DM28bn (£9.5bn) in
exports to toe Soviet Union, but this
fell to DMl8bn last year. The decline
was even more dramatic than It
appeared as the figure included east
German exports for the first time.
Sales to all former Comecon coun¬
tries, as a percentage of total German
exports, were 4.1 per cent in 1990 and
2.7 per cent last year. In the heyday of
German trade with the East in the
mid-1970s, nearly six per cent of Ger¬
man exports went to Comecon buyers.
Mr Karl-Hennann Fink, managing
director of the eastern trade board of
German companies trading with toe
East, is pessimistic. He forecast a fur¬
ther slide in German exports to the
former Soviet market this year of-
between 20 per cent and 30 per cent
Although there were a few hopeful
signals, most forge west German com¬
panies with sizeable exports to
Moscow had registered the alarm sig¬
nals early enough to ?nnhfe them to
switch to other markets. Mannes-
rnann, for example, cut output and
sought alternative markets for its
pipes, with some success, in North
Africa and South America.
But companies such as Mamies-
mazm have kept their manufacturing
capacity and retain a presence to try
to prevent competitors from capturing
orders when they pick up. The com¬
pany Is following potential energy
ventures in the Commonwealth of
Independent States, such as the Sakh¬
alin oil and gas project in which Japa¬
nese companies are also interested.
Some smaller German companies,
which sold a forge proportion of their
output to Moscow are hurting far
more. The situation Is worse for those
not being paid by former Soviet buy¬
ers and not covered by the German
Hermes export credit guarantee
agency.
The shoe company, Salamander,
one of the few production-oriented
German joint ventures with a Soviet
partner tried, not very successfully, to
bridge Soviet payments problems by
selling east German shoes to the Rus¬
sians. The company, however, sought
other markets to compensate and
reported healthy earnings in April.
The impact of the trade collapse on
east German companies has been a
nightmare for the Treuhand agency
which still owns nearly aO the large
producers who were dependent on toe
Soviet market for 60 per cent and
more of their output
SKET, the heavy engineering manu¬
facturer in Magdeburg had placed
high hopes on deals with Ukraine to
modernise steel mills it had built
there. The projects were to have been
paid for by shipments to the West of
Ukrainian rolled steel. The Ukraine
even gave the necessary counter-guar¬
antee needed in order to finalise the
granting of Hermes credits. But in
practice the state guarantee proved to
be inoperable, a predicament which
could take another year or so to be
resolved.
Waiting this long would be fatal for
SKET and other east German manu¬
facturers such as Deutsche Waggon-
bau, Europe's largest producer of rail
carriages which exported 75 per cent
of its output to toe Soviet Union.
“These companies need a breathing
spell in order to develop new products
arid new markets in the West 1 *, Mr
Pink said. But In the meanwhile they
will- require even higher subsidies
from the Treuhand agency, which
cannot allow them to collapse as it
would deal a fetal blow to the cities
and towns where they are located.
The difficulty in finding alternative
markets for products developed for
toe former Soviet Union is illustrated
by the 15 new ships ordered by Soviet
shipping lines and built at Warne-
mQnde. where they still lie at berth.
Although the vessels are covered by
Hermes credits, the buyers did not
agree to the altered rate of currency
exchange. The idle ships cost the
builder nearly DM800,000 a day in
insurance and maintenance charges
and cannot be re-sold elsewhere with¬
out costly rebuilding.
Hermes credits to the former Soviet
Union were sharply cat to DMSbn this
year, mainly for the Russian Repub¬
lic, and will probably only be slightly
extended, Mr Fink said. This month
Bonn government said that Moscow,
after a long delay, had given toe nec¬
essary counter-guarantees to allow
Germany to release current Hermes
export credit guarantees to east Ger¬
man companies.
A significant expansion of Hermes
guarantees was politically impossible,
according to Mr Fink, because of the
already strained Federal budget The
collapse in orders from the CIS may
also deter potential western buyers
from placing orders with east German
companies suspected of being candi¬
dates for closure by the Treuhand.
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FINANCIAL TIMES FRIDAY JUN E 19 L9 92
NEWS: INTERNATIONAL
China opposes cabinet posts for Hong Kong Democrats
_ .. . .. u li.i. mono In thp mlcmifll fnl- Hr* no mo nn thp rfflTr rnbar, fn.ir Mr Alim TMm ftoHna Chow, also a director of the MTRC, the gov- . _ • J
By Simon Holberton in Hong Kong
CHINA yesterday made its most
direct intervention yet in the politics
of Hong Kong when a senior official
said Beijing would oppose the
appointment of any member of Mr
Martin Lee's United Democrats to
the colony’s Executive Council, or
cabinet.
Mr Guo Feng Min, the Chinese
head of the Sino-BritLsh Joint Liai¬
son Group (JLG), said in Beijing yea*
terday that such appointments
would not he conducive to the sta¬
bility and prosperity of Hong Kong.
Mr Guo was speaking after the
23rd meeting of the JLG, a meeting
which was noteworthy for the Chi¬
nese departing from the agenda to
remind Britain that the Basic Law -
the Chinesedrafted constitution for
Hong Kong after 1997 - would not
be before the handover to
provide for more directly elected
seats to the colony’s legislature.
Mr Guo's remarks were an attempt
to limit the room for manoeuvre by
Mr Chris Patten, Hong Kong's gover¬
nor-designate, before he arrives in
the colony on July 9. Mr Patten was
widely expected to bring Mr Lee and
some of ids colleagues into his cabi¬
net
The Democrats represent most of
the democratically elected politi¬
cians in the colonial legislature fol¬
lowing last September's elections.
But Mr Guo's remarks make plain
what many have long suspected:
that Beijing sees no role in Hong
Kong’s political life for the Demo¬
crats, whose involvement in anti-
Chinese government activities after
the June 1989 Tiananmen Square
uprising has made Beijing deeply
suspirious-
Last night, the Hong Kong govern¬
ment Issued a brief riposte. A
spokesman said that "appointments
to the Executive Council were
entirely a at the discretion of
the governor]"
China’s intervention in local poli¬
tics came on the day when four
members of Hong Kong’s cabinet
broke ranks with the government
and issued a paper calling for cuts to
one of the core projects in Hong
Kong’s multi-billion dollar airport
devdopment
The decision by the four, all mem¬
bers of a conservative grouping
known as the Co-operative
Resources Centre, mil give added
comfort to Bdjing'wtdch is arguing
with Britain about: the cost of the
airport This week’s meeting of the
JLG produced no sign of when and
where China proposes to' meet
Britain to discuss the issue of airport
finance. - -
Mr Allen Lee, Mrs Celina Chow,
Mrs Rita Fan and Mr Edward Ho
joined 16 other members of the CRC
to call for cuts of HK$5.5bn (£380m)
in the cost of construction of a rail¬
way that Is planned to link the
urban areas of Hong Kong with the
colony’s new airport at Chek Lap
Kok.
Their proposals would cut the cost
of the railway from HKJZLSbn to
around HK$17bn in March 1991
prices.
Their call marks a reversal oy the
four who, as members of tile gover¬
nor’s cabinet, approved the financ¬
ing plans for the airport and related
projects earlier this year. Mr Ho is
also a director of the MTRC, the gov¬
ernment-owned entity which has
contracted to build and finance the
railway.
Their break with government pol¬
icy throws into question their con¬
tinuing membership of the cabinet.
It also undermines the position of
those who have been objecting to Mr
Martin Lee’s membership of the cab¬
inet on the grounds of his refusal to
observe “collective responsibility"•
The government said it would
study the CRCs paper and consult
the MTRC as to its feasibility. An
MTRC executive said last night that
the changes proposed would damage
the flwaitaol viability of the project.
to avoid
violence
By Peter Ungpbakom
in Bangkok
Japan refuses to
intervene in
flagging market
ILO reports
trade union
repression
By Frances Williams
in Geneva
By Stefan Wagstyl hi Tokyo
THE Japanese authorities
yesterday declined to intervene
to support the country’s flag¬
ging stock market, which fell
yesterday to its lowest level
since October 1986.
The Nikkei index lost 40024
points to close at 16,045.66
- some 8 per cent down on the
week so far and 59 per cent off
its all-time high recorded in
1989.
The market has been hit by
gloomy reports about the state
of the economy, including a
survey by the Bank of Japan
published last Friday which
showed business confidence
bad sunk to a five-year low.
Investors' fears have been com¬
pounded by warnings from
securities companies of farther
declines in corporate profits.
Many investors and busi¬
nessmen alike believe the econ¬
omy will recover only if the
government and the Bank of
Japan take measures to boost
growth, including an increase
in public works spending and a
ftnther cut in interest rates.
Mr Gaishi Hlraiwa, chairman
of the KriHanren, the employ¬
ers’ federation, yesterday
called for extra public works
spending to boost the economy.
But Ministry of Finance offi¬
cials said there were no plans
to intervene in the stock mar¬
ket or to increase public spend¬
ing. Mr Tsutomu Hata, the
finance minister, told a Diet
committee that the govern¬
ment was still monitoring the
effects of a public works spend¬
ing package announced at the
end of March and of a cut in
the official discount rate in
April However, many econo¬
mists believe it is a matter of
time before the government
and the Bank of Japan con¬
sider further such measures.
Japan Is under US pressure
to make a strong pledge to pro¬
mote growth at the Group of
Seven leaders' summit in
Munich early next month.
• Reuter adds: Japan said
yesterday it extended a record
gUbn (£0bn) hi official develop¬
ment assistance in 1991, up 19.6
per cent from the year before.
The sum accounted for 0.32
per cent of gross national prod¬
uct against 0.31 per cent in
1990, the Foreign Ministry said.
US presses India on nuclear curbs
By K K Sharrna In New Delhi
A US delegation of officials
yesterday pressed India to
attend a conference of South
Asian countries on nuclear
non-proliferation.
India Is not a signatory to
the Nuclear Non-proliferation
Tteaty (NPT). despite having
exploded a nuc le a r device in
1974, arguing that the treaty
discriminates in favour of
establishe d nuclear powers.
Pakistan proposed the five-
nation conference for a nuclear
wea pons-free zone, to which
China - another nuclear
power that has refused to sign
the NPT - is to be invited.
While the US still feels that
India should sign the NPT, It
sees the conference as the next
best alternative. India has not
specifically turned down the
proposal, but believes it does
not tackle the issue of nuclear
proliferation. It also feels that
the Pakistan proposal does not
take into account its security
needs. O fficia ls said the pro¬
posed conference does not
place controls on Pakistan's
clandestine nuclear weapons
programme.
Also discussed at the
two-day Indo-US talks were US
curbs on spares and compo¬
nents for research and develop¬
ment in India's missile technol¬
ogy programme. The curbs
were imposed after India
recently tested an Intermediate
ballistic missile despite US dis¬
approval.
T THE KARACHI,
AT THE KAR
rx EXPORT
PROCESSING ZONE
AN OPPORTUNITY
ATV7A T'T’C
\\J L\ | 1 \ M»td>oolworryingjfcootanlh* red4apiw\.
X X YY JL V 1 X U At the Karad* Export Processing Zone (Pakisf
YOU
Export Processing
Zones Authority
welcomes the
DELEGATES TO
INVESTMENT PROMOTION
SEMINAR
being inaugurated
In London today by
PRIME MINISTER OF
PAKISTAN
MR. MUHAMMAD
NAWAZ SHARIF
Uiadii&portProceBngaoeijjw
password for setting op an industry in the free aooe
without worrying about all the ral-tapim.
At the Karad* Export Processing Zone (Pakistan] you
have free access to all formalities in setting up an
industry ia the free *one with amnatdable
Incentives and fadEScs.
KEPZ offers tax holiday npto year 2000 A.O. and
thereafter 25% in Perpetuity. Customs duty. Sales Tax;
Octroi are aB exempted as well as surcharges and other
charges. Import licences ant Just fix the asking and
you on repatriate yow profits and capital anywhere at
anytime. Pakistani residents can invest upto 40%.
This is a goMea Opportunity for you 10 yrxr
industry without tews and yWd maxtnwm profits and
return on your in v es t m ent.
8y the way; facilities Bee voter, electricity, gas,
telephone; tdex etc are all provided by &ZA. Yoa
don't havfe to Vnode around from door to door, just one
open window for everything
Offchore banking and insurance facilities are also
available.
So come and see how easy it is to set-up an industry
without tears.
We are just a telephone, telex or fax away.
Detailed brochure and application font*
av?ib!)(e from Pakistan's
diplomatic missions, or direct from:
His policies of
de-regulation, privatisation
and liberalisation of
economy have
accelerated the pace of
economic development in
the country
EXPORT PROCESSING
ZONES AUTHORITY
Ministry of htubhi Cert, of PiHrtin.
M ehran Bj hv ry. LndU. SmeUM tFiUstu)
Tel: 7738767-3831409-330038,7738002,7738013 * 7738014
Cable -tXfOXt WF Tries 38693 EPZA PS Fax; 021-7738188
The Chairman ofEzpcu? Processing Zones Authority will
remain avaUaUe tor consultation dozing Investment
Promot io n Seminar.
* . V** -
SOME 200 trade unionists died
in the 15 months to March as
repression of trade union
activity continued in many
parts of the world, the Interna¬
tional Confede ration of Free
Trade Unions (ICFTC) says in
a repor t publis hed today.
The ICFTCTs annual report
to the International Labour
Conference In Geneva cites
abuses of trade union rights In
85 countries, including 2,000
mw gf detention and numer¬
ous instances of death threats,
abductions, disappearances,
haramroiept Spying.
Colombia - where over 50
trade unionists were murdered
in the survey period - China,
Guatemala, El Salvador, Iran,
Peru, Sudan and Sooth Africa
“are the world’s most danger¬
ous places for trade union¬
ists”, t he repo rt says.
The ICFTV says an increas¬
ing number of companies,
often mnltinatiiMuik operating
in developing countries, are
resorting to dismissals to
oppose workers’ basic
demands. More than 50,000
workers were sacked In the
survey period for activities
recognised as legitimate under
international conventions, the
report notes.
It also draws attention to
evidence in a growing number
of countries of connivance
between managers, landlords
and local security forces.
Hie previous year's report
listed 264 deaths and 2,422
detentions, citing 72 countries.
At t f-ygE a ■■ - ■■ v
» * Jr. 1
vv ■ ftrSfe:
-*?**.' 1
* 4 / >y
r . «:•
Massacre arouses fury in S Africa
By Philip Gawtth in
Johannesburg
THE ALREADY tense relations
between the South African
government and the African
National Congress (ANC) were
pushed dose to breaking point
yesterday following the massa¬
cre on Wednesday night of
nearly 40 people in the Boipa-
tong township south of Johan¬
nesburg.
The incident follows the
start earlier this week of an
ANCs mass action campaign,
aimed at breaking the deadlock
in constitutional negotiations.
The government had fiercely
criticised the campaign, saying
it would aggravate the high
levels of violence in the town¬
ships.
The massacre will compli¬
cate prospects for reaching
agreement at the Convention
for a Democratic South Africa
(Codesa), the constitutional
negotiating forum, where rela¬
tionships between the govern¬
ment and the ANC have deteri¬
orated sharply in the past few
weeks.
Following a trip around the
: township, near Vanderbijlpark,
yesterday Mr Cyril Rama-
phosa, ANC secretary general,
said; “This type of violence
could lead to negotiations
being derailed. The negotia¬
tions process is going through
a stage where it is bang jeop¬
ardised by the government-*
He added: “The collective
charge sheet against the apart¬
heid government is being
drawn up and President de
Klerk is accused number one.”
Most witnesses of the attack,
which left at least 37 and possi¬
bly as many as 50 people dead,
said it was conducted by resi¬
dents of the nearby Kwama-
dala hosteL There have also
been suggestions of police
involvement.
The hostel, which houses
residents for the nearby Iscor
steelworks, is known to be a
stronghold of the mainly Zulu
Inkatha Freedom Party.
Inkatha yesterday denied any
link to tiie massacre and chal¬
lenged the ANC to provide con¬
crete evidence of the involve¬
ment of hostel dwellers.
The failure of the govern¬
ment to curb violence has long
bran a main point of conten¬
tion between it and the ANC,
which has repeatedly accused
the police of complicity or
indifference to acts of violence
against black people.
The government will proba¬
bly link the massacre to the
climat e created by mass action.
Captain Craig Kotze, a police
spokesman, said yesterday: “It
is now quite obvious that the
political temperature has been
pushed unacceptably high
[by mass action] and has
created a climate which
can make incidents such
as these that much easier to
happen.”
A police investigation has
been launched Into the attack,
which is believed to be the
worst single incident of vio¬
lence in nearly 18 months.
NZ targets UK
immigrants
By Terry Hall In Wellington
Palestinian peace team meets Arafat
By Hugh Camegy In Jerusalem
SENIOR PALESTINIAN delegates to the
Middle East peace talks last night held
their first public meeting with Mr Yasslr
Arafat, chairman of the Palestine Libera¬
tion Organisation, in a pointed challenge
to Israel a few days before next week’s
general election in the Jewish state.
. The carefully staged encounter in
Amman was accompanied by an appeal by
Mr Yasser Abed-Rabbo, a senior PLO exec¬
utive committee member, for Israelis to
“vote for peace” in next Tuesday’s polL
He said there would be little optimism if
the ruling Likud party returned to power.
Although Mr Abed-Rabbo did not men¬
tion the opposition Labour party by name,
the right wing is bound to use his words
to portray Labour, which supports a more
conciliatory stance in the peace talks than
Likud, as being supported by the PLO,
Israel's great enemy.
But this did not deter the PLO going
with last night's event at whteh Mr
Faisal Husseini, the leader of the Palestin¬
ian negotiating team, Mrs Hanan Ash*
rawi, tee spokeswoman, and Dr Haidar
Abdel-Shafi, the chief negotiator, met and
embraced Mr Arafat In front of reporters
and cameramen summoned for the event
Israel has insisted on keeping the PLO
out of the Middle East talks and Israeli
law bars any contact with the PLO. The
negotiating team have had several previ¬
ous private meetings with Mr Arafat,
which the Israeli government chose to
Ignore. But the public flaunting of Israel's
position on the eve of elections may force
Mr Shamir to take some action.
“This Is the last step to reaffirm that
the PLO Is the reference for the Palestin¬
ian delegation to the peace talks,” said Mr
al-Tayyeb Abdul-Rahmin, the PLO's
ambassador to Jordan.
NEW ZEALAND is to target
the British Isles this year in a
pilot programme to attract
“quality’’ migrants.
The emphasis recently has
moved from promoting migra¬
tion to New Zealand in Britain
towards attracting immigrants
from round the world. This has
led to substantial numbers of
Asians gaining citizenship.
While there is no change in
what is, in effect, a global
quota of 25,000 a year, the new
scheme is expected to see .4,000
British migrants this year com¬
pared with 3,000 last year.
Cumbersome rules -. such
as intending migrants mart
first have job, and no New Zea¬
land resident should be able to
do ft - have been relaxed. ’
Turkmens revert to the days of the Khan
Steve Levine on the certain result of Sunday’s presidential election in Turkmenistan
V OTERS go to the polls-— system has just passed back to position as wen is the absence natural gas and oil - lejOOObr
on Sunday to elect a the old way.” More to the of Moslem fundamentalism cubic metres of proven nature
president in the former <. ■ point, said an ethnic Turkmen, despite a largely Sunni Moslem gas reserves and 213m. tonnes
V OTERS go to the polls
on Sunday to elect a
president in the former
Soviet republic of Turkmen¬
istan. They know who the win¬
ner will be. Mr Saparmurad
Niyazov, the former Commu¬
nist party boss, is standing for
a further term and has brooked
no opposition.
A committee of the repub¬
lic’s compliant ruling council
approved bis candidacy and
allowed no others to register.
The state-run newspapers and
just about everyone on the
streets say no one really
minds.
Mr Niyazov has clearly
instilled fear In the local popu¬
lation - few will criticise him,
even privately. The ubiquitous
response to anything but rou¬
tine questions about Mr Niya¬
zov is, “People don’t speak
about that”
At the same time, political
analysts add that Turkmens
look for central, strong leader¬
ship, and note that Mr Niyazov
won the October 1990 election
with 983 per cent of the vote.
“If you had all the possible
opposition candidates regis¬
tered, possibly Niyazov’s vic¬
tory would be only 92 per
cent,” said a western resident
The Benetton shop ln down¬
town Ashkhabad purveys, for
hard currency, a colourful
Jzbekisten
Turkmenistan
$MfafchabadO
Afghanistan
SOOrotaa
800 tas
selection of beachwear. And
buyers snapped up five new
Renaults this monte at the for¬
mer Soviet republic's first
western trade fair. But moder¬
nity is coming only fitfully to
Turkmenistan, which is still
ruled largely like the nomadic,
desert kingdom it once was.
The conservative Mr Niyazov
is in many ways as powerful as
was the Khan of Mere whom
the Bolsheviks destroyed.
Turkmenistan’s series of
Khans had power of life ami
death over their subjects
before the 20th century.
“Communism here was just
the old feudalism in red col¬
ours ” said a Russian who grew
up in Ashkhabad. “Now the
system has just passed back to
the old way.” More to the
point, said an ethnic Turkmen,
“In this country there are not
laws. There are instructions.”
Mr Niyazov was educated in
St Petersburg and is Russified.
Indeed, be is said to consider
Russia something of a big,
wiser brother, to be consulted
on the various foreign propos¬
als that cross his desk.
Mr Niyazov rose through
Party ranks and was appointed
Turkmenistan's first secretary
by then Soviet President Mik¬
hail Gorbachev in 19%. He is
an engineer by education and
is married to a Russian. His
excellence as a political strate¬
gist. was demonstrated by his
survival after the Soviet
Union's collapse in December.
In a land where, until rela¬
tively recently, yon had to be
able to recite your tribal back¬
ground and ancestors for seven
generations to get anywhere,
Mr Niyazov is an orphan with
no provable ancestry at alL
In addition, though, there is
the former Communist party
structure built up over tee last
seven decades. Mr Niyazov jug¬
gles teem. “His power comes
from the past, and from his
personality. He’s a very capa¬
ble man,” said an Asian
scholar on the region. Helping
to strengthen Mr Niyazov's
position as wen is the absence
of Moslem fundamentalism
despite a largely Sunni Moslem
population.
Mr Niyazov has concentrated
power in his office and that of
two lieutenants. They are his
trade minister, Mr Valeri
Oteersov, an ethnic Russian;
and his investment committee
director, Mr Atah Chariov, who
has ancestors from the impor¬
tant Tekke tribe of Mare.
This concentration malms Mr
Niyazov's 16-member ruling
council largely superfluous,
and frustrates investment ini¬
tiatives by foreigners and
locals alike.
As factories and flats quickly
go private throughout tee for¬
mer Soviet Union, Mr Niyazov
has declared that in Turkmen¬
istan no dwelling shall be sold
for a decade, and that too state
will relinquish no share Of its
enterprises.
Mr Niyazov's conservatism is
rooted at least partly in fear of
the business “mafias”, that
have sprung up elsewhere in
the former Soviet Union,
according to state officials. “If
we give up state property to
private people, there-will just
be a lot of theft," said Mr Abdi
Kuliev, foreign minister.
Western and regional inter¬
est has been high. The wealth
expected from Turkmenistan's
natural gas and oil - 10 jOOObn
cubic metres of proven natural
gas reserves and 213m tonnes
of oil. according to the state
- has attracted ample atten¬
tion. Turkmenistan Is negotiar
ting to snpply Ukraine’ .and
other republics for hardicur-
rency, while Italian interests'
are seeking to arrange a barter •
deal under which they would
finance a refinery. But foreign
approaches have so far ruir up
against the republic’s go-slow
attitude to development
. Its location between China to
the east and Iran and Turkey
to the west and south are also
selling points. One project
going ahead is a venture with
Iran to build a railway which
provide the final link of a track
from Beijing to Istanbul.
Mr Niyazov has lavished
attention on his frequent for¬
eign visitors, housing some in
tee old Communist party hotel
and' holding banquets in their
honour. But thfa attention-
representatives, of General
Motors and Rank Xenix , bare-
cafled this month . - bas net
quickened his pace of reform.
He apparently feels in no
tush. “Ibe people here have
nothing against tee oId tradi¬
tions," said a Russian piuSes-
sional based in Ashkhabad.
“That’s why Niyazov’s position
is quite stable”
r
MR Anand Panyarachun, the
qftai prime minister, yesterday
called for close co-operation
between tee government and
the private sector to revive tee
country’s economy and avoid a-
repeat of last month’s political
violence. j .
His comments, made in his
first speech since his deadlock¬
breaking appointment on June
10 , referred indirectly to two
key issues that need to be
resolved if public confidence Is
to be revived.
These are the kind of govern¬
ment that will emerge after
elections in August or Septem-
her, and what will happen to
miH tary commanders who are
still in their posts despite
being blamed for using weap¬
ons of war to suppress demon¬
strations in Bangkok Heaving
more than 40 protestors killed
and several hundred missing).
Mr Anand echoed the views
of many analysts by attribu¬
ting tee conflict to the failure
of the political system, tradi¬
tionally dominated by the mili¬
tary, to keep up with the rap¬
idly expanding business sector.
His call for a greater busi¬
ness role in easing political
tension as well as in devising
economic policy coincided with
moves by a group of leading
business figures to promote
“better” politicians.
The group announced yester¬
day it was setting up a fond to
support candidates it believed
would be less likely to boy
votes and to engage in the poli¬
tics of power and personal
patronage that led to last
monte's protests.
Members of the group said
they would boycott members of
the five coalition parties whose
decision to back as their prime
minis ter General Suchinda
Kraprayoon, former army
chief, triggered the anti-mili¬
tary campaign.
Mr Anand made his speech
at a seminar organised by
industry, trade and banking
associations. A former diplo¬
mat and businessman himself,
he said he had accepted the
invitation because tee business
community was determined
not to allow a repeat of the
conflict He also said he would
use closed-door diplomacy to
work out a face-saving compro¬
mise on the future of the mili¬
tary leaders.
r-~“ .. ___
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V ^ANCaAL TOdES FRIDAY JUNE 19 1992
NEWS: AMERICA
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4rndHdPrONN •:
In WMdUng^ofi
OFFICIAL figures showing a
sharp rise in the US merdaan-
<2se trade-deficit in A pril pro¬
day erf possSbte adverse trade
trends Intertills year, if the DS
economy costumes to revive
- and- demand reman® subdued
elsewhere.. •
The deflett lumped from
SSAbn in March to $7bn, the
greatest shortfall 'for 17
raonfits, the Commerce Depart¬
ment sakL
pM» caM apecteddeteriomtiop
reflected the-combined im part
of a jranp in imports and a fall
in exports.
Wall Street analysts were
taken by surprise, having fine-
cast a deficitof about $5-7bn.
The deterioration in April,
however, overstates the rate at
which the deficit is widening.
For the first four months <tf the
year, the deficit grew modestly
- to $2USbn compared with
32&Sbn lari year. Exports were
up &5 per cent relative to last
year.'---' •'•-••■ !
• Separate figures yesterday
for weekly, unemployment
insurance claims indicated
continuing softness in US
labour markets. Claims tell
2,000 in the weekending Junes
to 407,000.
A. significant improvement
in Joh pmapacta is gntgr partofl
so long'as the dafahant total
remains stubbornly, above
400400. *.
Menem pushes for ;
second term . '
THE campaign to amend
Argentina’s constitution and
allow Pxerident Carlos Menem
to seek a second tom formally
begins today ta ins home prov¬
ince of LaRfeia. w&hacaufer-
ence -of Fenadri party provin-
dal legiriatos, John Barium
reports from Buenos Aires.
Mr Menem, who is . near the
middteaf his six-year term, has
forcefully instructed Peronist
peaty leaders to fight for an
a n ^ m dinflBt, while effltming hi
public that he Is not partico-
lariy i nte rested in rodactfon.
spending axe
supercollider
By George Graham
to W ashingto n
TEXAN politicians yesterday
began a desperate rearguard
action to ay to save the Saper-
conductiag Supercollider, after
tiie Bouse of Representatives
voted to kill tbs $8bn scientific
research project
The supercollider's goal fa to
find out mors about subatomic
particles by smashing them
against each other in a 54-mfie
oval tunnel, now under con¬
struction near Waxahachie,
Texas.
But tiie project, derided by
its critfcs-as a pork-barrel
scheme with no scientific
value, appears to have &Hen
victim to Congress’s new
enthusiasm far cutting expen¬
diture. •
“The House was looking for
a blood sacrifice and they
found it in the Supercollider, M
said Congressnan Joe Barton,
in whose district Waxahachie
lips
Supercollider funding could
be restored by the Senate, but
its leading backer there, Sena¬
tor Bennett Johnston of Louis¬
iana, warned yesterday that it
faced an uphill fight.
The spending axe in Con¬
gress has been much sharp¬
ened by a recent surge of atten¬
tion to the spiralling federal
budget deficit A bid to amend
the constitution to require the
government to balance its bud¬
get narrowly felled last week
to win the necessary two-thirds
majority in the Hoese.
After signalling their attach¬
ment to the principle of fiscal
rectitude, the 280 members
who voted for the constitu¬
tional amendment appear to be
shy of showing hypocrisy by
voting so soon afterwards for
lavish spending projects.
House committees have
agreed In recent days cuts in
defence spending - and even
in tiie Congressional operating
budget
The supercollider has bad its
critics since it was proposed in
1386, among them scientists
who feared it would take
almost all the federal money
available for scientific
research- The administration
claimed at first that it would
cost $5-3bn, but its estimate
hire rinffl risen to $&2bn, and
critics’ estimates run to more
than illbn.
Texas chipped in glbn in
order to lure the supercollider
to Waxahachie, bid the admin¬
istration hire claimed all along
that a quarter to a half of the
cost would be met by foreign
participation-
Brighter prospect of
US help for Russia
By Jnr«k Martin, US
■■ , v— Ml, — 1 r -■ —-
- tunuT| sai IvBBtufiQIOfi
THE prospects for
Congressional a p p rov a l of the
US contribution to the $24bn
international assistance pack¬
age to Russia havB been modi
improved, but not guaranteed,
fay President Boris Yeltsin’s
speech to the US legislature on
Wednesday.
Yesterday, Mr Bill CBnton,
the prospective Democratic
presidential wmiBitutB, had
breakfast with the Russian
president and afterwar ds urged
Congress to take swift action.
Mr Clinton reeled any link
between the provision of assis¬
tance and Russian progress in
identifying US prisoners of war
who may have been held on
Rntebm sail *We have no rear
son to believe that he {Mr Yelt¬
sin] will not proceed in com¬
plete good faith on that We
would not even know about
that issue had he not raised
ft," Mr canton said. ’
The Congressional leaders
stffl have not set a 'date for
formal consideration, of the aid
packag e , the grandly titled
Freedom Support Act Yester¬
day. Senator John Warner, the
Virginia Republican, predicted
a vote *Tn a week or 10 days.”
Mr Yeltsin's speech and per¬
sonal lobbying seem to have
swayed doubters on both the
j tepnhihMiTi right and Demo¬
cratic left.
The most conspicuous con¬
vert was Senator John McCain,
the Republican from Arimna
mid a former prisoner of war.
while Senator Patrick Leahy,
the Vermont Democrat and
sceptic (Si the efficacy of aid to
ftr jifirifl, that the Yelt¬
sin speech “Will win him a lot
of votes. 1 *
However, Congress still
expects President George Bush
to follow the -successfol sum-
udt by canvassing hard In the
days to com e on ffa pn+ni HHL
T V president said he thought
support in Congress for Rus¬
sian aid was now “overriding-”
cxHrai voices still resound,
even so. Far example, Mr Ray
Ftynn. mayor of Boston, said
yesterday it was “outrageous”
that Congress should “bail
out” giwda while providing “a
pittance” to American dries.
Emergency
urban aid
package near
AN emergency urban aid
pm-kng g looks set to come to
fruition-in the US, seven weeks
after the Los Angeles riots
sparked a new political interest
in helping tire distressed timer
dries, reports George Graham
far Washington.
The House of Representa¬
tives was due to vote on the
urban aid Mil yest e rd a y, after
a hard-won compromise
between Democratic Congres¬
sional leaders and the Republi¬
can White House.
The final package roughly
splits the difference between
an artmhii«g«r aHfin- b?^Vpd pro¬
posal to provide gSflOm of disas¬
ter aid - to cover the damage
caused by the Los Angeles
Tint* as well as the Chicago
floods in April - and a more
ambitious Senate pfen. The lat¬
ter's proposals, backed by
Democrats but also by some
Republicans, would have added
$L4bn more for summer job
creation, youth and crime-
fighting programmes.
Argument over these propos¬
als has held up action to help
the dtfes for weeks.
Venezuela
trims
growth
projection
By Joe Mann In Caracas
Venezuela has reduced its
economic growth projections
this year to *6 per cent, from
the 5-6 per cent or more fore¬
cast at the start of the year,
Mr Pedro Rosas, finance minis¬
ter, said.
Dim to lower than expected
world oil prices, the central
government and FDVSA, the
national oil company, have
both ordered big budget cats,
thus reducing projected eco¬
nomic growth from the record
high expansion of 9J per cent
in 1891-
It is stfil uncertain what
Impact Venezuela’s ongoing
poetical crisis smf ^ the accom¬
panying uncertainty will have
mi the'economy. Last Febru¬
ary, a group of army officers
tried unsuccessfully to oust
the government of President
Carlos Andris Perez. Since
then, the country has been
afflicted by violent anti-
g overnment protests.
T Ph« minister wM the gov¬
ernment was now expecting a
gp pyral fiscal Hgftrft of about 5
per cent of GDf for 1982. Of
this, 3.5 percentage points
would be caused by PDVSA’s
ongoing capital Investment
programme while US points
would be due to the central
governments shortfall.
PDVSA Will nnanr* most of
Its deficit through Interna¬
tional credits, the minister
said. In Apr il, Mr Gustavo
Roosea, PDVSA president, said
Mm company’s external debt
was g£.17bn and its obliga¬
tions to Venezuelan the
eqptivMeiit of |928m.
The Venezuelan government
registered surpluses in its can-
soMated budgets is both 1590
and 1991. The national oil
muwyny provides the g overn-
meut with most of its tsr reve¬
nue, and officials now expect
petroleum exports this year to
total abort flOSfm - down
from an —diw of
glSJShn. -
Despite the political prob¬
lems, foreign inv e stm ent dur¬
ing the first four months of
1902 was cunsMpiahjy higher
titan for the equivalent period
last year, Mr Rosas srid.
Perot factor unnerves
the Mexican market
US commitment to Nafta dents expectations of an
imminent economic miracle, writes Damian Fraser
R OSS Perot as US presi¬
dent may still be
unlikely, bid the pros¬
pect of a dose US pres identia l
race this autumn Is causing
inr wMKiiwg anrte tv anwng Mex¬
ican officials and, more signifi¬
cantly, investors in the coun¬
try's volatile stockmsrket.
The Mexican Balsa fell 12 per
cent in the first throe days of
the week, partly recovering by
yesterday. The plunge was in
part because of Mr Perot’s
(admittedly Inconsistent) decla¬
rations against the proposed
North American free trade
agreement. The fear Is not just
that he might win, but that his
popularity might force. Bill
Clinton, the Democratic candi¬
date, and wavering congress¬
men to be much mare dreum-
spect in their support for the
agreement
Although Mexico's economy
is In its best shape for at least
20 years, the country remains
acutely dependent on events in
the US. Some 70 per cert of
Mexico’s trade is with its
northern neighbour, and if US
growt h were to remain slug¬
gish, Mexico’s exports would
suffer. More Inip^rfam^ U*da>
is likely to run a current
account defidt of more titan
Sifibn Wife year, and d e p en d *
on mainly US fc i ito w to
plug the gap.
If the political uncertainty
engendered by the Perot candi¬
dacy affects the US economy.
-Itoxlco' :
1 FC tndexto glanfla ^
Itfoo
.*WL
thnw suffers too. Add to
that the fear that Nafta will
not be passed, and the recent
gloom in Mexico becomes
under st andable
Nafta matters, says one
investment banker visiting
Mexico, hfiMnu p will encour¬
age fond managers to treat
Mexico as part of North, rather
than TaHn, America Mwfhnm
risk will fall appreciably, and
Mexican companies will thus
be valued more iflrg US thaw
say Brazilian cues. For a coun¬
try which culturally and politi¬
cally is much closer to most
T.atin Ame rican nations thaw
the DS. that is quite a feat
The inconristenl stance by Ross Perot (left) on Nafta
troubles President Carlos Salinas’s government
Mr Jorge MariscaL an ana¬
lyst at Goldman Sachs, pot the
case for the agreement suc¬
cinctly. "For investors consid¬
ering Mexico it (Nafta] means
an historical shift in M«*waw
attitudes towards its northern
partners und therefore a dras¬
tic reduction in the perception
of risk. Under Nafta, Merino
would find it very difficult to
revert to the protectionist,
interventionist economic mod¬
els which characterised the 70s
and 80s". If the agreement is in
doubt, the reverse logic can be
applied.
The Mexican government is
probably kicking itself for not
starting the free trade talks (in
earnest) until September last
year. Like almost everyone
else, they overestimated the
popularity of US President
George Bush, ami believed that
his commitment to a free trade
agreement was enough. Now
they will have to sit through
the next six months, quietly
cheering on George Buabr
while malting discreet over¬
tures to Bill Clinton.
The government has argued
that the underlying economy is
in good shape. Mexico's total
debt to GDP ratio is 79 per
cert, against 74 per cent when
President Carlo * Salinas came,
to power, suggesting that
•frtortra* Vigg put the debt m-fefe
h»MwH it. TnflnHrm Jg faTUwg
and is likely to be around 12
per cent rids year, while the
budget is in surplus. With or
without Nafta, tin foundations
for stable economic growth
appear to have been bunt
The trouble is that Nafta has
raised expectations of an immi¬
nent “Mexican miracle”. This
year alone Mexican companies
have fanned an estimated $4bn
in equity, in an attempt to
raise capital in anticipation of
integration with the US. Ban-
acd, the financial group com¬
prising Mexico's largest hank,
was phuming to issue $L5bn of
new equity next week.
aWhm^ fha recent foils in the
stockmarimt mean it may have
to offer fewer shares, at a dis¬
count. Many famine and compa¬
nies in line to issue stoek after
Banaca may now postpone.
targets t
iigrants
f
’s decisive edge
Central control console of die
Gmtnuac P process control systmi
- -frflBi Hartmann & Braun at die
IMwn sugar factory m Germany.
x.
v-'
£?. i
\ Monitoring, regulation
and control - all in one
Rush hour in the sugar factory:
More than 14,000 tonnes ofbat rofl onto
the conveyor belts every day at the
bright of production.% die process
control system from MkoneamB
Hartmann & Braun keeps everything
moving right around the dock - monitor-
. it^r^nlatmgandcontrollmgall the
washing, extraction, cleaning, separation,
boiling, evaporation, drying, and Riling
operations, Qedromc sensors pick np aS
the information necessary, enabling
the automatic control system to keep the
process simmering around optimum.
The result: Savings in taw materials and
energy, less burden on the environment,
greater plant protection and a reduced
operative workload.
Mannesman!! buSds plmls and maHrmrry,
nukes systems and aunponeatx far the automotive
iinlm.try t jaan snetnres hyAan Bq electric and
nnmmatic drives and contivk, develops and
Km ^K n r iHi w m ; Mntnmiaintf and mlnrmati nn
_ , provides trbrommnmrstiim services,
produces ss^d tube and pise, and trades on a
worldwide scale. Income frm sales earned by its
125MB cmpktjtts besinthe ngkm ofDM 24 bd-
Uojl
technology
ManDesmann AG
D-4000 Dusseldorf 1
L.
6
FINANCIAL TIMES FRIDAY JUNE 19 1992
NEWS: UK
Union urges
inquiry into
Courage
pension fund
By Hfcbwd Smith,
labour CorrMpoittfftrtt
CITY regulators have been
asked to Investigate the pen¬
sion fund manager of Courage,
the brewer, after the fund was
forced to write off a £I 0 m
investment In a company
related to Foster's Brewing
Group, Courage's Australian
owner.
The Transport and General
Workers' Union has written to
Imru, the self-regulatory body
for the fond management
industry, urging an inquiry.
The union also wants Imro
to Zook at the separation of the
fund management from the
main company. The invest¬
ment manager tor the fund is
Pyrford International, formed
by the managers of Bide re
Investment Management in
early 1991 in a buy-out from
Foster's, then known as Elders
lXL»
Courage said that since the
write-off in 1990-91 the trustees
had. decided to invest no fur¬
ther money in companies
related to Courage and Fos¬
ter's. The pension fund also
owns the head office of Cour¬
age, at Staines, Middlesex.
Amu said It was considering
the TGWtJ letter and had had
talks with the Occupational
Pension Board, Courage, the
fund trustees and the union.
The TGWU request follows
the appointment of receivers
earlier this month to Mr John
Elliott's International Brewing
Investments, which had a 32
per cent stake in Foster's.
The receivers were appointed
by BHP, the Australian energy
and steelmaking company, fol¬
lowing the end of a morato¬
rium on interest payments an
about AS2J>bn of debt acquired
by IB1 to finance the purchase
of Its Foster's shareholding.
In a letter to Imro at the end
of May, Mr Brian Revel!,
TGWU acting national official,
said his union and its Courage
members had been concerned
for some time that the owner¬
ship structure had major debt
problems.
The £ 10 m pension fund
write-off followed an invest¬
ment of that amount in 1968 in
Hariin Holdings, now known
as International Brewing Hold¬
ings, which was used by Mr
Elliott and others to buy
shares in Foster’s.
According to the fond trust¬
ee's report for 1990-91, the
investment has "like other
leveraged stocks, seen Its mar¬
ket value tumble in 1990".
Courage said the write-off com¬
pared with funds under man¬
agement last June of £ 288 m_
Government emphasises significant drop in average earnings
Jobless rate climbs to 9.6%
By Emma Tucker,
Economics Staff -
THE NUMBER of people out of
work in the UK climbed to
more than 2.7m last month, the
highest level for neatly five
years.
Although the 21300 rise in
the jobless total in May was
s maller than most economists
had forecast, it pushed the
unemployment rate to 9.6 per
cent It followed a rise of 42,600
in April
With convincing signs of eco¬
nomic recovery stfll absent at
the end of a week in which a
string of economic statistics
1ms been released, the govern¬
ment yesterday pointed to a
slowdown hi the average rate
of increase in unemployment
^nd a significant drop in the
rate of growth of average earn¬
ings.
Commenting on the unem¬
ployment figures Mrs runfam
Shephard, the employment sec¬
retary, said: “The average rate
of increase in unemployment
in the latest three months is
the smallest recorded for any
three-month period since the
three months to September
1900."
In the three months to May
UK unoniplfl^meht
H Northern Ire land
gSgNorlh 11.19
0 north-west ' 10.5%
mlU
Qwest Midlands
105% W ^ f I2-.. -o
..V
aaw* TW • -A
B Yorks ft Hu mber
B Wales
El Scotland
□south-east
□south-west
Q east Midlands
flEastAngSa
UNITED
KINGDOM
unemployment grew by an.
average of 23J300 a month com¬
pared with. 29,400 In the three
months to ApriL
The number of people out of
work, has risen by 70 per cent
since unemployment levels
started to go up 25 months ago.
The Department of Employ¬
ment's estimate of tits trend is
for It to continue to grow by
between 25,000 and 30,000 a
month for the rest of the year.
Other figures from the
Department of Employment
showed that average earnings
growth eased to 7 per cent in
the year to April In spite of
foiling inflation and rising
unemployment throughout the
recession, this was the lowest
rate of earnings growth for 2S
years. It is expected to carry on
foiling as lower pay settle¬
ments in. the second half of last
year teed through to the index.
The slow-down in average
earnings growth contributed to
a sharp (hop in unit wage costs
and a rise in productivity In
April Mrs Shephard said that
the containment of wage costs
would help to protect and cre¬
ate jobs,
Hr Tony Blair, Labour's
employment spokesman,
described the rise in the jobless
total as dire.
"B Is now dear that the gov¬
ernment's pre-election prom¬
ises of a quick economic recov¬
ery have evaporated in the
postetection light of day," be
said. Unemployment increased
in aH parts of the UK but con¬
tinued to rise fastest in Loudon
and the South-East
Since May last year the num¬
ber of people out of work in
this region has risen by 2.4 per
emit with me in 10 now unem¬
ployed. The seasonally
adjusted month-on-month
increase of 10,100 was more
than three times the size of
monthly Increases elsewhere.
Other regions where unem¬
ployment rose faster than aver¬
age included the East Mid¬
lands. the West Midlands and
the South West The lowest
rate of 'increase was in Scot¬
land where unemployment was
only Oil per cent higher than a
year ago. The unemployment
rate for mm was 129 per cent,
significantly higher than the
rate for women which was 5.2
per cent in May.
Major determined to keep
EC enlargement on track
By Philip Stephens,
Political Editor
MR JOHN MAJOR, the prime
minister, last night underlined
his determination to prevent
uncertainty about the Maas¬
tricht accord from derailing
British plans to place the
future enlargement of the EC
at the centre of its community
presidency.
In talks in Downing Street
with Mr Anbai Cavaco Silva,
the Portuguese prime minister,
Mr Major said' he wanted next
week's Lisbon summit to give
a clear signal that the EC was
ready to accelerate negotia¬
tions on the entry of the EFTA
countries.
' Mr Mhjor plans to use the
British presidency to lay the
groundwork for detailed nego¬
tiations with Sweden, Norway,
Finland and Austria in the
first half of ne xt year.
Assuming that the result of
the Irish referendum on Maas¬
tricht today is positive, the
British prime minister also
wants the summit to give the
go-ahead for work to define
more closely the responsibili¬
ties of the Community.
Spelling out the implications
of the "subsidiarity" provision
is seen as a key element in any
deal to allow Denmark a sec¬
ond referendum which might
endorse the'treaties on politi¬
cal and monetary onion.
Mr Major would like during
the British presidency to
shelve Mr Jacques Delons' pro¬
posals for a forge increase to
the Community's resources.
In spite of the dear rejection
by EC finance ministers of any
increase on the scale recom¬
mended' by the Commission
president, however, British
officials believe Spain will lead
a group of southern countries
determined to keep the issue
on the agenda.
So Mr Major will be looking
for a political declaration from
the 12 leaders which signals
that the EC must respect the
game budgetary constraints as
national governments. The aim
would then be to agree a mod¬
est increase in resources at
December’s Edinburgh sum¬
mit
In the House of Commons
yesterday Mr Major repeated
his insistence that Britain
would not follow Denmark,
Ireland and France in holding
a referendum. He said such a
vote would fall outside
Britain's traditions of parlia¬
mentary sovereignty.
The cabinet deferred until
next week its formal decision
to endorse Mr Delors for the
another two years. The defer¬
ral was intended to frustrate
Conservative Euro-sceptics’
opposition to Tory backing for
the current president. Minis¬
ters will approve the re-ap¬
pointment just a few hours
before Mr Major flies to the
Lisbon summit on Thursday.
British Rail
losses rise
to £150m
FULL LIST OF CHARGES
against Kevin and Ian Maxwell and Larry Trachtenberg
The full charges faced by Kevin Maxwell, Ian Maxwell and Larry
Trachtenberg are:
By Richard Tomkins
BRITISH RAIL is about to
announce that its losses for the
year to March have Increased
sharply from the previous
year's £L09m to a worse-than-
expected £l50m.
The scale of the losses will
greatly Increase the govern¬
ment’s difficulty in stimulating
private sector Interest in Its
plans to denationalise BR.
Ail the passengers sectors
have suffered a decline in reve¬
nues, partly because commut¬
ing has declined with the rise
in unemployment and partly
because fewer people are trav¬
elling for leisure or shopping.
Inter<Sty, which has been
profitable for the past five
years and receives no govern¬
ment subsidy, is believed to
have turned in an operating
profit of barely £5m compared
with the previous year's
£49.7m. The two subsidised sec¬
tors - Network Southeast,
wtuch lost £1549m last year,
and Regional Railways, winch
lost £503.4m - will report
heavy increases in their losses,
although, these will be mostly
offset by increases in govern¬
ment grants.
KEVIN MAXWELL
1 That you did. together with Larry Trachtenberg on divers days
between May l and December 10 1991, conspire together to
defraud the Swiss Bank Corporation of £55,783,468.76 by dishon¬
estly being party to the sale of securities belonging to the First
Tokio Index Trust Ltd which you knew was contrary to represen¬
tations and warranties given to the said bank.
Conspiracy to defraud contrary to the common law.
2 That you did, together with Larry Trachtenberg, on or about
September 30 199L, steal a portfolio of securities quoted upon the
Inter national Stock Exchange managed by Lloyds Investment
Management Ltd to a value of £7,009956 being the property of
MGPT Ltd.
Contrary to Section 1 Theft Act 1968.
3 That you did, together with Larry Trachtenberg, on or about
October 22 1991, steal a portfolio of securities quoted upon the
International Stock Exchange managed by Lloyds Investment
Management Ltd to a value of £12,446,703.56 being the property of
MGPT Ltd.
Contrary to Section 1 Theft Act 1968.
4 That you did, together with Larry Trachtenberg; on or about
October 22 1991, steal a portfolio of securities quoted upon Die
International Stock Exchange to a value of £5,067,292.86 being the
property of AGBPT Ltd.
Contrary to Section 1 Theft Act 1968.
5 That you did together with Larry Trachtenberg, on or about
October 311991, steal a portfolio of securities quoted upon the
International Stock Exchange managed by Invesco MEM pic to a
value of £12*175.215, being the prop e rty of MGPT Ltd.
Contrary to Section t Theft Act 1968.
6 That you did, on or about October 22 1991, steal a portfolio of
securities quoted upon the International Stock Exchange for¬
merly managed by Thornton Investments Management Ltd to a
value of £6939385.46 the property of MGPT Ltd.
Aerial power: a Sukho i Su 37 fighter, Nato co d e na m e Hanker, was put through its paces above London's Thames Barrier yesterday.
It is one of the most advanced fighters built in the former Soviet Union. The aircraft is equipped to carry apt to 10 air-to-air guided
missiles. Sponsored by a Russian Insurance company, the Flanker Is visiting Britain for the Biggin HUI air show In Kent, where it is
part of a newly-established Russian aerobatics team called The Test Pilots Photograph by Gian Gam
load Freight, the bulk freight
business, is expected to turn in
a profit, losses at Raflfrelght,
Distribution are believed to
have worsened from the previ¬
ous year's £152Jm.
Britain in brief
Shorts cuts
400 jobs as
demand falls
fu rther signals about a modest
upturn.
Lending by these groups to
companies and individuals
rose by a seasonally adjusted
£3bn last month, aftera £5.lbn
increase in April the Bank of
England said yesterday.
The message about increased
demand for credit was sup¬
ported by tiie British Bankas*
Association (BBA), which said
its nine member banks
increased lending by an
adjusted £ 2 J 2 bn in May, after
£2.6bn in April
Bus companies
to be sold off
Shorts Brothers, the Belfast
aircraft and missiles manufac¬
turer, has announced 400 job
losses, blaming the recession
fa felling demand and sales.
Shorts, acquired by Cana¬
dian transportation group.
Bombardier, In October 1989,
has given 90 days’ notice of
(he lay-offs to the department
of economic development.
The company has already
ceased production of the
FD360 commuter aircraft, and
is running down production of
the 323 Sherpa military air¬
craft for the US Army and
National Guard. Shorts said
there would be some enforced
redundancies but efforts
would be made to keep them
to a minimum.
Public sector bus companies in
all Britain’s largest towns and
cities are to be privatised
un der plans being prepared by
Department of Transport.
They include state-owned
London Buses; the municipal¬
ly-owned bus companies in the
metropolitan areas of Greater
Manchester, Merseyside, South
Yorkshire and Strathclyde; and
other municipal bos companies
hi cities including Nottin gham,
Cardiff, Southampton, Hull and
Leicester.
Privatisation of the 35
companies will represent the
biggest shake-up of Britain's
bus industry since the priv¬
atisation of the National
Bos Company's 56 component
companies between 1986 and
1988.
‘Debacle’ risk
Agencies win
Revenue work
Private employment agency
staff will next month take over
some of the most confidential
and politically sensitive work
in government administration,
as the contracting oat of cen¬
tral government services gets
under way.
Personal secretaries, typists
and other support staff at the
Inland Revenue's new head
office building in Nottingham
wQL be supplied under contract
by Blue Arrow Personnel Ser¬
vices, The work contracted out
In both cases Involves handling
confidential correspondence
and sensitive policy papers.
England batsman Alec Stewart
(above) steers a ball past a
Pakistani fielder at Lord’s, on
the first day of the Engfond-
Pakistan test. The England
cricketer scored 74 before
being caught out by Javed
Mlanriart, the Pakistan na pferin,
E n g l an d were 2S5 all ouL
Problems at
N-waste site
on pensions
The Equal Opportunities Com¬
mission has warned the gov¬
ernment It risked “a debacle"
over its handling of the
equalisation of state pension
ages for men and women.
Large sections of the popula¬
tion would not know until too
late that (hey could be worse
off under pension measures
being considered by the gov¬
ernment, said the commission.
Women, In. particular, stood to
lose out if (heir age of entitle¬
ment to state pension was
raised from 60 to 65 - the
current retirement age for
men.
Lloyd’s may
fund extra
relief
for Names
By Richard tapper
in
UK lending
rises slowly
The second successive monthly
rise to lending by femiM and
building societies has provided
Geological investigations by
UK Nirex, the midear waste
consortium, into its chosen
rite for Britain's first under¬
ground repository Bar radioac¬
tive waste suggest it may hove
great difficulty arguing it
would be safe, according to a
new report by independent
consultants. Information from
the first four test boreholes
reveals that water in the rock
which would surround the
repository travels upwards.
into sandstone used as a
source <rf drinking water, says
the report by consultants
Environmental Resources.
Rembrandt sells
for £159,500
A print by Rembrandt, Christ
Crucified between Two
Thieves, has been sold for
£159,500 at Christie's, at the
bottom of its estimate. Exe¬
cuted in dryprfnt in 1653 the
print is extremely rare: inl 660
Rembrandt dramatically
altered the composition.
ft was the top price in an
auction of Old Master prints
collected In tee late 19te cen¬
tury by an aristocratic German
family.
LLOYD’S of London is
discussions with agents and
brokers at the insurance mar¬
ket to fund extra hardship
relief for Atones suffering in
recent losses, Mr Alan Lord,
chief executive of Lloyd's,
announced yesterday.
A folly fledged bail-out
scheme that would cap past
losses has been rejected as
''unviaMe'’, Mr Lord said.
finder the hardship arrange¬
ments, which are negotiated
individually, Names - the
individuals whose assets back
underwriting at the market -
are allowed to retain, a home
and modest income In return.
Lloyd's restructures their
debts. "We do not reduce them
to penury,” Mr Lord said.
Mrs Mary Archer, who chairs
the committee, said the council
had reached agreement with. 39
Names, while a total of 95
offers had been made. A total
of 1,185 Names had applied to
the committee. “Contrary to
popular opinion, Lloyd's has
never bankrupted, nor will it
bankrupt Names who wish to
meet their underwriting obliga¬
tions," said Lloyd’s.
Referring to the bail-out
schemes, Mr Lord said the
council had considered three
types of plan over the past two
months covering:.losses for
1989 alone; net losses for tee
1986-69 period; and a loan
ftrihama to hpJp Nam es faring
liquidity dlfflcukfes. AH were
rejected on a variety of legal
practical and commercial
grounds, Mr Lord. said. .
A plan to Emit Names' losses
from next year has been intro¬
duced, and its terms improved
foam, those recommended in
January.
Cumulative losses over a
four-year period will now be
capped at an amount equiva¬
lent to 80 per emit of their pre¬
mium income limit — the
amount the premiums they are
allowed to accept - rather
than the 190 per cent proposed.
Abandoning new
Tube extension
may cost £200m
The freight side has also per-1 Contrary to Section 1 Theft Act 1968. ■ "•
' formed t»cfly>Afthough TMafr* 7 November ^omand^ovemberE. 1*0,
“ - - - - steal one million itertitr.International Incorporated common
stock shares, belonging to Macmillan Incorporated.
Contrary to Section 1 theft Act 196a
8 That you together with Ian Maxwell and Larry Trachtenberg on
divers days between November 10 1991 and November 14 1991
conspired to defraud the .Swiss Volks Bank (the bank) of $35An
d is h on estly and falsely representing two officers of the bank:
(i) *raart Robert Maxwell. Group pic. was tire legal and beneficial
owner of 2.4m common shares in Berlitz International Incorpo¬
rated (the shares).
(ii) That Robert Maxwell Group pic had the right to execute,
deliver and to perform its obligations pursuant to a pledge agree¬
ment between tee bank and Robert Maxwell Trading pic.
fill) That the Robert Maxwell Group pic had good and t nu rk eto bfe
title to the shares, free of any and all security interests or
options, in favour of, .or chums of, any other person except the
bank.
Contrary to common law.
Iic<
i
«4 : . • i-y~v ’«•
. «r. ‘
■- V-7. -if
By Andrew TaytOr,
Construction Correspondent
The cost of abandoning the
£L7bn planned extension of
London’s Jubilee underground
line - under threat because of
the failure of Canary Wharf
office development - could be
more than £ 200 m according to
the London Docklands Devel¬
opment Corporation.
Olympia & York the develop¬
ers of Canary Wharf had prom¬
ised to pay £400m over 25 years
towards the cost of the line.
The Canary Wharf project last
month was put into adminis¬
trative receivership putting the
Jubilee Line extension in jeop¬
ardy.
The government has said it
will not go ahead with the fine
unless a purchaser can be
found for Canary Wharf which
would be willing to take over
Olympia & York’s contribution
to tee extension.
The London Docklands
Development Corporation
(LDDC) in a briefing paper sub¬
mitted to the Transport
Department says taxpayers
and shareholders of construc¬
tion companies have already
spent more than EiOQm in pre¬
paratory work on the exten¬
sion.
Loudon Transport it says has
spent £iOQm on bringing pre¬
liminary designs to the point
at which contractors can ten¬
der for work. Contractors it
estimates separately have
spent mm on preparing bids.
LD DC estimates that the
costs of aborting the extension
could be a further £35m to
£85m. It says that delaying the
work would only increase costs
as construction teams would
have to be rebuilt and bid
prices would be likely to rise.
Each one per cent increase
in price would add about £XSm
to the cost of the project said
tee corporation, ft wants the
fine to go ahead to give much
needed fillip to redevelopment
plans which have been affected
A potential bidder for
London Ri verb os, the loss-
making Thames service,
emerged yesterday with
plans to develop a commuter
network into the capital
using a fleet of 34 vessels,
writes Urn Burt
White Horse Ferries, a
Swindon-based company,
said it was discussing a
takeover of Rfverbns with
the administrators of
Olympia and York; the felled
developer of Canary Wharf.
OftY rescued RLverbus
from collapse three years
ago when it led a consortium
of property developers which
injected £2L5m to underwrite
sendees between Chelsea
and Greenwich. Since then
Riverbus has been operated
by managers seconded from
P&O, tee shipping company,
which owns the service In
partnership with O&Y.
badly by the collapse of the
property market
"Office and other space wiH
fill up very much more slowly
if tiie Jubilee Line extension is j
postponed or -cancelled,” it ]
says.
Contractors have submitted
bids for almost an of tee 10
mile extension. London Trans¬
port have already identified an
aH-ltallan consortium led by
Italstrade as being likely to
win the contract for the 2%
mile section between Canary;
Wharf and Canada Water on >
the south bank of the River j
Thames.
The LDDC refutes the view
teat government tends ear¬
marked for the extension could
be used for other transport pro¬
jects.
It says: “Even if the Trea¬
sury agreed to such an
approach, which is doubtful,
London Underground and Brit¬
ish rail would not be able to
bring sufficient projects for-
ward at such short notice."
LARRY STEVEN TRACHTENBERG
1 That you, together with Kevin Maxwell on divers days between
May 11991 and December 1991, conspired to defraud the Swiss
Bank Corporation of £55,783,466.76 by dishonestly being party to
the sale of securities belonging to First Tokio Index Trust Ltd
which you knew was contrary to representations and n»< r nan<f <»g
given to the said bank.
Conspiracy to defraud contrary to common law.
2 That you did, together with Kevin Maxwell on or about Septem¬
ber 301991, steal a portfolio of securities quoted upon the Interna-
tional Stock Exchange manage d by Lkjyds Investment Manage¬
ment Ltd to a value of £71)09,056 being the property of MGPT Ltd.
Contrary to Section 1 Theft Act 1968.
3 That yon did, together with Kevin Maxwell on or about the
October 22 199L stole a portfolio of securities quoted Upon tee
International Stock Exchange managed by Lloyds Investment Ltd
to a value of £12,446,703^6 being the property of MGPT Ltd. -
Contrary to. Section 1 Theft Act 196a
4 That yon did, together with Kevin Maxwell, on or about
October 22 1991, steal a portfolio of securities quoted upon the
International Stock Exchange to a value of £5.067,292^6 boing the
property of AGBPT Ltd.
Contrary to Section 1 theft Act 1968.
5 That you did, together with Kevin Maxwell, on or about
October 31 1991, steal a portfolio of securities quoted upon the
International Stock E x change managed by Invesco MQf plc to a
value of £12^75,215 bring the property of MGPT Ltd.
Contrary to Section 1 Theft Act 1968.
6 That you, together with Kevin Maxwell and fen MexwefL on
divers days between November M 1991 and November 14 V 109L
conspired together to defraud tee Swiss Volks Bank (the fe»nfc> of
$3S5m by dishonestly and Ealsely representing to officers of tiie
bank:
(I) That Robert Maxwell Group pic was the legal and beneficial
owner of 2.4m common shares in Berlifa International Incorpo¬
rated (the shares). - ; . T
00 That Robert Maxwell Group pic had the right to execute,
deliver and to perform its obligations persnant to a. pledged
agreement between the bands and Robert Maxwell Trading pic.
(Hi) That the Robert MaxwellGroup pic had good and marketable
title to the shares, free of any and all security Interests or options
in favour of, or claims of,any other person except the lank.
Conspiracy to defraud contrary to common few.
- rr_ *•
i *-■—”? Hi -
•'-'fe;-: ' ;
. . 1 ' , '*C ■ iT-
H.
s.r-j --s .
■ay2-:;-.'
:r, -»,f_
--lorn;
laid;
10*
i^ar
IAN MAXWELL
1 That you, together with Kevin Maxwell and Larry Trachten¬
berg, did on divers daysbstween November If) and November 14.
1991, conspire together to defraud the Swiss Volks Bank fthe
at the bank:
© That Robert Maxwell Group pk was the legal and baieiGdal
owner of 2.4m common, shares in Beriibs International Incor¬
porated (the shares}.
(H) That Robert Maxwell Group pic had the right to execute and
deliver and to perform ffe dbfigafckras perauant te a pieds* agree¬
ment between the bank mxl Robert Maxwell TV »ftw pfr.
(Hi) That tiwRotertMaxwell Group pk had good and maricetabfe
title to the shares* tree Of any and all security interests options
to fevour ot or claims 0£ any other person- except foe-her*. * '
Conspiracy to defraud contrary to common law. -.
A £■ Ii ft
J
a,
Se
i'^i
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(P.
fa,
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a ’.I C
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^^ClAttrMES FRIDAY JUNE 19 1992
NEWS: THE MAXWELLS
C 5>*V
?0' r»i
*JS!
will and testament of Robert Maxwell
1, JUF ROBERT MAXWELL of
Headingtai nat IM, Oxford.
England, publisher, hereby
revoke dll WHb and J festamea■
-tary Dispositions- heretofore
made by me and declare this to
be ray-last whl
l appoint my wife, Elisabeth
Jeanne Maxwell; Ellis Freed¬
man, attorney-at-law. of the
Stato'.af- New-Yorip-niy sons,
Ian and Kevin Maxwell; my
daughter, Christine MaHna;
and each of my other children
who shall her actively en gage d
in' the executive senior man¬
agement (ie. being a Director)
ofrafly of. the group of compa¬
nies owned or controlled by
the Per ga m on Holding Founda¬
tion(PHF), or any other com¬
panies in publishing, printing,
communications or related
fields that are associated with
any of the said companies (col¬
lectively hereinafter referred to
as the . Pergamon Group (PG)>
at the time of my death , to be
the Executors of this' my Will;
provided, however, that upon
Mr Freedman's attaining the
age of 70 or ceasing to be
actively engaged in the prac-
: tice of law, whichever shall
first occur, he may be removed
by a written instrument signed
by a majority of the other
Executors then serving. The
team “actively engaged" as
used in the preceding sentence
shall be construed to mean full
time employment and hold the
position-of Director in at least
ode of the operating companies
in the Pergamon Group. If at
any time neither my said wife
nor Mr Freedman are serving
as Executors, a majority of the
remaining Executors may.
appoint one or more persons to
serve as successor Executors in
theirjplace. .
If at any : time there shall be
less than four Executors serv¬
ing, they or a majority of them
shall have the right to appoint
one or more successor Execu¬
tors.
I direct my .Executors to
arrange for my burial in an
orthodox Jewish cemetery in
accordance with orthodox Jew¬
ish rites in Jerusalem. '
I direct , that the cash legacies
to individuals hereinbelow pro¬
vided shall be paid - -as soon
aftm* my deato asxnay be prac-.
ticable and free of all duties
and taxes payable on my
death.
I give to my dear wife, Elisa¬
beth Jeanne Maxwell, all my
personal chattels as defined in
- form two of the Statutory Will
Forms 1925, not otherwise
hereby or by and Codicil
- hereto specifically disposed of,
and the sum of £500,000, if she
shall survive me. ■ ■
I give to each of my children
who shall survive me the sum
of £200,000. In the event that
any of my children afodl not
survive me the legacy given to
that child shall be paid in
equal shares to his or her issue
surviving me, per stirpes.
I give the sum of £150,000 to
my sister, Sylvia Rosen. In the
event that my sister, Sylvia
Rosen, shall not survive me,
the legacy of £150,000 given to
her shall, be paid in equal
shares to her issue surviving
me, per stirpes.
I give the sum of US$300,000
each to my niece, Helene
Atkin, and my nephew, Mich¬
ael Atldn, if they shall survive
me.
• I give to Jean B&ddeley, in rec¬
ognition of her many years of
loyal service and hard work,
the s um of £ 100 J »0 if she shall
survive me.
If any beneficiary under my
Will shall be bankrupt at the
date of my death any amount
that he or she would otherwise
have received under my Will
shall be held on protective
trusts for such beneficiary
under Section 33 of the Trustee
Act 1925 instead of absolutely
for such beneficiary.
If any beneficiary under my
WIB shall contest its validity
or the validity of. any of its
provisions such beneficiary
shall if the Will or such provi¬
sions are upheld be entitled to
one thousand pounds only
instead of the gift the benefi¬
ciary would otherwise have
had. '
All gifts to any; beneficiary
who is an individual are condi¬
tional upon a majority (includ¬
ing my .wife if then living} of
the Executors of this my Will
stating in writing not later
than two years after my death
that in their opinion the bene¬
ficiary in question has not
been guilty of conduct tending
to bring my family or the Per-
gamon Group into disrepute or
otherwise harmful to my fam¬
ily and failing such Instrument
such gift shall fall into my
residuary estate.
1 give to an orthodox syna¬
gogue or Beth Midrash In
Israel to be selected by the
Ashkenazi Chief Rabbi of
Israel, as an endowment to
ensure that prayers be said in
perpetuity for my parents, my
sisters and brother and myself
on the anniversaries of our
deaths, or any other date cho¬
sen by the said Chief Rabbi
such amount as may be needed
for that purpose.
In (he case of a gift to a person
under the age of 18 years the
receipt of their parent or
guardian shall be a good dis¬
charge.
I give, devise and bequeath all
the rest, residue and remainder
of my estate after payment of
all liabiliti es of my estate and
any duties or taxes payable on
my death to the trustees of a
new trust the be called “The
Maxwell Family Charitable
Trust" intended at the date of
this my Win to be set up in the
near fixture if the same shall be
constituted at the date of my
death (failing which I give
devise and bequeath the same
to my Executors) in each case
upon trust to divide the same
in four equal parts (funds A, B,
C and D respectively) and to
hold such funds and to apply
the income of each of such
Funds to the following uses
and purposes:
1 Fund A to provide financial
assistance to the people of
Israel in the defence to the
State of IsraeL
2 Fund B in support of primary
scientific and m edical research
hi the following areas:
(a) Assisting in the eradication
of cancer, especially to favour
those researchers who are
attempting to alter the behav¬
iour of cancer cells to become
benign or to convert them¬
selves into the defenders,
rather than the attackers, of
the biological system;
(b) The eradication of heart
disease;
(c) Research on the human
brain, looking to a better
understanding of the brain as a
way of curing and controlling
dementia and Alzheimer's dis¬
ease and the restoration of
brain functions to persons suf¬
fering severe head injuries.
3 Fund C to encourage and
assist capable young people in
the setting up of their own
businesses in the fields of
media, communications and
information, on the under¬
standing that they will contrib¬
ute 10 per cent of the equity of
their businesses to Fund C on
receipt of the grant and will
ultimately refund to Fund C
the monies advanced if they
are successful The Trust shall
be required to use the income
received from such equity par¬
ticipation or the sale thereof
for the further expansion of
this programme. The Trust
shall hold an annual prize-giv¬
ing symposium at a place to be
designated by the Trust and to
be organised in connection
with a world young entrepre¬
neurs' forum which will be
held the auspices of 12
to 20 of the world's leading
businessmen invited to serve
by the Chairman of the Per¬
gamon Group (or if there Is no
such Chairman, the Chairman
of the principal operating com¬
pany in the Group).
4 Fund D to fund the efforts of
such individuals in the social
and behavioural sciences,
including politics, whose ideas
in the opinion of a panel of
distinguished advisers in those
fields to be selected by the
Chairman of the Pergamon
Group (or if there is no such
Chairman, the Chairman of the
principal operating company in
the Group), would contribute
to the avoidance of war and
conflicts between nations, the
elimination of racial hatred,
and making the primary, sec¬
ondary and tertiary educa¬
tional systems more practical
in the preparation of children
and students for a life of
change that will better enable
them to contribute both to the
creation of wealth and the
'IV- ‘.^•>■••,3
Robert Maxwell arrange my burial in an orthodox Jewish cemetery
enjoyment of leisure. The
Trust shall use its best endea¬
vours to link together the two
groups of young people to be
benefltted under the provisions
of this paragraph 4 and the
preceding paragraph 3, by
bringing them together in the
annual conference mentioned
above.
If in any year the entire
income of any of the Funds is
not used for the purposes
aforesaid, the surplus shall be
transferred to the reserve of
the Fund In question and
become part of its principal
It is my hope that the Per¬
gamon Holding Foundation,
whose assets I have helped to
build up to their present mas¬
sive capacity, will commit
themselves to support all of
the foregoing purposes.
The Trust shall maintain a
small professional staff respon¬
sible for encouraging and sup¬
porting these programmes
ensuring their worldwide dis¬
semination.
I direct that all my shares of
stock of any companies in
which 1 may own a controlling
Interest and of all companies
in the Pergamon Group that
my said Executors may receive
shall continue to be held by my
aaM Executors and shall not be
sold or otherwise disposed of
by them except as part of the
distribution of my estate; pro¬
vided that the foregoing direc¬
tion shall not preclude the sale
or other disposal of individual
companies, when compelling
business or political consider¬
ations so dictate.
The provisions of Clauses 4, 8
and 10 of a Declaration of
Trust dated 22 December 1986
constituting the Maxwell Char¬
itable Trust shall, so far as
capable of so applying, apply to
the Trusts of this Will as If
incorporated herein in extenso.
In the event of any dispute or
difference amongst my Execu¬
tors, the decision of a majority
shall control; any deadlock
shall be resolved by lot
I desire and declare that Jean
Baddeley shall continue to be
employed in and about the
management of my estate and
that such engagement be upon
the most generous terms of
compensation that may be
deemed appropriate.
No Executor may be liable for
any loss or breach of trust not
attributable to his own dishon¬
esty and no Executor shall be
bound to take any proceedings
against a co-Executor or for¬
mer Executor or his personal
representatives for any breach
or alleged breach of trust com¬
mitted or suffered by any such
co-Executor.
In witness whereof 1 have here¬
unto set my hand to this and
the six {6) preceding pages this
12th day of July, nineteen hun¬
dred and eighty-seven.
Ian Robert Maxwell
Signed by the said Ian Robert
Maxwell the Testator, as and
for his last Will in the presence
of us, each being present at the
same time, who at his request,
in his presence and in the pres¬
ence of each other have here¬
unto subscribed our names as
witnesses.
A.M. Martin residing at 46
Rushdrive Road, Putney, Lon¬
don SW15.
L.A.Denton residing at 196
Upper Road, Kensington,
Oxford OXI
Codicil
l Robert Maxwell residing at
Headington Hill Hall Oxford,
England, do hereby make, pub¬
lish and declare rtds codicil to
my last will and testament:
FIRST: In addition to any
and all other provisions that I
have made for her, I give,
devise and bequeath to my
wife, Elisabeth Maxwell all my
right, title and interest in and
to the three apartments located
in France In which both she
and I have an interest.
In witness whereof I have
signed my name and affixed
my seal at New York, N.Y.,
U.S.A. on this 30th day of
December, 1990.
Robert Maxwell
gjfmpH, sealed, published and
declared by Robert Maxwell,
the testator above named, as
and for a codicil to his last will
and testament in our presence
and we at his request in his
presence and in the presence of
garb other have hereunto sub¬
scribed our names as witnesses
on the day and year last above
written.
Ellis Freedman Residing at 300'
E59 St, New York
Joyce B Howath Residing at
126 Texas Ave, Bronxvflle, N.Y.
10708
3 * ,-rrrr'
Police helped by accountants
By Andrew Jack. '* ■ .
THE ARRESTS of Mr Kevin
Maxwell, Mr Ian Maxwell and
Mr. Larry Trachtenberg yester¬
day by the Serious Fraud
Office follow several months of
inquiries by a. team of more
than 50 police officers and
other staff, given considerable
support by accountants acting
as administrators to the Max¬
well companies.
The SFO staff is still working
on further investigations
which may lead to additional
charges in the coming'months.
Mr John Tate is controller of
the SFO Maxwell team, which
includes several lawyers and
up to 30 accountants seconded
from the forensic division of
KPMG Peat Marwick .
But besides its own inqui¬
ries, the SFO has also been
able to draw on information
from the substantial investiga¬
tions work conducted by
accountants- who were afl min-
istratora acting on behalf of
creditors to the Maxwell public
and private companies.
Mr John Talbot, a partner
with Arthur Andersen, has co¬
ordinated the administration of
the private Maxwell business
empire of more than 400 com¬
panies.
The firm passed information
on alleged MCC share support
operations to the SFO.
Mr David Tell head of the
Liquidator Nell Cooper and investigator John Talbot
litigation and special investiga¬
tion services unit at Price
Waterhouse, administrators to
Maxwell Communications Cor¬
poration, has been equally
important -
Mr Neil Cooper, the partner
at Robson Rhodes, liquidator
to Blshopsgate Investment
Management, manager and
trustee of the pension funds,
has also been investigating
movements of money.
The accountants have had
access to Information not avail¬
able to the police under special
powers given to them by the
1986 insolvency act
So-called "section 236" inter¬
views allow them to ask ques¬
tions of individuals, who have
no right to silence. This infor¬
mation cannot he passed on to
police.
Nevertheless, there have
been regular meetings to share
other information by the differ¬
ent accountants and the SFO.
Private investigators have also
been employed to help trace
assets and identify movements
of money.
The SFO has publicly
announced five separate inqui¬
ries between November 1992
and January this year in con¬
junction with the City of Lon¬
don police, to which some of
the yesterday's charges relate:
• November 18, 1991: a £55m
loan from Swiss Bank Corpora¬
tion to Adviser (188), a com-,
pany owned by Headington
Investments, after a complaint
from Swiss Bank Corporation
• December 4: allegations con¬
cerning the management of
assets of the Mirror Group
Newspapers Pension Fund
• December further allega¬
tions concerning money miss¬
ing from MGN, following a
complaint from Mirror Group
• December 18: arrangements
made to support the price of
MCC shares, folio wing receipt
of information from Arthur
Andersen, administrators of
the private Maxwell interests
passed to the Department of
Trade and Industry
• January 3 1992: assets
including cash and invest¬
ments removed from MCC,
launched following investiga¬
tions by Price Waterhouse,
administrators to MCC
The charges against Mr
Kevin and Mr lan Maxwell and.
Mr Larry Trachtenberg appear
to relate principally to the
Swiss Bank Corporation loan
and alleged thefts of pension
ftmd money. There is no men¬
tion of share support allega¬
tions, by which directors buy
shares In their own companies
but do not disclose the pur¬
chases as required by UK com¬
pany legislation.
Raids start with home arrests
E began yesterday’s
with carefully coordi-
arly mornings raids on
Dines in expensive parts
ton - Chelsea, Hamp-
ad Belgravia.
It Kevin Maxwell, at ms
in Chelsea. It was a
public arrest. Journal-
i been tipped off and
afting outside his four-
home when six deteo-
jridng with the Serious
Office arrived in two
s the media presence
ed to his wife Pandora
ake. the police for jour-
after 7am, Mr Kevin
I and his brother Ian
d been arrested at his
a Belgravia, arrived at
Sn police station in the
[ London in separate
bout an hour later, Mr
‘rachtenberg, arrived at
ae police station after
est at his Hampstead
home.
Xd another raid during the
mooting, five plainclothes offi¬
cers from the Serious Fraud
Office went to the City office in
Wardrobe Place where which
Mr Kevin Maxwell had been
working.
The officers entered the
office at about 7.30am and left
at 10.40am taking with them
several sacks idled with docu¬
ments and computer, equip¬
ment
Two secretaries arrived at
about &30am, and remained in
the budding during the raid,
where they were joined by a
solicitor an hour later.
Two lawyers representing
the Maxwell family also
arrived and stayed inside the
building daring the raid.
In Oxford, life appeared to be
carrying on as. normal inside
Headington Hill Hall for 32
years the Maxwell family
home.
Mrs Betty Maxwell still lives
in the 29-bedroom Victorian
mansion but there was no sign
of her. She has not been seen
on the estate for a few days. A
former employee, who has
recently been acting as her
chauffeur, is on holiday to th p
OS.
TW 9 of the 23 Pergamon
Press' journalists sacked by
Robert Maxwell three years
ago kept a vigil outside the
automatic security gates. Per¬
gamon Press, the company
around which Mr Maxwell
built his empire, is still based
on the estate but is owned by
.fixe Dutch publishing group
Elsevier.
Two of the sacked Pergamon
Press workers, production edi¬
tor, Mr Howard Waller, 27, and
editorial assistant, Mr Chris
Tlghe, 25, sat in deckchairs, at
the back of a Ford Transit
truck outside the only entrance
to the 14 acre estate.
They watched as couriers
brought manuscripts from Per-
gamon's authors. The Royal
Mail will still not pass the
National Union of Journalists’
picket line to enter the estate
and mail is collected each day
from the sorting office by Per¬
gamon staff.
In the early morning, police
visited the country home of Mr
and Mrs Kevin Maxwell, Rill
Barn, a converted bam on an
isolated lull ait Hailey, hear
Wallingford in Oxfordshire.
Items were taken from the
house in a polythene bag. -
A few minutes later three
men, accompanied by another
who appeared to be the key-
holder, were let into a locked
double garage across the
gravel yard.
They searched one of the
garage units bat emerged after
15 minutes apparently empty
handed. The team, who said
they were from the City of Lon¬
don police, drove off shortly
before 10 am on their way back
to London.
Larry Trachtenberg leaving Showhill police station. London, for
court yesterday. Press reports that he was a driving force behind
the Maxwells’ labyrinthine financial dealings have been denied
by former colleagnes and employees .
Lecturer
rues his
expensive
mistake
By Robert Corzine
JUST HOURS before Ms arrest
yesterday Larry Trachtenberg
was musing on the events over
the past decade which carried
the 38-year-old American from
a lecture hall at the London
School of Economics to the
dock at Bow Street magis¬
trate’s court, alongside Kevin
and Ian Maxwell
“It was an expensive mis¬
take," he said, referring to the
last in a series of career
changes which saw the former
lecturer in international rela¬
tions at LSE rise to a sensitive
financial position at the heart
of Robert Maxwell’s empire.
Just bow expensive will
depend on the outcome of the
conspiracy to defrand and
theft charges which he now
faces. But it was already clear
before his arrest that the scan¬
dal was taking Its toll
The enforced idleness at
home while waiting for the
police and SFO investigation
to unfold grated on a man who
had spent much of the past
seven years involved in the
heady atmosphere of City deal-
maiting .
The speed with which some
former close friends and busi¬
ness associates distanced
themselves has also taken its
toll “It’s as if you’re carrying
around the stench of a dead
cat," he said.
Mr Trachtenberg's rise and
fell is a classic story of the
City in the 1980s.
In 1985, Mr Trachtenberg, a
computer buff, founded Global
Analysis Systems (GAS) with
fellow American and Oxford
academic, Mr Andrew Smith,
and a British partner
who eventually dropped out.
The original intention of
providing high quality on-line
analysis of international eco¬
nomic and political develop¬
ments never really caught on.
But it was exactly the type
of new media venture which
caught the eye of Robert Max¬
well who bought the company
in 1987
He was also intrigued by a
bevy of new financial prod¬
ucts, such as an early global
tracker fund, which Mr Smith
was keen, to develop.
The spin-off of the financial
products of GAS into London
& Blshopsgate International
(LBI), a fund management
company and financial tool of
the Maxwells, was not alto¬
gether welcome, at least from
Mr Trachtenberg’s presort per
spective.
“I was dragged into the
City-, he says. But his own
transformation from an essen¬
tially administrative role to
that of a financial operative
was qnick, though press
reports suggesting he was a
driving force in the
Maxwells* labyrinthine finan¬
cial d ea lin g s are discounted by
fonnercolleagues and employ¬
ees.
MPs say
Bank to
be more
active
By Alison Smith
MPs campaigning on behalf of
the Maxwell pensioners were
encouraged yesterday that Mr
Robin Leigb-Pemberton, the
governor of the Bank of
England, would take a more
active role to assisting to the
recovery of assets.
Three MPs from the all-party
group - Mr Richard Page, Mr
Frank Field and Mr David
Shaw - met Mr Leigh-Pemb-
erton to express their concerns
about what has been seen at
Westminster as a too passive
roie adopted by the Bank over
the Maxwell affair.
They came away with the
impression that the Bank had
been acquiring information
more actively behind the
scenes.
They also had the impression
that the Bank would be work¬
ing closely with the special
unit to help the pensioners.
The unit has been set up in the
department of social security
and is led by Sir John
Cuckney.
Mr Leigh-Pemberton seems
to have succeeded in softening
the severely critical stance
which MPs have taken towards
his approach, though there
remains some discontent that
the Bank's powers are limited
in some respects and it cannot
act as a C5ty-wide regulator.
The MPs were also cheered
that while he recognised the
limits of the Bank’s formal
remit he was conscious also of
the powerful Influence that it
could exert
They expressed confidence
that once he was sure of the
information on which he could
act, he would be ready to do so.
to order to contribute to ensuit¬
ing that the government's
moral pressure on some banks
and financial institutions was
effective.
He is to circulate to the MPs
a note setting out the con¬
straints of the Bazik’s position,
and is ready to meet them in
the autumn if that is still
wanted.
The MPs had written asking
him to talk to the group, but in
the event he may instead give
evidence to the all-party social
security committee once that
has been reestablished.
FINANCIAL TIMES FRIDAY JUNE 19 1992
THE BIG LIE: INSIDE MAXWELL'S EMPIRE
T
HE 10-YEAR-OLD
Canadair Challenger 600
aircraft signalled its call
sign HB-VGA, and the
control tower gave it
permission to land in Israel
A chilly wind was blowing off the
Nowhere to run
Judean hills as the aircraft carrying
Robert Maxwell's body touched
down at the near-deserted A tarot
airstrip north of Jerusalem at
9.50am on the morning of Friday
November 81991.
Strands of barbed wire divided
the runway from the nearby Pales¬
tinian camp. A young, dark-skinned
soldier with a sniper rifle patrolled
the balcony of the low. white termi¬
nal.
It had been essential to get the
body to Jerusalem before the start
of the Jewish Sabbath on Friday
evening. Hie aircraft had been char¬
tered for £40,500 the day before by
Maxwell's son Ian. With eight of its
19 seats stripped out It was big
enough to handle the coffin in a
“decent ppfl dUgwinarf way”, nniiice
Maxwell’s own Gulfstream Jet
Danl KosovltsM. the airport man¬
ager, telephoned by Maxwell’s Tel
Aviv lawyer Yaacov Ne’eman, bad
given security clearance for the air¬
craft to land quickly. The airport
staff knew Maxwell well from his
frequent visits.
Maxwell's French wife Betty, his
eldest son Philip, and his youngest
child Ghislaine stepped on to the
tarmac. They were embraced
warmly and emotionally by Ne’e¬
man and by Aliza fished, the
woman who had organised Max¬
well's diary in Israel for three years.
The small group waited for the
heavy coffin to be taken from the
hold. It was carried to a van by 10
black-coated, black-hatted rabbis,
arranged by the Hevra Kadisha. the
burial society. The body was taken
to Tel Aviv for a second autopsy.
Two days later it would be carried
back to Jerusalem for burial on the
Mount of Olives.
The autopsy failed to prove con¬
clusively how Maxwell died. How¬
ever, the last two weeks of his life
point to the conclusion that he took
his own life.
On Sunday October 26, 10 days
before his death, Robert Maxwell
flew to London in his Gulfetream
after a week at the New York Dally
News, the loss-making newspaper
which he had set his heart on resur¬
recting, as he had done with the
Daily Mirror seven years earlier.
Unknown to Mirror Group News¬
papers (MGN), as Maxwell flew to
New York, he had taken out a loan
of £50m from Bankers Trust in the
London newspapers' name. On Mon¬
day October 21 , he had redirected
MGN’s money to the straggling
New York newspaper. Maxwell once
told his London editors that he
wanted to be remembered as the
man who saved the Mirror. But the
£50m loan stripped the Mirror of
some of its hard-won financial
health. Maxwell's ability to create
and transform businesses had
turned to destructiveness.
Saturday October 26, seven days
before his death, was, according to
Caroline Hin&tey. Maxwell's assis¬
tant in New York, "the worst day of
my life working for him”. Maxwell
had been drinking heavily - vin¬
tage champagne during the day and
Chtvas Regal in the evening.
“He was in the worst mood I have
ever seen,” she now says. Maxwell
was enraged about allegations in a
book that he was an agent for Mos¬
sad, the Israeli intelligence services.
He spent the day in furious transat¬
lantic calls with Richard Stott, the
Daily Mirror editor, and Bob Cole,
his spokesman in London. He
instructed staff on how to “limit the
damag e”.
Unable to reach one of his editors,
he yanked the telephone line,
shouting: “Idiots and dogs - I am
surrounded."
Maxwell issued immediate writs
against the book’s publishers. His
London aides say the allegations
“knocked him sideways” - whereas
he had shrugged off the regular
sceptical attacks on the solvency of
his empire.
The discussion of his alleged
intelligence links in the House of
Commons, safe from legal action by
him under parliamentary privilege,
seemed to him an echo of the judg¬
ment of the Department of Trade
A few days before his death Maxwell
faced threats from US banks to sell assets
and repay loans. He was also ‘knocked
sideways’ by allegations that he was a
Mossad agent These were just some of
the pressures that lead inescapably to the conclusion that
he killed himself, Bronwen Maddox reports
and Industry 20 years before that he
was “unfit to run a public com¬
pany”. It reminded him of his exclu¬
sion from the British establishment
and his impotence in front of it
The lest loan ever made to Max¬
well's companies was signed by
Lloyds Bank and Barclays Bank on
Monday October 28, a week before
Maxwell’s death. An extension of a
long-standing loan, the £80m
advanced to Robert Maxwell Group,
his main private company - syndi¬
cated between UK, French and Jap¬
anese banks - was backed by a
charge against Maxwell House, the
empire's headquarters at Holbora
Circus in London.
, one of the last assets that
more than £l 0 m owed for foreign
currency by Friday it would sell the
collateral it had been given: a block
of shares in MCC. If Goldman Sadrs
- the biggest buyers of MCC shares
in the company's history - turned
sellers, the stock market would read
it as an irreversible signal to sell,
and to keep on selling. That could
trigger the meltdown that Maxwell
House had always feared: bank
loans throughout the empire were
backed by the value of MCC shares,
and if the price fell, the empire
would crash.
The same day Kevin Maxwell
wrote to Swiss Bank Corporation to
say that Maxwell House would
repay their £55m loan early on
Maxwell did not seem to his crew
like a man under pressure. He
seemed instead to be a man who
had decided to drift
remained unmortgaged. That loan
had to support every salary, every
claim on petty cash and every bank
demand throughout the empire.
The next morning, Tuesday Octo¬
ber 29, a single sheet of paper
arrived at Maxwell House from the
US bank Shearson Lehman which
meant that the Lloyds money would
not be enough. Lehman declared
that because of failure to repay its
loans it was going to seize the col¬
lateral: shares in the language com¬
pany Berlitz, a subsidiary of Max¬
well Communication Corporation
(MCC), Maxwell's largest public
company. If the bank carried out its
threat it would block the Imminent
sale of Berlitz, needed to pay down
MCC’s debt
On Wednesday morning, October
30, two more fires broke out Gold¬
man Sachs, the blue chip US invest¬
ment bank, delivered a formal
warning that unless it was paid
Tuesday November 5 instead of giv¬
ing it some collateral.
John Featley, Maxwell’s chauf¬
feur, who spent the week driving
Maxwell and Kevin to bank offices,
says: “It seemed his [Robert Max¬
well’s] attitude had changed. From
walking past you as if you didn't
exist, he actually stopped and
talked to you."
At lunchtime that Wednesday
Maxwell had lunch with MGN edi¬
tors and executives from the Daily
Mirror. He congratulated them on
their handling of the arms trade
rumours.
“By that time the rows had
stopped,” says Basil Brookes, MCC
finance director, remembering Max¬
well's detachment. “Maybe it was
because we didn’t speak any more
by then - at least we didn't speak
about business.”
Brookes had braced himself for an
explosion that afternoon: he was
going to tell Maxwell that finally he
was leaving. Instead he found Max¬
well sentimental and unable to
grasp the problem in front of him.
Brookes says: “I had this feeling
everyone's going and Fm stuck and
can’t get out” Although he had fold
the Maxwells three months earlier
that he wanted to. quit, he had
stayed because his lawyers told him
he had a duty to resolve the MCC
boardroom row over Maxwell's
siphoning off money from MCC to
his own private companies. But that
Wednesday Brookes had seen Harry
McQuUlen - a senior MCC US
director - resign and leave straight
away. That Wednesday afternoon,
Brookes finally felt entitled to go.
He and Peter Laister, a non-execu¬
tive director, had agreed with Kevin
a formal list of procedures for deals
between MCC mid the private Max¬
well companies. Brookes and Leis¬
ter thought it marked a huge step
forward. Brookes, deeply relieved,
went to tell Robert Maxwell that he
was going.
Brookes insisted that the press'
release announcing his resignation
must go out by Monday November
4. He had warned Maxwell repeat¬
edly that he would not put his name
to another set of MCC’s financial
results - and MCC’s half-year fig¬
ures were due in two weeks.
He knew the figures would show
a collapse in profits - and it would
be dear that the second half would
be even worse. The shares, undoubt¬
edly, would slump. These problems
no longer belonged to him but to
the Maxwells and the other MCC
directors.
Maxwell summoned Nell Taber-
ner from the auditors Coopers &
Lybrand Deloitte - 10 minutes
away to the east, in the City. He
telephoned Laister in his car. Lals¬
ter was racing home, ready to leave
in the middle of the night to catch
the first ferry to France for a week’s
holiday - but he turned around
and came back.
Tabemer was told that Brookes
was leaving and that MCC had no
replacement.
Maxwell made several sugges¬
tions for replacements - journalists
and managers from New York -
but Brookes and Laister told him
they were* ridiculous; the City
would just laugh; and mark the
shares down. Laister said the com¬
pany desperately needed a deputy
chairman, and was taken aback
when Maxwell offered him the job.
Brookes says: “The old man took
me aside at the end. He was sud¬
denly very nice. He said: *You know
it's disastrous for me that you’re
going.’"
Just before 8pm that night. Max¬
well saw Cole - who had worked
for him for 31 years - and told him
that the editors had praised him
that morning for his handling of the
Mossad row.
Cole says: “He put his arms on
my shoulders and kissed me. He
had only done that twice before. My
father, who was also Jewish, used
to hug me like that
“But the problem with Maxwell
was that he couldn't give a compli¬
ment without taking it away too. So
he said: “The thing about you. Bob,
in all the years you’ve been work¬
ing for me is that you always
thought your job was to aid the
press. You didn't realise that work¬
ing for me your job was to hinder
the press."’
They both, laughed, but the criti¬
cism - although not the Jibe at the
press - left a sour taste in Cole’s
mouth.
Maxwell walked up the flight of
stairs from his office to the pent¬
house to catch a few hours sleep.
His four-seater Aerospatiale helicop¬
ter, with the insignia of the MGN
lion growling on the side, took off
from the roof early the next morn¬
ing. It took him to Luton airport
where his Gulfstream was waiting
to take him to his yacht, the Lady
Ghislaine in Gibraltar.
The next morning, Thursday
October 31, Charlotte Thornton,
Maxwell's secretary, told all callers:
“RJM. will be away about a week.
No faxes, no phones. He's tired and
he’s not been feeling so good.”
Maxwell left behind a empire
which was within weeks of collapse,
and queues of executives waiting to
present their petitions for money.
None of them were aware that
they were part of a crisis which was
beyond solution- If they could only
get the meeting they were asking
for, then they could get the money:
it was just tiie usual problem of
pinning him down, they thought
Ernie Burlington, MGN managing
director, and Lawrence Guest, its
finance director, had decided that
they would have a showdown with
Maxwell that morning. They had
worried for two months about £47m
diverted from the MGN bank
account to Maxwell's private com¬
panies — and were still unaware of
the £50m dispatched to the New
York Daily News,
Burrington now gays: “I had
talked to Lawrence’s wife. They
were prepared to live In a shack and
give up everything. Lawrence was
prepared to take on Maxwell and
this time I was going to ask the
other directors to do it as well”
Burrington says Lawrence todl
asked him: “When can we get in?”
Burrington said: “We can’t, he’s
done a runner.” The two agreed
they would “hit Maxwell when he
came back from his trip”.
When Laister phoned Maxwell
that morning to ask for more time
to think about the deputy chair¬
manship, Maxwell had already left
Laister - in retrospect with aston¬
ishing naivety - had taken the
offer seriously: He now says: “We
bad no reason to feel that it was all
Gus Rankin, to contact the Gulf-
stream in Madeira and order It to go
back to Luton to pick up Kevin and
Ian for a meeting. He cancelled the
order 10 minutes later.
Arriving in Funchal, the capital.
Maxwell found himself besieged by
journalists asking about the Mossad
allegations and his businesses’s
financial stability. Furious, he cut
short a tour of the city and asked
nankin to take him to the remote
island of Desertas so he could swim.
But he swam for only three min¬
ute, announcing to the crew that
the water was “too lacking cold"
and told Rankin to take him back to
F unchal.
That Saturday evening Brookes
In telephone calls the day before
he died Maxwell showed no
recognition of the financial crisis.
He was unusually considerate
about to go down. MCC had a year
to deal with Its debt payments. I
didn't feel we were on a slippery
slope and couldn’t do anything
about 1L"
That day Bacon & Woodrow, the
firm of actuaries, signed their
annual, formal report an the value
of the Maxwell companies' pension
funds. They pointed out, however,
that it was a provisional report.
"We have not yet received an
audited statement of the assets at
the valuation date from the auditors
Coopers & Lybrand Deloitte,” they
said. The next audit was not due
until December 31 - so neither the
actuaries nor auditors knew that
more than £400m of the pension
assets had been siphoned off.
That Thursday was the day of the
Goldman Sachs ultimatum. Famous
on Wall Street for its machismo, the
firm had begun to carry out its
threat to sell MCC shares.
Late that afternoon Citibank, the
US bank, announced to the London
Stock Exchange that it had
“acquired an interest” in 5 per cent
of MCC. Kevin told Cole to give no
official comment, as press calls
about the announcement were
“after business hours”. Only those
in Maxwell House knew that
another bank had begun to
repossess the security for its
loans.
Early that evening the Financial
Times called Kevin Maxwell’s office
to say that it had completed a
month-long Investigation into the
Maxwell empire and was about to
publish a report that hidden debt in
the private companies was much
higher than the outside world real¬
ised.
By Friday November 1, Swiss
Bank had been told by Kevin Max¬
well’s office that the £55m loan
could not after all be repaid by
Tuesday. The bank told Maxwell
House this was unacceptable: If the
money was not in the office by
Tuesday they were going to their
lawyers.
That Friday afternoon Kevin Max¬
well called the FT and sai± Tm
happy to talk, but the points you've
raised will take some time to go
through. Let’s meet on Monday at
6pm."
On Saturday November 2 the
Lady Ghislaine reached Madeira.
During the passage from Gibraltar,
Maxwell had told the ship's captain
was at home at a bonfire party
when the phone rang.
He says: “In the middle the phone
rang - it was the old man from the
boat rd had quite a kit to drink. He
said he’d he back on Monday and
we'll deal with the press release
about your resignation then. He
was unbelievably charming and
nice. I was in the kitchen with my
wife - the others were outside and
couldn't hear - and I said to her: T
guarantee you he won’t be back on
Monday.’ I called Ron Woods
[another MCC director] on Sunday
and I told him the same thing - I
guarantee you he won’t be back.”
After calling Brookes Maxwell
asked Rankin to sign out $3,000
from the ship's funds so that he
could go to the local casino. Rankin
never saw the money again.
The next morning Maxwell asked
the bemused Ranlria to drop him off
at an airport in the Atlantic
between Madeira and Bermuda.
Rankin told him there was nothing
but open sea between the islands.
Maxwell picked the Canaries
instead and asked for the Gulf¬
stream to meet him there.
Maxwell did not seem to his crew
like a man under pressure. He
seemed instead to. be a man who
had decided to drift “It was as if
he'd decided to just let everybody
else get on with it,” says Rankin.
In the middle of the greatest
fmamdal crisis of his life Maxwell
directed his yacht on an aimless
cruise.
On Sunday night, heading for the
Canaries, he was called by his son
fan, who reminded him of his agree¬
ment to speak at the Anglo-Israeh
dinner on Monday night. Maxwell
told his son he was not reefing very
well, and was not sure he would
make it
In the Canaries the next morning;
the Lady Ghislaine sailed to a swiaR
bay called Foils de Abano. Maxwell
asked to be taken for a ride in a.
speed boat, hut was brought back
because the sea was too rough, and
asked to be taken to Santa Cruz on
Tenerife.
That Monday morning, November
4, while the Lady Ghislaine was cir¬
cling the islands back in London,;
1.800 miles away, Maxwell House
had received the final notice from"
Shearson r^hman that they were
taking possession of Berlitz shares.
That Monday morning, November
. - .1 inn.... . V..: ■■■■■■ . ■
v v. 1 : . .- v -. , • .:
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T'i
Maxwell’s death certificate issued by the Spanish Ministry of Justice
4 , while the Lady Ghislaine was dr- AflCi
oting the islands back in. London, (JLp
1,800 mite away, Brookes’ sighed LI ^
his formal resignation. He spoke to r
Maxwell three times to . agree the
wording of the press release. g
Brookes says: “We agreed it would ]| JV H
go out Monday night or Tuesday |fl
morning. But somehow it didn’t.” Ml w
At 4 pm on Monday November A, IP w
Goldman Sachs’s formal notifies- I 1
tion to MCC that it had sold part of
its shareholding on Thursday
arrived at Maxwell House. Cole
asked Kevin's office for permission
to release the statement but Cole
says he was told: “No - tomorrow” _
A copy of the log of phone calls
from the boat shows that Maxwell
spoke to Kevin several times. Cole y .'7--
says: “It would be nearly unbefiev- w '
able for Kevin not to have told his
father on the boat that the Gold-
mans’ notice had come through.” . • v
At 5pm Kevin Maxwell's secretary . ‘ V
called the FT to postpone the meet- y ■“
big at 6 pm until the next morning.
That evening Maxwell - appear-
ing to forget which country he was
in - asked. Rankin to lend him
some Portuguese escudoes. He •- •
asked a taxi to take him to “the best
restaurant in town". ■." ■/-
They drove to the Hotel Mencey, •:••••;. *
a restored colonial palace with mar¬
ble floors: The bead waiter, Sergio
Rodriguez, led Maxwell to table
number one where he sat on a ' : . .
green velvet chair with a view of
the tropical gardens. V-- '
Rodriguez recalls: “He came In ....
dressed in a summer jacket and • ‘ .
open shirt It was only the next day j* “• -
I was to realise who he was from ■
the photographs in the newspapers.
But that night I mistook.him for a -;■
cook from the Blue Star fine I had ' .
met once.” ’
Maxwell ordered three beers, two
of which he drank quickly. He -
ordered spinach and asparagus
mousse, cod in mushroom and
parsely sauce and a pear. Rodriguez
says: “He didn’t strike me as partic- ~
ularly ill or agitated." .
Only later did he seem distracted, C. -
leaving his jacket at the table as he ...
left at 9.45pm. At the Cafeteria
Olympus he had a coffee and > -
brandy mid was taken back to the -V.
boat '
During his meal the Gulfstream •:
had arrived at Tenerife's southern r 7
airport Maxwell took Rankin’s sag- T"'"- • •
gestzon that they should sail around ;- . .
the island to Los Cristianoe, sparing '•■■■
him a drive along the winding
coastal road. But Maxwell told Ran-
kin not to take the direct route, and ~\~'l -. .
• Instead to cruise through the night
to Gran Canaria and back. He said -
he would sleep better if the boat : ;
was at sea. " ' r .
Maxwell told Rankin that he * \
planned to fly to London the next
day, Tuesday November 5, and that
the crew would then be free to sail "r-* :
to New York as originally planned.
In telephone calls that day, Max- "" “•
well showed no recognition of the v .vt ;.
financial crisis. He was unusually
considerate, apologising for disturb- .sm ■
ing Burrington daring his lunch. _■
Burrington says: “Blimey, I :.r:..v - 4
thought" He says Maxwell said: :
*Tm coming back tomorrow night . : : - - - •
and HI see you Thursday morning." — -... -
Maxwell drafted tile speech for A--- ;
the Anglo-fsraeti dinner over the . . ••.-. T
phone with Sam Pisar, his Paris
lawyer, and his son Ian. He gave
out a “great belly laugh" at a Joke v ~ . ; .
about Yasser Arafat Jumping out of -17,.".".
a aircraft, mistaking a Jewish .cT lV . \..l
prayer shawl for a parachute.
That evening, around 11pm Span-
ish lime, Rabbi Vogel, a representa- ”•
five of the orthodox Jewish Lubav- ~' :i : '
itch sect called Maxwell about his Tr!:',.’:*::-
project to prise religious books from 7L7 : •“••• ::
Russian archives. Maxwell said he ;
would try to get some response - —■>*:. ••
from Gorbachev. .
That was the last phone conversa- L.
Hon Robert Maxwell held. ftO
The next day, at 9^0am, Kevin ,
Maxwell met the FT. He agreed
with the FT’S estimated figure of -
£3bn debt for the Maxwell empire, ~ ~ ’ "
but said all was well with the pri- , .? 3 ? er
vate companies. He seemed relaxed. «•?{•. 3 ^
At 11am Cole released to the.
Stock Exchange the bald statement ; _
that Goldman Sachs had turned ““ ‘ i ‘--
seller of MCC shares. The shares
began to slide. Ten per cent of - =v- : e ^
MCCs value was wiped off by by
2£8pm when all dealings in MCC
and MGN shares were frozen. Ten ^
minute later a second announce-
ment told the world that Robert
Maxwell was missing at sea, feared
lOSt ^ ii
Did Robert Maxwell kill himself? '•
By the day he died his empire had
ran out of every drop of money and -’Sit*
would have collapsed within weeks, ,
exposing the raided pension funds.
To Maxwell that would, surely, .
have been more than just shama or
humiliation. He Identified com- 5
pletely with his creations, the
power they gave him, the Gulf- s
stream, the yacht. The helicopter, ^ “ 5 ; "v aa
with the huge shaggy lion’s head on
the side, disturbing the peace as it
clattered on to the roof of Maxwell
House - that was Robert MiaxwelL
His empire's collapse would have
been equivalent to his annihilation.
Would Robert Maxwell, who bad
pursued publicity for every smallest
event, choose to die alone, without (v ■
. telling anyone or leaving any- sign? ^
He gave no sign to Kevin, judging
by Kevin’s composure that morn¬
ing. But part of the obsessive emo¬
tions that drove him him was enor¬
mous, anger. He had a violent past
hfe family had been killed in the
Second World War, and his part of
Czechoslovakia annexed by the
Soviet Union. In the last three years
of his life he turned-his destructive¬
ness against Ms businesses-
which fie neglected, abused, and in
the and: destroyed.
Thesigns^nggestthatin the end ^
Robert 'Maxwefi; destroyed himselL • f
On the. deck, of Jrfs boat,. drcfing
islands in the Atlantic in the hours
before it became h 8 ht,he-was-aldue
with...those lemotums and had
nowhere to run. . '■. *ir- a*!/**
P4NANCIAJL TIMES FRIDAY JUNE 19 1992
THE BIG LIE: INSIDE MAXWELL S EMPIRE
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estions raised by
xwell’s last hours
r: ;v v.
Jimmy Burns retraces Maxwell’s final hours
IN THE larger-than-life story of
Robnri Maxwell, the manner of his
death remains the greatest mystery
Did he; fall, overboard accidentally
. or cHd'fce commit suicide? Could he
conceivably have been murdered?
. The lack of witnesses between the
time-of his last phone call to the
crew:im:board:.his yacht, the Lady
G ma l aine ,and the discovery that he
was missing has proved a major
problem for investigators trying to
get at the truth.
Another obstacle has been the
inconclusive nature of forensic evi¬
dence. Two autopsies were con¬
ducted on Maxwell’s remains. One
suggests death by accident or natu¬
ral causes. The other leaves open
the possibility of suicide or murder.
The evidence of the last. 12 hours
of Maxwell’s life as he cruised,
apparently without purpose, around
the - Canaries, is often confused and
contradictory. The o fficial investiga¬
tions by the Spanish authorities
was less than rigorous.
At. stake is a £20m insurance
claim. For Maxwell’s family ami his
companies to. receive that money
they have to prove that he died as a
result of an accident or he had been
murdered.
The Financial Times has retraced
Maxwell’s last hours. We have Inter¬
viewed key witnesses, including the
Lady Ghiriaine’s crew. We have had
access to hitherto unpublished doc¬
umentation including the Spanish
police investigation. We have con¬
ducted a careful examina tion of the
yacht The two autopsy reports con¬
ducted in Spain and Israel have
been made available to the FT.
What happened?
Why did Maxwell leave for the
Canaries alone on October 21? -
Maxwell flew to Gibraltar that
m orning as his empire was collaps¬
ing to meet the Lady Ghislaine. He
went without his butler and and his
personal secretary. He had never
done -this before. Be did not even
take a tin of caviar which always
accompanied him on his cruises.
Before leaving London he made the
unusual step of thanking Bob Cole,
his press officer and confident 31
years, for his services. He bad been
told by the Lady Ghlalaine’s . cap¬
tain, Gus Rankin that the boat was.
not ready for the kind of cruise
Maxwell was accustomed to. Tiro of
its crew members . - a housekeeper
and a steward - were an leave, the
storm covers, were up. and.- there
were no provisions on board.
Maxwell told Rankin hot to
worry. He would bring the provi¬
sions with hhn or else “rough it”.
One of Rankin's predecessors had
been dismissed by Maxwell for leav¬
ing the wrong coloured pens on his
desk.
Maxwell left his London staff in
the dark as to where he' was going
and why.. He told Rankin he
planned to take a few days off to .
recover from a cold. He wanted to
be dropped off in Madeira where his
private plane would be waiting to
take him to New York or London.
He arrived in Gibraltar carrying
some files and a limited supply of
provisions. -
Rankin, in his first interview, said
he was sceptical about Maxwell’s
motives. It did not strike him that
his employer had a particularly bad
cold. “He seemed healthy. He ate
well throughout the crossing.” He
did.no work on thfo trip, which was
almost unheard ot
What was Maxwell’s state of
mind on the crossing?
Untroubled, according to those
who talked to him during the cross¬
ing. They included his sons Ian, the
editor of the Daily Mirror Richard
Stott, and Rabbi Feivish VogeL Ran¬
kin, and other crew members, say
that Maxwell did not seem like a
man under pressure, rather like
someone who had taken a huge
weight of his shoulders and had
decided to drift
The Lady Ghislaine had the tech¬
nical capacity to control his empire
with a push of a button. He almost
invariably made use of it hi addi¬
tion to a fully equipped office- it
included computers, copiers, shred¬
der, crytophone and fax machines- a
satelite phone by his bedside identi¬
towards the C ana ri es ItiBt ead -
Rankin told Maxwell’s widow,
Betty, on her arrival in the
Canaries, that he thought her hus¬
band bad killed himself.
One female crew member recalls
that at one point she entered Max¬
well’s office and found the floor cov¬
ered indocuments. She asked him if
he wanted them tidied up. He lust
idr ltwi thpm unrigy the table — as if
he was no longer Interested in
them.
Maxwell may not have no longer
been interested in his documents.
But his family was. Two days after
his death, according to Maxwell’s
chief pilot Brian Hufi, his daughter,
Ghislaine and Betty Maxwell, asked
him to pick up some cases from the
boat
Hull says he was handed handed
him six hard backed leather cases
(4ft high, six ins wide, 2ft long).
Betty maxweZL according to Bull,
told him that the documents had to
be in London by noon.
Hull Hew oat at 7.15 next morning
reaching the Mirror building in
London just before twelve.
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fied his priorities.
' The or ganisati ons buildings fea¬
tured on the short-code dial of his
telephone included Headington
Han, Maxwell House, the Daily Mir¬
ror’s newsdesk, the New York Daily.
News, Macmillan, Rothschilds in
New his family. Including Kevin
and Ian Maxwell, and close aides.
"ft was as if he’d decided to Just
let everybody else get on with it,”
Rankin said “I now feel we were
being drawn into a game in which
we had no control”
Maxwell rang his son to cancel a
speech be was meant to have made
to an Anglo-lsraeU dinner in Lon-
flon.
On November 2 he called his two
sons Ian and Kevin to a meeting In
Madeira, then rescinded the order
10 minutes later. He then changed
his earlier plan to fly out from
Madeira and chose to cruise
Why would anyone want to kill
hhn?
Maxwell matte many enamlea in
his business career. In the last
month of his life he was accused of
arms dealing and having close links
with Mossad, the Israeli Secret Ser¬
vice. His son Philip told Spanish
officials on hearing of his fooler’s
disappearance that he thought Max¬
well had been kidnapped but subse¬
quently changed his mind. One
Israeli minister still thinks, on the
basis of the second autopsy, that
Maxwell may have been murdered.
Could anyone have boarded the
ship that night?
All boats in the area cm the night
of his death have now been
accounted for by the Spanish
authorities. Throughout the night
of Maxwell's disappearance the
Lady Ghislaine had its radar and
other equipment on. It picked of
picked up no suspicious vessels.
Rankin says: “I was on the bridge
most of the night. We were doing 14
knots. It was Impossible."
Where were the crew?
At the time Maxwell died, Captain
Rankin and two other crew mem¬
bers were in on the bridge. An engi¬
neer was in the engine room. The
bridge is sound-proof and the deck
is out of ear-shot of the engine
room. All other members of the
crew were sleeping and heard noth¬
ing that drew their attention to Mr
Maxwell's movements that night.
Why did the lady Chltlalne taka
such a circuitous route on Max¬
well’s final overnight voyage?
Rankin was first told by Maxwell
that he wanted to be taken to Los
Cristianos, the southern port of
Tenerife, where he would fly out on
his private jet. Maxwell changed his
mind. Rankin came under orders
from his employer to “cruise all
night” because it would help him
sleep. The log of the Lady Ghislaine
shows that after leaving Santa Crux
It set a course for the coast of Gran
Canaria.
Rankin discovered that Maxwell
was missing around LLOGam - an
hour and a half after the boat had
docked at Los Cristianos. He did not
alert the international Rescue Co¬
ordination centre, in Stavanger,
Norway, until 12.15pm. The Spanish
authorities did not learn of Max¬
well’s disappearance until l2J!5pm.
Why did Rankin take such a long
tiwiA to contact the Spanish authori¬
ties?
“We had to carry out extensive
searches of the boat and the imme¬
diate area around the port” He also
piaims that the Spanish authorities
foiled to record that he sent a crew
member ashore at Los Cristianos
soon alter the ship-board search had
been completed to alert the local
maritime police. ”I can’t remember
exactly when that was - around
11.45.”
At one point they spotted a swim¬
mer they thought might have been
Maxwell Rankin also says he had
difficulty in malting radio contact
with the local authorities.
Why were the inner, sliding
doors to Maxwell’s state room
forked after he wait missing?
On the evening of November 4,
Maxwell ordered a stewardess to
Inrk the main gliding doOTS to his
quarters from within, leave the key
with him and make her exit
through the outer bathroom door,
leaving it unlocked behind her.
On the morning Maxwell died, the
main sliding doors were found
locked from without, the bathroom
door was locked from within, and
the heavy steel framed doors lead¬
ing to the deck were dosed. Max¬
well’s key was missing. Rankin had
to use a master key to get in.
Maxwell could not have left
through the bathroom which had
access to the outer deck. It could
not be opened from the outside.
While it was not unusual for Max¬
well to go out on deck in the middle
of the night, to take fresh air or
relieve himself, the crew cannot
Robert Maxwell aboard the Lady Ghislaine. 'Hie last time he was seen alive was on the yacht
R. Uaiman/Sroma
remember an occasion when he
dosed let alone locked the doors
behind him.
The Locking of the doors was a
preconceived act and yet it has
emerged that the Spanish police
chose not to consider in their
inquiry.
Could he have fallen overboard?
Conditions woe good and the sea
was calm on the night of November
4/5. The Lady Ghislaine made no
sudden movements throughout the
night, according to Rankin, cruising
at a constant speed of between 14
and 15 knots. The Spanish police
concluded that he lent against a
wire on the main deck. The wire is
3ft 6ins, reaching Maxwell’s waist
They suggest this had a “trampo-
lin” effect throwing him into the
sea. No evidence was found of the
wire being disturbed or even dis¬
lodged from its hinges as it might
well have been by a man of Max¬
well’s weight and size. Maxwell was
6ft 2in tall and weighed 22 stone.
It would possible for hhn to foil
over the guard rail on the main
deck, which is three inches lower
than the wire, although he would
have had to lean well over it to lose
his balance.
Had he been drinking excessively
J .■ ^ ,
^11'-Ve
1 m ^ Mnvpmbar 4 Maxwell asks stewardess to lock sliding doors to his stateroom {A). She does the from the inside,
htoand flOMOd through the bathroom door (B). 2 He is telephoned by son Ian atll.ispm and Rabbi PeMsh
v^KSKnberl, a crew member sees Maxwell here looking over the stem rail. 4 4.45am, Maxwell
andasks tor air conditioning to be turned off. 5 8.00am, approximate time of death given by
T^tPoitoe believe this Is the point from which he went into the sea. 6 This is where he probably went
by the poiice (Stoeen plliar and tender) would have been a tight squeere for a man of
his sire (8ft 2m and 21 stone). His weight would probably have pulled out the tender retaining wire which blocked his way: this
was still in place and undamaged. He could not have gone through to the back of the boat because on the night that route was
blocked by a motorcycle fG). ?(n the morning the bathroom door (B) is locked from the inside. The sliding doom to the stateroom
(A) are locked from the outside and the glass doors to the stem (Q are closed. Maxwell was not in the habit of locking the doors
and the key has not been found. Where was fee crew? Captain Rankin and two members were in the soundproof wheelhouse (D).
One member was In the engine room (E). The seven remaining members were in fee crew’s quarters (f?.
or taking sleeping pills?
No evidence was found of signifi¬
cant quantities of alcohol or drugs
in his body. His widow said his
sleeping pills had remained
untouched.
Why were there two autopsies?
The insurers were dissatisfied
with the autopsy carried out in in
Spain.
Did the second autopsy find any¬
thing new?
Yes. The post mortem carried out
in Israel by Dr lain West, head of
forensic medicine at Guy’s hospital,
and two Israeli pathologists with
tiie family’s approval, found serious
muscle tear and injuries to the left
hand and left shoulder. The patholo¬
gists believe this suggests that Max¬
well hung on to something before
falling Into the water. These crucial
findings were not discovered by the
earlier Spanish autopsy.
Maxwell could have sustained
such an injury by holding on to
prevent himself from foiling by acci¬
dent or by trying to hoist himself
back again.
But West suggests that Maxwell
could have also sustained such an
injury as he deliberately took his
own life.
West believes such an injury
incurred by climbing over the rail
and slipping while wtni holding the
rail "One sees this pattern of injury
on occasions in individuals who MB
themselves as a result of falling
from high buildings. While some
will jump or let themselves topple
over a baclony or out of a window
others will actually will ease them¬
selves over the edge and hold on for
a time with one or both hands
before letting go.”
Could he have died of a heart
attack?
Maxwell had been suffering for
years from fluid and respiratory
problems. He was overweight and
had been under. some pressure.
However, one of his le a din g doctors
maintains that he was “healthy”
before leaving on his final cruise
and no traces of heavy smoking.
Tests carried out by Spanish
pathologists showed some evidence
of ischemic myocardial damage- in
layman's terms, his heart muscles
were damaged due to lack of blood.
So how did Maxwell die? On the
evidence available both murder -
for which there i£ no physical evi¬
dence - and a heart attack as a
gfagte cause of death can probably
be ruled out
This leaves one of two possibili¬
ties. Maxwell either fell Into the
water by accident or he committed
suicide. Neither can be ruled out on
the basis of the forensic evidence.
' The verdict then rests on Max¬
well’s behaviour, his state of mind
and the looming catastrophe he
would have to face if he returned,
suggest that he killed himself.
FINANCIAL TIMES FRIDAY JUNE 19 1992
T he relationship between
landlords and tenants in
the UK is being strained to
breaking point At a time
of recession, the workings of the
institutional lease - 25-year leases
with upward&only rent review -
is seen as unfair, archaic and Infla¬
tionary by tenants throughout
England, and Wales.
Now the gauntlet has been
thrown down by tenants. Busi¬
nesses have been encouraged by the
glut of empty commercial space and
their own recession-induced finan¬
cial pressures to challenge the sys¬
tem openly. The landlords are
defen ding a leasehold structure that
provides secure flow of income,
thus underpinning the value of
property and so the finances of
institutions, property companies
and han ks which lend to the sector.
Critics argue that the easting
system damages the economy by
allowing landlords to profit at the
expense of tenants, many of whom
are already struggling under the
burden of recession. “Landlords
continue to make money In a reces¬
sion and in doing so they serve to
deepen the recession," says Ur
Giles Henschel of the Covent Gar¬
den Business Group, which repre¬
sents local businesses.
Some economists believe that the
institutional lease distorts the let¬
ting market in the way that unions
are seen to distort the labour mar¬
ket Lettings on new leases, which
account for just 4 per cent of the
market are the only part of the
THE PROPERTY MARKET
New lease of life in landlord-tenant fight
system that function smoothly.
According to Professor John Bur
ton of the European Business
School, rents are dictated by legal
case of industry satisfaction and
institutional desire being put before
and institutional factors, making' the customer. Very few other indus-
them “impervious to market
fences". This “constitutes a ‘core*
inflation problem for the British
economy as a whole,” he says.
But the debate about leases goes
beyond academic concern. For the
structure of leases is having a criti¬
cal impact on many businesses.
Last month, Tandy, a multiple
retailer, closed down a profitable
store in Chatham. Kent, because it
could not reach agreement on the
lease. “We are mairing & stand,"
says Mr Barry Liddle, chief execu¬
tive of Tandy. "If we have to lose 80
or 40 stores 1 am willing to do that.
If not, nothing will change.”
Tenants are demanding the fol¬
lowing changes;
• An end to 25-year le ases. Criti¬
cism of such long leases was
recently voiced by Air Andrew Bux¬
ton, chief executive of Barclays,
which rents a large amount of prop¬
erty across the UK. “Twenty-five
years leases are required for financ¬
ing purposes or perhaps to satisfy
the institutional desire for long
investments, but how many busi¬
nesses plan 25 years ahead?” he
asked.
“At the moment it is a classic
TOTAL RETURN (%)
RetaU
Office
Industrial
All Properties
Year to April 92
6.3
-6.4
8.4
1.8
Quarter to April 92
1.6
-1.8
0.6
0.1
Month of April 92
0.5
-03
0.3
0.2 ■
By Vanessa HonMer
Imminent Property Da&toan*
tries can take such a- complacent
attitude,” ha adds.
• An mid to upwards-only clauses'
in rent reviews. Tenants argue that
the upwards-only ratchet is infla¬
tionary and unfair to te nan ts at a
time when rents should be falling.
Boots, the chemis t, recently won a
court battle over its refusal to
accept an upwards-only review on a
retail property in London centre.
• An end of privity of contract,
which allows landlords to claim
unpaid rent from previous tenants.
The controversy about tenants’ con¬
tinuing liability has come to a bead
over the past year as unexpected
bills for rent due on former prem¬
ises have pushed many straggling
companies into re ce i ver s hip. :
The case for reform has been pro¬
moted by Sir John Banham, direc¬
tor-general of the Confederation of
British Industry. “Small businesses
are being forced Into bankruptcy
through no fault of their own,” he
says.
• A change in the way rent
reviews are determined. Critics say
that reviews are often unreasonable
because they ignore vacant prop¬
erty, the state of the economy and
the ability of tenants to pay.
Professor Burton believes that
rent review disputes should be
resolved by the Lands Tribunal,
with members drawn from both
sides of the commercial property
iaa«dng market.
Mr Henschel of Co vent Garden
Business Group rfiaiiima hh« system
Tandy closed a store because it could not agree on the lease
because decisions are made at arbi¬
tration by surveyors, who may have
a tendency to favour landlords. “No
surveyor will put his neck on the
line because future business,
depends on his ruling. I would like
to see a parliamentary review of the
whole system." he says.
• An end to confidentiality
clauses. If rents are to be set accord¬
ing to recent deals in a particular
area, there should be greater open¬
ness about those deals, perhaps
through a national rent register.
“Confidentiality clauses inflat e mar¬
ket levels,” says Ur Henschel.
Some aspects of the commercial
property lease are likely to yield
under this pressure. The Lord Chan¬
cellor, for example, is expected to
recommend a change in the law on
privity of contract Tenants would
no longer be responsible for the
rent owed by their successors for
the duration of the 25-year lease;
Instead they would guarantee only
their Immediate successor. The pro¬
posals would probably only apply to
leases that were assigned after the
legislation came into force.
“This is in the spirit of a good
British compromise," says solicitor
Mr Steven Fogel of Titmuss Sainer
& Webb, who was on the Law Com¬
mission’s working party which rec¬
ommended a change in the law.
Bankers are concerned, however,
that a change would make property
finance, which relies heavily on the
quality of a tenant's covenant, even
more difficult to secure.
Market pressures alone are forc¬
ing some landlords to accept shorter
leases and break clauses in heavily
over-supplied markets such as the
City of London. Some institutions
make a virtue out of necessity when
accepting a 15-year lease on the
grounds that a building often needs
refurbishment by that stage any¬
way.
But most property owners are
uneasy about changes to the lease
structure. They fear that yields
would be pushed up to compensate
for the diminished security of
income, with severe effects on the
property industry and banks.
The Prudential, one of the largest
UK landlords, will fight any
changes to the 25-year lease, says
its chief executive Mr Hugh Jen¬
kins. “Only as a last resort would
we give up long-held terms of trade.
In this market we would rather let
the rents take the strain than start
monkeying around with lease struc¬
tures,” he said.
Landlords argue that tenants
should take the rough with the
smooth, having enjoyed the benefits
of a system that gave them artifi¬
cially low rents during much of the
1980 s and the rights to assign their
leases at large premiums. They
believe that tenants will stop clam¬
ouring for change once an economic
recovery gets under way.
“During the 19S0s a lot of tenants
made a fortune from selling their
leases ” says Mr Peter Hunt, chair¬
man of Land Securities, the UK’s
biggest property company.
The abolition of privily of con¬
tract and upwards-only review
clauses would be a set back to the
industry and ultimately the econ¬
omy as a whole, adds Mr Hunt If
such changes took place, pension
fends would be less likely to invest
in property with the result that
yields would rise, new develop¬
ments would be constrained and
ultimately rents would go up.
The counterargument is that the
rigid institutional lease has inflicted
damage on tenants and the econ¬
omy and, in the end, on the prop¬
erty market itself.
Tenants have been put under,
extra pressure to the point where
they have been put out of business.
Long leases have made landlords
complacent and neglectful of their
customers. Lease inflexibility at a
time of felling rents has prevented
tenants from assigning their old
leases and so created a huge over¬
supply of new buildings in areas
such as central London. .
Apart from the changes concern¬
ing privity of contracts, these argu¬
ments are ultimately likely to be
settled by the relative strengths of
landlords' and tenants. The opti¬
mists say that the concessions
wrested by tenants will only last for
as long as property is m oversupply.
Tenants, however, are determined
to cling onto any gains they make.
They are not merely seeking
short-term advantage; they wish to
change the Industry for good. '
HAMPSTEAD, LONDON NW3
REDEVELOPMENT
FOR SALE FREEHOLD
JECT TO CONSENT
VACANT POSSESSION
Chesterton
66/68 Seymour Street London W1H 5AF
Fax:071-7247562
NOTTINGHAM
44 ACRES
Close J26 Ml
ALL ENQUIRIES
Joint Sole Agents:-
CARDIFF BAY
- Prime prominent freehold
office with planning
permission available for
70.000 Sq Ft bulldng
Apply KH. Baynfon
155 Afoany Road, -
: CanJffl CF2 3NT
■ TeL 0222 498666
WBYWOOD BUSINESS PK,
M62 NORTH MANCHESTER.
To Let - Modern warehouse
93.600 sq ft Will sublet from
13^00 sq ft- Short tom lets mil
from £2-25 psfr WEATHERALL
GREEN A SMITH 061-236 0722
BOROUGH HIGH ST, SE1
Refnbbhed
Air conditioned Office
Boor To Lei
Rouble Lease - Low Rent
3,380 sq4L (sppiox)
hficbsd Berg Bril & ftame n
Tel: 071723 9198
HOLBORN
OFFICE
SUITES
Immediately available
from 250 Sq. Ft. to
5,000 Sq. Ft. Rents
from £10 per Sq. Ft.
071 606 5521 Ref: AP.
MODERN
PRODUCTION/
WAREHOUSE r
PREMISES V
HIGH \
SPECIFICATION!
Surfaced external yard '
Office content -
7,500 sq.ft
TERMS:
FOR SALE/TO LET
. Rest allowance available
PRINGESWAY NORTH
TEAM VALLEY
GATESHEAD
'lIoWHM ■ V" T
<^5t2Tv*u£» v. \
^
— . Adjacent to
A1 in the popular Team Valley
Trading Estate
Close to Gateshead
Metro Centre
Newcastle City Centre
is 3 miles to the north
COLLI LRS
*»l I- \\ Alt I M V. I-
JOINT
AGENTS
Storov Sons \ Parker
Tel: (091) 232 2036 Tek (091) 232 6291
MORTGAGES
On Co i mnc i c ia l and Industrial
Properties at prime rates 5A0
yens. Interest only.
Minimum loan £1 million.
Apply to: HIRSCH Europe’s
leadi ng Finance Consultants.
HIRSCH MORTGAGE INTL
3 Paris Place, London
SW1A1LP
Tel: 071-629 5051
Fax: 071-4090419
PRIME MAYFAIR
OFFICES
South Audley Street Superb
self-contained office accom¬
modation TO . LET.
Totalling 3,500 sq ft or
available in suites, 1050,.
1550 and 900 sq ft. Long
lease or short lets available
at rentals averaging £23 per
sq ft Immediate possession.
Apply 071-409 2377.
RcfDL/EW.
INTERNATIONAL PROPERTY
HEALEY a BAKER
071 629 9292
ECI
Self-contained office
building situated in
quiet mews (640 sq ft
approx) plus double
garage. Flexible lease -
low rent.
Tel 071-723 9198.
(RefJWD).
\ i •
4»P«ntalMl^nNCIl)o
0602 588777
VICTORIA,
LONDON
SW1
400 - 3500 Sq Ft elegant
period offices
overlooking quiet
gardens. New leases.
Rents from £10.50 psf.
Tel: 071 499 0866
Ref: MD
AUCTION
International auction of
U.S. Commercial Real Estate
The Largest Selection of Prime
Commercial Properties Ever Offered
This collection of income p roper ti es located throughout major
US. markets Indudes 30 office buildings, 7 retail centers,
13 apartment buildings, 9 industrial buildings, 8 hotels and
resorts, a movie theater and landmark restaurant
Most properties have high occupancy rates and are Income
producing.
ffi financing available for most properties
■ 114% Broker cooperation offered
■ Local representatives available for each property
For more information and a free auction catalogue
caU (310) 399-0777 U.S.A. & Canada
(852) 846-5000 Asia (Hong Kong)
(4471) 493-6040 Europe (London) 9 AM to 6PM
Request Auction Catalogue #6582
Property Specific due diligence packages ($125) available upon request.
Auction to be conducted on August 13,
1992 in Los Angeles, California
KF. A \' ; JY- Vv 1L >< ;iN. I('
Topyield
in Prague:
PoBHckfch vSzrtu 12.
Office buDdlne, city
centre, bock-street of
Wencestas Square,
unoccupied, parking
tots* 4,085 sqm
commercial- and office
space, very good
condlttoa price: 6 Mtofi.
JENDRUSCH & PARTNER
Wl» Dew open immoblllen
Prague
Tel. 0042-2-2354789
Fox 0042-2-2354790
Northern France
Paris 115KM
Unrivalled development
opportunity for an
international hotel/
conference centre at a
16th Century chateau in
30 acres of grounds.
Consents for 120 beds
and conference facilities.
Price guide 3.2 million
FFR.
Full details contact sole
agents G.A.K.. Williamson
& Associates, French
Properly Consultants,
Airesford, England.
Tel/Fax UK 0962 734999
GERMANY -NUREMBERG
FACTORY
axel. modem on highway
Nuremberg/Wtbzburg. 75,000
sq. ft. usable floor space.
3,570 acre imm. urilizable.
Easily eqaipablc. Excl.
furnished. S9.4Mk>. For Sale
by J. Hofmann building
contractor.
Tel. 449-9123-14523
Fax 449-9123-14527
f RING >
DAVID RQGERSON
NOWON
V 0952-293262 /
Shropshire
Designed for
Business
ALDERNEY,
CHANNEL
ISLANDS.
Substantial Freehold
Nursing Home/Hotel,
21 beds V.P. For Sale
by Auction in London
on 10th July, 1992.
Brochure/Video
Presentation.
Stickley & Kent
Commercial
071 485 3311.
PORTUGAL - ALGARVE
Urban development of 25 acres FOR SALE.
Building permission for 41 lots is granted.
Unique site on the hill slope overlooking the
coast of FARO. Rare opportunity for
developers or investors since Portuguese law
changed recently.
Please write to Box no A 1818, Financial Times, One
Southwark Bridge, London, SE1 9HL
GERMANY -NUREMBERG
OfTIce/Ware bouse
complex for varied use. Office 62,000 sq. ft. Warehouse 119,000 sq. ft. -
3^50 acres. Modem equip, good location. Partial acquisition posable. Floor
wfliMdoo accord, to agreement* S 11J Mio. For Sale by J. Hofinaau
braiding
TcL 449-9123-14523
Fax+49-9123-14527
PROPERTY
MANAGEMENT
The Financial Times proposes to publish this
survey on Friday 17 July 1992.
Please call Wai-Fung Cheung on 071 873 3574
for advertisement details.
CONTRACTS A TENDERS
FOR BIDS flFBl
Dale of Issuance
Loan No.
Order, No.
15.6.1992
3345-TU
ISB/RH-2
1. The TURKISH ELBCmCITy AUTHORITY (1BQ has iscalwd a tom feom
the TEK Restructuring Project Fund of the World Bar* (Loan fow 3345 -
TU) in various currencies awards the cost of Thermal Paver. Plants
RehabBkation Project and It is Mended that port of fte proceeds of Iris
tom wfl tie eppled so eBgtote payments under the Corrtracqs) tor which
this imtafon for Bids is issued.
2. The TURKISH ELECTRICITY AUTHORITY (TEK) now invites eeeied Bids
from sBtfbto Bidders tor the conver s ion of ThngMek Paver Plant units 4
and 5 from intfirect Brins sysiam to a drect system.
3. Imarasted elgtble Bidders may obtain farther JnJbmutfwt from and Inspect
he BkUng Documents «the Office oh
TURKISH ELECTRICITY AUTHORITY
General Management
tetotmeve Baton DaireaJ
BaskanBgi
Saneaifer Estetme ve Baton • •
MOdOriOgO
Inonu Btfvarl Noj 27 Kat14
BahceBevtar - Son Durak . .
Ankara-TURKEY
Phone: (90) (4) 2229888
Telex: 42Z45Mfctr
Fax: . 90-4-2138870
4. - A complete set g( Bidding Documents may be purchased by any Interested
elgSde Bidder on die submission of a written application to die:
. TURKISH ELECTRICITY AUTHORITY
, General Management
Heart WarDofreri
Baskanlgi
Inonu Buhorl Ho- 27 Kaci
Bahcsiwrtor-Son Durak
Ankara-TURKEY
and upon payment of a non-refundable fee ol $250 US Dollars or
t .700.000TL at 8n toSowing addmss:
TURKISH ElECTRICITY AUTHORITY
General Management
Muhasebe Dairesl Baskanigt
Inonu BtAari Noj 27 Kac 4
Bahoaflevtsr-Son Durak
Ankara-TURKEY
Those Bids Mixn&ad by tie Bidders who did not purchase to Bidding
Document shall be rejected.
5. AHBktemustbeaocompaniodby a Bid Searity of not less tanS* (three
percent} of the Bid price and must be delivered to the Mowing address:
TURKISH ELECTRICITY AUTHORITY
General Management
Heart later Dalrasi
BaskanSgi
Inonu BulvariNo-27 Kaci
Bahceievfer - Son Outsfc
Ankara-TURKEY
On or before f2A0 hours on 1&S.1982 ox! Btdswi be opened
immeclatolytfwreator.
6. Bids wffl be opened In the presence of Bidders' representatives who
choose to attend at rie foSowrig address:
TURKISH ELECTRICITY AUTHORITY
General Management
hale veSaifii Alma
Komtsyonu Baskardgi
InflnQ Butari No.: 27 KaC 27
BehceBeviar-SonDurak
Ankara-TURKEY
btfaaHfokaoMafJMks Na 00 * 6*2 of 19*2
OanjrDMfa
UtTBKMATTKKOr .
BEAK STEAXKS BOUHNCtUMmD
• Aim
Of THR MATTXK OF
TBB OOMPAKBS ACT 1SSS
Names n hereby atvnt ** a» <mm «r
dw H* Cm of Mo (Ousflwy DSvMm)
tkted lOfcJroo 19*2 for 6m cafniiriSm of
redaction et |S» c*p!&d of ibo 4bo**-BUio4
c^^ia»nauttuwa*«4Wpqm4
flu MSbpb q p mul bf tm C— *M*S$ wte
mmaocs xo *e cm>M of ihiC myy m rfiwd
BBShaod Act «m nsbwd of ■*
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LMdtuBCSVSOB
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COMPANY NOTICES
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27 J.1992. Dally 10-17 K.
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mil Mb. h M ri be fond bnfai te
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FINANCIAL TIMES FRIDAY JUNE 19 1992
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>~i - t r.-
MANAGEMENT
kh Gibson doos not
hawe an office. The
Qian who , manages
4000 people at Nis¬
san .in Sunderland
sits on a wooden
chair at a small
desk in a big open-
plan space. He
we jtts a aid-blue
rr qpFiCE uniform with the
» . . Nissan logo on one
lapel and a Queen's Award for
Sports badge cm, the other. From
he works he can see soweauf
ident ical desks, and chairs occupied
by identically-clad people.
only sign that <2bsoa is the
boss Is the couple of extra feet of
space that surround his desk.
Everything else' -about: Him
appearance, conversation, what he
eats and'where he paries hts car —
shouts the same ftf jfiggan
privilege is out; equality arid acces¬
sibility are in.
Gibson reckons that Nissan has
outdone the Japanese at th«ir own
game . With relish he exp lains how
the first MD — a Ja panese — had
bis o wn office. But once he left, the
British directors decided to move
out with everyone else.
“In Japan there is a more layered
culture," he says. “We get a lot of
resistance from our Japanese visi¬
tors - they feel more comfortable
in a private room." For them and
for the more sensitive of the politi¬
cians, suppliers and customers who
make the journey to the Sunderland
car plant, there is a private meeting
room. This contains a pfaHi table
and a sofa and chairs, arranged in
formal Japanese fashion.
Gibson views such private ses¬
sions as a dieter would regard a
cream cake. "I don't like to give in
S tress was once thought to
affect only top executives,
who had Important jobs and
stomach ulcers to prove it But
then ps ychologists discov ere d that
people further down the
occupational ladder were even
more stressed than those at the
top.
-The floodgates opened and
researchers started describing
stress in taxi-drivers, stockbrokers,
policemen, doctors and even in
vicars. Far from being ashamed
that they felt under pressure,
people began boasting about the
stress in their professions.
Academic research has now gone
a step further: increasingly it
shows that although some jobs
are stressful, certain typbs of
people survive, while others have
problems. “
> The idea is that factors within
the indivUual are as important
as ones rdated to the Job- Some
researchers put it down to
personality, others to early -
Lucy Kellaway shares a sandwich from the canteen with
Ian Gibson, the man in the driving seat at Nissan
Bringing equality
into the open
to the visitor syndrome," he says.
*lt is very easy to lay on lunch in
the visitors’ dining room, but I pre¬
fer to-talk to them out here, and
take them to lunch in the canteen.’'
The British subsidiary has also
taken a stand against the cult of the
personality. Two small photographs
of the chairman and managing
director of the Japanese parent
company are barely tolerated in the
otherwise unadorned visitors’ room.
“We may be able to get rid of them
soon,” Gibson 3ays. In the annual
report there is no picture of the
managing director, his statement
does not even bear his name. “I do
not like glory hunters and do not
want to be one,” he says.
Indeed, Gibson is so self-effacing,
and so intent on promoting the
team that he tends to reply in the
plural, whatever the question. What
does he think of the nniflm- mw and
the open plan space? “For the first
six months, most people said it was
difficult to adjust to the open plan
office," he replies. “But we all liked
the idea of the uniform as ft shows
we are trying to be more equal”
He - or rather they - did draw
the line at the company song and
company exercise sessions: “We did
not feel comfortable with that”.
What about personal effects?
Wouldn't he like to have a few of
his own things on his desk, which
by company rules has to be cleared
every night? No, he says, he has
just what he needs.
H e moves over to the desk,
(which he makes a point of
never sitting behind when
he has visitors, using instead a
plain table surrounded by four
chairs), and indicates a modest col¬
lection of belongings. “There's a pic¬
ture of me missus, a clock given out
when I was at Ford, my pipes, ash¬
tray - that's about it."
To anyone used to working in
complicated hierachies with colour-
fill characters and pushy egos, there
could seem something a little bland,
depressing even, about Nissan’s
well-regulated atmosphere.
In the entrance lobby area are
notices declaring the group's deter¬
mination to cherish its people and
certificates extolling its tr a i nin g
policies. The reception area doubles
as a co mmunal meeting room with
little tables and chairs. At one, the
lady in char ge of the lavatories is
talking disinfectants with a sup¬
plier. Upstairs everyone is quietly
getting on with their work. At
Hinehritne many of the workers do
what the boss hims elf does, and
pick up a couple of c ant e en sand¬
wiches to eat at their desks.
rahsnn works hard, and expects
others to do likewise. His office day
starts soon after 7am, and would
continue until after 6pm, were it
not for his charitable work. This
means about two meetings a week
for Business in the Community,
universities and local charities.
To help him , his he has one secre¬
tary, who spends much of ter time
heading a “kaizen” group on contin¬
uous improvement in Nissan's
administration. The phone rings
and as the secretary is not there, he
answers it himself. With no unnec-
lan Gibson: ‘I do not Uko glory hunters said do not want to bo one*
essary preliminaries, he asks what
it costs to sponsor a race.
Those who t hink that the effi¬
cient. caring set-up at Nissan
sounds too good to be true would be
heartened by a book* published this
week arguing that it is a sham- the
company is taking advantage of
high unemployment to extract more
than its pound of flesh from its
workers.
Gibson shows no defensiveness at
the mention of the book. “I don’t
know how to put it..." Always
understated, he is being particu¬
larly carefuL “They wrote the book
without ever coming here. If you
read it, it is about political class
How stress can make you tick at work
Jenny Cozens explains why some people can cope well with pressure while others crack up
experience, and some are even
looking for the job satisfaction
gene.
This new line of research
emerged In the 1980s, striking a
chord with the general emphasis
placed during the decade on the
individual.
Host of the studies have followed
people over a long period of time
to see how they feel about their
jobs, to assess their symptoms,
and see what effect life events like
marriage «nd relocation have had.
One US study using 10 years of
survey data on almost 5,000 mm
and women looked at the effects
of major life changes on well-being.
It found that individuals* scores
werefefrty constant over time,
even when they had been through
stressful events, like changing jobs
or partners or moving house.
The research does not doubt that
most of us feel bad as a reaction
to things going wrong or to being
under severe pressure. Instead,
its message is that the majority
find it relatively easy to adapt to
these rfmng ws , but the rest will
react with symptoms of stress.
A review by two American stress
researchers looking at a number
of studies of life stress -
occupational or otherwise —
concluded that around 25 per cent
of the population was chronically
stressed.
Anot her long-term American
study found that teenagers’
dissatisfaction with their jobs
correlated closely with how the
same people saw their jobs when
they were in their fifties.
An employer's natural response
to this new body of research might
be to page the in-house
psychologist to identity the
stressed workers with a view to
firing them. Once that small,
dissatisfied group had been
removed, the boSS COUld than malta
the job as difficult as possible,
knowing the rest could take ft.
It is not as easy as that While
some people are more susceptible
to stress than others, stressful
aspects of the environment do lead
to poorer performance and
mistakes, whoever Is doing the
job.
A recent study of banks In the
US found that the attitudes of the
counter staff in any
branch were closely reflected by
the attitudes of the customers.
So tf the bank clerks were
unhappy with the personnel policy
of the h- branch, rt»T« was reflected
in the customers’ attitudes about
service.
Moreover, stressed people
sometimes have other attributes
that the organisation needs: a
recent study of junior doctors
showed that those who were
chronically stressed over a couple
of years had more empathy with
patients than the c heerful lot.
There is plenty of evidence that
providing psychological help
within the workplace, as the Post
Office and some commercial
organisations have done, reduces
the symptoms, improves job
satisfaction and discourages
absence. A recent study by
Professor Cary Cooper and his team
from the University of Manchester
Institute of Science and Technology
found that absence fell by 50 per
cent on average for those who had
attended the Post Office
counselling service.
- There Is also evidence that
introducing a more general stress
management course - one that
reaches cheerful employees as well
as those who might be more In
need - reduces mistakes. For
example, an American study looked
at 67 hospitals and found that the
nnmber of litigation suits for
malpractice was related to levels
of stress in the employees. When
struggle... I believed that was
something that had died out in Brit¬
ish industry.” Maybe it has at Nis¬
san, but then Nissan will waste no
time in telling you that it is ahead
of the game.
•The Nissan Enigma by Philip
Garrahan and Paul Stewart Man¬
sell Publishing
they introduced an
organisation-wide stress
manapmBn t p ro gramme , drug
prescription errors were halved
and litigation suits fell from 31
in one year to nine the next
In a recent study that I
conducted with a colleague looking
at change in attitudes after
therapy, we found that not only
did people’s symptoms fell after
therapy but they also liked their
jobs more. They enjoyed being with
their colleagues more, felt much
more competent and felt their
workload was less demanding:
They were even more satisfied with
their pay.
Not everyone reacts to their job
in a way which makes them
stressed. What matters is that
difficult jobs continue to be be
improved, and that the people who
find themselves affected are given
the help they need, wherever it’s
possible.
The author is a consultant
psychologist
BUSINESSES FOR SALE
i
, 'V' * ■>
■v*
BUSINESS
FOR S ALE
SmaHscaffoMhirecarnpanyfor
disposal. Prcsetfliy snbeidiflry of
family owned group who are
reorganising activities. Location
Devon. £200K working capital
injection required fiora.
purchaser. Going concern with
plCOSp»4b« Offers negotiable
around £5GK far company.
Ini rial prospectus available to
serious enquirers who provide
details of their interest.
Write to Box A4071,R n a n riat
Times, Ooo Southwark Bridget
London SE19HL
BUSINESS
AND
ASSETS
Of solvent and insolvent
companies ; for
sale.Business and
Assets.
Tel 071 262 1164
(M on - Fri)
LEGAL NOTICES
Omuimdt Number 1239791 Ro*i*tcraJ la
&1,t C2T REALISATIONS LUSTrCO
(FORMER L? KNOWN AS GORDON
RICHARDS TOO LS (BI RMINGHAM)
LIMITED)
<KKNT ADMINISTRATIVE
■ RECEIVERS APPOINTED)
NOTICE IS HEHEBYGWEN, pjgwjt»
UoUaBSTia 30 tm 1991 - 1 O 30 md
S3ESSS3SS
anui Bor. U ll tbtakJ tto,
(fedbW W <” bp** t* A
or her WML Hhawnew tei
•fcMfbyorsobctairofd*
emu Jv on
Active Memory.
Technology Ltd (In Receivership)
Reading, Berkshire
The opportunity has arisen for the actpristtlon of the
business and assets of AMT (HofcGngs) Limited (hi Receiver¬
ship] and Active Memory Tbctmotogy UmftBd (to Recehwaftlp).
The principal featnres ofttie business are:
• Leaders in the tectinokjgy of rnassiveiy paraSe) compirters;
•ttghty skilled and Internationally respected systems
fevriopmsitteam;
• bKsflsctual property rights and know-how:
• Maintenance badness turnover £350,000;
• Significant large value order potential;
• Modern leasehold premises In Rinding;
• Whofty owned US business and manufacturing plant
Fordetafis pfeasa contact Tha JofeftAdmHs&sUve
Rscaivet MD Gercke FCA of Price watartouse, Thames
Court, 1 Victoria Street, URndsoi; Berkshire, SU1H8.
Tat (0753) 868202. Fax (0753) 833528.
PHceJfiiterkouse e
FOR SALE
Independent Software House
BS 5750 Registered
T/01991 c. £500k
Please write » Box No. A4076, Financial Txmea,
One Southwark Bridge, London SEl 9HL
PUBLIC NOTICES
MMC INVITES EVIDENCE ON
S THE ACQUISITION BY BM
r GROUP PLC OF THWAITES
LIMITED.
The Monopolies and Mergers Commission would like to
hear foam any person with Information or views on the
acquisition by BM Group PLC of Thwaltes limited.
The Commission will be considering whether the
acquisition raises competition concerns in the market for
the supply of site dumpers and whether the acquisition
may be expected to operate against the public interest.
The Commission would like jMdence in witting by 3 July
1992 to be sent to: Mr JJL Battersby. Reference Secret ary
(BM/Ibwaltes). Monopolies and Mergers Commission. New
Court. 48 Carey Street. London WC2A 2JT.
...
Appear in the Financial Times
on Tuesdays, Fridays and Saturdays.
For further information or to advertise in this section please contact
Meianie Miles on 071 873 3308
financialtimes
iuumi unmiii Hiwwm
.. C&JH Precision
Engineering Company
^ (In Receivership)
1 Worcester h
i vJj
The business and assets of the
above general subcontracting
precision engineering company are
for sale.
• Freehold property available
# Annual turnover approx £0.#M
• Skilled workforce
# Established over 20 years
For further details contact the Joint
Administrative Receiver: Roy
Webby, Grant Thornton, Enterprise
House, 115 Edmund Street,
Birmingham B3 2HJ.
Td: 021-212 4000 Fax: 021-212 4014
Grant ITiomton S
The ILK. member firm d Grant Thornton Inter n trkxtj i.
Authorised by die Insoroie o£ Chartered Aoco wn t m B m
Engtwrd and Wales to carry oo bwa mrnr beans*.
Ltd
3 rV
louche
ESTABLISHED
MANUFACTURERS OF
MEASURING MACHINES
The Adsi ui t ria flre geerireti offer for tale the b i fa rrn «ed swat* of
*T ft MrtmlnfjIheltril ■mifuimnrnfliljk(rrhnntnpcapital
• As aea l Catwr a p y o aimaty £14 i
• Cosadttcd, tfcfied wodrftHC*.
• Bbs chip cattom tme.
• Large saxfcet ffcarc.
• Order book SMMOpias.
For Bather Mooeattoe please t
Dffip Dxttxnl
BOO BJeder Handy*,
206 Derby Road,
NG7 TNQ
IfctepiUMie! 0682 4153 U
Frc 0602 410193
BDO
BINDER
HAMLYN
Bail lie Longstaff Limited
and subsidiaries
(In Administration)
The Joint Administrators, D. L. Morgan and N. R. Lyle,
offer for sale the business of BaiUie Longstaff.
Bailiie Longstaff Limited
□ Insurance intermediary for household and motor
insurance, and extended warranties on electrical
household appliances.
□ Client base includes agreements with mail order
companies to provide cover for their clients.
□ Turnover in 1991 £1,040,000.
CIS (UK) Limited
O Insurance intermediary for household and motor
insurance.
□ Clients consist of customers of the mail order company
Grattan PLC.
□ Turnover in 199! £420,000.
LBGSUfl) Limited
O Insurance intermediary for household and motor
insurance.
□ Sole client is Lloyds Bank Group Staff Union for the
last 10 years.
□ TUmover in 1991 £220,000.
For further information please contact Andrew Brannon or
Ann Quartern) ain at the address below.
PO Box 810, Friary Court, 65 Crutchcd Friars. London EC3N 2NP.
Tel: 071 936 3000. Fax:Q7! 480 6958.
ArtfaMhcd by ite taniiutt of Gartered AccowunB io Engteid md Walo to evty oh larcaaciM Bunns.
Chartered Accountants
Aatharitgd by tht Inoiaae cfCiarterai Acctaattmu in Engkaul
and Water to carry on imetonqu buthuva.
PLASTIC INJECTION MOULDING ■
COMPANY FOR SALE
High precision piastic moulders, well
established, modern plant, good technical
expertise, with well known customer list
For sale due to the family wishing to retire.
For tortwr detefe write to: Box A4072, Rnandal Timas,
ftno 4nithiml RiUna I rmrinn SP1 M-fl
STEEL
FABRICATION
COMPANY
Long established Sooth Coast
oompwiy occupying its own freehold
Coma, turnover £25M
w&h growth po ftwal for £*M pins.
PLC dieat base wife forward order
book. Cbinpanyfeefiflg effects*
high tarot i*cs and recession bat
Wdl poised B tdee fall advntege of
recovery fa economy.
Replies in GaaCIttee to Bos A4068,
pmuoialTnea, ODoSoetfawatfe
Bridge, Loafcxi SEl 9HL
RADIO & TELEVISION
MONITORING COMPANY
FOR SALE
Established * Profitable * City Based
Price £400,000
Principals only to Box A4074, Financial Times ,
One Southwark Bridge , London SEJt 9HL
12
FINANCIAL TIMES FRIDAY JUNE 19 1992
TECHNOLOGY
Worth Watching - Paul Taylor
Fax machine for
the globetrotter
Globetrotting executives can still
face telecommunications
problems once they step off the
beaten path. It is not e asy, f or
example, to send a fax from a
Tibetan if mnwtaiwwtiig or check
the head-office flatabe*” from
deepest Africa.
But portable global
communication Is now a reality
for travellers in areas of
unreliable or non-existent
co mmunicatio ns.
Inmarsat C mobile satellite
earth stations, supplied by
UK-based Applied Satellite
Technology, work with portable
personal computers and use the
geostationary Inmarsat satellites
to provide two-way telex, fax
(send only) and other data
communicatio ns from anywhere
In the world.
The briefcase-sized Nomad 2000
weighs 5kg and takes just
minutes to set op using a
directional antenna. It works
with any MS-Dos compatible
computer transmitting at a speed
of 600 bits per second and can
send data for 30 minotes or
receive for 60 minutes using its
internal batteries.
The Nomad 2000 costs £6,790
and can be supplied with an
optional £1,300 laptop computer.
Applied Satellite Technology:
UK, 0603 427434.
Immune system
battles stress
Peeling ran down? Researchers
at Utrecht University now think
that proloi&ed acute stress could
weaken the body's immune
system, making It mote prone
to illness.
In their study the researchers
subjected secondary school
teachers to stress by asking them
to solve an impossible
three-dimensional puzzle under
a time constraint, flie volunteers'
white blood cell count was taken
immediately before and after the
stress test In some teachers the
number of natural killw cells
had risen considerably by the
end of the test but returned to
normal within 30 minutes.
Although it Is difficult to draw
conclusions the researchers
believe that the number and
intensity of stressful events have
a negative effect on the body's
resistance. In the long term this
could Increase the chance of
infections. Utrecht University
Academic Hospital: The
Netherlands; 31 30 507680.
Spreadsheet keeps
itself fit check
ONE of the chores of building
a computer spreadsheet is
checking that the data has been
accurately entered. Reading the
□umbers back to a colleague is
both time-consuming and tedious.
But Temair Software, based
in Rhode Island, has developed
a software package called
Spreadsheet Echo which enables
the computer to read Lotus 1-2-3
spreadsheet numbers back to the
user.
The software will read back
a range of numbers either by row
or column, can be told to pause
between cells, and speak In either
a male or female voice. The user
can also set speed or volume
levels and listen through the
computer's internal speaker or
through headphones.
The programme, which costs
$99.95, is also multilingual.
Temair Software: US, 401454
4565.
Reinventing
the golf cart
Who says there is no point In
reinventing the wheel? Hugh
O’Neil has done Just that with
a revolutionary golf cart which
features slits on the outer rim
of the tire. They follow the
contours of the ground, changing
shape from a round to an oval
as they traverse.
The result is a machine which
can go anywhere in extreme
weather conditions but which
.exerts about a quarter of the
pressure of an average man’s foot
The three-wheeled Elite golf
cart Is battery driven, carries
one person at 14kph and costs
£1,800. Elite Golf Products: UK;
0306 743945.
the border lines
Europe’s cellular phone network is poised to cross
national frontiers, writes William Dawkins
G ood news is on the way
for car telephone users
in Europe who find their
phones stop working as
soon as they drive over a national
border .into ah incompatible net¬
work. -
From the beginning of next
mo n th , the first 1 commercial mm .
pies of a new generation of cellular
telephones, able to receive and
make calls anywhere In Europe,
come on sate in France and Ger¬
many.
They are based on a common
European standard, called GSM
(Global System for Mobile Commu¬
nications), to be phased into fuQ
operation over the next five years in
the 17 countries that have agreed to
use the GSM norm. The current
patchwork of six conflicting
regional systems will, for the time
being, continue alongside the new
network.
It is no surprise that France and
Germany are the first to introduce
GSM. They badly need to catch up.
A large number of businessmen and
women cross their long frontiers
regularly and yet both countries
have among the lowestuse of cellu¬
lar phones in Europe, well behind
Britain, Switzerland and the Scandi¬
navian countries. .
GSM, a digital transmission sys¬
tem, is radically different from the
current analogue generation in that
it delivers ultra-dear sound and a
range of clever functions. In addi¬
tion, a GSM phone can be plugged
into a fox m ° r * 1 * T i R i a computer or
even a teletext terminal like
France’s Mini tel system without a
modem.
Each subscriber has a smart card
which stores personal information.
This is slotted into the phone to
make it work. The card, rather than
the terminal, contains the subscrib¬
ers’ telephone number and tells the
operator where to send bills. If nec¬
essary, a subscriber can leave his
phone at home and rent or borrow a
portable one, whether in a taxi or
someone else's office. The card can
also be programmed so that calls
can be forwarded. Incoming calls
can be held while the phone is
engaged, and outgoing or Incoming
calls can be barred.
Baptised “Itineris" in France, the
system is being launched by France
Teldcom in Paris and Lyon from
July 1, with the German system to
fallow a week later. France Tei&com
piafl g to cover three more cities by
the end of the year and 90 per cent
of France by 1995. SFR, the French
private sector cellular phone opera¬
tor, plans to unveil its own GSM
system shortly.
Itineris phones, initially supplied
by Orbital, Nokia and Motorola, sell
for between FFr10,000 (£1,000) and
FFr15,000, slightly cheaper than
existing cellular phones. Prices
could even halve In the next five
years as European sales grow and
allow the producers of terminals to
achieve economies of scale, predicts
Marcel Roulet, president of France
Telecom.
Clearly, it is too early to say how
Itineris will go down with the
French public. The coming year will
be for “technical evaluation’*, with
commercial takeoff likely in 1993,
believes Roulet.
Already, technical experts point
to two possible improvements.
Some users, they fear, might be baf¬
fled by the big choice of functions.
so some form of automatic guidance
would be desirable, like the help
function on a computer program.
Second, because equivalent chips on
GSM smart cards and existing
French telephone charge cards are
positioned differently, it will be
impossible in the future to use the
same bit of plastic for both.
However, GSM should avoid the
capacity limits imposed by the
shortage of radio frequencies, which
affects the two analogue networks,
France Telecom’s Radio 2000 and
SFR. Instead, digital technology will
increase capacity in the European
countries that have applied the
standard to 20m. compared with
just 3.4m subscribers now.
On the strength of this, France
Telecom believes that around a fifth
of its income from telephone
charges will come from cellular ser¬
vices by the end of the decade.
Computer takes on a mind of its own
Steven Bntler says the ‘ thin king’ machine is a little closer, to becoming a reality
A computer that does not
need software to tell it how
to perform a task appears to
be a contradiction in terms, but that
is what Ricoh, the Japanese office
equipment company, unveiled yes¬
terday in Tokyo.
Don't start erasing software flies
from your computer just yet.
Ricoh’s experimental neural com¬
puter - so called because it imi¬
tates human thinking processes -
can only learn 16 characters at a
time, even though it is put together
with microchips that are blazlngly
test
This is indeed a primitive perfor¬
mance for a computer that is 500
times faster thnn the typical work¬
station, and four times faster than
supercomputers.
Ricoh's neural computer is none
the less a tantalising hint of thing s
to come. In a year or so Ricoh hopes
to install a small neural computer
in its office photocopiers - one that
will learn by itself, without soft¬
ware that sets parameters, how to
adjust all of the interrelated vari¬
ables that determine whether a
copy comes out with even tone.
The neural computer itself is not
a new concept. Other Japanese com¬
panies like NEC, Fujitsu and
Hitachi have developed neural com¬
puters that learn from their mis¬
takes until they can perform a task.
The theoretical advantage is that
these machines should eventually
be able to deal with ambiguous situ¬
ations and to make judgments, like
the human brain. They could be
useful for text or voice recognition.
Morlo Onoe, professor emeritus at
Tokyo University and general man¬
ager of Ricoh's R&D group, says
that existing neural computers have
combined the traditional central
processing unit with software that
imitates the functions of neurons of
the human brain.
Ricoh’s computer, by contrast,
has no central processor, just 16
neurons that operate in parallel and
are linked together. This allows
them to perform at much higher
speed. The computer is fed informa¬
tion In digital form and given a
god, but left to its own devices on
how to achieve it
So far the tasks performed are
simple. The computer, for example,
was yesterday fed equations
describing the rolling of a ball on a
tilted see-saw, and told to move the
see-saw to prevent the ball from
falling off the end. After a dozen of
so failed attempts, the computer
managed to balance the ball in the
middle.
Onoe says the advances have
come in two areas: the dispensing of
software that instructs the com¬
puter how to perform specific tasks
and higher-speed processing of com¬
plex problems.
The experimental computer is put
together with 32 neural chips which
Ricoh developed two years ago and
which have a single neuron per
chip. The computer has a process¬
ing speed of 128MCPS (million com¬
puting connections per second).
The drawback erf Ricoh’s neural
computer is that it requires a huge
amount of computing power to
learn something useful.
Onoe says the first practical appli¬
cations for the computer will be in
mechanical control, where the vari¬
ables are relatively few. While
Ricoh plans to use the technology
In its own office machines, it would
also welcome partners to develop
control systems for factory robots.
Use of the computers for voice or
character processing will require
much larger capacity. .
Don’t expect the machines to
appear on desk tops any time soon.
But they could eventually learn not,
only to process words, but print out
letters from dictation and eventu¬
ally, perhaps, write the memos on
their own too.
7 'll vlliiHH U tiOl till JJl (jJ.tl fJ'HiffH
Ml® _ _
■ * r » ,, J. . c».
.A ,*>. * ■" * * H 1 *' " *•• • •. V * *'*' •-ti
^3*
.. Jmmti
f.rf
mats**
V*!*? i'''
International businesses and individual investors
worldwide have found the advantages offered by Malta
to be highly attractive.
M A perfect location H Measurably lower operating costs
Fiscal and other benefits M Availability of qualified professionals
M Highly educated, English speaking workforce Mt Security
and more...
In Malta yon will be in the bot ut company... m a porloct annate
For more information please contact:
Malta International Business Authority
Palazzo Spinola, P.O. Box St. Julians 29, Malta.
Tel: (+356) 344230 Fax: (+356) 344334 Telex: 1692 MIBA MW
The world's
leading airlines
take you to
new
heights of
understanding.^
&
For business travellers
such as yourself its
important to know that
more than one hundred
airlines - serving every
continent - offer
complimentary copies
of the Financial Times
of London.
It will keep you in
toudi with developing
events at every stop on
your itinerary, and.
indeed in every part of
the globe. Remember
to ask for the FT on
your next flight
r:
FINANCIAL TIMES
INDIA
1992
The FT proposes to
publish this survey on
June 26 1992.
This survey will be
read m 160 countries
worldwide, including
India where it will- be
widely distributed. In
Europe 92% of the
professional
investment
community regularly
read the FT. If you
want to reach this
important audience,
call
Louise Hunter
071 873 3238
or Fax 071 873 3079.
Dm sourca P ro fe si ion ai
investment Community 1991
(MPC Int'l)
PEOPLE
Moving upstairs in the
Lever household
Lord Klndersley (left), who has chaired Brent Walker through its
£L63bn refinancing, is to retire from the group at next month's
annual meeting. He was appointed in January 1991 expecting a
fairly brief, though arduous, tenure of the. Job. But the repeated
delays In completing the refinancing until the end of Marnii thin
year kept him occupied seven days a week.
Now, at 62, he looks forward to spending same time on his
other interests, he says. One ofhls top priorities is to organise a
deer-park owners’ Initiative to Improve the marketing of veni¬
son. He has 400 deer of his own in Kent His preoccupation with
Brent Walker, which yesterday repented an annual loss totalling
£411.4m, has, be says, nearly cost him his place on the manage¬
ment committee of Wimbledon. And he feels that as chairman of
the Thailand Investment Trust he really ought to visit the
country.
Also resigning is Alan Clements (right), former Id finance
director, who Joined as a non-executive director In the early
stages of the refinancing as well. He subsequently became the
only non-executive director on the board and had to carry the
burden that entailed. He too has other interests requiring his
time, not the least his directorship of Mirror Group Newspapers.
Brent Walker Is in the process of recruiting a new chairman
and some non-executive directors. Some names should be ready
by tizeagm.
Lever Brothers, the UK
detergents business of Anglo-
Dutch consumer products com¬
pany Unilever, has a new chief
executive, Andrew Seth, who
arrives from Lever Europe in
Brussels. He had been a gen¬
eral manager in charge of
household cleaning products
for the past two years, and ear¬
lier held a series of positions
with Lever elsewhere in
Europe as well as America. In
the late 1970s and early 1980s
he had been marketing direc¬
tor of Lever Brothers in the
UK.
Seth, 55, replaces Roy Brown,
who at 45 has moved up to the
Unilever main board as a
regional director with responsi¬
bility for Africa and the Middle
East Clearly on the Unilever
fast-track. Brown has moved
speedily through the ranks. He
had been chief executive of
Lever Brothers for less than 18
months, where one of his prin¬
cipal tasks had been to oversee
the implementation of the UK
mid of the new Lever Europe
strategy - the drive to make
the European detergent busi¬
nesses work together more
effectively. Also daring
Brown’s time there, Lever
introduced concentrated liquid
detergent to the UK market
Among a range of many pre¬
vious posts within the group,
he has been technical director
of Bird’s Eye Walls and chair¬
man of Plant Breeding Interna¬
tional. His overseas experience
comes partly from a period in
the mid 1980s when he was
chairman of Unilever’s planta¬
tions activities.
Moves in
finance
Departures
■ Patrick Cooper is resigning
from the board of GOODE
DURRANT but remains a
director of its subsidiary
Ravenstock (Tam) Holdings.
■Gerald Palfreyman has
resigned from EVODE.
■ Leonard Blackwood has
resigned from P-E
INTERNATIONAL.
■ David Watkins has resigned
from MOUNTLEIGH.
■ Charles Cha rlwoo d has
retired from ATTKEN HUME
INTERNATIONAL for health
reasons.
■ The Earl of Shrewsbury and
Waterford has resigned from
the BRITANNIA BUILDING
SOCIETY.-
■Colin Burrowes has resigned
from CAKEBREAD ROBEY
&CO.
■ Derek Henson is retiring
from J SAINSBURY.
■Tony Herbert, Denison
Moxon and Jim Morris have
been appointed directors of
GREIG MIDDLETON.
■Richard Kilsby, formerly
vice-chairman of Charterhouse
Bank, has been appointed an
md of BANKERS TRUST
COMPANY. Tony Moore,
formerly with County Natwest,
has joined Bankers Trust
Company as an md and head
of corporate finance
origination for the UK and
parts of Europe.
■Richard Payne and
Christopher Collins have been
appointed directors of
PANMURE GORDON.
■ James Jamieson has bear
appointed a director of the
PR INdP AUTY BUILDING .
SOCIETY.
■Stuart Bridges has been
appointed to the board of
TOUCHE REMNANT
INVESTMENT
MANAGEMENT.
■PatrickSetters has be en
appointed director of LLOYDS
DEVELOPMENT CAPITAL.
■Dexmct Keegan is appoin te d
director oaf retail sales for
COUNTY NATWEST
INVESTMENT
MANAGEMENT.
■Stephen Hargrave has been
appoi n t e d chai r man of the
QHLDSEN’S MEDICAL
CHARITY INVESTMENT
TRUST in place of Andrew -
Ferioff who remains a director,
bike Johnson becomes deputy
chairman.
CO UNTY NATWEST
INVESTMENT . .
MANAGEMENTasaUK
economist front Crown Agents
Asset Management.
Instructive role for Wally Olins
Wally Olins, one of the UK's
design gurus, has decided to go
back to school. “Not before
time," might be the cry of all
those critics of the revamped
corporate Image sector of the
design world, of which Olins is
a leading light
But before the knives Hash
too fiercely, let It be known
that Olins is returning to edu¬
cation not io learn but to
instruct. He has just been
appointed visiting professor at
Lancaster University manage¬
ment school, where he will be
involved initially in the
school's MBA courses.
Later he will participate in
the expansion of the school’s
marketing programme; there
are plans to Introduce an
advertising course this year.
Olins will continue his role as
chairman of Wolff Ofins, tile
corporate Identity consultancy,
which he co-founded.
Lancaster clearly feels chuf¬
fed with the appointment Its
mess release proudly mentions
Wolff Olins’ corporate identity
work for VW/Audi, Prudential.
Boris, Akzo and the Metropoli¬
tan police force In London. But
strangely, it omits to mention
tiie most famous recent Wolff
Olins work, the corporate rede¬
sign for BT, the implementa¬
tion of which is estimated to
have cost some SSOm.
The new logo - a sUhooette
of pan blowing a heraldic
trumpet - met with wide¬
spread derialou, not least
because Pan blew a syrinx.
•r, -
I : -• ,.
»el
■Sf«
assess
F ! N ^ N ^? AL T,MES FRIDAY JUNE
19 1992
ARTS
Oliver Parker and Cathryn Harrison
■•-'-Jr.- ■>-,
‘ ■—»
u Cf -
Theatre/ Malcolm Rutherford
As You Like It
The Open Air Theatre at
Regent's Park ought to be the
ideal setting for As You Lite It,
just as it is for A Midsummer
Night's Dream. The Forest of
Arden corresponds more
closely to Regent’s Park than
most of the rest of London.
Never underestimate, however,
the chances of a director get¬
ting it wrong by trying to be
clever. Maria Aitken’s produc¬
tion is perverse.'
To he fair to Ms Aitken, her
As You Like It is not nearly as
dreadful as her 'programme
note would lead you to think
Aitken claims that Jaques, the
melancholy outsider, is the
equivalent of a 20th century
movie director: he has spotted
that all the world’s a stage and
Arden is the place where you
go to shoot on location.
The idea produces one good
joke. In the wrestling match
Orlando gets hammered in the
first round. Jaques, the movie
director, calls a halt and sub¬
stitutes the stand-in who pum¬
mels the court wrestler close to
death. This is Hollywood tri¬
umphant, hut merely a gloss
on As You Like It. Gradually
Hollywood recedes and the
play takes over although the
production remains perverse.
: Ms Aitken appears to think
that all the men in the play are
drips and all the women play¬
ers. There is some evidence in
the text for her point of view -
Orlando is not a ball of fire and
you could say that Rosalind is
lowering her standards by
chasing him. On the other
hand, If you take the female
superiority too far, you begin
to distort the play. As You Lite
It Is abont boy meets girl,
mutual attraction. There has to
be something to be said for the
men.
Aitken's preference for put¬
ting the women first has
strange effects. Corin, the
shepherd, has some wonderful
lines in defence of the pastoral
society: The greatest of my
pride is to see my ewes graze
and my lambs suck.” He is not
allowed to speak them as if
they are at the heart of the
play or as if anyone might
wish to take, him seriously.
The minor part of Phebe, the
shepherdess, comes out as one
of the most striking characters.
This is partly because she Is
played by Anna Patrick, whose
Moll Cutpurse
In 1610, the famous rogue Moll
Cutpurse saw her own life dra¬
matised as The Rourmg Girl by
Thomas Dekker and Thomas
Middleton. If real characters
could wander on stage, why
could not Middleton mix it
with Moll offstage? That situa¬
tion provides the comedy in
Moil Cutpurse, an entertaining,
play about Middleton at the
Drill Hall Arts Centre.
Nick Stafford’s fantasy
works on situation rather .than
plot. Middleton appears as a
blocked writer who cannot
bring himself to say ‘'Shake¬
speare” or to quote from any of
the plays. He decides to gamer
material for a new play, and
tights on MolL She and her
confederates, Maria and John,
welcome him as only those
hungry for publicity welcome a
TV documentary crew.
An intrigue of deception
ensues, driven by greed and
lubricity. The action turns on a
flimsy revenge plot, a bag of
counterfeit coin and the writ¬
ing of Middleton's play. The
labyrinthine business strikes a
parody of Middleton’s own
plots; and the language is a
riot of plackets and peccadillos,
consistently bawdy and sugges¬
tive. Middleton attempts to
shepherd all this chaos into the
pages of his own play.
Simon Deacon's ambient
music lifts the action and helps
focus Helen White’s clever
direction.. She gets fine perfor¬
mances from the cast of four.
Peter Shorey as Middleton and
Janice McKenzie as Moll estab¬
lish a bruising rapport: Shorey
In particular shows control and
range. The play's funniest
scene, between Middleton and
Moll’s confederates (Beaux
Bryant and Jim Findley) finds
him physically sick in being
forced to hear Shakespeare’s
ISOth sonnet
But the New Perspectives
Theatre Company has shackled
Itself in this production to the
ideal of “political correctness":
fine in principle but clumsy in
practice here. Old norms are 1
assiduously avoided: so the
women are lesbian, the men
gay, and relations between the
sexes financial. The choices for
women look stark: servant,
whore or wife; unless like Moll
they “live by their wits against
all costs."
Beyond the bustle and ener¬
getic acting, Moll Cutpurse
needs a wider scope, grander
design. As a play about Middle-
ton, it offers little. Its serious¬
ness focuses on the position of
women, then and now. Fifty
years after Middleton’s death,
one playwright was writing
more and better on the same.
Her name was Aphra Behn.
Andrew St George
Drill Hall Arts Centre (071 601
1353) until 27 June (ex. IS
June)
Austerity with a baroque twist
Susan Moore reviews the art and craft of the Hutterites and Mennonites
performance as Helena in the
Regent’s Park production of
the Dream has already shown
her to be an actress at the top
of the class. It is also because
the production suggests that
she is a woman striking out on
her own. The text shows
plainly that she is only having I
a minor fling.
Aitken’s perversity runs into
problems with Jaques, played
by Bette Bourne. He is over-
coiffeured and noticeably over¬
weight. He speaks his lines
very well, but the underlying
suggestion is that he Is suffer¬
ing from some fatal disease,
quite probably AIDS, not an
improvement on the original
unexplained melancholy.
Rosalind is played with some
distinction by Cathryn Har¬
rison. The question remains of
what a clever girl like this is
doing chasing a duffer like
Orlando. The logical conclu¬
sion of Aitken’s interpretation
is that Rosalind should go off
with Phebe. Still, you can’t
keep a good play down; nor the
pleasures of Regent's Park
either.
Sponsored by Unilever
I n summer, the colony bell wakes
everyone at 6.15 am. The bell calls
the adults to the communal
kitchen for a breakfast of prunes,
cheese, smoked bam, bread, jam and
coffee. Quickly and in order the men
file in, hang their hats and take their
assigned places on benches around a
long table. All wear black working trou¬
sers and coloured shirts; the mature
men are bearded. The women follow
and sit at a second table, their hair
identically arranged, their clothes
another uniform of polka-dotted brad
scarves, long patterned dresses and
aprons. No children are present.
A short prayer. Each person eats
quickly and In silence. Another prayer.
The dishes are carried into the kitchen.
Women finish clearing the tables and
begin washing up. The procedure takes
seven minutes in alL
The colony Is Hutterite, the date the
mid 1960s. For the first time, outsiders
had been admitted to observe and pho¬
tograph the life of what is the most long
lived of all Christian Utopian communi¬
ties. The Hutterites, like the other two
surviving German-speaking Anabaptist
sects, the Mennonites and the Amish,
chose to separate themselves from
church and state in the 16th century.
Endlessly persecuted, not least for their
pacifism as well as for their separate¬
ness, they sought refuge and land to
form first in Prussia or Russia, then the
US, and latterly in Western Canada.
Unlike the Mennonites and the
Amish, their life is communal, their
modest earthly goods the possession of
the community rather than an in divid¬
ual Moreover, they have continued to
resist integrating into a wider commu¬
nity. In North American in 1965, a popu¬
lation of some 16,500 Hutterites was
recorded in 170 colonies.
An image of those cheerless, regi¬
mented breakfasts ought to haunt like a
spectre “All Things Common”, a beauti¬
fully presented small show of Mennon-
ite and Hutterite furniture, textiles,
metalwork, ceramics and calligraphy at
Canada House. So seductively simple
and wholesome are these workaday rus¬
tic chests and chairs, and hands 0 ” 18
quilts, that the harshness of the life for
which they were made is blurred in a
romantic mist.
The Hutterite children who slept In
the gaily painted tura-of-the-century
cradle, and played in the child's wagon
of around 1930, were not allowed to
favour their own mothers above other
members of the community. Indoctrina¬
tion began early: by the age of two they
would be aware that the needs and will
of the colony took precedence over
those of the individual. Indeed, the indi¬
vidual will had to be broken, individual*
zty suppressed.
There appears to be a contradiction
between what we see in this exhibition
and what we know. Despite their aus¬
terity. the so-called “Plain Folk" in som¬
bre blue clothing appear not so pfafri
alter alL Unlike the Shakers who
rationalised 18th century EngUch furni¬
ture to create a new, streamlined, func-
A Mennonite bed with a colourful quilt and wall hang in g
tional style, Mennonite and Hutterite
craftsmen continued to copy and sim¬
plify old prototypes. Those prototypes
happened to be in the most immodestly
exuberant and self-indulgent of decora¬
tive styles, the baroque.
The survival of Germanic forms and
decorative traditions among these -
and other - widely dispersed and much
travelled Germanic colonies is striking.
Theirs is a similar small repertory of
essential furniture; blanket boxes, wall
cupboards, chairs, tables and sleeping
benches, which serve as storage chest,
bench and bed. In the latter, in particu¬
lar, we find Baroque curlicues and
scrolling arm rests, back rests and
skirts. Throughout are unexpected
bright primarily colours. Inlay, trompe
l'oeil, and Hansel and Gretel heart-
shaped cuts outs.
In contrast to Shaker furniture and
artefacts, some of these pieces seem
fussy, galumphing and poorly made.
What they lack in aesthetic and techni¬
cal refinement, however, they often
make up for in spirit We can imagine
the sense of satisfaction felt by the man
who carved the heart in the top of the
cabbage cutter here, or forged the
heart-shaped trivets, as well as the sim¬
ple pleasure derived by those who han¬
dled them.
An instinctive feel for colour and
design is evident in the traditionally
patterned Mennonite quilts on show.
That sense of design is also apparent in
perhaps the most distinctive works here
— the lively manuscript illumination
known as “firaktur’". Again, the art form
derives from Swiss-German traditions,
but it flowered in the New World. The
motifs that once decorated the borders
of important family documents became
as important as the script itself, and
even exist without it. Eight-pointed
stars, hearts, birds, flowers, animals
and trees of life weave their lively,
rhythmic watercolour courses across
the page.
All Things Common continues at
Canada House, Trafalgar Square, until
July S.
Opera in Italy/ William Weaver
C oncluding its opera season,
the Bologna Comunale has
just mounted a sparkling new
Cenerentola, obviously
intended also as a contribution to the
Rossini bicentenary festivities, which
continue in full spade throughout Italy.
The new production served further as a
showcase for the young mezzosoprano
Cecilia Bartoli, the brightest rising star
in the Italian operatic firmament,
known as much for her notable record¬
ings as for her theatre appearances.
But Bartoli in the real life of the stage
Is even more exciting than Bartoli on
discs, for in addition to her vocal virtu¬
osity she is an engaging, natural act¬
ress, sensitive to words, including those
of her fellow-performers. She never per¬
forms in a vacuum, but securely in con¬
text
In Bologna she was surrounded by
first-class performers. Cenerentola is not
a mezzosoprano vehicle: it makes heavy
demands also on the other Interpreters,
and the casting of Ramiro, Magnifico
and Dandini is as important as the
Bartoli’s ‘Cenerentola7 6 Cosi fan tutte’
liam Matteuzzi, Claudio Desderi and the
talented young Lucio Gallo for these
three parts, and the spiteful stepsisters
were aptly played by Fernanda Costa
and Gloria Banditetii. The philosopher
Alidoro, of whom tittle but stately
nobility is required, was strongly cast,
too; and the bass Pietro Spagnoli added
to that nobility of mien authority of
voice and evident human concern. Rio-
cardo ChaiUy, the permanent conductor
of the Comunale, used the new critical
edition of the score, which inspired a
translucent reading with for more sub¬
tlety and charm than the usual. Chailly
allowed the vein of pathos to run
through the performance
Bartoli’s Cinderella, however, was not
pathetic or sentimental, even in the
opening scenes. Her first words to the
prince were immediately moving in
their simplicity. In the end, when good¬
ness has triumphed and the radiant
newly-made princess proclaims that l»r
forgiveness of her stepsisters will be
ter revenge, there is just a hint that
vengeance will get the upper hand and
the stepsisters had better watch out
This Cinderella is a young woman of
strong character, whether among the
embers or on the throne.
In unusually good voice, Matteuzzi
portrayed a youthful man of spirit, con¬
vincing as prince and lover. The young
Gallo has a big, commanding voice, per¬
haps more suited to verismo opera than
to Rossini; but he handled it well and
provided an untraditional, originally
comic valet-turnedrprince. Claudio Des¬
deri was a Don Magnifico totally in
command, outrageously funny and
Infallibly musical, singing not grum¬
bling his music. Like all the others, he
was firmly supported by the staging of
piece entirely corresponded to that of
Chailly: the comedy always had a wel¬
come elegance. Greedy, self-important,
foolishly ambitious, this Don Magnifico
was. nevertheless, an aristocrat,
Odette Nicoletti designed delightful
costumes; and Mauro Caros! invented a
splendid and versatile set, a high arch
crowning two curved staircases, in
Vesuvian-villa style. Thus, with a mini¬
mum of shifting, the scenic elements
could be transformed from the Baron’s
decaying palace to the Prince's country
seat The Comunale orchestra was obvi¬
ously in complete agreement with
Chailly's approach, and they played at
the top of their form. The chorus, too.
seemed newly energised. All this bodes
well for the recording which Decca will
make just after the final performance of
the season.
★
Stimulated largely by the success of his
recent recordings, considerable interest
surrounded the Italian debut of John
Eliot Gardiner as producer, staging
Mozart’s Cost fan tutte at the charming
Teatro Comunale in Ferrara. This was a
co-production with the Teatro Sao
Carlos of Lisbon, where it was seen last
month. The Ferrara opening night, last
Friday, was sold oat; and critics and
cognoscenti came from all over the
country for the event
The reception was warm, but the
artistic results were mixed, and some of
the specialists were disappointed. Not
with Gardiner's conducting; which was,
as expected, of great authority and sen¬
sibility. From the very first bars of the
Overture it was dear that the excellent
English Baroque Soloists were in secure
hands: tempos were firmly set, but
never so rigid as to exclude expressive
ward horn blurts, the sound was sweet
and silken, unusual for an “original
instruments” orchestra.
It was the voices that fell short of
expectation, especially the women.
Amanda Roocroft (Fiordiligi) and Rosa
Mannton (DorabeXLa) both have a pretty
soprano sound, but without personality.
True, in Gardiner’s view, the two sis¬
ters should be, for much of the piece,
virtually identical (and they wore con¬
fusingly twin costumes in the first
scenes); but their interchangeable
sameness quickly became monotonous.
The generic quality of their singing was
exacerbated by their woeful enuncia¬
tion of the Italian text and the excess of
gesticulation and grimacing that
marked their acting was a hindrance
rather than a help to comprehension. In
the mugging department, Eiriau James
was the worst offender; the voice also
lacked charm.
Carlos Feller gave the Italian words
their proper value, and his Alfonso was
the only character with three dimen¬
sions. He really looked and moved like
an 18th century Neapolitan gentleman,
not like a costumed singer. Unfortu¬
nately, his voice is an unpleasant bark
and he had difficulty with pitch. Hie
boys - Rainer Trust (Ferrando) and
Rodney Gfifry (Gugliehno) - were gen¬
erally better actors, but their singing
suffered from the same lack of focus as
the pris*. and their Italian was only
marginally better.
Jh a long evening (four hours includ¬
ing one interval), the generic singing
grew soporific, and one could not help
wondering if it was worth opening cuts
and restoring often-suppressed recita¬
tive. Gardiner, in a programme note,
to prevent someone less knowledgeable
from mucking about with the work. An
excellent motive, and his staging does
indeed respect the text and the music,
except for a few instances where the
maestro himself succumbs to produceii-
tis, introducing chained prisoners into
the scene of the troops’ arrival and two
mincing PulrineUas into the near-wed-
ding.
The story is firmly set In late 18th
century Naples by the splendid, seduc¬
tive sets as costumes of Carlo TommasL
DorabeHa and Mordffigi could not have
been brought back to their native Fer¬
rara in a more handsome visual con¬
text
law DM 130m Kunst-und
ngshalte will be opened
Chancellor Helmut
nded entirely by the
federal government,
otic exhibitions complex
t a multi-disciplinary
i, emphasising and
ding the links between
and sciences. The Idea
rtg ah exhibition centre
KStrate the federal
ant's commitment to
usually foe
billty of toe regions in
f) dates back to the
it it was not until 1985
iternational competition
iched to design a
building.
nner was Viennese
Gustav pelclil, who
bped a straightforward
far building giving over
are metrea of exhibition
i several levels. A
terrace is capped by
aqual cones, admitting,
tie areas below and
symbolising the classic triad
of the visual arts: architecture,
painting and sculpture. Further
symbolism can be found in a
row of 16 dark metal columns
along one side, one for each
German Land. In addition to
flexible exhibition spaces, there
is a technically sophisticated
complex consisting of a library,
television studios and rooms
for lectures, concerts and film
shows.
The Kunsttialle opens with
five different displays which will
run throughout the summer. The
first is a synthesis of the main
developments In modern art,
from the end of the last century
to the present day, with 150 key
works by 120 artists, all of whom
were rejected or misunderstood
by their contemporaries.
Pantheon of 20th Century
Photography is another
historical display, bringing
together images by 30
photographers, Including Diane
Arbus, Bemd and Hilla Beefier,
Paul Strand and Andr6 Kertesz.
Niki tie Saint Phalle gets a solo
show, with a wide range of
works Inside the building and
a further 35 outside in a kind
of roof garden. This is the first
time so many monumental works
by the French artist have been
shown in one place.
Another retrospective is
devoted to Gustav Petchl, while
a major display entitled Global
Change confronts the world's
environmental problems, giving
a view of the Earth on satellite
data, photographs and
audio-visual systems.
The artistic director of the new
centre Is Swedish scholar
Pontus Hulten, former manager
of the Los Angeles Museum of
Contemporary Art, Palazzo
Grass! In Venice and the Centre
Pompidou In Paris.
EXHIBITIONS GUIDE
AMSTERDAM
Stedefljk Museum The Great
Utopia: the Russian Avant-Garde
1915-1932. Ends Aug 31. Daily
Van Gogh Museum Prints by
19th century Japanese artist
Yoshitoshi. Ends June 28.
Masters from the Mesdag
Collection: 60 works from the
Hague and Barbizon schools.
Ends Aug 19. Daily
Rifksmuseum The influence of
Japan on Dutch Art Ends July
26. Closed Mon
FLORENCE
Ufflzl Florentine drawing at the
time of Lorenzo the Magnificent,
Including works by Filippo Lippi,
Leonardo, Michelangelo,
Botticelli and other Renaissance
artists. Ends July 26
LONDON
CourtauLd Institute Drawing in
Bologna 1500-1600: an
outstanding collection of more
than 60 drawings, almost all
from private collections and
including some recent
discoveries. The exhibition
includes early work by Bologna's
famous Carracci family, as well
as less widely known artists
such as Orazlo Samacchinl and
Lorenzo Sabatlni. Ends Aug 31.
Daily
Tate Gallery Richard Hamilton
(b1822): more than 100 works
spanning the career of the
British artist who was one of
the founding creators of Pop
art Ends Sep 6. Also Turner
and Byron: 70 works exploring
Turner’s interest In Byron's
poetry. Ends Sep 20. William
Blake (1757-1827): the apprentice
years. Ends Aug 16. David
Hockney: Seven Paintings. Ends
July 26. Dally
Institute of Contemporary Arts
Mike Kelley: installations by one
of the most important young
American sculptors. Ends July
19. Dally
Royal Academy of Arts Summer
Exhibition: the world's largest
contemporary art exhibition,
drawing together some of the
finest examples of work by living
artists, Including Clemente,
Baselitz, T&pies and Ellsworth
Kelly. Ends Aug 16. Daily
Barbican The Celebrated City:
Treasures from the Collections
of the City of London, including
a rich selection of 17th century
Dutch paintings. Ends July 19.
Daily
Hayward Gallery Magritte.
Advance booking on 071-928
8800. Ends Aug 2. Dally
MADRID
Prado Ribera: a major
retrospective of paintings and
drawings by the early 17th
century Spanish artist who
settled in Italy. Ends Aug 16
Calcogratia Naclonal One
Hundred Years of Finnish
Graphic Art Ends June 28
Centro de Arte Reina Sofia Pop
Art a survey of the 1950s and
1960s movement popularised
by Andy Warhol. Ends Sep 13.
Closed Tues
NEW YORK
Museum of Modem Art Louis
I Kahn: a large-scale
retrospective devoted to the
most important American
architect since Frank Uoyd
Wright Ends Aug 18. Also Antoni
T&pies (b1923): prints and
illustrated books by the
celebrated Catalan artist Ends
Aug 9. Closed Wed
The Drawing Center Guercino:
an exhibition of 60 drawings on
loan from Windsor Castle, one
of the highlights of the
international celebrations of the
artist's 400th anniversary. Ends
Aug 1
Metropolitan Museum of Art
Korean Ceramics from the Ataka
Collection: 114 exquisite works
surveying the full flowering of
Korea's ceramic tradition from
the 10th to 19th centuries. Ends
July 12. Also Andrea Mantegna.
Ends July 12. Royal Art of Benin.
Ends Sep 13. Closed Mon
NICE
Mua&e d'Art'Modeme Dubuffet
100 prints, paintings, sculptures
and drawings, all of which were
given by the artist to the Mus6e
des Arts Decoratifs in Paris in
1967. Ends Aug 30
PARIS
Parc de Bagatelle Henry Moore:
a major outdoor exhibition
consisting of 27 over ilfe-size
bronze sculptures, ranging from
the 1950s to the last great works
of the 198%, placed in the kind
of open-air landscape for which
they were intended. Ends Oct
4 (Bois de Bologne)
GaJerle Dldler Hubert Henry
Moore Intime: 500 works which
formed the artist's home
environment, none previously
seen In public. Ends Ju(y 24.
Closed Sun (19 ave Matignon)
Le Louvre des Antiqualres Les
jardins du Baron Haussmann:
documents, plans and
engravings showing Paris of
the Belle Epoque. Ends Oct 4.
Closed Mon (2 place du Palais
Royal)
Musde Guimet From the Tagus
River to the Chinese Sea:
ceramics, porcelains and gold
brocade bringing back toe magic
of Portuguese commercial links
with the East Indies from 1513
onwards. Ends Aug 31. Closed
Tues (6 place d'ldna)
Louvre The Eye of the
Connoisseur Homage to Philip
Pouncey. An exhibition
commemorating toe Old Master
drawings expert who died in
1990, and Including drawings
by Correggio, Lorenzo Lotto and
others. Ends Sep 7. Closed Tues
Grand Palais The Vikings. Ends
July 12. Closed Tues, late
opening Wed (ave du General
Elsenhower)
Jeu de Paume H6!io Oiticica:
a retrospective devoted to toe
Brazilian artist who died In 1980,
and illustrating his fidelity to
the theme of toe human body
and its relationship to space
and objects. Ends Aug 23.
Closed Mon
ROME
Trajan's Markets Anthony Caro:
38 large-scale works from all
stages of the British sculptor's
career, displayed in toe
remarkable context of Imperial
Roman architecture. Caro’s
great rusted steel frieze inspired
by Greek pediment sculpture,
entitled After Olympia, is placed
at toe heart of toe exhibition In
the main hall of the markets,
while other works, drawn from
an international list of
collections, are spread through
corridors, terraces and
chambers on two levels. Ends
Aug 20
ROTTERDAM
Museum B oymana-van
Beunlngen From Pisanello to
Cdzanne: more than 100
drawings offer a survey of toe
museum's own collection and
of West European
draughtsmanship from 1400 to
1900. Ends July 12. Also J&rg
Immendorff (b1B45): paintings,
many in extremely large formats.
Ends Aug 23. Also work by
young Dutch glass artists and
modern glass from the
museum's own collection.
Herman Lamers (b1954):
large-scale installation. Ends
July 26. Closed Mon
STOCKHOLM
Modems Musset Swedish
classics: works from the period
1900-1945, drawn from the
permanent collection. Ends Oct
4. Closed Mon
Nationalmuseum Louis Jean
Desprez (1743-1804):
topographical views, stage
decorations and architecture
by the French designer who
captivated Sweden's Gustav lit
with his extravagant, fantastic
stage sets. Ends Oct 4, Closed
Mon
FINANCIAL TIMES FRIDAY JUNE 19 1992
FINANCIAL TIMES
Number One Southwark Bridge, London SE1 9HL
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700
Friday June 19 1992
Lloyd’s and
its casualties
THERE ARE two separate issues
to examine when considering
what Lloyd's of London, the insur¬
ance market, should do to cope
with the impact of the losses of
1988-90 on some of its members.
First: was there wrongdoing?
Did Lloyd’s business practices
unfairly penalise innocent new
members, sucking them into syn¬
dicates with a higher than average
chance of encountering heavy
losses? This is the issue that Sir
David Walker, former chairman of
the Securities and Investments
Board, has been examining; his
report is due next month. If Sir
David finds that there were sys¬
temic weaknesses at Lloyd’s
which allowed abuses to take
place, those members affected will
have a strong case for sharing the
burden with their fellows. This is
a moral issue, turning on ques¬
tions of natural justice, equity and
fairness.
The second issue looks similar,
but is in fact different. If there
was no wrongdoing, or if it was
confined to a limited number of
cases, should there nonetheless be
a general sharing of pain within
the market, to ease the plight of
those worst affected by the losses?
Both those who answer yes to
this question and those who
answer no have made great play
with moral issues. Here, though,
the strongest arguments have
always been coldly commercial. A
bail-out was, said its advocates,
the only way of digging Lloyd’s
out from under the blizzard of
legal cases that threatened to
overwhelm It and its reputation. It
was worth every memb er's while
to pay up, to preserve the future
of Lloyd’s and the income it would
generate In years to come.
ing to strengthen the market's
future capacity.
The arithmetic did not add up,
so no bail-out. Instead, brokers
and managing agents are to be
asked to contribute to Lloyd’s
hardship committee, chaired by
Mrs Mary Archer.
Even with extra cash, it cannot
work quickly. Of the 1,185 mem¬
bers who have applied to Mrs
Archer's committee, only 95 have
so far been offered a settlement,
and only 39 have accepted. These
settlements, says Mr Alan Lord,
Lloyd’s outgoing chief executive,
allow distressed Names to keep
their houses till they die, living
“not opulently but quite as well as
many people you would expect to
meet in a small country village”.
Rustic bliss
Commercial reasons
Logically, the question of
wrongdoing precedes the question
of a general bail-out Lloyd's has
chosen to answer the questions in
reverse order. Yesterday, the
Lloyd's council announced that it
has rejected the arguments for a
bail-out Appropriately, it reached
its decision for straightforward
commercial reasons. The losses of
its worst-hit 2^500 Names are so
great that setting aside a fund to
compensate them would have gob¬
bled up too much of Lloyd’s capi¬
tal. And anyway, half those
Names are no longer members;
giving them help would do noth-
The prospect of rustic bliss will
not stop the lawsuits. Lloyd's
council must have known that Its
decision against a bail-out scheme
represents its best judgment of the
balance of commercial advantage,
a judgment it is there to make.
That does not exempt it from
greeting the Walker report, when
It appears, with an appropriate
response. If the report points to
wrongdoing or negligence, Lloyd’s
will find itself urged to compen¬
sate those members affected with
funds drawn from the membership
generally.
It would be wrong for the coun¬
cil, in considering this issue, to
rite the decision against a general
bail-out; instead, the appropriate
precedent is Lloyd’s contribution
out of its members’ funds to the
settlement of lawsuits over the
losses of the Outh waite syndicate.
As well as dealing with the leg¬
acy of past losses, Lloyd's must
turn its attention to the future.
Here, the most urgent need is to
build capital rapidly to maintain
market share ami offset the with¬
drawal of disenchanted Names.
Yesterday’s otter derision - to
create a “stop-loss" fund that will
prevent Names from bring wiped
out in future - will offer some
limited help. But the test hope of
an influx of new funds lies in the
proposal to admit corporate capi¬
tal Lloyd’s now behoves that this
will not require a change in the
law; it is talking of introducing
corporate capital from the begin
ning of 1994. Such a change can¬
not come too soon.
Chips go down
in electronics
THIS HAS been a troubling week
in Europe’s electronics industry. A
surprise profits warning from
Philips of the Netherlands, which
had been recovering from Its
finanrial crisis of two years ago,
was followed yesterday by confir¬
mation that Siemens of Germany
is sharply scaling back its commit¬
ment to memory chips, of which it
is the leading European-owned
producer.
These developments raise fresh
doubts about the prospects for
European-owned companies in a
sector where, despite extensive
government support, they have
struggled to survive. But their
plight needs to be seen in the per¬
spective of recent upheavals,
which have also scarred electron¬
ics producers in the US and Japan.
The problems are more than cycli¬
cal: they stem from structural
changes in the industry.
The worst mistake EC policy-
makers could make would be to
respond by plying Europe’s elec¬
tronics industry with still further
subsidies and trade protection.
Excessive reliance on such
favours contributed largely to
Philips' past difficulties by insulat¬
ing It from commercial realities.
Rather, policy should focus on
removing the remaining harriers
to free competition in Europe.
The most obvious barrier is the
long-standing 14 per cent EC tariff
on semiconductor Imports. This
has failed to encourage a strong
home-grown semiconductor indus¬
try, while piling unnecessary costs
on European chip purchasers.
There is also something badly
wrong with a European market in
which the prices of many com¬
puter and consumer electronics
products remain far above US lev¬
els. The price discrepancy, which
penalises every European informa¬
tion technology user, calls for
thorough investigation by EC
competition authorities.
half-truths and non sequiturs.
Europe is in no danger of being
starved of semiconductors. The
world market is awash with the
devices, and every boom in
demand stimulates costly Invest¬
ments in new capacity. Many are
sited in the EC, where US- and
Japanese-owned chip plants are
proliferating - often generously
assisted by local taxpayers. Fur¬
thermore. actual chip production
accounts for a diminishing share
of the margin and value-added in
the industry, which must increas¬
ingly be sought in the products
and systems that use chips.
Commercial success
Changing dynamics
These distortions have teen
encouraged by myopic European
industrial policies which have
ignored the changing dynamics of
electronics markets. At Its most
absurd, the approach is summed
up in the recent assertion by an
industry lobbyist that “without
semiconductors, Europe has no
industrial future". Rarely has spe¬
cial pleading contained so many
State-of-the-art component tech¬
nology remains an important
driver of innovation in the whole
electronics industry. But its pos¬
session is no longer a guarantee of
commercial success. At the same
time, such success is possible for
firms that exploit the fruits of oth¬
ers’ technological advances.
Speedier technological diffusion
and plummeting hardware prices
have conspired to erode the inno¬
vator’s advantage, turning innova¬
tions rapidly into commodities.
Only by successfully differen¬
tiating final products can compa¬
nies hope to prosper long-term.
That calls for much more empha¬
sis on marketing, a function most
electronics producers have largely
ignored. Even the once-mighty
IBM has been revealed as defi¬
cient: until recently, it did not
even know the true costs of its
sales force. The industry has
much to learn from marketing-
intensive low-technology business¬
es, such as soap and cornflakes.
But productive marketing also
requires a demanding market
Europe’s biggest weakness in elec¬
tronics is a lack of the demand
pull provided in the US and Japan
by well-informed customers hun¬
gry for new and cost-effective
products. The solution is not diri¬
gisme, the migfakfi ec bureau¬
crats are mqking hig h defini¬
tion television (HDTV), by yoking
manufacturers and broadcasters
Into support of probably obsolete
home-grown technology. It can
only be achieved by making mar¬
kets operate more efficiently. That
is a goal worth pursuing for its
own sate- It also offers Europe’s
electronics industry its best
long-term chance of survival.
D espite the decision In
the early hours of
Thursday morning to
abort the interna¬
tional public offering
of shares in GPA Group, Mr Mau¬
rice Foley, deputy chairman and
group chief executive of the air leas¬
ing concern, yesterday put a brave
face on italL The company, he says,
has sold ?lbn of equity privately
over, the past five years and does
not intend to give up its quest for
more. It will simply change its strat¬
egy and opt for something less com¬
plex than a global Issue at the earli¬
est possible opportunity.
Whether it can do so after such a
resounding flop seems qaestionble.
This was not. after all, a large offer
for any of the individual country
markets that GPA had been hoping
to tap with the help of some of the
world’s most impressive investment
hanks and securities houses. Yet it
was dogged, from.the .outset, by
noisy disagreements between.'GPA
and its advisers over- timing and
pricing.
The first setback came in a pri¬
vate telephone conversation
between GPA’s founder and chair
man. Mr Tony Ryan, and Sir David
Scholey, chairman of merchant
banker SG Warburg when Mr Ryan
was looking for a global coordina¬
tor. Yet Sir David, while happy to
form a relationship with GPA,
would not commit himself to a flota¬
tion until Warburg knew the com¬
pany better.
Mr Ryan was disappointed. GPA's
financial adviser, Hambro Magan,
the specialist merchant bank, had
already derided that a flotation was
in its best interest. But since Wat
burg was reluctant to accept that
without looking at GPA for them¬
selves, the two went their separate
ways.
Mr Ryan was even more upset
when Cazenove, Britain's pre-emi¬
nent stockbroker in corporate
finance, against a relation¬
ship with GPA But despite those
Bad timing and nervousness about the
airline industry scuppered GPA’s flotation,
say John Plender and Roland Rudd
The deal that
did not fly
‘The exchange looked
as if it was going to
develop into physical
confrontation. It was
an exhausting end to
the whole process’
Inauspicious initial rebuffs, top
merchant bankers and brokers com¬
peted fiercely to act for the com¬
pany when it invited firms to tender
for the key jobs in the offer. Those
chosen ultimately included Nomura
of Japan as global co-ordinator,
Goldman Sachs, Merrill Lynch and
Salomon Brothers In the US, Schra¬
ders and BZW in the UK, and
Nomura mrf Yamaichi in Japan.
By the end of last year these and
other advisers were gearing them¬
selves up for a flnfaiHqn in the mid¬
dle of 1992. Yet Maurice Foley yes¬
terday confirmed that the buoyancy
of the US stock market earlier this
year prompted one its advisers to
suggest bringing the issue forwards.
Asked whether GPA should have
taken this advice. Instead of
waiting, by which time the US
equity market began to dry up, Mr
Foley said: “This is a fair point You
can never be sure of hypothetical
circumstances. But in the end we
decided to go for a global offering
and not one basically limited to the
US." This meant going later.
Nor was It the only missed oppor¬
tunity. On the basis of political
Intelligence from Nigel (now Lord)
Lawson, a non-executive director,
who correctly predicted a mid-April
UK election, GPA flirted with the
idea of a flotation in late March.or
early April to take advantage of a
still buoyant US market. But In the
end it derided it was test to wait
until the UK election was out of the
way. As one of its advisers yester¬
day suggested, this was the wrong
judgment and turned out to com¬
pound the original error of not
going in January. In the meantime
there were acrimonious arguments
about pricing. When the group’s
advisers decided In February that
the new ordinary shares should be
priced at around $20 to $25, with the
pmphasis on the lower price, GPA
executives immediately insisted on
flying the bankers to the group's
headquarters in Shannon, Ir eland.
Already irritated, Mr Ryan was
reported to be even more angry
when he learned that Goldman
Sachs was proposing to sell the
shares for as Uttle as $17 in order to
be sure of placing $500m (£276m) of
the stock in the US. One adviser to
the group said: “Mr Ryan hit the
roof when he heard that in retro¬
spect I think we should have real¬
ised at that time that the group’s
way of dealing with problems is
best suited to a private company.”
There were to be further rows, of
which the most dramatic took place
in the early hours of yesterday. A
meeting of GPA’s most senior exec¬
utives and advisers at Nomura’s
London offices ended in heated
argument when Mr John Howland
Jackson, Nomura’s director co-or¬
dinating the flotation, told Mr Ryan
that it would have to be pulled.
Mr Ryan asked him to reconsider
and look at other possible options,
such as lowering the price and the
size of the offer. But when the
answer came back as a firm no,
there was an angry exchange
between Mr Ryan and the advisers.
One of GPA’s investment bankers
present said: “The exchange looked
as if it was going to develop into
physical confrontation. It was a ter¬
rible, flThflngting end to the whole
process.” Few of the advisers pres¬
ent had slept much over the previ¬
ous four days and nights.
The ostensible reason for pulling
the flotation was not that the
investment demand was inade¬
quate. Around $500m-worth of
shares were hid for. The problem
was that the bids were hopelessly
unbalanced in terms of geography
and type of investor. Out of 50m
shares for which bids were received,
23m were in Japan alone. Of these,
nearly all were from retail inves¬
tors; institutional Interest was mini¬
mal. The equivalent number in the
UK was 7.5m, while in the US only
6.5m shares were bid for. The rest of
the world put in for 13.3m. The
advisers concluded that to float on
the basis of such an unbalanced
market would not be in GPA's inter¬
est
The rot had set In on Monday, the
day before the deadline for share
applications, when the US equity
for the moment intangible. The fail¬
ure of the flotation deprives GPA of
hard cash in the shape of potential
offer proceeds of around $600ut
The significance is not so much
the risk that borrowing covenants
will now be breached - there is
still a wide margin in hand - as
that GPA will not have the
increased borrowing capacity that it
would have enjoyed as the result or
enlarging its equity base. Thfa is
overwhelmingly important since
one of the biggest question marks
about the company concerns its
ability to finance future purchases
of aircraft. Some $ 12 bn of firm
orders have to be paid for by the
end of the present decade.
The company is now busy empha¬
sising that its future financing was
never dependent on any single
option. It will still aim to raise
money in debt markets; and if Its
credit rating is downgraded, the
result, says Foley, will be to raise
the cost of finance, but not to limit
its volume. Moreover, GPA has
shown considerable skill in packag¬
ing Its aircraft into the form of secu¬
rities which it then sells to invest¬
ment institutions. A deal of this
Mnri completed just before the flota¬
tion will bring in cash proceeds of
between $400m and 8450m. Others
are being contemplated.
GPA. according to one of the
advisers to the issue, is still a good
company. There is no reason, he
adds, to deduce anything about its
value on the basis of a poor market
response at a single print in time.
White few question the impressive¬
ness of its performance in a dismal
period for the air leasing business,
it is nonetheless hard to believe
that the pulling of the public offer
will not be bruising. Or that GPA
will not be asking questions about
the quality of the advice it received.
Having grow n on the back of the
great credit boom of the 1980s GPA
now accounts for 10 per cent of all
new orders from the world’s aircraft
manufacturers. It shoulders a dis-
While few question the
impressiveness of its
performance, it is hard
to believe that the
pulling of the offer will
not be bruising
market was weak at the 'opening.
When it became clear that US inves¬
tors were showing little enthusi¬
asm, interest around the world
started to evaporate. This was just
10 days after GPA had been told by
its advisers that the number of
shares on offer could be increased.
Part of the problem was that US
investors were worried about
depressed conditions in the airline
industry. Despite the feet that GPA
derives only 10 per cent of Its busi¬
ness from the US, “we didn’t", as
Maurice Foley put It, “uncouple
ourselves from that”.
But rumours about the impending
nnllnpga of another US airline did
nothing to help. There was talk in
the markets about GPA's relation¬
ship with America West, which is
under the protection of Chapter 11
bankruptcy. Yet Foley points out
that America West is up to date
with all payments due to GPA
The blow to the morale of GPA
and Its management is palpable and
may bear particularly heavily on Mr
Ryan himself, who has a $35m loan
from a banking associate of Merrill
Lynch secured on shares in GPA
Nobody can now be sure what those
shares are worth. And while Mau¬
rice Foley pointed out yesterday
that the company still has a surplus
of $800m over the book value of its
aircraft which has not been written
into the balance sheet, that value is
proportionate amount of the risk in
the industry on a very slender
equity base. Against that back¬
ground it has worried some institu¬
tional investors that its accounting
policies are not uniformly conserva¬
tive, notably in relation to deprecia¬
tion. And after It sells aircraft to
Investors It is often still at risk
because it guarantees to underwrite
a minim um level of proceeds on any
liiture rale.
That means that GPA can ill
afford to slow down. If it does, it
will be obliged to renegotiate orders,
for new aircraft. The company is
confident that it can handle the
strain if it comes to that, because
the manufacturers have no more
desire to deliver planes which do
not go Into service than GPA has to
take delivery on an unprofitable
basis. But nor are the manufactur¬
ers charitable institutions. They are
entitled to take back part of the
discount granted on GPA’s bulk
purchases in the event of cancella¬
tion.
GPA has demonstrated its resil¬
ience In the past. The question now
is whether it can persuade investors
that such a complex, highly individ¬
ual business is really suitable for
public flotation at any point in the
future.
Joe Rogaly
Major’s privatisation
of personal choice
Forget about the
Labour party. Yes¬
terday’s quarrel¬
some inquest into
its election defeat
doubtless of
is
great Interest to
students of bio-di¬
versity. They may
wish to protect
even the most suicidally-inclined of
endangered species. The rest of us
do bettor to study real events.
One such took place on Tuesday
night, when Mr John Major
addressed the 15th anniversary din¬
ner of the Adam Smith Institute.
The prime minister said next to
nothing new, yet his speech was a
revelation. It turns out that when
he indicated during the April cam-'
paign that he would, as he now puts
it, “privatise choice”, he really
meant it If "privatise choice" puz¬
zles you, hang on a moment All
will be made plain. But first note a
second event of political signifl-.
cance. This occurred on Wednesday.
The protagonist was Mr Norman
Lamont He was addressing a busi¬
ness gathering in Surrey. “In two or
three years,” he. said, "people will :
look back and see that it was now, ’
(hiring this critical period, that the
right decisions were taken.”
Put these speeches together and
you have a clear picture of the
strategy for British domestic policy
over the medium term. The econ¬
omy will he tightly managed. The
discipline of the exchange rate
mechanism remains in place. Thera
was no panicky cut In interest rates
before ihe election; In the chancel¬
lor’s view there is no case for one ■
now. The government’s ambition Is
to halve the inflation rate to 2 per.
cent or 3 per cent and keep it faffing
towards zero. This squares with the
Treasury's attempts to force public
expenditure planning totals for
1993-94 down below the levels
agreed in the pre-election round.
So far, so predictable. Election
bribes are there to be taken back
when yon have won. That estab¬
lished, we can return to “privatising
choice”. Mr Major’s explanation of
this intriguing phrase is that
“where once socialism nationalised
or municipalised personal choice,
taking it away from the individual
end the family, we wifi, give choice
back to them and extend it further”.
This, he told the institute, is “the
greatest and most far-reaching” pri¬
vatisation, and “the one to which I
am most committed”. As I see it,
At home, Major is
selling an improved
version of Thatcher’s
conglomerate, United
Kingdom pic
three consequences follow. The pub¬
lic services will be turned
upside-down. Local government will
be further diminished. And there
will be no extra money to ease this
revolution through.
Take central government first.
The Citizen's Charter is not wel¬
comed by the Civil Service, but No
10 Downing Street is determined to
promote it. it Is holding another
seminar on the subject I assume
that they will be wearing their
lapel-badges. Contracting-out of ser¬
vices, a success in local govern¬
ment, will be attempted in central
departments and agencies. This
must be about as popular with offi¬
cials as a 10-year stretch in Canary
Wharf. The mandarins intensely
dislike open government, but an
attempt will be made to weed
secrecy clauses out of many exist¬
ing laws. Do not hope for too much.
Government self-regulation of what
should and should not be secret is
never to be trusted.
There are few contemporary head¬
lines in all this, but the net effect
could be dramatic. The structure of
Britain’s central administration in
2000 might be unrecognisable to
anyone who last raw it In, say, 1980.
Those who look for local govern¬
ment around millennium-time may
need a magnifying glass. The great
town hall barons of the 1970s, with
their direct labour forces, council-
house fiefdoms, and monopolies
over state education services will
have been swept away. The local
government commission will doubt¬
less reduce the number of local
authorities. Mrs Margaret Thatcher
started the process of rescuing
council tenants from local authority
control; Mr Major is clearly deter¬
mined to complete the Job.
Most strikingly, the education ser¬
vice is being taken away from local¬
ly-elected bodies. This Is apparently
not centralisation. "No bureaucrat
decides whether a school should
apply to become grant-maintained,”
says Mr Major. “It is the governors
and parents.” Yet control over local
governance follows the money to
pay for it; seven-eighths of council
revenue from taxation is now
received in the form of cheques
from Whitehall. When it comes to
sink schools, Mr Major intimated on
Tuesday, control will be direct, "if
the governors or the local authority
are unwilling or unable to put
things right, then we must find
ways to raise standards in them.” -
For the rest, it will be indirect
The universities, polytechnics and
sixth-form colleges already have
their own appointed “funding coun¬
cils”; a similar non-elected interme¬
diary body for the country's 4#M
secondary schools cannot be far
behind. This will surely require a
fresh corps of administrators. Even
Mr Major’s government is wary of
taking on the country’s 24,000 pri¬
mary schools, although it seems to
think that by allowing groups of
them to become self-governing It
can keep the new intermediary
bureaucracy to a minimum.
There is more. “The inspection of
key public services... will be... in¬
dependent of the services they
inspect," said the prime minister.:
Schools are being given a new free-
range inspectorate; social work
departments will likewise be
audited by outriders. Throw in a
couple of new organograms there.
Add just one more for the better
management (with no extra money)
of the police. “There should be a
policeman passing your door regu¬
larly, and not just when the bur¬
glars have cafled." said Mr Major. -
Much of this programme makes
sense. It is also likely to be popular.
Concentrating on individuals and
their needs is the spirit of the age.
It may even be applied to pensions
■ policy. Here the Tory inclination is
to fund-members’ rights of owner¬
ship. to tire funds to which they con¬
tribute. Mr. .Robert Maxwell's thiev¬
ery give a political force to such a
strategy.
Yet something is missing from
the whole picture, and hoe I do not
mean. cash. What is to be the role of
local democracy? Are peopieaiways
to be mere customers, except once
In four or five years at general elec* -
Sons? Mr Major £s : saying that
Whitehall knows , best Local coun¬
cils may merely manage the collec¬
tion of rubbish, town planning, and.
old people's homes. In. Europe he -
bangs the drum for subridfarity. At
home, he is selling an improved ver¬
sion of Mrs Thatcher's conglomer¬
ate, United Kingdom pic. Us board
is packed with Conservative minis¬
ters. Shed no-tears for them. Thjty-
will keep their jobs - as long, as
they please the customers, .
V v
I*-**
. *
-■= •* '.‘r. • ■' 7 ;.
fei tea chi;
%
"'i-.
*
FfrJANCfAL TIME S FRIDAY JUNE 19 1992
g§ Ininas of reform blow in
from a prosperous coast
•$ 0 ;. provinces are hungry for a market economy, but there is
a risk of overheating, writes Alexander NicoU
k est month Mr Y u
I Zhaoyong took a
5 I j group of factory math
• . ■ agets andbusiness-
1aaa Changsha^ capital of
7 >-:-V* Hunan province, to SEwnzheii
v L special economic gone in the
-V..'* of nniwp Their purpose
was to study the zone’s, stock
.- >• exchange, where rocketing
prices are attracting money
!> ^ V“< an d atte ntion from all over the
< country. Changsha wants one
; : too. ...... .. .
_ • Mr Yu views the pronounce-
meats of Mr Deng Xiaoping,
the country’s paramount
: ... leader and" champion of eco-
-- , namic refonn, as Tike a spring
wind blowing all over China".
As director of Hunan’s com
: mission for economic struc-
twral reform, Mr Yu is a chief
- ~ r architect of the development of
' the primarily, agricultural
•“ : -t- inland province. He plans to
■<' attack its. inefficient state-
- r. * ..owned industries and, like his
-^counterparts in many other
. provinces, sees the introduc-
r ■’•‘-■ft tion • of share; ownership as a •
: v-. central element of his strategy.
V-. Structural problems -
; : -i=c including unproductive state
'> 7 .; industries and controlled
prices - still dogChina’s econ-
omy, even though Mr Deng’s
—-,/• “open door" reforms have been
;r . under waty since ism But the
extraordinary growth of the
files ftfv coastal southern provinces is
, ll -‘ well-known to all Chinese.
'■ c ' J l iiSij; Mr Deng’s new drive has
v 4 unleashed a competitive frenzy
1 ^ among provinces and cities
‘‘n^SPv of the south. They are
‘■“V* pushing ahead with ambitious
■■■■■■■a* plans to boost industry, intro-
... luce market reforms and
attract Investment.
■--* “If you cannot make big
strides, you will be left behind
1; ~ by the others,” says Mr Chen
... : Binfan, vicegovarhor of Hunan
~ '■ • province.
' Belling is being deluged with
• applications for special exemp-
' tions similar to those of the
special economic zones, which
:. have seen the fastest growth,
and for approval of plans to set
-. z up stock exchanges and other
markets. It is viewing them
• . v with caution.
While the provinces’ desire'
. ... * to slough off the restraints of
. _ the centrally planned economy
is understandable, it risks
: quickly creating the same
• inflationary pressures that
occurred twice in the 1980s.
Consumer prices were rising at
.nearly 20 per cent a year by
. . 1988, when the government put
’ f the brakes on the economy.
' The increase in 1990 was only 2
per cent, but this year’s is
expected to be 7 per cent.
Professor He JIanzhang,
director of the institute of eco¬
nomics at the Chinese Acad¬
emy of Social Sciences, agrees.
It is difficult to solve, the issue
of overheating now that the
emphasis is on provinces for-
I China^h^reward^o^efomi
muta t in g their own policies."
The tendency to overheat
authorities. Mr Li Guixlan,
governor of the People’s Bank
of China, the central bank, said
in London yesterday that he
had acted to tighten credit
after the economy grew at an
11 per cent annual rate in the
first quarter, with industrial
production growing at 18 per
cent He said this would not
halt the economy's advance,
but that he would fine-tune
monetary pol- ■
£ led s |in *
nomlc growth MVC 560
0^8 to 9 per prfceS, V
Fledgling markets
have seen soaring
prices, volatility,
at constant prices. Last year, it
grew by 27 per cent, with per
cent Growth this year could be
even higher, and provincial
authorities are rewriting the
1991-96 five-year plan to accom¬
modate higher growth targets.
Most of the growth stems
from foreign investment in
joint manufacturing ventures
and is concentrated in the
Pearl River Delta, where the
economy is rapidly integrating
with that of Hong Kong.
_ But even in
markets P“ an e d » n «-
. there remain
Soaring chronic prob-
tlafilifv terns. In spite of
iiaaniy, tte gT0Wth of
The view in overs trained systems the private sec-
Beijing is that violence tor - state-owned
some provinces
wiU have
scale down their expectations.
While coastal provinces such
as .Guangdong can raise, their
already rapid growth rates,
Prof Hie warns: “Some Inland
provinces and remote areas,
because they lack infrastruc¬
ture and transport and energy
resources, cannot indiscrimi¬
nately speed up their economic
development”
It is easy to see why the
south's rapid growth inspires
emulation. During the 1980s,
the value of industrial produc¬
tion in Guangdong, the most
prosperous province, grew by
an average 20 per cent a year
enterprises still
account for 44
per cent of industrial output in
Guangdong, and 30 per rent of
these axe loss-making.
Hie figures for other prov¬
inces are higher. The difficul¬
ties span the spectrum of
industry, from coal, power and
machinery to consumer dura¬
bles. Factories still chum out
unmarketable products.
Central and provincial gov¬
ernments have tried various
means to turn them around,
chiefly “contract responsibil¬
ity”, designed to separate own¬
ership from management.
Enterprises take responsibility
for their finances and may
np a storm in Bonn with his
> new book which fiercely
criticises the quality of the
country’s political leadership.
So who does run Germany
r today?
~L\ One group whose influence
?■: certainly Iras not waned is the
;■ august body of German
economics professors.
Sixty members of this
, fraternity discomfited, the
* government only last week
by si g nin g a petition against
European monetary union.
. Theo Waigel, the finance
minister, staunchly backed
' by the chief economists of the
^ big three German banks, did
r his best to counter the
academics * criticisms. But, If
history is anything to go by,
it seems likely that the
professors’ views will prevail.
£ The last time that the
. economics profession caused
a awflar flurry was In 1969,
when 100 economics professors
signed a public statement
conde mning the government’s
refusal to revalue the
Deutschmark.
The episode was one of the
contributory factors behind
the breakdown of the Grand
Coalition government ted by
Kurt Georg Kiesinger. Five
months teter, the professors
won the day when the Bonn
government - a Social
Democrat administration
under Chancellor Willy Brandt,
Mowing Kiesinger’s
ignominious autumn departure
• - derided the second
f revaluation of the D-Mark
since the war.
Genrum. professors are
teng-ifved animate. So, fcr
conspiracy theorists at least,
it is worth pointing out that
the Mestprofessorial
broadside was supported by
. several who also signed the
■ Why is it that most of us
would “extract” water but the
National Rivers Authority
warns about excessive
“abstraction”?
Of the industry’s several
contradictory explanations,
the one that makes the most
sense is that “extraction 1 * is
permanent while "abstraction”
implies that the water
eventually will be returned
to the river.
Observer suspects that,
unlike the hapless River
parent, this one may run and
run.
All aboard
■ How long should a
non-executive director sit on
the board of a major company?
Sir John Hoskyns, who has
almost finished revamping his
Burton board, says that three
years is “absurdly short” while
five to seven years, is
“optimum". After that there
is a danger that a di recto r loses
his impartiality by getting too
close to the company.
Since Sir John took over the
Barton chair in November 1990
he 1ms behaved like a model
corporate citizen. The
TITri pafigmcui. —
completely overhauled, the
finances have been stabilised
- thanks to test year’s rights
issue - and he has recruited
an impressive array of
non-executive directors.
Yesterday, Whitbread’s Peter
Jarvis, and Caroline Marland,
deputy managing director of
The Guardian, were added to
a list of non-execs which
includes Bats’ Brian Garre way
and John Brown, an did
property hand.
“Beer tent.. beer tent...
Not only is their arrival
anntTiflr si gn that BUTtOD is
over the worst but it means
that whatever else the
company lacks it will not be
short of expert advice. But the
presence of the new faces is
yet another reminder that
Mark Liftman and Ladislas
Rica, the last of the old Burton
non-executive guard, have
long since passed their sell-by
date.
Flight of fancy
« Prudential has long been
r unning commercials on how
Britain's wives long to be free
- and it is easy now to see
why. An NOP survey released
by the Pru yesterday revealed
that only 53 per cent of British
women would stay with their
husbands if they had the
choice of a Continental man
instead.
They viewed Italian men
ss the hottest prospects - U
per cent of the women would
prefer one. The French came
second with 6 per cent, while
Greeks, Spaniards and
Dutchmen tied at two points
lower, Danes, whether or not
boosted by their macho
Still at sea
■The Salvage Association
sounds an appropriate sort
of resting place for those
discarded on the political
scrapheap. So John Butcher,
who produced a crushing
defeat for the Conservatives
when standing against Shirley
Williams in the 1981 Crosby
by-election, and who has jnst
arrived as the Association's
chief accountant, should fit
in well enough.
In fact, the salvage with
which Butcher wOl be
concerned is not personal, but
rather marine in nature - the
organisation being in the
business of banding out
technical advice to the London
insurance market about
marina clajms.
Butcher's connection with
the sea? “I can’t comment on
that, my role is to look after
finance; my colleagues don’t
expect me to know about
safety at sea,” says the Royal
Navy Reserve Volunteer of
ten years'standing.
Feeling better?
■ "AH staff are requested to
ensure that their bodies are
maintained in such a way that
te conducive to a healthier,
wealthier and happier being.
Please remember that
excessive sick leave will be
reflected in September bonuses
and subsequent animal salary
reviews."
NiJeko Copitoi Management
(UK), in its latest memortmdum
to staff.
LETTERS TO THE EDITOR
Number One Southwark Bridge, London SE19HL
Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution
plough above-target profits
back into their bos messes.
But who takes responsibility
for losses? China's bankruptcy
law has been tittle used. For
many state enterprises, how¬
ever well run. It is impossible
to make a profit without the
freeing of officially fixed
prices, a process which even
optimists in the government
admit will take many years.
Moreover, each reform trig¬
gers the need for a series of
farther steps. Making indus¬
tries more efficient, for exam¬
ple, Involves making new
arrangements for surplus
workers, who are housed, fed
and cared far by their employ¬
ers. But efforts to create an
alternative social security sys¬
tem are still nascent.
Facing these huge obstacles,
officials all over China have
lighted upon employee share
ownership schemes as one way
to revitalise state Industries.
In Guangdong, eight profit¬
able state-owned companies,
ranging from a huge electronic
fen maker to a manufacturer of
monosodium glutamate, have
been chosen for an experiment
Thirty per cent of each is being
sold to employees for a nomi¬
nal price. In theory the shares
cannot be sold for a year, but
nfffciai« «w»m undist urbed that
employees might sell after only
a month or two and that unof¬
ficial prices are developing.
Officials are attracted by the
Chinese propensity to save.
They reason that if savings
provide investment funds and
help to revitalise industries.
Share-owning employees would
also have a greater incentive to
perform, they believe.
However, Beijing is cautious
about allowing more stock
exchanges. The fledgling mar¬
kets in Shanghai and Shenzhen
have seen soaring prices, vola¬
tility, overstrained systems
and violence, with investors
pouring money in because few
other worthwhile investments
are available. Nevertheless, Mr
Fan Hengshan, senior econo¬
mist in the central govern¬
ment's economic restructuring
commission, says: “We think
that most state enterprises can
be transferred to the share¬
holding system.”
The 300 employees of the .
Changsha Municipal Musical
Instrument Factory would no
doubt agree. Their profits have I
risen 20 per cent a year since
they were allotted shares three i
years ago, and they have been :
earning dividends. The com- ,
pany has expanded from vio- !
fins, gongs and drums into
cooking utensils. ]
The enthusiasm for shares is, I
however, symbolic of the
erratic pace of China’s develop¬
ment The planners risk treat¬
ing share ownership as a pana¬
cea, while continuing to put off
more fundamental reform.
Telecoms in
need of a
different
structure
From Mr/M Harper.
Sir, Your leader “Time to
review the regulators" (June
10 ) was right for telecoms in
many respects, although it
missed one point. The regime
and the work of Oftel undoubt¬
edly need review. Sir Bryan
Carsberg is much respected in
the industry. But could It
really be correct for him as the
new director-general of fair
trading to review his past
actions as director general of
fB|ffw mwnn<witin ptf
ORaTs accountability to par¬
liament certainly needs
strengthening. The House of
Lords does not at present have
a role in these matters. It has a
unique collection of public fig¬
ures with experience between
them both of r unning and of
overseeing the big utilities.
They could play a valuable
part in improved machinery of
oversight
But this will not be enough.
Telecoms has a special prob¬
lem. Unlike that of electricity,
BTs structure was left unal¬
tered at privatisation. It is
so big that It overshadows
its competition; and as a
private sector near-monopoly
it presents government with
even greater difficulties of
oversight than its public sector
Costs that influence central
banks’ mood for Maastricht
This is the heart of the mat¬
ter. Last July you advocated
change in structure for tele¬
coms. You were right
J M Harper,
11 LuMrigton Close,
Seaford, East Sussex BN25 4JH
From Mr Robert Pringle.
Sir, There is evidence to sup¬
port Observer’s suspicion
(“Banker’s cutback”, June 17)
that some EC central banks are
"expensive"; or at least that
their running costs vary
widely. Using from
reports and information sup¬
plied by the central banks,
Central Banking puts the oper¬
ating expenses of five EC
banks in 1990 as follows: Bund¬
esbank DM2bn (JL35bn); Bank
Alternative
view of
Mexico
From Mr Christopher Whalen,
Sir, Edward Mortimer's
article (Foreign Affairs, June
10) about Mexico contains use¬
ful insights, but shows how
journalists are frequently
charmed by attractively
adorned dictators.
The National Solidarity Pro¬
gram did not spring from Safi¬
nas’ work at Harvard, but out
Of political necessity. The job
of stealing an election, for
example, is made easier if only
a quarter or even half the pre¬
cincts require rigging. In con¬
trast to massive, pre-election
social spending programmes of
the 1960s and 1970s, Pnmasal is
a rifle-shot approach to acquir¬
ing political support, but one
with neither transparency nor
public accountability for the
sources and uses of funds
spent
The PRT uses Solidarity to
faunal hundreds of millions nf
of Italy LUlo bn ($L34tm);
Bank of France FFr6.52bn
($l_ 28 bn); Bank of England
£X70rn (J294m); Netherlands
Bank FI 227m (fi20m). Where
possible these figures exclude
the cost of printing h ank notes.
There are obviously histori¬
cal reasons for these varia¬
tions: staff numbers vary
widely, from over 16 J 100 In the
case of the Bundesbank and
Bank of France to U 600 In the
Netherlands Bank, as do the
dollars into public works pro¬
jects in opposition strongholds,
buying votes from otherwise
recalcitrant citizens. Mortimer
paints an image of Mexicans
t hanki ng El Presidents for his
generosity, a surreal scene
reminiscent of feudal
Mortimer rightly observes
there is no effective political
opposition In Mexico (at the
moment, at least). But he fells
to note that the vast political
and financial advantages made
possible by Washington’s sup¬
port, and the related access to
foreign credit, make discussion
of effective political opposition
to single party PRI rule an
absurdity.
Mortimer criticises the lim¬
ited role played by the press,
I but might rather have said
i that honest Mexican journal¬
ists live with very real danger.
Indeed, consider the privileged
foreign journalists: First, the
visiting scribe, like Mortimer,
attends a carefully orches¬
trated political rally and rides
comfortably in the presidential
jet The result a filtered, pas¬
teurised look at Mexico,
though thankfully Mortimer
functions performed by the
banks. Nevertheless, central
bankers are well aware that
their costs will come under
closer scrutiny as they travel
down the road to Emu, which
is one reason why some of
them are less than enthusiastic
about the Maastricht Treaty.
Robert Pringle,
editor,
Central Banking,
53 Claranood Court,
Cranford Street, London Wl
does mention the violent
deaths of journalists.
Then there are the local cor¬
respondents, the insiders, who
know the realities and players
in Mexico City very well
indeed, but decline to write
about difficult subjects like
fraudulent elections, trade defi¬
cits, drugs, or corruption
within the privatisation pro¬
cess, for fear of being excluded
from the next drinks party In
fashionable Poianco.
Dictatorships like China,
Mexico and Kuwait will disap¬
pear only when journalists
stop treating them with undue
reverence. If we could but
pierce the carefully wiaintain«i
feqade of SaHnastroika with
well chosen words, Mexico’s
people might feel our moral
support, as did the peoples of
eastern Europe, and thereby
discover the will necessary to
create a truly viable democ¬
racy. Viva Zapata!
Christopher Whalen,
editor.
The Mexico Report,
1717 K Street NW,
Suite 700,
Washington DC 20006
More academic specialists needed for antiques fair vetting
From Mr A Kenneth Snowman,
Sir, I also was saddened by
the headline “United front fells
apart” (June 13) on an other¬
wise completely just report
from Susan Moore - the fair
at Grosvenor House is doing
well, looks very good and is
certainly not felling apart.
The president and members
of the executive of the Gros¬
venor House Antiques Fair
(Letters, June IS) are well
aware of my own feelings
about the appeal which
reversed the earlier ludicrous
rejection by the vetting com¬
mittee since I wrote to them on
June 14 as follows: “As we
knew would be the case, you
conducted our appeal in the
matter of the Burgundian
Jewel in an entirely exemplary
way and this was in the brat
tradition of the association.”
That, however, is not what ft
is all about What 1 and my
colleagues were not pleased
about was the wholesale rejec¬
tion this year of - again I
quote - “so many perfectly
good objects from our stand
(dramatically more than ever
before In our long experience)
many of which had been exhib¬
ited during previous years.. .1
feel it is essential that many
more academic and disinter¬
ested specialists be brought in
as we have been suggesting by
letter for the last three years”.
I am happy to say that this
policy is now being pursued
and I hope, as a former presi¬
dent of both the British
Antique Dealers’ Association
and The Antique Dealers' Fair,
that ft gains momentum, and
that the judgment of the vet¬
ting committees will in the
future be beyond reproach for
the benefit of everyone.
A Kenneth Snowman,
chairman,
Wartsfd,
14 Grafton Street, London Wl
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No shortage of advice for a Dublin voter as Ireland went to the polls for a referendum on the Maastricht treaty yesterday
Referendum will decide future of European political and monetary union
Irish vote on Maastricht treaty
By Tim Caone In Dublin
THE FUTURE of the Maastricht
treaty on European union could
be clearer today after the results
of the Irish Republic’s referen¬
dum on the treaty are announced
around midday.
If the referendum produces a
“yes” majority, however slim,
that the treaty lives on, at least
for a while. But if the Irish follow
the Danes In rejecting Maastricht
even by a few thousand votes,
toe pact for political and mone¬
tary union win die, at least in its
present form.
Good weather and a religious
holiday yesterday appear to have
favoured a better than average
turnout of voters. An estimated
5065 per cent of the 26m voters
were thought to have gone to the
polls, though that would foil well
short of the record 71 per cent
turnout in 1072 when Ireland
voted overwhelmingly to join the
EC.
A steady flow of voters
appeared at polling stations dur¬
ing the morning, many. of them
coming straight from Mass.
There was a 44 percent turnout
in the last referendum in 1987,
winch was called to ratify the
Single European Act and which
was passed by a 7030 margin.
It is thought that a high turn¬
out will favour a “yes” vote.
Opinion polls have predicted a
two-to-one majority in favour, ■
although the M gh level of unde¬
cided voters on the eve of polling
day added a strong element oE
uncertainty to predictions over
the likely outcome.
Fears of a possible last-minute
move by the Catholic Church to
recommend a “no” vote flam the
pulpit appear to have been
unfounded.
The government made a final
push to persuade voters in favour
of the treaty. The entire cabinet
and senior officials from the rut
ing Flanna foil party were out
canvassing at polling stations
around the country.
However, leaders of the..
National Platform, which has
been campaigning for a “no”
vote, claimed the main political
parties were unable to mobilise
their rank-and-file.
A “no” vote would not only UH
the Maastricht Treaty In its pres¬
ent form, hot it could also bring
into question the political future
of Mr Albert Reynolds, the Irish
prime minis ter. He has cam¬
paigned vociferously for a “yes”.
vote, but has also faced intense
criticism from his allies for what
has generally been perceived as a
lacklustre and badly organised
campaign by the government and
Flanna Fail party in favour of the
Treaty.
Irish mist descends, Page 2
Defers fears ‘stagnation and crisis’
By Ian Davidson In Paris
THERE will be “stagnation and
crisis” if the Maastricht treaty on
European union la not ratified,
Mr Jacques Defers, president of
the European Commission,
warned yesterday.
He predicted the Community
would then turn into a free trade
area. “At the smallest confronta¬
tion between member states,
there would be a new crisis, until
in the end the free trade area
itself would disappear," he said
In an interview with Figaro
newspaper.
Asked about the implications if
the treaty were to be defeated in
the French referendum, Mr
Defers said: “There would be a
general panic, because France
has made its mark on the con¬
struction of Europe ever since
the beginning. And as for as I am
concerned, the dream would have
been shattered.”
Mr Defers acknowledged that
he and the Commission had both
come in for criticism. “I am con¬
tested, that is true, but so much
the better,” he said. “It proves
that I am not an antiseptic and
immovable bureaucrat behind his
desk,” he said.
But he parried the im p lica ti on
that the Commission was to
blame for the current crisis in
the Community. “The Commis¬
sion is under scrutiny, but it is
not alone; there is also the coun¬
cil of ministers, the European
parliament and the national gov¬
ernments."
The main threat facing the
Community, he s a id, was the fee¬
ble quality of democracy in the
member states. The Maastricht
treaty was intended to provide a
remedy for some of the demo¬
cratic deficiency in the Comma-
nity, with a stronger role for the
European Parliament “As for the
rest of the democratic d e fi cit," he
said, “that is the internal affair of
each member state”
• A narrow majority among the
17 European commissioners has
come out in favour of letting a
small number of European Free
Trade Association countries into
the Community, without any fur¬
ther institutional changes beyond
those already contained in the
Maastricht treaty, writes David
Buchan in Brussels.
This view, emerging from a
confidential Commission discus¬
sion on Wednesday, will he
relayed to tomorrow’s meeting of
EC foreign ministers, called to
prepare next week's Lisbon sum¬
mit where fhture enlargement of
the Community will be discussed.
The surge in anti-Maastricht
opinion has changed the Commis¬
sion's prevailing sentiment,
which had been that changes
such as more majority voting -
beyond that enshrined In the
Maastricht pact - would be
needed for a more numerous
Community to function. The pre¬
dominant Brussels view is now
that for three or fburEfta states
to join the EC in the 1990s, would
require only technical adjust¬
ment to the number of commis¬
sioners and MKPs.
Major’s determination. Page 6
Chinese central bank tightens
credit to slow economic growth
Maxwell’s
sons charged
Continued from Page 1
By Alexander Nlcoll,
Asia Editor, In London
CHINA’S central bank has acted
to tighten credit in an attempt to
prevent the economy from over¬
heating as a result of rapid
growth, its governor said yester¬
day.
Mr LI Guixian, governor of the
People's Bank of China, said dur¬
ing a visit to London that the
economy had been growing at an
annual rate of 11 per cent during
the first quarter of 1992.
Industrial production in China
was up by 18 per cent, and
imports rose by 23.5 per cent,
while exports were up only by
126 per cent
The People’s Bank has imposed
special reserve requirements on
banks - increasing the propor¬
tion of their deposits which they
must lodge with the central bank
- and tightened credit ceilings.
Mr Li said it was considering
Increasing interest rates, but
would not make a final decision
for two or three months.
China's economy has gone
though a series of boom-bust
cycles in the past decade. The
most recent retrenchment was
relaxed last year, and economic
growth was boosted in January
when Mr Deng Xiaoping, the
country's paramount leader,
exhorted the nation to undertake
more radical reform.
Asked if the latest measures
would cause another drop in eco¬
nomic growth, Mr Id said: “1 do
not think that we will have
another similar slump as in ear¬
lier years because we have
teamed from experience. Now we
are mainly relying on monetary
policy to maintain GNP growth
at 8 to 9 per cent”
His actions may indicate offi¬
cial fears that inflation is run¬
ning at a higher level than fig¬
ures suggest. First quarter
statistics show inflation of 5 per
cent, compared with last year’s 3
per cent However, economists
believe that in some areas infla¬
tion is significantly above the
official figure.
Mr Li said he would take mea¬
sures to tighten credit if inflation
was above 10 per cent, and to
loosen it if Inflation fell below 5
per cent
“I am very confident that infla¬
tion this year will be under con¬
trol at 6 to 7 per emit because our
monetary policy is effective," he
sakL
The government was continu¬
ing with reforms of banks and
state-owned industries, Mr Li
said, such that loans would be
made only to profitable enter¬
prises making marketable, high
quality products.
However, he admitted.that the
bankruptcy law had not been
applied because there was no
social security system to cope
with unemployment
“No effort is being spared to
improve the social security sys¬
tem,” Mr U said. “Once it has
been fully established, the.bank¬
ruptcy law will be fully and
strictly implemented.”
Winds of reform. Page 15
start for at least two years.
Mr Kevin Maxwell was bailed
on sureties of £500,000, Mr Ian
Maxwell on sureties erf £250,000
and Mr Trachtenberg on sureties
of £300,000. Sureties were pro¬
vided by friends and family. All
three were ordered to surrender
their passports, not to leave the
UK and to live at home.
After the hearing Mr Kevin
Maxwell said:
“After seven months of trial by
rumour, of trial by innuendo, of
trial by selective press leaks and
of prejudicial media reporting; I
am really looking forward to
bang able to defend myself in a
court of law where I intend to
vigorously and strenuously con¬
test all... charges against me."
The arrest of Mr Kevin Max¬
well began in something dose to
force. His wife Pandora mistook
police for reporters, and shouted
to the officers: “Piss off - we
don’t get up for another hour."
When officers rang the bell again
she called out: “T_m about to call
the police." They replied: “We are
the police, madam.”
THE LEX COLUMN
Grounded at GPA
0?
Yesterday’s spectacular GPA flop
should not necessarily add to the Lon¬
don market’s current woes. It is natu¬
rally unsettling when a much hyped
Slim share offer - recently increased
to accommodate supposed extra inter¬
national demand - is unexpectedly
pulled at the eleventh hour. Yet there
is good reason to believe that the ulti¬
mate lack of Investor interest was due
to specific handicaps of the company,
rather than to deeper disenchantment
with flotations at this stage In the
cycle. Wellcome for one wifi certainly
hope so.
GPA always faced an uphill struggle
given the dire-state of the airline
industry, intense price competition in
the US, and persistent rumours of
more airline bankruptcies. The combi¬
nation of its indebtedness ami huge
aircraft purchase commitments fed
many to suspect they were being
asked to contribute to a rescue issue,
while even sophisticated institutions
had trouble graq^ng the intricacies of
the aWfaft Uwairig business. With GPA
faniring a dear home market, there
were no oompelliiig reasons to sub¬
scribe given the risks.
One inevitable question for GPA’s
galaxy of advisers is whether it was a.
mistake to use the-book bufiifixig sys¬
tem much f avou r ed in tire US, rather
than to have the issue properly under¬
written fin which case at least the
company would have got its money).
The reality is that there was probably
no alternative - all indications are
that the institutions would have been
reluctant to sub-underwrite, and that
the costs of using other intermediaries
would have been unacceptably high.
The real culprit;seems to have been
the Inflexible structure of the global
offering. Far from inspiring creative
tension between, the three main mar¬
kets, it allowed lack of interest in one
to spread to the others. No single .
financial centre was able to anchor the
issue.
Egg has been liberally splattered
across City faces: Nomura’s interna¬
tional ambitions have been dented;
Schroders can hardly be proud of
belatedly wooing the retail investor;
And Goldmans will have some explain¬
ing to do about the disastrous
response in the US, where expecta¬
tions look to have been for too high.
For GPA, however, the problem is
more than just a tarnished reputation.
The company has not only been
denied the proceeds of the float, but
perhaps another $2bn-$3bn of bank
borrowings to which it would have
had access with an enlarged capital
FT-SE Index: 2562.7 (-35.7)
nestly of the need for adequate return
on capital and. institutions are restive
for higher payouts. But, as one of
Japan's biggest fund managers
remarked yesterday, if the corporate
sector's return on equity is only w
per cent a nd the medium-term outlook
for dividend growth is 5-6 per cent as
well, who would want to buy the mar¬
ket on nearly 40 times ear n i n gs?
t-y\
base. With net debt likely cm current
cash flow forecasts to exceed commit¬
ted fodlities by the end of. the year,
fervent efforts will presumably be
made to securitise more of its. assets.
Ultimately, though, GPA may hope to
find a partner with deep pockets as
ILFC did when it was taken over in
1990 by the American insurer AIG.
The question is whether there are any
htiwin tha«» days.
Japan
The latest slump In the Tokyo
equity market is viewed locally with a
kind of gloomy fatalism. Traditionally,
the story goes, it has been the job of
foreign investors, with their more
rational valuation methods, to call the
bottom of the market. Last year they
did just that But domestic investors
foiled to follow the lead, so the for
signers have lost heart and there are
thus no buyers left at alL
The more apocalyptic talk about col¬
lapsing bank capital ratios leading to a
credit crunch has largely died down.
However for the Nikkei foils, the sys¬
tem will doubtless limp along. But
there Is still profound gloom about
corporate earnings. It is in the nature
of the Japanese economy that recov¬
ery should be led by producers - or
gnro rmnftnt . — f arther than consumers.
When It comes to investing out of
recession, Japanese companies are
hampered not only by the higher cost
of capital but by their prodigal over-in¬
vestment in the bubble years of the
late 1980s. At that time, companies
bought market share regardless of
profit and Investors bought stock for
capital gain regardless of income.
Now, corporate executives talk ear-
Sevem Trent
Yesterday’s annual results leave no
doubt Severn Trent paid too much for
Biffa, the waste management company
it bought from BET after the start of
the flwanriai year. Thanks to the
recession, Biffa contributed a disap¬
pointing an wi, against financing costs
of more than Barring a vigorous
ywanmifl recovery,.it will make only
around £15m this year. So it is still a
fewg way from carering its costs.
Granted, Severn Trent has been sen¬
sibly cautious In accounting for the
acquisition. Biffo's landfill business in
particular looks to hare fine scope for
growth By middecade, the division
should be making the steady unregu¬
lated flaming fl for which it was pur¬
chased. The question is whether it will
be worth the wait Severn’s annual
dividend was increased by 10 per cent,
thanks in part to £46m of efficiency
gains, but the company's earnings will
be nnder pressure this year as a com¬
bination of interest and depredation
charges begins to bite.
Small wonder, then, that the com- !
pany is stressing Its record in the reg
ulated water business. The group
invested nearly £600m last year, and
claims the lowest average water
charges in the country, even though
its franchise covers a relatively dry
region. Its capital spending pro¬
gramme has already peaked. Severn
Trent can keep its dividend running
ahead by sacrificing high cover, but
that, is hardly ah inspiring outlook.
- : l ? “
-fccw
S 3*®* 5
0
' v
-• ,a £i --
^fjiSsefueilest
TV companies
Yesterday’s agreed offer by York¬
shire for Tyne Tees comes as little
surprise. After all, both companies
paid through the nose for their TV
franchises last autumn, and desper¬
ately need cost savings to enhance
shareholder returns. The comparison
with Granada, with an annual pay¬
ment obligation to the Exchequer of
around £27m, is Instructive. Across
the Fennihee, with a broadly similar
share of 1TV advertising revenue, the -
merged moguls will need to find £63 hl
strskers mai
SlSemi expec
Net Profit tlu-ough Networking
u-ith:
® NEWBRiDGE
Building Ru.<,inesfl Networks
•Newbridge Networks Ud.
O633 -113600 071 6380022
FINANCIAL TIMES
COMPANIES & MA RKETS
©THE FINANCIAL TIMES LIMITED IW2
Friday June 19 1992
TAYLOR
WOODROW
Teamwork in Construction
Housing Property Trading
INSIDE
O&Y outlines plan
to restructure debt
Olympia & York yesterday outlined a new debt-
restructurjng proposal which would include
extending repayments on most of its debt tor
five years. Meanwhile, a group of Canadian
banks applied to the Ontario court of Justice to
terminate interest rate swaps with O&Y The
banks say the value of the swaps is declining
as interest rates fall. Page 20 a
Manweb profits up 60 . 5 %
Manweb, the. Chester-based regional electricity
TOmpany, ywterday reported a pre-tax profit of
E94 -*’ n } (5176.6m) for the year to March 1992,
up 60.5 per cent The company's core dfstribu-
tton business increased its profit by 83 per cent
to £106.3m. Page 23
Meat-eaters chew up Cranks
A management buy-out, led by two meat-eat¬
ers, has bought eight restaurant/takeaway out¬
lets and the brand name of tbe Cranks
vegetarian restaurant chain. Cranks will be to
many forever tarred with a flippy image, but
the driving forces behind the buy-out hope to
naif those prejudices; Page 24
Nutmegs face the chop
The world's two largest nutmeg producers are
contemplating the destruction of about 10,000
tonnes of stocks to stiffen the market and
improve prices. Page 32
May is the crueHest month
May was a volatile month for turnover-in Euro¬
pean stock exchanges. Italy-had periods of
excitement, but the Danish “No" vote to the EC
Maastricht treaty brought fear back into the.
Milan bourse at the beginning of June.
Back Page
Japan’s brokers maintain hope
Japan's four mato brokers reported generally
lower profits from- their overseas operations
last year. While Nomura Securities was the :
only one of the quartet to report a consolidated
after-tax profit test year, ah four brokers expect
to return to profits this' year. Page 21
National Semi expects upturn.
National Semiconductor, the.US chipmaker
undergoing restructuring, yesterday reported
fourth quarter net earnings erf 527.5m up from
$5.6m a year ago. It expected economic trends
to improve slightly In the coming year. Page 20
Shifts in steel industry .
A new phase of restructuring in the world
stainless steel industry is shifting the spotlight
away from foreign takeovers in the US to the
forging of alliances In Europe. Page 19
Meanwhile, the second part of the partial priva¬
tisation of Taiwan's biggest steel group gets
under way this month. Page 21
Maricert Statistics
Base lending rates 40
Benchmark flovt tends 22
FT-A Indices 38
FT-A vwrid indfces Back Page
FT/ISMA tat tend sw 22
Franck! Maras U
Foreion exchanges 40
London recant Issues 22
London share sendee 33-38
LHfe equity option! 22
London trarlt options 22
Managed text sendee 35-43
Money markets 48
New tat tend issues 22
World comnxxBy prices 32
World stack rakt tadees 41
UK dividends announced 23
Companies in this issue
AMD 17
Ashland 011 20
Avesta 19
BTR 24
8aneato ' IT
Bibby (J) . 23
Brent Walker 23.12.19
British Aerospace 33
British Steel 19
Brbckhampton Hldgs 24
China Steel.. 21
Chloride 23
Chrysler 20
Davenport Vernon 23
Dawson Inti 24
Delta .24
Elect ricorp 21
Essex Water 24
FKI 23
Ford 20
Foschlni- 20
GEI Inti 23
General Motors 20
Hachette . 17
IBM 17
Id 33
Intel 17
KIO 17
Ladbroke 33
Learmonth & Burchett 24
Lever Brothers 12
London Inti Group 24
Lookers 23
MR Furniture 23
Manweb 23
Nat'l Semiconductor 20
O&Y 20
Oceana Investment 24
Richmond Oil and Gas 24
Rolls-Royce 33
Severn Trent 24
Shanks & McHwan 23
Siemens
Sparbanken 19
Stel 19
Stirling Group 23
Suffolk Water 24
Telmex 20
Tyne Tees TV ^
Unichips
Widney 23
Wool worth 30
Yorkshire TV 19
I Chief price changes yesterday |[
HEW YORK tf)
oavm 11M
Apple 49+11* a FancFnnca B69
BH 95% + 31* Bata m 680
hU 51* + 3*2 ftw Lqwdta 615
CBM-- RatMttC** v* 3
,*3E"** - „
JUSnack Foods _ ^ nfila®" 3 1070
SUOdttand 36% - 1%
PARIS fFFr)
Santa Bank 1080
Sdno Transport 1500
760 - 17 77 Bank
Frankfort closed. N«w Yoik prices si l 2 J 0 pm.
LONDON (Pence?
Ptemec . ‘ 84 * *
TjWTamW VS +■ #
.Rah .
AspanCaws . 14S - 10
W . . ,318 - 17
B4bjf (J) ; : 154 — B
BrAenpace 277
FaUmBorts T92
Rrskat'fia. - 42
24
NwtecwGM -126
Mann 1
|Q 1235
lasre 109
LeanomtaS fl 83
LondM tall 210
looker 107
Prates hU 382
Paw 15 '
RHH 21°
MfrRffW 161
Peter Bruce on the banker who became a media
magnate after a board-room coup in Madrid
Mario Conde walks
through fire again
M ario Conde has just likes him, not least because the Antena-3, the least successful o
infuriated Madrid's media has decided he may three commercial channel:
close-knit financial become Spain’s first democrat!- licensed in 1969. needs to radi
M ario Conde has just
Infuriated Madrid's
close-knit financial
community with yet another
example of his ability to walk
through fire.
On Wednesday the 42-year-old
chairman of Banes to. one of
Spain’s biggest banks, became a
media magnate when he engi¬
neered the takeover of a televi¬
sion channel and a daily newspa¬
per. Antena-3 TV was taken over
in a swift. Banesto-fmanced
5100m move by Mr Conde, Mr
Rupert Murdoch the Australian-
born publisher, and a Madrid
publisher friend, Mr Antonio
Asensio.
Mr Conde has learned quickly
to do his business the way most
of Spain does - with his friends.
He first bounded on to the finan¬
cial stage in 1987 when he and a
friend sold their bulk chemicals
producer to Montedison for
Pta65bn (5660m). With the pro¬
ceeds they bought their way on
to the Banesto board just as the
bank was being threatened with
a takeover and Banesto’s rattled
board made him president within
days of his arrival.
Since January 1968, Mr Conde
has become easily the most con¬
troversial personality in Spain,
malring enemies as easily as he
holds on to his friends. He rudely
cleared Banesto’s board of its
venerable old shareholders and
set himself the almost Impossible
task of untangling the bank from
the cross-holdings that linked it
to a vast industrial empire.
The government openly dis-
Hachette
loath to
merger
approved
By Alice Rawsthom In Paris
HACHETTE, the heavily in¬
debted French media group,
yesterday secured shareholders’
consent for a FFriUJbn (5530m)
recapitalisation package as a
precursor to its proposed merger
with Matra, one of France’s
largest defence companies.
Mr Jean-Luc Lagarddre,
chairman of both Matra and
Hachette, said that the latter was
on course for a return to modest
net profits this year - having
sustained a FFrl.93bn loss in
1991 bat was s till
experiencing pressure on
operating margins.
Hachette, he said, was also
under pressure because of the
cost of servicing its debt
The group incurred heavy
borrowings to finance an
ambitious expansion programme
in the late 1980s and is now
trying to make disposals.
Mr Lagardere said he expected
within weeks to announce the
sale of Hachette's landmark
building on Boulevard St
Germain in Paris for around
FFT&OOm.
For several months Hachette,
which is still trying to recover
from the collapse earlier this
year of La Cinq, the French TV
station, has been locked in
negotiations with its share¬
holders and bankers over its
proposed recapitalisation.
It has now secured their
consent to implement its
proposals which include Issuing
FFrSOGm of new ordinary shares
and FFr600m of convertible
bonds.
Mr Lagardere said the
recapitalisation should be
Completed by the end of this year
or early next year and that
Hachette would then proceed
with the Matra merger.
This merger, which Mr
Lagardere claims will yield
considerable cost benefits, has
been fiercely criticised In France
because of the apparent lack of
synergy between the two
companies.
Last, year, Hachette was
affected by the impact of the
economic slowdown on Its media
businesses, particularly in the
US, as well as by fire La Cinq
debacle.
Mr Lagard&re said its markets
were “still in a recessionary
phase” and that the group might
suffer another fell in operating
margins In 1992..
However, he said there were
signs of recovery in the US
where Grolier, the encyclopedia
group, ought to increase profits
while Salvat. the Spanish
publisher, should reduce its
losses.
likes him, not least because the
media has decided he may
become Spain’s first democrati¬
cally elected conservative prime
minister if Mr Felipe Gonzalez
ever decides to retire.
Mr Gonzalez criticises him in
public. The Finance Ministry
stopped him selling Banesto’s
insurance subsidiary offshore
and, when he finally separated
Banesto’s industries from the
He is the most
controversial
personality
in Spain
bank and merged them into an
industrial corporation, it allowed
him only a fraction of the tax
waiver permitted by the law on
revalued assets. The Bank of
Spain last year threatened to
challenge Banesto’s accounts for
not passing portfolio losses
through profits, but backed off.
Earlier this month he stoked
those fires by calling for a refer¬
endum on the Maastricht Treaty,
to the ftiry of the government,
and last month he was attacked
at a shareholder’s meeting by BP,
which claimed he had reneged on
a deal to buy back Banesto
shares owned by an oil refiner be
sold in 199L
Antena-3 TV may be his best
means of defending himself from
public attack. But to be effective.
Antena-3, the least successful of
three commercial channels
licensed in 1969, needs to radi¬
cally improve its ratings. To do
that, Mr Murdoch’s experience
and his US and UK programming
will be vital.
However, anyone trying to
remove Mr Conde from Banesto
risks causing great damage to the
institution at the same time. And
the Banesto group is troubled.
After creating his industrial cor¬
poration, he had wanted to Boat
some of it for around 5800m. The
invasion of Kuwait collapsed the
markets, saddling him with
industries accounting for 1 per
cent of Spanish gross domestic
product in an economy the gov¬
ernment was trying to cool down.
It has succeeded, and so Ban-
esto's industrial profits plum¬
meted 48 per cent to Ptal2.6bn
last year. Unable to float the cor
poration, he is selling it piece¬
meal - Petromed to BP last year,
the insurer Union y Fenix into a
joint venture with. AGF. Indus¬
trial affiliates’ profits fell 78 per
cent on average in 1991. As a
result consolidated (bank and
Industrial) profits fell 7.3 per cent
to PtaJ&Sbn in 1991. For the right
prirw, all the companies are for
sale.
At the hank itself, he has man¬
aged to sustain asset growth
through extremely aggressive
lending. Las t year Banesto’s lend -
ing grew SO per cent faster than
the banking sector. This might
backfire as bad debts rise to
record levels and the investors
have cut Banesto's stock market
TamrKM;
Mario Conde: the Spanish government openly dislikes him
capitalisation by 30 per cent to
around $270bn.
But, says Mr Joaquin Tamames
of the corporate analysts Axel
Group, the banking business is
coming good. “Over the last three
years consolidated operating
profits have increased remark¬
ably and the bank Is containing
costs.” Banesto bank profits rose
14 per cent last year to Pta45.6bn
and consolidated group fee
income from banking services
rose some 70 per cent to Pta54bn.
Mr Conde is, nevertheless, con¬
stantly on a knife edge and he.
deals with It by running at trou¬
ble rather than away from it.
Three months ago he signed a
deal with the Count of Godo, the
founder of Antena-3 TV, to take
stakes in the television channel
and Mr Godo’s rich newspaper.
La Vanguardia, in Barcelona.
Criticised by the government and
journalists, Mr Godo hastily pul¬
led out of the deal.
On Wednesday he learned a lit¬
tle about crossing Mr Conde and
was toppled from his presidency
of Antena-3. One of the next
chapters in this great adventure
might be a government-inspired
attempt to find someone to take
over Banesto.
The stock is cheap with the
shares yielding about 20 per cent
more than the banking average,
but local buyers are thin on the
ground and Mr Conde knows the
last thing Madrid wants is
another foreigner swallowing a
large slice of the nation's econ¬
omy.
Siemens pulls out of IBM deal
European memory production may end, writes Michlyo Nakamoto
SIEMENS, the German elect¬
ronics group, is reducing its par¬
ticipation in the semiconductor
memory market in a move that
could mean the end of European
memory production.
Siemens has decided not to
build a new manufacturing plant
for advanced semiconductor
memory chips which it has been
developing with. IBM. the US
computer group, in an agreement
made a year ago.
“We are not going to build a
64-megabit D-Ram facility with
IBM,” a Siemens representative
said. “The intention is that we
will not he a major player in the
D-Ram market after the 16-mega¬
bit”
Meanwhile, IBM said yesterday
that it was looking for a partner
to collaborate in the manufacture
of 64-megahit B-Rams in Europe.
“At present we continue to
plan tor 64-megabit m a nuf acture
in Germany. We are looking for
new partners within the time¬
frame of roughly one year,” IBM
said.
The decision by Siemens does
not mean it will pull out of the
memory market immediately. It
still manufactures l-megabit,
4-megabit D-Rams and is collabo¬
rating with IBM in 16-megabit
production.
However, it does mean when
those products are replaced in
the latter half of the decade by
future generation products, Sie¬
mens is not likely to be a partici¬
pant in the D-Ram market
Its decision stems from its view
that longer-term demand for
D-Rams will decline, and since
intense competition has led to
sharp price and many manu¬
facturers of D-Rams are losing
money. It does not make sense to
continue to invest in that prod¬
uct
The worldwide market for
D-Rams has been depressed over
the past few years, particularly
in Europe, where manufacturers
are willing to keep prices low to
increase market share, according 1
to Mr Harding.
“There are too many D-Ram
suppliers and companies who
stay in D-Rams may kill them¬
selves," said Mr Byron Harding
at Dataquest the high technol¬
ogy consultancy.
Siemens had continued to man¬
ufacture memories, which were
considered technology drivers
because it wanted to master the
D-Ram manufacturing process in
order to move into more
advanced technologies.
However, it no longer believes
this Is true. Instead it hopes to
use skills learned In the develop¬
ment of memories to manufac¬
ture more profitable products,
such as application-specific inte¬
grated circuits.
Siemens’s decision to move
away from memories raises ques¬
tions over Europe’s ability to
manufacture semiconductor
memory chips, a market domi¬
nated by manufacturers in Asia.
The biggest memory manufactur¬
ers are Japanese.
Philips, Europe's largest semi¬
conductor supplier, has already
pulled out of slow read-only
memory chips (S-Rams) and has
stopped selling erasable program¬
mable read-only memory (Eprom)
chips while SGS-Thomson is not
participating in slow S-Rams and
its profitability from Eprom sales
has been dwindling, according to
Mr Harding.
KIO says
it will
remain
in Spain
By Peter Bruce in Madrid
THE KUWAIT Investment Office
(KIO), has told the Spanish gov¬
ernment it has no plans to with¬
draw its large indnstrial invest¬
ment from the country in spite of
the costs of rebuilding Kuwait
and the resignation this month
of its long-time partner in Spain,
Mr Javier de la . Rosa.
KIO’s new management met
Mr Carlos Solchaga, Spanish
finance minister, in Madrid on
Wednesday. Valuations of KIO’s
assets in Spain vary between
S2bn and $7bn but it is easily the
biggest private investor in the
country and, with 25,000 employ¬
ees, the government has been
worried by reports that it was
considering withdrawing.
In particular, the KIO chemi¬
cals group, Ercros, is the main¬
stay of the domestic chemicals
and fertiliser industry and has
fallen into deep losses in spite of
heavy injections of state funds
into Its fertiliser operations.
Ercros lost nearly Ptal6bn
(5161.6m) last year while the
main KIO holding company,
Grupo Torres. saw profits fell 25
per cent to PtaSbn, according to
Information given to the stock
market commission.
It was being suggested in Mad¬
rid before the Wednesday meet¬
ing that the government planned
to insist that KIO cleanse its
businesses of their debt -
thought to amount to up to
51-2bn - or at least provide new
funds to stabilise some of its
companies. Reports that KIO
planned to inject a further Slbn
into its operations in Spain could
not be confirmed yesterday.
Mr De la Rosa, KIO’s represen¬
tative in Spain for nearly 10
years and who created the Tor¬
res group largely on Ms own,
resigned as vice-president of
Grupo Torras to pursue his own
business interests, mainly in
flnfatlnnlii
KIO is looking for an invest¬
ment bank to monitor its invest¬
ments in Spain but is also likely
to post a Kuwaiti official to
Spain for the first time since it
began investing here in 1984. For
the moment its interests will be
managed by an executive com¬
mittee headed by Mr Luis Vano,
director-general of Aresbank.
owned by Spanish, Kuwaiti and
Libyan interests.
The group’s immediate con¬
cern is to finalise a joint venture,
begun by Mr De la Rosa, between
the US commodities group, Free¬
port MacMaRon, and Ercros’
loss-making fertiliser and min¬
ing divisions.
TWs announeamarrt appears as a matter of mood only
Intel wins round
in battle to halt
cloning by AMD
By Louise Kehoe
In San Francisco
INTEL, the leading US
manufact u rer of microprocessor
chips for personal computers, has
won a critical lawsuit in its battle
to prevent Advanced Micro
Devices from cloning its prod¬
ucts.
A Californian jury has
returned a verdict that AMD does
not, as it has claimed, have the
right to use Intel's microcode, the
internal instructions that control
a microprocessor.
AMD has won an estimated 30
per cent share of tbe market for
386 microprocessors, since the
company launched its own ver¬
sion of the Intel device last year,
boosting the company’s sales and
earnings to record levels.
AMD’s stock price fell 55% yes¬
terday on news of the verdict, to
$9%. Intel gained $3% to $51.
The lawsuit is one of several
between the two companies
involving AMD's rights to Intel
technology. The latest decision is
a serious setback to AMD’s
efforts to become a major compet¬
itor in the microprocessor market
because the company may now
he forced to create Its own micro¬
code for all microprocessors. This
is a long process in which AMD
has no experience.
The latest case involved Intel’s
287 math co-processor, a device
that works alongside a micropro¬
cessor to boost its calculating
speed. Intel had filed suit against
AMD in 1990, charging the com¬
pany with copyright infringe¬
ment. AMD claimed to have
lirorny to use Intel’s microcode
under a 1976 pact between the
companies and arguments in the
case revolved around interpreta¬
tion of the agreement
Intel said the microcode licence
was limited to its use In com¬
puter systems designed for soft*
ware development, and AMD
firfied to convince the jury that
its licensing rights were broader.
Intel hailed the decision as a
s eminal victory in its legal bat¬
tles with AMD. "We are
extremely pleased with today’s
verdict,” said Mr Thomas Dun¬
lap, Intel general counsel. Mr
WJ.. Sanders, AMD chairman,
told employees: “We have suf¬
fered a setback - not a defeat"
AMD said it would now have to
produce its own version of the
internal instructions for a next-
generation 486 microprocessor it
had planned to launch soon,
delaying introduction of the prod¬
uct
For 1991 AMD reported reve¬
nues of $ 1 . 2 bn and profits of
$145-3m. Intel reported record
revenues last year of $4.78bn and
SftlQm in rrmfits
Bristow Helicopter Group Limited
£105,000,000
Senior Debt and Revolving Credit Facilities
to Fund a Management Buy-Out
Arranged by
& National Westminster Bank
Acquisition Finance
Underwritten by
Bank of Scotland
Bank of Scotland
3i pic
Union Bank of Switzerland
Banque indosuez
Hambros Bank Limited
National Westminster Bank Pic
Funds Provided by
National Westminster Bank Pic
Bank of America NT&SA
Bank Mees & Hope NV
Girozentrale Vienna, London Branch
The Industrial Bank of Japan, Limited
Agent Bank
National Westminster Bank Pic
A NatWest Acquisition Finance
FINANCIAL TIMES FRIDAY JUNE 19 1992
GPA GROUP’S ABORTED GLOBAL ISSUE
P>
Demand falls short by 30m shares leaving financial advisers bitterly disappointed
Investors in UK and US shy away from deal
By Sara Webb, Simon London
and Richard Waters
DEMAND for GPA Group's
shares fell well short of the
goal set by the aircraft lessor’s
financial advisers, with UK
and US institutional investors
shying away from the deaL
Originally, GPA had hoped
to sell 80 m shares worldwide,
with 30m in the UK and
Ireland, 2dm in the US, isra
internationally (continental
Europe, the Middle East and
Asia), and 15m in Japan.
Instead, by early yesterday
morning, the financial advisers
to the issue found that there
was only demand for about
50m shares, with nearly half of
that - 22.93ro - coming from
retail investors in Japan.
Although some of the other
financial advisers remained
sceptical about the strength of
Japanese demand for the
shares, Nomura, the global
co-ordinator for the issue.
denied its managed investment
funds would have been used to
mop up the shares. It said that
two-thirds of the demand from
Japanese retail investors was
new money.
Demand from international
investors, particularly Swiss.
German and Middle Eastern
institutions, was healthy,
amounting to 13.3m shares.
However, in the UK and
Ireland demand amounted to
only 7 J5m shares, while in the
US there was only a demand
for 6.5m shares. In both cases,
the institutions were notable
by their absence, according to
the financial advisers involved
In the flotation.
One adviser said: “US insti¬
tutional demand was disap¬
pointingly small - though
maybe it would have been bet¬
ter if there had been more time
to sell the Issue.'’
With such a low proportion
of institutions willing to buy,
financial advisers pointed out
there was not a substantial
enough investor base for the
deal to go ahead, and
expressed concern that the
retail investors could have
quickly sold out if the issue
had gone ahead.
Financial advisers and inves¬
tors yesterday provided plenty
of reasons why GPA had not
proved a popular stock. Many
pointed to the current difficul¬
ties faced by the US airline
Industry, general market con¬
ditions, and the reluctance of
the US fund managers to com¬
mit themselves to the issue
before seeing the response of
the UK investors.
One of the advisers to the
issue complained: "There
wasn’t any single issue which
arose, but it was partly the fact
that the US investors seemed
to be looking to the UK for a
lead, while the UK investors
looked to the US for a lead."
Another of GPA’s financial
advisers blamed conditions in
the US market for IPOs (Initial
public offerings). “Several
recent [EPOJissues have subse¬
quently traded at below, the
price offered, which doesn’t
look good."
GPA’s rapid growth and the
domineering style of its senior
management made some poten¬
tial investors wary. The head
of investments at one of the
UK’s biggest insurers said:
"people are very nervous about
these large entrepreneurial
businesses - it hasn't been a
good, year for them."
In addition, GPA’s high level
of gearing and the complex
fin aw rial structure of the group
put off the more cautious
Investors. "It’s the sort of busi¬
ness that's very difficult to
understand," said one. “It's
like a pyramid of cards. SI
something 1 goes wrong, the
whole lot could come down."
The airline industry analyst
at one of the largest US mutual
funds, which has $70bn under
lent, gave several rea¬
sons for turning down the GPA
offer. “GPA badly needed
access to public equity finance,
which is not the best motiva¬
tion for a global share offer¬
ing,” he said. “Investors were
unnerved by the air of
urgency.” He added an assort¬
ment'of further reasons for
remaining cautious including:-
• The cyclical peak in leasing
margins and residual aircraft
values has already been
reached against a background
of decline in the airline indus¬
try as a whole.
• It was “common know¬
ledge" as early as last year
that Air (r fl n ad a and Air Lin-
gus wanted to liquidate their
holdings in GPA, and the stock
was touted around the US.
• GPA's financial strength
was questionable. Total debt
rose from $2.7bn in 1991 to
$4.lbn in 1992. Gearing rose
from 240 per cent to 330 per
cent '
• The company Is commited
to raising $il5bn to fund air¬
craft purchases to the year
2000, with a further $9.1bn
required if it exercises options
on aircraft Lines to meet these
funding needs are not in place.
• Lease financing from Japa¬
nese banks, the engine of the
business in the 1980s, has dried
up. This could lead to an
increase in on GPA's cost of
funds.
• GPA’s profitability was
already in decline. Upward
pressure on funding costs will
accelerate this.
• Most of GPA’s customers
were not among the top league
airlines, so its exposure to
credit risk is substantial
The failure of the issue has
clearly been a bitter disap¬
pointment to many of the
financial advisers concerned,
particularly Nomura given that
it was the company’s first man¬
date as global coordinator for
an equity deal outside Japan.
Advisers learn a
costly lesson from
success-related deal
By Roland Rudd
THE GLOBAL offer for GPA
Group’s aborted $80Qm
(£432m) flotation was billed as
the first of its kind. For the
advisers involved it proved to
be the most expensive
None of the investment
banks engaged for the flota¬
tion, which Included Nomura
International as global co-or¬
dinator, Merrill Lynch, Gold¬
man Sachs and Salomon
Brothers in the VS and Schro-
ders and BZW in the UK, will
be paid a penny. Their fees
were success related. Failure
will have cost them dean dur¬
ing the past year GPA
absorbed a bigger chunk of
their time than any other
planned flotation.
Only Hambro Magan, the
company’s permanent finan¬
cial adviser, is on a retainer.
Some of the advisers yester¬
day said, that after having
done so much work on the
issue, they would like to
establish an arrangement
whereby they might be put on
a retainer for future advice.
Mr Maurice Foley, GPA's
chief executive, said he was
still looking at all the options,
Including whether it was
possible to seek a public
listing.
But, as to retainers, it was
too early to tell All he could
say was that technically all of
the advisers* contracts have
expired and so they could be
seen to have "stepped down".
Although he made it clear that
they had neither been fired
nor resigned.
The listing was to have been
simultaneous in New York,
London, and Dublin, with a
placement of shares in Japan.
There was to be a public offer
by tender to give the issue
imwiwnm flexibility.
Instead of asking US banks
to underwrite a fixed price
without knowing the demand
- something which they are
increasingly reluctant to do -
lead managers sought to build
up a book of orders before pri¬
cing the shares.
There was a price range of
$10 to $12, following a 1-for-l
scrip issue, but the actual
price would not be fixed until
the investment bankers had
clear figures of demand in
each country.
Each market was given an
indicative amount; 30m shares
to the UK, 20m to the US, 15m
to Japan and 15m to the rest of
the world. The competitive
tensions between the different
markets was expected to
ensue demand.
As late as last Sunday even¬
ing the advisers believed that
the issue would be oversub¬
scribed. This was because they
had a better response from
retail investors than Institu¬
tions. t
Indeed, only 10 days ago the
advisers leaked the fact that
they bad persuaded the com¬
pany to Issue another 5m
shares. *T am not Into recrimi¬
nations, but we were advised
to increase the number of
shares on offer (from 80m to
85m) 10 days before we had to
pull the issue," Mr Foley said
yesterday.
The issue collapsed when It
became dear on Monday that
there was no institutional
demand from the US. Accord¬
ing to Mr Foley that affected
sentiment in the UK and the
rest of the world.
“The complexity of the the
bookbuilding issue," said Mr
Foley, “with one domino lean¬
ing on the other, may not have
been the right way."
Ashtay Astroood
A time for reflection: Tony Ryan, chairman of GPA, pictured yesterday after the announcement that the flotation was off
Japanese brokers blame flop on Nomura
By Stefan Wagstyl In Tokyo
THE SUCCESS or failure of the GPA
flotation lunged on the willingness of Jap¬
anese institutions to bid for the stock. In
the event, they shunned the issue in suffi¬
cient numbers to force the underwriters to
scrap the offer.
Despite intense efforts from Nomura
Securities, the international coordinator
for the offer and the lead underwriter for
Japan, investors bid for only about 90 per
cent of the stock earmarked for Japan.
Underwriting managers at rival securi¬
ties companies said Nomura’s own clients
had accounted for about 70 per cent of the
total “The rest of us sold very, very little.
Nothing like as much as Nomura,” said
one underwriting manager.
Underwriting managers said institutions
had declined the offer because of the gen¬
eral uncertainty about world financial
markets, including the market for aircraft
leasing.
They also had not fully grasped the
nature of GPA’s business and had been
frightened away by an article In Satur¬
day’s Financial Times which bad advised
investors to avoid the offer. “It did a
lot of damage," said one underwriting
manager.
Moreover, institutions were influenced
by the experience of Mitsubishi Trust &
Banking, the leading trust bank, and other
Japanese investing companies which
bought shares in a private deal at $32 and
would have realised a large loss if the offer
had proceeded. Mitsubishi trust bank has
a dose relationship with GPA and owns
13.4 per cent. Some fund managers
Judged that if Mitsubishi trust bank had
lost money then less well-connected and
less well-informed investors should stay
away.
Underwriting managers said that the
main interest In the offer came from pri¬
vate individuals who had despaired of
finding a good investment in the depressed
Japanese market But os one underwrit¬
ing manager said, salesmen were cautious
about promoting such stock to individuals
since they had even less idea about tbe
nature of GPA than the institutions.
There was plenty of recrimination in
Tokyo last night with rival brokers heap¬
ing the blame for tbe flop on Nomura.
They said Nomura had been
over-ambitious. They also said Nomura
mishandled the cancellation with some
investors receiving the news before others.
Airline executives fear blight on orders
By Daniel Green
THE FAILURE of the flotation
will further disrupt tbe order
books of world aircraft manu¬
facturers, said airline execu¬
tives yesterday. They also feel
that It will raise the cost of
financing aircraft and so help
push some of the weakest air¬
lines into bankruptcy.
GPA stood to raise at least
$3bn (£1.6bn) from the flota¬
tion. The first 5800m was to be
directly from tbe issue of new
shares and the rest through
increased borrowing.
GPA said yesterday it was
confident that it could tap
other sources, but others in the
aviation sector believe GPA
and other purchasers will have
for less money than planned -
and at a higher cost - to
spend on new aircraft.
This is the latest blow for
recession-hit manufacturers. In
the last few months the big
three US airlines - American,
United and Delta - cut their
capital spending programmes.
Other airlines have deferred
delivery dates. And only last
week, McDonnell-Douglas said
it was all but abandoning
development of the MD-12 600-
seat aircraft.
As the largest leasing com¬
pany in the world, GPA is also
one of the biggest buyers of
new aircraft. Its firm order
book, worth $11.9bn, accounts
for more than 10 per cent of
the outstanding orders of Boe¬
ing and Airbus, the world’s
biggest ctvR aircraft makers.
Without new equity, ft will
not have the cash to pay for all
of these aircraft. Unless GPA
can issue more equity -
through a flotation or private
placements - it might be
forced to cancel some of the
308 aircraft on order for deliv¬
ery between 1993 and 2000, said
City analysts.
Aircraft manufacturers were
tight-lipped yesterday, insist¬
ing that GPA finances were not
their affair. Investors took a
different view however. The
share prices of Boeing and
McDonnell-Douglas of tbe US,
Fokker of Holland and stake¬
holders in the Airbus consor¬
tium, such as British Aero¬
space, all fell
Smaller airlines also felt the
pressure. GPA often leases to
smaller or poorly capitalised
airlines which struggle to
obtain attractive terms for fin¬
ancing to back expansion.
Part of the reason for the
share price weakness was fear
that aircraft buyers would
delay purchases further,
increasing the pressure on
prices. "Aircraft values could
be sent spiralling downwards,”
said Mr Keith McMollan, man¬
aging director of Avmark. avia¬
tion consultancy, yesterday.
There was also recognition
that GPA, a financial company
expected to have good contacts
in the investment community,
had foiled to persuade inves¬
tors that the airline industry
was a good bet
“It cannot be good news that
GPA cannot attract lands in
the present business climate,"
said Mr Alan Hodder of the
International Bureau of Avia¬
tion, a US-UK consultancy.
Airlines have been unable to
recover strongly from the col¬
lapse in demand caused by the
Gulf war. US carriers have
fought a series of price wars
that have destroyed hopes of
short-term profitability
Another price war has just
begun, and this week Ameri¬
can Airlines, the only large US
carrier to make a profitin 1991,
said it would lose money in the
second quarter of this year.
Such is the desperation of
the airline industry to see a
foil in the number of competi¬
tors, that executives were yes¬
terday prepared to argue pri¬
vately that the failure of GPA's
flotation was a good thing.
“It will make it more diffi¬
cult for weak or small airlines
and win help consolidation In
the Industry," said one execu¬
tive. The corollary, was that
fares would eventually
increase and allow airlines, to
repair their damaged finances.
Larger Irish institutions
hoped to reduce stakes
By Tim Coone hi Dublin
IRISH institutional investors
and shareholders that had
together planned to dispose of
some 6.5m shares In yester¬
day’s combined offering In
GPA Group, were unwilling to
comment on the company's
surprise decision to withdraw
the offer.
But there was widespread
unhappiness elsewhere in Dub¬
lin. “The signals In the London
market had been there for
weeks," one banker said.
"The failure of the offer has
a lot to do with GPA’s own
arrogance. GPA was forcing
the pace the whole time over
the price of the offer. You
can't push institutions uphill,
and GPA weren't prepared to
recognise that For years they
have been promising a public
offer, but then they kept turn¬
ing to the Institutions and ask¬
ing them to keep their hold¬
ings for another year. They
have lost a lot of friends like
that".
Although some existing GPA
shareholders were dne to
reduce their stakes, institu¬
tions and retail Investors had
been expected to buy a total of
between $30m (£16.2m) and
$40m of new shares in Dublin.
As a result, Irish Institutions
wonld have shown a net
Increase of about $20m in their
holdings.
Hr Mike Moroney of Good-
body stockbrokers said a num¬
ber of the larger institutions
already holding GPA stock
were looking to reduce their
exposure, as once floated GPA
would have represented 20 per
cunt of the Dublin stock mar¬
ket’s market capitalisation.
He said that the target expo¬
sure to GPA as a percentage of
their Irish market portfolios
that the institutions were aim¬
ing at was about 6 per cent.
“Some would have been want¬
ing to reduce their level to
that, others would have been
looking to get in", he said.
Market takes
the cancellation
in its stride
By Maggie Urry
THE MOST cheerful
interpretation that analysts
could put on the sudden can¬
cellation of the GPA Group flo¬
tation yesterday was that it
removed one source of supply
of new stock.
Money earmarked for the
issue could be diverted else¬
where in the equity market,
which is be ginnin g to suffer
indigestion from the weight of
new paper being sold.
But as less optimistic strate¬
gists put it, hardly any UK
investors had earmarked cash
for GPA anyway.
Tbe announ cement that the
issue bad been pulled at the
last moment was certainly a
factor in the 35.7 point foil in
the FT-SE 100 index to 2,562.7.
Bat the market had already
coped with the postponement
of the 31 flotation until next
year. Strategists feel the stock
market has more to worry
about than delayed flotations.
Overnight foils in New York
and Tokyo, due to pressure on
corporate profits, were more
frequently cited as reasons for
nervousness in the UK market
yesterday.
The dampening of hopes for
economic growth in the UK
and the prospect of further
downgradings of earnings esti¬
mates were also viewed as
more serious concerns.
As one strategist put it:
"GPA barely makes ft into the
top 10 of reasons to be bear¬
ish.” The market could become
more concerned, though, if
there were suggestions that the
cancellation of the flotation
put GPA's financial position
into doubt
A well-publicised, last-min¬
ute, cancellation like GPA's -
unlike 3i's issue which was
still some way from the market
- cannot help sentiment
towards other issues in the
pipeline, but it may have little
real impact The UK market Is
experiencing the greatest run
of new issues, apart from pri¬
vatisations, since the 1987
stock market crash.
Wellcome Trust, the majority
shareholder in Wellcome, the
pharmaceuticals group, which
is planning a £4bn secondary
offering, said that GPA's can¬
cellation “in no way changes
or affects our plans." However,
Wellcome’s shares foil 26p to
9l9p yesterday.
Like GPA, the Wellcome sale
Is a big international offering.
But corporate financiers
agreed the GPA flotation was
so distinct from the Wellcome
issue that the latter should not
be seriously affected.
They noted that Wellcome’s
sale structure was more flexi¬
ble than GPA’s had been,
allowing ft to direct shares to
areas of stronger demand. Fur¬
ther, the group is more readily
comprehensible to investors,
and is part of a well-researched
sector of the market.
Wellcome is also putting a
great effort into educating
investors through a massive
international road show. And
since It is a secondary offering,
it is being priced against an
existing share quote, whereas
GPA’s pricing was a much
more difficult exercise.
Other Issues In train, such as
MFI and Kenwood, are not
expected to be seriously dam¬
aged by GPA's decision. More
worrying for them is the gen¬
eral fall In the stock market
over recent weeks, which will
be reducing the prices vendors
can expect for the shares.
■ 5 *
1st
If
,-r»-
- Sxl:
Debt still accessible,
but more expensive
£:tV
By Simon London and
Richard Waters
THE FAILURE of GPA Group’s
share sale leaves the group fee¬
ing an increase in its cost of
borrowing - though financiers
said yesterday that it would
still have access to debt
The likely rise in borrowing
costs was signalled yesterday
as Standard & Poor's, the US
rating agency, placed GPA
under review for a possible
downgrade. Moody’s Investors
Service, the other big US
agency, is already reviewing
GPA for downgrading.
The group currently carries
a Baal credit rating from
Moody’s, one notch lower than
S&P and only two notches
above the "speculative" grades
shunned by most investors.
Mr Phillip Baggaley, credit
analyst with S&P in New York,
said: “Following a period of
rapid development GPA does
need an injection of equity.
Failure to complete the share
offering will weaken tbe bal¬
ance sheet going forward,
although there is no sign of
any cash or liquidity problem."
GPA has relied until now on
three main sources of debt
finance: banks, bonds and
securitisation (under which it
has sold bonds with the back¬
ing of aircraft leases as secu¬
rity). It has also succeeded in
selling shares in a number of
private placements. One
banker said: "They have tried
all the avenues: no one particu¬
lar form of finance has been
enough for them. This will
make it a bit mare difficult"
GPA's main banking facility
is a S3.075hn syndicated credit
line negotiated with a group of
73 banks in 1987. Other lines
include a $325m interim facility
signed in September last year,
foiling due for repayment In
December 1993 and March 1994.
Although these committed
bank lines are secure, banks
are unlikely to extend addi¬
tional credit
GPA made its first public
bond offering at tbe end of lest
year, a $500m seven-year issue
in the US market, and has
placed bonds and preference
shares privately with institu¬
tions several times. While US
institutional investors may
have been unwilling to commit
equity capital to GPA tt’jhas
raised substantial debt finance
In the US. Yesterday however,
trading in its bonds had dried
up in New York. Dealers at US
investment banks were unwiH-
ing to quote a price on the
debt
The'US market has also been
a source of short-term liquidity
for GPA vi a its $250m commer¬
cial paper programme, set up
in March 1990. The prospectus
said GPA had on average $84m
commercial paper outstanding
at any time.. S&P said yester¬
day its short-term commercial
paper rating for GPA would
not be reviewed. .*-'■■■
Securitisation remains one of
the group's best chairces of
raising further debt-rathe near
future. Last wedc^GPA'made
the first issue cCsecuritlsed
aircraft leases.
Under the issue^M aircraft
leases were place&hi k special
purpose company which then
issued bonds. The .rash Sow
from the leases is used to pay
bondholders. . : “ V-.
Similar techniques are well
established in other areas, of
the financial marketsTnredft
card debt and mortgages-arc -
often securitised in the US. 7
The special purpose com¬
pany which owns the aircraft
leases and issued the bands is
“ring-fenced" and should be
i mmu n e from any finanrial dif¬
ficulties at GPA The price of
last week's bonds were barely
affected by yesterday’s news:
Analysts said that the avail¬
ability of securitised finance
depended on the health of the
airline industry. If charter
companies leasing the aircraft
default, bondholders will only
continue to receive payments if
the aircraft can be repossessed
and either leased or sold. -
That means that securitised
bonds look a less 1 attractive
investment if airUnwt and char¬
ter operators are in .financial
difficulty, if income from air¬
craft leases foils, or if the resid¬
ual value of commercial air¬
craft is depressed. .~
EDT.
ta a act
Sr
E£***c*x»r
General Ryan loses the battle of the bulge
THE SHANNON headquarters of GPA
looks more Uke the branch office of a
small software company than the nerve
centra of a worldwide business.
Its main operations room, however,
resembles the war games room of a
military headquarters. Maps, charts and
data can be instantly called up from
blinking banks of computers on to three
movie screens. Information on every jet
manufactured in the western world -
maintenance history, owner, technical
data - can be shown in seconds.
Simultaneously, maps can be dis¬
played showing the locations of individ¬
ual aircraft types, beside charts of the
latest exchange the world's main finan¬
cial centres. Hie locations of GPA’s 100-
odd marketing agents In the Geld can
be superimposed, and game plans
drawn up.
Here the company's executives meet
every Monday morning to discuss strat¬
egy. Chairman Tony Ryan, who started
GPA with $50,000 in 1975, does not toler¬
ate excuses for missed meetings.
The grandson of a station master, and
son of a train driver, 58-year-old Ryan
started with Aer Lingua as a dispatcher
at Shannon airport when he was 19.
Quickly moving up through the ranks,
he discovered there was money in jet
aircraft Teasing when he leased two 747s
for Aer Lingua in the mid-1970s.
Guinness Peat, Che merchant banker,
and Aer Llngus, helped him set.up-
GPA, providing 90 per cent of the capi¬
tal The company initially earned com¬
missions by placing one airline's sur¬
plus aircraft with those short of jets.
Since 1987, he has built a star-studded
cast or non-executive directors, Includ¬
ing: Nigel Lawson, former UK Chancel¬
lor, Garret Fitzgerald, former Irish
prime minister. Sir John Harvey Jones,
chairman of The Economist, Peter Suth¬
erland, chairman of AIB Group and for¬
mer EC Commissioner, and Shinroku
Morohashi, president of Mitsubishi.
Today, "the business of GPA is turn¬
ing airplanes into attractive financial
assets and selling them to investors,"
says Mr Ken. Holden. GPA’s chief strate¬
gist Its 30 0 employees - about a third
of whom are abroad at any one time
doing just that - produced a profit of
US$279m in the last financial year,
almost trebled in five years.
GPA’s rapid growth put it on the
verge of becoming Ireland's biggest
company. Had it been floated, GPA
would have accounted for M per cent of
the Dublin stock market capitalisation.
Mr Ryan's implacable drive and his
creation of a major international busi¬
ness from such humble beginnings, has
won him admirers, but also detractors.
One Dublin banker said yesterday: "He
has been very arrogant with the institu¬
tions, and there are probably more than
a few people laughing up their sleeves
at the moment"
As Mr Maurice Foley, GPA’s chief
executive said recently, leasing “is a
very cold, unsentimental business, even
in Ireland".
GPA's high-tech headquarters in Shannon: nerve centre'
s*.... ■.
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STET share offer
INTERNATIONAL COMPANIES AND FINANCE
investor demand
By HNg Simonlan In Milan
DEMAND.- forshares and
'®a«ants hi STET. the naife*
state-owned company which
amtads' the country's telecom¬
munications activities, has
a lmos t doubled "the "quantity of
paper on offer.
The news, which follows the
deal’s ^dosare of sched¬
ule on Tuesday evening, will
raise L707bn($592.im) for ERI,
the caslhstrapped state holding
company which controls STET.
After all warrants are exer¬
cised, RTs stake in STET will
fall-to around 53:per cent of Its
ordinary shares and just 1 per
cent of its holding stock, mi
currently has about 69 per cent
of STET'a ordinary shares anfl
30: per rant. of. the savings
stock, if an outstanding war¬
rants are exercised.
The se condary sale of equity
in STET was launched on Mon¬
day. The offer was constructed
in the form of “packets'*, priced
at L2.020.000 apiece. Each
pack et com prised 1,000 ordi¬
nary STET shares along with
50 warrants convertible into a
further 500 ordinary shares
and 100 warrants convertible
into looo savings shares.
Around 6,700 offers, for a
total of 680,000 of the “packets”
of shares and warrants being
placed, were received, against
the 850,000 packets on offer,
according to the lead-manager,
Mediobanca. Sane 53 per emit
of the offers had come from
Italian investors and the
remainder from abroad.
Around 3,600 shareholders put
in bids for over 215,000 packets,
and wflj receive 275,00% Medio-
banca said.
Sparbanken in SKr750m
loss for first four months
-SPARBANKEN, the Swedish
savings bank, has postal a
SKr750to ($l32.7m) operating
Iras forthe first four months of
the year after loan losses total¬
ling SKr3.073bn, writes Robert
Taylor id Sto ckholm.
- The bank said yesterday that
the deficit .was in line with
estimates made at the' of
the Swedish government’s
SKx7.3bn bail-out of Forsta
Sparbanken in April
The Swedish savings hank
industry Is going through dras¬
tic change. By the onfl of the
year, Sparbanken will merge
with 10 regional savings hanks,
the Stockholm-based Ffirsta
Sparbanken and Swedebank.
The aim is to streamline the
industry by creating the larg¬
est savings bank in the coun¬
try with SKr540bn in assets.
By 1994, Sparbanken intends
to cut costs by SKrSbn from a
level of SKr9.5bn at thus begin¬
ning of the year in an effort to
achieve a 15 per cent profitabil¬
ity ratio.
Seven sugar
groups face
Brussels
fine threat
By David Buchan (n Brussels
THE EUROPEAN Commission
is threatening to fine seven
sugar companies In the UK,
Ireland, France «™i Denmark
on suspicion that they have
been illegally protecting their
home markets from competi¬
tion, and so forcing prices up.
The Brussels competition
directorate has sent five sugar
producers - among them,
British Sugar, Tate and Lisle,
and Irish Sngar - and two
sugar t rading co mp anies a for¬
mal “statement of objections”,
alleg in g infringements of the
anti-cartel Article 85 of the
Treaty of Rome.
The companies have the
chance to present their case in
a formal hearing in Brussels,
before the Commission takes
any final action. The latter
could be some months off.
The action, which came to
light yesterday hi a statement
by Greencore, owner of Irish
Sugar, to the Dublin Stock
Exchange, follows a seven-
month investigation from Sep¬
tember 1990 to March 1991.
The flmnM fmri im that
from mid-1986 until the start
of its Investigation, the compa¬
nies concerned took a variety
of actions which Insulated
their national markets, partic¬
ularly tiie UK, from any effec¬
tive competition from abroad.
Article 85 bars companies
from pursuing practices which
generally “have as their object
or effect the prevention,
restriction or distortion of
c omp e titi on" within the EC.
Stainless steelmakers set to forge alliances
Andrew Baxter reports on the renewed interest in partnerships between European producers
A NEW phase of restruct- try. This suggests that alii- Wftn , n staimifaw long-term investments needed • Intensive process-plant indus-
SPjLSFlVf in mtb fran* W °™El iMMJmir J° “P** ^ S rowth ’ *** such as chemicals. One
the world stainless atlantic deals. IwWlornT keen im nrfth phnmrint? nmriue- analvst ciimraotnit Aii mitrht
PrcOucUoB gont u mo t ion
A NEW phase of restruct¬
uring is under way in
the world stainless
steel industry. The spotlight
has shifted away from foreign
takeovers in the US and has
refocused on the forging of alli¬
ances in Europe-
Lost month’s announcement
that British Steel and A vesta,
the Swedish stainless steel pro¬
ducer, were discussing poten¬
tial collaboration raises the
prospect of a new force in the
stainless industry to challenge
France’s Usinor-Sacilor, which
is the world's biggest producer.
Industry observers, and
rivals of tiie UK and Swedish
companies, are convinced that
a deal will soon be announced
to unite what one analyst rails
“two second-division players”.
This will not be the end of the
restructuring, they say, in an
Industry which remains
plagued by overcapacity - in
spite of better growth pros¬
pects than in the recession-
tom carbon steel industry.
The restructuring in stain¬
less began in the US before the
current recession. In the late
1980s, the US producers’ rela¬
tive inefficiency, poor invest¬
ment record and structural
undercapacity in some product
sectors turned them into
attractive acquisition prospects
for efficient outsiders. Ugine,
the Usinor subsidiary, led the
influx of foreign buyers and
joint venturers.
The characteristics of the
stainless industry make it par¬
ticularly suited to a global
approach, according to Bed-
dows, the strategy consultancy
specialising in the steel indus¬
try. This suggests that alli¬
ances will not end with trans¬
atlantic deals:
• All manufacturers share
common internationally
denominated raw material
costs and want to increase
their purchasing power;
• Grade specifications are
becoming increasingly homoge¬
neous worldwide, making it
easier to centralise research
and engineering functions and
then apply the results to manu¬
facturing fac i li ti e s worldwide;
• Globalisation makes the
slow and expensive process of
finding new applications for
stainless faster and cheaper by
spreading the costs and the
benefits worldwide.
All these trends are now
making their mark on Euro¬
pean producers, which at the
same time have yet to tackle
the problems of overcapacity
In manufacturing. In gfeinipon
flat products, says Mr Philippe
Choppin de Janvry, chairman
ami chief executive of Ugine,
there is overcapacity of 20 per
cent to 25 per cent, and much
more in the smaller long-prod¬
ucts sector.
Some overcapacity is neces¬
sary if producers are to
respond to demand increases,
but the industry suffers from a
chronic problem common to
the European steel sector gen¬
erally: “When things are going
well nobody wants to restruc¬
ture, but in bad times, no one
is willing to take the pain,"
says Mr Rod Beddows, founder
of the Beddows consultancy.
Short-term factors are
encouraging partnerships, too.
As the world stainless Industry
* Thousand uiaoft. Imm fisMas «utMH
Europa mat tonoor So*M Union.
t Ftrimrn * bf Bmtoomt.
Sew**: MtarM MMtov Sm tatota. hr
begins to emerge from reces¬
sion, European producers want
to position themselves to take
advantage of the upturn. After
a very poor second half of last
year, the European market for
flat stainless products is slowly
improving and the US market
is definitely picking up, says
Mr Choppin de Janvry.
For the medium-sized Euro¬
pean producers, tiie recovery
prospects, however faltering,
are a spur to salvage some of
the financial strength which
they lost through the past two
years of bleating balance
sheets.
G rowth forecasts of 3 to
5 per cent for the
stainless steel industry
may look unexciting, but dwarf
the puny 05 per cent growth
predicted for the European car¬
bon steel market.
Hence the needs for partner^
ships to produce benefits of
scale that will finance the
long-term investments needed
to exploit this growth, and
keep up with gb an j-ft i g produc¬
tion technology trends.
There is a further reason for
the renewed Interest in part¬
nerships and joint ventures
which the industry prefers to
downplay.
In the summer of 1990, seven
large European stainless pro¬
ducers shared a token
Ecu425,ooo (1327,000) fine levied
by the European Commission
for operating a price and pro¬
duction cartel
British Steel was one of the
seven, and Aveste was in the
cartel but not fined because it
is based in Sweden, outside the
EC. The ending of the cartel
known as the Sendzlmir Club
after a stainless production
process, has Increased competi¬
tion in the European market
British Steel and A vesta are
staying silent about what kind
of deal may emerge from their
talks, but are keenly aware of
all the short and long-term
pressures on them.
A merger or joint venture
between British Steel Stainless
and A vesta, which produces
only stainless steel, would
unite two similarly-sized, but
finan ci al ly weak manufactur¬
ers to create one of the world’s
largest producers with annual
output of around 700,000
tonnes, eclipsed only by Ugine,
which claims output of about
86(1000 tonnes.
Significantly, a link would
produce a dominant player in
the European stainless sheet
business, with a share of as
much as 40 per cent of a mar¬
ket supplying investment¬
intensive process-plant Indus¬
tries such as chemicals. One
analyst suggested this might
attract the attention of the
EC’s competition authorities.
For Avesta, a deal could
make a big difference to the
return on its new “Steckel”
mill for hot-rolling slab into
coil — the first stage in
production process for cold-
rolled sheet. Brftifeh Steel does'
not have a dedicated sfaUntes
hot mill and is unlikely to buy
one with its current clamp-
down on capital spending.
For British Steel the main
benefit of a deal would be
access to A vesta’s extensive
overseas distribution network.
Both companies, says Mr Bed¬
dows, will gain more critical
mass in the US.
T he question remains
whether any deal will
lead to any significant
reduction in European stain¬
less production capacity.
Observers do not foresee
wholesale jobs cuts, either at
Avesta or at British Steel,
where more than 2£00 are
employed in stainless, but
some rationalisation looks
likely. “If I were the boss, I
would be rationalising,* says
Mr Choppin de Janvry. “I
know their management, it’s
very capable, and it will do the
same.”
If a link-up between the two
companies prompts further
restructuring in the industry,
it could be the first step to a
healthier sector. But closures,
particularly In long products,
may still be unavoidable to
achieve that
Brent Walker hit by property losses
Enso-Gutzeit FM76m in the I UK TV stations =,.•*«* im, ■» l™*».
red in spite of sales gain ™ vefl *”* plan
Mr ” vmnrctmn? Taiavicini, ■>«
ENSO-Gutzeit, the Finnish
pulp and paper group, has
returned a FM76m loss (after
financial items) for the first
four months of the year, com¬
pared with a FMl82m (S42.4m)
loss for.the same period of,
1991. writes Robert Taylor In
Stockholm. ...
Net sales went up by 9.3 per
cent to FMK36ba,-Ihe com* -
pany said internal rationalisa¬
tion measures would ensure a
continuing revival towards
profitability, but operations
would stffl be showing a.loss
by the end of the year.
Mr Jukka ffltrmsia mnii com¬
petition had kept prices down,
particularly for fine papers and
publication papers, while the
paperboard marke t was stable
and demand fin- Scandinavian
sawn timber increased.
YORKSHIRE Television and
Tyne Tees Television, two
northern England companies
that won independent televi¬
sion franchises last year, yes¬
terday announced terms of a
merger, write Richard Gourlay
and David Owen.
A wwnmnwHlwl offer from
Yorkshire values the Tyne
Tees share capital at £80i4m
<$56J4m).
Lex, Page 16
BRENT WALKER, the leisure
and property group which com¬
pleted a £L65bn (JS.OSbn) refi¬
nancing in March, made a
retained loss of£41L4m in 199L
The loss compares with (me
of £367.7m in 1990. It was
mainly caused by a sharp rise
In interest costs, from £116whn
to 2235.8m, and exceptional
costs of 220L8m compared with
£U63m a year earlier.
Provisions fin: falls in prop¬
erty values accounted for
£142£m a gainst £97.7m of the
exceptionals. Fees and costs
involved in the refinancing
were 239.8m, up from £14m.
There were reorganisation
costs of £l9Jm against 21.5m.
Lord Kinders] ey. chairman of
the UK group, said: “1991 was,
by any standard, a most trying
year for the group."
As well as the financial
restructuring and the losses,
Mr George Walker, former
chairman and chief executive,
is claiming compensation for
loss of office. The Serious
Fraud Office has launched an
investigation into the compa¬
ny’s affairs. Lord Kindersley
said Mr Walker had “gone
quiet” and he could not com¬
ment on the SFO investigation.
There was a loss per share of
76S.09P, compared with 299.77p,
and no dividend on the ordi¬
nary or preference shares will
be paid.
The group published a pro¬
forma post-restructuring bal¬
ance sheet, prepared on a
going-concern basis, which
showed negative net worth of
£CT.lm.
Details, Page 28; People,
Page 12
Unichips acquires Spanish
crisps group from Borden
By Haig Slmontan
UNICHIPS, the privately-
owned Italian company which
is the country’s biggest maker
of potato crisps, is expanding
further in Europe with the pur¬
chase of Crecspan, Spain’s sec¬
ond-biggest crisps group.
The vendor is Borden, the US
multinational which bought
Barcelona-based Crecspan in
1984. No price for the deal in
Which. Rothschild Italia advised
the purchaser, was revealed.
Unichips, controlled by Mr
Alberto Vrtaloni, the son of the
founder, is best known in Italy
for its San Carlo brand, which
has around 50 per cent of the
domestic potato crisps market.
The company started operating
in Spain In 1989, and the fol¬
lowing year bought control of
Flodor in France, where it is
also the market leader.
With Its latest acquisition,
made for cash, Unichips will
have sales of around L750bn
(Jfi28Jm) this year.
Tfcto wtnuln n w l h 1—4to Bonp Umm w*h to» w yto—iw of Tto h - n to rtn —1 Stock
nMln Tl n WihMh w nipiMlr rf Ti ‘ fT— »■ •*■"•* «* TTr
AppUnttw to* tmm mmto to li« Stock Butoiat* tar ill of tiki 'A' Shut md d»
OumuHIhlimW—HAWS CKOUP. PUMJT.I JMTTED COMPANY ewriy Miniate
WadSMhW khtoftk MHh *!■ >Ukdu *■ OOcU Hat in DiMk fcUadoOi Ho
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i rtmlitorf toa»OfflcMLteoaa«Jg».M»2 i h i lfag Wi rimnr .iMJia^Maa.
. JAWS GROUP,
. PUBLIC LIMITED COMPANY
, *gf*aa* HmdmUmQ
INTRODUCTION
' J ’ l b
THE OFFICIAL UST
Amngedby __
DAVY CORPORATE FINANCE LIMITED
Ukoagh
JAB DAVY ■ _
n. r -rf -SHARK CAPITAL. Uamiim * M X M—tmqf
■ AArW ■ Slmr m _ - AH' ^ - Sk*m
moijmfioo mfioofioo x’MbvWMr*^ JJE1E2S
mcnsoojJoo nnfimpco rr ~ j V j— motm/m tajooooo
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** ta pdd m«b V OeBzmySma mIm iMWihta —■ {wAMbpidaMK
dmmmm Am tat fl» W OnBniiT«i«*. A**fc»d«My W ^M
<»tinV" iIIttS tan*.'A’OnSMnr Sbmm nodtta O&mjirnkp^famm m
arta m ii w .
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1 l r ,_w B fc ^—1 maukm m* »» md tm urtm m tl i hi
ckoano. .1 p-.Tla UW5 OwotMa bean pm* bflvf.ua.
hkW aUfptbni of te Ceopanj, tam tfw ap of fl ip Cccyn y 0» IAWS
I at ito Ctaaganf, i
| hi awCWtM WdM a — I f w^iW . ta.BM Fn .i M
LW3 WS FM Sm«.LwIwSCZA 4PB ten ISM In oo 19 Jam, T992. ot tba Lfafa,
Patioin 4mi U Jm. 1SW aam 1m tw oh»i»4 Wdwa bat m mg mmkif
m) inUk koftfaf* ooftaO for .pedod of 14 fionOa to allAh nadn
SnSra «Sp. POBUCLDanDCOMPANY■ IJbyQy H—■ ■ ^
^■mUair t»i abe, W wH wak a fly, ftnmilw Cn i qmt y A yu wmiw ^OmciR*
Sm.IN tUbi2nldTba Stock E K e hm ^ Tom. Londba BOS IBPfcr Oo l»
babM dm Mbnrb« Om dm aTtK. aMiw.
nsuc UMITSD COMPANY
isiumoSM
DfHhl
r*:(BU7i7ua
Data Bomo, 4» Dm StrM^
DnUtaX
STATE BANK OF SOUTH AUSTRALIA
A $75,000,000
FT HATING RATE NOTES DUE 1994
Holdas of the nows rftiieaJbove issue are bradiy
the following will apply.
INTEREST RATE: 5.97 PER CENT PER ANNUM
INTEREST PERIOD; 18 JUNE- 18 SEPT EMBER 1992
INTEREST AMOUNT DUE: 18 SEPTEMBER 1992
PER AS10.000NOTE: AS 150.48
PER AS5,000NOTE- AS75.24 ■ --
BANK OF TOKYO AUSTRALIA LIMITED
AGENTBANK
BooWvwdHwH. Luxrnnbouro.
BANK ra TOIO0 UNITED, 4-8 Rut
SahtoAorw. PM 7500. HanoB.
BANK OF TOKYO UWTH3,
bnmsnnannMrane43,4000
D uMfl hlortl.Qamwnn
BANK OF TOKYO UMTED./mium
dai Arts 4740, WMOBnusota.
Bal^um.
BANK OF TOKYO UUITED,
SuOMriand Hoosa, SChartar Road.
Hong Kong.
BAMC OP TOKYO TRUST
CX3MHWY, 100 Broadwaac Naw Ybrit
Ot* NY 10006.
tfdaSbad, traMcWanaybi
Bhan to HI Samual Bank Umkad to
giva dtoeradonary praqr to a pscaon
daatgmdad by Hn Compaiy
YtoUngRIflMB may only ba ■
i w ardt a dtnreapactoip o poeKc y
R a oal pti i reptasanllnp Otanagy
aftna on tha RogbtBr as at 3ist
March 1802.
Coptaa to BnoMi of *a lull tmt ul
SEOUL TRUST
Intenralionai Depositary Receipts
evidencing Benefidal Certflcates
representing 1.000 (Jnils (and 100 unite)
Notice Is hsrsby given to the UrtthoWare that OAEHAN INVESTMENT
TRUST declared a <Snrfcuk>n of Won 444,000 per DR of 1-000 Units {Won
44400 par OH of 100 Units) payable on orator JiJy 6,1962 in tha Ropubfic
of Korea as wel as tha poswOltr. undl August20.1882 of reirwealng in naw
DRa of 100 Unte el or part of tha dtaftlbuton to which Hotdara are enlNsd.
Paynwai of coupon no 7 of the htamadonai Depositary Recasts wfll ba
made ontor after Ji4y 6.1092 in US Doflare at one of the following offices of
Morgan Quaanty Treat Company of Naw York:
- Breneis. 35. nentw daa Arts
-New York, 30. West Broadway
-London, t, Angel Court
- Frenkfurt, 44-aa. Mtinzer Landstraaw
- Zurich, 38, SMfearatnuae
Tha amount ol dollars ahaA ba the net proceeds of tha sale of tha Won
amount to tha Korean amchange bank h the Republic of Korea at the curam
aafeng raw on the dqr of remittance by the manager, and wl be dhgributad n
the Unitholdere In proportion to their respective amide men Cs and after
deduction ot Ml axes and charges of tha Depositary.
Holders residing hi e country having a double taxation treaty with the
RapuMc of Korea may obtain payment o( their coupons at a lower rata ot the
Korean non-restdent wtthtobfng tax, on condition they furnish to either the
Depositary or trough one of the designated sub-paying agents a certificate
ahawkig their raaMenoa togatoer wMi a copy of tha oartflceea of Incorporation
or a copy of tha passport lor JndMduata. Those documents are requested by
the Korean National Tax AdmHsradon Office am evidence of residence and
wtahout them Vta M rata of 211,875 pa Korean nonresident wifrhoking tax
ariH be retained.
For raeidamB of the United Kingdom, toe vun Intends to apply for dstribudng
Matos tor each ilnanciaJ year. UJC. beneficiaries wffl in moat drcutmuancee ba
Babta max on iha dtedbution whether reinvested or not.
V any holder atad tail to request tha dbtfrbudon by Via and of October 1932
the unrequested amount of db&bulion wffi be sent to the Dspodlary in cash
altar deduction of 2fij87S pa tax not lator titan the end ot Nowntoer 1992.
For 5 years, the Depositary wilt Keep the amount for delayed distribution
requests. The uncWmad money ahal return to die trust attfie and of 5 years
tom tiie and of sudi accounting period.
M reinvestment requests to a whole multiple of 100 Units ate to ba sent no
tater than August, 20 1992 together with the above mentioned required
documents, to one of the Mtastog add ress ee:
- if toe IDRs are heto to Eurodew :n Eurodear Operations Center.
Equities Deportment. 4 me de la Rdgance. 1000 Brussels (telephone
number 32 2 5191447: telex number B1Q25)
- It the IDRs are held outside Eurodear: to Morgan Guaranty Trust
Company ol New Yu*. Securities Department, 35 Avenue des Arts.
1040 Brussels ( t el ep hon o number 32 2 508 8215; telex 217S2)
The Issue price for mtovesttnant wfl be toe net asset value per unit on August
25.1BB2.
to cases where reinvested distributions are not muMples of 100 Units, the
Unit holder can request a partial nrinvessmrtt and a partial cash dstrfeution.
Tha reinvestment ahafl be made on August 23, 1992 and the issue and
nnsfer of IDRs to tiie persons entitled to reinvestment on September 30,
19B2-
Lkxgan Guaranty Trust Company ol New Yorit
Brussels Oflba.
This announcement appears as a matter of record only.
Espace Beaulieu S.A.
Non-Recourse Senior and
Mezzanine Debt Facilities of
BEF4,760,000,000
Adviser and Arranger
Citibank, N.A.
Senior Debt Facility provided by
Senior Lead Manager and Facility Agent
ASLK-CGER Bank
Lead Manager
DePfa-Bank Group
_ Managers
Bayerische Landesbank International S.A.
Credit Communal de Belgique-Gemeentekrediet van Belgie
Credit Lyonnais Belgium SA.
fppaBankSA.
_ Mezzanine Debt Facility provided by
Citibank. NA. • ASLK-CGER Bank
To assist in the acquisition of the property. Espace Beaulieu. Brussels, from Codic SA.,
tor the sum of BEF5,600.000.000
June 1992
CTTIBANKO
Appointments
Advertising
• Appears every
Wednesday, & Thursday
-Iriday •
* Oh the 1 international „
: .addition only)
Tb tbc Holder* of
International Bank for
Reconstruction and
Development
Undated US. Dollar Floating Rale Notes
of1985
In accordance with the provisiomof
tbo Notes, notice Is hereby given that
the above Notes will bear interest for
the period from June 15,1992 to and
including September 14,1992at a rate
per Sun*4^45121962% payable
■on September 15,1992 in the amount
ofSlw-49 in respect of each $10,000
prtncfpnJ amoant oTNotes and S2J12.16
.£ respect of each $250,000 principal
amount of Notes.
MORGAN GUARANTY TRUST raenWVY
nr lnaLAhenf Agnv
Dated: June 19,-1992
Badcaf^togqpen(Aiatintia)Iinolbd
A$2^0flQ,0M
Term SubcnteatedFloettnt Rate
Nates Doe 2M9
In acconknoo tritii tba praidw of dm
Note, aod» ii bneby gjveq tire for dm
ii. wntrfl to ( m pedfid fcam lp JbBB
1992 u 21 De on a ba r 1992, lbs Nats
wiB espy u bxerert Rata of 54371%
pffmmL UtelntaEftpaytiUemiha
ralsvaat interest psymaat date 21
Daoemte 1992 wffl be A$3j0*.16per
ASlOaOOONoie.
Apt
OCBCBANK
SKANDINAyiSKA ENSKELDA BANKJEN
USS330^00^00
SllBORMNATED FLOATING RATE NOTES DUE 2000
Notice is hereby given that, is accordance with the
provisions of the above mentioned Floating Rate Notes, the
rate of interest far the six months period from June 17,1992
to December 17,1992 has been fixed at4.375% per annum.
The interest payable on December 17,1992 will be
US$111.20 in respect of each Note of US$5#)0.
AGENT BANK
WEST RAND CONSOLIDATED
MINES LIMITED
JlnoofpontMdin
tiwRspalriootSMfli AMea)
Company Ra gto mtioii Ito: 01/0187*06
SECOND CAUTIONARY
ANNOUNCEMENT
Shareholders are advisod that
rtegotiabena which could affect the
share price are a® to progress and.
until a further announcement la
made, sharehoktera are advised to
exsrct&a caution in dealing In thair
Joharmrtburg
iSJunai9S2
K^an IntematkMial Bank Pic
US$ 45^)00,000
Subordmated Floating Rate Notes chie 1996
In a ccordance with the provisions of the Notes, notice is hereby
given that for the interest penod from June 18,1992 to Decem¬
ber 18.1 992. the Notes will carry an interest rate
of 4^8% per annum and the
coupon amount per USS 10,000 A gte\ _ Ba*
wffl be US$219.22. IrJjR Kre di etbank
|liSXrf Lwmmboiwg
FINANCIAL TIMES FRIDAY JUNE 19 1992^
INTERNATIONAL COMPANIES AND FINANCE
O&Y unveils revised plan
for restructuring of debt
By Bernard Simon In Toronto
OLYMPIA & York yesterday
outlined a new debt-restructur¬
ing proposal which would
include extending repayments
on most of its debt for five
years. It would also mean dis¬
posing of some of its Cana dian
properties and other invest¬
ments.
The company reaffirmed an
earlier plan to convert some of
its C$13,5bn (USSlLftn) debt
into equity. However, it contin¬
ues to insist that control
remain with its existing own¬
ers, Toronto’s Reichmann
family. *
The new proposals, which
are still being discussed with
key creditors, were contained
in a progress report to the
Ontario court of justice.
Separately, a group of Cana¬
dian banks applied to the court
to terminate interest rate
swaps with O&Y. The banks
argued that the value of the
swaps, which are considered
an asset, is declining as inter¬
est rates £a£L
O&Y, however, maintains
that it requires the instru¬
ments to protect It against
adverse interest rate move¬
ments.
Telephone union
to enlarge 2.9%
stake in Telmex
By Damian Fraser
in Mexico City
THE HEAD of Mexico’s union
of telephone workers has
denied reports his group
planned to sell its stake in Tel¬
mex, the Mexican telephone
utility. Mr Francisco Hernan¬
dez Juarez said yesterday the
union would instead enlarge
its 23 per cent holding.
“In the next two months we
will be seeking to buy an addi¬
tional 2 per cent of the com¬
pany, and are looking for cred¬
its to make the purchase,” he
said.
Telmex shares have fallen
sharply over the past week on
the rumours.
• Banacci, which owns
Mexico's largest bank, appears
ready to make a planned new
equity offering.
In its submission, O&Y reit¬
erated the importance of
remaining a going concern. It
warned that Immediate liquida¬
tion would result in "signifi¬
cant losses to virtually all
groups of creditors'*. It also
said common management of
its properties “serves to
increase asset values in the
The latest restructuring pro¬
posals call for loans to be cat¬
egorised as either convertible
debt or nan-convertible debt
At the end of the five-year
standstill period, convertible
debt-holders would have the
option of exchanging their
claims into common shares.
The company also promised
to draw up annual 12 -month
and 24-month business plans to
be approved by an operating
committee representing the
creditors.
It proposed liquidating mar¬
ketable securities on an
orderly basis, except for cer¬
tain core holdings. Including
its stakes in Gulf Canada
Resources, newsprint-maker
Abitlbi-Price, and property
developer Trizec.
Meanwhile, O&Y's informa¬
tion officer filed his first
monthly report on the ailing
developer’s financial condition
yesterday, and promised
m onthly briefings to the com¬
pany’s far-flung creditors.
The report, compiled by Mr
Bernard Wilson, a partner at
Price Waterhouse, will be
m«dp available only to O&Y’s
creditors and other outsiders
this morning.
The reports stem from credi¬
tors’ efforts to obtain more
detailed information since
O&Y filed for bankruptcy pro¬
tection for its Canadian assets
on May 14. O&Y handed con¬
trol of the Canary Wharf proj¬
ect In London’s Docklands bo
administrators two weeks
later, but Its US buildings
remain outside the court
orders.
The court order covers about
two-thirds of . O&Y’s C$13-5bn
debt Creditors affected by the
Canadian order, including 91
banks and many holders of
publicly-traded securities, have
been divided into six commit¬
tees to facilitate negotiations
on the restructuring plan
which O&Y is now compiling.
Mr Wilson said a FW corpo¬
rate finance team was also
working with O&Y and the
creditors “in a pro-active man¬
ner” on the restructuring plan.
Foschini at R169m
pre-tax for 15 months
By Philip GawRh
in Johannesburg
FOSCHINI, the South African
clothing, jewellery and accesso¬
ries retailer, yesterday
reported taxable profits of
Rl68.9m ($46.9m) for the 15
months to March on turnover
of R1.15bn.
This compares with pro-tax
profits of Rl4&9m on turnover
of R822m for the previous 12
months. Annualised figures for
the 15 months are not strictly
comparable because they
include two calendar first quar¬
ters, traditionally periods of
low profit
Net income for the 15
months came to R92.9m
against R73.4m for the 12
months. The figure includes a
first-time dividend and attrib¬
utable retained income from
Foschini's 35il per cent holding
in Oceana Investment Corpora¬
tion of South Africa. Oceana
holds 34.4 per cent of Etam, the
UK fashion retailer which it
fauna to take over last August
Earnings per share were
216.2 cents for the 15 months,
compared with 18L2 cents for
the previous year. A scrip divi¬
dend of one new share for
every 83 held has been
declared.
Mr Stanley Lewis, chairman,
said
profits, which compare favour¬
ably with Its main competitors,
reflected Foschini’s strategy of
catering to the broad middle
market where disposable
Income was Increasing.
The current year had started
satisfactorily and he was confi¬
dent progress would be main¬
tained
National
Semi has
strong final
quarter
By Meftfn Dickson
In New York
NATIONAL Semiconductor,
the Silicon valley chip manu¬
facturer which has been
restructuring itself; yesterday
reported sharply higher
fourth-quarter net earnings of
$S7.5iii, up foam $5.6m a year
ago.
Mr Gilbert Amelio, president
and. chief executive, said the
figures represented “the best
profit performance for semi¬
conductor operations in any
quarter in the past five years”.
Saks totalled $49L5m, com¬
pared with 1444.9m. and earn¬
ings per share worked through
at 22 cents, against 3 cents.
The quarter included 14
weeks rather than the normal
13. Mr Amello said that taking
this into account, sales and
earnings still increased In the
fourth quarter, both year to
year and compared with the
third quarter.
Gross margins achieved the
company's goal of 30 per cent,
due mainly to cost reductions
from the restructuring pro¬
gramme.
The results were also helped
by an $llm after-tax gain from
potent licensing foes.
The company said business
conditions during the quarter
showed strong seasonal
improvement, with worldwide
bootings up substantially over
the third quarter and over the
previous year’s fourth quarter.
Computer peripheral book¬
ings continued to improve and
automotive orders showed
strong gains over 199l's
unusually low levels.
National Semi said that it
expected economic trends to
improve uHgtitly hi the' Wimhig
fiscal year, “but not enough to
offset the normal seasonal pat¬
terns In bookings and ship¬
ments". It had entered the cur¬
rent quarter with an improved
backlog and had not yet seen
the normal summer seasonal
slowdown.
For the foil year, the com¬
pany reported a net loss of
$120.im, or $1.24 a share, on
sales of fl.TZbh This compared
with a loss of $15l.4m, or
$1.56, on sales of $I.7bn in
1991.
Ford, Chrysler ‘lowest cost’ makers
By Martin Dickson
FORD MOTOR and Chrysler of
the US - have become the
world's lowest-cost car manu¬
facturers, helped by the fact
that American vehicle parts
manufacturers have a 27 per
cent cost advantage over Japa¬
nese rivals, claims a US study
released yesterday.
The report, by the indepen¬
dent Washington-based Eco¬
nomic Policy Institute, could
prove controversial.
US analysts agree that Ford
and Chrysler have made great
advantages over the past few
years to narrow the production
coat gap with Japanese rivals,
but many believe the Japanese,
and Toyota in particular, still
have a significant edge.
The study, carried put with
the help of the highly-regarded
Office for the Study of Automo¬
tive Transport at the Univer¬
sity of Michigan, estimates
that the direct cost of produc¬
ing a small car is $5,415 at
Ford, $5,841 at Chrysler and
$8216 at Toyota.
However, the severe prob¬
lems facing General Motors,
the largest US manufacturer,
are underlined by'the finding
that it requires $7,205 to pro¬
duce a small car.
The report said one reason
for this was that GM relied on
outside parts suppliers - more
efficient than in-house subsid¬
iaries - for only 30 per cent of
its-supplies, compared with 50
per cent for Ford and 70 per
cent for Chrysler.
GM, which also lags the
other two companies in utilisa¬
tion of its factories, is in the
throes of a huge restructuring
which involves both plant clo¬
sures and a rationalisation of
its parte, supply network to
slash costs.
Other analysts said a weak¬
ness of this kind of study was
that it' made comparisons in
terms of currencies, which can
fluctuate widely over time.
The figures showing Ford
and Chrysler on top also
assume that all factories work
at full capacity, and they do
not include pension and
healthcare costs, and differ¬
ences in costs of capital
between the two countries.
The study estimates that US
plants ran last year at 62 per
cent of capacity, compared
with 95 per cent for Japan,
adding $800 to $1,500 to
Detroit’s costs per car. It also
faced a $600 disadvantage
because of the high US cost of
pension and healthcare bene¬
fits.
When these factors were
Ashland Oil warns of reverse
By Karen Zagor in New York
ASHLAND Oil. the
Kentucky-based diversified
energy company, yesterday
predicted a significant drop in
third-quarter earning s.
It added that it would sell
assets valued between $200m to
5250m to compensate for the
shortfall in net Income, given
its large capital spending
requirements for petroleum
refineries.
Ashland, which had net
income of $76m, or $1.19 a
share, in the 1991 third quar¬
ter, blamed declining refinery
marg ins anH the cost of meet¬
ing increased environmental
regulations for the disappoint¬
ing outlook.
Mr John Hall, oh aiTrnaw and
p-hief executive, said: “Without
a marked improvement in refi¬
nery margins over the balance
of our fiscal year, we will be
unable to achieve last year’s
results for either our fiscal
fourth quarter or the year.
u We believe it is prudent to
sell some assets In order to
maintain our financial flexibil¬
ity during this difficult period
in the industry,” he added.
“We have attempted to select
assets that are currently pro¬
viding us with a relatively low
rate of return.”
Ashland is considering sell¬
ing its SuperAmerica petrol
and convenience stores in Flo¬
rida and its Arizona highway
construction subsidiary. Some
smaller assets and parts of
ff fhur ly ing!piay aim be
put on the block. The proceeds
will be used to Cut debt.
Ashland has retained First
Boston to advise It on the dis¬
positions.
On Wall Street, shares in
Ashland eased $% to $27tt at
midday yesterday.
Woolworth steps up European drive
By Karan Zagor
WOOLWORTH, the large US
retell group, said yesterday it
would accelerate its plans to
expand in Europe by opening
at least 890 Foot Locker ath¬
letic footwear and apparel
stores in the next eight years.
The company, whose busi¬
nesses range from general mer¬
chandise stores to specialty
chains, has 110 Foot Locker
stores In seven European coun¬
tries, including Belgium.
England and Germany. It said
it expected to open about 60
new stores by the mid of this
year.
Woolworth had planned for
about 1,000 Foot Locker stores
in Europe in the next 10 to 15
years. The company has esti¬
mated that these could bring in
up to $ 2 ba in annual sales.
Speaking at a shareholders’
meeting in North Carolina Mr
Harold Sells, chairman and
chief executive, said conditions
in the athletic footwear market
in Europe were similar to the
North American market about
15 years ago. Between 1983 and
1990, Foot Locker sales quadru¬
pled to $l.5bn, although the
rate of growth has slowed
since then.
As the US athletic shoe mar¬
ket nears saturation, expan- j
sion into untapped markets
overseas has long seemed the I
logical next step. Mr Sells said
Foot Locker might also expand
Into the former eastern bloc
countries and the Pacific Rim.
Woolworth’s strength as a
specialty athletic shoe retailer
has been hi marked contrast to.
the recent performance of its
more general retailing
operations.
At the beginning of this year;
Woolworth said it would over¬
haul its operations by selling
or re-deploying 900 poorly-
performing stores and elimi¬
nating 10,000 jobs.
taken into account, Toyota
became the lowest-cost pro¬
ducer, with Ford slipping to
second place.
Mr Clyde Prestowta, presi¬
dent of the policy institute add
a critic of Japan’s trading prac¬
tices, argued that Detroit^ sur¬
vival was still threatened by
factors beyond its control ana
he called for action by Wash¬
ington to support the industry,
fqfiurffng easing its welfare
benefits burden.
The study will be regarded
as helpful ammunition by the
auto parts industry in its cam¬
paign to sell more to Japanese
assemblers.
The US industry has long
argued that it is more efficient
than Japanese rivals, but has
been kept out of assemblers
plants by the keireisu system
of inter-loclring Japanese cor¬
porate ownership.
Public offer
considered in
UPI rescue
MR LEON Charney, a former
adviser to the Carter adminis¬
tration who may launch a bid
for United Press International,
said he was considering a plan
to revive the ailing news ser¬
vice through public offerings
to subscribers and correspon¬
dents, AP-DJ reports. Under
the pi«n, UPI would become a
cooperative.
Mr Charney, who recently
provided $180,000 to keep UPI
operating until June 22, yester¬
day met in Amsterdam with a
representative of the National
Postal Lottery, which may
pump as much as $3 .5m into
UPI under a proposed rescue
plan. The foundation raises
money through lottery sales.
The Dutch foundation's
efforts are being led by Mr Bob
Goldner, a former UPI execu¬
tive, and Mr Julian Isherwood,
a UPI Journalist based in
Copenhagen.
It expects a restructured UPI
to expand coverage of environ¬
mental and Third World Issues.
Mr Charney said an invest¬
ment by the Dutch foundation,
if it materialised, would pro¬
vide funds to keep the news
wire running for an extended
period while detailed plans for
a public offering could be
worked out
This announcement appears as a mailer of record only.
PEFROLEOS MEXICANOS
(A Decentralised Public Agency of the United Mexican States)
FF 500,000,000
10 3 A% Notes due 1994
Issue Price 99.85 %
James Hardie industries Limited
A.CJL 000 009 263
James Hardie - Australia, New Zealand, USA - a leader in building products,
systems and services.
Ye ar to
31 March 1992
Year to
31 March 1991
Sales revenue
$A million
1.32&8
1,265.9
+4.6%
Earnings before interest and tax (EBIT)
$A million
■ 32A
109.0
-15.3%
Profit after tax and minorities
$A million
55.7
71.6
-22.2%
Abnormal items net of tax and minorities
$A million
(49-8)
-
Earnings per share (before abnormal)
cents
15.7
21.0
Dividends per share
cents
12.0
17.0
- EBIT for six months to 31 March 1992 up 28 per cent on previous six months.
- Abnormal write-offs reflect review of investment portfoRo and non-current assets, including Fibre Cement
USA.
- Sales steady in core businesses maintained with larger shares of shrinking markets.
- Balance sheet strengthened and gearing reduced to 26% from 46%.
• Continued investment in R & D and equipment and technology.
• Exports up 38 per cent to $77 milKon and increasing.
Fbr further Information contact: The Company Secretary,
James Hardie Industries Limited, 65 York Street, Sydney, NSW, 2000, Australia.
Phone (02)2905333 Fax: (02) 262 4394
BANQUE PARIBAS
BANCO CENTRAL HISPANO
BANCO ESPANOL DE CREDITO—BANESTO
BANCO SANTANDER DE NEGOCIOS
CREDIT COMMERCIAL DE FRANCE
CREDIT SUISSE FIRST BOSTON FRANCE
DEUTSCHE BANK FRANCE SNC
MERRILL LYNCH INTERNATIONAL LIMITED
J.P. MORGAN & CIE. S.A.
OBSA INTERNATIONAL, INC.
SOCIETE GENERALE
SWISS BANK CORPORATION
Financial Times
Annual Report Service
On 23 / 24 / 25 / 26 June, the Financial 1111165 will publish its Annual
Report Service.
Over the 4 days the annual reports of 80 leading companies will be promoted in
the feature. As a See service, FT readers will be invited to request copies.
Don't forget to order your daily copy of the Financial Times to take advan¬
tage of this service.
FINANCIAL TIMES
EUROPE'S BUSINESS NEWSPAPER
SAKURABANK
(LUXEMBOURG) S.A.
Now»aherebyp*eoihu,m /
accordance wiib Coodidao J ^ 2 } of
theTmnanJCondjtnnsrtbe-
abovc-capticncd Bonds trill be
redeemed at thorprindp*! wnotint.
on July 10,1992.
Frankfurt am June, 1992
By: ^ - SAKURABANK
financial times Friday june 19 1992
21
INTERNATIONAL COMPANIES AND CAPITAL MARKETS
Top Japanese brokers
expect return to profits
Bjr Robwt Thomson in Tokyo
JAPAN’S leading tour, brokers-
reported, generally lower prof¬
its.. from.. their overseas
operations. last year, adding to
the braises they suffered on
the-Takyo stock market
•. While Nomura Securities
. was the only one of the quartet
to report a_ consolidated after¬
tax profit last year, all four
brokers optimistically aspect a
return to- profits this year, in
spite of the continuing market
weakness. .
Dalwa . Securities, which
reported stronger overseas
. earnings, and Nlkko Securities
both managed to. report consol¬
idated pre-tax profits. Yara-
alcbi Securities reported both
before and after-tax losses for
the year to the end of March.
- Nomura, the largest Japa¬
nese broker, said the combined
pre-tax profit of its overseas
subsidiaries fell 69 J per cent to
T8.8bn ($69.29m), leaving a
group profit of Y46-2bn, down
81.2 per cent.
However, the company, as it
did for parent profits, predicted
a turn round for -the coming
year, forecasting a 41 per cent
increase in consolidated profit
to Y65bn.
In explaining its 58.4 per cent
increase in the earnings at
overseas subsidiaries, Daiwa
said .it had done well in US
Treasury bonds and in mort¬
gage-backed securities. Bat the
group was still dominated by
the parent's problems at home
and reported an 84 per cent
plunge in pre-tax profit to
TOtflm.
Nlkko reported a 20.5 per
cent foil in the earnings of its
overseas subsidiaries and an
89.3 per cent foil in group pre¬
tax profit to Y8.6bn, while
Yamaichi announced a 4.6 per
cent decline in overseas subsid¬
iaries' profit and a loss of
Y30^bn, compared with a pre¬
tax profit of Y71.6bn in the pre¬
vious year.
Each of the brokers hoped
for a revival of the Tokyo mar¬
ket to produce an upturn in
profits this year, but the con¬
tinuing weakness of the Nikkei
average and low turnover is
likely to have left them with
far worse than expected results
for the first quarter, ending
this month.
Electricorp static at NZ$407m
By Terry Hall In Wellington
ELECTRICORP,. the New
Zealand state-owned enterprise
embroiled in controversy over
a crisis in national electricity
supplies, yesterday announced
net profits of NZ$407m
(US$226. lm) for the year to
March .31 compared with
N2$404m a year earlier.
. U warned that profits' could
drop to $250m in the current
year as it is being forced to
maximise the use of expensive
coal and oil-powered thermal
stations due to near-drought
conditions in. the \ South
Island’s lakes used to supply 60
per cent of the country’s elec¬
tricity.
Critics say Electricorp foiled
to conserve lake levels in the
hope that rains Wild come, a
point the corporation disputes
strongly.
Electricorp yesterday signed
an agreement under which it
will pay Comalco, the Austra¬
lian aluminium producer,
NZSKhn to close one-third of
the capacity at its Bluff alu¬
minium smelter. The deal will
allow 170MW of power to be
diverted for use elsewhere in
New Zealand. Comalco and its
Sumitomo owners say the par¬
tial closure will cost it more
than NZ$20m.
There is widespread concern
in New Zealand at the effect of
■ the electricity shortage on
industry which is working
hard .to conserve power. How¬
ever, Mr Jim Bolger, prime
minister, has ruled out accept¬
ing an official's recommenda¬
tion that industry go on a four-
day working week.
Announcing the latest result
Mr John Ferny ho ugh, Electri¬
corp chairman, said the rate of
return on shareholders' funds
of 12 per cent was lower than
the VL2 per cent of 1990-91 and
was due to delaying power
increases and the higher than
anticipated fuel costs from
December to March due to low
hydro-storage levels.
He said extra costs faced by
Electricorp this year would be
at least $150m because of the
crisis. But he said forecasting
profits was difficult due to the
hydroelectricity problem.
Sydney exchange may join Globex
THE Sydney Futures Exchang e
is in advanced talks to link It
with the Globex after-hours -
electronic futures and options
exchange, Reuter reports.
Mr Gary Gin ter, managing,
director of Globex. said: It’s
down to. the final strokes of a .
draft [letter of intent]."
-However, .. the. . Sydney
exchange is unlikely to play an
active role In Globex trading
until around nud-1994, because-
the optic fibre line used for
transmissions is not due to be
laid across the Pacific until
then.
. Globex t a joint venture
between the Chicago Mercan¬
tile Exchange and the Chicago
Board of Trade, developed with
Reuters - is in advanced talks
with three. different sets of
potential member-exchanges,
including Sydney and four
exchanges in New . York, Mr
Ginter said. The four
exchanges are the New York
Futures Exchange, the Cotton
Exchange, the Coffee, Sugar
and Cocoa Exchange, and the
Commodity Exchange.
Fairly advanced talks are
taking place with an exchange
in Europe, which he declined
to name, 'hie Marche k Terme
International de France (Matif)
has signed as a member and
will go live in early 1993.
Nippon
Mining dips
into red as
sales fall
By Robert Thomson in Tokyo
NIPPON Mining, the Japanese
petroleum refiner and copper
company, reported a
consolidated pre-tax loss of
Y3.34bn ($26.29m) and
indicated that its acquisition
of Gould, a US computer and
copper company, had been an
unexpected burden.
The loss for the year to
end-March followed a profit of
Y14.9bn in the previous
period, while the after-tax loss
swelled to Yl6^bn, compared
with a profit of Ys.Sbn. Group
sales fell 12.7 per cent to
Yl,052L9bZL
Sales have been falling in
Japan, but the biggest problem
for the Japanese company has
been the Illinois-based Gould,
which it said had a Y24.Sbn
loss because of costs
associated with the
restructuring of the company.
Gould, purchased in 1988,
was intended to be the
centrepiece of Nippon Mining's
expansion of its overseas
operations and its
diversification into
electronics, but those plans
have been compromised by the
prolonged slump in the
computer and semiconductor
markets.
The company admitted that
its electronics-related business
has been weak and that
demand for Gould’s copper
products has also been less
than expected, though it is
confident that the liquidation
of unprofitable businesses will
produce profits this year.
While Nippon Mining’s sales
were likely to have continued
to fall, forecasts for the
current year are distorted by a
merger with Kyodo Oil,
scheduled for December 1.
Taking that merger into
account, the company is
forecasting a pre-tax profit iff
Yl6bn and total sales of
Yl,400bn.
• Mr Minoru Nagaoka. Tokyo
Stock Exchange chairman,
yesterday called on Japanese
companies to raise dividends
and lower the mini mum
trading units of their shares to
entice investors back to the
stock market; Reuter reports.
Japan enacts financial sector reforms
By EmHco Terazono in Tokyo
BARRIERS. between Japan's
banking and securities busi-.
ness are to be lowered follow¬
ing legislative reform yester¬
day allowing banks and
securities houses to enter each
other's businesses.
While banks will not be
allowed to enter broking -
partly because of strong oppo¬
sition from the securities
industry - the legislative
changes symbolise an end to
prolonged debate over finan¬
cial sector reforms.
They come at a tough time
for Japanese financial institu¬
tions, following sharp foils In
the stock and real estate mar¬
kets. '
While banks are considering
establishing securities subsid¬
iaries' specialising in under¬
writing as early as next year,
brokers, facing severe down¬
turn In profits, are unlikely to
have the financial strength to
enter the banking arena.
The reform bills also include
the establishment of a finan¬
cial markets watchdog next
month. It is to be headed by Mr
Toshihiro Mizuhara. superin¬
tendent public prosecutor of
the Nagoya High Public Prose¬
cutor's Office.
The House of Councillors
also passed revisions of the
Loan Business Law, which will
increase the Finance Ministry's
grip on non-bank financial
institutions.
Meanwhile, the Japanese
insurance Industry has
presented an advisory report to
the Finance Ministry pressing
for deregulation Deregulation
of life and non-life insurance
has lagged behind
liberalisation in broking and
securities.
Insurance companies also
want to enter banking and
broking, and are keen to
acquire a share of the lucrative
underwriting business.
The report also recommends
the easing of barriers between
life and non-life industries,
where both parties can sell
accident, illness and nursing
insurances.
Proposals for legislative
changes are expected to be
presented daring the ordinary
session of parliament in 1994.
Although the reforms could be
implemented as early as 1995,
industry officials are sceptical
of an early Implementation.
Taiwan loosens grip on China Steel
A $680m rights issue will leave 76% in state hands, writes Luisetta Mudie
T HE second part or the
partial privatisation of
Taiwan's biggest steel
group gets under way this
month when local investors
have the opportunity to apply
for a $680m issue of shares.
The issue by China Steel
reduces the Taiwan govern¬
ment's stake to 76 per cent It
completes a share disposal pro¬
gramme worth more than jabn
to the government
In May, 5 per cent of the
company was sold to foreign
investors in the form of Global
Depository Receipts (GDRs).
Other local companies are
eager to issue GDRs. President,
the privately-owned food
group, hopes to sell 3100m of
GDRs soon. Asia Cement and
Chlah Hsin Cement have also
submitted applications.
China Steel, Taiwan's only
integrated steel mill, was
founded in 197L It grew, with
US help, into a vast sprawling
plant worth $5bn and capable
of competing in the Japanese
market
Despite the worldwide drop
in steel prices, it managed to
maintain net margins at 17.4
per cent in 1991. China Steel
dominates the local market
with a 60 per cent share. It will
continue to concentrate on
domestic business as demand
continues to rise.
The government will retain a
controlling stake for at least
four years. Privatisation will
eventually free China Steel
from the onerous process of
obtaining parliamentary
approval for all big derisions,
and bringing hew flexibility to
financial, personnel and bud¬
get management
Last month, legislators pres¬
sured the government into for¬
bidding China Steel from
investing in Taiwan Aerospace,
saying the move was too far
from the corporation's core
business to be justified.
Taiwan Aerospace was to have
invested up to $2bn in McDon¬
nell Douglas, the US aircraft-
maker, but it is now doubtful
whether the deal will go ahead
in its original form.
C hina Steel is also
exploring a joint ven¬
ture with the Austra¬
lian steel company BHP to pro¬
duce coking coal and iron ore,
essential raw materials for
steel-making.
A planned joint venture to
build two new blast furnaces in
Malaysia has been shelved
indefinitely owing to a lack of
government incentives. How¬
ever, China Steel says it
remains open to negotiations
with the Lion Group, its pro¬
posed partner.
A fourth blast furnace is
planned for the Kaohsiung site,
and the company will be
expanding its rod and bar pro¬
duction capacity, as well as
extending its range of
value-added products, such as
stainless steeL Mainland China
might be also be considered as
a location for farther expan¬
sion.
China Steel is already
looking ahead to the next
share issue. "Maybe if this goes
well the government will push
out another 20 per cent From
there it would be a small step
to moving to a 49 per cent
minority government stake,"
the company said.
Bahrain SE to expand
BAHRAIN’S stock exchange
hopes to begin listing foreign
companies during' the second
half of 1992 as part of ground¬
breaking plans to boost share
trading on the Gulf bourse,
Reuter reports from Manama.
Mr Fawzi Behzad, head of
the stock exchange, said the
board was studying detailed
regulations for the move,
which was planned initially for
January.
“I think now we are ready,
and I hope before this year
ends we wiJJ, see it happen.”
He said "Officials were also
preparing a system which
would allow foreign and local
debt securities to be traded on
the Bahrain exchange, which
has 30 listed companies and
paid-up capital of about $2.4bn.
Mr Behzad hopes the move
will encourage Bahraini com¬
panies to begin issuing debt
instruments to raise capitaL
Rahraini officials were also
studying proposals - already
approved - for the creation of
mutual trust funds, which
would indirectly allow foreign¬
ers to trade in stock of local
companies, he said.
S Korean banking move
SOUTH KOREA Is to allow the
creation Of joint-venture mer¬
chant banks with foreign part¬
ners for the first time in 13
years, AF-DJ reports from
Seoul.
The Ministry of Finance said
up to three merchant banks
would be set up this year to
"accelerate the deregulation of
the flnanrial industry".
It said each of the new mer¬
chant banks would be capital¬
ised at $38.5m. Domestic finan¬
cial institutions, mostly banks
and insurance firms, must owq
more than 50 per cent of the
joint ventures, it said.
Foreign financial Institutions
win be able to make an equity
participation of between 10 and
just less than 50 per cent
The ministry said It would
give preference to applicants
wishing to help small and
medium-sized companies move
their plants to China, eastern
Europe and the former Soviet
Union.
According to reports, several
conglomerates, including Sam¬
sung and Lucky-Golds tar, have
sought to set up merchant
banks with foreign banks.
June 1992
This Announcement Appears as a Matter of Record Only
LBG CO.
a majority-owned affiliate of
Vallaroche Investissement
a wholly owned subsidiary of
sneema
. Was acquired rite stock of
SPECO CORPORATION
Springfield, Ohio
The undersigned acred as advisor to SNECMA
DGA International, Inc.
Washington, D.C.
Taiwan Power Company
(incorporated wtti limited Sabifity in Taiwan, Republic erf China}
US$100,000,000
Floating Rate Notes Due 1992
Holders of Floating Rate Notes of the above issue are
hereby notified that for tire next interest period from June
22 ,1992 to December 22,1992 the following information
feretevant
1. Applicable
interest rate; 5.25% per annum
2 . interest payable on next Interest
payment data; US$266.88
per US$10,000.00 nominal or
US$6,671.88
per US$250,000,000 nominal
3. Next interest
payment date:
Reference Agent
‘BA Asia Limited
December22,1992
Perot & the Markets - Boom or Crash?
?,-cd C!I about it m FuH&Money. pI-j: Tcr.-cc.to lot
inch-:, bonds
Fcrquri^ricn ;cr a :cmp : o uo
PRIVATISATION IN
EASTERN EUROPE
The FT proposes to pub¬
lish this survey on
July 3 1992.
The first ever FT survey
on this subject will be
published in the FT of
that day and will be
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Frankfurt, Roubaix, New
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FT SURVEYS
3
Banco Central de Venezuela
U.S. $281,677,500
Floating Rate Bonds due 2005
USD New Money Series B-NP
Banco Central de Venezuela
U.S. $282,265,000
Floating Rate Bonds due 2005
USD New Money Series B-P
m acoonbnnwtetopiwtalmaltiw Bonds. noUca a hereby {fw*i Out tor Ow Mere*
Period from June 18.1982 to Dewmtoer W. 1992 toe Bonds «■ cany an Merest Rate at
5% per annum. Uw Mansi payable on tea rate*** Meres peymert dote. December
18, WS2 be US. S25.42 per L/.S SI.OOO prUdpaJ wnounc
By: TtoChme Manhattan Bank, MA.
AgentBenk CHASE
June 19.1992 WW
The Republic of Venezuela
U.S. $395,931,500
Floating Rate Bonds due 2005
USD New Money Series A
In acconteuewNfi the pmvtatansof the Banda, notice Ea heteay B*w trial far toe Merest
Pariod tram June 18,1B92 to DewmberlB, 1992 be Bonds id cany an Merest Rat* oJ
per unman. The Merest payable on the retewnt Wared payment date. Decanter
18 , 1992 uN bo U-S. S28 jQ 5 per U.S. 81,000 principal amount.
By. The Chne Manhattan Bank, NJL
Agent Benk
CHASE
Jm 19.1992
The Republic of Venezuela
U.S. $5,153,860,000
Floating Rate Bonds due 2007
USD Debt Conversion Series DL
inaccordance win thapiMWcraoftoe Bonds, noticeis hereby given tank*the (mental
Period tram June 18, MB to December IB, 1992toe Bonds wM carry an Interest Rata of
5% par annum. The interest payable on tha relawnl Wore* payment daw.Decwitor
18.1992«A t» LLS. S2B M per US. SI ,000 print** amount
By: The etwee Manhattan Bonk, HA.
Agent Bank
CHASE
JonalB.1902
KLOOF GOLD MINING COMPANY LIMITED
ptaoon
(BegtstraBor No.64/04462/06)
UBANON GOLD MINING COMPANY LIMITED
fl SxnanT)
(R a gfasattonNa 05/08381/OB)
VENTERSPOST GOLD MINING COMPANY LIMITED
pfentereposT)
(Ftegtatnaion No- 05/D5632/06)
(Mco mpa rlBsk Kxxp arB l ritn the Repubk: a/South Africa)
JOINT CAUTIONARY ANNOUNCEMENT
Shareholders of Wool. Libanon and Vanterspost are advised that
negotiations are in progress reganflng the posstole integration of the
operations of these companies which, If successfully concluded, may
have an impact on ifta prices of tha companies' sharea
Shareholders are foerefoie advised to oerclse caution in their share
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FINANCIAL TIMES FRIDAY JUNE 19 1992
INTERNATIONAL CAPITAL MARKETS
Italian seesaw continues as fears of devaluation persist
By Richard Waters in London
and Patrick Harveraon
in New York
ITALIAN government bond
prices leapt and then plummet'
tod yesterday in a second day
of highly-volatile trading as the
Bank of Italy failed to lift the
spectre ofdevaluation from the
market -
GOVERNMENT ~
BONDS _
Bond prices opened lower on
continuing Chars about the out¬
come of the Irish referendum
on the Maastricht agreement
but jumped later In the morn¬
ing as Mr Giuliano Amato was
asked to form a government,
raising some hopes that Italy
will finally tackle its constitu¬
tional crisis.
The market took further
heart from reports that the
Finance' Ministry is consider¬
ing abolishing the 125 per cent
withholding tax paid by for¬
eigners on government bonds.
“We’ve heard before that
CBOE seeks
listing for S&P
quarterly options
By Barbara Durr In Chicago
CHICAGO Board Options I
Exchange is seeking approval j
to list options on the Standard
& Poors 100 and 600 Indices
that expire quarterly. The
CBOE already trades S&P 100
and 500 options, bat these
expire monthly.
The exchange believes that
quarterly expirations for these
heavily-traded products would
help accommodate institu¬
tional investors whose perfor¬
mance is judged on a quarterly
and yearly basis. Mr Duke
Chapman, CBOE chairman,
said the move was w in
response to customer needs”,
The products, referred to as
Quarterly Index Expirations,
or QIXs, in the filing, would
have similar terms to the cor¬
responding regular index
options. This means the S&P
100 QIXs would have Ameri¬
can style exercise, while the
S&P 500 QIXs would have
European exercise.
The exchange Intends to list
the new options for as many as
eight quarters.
they’re thinking about this."
said one sceptical observer.
“They don't yet have a trea¬
sury minister, and when they
do, he will have more urgent
things to think about than
withholding' tax.”
The market's confident mood
did not last A sharp rise in the
rate paid at the morning repur¬
chase auction (the minimum
rate was 1L8 per cent up from
14^ per cent yesterday) sent a
strong signal of the Bank of
Italy’s intention of protecting
the lira. But that didn't stop
the currency falling back later,
raising fears that the authori¬
ties will be forced over the
weekend to raise the discount
rate.
The sharp price movements
were reflected In the futures
contract on Liffe. Having
opened at 95.46, the contract
leapt to 95.71 before sliding
down to 94.98. It ended the day
back at around 95.28.
■ LONGER-dated UK govern¬
ment bonds fell slightly as the
market trod water, waiting for
the result today of the Irish
vote on the Maastricht agree¬
ment
Early rumours that the Irish
had followed the Danes in vot¬
ing 'no' were largely disre¬
garded, but did not help the
mood - particularly as the gilt
market is already waiting ner¬
vously on next week's £2.75bn
gflts auction.
Against that background,
mildly encouraging earnings
data (average earnings rose by
7 per cent in the year to April,
down from 7.5 per cent in
March) failed to lift the mar¬
ket’s spirits. The 9 per cent
bonds due 2011 lost K of a
point to 9S& a yield of 9.03 per
cent, although shorter-dated
gUts held steady.
■ US monthly trade deficit and
weekly jobless claims data that
was mildly bullish for Trea¬
sury markets gave a modest ■
boost to bond prices yesterday
morning.
By midday, the ben chmark
39-year government bond was
up £ at 1012& yielding 7.795 per
cent. The two-year note was
also firmer at midsession, up
MOB, to carry a yield of 4585
per cent
Investors reacted positively
to the news that the trade gap
widened to $657bn in April,
with exports falling and
Imports rising only slightly,
due primarily to higher oil
prices.
The figures, along with the
much smaller-than-expected
2,000 decline in jobless claims
for the first week of June, con¬
firmed that the economy is
recovering only slowly.
Treasury prices were also
said to have been supported by
expectations of a “flight to
quality” by equity investors -
scared away freon stocks by the
steady recent decline in share
BENCHMARK GOVERNMENT BONDS
AUSTRALIA
BELGIUM ~
CANADA *
DENMARK ~
FRANCE STAN
OAT
GEHMAWV ~
ITALY
JAPAN No US
_ No 128
NETHERLANDS
SPAIN
UK GILTS
US TREASURY*'"”"
Red
Coupon Pete PHe»
Kudo loro mssn
9.000 OWN 100.4000*
&50Q <HA>2 102.4000
aooo n«» M-isoo
aaoo aw stmsi
eJSOO 11/02 87.8800
а. ooo oi/oa too.isoo
18.000 05KB 95.1800
4800 OUH 95JMS5
б. 400 03/00 10&SS31
aaso oama oa.non
Tiaoo 0002 88.0280"
10.000 11/BB 102-38
9.750 . 06/02 103-25
ftflOP lavs 98-18
7.BOO 05/02 102-05
MOP \\&\ 102-08
1L50b 03/02 97.0300
9.750 .06/02
84100 1008
■ THE continuing collapse in
Tokyo share prices helped to
fuel expectations of a more
relaxed monetary stance from
the Bank of Japan, prompting
buying of short-dated paper in
particular.
Mr Yasuchi M^m o. Bank of
Japan governor, had continued
to stress on Wednesday that
US TREASURY * 7J500 05/02 102-05
_ aOOO lUSt 10248
ECU (French Govt} 8J00 03/02 97.0300
London doting. “New York morning Motion
t Grogs annual yield (tnduamg withhofeUna tax at
dsma.)
prices: US. UK In 32nda. Others In decimal
WMk Month
Change YMrf ago ago
»Q.9S0 9SI B.94 9,07
- _ ate a-90 a.79
■0300 s.14 8.43
>0-133 9.13 &M 8.73
-0-384 a oa ate a n
■0.410 a 78 a?* am
•0.040 7.96 7.91 7,96
-0.340 iaaet m? izm
+0.146 £61 5.72 5.4 1
1-0.138 5,39 5.47 5.47
-aroo 8^8 3-37 fi-31
-0-32S ll.g 11.51 Iftte
+ 1/32 9.18 923 8.15
■«32 9.17 9.14 9-04
-c/32 ago , a os aai
+■6/32 7.19 7.32 7.23
■*■1002 7.90 7£7 7.79
+0.120 8S6 895 8-59
Yields: Local marten standard
t 185 per cant payable by non-res*-
TteMeal Osm/ATLAS Pries Sourcm
there would be no change in
the authorities’ stance: but the
damage done by falling share
prices on the banking system
and hence the supply of credit
left many convinced Mr Mieno
would have no choice but to
Asian Bank launches $500m Eurodollar deal
By Simon London
THE Asian Development Bank
yesterday launched its first
Eurodollar bond issue for four
years, raising (500m 10-year
funding in a deal lead-managed
by Goldman Sachs.
The 714 per cent bonds were
re-offered to investors at a
fixed price of 99.492, where the
yield was 27 basis points more
than US Treasury bonds of the
same maturity.
INTERNATIONAL
BONDS
Most participants in the deal
commented that the pricing
was aggressive. On Monday,
OKB, the Austrian
state-backed financial
institution which is one of the
most admired names in the
Euromarket, launched 10-year
paper on a yield spread of 26
basis points.
Eurodollar yield spreads
have generally widened this
week as institutional investors
liquidated holdings of dollar
bonds as the ITS currency
weakened on the foreign
exchange markets. The OKB
bonds, for example, were
yesterday trading on a
yield spread of around 30
basis points over Treasur¬
ies.
However, despite the tight
pricing and lacklustre market
conditions, the deal sold
quickly. Syndicate officials
reported buying in equal
amounts by institutional
investors in the Asia and
Europe, including central
banks.
“ADB’s absence from the
Eurodollar market gave this
Issue a scarcity value,”
commented one syndicate
official. “Investors are tired of
buying World Bank and EJB
paper."
Like these other
supra-national institutions the
ADB carries a top tripie-A
credit rating. However, the EEB
and World Bank can both sell
bonds at artificially tight
yield spreads because their
securities are exempt from
withholding tax in Italy.
While EZB and World Bank
band issues are supported by a
core of tax-driven Italian
demand, the ABB issue was
_ NEW INTERNATIONAL BOND ISSUES _
Bonowar Amount m, Coupon % Pika Ma t u rity Fee* Book runner
US DOLLARS
Asian Dev.Bank(a)t 500 7h 89.482 2002 Q.32S/0-2 Goldman Sacha
Carfplofctft 150 (C) 98.75 1899 20/10 Nomura lull
Dahwa IrrtjgUMCgnteriKflt _78_ 7»a 100 2002 2/iV PajwaBanft _
CANADIAN DOLLARS
G6CC(b)t _100_ S 101.575 1997 1 yi^a Kidder Peabody Inti. _
GUILDERS
Ajtian Dav.BanklaVt _300_ BH 100J0 2002 1/% ABN Amro _
★★Private placement fConvartlMa. With equity warrant*. {Floating rata note. 15Inal terms, a] Nan-callable, b) Part of Its
global MTN programme. Nan-callable, cj Coupon pays 6 month Ubor plus 25bp. Non-callable, d) Callable at par on coupon
data* iron 30/8/97. If call optton not exorcised the deal will pay a Floating rate note coupon of 6 month Libor plus 85bp.
supported by buying from the
Far East The bands traded at
a yield spread between 26 and
26 basis points through the
day, closing in London in the
middle of this range.
The deal was scheduled to be
launched early next week,
however the'- market is
expecting "-“-additional
Eurodollar issuance. City of
Kobe thought to be the first
borrower in the market ‘
Elsewhere, the ADB also
raised FI 300m 10-year funding
yesterday from an issue lead
managed by- ■ ABN Amro.
Syndicate officials 1 reported a
warm response from European
institutional investors.''
General Electric Capital
Corporation, the funding arm
of the US manufacturer,
became the latest borrower to
make an underwritten bond
issue under the legal
documentation of its medium
term note programme.
The company launched
CSlOOm five-year paper,
underwritten by a syndicate
of banks -led by Kidder
Peabody. The deal carried
traditional Eurobond fees of
l'A per cent. Bankers said that
the only difference between
the issue and a conven¬
tional Eurobond was the
documentation.
• China has issued a set of
rules to govern the public issue
of shares by state industries,
Renter reports from Beijing.
Joint-stock regulations,
drawn up by the State
Planning Commission, are the
first to specify which sections
of China’s massive state sector
will be allowed to turn
to private investors for
money.
The new rules are part of
Beijing's attempt to give more
structure to the “stock market
fever" which is sweeping
China.
Chinese stock markets have
been opened in Shanghai and
Shenzhen, just across the
border from Hong Kong. . -
Rome may exempt
foreigners from
withholding tax
change his official position
soon.
The yield on the benchmark
bond No 129, which closed on
Wednesday with a yield of
5.405 per cent, fall further to
&385 per cent
By Haig Slmonian in Milan
The Italian Treasury is
studying ways of issuing bonds
free of withholding tax for for¬
eign investors, according to a
senior Finance Ministry offi¬
cial
Although the scheme is not
new, the news had an immedi¬
ate effect on the market, which
has been extremely sensitive
recently. Trading in Italian
government bonds has been
highly volatile for the past two
weeks following growing politi¬
cal uncertainties about Italy's
ability to meet the EC’s conver¬
gence criteria for Economic
and Monetary Union.
However, the notion of Issu¬
ing debt free of withholding
tax for foreigners is fraught
with difficulties, and may even
be Impossible. Faying coupons
gross to foreign Investors
would lead to the creation of
two markets for Italian govern¬
ment paper. A German attempt
in the late 1960s to introduce
withholding tax on domestic
government debt proved
short-lived owing to technical
difficulties. Such complexities
would be even greater in the
case of Italy, where interest on
government bonds is paid on
an accrued basis rather than as
a . lump sum on the coupon
date.
The Finance Ministry said
the step was being considered
in view of repayments of with¬
holding tax made to foreign
bondholders in recent months.
The derision to start reim¬
bursements provided a consid¬
erable fillip to the domestic
bond market, which has gained
in appeal for foreign investors
over the past two years thanks
to Italy's relatively high inter¬
est rates and a variety of
reforms which have improved
liquidity and trading practices.
The ministpr said all out¬
standing claims on govern¬
ment paper had now been
repaid. It implied that the size
and number of reimburse¬
ments had triggered the Italian
authorities to look Into ways to
streamline the system farther,
including exempting foreign
investors from withholding tax
altogether.
ADB signals start of
borrowing programme
By Shnon London
AN increasingly ambitious
borrowing programme was
marked yesterday by the Asian
Development Bank.
This year, the ADB hopes to
borrow over $3bn from the cap¬
ital markets. This is expected
to Increase by around J500m a
year over the next few years.
Until fast year, the hunk bor¬
rowed under $lbn annually.
Increased borrowing partly
reflects increased lending to
the developing, nations of
Asia. Demand for loans has
increased with the pace of eco¬
nomic development Loan dis¬
bursements were over S2bn
last year, against just $80Qm in
1986.
The ADB was also able to
fund some lending from excess
liquidity built up during the
mid-1980s, .. «•
Mr Rip Min, assistant trea¬
surer, said excess liquidity
resulted from a change in the
bank's leading terms In 1986
when it moved from making
fixed to mostly variable rate
loans.
The change was designed to
limit the bank’s own refunding
risk, by ensuring that its
return from lending was
always in line with its cost of
funds. Since market risk was
lower, lending margins were
cot
As margins were reduced,
borrowers prepaid outstanding
loans, leaving the ADB with a
substantial over-bang of liquid¬
ity which is only
now back to the pre-1986
level
The ADB currently makes
“hard loans” to development
projects at a margin of 40 basis
points over its cost of fBnds.- ,
MARKET STATISTICS
FT/ISMA INTERNATIONAL BOND SERVICE
RISES AND FALLS YESTERDAY
LIFFE EQUITY OPTIONS
I ora Hn latest litMmoOonal bond* lor wMdi IMte la on adaqutn Mcmdary morkoL
— -- --- - - - Of*-
I
Lotadt prioan M 7ft8 jMfr cm June IB
Chg.
be ml Bid Offer *»
600 94*
600
2800
an
YEH STRAIGHTS
AUSTRIA43/494... ,
CBSMT TOWERS U494, ~Z"V
DENMARK 7 95_ Z ....
0845/894 __.
B«fc ;
Mimjs TEL ITU.57/0%.. .
5MCnanK ___
SWEDEB53/B95_
WORLD BANK 6 3/400..._
99% lt»i*
UOIt m\ +% 5-13
1041, 1051* 9.00
100% 188% 4.46
1014 IdU +% 3.29
1031. 104 +% 5.61
SOT*, 1091, +£ 576
99% 94* 4.96
101% lffi +*, 5.43
100% 100% +i* 5IQ
106% 106% +% 5.66
1*% 101H 532 ’ No MormaDon avidlabta - pwleua day's prteo
UBS 107% +% 538 * Only one nwrM maker supplied a price
Cm.
band artte BM Offer Pran.
IB JJ8 132% 134%
250 86 103% 104% 439.79
300 50.67 100% 101% 40.76
65 1.0554 89% ,90% *U3
500 25875 US'* 103% 49336
£ fiiKiK
64 6.72 81% 02% +35.90
90 5L64 77* 7Si -
M ZKtt 56 60 +3L49 I
100 1283-HXH.-UH% 45.42,
85 39.077 .815 SZj. *JBJA i
200 13010 99% 100% 434.23
200 13010 99% 100% 434.23
90 1 775 124% 129% 44666
300 3606.9 54 5*f 451M i
300 82% 91% «% I
US 7.16 122% 123% 46.42
W8AMWT BONDS; The yfew % Hu yfekj to redynpBon ai Bw bld-prtec n«a amount loaned la la rnOtoas o( cgmmey onfta. Ohg. dqr"> Change an
Dofwmfruneq m AHlan union oOMndae indcaM. Coupon iMW » aMmum. Spread-Mars* above eSHwnm I
^ w *>■“ C.cpn-Tl« egrrew Span.
urtooe MMrwke indkaud. Cm/. edot^KturtioMl wnot/M id bead par atom expnnaed In .
^ u .^! c y y ai . eo, r ,a * tl ! B " ^ «IMW Pram-Prmamaea omnium ot ttw current affcBva price of acgutrtnq'Bharaa via tie bond
war m nwrt recant price ot he oharea.
« T* Financial Times Ltd., 1992. Reproduction in rtnie or In part la any fwro nstptnnKLwi wttbort Witten cooku.
Dau soppiM by mumatltnal Setnrlite Market AphcIaUm.
8rltish Funds.
Other Fixed Interest.
Commercial. Industrf a/..
Financial & Properly....
PlanUUora""”!.'."!!.'!,”!
Mines.....
OtTiev..
Ska
3
Same
50
2
3
12
97
593
751
33
353
409
7
35
44
1
0
8
lb
49
88
16
62
55
173
1,123
1,417
LONDON RECENT ISSUES
EQUITIES
Antra Loot
[Paid Rent_««_
Up Dan High I Low
Qning w Nil TlndbodP/E
Iftte - I Oh IcirrSlnSoKjua
- F.P.
- F.P.
- FP
- FJ>.
75 F.P.
UO F.P.
£10% FJ>.
- F.P.
- F.P.
- F.P.
- fJf.
- FP.
1122 FP
- F.P.
280 257 UfHtfl* lor T« Units— S7 -10
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FIXED INTEREST STOCKS
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Boats 420
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C“701 80
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35 67 90 lb
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30 9 14 18
17 29 32 34
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60 3 II 14
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260 12 V 35 V 35 41
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1*12341 1250 27 5S 90 33 65 75
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(*277 ) 280 6 16 20 18 20 23
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("505)
390 19 34 40 5% U 13
420 5 17 22 22 26 29
330 13 25 32 7% 13 16
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300 1 7 15 24 Z8 30
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Cate 193S7PW 20^89
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ntototfwaarity price. 11nitiated entry mu
AtobnttmmvItoNaaiiiMteortaei. '
TRADITIONAL OPTION 3-month call rates
_ TRADITIONAL OPTIONS _
• First Dealings June 8 Celle in Cray Electa., ibstock
• Last Dealings June 10 Jetuwen, Proteus (ntL, Psion and
• Last Declarations Sept 3 Waw. Puts in KMamazoo. Dou-
• For settlement SepL 14. bias (Puts and cells) In Aran
3-cnondi call rate Indications are Energy and BP.
a/so shown on Oils paga.
■ INDUSTRIALS
P
Charter Cons.....
37
LadUrotofl_
Allled-Lyans......
48
Comm Union....
34
Legal & Gen....
Amstrad_
6
CourtaHillte-
43
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fiscal £lect_ _
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Grand Met..
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28 Vfekara
37 Wallcoma
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Manweb advances to £95m
^ 'v
*Si ^ g
* ■: '■ t< f
l-.i : # ,: i
ByJulletSychrava
MANWEB, tha Chester-based
regional electricity company,
raised pre-tax profits by 61 per
cent from £S83m to £94.7m in
the year to March 3L
Uke the other regional elec¬
tricity companies,- Manweb
earne d .mo st ot. Its bumper
profit -frum~ price increases In
April 1991, which were excep¬
tionally high to compensate
for -undercharging the year
before.
In addition, Manweb said,
the, comparable profits were
depressed by exceptional costs.
Excluding these effects, profits
would have, increased by only
26' per cent
Earnings per share rose by
60 per cent to 58.7p (36.7p) and
by 71 per cent on the pro forma
figure of 34_3p. The dividend is
raised by id per cent to lSJJSp
for the year, via a final of iow p
aiJSp).
The advance in operating
profit to £93J2m (£56.8m) was
earned in the core distribution
business, which increased Its
contribution by 83 per cent to
£106 jhn.
This was despite a 0.75 per
cent decrease in units of elec¬
tricity sold, as recession
depressed industrial sales.
The company saved £102m
in operating costs, mainly by
shedding 1,000 jobs, or nearly
18 per cent of its workforce.
In the supply business, how¬
ever, an unforeseen £llm
increase in costs gave a loss of.
£5.3m, rather than the £6m
profit the company had. expec¬
ted.
The retail division lost Elm,
about the same as the previous
year, and contracting was also
loss-making.
Manweb’s strong cash flow
paid for capital investment of
more than £ 60 m, slightly down
on the previous year. Gearing
was down from 273 per cent to
133 per cent, and tbe return on
capital was 19.6 per cent on an
historic cost basis.
Continued cost cutting is
expected to save between £3m
and £4m via about 150-200 more
Job losses. Both the supply and
retail businesses are expected
to move into profit, and elec¬
tricity sales are forecast to
grow by about l per cent
• COMMENT
Manweb rather disingenuously
based its demonstration that
its underlying profit growth
was only 26 per cent on actual
tax and interest figures for the
year to March 1991, rather than
the pro forma figures which
should be the basis of an accu¬
rate comparison of the two
years. In fact, underlying
growth is closer to 35 per cent
That said, Manweb’s defence
against the regulator was very
sound, ft has slashed costs dra¬
matically, and has detailed
plans for investment in the
core business - capital expen¬
diture Is due to rise to maybe
£85m next year. The only
worry is that a company with a
reputation for prudence should
have failed - tiniiVe East Mid¬
lands and Norweb - to foresee
the Increase in charges that
pushed the supply business
into loss. The City will be hop¬
ing that it fulfils its hopes of
turning this and the retail
business around next year.
The company has forecast
real dividend growth of 5-7 par
cent in the period to 1995, as
this year's profits were a one-
off. Analysts predict pre-tax
profits of £105m-£ll0m for the
year to March 1993, putting the
company on a prospective p/e
of about 5.L
Brent Walker deeper in loss at £387m
By Maggie Urry
ME" KEN Scobie," chief exec¬
utive of Brent Walker, said
that yesterday’s results were
not as bad in cash terms as
they looked.
Although there was. a pre-tax
loss of £3873m (£122.7m),
£157 3m of the E2353m interest
charge was converted into
term debt The. interest charge
reflected the impact of higher
interest rates imposed by the
banks and a fun year of bor¬
rowings taken on in 1990.
Also the profits- were struck
after provisions for the fell in
value of properties and other
assets of £142L5m (£97.7m).
However, the group has not
written down the value of
£Llbn of property assets which
are being retained for the long
term. These would be worth
“significantly - less if they were
revalued now but tbe directors
do not expect the fell in value
to be permanent
Group sales were 10 per cent
lower at £L58bn and operating
profits were down 55 per emit
to £4&4m.
After tax of £726m (£193m) -‘
there were extraordinary
charges of £l5.8m (£216m)
Ken-Scobie: results not as bad as they looked
relating to businesses being
soli . .
The WUham Hill betting divi¬
sion suffered a fell in sales
from £1.5bn to .£L4bn, which
Mr Scobie. said was a remark¬
ably good performance given
the chain’s bias towards the
south east of England. How¬
ever, a fell in turnover has a
geared effect onoperating prof¬
its, he said, which fell from
£57.1m to £45.4m. William Hill
had had a better start to tbe
current year, he said.
Sales by the public houses
division fell from £139.8m to
£1242m and profits from £20m
to £13.4xn. W ithin that the Pub-
master chain of pubs held its
profits bnt other businesses
weakened.
Mr Scobie said be expected
the chain to total 3,000 pubs by
the end of this year, and he
had a longer-term aim to reach
4,000 or 4,500. Rapid Improve¬
ments in trade were being seen
in pubs which bad been refur¬
bished.
Profits from other activities,
such as property development,
were £Llm (£34J9m).
The group said its claim for a
substantial cut in the price of
William ffill, which it bought
from Grand Metropolitan in
1989 for £685m, had now gone
to an independent expert.
Brent Walker has still not paid
the final £5Qm of the purchase
price which is accruing inter¬
est
The group is preparing its
accounts on a going concern
basis. This depends on Grand
Metropolitan not demanding
payment in toll of the £50m
and interest and on the group
operating within the terms set
by its banks in the restructur¬
ing.
Bibby raises bid for Finanzauto to £86m
By Polar Bruce In Madrid :
J BIBBY & Sons, the UK
industrial and agricultural
conglomerate owned, by Bar-
low Rand of South Africa, has
raised its bid for Finanzauto,
the Spanish Caterpillar dis¬
tributor, to Pta 1,500-a^hare
in the face of growing doubts
that its original Pta 1,300
offer would succeed.
The new price values the
Spanish company at
Pta 153bn (£862m), bnt
Bibby failed to aecure Ftnan-
za.uto’s backing
in talks with management on
Wednesday.
Finanzauto said yesterday
that the offer was a clear
improvement and that it
would pronounce on iteariy
next week. E is expected that
it will drop its opposition -
the company has valued its
stock at about Pta 1,700 - and
adopt a neutral position.
Mr Richard ManseR-Jones,
Bibby’s chairman, said In
Madrid yesterday he would
not increase the offer again.
For technical reasons, he said
citing Spanish takeover regu¬
lations, “it would be impossi¬
ble to increase that price".
He was “very confident”
that the raised bid would be
sufficient. “We thought we
had an odda-on chance at
Pta 1,300 and we feel it is a
certainty at Pta RSOO.”
The new price would repre¬
sent a price earnings ratio of
22 on Fmanzauto’s 1991 con¬
solidated profits.
Heavy buying of Finan¬
zauto stock hours before
Bibby announced Its new
offer, pushed the price
beyond Pta 1380 for the first
time since the takeover was
launched. Bibby has
requested an Inquiry by the
stock market commission
into the buying.
Brokers downgrade profit
forecast for MFI Furniture
Enlarged Stirling more
than doubles to £2.44m
By Maggie Urry
COUNTY NatWest Securities,
the stockbroker, has c ut it s
profit forecast for MFI Furni¬
ture, the retail group coming
to the market next month.
The issue is being bandied
by County NatWest 1 s merchant
banking . side, but the
securities division is acting
independently in writing
research.
County NatWest Securities is
now forecasting a trading
profit of £86m fbr the year to
April 1993, a reduction from an
estimate of £Z00m made before
the pathfinder prospectus was
issued a week ago. The forecast
represents a rise of 173 per
cent over the £733m reported
for the 1991-92 financial year.
Despite tbe reduced forecast,
the broker still regards the
shares as “one of the more
attractive and safer recovery
stocks In the sector". B: says its
1993 forecast Indicates a price
of 145p, and advises clients to
buy a full weighting in the
shares at up to 150p. At that
price the market value of the
group would be £872m.
The pathfinder prospectus
indicated that the group’s sales
were currently flat. This
caused the broker to cut its
prediction for sales growth In
the current flwanfdat year from
10 per cent to 6 per cent In
-turn that led to the lower trad¬
ing profit forecast
County NatWest Securities is
forecasting pre-tax profits of
£77m, excluding exceptional
charges of £26m relating to
interest on the group's debt
before the flotation and a
bonus being paid to manage¬
ment It also forecasts earnings
per share of 83p, which would
be an increase of 18.7 per cent
over the pro-forma figure of
73p for 1991-92 shown in the
pathfin der prospectus.
By Peter Poaree
STIRLING GROUP, which
acquired fellow clothing manu¬
facturer Ritz Design Group for
about £19.2m at the end of 1991,
more than doubled pre-tax
profits to £2.44m in the year to
March 31.
The rise, from £L0fim, was
struck on turnover 72 per cent
ahead at £682m. Reasons for
the advance, said Mr Peter
Sheldon, chairman, were sev¬
eral
The integration of the Kona
Rose nightwear business,
acquired in 1990, with Bent¬
wood's existing nightwear
operation, played a part. Also
important were improved man¬
ufacturing performances in the
factories, tight cost controls
across the group and the first-
time contributions from Fiona
Rose; E Gifford, the casualwear
distributor acquired in July,
and Ritz.
DIGEST
Lookers
%■ halved to
£615,000
PRE-TAX profits of Lookers,
the Manchester-based motor
dealer and agricultural
machinery group, were halved,
from ei 33m to £615300, i n the
half year, to end-Marcb. Turn¬
over .declined by £19.7m to
£3 54.4m.
Mr Ken Martindale, chair¬
man, said the results of tbe
businesses operated by the
group had variously affected
the economic diff iculties
referred to in his last review.
Profits on car sales were
reduced against the back¬
ground of a national market
which was down by more than
13 per. cent on the previous
year and 35. per cent on three
years ago, he said. However,
profitability. of service and
parts remained steady.
Results from the caravan
business deteriorated slightly,
although contract hire profits
showed a considerable
increase. Car delivery and van
bodybuilding also improved.
The interest charge fell to
23.14m (£4 2m). Gearing has
been cut from 115 per cent to
107 per cent
Losses per share were 0.9p
(2p earnings), while the
interim dividend is unchanged
at $>.
Davenport Vernon
moves ahead 47%
Davenport Vernon, the Buck¬
inghamshire-based multi-fran¬
chised motor group, lifted pre¬
tax profits by 47 per cent from
£547.000 to £805300 in the six
months to March 3L
Turnover rose from £4S3m to
£ 50 . 6 m and there was a 15 per
cent improvement in operating
profits to £1.29m (El. 12m). In
addition, interest charges fell
to £480,000 (£577,000).
The Interim dividend is held
at L5p, payable from earnings
ahead to 4.1p (23p) per share.
Widney reduces
losses to £97,000
Widney, the Birmingham-based
engineering group, continued
its trend of improving results
with a reduction of pro-tax
losses from £406300 to £97,000
in the six months to March 31.
Turnover declined slightly
■ from £10m to £939m and at the
operating level profits
Improved to £314,000 (£94,000).'
At the year ended September
28 1991 operating profits were
£429,000 against losses of
£687,000 and pre-tax losses fell
to £512,000 (£L62m).
The interest charge for the
current six months was
reduced to £411,000 (£500,000)
and there was an extraordi¬
nary charge of £58.000 (nil)
related to the costs of an
aborted acquisition.
Losses per share were
Some 70 per cent of both
Ritz’s and Stirling’s clothing
output was supplied to Marks
and Spencer. Before the Ritz
buy, Stirling had laid off more
than 200 of its workforce, and
ration a li s atio n ot the expanded
group bad entailed the toss of a
further 495 jobs, mainly from
the closure of four smaller
Bentwood factories.
Some £L78m had been set
aside from reserves to cover
the rationalisation costa. The
accent was now on consolida¬
tion and no more job cuts were
expected, Mr Sheldon said.
Earnings rose from 223p to
3.0%>, heavily diluted by the
increase of the shares in issue
from 37m to 86m after the Ritz
buy. The proposed final divi¬
dend is lifted 15 per emit to
l_15p — w <wp flri«Tly plaanriing fnr
the Ritz shareholders who
have only been with us three
months”, said Mr Sheldon —
for a total of L66p CL5p).
reduced to 033p (039p).
GEI Inti still falls
short on last time
GEI International achieved
progress in the second half, but
not enough to match the previ¬
ous year’s result The pre-tax
outcome for the year to March
32 came to £3.12m, compared
with £5.57m, on sales little
changed at £773fin.
As in the first half, when
profits came to only £511300,
the special steels activities
were hit by the UK recession.
Steels suffered a loss of £03Bm
for the year, compared with
profits of £L3m previously.
Packaging machinery and
processing machinery lifted
their contributions to £33m
(£234m) and £L58m (£136m)
respectively.
Net interest paid rose to
£774,000 (£123,000). Earnings
declined to 6.7p (9.7p). The
final dividend of 435p makes
an unchanged 732p total.
FKI profit
falls 24%
but sales
picking up
By Peggy HoIRtigef
A LONG-awaited business
strategy was revealed yester¬
day at FKI as the electrical
engineering company revealed
that recession in North Amer¬
ica and the UK had sliced 24
per cent off pre-tax profits.
The pre-tax return fell from
£402m to £303m in the year
to March 31, on sales 5 per
cent down at £739 .Im. About
87 per cent of FKTs business Is
In the UK and North America.
Mr Bob Beeston. the former
BTR executive brought In to
revive FKI as group managing,
director, said the company
would boost margins through
price increases and cost-cut¬
ting, rather than chase vol¬
ume. The aim was to get a 10
per cent return cm sales, com¬
pared with a current 4 per
cent
Mr Whalley was bullish
about the group’s prospects.
He said there were signs that
the US economy - which rep¬
resents about 40 per cent of
FKI profits - was beginning
to pick up.
Order Intake in four of tbe
group’s five businesses - the
exception being process con¬
trol - was between 15 and 30
per cent ahead in the first two
months of the c ur re nt year.
The final dividend is held at
l.3p. Added to the halved
interim the total was 2.3p
(33p). Earnings per share fell
from 6.71p to 4J38P.
• COMMENT
The addition of Mr Beeston
and his BTR cohorts has done
much to restore faith in this
company. The revival of the
US economy promises good
rewards, with the hardware
business sitting at the front
end of the cycle, while Presi¬
dent Bush’s negotiations with
the Japanese are already bene-
fitting the transplant business.
The cost-cutting programme
should bring some £5m in
savings next year, and help
eliminate loss-makers. Fore¬
casts are between £36m and
£40m, which on yesterday's
price of 77p leaves a p/e of 11
to 13 times. That looks pretty
cheap considering the sector
average of more than 14 times. I
Shanks & McEwan pleases
City with 30% rise to £31.1m
By Richard Gouriay
SHANKS & MCEWAN. the
waste management company,
yesterday reported a 30 per
cent Increase in profits, after a
fell year’s contribution from
Rechem, the hazardous waste
company it acquired last year.
The final months of the year
were, however, severely hit by
recession with volumes of the
highest margin wastes particu¬
larly affected.
The Jump in pre-tax profits
from £2&9m to £31.1m cm sales
24 per cent higher at £I453m
nevertheless pleased the mar¬
ket, which had been anticipat¬
ing a poorer performance, and
the shares rose 9p to 207p.
Raming n per share fell from
132p to lL9p and the the final
dividend is maintained at
3.44p, giving a total of 5.7p, up
3.6 per cent on the year.
Mr Peter Runclman, chair¬
man, said that while profit
margins had been eroded the
longer-term prospects were
“extremely encouraging.”
Total tonnage handled in the
waste division rose by 2 per
cent but marg ins were eroded
and its profits contribution fell
from £12.65m to £1235m.
The environmental services
division, which includes
Rechem, increased tonnage
handled by 13 per cent but pro¬
cessing cost rises were not
fully recovered and profits rose
only 10 per cent to £934m.
The technical services, or
waste treatment division,
increased sales by 18 per cent
but profits were only margin¬
ally up at £359m.
The construction division
increased Its contribution from
£L72m to £237m.
There was also a £3.8m mw
off increase in debt from the
Inland Revenue's request for
corporation tax payments to be
accelerated.
• COMMENT
Shanks & McEwan used to be
seen as the Rolls-Royce of a
racy Industry with equally
racy ratings. Then last year
the sector lost some of its glis¬
ter, not because its green cre¬
dentials faded, but because the
markets belatedly realised
waste volumes and profits
were not recession proof. Nev¬
ertheless, longer term Shanks
is a company that will reap tbe
benefit of increasingly strin¬
gent environmental legislation.
While the waste treatment
division could still do with
some bolstering, its landfill
sites have relatively exclusive
market positions and the
Rechem acquisition haB
brought a vital presence in
hazardous waste. But growth
will only resume rapidly once
the economy begins to move
again. Shanks’s costs are
largely fixed and there is there¬
fore little prospect ot further
cost cutting to boost earnings
dramatically this year. Pre-tax
profits are forecast not much
higher than Mila year’s £3Llm,
giving about 12 p of earnings
again, and puts Shanks, in the
absence of recovery, on a cor¬
rectly priced 173 multiple.
Chloride falls sharply to £0.59m
By Pater Pearse
MR RAY HORROCKS,
Chairman of Chloride, stud yes¬
terday that the batteries and
electronics company was now
“off the defensive”, as it
reported a sharp fall in pre-tax
profits from £5L05m to £588300
for the year to March 3L
The world recession hit all
the group’s mam markets, par¬
ticularly in uninterruptible
power supplies and emergency
lighting, which depend cm the
computer and construction
industries respectively.
He added that exchange
rates hit the results hard,
because of currency deprecia¬
tions in TaniWa , Zimbabwe and
Kenya. At last year’s rates pre¬
tax profits would have been
£2.49m-
On the slimmed down group,
he said: “Chloride can now
stop playing like the English
football team and can try to
play Hke Sweden in the second
half, " he said. With the pro¬
posed sale of the sodium sul¬
phur battery development and
commercialisation side, the
restructuring of the group will
be completed, he said. He
expected to be able to
announce the disposal within
days.
In March 1991, Chloride sold
most of its former core bat¬
teries business to Hawker Sld-
deley, the engineering group,
for £43.5m, because it was
“heading for the fourth divi¬
sion - not in performance, but
in size". The rump of the bah
teries side - in Africa - was
retained.
Mr Horrocks said that
although margin had been sac¬
rificed, the group was now
cash-generative from trading,
though “the joker is demand".
He also said that the board
was settled - Mr Keith Hodg-
kinson joined Chloride from
GEC in December and in
March Mr Horrocks ceded the
chief executive rote to him.
Turnover on continuing
operations fell to £110.1m
(£115.9m). On a llke-for-like
basis, turnover in electronics
was £79.7m (£82.6m) aid losses
grew to £222m (£134m); bat¬
teries were brighter - turn¬
over was £30.4m (£33.3m)
and profits £4.25m (£2.46m).
Therefore before interest con¬
tinuing operations saw a
growth in profits to £2.04m
(£L32m).
After a 400 per cent tax
charge (because Chloride
earned most of its pro fit s in
countries where tax loss bene¬
fits are not available) and
extraordinary charges of £4-4m,
relating to lUa pruawi* awri clo¬
sures, the retained losses
totalled £4.4m (profits £7.38m).
Losses per share were 12p
(03p).
• CO MME N T
Chloride looked Hke ft might
dribble away, but a sea change
has been engineered. Dispos¬
als, plant consolidation and
reduction in staff by 392 peo¬
ple, or 10 per emit, were the
tools. Cash generation is tbe
short-term aim. through
organic growth, new products
and aggressive marketing.
When profits recover on both
rides of tbe Atlantic, there are
tax losses of ciim in the UK
and of £12m in the US waiting
to be of benefit Forecast prof¬
its for 1993 are about £4m ris¬
ing to £7 2m in 1994.
Severn Trent
Preliminary Results
For the year ended 31 March 1992
“We have achieved the highest investment
programme in the industry.... the lowest
average charge for water and.... again been
the most profitable of the ten privatised
water and sewerage companies”
John Beliak, Chairman. 18 June 1992
Secure water resources
Highest profit, highest investment, lowest water charge
Waste management and other non-regulated business
developing well
TURNOVER
OPERATING PROFIT
PROFIT BEFORE TAX
EARNINGS PER SHARE
TOTAL DIVIDEND PER SHARE 19-3p
The 1992 results are unaudited. A copy of the Annual Report and
may be obtained from: The Director of Corporate Communications,
pic, 2297 Coventry Road, Birmingham B26 3P
1992
1991
Increase
£822m
£627m
31%
£26lm
£197m
32%
£265m
£249m
6.4%
68.2p
64.5p
5-7%
19-3p
17.55p
10%
u . , SevemTtent
FINANCIAL TIMES FRIDAY JXTNE 19 1992
COMPANY NEWS; UK
Severn Trent heads
the field with £265m
By Angus Foster
SEVERN TRENT, the
Birmingham-based water and
sewage company, yesterday
announced the biggest profits
so far for the privatised water
sector.
But the company admitted
Biffa, the waste management
arm acquired last year, would
not earn enough to cover its
interest charges until next
year at the earliest. Severn
Trent's shares fell 7p to 375p.
The company reported a 6.4
per cent increase in pre-tax
profits to £265m in the year to
March 31. up from £249m. The
Increase came from average
price rises of 15.2 per cent, held
back by falling interest income
as the company invested in
unproved water and sewage
quality.
Turnover increased to £822m
(£627m), helped by price rises
and an 11-month contribution
Erom Biffa and other non-regu-
Lated businesses.
Biffa. made annualised oper¬
ating profits of £12.5m. com¬
pared to the £25m interest bill
on its £ 212 m acquisition price-
tag. Mr John Beliak, chairman,
said Biffa would continue to
dilute earnings this year
because of the recession. But
he expressed “no regrets”
about the purchase.
Operating profits increased
32 per cent to £261m (£197m).
But interest income fell
sharply from £51.5m to £43m.
Capital expenditure increased
48 j 5 per cent to £585m.
The company went from net
cash of £229m to net borrow¬
ings Of £170xn during the year,
creating gearing of 9 per cent
Mr B eliak said capital spend¬
ing has now peaked.
Earnings increased 5.7 per
cent to 683p (64.5P). The com¬
pany is recommending a final
dividend of I2.9p (li.7p) for a
19-3p (17.55P) total
At the interim stage, Severn
Trent announced a L5 per cent
increase in pre-tax profits to
£137m (£135m) on turnover 26
per cent higher at £395m
<£3l3m).
Debtors increased nearly 50
per cent to £ 157.5m (£108^m).
About half the increase was
due to acquisitions while some
customers showed a growing
reluctance to pay.
Staff numbers increased by
300 to 7,400. At Biffa, where the
emphasis was towards higher
margin business, staff totals
fell 180 to L.836.
• Three other water compa¬
nies also reported increases
yesterday:
Pre-tax profits at Essex Water
for the 12 months to end-March
were £18J2m against £l5.7m for
the previous 15 months. Turn¬
over was £61.7m compared
with SB&Sm. The comparison
are not meaningful because of
the change of year-end.
The final dividend is 34^p
making a total of 7£L9p, pay¬
able from earnings per share of
2 Q2p. The total dividend and
earnings for the previous 15
months were 7B.83p and 163p
respectively.
Suffolk Water turned in pre¬
tax profits of £t 2 m from turn¬
over of £14£m. Again there are
no meaningful comparisons
because of the change of year-
end. Profits tor the previous 15
months were £4m Erom turn¬
over of £l6.3m.
reaming s per share came out
at 79p and the final dividend is
2L5p for a 45.1p total Earnings
for the previous 15-month
period were T 2 p and the total
dividend was 37A5p.
While Brockhamptou Hold¬
ings, parent company of Ports¬
mouth Water, reported a pre¬
tax profit of £2.85m from turn¬
over of £22m in the year to
end-March.
This compares with profits of
£2.79m from turnover of £19,7m
last time. Earnings per share
Increased by 22.7 per cent to
21 Jp and a final dividend of
3£p makes a total tor the year
of 435p.
See Lex
Photoprocess cuts LIG profit
By Andrew Bolgdr
A DROP in photoprocessing
results caused London Interna¬
tional Group, the consumer
products and services company
which makes Durex condoms
in the UK, to report a dip in
pre-tax profits from £17.4m to
£165m in the year to March 31
LIG said these res alts
reflected a good operating per¬
formance in health and per¬
sonal products but a worse
than anticipated downturn in
photoprocessing services as a
result of the continuing reces¬
sion.
Overall turnover rose by 7 A
per cent to £398.1m (£389Jm).
The group took £22.5m of
restructuring costs above the
line, in line with the new
accountancy draft standard.
The restated comparable excep¬
tional figure tor the previous
year was £2L9m.
LIG’s photoprocessing divi¬
sion saw operating profits drop
by more than half to £5.9m
(£ 12 .5m) on marginally
increased turnover of £119.5m
(£117.3m). Colour Care contin¬
ued to gain market share, but
sales were cut by the recession
and profits were substantially
affected.
ColourCare had seen some
some volume pick-up since the
year-rad, but there was little
sign that the photoprocessing
market was improving.
Traditionally, 60 per cent of
photoprocessing volume is in
the first half, with almost 40
per cent concentrated in July,
August and September, so LIG
said It was too early to make
any comment on photoprocess¬
ing performance for the year.
- Health and personal prod¬
ucts saw operating profits
increase by 15.4 per cent to
£42.7 m (£37m) on turnover of
£278.6m (£247.7m). Up by 125
per cent
LIG said the condom busi¬
ness worldwide continued to
grow at an average annual rate
of 2 to 3 per cent, and overall
the group’s brands gained mar¬
ket share.
As planned, Blogel surgeons'
gloves came into operating
profit in North America and
continental Europe. In the US,
Biogel had achieved more than
15 per cent of its target market
against 6 per cent last year.
Throughout the UK and conti¬
nental Europe. Biogel contin¬
ued to increase its market
shares.
Following last year's
announcement, all primary
manufacture of surgeons'
gloves had been transferred to
the group's new factory in Mal¬
aysia. Closure of . the UK plant
with the loss of 650 lobs, i
accounted for £13.4ra of the
exceptional item.
On the restated basis, earn¬
ings per share fell to 6.34p
(6-86p), but the final dividend
was held at 635p, giving a total
for the year of 9.45p (9.25p).
John Beliak: no regrets about the purchase of Biffa
Learmonth & Burchett in
the black with £0.3m
By Alan Cana
LEARMONTH & Burchett
Management Systems (LBMS).
a computing services company
quoted on the GSM and special¬
ising in computer aided
systems engineering (CASE),
returned to profit for the year
ended April 30 1992 after a
disastrous. 1990-91.
It made pre-tax profits of
£303,000 compared with, losses
of £l.7m the year before. Turn¬
over was up 10 per cent at
£21.4m (£l95m) and earnings
per share worked out at
0.7p, compared with 10.5p
losses.
. No dividend is being recom¬
mended. Mr Rainer Burchett,
LBMS chairman, said that the
company still had £L8m of bor¬
rowings and that it was prema¬
ture to talk of paying a divi¬
dend in 1992 although it could
be possible next year.
LBMS, established in 1977, is
one of the oldest companies in
the CASE area. CASE involves
methods and software technol¬
ogies which make it simpler
and more efficient to write
computer programmes.
LBMS had a sound business
record until two years ago
when a combination of heavy
spending on research and (
development, acquisitions that
proved difficult to digest,
increased competition and the i
recession resulted in a sharp
decline into loss.
Mr Burchett said that the
investment in research and
development had resulted re¬
new CASE software which had
. been well received in the mar-
• ket place. In addition cost cut¬
ting and restructuring coupled
with improved sales and mar¬
keting had resulted in a sub¬
stantial improvement
The company has a blue chip
list of clients and has expanded
into the US and Australia.
BTR sells
cables stake
to partner
for £37m
By Peggy Holllnger
BTR yesterday sold its stake
in a joint venture cables busi¬
ness acquired through the
takeover of Hawker Siddeley,
to partner Delta for £37m
Delta said the purchase of
the outstanding 36 per cent
minority stake was the ‘•post¬
script” to the merger in 1988
of the two companies' cable
Interests.
“We have acquired the
whole of Hawker's cable busi¬
ness, without having to pay a
premium for it," said. Ms Alex¬
andra Bockenhull of Delta.
The purchase would push Del¬
ta’s gearing - which was 13
per cent at the end of 1991 -
up slightly.
Pre-tax profit attributable to
the minority stake in Delta
Crompton Cables last year was
£2.7m, Ms Hockenhull said.
The net asset value of the
minority stake is £34.2m.
For BTR, the £37m should
help to cut the group's
weighty debt, which last
month was reported to repre¬
sent about 90 per cent of
shareholders* funds. Every
£25m is estimated to reduce
gearing by 1 percentage point
The sale was sparked by
BTR's £L55bn acquisition of
Hawker Siddeley, the UK engi¬
neering group, last year. Delta
had first option on the Hawker
stake In the case of a takeover.
An independent valuation set
the selling price.
Delta Crompton Cables was
subjected to a wide-ranging
restructuring following the
merger, including closing
three of the nine cable site.
“We will now derive 100 per
cent of the rationalisation,”
said Ms HockenhuH.
Delta Crompton Cables
makes energy, communication
and high performance cables
for the industrial and regu¬
lated electricity markets.
Oceana Investment
net assets rise
Oceana Investment Corp¬
oration reported net asset
value ahead at362.9p at March
31 against 317.4p a year ear¬
lier.
Oceana lost its listing in
September following the fail¬
ure of its bid for Etam.
The total dividend is
unchanged at lip.
Dawson surprises
with 15% rise but
cautious on upturn
By Angus Foster
DAWSON INTERNATIONAL,
the Edinburgh-based textile
and clothing group, yesterday
announced results which were
slightly better than expected
and said order hooks were
higher than a year
ago.
But the company, which had
seen profits decline every year
since 1988, remained cautious
about an economic upturn in
its main UK and US markets.
“Recovery will come but it will
be slow and very hesitant,"
said Mr Ronald Miller, chair¬
man.
Dawson reported a 15 per
cent increase in pre-tax profits
from £26Jm to £30.1m in the
year to March 28. The increase
was helped by £Um of cur¬
rency gains on the dollar, a
£700,000 exceptional profit on
as insurance claim and a lower
interest charge.
Turnover increased 6.6 per
cent to £415m (£389.3m), helped
by £12.7m of currency gains.
Pringle of Scotland increased
volumes 14 per cent although
Ballantyne Cashmere saw a 16
percent decline.
At the interim stage Dawson
reported a 6 per cent foil in
profits to n&2mon turnover of
£217m (£2l4m). Mr Miller said
the second half improvement
was helped by a recovery in
cashmere fibre and yarn
sales and stabilised cashmere
prices.
In the US, a mild winter
affected sales of JE Morgan's
thermal underwear and vol¬
umes declined 6 per cent
although the company said
market share improved.
Interest charges fell to
£5.54m (£6.85m) due to reduced
working capital cash genera¬
tion of £27.9m and falling US
interest rates.
Capital expenditure fell from
£152m to £94$m while depreci¬
ation increased to £l2.4m
(£112m). Net borrowings at the
end of the period were halved
at £23-9m, against £5l.7m.
giving gearing of 13.4 per
cent, compared with 29.6 per
cent
Earnings per share advanced
7.5 per cent to lL4p (I0.6p). The
company is recommending an
unchanged final dividend of
7.lp to make a maintained
total of 9p.
• COMMENT
After three years of decline,
can Dawson’s long-suffering
shareholders finally look for¬
ward to some growth? Judging
by yesterday’s 5p rise in the
share price to 2i9p, against a
falling market, the answer is
yes. Analysts were not only
surprised by the profits, admit¬
tedly against last year's ■
depressed results, but also by
the sharp fall in gearing, sug¬
gesting costs and working capi¬
tal are well set for recovery.
But profit forecasts for this
year of £33m put the shares on
more than 17 times. Although
acceptable, the rating suggests
the market is already factoring
in rises in consumer confi¬
dence and confirmed autumn
orders which, as the company
warned, are by no means in
the bag.
DIVIDENDS ANNOUNCED
Current
payment
Dale of.,
payment
Correa -
ponding
dividend
Total
lor
year
Total
last
year
Bradstock —_-int
1.45t
Sept 29
1.35
-
4.75
Brodchampton Hdg Jin
3.3
2.7
4.95
4.05
Davenport Vernon.—Int
1.5
Aug 3
t.5
- •
4
Dawson __fin
0.1
Aug 28
6.1
9
9
Essex Water_fin
34.3
-
75.36*
70.9
78.63*
FKJ . _ _fin
1.3
Sept 21
1.3
Z2 ■
3.3
GO _ f In
4.85
Aug 10
4.85
7,3 2
7.32
Goldsmiths ———fin
0.3
Sept 1 .
1.5
IS
3
London Int! ......_—fin
6.25
Oct 1
6.25
9.45
9.25
Lookers —__—Int
2
Sept 30
2
-
6.2
12-8
Oct 5
11.2
1825
11.2
Portsmouth Sund —.fin
5.87
Aug 3
5.64
8.6
&24
Severn Trent -—-flu
12.9
- Oct 1
- 11.7 .
-19.3
17.55
Shanks & McEwan -fin
3.44t
July 30
3.44
5.7
5.48
Sliding __fin
I.ISt
Oct 2
1
1.65
1.5
Suffolk Water_fin
21.5
-
16.25a-
45.1
37.95*
Dividends shown pence per share net except where otherwise stated.
tOn increased capital. §USM stock. *For 15 months.
SFO talks to Jersey police
about Richmond Oil
By Peggy Hollinger
THE SERIOUS Fraud Office,
the London Stock Exchange
and Jersey police met last
week to discuss possible irreg¬
ularities in share dealings of
Richmond Oil and Gas, the
beleaguered natural resource
company which recently
announced that creditors had
foreclosed on its main remain¬
ing asset
Officials of the two UK regu¬
latory organisations were
briefed in Jersey by local
authorities, who raided a local
accountancy firm under the
island’s Investigation of fraud
Jersey law 1991".
The SFO is conducting a pre¬
liminary investigation into
whether a full-scale inquiry
will he necessary.
The discovery was made
when the Jersey fraud office
raided the premises of Bryant
and Co in April, following a
complaint by one of its clients
that he could not recover
£150,000 given to the
company for investment
purposes.
The office appeared to be
deserted, with dead cigarettes
lying In ash trays and jumpers
flung across the backs of
chairs. However, police col¬
lected thousands of files from
the premises which have been
passed to UK accountants.
Price Waterhouse, for
analysis.
The exact current trading
status of Bryant and Co is
uncertain, local officials said.
Detective Inspector Peter
Hopper of the Jersey police
declined to comment in general
terms, but stated that if irregu¬
larities were found they would
be referred to the regulatory
bodies.
Also present in Jersey last
week on a separate matter was
Mr Herb Dentsch of the New
York law firm, Deutsch and
Frey. The firm is representing
Butte Mining - under new
management since last year -
in litigation against more than
100 defendants, including Bry¬
ant and Co. The case alleges
fraud and misrepresentation
by former directors, executives
and advisers.
Mr David Wilkinson, joint
managing director of Rich¬
mond, said he had no know¬
ledge of any irregular share
dealing in Richmond Oil’s flo¬
tation. The company's £2im
flotation at 105p in July 1989
flopped amid concerns over the
valuation of assets against
original purchase price. How¬
ever, in October the share
price had begun a steady climb
from 63p to 163p by February
1990. The shares, which were
7p last night hit a high ot I73p
in the summer of 1990. ,
Buy-out team plan changes to a vegetarian menu
Peter Pearse on Cranks’ move away from the small, brown rock school of wholefood cooking
reggk KSE'S MARKET INFORMATION DATA ON
WORLDWIDE DISPLAY THROUGH REUTERS
The Kxnehi Stock Exchange's Market Information Display
Network (KSE-MIDNET) has been linked with IntaiMHioaal Invent** through
Renters Business Wire Service from June 1,1992.
Karachi Stock Exchange ifaare* quotation for 309 active companies
are now available at more than 200,000 terminals finked with Reuters in 132
countries.
The Exchange already nataihs in In-bouse Computer Network
that displays die Exchange's ready board mforntatlon within fcspreaMe*.
Rcutta has aQoied 26 pages of io«en display to the Exchange, hi
ihe eqiary service. The Era page diiptayi a directory covering vaboos sectors,
wtndi is followed by compraywiac hafamMtiou. 1710 pntvioat day's dol ing
files and carat prices oa the floor of the Exchange at toy moment of tons
during trading boars are imuraHy displayed nseraariooally.
For further details pUoro contact:
Karachi Slock Exchange {Guarantee) HpJH,
Stock Exchange Building, Stock Exchmge Road,
Off; IX ChnndrigarRoad Karacbi-74000. Psktoun.
Telephone: 2413SS2J541914^2425502-3-4
Fax:92-21-241Q825 Telex: 2746 KAS3X PK
Cable: "KARSTOCK"
E veryone loves a
bargain and at the
moment receivers
across the land have plenty.
Does Cranks, the vegetarian
restaurant chain recently pur¬
chased by a management
buy-out, come into that cate¬
gory?
The MBO, put together by
Piper Trust, the retail consul¬
tancy, has bought eight restau¬
rant/takeaway outlets and the
Cranks name - a brand that
some would say had passed its
sell-by date, even though the
healthy eating market is grow¬
ing,
In many mfnrfc Cranks will
forever be tarred with a hippy
brush or stuck with an image
of sandaled, CND-campaigning
liberals, proselytising about
the virtues of bowls of bran
and the evils of meat-eating.
Mr Ian Cheshire and Mr
Christopher Curry, the non-
vegetarian forces behind the
buy-out, hope to nail those
prejudices, saying that vegetar¬
ians now come from all walks
of life and that at some time or
other everyone chooses non¬
meat. unprocessed dishes.
While anxious to preserve
the “integrity" of Cranks, they
are keen to move away from
“the small, brown rock school
of wholefood cooking" -
stodgy grains and wheat - to
lighter meals using more vege¬
tables.
Overall they are keen to tap
into the consumer's general
trend of eating out more, but
going for quality. Initially, the
main changes will be in the
menu. For example the dough
will be reformulated so that
instead of being available only
in bap form, it can be baked in
loaves, and can therefore be
sliced.
Piper has been sworn to
silence by Stoy Hayward, the
receiver, not to reveal the
financial size of the package it
put together for Cranks.
However, Mr Curry, who
runs Piper Retail Fund, the
venture side of the MBO. did
admit that it was “quite a lot
less" than the £L5m Piper bid
in 1988 when Guinness, the
then owner, sold it to Bewley*s
Cafes and Badger Hale, the
Irish catering chain and prop¬
erty developer. “We're much
happier to have bought it now
than then," he says.
Stoy could have got more for
the business, he adds, but
receivers are obliged to dispose
of loss-makers as quickly as
possible. In feet, there were
other contenders, one of which
placed a higher bid, though
with “theoretical". money.
Thanks to its previous bid and
to its close knowledge of the
business. Piper already had its
package sewn up and pipped
the others.
The close knowledge comes
from Mr Curry and Mr Chesh¬
ire, his partner from Piper
Trust While Mr Curry learned
about Cranks when preparing
the 1988 bid, Mr Cheshire's
familiarity is more direct,
stemming from his time at
Guinness, when. Cranks was
part of the drinks group's port¬
folio before It reverted to its
WALES
jw
■
rf'
*7» > & ■
Non-vegetarian bosses behind the buy-out - Ian Cheshire
(left), with Christopher Curry
core businesses in the wake of
the Distillers episode.
A child of its time and
endorsed in the late 1960s by
The Beatles and other Swing¬
ing London luminaries, the
health food company rode the
crest of its trendiness in the
1970s, but began to fall out of
fashion in the 1980s.
Financially it was hit by the
now familiar Litany of 1980s
scourges - too much debt,
over-rapid expansion, demand
reduced by recession and spi¬
ralling rent and rates.
*n its most recent year,
Clanks’ pre-tax losses were
£l.4m on sales of about &4.5m.
The restaurants broke even
but the company was tipped
into receivership, on February
19, by interest costs and losses
on the wholesale side - which
serviced such companies as
P&O, Safeway, Forte (its Wel¬
come Break motorway service
stations), and Loseley.
You can cherry pick when
buying front the receiver and
so the factory in Islington, Lon¬
don, which supplied food to all
the outlets was not bought,
though Mr Curry and Mr
Cheshire are keen to continue
and expand the wholesale side.
They point to a 1991 survey
which revealed that 12 per cent
of the UK population knew the
Cranks name for its healthy
eating reputation: in the south¬
east the figure jumped to 25
per cent
The duo will be forming a
Joint venture with a third
party to license or sub-contract
out the food making process
and harbour longer-term ambi¬
tions to roll out frozen branded
food products - “tike Bird's
Eye's vegetable meals”, says
Mr Cheshire - across the gro¬
cery multiples. In the first year
the emphasis will be on gain¬
ing wide distribution for a
small range; thereafter the
variety of dishes will be expan¬
ded.
Another big change will be
in the way Cranks is managed.
Mr Cheshire stresses that there
will be a “change of style - it
won’t be run from the top
down".
The Piper Retail venture cap¬
ital fund, backed by Standard
Life and Royal Life, has a stake
GLASGOW
of a little over SO per cent and
the balance is split equally
between Piper Trust and the
middle managers, who previ¬
ously worked under Cranks’
various owners.
These managers will he the
operational team and, apart
from the incentive of growing
the company to increase the
value of their investment, they
also have the opportunity, in a
complex arrangement depen¬
dent on profits, to raise their
stake from the low 20s to 30
per cent over the next five
years.
The whole project is “mostly
equity financed with Just a bit
of debt".
Mr Curry says that only half
of Piper's package of "substan¬
tially less than £3m” went to
acquire Cranks: the other half
is to move the unwanted kitch¬
ens in the restaurants, for
development and expansion of
the business.
Franchised restaurants out¬
side the south-east - Mr
Cheshire and Mr Curry envis¬
age expanding the chain - will
be satellites to a Cranks-owned
outlet Food would be supplied
at cost to each franchise and
Cranks would take 5 per cent
of sales.
As Body Shop prefers.
Cranks’ name would be on the
lease, not the franchisee’s.
Other changes mil be evolu¬
tionary. The woven basket
lampshades - a particular
hate of Mr Cheshire - will go,
but the pine-dominated decor
will only be changed when the
money becomes available.
The FT proposes to publish this survey on
September 16 1992.
from its print centres in Tokyo, New York. Frankfurt, Roubaix and
London. It will be read by senior businessmen and government
officials in 150 countries world wide. It will also be of particular
interest to the 130.000 directors and managers in the UK. Who raid
the weekday FT. If you wish to reach this important audience with
your services, expertise or products whilst maintaining a high profile in
connexion with Wales, call
Clive Radford
. on 0272 292565 Fax 0272 225974
Merchant House,
Wapping Road,
Bristol BSI 4RU
Data source- BMRC Survey 1900
The FT proposes to publish this survey on
June 25 1992.
from its print centres in Tokyo, New York, Frankfurt, Roubaix
and London. It will be read by senior businessmen and
government officials in 160 countries worldwide. It wifi also be
of particular interest to the 130,000 directors and managers in
the U.K. who read the weekday FT.*
If you want to reach this important audience with your services,
expertise or products whilst maintaining a high profile in
connection with Scotland call
Kenneth Swan
on 031 220 1199
or Fax: 031 220 1578 • '. :
37 George Street,
Edinburgh £H2 2HN
Data 30urc£.-* BMRC Businessman Survey 1990
FINANCI AL TIMES FRIDAY JUNE 19 1992
RECRUITMENT
JOBS: T|ie double set of mufflers that stop senior executives’ eardrums from hearing
Why big companies are short of new ideas
/ HO Precisely first coined
WW.“8 Phrase, no one the
• ■ • . J P fas polumn has ever met
could identify. But . whoever it
was .deserves an honoured place
in dictionaries of quotations. ■
. For, of all the multitudinous
maxims uttered these past 2^500
years oh how to-survive in an
organisational setting, none is
mpre cogent than the phrase in
question. It states: Never surprise
a vice-president?
While, transatlantic in Idiom -
it was apparently coined by some¬
body in American Telephone and
Telegraph - - the phrase dearly
has universal force. Moreover,
the inadvisability of springing
surprises applies not only to
bosses as high as vice-president
or the equivalent, but to many
tf not most ranked lower down.
So in an attempt to convey the
wider scope of - the message I’ve
reformulated it in more general
terms as one of the Laws of
Organisational Stupidity, calling
it alter Professor Iain Mangbam
of Bath University’s management
school who-introduced me to the
ori gin al in the 1970s: In the wider
version, which goes under the
name Maugham's M uffle r, it says:
When communicating to superiors,
new neios is bad' news.
Shoe first hearing of the rule.
I've seen it borne out too often
for its workings to be any longer
a surprise to me. The eypjanqtfop
seems to be that aspiring bosses
have a psychological need not
only to possess the power to tell
others what to do, but to fed they
hold it by natural right Hence
they tend to believe deep down
that they are endowed with such
superior faculties that they are
sure to learn of anything worth
knowing before it could ever
occur to anyone of lesser status. ~
. What has surprised me even
after all these years, however, is
the strength with which the top¬
most rankers defend themselves
against the possibility of being
forced to recognise otherwise.
That revelation comes as a
result of my discussion two
weeks ago of the problem senior
executives’ secretaries pose for
the growing numbers of displaced
managers who how have little
chance of re-employment unless
they can win the ear of someone
empowered to hire them. In the
hope of helping to put unused
skills back to work, I passed on a
couple of hints from a consultant
in New York on how to bypass
the secretarial gatekeepers. One
such hint was to dodge round
their blocking question - What’s
it about, please? - by misplacing
the word “not” in your answer.
To illustrate: if you're out of
work after a time in Germany
and aim to persuade some chief
who’s a total stranger to hire you
as a representative there, the
reply to the gatekeeper ought be:
“We've met before but not for
some time. I've been working in
Germany, and there's a business
opportunity I know he would be
interested in.” Then, on getting
through to the chief and being
asked how you know each other,
you say: “Sorry? I didn’t say we
did. What I said was we've not
met before. But for some time
I’ve been working in Germany...”
Readers' responses, often
vehement as well as extensive,
have come from several angles.
For example, half a dozen out¬
placement consultants and four
of the executive-selection variety
have accused me of advocating
the seriously dishonest practice
of approaching employers with
bogus propositions. That's a bit
steep. The article a fortnight ago
expressly stated: “...It is of
course imperative to have done
your homework on the target
company and executive, and the
idea you’re proposing, as well as
ensuring that every checkable
fact you voice is true.”
in other words, any proposals
made must be genuine. Even so,
given the numbers unemployed
and the barriers in the way of
their recovery, 1 see no cardinal
sin in practising mild deception
to get honest proposals a serious
bearing. Nor am I alone in doing
so. In tiie circumstances, even the
stern philosopher Hobbes would
have forgiven it.
On reflection, however. I agree
that the reproving out-placers are
right to say that “networking” is
a more promising as well as less
deceitful method. It is defined by
one of them as: “making new con¬
tacts via referrals from existing
contacts and genuinely asking for
advice and NOT for a job. The
aim of a network meeting Is refer¬
ral to more contacts. Keeping the
network ‘alive* over a period of
weeks results in a whole series
of people you do not now know
positively thinking of you when
they might hear of a job."
Nevertheless my conversion to
networking is not because of its.
philosophical merits, but strictly
on practical grounds. The reason
lies in the dozen responses from
readers who actually work in the
aforesaid gatekeeping capacity.
For their letters have persuaded
me that such dodges as I passed
on just wouldn’t wash with the
consummate professionals who
work as senior secretaries.
Hence my belated realisation
that the stopping power of senior
managers’ mufflers is greater
than I had previously supposed.
They are equipped with not one,
but two of them: the classical
Maugham sort worn by the chiefs
themselves, and an outlying filter
represented by their secretaries.
As one of same typically remarks:
“I can say with hand on heart
that no-one will get through to
my boss on the telephone if they
wUl not explain to me exactly
why they wish to speak to him -
and, only then, provided he tells
me he wishes to take the calL”
The only hope of penetrating
to the chief, several of the gate¬
keepers say, is essentially akin
to networking. In the words of
the same correspondent, it is
“waking up to the fact that few
top executives will take calls
unless they are very thoroughly
screened and perceived to be
mutually constructive, and en¬
listing the secretary’s help and
advice as to how to get their
message across or who would be
the right person to speak to about
their idea/appllcation. At this
level, the secretary would cer¬
tainly be one of the best people to
have on your side when chasing
those elusive job openings.”
To which I can only nod in
agreement. But that Is not to say
the better pay-off of networking
augurs well for the economic
future. For it is a method that
clearly best serves folk good at
favourably impressing influential
others - which need not be, and
often isn’t, the same as having
something productive to offer a
company. Indeed networking was
summed up in a maxim long
any surprises
before “Never surprise a vice-
president”: to wit, ft’s not what
you know, but who you know ”
Still, that being the case, it
may help to explain why so many
big companies at least, have so
few good new ideas.
N 3W to a couple of City of
London jobs being offered by
separate headhunters. Both
promise to respect applicants’
requests not to be named to their
client at this stage.
John Anderson (Deven Ander¬
son, 35 Livery St, Birmingham B3
2BP; tel 021-233 3320. fax -233 1031)
seeks a managing director for a
private financial-services group’s
insurance business, mainly in
broking. Given selling and team-
leading skills, candidates could
be from any branch of insurance.
Salary around £50,000 plus
bonus on results, and car.
Dudley Edmunds (Westmin¬
ster Associates Internationa], 1-4
Warwick St London W1R 5WB;
tel 071-287 5788, fax -287 9986)
wants a proven corporate trader
in derivatives as well as cash and
FX for an international bank.
Continental languages a help.
Salary up to £50,000, plus
usual City banking perks.
Michael Dixon
Major U.S. Bank
European Fund Manager
City based
£50,000 +
Banking Opportunities
Gulf States
Excellent tax free salaries and benefits
As a well established, successful Middle East Bank our client has developed exciting plans to expand their existing
national and international presence. Continued investment has led to considerable growth and has now created the
Following challenging and rewarding roles.
Oar Client is the S.E.C. registered International Fund Hie portfolios to be managed concentrate on the major
Man^ganent division of a rapidly expanding major US.
bank which has a substantial and glowing commitment to
Europe. Wfe have been asked to help find an outstanding and
continental markets and a European travel dement will be
required. Language skills would be a definite advantage and
the opportunity also exists to visit clients and potential
professional Fund Manago/Director Designate who will not diems backing the marketing effort in both the US. and
only lead the European thrust developing the Equity Europe. As the role expands he/she can expea to assist in
ftirtfolios but also make a substantial contribution to overall recmitingan additional Fund Manager
investment policy.. The Bank can offer the appropriate rewards and prospects to
-the. person we seek, win n eces sarily be a graduate people contributing to its success, and in addition to the
aged3Q/35 with over five year’s experience and AI/rpTAVT negotiable salary there are the usual benefits,
a track record in this area, who is determined to UV Please reply in the first instance to Keith Fisher
make progress in his/her careerlrt an expanding ';q Yt t ti t quoting Ref. 1090. Overton Shirley & Baity,
organisation. The position reports directly to DIllIvLCi I prince Rupert House. 64 Queen Street
oigtnisation. The position reports directly
the Managing Direcron
& BARRY
Prince Rupert House. 64 Queen
London EC4R1AD. Tfei: 071 -248 0355.
- INTERNATIONAL. SEARCH AND SELECTION
Banking Operations Treasury
Manager Operations
This key position requires a minimum of 6 years Reporting to the Banking Operations Manager the ideal
experience in a similar role gained within an international candidate will possess in-depth experience of
Banking environment. Knowledge of credit operations. sophisticated treasury risk management. It is a mandatory
loan administration, trade finance, letters of credit, letters requirement of this role that applicants are fully
of guarantee. Nostro reconciliations and credit card conversant with all respects of FX settlements,
operations is essential
Both roles require individuals who are capable of taking the responsibility and pressure associated with a fast moving,
challenging environment. Arabic language capability is a definite plus.
Please send yonr toll cv and current salary details to Sara Powell, _ _,
NESTOR INTERNATIONAL LTD. 7-11 Kensington High Street. X K
London W8 5NP. Tel: 071 938 1721 or 071 938 2151. tmtcdm ATrnM/i r
Fax,07! 937 4180 INTERNATIONAL
Interviews will beMd in London RECRUITMENT CONSULTANCY
NESTfR
INTERNATIONAL
RECRUITMENT CONSULTANCY
Expanding Merchant Bank - Greenfield Opportunities
Qor client is a rapidly expanding merchant bank, committed to innovation and the employment and retention of quality staff Tbe areas of activity in chule equity, fixed
income, IDC and derivative products trading, corporate finance and FX. The snrcearihl growth of the company has created foe need to recnrit three key managew.
HEAD OF
OPERATIONS
From £60,000
The candidate will he responsible for ensuring
strong .management and effe c ti v e control over the
development and settlement of current and new
products.
Exposure to derivative products, securities and FX,
experience of implementing banking systems,
ability to motivate and manage staff and a hands-
on energetic a ppro a ch will be vital in this key role.
HEAD OF
MONEY MARKETS
From £50,000
The candidate will be responsible for the
management of all cash positions, liquidity and
short term interest rate risk, and forward foreign
PV flw iip^.
This role requires at least five years’ experience in
money market and off-balance sheet instruments
and an affinity for proprietary tradings
HEAD OF
CAPITAL MARKETS
From £75,000
The candidate wifi be responsible for establishing a
new department aimed at sourcing, analysing and
di s t ri b u t in g assets (either straight or securitised
loans) and for taking pro p r i et ar y positiuus/arbitrage.
A strong a war eness of foe credit i m plications and
prior experience of asset trading is a prerequisite,
as is foe ability to control and develop a separate
profit centre.
Interested candidates should % write to Stme Mwnmi (Operations), Nick Bennett (Money Markets), Andrew Stewart (Capital Markets) at BBM Associates Ltd (Consultants m
Recruitment) at 76 Wading Street, London EC4M 9BJ. Alternatively use our confidential fax line on 071-248 2814. All applications will be treated m the strictest confidence.
76, Wading Street, London EC4M 9BJ
j<
Tel: 071-248 3653 Fax: 071-248 2814
9 uVi M i wen * J fcVfcWW i MCI M om 1 #
Jan Henderson Associates
limited is an independent
investment management
comp any, based in Exeter,
which has established
itself as a specialist in
managing portfolios of
investment trust shares.
Due to the Company's
rapid expansion, we are
now seeking a Portfolio
Manager, preferably with
experience of the
investment trust sector.
Ian Henderson Associates
has management contracts
covering a total of over
£200 millioiv including the
five unit trusts run by
Exeter Fund Managers
Limited, a subsidiary
company, and three
quoted investment trust
companies.
Interviews will be arranged in either Exeter or London.
Candidates should have
at least three years of
investment management
experience and be willing
to assist in the marketing
of the Group's products.
A competitive salary will
be offered and other
benefits will include
pension and life assurance
and a company car.
Please apply in writing,
with a full CV to:-
IJ S Henderson Esq.
Ian Henderson
Associates Limited
23 Cathedral Yard
EXETER EX11HB
Chief Economist
Leading Irish Financial Service Company
SAttractive package Dubli
Our client is one of Ireland's leading
financial service companies, involved in
domestic and international capital
markets. Research driven, they wish to
make this senior appointment at their
Dublin Head Office.
This important position will be of
interest to Economists with several
years' experience, preferably in the
financial services sector or a related
area: Good written and oral presentation
skills are essential and you should be
able to adapt to a dynamic financial
environment.
Dublin
The role also calls for an
in-depth knowledge of macroeconomics,
monetary economics and the
international bond markets.
An attractive salary and benefits
package is offered, commensurate with a
leading financial firm.
Please write with full details. These
will be forwarded direct to our client.
List separately any companies to whom
your details should not be senL Ben
Wheeler, Ref. BW351, MSL Advertising,
Recruitment Resources, 32 Aybrook
Street, London WIM 3JL
Advertising
CS FIRST BOSTON INVESTMENT
MANAGEMENT GROUP
LONDON
CSFR Investment Management is a
market leader in institutional fond
management with a strong track
record, prestigious client base,
worldwide coverage and a stable
team of experienced professionals.
In order to maintain the company’s
solid growth record we are -looking
far two professionals to complement
foe team in the following areas:
CSFB
NEW YORK TOKYO
Senior Marketing work effectively within a loosely
__ , . structured team of highly motivated
Professional people, and be aged 3 * 40 .
Educated to at least degree level, you _ ._. _ ,
will have a proven track record Jn Inves tmen t trailer
developing and closinginsUtutional Wlth Q 2 years experience
«?snS5J5S5S- sefSSZS"-
SjS—3359X38!*
SjuS domestic products, such as managers in London. You *01 be
LUegs-bacMandW^d SS^^^SSlL
(3) Equities, convertibles and and foreign exchange markets
derivatives. together with their derivatives.
You should be able to structure and providing the investment managers
deliver these products at the highest with timely market information
levels. Written and spoken fluency in ' through close contacts with the
German is essential. One other major bond houses. The ability to use
continental language would be analytical computer software would
desirable. You should also be able to be a distinct advantage.
Bath positions are based in London, and hold considerable promise in
terms of remuneration and career development, dependent upon foe high
level of performance that we are expecting.
Please send your CV to Manfred J. Adami. Managing Director, or
fames Noble, Director, CSFB Investment Management Limited,
2 a Great Titchfield Street, London WlP 7AA. Tel: 071-322 3067.
FRIDAY JUNE 19 1992
Team Leader
Specialist Energy Team
Investment Banking Division
One of the leading UK merchant banks, Schroders is looking for an ambitious
team leader!o join the Specialist Eneigy Team within its Investment Banking
Division. The Energy Team provides financial advice to a large range of
national and international oil and gas companies, and is the market leader m
its field. '
As a Team Leader your responsibilities wiH range from managing financial
and technical analysis of energy sector companies to the generation and
implementation of innovative deals for clients and prospective clients and
maintaining dose woridng relationships essential for effective client support
The successful candidate will have between 5—10 years experience within a
UKGS upstream ofl and gas company, be a top-flight graduate who is highly
numerate and have already demonstrated outstanding achievement.
Candidates will ideally have experience of valuations and acquisitions of
companies and assets In the Energy Sector. The candidate will also be highly
motivated to achieve in the competitive merchant banking environment
The total compensation package comprises a competitive salary and an
attractive range of banking benefits. Opportunities to progress within the
Investment Banking Division, and the Schroder Group generally, are
excefterit
Please send your appfications, with full CV, to Pauline Luttrell, Personnel
Manager, J. Henry Schroder Wagg & Co Limited, 120 Cheapside, London
EC2V 60S by 20th June 1992.
Ill Schroders
Outstanding opportunities for creative, determined
and ambitious bankers.
Attractive Packages inc. Bonus & Bank Benefits London
Standard Chartered has developed a highly focused strategy and culture based on the provision of international banking
services to support cross-border trade and investment flows.
The emphasis is on providing the highest standards of service over a wide range of commercial and merchant banking
produces. The Bank is especially strong in the Asia-Pacific region, as well as Africa and the Middle East, and capitalises on
the strength of its international branch network and unrivalled local knowledge.
There is an immediate need for very bright banking team leaders and relationship managers to take pan in one of the
most exciting initiatives in international banking. The task is to manage and develop portfolios of medium-size corporate
accounts and market a wide range of products.
Team Leaders
Relationship Managers
Ref L2401
Ref 12402
The Bank seeks talented individuals, aged 28-40, with outstanding selling skills and sound credit training. A proven track
record in successfully managing international banking relationships is essential. Preference will be given to candidates
whose experience includes Asia-Pacific, Africa and die Middle East. Superior product knowledge and client handling skills
'are vital. Candidates must be proactive, energetic, tenacious team players.
Please write, enclosing full cv, quoting reference L2401 or L2402 to
54 Jermyn Street, London SW1Y 6 LX
NB SELECTION I2D - aNomimBroiKa ^eT Mh^iMTjatiooria seoda iedoo ro pany
U0NDCN 0714936992 • MANCHESTER * 0625 539953 • SU3UGH0753 M92Z7 • aBSKX.0272291142
cu9Bowa4iM^3*-AmBS3eEHa2H63aaaa-mgmSBmaa23a46y6
t-> .':/» -'tw-
Gerente General de S
N.. Paul (Lspana
eguros
Secle Madrid
St- Paol (UK) es um emprcsa de seguros El soUdtance a
primaries dedkadaa satisfacer las oecesidades dd ser preferiHetnent*
merado espedalisci. Gracias a kw eafuerzos experto en d traco
reatbsadm -eu realzarlas rdadoracs cntue dkntes y experienda del me
Megnador mds alii delotradkaonal jren importanda igual;
introdudr un mayor grado de gestkin de calidad y de seguras. La pen
deptoteedda contra riesgos en nueam* prodnecos, pexspkaz en mater
gezamos de un perfbdo de gan into. gran fadlidad en io
Nuestros planes de expansion interaadonal U ambiddn y clai*
nos-han Ileeado a la adquiskidn de una pequefia fbmentarel negocH
e«|ttOMeaEspafiaoon4ofidnasyuaandminade Ala persona a<
A. 40 qapleadoB S»»< mUieadnn«s lemuneraddn gem
coUidstir&enadimQisCiacyexpandirelDegDdode condidones locale*
c oB fot aridad coa h cultura de Sc. Paul, introdu- co mpr endera un a
ciendo las Ifiieascomereiales existences ydesar- benefidos a nivd d
zo&aaduouevwproductns.Ibrluianto.suJtaxeas auaxn&viL
a baa ati n todos las aspectos de hs
operadones diarias, inclusive el control s
finanoicro, wentas y marketing tmp4e- «
mentadda de aastemas y admfaiiaaa- S
d 6 ndek» vecunoshumanos. b &s*-
Something out of the ordinary
El soUdtance a qui£n se ofitexca d cargo deberf
ser prefcrSbtementc de nadonalidad espafiola,
experto en el tzatn de personal y disfrutnr de
experienda del mercado espanol. Se ooncederi
importanda igual a b experienda en los negodos
de seguros. La persona en cuestii 6 a ddbe ser
perspicaz en materia de plamficackki, disponer de
gran fadlidad en Jos cdlcuio® aritm&icas y gozar de
la ambiddn y darividenda necesarias para
fbmentarel negodo.
A b persona adccuadaal cargo ofrecemos
remuneraddn genenm de acuetdo con bs
condicknes locales. La rerauneraddn
com pr endera un suefdo muy competitivo y 7 ^
benefidos a nivel de ejecutivo, inclusive un ' 1
auaxndviL
Sfrvase roandar su soBdtud
aThe Rasonael Controller,
St. Paul Management Ltd.,
27 Camperdown Street,
Loaches El 8DS.
The L|EK Partnership
Corporate Strategy Consultants
The LEK Partnership is a leading firm of strategy consultants. We work primarily for Charm en and Chief Executives on
issues of competitive strategy, corporate restructuring, and in the merger and acquisition field. Our cBents are major
corporations, Including household names in the field of financial services, natural resources, consumer products and high
technology. In order to sustain growth and meet the demand for our services, ere are looking for a number of highly
motivated ihdfvfduab to join us at bath the ConsuRant and Associate leveL
CONSULTANTS
Ideally you will be In your late 20's or early 3ffs, have an
outstanding academic record tnduding probably, though
not necessarily, an MBA or equivalent from a leading
U.S. or European business school, and significant
business experience with a record of achievement
Successful candidates will have tire intellectual calibre to
develop strategies in complex industries and the personal
stature to present these strategies to senior executives.
Initiative and leadership potential are essential.
ASSOCIATES
You win be a graduate, aged between 22-26, with 1-2
years' business experience. In addition to an excellent
academic record, you will have good quantitative and
communication skills. Languages are useful but not
essential
*T 'y'>rs • f? r
As members of small teams of highly motivated
professionals. Associates assist in the process of
research and analysis, leading to the formulation of
effective strategies tor ourefients.
Tba .position Is particularly^attractive to applicants
planning to go to business school in 23 years'time.
. We wish to attract candidates of the highest calibre and this is reflected in very competitive remuneration packages.
Please send applications tor
(Application deadline: July 15}
Sheila North, Recruiting Administrator (Ref. FT-C/A) .
The LEK Partnership
The Adelphi Building
1-11 John Adam Street, London WC2N6BW
London - Munich - Paris - Stockholm - Helsinki - Oslo - Copenhagen - Milan - Boston - Los Angeles - Sydney
British Airways Pensions
London
Fund Management - UK Equities
WShttsefs of over £4 bflKon under management, the British Airways
Pensions Scheme bone of the largest and best managed in-house mods
infhelHC
Therefe xn immediate requirement for an accomplished Fund Manager
to assume responsibility for the UK Equities Fund, which amounts to mvesnner
somc£Z 3 biffio 7 L compaiue
of commit
Reporting to die Investment Manager, the appointee will be a key and merit
member ef a small and talented group. The initial remit is to sustain -rmi,!
retunre abovethe Indexhut, over the Longer term, the goal will be
consistent upper quartfle performance. The chosen raateaoa
candi d ate Wifi have the latitude not only to formulate r
the approach toasset allocation within the UK Equities frgarjp TTa TMTimei
Fra4W also to make a major contribution to overall 23 IT.
iuvestteentpolicy. (Ly ASQOCffATEg
v Excellent Package
Educated to degree level, highly numerate and probably in their 30s,
candidates should have about 10 years' relevant experience, including at
least 3 years managing UK equities. A consistently successful track record
is a prerequisite; so we wiH be looking for proven ability to develop
investment strategies based on a rigorous analytical approach to
companies and sectors. Creativity, independence of mind and a high level
of commitment will be key attributes in this innovative, team-oriented
and meritocratic environment
The remunexa lion package comprises an excdlmt base salary, performance-
related bonus, car, contributory pension scheme and private health care
> Interested candidates should write, enclosing a
TME1E S Si detailed CV, to Roger Howell at the address below,
i giving details of current remuneration and quoting
[ATTESJ) reference number J17J.
MANAGEMENT SELECTION
52 Old Burlington Street, London W1X 1JLB Fax: 071-287 282L Telephone: 071-287.2820.
A GKR Group Company
The Law Society is committed to improving the controls on solicitors accounts and
ensuring that sole practitioners are complying with the Accounts Rules.
The Monitoring Unit Is looking for Compliance Officers who will be responsible for
visiting firms of solicitors to verify compflance with Accounts Rules, advising on corrective
action and providing advice.
Your training and experience should include education to degree level and/or a
relevant professional qualification such as Law, Accountancy or Trading Stands rds.Personal
qualities required include tact authority and good communication skids.
The Monitoring Unit Is based at the Law Society's prestigious headquarters In Redditch
and you should be willing to travel extensively to all parts of England and Vtoles
In addition to a competitive salary, benefits indude a car. private health insurance,
pension and life insurance. 25 days hoHtfay and a subsidised staff restaurant
Application forms can be obtained from Barbara McKetvey, Personnel Manager.
The Law Society, 50/52 Chancery Lane, London WC2A1SX. Telephone; 071-320 5629.
Closing date fbr return of applications is 3rd July 1992. All applications will be acknowledged
within seven days of this date.
For a more informal discussion, contact Bob Butler, Head of Monitoring unit text
3320) or Stuart Bushel!. Deputy Head of Monitoring Unit text 33B3) on 0527 517141.
The Law Society is oonvrttted to Equal Opportunities.
Managing Director - Derivatives Broking
Centra/ /London
Substantial package with equity participation
. Thi s inde pendent Gty-based international
investment group continues to enjoy an enviable
record of growth and profitability. Wrth interests
including asset financing, fund management ,
equities and treasury management, they are among
the leaders in their field.
The g roup now seeks a key /ndiv/duaJ with the
entrepneneuria/ skffland vision to head its
Oerfvatrv^s Broking subsidiary.
The successful candidate , who will already occupy
a senior position within this industry, will have full '
Euvopolnt
5-1 1 Lavington Street
London SEI ONZ
responsibility for all aspects of running the
subsidiary.
The package on offer w ill fully reflect the
importance attached by the group to this
appointment and their commitment to the
success of the new business.
Applicants interested in finding out more about
this outstanding opportunity should telephone
Jonathan Cohen , on 071-945 6051, or fax
071-945 6054, or write to him enclosing a
detailed CV at the address below .
Tel: 071-945 6051fZ/3
Fax: 071-945 60S4
SEARCH AND
SELECTION LTD
THE LAW SOCIETY
Fixed Intone Salts - fiernaaj
' BZW is one of the world’s leading investment banks and rapid expansion
in the Bonds division has created a vacancy for an experienced salesman
to join a team dedicated to selling gilts, eurosterling and international
bonds to mqjor German institutional investors.
Suitable candidates are likely to be graduates with a minimum 0 f three
years’ experience in a major investment bank.
Fluency in German and English is essential .
BZW can offer an attractive remuneration package commensurate
with experience.
Applicants should reply in writing, enclosingsfuE CV to;
Katushka Giltsoff,
Director Personnel Markets, BZW,
Ebb gate House, 2 Swan Lane, London EC 4 R 3TS-
SBN&fe': V: •
. . .■ •..
«KVi"rOt—--v. ~ ...
^TNANCIAL TIMES FRIDAY JUNE 19 1992
i Irish Life
Head of Fund Management
Dublin
Due to co n tinued development of Its investment management
business there is an Immediate need for a senior i nv e s tment
m a nag er to head «p a large hind management operation.
Compliance Manager
Bine Chip UK Fund Manager
To £40,000 + Banking Benefits Cit
New position, budding from strength. Opportunity for lawyer with solid
Financial Services experience to assist the Head of Compliance.
XHECOMPANY
^ Publicly quoted major life assurance group.
• Leading its market in Ireland and operating in
huropc and the US.
^■ in excess of £5hn of assets under management
and market capitalisation of JE600m.
^ Rep utation for Innovation and excellence.
TEQE POSITION
Head of Fund Management, taking responsibility
tor global asset allocation, investment policy and
• process.
❖ Key o bjective will be the adiievement of ambitious
pofonnance targets across equities, bonds and treasury.
Reporting to Chief Executive-Investments in a
highly visible role. Directing sizeable professional
team.
QUALIFICATIONS
^Graduate calibre with at least 10 years' relevant
investment experience.
«8> Must have strong understanding of investment
markets and Ideally some quantitative experience.
Performance driven, with energy, enthusiasm,
judgement, sound commercial instinct and vision.
Please write, enclosing lull cv, Ref LL2404
54 Jermyn Street, Toxsdon, SW1Y 6lX
THE COMPANY
Premier, UK-lrasod investment manager. Major
subsidiary of financial services group.
Outstanding record of funds performance and
growth, both UK and international.
Compact compliance function operating to the
highest professional standards.
THE POSITION
Provide consultative guidance and interpretation of
IMRO, Sill & SEC rules.
<S> Lead training initiatives for Ijoth Front and back
office staff.
NBglJiC^lONnP-afforp^BroaKlbeMlnterCTttooHaswfirtatedaxnpany
UNION Cm4956392 • tHBMINGHAK 021^34656-SOUGH 0753 819=27-BBZCTOL OT72 291142
CtASGOW 041 2044334 • ABERDEEN 0224 638080 - MATKEKSISK • 0fi23 5SWS3
Quantitative
Systems Analyst
London
Base £30k
Our dient, a recognised leader in Investment Banking, seeks to appoint a
graduate experienced in database management, with particular emphasis
on the computation of finandal indices and market data feeds, to work
within its Equities division. Some programming experience in a high level
language, such as ‘C or Fortran, would be advantageous and 2 to 5 years'
experience with financial data analysis is preferred.
The successful candidate will work closely with the trading desk to support
proprietary positions and actively interact with clients, salespeople and
stock exchanges.
In addition to the. at tractive salary, the post offers a bonus scheme and
investment banking benefits.
Please write in strict confidence, enclosing a full CV and listing separately
any companies to which your application should not be sent, to:
Geoff Selby (Ref. GR/16), Vine Potterton Limited, 152/3 Beet Street,
London EC4A 2DH.
VINE POTTERTON
RECRUITMENT ADVERTISING
Money Market Sales-
(ECP)
Already the leading Eurocommercial Paper/Money Markets
bouse. Citibank Capital Markets team is continuing to expand its
business throughout Europe.
As a result, a sales professional with at least 2/3 years experience
of Money Market products gained from a leading house is now
required to join the team. The position, based in Citi1niik Ix»doa, will
require frequent travel
The ideal candidate will be client orientated, self motivated and
work well within a close-knit team.
A European language will be mi advantage.
Please reply to Brian Woolley, Managing Director, at Citicorp
Investment Bank Limited, PO Box 200, Cottons Centre, Hays Lane,
London 5E1 2QT.
C/77BAAKO
We are an equal opportunities employer.
TEL: 071 6 o <S 5286 F AX: 0 " 1 582041
|,:.!in Rn'.vc Av'.'i-iiC' L ; -' i,L
■Hntisc II ilium:;. 1,1 sir.vt i.mniim J : < r>l 'V:
SAL.' RY/COMMISSION - SHARING
Small highly professional and friendly Stockbrokers, specialising in
the active manag ement of advisory and discretionary private client
funds seek comirassion sharing brokers with managed fundsvMing
' to participate in the development and expansion of the firm.
Own settlement - SE and SFA member
Write Box A1724. Financial Times,
■ • Qno Southwark Bridge, London SE19HL |_
-- appointments wanted
Appointments
Advertising
Appears every
Wednesday & Thursday
(UK),
and Friday
(International Edition)
0
HANDS ON PROBLEM SOLVER AVAILABLE NOW
High calibre 40 y/b finance/development director seeks new short or tong-term chaltengo(s).
Broad international experience Includes Acquisitions, Divestments. Refinancing,
Listing, Strategic developments, Corporate PR and
regulatory Issues
: vwta hi coitManco to: Box A 1 SW, RnandaJ Timas. One Southwark Bridge. Lontton SET 9HL
MANAGERS FOR CULTURE
CHANGE
The changes in the world today call for new
thinking, new relationships and new knowledge.
Those who intend to be leaders in the 21st century
are already in the process of transforming themselves
and their organisations. The leadership of these
organisations needs outside support.
We are looking for mature individuals, men and
women, who have experience in management, who
have been successful at producing results and who
are willing to challenge their own attitudes and
beliefs about people in organisations.
This opportunity will require a rigorous selection and
training programme. It will be of interest to those
people of experience who can see a new future for
themselves and who are willing and able to Invest
some time in preparation for that future.
Send only your name, age, previous position titles,
languages and a statement of what attracts you to this
opportunity. Please do not send a CV.
MCMASTER & ASSOCIATES, BADGERS,
BXGFRITH LANE, COOKHAM DEAN,
BERKSHIRE SL69UQ
INTEREST RATE
OPTIONS TRADER
to £50,000 + Banking Benefits
OurdlenLamajorUKbanivistooIdngtostrengthai
their interest rate options desk by appointing an
additional trader. The position wfi] involve quoting
USD, DEM, GBP products to the interbank market,
identifyingand executing profitableoption trades,
and assisting in the marketing of option strategies
to an active customer base Successful candidates
should have at least 2-3 years relevant experience
and the ability to develop their skills into other
currencies.
Please contact Tim Sheffield on 071-6231266.
Jonathan Wraa & Co. Urotod, Rmh« 3»I Requgamit C o —itan*
Nal Mew Stmt. LoodoaECa>faTP T«L 071-6231266 Bn. 071-626 SS9
JONATHAN WREN
Registered
Representatives
Waters Lunniss and Company, part of the Norwich and
Peterborough Group, is a member of the London Stock
Exchange and The Securities and Futures Authority.
Due to our continued expansion opportunities have been
created for SFA Registered Representatives to be based in
Peterborough, Nottingham and Northampton.
You are likely to be in your mid-twenties to early thirties, have an
outgoing personality and be of smart appearance.
Please apply in writing, with full Curriculum Vitae including
salary details, to:
R.J. Lamer
Managing Director
Waters Lunniss and Company Limited
2 Redwell Street
Norwich NR24SN.
A member of the Norwich and Peterborough Group.
WATERS LUNNISS
INSTITUTIONAL SALES
Pacific IrsemstJonsl Seem&ka Inc, is a fall service fatanatnxul uveuwa
dealer wring imiiniral and nadl dknts iradMde.
Ws tic expsorfin* oar n scari ng highly motivated faultiiluiiiil
' Exmpeu a
Tte candidates should be highly lintymlmt with a proven back rawed sad solid
■rodjdcat akiTh. Yon wM be anp po ned by a Bang research and c ra pa r s t c finance
torn. ‘Dna ponaon often a vwy mnafvc i c n a Wfit ion package m rin fin g one of ihe
U^hm OOAMatedcn payuaa.
CafidatraahnDMHauhra&xifacMSdHKniticfrCVsrri tamings hiraay by toe
1992 bk
M&BcttQwi tfa OBOc dii .BA.CFA
15th Root;700 West Georgb
Vmoomw.BC. Canada V7Y1G1
Phoa« 0201 (004)064*2900 Ac0101 (604)664-2666
Pacific International
Securities Inc.
VANCOUVER • ZURICH • LONDON * HOMO KONG
Mem box: Sacnritira A Futures Association UK; Invonnvat Dealers Association;
Vi mi^ w a Toiqattx Alberti Stock E x chgiyr b vr Fi nario eCw to.
O Research and strengthen procedures and
monitoring programmes. Provide ad lux: legal
odvicu on investment-related issues.
QUALIFICATIONS
<&• Lawyer, aged 27-35, with at least two years'
experience of F5A requirements, possibly gained
in investment management.
Organised, self-starter with strong technical skills
honed in a City environment.
«> Clear communication skills. Capable of advising
senior management and taking a commercial view.
Please write, enclosing full c v. Ref L2410
54 Jermyn Street, London, SW1Y 6LX
P!BSB0BQa0WIJD.aNoananBroadbcral«weriia>lo na laaw r tai rd e j «y ouy
LONDON 0714» 69» • BIRMINGHAM qa 333 4656 - SLOUGH0753 819827 • BBSIOLOQ72 29U42
GLMQOW041 20*4334 - ABERDEEN 0224 638080 - MANCHESTER - 06» S»9®
BARINGS
MEXICO
CORPORATE FINANCE
Barings axe leaders in the management of international equity issues for
Mexican companies. We are active also in financial advice, M& A and other
forms of corporate finance. We are exceptionally well placed to take advantage
of the opportunities available to us.
We now wish to expand our successful team with an additional
experienced corporate finance executive.
Candidates, aged between 25 and 30, will have at least 3 years relevant
experience in merchant banking, accountancy or related disciplines. Fluency
in Spanish is essential. The job wfi] be based in London. Frequent travel will be
expected. In the longer term, a posting to Mexico or to another country in
Latin America is likely.
Remuneration will be highly competitive and will be negotiable according
to age and experience. Other benefits include mortgage subsidy, non-
oontributory pension scheme and BUPA membership.
Write in confidence enclosing a full C.V. and details of current
remuneration to:
Miss S. J. MU bank. Manager, Personnel Department,
Baring Brothers & Co., Limited,
8 Bishopsgate, London EC2N 4AJE.
Bernard Krief Consulting Group
' has openings, for
2 Project Managers
6 Senior Consultants
The successful applicant must be an
experienced consultant in the following
fields:
• Operating audits
• Structural reorganizations
• Strategic restructurings
• International marketing
• Financial audits
• Privatization
He must be able to work in English and
French (knowledge of other languages,
especially Russian, will be considered
an asset). _
He must have shown successful H
experience in an internationally known mr
Consulting firm working for large
The applicant is offered: the opportunity to
satisfy tils ambitions by applying Bernard
Krief Consulting Group’s creative approach
to problems; trips to interesting countries
(Europe, Africa, Russia), real opportunities
for independence and persona! improvement
(N.B. The upcoming assignment concerns
Russia).
Please send your application under
ref. R 28 K/FT to Bernard Krief
Consulting Group, 115 rue du Bac,
75007 Paris. Fax.: 33.1.42*4.10.72
Bernard Krief Recrutement
V* Hpuiliniil J* htii'i trill Caaialllif Graap
i i yji .v, i\ i-i i\u j
Japanese Bank Subsidiary in
London seeks a junior bond trader
(csdy twenties). Ax least one yen's
experience on Band trading desk.
Graduate preferred, comparer
Htcnte, languages masKL Rondon
requires committed individual
seeking to develop a career in
Financial Markets. Please send
GV. and letter to Box No A1870,
Financial Times, One Southwark
Bridge, London SE19HL.
r.HTFTTT aW Jrr!:.w
A lessoned executive with proven
experience si Mfcfiqg and managing ■
national sales force for the direct
Marketing of a eoaramer product.
Experience in financial services
MpfaL The iqipUcmewa haw m ajor
compa n y ex p e ri ence bat wfll hara She
.eMrepreoamkl personality necessary
for s young company. Basie pins
bonus la unlikely to be leu than
£150,000. StricMt confidence wCB be
observed. Phase write m Bos AI86%
Financial Times, One Sonthwaik
Bridge, London SEl 9HL.
CHAIR IN
INTERNATIONAL
FINANCE
The Urtvwsity ol Strathclyde bivtes applications tor
a Chair in international Finance In the Department o! Economics
to complement ongoing research within the Department. The
successful cancUdate wS have sn estabfisfted reputation in
international flnancs research and a proven abffiiyto Initials
resomch and gonaratu research funding.
For application form mod further particufoni ^
(Rtf 81/92) contact tbs Pwnonnol Offlca,
Uirivnraay of Strathcfydt, Gtatgow G11XQ. PumM
AppBcationa closing data: 16th July 1992.
UNIVERSITY • OF
STRATHCLYDE^^
CITY SOLICITOR
With Esssom Einqpem expertise
tod languages seeks position in
law firm or financial institution.
Write to Box No. A1871.
Financial Times, One Southwark
Bridge, London. SE19HL
SENIOR BANKER
Req uire d for UJC. Bank with in-
depth knowledge of, and
personal contacts in, Nigerian
Market.
Other requirements include:
Marketing, Trade Finance,
Credit, Operations and
Administration.
C ta ntpe d rivc salary pins benefits.
Detailed C.V.'s please to:
Bex A1874, Financial Tunes,
One South wazic Bridge,
London S619HL
ECA. 0Pr CR T L,iT'ES EPlOVER
Corresponding with the e xpu lsion of its trufing divisaoii, oar client, an
mlcrn at i oo aHy operating Swiss company, spccializmg in cooalcrtndc
«■* f-TS eramtriws, »%«*■ ■ iwqqp
SENIOR BUYER
wbh mnhi^otsaal psovea experience m dm trade of TVafis snd Coommer goodi.
Besides a good knowledge of the European and Fxr Eamem supply markets,
the poshion d e m a nd s stregg p^otistmg qmHiies as weD as rite c ap ab ilit y to
work effickndv whim n small umm of ymtiirt ApjrikanB iboold be
willxng to perform extensive travelling and ought to speak English and |
German fluently. Additional knowledge of Rnzrian slndfor other Boi ope sn
Imgnagns is wcicooac.
The position, which reports directly to the management of the trading
drrisko. oflfots excellent career opportunities.
Please send your tetter of appKauian logetber with supporting documents to
HTW, P.O. Bax 783, 80tt Zflrich TMC, Switzerland, attention Mr M.
HmnbcL
APPOHfTllENTS WANTED
FUTURES & OPTIONS SPECIALIST
- Series 03 Ex a mrni»ti on. Business School, Management progun
- Extensive aqwrientt; in trading (American/English futures &
options).
-rniwmttyuHiririttg far one of the leading American c om pani e s
in this industry .
- Pl ffwvy in fti g iiah /fteKan. wodrinp knowledge of German and
Breach, ctxapubsr pn^deocy.
- Seeks a suitable positioa (Banks, Hmdg,etc.).
Write to Box A1872, Rnancial Tunes,
One Soutiruttok Bridges, London SE19HL
FINANCIAL. TIMES FRIDAY JUNE 19 1992
Abu Dhabi - U.A.E.
Financial Controller
FCA
A major highly diversified and rapidly growing
investment organisation invites applications fro®
qualified accountants with sound experience of
Banking, Treasury Products and Computer
Systems.
This is a hands-on role requiring good
communication skills plus a high degree of
computer literacy providing financial management
information support to the operating departments.
The incumbent should have a minimum of 5 years
banking experience and shall be able to restructure
and develop modem Accountancy systems and
techniques for the organisation in a fully
computerised environment including projected
budget and procedures of result follow up.
Application including a full C.V. with copies of
academic certificates, experience certificates,
passport and a recent photograph should be sent
within a fortnight, addressed to:
P.O.Box 46746
Aba Dhabi
UAJE.
ACCOUNTANCY COLUMN
Mid-size marriage of convenience may set trend
By Andrew Jack
A RATHER unusual volume sits
among the untouched tomes an inter¬
national tax treaties and accounting
for leases on fha Financial Times’s
bookshelves. In the last few days,
with the announcement of a merger
between Stoy Hayward and Finnic's,
two midsized firms, its spine has lost
the normal covering of dust
The casual reader- is in for a sur¬
prise when browsing through the
book for the first time. Inside the
glossy red cover, emblazoned with
favourable reviewers’ comments, the
contents leave something to be
desired, being nothing but blank
white pages. Only on re-reading the
title, does It elide for this is “The
Stoy Hayward Guide to Mergers hi
the Accountancy Profession", pub¬
lished as a joke in 1989, when many
rival firms were in the midst of inten¬
sive discussions oh coming together.
Stoy, in contrast, had remained res¬
olutely Independent and aloof freon
the trend since its previous ’’merger”
back in 1974. Even then, it only took
in a two-partner practice. Over the
next 15 years it resolutely refused to
entertain any further such activity.
For affidanados of the new Stoy
merger now underway, there are sev¬
eral additional ironic twists to the
firm’s book beyond the title and its
lack of content Its authors are John
Piper - one of the partners brought
in with his practice in 1974 - and
Adrian Martin, the current managing
partner, who was central to the
merger with Finnic this month.
One of the comments from a
“reviewer” on the back page - who
says, "We are proud to have been
involved as sponsors tor the research
material .jq this excellent book" - is
by Douglas Llambias, a consultant
and professional Tnaf f *^ Tng k p - r among
-accountants, who helped bring the
two firms together over the last few
m onths.
But what Finale's and Stay's part¬
ners might be more nervous about
today is the description of the con¬
tents printed inside the dust ja c k e t of
the book. The “guide", it says, tongue
firmly in ch eek, demonstrates how to
reach the right decision “without
being confused by non-important fac¬
tors such as money”. Mergers, it
argues, axe being driven by rising
rents and an anticipated shortage of
good, partners. They allow successful
firms to achieve key features of their
strategic plans. But the pitfalls are
usually only discovered once they are
perpetrated.
The two sets of partners might be
gH ghtfy tmeasy at that particular jibe,
but they cannot disagree entirely with
Us arnbah
If would be too easy to dismiss the
Stoy-Finnie fink-up as another merger
on mv-nwifir H- tahiff terms. So many oth¬
ers in the last few years have been
driven - despite the rhetoric of “stra¬
tegic reasons” - by the inherent
weaknesses of at least one of the two
firms involved, saddled perhaps with
expensive potential litigation, high
debts or a declining practice area.
Now, with the impact of the reces¬
sion far deeper, and competition
between firms tor clients so intense,
for Stoy to merge is surely a way to
boost its Income. Finnic has several
tempting quoted clients it could take
on board, including the Body Shop.
Squally, as critics have not been slow
to point out, Stoy a re p ut a tion
as something of a whizz-kid firm dur¬
ing the 1980s, becoming auditors to
several high-profile companies sot in
disgrace, such as the Levitt Group
and Pdly Peck International.
Perhaps the merger gives the firm a
chance to redeem itself with a broader
portfolio of safer clients. Several fac¬
tors veer away from such a purely
negative spin on the merge-, however.
The most significant is the feet that
Finnie approached Stoy. not the other
way round. Stoy is believed to have
turned down a number of merger
The number of firms
of similar size
currently offering
comparable services is
probably unsustainable
approaches over the last decade. Fin¬
nie was the only one that ever got to
an advanced stage of discussions, and
it claims that Stoy was its first choice
among three attractive candidates.
That choice only came after a
detailed scrutiny, under confidential'
tty agreements, of documents includ¬
ing toe partnership accou nts . Infor¬
mation on litigation and the technical
working papers surrounding some of
the more controversial audits.
Similarly, if Stoy only wanted to
gain clients, it would have to swallow
tiie extr a overheads of additional Fin¬
nie professionals, since at least on
paper the new, enlarged firm riaims
there will be no significant job losses.
If senior staff are removed in the com¬
ing months, that could also jeopardise
the relationship with moating clients
and risk them moving elsewhere.
In spite of these arguments, it Is, of
course, possible that Finnie rather
than Stoy needed to merge in order to
survive. As the twentieth largest firm
by fee Income, it is no doubt suffering
a squeeze on business, partly gener¬
ated by aggressive tendering by some
of its larger competitors.
AH the two firms will say - ambig¬
uously - is that their profits are at
about the same level They do not
deny that a huger client base was
aiming the most attractive aspects of
the merger. They also state that the
combined firm is profitable, with low
gearing and a strong balance sheet
But Mr Adrian Martin also malms a
point of stressing that Stay was
attracted by the fact the merger
would have little impact on the firm’s
position as number eight by size. The
two firms snggttt that their cultures
and approaches to the provision of
professional services are compatible.
Whatever the truth in these argu¬
ments, there does certainly appear to
be some strategic logic behind the
merger, which was not always so
dear in previous examples. Stoy is a
London-based partnership, with asso¬
ciates around the country. For several
years it has been considering how to
expand from its West End office into
the south-east Finnie is essentially a
south-eastern practice, which has
built up a network of 10 offices in the
M25 region around London. Its local
strength makes it very attractive as a
way for Stoy to expand in the area. At
the same time, Stoy recognised a
number of strong aspects of Finnic’s
operations that tied in with Its own
strengths: In insolvency, property
work and corporate finance Including
work on the government’s Business
Ri pandnn Scheme.
Finnie makes no secret of the feet
that it was finding it difficult coping
with clients with operations outside
the south-east. Without the nation-
wide network it now kas. H wm
forced to refer these clients to Inde¬
pendent accountancy practices m
other parts of the country.
How well the merger will last over
time, in terms of both client andstaff
retention, cannot yet be judged. There
has already been modest fall-out Mr
Chris Benbow, former senior partner
at Finnie and a man intimately
involved in the early discussions, left
“to pursue other interests" a Jew
weeks ago. Finnle’s Beverley office
ajsn remains outside the new network
of associates around the UK.
What seems certain is that the
shake-out of mid-size firms is fer from
aver. While different types of clients
have different needs, the number of
firms of similar size offering compara¬
ble services is probably unsustainable
in such a competitive environment
Whatever the reasons, the number
of mergers and acquisitions does not
seem likely to diminish. A recent sur¬
vey by Michael Page, financial
recruitment consultants, suggested
that a growing proportion of small
practices anticipate selling out or
merging. Last month, Ernst & Young
announced the acquisition of a 12 per
cent stake in Waif-has. a small strate¬
gic consultancy firm. Another merger
Involving mid-size firms is rumoured
to be announced shortly.
The reasons for this activity may all
be different, but the trend Is the same.
In another year partners in Stoy Hay¬
ward may still, evaluating the .success
of the merger. But the pages of a
second edition of the Stoy guide in
two years’s could be somewhat
more detailed.
ACCOUNTANCY APPOINTMENTS
Finance Director
Birmingham
£30,000 + Car
Our diene is a market leader in the capital
equipment manufacture and hire sector. This
£20m t/o Division is pan of an £85m t/o FLC
with a successful grow th record in bodi
internati o nal and domestic markets.
This is a newly created position designed to add
finanrial weight and experience to an
established management wam. You will be
pro-active in toe development of the finance
function in two locations.
You wxU be a qualified accountant, an
accomplished decision maker, with strong
int er personal and management skills. You will
have a proven trad: record of managing change
in a senior management position preferably in
toe manufacturing sector.
Contact ABson Hartftt on (021) 431 4211 (P*j) or
(0299) 270541 (Evenings A Weekends). Write to
Neville House, 14 Waterloo Street, w«»
B2 5TX or fin your CV on (021) 643 7305.
BADENOCH 8. CLARK
recruitment specialists
GROUP FINANCIAL CONTROLLER
(FINANCE DIRECTOR DESIGNATE)
Wiltshire Excellent Package
JPI Group is a fast-growing group of
companies building a market leading
business in the leisure sector. Continuing
future growth prospects mean that there is
a need to recruit a new Group Financial
Controller wbo will progress to the position
of Finance Director.
The successful candidate is likely to be an
energetic Chartered Accountant with at
least 2 years post qualification experience
He or she will be expected to make a
significant commercial input to business
decisions as part of the role.
Candidates should apply in writing with a
full cv to:
Huw Watson
JPI Group limited
Brinkworth House
Brinkworth
Nr Chippenham
Wiltshire SN15 5DF
HOVE
As one of the twelve Regional Electricity Companies,
SEEBOARD pte supplies electricity to around 2 million
customers In South East England, and Is one of the
-largest businesses in the area.
Following a promotion,-the Financial Planning section is
now looking to appoint another Senior Financial
Planner. This section is responsible for providing
financial plans, budgets, forecasts and analysis to
Directors and Senior Management, which are vital to the
Group's financial strategy and relationships wife the City
and the Industry's regulator.
Reporting to the Head of Financial Planning, Budgets
and Forecasts, your main brief will be to contribute to
the overall production and documentation of financial
plans for Senior Management You will have direct
responsibility for challenging and analysing the activities
within SEEBOARD's Trading businesses, which have a
turnover approaching EIQOm.
The opportunity of operating within the electricity
industry’s regulated environment, whilst responding to
the new world of privatisation, will allow you to fully
develop your abilities and initiative.
SEEBOARD
Doing a power of good
c £30,000+, plus car
You should preferably be a qualified Accountant with at
least 3 years post-qualification experience in a medium
to large Company. You will be able to demonstrate a
proven diplomatic but tenacious approach to obtaining
information and explanations whilst displaying a high
level of numeracy and accuracy, and be able to work as
a member of a small, highly committed team. A logical
and methodical approach to complex problem solving is - '.
essential. PC skills would also be an advantage,
especially a working knowledge of Lotus 123, although
training will be given where required.
The Company has recently undertaken an extensive
Management Review exercise and this post is included
as part of this process. Salary will be £30K + and, in
ackfitiorT, we offer an excellent benefits package which
will include a company car. The Seeboard Head Office
operates a “No-Smoking" policy.
Please apply In writing, enclosing a full CV and
stating current salary, to Helen Sutton,
Recruitment Officer, SEEBOARD pic, Grand
Avenue, Hove, East Sussex BN3 2LS, quoting
vacancy number 4668. Closing date for
applications Is 30 June 1992.
SEEBOARD pic is committed to a policy of Equal
Opportunities.
i
B-B C
Systems Accountant
Network Television
c S35k
Network Television, an orga nisa tion with a cost base of approximately &760
million, is undergoing a period of rapid structural and systems change.
Central to this is the implementation of new computerised accounting
systems on a network of Unix based mini computers having in of 1000
linked terminals. To assist in the implementation and subsequent development
of this system a high calibre systems accountant is now required.
Die successful candidate will have proven systems implementation
experience and will almost certainly be a qualified accountant. Strong
interpersonal and communication skills are essential, as is sound judgment,
and the personal credibility necessary to earn toe respect of senior operating
Tnanagumwi t
Based Television Centre, West London.
For further details please contact Julian Eldest, Accountant
Television on 081-743 8000 ext . .
For application form please contact (quote ret 1Q285/F) BBC Corporate
Becndtment Services, PO Box 7000, London W12 7ZY. Tel: 081-749 7000
Mtnleom 081-752 5151.
Application forms together with a current QV should be returned by July
2Ti<L _ WORKING FOR EQUALITY OF OPPORTUNITY
FINANCIAL TIMES EUROPE'S BUSINESS NEWSPAPER
non hire pan <Tuq accord pubQdufrc me
IXS ECHOS
le qaotitficn de rtamonde le ptu» fcaponux en France. Unc annaore 4m h nttxiqw “Offra JEapfei
ImcTMti mnWYbifK If
FINANCIAL TIMES« LES ECHOS u&nataa dc fi^oa nbmSelc Input dc vane nangc ht la cadre* kUrifeanu ca Europe. Claque
kaaHK la unonces paraftroai dun ia Echos k midi cl dan k Fmanoal tom la acrerc# (lc»a>dredi dm rEcSoon Inienadnakda
Fwanrial TmalFoar dc pin* aapla wn a dgNCW U. wcnfllaz comnr •'
STEPHANIE COX-FREEMAN
071 873 4027
The Top
Opportunities
Section
appears every
Wednesday.
For advertising
information call:
Stephanie
Cox-Freeman
0718734027
Elizabeth
• Arthur .
0718733694
KHSS
in International Banking
ACA/ACMA/ACCA >
Excellent package + banking benefits
A portfolio of innovative products
and services, matched by a presence in .
all the major financial centres; serves
to maintain J.P. Morgan’s reputation as
one of the world’s premier banking and
securities firms.
Our on-going implementation of a
European-wide Audit approach, has
created vacancies within the London
based Audit team. These offer high
calibre individuals the opportunity to
take a proactive role in shaping the
nature of this integrated pan-European
function. Our approach is risk-based
and offers a unique insight into the
complexities of the various business
areas. For each of the products
handled by the firm, an in-depth
assessment is made and sophisticated
control techniques are applied.
Working on a wide variety of
assignments, you will be exposed to the
most critical areas of the business and
most of the products that are prevalent
in today’s markets.
The positions reflect the truly
international opportunities which J.P.
Morgan can offer to ambitious young
accountants. As the department
develops, regular travel to the major
financial centres of Europe can be
expected.
A first or 2:1 degree in any subject,-
first time passes at the professional :
exams, creativity and a quick graSfiof
concepts are crucial. Applicants should
be recently qualified (with up to three
years’ PQE), and have an aptitude to -
communicate at all levels. A well-
rounded personality and a strong
desire for results is equally essential.
J.P. Morgan is a meritocracy where
progress is dictated solely by your
abilities, achievements and personal
ambitions. In the longer term, career
options will exist throughout the
Bank’s operations.
In addition to an excellent basic
salary, benefits include a car
allowance, mortgage subsidy, profit
sharing bonus scheme and the
opportunity to develop an exceptional
international business career.
For further information in strict
confidence, please contact our advising
consultants Brian Hamill or David
Craig at the offices of Walker Hamilt,
on 071-287 6285. Alternatively
forward a brief resume to the
London office at 29-30 Kingly Street,
London W1R 5LB, quoting
ref BH223.
: v.
JPMorgan
EmUMnd 1814
NEW QUALIFIED ACCOUNTANT
HAMMERSMITH -
c£21,000 AAE (+benefits)
Young chartered/certified accountant reqd to cany out the accounts function of
an associated company within busy Accounts Dept in long established financial
services group; close to Stamford Brook tube. Duties incl. sales ledger;
commission payments, management/financia! accts and contributing to system
enhancements. Applicants must be computer numerate with strong analytical
and organisational skills.
Please write with full CV to: D Saxon, CPA pic, 350 King Street, London W6 ORX
(No Agencies) , .
V-VF-' .
ANClAt TIMES FRID AY JUNE 19 1992
PRLDBslTlAL
Financial Analysis Manager
To £50,000 + Benefits
Central London
•• fo^rtfential Corporation- One nfthewnAFs flnflfirifll services gr m ips t
a superb analyst for a highly visible role in the corporate head
' ' . oflfee finance departme nt , with excellent career development po tentia L
4a^ P 5 Sm ° N . QUAUHCAHONS
vwo^amg incisive analysis of financial performance, Outstanding graduate accountant, aged 2
budgets and foreosts of operating divisions. superb financial analytical skills and experie
^ on acquisitions, divestments, from a large International group.
capflai appraisal and investor relations. ^ Self-assured, resilient. diolomaoc personality
*5 gular ®xposure to main board and divisional
directors.
QUALIFICATIONS
g> Outstanding graduate accountant, aged 28*33, with
superb financial analytical skills and experience, ideally
from a large international group.
^ Self-assured, resilient, diplomatic personality with clear
presentation skills.
^ Ambitious and ready to work long and hard in a
demanding environment.
Please write, enclosing full cv. Ref BL2512
NBS, Bennetts Court, 6 Bennetts Hill,
Birmingham, B2 5ST
VsCJ mxjo. ■
>KSBLBCOOWHD-«Woct na nBro« d b g*Imein at kin » Jawoclo i ed comp a ny
B0RMB4GBAM Id 23346S6 • IONDCN 071499^92 • SUXJI3H 07^819227 • BSSIOLOZ72 29114Z
GLASGOW Oil 2&44394 »AOTDBEN 0224 638080 "MANCHESTER* 062$ S39953
Assistant Controller
U.S. multinationaler
Konzern
Frankfurt/Main
DM ma rktge reck tes
G eh alt
Unser Auftraggeber ist ein weltweit operierendes und fuhrendes
Untemehmen im Diensdeistungssektor. Qualitat und Service rind
LeitsStze, welche die erfolgreiche Strategic des Untcmehmens
bestimmen. Einem wirkungsvollen Controlling kommt eine
Schldsselrolle bei der Absicherung des geschaftlichen Erfolgs zu. Zur
Unterstutzungdes finanda] Controllers der deutschen Tochterfuma,
mit Site in Frankfurt am Main, suchenwir eine Oameodereinen Herm
als Assistant Controller mit der Mdgiichkeit, inner Kalb eines
Zeitraumes von 2-3 Jahren dessen Nach/oige anzutreten.
Tatigkeitsschwerpunkte des Stelleninhabers werden die Leitung des
betriebfiehen Redinungswesens, die Verantwortung fiurdenTreasury-
Bereich sowie die Weiterentwkklung von Accoundng-Systemen sein.
AuBerdem gehflren die Analyse betrieblkrher Daten und die Leitung
des Berekhes "Steuem" zu den Au/gaben des zukunftigen Assistant
Controllers.
Der ideate Kandidat ist zwischen Anfang und Mitte30, hat die deutsche
Staatsangehdrigkeitund hat ein Studiumder Betriebswirtschaftsiehre
o.a. absolviert. Er ist geprufter Bilanzbuchhalter Oder "Qualified
Accountant" und hat bereits Berufserfahrung, vorzugsweise im
Dienstletstungsbeceich, zu bieten. Dabei ist ihm ein Mainframe
Accounting-Umfeld nicht fremd. ErwQnscht ist auch praktische
Erfahrung im "Treasury-Bereich" und auf dem Cebiet der
Buchfuhrungund Bilanzjerung. SehrguteKenntrussederrelevanten
deutschen steuenechtlichen Vorschriften rind zwingend erforderiidi.
Die Tagesarbeit ist gepragt dutch die Notv/endigkeit zur Teamarbeit
und dutch stzaffeZritplanung. Sehrgute EngHschkenntniase undPC-
Erfahrung runden die von uns gewunschten Voraussetzungen ab.
For further information in strict confidence contact Robert Walker
or Brian Haodll on071-2876285 (evenings and weekends 0903884649).
Alternatively, forward a brief resume to our London office quoting
Ref: RW 7254.
WALKER HAMILL
Financial Recruitment Consultants
29-30 Kingly Street Tel: 071 287 6285
London W1R 5LB Fax: 071 287 6270
Group Fiance Director
jmadonalPlc
£100,000 Base & sup Incentive Package. London & Travel
ExceDtiC war ^ s ^ challenges for a tough,
dedk ^ d nbftious young finance professionaL
THE COMPANY , m
<v> Exciting and successful intern*”
Developing a global brand fror 1
share. -
<S> Worldwide turnover c.J£100ro, ■” wir * g ' Strong
presence in key international mat,
4> Recently strengthened boa h 88 s
expansion strategy.
THE POSITION , „ f . .
O Main board with fall respon for 311 fmancl31
management issues. . , ...
o Key lasts are to develop mg
systems, taxuuon structures or
jry efficiency.
^ Close involvement in strategic development
QUALIFICATIONS
O Resilient and commercial ACA with detailed knowledge
of international taxation. Ideally aged mid 50s.
O Broadly based senior management experience in an
international branded goods business.
^■Strategic thinker with exceptional drive, tenacity,
technical ability and communication skills.
Please reply in writing, enclosing foil cv,
Reference L241LFT
54 Jfermyn Street, London, SW1Y 6LX
iNVAi-'.sir'.*?
jB S EL BCaM tnP-a Norman Brotdbo M iroec nM lu ne l uaB o dM e doonqaMiy
tONDON 071493«92-8ffiMlNCaAM0212334656*SUXXaiCT7538WZZ7-BffiSnX.0272291142
GLASGOW 0412044334 -ABEBDEBN 02Z4638080 • MANCHESTER • 0625 B99»
{%) De La Rue pic
ixation Manager
Londor ®
. ejLng commercial printer Of bank
L* La Rue 13 no and is a leader in the supply of
notes and ^ fa c [ Ktron i c narofo of
equipment tor ir
payment*.
hich is international in both it*
" “ * earning 90% of its £415 mUlion
°P CT3 f ^ otts aix jaxea. Through to reputation for
^erdse and custotoer service, the gnsqi
tnregnr y, ted ^ ^ dividend growth in recent
were a record with a 30% jump in the
* eat *’ ^'“million and growth of 18% in earnings
pre-tax prof
per share.
. . ro'ry has arisen (ora Taxation Manager
An excitir^ ^which encompasses all
re P on ' n ®jlian C e and planning. VAT and overseas
aspc *f*°rwill work closely with other
BUt finance departments to co-
^ m ? 5ei }e tax planning. This key
£45,000 + Car + Benefits
responsibility requires a hands**! 1 approach to plaining tax
structures for acquisitions and reorganisations.
Candidates capable of assuming such a role will be Chartered
Accountants, probably aged 30-35 with between five and seven
yean experience, at least two of which will be in a commercial
environment.
Opportunities exist for career development to a senior level
both within taxation and in other related financial disciplines.
The individual should possess excellent interpersonal skills,
self motivation, commercial acumen and have the presence to
interface effectively with key members of dm worldwide group.
The role will involve between 20-35 days International travel
per year.
Interested applicants should write to Chib Nelson,
Manager, Michael Page Taxation, Page House,
39-41 Poker Street, London WC2B 5LH, or
telephone him on 071 831 2000.
Michael Page Taxation
Specialists in Taxation Recruitment
Londoo m«inl Wmifanf St ADmm LeathcHwd Bir mi n gham
Nottingham Manchester Leeds Glasgow & Worldwide
■ • : ■“ V - *
—
O Fuji Seal Europe
Four years ago Fuji Seal established its European headquarters in the UK
and now dominates its market sector. The company is privately owned with
a long and successful record of international achievement, pioneering the
development of shrink sleeve labels and tamper-evident capstab. Its su c ce s s
as market leader is directly related to its massive investment in new
technology and its progressive marketing philosophy.
Financial Controller (Director potential)
Kent Based
circa £40,000+performance bonus + car
Reporting to the Managing Director, the person appointed
will be responsible for all the financial management
activities of the European operation, with an emphasis on
ensuring that strong systems and controls are developed as
tiie business further penetrates the European market We
need to appoint a person who has a hands-on approach to
daily, weekly and monthly accounting, who is meticulous
with detail and able to ensure the effective communication
of performance to the Japanese headquarters. Accurate and
timely financial reports are essential and the successful
candidate must have strong skills in identifying needs and
implementing new computer-based control systems.
Candidates, aged around 38 - 45, must be qualified
accountants with considerable experience at senior level
within a major manufacturing environment. It is
particularly important that the successful candidate has the
ability to win the trust of senior exe cu tives, both within the
European operation and in the headquarters in Japan and
an appreciation of Japanese business practice and culture
would be a major advantage. A second European language
would be extremely useful.
Brief but comprehensive career and personal details should be sent to Gerry Cassell,
Personnel Advisor to Fnji Seal, New Appointments Gronp, Personnel and Selection
Consultants, The NAG Business Centre, Bell House, Bell Road, Sittingbouxae, Kent, ME10
4DH. Telephone: (0Z9S) 424387.
New Appointments Group
FINANCE SERVICE • FINANCE SERVICE ■ FINANCE SERVICE FINANCE SERVICE
SENIOR ACCOUNTANCY ROLE.
ONE OVERALL GOAL - THE INNOVATIVE
MANAGEMENT OF CHANGE
p, | frujam y. itomo'B nothing tmuxnalta the legislation-led change that vre'ra having to regpondro.IC*
*tw> tmtora ol » h ‘ i » res poa aa thart dintteetfare - it's imaginative, radical rotalhr pro f essionaL And already
it's proving than « can manage oar rasouieafl to provide a Ugh quality of sarin to thereridsntsof tbb
cuitarally dJvatse rea of Ota capital
If you base the Ideas, the profearional akffls and the conamtUMnt to roafea a reel comribtttton to (bis
devstopment process, wa d tike to hear from you.
Group Accountant - Treasury Management
and Capital
to £30K phis free leased car
Yoor taslr will be to lead end mauage tbs team tbatfs responsible for such strategically critical areas
as loans jiFw— gpoiw-v and cash flow, as well aa tna o ffl eten t ad mlnuar atloa of oar pension food.
g ltf ^nrjianTogtdiallengewai be to bring n ow and awtirothinkiag to our capi t al fiiwndn gBgategy.
and co successfully Imp!ament our new capital accounting procedures.
You’ll need a CIFFA qualification or sg&ivBlant. and amugb mlevant experience Q> enable you to make
” on staff mtdriliEy incraases your chances of BuiUng new and entirely
different profosBional e±aHenges as your career to Haringey develops. TUsrofere the sbUky co adept to
^ IS Troobilltv. our generous relocatkm package smooths your move to our part of Umriop
' with its axceflant transport and shopping fadliriw, white generoua leave enrittemant and a range <rf other
banafiuvriDcontribUMtoyour-andyourfamihr's-qualitf ofBfe. t ^ •
We an oarticiilaily inwrested in those wbo can bring an innovative approach to dad woik. plus the
cana p e jp a muUl-rarifll and urban a mrtronmant daring this period of condnuad radical change.
ypr an informatioft peek and application fbon. pluse omssn tts FfiMBoa Sortsa PsoomiBl
Sactloa. Alexandra House, 10 Station Bond. London N22 STR. Tel eph o ne 081-882 3810 {24-boa
answering service). Whan applying, phase quote reference number 014.
date: tel Joty. 1998-__
■HARINGEY COUNCIL
"Haringey is working tnwads bec omin g
an equal opportunities employer"
Jibs
Appointments
Advertising
Appears
every Friday
(in the
International
Edition):
Wednesday
and Thursd?
(in the UK
Edition) ]
For further inforr
In North An’
please, cal
JoAnn Grede
212 752 4E
or write to f
14 East 60th,
New York NT
gfflgggggg; V'j.'.u iUi [i 1 ajli
I W&Sm
Financial Controller
Director Designate
c£30,000 + bonus + car + excellent benefits
Cheshire
The Stendon group of companies is a major force In
International healthcare markets, producing medical laboratory
equipment for sale in over 100 countries and with a turnover of
£40m this year, We now wish to appoint a Financial Controller
for our UK company.
Reporting to the Managing Director, you win have full
responsibility for the whole financial operation and the
development of the Accounts Department This wilt involve
consolidation of group accounts, achieving cash flow targets,
producing annual budgets, generating financial reports, and
developing management information systems.
Providing accurate analyses of historical and predictive fiscal
data, your assessment of potential product and business trends
will be crucial to our future growth, as will your evaluation of
potential acquisitions. Equally Important is your role in
assisting line managers meet their budget objectives by
providing financial guidance and professional advice.
A fully qualified accountant (C.I.MA), ideally laminar with
Activity Based Costing, Cellular Manufacturing and T.Q.M., you
will have significant practical experience in a manufacturing
environment The ability to present financial information in a
clear and meaningful manner would be a distinct advantage,
together with man-management and interpersonal skISs.
In addition to an attractive remuneration package we wifi
finance relocation to the Cheshire area.
Please write with lull details to: Allan Bash, Personnel
Director, Sbarthra Scientific Ltd, Chadwick Read, Astmoor,
Runcorn, Cheshire WA71PR.
FINANCIAL 5
NUH1 BKiNU—
FINANCIAL TIMES FRIDAY JUNE 19 1992
FINANCIAL DIRECT
NIGEL
NORTH OF ENGLAND I? 40 ' 000
' Bonus + 0th<4*
THE COMPANY " Ti
- Manufacturing industrial products with £50m turnover.inw internar*^
markets. t \
- High quality branded products with established market presence. I
- Part of major international group. \
THE ROLE |
- Key member of the Management Team, ensuring continuing improvexn
- Responsible for the finance] and management accounting function. I
-Make a significant contribution towards development of management j
information systems.
THE PERSON
- Qualified accountant, ideally aged between 32 and 40, with experience o
manufacturing and sophisticated reporting systems.
- Proven hands on style, man manager and team player.
- Good inter-personal skills. commitment and commercial acumen.
- Excellent career prospects within this UK group, with both financial and,
management opportunities.
Please write enclosing full curriculum vitae quoting reft 101 to:
Nigel Hopkins FCA, London House,
53-54 Haymarket, London SW1Y 4RP
Tel: 071-839 4572 Fax: 071-925 2336
E L H O P K I N S 1
ASSOC I ATS S|
FINANCIAL & TREASURY SELECTION -
i "v p 5 1 i |
, Si,- <t i ?'i|
North London circa. £45,000 plus benefits
An outstanding opportunity has arisen to Jena a subsidiary Board ot a
highly successful housing developer who will achieve a foil market
li s tin g in 1992. Good technical accounting skills will not be enough for
this vital appointment.
Reporting to the Group Finance
Director, the successful candidate
will be responsible for all the usual
computer based statutory and
management accounting require¬
ments, via a well qualified team. The
key to success in this position will be
the ability to operate effectively and
very positively at subsidiary and
m«rn Board level on both
operational and strategic issues.
Applications are invited from
qualified accountants, likely age
range 35 to 45, who can demonstrate
the necessary communication skills
coupled with a successful career to
date within a fast moving, consumer
sales oriented environment.
Success will bring its own rewards
and in order to encourage ap¬
propriate candidates to apply, the
initial remuneration package is
flexible and will include all the usual
executive benefits as well as the
opportunity to participate in the
flotation.
Kldsons Impey
Search & Selection limited
29 Pan Mall, London SW1Y5LP
Telephone: 071-3*1 0336
Fax:071-9761116
UK, France, Germans Italy;
Czechoslovakia, Autrfa,
Hungary and Po land
KIDSOXS
IMPEY
Search A Selection United
MarmtioiMJ Search Group
In the first instance,
please write or fax a fall
curriculum, vitae, enclosing
a daytime telephone number,
quoting reference 399
to Andrew Sales FCCA,
Director.
Jersey
c. £42,000 + car & benefits
Our client is the Jersey subsidiary of a major U.K. based international banking
group. Its main business lines cover several offshore locations and include
banking, treasury, trust and fund administration and global custody.
The Company is looking to recruit a senior finance specialist to join the
executive management team. The role involves leading a growing and capable
team in developing and controlling the financial aspects of the Offshore strategy
at a time of real change.
.Preferred candidates will be between 35 and 45, professionally qualified, with
proven management experience outside the profession, ideally in the financial
services sector. Good interpersonal skills and familiarity with computer-based
Ml are essential features of the position.
Candidates must also have Jersey residential qualifications.
The attractive compensation package indudes a car, and benefits normally
associated with a large banking group. Relocation assistance will be provided.
This is a challenging, exciting and rewarding position. Please write in
confidence to Stewart Walker at the address below.
=S Ernst aYoung
Chartered Accountants
PO Box 621
Le Callah Chambers
54 Bath Street
St Heller
fenny IE4 8YO
FINANCIAL DIRECTOR
MILTON KEYNES
C £35K + Car
Director of Finance
This company is a successful and fast growing autonomous
subsidiary of a UK PLC in the Print ana Packaging industry
providing a high level of quality and service to customers. Due
to promotion a commercially orientated accountant is sougjit to
contribute significantly to the company’s future direction.
Applicants should be Chartered Accountants with previous
experience in a demanding industrial or commercial
environment. Detailed knowledge of systems and spreadsheet
applications is highly desirable. The ability to motivate and
communicate is essential.
Please write enclosing a full CV to
Box A1877,
Financial limes.
One Southwark Bridge,
London SE19HL.
The Financial Times will be publishing the final examination
results of the candidates that have qualified
to join the Fellowship of the Institute of Actuaries
on Friday 10th July 1992.
To advertise career opportunities in the insurance
and pension industries please call
Richard Jones on 071-873-3460
Project Accountant
London £31,000
•Leisure Sector
* Fast Growth Business'
Recently qualified accountant with 2/3 yean
commercial experience Is required to handle major
aspects of group financial planning and reporting.
Staff management experience is essential, as is a
high level of computer awareness (mainframes and
Lotus).
Please contact Rppa Curtis, quoting reference
FIT869*/A.
Finance Director
Home Counties
Circa £40,000 + Car
* International Croup
* Commercial Flair
• A pro active finance person with overseas
experience and a Bhiectaip company background is
needed by this expanding company. The role
involves reviewing the company’s business {dans and
systems, and leading the development of tbe group’s
financial pod Don.
Please contact Deborah Sheny, quoting reference
FT18692/B.
EDP Auditor
Home Counties
£30,000 + Car + Benefits
* International
•Excellent Prospects
This major manufacturer of foodstuffs is
recruiting a computer auditor to work on the
company’s operational and financial systems. There
will be significant travel to other European offices,
k Likely candidates will be qualified accountants,
lideally with IBM mainframe and IBM compatible PC
ncperience.
Please contact JJx Osborne, quoting r ef erence
T18692/C.
Management Accountant
l . City £27,000
\ * Growth retail bank
\ * Variety of products
Vecendy qualified accountant with financial
, .cws experience either from public practice or.
v Vy is required for this analytical,’ reporting role,
’ m the treasury function.
Vse contact Joe Thomas, q uo tin g re f e r enc e
A Operational Review
Wei Orientated Flexible
-4 Recently Qualified Accountant. .
■ A Retail Sector-"
Jent opportunity to join a blue chip retail
_ja high profile audit role. Candidates
approach to deal with commercial
Aid senior managers.
Peter Green, quo ting re fe rence
aimin g Manager
C£30,000 + Car
ent Career Opportunities
organisation requires a
backerouri ot ***** ° r S e com P ari y
^f^W^rujcludeptu.nmg,
m was and liaison at a senior level.
WHHA works closely with 13 local
authorities to provide a wide range of
housing initiatives, managing over 1000
units in London. In order to assist with
the rapid growth and diversity of the development programme,
the association fa now seeking to appoint a
Head of Financial Services/
Company Secretary
London NW6
c. £36,000
You will have 3 years post qualification experience and proven
managerial ability with die vision to lead the department through a
period of growth and innovation. This will include the demonstrable
ability to produce the information needed to facilitate and control a
multi-million L development programme.
In return we offer
* 25 days leave rising to 30 days with accrued service;
* 10% contributions to final salary pension scheme;
* Side child leave; * Restricted smoking offices!
* Flexitime.
Professional accountants wishing to work for and promote
social housing should phone 071-626 6330 (24hr answerphone)
for an application form and information pack; or write to the
Personnel Section, WHHA, 2 Grangeway, London NW6 2BW.
Please note that CVs will not be considered.
Applications should reach us by Friday 3rd July (12 midday).
Interview dates: 10th July 1992 21 st July 1992.
WHHA is working towards Equal Opportunities and welcomes
applications from all sections of the community.
WEST HAMPSTEAD
Audit Mana g ers
WHEN IT COMES TO AUDIT MANAGEMENT,
WE DONT JUST CLING TO THE TAIL,
WE’RE AT THE LEADING EDGE.
British Airways, the world’s favourite a world in itself - a huge and diverse
operation, encompassing so many cfihfct&lglplas of business that it ran realistically be
British Airways, the world’s favourite airiu
operation, encompassing so many
described as a microcosm of indusrrw^^^
Can you imagine jhc scope,
at such an environment offers to a first-
nircetonjm
combined to
the profitabilit
You are like®
ready to dRS
posidortflljBip
E competitive
ndard normal]
y, you will be functioning at both the heart and
f&nducting audits across the airline's network. The
sidcrablc contact with senior management .aud F<
ng, and calls for solid, technical auditing skills,
and mental-dexterity necessary to improve
lllp^ridwidc business."' .
Hi drills with a major accountancy firm, and be
|||j5 in this role before moving on to management
Hi can look forward to a generous benefits
with a major, progressive employer.
exacting standards, write with your cv and
your suitability, ui your letter we’d like ’
Applrcoj
Resour
TW5 9*
'nfidcnc that you ’ran exacting standards, write with your cv and
_y and tell us why. To h^^^^css your, suitability, in your letter we’d like
wer thcfoltowirig question'^^^^ kind of special audirprobierm might you-
in our business? * ... "
f quoting reference MGS 2209§piould be sent to: Melanie Grant-Stcvcm.
Manager, British Airways plFf Mcadowbank, PO Box 59, Hounslow
British Airways
Please
FT18692/
f liaison at a senior level
i Sherry, quoting r e f erence
^Consultancy
£45,000 + Car
London, Manchester, Birmingham or Glasgow
The primary function of .this Partner level appointment is
to take charge of all professional services of the firm, to
review them continuously and develop them commercially.
High calibre!
MBA, with at leaT
role in financial f
restructuring, pnf
cost reduction. Ti
Contact Ian Tc
FTl8692/a
1 Services
: level input
qualified accountant or
rs PQE in a non-routine
i required for business
jvement, efficiency and
Sven.
Hooting re f e r ence
rh SCnd their CV* w
. WQ-RONSorE*
0718369501. ^onc number n
Not ft role for a career technocrat
therefore, but for an action oriented
Chartered Accountant The successful
candi da te may be an ambitious Manager
on the threshold of partnership or a
more seasoned professional used to
“m aking thing n happen". From either
stable, the task will be to direct &
manage the organisation & review
process to gain optimum advantage from
tbe collection of skills available both
within and outside the 40 practice offices
of the firm.
Reporting to the National Managing
Partner, strong authoritative advice
will be provided working alongside the
other National Directors of Finance,
Marketing, IT and Administration.
Proven expertise In several, but
not all, of tile 7 professional areas will
be required viz Human Resources,
Training, Taxation, Insolvency, Audit/
Accountancy, Compliance and TQM.
The compensation package is negotiable
and of partnership status. Please send
your curriculum vitae with a one page
covering letter explaining your vision
of how the above can be achieved to
Peter Willingham, Managing Director
of our Search & Selection Company at
29 Pall Mall, London SW1Y 5LP.
No information will be passed on to
the main accounting practice without
express permission.
KIDSOXS
IMPLY
Chartered Accountants
EDINBURGH
CO l-42ft 7744
GLASGOW
041426 3101
LONDON
071-8569501
MANOfESTEK
061436 IBS
Group Financial Accountant
RECRUITMENT
Equities InW nt
Senior investment manager (41), L ^ ^
performing unit trusts (sold off by ^
fnnda, wonld like to hear Cram invl compmira who
may have a suitable positkffl at presen
Economics graduate, strong grcL investment
reseatcli. main speciality in U.K. «L, ^ good
knowledge of other western equity nl ^ winfT ,
sectors in general. \
Write to: Box No A1835, Financial TtX g out f nwr ^
Bridge, London SE19HL . 1
Weybridge, Surrey to £30,000
The TT Group is a successful acquisitive group engaged in a wide range
of manufacturing activities worldwide with a turnover of £150m. Our success
is founded on strong financial controls, a decisive management style and a
high degree of autonomy (breach individual business unit
To prepare for the next stage of growth, the Group Finance Director seeks to
appoint a group financial accountant to assist with the collection, interpretation
and presentation of a wide range of financial information bn afimety baas.
Asa key member of a small head office team, this wide ranging role wit! appeal to
committed accountants in their late twenties, ACA qualified with some previous
experience at group/divisional level within industry Key attributes will include an-
energetic and positive attitude and an ability to cope with change within an
exciting dynamic group. Career prospects are excellent
Please reply with full career details to:
M. R. Eke, Group Finance Director,
rr group plc
Clive House, 12-18 Queens Road,
Weybridge, Surrey KT13 9XB
nMES FRIDAY JUNE L9 1992
FT LAW REPORTS
I case will be heard in UK
THE STANDARD STEAMSHIP
OWNERS’ PROTECTION AND
INDEMNITY ASSOCIATION
(BERMUDA) LTD V GANN
^ andanother
Q ueen’s Bench Division
(Commercial Court):
B4r Justice Hirsfc
. ■•■■■' Juries 1992 '
AN-. ENGLISH jurisdiction
danse i n the T tiles of a P & I
dob constitutes an agreement
between the dub, anil its inem-
ijbers to which the' court, will
f give effect unless there Is good
reason for not keeping the par¬
ties to their bargain; and
where proceedings are begun
in a competing Jurisdiction, an
English choice of law danse in
the elnb rules is a significant
factor .in- favour of England as
the appropriate forum.
tdr Justice Hirst so hnid when
fefusmg an application, by the
defendants, Mr Edmund A
Gann and Caribbean Marine
Services Go foe (CMS), to set
aside Mr Justice Evan's order
granting the plaintiff oinh. the
Standard Steamship. Owners’
Protection and Indemnity
Association (Bermuda) Ltd,
leave to serve the proceedings
oh the defendants out of the
HIS LORDSHIP said that the
club was a shipowners’ mutual
assurance association, which
issued and provided insurance
on the basis of its rules from
year to year.
Its claim, amounting to more
than $l.8m, was for loss and/or
damages arising from non-pay¬
ment of supplementary calls
and relief calls.
It submitted those sums
were due from the
It alleged they were parties to
the insurance policy: The
defendants', case was that the
parties to the policy were not
the defendants, but individual
shipowning corporations.
Mr Gann was a US citizen
resident in San Diego Calif¬
ornia. CMS was a Californian
pompany based in San Diego.
Mr Gann was beneficially
interested in a number of indi¬
vidual corporations which
owned vessels engaged in tuna
fishing off the west coast of the
US, managed by CMS. The
defendants alleged those com¬
panies were the assured.
Reference to the “defen¬
dants" was without prejudice
to that point -
■ From 1983 onwards the
■defendants’ P & I risk business
was insured by the club, fol¬
lowing an approach from
Lloyd's placing brokers
instructed on the defexdants’
part by San Diego brokers.
From 1987 the club made a
number of supplementary
on members. Alto the defen¬
dants sold a number of their
vessels and as a-result the club
claimed release calls in respect
of the cessations. '
The claims were resisted by
the defendants on various
grounds, including the ground
that the insurance was on a
fixed premium basis, and that
the dub was not entitled to
require them to meet supple¬
mentary or release ftaiis
It was the defendants’ case
that in relation to that ground
the dub was unable to sustain
an arguable case sufficient to
justify maintenance of the
. order for 'service out of the
jurisdiction. If they failed on
that point, they submitted that
San Diego, not London, was
the forum conveniens [appropri¬
ate foruml for the proceedings.
Rule 2(2) of the dub rules
provided that “these rules and
any contract of Insurance
between the association and an
owner shall be governed by
and construed in accordance
with En glish law”.
Rule 32(1) provided “the
owner hereby submits to the
jurisdiction of the High Court
of Justice in England".
Mr Bueno tor the defendants
submitted that the burden was
on the dub to persuade the
court to reach a tentative con¬
clusion that it had a good argu¬
able case. He was probably
right. (See The Otib [1991i 2
Lloyd 's Rep 108; Overseas
Union Insurance v Incorporated
General Insurance, FT. Decem¬
ber 41991.)
A telex dated November 17
1983 from the club to the defen¬
dants, stated “it is not possible
tor us to offer owners a fixed
premium quote*.
The club had demonstrated a
good arguable case on the mer¬
its on this point
Mr Bueno contended that the
burden of proof was. on the.
dub to satisfy the court that
En gland was clearly and dis¬
tinctly the appropriate forum
for trial of the action, relying
on SpiUdia [.1987] AC 460.
Were it not for the defen¬
dants'- submission to the juris¬
diction, that would be correct
Rut the authorities plainly
established that the court
would give effect to the juris¬
diction clause, though still
retaining a discretion to grant
a stay if the defendants could
show strong reasons against
holding the parties to their bar¬
gain (Chaparral [1968] 2 Lloyd’s
Rep 158; El Amria [1981/ 2
Lloyd's Rep 119).
Mr Bueno invited the court
to disregard or at least to
attach very small weight to the
jurisdiction clause, and argued
it was one-sided.
That submission was unac¬
ceptable in relation to a clause
drafted in standard form typi¬
cal of the rules of P & I Clubs
generally, where the member
was both insurer and insured.
Approximately three months
after issue of the writ the two
defendants together with all
the individual vessel-owning
corporations, issued proceed¬
ings in San Diego against the
club, its management compa¬
nies, and a number of other
defendants including individu¬
als who were executives in var¬
ious broking firms.
They sought declarations
that they were not liable for
the supplemental and release
calls. Against the club and its
managers, they sought dam¬
ages for fraudulent misrepre¬
sentation; and against the bro¬
kers, damages for fraudulent
or negligent misrepresentation,
and for breach of duty.
Mr Bueno submitted that the
centre of gravity of the dispute
was San Diego. He said the dis¬
putes must be looked at as a
whole, and it was essential
that they should all be tried in
one action to avoid the risk of
inconsistent decisions.
For that purpose, be submit¬
ted that the San Diego action,
in which the parties involved
in all aspects of the dispute
had already been joined, was
the appropriate forum.
He submitted that the
English choice of law clause
should be given little or no
weight, since there were no dif¬
ficult issues of English law
which would appropriately be
reserved for decision by an
English court. He said the
main area of dispute would be
on issues of feet
That was not accepted.
Serious questions of law
would arise as to the relation¬
ship of principal, agent and
sub-agent ois-d-ois the club.
Those questions would turn on
issues of principle and con¬
struction of documents.
Construction of the docu¬
mentary material was, as the
authorities plainly showed (see
The Magnum [1989/ l Lloyd's
Rep 47. ft), best undertaken by
the F,ng liHh courts employing
English law canons of con¬
struction. If the task were
undertaken in San Diego the
court, in applying English law,
would need to rely on the
expert evidence of English law¬
yers brought to California at
considerable expense. That was
a serious disadvantage.
Tire English choice of law
clause was a significant consid¬
eration in favour of English
jurisdiction.
The centre of gravity of the
case was in London, not Calif¬
ornia. because;
CO On all main issues the cru¬
cial point of contact was in
London between London bro¬
kers and the club. The wit¬
nesses relevant to those
aspects were in London and
the relevant documents would
mainly be In London.
(ii) The defendants’ claims
against third parties, which
were by no means all London
based, would only arise if the
club succeeded in its claim.
(iii) It seemed likely that the
number of witnesses for each
jurisdiction would be evenly
balanced, and that the prepon¬
derance of documents would be
in London.
The crucial point was the
risk of inconsistent decisions,
which the court must strive
earnestly to avoid (El Amria).
There should be no diffi¬
culty, if the defendants chose
to do so. in their joining the US
third parties in the English
proceedings as necessary and
proper parties.
The present action was in
being for a considerable period
before the defendants launched
their San Diego proceedings,
and it was their decision to sue
in San Diego which created the
possibility of a conflict
Those considerations, cou¬
pled with the conclusions that
English choice of law and the
English centre of gravity
strongly favoured proceedings
in England, led to the conclu¬
sion that the appropriate-
forum was London.
For the club: Jonathan Gais-
man (Richards Butler).
For the defendants: Antonio
Bueno QC and Robert Bright
(HUl Taylor Dickinson).
Rachel Paries
Barrister
CICM forms part of the global network for portfolio management of
Commerebank. one of Germany's leading banks. Our clients are
institutional investors, for whom we manage international stock and
bond portfolios. Our investment approach is based on the concept of
Mddem Portfolio Theory. Subsidiaries in New York. Tokyo, and Dublin
make our business climate purely international.
For our Portfolio Strategy team in Frankfurt we are looking for an
Economist
who will be responsible for commenting on international capital market
developments in the company's regular publications. Developing and
implementing investment strategies would complement the task.
If you have a degree in Economics, strong English writing and presen¬
tational skills, as well as experience in dealing with empirical capital
market questions or econometrics, you would ideally match our profile.
Knowledge of German would be helpful, but is not necessary.
Professional outlooks for this internationally oriented job based in the
expanding economy of Germany can be considered excellent. If you
are interested you may address your application to
Commerz International Capital Management GmbH. Peter Koenig,
P.O. Box 10 05 05,6000 Frankfurt a. M., Germany.Tel. 69/719122-81
COMMERZ INTERNATIONAL
CAPITAL MANAGEMENT
CHIEF FINANCIAL OFFICER
A major international broking firm is seeking a Chief
Financial Officer. The ideal candidate will have experience
In a9 phases of broking including financial reporting and
controls, regulatory aspects along with general
administrative skills. Salary and benefits commensurate
with experience.
Please send CVS to Box A1875. RnandafTfmes,
One Southwark Bridge, London SE19HL
Sales
Market News Service
Aleadh* provider of capital markets new* over the Telerale Network, is
expanding its Undoo operation. We tie recking Womution <******
pro&stieittb whir a minimum of 2 yews sales experience. The omdjdau:
woutf-teaeif-motivated with a record of successful job performance. A
financial undemanding of. the global financial markets is essential,
particuiady; Futca focoroc and Currency. Fluency m at leantwo European
Languages is denrabte. Apply to the Director. Sales, by telephone or fax:
Teh I Olffi-212-6087ICO; Fax; # 0101-212-3850028
MARLIN ORD MINNETT LIMITED
THAILAND
Wo seek an individual with an interest in Asia to service
an existing client base in toe UK and help develop a
number of selected clients in toe UK and USA ,
You would be working with a specialist team based in
I Bangkok and Hong Kong which has a unique product
that has found acceptance with major investing
institutions. You would be expected to be involved in
developing quality investment ideas as well as working
with dealers at other London houses to execute foreign
board business.
Applicants should write in confidence to:
Georgina Saddington
Marlin Ord Minnett Limited
One College HID
London, EC4R 2RA
FAX; (071) SSI 8681
Mf
FINANCIAL TIMES CONFERENCES
9
WORLD AEROSPACE
AND
AIRTRANSPORT
London — 2 & 3 September 1992
The Financial Times conference to be arranged before the Famborough
International Air Show.
Issues to be discussed:
* The extensive restructuring of the world aerospace and airline
industry
* The Single European Market in air transport and its implications
in the globalisation process
* How the defence industry is adapting to a new environment of
defence procurement
* The new structures of financing aircraft
Speakers include:
The Honourable Jeffrey N Shane
US Department of Transportation
Mr Giovanni Bisignani
European Airlines Association
Sir John Egan
BAA pic
Mr Thomas M Culligan
McDonnell Douglas Corporation
Mr Adam Brown
Airbus Industrie
The Rt Hon Christopher Chataway
Civil Aviation Authority
Sir Colin Marshall
British Airways
Mr Richard R Albrecht
Boeing Commercial Airplane Group
Mr John Weston
British Aerospace Defence Limited
Mr Brian H Rowe
GE Aircraft Engines
WORLD AEROSPACE K
AND AIR TRANSPORT —
Financial Times Conference Organisation
126 Jerniyn Street, London SW1Y 4UJ
1M: 071-925 2323. The 27347 FTCONFG. Fare 071-925 2125
□ Please send me conference details
□ I am interested in exhibiting at the conference
A FINANCIAL TIMES
INTERNATIONAL
CONFERENCE
Position _
Company/Organlsatton_
Address_!_
Postcode_
Tel__
Type of Business
Jys£
ouismess ra.naiysit
Central London c£25,000
Oar client, a major service Industry Pic. require an Anaij» to
join their Strategic Development Department, currcnlly evaluating
opportunities in the Kiddle fast and Mediteranean.
The work inchidea desk based research, analysis, and field
evaluation of hotel and restaurant properties and companies.
Candidates male or female, must bo MBA’s in their 20s, with
appropriate language fluency, knowledge of Ihc culture and
business practices of the area and have proven analytical ability.
Please apply to us in complete confidence, with a fell CVat
Bacombe Rise, Htesborough Road, Wendover, Bucks. IIP22 6EL
The cloriog dale for applications is June 30th 1992.
DAVID THOMPSON
ASSOCIATES
PROJECT FINANCE MANAGER
The Qty office of a leading Middle East Bank seeks to reczuiL a Project
F ina nce Manager. AnA-CLB. qnafificaTinn or equivalent hi dcanabto.
The successful candidate should have a minim a m of 2 yean direct
experience in mediam term project finance covering entire projects,
primarily with UK contractors. Direct exposure to craft agendas such
as BCGD, SACE and COPACE is essential. In addition, a detailed
knowledge of trade finance products is deniable. An ^tractive package
is available to the successful candidate.
All application; to be made by Irt My 1992. will be treated in strictest
co nfid e nc e.
Please reply with copy of CV to;
Box A1873, financial Times. One S o o th wmk Bridge, London SE19HL
Corresponding with the expansion of their trading divuioa, our client, an
internationally operating Swiss company, specializing in countertrade .
transactions with GJ.S. countries, seeks a dynamic, flexible
COAL TRADER
with multi-annual proven experience in the field of hKematiooal coal trade.
a great sense of responsibility, the position demands negotiating
qualities as well as the capability to work effidendy within a small team of
The applicant should be willing to perform extensive travelling
and ought to speak English and German fluently. Adtfiooaa l knowledge of
Russian and/or other European languages is welcome.
Tbc which reports directly to tbc trading divisions management,
often excellent career opportunities.
please send your application letter together with supporting documents to
HTW, P.O. Box 783, 8065 Zorich TMC, Switzerland, attention Mr M.
HumbcL
FINANCIAL ENGINEERS
Renaissance Software is a dynamic young company based in Silicon
Valley. We are growing quickly « fee strength of oar technology,
which has captured the attention of the dermoives world. As such we
are actively recruiting experienced traders or risk managers in swaps
and derivatives to baQd oar important European operation in London.
These individuals will pity a key role in showing otiicr trader* wbo are
poKtirwiI customers the power of this technology as a trading platform
and financial engineering uxd, while providing oar sales force wife
global strategic marketing advice.
Please mail or lax CV to: David While, Dir. HR, 33 Whitehall Street,
NY, NY 10004, USA. Fax: 212 344 7039. Principals only please.
_City
.Country.
The HfTERNATIONAL MONETARY FUND b seeking an
experienced professional to assume an important
advisory rote in the development of strategies, pofides
and programs to Strengthen internal communications.
The pomfan is being established si a time when fee
Fund Is lacing new. major challenges, barfing to a
particular need for effective internal communlcalions on
broad organizational goals and objectives as well as
adm i nfab a tive and personnel matters.
INTERNAL
The lesponaMbas wfll range
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sdajround. Send delated resume tix Comnuancahons
dvisor, Recruitment Division, INTERNATIONAL
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FINANCIAL TIMES FRIDAY JUNE 19 1992
COMMODITIES AND AGRICULTURE
Rubber growers agree to Producers
work towards free market .
Grenada hopes to revive nutmeg cartel
Canute James reports on plans to give price support another try
By Kforan Cooke lit Singapore
NATURAL RUBBER producers
have agreed for the first time
to work towards a new, open
market system, with the possi¬
bility of International prices
being set through a centralised
exchange in Singapore.
At the end of a three-day
meeting here members of the
the Association of Natural
Rubber Producing Countries
agreed to "develop and foster
one centralised open market in
the rubber producing region".
The producers' association,
formed in 1970, groups Malay¬
sia, Indonesia, Thailand, Papua
New Guinea, Sri Lanka, India
and Singapore which between
tfrpm supply more than SO per
cent of natural rubber.
At present more than 70 per
cent of the world natural rub¬
ber trade is carried out
through direct private party to
party deals between planta¬
tions or smallholder groups
and the mam consumer compa¬
nies, mainly the tyre manufac¬
turers. Producer countries,
frustrated by a prolonged
period of low prices, had said
in the past that the system was
unfair and had suggested the
formation of a rubber produc¬
ers' cartel In order to gain
higher prices.
Mr Ahmad Farouk, chairman
of the Malaysian Rubber
Research and Development
Board, said what was signifi¬
cant about the Singapore meet¬
ing was that consumers’ repre¬
sentatives were now
Rubber output in Indonesia, the world’s second largest producer,
is expected to fall by between 10 and W per cent in the first half
of 1992 because of to poor weather and low prices, a sailor
industry official said yesterday, reports Reuter from Singapore.
“The government estimated that production will fell 10 per
cent during the first semester (January-Jone) but our own esti¬
mate is about 12 per cent,” said Mr Asril Satan Amir, vice-chair¬
man of the Rubber Association of Indonesia (Gepkjndo).
He said first half output was forecast to fell by between 60,000
and 72,000 tonnes from the 600,000 tonnes last year. Indonesia's
total 1992 output is expected to fell to about 1.1m tonnes from
iJhn tonnes in 1991, he added.
pact push
By David Blackwell
expressing a willingness to
work towards a more open rub¬
ber trading system.
"What the big tyre compa¬
nies want more than anything
else is security of supply. In.
the short term they might gain
by cheaper, direct deals with
certain producers. But they
also realise that the there
could be supply problems in
the years ahead. Some produc¬
ers, like Malaysia, are either
turning to what are considered
to be more profitable crops like .
palm oil or are industrialising
fast, with the result that less
rubber is being produced.
Another problem feeing Malay
sian rubber producers is a seri¬
ous shortage of labour,” said
Ur Parouk.
Malaysia, for many years the
world’s biggest rubber pro¬
ducer, saw its production last
year decline by 3.4 per cent
Thailand is now top of the
world rubber production table.
Mr Farouk said that there
was general agreement at the
meeting that the direct trading
system had produced consider¬
able. distortions to the market
“The volume of direct trade
reduced liquidity in the mar¬
ket We are all agreed that nat¬
ural rubber stUl has bright
prospects, in the long terjn. But
we must have a more transpar¬
ent. pricing system,” said Mr
Farouk.
The meeting here set up a
committee to examine bow
Kuala Lumpur, ftangknk and
Jakarta, which have physical
markets, could link up with
Singapore to develop a proper
rubber international futures
market. *Tt Is important that
the futures market is linked to
the producing countries so the
cost of production can be ade¬
quately reflected in the market
price,” said Mr Farouk.
The committee will also
pTamiTie ways of pricing natu¬
ral rubber as an industrial
product, rather than a com¬
modity, on the international
market. Mr Farouk said that a
final decision on setting up the
new market system would,
probably be taken later this
year.
S African coal prices give ‘barely
adequate’ return on investment
By Philip Gawith in
Johannesburg
CONTRACT PRICE levels for
coal are barely adequate at
present to offer South African
producers a return on existing
investments, never mind
encourage new investment,
says Mr Allen Cook, chief exec¬
utive of Randcoal, South
Africa's second largest pro¬
ducer.
Speaking at a recent confer¬
ence in Australia, Mr Cook
said although international
demand for Soutb African coal
would continue to rise in
future years, there were two
major points of concern for the
local industry. The first con¬
cerns the high rate of cost
escalation in recent years,
which is eroding South Africa's
competitive position. This is a
function of increased wage
demands, rising transport costs
and continuing inflation of
about 15 per cent
Mr Cook said there was a
significant drive in the indus¬
try to lower costs by Improving
productivity. Agreement has
also been reached with Spoor-
net the state rail company, to
peg rail freight costs on the
fine to the Richards Bay export
port to tin next few years at
about half the infla tion level
The second issue is that
“current market conditions,
recent price history and some
buyers’ attitudes to pricing”
militate against further invest¬
ment. Mr Cook said a buyers
market had existed for a num¬
ber of years, with the real price
for coal declining to all major
currencies. The cost squeeze
on producers has led to a num¬
ber of mine closures which, in
the medium term, will be detri¬
mental to the continued secure
supplies of coal from major
producing companies,” said Mr
Cook. He added that it was in
the interest of all parties that a
“reasonable” price level should
be set that encouraged future
investment in coaL
' South Africa has port capac¬
ity to export 53m tonnes a
year. Fob contract prices
would have to rise by between
$5 and $£8 a tonne to make
projects, to expand, capacity
beyond this point viable, said
Mr Cook. *
Coal is South Africa's second
largest export earner after
gold. Last year the country
earned RA2bn (£630ra) from
exporting 4&£m tonnes of coal
Mr Cook said that with sanc¬
tions gone, large potential new
markets were opening up, par¬
ticularly in Japan, Korea, Den¬
mark, France, Holland, UK and
US. He said that Western
Europe had regained its posi¬
tion as the main destination
for South African exports. Mr
Cook said Europe remained a
major growth market for Soutb
African coal that was price
competitive, “particularly if
the price of coal from current
low-price producers In CIS and
Poland begins to reflect the
actual cost of production”.
COFFEE PRODUCING
countries will meet tomorrow
and Sunday to London to try
to tighten up their plans for a
new international coffee agree¬
ment before meeting consum¬
ers next week.
The proposals agreed at a
meeting of producers late last
month were described by one
anaylst as “deliberately
vague”. They envisaged a
global export quota of about
62m bags (60 kg each), incor¬
porating selectivity between
different types of coffee and
shared out between producing
countries on the basis of
export performance in the free
market since the collapse of
export quotas to July 1989.
Mr Nestor Osorio, Colom¬
bian delegate to the Interna¬
tional Coffee Organisation,
said yesterday that with prices
at 20-year lows there was
urgent need for market regula¬
tion. “Producers are com¬
pletely committed - we shall
be trying over the weekend to
agree concrete proposals to
take before the consumers.”
Among the problems the
producers will be trying to
untangle axe quota allocation
and a viable control system.
Colombia, the second biggest
coffee producer after Brazil,
has been the main driving
force behind moves towards a
renewed pact. Mr Osorio
believes if the political will is
there, movement towards a
Hew agreement could be quick.
"I flrinfc we have already lost a
lot of time.”
Con s u m ers do not appear to
be in so much of a hurry. Mr
Lawrence Eagles, analyst with
GNI, the London futures bro¬
ker, points out that the will¬
ingness of the US, the biggest
consumer, to tolerate an agree¬
ment Is based on solely on the
poUttetf motive of fighting the
Colombian drug barons.
case they may not
agree to such a low overall
quota aa 62m hags, which is
10m bags below consumption
and would force then to draw
down their stocks.
Market observers are not
optinristtp.Xast week Mr Mark
iXtamas^mSmagiiig. director -of
ED & F. Man, the big Loudon
trade house} told a coffee con¬
ference: “My personal view is
that unfortunately there will
not be a new agreement with
powers to control the market”.
The Economist Intelligence
Unit said. yesterday in its
World Commodity Forecasts
that it did not believe the pro¬
ducers will succeed in their
aim of activating a new agree¬
ment from October as the
issues are too complex.
T HE WORLD'S two larg¬
est nutmeg producers
are contemplating the
destruction of about 10,000
tonnes of stocks as part of an
effort to stiffen the market and
Improve prices. The destruc¬
tion of the stocks, held by
Indonesia and Grenada, wOl be
discussed by both countries in
a few weeks when the Grena¬
dians will attempt to interest
the Indonesians in the recre¬
ation of the nutmeg cartel that
collapsed two years ago.
The producers will also
attempt to cut commodity bro¬
kers out of the industry, and
try to market directly to con¬
sumers.
“The stocks which both
countries have are a liability
and not an asset, and they are
j depressing prices,” said Mr
' Denis Noel Grenada's Junior
minister of foreign affairs. “We
wiQ consider using the strat¬
egy of major coffee producers,
which is to destroy some of the
stocks. But any destruction
will have to be done jointly.”
Indonesia produces 75 per
cent of the world's nutmeg and
Grenada 23 per cent World
production is about 12,000
tonnes a year at present, while
annual demand is for only
9,000 tonnes, according to Mr
NoeL
The co-operation that the
Grenadians are seeking will be
outlined to the Indonesian pro¬
ducers when a high-level gov¬
ernment delegation from the
eastern Caribbean Island visits
Jakarta. Getting agreement on
the destruction of the stocks is
one aspect of Grenadian plans
to resurrect the cartel which
foundered on changes in the
Indonesian government's eco¬
nomic policy involving exten¬
sive deregulation of the econ¬
omy.
The subsequent removal of
controls on the volumes put on
the market has sent prices
down. In 1986, before the cartel
was established, the world
price for nutmeg was about
US$1,000 a tonne. The market¬
ing pact, in which both coun¬
tries set minimum prices for
the nut, led to an increase to
about $7,000 a tonne. Accord¬
ing to Mr Noel prices are now
about $2,000 a tonne.
In preparing the ground for
closer collaboration, Grenada
and Indonesia recently estab¬
lished diplomatic relations. But
Indonesian officials, saying
they wanted to see what pro¬
posals the Grenadians will be
making before commentin g on
their own position, have indi¬
cated that even if it is revival
the marketing agreement will
not be similar to the cartel that
existed before.
“In a deregulated economy
where market forces are at
play, it is out of place for us to
embrace any mechanism
which seeks to control the
market and to fix prices,” one
official explained.
Strengthening the market is
more important for Grenada
than it is for Indonesia. Nut¬
meg Is a significant foreign
currency earner for the Carib¬
bean Island but represents only
a part of a larger spice indus¬
try In Indonesia. “The nutmeg
industry represents the major
foreign currency earner for
Grenada,” confirmed Mr NoeL
When the Indonesian produc¬
ers group, Aspin. and its Gre¬
nadian counterpart, the GCNA,
signed the agreement creating
the cartel, there were quick
and significant benefits for the
Caribbean island. Earnings
from exports in 1986 were
SL85m, but the following year
Grenadian farmers received
25.55m in surplus payments.
Under the agreement creat¬
ing the cartel the Indonesian
producers undertook to sell
their high quality nutmeg at
between $6,800 and $7,000 a
tonne and low quality at
between $ 1,000 and $1,200 a
tonne. For their part, the Gre¬
nadians committed themselves
to minimum prices of $6,650 a
tonne for their best nutmeg
and $5,575 a tonne for poorer
quality.
Indonesia's high quality
mace, the red lacy substance
that surrounds nutmeg, had a
minimum price Of $13,500 a
tonne, with low quality not
being sold below $6,000 a
tonne. The Grenadians agreed
not to accept less than $11,750
a tonne for their premium
mace or $5,750 for the second¬
ary product
The two producers' groups
also agreed to control the vol¬
ume of nutmeg and mace
placed on the market in order
to maintain price stability. The
agreed volumes were deter¬
mined on the basis of average
production and stocks held by
both. Grenada’s stocks readied
5,500 tonnes, with Indonesia's
at 4,000 tonnes, said Mr Noel
The cartel bad a short Hfe.
By 1989 Grenadians were acc¬
using the Indonesians of reneg¬
ing on the pact by selling nut¬
meg and mace below the
minimum prices.
An attempt to repair the
damage had seemed to be sue-,
cessful.. with Indonesian and'
Grenadian officials agreeing to
restore the cartel's pricing pol¬
icy, the Indonesians undertak¬
ing to sell their spice at 5 per
cent above the agreed mini¬
mum and the Grenadians
adding 10 per cent to their
prices.
But when the new economic
policies were implemented in
Indonesia, Grenada’s industry
threw tn the towel and reduced
prices in an effort to hold on to
market share. The GCNA
dropped the price of its top
quality nuts by $ 2^00 a tonne,
and the price of premium qual¬
ity mace was reduced by $4,000
a tonne.
“When we talk with the
Indonesians, we will also dis¬
cuss cooperation in marketings
which wmaflow us, as the pri?
ducers, to deal directly with
end users ” said Mr Noel “This
will allow us to bypass the
commodity brokers. The previ¬
ous agreement collapsed, not
because it was unworkable,
but because of changes in
Indonesia.”
: 3 tion
£
Sr
Commodity price
revival forecast
Philippines coconut
output falls sharply
PRICES FOR most
commodities could show a
strong revival in 1993 if the
economies of the leading indus¬
trialised countries recover
enough to stimulate demand
for raw materials, according to
the Economist Intelligence
Unit, writes Our Commodities
Staff
“We expect the global econ¬
omy to pick up in 1992 and
most commodities are sensitive
to change on the demand side,"
said Mr Alec Gordon, editor of
the unit's World Commodity
Forecasts.
In the latest edition, of the 26
commodities prices covered by
the EIU, 18 are seen as fetching
higher prices In 1993 than this
year, when many commodity
prices hit new lows because of
the recession.
In the soft commodities,
crops may be badly hit by
drought and the ensuing sup¬
ply problems should support
prices, Mr Gordon said.
He expected tea, sunflower
and soyabean oils prices to do
Price Forecasts
19921993
ebanfle
%
Cocoa (c/lb)
51
60
+ 17,7
Tea (p/kg)
115
128
+114
Sugar (c/lb)
9.03
9
-03
Wheat mt)
1G2
145
-4.6
Soyaoil (5/1)
438
483
4-10.3
Copper (c/lb)
99.5
110
4-10.6
Tin (Sflb)
2.04 a 39
4-19.4
Zinc (c/lb)
STJS 64.3
4-112
Source: BU
By William Keeffng in Jakarta
better in 1993 than this year.
The coffee and cocoa markets;
are still heavily oversupplifid
but if stock control measures
succeed, prices could recover
strongly, Mr Gordon said.
Nickel, with its fortunes
strongly linked to stainless
steel production, would benefit
from a strengthening con¬
sumer goods sector, while use
of copper strongly depended on
an upturn in toe construction
and power transmission sec¬
tors, tile EIU said.
COCONUT PRODUCTION In
the Philippines, the world’s
leading exporter of coconut oil
and copra, may be 29 per cent
less litis year than originally
forecast,-officials of the Asian
and’Pacific Coconut Commu¬
nity said yesterday.
Mr P.G. Punchihewa, execu¬
tive-director of toe APCC, said
that more than eight months of
low rainfall had severly
affected the Philippines*
production and that 1992 pro¬
duction, measured in copra
equivalent, .was likely .to. be
between 1.4m laid L5m tonnes,
tn January the APCC esti¬
mated production would be
158m tonnes.
Industry officials say low
rainful has been excacetfoated
by the eruption of Mount Pina-
tuba and they do not expect
production to recover until
1994. In 1990 the Philippines
produced nearly Z5m tonnes of
coconuts.
Stocks of coconut oil to Rot
terdam, toe main trading cen¬
tre, have felled sharply in the
past year to 61,175 tonnes in
mid-May from 131575 tonnes in
May last year. ...
Copra meal stocks have alswr
declined as a result of a 35 per
cent year-on-year fall-*'-in
exports from the the Philip¬
pines for Jamiary-April to
141,019 tonnes.
Indonesia’s exports Of copra
meal also declined, by 59 per
cent to January and February
to 38,162 compared with the
same period last year. How¬
ever, Mr Pun chih ewa said that
Indonesia had enjoyed better
than- forecast rains and 1992
estimated coconut production
at 2.25m tonnes remained
unchanged.
APCC officials said they
expected the world market
price <rf coconut ofl to average
$600 a tonne df this year, up
from $ 433 per tonne in I99L In
the longer-term, officials
believe world prices will b^fr,
sustained by demand growing
fester than supply.
r.: *.:
; r /C.
> -".i *.:
WORLD COMMODITIES PRICES
MARKET REPORT
COCOA - MnRIX
LME TIN prices closed near
25-month highs. Three-month
tin's early test of support at
$8,600 a tonne encouraged
buying in the afternoon and the
market quickly made headway
to within a whisker of the $6,700
level. Dips continue to attract
buying interest and sentiment
Is also aided by forward
technical tightness. ZINC was
again buffeted by waves o(
liquidation, three-month metal
dropping below support at $1,210
a tonne at one stage to touch
a 312 -month low of $1,206. The
squeeze continued to unravel,
exerting pressure, traders said.
Traders were expecting LME
warehouse stocks to rise again
London Markets
today. Comex COPPER remained
lower at midsession on the heels
of Chinese selling and falling
equities markets. “The Chinese
selling was enough to cap the
market," said one New York
analyst Root sources said many
players took profits from
Wednesday's rise to lifetime
highs across the board. The
slippage in the Japanese and
US stock markets weighed on
sentiment by pointing to
lessening demand. New York
raw SUGAR prices were lower
at midday as profit taking
emerged after Wednesday's
advance above 11 cents a lb
for the July contract.
Compiled from Reuters
Close Previous Hgh/Low
Jut
514
810
517 512
Sep
533
533
534 528
Oec
684
563
584 558
Mar
595
583
594 588
May
811
612
814 809
Jut
630
831
832 030
Sep
851
850
861 840
Oec
880
878 878
Mar
707
703
702
Clone Prwvtoua
jtoMBA 17% fWy (3 per tamo)
CUh 12649-59 1274-5
_ (Prices supplied by Amalgamated Mstal Trading)
HMjflJO AM Official Kart) dose Open Interest
Total daBy turnover 26,488 Iota
CBUOE OS- QJflWj 42900 US galla S/barrel
Latent Previous HlgWUnr
Chicago
r.; ?yr—
3 worths T28899J 1300-1
Copper, ifcaJs A (E par toons)
Cash 1221S-£L3 1234-5
1287-8 154.668 lota
Total dally turnover 23,341 lots
Turnover 3084 (8381) lots Ot 10 tonnes
ICCO Indicator prices (SDRs per tonne). OaJty
prh* tor Jun 17 882.47 (886X8) 10 day average
tor Jun 18 073.86 (H74.14)
3 months- 124899
Lsed fE per tormfl)
Cash -290400
1229
1250/1245
1246-7 104957 lots
Total dally turnover 3982 lots
3 months 301-1.6
Hktd (3 per tonne)
Cash 7145-86
300-0-5 18,143 tots
Total dally turnover 3,582 km
Jut 2228 2229 2233 2218
Aug 2234 2234 2239 2238
Sep 2238 2238 2231 2230
Oct 2231 2218 2231 2214
Nov 2210 2200 2212 2209
Dec 2294 2230 22.04 2139
Jan 2131 2137 2131 21.80
Feb 21.77 21.74 21.74 2136
Mar 21.80 2130 2130 2137
Apr 21-40 2138 0 _ O
HEATWO OtL 42000 US galls, cents/US gafta
Latest Previous Mgh/tow
OOfTHI - London FOX
Jut
Oose
701
Previous
711
Hlgh/Low
708 898
Sep
788
736
732 723
NOV
749
759
753 745
Jen
788
779
772 788
Mar
790
815
792 786
May
808
813 808
Jul
828
832 825
3 months 722590
Tin (5 per tonne)
Cash 6865-70
72403 23387 lots
Total daDy turnover 2313 tots
3 months 8870-75 682P-S 8
Bnc, apedal Mpi Sreda ($ per tonne)
Cash 1315-20 1308-10 1
3 monflw 1210-11 1221-2 1
IMC m Me
SPOT; 13655 3 months: 1.8395
6685-7 0332 tots
Total daily turnover 21328 tots
1290
1223/1206
1285-90
1208333
6 months: 13168
9 months: 1.7981
Jut 6105
Aug 8165
Sep 8280
Oct 6355
Nov 8440
Dec 5828
Jan 652Q
Feb 6400
Mar 6150
Apr 6930
6128 eras
8180 BT30
8280 6280
8370 , 8345
8458 8440
8830 8515
8530 6520
64fO 6400
6150 8160
5030 5930
8QYA8EAH8 5jQM bu mint canta/fiOlb bushel
Cto— Previous Hlgh/Low
Jut 803/8 602/8 604/8 SOS
Aug 607/4 608/4 00010 599
8ep 813/0 flli/0 814/4 604
NOv 018# 878/4 021/0 010
Jan 827/4 626/4 838/0 618
Mar 636/0 834/0 636/4 828
May 640/8 837/0 641/0 B32
Jut 642/0 639/0 642/0 634
SOYABEAN OtL 60,000 Bis; cents /16 _
Close Previous Hlgh/Low
Jui 2039 20.76 20.00 2QJ
Aug 2034 2081 SOM 30.1
Sep 2136 21.12 21.11 20S
Oct . 2120 2137 2135 21.8
Dec 2131 2)37 21.60 2IJ
J«n 21.84 21.67 2135 . 218
Mar 2137 2187 2180 21.7
May 22.10 22.15 O _ 0
SOYABEAN meal 100 tons; S/ton
2034
20.70
2080
21.08
2735 ^
2130 W-
21.75
0
SWUM - London PCX _ (5 par tonne)
Close Previous Hlgh/Low
SPOT MARKETS
Tumoven1487 (2983) lots of 5 tonnes
ICO indicator prices (US cents per pound) tor
Jurr 17:Comp, dally4932(4934} fa day average
4887 (49.03)
Crude all (per barret FOB) + or -
Dubai Si 0.008.052 +375
B*e« Blend (doted) 521.10-185 +.100
Brent Blend (Aug) 521.05-1.15 +.150
W.T.I (1 pm ea t) $22902984 +.150
09 products
Owe prompt d elivery per tonne CtF) + or-
Pramfum Gasoline
Cto* Off 5157-188 +2
Heavy Fuel 011 58335 + \
Nepwm smoot -r
Petnhum Argua Ee dmalea.
Other . _ _
Aug 24230 24880 24630 24030
Oct 22330 22880 22840 221.40
Oec 21230 210.00 20930 20930
WUs Clone Previous Hlgh/Low
Aug 288.90 29180
Oct 27130 27430
Mar 27530 278.00
May 27830
29030 283.10
27330 268.10
27830 27430
28130 27830
WTATOW - Lqmfan POX _
_ Close Previous Hlgh/Low
Apr 883 813 >13 883
Turnover 03 785) loa at SO tonnes.
Turnover: Row 374 (207) lots ol 50 tomes.
VtMts 1488 (1131)
Paris- While (FFr per tonne): Aug 1588.61 Oct
148832
tonumu. - London POX _ grtotwa
Close Previous Hlgh/Low _
Aug 12230 12330
Turnover 0 [0)1 ots of 20 tonnes.
(Prices supplied by N M Rothschild) _
Odd (troy at)
_ 5 price _ -C equivalent
Close 34130342.10
Opening 34130341.40
Meriting Ox 34090 (84.077
Afternoon Bx 34135 183354
Day’s Mgh 34135342-15
Day's low 84070^4190 _
Loco Ufa fan Bold Lending Hiss (Vs US*)
1 month 3.46 8 months 338
New York
COCOA 10 tormatoS/nnnes
GOLD 100 troy ol; teroy oz. _
Close Previous High/Low
Jun 3423 3412 3423 3412
1 month
2 months
3 months
331 12 months
338
Jut 343.1 3413 0
Aug 3442 3423 3452
Ocr 3483 3443 3483
Dec 3483 3483 3402
Pet) 3502 348.1 350.8
Apr 352.4 361-3 353.1
Jun 3543 3532 0
Aug 3572 3662 0
350.6 3403
350.1 3S33
Jul
Ctoee
828
Previous
913
HJgMLaw
582
813
Sep
873
883
877
883
Dee
925
919
929
919
Mar
973
988
976
987
May
1004
1000
998
997
Jul
1033
1029
1030
1030
Sep
10B3
1059
1088
1080
Dec
1103
1099
0
0
Mar
1135
0
0
0
May
1166
O
a
0
Close
Previous
Kgh/LQw
Jut
181.9
1812
182J
1792
*J0
1822
1822
1KL2
1802
Sap
183.4
1822
184JJ
1B1.7
Oct
200.4
199.0
ajo2
1910
Dec
200.7
2005
201.0
1982
Jsn
2012
201.1
2012
2002
Mar
2012
2012
2012
2007
May
201-5
20U
201S
mo
MATO 5300 bu mtn; conts/E6H> boshet
PLATINUM 80 troy oz; S/boy oz.
Bit p/tony oz
219.70
US cts equhr
GOfPEE -cr 37300H>to conns/lba '
Ctoae Previous HtpWLow
Sold (per troy oz)4
Silver (per troy ozjqh
Platinum (per troy u)
5341.95 4,40
409.0c -20
L - INM _ S/barrel
Latest Previous tflgh/Low
PBBOHT - U ndoN PCUt XHMndtor pojm
Close Previous High/Low
Spot 219.70
3 months 22530
6 months 23040
12 months 241145
PeUadlum (per troy oz) S00M
5384.10 -3.75
Copper (us Producer) 108.49c +134
Lead (US Producer) 37.0c
Tin (Kuala Lumpur marital] I633r +oQ
Tin (New YorJO 31030c + 3.0
Zlnfi (US Prime Western) 82.0c
Aug
21-10
tun
2U4 21.08
Jun
1148
1140
1150 1135
Sep
21.05
2191
2196 2099
Jul
1060
1048
106S 1048
Oct
2091
2088
2090 2099
Aug
1085
into
IMS 1065
Nov
2020
20.75
2090 2079
Oct .
1200
1190
1200 1195
Dec
2070
2099
2070
Jan
1243
1243 1235
Jan
20.60
2050
2080
1245
12451225
IPE Index
Bapy/yi
2098
21.09
m -
2098
en
Tunwv
1162
or 107 «17
1154
)
1152
Previous
HloWLow
Jut
8040
BIAS
6190
6090
3889
Sep
8290
8390
83.45
8295
3619
361.0
3579
Dec
8590
60.40
0695
66.25
3699
3089
3809
Mar
8890
89.00
6990
68.40
3689
3679
3649
May
72.00
73.10
7390
72.80
388.4
3689
385.5
Jid
7890
76.66
7025
75.00
Sap
7890
7795
7790
76.75
Ctosa
Previous
Hlgh/Low
Jul
249/8 .
251/4
250/4
248/4
Sep
254/2
256/D
254/4
252/2
Dec
257/4
268/2
257/4
250/2
Mar
264/4
288/4
284/8 .
262/2
May
367/6
289/2
3BM
2MU
Jul
270/4
272/2
270/4 .
288/4
Sop
266/0
2S9ZQ
0 -
. 0 .
Oec
258/0
284/4
256/0. ;;
252/6
WHEAT 5300 bu mirr. cena/aotb-bushel
Close Prevtata tflghfljwr
(Prices supplied by Engethard Metals)
5 price G equtvetom
SILVER 5,000 tray oz; cenndtray 04.
Krugerrand 3*126-34225 18330-183.90
Maple lost 35230-363.00 188.75-180.25
New Sovereign 8330-8430 44JXM33Q
HAS OH. - tl«
C«8B (Hwo wetghft T1339p +132*
Sheep (Rve vrelghQI* B835p -325*
PlflSjIhw wefebW 33.70b -3W8-
London dally sugar (raw) S27l3t
London daily sugar (white) S2KUX
TaM W Lyle evpert price 0852
Setter (English toed) Uni
M*U* (US No. 3 yellow) £148.0 -13
Wheat (US Oarir Northern) unq
Rubber S230p
ftoWKT (Aug) IF 8230p
Rubber (KL R3S No 1 Jut) 22i0r
Coeomd oil (PMItopliwW S59UM Il03
Paint Oil (MaJiyaianK S4i03y -?£
Capra (PhHfpprtesK 5367.5* -12JS
Soyabe ans (US) E 14&5
Cotton "A" fade* 88.40c *OS
Wuoitops (84a Super) 396o -8
0090
Previous
Hlgh/Low
Jul
186.75
187 25
18995 18890
Aug
10090
19090
19075 18990
Sep
192.73
19198
102J5 191.75
Oct
1B&25
18390
I9S3S WM
Nov
196.73
19595
1974)0 18690
Doc
10776
198.78
10845 10790
Jan
195.75
19490
19890 195.73
Feb
19390
18390
19125 193.00
Mar
18SL25
18890
188.00
otutna - lee
Wheat Clou
Kgh/Low
Jim . 12236
Sep 11025
N« 11826
Jan 11725
Mar 18029
May 133.10
12203 121.78
11030 11086
11320 11320
11730 11720
12030 12CL28
123.10
TBAPtoP ownons _
Alanfahan (99.7%) COfla _ Puts
ShlUe price 5 tonne Jd Sap Jut Sap
1200 71 90 3 3
34 31 36
a 123 114
Copper [Grade A) Cons
Turnover 8878 (137B8)Ms of
Baris j ’ Ctosa
WgWLovr
mi mi a 3
43 60 3 21
3 15 80 75
HUNT A WOn’ABLBS
Top quality English strawberries remain
plendfur tWs week with prtors 41 90p-£l20
(90p-£120) a lb report* ttte FFVIB. Near
Zealand Mwfttrt « 2tW3p each {2t«3rt la
e good Putt buy. along with Spwrfa. French,
Sep 107.70
Nsv 111.15
May 11025
107.70 107.50
11125 111.15
11925 11920
Sap Nov Sep Rov
Turnover wheat-103 (79). Barley 47 (70).
Turnover tots ol 100 Tamm.
7TJ0
48
70
20
21
790
•21
42
48
43
aoo
9
25
83
78
Sep Dec Sep Ctoe
Jun
Close
4089
Prwvtoua
40L4
Hlgh/Low
4089
4069
Jut
4099
409.0
411.0
4079
Aug
411.0
4109
0
0
sep
412.4
4129
4149
4119
Doc
417.0
416L0
419.0
4189
Jan
418.7
4189
0
0
Mar
422.1
4219
0
0
Mey
4258
428.4
4239
4269
Jul
420.1
4289
4299
4289
Sop
4332
433.1
0
0
HUM GMJOE COPPER 25,000 lb*; cemaflBs
Close
Prevtoui
Hlgh/Low
Jwr
104.25
10490
10490
10490
Jul
104 M
10490
10495
10390
Aug
10495
XM-30
0
0
Sep
104.70
104.46
10490
10490
Oct
104.60
104.40
0
0
Nw
10498
10490
0
0
Dec
10490
10495
18495
10490
Jan
10490
10390
0
0
FW>
10390
10390
0
0
Mar
103.80
103/45
10390
mss
COTTON 50300; canfa/fee
Jul 82.18 8323 8250 01.90
Da 6427 8536 8420 6430
Oec 6420 6020 0425 S32S
Mar 05.19 8520 65.40 8S.0S
May 6528 8328 8180 85.48
M 2&90 8326 9526 BAflO
OHAMoe JUICE 1S.00Q tor, centsfflw
Ctoee Previous Kgh/Low
12S2S 19720 ■ 125.70
118.10 11020 11720
113.75 11420 11X50
11X05 11320 11X00
11330 114.00 11430
11220 0 0
11220 Q 0
11220 0 0
1t£tt 0 O
Peas am Oils week*a beat vegetable buy
S Atom imton atherwlH stoud. p-ponce/kg.
c<wita/fti. r-ringghftg. wim/Jul y-July w-Jul/
Aug . ■(Meet Commission overage Jafa-
iano-ispait>.(iMom
l«> (4&80p), tttong wtat eetsiy ai BWBp a to
(50-Wp) and English Spring onions at«M3p
a bunch (35-46P).
PM» - lewriowWOX (Cash Setttemom) p/kg
_ Cloaa Prevtoos Hlgttf Low
J*I " M42 1143 -'
Aug 1042 1053 10421043
Nov 1Q7.0 1083 10721083
Turnover: T2 (17) tola «l 3260 kg
» 08 17 17
15 41 ffi 27
B 29 50 40
SUGAR WORLD "11” 11X000 lbs; cants/lbs
Aug Sap Aug Sot
47 58 38 68
25 07
13
Close
Previous
Hlgh/Low
Jut
1891
it.os
11.04
10.70
Oct
991
1092
1094
994
Mar
9.00
8.84
994
998
M«ir
892
0.78
ft 70
fi.82
Jul
894
9.70
9.84
997
Oct
9.47
993
8.90
990
HEUteRS gear September 161931 - 100)
Jun.18 Jun.17 mnth ago yr ago
1992J 1584.8 1397.0 17723
DOW JOMKS (Baas: Dae. 31 1974 - 100)
-ton.17 JtattB mntti ago yr age
Spot 119.18 11826 117 74 13024
Futures 120.12 11X78 11824 13631.
Jul 332/4 364/6 864M
»«P 355/4 358/0 357/2
Dk 363/4 385/0- 365/0
flttr 382m 388/D 364X1 -
May 351/0 355/0 332/0 '
Jul 332/4 335/4 33310
Sap 33914 342/4 0
Oac 349/4 3g;4 0
UVECATne 40300 the; cehfa/lba
_ Close PWtoui WgMjn*
raiia 73,400 7X37B
«■» 71350
Oct 70275 71.000 7027S
wc 70325 7022S 7X17S ’
Peb 69275 89.750 ' BBJ60' -
Apr 70850 70700 70880 -
Jun BB.P75 68.100 88200
UVSHOOS 40300 to; eentsribs
Ctoae Preyloua- tOgh/Low
4MS0 ***
40278 40230 . 40600
oS 43525 4 W“ ;
<W 39280 39700 40JS8
D4C 42300 41225 42280'
Fab 4&2S0 42400 43200
Apr 42225 42.350 42200 -
Jtfa 47280 47200 - 47,880 - '
■ PORK BajJES 40300 toKcenarifa'^
Cto— ftevfaua HMutotfr‘
>M 92760 32275 33.580 ■*
£2? SO-mg 31200 ;'•*
fob 42.100 42200 - 42230 -
Mar 42250 • 0
M*y 42200 48250 42200 -
Jut 42250 43350 -• 0-
■
33
-FWANGAL.TEVO^ FRIDAY JUNE 19 1992
r.i? i .1.1 j'K m.j :g 4 :<-j; m : ft
er tn 1 •
^ ’ Bir T^Bytani
V^ji?V M K ®tocJc MaikatEditor
' ,;J CP® f ^ u ENCB cracked on tbe-
a; London stock market yester-
? tty morning to the foce of a
fcvave': of alarming develop*
<5smS*S: a " at - & onie _and abroad.
E^mtifis suffered-their worst
* ^trading session ,ot the rear as
i ‘^ FT-SE Index fell by neady
-140 =pbinfsat midsession «nrf
• -5J«e*:JineB-ti£ blue chip stocks
3 m ^ >■ *' came ®n.tot&e-marfcet..-
*vv^5jS ' Moat of the damage to share
. ■i^ c 'priccs came early. London had
« a already reacted strongly to the
falls oversight of 400.24 on the
■ ■ *3 deatt.a further; and in immedi-
;; :b{ T’ -t. ate terms, more serious blow.
; GRA, the .weald’s largest air-
*= s > craft.leasing groqp, withdrew
sei -i . ^■ _
Clt-Aviation
Iflstocks/
; |||? suffer ■ '
r . v ^ THE SHOCK caused by the
;^" = ■&; withdrawal of GPA’s global
share offer sent tremorB
.rT'V^at' v'through the aerospace sector,
~7‘ ■ 5 ?^ teading to falls to British Aero-
,‘ J . Ci =! tr^T space andRofis-Royce.
^ j : At the day's worst, BAe was
r n ^ >. z. down. 28 as confidence in the
yi -’is j ^ aviation industry received a
j.v ] sharp knock. Some dealers also
! - ^ J.- talked of the possible effects of
i^Kse ofthe GPA move on its orders feu*
- ‘ Airbus aircraft.' GPA is one of
— ,_ Airbus's biggest customers and
^^“^ BAe holds 20 per cent of the
iCOtlD Sentiment was farther weak-
v ened by fears of bad news
N wben the BAe chairman met
UK analysts yesterday evening
in' Berlin. - Bargain hunters
helped the shares come off the
. ■»* nar-r. bottom and they, ended 16 off
t £u,. at 2?7p on turnover of 8ifcn.
r. ~ i. _ Rolls-Royce was also affected
X-.v^ii by the news from GPA hot it
; t 7 ~ * >K ' n was, speculation, later, proved
. i.. , unfounded, regarding problems
T'TCtif.at an .important customer of
"“VJtoilSrRoyce which caused the
;i increased turnover and fell in
.• .‘I"price- Volume rose to
’* njns-
also said to, have been a factor.
•i fl?- * Gloom at IGI
i 4. A. gloomy progress meeting 1
b; -r : r- 1 -.pt JCI^n^ipt^,a,,numb«, of.
i:! rtS: vi securities, houses to cut their
ri. : n .forecasts for the group and led
rTct*.£to a r sharp fell in-the share
price. The stock was further
C ".ri.- * affected by the continuing
:-; 3 r overhang of the stake sold by
■ \*r.r:. I: e Hanson. The shares closed a
net 36 lower at I2S5p. '
Mr<Jbarles Lambert <rf Smith
New Court said the previous
' .‘■i-'-s'jA consensus forecast for 1992
profits bad been£955m, and he
;V-'--“T* w® 3 cutting back, to £875m
'" r - from around the £900m mark.
' One ICI broker was widely
believed to have cut bis estl-
—-— mate to £830m from £900m.
« Analysts said ICI highlighted
u _- the dirappointing performance
-■ of Agxiclmmicals and the flat
progress of •: the industrial
—■—*^T chemicals arm. Mr Lambert
- • added; They are saying notb-
ing pardculazly different from
i -■ - anyone else in the industry,
! ii but they bad shown a glimmer
■ - of hope at the end of the first
■ quarter and, formally, they
_"7. have gone more cautious, than
VT T: - they wero"
.-^'-"7? ’1110 shares were also over-
■ _ . •' shadowed by the 2S per cent
.-stake that Goldman Sacha
7.|| bought from Hanson for 14Q0p
:' a shar e in early May. The US
NEW HIGHS AND
LOWS FOR 1992
factors overwhelm equities
FINANCIAL TIMES STOCK INDICES
Junt Jm Jana Juna Jum VMr
is_ rr ie is a Ago
81mm CompUaSM
Hip LM
its planned $lbn global share
offering; barely four hours
before it was 6 im» to nwiwuy a
the pricing details.
But not even this unprece¬
dented development proved to
be. the end. of the day's woes.
ICr* share price began to
crumble as the first reports
trickled back to the C3ty from
the company's meeting with
analysts, who then began to
cat profit forecasts for the
Britai n’s blue chip chemical
group. The ICI meeting caused
fresh doubts over the progress
of UK companies.
The Footsie fell to 2,559.1,
abandoning an Important sup¬
port level as large blocks erf
stock in such well-known
names as British Gas, Midland,
and Hanson «n«» on to the
market.
investment bank is still
thooghtto have at least 10m of
the shares on its book.
Ladbroke supported
Best performer in the leisure
sector yesterday was Lad-
broke, which put on 2 to 208p
as Hoare Govett and County
NatWest both turned buyers.
The shares had been under
pressure for several weeks fol¬
lowing a series of downgrades,
with analysts focusing on the
group’s property portfolio, par¬
ticularly in the US.
According to Ms Lisa Gordon
at County, Ladbroke is now
trading at close to a 10 -year
relative low, and “in a market
looking for decent yields the
company promises a safe 7.6
per cent based on a 6 per cent
increase in di vidend this year”.
Mr FTamigh Dickson at Hoare
agrees and, while retaining res¬
ervations about the property
exposure, believes Ladbroke
-will generate;sufficient reve¬
nue to raise its dividend.
Rumours of a downgrade in
Forte by its broker, UBS
Phillips & Drew, persisted in
spite of the house’s firm denial
It was said that UBS was now
at the bottom of the market
range. The shares receded 5
tO209p.
. A number of big. -Eob.tsfe .
stocks saw heavy trading yes¬
terday as a rumour went round
the market that the Kuwait
Investment Office was lighten¬
ing its portfolio. There was
also talk that depressed mar-
ketmakers were cutting both
Accou n t Pawling Dates
Aoc u—T Pay;
Jon 28
An attempted rally was
unsuccessful and although
Wall Street was only 5 Dow
punts off in London trading
hours, the UK market closed in
a mood of gloom. The final
reading put the FT-5E Index at
2,562.7 for a day's loss of 85.7.
The GPA decision, prompted
by a Tack of institutional sup¬
port, reportedly In London and
the US, cast a chill over the
rest of the aerospace sector
their losses and books after a
grim week.
A block of 9m British Gas
shares traded at 184’A p was
behind a heavy overall turn¬
over of 23m for the stock,
which fell 5 K to 247p. Royal
Bank of Scotland saw a line of
9m shares dealt each way at
185p and closed 9 off at I86p.
Hanson, enlivened by a block
of 6m shares sold into the mar¬
ket, slipped 5% to 209Ap with
21m traded.
Flotation worries and a prof¬
its forecast cut hit Lasmo,
which fell 10 to 199p. Analysts
had generally expected the ail
exploration company to
announce the pricing for the
flotation of its North American
assets acquired when it bought
Ultramar. The announcement
was expected on Wednesday,
but its non-appearance com¬
bined with the withdrawal of
the GPA float created market
concern. Also, Strauss Turn-
bull revised its 1992 forecast to
a loss of £27m from a previ¬
ously estimated deficit of £4m.
Wellcome, expected to raise
about £4bn through a heavy
share flotation this summer,
was also hurt by the GPA
news. The shares fell 25 to
919p. However, analysts
remained convinced that the
flotation was secure.
A 10 per cent dividend rise ,
and profits towards the top of
market expectations felled to
provent water company Severn
Trent dec lining 7 to 375p.
Regional electricity supplier
Manweb eased 2 to 342p after
announcing a 61 per cent
and also discouraged stocks
such as Wellcome and Lasmo
where prospective share plac-
ings were threatened.
The depressed state of the
market yesterday masked a rel¬
atively favourable reception for
the day’s statistics on UK
employment, unit costs and
money supply. The increase in
May's unemployment total was
smaller than expected and but¬
tressed the view that "eco¬
nomic recovery Ls In place
rather than in doubt," accord¬
ing to Mr Ian Harnett at
Strauss Turnbull
Some of the pressures came
from basket trading between
stock and stock index futures.
Today brings Triple Witching
Hour on Wall Street and also
expiry to London of the June
contract on the Footsie. A very
' m'j; i • . >• • ■ . •
Equity $lU^Truicl«>d
■fa^yrie^spvwsoiw tumovbc'7 j
increase in profits, to line with
forecasts.
A block of around 9m shares
in United Biscuits was
reported to have stuck in the
market United, hit by a profits
downgrading earlier this week,
lost 5% to 362p as 2.1m shares
were traded. HHlsdown was off
5 at 159p after a substantial
placing resulted in turnover of
28m shares.
Bass managed to gain a
penny to 604p as shares in the
leading brewing and drinks
groups generally weakened.
• FT-AQTUAfllES SHARE INDICES _ . .
> Tht Financial Timas Ltd 199?. Compiled by the Financial Times Ltd
fa.eoitiuncdon with the hnfllnte of Actuaries and the Faculty of Actuaries
EOUITY GROUPS
:hi i
Thursday June 181992
Figures In parentheses show number of Index
stocks per section No.
Wed Tue Mott Year
Jot Jn Jm 49
17 16 15 (approx)
xd adi ]
1992 Index Index Index I Index
to date No. No. No. Ho.
85L91 820.7b
959.01 UVHlSO
878.69 1246.95
2562.71 2346.94
197923 179685
36426 42058
5372Z 44L46
336.05 448.74
36L99 32256
1787.04 151133
1678.4011664.80
217L56 1803.64
127301 115658
2875.79 2600.14
395086 3529.02
1277 J9
Index Dor's Day's Do's Jh Jm Jun Jna Jn
Ho. Cham HMita) I LovlU 17 16 15 12 11
2562.71 -35.71 2578.41 2558.61 2596.41 261651 259351 2603.71 2614Jl 2479.9
FIXED INTEREST
-0.08 1173.65
-0.a |l53.71
-0.19
6.18 =
6.89 7
6.06 8
635 9
6.68 __
- bdex-Uriod
11 Inflation rate 5%
1.83 12 brfblionrate5%
2.04 13 hflaiionnttlD%
x qg 14 Inflation rale 10*
M5
16
17
Uptowns.
OierSjrs.
UptoSjn.
0nr5jra.
and tows reconl, base dates, tunes and
sufesrfptiai from FJNSTAT, 2nd Floor, 126 Jernom SmLondon SWir 4UJ. Til: 07
Sootbwark fir
to these indices.
large seller of the September
Footsie future appeared in Lon¬
don yesterday afternoon and
several leading trading houses
were struggling to square up
open positions between futures
and the underlying blue chip
stocks.
Seaq-reported volume
Increased sharply to 517.9m
shares from the 423.7m of the
previous session. But these fig¬
ures include both customer
and intra-market business.
Customer, or retail activity in
UK equities has remained light
this week, and was worth only
8868.7m on Wednesday. The
low level of genuine customer
investment business has left
some traders with exposed
positions in both the June con¬
tract on the Footsie and also to
the blue chip stocks.
UBS Phillips & Drew refused to
comment on suggestions that
the securities house had rec¬
ommended a switch into Bass
and out of Whitbread “A",
down 10 at 434p.
Mr Andrew Thompson, ana¬
lyst at Kleinwort Benson,
advised investors overweight
to AlUed-Lyons to switch into
Grand Metropolitan, but added
that, he is only making such a
recommendation after Allied’s
recent rise and has not
changed his advice on the
stock from a hold. Allied
slipped 18 to 644p, while Grand-
Met lost 6 to 475p but per¬
formed better than most lead¬
ing shares in the sector.
Guinness, 10 cheaper at 573p,
was depressed by a profits
downgrading from Kleinwort
Tyne Tees Television jumped
34 to 26% following a £30m
agreed bid from Yorkshire IV,
which fell 7 to 169p.
Speculation in the French
media that a takeover, for
E uro tu nne l was to the pipeline
helped lift the shares fi to 34%.
Shares in TL which recently
took over aerospace and Infor¬
mation technology company
Dowty Group, were affected by
the GPA announcement and
feD 14 to 353p. Also affected by
the «wn« sentiment was Brit¬
ish Airways, 7 lighter at.263p.
MARKET REPORTERS:
Christopher Price,
Peter John, Joel Klbazo,
Colin MMhttfit.
■ Other market statistics.
Page 22
OonwniMfflt Secs 88.78 88.76 8074 88.70 B8£2 83.78 89*2 85.11 127.40 48.18 .
~ _ ■ ■■ _ (2BJS) (1/<| ,(S/r/3S) ■ (3/1/75)'
Fixed Interest 104.35 104.36 104,37 104-42 104,63 Q 2 . 8 S 10582 87.15 10582 50.53
_ P75) (271) (2/6/92) (371/75)
Ordinary Share* 1B8M 2822.1 2037.0 2020.4 2te&3 19484 2149.7 -18514 2148.7 -49.4 - i
_ - • (22S) i3/4) mens i wwn
Ookt Utnum ml 1»7 T09J 1045 tos.7 1895 ISOfl H&T 734.7 ’ 4XS
___ (UV1) (1118) l2Sn07711
PT-SE 100 Shan' 2562.7 2598.4 20165 2393.6 2603.7 2484.7 27375 2382.7 2737.8 9889
_ ' _ : _ (11/5) (3/41 (11/5/82) (23/7/841
FT-SB Eurotrack 200 1108.543 1202£7 1207.68 1109.73 1207J3 118280 1248.79 112(252. 1248.79 938^2
__ (1W)‘- »/1) QVB/82} QS/1/8H
•Ord. CHv. Yield • 4.85 4-58 4^4 4^7 4^8 4,07 Bmt 100 Bed. Sen iSnOQC. Rnd U. iSHt Oaaeiy
•Earning YW H(6ilQ 882 B.72 8J55 8.70 0.69 8.50 1/7/35. BM nkm 1S/SS6. BHi 1BDD FT-8C1D0 31/IBB
•P/E Ra« 0 (Nei)(*) 1188 ISiH 18^3 18.70 18.75 14^3 4/T«Bwtedi2BI2amwaaMi7«tPWte
Fixed i n teredl
Ordinary SharaS
PT-SE 100 Sham
SEAO Bargns 6 . 00 pm 22,049 22.012 21^53 21^01 27.061 27^28
Equity TumovarlEmJt - 88 M 609.1 0 S 1,2 1 096.2 84ai0
Equity Bargatnsf - 34.004 24.485 23J14 30.736 28.048
Shares Traded [m 0 + - 389£ 349.6 aosa 4712 417.fi
OrJnary Share Index. Hourly chaagee Day's High 2001.8 Days Low 1884.6
GILT EDGED ACTIVITY
Gilt Edged
Bargains
June 17 June 16
87.8 95.3
Open Sam 10 am 11am 12 pm 1pm 2 pm 3pm 4pm —-- ; -
1395.0 1985.1 2001.5 1999J 11994^ 1933.0 1B8&3 19882 1904.6 5-Day average 104.0 105-5
FT-SE 100b Hourly cheep—
Pay*» High 2S78-4 Day's Low 2558a *SE Activity 1974.
9 am I 10 am 11 am 112 pm I 1 pm I 2 pm I I 3 pm I [4 pm
-tExcludlng intra-market
|bs7oj| [2567-2[ 12578.11 |25re.i| 12669.81 |25wio| [25S9.i[ || bualness and Overseas turnover.
FT-SE Euratreck 200, Houtly changeat Day’s High 119486 Day'B Low 1185,13 London report and latest Share Indax:
i L.-„ i 1 - , —— 1 I ;jl I—7——— r— - r— - TaL 0891 123001. Calls charged at 38p/
| imm 1102-50 j 1191.85 I 1192*18 1 1iw5a 11B6S& 11£CT^5 r "*"‘ “* Wl
TRADING VOLUME IN MAJOR STOCKS
ADT_
WUQne-
WWIMuX_
ABM Final -
MM-Lrm_
Aitand__
AoObnWNar__
SBE=
ar_
HTNa> --
am-
axtedOBoKiii.
Brt. AMMpaca.
BrIMi Akaai* -
BrttBOl*_
Bunan _
CatetM*.
CdorCrne-
CottnCMM*..
d on nw tradnu «uh
1 ara iDinM down.
Ifetaa*Ckake Om* WaCMi
aani fhw c mw . . son M
_ U « -4 Com IMaa -843 m
~U00 3»>z -2 CooMon——- 250 n_
-arm m -t qmm -uo sea
_Tar 70-1 Dean-m «x
-1/m 645-13 OaCiht- 322 555
a - 1 »| amp--— 1^00 2*5
_ UX» 396 -6 SanwnBKt- 457 277
_132 m +1 rvA Mkt*ni Efed._ 781 281
-1200 360 -1 EmCWnana-340 527
— Iff) 34B -■ EnMrpfraON-- IJKO «TO
_ 411 420 —i4 Emamduna_»> us
_!Q 340 +11 m - ZJVO 77
_661 Hi -1 RMM-- 4JB0 MS
_ 2,000 780 +1 Fort!-MOB 200
_ 3200 151 -3 QwtAoddM-IflOO 473
_ UBS 32f +1 BwwnlBact-43C0 ZM
-U00 672 -I Qtm-4L200 En
_831 174 OyAMdU.- 690 2»
„ am seh -3h aww*- 333 233
_ T.700 T2B -3 ttmnd UK --2X00 <75
— Sjno 473 -B QU3A-26B 1500
_ 22» ItB GRE-WOO 147
-4.000 334 -S GXH-406 3»
— mo OM +1 ateMH-2300 SO
_178 1* -I tawwan'A'-» _366
— 1.300 21* ~2 Hunt-21000 200^
—.boo 480 -n Haeonmnam _2JD0 23 ^
_ 2JOOO 447 HnlHBaCMMd-2J20O UH
— 173 aw -2 nm-auxn us
-4 .m zn -to m -i.ioo sa
_ SM W3 —7 Id - VXO U35
.291000 M -5*7 BcAcni —_T 50 Q 488
-1200 207 4-1 EbgfiSr- 630
— 3JHO 243*1 —3 Mkhn. - m
- 2 W 70 -1 LadBnta- SJltt 20
_10 08 -4 UndBmMaa -__ 1,« 4t
— 800 64-14 Ljparti —-ISO H
_ 1200 50V +•» LkuS6®»iw4 _406 31
-1^00 SS3 -7 UqdiAttwy-593 31
i.XBOO 466 -« UndtBmk-l.flCO 4t
_M T8B -3 LAfiSW___ 2000 II
_640 «S -14 London BacL _573 32
_501 SO 43 Darin—__3^00 [
ding tttuniaier • MMcdonal Alpha aaeurMak
WVntCBjfcg CW’l VOBMCMMO 0«1i Vtotan*SqrV
00» Ms* cnaopi am Mi danpt m Mr dnp
— 5S •* -» Ucn_ 484 » -3 ShiXTmiuporl-1000 SOI -9
-*5 If? -1 WCmtal_730 278 -4 SUM -— B20 ™ -7
-Wl SB -M ICC_136 soa -2 Staiatoeni_ -WE 175 -7
-T74 406 -» M«—b _ 106 3« -2 8m0MJ4)A-240 408-
— ® 556 -12 MMU69|Mrcdr — 3200 333 -3 Sd«bAMilMw-147 Wh -1
-1.200 US -8 MAndBart-BljOOd m -tl SmHGaadiwn- 1.400 868 -0
— « 277 -2 MUudtBacL_ 120 301 -3 SnN BMCtunUK. — Wl 3843 - 40
— 781 Si +1 PEC_urn 253 +2 BnMkxfc_2.400 266 -7
— M 527 +4 MM Box-1300 3=3 -7 Eowbwn EtacL -S3 2* -2
— 1.800 403 —2 MBonalPowar—— 3JK-! 296 - 2 SamKHMaBoot-.no 361 -3
— W US +8 MM-—.2X0 U -V SMNMWUr-84 » -2
-2700 77 -2 HrtlMWur_ m 402 -4 SoUttHUKEUcL-58 287 -2
-MSS *4 N68W8K-» 323 -2 SouOnmWMr-27 M -8
— 2/00 209 -s Horftmftwk_621 9» -0 SantadQwtd._L200 m -4
.48* bh -a shaiTmiepon —1000 508 -9
.730 278 -4 SUM —-- B26 606 -7
-ft nan_ _
-O PIO_
LadBnta-3700 206
Land SacnflUa_1400 401
Laporta. so GD2
Lapal AQmmW ■— 466 377
UojdiAfitay -_ 533 278
Linda Bank__ U900 481
LASUD_.2JC«0B 1W
London BaO._873 320
Daria..3700 01
-3 Rmcdan —,
—8 PindanM -
-n m —_
-8 me_
-4 RTZ_
-V Oaat _
-8 Rank Ora. _
-Sjj ItacMCCrt
-IV RwAand __
-7 Raadma._
-9 Kaad_
-4 RatM*__
-36 RoteRoica .
-8 BoTUMOf _
-4 RflSkKcoda
-2 Rswlbwni
+2 SaatAf „
-2 BabtdMN _
-V Scottm I Na
— UN 3=J -7 Eoabwn Bad. _93 2 M -2
. 2 W 296 -2 Sam WHUaBoeL-IS 381 -3
-2900 U -v Sort Waal WMr-94 SOS -2
_4BS 402 -4 SoUdHM. Batt- 50 287 -2
_ 254 323 -2 SoahamWaM-27 398 -1
-. 621 399 -6 SoiWard OartL —1700 «35 -Q
_206 398 +1 1700 MB -4
— 1700 417 +t Sauan—._Z4M 312-7
-1700 460 -S 7U_ 540 M4 -7
-Uoo t» ‘, ti Grata- 1400 m -u
-1700 246 -1 TEH _ 2700 136 -3
-2700 211*1 -ft Tuac_im 117 -1
—.722 M -Tl Tata &Lyto-1700 380 -8
— 460 968 +2 TajdorWMdnM- SB OS -I
— 1700 B 2 D -10 Taaco- 2 jHXI 277 -7
— 4700 SB ThuaaHhav—_*? 416 -3
_ 448 (38 -14 Than Em_-tom m -6
— 573 632 -3 Itarita_646 477 -.13
_ 860 sio TraUgm tkwat-UOO 1 M
— 366 659 -8 lift**_281 329 +1
— 297 tm -3 Unw_— UD0 095 -8
— an KM -18 Itttad Beans- 2 .too 302 -SI;
13,000 HI -6 IALNnMV«_620 <*1 -6
_30 HOT +1 VftMoaa_— 3L30D 398 -E
21700 « -I Hartmg (SG)- 282 MS -3
if!M :!v
-5C 170 —2
+2 Saaadil_5C* I70 -2 W*m HUar_09 ffifl -2
-2 BataMjy —— 1«0 4(0 -4 WmwOBWw -KB 485
-W Etesam i Haw._ 1.400 457 -1 WWBraad "A"_— 433 494 —10
-8 SeoLMMo-BecL — 852 mV NM n drtdflt.—. UN 3» ~§
-8 ScxMWtFoaar_2.TO TOOV +*a Wtel CamM — 2^0 232 -«
-8 San_2.400 so -l Wtmptr-29 152-2
-W SaMftdk-W5 200 -4 WNnUy-125 400 +8
teaSawd_- 380 rn -1 TMlNraElact-1N0 363 -8
■aunifiMWear-2700 STB -7 V W d te lldd_71 449 -6
t thinugh Via SEAQ aymsen yaatartfay urtH aJQpm. Timm at arm mlUon or
EQUITY FUTURES AND OPTIONS TRADING
THE withdrawal of GPA’s
global share offer, the poor
overnight performances on
Wall Street and Tokyo, and a
gloomy outlook for several
leading UK stocks, combined
to unsettle stock index futures
in a volatile session, writes
Joel Kibazo.
On Its last full day of trad¬
ing ahead of today’s expiry,
the June FT-SE contract
opened at 2,571 and was
briefly squeezed forward to
2,574. But that momentum
was curtailed as the market
focused on the poor showing
to other leading mark ets *>**d
the news from GPA. James
Capel was also reported to
have had a sizeable seller, all
of which caused a retreat to
the June future.
A rally was, however, seen
late morning which sent June
climbing to 2,575. But that
petered out to the early after¬
noon after downgradings of
profits expectations following
a meeting at ICL leaving the
contract to drift to the day’s
low of 2£52.
A rally just before the offi¬
cial market close resulted in
June finishing at 2£65, a five-
point premium to the cash
market, as turnover reached
10,844 loft.
In the traded options mar¬
ket, trading to the FT-SE
option, which expires today,
took centre stage as a total of
21.821 contracts were trans¬
acted out of the day's market
total of 39,745 lots.
LONDON SHARE SERVICE
BRITISH FUNDS
Nobs MkE
■Wort*' |Uw up to Hw \
&di 12V pc 1992-
*3*2PC1932-;-
Trans 8 >* pc 1993-
10PC1953#-
12**pe 199331 —l_:
hm8ng6pc1993*t—^
Tnn 13% pc 198333 —
8 *2 pc 1994-L.
1412 pc 1984**-
Esch 13i« pc 1994-
Tins. lOpc In. 1994ft-
Bcb 12*8pe 1994-
Trass 8pc1994f*_—
12PC1995-
Exdl 3pc Gas 90-55-
10 >4 PC 1995-
Tms !2fipc 1995tt—
I4pc 1B96-:-
tacIWMStt-
l5Vpc 1998**-
E*di13^pc1998tt_
Cawa«DOl0pc199&_
Tnas 1314 pc 1997tt_
En* 10b PC 1987-
Rn to FM8M Y«*n
TrauBbPCiHm— 99(1
a ft pc 1997 □- 98*2
E«Jl 15pc1997- 122i
9 ft pc 1996- wzad
Traps Gfi pc 1995-98*3 92 »t
tflfpeWf*- 1»d
Eudi 12pcl98&_ . TT2JJ
T(6H9*2pc1999tf— 182/,
Qtoi !2i, pc 1999- «4fl
Trans 10lj pc 1999- 108*2
1982
hiffb kw
101*4 100J3
102*1 100^
na wu
ite*a aafl
ms ini a
WB 95A
MSB 1043k
"A 981.
fH*6 lOBfl
1WH 105ft
W1JS 9611
Wi'. 103H
■U 08*.
«ft 103^
te» 881,
•B »A
1te% 106*1
114ft 110ft
«*ii
1«ft 1143
112ft 108*7
183ft MB
T14Q IIQft
Wj| 1Q0B
N 94
teft 98ft
1231] 118ft
TBSft 973
81* MB
129ft T&A
1U*. 107B
102ft 97*
VB& 109*2
W7U 101U
VMd
bt Had.
1228 an
1US (LGS
821 972
878 144
1M> 844
8.18 818
1X02 842
BM 9.19
1379 943
1281 934
877 924
1171 934
874 817
1129 926
821 5.48
888 974
TLM 973
TUI 941
uo m
1288 840
1178 938
932 818
T1J0 887
1881 818
BN 910
9M 912
1224 951
IB 918
783 947
1289 943
1954 980
179 903
1971 931
BJ 8 970
BRITISH FUNDS
fetes
CouQBlon 10ft pc 1999-
9pc 2000ft-
9% 2000 C-
Tran 13pc2000-
10pe 2001--
14pc-98-01-
Bftpc2002-
9 It p 2002 C.-
10pc2003-
10pe 2003 B_
TraM 11 *t PC2001-04.
FrastoB3«apC'99-04_
Convcnlan 9*2 pc2004.
- Cent
MnC •
105*2 _
99% __
"It _
1115 —
i«a —
m _
™« -ft
S? i
Trav 12*2pc2D08-0SL 721JJ -
SpC2002-061*- - 81 -l*
Onr nrUN4i Van
Tms 11 ft pc 2003-07. TUftat _
TnM 8*2 pc 2007 ft— team -i
8*2 pc 2007 A- 9SftU —
13*2 pc "04-08 - 129*2 -ft
9pc2008ff- Hft -ft
Com 9pc In 2011 ft— 8 B« -ft
ape 2011 b -- MUra —
Trass. 9pc 2012- tefi -ft
Treaa S*2pc200»^12ff 88ft -ft
7ft pc 2012-1 Sff- «7« -ft
Elail 12pcT3-n7_ T27ft -ft
Trass 8ft pc 2017- *7 ft -ft
1992
Hoc low
IMft 100*
ttefl 94ft
48ft 38JJ
171*6 114(1
IMft 9B|i
121 115U
118ft Mft
MSA fflft
187* 100ft
187ft 105ft
t»B 107ft
MB Mft
«« 98Ji
IMft 96 Jl
mft no*
MU 85ft
ywn
to tat
932 920
981 908
811 808
1884 942
884 ais
H87 949
Ui 816
8JM 818
M8 818
841 9.18
IBM 840
877 708
827 814
926 9.13
UTS 935
BRITISH FUNDS - ConL
+(■
Koto Ma E -
Max - Unfcvd
(hi
l*eo.2pC'B4__{10Z8) 127ft ~i
2peV6-(678) 114 -*
2 *2 pc VI-(793) 1481* -*
2 ft pc V3-(788) 144ft -*
1992
teF tor
VMd
to Rid
OJ Q)
-A 127ft 122ft 248 380
-ft 1M* 176ft 381 388
-ft 148 JJ 143 483 438
-ft 144(1 1385 431 437
-ft 147ft 139ft 111 438
2pcV6_(895) 148ftra -ft 147ft 139 ft UI 438
2ftpc'09-(780) 133(1 ~A IMft 128ft . 4.8 438
2*jpct1-(740) 138ft -ft 13* JJ 129ft 816 434
2*28613-(882) 113R -ft IMft 106ft 4.14 432
2 *2 pc 16_(613) 121* -a 121G 112ft 4.13 430
2*28670_(830) 118* -ft Wft 8M 430
2*apc74ff-(97J) Mft -ft 97* 88ft 412 473
4*aPC’30tt_ (135.1) sty -A 91 Mft 481 423
HteLoai3ftpcff- —
com 3 *2 pc in WT- 81 ft -
Traaa 3pc *96 Aft- 71*. —
Consols 2*2 pc^,- MH -
Trace. 2 ft pr . Mft —
118)1 11 OS
97* MU
87ft 89fi
137A 123B
M1J) 93fl
Mft 65*
Wft 93H
« 93H
102ft 835
69ft Mft
M!3 81C
188* 120ft
78ft 87ft
433 Mft
35*
*7 S 69
32* 2flfl
17* 2*5
18.13 933
882 907
881 805
1845 935
UI 984
BJS 984
UI 903
981 BOO
UI 903
UI 984
181 901
UI 908
984 686
US
817
949
UI
4ftpc-30tt_(13S.1)
Prwpecttw real redempU
10% and (2) 5%. lb) Fly
indexing. (Ie 8 months prl
reflia retuslng of RPl to H
3.945. RPl for October 19
Don rate do projected Inflation of (1)
loans In paieoihesa stow RPl bne for
iriar to Issoe) and haw been adjusted to
1 100 In Januani 1987. QomeiShM factor
1991:135.1 and for Mm 1992:139J
OTHER FIXED INTEREST
+ar 1992
+or 1993 YUd
Pita) £ - hjpn low to ted
ITS* -* tuft 105ft 983 956
1D7* —5 IMft 100* U7 938
1ft _ Til 102ft IBto 1034
Mft - Mft Mft 988
Mft - 98ft 90 832
TBft _llfift 103ft TU2
a +* 14XJ3 130ft 1884 1033
+5 1718 112ft 1843 9«
-* 184ft 95 ft U2 947
-IMft llfift TUH 1048
left _ Mft 30 1877
Mft _ teft 27 9JZ
IMft _ 718ft «Dft 1887 1034
Mft — M 53 Ml 088
m — n»ft 103ft - 537
IN — INft 103ft - 5.10
taft - 128 121ft 1338 1287
MERSEYSIDE
The FT proposes to publish this survey in
July 2 1992.
The Financial Times is read by more senior
European business executives than any
other international publication. To reach
this crucial audience and promote the
vitality and commercial life of Merseyside
contact : Ruth Pincombe
Td: 061 834 9381
Fax: 061 832 9248
or write to her at
Alexandra Buildings
Queen Street
Manchester M2 5LF
r raoto n »ai m
i at an aUaricA) i
LAC
LEMAN
34
FINANCIAL TIMES FRIDAY JUNE 19 1992
LONDON SHARE SERVICE
AMERICANS
BUILDING MA 1 BIULS - ConL
yw +« 1982 Md
u Now Mes - Mgb tom C*j£ra
*3 seoWnFFf.- 07 -* ttU
3 Slwpa&Rstwr.— S — *
3 SMtO*tt«OiS- Ul - til
- W _ 1M
32 ■Sanrtn- 11* -* *W
cl IThuk- 11? H HI
as (TM-T TR - 171
CONTRACTING & CONSTRUCTION > ConL
■H* 1982 Md W
fV£ IUh Mb - M* to# Q*£n
♦ Uwl i ik _M t»* -Jj n» 17 20 *
122 -S *121 89 02
♦ fMiMt- *i _ a a ui
7.1 37.7 JSMB-1 §1 _ 71 53 4.11
U 213 tSfcrta
BHfNsnntG
&* he
as 122
tees
si 174 «dM«£SdI
U 125 Dy«n{J&Ji—
U 17.1 A—_—.-.
o aa bs--—.
13 v Bfc- n
134 -
34 14*
-GENERAL • ConL
+ar 1332 kH
Price >
to _
■ -i
27 _
7i -4
M _
YW
-a
-8
- 94 WaMghMi_ t
25 104 HriB«
19 1&0 OWn-Hi
92 294
1982 m
Mgb tar Capfin
39 30 -LSI
a u ui
Ot 081, 8714
m 291* LON
121 90 014
■to 234 2U
a ii in
7
W
ft* W
34 90
,.7 am_
In 3fn Jones&Sripnaa_*
u 17 f KYwrarBWCt_
a -1 ■ in
(45
14 307
m -a an m
M«
M -
Tt* +* M* 7
RJ
— —
« _ W4 BO
M4
92 94
a _ no si
124
7.4 85
<74 -fl ■ 4Q0
au
19 IU
to _ to 140
919
91 100
a _ 40 36
9B
57 105
tl* H a 55
814
62 160
to* -fl 07 £19*
1791
S3 283
a _ a* 13
174
63 -
IN
a_
fills -1I« MB* £34* 9497
-fl to 344 55»4
_ OZt S79 17.7
294 IU
a* -* an a* i»
no _ t* era am
at _ ai mo i«j
m _ aa an tu
04 100 491
£17 _ £11* CIS* 9M2
no* — n*a a** tn
S _ • 4 94S
m _ in a
*17 9119
m _ as • m ms
m +i a in w
24 195 WstnSdoa_ V fl 11
30 105 WtotesWmg- to _ ai 245
11 191
a S ELECTRICITY
2a 44 a
1.7
*
a
ia
15
67
190
491
91
IU
a
1094
14
324
13
971
13
54
a
942
91
134
to
IU
62
234
a*
IU
—
—
si
ui
t
356
80S
■62
25
174
IR
4407
12
4
75
HI
7.1
7.1
14
12
<1
24
94
**
tow Opfid
fifl
HE NaW
MO
a
248
34
- Mdsrin-
TO
252
9U
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165 BarrS WAT A_
27
16
147
to
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CURRENCIES, MONEY AND CAPITAL MARKETS
FINA NCIAL TIMES FRIDAY JUr-TE 19 1992 .
MONEY MARKET FUNDS /
_ -- - i i i — ■■.I..—- — i i — - t
FOREIGN EXCHANGES
FINANCIAL FUTURES AND OPTIONS
Dollar slips on trade figures
THE DOLLAR slipped over a
pfennig against die D-Mark on
the foreign exchange markets
yesterday following news of a
wider than expected US mer¬
chandise trade deficit, writes
James Blitz.
' The deficit widened to $6.97
billion in April from a revised
KU58 billion in March, sending
the dollar downwards as the
American markets opened.
Earlier, in late Asian trading,
the US currency had appreci¬
ated to over DML5S following
short term positioning by dol¬
lar investors. But yesterday's
trade figures quickly pushed
the dollar down to a low of
DMl.5630. The currency closed
down at DM1.5650 against a
previous close of DM15780.
Underlying the dollar’s drop
is uncertainty about the US
economy. One London analyst
said yesterday that he had
revised downward his view
that the dollar could bottom
out at DM156. The economic
recovery remains weak and
speculation about another eas¬
ing of interest rates by the Fed¬
eral Reserve hangs over trad¬
ers.
Also playing on nerves is the
strong candidacy of Mr Ross
Perot for the US Presidency. A
serious three-way contest for
the American leadership
makes it uncertain whether
there will be a clear result.
‘Investors will have little appe¬
tite for acquiring dollars before
the US election is out the
way," said Mr Neil MacKinnon,
chief economist at Tamaichi
International in London.
The dollar's weakness was
again a by-product of D-Mark
strength. The Irish referendum
on .European union, the result
of which will be known today,
continued to worry traders.
The Italian lira had a bad
afternoon, dipping below L758
to the D-Mark, and threatening
to test its lower limit in the
European Monetary System
against the strongest Currency,
the Portuguese escudo. - In
response, the Bank of Italy
moved up its short term money
market intervention rate by ft
a per centage point to 145 per
cent
The D-Mark was also stron¬
ger against sterling, which
closed down half a pfennig at
DM2.9200. The French franc
was also softer against the Ger¬
man currency at FFr35703-
from a previous close of
FFr35890. .
Although it ended the day
stronger against the dollar, the
yen was weaker against the
D-Mark, prompted by the over¬
night fell in the Japanese stock
market Stocks ended at a 63-
month low, with the Nikkei
average barely above 16500..
Suggestions that the leaders
of the Group of Seven leading
industrial nations win can for
a stronger yen at their summit
next month are keeping the
currency strong. But that
strength may disappear if the
Japanese economy weakens
further. The yen closed down
against the D-Mark at Y8059,
compared to a previous dose of
Y80.51,
UjFFEUMfi m FUTURES SWIMS
£9MM.Mtto if 1MK
PliDf So ■ fee
94 33 4-22
PnbrKUkmB
Strife
OR
0-22
Pita
W
0.15
0-35
98
M7
MB
99
0-46
1-12
lt»
1-10
142
101
148
M3
I£l2
2-31
2* ’
103
3-23
3-37
104
ClIlS 1025 Pits 2871
ifaf'ifilM WjCaP»34578 PMS338M
UFFE BDUWUK BPTMB
Miwrtaurturft
Strike ' Wb-attJawnB
Ate, Seo dee
119?
OK
**
0tc
Mm
9350
%
0.73
LQ2
081
aoz
9400
L90
0.50
§3
1%
083
0.07
0.04
086
$S
137
L27
0.14
039
0.17
044
9550
180
0.06
024
834
024
9600
8.78
«.«■
045
055
0.40
9650
059
0.01
0.08
0.79
038
9700
045
UFre B TOfiOW MM FOTMSS OPTWB
OH*N*«hifUf% _
m 2-54 0-30 1-30
EMiWd«R«HteM,CSfcU»AnO -
PmtadtfMpeetat CaHs819PWal380
UFFEIWUMOVT. MBBWFMg
MIMS UgaMwlMfcrfMP*
"sub CaUKtUfeMKi PMwattanrts
UFFC BOM FUTURES gpnOffiS
MiglUMUHttetlW* _
“Site bfe^ukoMB ftorsettkwew
%a Sen Dec Sep Ok
gUS LW 214 007 019
8700 J_24 L74 0.M 029
8730 WJ6 U8 02b 0.43
ng lS LK 0.45 0.61
8850 033 079 0.73 0*4
am o.i9 us
S® 8S 8S ti
LUTE SHORT STOOtfi 8PT1BC
gPQWC d 1«*
Strife COtHtutewa iw
price Sa 0 k x
8950 QJ7 L05 0.0
8973 055 082
WOO 03! Obi OB
9025 Oifl 042 Oi
4090 O.OB 027 0U
9075 0.03 Oib 0A
9100 Ml 0.08 0.7!
9125 0 0.04 0.V
tl ntvw Mai Calb
SV'SOptnlM.CAbS
S 12 Pm 2030
3 Putt 47182
LONDON OJFFQ
26-YHM wTsonMAL HLT™
£9MW Mi ri 1W% _
Ctat Hi# Lor ftn.
J» 97-21 47-52
Up 97-27 97-30 97420 97428
UnU latare 1308 B0766J
PrtriaK d itfi Open InL 61215 (600241
US TIQISURr SOROS 1% • • !
HUM 3tafc si 198%
■. One HU to* Prw.
Jn Ml-21 101-2 191-04 JM-10
Sip 100-17 100-ia 100-04 JOCK®
CHICAGO
ua TOBurr semsiere 8%
uwi Ri5 C5 i
3m 101-L8 101-2 101-06 10
■Sep 13K-1& IflO-ZD 100-03 10
Dk 99-11 94-16 WU 9
Mar 98-12 98-12 9608 9
Jta 97-14 97-M 97-12 9
Sep 96-18 96-18 Sb-15 9
Ore 95-25 9545 95-25 9
Counted nfuee toUL Caft
Pterion iifi «m tat. Calh
PMnetwmw*
Sep Dk
0.01 002
004 0 04
0.09 90S
017 0.14
0.32 <124
0.52 OJfl
0.15 0-55
0.99 0.76
1560 Alts 3440
549U Ptas 42666
Money Market
Trust Funds
CAF l/ume* MUROCment Ca Ltd
«^^TntrtteT«2JD .OjWnolM
SS^SSh»W--IW-M -I W54&IW.
The COIF Charities Depastt Arroont
2toSm.urt.sgSM .ongfug
Ce«L W Rii. trf Ctafrt of EnptaHW ie
isswraw"
Garfmare Mner HanttWfert LW
16-18 MnwoH-St. LonlM EC3fifl®l 071-2361425
TESSA Desk 071S35 4362
OUfwL.. .__ ?.» 7.47 lQ.2U{(H£tt
StoFW..;...!.'.. 9.94 7.49 1023 6-ttb
sSSAEml _ 10 07 7BS UL5*
i£ur,__. r __.... i7i Liu irals-au
TESSA Woe..9.00 - 9J113-WI
TESSA P1»V___176 - 90S yen
TESSAW.952 4 BJUlyMtt
I (0.001 166
,071-5881815
4 lQl7Tw»Ui
KntLW
8Q0 071-2361425
0712369362
7.47
7.49 1P.ZJ 6-fl*
m
- 4ji >*o
- 90 s yen
4 lealyntfe
Money Market
Bank Accounts
JAPANESE YEH (DM]
Y123nS per Y1M
UlCSt TOS Uw ^ Prw*
Sep 0.7875 0 7867 0.7852 0 7850
Dk 17877 0.7800 17850 0.7845
Mar ... 0.7852
J» ....
DEUTSCHE HASK ana
HU23JIM S ptr BB
6m Nee CAR U Cr
AID flirt Hfgfc Interest Chape Account . .
«W*«W.U*tateeOB8lSA (mns
8J6 6.271 8.6SI Otr
950
Allied Trust Bart LM
97-101 CanmSt, London EC4H SAD ,071-6260879
SSKISSft S ^ -S
ffiCA^ Soi rt!?:~~ ISO 6J8 B8« Mtt IHU
PnafTESSA-. .... 12.68 9 511 12.68 VBrtr Brtn
American Eons Bart Ltd
Susoittam.Bi
WmSkwx RH159A
BT6
ts ■«
B i SStSBTC
zl wBSbi
atari Ftenri
[IMRMIXjB-
JJI g; Starlhs Bank A Tiwt Ltd.
111 w «MN9GAMAbtoSt.h«fagRIU3(
Si M» HwuapaoosH-—-
8l SS
Ir^r.rrrif* 1
Dear Son. your gift of a Pelikan pen,
1$ perfect in all respects.
It makes me feel quite the richest of men,
(Please note how ioell it writes cheques!) JOTTER
QntflKU (nri m APT. OoctaR pries Am
FT FUEMI EXCHANGE KATES
“Flwtlig me. liaa Oflidri rattGMJXJ $65.00 Yen per 1.000; French Fr. per ll Lira per 1.000: Briria Fr. per UXfc Penu pir 100.
3-ntS. (Hath. 12-mth.
18381 18135 1.7738
AteiiOnniiy-
Allied TfBtSk-_
AIBBa*_
• HwiArtacte-, —
B&CMentaatBak...
Bankof Barada_
Baacn Bilbao Vizcaya.
BntofQuvs-
Bat of Mad-
Bat of MU_
Oak of Scotland-
Bmp Befell*_
BarcUpBak—.
BeocfertBast-
Brtt BkofUid East.-..
• Bfomi Shtpby-
CLButNedoiM—
OUkrtNA_
CftjIteriiatjBat—.
tydfldftBart-
Cortts&Co-
10 Credit Ijnrafr.—
10 CjprsItyidarBk—
10 __
10 EqHtorialBatffe—
105 Enter Ba* limited-...
10 rnitial&Gai.Buk...
10 • Robot Ftaiwi?.
10 Bototfiaer4Pttn._.
10 GMnk-....
10 « Games Mata-
10 HaH Bat A.G. Zend:..
10 fflifewsBirt-
10 HampbirtTtKtPk—
11 Heritable&Gto lor Btt.
10 •HfllSanei-
10 C. BoareACi
10 Bdifeoq&Sfefeaj..
10 Ma Hedge Bad—
20 0 LeopoldJitsq*4 Sob._
10 LkqdsBank-
10 McghrU Bask lid-
10
10 MOanUOaasbsM. 10 ,
10 UVasdBrt - -10
10 MortBatfe_ 10
10 HatWowmaer_ 10
10J northern Bart Ltd—. 10
10 Hjbedh Mortgage Bank 105
10 Pmrincial Buk PLC — 14
IOJ •SeaBratfan-10
10 RodsigfeBirtLli.... 11
20 HapIBWSCOM-.. 20
10 0 Smith&WH1esn Sets. u 10
10 Standard Chartered— 10
135 TSB-.... 10
10 Uribukpic—.. 10
10 0 United BksfM..... 10
10 Unity Trua Bat Pic-.. 10
10 WesteraTrast_ 10
10 WdtBvaLdtoi — 10
10 YatiA* _ 10
10 • Memhn of Brittt Ikrtant
10 Banking & Searitles Hows
No.7,877 Set by HIGHLANDER
MONEY MARKETS
Bullish undertone
THE BULLISH undertone to
trading in the sterling cash
market continued yesterday,
even though the Bank of
England forecast a large short¬
age which dealers took most of
the day to remove.
Period rates were a touch
softer at the close of trading,
perhaps because the market
was still swayed by the Chan¬
cellor of the Exchequer’s com¬
ments the previous day. Mr
Norman Lamont had suggested
that sterling could enter the
narrow bands of the European
Monetary System, with the
implication that a stronger cur¬
rency would make a base rate
cut more likely.
One trader felt that the
UK dea r tBB hank tasa tending rata
19 nir cert
(nun Hay 5,1992
expectation of a base rate cut
may also have been
strengthened by stock market
difficulties in Japan, where the
Nikkei average ended down
40024 points at a 68-month low.
The possibility of a drop in
world stock markets
encouraged some traders to
think that central banks could
ease interest rates to reverse
the trend.
Whatever the reason, the
markets had a bullish
undertone. 1 month money in
FT LONDON INTERBANK FIXING
OLM i-m. Jure 181 3 awM 05 <UI»
6 art OS da (bn
the sterling interbank market
ended the day at per cent
ftom a previous close of 1 Q£
per cent. 3 month money
closed at 9ft per cent from a
previous close of 10 per cent
In the futures market,
however, the September short
sterling contract closed down
two ticks at 90.24, while
December was down one tick
at 90.54.
This was a less bearish
performance than it might
have been, considering that the
market took the entire day to
remove a shortage forecast at
£1.2bn In the morning. Traders
appeared to be unwilling to
offer bills, perhaps holding
their Ore before the even larger
shortage expected today. The
overnight rate spent much of
the day around 12 ft per cent
Again, the Bank dealt at the
established rates of 9ft per
cent for Bands 1 and 2, 9& per
cent for Band 3,9g per cent for
Band 4 and 9ff per cent for the
repurchase agreements (repos).
In early operations, the Bank
purchased £7m of Band 3 hank
bills and £S0m for resale to the
market in equal amounts on 8
and 9 July. The Bank then
purchased £68tn in Band 1,
£15m in Band 3, £7m in Band 4
and £30m in repos.
In the afternoon, the Bank
purchased £692m in Band l,
£5m In Band 2 , £56m in Band 3.
£5m in Band 4, and £20m in
repos.
Tfe fWag mam ite atdmtk waits nwW talk* nanrimt^lAmtb, tithe M ai oftatA rata farUOm
gated to Ur h»*M 67 flie reftwsus fcwta at 1180 a.m. bk 6 mkHn itj. The banks ait Nation) WEdaitasur
Bait, Brtt of Tokjv, Mfe Brtt, Basque HxUooal tft Paris tad Mvgn Goratbr fret
MONEY RATES
NEW YORK
Lunchtime ftumodi—
TMBMLk_
Prlmrritf- 6b Tfcwiwrili-.
Brafco low rale_ 6 SUnemb_
FaUtUS—-- 3U OoeTw_
Fcd-EadsathamriJOL.. - Iteriw _._...
AwiWfeL...
Part--
Znrteb____
AflBterdsn.-
Tokyo_
Treasury Bills and Bonds
_ - urctw-
...- - Fhcmr-
_ 388 SIWJMC-.—
- 381 UHwr-
- 4 05 30j«r--—
_ 4.89 ___
Bm*fc.. Z
DoMlB___
Oat
Kanili
Tw
Heart
That
Uonrt
SB
Mantis
9604.70
m
9.6MJ5
ia-uMt
985-9.75
10-101,
044*1
9AM.75
9B-10
ss.
.w*
93-104
I4-I4I
«&
98-104
LobOH
MencKlga
LONDON MONEY RATES
Starling CDs.
Local AuUnrltr Oeps..
Local Authority Bonds..
DbcMMMktDeps.
Comeaay Deposits
Fhunce Hoik Demslta
Treasurr BIfts(Btrri,„,,
OvemlgM
7«ter»
not let
One,
Month
Timr
Months
Sft
Months
121*
101.
104
10
XO
m
10
9rf
9%
10H
10>1
iff
9U
9H
iiij
10if
—
—
—
— .
10
10A
10 .
n*
Fine Trade BlleCBuyl -
Dollar CDs._
SDR Unfed Dtp. Offer.
SOBUaked Oed- Bid ...
ECU Linked Dflr.Offer.
ECULlnfcedDep BM...
& -a
103 10 J
29,1992-A*w«r«es for period itirteJ^ 1992 to 1992. Scfeme ljIi34B.c.,
Sehmes II &Tll; 1135 p.c Rrintnce rate for period May 1,1992 to Mw 29, MW, Sdjgw
jViV: 10.122 ox. Local Atrihorife and Finance Hama sewn HayT notlct
TlMd.-Flnaiies Nous Bah Rstalffif from June 1,1992; Bart OqWrtt IWfeftfwoa at sow
days notice 4 per cent. Certificates of tax Deposit (Serte C0t Deposit £100000 m jwrWt
wider one montli 7 per cent; ooe-three moodis 9^ per cert; tfe s -slx nwnihjVper |«LslMWe
MEMBER S F A
FT-SE 100
Where next?
Call for our current views
CA1. Futures Ijd
162 Queen
Vicroria Street
1 joadan EC4 V 4BS
Tel: 071-329 3030
B)x: 071-129 3QIB
nwra/H 9 ptr cert; nfee-twriw nwntfts^9 pe 1 cent;
Deposits wUMHvn fw cash 5 per eenL
fAX I RJ.I SPi-C n AIlON
IX FI II RF.S
Tooboln juw bee tiukk- hi tww j»«r Rrunthl ButAnsdicr on hrip
jwo.«aa Mtdud Murrey or baJcniriiB an 07l«287i33 Or write
id wr 1C kxtnc Pie. WI Utmcoar (kmkiB. LanJun SWWOBU
1
.SATyi.’OTF
REAL-TIME EUROPEAN ANDU-S. STOCK MARKET DATA AND
ANALYSIS AT REALISTIC PRICES
* ALSO FUTURES * OPTIONS * BONDS * FX AND NEWS *
CALL*LONDON 71-329-3377 - FRANKFURT
Currency Fax - FREE 2 week trial
Civ Anne Whitby
Tel-C7't-734 7;74 .
Fes 37M39 49£6
•a 3a. ’.Vn-tre-
•C' CrOf! A'Jlji'S Lid
’ £-w:i:r; Si-«i. Lcoccn WlR 'HD. UK -
n.j-.ge -ole scccui.sls to- OvC-r is
WORLD STOCKMARKETS.
WHERE NEXT?
Iv.vmi iiavk a Vikw, takk a Pi>siti<w
Conrutz AMun Mrw ft 971-245 1010
Pi«. WClerit'iP i mt. SVH19II.
SftUMW Tw VlinilO Ittft
A
y
FUTURES*
TRADERS
loeuampuixa
ctNvznmtuimcc
BERKELEY FUTURES LTD.
IS PARK ROAD,
LONDON-NWl 6XN
OH TEL: C. OE RO£P£R
CM 071*224 0489
ACROSS
l Making a formal request Is
hard work (IV
7 Sweep backed tipped horse (3)
B Neglect to include right ten¬
der (5)
10 Chance it perhaps and put
learner in this type of college
(9)
it Studies'guide to visual prob¬
lem (9)
12 The old bare a way with fer¬
menting agent (5)
IS Brilliant stroke allowed for
two lines (7)
15 School is is Paris and work¬
ing (4)
18 One offer quoted earlier (4)
20 Current musical, I heard. U
on the road - very il hwnna .
ting (4-3)
23 The pub in front of The
Queen, dose to The Bull (5)
24 Our being upset about hard
one next door (9)
26 He has hit on it and lives with
liver problem (9)
27 By the way, the beer is Oat (5)
28 Sport not left to fork out (3)
29 Madden people with time con¬
fusion ( 11 )
DOWN
1 All fresh cod, all tailed in the
open air (8)
2 Not allowed to follow develop¬
ment stage, so gradually dis¬
continue (5,3)
3 Opening a chain letter
requires it (6)
4 Pull towards stretch of land
(7) '
5 Aromatic substance burnt in
Same without a break (7)
6 Nurse set about kid’s mother
(5.4)
7 Originally a divine drink* but
■new crate is poor (6)
8 Close friend fed later, show¬
ing taste (6)
14 A bride let off and set free (9)
to Fix the medal an deck (g) i
17 River on Tiree is off Ddfi&m
again according to compass
( 8 )
19 Presenter feUow has a high
place (7)
20 Red bps are pari of the trick
(ft
21 Church dignitary an board (G)
22 Irritable but smart sleeper is
about to sleep ( 6}
26 Hope always spore the eariy
starters to rash (?).
Solution to Puzzle No. 7 , 87 &
□nHHoaaa qqbdqq
g □ a a a n ra
anasEQaa qeeudb
QQBQQBfjn
aaaaaBuaE □qudq
Q D □ Ei D □ L3
aauu GfaoBHcin
uj IlJ DJ n in o
aaanoQd sdee
Q Q III El □ r e
n a n D 3 gaaHC3DL ! 'ai3
tl u □ n ra ri ni n
n a n B H B GHQnOGOa
Li u o l=i n pi n
OBaaBB nronmnninn
2J210- -25
<»,MO. -10
PtwwtioAFV
-K ; r Amef —__;_73.60 •
iS. . Co tor_54.10 •_
* ‘&H 0 R....v. 1640 -0.50
0 kiWinmH IFih 111
67.20 - -330
44 JO -2_50
41 JO" -240
^w^UnKaMrCF«..>..10jq -«JJ0
SUM Stook Mgh UtwCfaae Cfng
TORONTO
AW pm prtess June Tfl
QwWtoM Ifl COW Wdeea meriuw I
1300 Abttbl Pi (15% 19% 15% -%
3000 AflntcoEa JS% 6% 5% +1*
37000 Alf C<U MS 0470 4H 430
SOOO Albrta Eq Slab 12b 12%
MOOD AIBNtGna 019b Mb Mb
174300 Alcan A) 323b 35b 25b
264500 Am Barr (32% 33b S2b +b
15000 Mad in 011 10b 10b
HI* iMCfeMCfaiB Sab. Stock
110100 Bk Momr-I
33O0» ftHMSe
27400 BCOugwA
62M0 BCE loos
40000 Bahnanxt
2000 BOR A
36500 BMto'dtorB
15100 BM VM*t
10000 BP Canada
170800 Braroatoa
6800 Btmchi A
82400 Breakwater
96400 BC Tol
33400 Btuneor .
1700 Brunswick
35000 CAE tad c
26700 Cambtor
1600 Cambridge
1000 Cameco
29700 CMO RM
482200 CanimpBh
1300 Can Ocdd
346300 Can Pac
1100 Can Tin
CanTka A
57200 Can UOI A
300 Can Utt B
87000 Cananm
33800 Cantor x
28000 CnPcFanat
26600 Cars Op 4
1900 Cawade.
6300 (Mum*
2200 CnW Can
3600 ttwpxM"
6000 Ontri Fd A
SHUO Comlnco x
3000 Coputatog
S46b 44b 46b
S21V zib 21b
M Bb B
(44 43b 44
13 12 13
Mb 6b Bb
S13b 13b 13b
511b 11 11
M2 iib nb
1IB 100 108
116b Mb 16b
51 45 46
ns diab »b
nab ieb isb
(Bb s s
SSb d3b 5b
sab 8b ab
SMb Mb Mb
Slab Mb Mb
60 68 53
626b 28b 26b
S»b 26b 28b
(Mb IBb Mb
SMb Mb IBb
SM 17b M
SMb Mb tab
520b 20b 20b
28 424 28
*20% »b »b
*27% 27 27%
420 4415 420
Bb Bb Sb
S40<flBb 30b
15 416 18
335 330 335
1)470 470 470
521% 21 21
60 50 60
117900 Com 8y> SMb Mb 19%
2300 CeaeanOav Bb 48 6
1300 QrownX A 125 123 125 -C
3000 Dantoon A 34 34 34
2600 Darien £6% 5% 9%
134900 Dotaco (13b 13b B% 4%
10700 Domton Ta (8 (Bb 6 b -%
9100 Donaar Im (7 8% B% -b
300 Du Pont A *43b 45b «3b
MOO OuKtaaOncA 270 270 270 -5
91300 Edn Bed 97b 7b 7% 4%
10300 Emco Lid (0% 9b 8%
2700 Empire 510% 410 10%
3300 Euro Nav SMb 18% Mb -b
2100 PPt LM 350 4340 060 +K)
27300 FatmWKVw Bb d7% 7% -%
2500 Finning Si9b 13% 13%
000 FUIM A Bb 9% Bb -b
1B0O Fortfci 531% 21b 31% -%
07100 Four Soon S20% 20% 20% -%
15400 FrancuNev 127% 27 Z7b +%
23000 OatacOo 14% 14% 14% 42%
200 0*0*1 Ax 517 17 18V
14600 Gland. GM 360 380 360 ■»
14000 Orange. US 123 123
7600 0m UMB. (14% 14% 14% 4-b
108700 QuH Cdt H 56% 8b 0% +%
zoo ow uai. 66 8 a
17WJ Hanoi A. Mb Bb Bb
300 NnUr Sd x 123% 23% 23%
89790 Haas (ml Its a% 12% -%
404000 HMa (fan I SB% 9% Bb ~%
1200 HoMager 511% 11 n -%
7B00 Homo Oil (Mb 18% Mb
68400 Horeham nb 8% •% +%
100 HwtMoHtS (6b 8b Bb
500 Hudumfiay 520 25b 26b -b
16100 Imaaco (35% 35% 3S% -%
89600 imp OH (46% 45% 48% +%
B37O0 Inca 530 38b Kb
23500 tot Corona 55% 5b 5% +%
11500 ImxvPtou 528 29 25 -b
64100 tovaat dip 522% 422 71 -%
1100 IvMO A 4(8 469 465 420
200 Jeimoek (14% U% 14%
400 KenAddb $15% 15% 15%
208600 LataH 528% 26% 26%
67600 LBC MM* 56% 5% 5% +%
600 Lafarga 518% 16% 16%
8100 LaMtow A 512% 12 12%
TSTWn Lafcfaw 8 «2b H >2%
300 Lxmni Bk 517b 17b Mb
400 Lam Op 16% 45% 9%
iSSoo Uwltari M •% B%
48200 Lobhnr x SIS 17% 18
MaH Uwdoaa Ckng
24600 RyfTnateo M\ Bb 0% +%
MMacUnds
I bacm Bl
I Magna iua
IMpiURU
i Marann
I Mark Bn
i nos m b
F MataDMto
I Minnows
I MW Carp
I Uotoon A
I Mom Cup
I Mumcho
I NdfikCm
l Mom. lad A
I WrandaFor
I NDnutoa
\ NorcnB .12
I HorcnMVtg
I NUi Tala
i Nonhgaa.
i Nova Carp
I Ftooco WSw
I Numae CM
I Ocelot A
i One. Coip
\ Osfctwa A
pwa core
Pagown Ax
i kitoPn
\ PncpPatx
Pom. Core
Powar Bn
14400 Rang* Ctt
4200 Rayrock
1000 Raad Stan
MOO Rattman 5
103600 Raa'arenca
46600 Rapap Ent
3400 Rkl Algom
201200 ffegwiCguB
1400 Rothmans
382000 RofaBkCm
3Booo nyi om ib
19 6% S%
(18b 17% 17%
(32% 31% 32%
SlSbdMb 19%
SIS 416% IB
n% 5 5%
(Mb 4M% 16b
(U% U% 12%
IM 616 16
M2 177 160
$53% 33b 33%
123b 22b 23%
9 6 9
SB 8% 9%
Kb 6% 8b
K 7% 7b
*18% 18% Mb
323% 23 23b
tab 20 % 20 %
542 % 041% 41%
re 75 77
>6% 8% 8%
»% 5% 8%
485 460 485
Si3b M% 13%
57% 7% 7%
*17% 17% 17%
S8% 5% 6%
400 396 400
526% 26% 28%
516% 16% 16%
a a a
513 12% 12b
490 6420 420
twb dl3b 14
(19% M% 19%
Kb Bb Bb
«14b 14b 14b
Kb 8% Bb
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ta a a
SI7 17 16%
515% 15 16%
4a 410 410
*15% Mb IBb
513% 16% Mb
587 67 K
523% 23% 23%
159 160 IK
1900 BUatCMA
11300 scamraR*
eooO SdodPapar
10000 BmMHmx
164300 smpmtCo
45700 3tai» Can
1800 ShaUCm A
14800 Starts Q
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56100 BNC Omup
3000 Sonar. 0X1
3000 Soueunn
37300 6(« Ami
42100 Statco A
8 % 9 %
37 37 -2
M% M%
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32% 82% -%
7% B 4%
41% 41% -%
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11% 11% -%
iSS? a
900 3» -6
42100 Tack B x SMb 19% » -%
26 B 00 TMagtoh. x SM% 13% «b -%
34300 Thomson 514% d14b M%
747700 to Dm it* (17% T7 17% 4%
BOO 7wW*r 8* *21% 21% 21% -%
2S900 ToMPNAm »% <»% Bb
310400 TTanaAka 5M% 13 13%
54300 Tmou P (17% 17 17% 4%
600 Tflmae SSb Bb 0b
28500 Trhac A 480 470 480 -6
ao UAP A (17% 17% 17% -b
MOO UntoaEnt 514% 14% Mb -b
1100 U n lto d C nrp W% a% M% -%
6400 UtdDomlnd («% 10% 10% -%
8800 Vkaror R* « « «
10K0 Wcout E *18% «ns% 18b -%
S00MMGMI 536% K »% +%
2300 WIC B x *16% 13b 13% +b
I - Mo retina righto or rartrictad Mtog rttftta
MONTREAL
3.15 pm prlCBS Juna 18
64300 Botnbrtlacfl (16% 16% 18% -%
18800 Cambtor Mb B% 0%
\ Cambtor Mb
i cantow A 52ft%
I CanMuconl *10
DoaUnTU A M%
B% 0%
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7% 0
NaSk Can H%
I pRWtgo 66b
QuMacor A (14%
iTttotfobax 113%
i VUaoiran 116%
lalaa 11.730J00 aha
3% 8% —%
3% 0b
14% M% -%
16% 13% -%
10% 16% -%
flnduorlals
3287.76 3329.49 3354.90 3954 J6
22Hm Beds
9949 10048 99.94
99.89
Traeport
131825 134868 134340
134673
UtDUK
21242 214.63 Z15J2
214.07
341301 4L22
QJbptiS C2/7/32J
100J7 54.99
U90f92) 07UV8U
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Oman 0/7/33
M QrSbtIs 0/1/60)
$11 Watoj 11/1/88
AUSTRIA
MR $M)H 0012JM
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BEU0D/U91)
U24.9 mi U314 IM 11
nu 708.4 7OT.9 73&1
fc) 4B.97 409JB 41L99
Id HUB 98696 99252
117622 1259.99 2202.46 120SJB
*529 asm
<8590(24/3
NYSE Qnpnitt
22L45
224.72
22862
22541
AimxlUL Wuc
379.74
38672
38870
99172
NASDAQ Cotopadte
5S324
56447
56941
56942
U5/1/92)
a/ega
AC Eton/01/12/82)
51848
52546
526.(4
527J5
49977
nuinn
AC 40 01/12/87)
189140
190004
193L4L
191814
3SjBQ
03/5/92)
t CXiOlMi
844
reRMAMV
AZAkUn 0102/98)
Id
70639
70S JO
70823
0/10/70
awntot a/12/53)
Id
199230
20083
19971
23145
4.46
IAX 00/12/87)
Id
1771.78
1779JO
1773.90
02/2/93 O1/10/73
3122*0(1}
901.640/22
47553 B/U
1749.91 Q/l)
1578.73 m
0013(0/11
14695707/11 13OA10/4)
m
V«r ago (approx.)
If-iL\■ 1
NEW YORK ACTIVE STOCKS
Stock. CkMtag Change
traded price on day
Wadnmday
TcMmk
C oca Cota
Philips
OUcarp
4,784,900 4S% - 2%
4306J00 39% ■ 1%
3.90M00 16% ■ 5
3.449,600 20% * %
PM Up Monti 2,781.000 71
Mm*
Rhtnmd
SfllTST
GttMoun
TjeoTw
4676,600 47%
2^04^00 Mb
2J5M00 42%
2366.400 41%
2328,700 16
TRADING ACTIVITY
f Volume MM km*
dun 17 Jim 10 Jun 16
few York SE 2Z7J60 178J60 159.060
Amo 13.472 10A37 10.406
MSDAQ _ 190567 163179 132356
MYSE
tone Traded 2^57 2,249 2344
Mrs 380 756 746
Falls 1.423 955 913
IhKhuqtd 454 538 BBS
HnrHIfllE 25 40 32
KnltoB 84 42 42
CANADA
TORONTO Jun Jun dun Jun 1992 _
_ 17 10 15 12 _ HIGH LOW
Metals b inaerek 3125.80 316844 3174.53 3196.97 323847 06/1) 262646 06/4)
Oonpedto 3368J9 340727 3409.77 340840 366640U6/U 331600(8/4)
MONTREAL PortfWo 1770J2 179742 1799.90 1796.92 193749 QWl) 1727.04(8/4)
NYSE All Conunon-50; Sumdard and Poor's-10; and
. w
IBS
MALAYSIA
K15E Ccnpcdtt W/4/86)
mmuSt
C8SHURiA*JEidl«I»
CBS All Sto CEto 1965
HOnwiv
ottszmanm
PHOJPPINEU
MtolUCnp (2/1/69
5ESM|-anWx*«l2W73
SOUTH AFRICA
JSE Gold (28/9/78)
4SE lakBtrld 09/9/78)
SOOTH KOREA**
tore* Cum Ei MttfflB
Affwwldai Bet 0/2/37)
aWtTZERLAWJ
Ml Bo* ML 131/12/58)
SKbmiHUVm
TAIWAN**
(MMiM ftiBflWftM
Bxaggk SET 00/4/79
619.0600/2)
4687906 (0
92540111%)
1604556 00/6)
119619(9/41
191056(9/0
27440 DVD
192.40 Q/n
71344 724iZ 73243 73540 I 7727400/5) | 60401250
1499J8 153642 1578.48 1575J6 1 1580.95 tUA)
407.00 410.44 41049 409J3
11324| U524 11484 11474
56)45 57672 579.95 57941
24651 M&2B 24878 24640
928.90 943JO 950J 9481
0597 0637 0664 8Ul0
6527 6557 6508 65U
462870 4663.90 46377S 4672.49
755.73 75679 74974 74347
803.40 01/9
6083001/9
97855 05/9
10064004/0
jjjMDMl
74058 00)
60170 as
42681701^
6634409/9
467400/0
870L3K2/U
H.K.S + ar -
TOKYO - Most Active Stocks
Thursday 18 th June 1902_
Stocks Closing Changa Stock. Ctotlng Change
Traded Pricee on etoy Traded Prtcaa on day
Uaqi ua Prod74m 900 -FIB SunknowMetal. 3.7m 2*5 -3
Nomura See_ A4ra 1490 -TO Otokyo Kanka80re 751 -IB
Mariano* Ullk_ 4.401 075 *0 Toyota Motor- SLftn 1,440 -50
Nippon Steal_ XBm 300 4 NEE Core ——— 24m 009 -23
Chlyoda Carp_ arm 1,790 -20 MHautjiahi Hvy _.. 24m 540 -0
SINGAPORE
Price data xuppHetf by Tetoturs.
FINANCIAL TIMES FRIDAY JUNE 19 1992
*.
3:75- pm prices June 78
NEW YORK STOCK EXCHANGE COMPOSITE PRICES
Cfi’Bl
tm wn» on* nw.
HMiLbw fltodk nr. % ElOOa IM UwqortaCtote
19% 11% AAfl Corp 049 3* 14 411 tt% «% Ob ->l
26 3ft At. LA A i £w 4979 360 20%d»b 10% Hi
ua usw « 571, m
«BWS 68% «b 63%
. s as i% i%
ZOO 4*12 480 44% 48% 44%
34% 28% UMt lab Off Z39antB 27% 27% 27%
13% IJAbWbl Pr 060 ZB * 6 13% 13% *3%
11% TO%AOf&tkix £96 6* 106 11% 11
«*•
68% 90 AMP bn
10% 00% AMR
2% 1% AflX
88% 40% ASA
a
248 8% 9%
330 9% 9
327 W% »%
242 9% 9%
280 11%
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9%
0%
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+%
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+%
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ft
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10 %;. sH ACM Otdpp» aw &2
0% 0%'MMOrtSp ZOO ZB
11% f0%ACWM«t 0*8 £8
9% -0%ACMUtaa 0*5111 __ .. .
n% tO%AMtoa^i 1*8 13 280 11% 11% ”%
(1% 6% Acme Cto*a 040 6*26 34 7% 7% 7%
8%- <)>AcmM 3 72 4% 04% *%
38% 18% Aeuaon 132238 21% ffl% 90%
«% 18% Adame Expr 048 2* 0 72 TO% W% 1ft
48%'38% AO Micro ZO010.0 2889 30% 430% 28% '8%
21 % i4%AdM«op aooaas sww s% «% 9 -fi%
9% BMwraGrgaUI 2*61 27 8% 6% ft
38 33AegoeADR TjBB 4* B 4 35 35 34%
- <7»%/U<naU £73 08 71847 4| 40% 40%
12 8% AMI A 024 2411 983 10% 9% 10%
«% 24ABW 044 LSMIMO 28% 27% 5%
18% 16% AAiiumoii 008 04 71006 18% W% *8%
' 22% 8% Atetn IK 6 290 8% tfft 8
48% 88% Air Pr COm O00 1* W1S77 45 43 43
28% MMAM ftl 080 ZO 12 288 14% 14% 1ft
34% 22% AIrga (no a 248 M% »% 81%
18% 9% AirtMM 1*8144 B 33 11% »% 11%
>04 88% AIbPmOM 8.18 0.1 3 101 101101%
26% 21%AMPwPtA ZOO 80 11 “59% 20% »%
187102% AUPwOM 8.44 90 ZIOO 102%«02% 108 -*8%
100102% Alab Pw II
108%-lOl% AM Pm OP 9*0 07
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11% 10% AlaPwOpPI 087 0.1 -- ...
33% 17% Alnha Atr 030 lima 380 19% »% 18%
31% 14% Albany tot 038 24 34 80 UV 414% M%
32 22 AlCufvr a 034 1.1 18 67 22% 021% 22%
26% fc)V NCtavr A 034 13101906 20% 420% 20%
44% 38% AlbertaM* 084 7320 938 40 88% 30%
22% 18% Ak*, Atan 030 £8 701204 21% 21% 21%
42% 33% Aten Stand 0*2 23 18 071 30% 39% 38%
23% 18% AtoxSrown 0.40 23 * 872 ie% 18% 16
23% HAlwrNW 130 43134 331 21% 21% 21%
30% 27% Allegri Lud 038 23 29 229 30 34 34
45% 41%Mm*vi 3*0 73 tl 300 44% 43% 43%
3122% ABM Gp 1.76 73 36 25% 24% 76
30 19% AOwi Con 020 10 U 314 21% 30% 20%
27%2Q% AII«gw 038 US 386 21% 21% 21%
39% 28%. AH dc* Cap 2*0 7.1 13 162 31% 31% 31%
12% 10% AMnc* Gl at JO% 810% 10%
Zl% 10% Aid Mall x zMO 10% 19% 19%
01% 40% AM a% 138 13 338117 88% 04% 04%
10% 9% AJMMMiTr 0.78 72 284 10% 10% Wh
9% 9 AMblcOp £72 73 240 08 % 9% 8 %
£72 7* 117 U9% 8% 9%
a90 OLt T28 S% 9% 9%
1.48 A010 177 37% 37% 37% ft
S 184 5% 0% 6% -4
130 £1*0987 78% 74% 74% -2%
3702 41% 40% 41% -%
__ . 090 £7 240 ull W% 11
7Am Prods OS 3318 to 7% 7% 7%
(Amu 030 071722763 22 21% 21
2 104 104 104
2 KO% WSb «»%
9 102 102 ICO
19 *0% 10% 10%
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Aimdt OoM 030 07 40 183 11 % 11 %
mwCp 0 38 % 8
Ament Ind £48 33 12 664 10% 415%
MoAMi 030 1J H 9 I I0 M 47% 48%
Op orioo are %
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_ Bartel an 03372184 37% 20% 27%
33% 31% Am BriL76 276 07 7 31% 31% 31%
48% 42% Am Brands UB 3*111188 40% 48 <5%
40% 34% Am Baud M 0*62312 20 08% 30% 30%
31% 23% AM Ota ne 370 24 18 82 29% 28% 28%
8% ?%(*C*IKX 034102 88 8% 8% 8%
20% W% Aa cm Bd s 138 0384 38 10% 19% 18%
20% 18% Ara Cap CV 120 62 Q 22 19% 19% 10%
00% 64% Am craoand 135 3.1 134114 64% 409 53% -1%
34% 30% An 8 Pm 240 73 12 008 32% 32 32%
34% »% AM apTOM 1-00 4J 148508 ZS% 0 Z3%
40% 40% Am M CD 2*8 44101600 47 46% 40%
8% 8 Am Oort In 0*7 83 184 0% 8% 0%
37 27% Am Hitt Pr 238 07 14 200 30% 30% 30%
30% SAalMgat 034 23 IS 20u30% 30 30%
84% BS%MHn*Rr 2*0 33154702 88% «% 68%
3% 2% Am Notate 0.783331*100 2% d?V 2%
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98% 82 Am M Or 038 03111017
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1*4 2613 046 29% S 29%
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at 25% AMI PpaPI- 268102 ZlQO 2S% 26% S%
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14% lOAnBieny In 044 4.1 14 47 IT 10% 10%
45% 38% Aon Carp IS 4*10386 42% 42% 42%
18% 12Apart* Crp 028 1229 Bn »%
11% io% IpmBmFx 091 82 S4 11%
10% 7APH 17 88 7%
K»W%AppaiPwPr 8.12 82 n» 99%
8% 6% Apptd Mag * S7 0%
32% 23% ArefiarDan 010 04154718
47% 36% Arne OwM 230 3021 201
11% 6% Are Ataafc HBH
12% 8% Adda 0*8 11*03882
30% 29% ArMa Pi ZOO 0* 11
11% IQAiMa Expl 0*D L952 37
44% 32% Ammo ASP 43010* 31
7% 4%Armcelnc 11863
24 19 Annco ZIP LW U 11
37% - S Armstrong IS 3J 291236 34% 32%
31 23 Arm BP! \M 06 30 29% 29%
10% 14% Arrow Bae 821420 io% 17%
11% 4% Artta Grp 1 81 5 5
37% 20% Anta Indx 0*9 273* 66 S% 25%
31% 19% Aaatee toe 030 27 272348
36 20% Aahtd Coal 040 Z312 S
34 38% Arttod DO 130 23102008
10% 12% Aala Pee F 14*
14% 10%Ase*knr* 235123 6 T4T
35 18% AM NtOW 012 0538 263 23% 22% 22%
16% 12% Atoleoa 1.00 83 13 IS 13% 15% 18%
201%236% A8 Hkh 2 2*0 1* 2 276% 27*% 281 %
37% 30% Atmta Gas £88 0310 86 50% 36% 35%
0%. 4% AUrtaSoa 040 74134100 6% 5% 8% +%
“* —- IS 0*10 470 S% 21% 21% He
930 43341670 116113% 116% “%
23%'l9% AfclB^*
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134 Z014 2*
030 4311 360
11 111
0.40 06 9 46
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49 41% Antal Oata 049 1.1 SSOB 42%
41a 2% Avalon Ear 6 S 2%
28 24%Avarooo 040 13S 10 S%
30 S%'Aroat Inc V 030 2319 729 2a%
si
44 Aron Prod* 1.40 23 S 732 48%
ISAOKhrCotp 7 IS 18%
Si Si
43% 36% BCE X 230
18% 7% BET ADR IS
0%; «% Bafmco 020
19 17 Baker Pant 030
24% «% Brtar Ho* 040
27% 22 % BaUar ft x OSZ
M% 33% Ball Core IS
8% 4%flaBy im
23 i8% flan o*£x im
«% 4% Balt Brdccp 030
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S 8>1 58% Btmdag toe 030
40% zs% BaokAmrlea IS
§ 568ank Bern 030
31 Bk BeetoP 3S
11% Bn* Berti a 40
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42% BankAm A Z26
ra% 72% SenkAm B 6*0
00% a Banker* Tr, ZOO
30% S% Bands AOR 129
34 22% Ban] (C HJ 048
38% 31 % Barna* Gro '140
40% 31 BamsK Bk 132
0% 4%
0 % 3 %
00 % 44 %
50% 43%
Ml £10
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0% 32% Baxter x 038
24% S% Bar 81 Oak IS
33% 21% fld TV 1CSS
19% 15%
48.48? . .
23% ' tfl fl ew toga
22%-17% Bartmn to
,M9 TM. P/ St*
Waft Lew Stock «*. % E 100a M*
rt% 84% Boeton on IS 1.71* 884 70% «%
37% SahBoUtluHy OM 2021 16 27% Z>%
48% 40% Baa AdM 2-00 Zfl 122894 44% '44
13% 10% Ball Indus 040 3318 84 11% 11%
52% 42% Bernoulli 178 0.7 14«n 48% «
44% S% Bets AH A OS 1*39 226 *8%
28% 19% BafflJe 048 )*22 T» S% 23%
53% BOBanel 4JP 430 83 ZlS 61% 81%
07% 57% Banal 130 *3 9 300 87% <«%
3% ffi% Senaoen A AS 1213 268 32 21%
1% % Bangunt B 49 SSI 1% .1
0200 BETS Barton Hay 30 s SITS 0675
20% 18% Berlitz OS 3* 1 7 17% 17%
14% TO% Berry Prtx 030 6*17 M 11% 11%
23 14% Bast Bor 14 80S 14% 1,4%
28 20% Beth St 2. 230109 200 23% S
61% 40% Bertha Pf 6*0108 2 46% 48%
17% 12% BetMrni 0 040 23 I 802 15% 18%
10% 7% Beverly En 18 1030 7% 07%
»% WBMM £10 0372 36 19% 18%
3t% 21% BrMegm8 050 1*40 325 27% 27%
26 % 18 % Stock 6 D x OS 1.9 252003 21% 2'
32% 25% Btodr H PL IM 4*18 ® 30% 29%
11% 10% BOaWWv x 0.83 £8 82 11 W%
11 8% Btodarf lix £96 8* 343 10% 10%
11% 10% OMdat TV k 090 03 1008 10% 10%
41% 30% Start MR X 0S-Z7222480 32% W
13% 11% BMietpurtr £02 0*311184 »% 13%
8% 7% Bine CMp 0*010* HB 8 7%
1Z% 7% BMC Ind 4 143 7% 07%
S4% 42% Seatflg IS 24 814417 42% *41%
26% 16%a*l»Caw* OS 3* SUM 1B%«8%
0% 4% Belt BIN £06 1*17 34 4% 04%
23% 13% Bento Cfc 2*411.7 12 97 17% 17%
24% 14% Benta Cb U ISII* 12 718 10 17%
34% 28% Banton me is 4* 181429 30029%
20% 10% Sostn Cell 22S114 19 6 19% 19%
10% 14% BMOE PIC IS £7 4 10 15
------ OS 03 4 104% 103%
IS £7»019 21% 20%
1023 10% 16
£40 8*20 72 30% 30
1.00 32 13 321 44% 43
20 463 31% 31%
£70 4* 18BBJ4 06% 84%
£08 42 7347 48% 40%
£78 £011 03 48% 40%
4.04 72 782101 06% 60%
30 29%
it 00.13
18% -%
4% +%
106103% Bala Ed 0
27% 20% Bomxar x
23% 14% Brazil Fnd
31% 28% BRE Prop
54% 41 % Briggs 8 S
41% 20% BrfcpcertBt
90% 82% Bristol M
57% 38% M Akwyx
49% 40% Brit Gas
68% 30% BP ADR
81% 27% BP Prodboe £48 a* 9 214
1% 0.15BPWB83
15% 11% Bril STOal 1.10127 71206 13% 13%
00% S3% Bril TM 440 7.1 10005 04 03%
21 18% Brood Inc £20 12 10 Z7Z 18 18%
33 28% BrittoPW £47 11 3 27% 27%
31% 28Brooklyn U 1*4 0212 1fiu31% 31%
90 TZBnsAmflx £44 £1 16 SO 77% 77%
38% 21% Brown dtp 120 7*41 266 21% 21%
10% «% BrownUBvp 0*2 4638 70 «% 6%
34% 19 % BmafcgFx £08 3*172407 S% 20
3% 28RT 1 22 2% 2%
17% 13% Brunswfc* £44 3*4822929 14% 13%
19 12% BnahTMa OS 12 9 099 10% 10
28% 2S% HoCfcaya Pf '220 02 M 24 28% 38
10% 16% Banker HR 1*4 8* 0 9 10% 16%
11% Barger KI 1*811.1 19 38 14% 13%
h BuHCoat 9 33 18% 17 7
% Burl NerBi IS 32 124746 37% 0371
-%
1814%!
SBcrtnlMec
x £70 U 271001 40% 40%
x IS £047 44 10% 10%
-c-
37% 30% C0J Ind , £48 1*20 IS 33% 32% 33%
209% 02% CBS toe IS £3 33 204 196% 190% 1961
1% %CCXtnc 3 48 H Of
% %CF IncUts £1095* 0 60 X dt
2% 14% CMS Energy £49 &03M109S lol
104% T8% CNA Plrd 6 8 8 9
46 38% CPC Inti IS £7102320 44% 431.
27% 22% CPI Corp 068 2*13 00 22% d 22 % 22 %
67% 04% CSX IS 22 931082 02% 00% 00%
34% 17% CT8 GOTO £75 £2 29 B 23% 23% 23%
33% 26% CmMWi* 019 23 19 904 31% 31 31%
66% 42%CkWstrrxi 22 284 48% 40 48%
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190 07-12 n 325 325 325 +%
030 44 0 IS B% 3% 0% -%
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Oils 4» a 27 8%. 35 3% -%
. n 80 9% 0% 8-5
11% Udawattr 067 04 31 72Q 16% 13% 155 ~5
31% many x 090 0916 380 31%d31% 31% -5
4651MMU3I 4S0 89 600 «% 40% 48% +%
88% UmaWnar ISO 09 122048 100% 106 % 1M% +1%
47% TVwMfUx 3S7 7.0 mo 63% 52% 62% -5
MHTbnaaWfT 196 3240 446 345 345 34%
23% Timken ISO 3S 24 284 28% 27% 20% ~5
2% THanCrp 13 220 3 % 2% 35 +%
. TO Titan Pf ISO BS X100 10% 10% 10% -5
4% Todd Shp 2 IS 65 6% 6% -%
75 TaUatag Co 0S6 79 1 40 7% 75 75
275TotadE2S1 261 10.0 13 » 27% 20
a5 Toil Him 33 241 6% 005 65 -%
605 TooWs R1 x 030 06 23 23 63% 63 83 -5
MTOrChmartc iso 2S1318»uB3% 62% 63% +%
13 % Tara Corp 0.48 39 16 70 13% dtt% t3% ~5
23% TncoCwpx 060 2B151252 23% <123 235 -%
25% TottlSyst x 090 1.125 54 aS5d24% 245 -%,
30% Toy* R US 288072 33% 32% 33% +%
>5 Tnmaul Cr 029 749 I 24 2 1% 2
. 1 TWA 225 295180.0 E« 1% 1% IL -I 4
34% TTanaafitiac 201 89 11 8 24% 24% 24% -5
37% Tnuaiw 200 4S 28 308 42 415 41% -5
29% TranaaOan 094 OS B 288 29% d29% 29% -5
8% Trenaco En OOO 4S 1 34Q 135 13% 13 % +%
% TTanaoo Ex IMS A % ^
6% Trenaent R 0 M 5% 55 65
65 Tranattch M2 38 0% 85 85
18% Tnwatas 1.80 OS 7 610 205 20% 205
85 Tredegar x 09* 1.4 20 283 ie% 185 M% +5
335 THCanfiS x 2S0 79 S 34% 84% 345 +5
38% Tribune 090 29 21 630 38% dW 39 -%
25% TriCoM« £68 9.8 156 27% 26% 26%
25% Trinity OSO 25 30 373 31% 31% 31%
18% Trinova 088 3.1 31188 23% 21% 21% ->%
20% Triton En 0.10 03 20 608 29% 26% 28% -5
45 Tueson B 0 77 S% 5% 9 % -5
8% Tuitax Cip 020 24 30 (1 0% 8% 85 +5
BTiafcfah In 031 BO zlOO 6% 85 8%
17% T51h Cent 092 2S10 53 21% 21% 21%
175TVrinDlM 070 3S74 2 M% 185 18% +%
33% Tyco Labor OSO 1.1 12 504 33% d32% 32% -%
M5 Two Toil x 008 03 142780 17% 16% 10% +%
2 % Tyler 25 118 45 45 4% -%
11% Tyiar Cb x 190108 3287 11% 11% 11% +%
235 d23 235 -%
255 <04% 245 -%
33% 32% 33 % +%
2 1 % 2
15 15 15 -5
24% 24% 24% -%
42 41% 41% -5
29% CE»% 20% -%
S 85 85
30% 205
.ft ift
285 +%
12 ? -j;
- u -
MP 1121ML Carp 10 040 110% 1105 1105
12% 7% UOC Jn ISO239 5 7 7% 7% 7%
20% MUJBFln 060 3928 821 185 17% 18%
115 75URS- 18 0 75 d7% 75
40% 29% USFAO 4.1 4.10 9.1 11 40 44% 45
2 1USG Corp 0 74 1% dl t
33% 25% UST too 080 3S 212842 27% 26% 27 4-1%
505 47% USX CiwM 4J8 BS 0 405 40% 48%
10% M5 UOJ Carp 1S0BS22 281 19% 19% 19% -%
3% 15 Utanaw 0 84 1 % dl5 1%
8 65 UNC Inc « 81 85 3% 05 +%
42% 32 Until Inc QSO IS 251094 38% 36% 30% -5
28 21 UnMrat X 012 08 17X100 21% 215 21% -%
B9% 64% Unttevw 040 OS TO 1XuB9% 08% «% -%
1125 97 Unit NV 2S2 2.7 I517B5105% 104% HM% -%
S 46% UMon Camp (SO 24 201081 40% 45% 46% -%
20% UDkn Carta ISO 07 434030 27% 285 27% -%
aa% W% Union Carp • • 17 SB 205 18% 10% +5
lie 835 Una P( . OSO 04 2 BS 96 96 +5
48 435 Una 390 890 74 4 47% 40% 47% +1%
005 96 llna 490 490 79 2 67 67 57
38% 31% Itaxi EMC X 224 04 11 336 35% 35 395-5
66% 44% Union Pan x ISO £7082109 60% 40% 48% -%
205 T35 UntonPlant 080 34 10 187 17% 17% 17% -%
20% 185. UnianTaxaa 090 19 8 588 16% die 5 16% -5
42% 32 Until Inc
26 21 UnMrat a
BB% 64% Unttevw
1125 971MINV
- w -
23% 135 HMS taW 201010 165 14% 15% +%
34% 28% VWH. Hoidin 1,86 56 13 ill 33% 33% 33% -%
285 16% Waban Ine 182033 205 20 20% -%
M 665 Wachovia 2 S 0 3S 20 MB 61 6 Q% 60% -%
315 28% WackOflhta DM 2.1 M 17 28% 28% 28% -5
8 % 3% Wobraco 2 110 35 3% 3%
30% 30% WoHreen 002 1.6 MUM 31% 30% 31%
Z7% 22 % WMaceCS 094 24 13 36 23% 22 % 22 % -%
89% 60% WnlMan 021 £4 366611 54 % 63% 64%
6 % 6 Warner Ins 17 10 6 % 8 % 6 %
79% 08% wanMdamb 2JM £4 402636 60% 69% 09% -%
35% 31 % Waahpt Q4L 2.14 U 13 73 35 34% 34%
20% 16% WashgtHaf 1.06 50 M 125 195 19% 18%
I 2461825 WaahgtPata 490 1921 76 220 217 217 +1
46% 35% MuWtatac x 052 1.4 284861 36% 35% 36% +%
I 12 % 9% WMUnaJn 046 48 3 180 10 % 10 10 -%
6 % 4% nwMi 0.12 2.8 70 1fi5 4% «% 4% -5
B% 2 Wean Inc 10 3 2% 2% 2 % -%
23% 165 Webb (Del] OSO 19 IS 86 M% 16% 16%
35% 28% VMMoartM 1.98 &S29 161 33% 82% 33 +%
6% 3% Welfton Si 0.64 10.7 2 125 6 5% B
27% M Weis Minx 0.68 2.7 14 33 25 24% 24%
81% 21% WaBman id 0915 363 22% 21% 21% -%
86% 06% WMsFarao ZOO Z3HE2B03 72% 09% 7? +>%
13% 8% Wendya Ini £24 29 201838 10% 105 10% +%
21% 10% West Co a40 IS 35 12 20% 20% 20% +5
42% 26% WMUPtP 111 32 37 % 36% 38% -1%
10% 18% Weeks* E 097 5S 12 36 13% d13% 13%
3% 2% Woatn NAm 8 634 3% 3% 3% +%
8% 2%WHDHl 1 003 4% 4% 4% -%
22 M% WeasiQas 020 1921 370 205 &>% 20%
16% 13% Westn ling 092 3.4 11 103 15% 15% 16% -%
2B% 23% Wata Ras 436 26% 26% 26%
21% 16% WesdngH-1 £72 4.1 33264 17% 17% 17 % -%
18% IIMnn Waste SO M 11% 11% 11% -%
17% 12% Westpec x 1.7514.1 7 33 12% 612% 12%
41% 33% IftStWKO f.ld 3.0 M 190 36% 36% 39% +%
87% 26% WeyertlaeiM ISO £7 883148 33% 82% 32% -%
86% aSWhMitaVx £04 £1 17 404 27% 26% 27% 4%
40% 34% Whirlpool MO £1 132101 35% 34% 36% +5
13% 10% WMtahaH 3 80 11% 11% 11 % -%
10% 12% Whitman x £26 £0 15 830 13d12% 12 % -%
14% »% WMOaxer 8 77 12% 12% 125 -%
26% 22% Wteer Inc ISO 82 18 20 23% 23% 23% +%
10% 7% WlffooxdQ £» IS 40 112 8 % 95 85
40% awiiltam 192 SA 121110 29% <07% 28% -%
9% 0% WllsMra 83 10 7% 75 7%
0% 4% IMndmere 11 80 4% 4% 4% 4-%
44% 33% WlrtoOixie x ISO 2S 17 310 42 % 42 42% -%
8% 3% Winnebago 12 602 5% 4% 4 % -5
40% 35% WtecEnargy 1S6 69 13 109 38% 39 39% -%
20% 2B% WiecPutlSv 1.70 09 12 2801126% 20% 28% +%
49% 40VVRCO Core x 1S4 4.1 13 281 46% 46% 46% -%
14 8% Wolverine £16 1.7 27 28 8% dB% 95
32% 28 Woolworlh 1.12 4J 692379 26% 26% 26% +%
M% 12% WorM Wide 094 BM 40 M M 14 -%
12% 7WorMcorp 18 738 7% dS% 0% -%
M% 68% Wrigtay 1.00 1.4 20 142 M% 88% 08% -%
18% 12% Wyta Labor 050 19 IS a 10% M% 14% -%
22% 16% Wynna hit £60 £7 7 47u22% 21% 22% +%
UtiB 4S0 4S0 79 2 67 67 57
(taxi EUCX 294 0411 338 35% 35 35% -%
Ihta Pao x ISO £7082199 00% 40% 48% -%
UnlonPtant' OSO 3w4 10 187 17% 17% 17% -%
UnianTaxaa £20 IS 0 SOB 10% diO% 10% -5
Unfed Rn 0 76 15 1% 1% 4%
2% 1 Unled Rn 0 76 1% 1% 1% +%
11% 4% Unlays Crp 1.0011.4 M161 8% 0% 6% +5
092109171 UO 0% 05 8\ +% 10% 8%
ISO £3124840 37 36 30% -1% 8 i
1.19909 10 2% 2% 2% 18% 11%- — .. ....
M8 1% ... 1 1 -% 13% 7%USFAQ OSO IS 72420 12% 12%
ISO. 2918 383 30% 30% 38% -% 1% «U8 Hacne 56 284 1% -1
£34. £0801290 11% - 1J 11% -H% H>5 42%.. ..
£72 39 4 441 24% dZ3% 24 175 11%
£20 £524 208 54% 04 64% -f% 134$ 86%
£03 OS 128 . 14 13% W +% 36% 32%
£34 £0 381290 11%. 9% 11% -H%
£72 39 4 441 34% d23% 24
£20 £624 208 54% 04 64% +%
£03 OS 128 . 14 13% M +%
220673 22% 21% -22% . +%
W-2M 4% U0% 6% -%
£48 Z1 19 612 <X23% 22% 22% -5
1.04 £0 lema m% dra% 84% -%
094 09 271463 40% 48% 40% -%
14 70'7% 7% 7% •
2% 1% Unk Corp 24 77 2 2 2 —%j
32% 22UldAaaH - £04 2916 4W 22% 22% 22% 4%
23 195 UfdDomHty 1.28 £1 03 308 21% 20% 21
10% 6% UtdOomtad OSO £312 0 9 dB% 0% -%
S3 80% tMHRhcra 312156 82% 78% 80% -%
38% 3*% UWfltumnr * * £56' T.0 13 19 36% 365 38%
11% BUtdlndust ' £04 M12 6 10 10 10
24% 20% UWmvMgmt OSO IS 12 41 22% 22% 22%
10% 8% UUKpdmFnd £08 69 113 10% 0% 10
y AUMParitCM M 50 % % %
10% UVUSAir £12 to 22670 11%dI1% 11% +%
13% 7%USFAQ OSO IS 72420 12% 12% 12%
1% HUS Horae 56 284 1% 1 1 % 4%
C»5 42% U3UFE (tap 148 £4 » 132 48% 46% 48% -%
82% M% Xerox
B3% 605 Xaraa4.125
28% 24%Xbe 194
37 265 Xtrs Core
27 25% Taokaa Egy
15 % Zapata
11% 8%2anBhElac
10% M% Zanflh Nat
7% BZenU lac x
13% II Zara Corp
36 28%2wn Indx
14% 12Zweig Fund
-.11 9%Z^rctlx.
X-Y-Z-
£00 44 163805 69% 80%
Z100 52% 62%
194 7.1 7 27% 27%
OSO 23 12 72 36 34%
196 6911 M 26% 26
40 820 1 a
3 282 7% 7
1.00 0S 6 64 17% 17%
092119 64 6% 6%
£40 £7 17 273 11% 610%
£08 £1 31 131 28% d28
1.10 BS 258 12% 12%
ISOIOS 838 9% 9%
M% -%
53
27%
34% -1%
26% +%
II -A
7%
17%
8%
W% -%
20% 4%
12%
8%
Price data supplied by TaMnra.
; £ 0% 3% 7C8T Enter £20 £0 M 610
»* S . T .J rt h W% 27%
TCP Ftnanc QSO £1 13 342 23% 23% 23%.
TOTCor* S QS4 £3 . 08 9 0% 8
11% 41% E05 42% USUFECip 198 £4 » 132 48% 46% 46%
. 24 175 11% UldStSboex 002 4J 181174 13% «% 12%
64% 4% 134$ 085 US Surgcl £30 £3 941407100% dKS 85%
M +% 38% 32% U8 We»* £12 89 231347 35% 31% 38%
22% .+% 67 «% UMTedms ISO £5 82205 61% 90% 61
8% -% 18% ISUtdWattr 092 £013- 41 - 14 13% 14
22% -% 0% 5% Unttonde- 8 33 7% 7% 7%
64% -% 38% 27 Unix Poods £04 £1 12 268 27% d26% 26%
40% -% 10 MUMvHnx 1.B4 £311 31 17% 17% 17%
7% - 3% 2%UnWUedL Itt 16 2% d2% 2%
12% W% Untvar Crp OSO £6 40 T9 11% 11% 11%
33% 22% Unhrsi Crp QSO £211 284 26% 24% . 25%
10% 3% Uttvsl MbQ 197 67 M 0% 0%
- - , 20% 20% Unocal Op £70 £7078886 25% 26% 25%
* 40% 32UNUM Corp £68 1.7 IT 620 38% 38% 38%
235. -% 46% sauetam ISO 4310WOE 31% d3*l% 315
* 20% l7%tiaUCO 1.00 59 M 11 17% 17% 17%
B<% >0% 9% USUFE ino £82 83 0 26 9% 8% 9%
7% 2«% 10% USX MOW* ISO BS 250168 22% 22% 225
28% 23% USX US 8H 190 £7 3 617 27 26% 38%
26% -A
61 -5
14 +%|
28% 22% USX US M 190 £7 3 617 27 2M
26% 22% UUCP 1.776 ISO 7 J 7l 23% 22^
■ 29 22% UdUoarp ISO 79 111318 23% 22^
23% 4%
23 I
- < «t J* 30% 21%Tehran Fd- M 215 * 01 % 21% -Ji
. a - A4% 2% TStlBytnd .£42149 0 25 3 2% 2% -Jl
7% STnDey Pt 1901£7. *100 5% 5% 6 +1,
Yearly high* and Iowa redact Om period from Jan 1.
axriu<ano the latest trading day. Where a spill or stock
(Mdend a mounti n g 10 25 porcant or mam hats bean paid, me
yaarie hlgthoniy range and dvidond are shown lor the now
slots* only. Unteen otherwbw noted, rates ot dMdend ere
enmiel dsburaementt based an ate leieet deetamUan. Sates
flguraa are unodldtd.
•dMdend atao xtrafst-i+annuai ratt al rflvtdend plua auck
mvidand. odquidadng dMdand. ckKalladL d-new yearly tow.
e-dlvidend declared or paid In preceding 12 moMha. gdhri-
dood in Canadian herds, subject to 15% nonresidence tat
bdMdend declared attar apDHqi or stock (RvUentf. fdMdond
poW (No year, omitted, dota r rad. or no aedan taken at teteot
dMdand meeting. k-<Svklend declared or paid Ho year, an
acosnuiatfva faaua won dMdsndi fc> arrears, iwntw issue in
Big peat 52 waa ln The IrigMow range bsgtna wtttithaatariol
trading, ndmaxt day doflvary. PTE nrice-eernings redo. rdWI-
dand de clare d or paid In preoe<aag 12 monim. phis stack
dMdand. s-etock saOL Dividends begin with dale o) spa.
sit-sales, idhridand paid In stock In pracadbig 12 monmo,
a sOma tad cash vttua on ex^Mdond or ax-dtatribudon dote,
u-naw ywariy Wgh. wading hahad. vMn bankruptcy or
raoalvarehlp or bohg reorgantaed imder me Benknjpry Act.
or oacratOas aaaumad by ouch oorapaidoo. wcMbMbottd.
wHriwn Waned, ww-wtm warrants, t-ex-dMdend or aieflgntt.
■ d ta eta dta rtbutloiL xw-without warrants, ynw d M dand and
■if Ilf
; SV ;* j
AMEX COMPOSITE PRICES
3:15 pm prices June IB
Pf Ola
Stock dm e Idas Mgb
Acted Cpr -0.3 6%
Ak Expr £16 1* 08 28%
AMo Ino • 2 94 - .1%
Mftm toi 143 18 2%
[Awttn £60 13 a 48%
Mttaki £84 K> 6 20%
Jafaftx 194 5 1280 5%
AodtMCf aW7B8 884 15%
AmEtpl 4 38* 2%
taM-Saift 17 27 4%
Mrettd, 20 31 8%
Atari 0 BS 1 %
MttCU B « 16 A
AnlcwA < M 2 %
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6% 0% k*1F«
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20% 21 Cnee C 4
d6% 5% +% CraesCB
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£50 7 80
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23 23 23
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CalEngy 15 157. 11% d11% T1%
Calprop •' 0 20 2% 2% £%
Canrd A 092 14 2546 22% 22% 22%
CM Itac £24 13 6 13% 13% 13%
ChmnA 6 964 B% 6% 6%
ChSMtaS 9 33 7% 7 7%
44 27 4% 4 4
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044 40 6
9 82
150 11
£104*3 232
198 16 189
£40 3* 102
£40 16 11
£63 12 12
8 10
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£48 27 25
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£46 0 2
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£07612 1433
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£10 II 6
£46 40 17
28 209
7 IS
17 3652
1.06 133
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£34 10 5U
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High Low Cloee drag Stack Ms. E IOOi
an 3% 3H +AbMooGp £18 10 17
17% 17% 17% -% WBiatmo 2 140
1 % 1 % 1 % ■*% HoreUfdt 0 0
4% 4% 4% Hmaatao 118 102
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21 % 21 % 21 % -5 EL£ 2 | £M ^3
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19% 19 19 -% ““J* 0 “*
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8 % dB% 0 %
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l t &
tamo Stock Dtv. E 180a Hlflfc Low Close Ctmg
+% ni Corp 090 20 1413 25% 24% 25 +%
Flgnas 0 £10 35 223 13% 18% 13% +%
. -% Porini OJBO 37 40 12% 12% 12%
+% PdMPi 1.14 16 7 13% 13% 18% +%
PWLDx £24 15 909 38% 30% 30% -0
. AbreA> 1.10 15 24 20% 20 20
17 Pty Own 0.12 22 84 11 10% 10% -%
ZT* PMC £04 14 4 9% dB% 8 %
^ PteakSdA £10 1 46 2% 2% 2%
fttoiG* 0 » A d& &
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1 % 1 % 1 % -% *wl B
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BH 85
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87 3
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£58 39 M2
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31 305
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0. 3
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27% 26% 27% +5 Qdattct A 288 17
1% 1% 1% +5 Ottttn £34 29 138
2% 2% 2% +% Iom Corp £14 7 70
LAC LEMAN
6% 6
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0% 05
2 183 4 8% 4
0 22 2 1 % 2
198 8 23 32% 32% 32% -%
23 2 14% 14% M% +%
11 10 3% 03% 8%
2 14 1% 1% 1%
£40111 64 TO 10 U
£32 40 137 81% 31 31% +%
108 37 7% 7% 7% +5
28 1127 25% 28 2S “%
£40 19 66 7% 07% 7% -%
0 219 2% 2 2% 4%
2T 1084 05 64% 5% +%
4 4 1% 1% 1%
s a 1 % 1 % 1 %
39 S3 11% 11% 11% +5
62 6 195 19% 18% -%
33 21 14% M % 14%
1 2 5% 3% 6% -%
1 1*72 3% 3% 3%
16 £28 6 5 5
£52 B 2 20% 20% 205
1.12 11 164 13% 12% 13% +%
095 9 88 21% *1% 21% -5.
13 105 8% 8% 8% +1
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The FT proposes to publish this survey on ^ ^
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"rf SIJRVEYS**1
NASDAQ NATIONAL MARKET
3:15 pm price* June 18
Pf St*
Dtv. E IOOi High Low
04* 18 7U 32% 0915
£10 71 3 14% 14
100 VO 0% 6%
69 23 10% 10
32 IT 16 145
91 8S3 22% 21
26 753 3S5 34%
45 68 6% 8
010 17 212 1S% 011 %
032 20 4/04 47 45%
032 4 7080 9% 8%
9 113 0 6%
7 IS3 6 065
17 203 B% 0%
IB 771 215 »5
£» 12 928 17% 105
W 1740 17 010%
0 604 % di
20 17K 10% 16
19 10 105 0%
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3% 3% -5
9 9 -%
14% 14% -%
»% 135
13% 13%
20% 28% +%
6% 5% -%
- V -
Vatttyttat Z48 8*3 50% *9%
Valmon* 0*9 M 128 13% 12%
VMM Htt 34 3201 39 % 3«%
MW0C0I 13 1346 24% »%
Voncor 87 17VS »% 38%
Voritona TO 1057 20% «%
Vlcor 30 1813 17% 16%
Vlcarplttt 19 5*1 20d18%
VKeUnk 16 33 10% 10%
UUITtdl 23 1M 7% 7%
Volvo B £20 60 2 70% 68
*19 23% a:
90 9% 09
318 18% 17
105 6 6
a "a
17% 18%
6% 95
- I -
13 17 0%
2 28 7
M 1689 U
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199 187 4%
23 218 9
272 1680 27%
41 16%
7 294 12%
040 97 6 11%
0 601 2%
29 151 75
130 M 270 44%
1.16 13 620 M
£88 B TO 19
29 1097 20%
T7 1622 30%
0*2 12 116 6%
5 994 4%
L28 12 33 37%
It 189 B%
24 _TO 0%
1370977 62%
18 1 %
9 2091 9
19 40 2%
10 SO 9%
£34 21 147 14%
13 801 15%
23 1346 9U
10 764 7%
7 526 13%
28 4*01 19
10 75 17%
£04349 16 85
27 100 4%
£01 17 321 19
9 96 6
£20 12 63 42%
29 TO 19%
£70 34 B 136%
06 6
06% 6%
“A
aft aft
14% W%
13% 13%
11 % 11 %
d2 ?%
7% 75
. 44 44
23% 23%
19% 18%
19% 195
30% 30%
6 5 ft
38% 37
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49% 51%
15 15
06% 05
2% 25
4% 45
135 M
014% 14%
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00% 6%
011% 13%
17 17
010% 17
3% 3%
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. 10 10 %
09% 6
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»% 195
134136%
- P -
UO 35 377
£94 9 43
192 10 09
*1 03
88 14S
£34 38 166
*1 12B
£00 52 8
6 10
L8010S 73
£20 20 21
096 10 470
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£20 a IS
128 9 28
£48 16 340
3 299
1.12 20 19
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170 946
If 4102
£48 3 4
71 1168
10 942
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122 19 MHO
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2 3
8 344
£09 3 041
34 1679
£12 14 «
12 4709
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1 TO
£2026 649
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120 9 191
1.04 13 309
£94 23 42
£12131 1909
14 1060
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30 1248
12 4539
a 488
20 1396
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M 22%
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m 1743 4% 4%
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1.S6 10 33 42% 41% 42
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, KSWiM
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w ««• Tl. *1. MX —£ BaTnaia >
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10 020 TO . 013
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12 3074 10 9%
80 33 15% 18%
12 707 UlH 15
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27 712 11% 18%
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7 94 10 95
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uo is an 88% 07%
£» 3 407 7% 7%
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10 1834 12% 0125
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028 20 186 20%
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INDIA 1992
The FT proposes to
publish this survey on
June 26 1992.
This survey will be
read in 160 countries
worldwide, including
India where it will be
widely distributed. In
Europe 92% of the
professional
investment community
regularly read the FT.
if you want to reach
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071 873 3238
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Data soum: Profess!umt
Inmtmm! CammeJn 1991
fUPG tor'll
FT SURVEYS
44
WORLD STOCK MARKETS
FINANCIAL TIMES
Friday June 19 1992
AMERICA
EUROPE
Dow recoups
early decline
by midsession
GPA, Maastricht add to continental caution
S'-****
Wall Street
■ v-.
IN SPITE of further declines on
overseas markets and concern
about the impact today's expi¬
ration of derivatives contracts
would have on US equities,
share prices managed to hold
their own yesterday, writes
Patrick Harverson m New York.
By 1 pm the Dow Jones
Industrial Average was up L33
at 3,289.09, a recovery from
early morning losses, when the
index had been almost 20
points lower. The more broadly
based Standard & Poor's 500
was also slightly firmer at the
halfway mark, up 0.47 at 402.73.
The Amex composite, however,
was down 1.37 at 37857, but
the Nasdaq composite rose 0.10
at 553.34. Turnover on the
NYSE was 135m shares by
1 pm.
After opening lower follow¬
ing the big declines in Tokyo
and London, the market found
little comfort in the day’s eco¬
nomic news. The April trade
deficit of $7bn was wider than
expected, while the decline in
weekly jobless claims was
smaller than forecast and
indicative of a weak labour
market
One feature was investor
wariness about buying ahead
of today's expiration of futures
and options contracts . With the
market In its current vulnera¬
ble state, there was concern
that the expirations, always a
potentially disruptive force on
underlying equity prices, could
send share prices into a pro¬
longed tail-spin.
Among individual stocks.
Advanced Micro Devices
plunged $5 Vi to $9% in turn¬
over of 4.4m shares after a fed¬
eral jury ruled that the com¬
pany cannot use a piece of
Intel software in its clones of
Intel microprocessors. The
news lifted Intel $3V4 to $51’A
In turnover of 5 An shares.
IBM rose S3V4 to $95% after
an earnings upgrade from
broking house Merrill Lynch,
which raised Its 1992 and 1992
NYSE .volume,; r : >;
Daily (mflioni *' ;': : =
rep- i.' V ■ - ■
350
300
•A?
profits estimates for toe com¬
puter group to $795 a share
and $9 a share respectively.
IBM's gains boosted other Mg
computer stocks, with Hew¬
lett-Packard adding $2% at
$67%, Digital Equipment rising
$% to $37% and Compaq put¬
ting on $% at $25%. Apple,
which like Intel is quoted on
the over-the-counter market,
rose $1% to $49.
Sundstrand, well bid on
Wednesday following positive
analysts' comments, fell $1% to
$36% after the company
announced plans for a 60 cents
a share restructuring charge in
the second quarter.
On-the Nasdaq market, J & J
Snack Poods slumped $3% to
$9% after warning that third
quarter earnings will be below
the 20 cents a share posted a
year ago.
GPA’s aborted flotation and
the Irish referendum on Maas¬
tricht took their toll on bourses
yesterday, writes Our Markets
Staff. Frankfort was dosed for
a holiday.
AMSTERDAM saw Philips
down another FI L20 at FI 2990
following Wednesday's profit
warning with the shares expec¬
ted to fall further today on toe
expiry of options. Volume was
estimated at some 4£m shares,
broadly the same as the day
before. The CBS Tendency
index was 1.6 down at 125.8.
ELM’S transatlantic - price
cuts on flights originating from
Ihe US sent the shares lower.
The airline was also rocked, by
Speculation that a US airline
was about to file for bank¬
ruptcy: ELM has a 20 per cent
stake in Northwest It closed
down FI LIO at FI 38.10.
Some analysts said that the
withdrawal of toe GPA flota¬
tion would have less effect on
kt.m than on Fokker, down
FI L30 or nearly 4 per cent at
FI 3290 because of the latter’s
exposure to regional airlines
FT-SE Eurotrack lOO - Jim 18 }
Hourly changes
Open 1090am 11 am 12 pm 1 pm 2 pm
115194 1151.40 1150.69 1149.96 1149.71 1147.41
3 pm dose
1146.47 114598$
Day’s High 1152.25 Day’s Low 1145.®
Jim 17
1158.48
Jun 16
1165®
Jun 15
1159.75
J an 12
1167.48
Jun 11
1162.52
■ value woo (anono).
tPM*L
which depend ' on leasing
flrwinnp
Elsevier closed FI 2^0 lower
at.FL 107® on rumours that Mr
Cornells Alberti, an executive
director at Elsevier and tipped
to become chairman, was to
resign.
PARIS ended lower after a
volatile session as investors
sold out, troubled by weakness
on other markets and Maas¬
tricht doubts. The CAC-40
index went as low as 1,880.51
before closing 17.04 down at
l®L80, .lts lowest dose since
February 17. Turnover rose
slightly to FFr2.7bn.
Michelin was one of the
day’s more prominent losers,
falling FFr6.7 or 3.4 per cent to
FFr1935 ahead of its annual
shareholders's meeting next
Thursday. Alcatel, another
widely-held blue chip, lost
FFr13 to FFr617.
Among smaller stocks, Hach-
ette lost FFr3.4 to FFH2B.7 in
spite of the company's forecast
of a return to profit this year..
MILAN started about 0.5 per.
cent ‘ higher, following the
favourable political develop;
meats an Wednesday, but later
came back slightly in view of
the weakness on foreign mar¬
kets. The Comb index rose 2.1
to 471.79 in turnover estimated
at between L90bn-LB5bn after
L88ba on Wednesday.
Trading on the screen sys¬
tem was delayed by one hour
due to problems with the tele¬
phone lines linking the net¬
work. Sip was toe most heavily.
traded on the system,'losing
L73 to Ll ,278 in 7.02m shares,
on fears that the reorganisa¬
tion of the sector would take
longer than expected.
Weakness in the Italian bond
market, following Wednesday's
devaluation tears, put pressure
on the banking sector. Banca
Commerdale fell L65 to 12,955
and Credito Italiano lost L48 to
14,636.
ZURICH was relatively resil¬
ient. the SMI index closing 10.6
lower at 1,862.5 in moderate
volume. Registered shares in
Ciba-Geigy, SFr30 lower at
SFr3®0, topped the active list
Other chemicals were also
lower with the exemption of
bearers in Merck which rose
SFrIB to SFr696 on buying by
one small Zurich-based hank.
Swissair extended losses
from midday to close SFrl2
lower at SFr720. The airline
said on Wednesday that it
planned to cut 400 of its 6,000
administrative jobs.
HADED) weakened in mod¬
erate volume, the general
.index losing 1® to 246-51.
Rumours that the chemicals
group Ercros may file for bank¬
ruptcy drove the shares down
Pta33 or 15 per cent to Ptal®.
STOCKHOLM fell ahead of
the midsummer holiday today.
The AffArsvdrlden General
index fell 14.40 to 928.90 in
moderate turnover of SKr430m,
of which trading in Astra
accounted for SErdQm, as yes¬
terday was the final day for
trade in Astra restricted
shares. All Astra shares will be
unrestricted from Monday.
OSLO suffered its 13tb con¬
secutive decline, depressed by
fails on the foreign exchanges.
The all-share index dropped
6.51 to 417® In trading worth
NKr250m,
Norsk Hydro shed NKrJLSO to
NKri62. UNI Storebrand,
which asked the government
for permission to hold its 28
per cent stake in the Swedish
insurer Skandia beyond June
30, saw its A shares drop NKr3
to NKr39.
COPENHAGEN moved
against the trend, the KFX
index closing 0 ® higher at
89.03 after a modest recovery
by bank and insurance shares.
The insurer, Hafhfa, in deep
trouble because of unrealised
losses on its large stakes in
Baltics and Skandia, saw its A
rise DKri2 to DKrl42, mainly
because of the rise in value of
its 33.5 per cent stake In Bal¬
tics, whose shares rose DKiffl
to DKr460.
Danske Bank and Unidan-
mark edged up in quiet trad¬
ing, mainly because toe domes¬
tic bond market stabilised.
HELSINKI'S banks were
another story. Free shares in
E0P, one of Finland’s largest
banks, tell FML2 to FM8 as the
Hex index closed 17.7, or 22
per cent lower at 769.2,
alth o ug h traders said that trad¬
ing was extre mely thin.
ISTANBUL jumped by 2.7 per
cent with the 75-share index
dosing up 95-52 at 3,61454, its
highest level for over a month.
Turnover was estimated at
TL206.7bn from TL144-8bn.
A- -
ASIA PACIFIC
Nikkei loses 2.4% despite buying by investment trusts
Tokyo
Canada
TORONTO struggled back
from early morning weakness
in moderate midday trade.
Most sectors suffered losses,
with the consumer products
and communications and
media indices hardest hit by
slides in their heavily-weighted
issues. The TSE 300 was off
105 at 35575, op from a morn¬
ing low of 35495, in volume of
14.68m shares valued at
C$155m.
THE NIKKEI average set a 5%-
year low for the second consec¬
utive day as a drop in the
futures market prompted fur¬
ther arbitrage-linked selling,
writes Emiko Terozono in
Tokyo.
The 225-issue average lost
40054, or 2.4. per cent, to
1654556. The index fell to the
day's low of 16,03051 in the
morning session on. arbitrage
fleHing and Ij qiddatfon of hold¬
ings by corporations and finan¬
cial institutions.
Heavy buying in the after¬
noon by investment trusts
helped recoup the losses, and
the Nikkei rose to 16,403.65.
However, the improvement
was eroded by selling by a
leading US broker towards the
end of the session.
Volume rose from 288m
shares to 330m. Foreign inves¬
tors, who until recently have
been buyers of the Tokyo mar¬
ket, were seen selling real
estate, securities and bank
shares. Traders said foreign
Interest towards Japanese
stocks was waning, although
liquidation of holding's is not
expected in the near term.'
Declines outnumbered
advances by 905 to 118, with 85
issues unchanged. The Topix
index of all first section stocks
dropped 3057, or 2.4 per cent,
to 154554. but in London the
LSE/NIkkei 50 index put on 4.46
to 978.04.
Comments by Mr Yasushi
Bfieno, '■Bank 6f Japan gover¬
nor, ruling out scope for a cut
in toe official discount rate
also discouraged investors. In
spite of the denial, however,
the sharp foils in share prices
raised hopes of monetary eas¬
ing among bond market partic¬
ipants. The yield on the 129
10-year benchmark fell to 5595
per cent from 5.42 per cent on
hopes of lower short-term
rates.
However, stock market par¬
ticipants ignored movements
in the bond market Traders
said buyers would be absent
while the selling by arbitra¬
geurs and institutions contin¬
ued.
A total of 21 2 shares fell to
the year’s low, as was the case
with Nippon steel, Y5 cheaper
at Y260.
Ramona that loading Japa¬
nese brokers had revised down
their naming s forecasts for the
leading, steel companies
prompted selling. Institutional
investors sold holdings of lead¬
ing blue chips.
Daikyo, the condominium
maker, weakened Y19 to Y78L
The issue fell by its daily limit
on Wednesday as rumours that
the company faces financial
trouble calculated in the mar¬
ket Although company offi¬
cials denied such rumours,
traders said investors
remained pessimistic about
Daikyo’s business prospects.
Roil estate companies were
also weak, with Mitsui
Fudosan finishing Y 55 down at
Y830 and Mitsubishi Estate
retreating Y21 to Y779.
In Osaka, the OSE average
declined 358.77 to 19,14356 in
volume of 225m shares.
Roundup
WEAKNESS IN New York and
Tokyo unsettled Pacific Rim
m arkets .
NEW ZEALAND closed lower
as investors, already scarce
ahead of the July 2 govern¬
ment budget announcement,
were further discouraged by
weakness on international
markets. The NZSE-40 index
closed 1455 down at 1,515.95
in turnover of NZ$24.9m
(NZ$29.6m). An exception was
Brierley Investments, a cent up
at 97 cents on the day’s heavi¬
est volume of 6.7m shares.
AUSTRALIA held up fairly
weQ in the lace of the sharp
declines in New York and
Tokyo, the AU Ordinaries
index ending 65 off at 1,6245
after an early low of 1 , 616 . 1 .
Turnover was steady at
AS271m. CRA fell 12 cents to
AS1454 after reporting that a
strike had closed iron-ore pro¬
duction at its Hamersley unit
in Western Australia.
MANILA continued its down- ■
ward correction as the compos¬
ite index shed 36.04 to 1,499.78
In turnover of 184m pesos ,
after 264m. The decline was
triggered by a $2,125 loss to
$39,625 for PLDT in overnight
trading on the American Stock
Exchange. It ten 45 pesos to
1,045 pesos in Manila.
HONG KONG also extended
its retreat, the Hang Seng
index tumbling 49® to 5.796.10
in steady turnover of
HK$2.77bn. Utilities were
sharply lower Hongkong Elec¬
tric lost 40 cents to HKJ18.60.
KUALA LUMPUR was
broadly lower in light trading,
the composite index slipping
8.69 to 596.50 in turnover of
M$i03m (M$l86m). Telekom
Malaysia declined 30 cents to
fi£$I&70 and Tenaga Nasional
25 cents to M$850.
SINGAPORE fell on profit-
taking. The Straits Times
Industrial index closed 1151
down at 1,506.03 In turnover of
S$112.4m (S$1405m). Shipping
stocks were among the most
actively traded, joining ship¬
yard issues on the list of losers.
Hotel shares were also sold
after a local report that occu¬
pancy rates have slipped in the
second quarter.
TAIWAN firmed in light
dealings as late bargain hunt¬
ing overwhelmed midsession
declines. The weighted index
gained a net 2458 at 4,628.78 as
turnover shrank to T$28bn
from T$365bn. SEOUL dropped
in cautious trading. The com¬
posite index fell 1257 to 56355
in turnover of Won2ll.5bn,
after Won326.5bn.
SOUTH AFRICA
JOHANNESBURG dropped ill
nervous trading. The indus¬
trial Index fell 51 to 4,494 and
the overall index was off 43 at
3557. Urn gold index dropped
20 to 1,132. The gold share
Venters jumped- 30 cents to
R155 In speculative trading.
Italian volume continues recovery
William Cochrane reviews last month’s European equity turnover
M ay was a volatile
month for equity
turnover on Euro¬
pean stock exchanges, with a
weakening In Belgium, France
and the UK balanced by gains
elsewhere. But even the win¬
ners were riding for a fofi.
Italy put up the biggest
increase in trading, turnover
rising by 30.7 per cent, extend¬
ing and accelerating a 25.4 per
cent gain in April after an
exceptionally weak March. It
had periods of excitement, and
stock market rallies in May on
the hopes of a recovery in
political stability and in the
economy longer term, seen par¬
ticularly in industrial shares in
anticipation of these events.
“People thought that Italy
must have seen all the bad
news," says Mr James Cornish
oE County NatWest, which pro¬
duces the monthly turnover
figures, “but the change in sen¬
timent came ahead of any
ch a n g e in reality." The Danish
"No" vote to toe EC Maastricht
treaty brought tear back into
the Milan bourse at the begin¬
ning of June; it had already
been severely incapacitated on
June 1, when the screen trad¬
ing system was knocked out of
commission by heavy ram-
storms and lightning.
The Netherlands, up 205 per
cent, was helped by the oil
price rise and the boost in trad¬
ing which this gave to Royal
Dutch. There is a sense in
which a market so sensitive to
oil, the US dollar and the per¬
formance of its bfo: interna¬
tional stocks seems never to
have a domestic story of its
own to telL
“There is a good story to be
told about toe Dutch domestic
equity market," says Mr Cor¬
nish; but he reflects wryly
that, this month, it seems
likely to be submerged in this
week’s further, painful chapter
in the Philips saga.
Germany, in May, put on 16.6
per cent as the threat of a
metalworkers' strike was
averted. In this, it effectively
returned to toe January/March
level after a nervous April, hut
once again, as in the case of
other European bourses, its
June trading has been seri-
EUROPEAN EQUITIES TURNOVER
Monthly total In local currencies (bn)
Bomo
Feb
1992
Mar
1992
Apr
1992
May
1992
US
Sbn
Belgium
4652
4858
51.38
4050
153
Franca
116.18
10857-
112.17
100.16
18.57
Germany
12650
1».68
10750
125.80
7858
Ebriy
854850
554450
7.45750
9.747.60
aoe
■»-«*— -* Q—
Naxmrt&nas
14.10
11.00
1250
14.70
8.13
Spain
66753
60758
461.52
513.47
5.13
Switzerland
1050
11.88
12.48
1129
9.13
UK
2951
3259
41.17
3555
64.70
r p una— — end aatae.
ItmHu Omta MOfiJKod to Inaudm oB-nmrtnl truing.
6oonx County Nnrnfut WOo&tmo.
Soma Bourse may be revitatL
ously affected by worries about
EC stability - after toe Danish
vote, on the run-up to yester¬
day’s Irish referendum and In
the prospect of a French ver¬
sion in September.
Political stories were also
reflected in the UK and France,
the former foiling by 14J per
cent as the post-election spree
evaporated and the latter
declining - by 10.7 per cent fol¬
lowing the April euphoria on
toe appointment of Mr Pierre
Beregovoy, as prime minister.
Belgium dropped by 20.6 per
cent Here, the market was still
up on the average for the pre¬
vious 12 months, and Mr Sebas¬
tian Scotney, Belgian specialist
at Dillon Read, says dividend
dates were behind the decline:
“Quite a lot of the market goes
ex-dividend during May, and
the dividend-interest buying
which lifted April was replaced
by post-dividend languor in big
blue chips such as Petroflna,
Electrabel and Soctete Gdndr-
ale de Banque.”
FT-ACTUARIES WORLD INDICES
Jointly compiled by The Financial Times Limited, Goldman, Sachs & Co., and County NatWest/Wood
Mackenzie in conjunction with the institute of Actuaries and the Faculty of Actuaries
NATIONAL AMD
REGIONAL MARKETS
WEDtSSDAY JUNE 17 1992
TUESDAY JUNE It 1892
DOLLAR MDEX
Figures In parenthimu
show number of lines
of stock
US
□ay's Pound
Local Local
Dollar Chany* Starting Y«* DM Corrancy % dig
Gross
ON.
US
Round
Dattar Marling Van
DU
Mas
Max Max Max Max on day YMd Index Max Max Max
Local
Currency 1882
High
1992
Low
Year
[approx)
Australia (68) ...
Austria (19)..
Belgium (461..........
Canada (115)..
Denmark (35).
Finland (15)__
France (104).........
Germany (35)_
Hong Kong (55)....
Ireland (16)_
Italy (78)...
Japan (4?3)..~...
Malaysia (B9)...„
Mexico ( 10 )..
NeBiertand (25)..
New Zealand (14)..
Norway (23)..
Singapore (38)-
South Africa (61).
Spain (SO)___
Sweden (27)...
Switzerland (63>...
United Kingdom (227)...,
USA (522).
... 148.61
-04
11727
117.74
... 171.61
-1-4
13758
137.82
... 14258
-0.8
114.05
11450
... 125.61
-15
100.48
10058
- 23151
-1.9
18550
18658
-15
8159
81.85
... 159.51
-1.9
12759
128.09
124.07
-1.0
99.24
9955
... 24651
+0.0
197.42
19851
16051
+0.3
128-23
128.74
.... 8951
-0.1
55.60
55.82
98.29
-2.7
78.82
7853
.... 241.48
-0.1
193.15
193.92
,.. 1486.64
-2,5
1190.74 1T9553
.» 16248
-1.9
129.55
130.17
... 4654
+0.1
37.06
3752
... 17959
-1.7
14349
144.07
— 220.08
+ 0.0
182.44
183.17
... 237.10
+ 15
189.66
190.42
154.17
-0.6
123-32
123.82
.... 193.30
-15
15451
15554
... 10801
-15
8859
88.75
._ 183.14
-1.0
134v49
158.10
._. 183.89
-1.4
131.08
131.63
12028
140.79
11007
103.05
19026
63.18
13055
101.78
202.49
13151
57.02
60.64
198.10
129.40
14050
114.10
108,79
191.30
6959
133.05-
101.78
24551
133.11
6156
7853
234.13
122158 608055
182.97 131.42
3852
147.17
187.11
104.62
126.48
15858
88.52
168.44
134.48
4557
149.93
17089
186.77
115.74
162.75
9555
154,49
163.89
-D.B
-1.3
-05
-1.4
-15
-1.4
- 1.1
-05
+0.0
+0.6
+05
-2.5
- 0.1
-2.4
-15
+ai
-15
- 0.1
-at
-04
-15
-05
r07
-1.4
452 14752
259 174.04
655 143.75
359 12753
1.92 236.47
2.03 7823
353 162.55
227 12557
354 24080
458 15950
357 8959
1.08 101.05
067 24154
117.43
13073
11458
10150
168.49
62.35
129.56
99.93
18072
127.46
55.47
6055
182.61
117.99
139.39
11012
10157
16959
8255
130.17
100.42
197.66
128.06
55.73
80.93
183.52
120.02
141.79
117.11
103.73
192.65
63.73
132.41
102.13
201.07
13057
5099
6254
19088
130.12
14253
114.68
110.32
194.18
7057
134.56
102.13
24459
13256
61.65
8053
234.48
15068
186.70
146.19
142.12
273.04
88.80
16075
12557
254.67
173.71
8058
140.95
250.18
14094
162.48
13657
125.60
22651
73.64
14006
11457
17656
151.78
88.70
212.49
140.09
18753
127.41
141.07
24064
102.67
128.91
109.61
161.64
145.12
7754
120.02
237.13
1.13 1527.05 121750 1223.00 1244.06 5207.47 1789.77 137091 1009.94
457 16552
4.99 4029
1.68 182.42
155 28017
2.76 23352
028 155.11
2.73 197.08
225 10043
452 199.12
356 16025
131JQ
3090
145.40
18157
18038
123.84
157.08
8752
15553
132.52
13252
37.08
14010
182.74
18758
12453
157.84
87.64
15856
133.18
134.60
37.71
14061
18558
190.48
12858
lease
89.16
158.94
13045
133.13
45.32
151.78
17051
18657
116.16
16451
05.48
155.53
10025
185.22
4852
192.95
229.63
263.60
161.72
200.28
109.43
200.07
171.66
14758
42.01
16156
192.76
203.16
14086
173.09
9559
16555
160.92
134.68
4049
191.70
107.71
226.16
14859
16953
90.7B
16252
15150
Europe (753)..
Nordic (100)...
Pacific Basin (718).....
Euro-Pacific (1511),,..-,.
North America (637).
Europe Ex. UK (S 68 ).__..
Pacific Ex. Japan (246)....
World Ex. US (1705).
World Ex. UK (2000).
World Ex. So. At. (2166)..
World Ex. Japan (1754)...
153.00
177.11
10551
124,41
161.48
12004
171.12
126.58
133.02
137,54
16050
■2.4
- 1.8
■12 12258
■15 141.67
84.00
9952
■1.4 129.17
-15 10352
-05 13658
■1.7 10154
■1.7 106.40
- 1.8 110.02
-1.2 12038
12258
14254
84.34
99.91
129.70
103.65
137.46
10155
106.84
110.47
12091
125-53
145.31
86.18
102.06
13250
10559
14040
103.64
109.14
TI255
131.70
124.54
14254
85.41
101.60
160.14
10758
15258
103.86
119.19
121.90
14756
- 0.6
-1A
-21
—1-4
—1:4
-05
-05
-M
-15
-1.4
- 1.1
352 15450
228 18052
155 107-54
.257 126.66
3.06 16351
355 13070
352 17152
258 12875
2.56 13557
253 130.82
358 162.48
12359
14359
86.72
100.96
130-57
104.18
136.84
102.63
10752
111.45
129.51
123.98
14458
8013
101 A3
13151
104.70
137.31
103.12
10855
111.99
130.14
120.12
147.07
87.61
103.18
133.47
10650
13857
104.89
11052
113.82
13259
125.45
14452
8757
103.05
162.45
106.07
152.62
105.45
121.00
123.65
149.14
156.88
168.52
141.97
14551
169.69
131.77
17551
148.91
15058
153.05
165.40
13851
169.66
94.40
113.80
158.70
12151
149.00
116.45
12751
13054
16350
133,12
18158
129.98
13155
151.06
115-19
139.26
13357
13850
138.01
144.97
TlW World Index (2227),.. 13870 - 1.0 110.54 11059 11358 122.48 -1-4 2 J 82 1 40.43 11153 112.47 114.41 124.22 153.70 130.66 13858
Copyright, toe financial Times Limited. Goldman, Sacha & Co. and County NatWest Securities Limited. 1987
Latest prices were unavailable for this edition.
PRELIMINARY
RESULTS
for the year ended 31 March 1992
HISTORICAL COST
1991/92 1990/91
Turnover
£834.6m
£829.3m
Profit before tax
£94.7m
£58.9m
Profit after tax
£69.8m
£43.6m
Earnings per share
58.7p
36.7p
Final dividend
12.80p
11.20p
Highlights
• Profit increased to £94,7 million
• Over £61 million invested in pursuit of improved customer services
• Reduction in operating costs of £16 million
• 1992 price rises well below inflation
• Executive team restructured and strengthened
“We have had a very encouraging year and have achieved the level of profits
required to fund the investment in the network and other parts of the business
needed to improve customer service. By focusing on our businesses, we have
secured reductions in operating costs of well over £16 million which have enabled
ns to keep price rises in 1992 well below the rate of inflation. At the same time
we have improved services to customers in virtually all criteria measurable.”
Bryan Weston
Chairmau, 18 Jane 1992.
The roapuy'i Annual Report will be sent to nil shareholders in early July. Copies are available fm the Company Secretary
Kuweh pie, Sralaod Road, Chester, CHI 4LR.
For gbare price informality call the Shareholder Hotline on 0839 500543
•Cilli ckiiyJ anile (kflf rilr. 4tp a ny Mfcir tor.
fir ' s
wet
^Eag-— ■■
'Junt to iyyz
EUROPE’S BUSINESS NEWSPAPER
si f gw
F?>i.
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■ *36*4
JT-in*.*' st *
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.... - c! .&■
■H AFRICA
NESSiEt fey-
i iradisj. ft.
"3- Sda fs;
rise p;d ios:
Tc?| 2
> -ispriSc
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*.T
• • .’• .
Car-free European
cities proposed
byRipadi Meana
DS523A
Fresh fighting in Sarajevo dashes UN relief plan
a
EC environment commissioner Carlo Ripadi
Meana said c ity dwellers should get rid of their
mis to prevent Europe’settles being p.hnb<>d by
tne internal combustion engine
Saying he was ready to set an ewtmpu by aban¬
doning his own Alfa Romeo, he unveiled a study
showing It. would cost between two and five times
less tolive and work in car-free citi es . Page IS
Maastricht uncertainty: One In four voters
’ ■ i r. i ,1/u i u ,y,, t, i,r,;r,v,¥! ,r rrrusra m
treaty is still undecided, according to a public
opinion poll published yesterday. Page 18; Further
Maastricht reports. Page 3
fatten preditorships President Oscar Luigi
Scalfiro announced he would formally invite
GluhanoAroato, a former Socialist finance minis¬
ter, to be Italy’s 5lst Italian prime minister since
the war. Page2; Liradevaluation fears. Page
Tokyo stocks hRnew low The Nikkei stock
average plunged 507.73 to 16,445.80 - a loss of
3 per cent r td ito lowest level since November
1988. Negative sentiment spread as buying by
public pension funds, failed to counter continued
selling by dealers and institutioual investors.
Page 46; Further blow to Japanese investors.
Page 19; Editorial Comtoeut, Page 16
,4*V • -tjirj? •,
Lomtet Zoo, the world’s oldest and formerly
a top tourist attraction, will close hi September
unless a private backer can be found. The zoo
has beenin financial <hfficultles. After breaking
even in March it cancelled closure plans. However,
attendance so far tidsyear has fallen to 30 per
cent beta? target and the zoo has a deficit of
£2m (t3£4m) onanmwi running costs. Report
and farther picture/Pag? 9
Gorman hostages free<6 German aid workers
HeinrichStrftlfig and ^iTiomaa Kemptner, the
. last westem hostages in Lebanon, returned hopie
to Coiogpafeoiu Beirut, after three years held '
bySbia Moslems seeking the release of two prison-.
ers in Germany. Its not oyer yet, Page 4
Banco Santamtor president Emilio Botin
baslieen subpoenaed to appear tomorrow before
a Madrid judge who is investigating possible
tax.ffaud involving loans worth aboutfibn made .
by the bank between 1987 and 1989. Page 19
Upjohn stocks skimps Shares in Upjohn,
US pharmaceuticals group, tumbled towards
a i&week lowafter the company warned that
second-quarter earnings would not surpass last
year’s. Page I9r, Wall Street, Page 46
Cable and Wireless chairman Lord Young
said he was discussing partnerships for specific
projects but ruled out a global alliance:
Page 19; Lex, Page 18
BICC, UK-based cables and construction group,
announced a £55m (8100m) deal which will double
its-share of the power cable market in North
America. Page 19
Caeechoslovak pact: Czech and Slovak, leaders -
reached basic agreement on forming a new govern-.
' meat, but remained deadlocked on how to prevent
Czechoslovakia splitting. Page 2
Tanker crash kills 48: At least 48 people
were killed on Egypt's north-western coast road
near Alexandria when a tanker carrying inflamma¬
ble liquid collided with a bus.
Portuguese drugs haul: Portuguese police
claimed to have made Europe's biggest cocaine
haul after they seized 4,0001b of the drug as it
was transferred to a fishing boat Two Spaniards
were arrested.
Digital Equipment, world’s third-largest
information tedmotagy group, is reorganising
its European operations in an effort to restore
Ragging sales and profitability. Page 21
European soccer: England and France were
knocked out of the European championship in
Sweden. Sweden beat England 2-1 and Denmark
beat France 2-1 to go into the semi-finals. About
40 England supporters attacked Swedish fans
in Stockholm after the defeat.
■ STOCK MAR KET BUHCCS
FT-SE100:- 2JSUA H™)
VMd__4.71
FT-SE 6flutra* 100 -1.15MI H*S2)
FM AMIare-HW1
FT-AVtodd Index-13L28 H-8»)
tmd _iM«ai esof.raj
tee Voric • ’ ■
Dow Jones MAve—1287.78 Hi tt)
SSP Cnmoors® -.,.40X28 H®)
■us umctrritic rates_
Fedor* Fonds-1—8S* (3*5*1
3mo Tress Sas YJd~ 1SB*% WVS%)
Long Bond . 1 —108 (101 113
YWM_ 7*19* (7-627*)
■ LONDON MONEY_
3mo interbank _18£% (10**)
Ulfc tag pa Mure-.Sep 97% (S8p S7J|J
MN OBTH S BAOi L(Arflub)
Brail 15-dagr Aug-JHLSS (21875)
■Odd _•_
New Yodc Comex Jun —SS4t2 mZ)
faata:-SM235 (342.15)
By Judy Dempsey In Belgrade
THE FRAGILE ceasefire in
Sarajevo, the besieged Bosnian
capital, collapsed yesterday,
dashing hopes of the United
Nations sending food and H uman .
Italian aid to the city’s starving
inhabitants.
. UN officials said the ceasefire
ended at dawn after Sarajevo
came under fresh mortar attacks
and heavy bombardment from
the surrounding bills, which are
held by Serb irregulars and Serb¬
ia's prosy Bosnian army.
Last night Serb irregulars were
again pounding the city and its'
suburbs with artillery, and the
main government building was '
bombarded for several hours.
Street fighting moved towards
the centre of Sarajevo as Serb
irregulars and Bosnian territorial
defence units engaged in sus¬
tained battles for control of parts
of the city.
Eye witnesses reported that
Serb irregulars bad entered the
suburb of Dobriqja, near the air**
port, and bad taken many people
from their apartments, evidently
„to exchange them for captured
Serb snipers.
A senior UN official in Bel¬
grade, the Serbian capital, said it
•was too dangerous for the UN to
try to reopen Sarajevo airport for
an airlift of food and other sup-
jplies. He said a UN convoy that
left Belgrade yesterday morning
r with relief supplies was still
blocked from entering Sarajevo.
*" “There is no water, no food, no
electricity. There is no hope.
There is only fi ghting . We are
being abandoned by the world
community," said Mr Ivan Kne-
sovic, a philosopher professor at
Sarajevo university. .
Mr Rhesovic said he was afraid
that the Serb irregulars would
eventually take Sarajevo street
by street, house by house.
UN officials had pinned great
hopes on the ceasefire, as one of
the last chances to reopen the
airport, blockaded by Serb irregu¬
lars for 11 weeks.
“There is little chance now that
Canadian troops will be sent to
take over control of the airport,"
Mr Kncsovic said.
The Serb irregulars, led by Mr
Radovan Karadzic and General
Ratfeo Mladic agreed to the cease¬
fire last Sunday in the belief they
could use a lull to consolidate
their positions in the city arid,
eventually divide it.
. But western diplomats said an
agreement between Bosnian pres¬
ident Alija Izetbegovic and Cro¬
atian president Fran jo Tudjman
to form a military alliance could
Controller of Liechtenstein company to help trace plundered assets
Foundation
may replace
funds taken
by Maxwell
By Andrew Jack In Vaduz Foundation," he said.
Yesterday's press conference
THE Liechtenstein lawyer was a strange gathering for
controlling the Maxwell Founds- Liechtenstein, since much of the'*-
tion, one of the ultimate share- country’s business derives from
holders of the Maxwell business its reputation as a secretive* - ,
empire, yesterday said be would haven for assets from abroad,
try to use his powers to provide "I don’t know how my col-
money to compensate pensioners leagues will react,” Mr Keicher
affected by theft of their funds. said. "What I did today {went]
Speaking at wbat is believed to quite far." . -v
be the first press conference held Mr Keicher said he had not
by a lawyer in the tiny alpine consulted anyone before deciding.
principality on the..subject of to hold the press conference. He^
trust funds. Mr Werner" Kafcher'~*a|>peared relaxed and candid as ‘
promised complete - co-operation
with investigators trying to trace
the movement of assets through¬
out the Maxwell business empire.
He revealed details of the Foun¬
dation’s assets and objectives and
said he was considering exerting
control over Maxwell companies
which were recently shown to be
continuing to operate, outside the
control of British administrators.
Mr Keicher said he wanted the
companies to continue to operate
and to pay dividends to the Max¬
well Foundation. He would
attempt to change the charitable
objectives of the Foundation to
allow it to pay these dividends to
pensioners.
"The problem of the pension
funds and the fate of the pension¬
ers disturbs me greatly," he said.
"Why should they not receive
money from the Foundation?”
Mr Keicher said the current
charitable beneficiaries did not
in ciud » any members of the Max¬
well family. "Mr Kevin Maxwell
will never get a cent out of this
he answered in English and Ger¬
man more than two hours of-
questions from journalists' 1 *
crowded into a small hotel room.
But he offered little encourage-
Liechtenstein lawyer Werner Keicher promises to co-operate with Maxwell investigators
merit for those hoping to identify, holdings In Robert Maxwell
hoards of hidden assets held in ' Group, parent of Mirror Group
the country. He said the Maxwell- ‘Newspapers, Headington Invest-
Foundation held about SFtSjOOO' merits, the ultimate UK holding
(52,000) in cash, an unspecified^ company, and PHA Investments,
number of shares in Maxwell' a secretive investment company.
Communication Corporation, cur- Swico also held about £4,000
rently in administration, and 100^ ($7,200) in cash,
per cent of the shares of Swico . - Mr Keicher said he was using
Anstait Vaduz, another Uechten- his influence as controlling
stein holding company. shareholder to obtain the
Swico, in turn, owned 89 pern- up-to-date accounts of the compa-
cent ol Sphere, a Californian -bias held by Swico, and intended
computer games company, as to intervene in their operations,
well as 100 per cent of PH (US)~* He would also consider changing
Inc, an American investment _ the directors of Swico • who are
company currently under invest!' 'Mr Keicher himself and an
gallon for receiving money from ~ elderly Parisian lawyer,
the Maxwell public companies/* Mr Keicher said he had refused
and of Yakosa Finanzierungs AG, -requests to use MCC shares held
a Swiss trust under investigation. by the Foundation as collateral
for part of an alleged scheme to for loans. The requests came in
support the MCC share price, the fast two years from Mr Wer-
who controls Serves, a trust
which received MCC shares
which have been linked to
alleged share support operations.
Separately, a lawyer represent¬
ing several other secretive Liech¬
tenstein trusts said more than
10 m shares from MCC and Mirror
Group Newspapers had been
"donated" through Goldman
Sachs, the US investment bank
used by Mr Robert Maxwell to
purchase shares as part of an
alleged share support operation.
Mr Kamil Braxator, legal repre¬
sentative of AUgemeines Treuun-
temehmen, a company which
employs lawyers as trustees to
many trust funds, said he was
currently attempting to draw up
lists of assets and beneficiaries.
He said he would not give any
further details until this process
was complete.
The Big Lie, Page 8
MGN directors ousted. Page 9
Daily News funds, Page 18
have persuaded the Serb irregu¬
lars to abandon the ceasefire.
"The Serbs now see Bosnia as a
war in which Serbs are pitted
against Moslems and Croats,” a
western military attache said.
The offensive by the army from
Croatia into Hercegovina (west¬
ern Bosnia) could also have
destabilised the ceasefire. "Croa¬
tia, like Serbia, has de facto
invaded the Independent republic
of Bosnia with the aim of carving
it right down the middle between
Serbia and Croatia," he said.
US chief
executives
hopeful on
economy
By Michael Prowse
in Washington
WHITE HOUSE hopes that
economic recovery will arrive In
time to improve President George
Bush's election, prospects will be
boosted today by a survey sug¬
gesting that US chief executives
are more confident about the eco¬
nomic outlook than at any time
since 1984.
The Conference Board, a New
York business analysis group,
says its index of confidence
Jumped eight points to 70 in the
past three months. It says the
"overwhelming majority” of busi¬
ness leaders expect the economy
to improve in the next six
months.
The quarterly index rose seven
points in the first quarter of this
year and is now more than dou¬
ble the low point reached in the
final quarter of 1990 after Iraq's
invasion of Kuwait
Confidence is now well above
the highest levels registered fast
year when the economy began a
faltering recovery.
The improvement in board¬
room sentiment Is running ahead
of consumer confidence which is
up modestly but still far below
levels normal during a recovery.
The discrepancy may reflect
extensive restructuring in many
sectors, which is improving prof¬
itability but undermining job
security for white collar as well
as blue collar workers.
The board's index is based on
the assessment by chief execu¬
tives of current economic condi-
Coutmued on Page 18
One of the great designs of this century
And probably the next.
Swico also owns minority shares, ”1161 Rechsteiner, a Swiss lawyer
Shares in Philips slide 15%
after group profits warning
New Yodc
S
London:
1.850
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127.27
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127JBS
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Tokyo dose YttSJ
By Ronald van de Krai
In Amsterdam
SHARES in Philips, the Dutch
electronics group, fell more than
15 per cent on the Amsterdam
Stock Exchange yesterday after
the company warned that diffi¬
culties in the consumer electron¬
ics sector would cause a substan¬
tial drop in second-quarter
results.
Full-year profits might fall
below 1991 levels, Philips said. -
The company blamed the
downturn on the depressed state
of the consumer electronics mar¬
ket. which accounts for almost
half its annual turnover of
F157bn (S32bn).
"While we are maintaining
market share in our consumer
electronics and components divi¬
sions, price erosion and under¬
utilisation of capacity have
caused lower-than-anticipated
results, ” the company said.
Philips, which had seemed to
be malting steady progress in bol¬
stering flagging profitability, said
its other main businesses, such
as lighting and professional prod¬
ucts, were performing better thaq* : the second half of 1992, it is
forecast
These improvements, however,'
unlikely that a net profit from
normal business operations equal
could not compensate for the <Hs- "to that of 1991 will be realised,”
appointing trend in consumer- the company said.
electronics.
In 1991, Philips posted net prof-
Although it had been clear for Ms before extraordinary items of
some time that Philips and its.. FI 981m. a reversal of the previ-
Japanese competitors faced diffi¬
culties,. the Dutch company's
ous year's loss of FI 4Jftm, mainly
because of extensive restructur-
profit warning took the stock "tog provisions.. Until now, It had
market by surprise. Philips’ been forecasting a “limited
shares dropped 17.6 per cent to * increase” in 1992 net profit from
end the (fay at F13L30, against JBormal business operations.
Tuesday’s close of FI 38.00. ■ Philips, Europe's largest pro-
The company fa due to release ^ ducer of consumer electronics,
second-quarter figures on August has described the current price
6 . When it published first-quarten wars in compact disc players,
figures fast month. Philips said 1 videocassette recorders and other
its consumer electronics bumness f consumer electronic products as
had swung into an operating loss' unprecedented.
AuWta SchSG
Safcraki OniOOO
BflWUff pFrfiO
Cyprus -CEim
Czecn Kcs3S
Omparfc DKrH
Em* moo
Finland fMtO
France FFrftSO
Germany DM940
Groms . Dr2$D
Hungary Ftlffi
fcatafld KrlBO
IntSa Rs20
Indonesia RpfflM
Israel SM&50
■Italy L2500
Jordan JtH.20
Korea WonBOO
Kuweit Ws^»
Lebanon USS1-25
Lux* l/rffl
Mata LnASO
Morocco MDM1
Noth FI 150
Nigeria ttatnSO
Norway NKrl&OQ
Oman Ofll-20
Pakistan FW5
PbilipptaM Pso45
Poland U 13,000
Portugal E*1»
Qatar QRW.00
S Arabia SROOO
Singapore S54.1D
Spam PtaJTO
Sweden SKrU
Side SFrWQ
Tftai&rf BtttSD
Tunisia DinUlOO
Turtsy L6000
IME DhS.HI
of ’'less than FI 100m” from prof-,
its of around FI 100m the year
before. This reflected a 5 per cent
drop in selling prices.
The company said the crisis in-
the consumer electronics indus¬
try had deepened during the sec¬
ond quarter. It could not say
when recovery might begin.
“Should the present trend in
this market segment continue in
CONTENTS
Besides facing falling prices for
existing products, the heavily
indebted company is also making
substantial investments in the
development of products for the
1990s, such as the digital compact
cassette and high-definition tele-
vlsion-
Lex, Page 18
Background, Page 20
_ 42
* .
17
filmin'--
Gold Harteb .1..34
International (tews.- *
Management-
—12
UK_
-26-28
Equlty.otoons_24
European Building and
American News —,
__e
Otesrmr _
.^..17
Ha. CapMWs-
.2124
Managed Fundi_38-®
' World Trade Naws -
_ r
Technology-
-13
inti. Companies...
-,20-33
Money Maricats __42
Construction.-59-33
UK Man--—
„h.-9
FT Law Report......
—.14
Mavfcete
- RecanMssuea..............24
Westtw-
..-,18
People-
_14
Commodate —...
-34
Share Information 36,37,46
Business: Separate
_15
—...35
London SE_35
Tew tor—
TV a«J Radio.-
15
FT Worm Aeutrras.—.<»
Wan Street. 4—43-46
Section
FINANCIAL TIMES ® FT No 31,787 Week No 25
LONDON - PARIS > FRANKFURT - NEW YORK - TOKYO
2
$ ___ . ■ ._;_
NEWSi EUROPE
FINANCIAL TIMES THURSDAY JUNE 18 1992
Agreement Amato asked to form government after Craxi steps aside
government Italy ends crisis over PM
EC agrees shipyard
aid for east Germany
RIVAL Czech and Slovak
leaders reached basic agree¬
ment yesterday on forming a
new government, bat remained
deadlocked on bow to prevent
Czechoslovakia splitting apart,
Reuter reports from Prague.
“The short-term goal is to
assure the functioning of the
federal government as soon as
possible, and we've agreed on
its basic structure," said Mr
Vadav Klaus, finance minister,
after talks with Mr Vladimir
Meciar, the Slovak leader.
Neither Mr Klaus nor Mr
Meciar, head of the Movement
for a Democratic Slovakia
(HZDS), which wants to trans¬
form Czechoslovakia into a
loose confederation of two sov¬
ereign republics, named minis¬
ters in the new government
But Mr Klaus, chairman of
the Civic Democratic Party,
said he would stand for the
post of premier of the Czech
republic, rather than become
federal prime minister. "We do
not put much faith in the func¬
tioning nature of the state we
are now constructing," he said.
Mr Meciar said the new gov¬
ernment had to function as a
confederal body, with most
powers residing in the two
individual republics, which he
wants to have their own inde¬
pendent international status.
By Robert Graham In Roma
PRESIDENT Oscar Luigi
Scalfaro last night announced
that he would formally invite
Mr Giuliano Amato, a former
Socialist finance minister, to
be the 51st Italian prime minis¬
ter since the war.
A seemingly impossible
deadlock over the choice of a
new prime minister following
the April 5 election was
unblocked yesterday morning
when Mr Bettino Craxi, the
Socialist leader, agreed to with¬
draw his candidature for the
premiership.
In stepping down, Mr Craxi
proposed three fellow Social¬
ists who were considered more
likely to gain the support of
possible coalition partners.
Mr Amato, a law professor
and highly respected In parlia¬
ment as a senior member of
the Socialist Party, was from
the outset the most likely can¬
didate once Mr Craxi with¬
drew.
Mr Amato is in charge of a
special party commission
looking into the Milan munici¬
pal corruption scandal
Though using guarded lan¬
guage, Mr.Scalfaro made it
clear that the next prime min¬
ister would need to reflect the
reality of the large protest vote
Amato: summoned to
presidential palace
against the coalition of Chris¬
tian Democrats, Socialists,
Social Democrats and Liberals
in the April 5 election.
The candidate also had to
reflect the need for clean gov¬
ernment in the wake of the
corruption scandals.
President Scalfaro is also
anxious to see a slimmed down
government and the likely
emphasis will be on technical
competence rather than, party
Bettino Ckaxi: tainted-by
corruption scandal
loyalty.
This effectively excluded Mr
Craxi, who based his election
campaign on a renewal of the
four-party coalition and whose
image has been damaged by
Craxi decided to stand down on
his owe initiative or was per¬
suaded to do so by Mr Scalfaro.
Mr Craxi, prime minister from
1983 to 1987, had assumed
before the elections he would
get the job, backed by the
Christian Democrats.
Until now he has insisted on
being the SodaHsts’ candidate
for. the premiership despite
growing dissent within the
party and lukewarm support
from the Christian Democrats.
His insistence also blocked
much-needed support from the
small Republican party or
the former communist Party
of the. Democratic Left
(PDSD-
■ The immediate Christian
Democrat reaction was favour¬
able. The party has recognised
that, with one of their number
newly elected as president, a
likely balance was a Socialist
prime minister.
Equally important, the PDS
appeared willing to back a
Socialist prime minister and
shifted the emphasis to the
nature of the next govern¬
ment’s programme.
• A prominent Socialist in
northern Italy Senate Amo-
a major city hall corruption
scandal in Milan, police said
yesterday.
Milan stock market recovers,
Page 46
By Andrew Ififl hi
Luxembourg and LesHo Colttt
in BerBn
EC -industry ministers last
night agreed controversial
European Commission propos¬
als to cut capacity in the ailing
east German shipbuilding
industry by 40 per cent
The deal win be backed by
safeguards to prevent the rest
of the EC industry being
undercut by subsidised east
German competitors. The
agreement should allow the
Treuhand to sell off some
yards to private companies.
The restructuring pro¬
gramme, which began after
German luiiflcatinr^ will even¬
tually have cost 25,000 ship¬
building jobs in east Germany.
■ Under the Commission plans,
Bohn can provide operating aid
up to 36 per cent of the yards’
estimated turnover after
restructuring:
The exact amount of aid will
be adjusted for each yard
according to a complex for¬
mula. Subsidies have to be
paid before the end of 1993, in
exchange for drastic cuts in
capacity by 1995.
French, Spanish and Italian
ministers had been pressing for
capacity cuts of as much as 57
per cent They held out for
The planned DMI3bu move
of-the German parliame nt and
main government offices from
Bonn to Beilin will be delayed,
a Bundestag commission
confirmed yesterday, writes
Christopher Parkes in Bonn.
It was not possible to meet
the 1996 deadline set a year
ago, the commission said in
an interim report
One important factor was
that the results of an
architectural competition for
the refurbishment and
extension of the Reichstag,
centrepiece of the prefect,
would not be known until next
year.
assurances that the aid level
would be strictly observed and
supported by safeguards for
their own shipyards, which are
subject to a general EC celling
on production aid of 9 per cent
The future of the east Ger¬
man shipyards Is a highly sen¬
sitive political issue in Ger¬
many. Yesterday’s meeting of
ministers in Luxembourg was
lobbied by shop stewards of the
German yards and mayors of
ports of the region of Mecklen¬
burg-Vorpommern, where ship¬
building accounts for 40 per
cent of industrial employment
Only yards which opened
before October 1990 will be eli¬
gible for the subsidies.
The Commission plan has to
be approved by the European
Parliament
The EC decision came as
forecasts for early recovery of
the East German economy
were abandoned.
The German government and
some economists had predicted
a recovery beginning, this sum¬
mer, but the Federation of Ber¬
lin and Brandenburg Employ-
- ers (DVB) said yesterday that
reports from companies
showed it was still far off
In one of the most sombre
assessments yet of east Ger¬
many’s prospects, Mr Hart¬
mann Kleiner, head of the
UVB, said he expected that by
next year only 15 per emit of
nearly 4m industrial workers
in east Germany In 1990 would
still have jobs.
Many of the former workers
pere in government-sponsored
job creation programmes
which Mr Kleiner, in common
with other critics, said only
served to finance consumption
and not investments.
The gloom was deepened yes¬
terday when Bouygues. a
French construction and media
company, withdrew a bid to
buy east Germany's Riba con¬
struction group.
rese, killed himself after going
his links to party members to see authorities investi gating
involved in the Milan scandal
q was not clear whether Mr
WE WON’T
SELLAFIELD
TO BECOME A
DANGER TO
THE PUBLIC.
Nothing is more important to British Nuclear Fuels
than the safety of the public and our workforce.
Tltat is why at all of our sites, in everything wc do,
wc take the most meticulous care and implement the most
stringent safety measures.
Greenpeace planned to stage a mass open air concert
on BNFL-owncd land at Sellafield without our consent
The location would have been totally unsuitable, leading us
to believe that public safety, order and health there would
be put at risk.
Sellafield is an industrial plant, not a concert venue.
We have therefore successfully applied to the High
Court for an injunction prohibiting Greenpeace from holding
any concert, demonstration or gathering on BNFL land at
Sellafield this weekend, 19-21 June 1992. .
By doing so it is not our intention to gag Greenpeace
or its supporters. Wc always have and always will welcome
debate on nudear energy.
What wc will never do, however, is allow our
commitment to public safety
to be compromised. Either by
ourselves or by others. British nuclear fuels plc
BNFL
MAKING S ENSE OF A SENSITIVE ISSUE
Building
work in
W Europe
falling
By Andrew Taylor,
Construction Correspondent
CONSTRUCTION across a
recession-hit western Europe
Is likely to fall by about 3 per
cent this year with only a
slight improvement expected
next year, lading by forecasts
from 13 countries published
yesterday in Helsinki.
The forecasts compiled by
Euro-Construct say the biggest
falls are expected in housing
and private sector commercial
pr op er ty development.
These markets have been hit
by a combination of sluggish
economic growth and high
interest rates which have
deterred purchasers from buy¬
ing properties.
Worst affected have been
Scandinavia and Britain,
where tim collapse of property
markets has been greatest
In Gennany. rebuilding the
former communist-controlled
eastern part of the country Is
placing an increasing strain
on investment elsewhere in
tiie economy.
The value of construction
output In constant prices is
expected to rise by only L5 per
cent this year and 1 per cent
next year. This compares with
annual growth In German con¬
struction output of between 4
per cent and 5 per cent In the
three yean 1989 to 1901.
Construction output in
Spain, which rose by 13 par
emit in 1988 and 9 per cent in
1990, Is likely to grow by only
1 per cent this year as large
building programmes for the
Barcelona Olympics and the
world Trade Fair in Seville
have been completed.
B uilding and civQ engineer¬
ing activity in France and
Italy is expected to either dip
or remain static.
Forecasts available from
Euro-Construct, Millbank
Tower, Boom 1214, MObank,
London SW1P 4QX, £250.
FT survey; European building
ami construction, Pages 29-33
Russia attempts to
export unemployed
By John Lloyd In Moscow
RUSSIA is asking other
countries to allow in Russian
“guest workers" to relieve the
pressure of unemployment and
earn hart currency.
A Russian, minister -raid the
“traditional -labour-accepting
countries” of Australia, Can¬
ada and the US had been
approached to take quotas of
Russian workers.
The German embassy said
that two programmes - one
allowing a maximum of 11,000
Russian workers to come in
under contracts with Russian
companies working in Ger¬
many, and the other allowing
2,000 to work for IS months to
acquire skills - were expected
to be signal next month. There
was no intention, however, of
signing further agreements.
The frank admi-reirm by Mr
Igor Khalevinsky, a deputy
labour minister, that Russia
was actively seeking to export
labour to richer states, after
decades of revising exit visas,
points to growing concern over
unemployment.
Hu FinMil Ttaw (Earoft) LM
Published by The Financial Times
(Europe) GmbH. Frank fun Brandi.
Nibelungeoplatz 3. . 6000
Frankfun-am.M an 1: Telephone 49 69
156850; Fax 49 69 5964481; Tekx
416193. Represented by E. Hugo,
Managing Director. PniNeit DVM
Gtnbn-Hdrriyct Interna tlonmlj 6078
Neu-Isenbiug 4. Responsible editor
Richard Lambert, Financial Times,
Number One Southwark Bridge,
London SEi 9HL The Fnuadal Times
Ltd, 1992.
Registered office: Number -One.
Southwark Brtdgo, London Sfil 9HL.
Company incorporated under the Inn
or England and Wales. Chairman:
D.E.P. Palmer. Main shareholders: The
Finmcml-T1me» Limited, The Financial
News Limited. Publishing (fireetor. J.
Rofley, 168 Rue de Rivott, 75044 Paris
Cedes 01. Tck (01) 4297 0621; Rue (SI)
4297 0629.. Editor Richard Lambert.
Printer SA Ndnl Eriafr, 15/21 Rue de
Cairo. 59100 RoubahCedc* t. ISSN;
ISSN 1148-2753. Commission Paritaitt
No 67808D.
Financial Times . (Scandin
Ylmmelskaftcl . 42A, . DK-
Copcnhagen-K. Denmark. Teles
(33113 44 41. Fit* (33) 935335:.
UK urges
military
role for
the WEU
By Robert Maothner,
Diplomatic Etttor
HRFTAIN called yesterday for
the nine-nation Western
E uro pean Union to be given a
genuine military capacity, in
line with last year’s
Maas tricht agreement that the
WEU should be the vehicle for
developing European defence.
Mr Malcolm Rifldnd, the
British defence secretary, safcl
In an article ahead of
tomorrow’s meeting of WEU
foreign and defence ministers
outside Bonn that all members
should make available a wide
range of their Nato and
j natio nal assets for use by the
. WEU.
Such an approach had the
advantage of avoiding the
creation of separate standing
forces, which no member state
could afford. It also meant
that the WEU would have a,
variety of forces to deal with a j
variety of passible needs, from
humanitarian to peacekeeping j
work. Moreover, it would hefo
to ens ure th at what was done
in the WEU enhanced and did
not duplicate what was done
In Nato.
The WEU needed, in
particular, to identify
which forces would be
available for nse by the
organisation. Britain bad
suggested that European
multinational formations such
as the plan for a joint
Dutch-Belgian-German-Britlsh
Nato division, or the UK/
Netherlands Amphibious
Force, or the Franco-German
corps, could be pu t at the
disposal of the WEU.
However, in a thinly
disguised reference to the
Franco-German corps, Mr
Rifklnd warned that there
could be no question of a
European country or countries
ha ving permanent command
of WEU forces. “As in other
areas of European
construction, we will have to
share command and
headquarters roles.**
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FXISANCI AL TIMES THURSDAY JUNE 18 1992
NEWS: EUROPE
tries to hold line on treaty
MAASTRICHT # Germans at odd s • Fren ch mak e prog r ess # Danes mark time • Irish vote
Denmark
waits
on its
partners
By Hilary Barnes in
Copenhagen
By Quentin fatal In Bonn
THE: GERMAN government
and opposition yesterday tried
and failed to forge a common
one on the .ratification of the
Maastricht treaty on European
onion, as Chancellor Helmut
Kohl insisted that the docu-
liiont._ eoald . not be
renegotiated. .
In an Important parliamen¬
tary debate intended to stem
the - growing tldeof -public
doubt oyer European integra¬
tion, the "opposition; Social
Democrats (SPD) served notice
that their approval of the trea¬
ty - essential for ratiflca.-
tion — was subject to tough
preconditions. .
. At the. same the minor¬
ity. Greens .called fin: a national
referendum before ratification.
a demand which is supported
by some key members of the
SPD, and a by clear majority in
recent opinion polls.
Speaker after speaker
re m i nd ed the German chancel¬
lor of the growing public
“Euro-scepticism”, and fears
for the disappearance of the
D-Mark .in a future European
currency. They (bared German
. voters were suffering from the
same basic mistrust of political
leaders which caused a major¬
ity of Danish voters to reject
the Maastricht treaty in their
national referendum.
“The policy of European
union, which for decades has
been taken for granted, and
was in danger of becoming
merely boring; is suddenly fac¬
ing criticism which is rapidly
gaining ground, and appears to
be ever more fundamental,”
said Mr Gunter Verheugen,
deputy foreign affairs spokes¬
man tor the SPD.
“The public was not pre¬
pared for European union," he
said. “The details of its con¬
tents, and above all the intro¬
duction of a common European
currency, came as a big
shock,” he said.
The same message came
(Torn all sides of the house.
While they accepted that the
treaty could not easily.be rene¬
gotiated, several speakers said
that it should somehow be
improved, or added to, or cor¬
rected with a second full-scale
treaty.
Mr Kohl himself was ada¬
mant, seeking to head off the
doubts by going over to the
offensive. He rejected any hint
of renegotiation, and gave a
grim warning of the dangers of
rising nationalism in western
Europe, parallel to the trends
in the east
He warned that fears of the
past and memories of the mis¬
deeds of the Nazi regime, were
still alive in other European
countries. There was no rea¬
sonable alternative for Ger¬
many than to seek irreversible
integration in a united Europe.
“In western Europe (as in
the east) we are not proof
against the temptation of slip¬
ping back into nationalistic
thinking ” he warned. “Only
with a determined commit¬
ment to European union can
we avoid a relapse into the
destructive nationalism of the
past"
Mr Hans-Ulrlch Klose, parlia¬
mentary leader of the SPD,
agreed that Germany could not
and would not be the country
to block the Maastricht treaty.
But he also insisted that Ger¬
many must not enter the final
phase of European monetary
union without a folly fledged
parliamentary decision to do
so.
That was a formal precondi¬
tion for SPD support for ratifi¬
cation.
An acceptable deal must also
be done with the 16 German
Tinder on their future involve¬
ment in EC decision-making,
the SPD said. The political par¬
ties were largely agreed, but
the government was delaying a
deal, Mr Verheugen said.
That is where the real stum¬
bling block to German ratifica¬
tion remains.
ratification
nearer
in France
By Ian Davidson'.In Parte
FRANCE cleared another*
hurdle on the road to Maa*'
trlcht in the early hours of
yesterday moriiihg when the
senate approved changes in
the French constitution
required for ratification of the
treaty.
Virtually all the Socialist,
centrist, and cmtreright DDF
members voted for the'revi¬
sion, which . was. mainly
opposed by the GanlUsts and
toe C ommunis ts.
The one technical hitch is
that the senate introduced
detailed amendments to the
text passed by the national
assembly. Since the constitu¬
tion can only be revised on the
basis, of Identical texts, the
senate version wDl go back to
the assembly today for a new
vote. . "
.However, the size, of the sen¬
ate majority (192 in favour
arid' 117. against) strengthens
expectations that the govern¬
ment should be able to com¬
plete the constitutional revf
If Ireland coughs, the rest of the
EC is in for a prolonged cold
phase,' a .special congress of
the uatimm l assembly, and the
senate, in toe palace of Ver¬
sailles, probably on June 29.
A three-fifths majority will
be required at that meeting.
This seems entirely feasible,
since the separate votes in the
two houses of parliament add
up to a majority of just over 68
per cent However, should the
congress toll, toe government
will submit the Maastricht
treaty for ratification in a pop¬
ular - referendum in the
autumn.
Polls continue to suggest
that- the treaty would he
approved in a referendum - a
Sofres survey shows 59 per
cent in favour, 41 per cent
against Mr Raymond Bane, a
. leading centrist and a former
prime minister, has predicted
i a 55-60 per cent vote in favour.
Curiously, toe deep disagree¬
ments over Europe within the
ranks of the conservative
opposition parties, appear not
to have dented their general
popularity.
This paradox is most acute
in the case of Mr Jacques Chi¬
rac, leader of the RPR Gaxdlist
party. The Gaullists are deeply
divided over Maastricht; and
Mr Chirac has announced that
he will not take any position
on the issue, until he can see
his way more dearly. Yet he
continues to stand head and
■ shoulders above all other con¬
servative leaders in the opin¬
ion polls, as toe most popular
and most plausible candidate
In a presidential election.
I RELAND, as its prime
minister, Mr Albert
Reynolds, rightly said this
week, has the eyes of Europe,
and many other countries, on
it today.
If its referendum produces a
majority, however slim, in
favour of - the Maastricht
treaty, the treaty lives on - at
least for a while.
But, if Irish voters follow the
Danes in rejecting Maastricht,
even by a few thousand votes,
the pact tor European political
and monetary union will die
- at least in Its present form.
Then, a second set of options
would open up for European
David Buchan
in Brussels
examines the
options for the
Co mmuni ty
should the Irish
electorate vote
down the *> - -
Maastricht
treaty in
today’s
referendum
Community: settle for the
current Treaty of Rome, try to
renegotiate Maastricht, or let
some EC states move ahead of
the rest to form an inner core
of tighter integration.
But there is no agreed
contingency plan todeal with a
second No, any more than
there was to deal with the first
No. Denmark’s 11 partners did
move speedily, after the vote
on June 2, to affirm their
intention to puraue ratifleation
of Maastricht, rega r dless.
In the event of a second No,
there will be no such speed or
unity.
On a very technical level, the
Brussels lawyers still , argue,
Irish rejection would not kill
Maastricht. EC constitutional
revisions must be ratified in all
member states, under the
Rome treaty’s terms. But there
is no set time limit -
EC leaders expressed the
hope that Maastricht would be
ratified this year. Yet, the
treaty itself only stipulates
that it would enter into force
on the first day of the first
month after the last member
state ratified it. This,
theoretically,- gives
parliaments and peoples an
open-ended period in which to
reverse any rejection.
But real life in the
Community is not like that, of
course.
An Irish No today would
almost certainly lead to
rejection in neighbouring
Britain, where Mr John Major,
the prime minister, aiw>»riy has
an anti-Maastricht revolt on
his back-benches, and prevent
the Danes from changing their
Devising a special half-in,
half-oat status for Denmark is,
or would be, bad enough;
creating such arrangement for
two other countries as well
would be a nightmare.
The French and German
governments might try to plug
on with ratifying an
unchanged Maastricht treaty,
as Chancellor Helmut Kohl
indicated yesterday. But both
he and President Francois
Mitterrand (for whom an Irish
No would vastly increase his
risk in holding an autumn
plebiscite on Maastricht) would
first have to sell to their
publics the idea of a two-speed
Europe.
Returning to an inner
integrationist core of, perhaps,
the original ax members of the
Community - Germany,
France, Italy and Benelux
- might in fact strike a
popular chord among French,
maybe even among Germans.
Yet, for Paris and Bonn
simply to decide to forge ahead
with a smaller club of
“Maastricht-ers" would raise
the question of how the
Community is to relate to the
wider Europe.
For, also riding on today’s
vote in Ireland is the issue of
enlargement, whose
institutional implications the
Commission was wrangling
with again yesterday.
One thing is now sure. The
EC executive will be now be
far more modest than it had
planned in its report to next
week’s Lisbon summit about
/the institutional consequences
of enlargement
Reports and misreports that
Mr . Jacques Defers, the
Commission president, was
planning an all-powerful
executive in Brussels to run a
more numerous Community
boomeranged in the Danish
referendum.
But before entry negotiations
can start with any of the seven
countries which have now
applied for EC membership,
the applicants clearly need to
know, or be told, what they are
joining.
The Maastricht commitment
to a European onion is the
only current basis on which
Brussels can start preparing to
Britain aims to clear way for
talks with EC applicants
By Richard Evans
BRITAIN’S AIM during its
six-month presidency of the
European Community which
begins on July 1 is to complete
preparatory stages so that
-negotiations with the next
group of EC applicants can
begin, Mr John Major, toe UK
prime minister, says in the
foreword to the presidency pro¬
gramme published yesterday.
He argues that the EC must
not be an exclusive dub. “We
want to extend the benefits of
membership to our fellow
Europeans who share our val¬
ues of 1 democracy and human
ri g hts, who have already well-
established market economies
ami who are ready to take on
the obligations."
While appearing to warn
against unrealistic expecta-
lions,' Mr Major sees the half-
year presidency as “an oppor¬
tunity for Britain to help shape
toe future oTEurope at a time
of great change”.
The programme was
unveiled in Edinburgh, by Mr
Ian Lang, Scottish secretary,
who said the main priority
would be to ran a “business¬
like and efficient” presidency
which would also show
Britain’s willingness to take its
place at the heart of Europe.
Out of 79 events being staged
in the UK during the six
months, 25 win be held in Scot¬
land, culminating in the EC
heads of government summit
in Edinburgh on December
U-12. Only a handful of events
will take place in Wales and
Northern Ireland, giving sub-,
stance to the view that Mr
Major is anxious to foster a
greater xense of UK unity
within Scotland following
recent calls for Independence.
As well as the Edinburgh
summit, a conference on rural
development takes place in
Inverness next month, and EC
environment ministers meet'at
fitpneagles in September, when
EC ambassadors also visit
Scotland. Other dates indude a
meeting of transport ministers
in Hertfordshire in July,
financ e ministers in Bath in
September, and agriculture
ministers in Cambridge also in
September.
London is to host meetings
of housing, justice and immi¬
gration ministers in November
and December, and apart from
toe EC-Japan meeting on July
4, other summits may be
staged between the SC and
“outside" states such as the US
or Canada.
open negotiations with at least
Austria, Sweden, Finland a nd
Switzerland early next year.
If Irish voters give
Maastricht a fresh lease of life
today, but ratification by other
EC states drags on into 1993, it
may still be impossible to start
enlargement negotiations on
time
“We couldn't start this with
Maastricht nnratffpvi and our
negotiating flank exposed,” a
senior Commission official said
this week. “We would find
applicant countries picking
arifj nhnnwing what they Bkrwlj
and didn’t like, out of
Maastricht"
Laying the ground for
enlargement talks early next
year is a high, perhaps the
highest, priority of Britain’s
EC presidency in the
half of this year.
If Irish voters were to vote
Maastricht down today, fintWng
any other basis on which to
negotiate enlargement would
be very tricky and
time-consuming. That helps
explain why the British
government, which might
otherwise hope to renegotiate a
less federalist version of
Maastricht, sees merit in
sticking to the original
A poster In Dublin arguing for a Yes vote in today’s referendum
In Ireland on the Maastricht treaty is hijacked by a No
- presumably a noinlriver. The overall debility of the Yes
campaign, in contrast to the vitality of the treaty’s opponents,
together with a large number of floating voters, have created
considerable uncertainty about the outcome.
THE DANISH government has
confirmed that it will make no
proposals to resolve the politi¬
cal crisis surrounding the
Maastricht treaty until its li
European Community partners
have completed the ratification
process. ,
This means that there will be
no move on Denmark’s part
until the end of 1992, and possi¬
bly not until next year, accord¬
ing to Mr Anders Fogh Ras¬
mussen, Denmark’s economy
minister.
He admitted that the Danish
government could not sign the
treaty as it stood because of
the No vote in the recent refer¬
endum. But he pointed out that
the treaty would not be valid
until the 11 - assuming they
all ratify the treaty - ask the
Danish government to sign toe
document
It was only when this ques¬
tion was put to the Danes, and
the Danish prime minister
declined to uncap the ceremo¬
nial fountain pen, that the
treaty would be Invalidated.
Mr Rasmussen predicted that
the other 11 member countries
would not put the crucial ques¬
tion to Denmark, which takes
over presidency of the Euro¬
pean Council next January 1.
He added that Denmark would
use the interim period to try to
work out a solution acceptable
to both the 11 and itself.
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FINANCIAL TIMES THURSDAY JUNE 18 1992
NEWS: INTERNATIONAL
China warns
against more
HK democracy
By Simon Holberton
in Hong Kong
JIANG ZEMIN, secretary
general of the Chinese Commu¬
nist party, yesterday ensured
Mr Chris Patten, Hong Kong's
governor designate, a bumpy
introduction to the colony
when he warned against any
interference with the smooth
transfer of sovereignty to
China.
His comments come as
Britain is under pressure from
liberals in the colony to press
China to allow an increase in
Jiang: hard fanes to come
the number of elected seats in
the Legislative Council.
Britain's agreement with
China does not allow the intro¬
duction of a fully democratic
system.
Jiang’s intervention, taken
with the difficulties over the
financin g of the colony’s multi¬
billion dollar airport project,
marks a significant raising of
the diplomatic temperature
between Beijing, Hong Kong
and London.
The impasse over the air¬
port’s finan cing is beginning to
affect share prices in Hong
Kong. Confidence in Hong
Kong is more than usually
fragile and brokers said that
although they thought the
project would proceed, the
delay was starting to take Its
toll on sentiment
Mr Alan Lee, a member of
the Executive Council, the
colonial cabinet met Jiang yes¬
terday with 19 of his conserva¬
tive supporters, who like
China, want a smooth hand¬
over in 1997. Afterwards Mr
Lee quoted the Chinese leader
as saying “there should not be
chaos but a smooth transfer of
sovereignty with a stable polit¬
ical system" in the colony.
By raising the issue of Hong
Kong’s politics at Jiang’s level
the Chinese are indicating to
London that it wifi face some
hard faiks on the issue of local
democracy. Britain has said it
will take up with the Chinese
the question of more elected
seats in the Legislative Council
for. the 1985 elections, and is
expected to do so around the
turn of the year.
But it is far from clear if Mr
Fatten will have the whole
community behind hhn when
he muses the issue. As Mr Lee’s
visit to Beijing underlines,
such a move is losing support
among conservative political
interests in the colony.
Mr Lee, who is also an une¬
lected member of the legisla¬
ture, has virtually broken with
the British government over
its promise to approach China
about increasing the number of
elected seats.
In London Baroness Dunn,
the senior non-official Execu¬
tive finniwj) member, indicated
her disapproval with UK policy
when she told a House of Lords
debate on Hong Kong yester¬
day that talk of more seats
"revives uncertainty, tension
and discord in our commu¬
nity."
• The Hong Kong branch of
Bering’s Bank of China (Bo©
is scheduled to issue Hong
Rung dollar hank notes in 1994,
three years before the British
colony returns to China, a pro-
Beijing newspaper reported
yesterday. Beater adds.
Community to resume Lebanese aid
By Lara Marlowe In Beirut
A EUROPEAN Community
team will visit Beirut next
week to co-ordinate resump¬
tion of economic cooperation
with Lebanon, after the last
two western hostages left the
country yesterday. •
Lebanese officials hope tine
end of the hostage raids after
tile liberation of Mr Heinrich
Strdbig and Mr Thomas
Kemptner, two German aid
workers, will encourage a
return of western investors.
The EC' - is unfreezing
Ecul66m (£H7m) in financial
aid, comprising Ecn4lm in
grants, EcuSm in risk capital
-and. Ecu 122m in loans from
the European Investment
Bank. Mr David Tatiuun, the
British ambassador in Leba¬
non, confirmed there would be
no more delays in European
assistance to the Beirut gov¬
ernment, which is suffering
from a severe economic crisis
made worse by shortfalls in
expected, reconstruction aid.
Mr Tatham said European-
financed, prefects were being
drawn up with Mr Fadd Shai¬
kh, the president of the gov¬
ernment’s Council for Recon¬
struction and Development
Mr Shallak has also begun
negotiations with World Bank
officials in Washington.
After three years’ captivity,
Mr Strdfcdg and Mr Kemptner
were handed over yesterday to
Mr Bead Schnrfdbauer. a spe¬
cial German envoy. In the
office of Mr Rashid Solh, Leb¬
anese prime minister. It was
the first time western hostages
were freed under the auspices
of the Lebanese rather than
the Syrian government
“The release of the German
hostages doses the dark chap-
■ ter of hostage-taking in Leba¬
non forever,” said Mr Solh.
M r Picco, the
United Nations envoy princi¬
pally responsible for their lib¬
eration, said that contrary to
earlier press reports, the two
Germans had been held by
their kidnappers until yester¬
day morning.
The “Holy Warriors for Free¬
dom” led by Mr Abdul-Hadi
jpamadi, an official of the pro-
Iranian Shia Moslem Hfzbollab
movement fulfilled their
promise to liberate their cap¬
tives within 48 hours of
statement issued on Monday.
Christopher Parkes adds
from Bonn: The release cleats
the way for a visit to Germany
by Mr Ali Akbar Velayatt
Iran's foreign minister. Mr
Dieter Vogel, tile Boon govern¬
ment spokesman, said eco¬
nomic links bad already much
improved In (he past year.
f
■ V'.
£ $W.
strfiblff, left, and Kemptner, rig ht, flank to irnm miwj Srimridh aner, 2nd left, while UN negotiator Picco stands behind Lebanon PM Solh in Beirut yesterday
It’s not over yet, says hostage negotiator
A TALL Italian diplomat, visibly
fatigued by bis efforts of the last 36
hours, stood behind Mr HpfawVh strfi-
big and Mr Thomas Kgmp h w as they
were freed in Beirutyesterday.-
In just one year. United Nations
envoy Mr Giandomenico Picco has
obtained the liberation of 11 Britons,
Americans and Germans in T>»hnnon gs
well as the freeing last autumn of 90
T^hanesft held by the Israelis their
wilWa allitw
As he accompanied the twa German
aid workers in Beirut yesterday, Mr
Picco stressed that bis work was not yet
completed. He has committed himself to
working for the freedom of all people
held without due process of law ia the
Middle East. ' j>. •
These indude same 200 Lebanese held
by Israel's proxy'militia, the South Leb-
Lara Marlowe reports
from Beirut
anon Army (SLA), at Khfam prison in
southern Lebanon; 30 others, mostly
Lebanese, held inside Israel; four
Israelis still misting in Lebanon; and at
least eight SLA mflitiamen-
Lebanese hostages in Israel include
Sheikh Abdul-Karim Obeid, kidnapped
from his home by Israeli troops in 1969.
Of the tnimdng Israelis, only airman
Ron Arad is believed still to be alive.
Mr Picco is also attempting to achieve
the return of the remains of hostages
who died in captivity.
Mr Picco’s success to date can be
attributed to great personal courage.
his respect of the kidnappers’ demands
for security ami anonymity, and a per¬
haps utopian belief that his interlocu¬
tors will see that "violence against the
individual does not work."
This week, Mr Picco repeatedly met
the kidnappers of the two German hos¬
tages to resolve last-minute hitches in
their release. He is accustomed to work¬
ing and behind the ywiM , and
the presence of a German delegation in
Beirut with constant media coverage
made his task more rifffTmlt
“They (the kidnappers) come out
more credible, because they have been
part of negotiations in which they have
kept their word,” he said. “They can
join In politics. If it can be proven that
thing s pan be done through negotia¬
tions, then the appeal of violence will
diminish."
Mr Picco’s efforts over the past year
b uilt a fragile ehairt tha t was in danger
of breaking if any one party foiled to
keep its word. Amazingly, he has been
able to persuade Lebanese kidnappers
to free their frostages without fulfilment
of their demands.
The morning after American hostage
Mr Terry Anderson was released in
December, Mr Picco flew to Bonn to
meet the German foreign and justice
ministers regarding Mr StrQbig awri Mr
Kemptner. wis words then - and a gain
yesterday in Beirut - were: “It’s not
over yet"
He added; "This began not as a story
about just 10 or 11 westerners, but
about several hundred people. K is a
serious moral and political commit^
meat There are a lot of things left to
do.”
Indian central bank asks ANZ for Rs4hn
By R C Murthy in Bombay and
Richard Waters In London
ANZ Grindlays, the
Australian-owned bank, has
been ordered by India's central
bank to pay Rs4bn (£77m) In
the wake of the Bombay securi¬
ties scandal
If it refuses to pay, ANZ
risks losing its banking licence
in India, where it is one of the
longest established foreign
banks, with 56 branches and
post-tax profits of Rs350m last
year.
The Reserve Bank of India’s
demand was made by Mr R.
JanaMraman, deputy governor,
at a meeting in Bombay last
night with Mr Bob Edgar, chief
executive of ANZ Grindlays.
The order follows a
protracted dispute between the
two sides over whether ANZ
has any liability to repay
Rs4bn to the National Hooting
Bank, itself a subsidiary of the
Reserve Bank.
The NHB paid the money to
ANZ with a series of cheques
made out in ANZ’a name. The
foreign bank paid the money
into the current account of Mr
Harshad Mehta, a broker who
has since been charged with
fraud, even fhough it did not
have a specific instruction
from NHB to do so. Mr Mehta
used the money to pay debts to
the State Bank of India.
ANZ claims that It was act¬
ing in line with normal market
practice in the interbank secu¬
rities market, and that all
banks credited brokers
accounts in this way.
Pressure cm ANZ has been
increased by State Bank of
India's decision to repay Rs7bn
to NHB on Tuesday. That
V
money - not connected with
the Rs4bn it had received
through ANZ - had also been
credited -to Mr Mehta’s account
without the NHB’s explicit
authorisation.
The Reserve Bank has put
pressure on ANZ in recent
weeks to provide against the
possibility that it would have
to repay ffie money to NHB. In
response, ANZ said it had set
aside the funds in case it had
to repay’the money - though
ft (fid not accept liability or say
whether it had actually set up
a provision in its accounts.
By Peter Ungphakom
bt Bangkok
THE FALLOUT from the
bloodshed in Thailand last
month could slow the coun¬
try’s growth rate for the year
to between and 7.4 per cent,
according to estimates released
yesterday by two forecasting
agencies.
The figures are the first sys¬
tematic attempts to measure
the impact of the troubles on
one of the world’s fastest grow¬
ing economies.
The more optimistic figure of
7.4 per cent came from the
National Economic and Social
Development Board (NESDB),
the government’s planning
agency. The independent Thai¬
land Development Research
Institute (TDRI) predicted
growth would slow to 6^ per
cent
Both had earlier predicted
growth at close to 8 per cent
for this year. Their figures
would have been worse if the
discord between the military
and toe parties that supported
it on the one hand, and the
civilian opposition on the
other, had not been eased by
the appointment of Mr Anand
Panyarachun as a neutral
prime minis ter last week.
. The main difference between
the two institutes is'the assess¬
ment of toe decline of tourism,
a principal foreign exchange
earner. TDRI believes Thailand
could lose almost 29bn baht
(£6l6tm). or half a percentage
paint of gross domestic product
tills year, although a recovery
is predicted for 1993. The plan¬
ning agency's estimate is for a
loss of between iflbn to 20bn
baht
EC plans Gaza hospital
By David Buchan In Brussels
THE European Community
yesterday gave Ecul3m (£9.1m)
to build the first substantial
new hospital in the Gaza strip
since 1967, as part of its grow¬
ing and controversial Palestin¬
ian aid programme in Israel’s
occupied territories.
The 232-bed hospital, to be
built under a contract signed
yesterday with the United
Nations Relief and Works
Agency (UNRWA), will be near
Khan Younis, in the southern
part of Gaza.
It is intended to help
improve what the Brussels
Commission claims are deter¬
iorating health conditions
among the territory’s popula¬
tion of 780,000, most of them
Palestinian refugees.
The EC has traditionally
channelled most of its aid to
the occupied territories,
amounting to Ecu472m over
1971-9L through UNRWA. But
in 1987 ft began its own direct
aid programme. The Israeli
government has allowed an EC
official to supervise this, but at
Jerusalem’s insistence he is
based in Brussels.
• The UNRWA is to give food
to Palestinians in Gaza to ease
suffering caused by an Israeli
ban on most workers entering
Israel Reuter adds from Gaza.
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Philippine
winner to be
proclaimed
By Jose Galong In Manila
THE {vodamatiou of Mr Fidel
Ramos as winner in the May
11 Philippine presidential elec¬
tion is expected to take place
next Wednesday.
Mr Barnes, a former defence
secretary, gained the biggest
number of votes In the count
completed around midnight on
Tuesday by Congress. A com¬
mittee is now preparing a final
report to be presented to a
joint session next week which
will proclaim the winner.
Also to be proclaimed by
Congress is toe winning candi¬
date for vice-president, Mr
Joseph Estrada, a former mem¬
ber of the Senate who origi¬
nally gained popularity as a
film actor.
In the past few days Mr
Ramos has been holding meet¬
ings with business and church
leaders and with some of his
leading opponents in toe elec¬
tion.
Mr Ramos, who was sup¬
ported during the campaign by
outgoing President Corazon
Aquino, ended up with more
than 874,000 votes- ahead of
Mrs Miriam Defensor Sant¬
iago, the combative former
immigration commissioner.
Members of Congress sympa¬
thetic to Mrs Santiago are
expected to seek to delay next
week's proclamation proceed¬
ings. Mrs Santiago has vowed
to round up support among
the youth in protesting at the
election results.
In third place was Mr
Eduardo Cojoangco, business
tycoon and a well-known asso¬
ciate of former dictator Ferd¬
inand Marcos. Mr Gojuangco
trailed Mr Ramos fay 1.22m
votes and Mrs Santiago by
some 351,000 votes. Mr Samos
won 54Hm votes, representing
2345 per cent of toe total num¬
ber of votes counted.
Called both too strong and too
weak, Ramos goes for continuity
Jose Galang on the past and future of the Philippines president-elect
A T THE start last Febru¬
ary of his campaign for
the presidency in the
Philippine election, Mr Fidel
ftapuw made an unannounced
twoday trip to Zurich. For sev¬
eral days after his return he
refused to discuss it, and some
of Us own supporters started
to t hink that ft might have
mortally wounded his bid for
the nation’s highest office.
There followed a wave of
gossip that he had gone to Zur¬
ich to establish links with the
Swiss banking system,
well-known to Filipinos lor
providing sanctuary for funds
being salted away by dictators,
or that he was there for a Val- •
entine's Day tryst -
The cigar-chomping former
general successfully deflected
the issue (in foot he bad gone,
to woo support for the Philip¬
pines from the international
group of Christian Democratic
parties) and went on to win toe
most hotly-contested election
In the Philippines.
Mr Ramos, aged 64, will need
more of that talent for turning
a crisis Into a victory when he
assumes the presidency on
June 30. Even now, the-former
defence chiefs election win is
disputed by some of the losers
who insist there was massive
fraud.
The Philippines does not
need uncertainty at this time.
Political stability, Mr Ramos
acknowledges, is crucial for
the new administration to
sustain a nascent economic
recovery from several years of
coup attempts and natural
disasters.
Mr Ramos will find many
allies in toe business commu¬
nity. Several big names in busi¬
ness openly backed his cam¬
paign. This was hardly
Ramos: allies in business
surprising. In 1987 amid
intense doubts over whether
Mrs Corazon Aquino could last
her term because of incessant
attacks by rebel groups in the
military and by communist
insurgents, some businessmen
were privately pushing for a
Ramos-led junta to provide a
tougher hand in government
Unlike his predecessor who
inherited a bankrupt republic
In 1986, Mr Ramos will take
over an economy that is,
according to independent econ¬
omists, fundamentally sound
although the crippling electric
power shortage is a severe
handicap. It is on top of Mr
Ramos’s agenda in his first
days in office, according to
aides.
Mrs Aquino's government
reined in pre-election spending
despite its open support for Mr
Ramos. As of late-May, accord¬
ing to Mr Jesus Estanislao, the
finance secretary, the national
government had a budget sur¬
plus of 4.2bn pesos (£97.7m).
Interest rates, already down
substantially from early-1991
highs, could decline farther as
a result.
Inflation, hovering at 8 per
cent, is likely to stabilise at its
target of 7 per cent for the
year. The exchange rate
remains steady, as interna¬
tional reserves remain high
despite a surge in demand for
dollars after the lifting of the
import levy on April 30.
For Mr Ramos, stability will
translate into a “continuity of
policies” that the Aquino
administration adopted. This
will indude adherence to an
International Monetary Fund-
supported economic stabilisa¬
tion programme, on which toe
Philippines’ relations with tbe
world financial community
remains hinged.
But “stability” also has a
negative connotation for Mr
Ramos. During the election
campaign, his opponents inter¬
preted his promises of stability
as a strong hand, and warned
that he really meant to impose
martial law to silence critics
and political opposition.
Opponents view him as
another indecisive leader. As
head of toe paramilitary Philip¬
pine Constabulary during Mr
Marcos's martial rule. Mr
Ramos has been blamed for
human rights violations traced
to that group. The critics also
recall that in the August 1987
coup attempt against Mr
Aquino, it took Mr Ramos,
then chief-of-staff of the armed
forces, several hours to strike
back. None the less, when he
did. his troops snuffed out the
rebellion in hours.
During the campaign, Mr
Ramos repeatedly “guaran¬
teed” that he would follow the
constitution in the exercise of
his powers. But he says that
his “will not be a wishy-washy.
flip-flopping leadership".
His 46-year experience in the
military, he says, Is just part of
a “well-rounded" government
service. The military, he says,
"does not mean only pulling
triggers, it is also involved in
community development” that
includes building roads and
bridges in places that tbe pri¬
vate sector won't go because of
communist insurgents.
As a member of the Aquino
cabinet until mid-1991, Mr
Ramos was overseer of all gov¬
ernment development pro¬
grammes for western Min¬
danao region, one of tbe most
depressed areas in tbe country.
His motivation for “people-ori¬
ented undertakings", be says,
was sharpened by that experi¬
ence. He did Well in Mmrianart
provinces in the election.
Consensus-building, Mr
Ramos also says, will be an
important facet of his adminis¬
tration. One of. his first moves
will be to form a council of
economic advisers, which wfll
be composed mainly of private-
sector leaders. He plans to
meet with this group once a
month, to help him establish
priorities concerning business
and the economy.
Tbe result of Mr Ramos's
trip to Zurich last February
could crane into play in tus for¬
eign policy thrusts. Mr Ramos
appears poised to seek expan¬
ded ties with the European
Community and with neigh¬
bours in Asia, as toe Philip¬
pines prepares for a diversifica¬
tion In its external relations
after toe withdrawal of US mil¬
itary bases.
Reports from Washington
yesterday indicated that VS aid
to the Philippines would be
reduced next year to a third of
current amounts.
Kashmir
solution
‘must get
By Alexander Nieolt,
Asia Editor
MR NAWAZ SHARIF, prime
minister of Pakistan, last week
had a “heart-to-heart” talk
with his Indian counterpart;
Mr P.V. Narasimha Rao. He
says he told Mr Rao that by
spending large proportions of
their budgets on defence, they
were depriving their people of
basic rights.
During a visit to Britain fol¬
lowing the Earth Summit in
Rio de Janeiro - where he met
Mr Rao - Mr Sharif made clear
in an interview that solution of
the problem of Kashmir, the
disputed territory which is the
cause of heavy defence spend¬
ing and two. wars with India,
carries the highest priority.
A cut in arms spending,
which takes up nearly a third
of Pakistan's budget, would
free resources for development
and help to support Mr Sharif s
radical economic reforms. It
would help India, which Is
attempting similar changes to
its economy, in the same way.
Mr Sharif has opened up the
economy and begun a dialogue
with India. But he remains
beset by domestic political
opposition, and by unrest
which has prompted a military
crackdown on violent crime in
the southern province of
SmriV
Guumen have tolled Mr Nazir
Ahmed SfaMtouc, the Kashmir
carpet dealer who negotiated
the release of several promi¬
nent hostages seized by mili¬
tants flghthrg the Indian gov¬
ernment, Reuter reports from
Srinagar. No rate immediately
admitted responsibility.
Pakistan is deprived of US
aid because of its nuclear pro¬
gramme and has proposed a
five-nation conference - the
US, Russia, China, India and -
Pakistan - to discuss non-pro¬
liferation of nuclear weapons
in the region. India has refused
to participate.
Mr Sharif said, however, that
“the nuclear problem will only
be solved when Kashmir is
solved...even if we solve the
nuclear issue, the tensions will'
not be resolved.”
Though Pakistani officials
made dear that there was no
attempt to impose conditions
by linking the issues, Mr Sharif
said the need to have a large
defence capability arose pre¬
cisely because of the Kashmir
problem.
He said he drew Mr Rao’s
attention to atrocities being
committed by the Indian mili¬
tary in Indian-held Kashmir.
“The worst kind of violation of
human rights is being allowed
to go on," Mr Sharif said.
This was their fourth meet¬
ing, and though it underlined
toe quiet improvement In their
relations, it also followed an
escalation of tension this year.
Pakistan was forced to halt
two attempts by Kashmfrig to
cross over into Indian-held
Kashmir, and last month there
was a round of expulsions of
diplomats.
If progress on Kashmir
seems blocked, Mr Sharifs
achievements on tbe economic
front are significant. Most
exchange controls have gone,
the budget deficit has been cut,
a liberal foreign investment
law has been enacted, some
regulations have been removed
and subsidies reduced.
A total of 54 industrial com¬
panies have been privatised as
well as a number of banks, and
tbe aim is to privatise airlines,
ports, shipping and telecommu¬
nications. Mr Sharif says he
hops to make the rupee con¬
vertible during his' tenure.
About Slhn (£540m) has flowed
into foreign exchange accounts
in Pakistan, mostly from Pakis¬
tanis living abroad.
Mr Sharif will tomorrow
address a London conference
designed to attract investment
to Pakistan. Foreign investors
and lenders, however, have
been put off by the uncertain
political situation and by
moves towards an “Islamised”
economy, in which toe concept
of interest is outlawed, '
_ Partly because of interna¬
tional implications, the govern¬
ment has appealed against a
Shariat Court ruling that all
transactions must be- con-'
ducted according to Islamic
principles by June 30. The
appeal will not be heard until
later in the year, thereby post¬
poning that deadline.
Mr' Sartaj Aziz, finance min ■
ister. says that 70 per cent of
transactions are now carried
out on Islamic principles. Some
Islamic scholars contend, how¬
ever, that the new accounts do
not satisfy the principles. Mr
Sharif, apparently wishing to'
defuse the issue without losing
political support, says: “All '
Islamic scholars agree that
these are complex issues and
will take tune. We need time to
examinetoeimplications.- -
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FINANCIAL TIMES THURSDAY JUNE 18 1992
NEWS: AMERICA AND TRADE
Big Three look with glee down Mexico way
Damian Fraser and Martin Dickson report on the motor industry’s enthusiasm for the free trade pact
THE Big
Three US
motor vehicle
manufactur¬
ers - General
Motors, Ford
and Chrys¬
ler - view the
prospect of
free trade in the North Ameri¬
can car industry with barely
concealed glee.
For the proposed North
American Free Trade Agree¬
ment (Nafta) will let them sell
more cars to the fast-growing
Mexican market, allow them to
integrate their low-cost Mexi¬
can operations with those at
home, and should give them a
much needed competitive edge
over Japanese rivals, at least
in the short-to-medium term.
However, Detroit is keeping
its enthusiasm in check for
fear of further antagonising
the United Auto Workers
union, which opposes a Nafta
agreement in the belief that it
will mean a large loss of jobs
to Mexico.
Mexican car workers are
paid between $4-$5 an hour
- about a fifth of wage levels
in the US - and are as produc¬
tive, if not more so. The Mexi¬
cans have proved themselves
adept at adopting the quality
manufacturing methods pio¬
neered by Japanese car compa¬
nies. Ford’s plant in the north¬
ern town of Hermosillo was
singled out for its efficiency in
a recent Massachusetts Insti¬
tute of Technology study of the
motor industry worldwide.
Although final details of the
Nafta vehicle agreement still
have to be worked out, the
accord is shaping up as gener¬
ally favourable to the US
industry. That is hardly sur¬
prising, since Detroit’s huge
existing investments in the US,
Canada and Mexico mean the
governments of the three coun¬
tries have to weigh its
demands carefully.
The governments also know
that any Nafta agreement is
going to face tough opposition
in the US Congress. One that
lacked the support of the car
companies would stand little
chance of passage.
One of Detroit's main alms
has been to ensure a high level
of regional content in a vehicle
for it to qualify for duty-free
shipment within the Nafta
area. The aim is to prevent
third countries, in particular
Japan, from using Mexico as a
cheap-labour export base in
their assault on foe US market.
Undo* the wrfaHng US-Cana-
dian free trade agreement, SO
per cent of a vehicle has to be
manufactured in North Amer¬
ica. The US government, with
the backing of the Big Three, is
proposing that this be raised to
SrS;V-■ iV ?:• ‘ **“' •
y*#.
s ".'' :.*A
^sswn.-
65 per cent under the Nafta
accord.
The Meytrang nnd fanaitians
have resisted such a sharp,
increase, knowing that existing
Japanese manufacturers would
find it costly to reach these
levels, while new entrants,
which they do not want to
scare away, would not be able
do so quickly.
A compromise seems likely
to be reached .at around 60 per
cent. However, just as impor¬
tant as this raw number will be
the method used in the accord
to calculate local content
This is a contentious issue,
underlined by recent claims
from the US customs depart¬
ment that foe Canafflm subsid¬
iary of Honda, the Japanese
car company, faded to meet foe
60 per cent requirement In
vehicles ft has been shipping
from Canada to'foe US. In par¬
ticular, foe pact is expected to
produce tighter rules on
socalled “roll-up" - the ability
of a company to count a part
as 100 per cent locally made, so
long as it contains no more
than 49 per cent of imported
rrympnr wntg
The only Japanese car com¬
pany manufacturing in Mexico
now is Nissan, which has 20
per cent of the domestic mar¬
ket. Its local head last year
warned that a 60-70 per cent
local content rule was “totally
out of the question" and would
lead to lower Japanese invest¬
ment in Mexico.
- The other significant foreign
manufacturer, Volkswagen
Mexico, aims to beat foe
Americans at their own game,
and is pushing for 70 per cent
Mexican (and thus North
American) regional content,
according to the company's
Mexican sales director.
Volkswagen, which dosed its
US operations some years ago,
is thus bringing more and
more of its European suppliers
to Mexico and the company
plans to increase its exports of
cars from Mexico to the US and
Central and South America.
Besides defending their
flanks against foe Japanese,
the American car companies
want to use Nafta to grab a
larger part of foe Mexican
domestic market through
exports from thwh- under-util¬
ised US plants. This market is
growing rapidly, with sales in
1935 Hkaly to reach about Im
vehicles, from an expected
74UXH this year.
The Nafta agreement will lib¬
eralise Mexico's 1989 vehicle
decree, which sets local con¬
tent requirements for vehicles
sold in the country, restricts
the number of vehicles a for¬
eign manufacturer may import,
j»nH insists tfmt aarh manufac¬
turer must export more cars
from Mexico than it imports.
The accord sets a 10-year
timetable for thhy liberalisation
process.
This will help foe Big Three
because during this period a
company which does not
export from Mexico will not be
allowed to Import vehicles Into
the country..
; Most analysts expect that in
the long run Mexico will
become a leading base for man¬
ufacturing small cars for the
US m ar k «* , many of which are
now made in Asia.
To help the small car trade
take off, the Nafta accord
would treat Mexico as “North
American" for purposes of the
Corporate Average Fuel.Econ¬
omy Act (Cafe), which dates
from the fuel crisis of the 1970s
Anri discourages US manufac¬
turers from importing small
cars.
Mr Victor Barreiro, head of
Ford Mexico, says: “We will
have to pick the {dace [between
foe US, and Mexico]
where it makes sense to pro¬
duce a car."
The net effect on American
jobs is difficult to gauge. The
loss of Mfimiter car manufactur¬
ing in the US may be offset by
increased exports of vehicles to
Mexico, which is starved of
choice.
Furthermore, almost half the
parts used by the fog Three in
their Mpvinan plant s originate
in the US, so an increase in
ivterfftfln output may help foe
US components industry.
On the other hand, many of
foe components manufacturers
in the US are known to be
p lanning »«pararinns In Mexico.
“We see good opportunities
there,” says Mr Larry Bossidy,
chairman of Allied-Signal.
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Go-ahead for
$3bn Mexican
roads sell-off
By Damian Fraser
In Mexico City
- MEXICO'S government is to go
ahead with a $3bn road privati¬
sation programme after Its
Congress approved changes to
the transport laws earlier this
week.
■ The government owns about
LOOOkm of four-lane toll roads,
for which it might receive
&6bn-2.9bn for the sale of con¬
cessions for 15-20 years.
The government will spend
much of the money raised
building free roads to link
highways now being built by
the private sector. The govern¬
ment has granted concessions
for 3^00 km of toll motorways
at a cost to foe private sector
of around $5bn. Concessions
for another 2,400km of toll
roads will be granted soon.
A senior government official
said Mexico was considering
two mechanisms to sell the
highways. It might auction off
concessions in the highways to
groups, of which foreigners
could own 49 per cent
The acquiring groups would
probably follow the example of
foe private sector building new
toll roads, and issuing bonds
guaranteed by toll payments to
finance their purchase.
Alternatively, the govern¬
ment might form “highway
Gatt talks on tariffs
fail to make progress
By Frances WMUaius
In Geneva
TRADE pfflriafa from about 40
countries taking part in foe
Uruguay Round of trade liber¬
alisation talks yesterday admit¬
ted defeat in their attempt to
move forward in the stalled
tariff negotiations.
O fficials are looking to next
month’s Munich summit of the
seven leading industrialised
nations for progress in the
transatlantic wrangle over
farm trade reform, the critical
Issue blocking the round. ‘
Smaller rich and poor coun¬
tries had hoped that the United
States and the European Com¬
munity would agree to reveal
enough about their bilateral
tariff negotiations to enable
foe detailed country-by-coun-
Kazakhstan and Oman
sign oil pipeline deal
By Marie Nicholson in Bahrain
KAZAKHSTAN and Oman
yesterday signed a consortium
agreement to build an oil pipe¬
line to permit the former
Soviet republic to export crude
from its Tengiz oilfield.
The consortium, in which
each government has a 50 per
cant share, will design, finance
and build foe pipeline, which is
expected to have an eventual
capacity to export L5m barrels
a day from Tengiz.
Omani consultants say they
have identified right possible
routes for the pipeline, which
is expected to take three years
to complete at a cost, depend¬
ing on the route, of between
$700m and $i-6bn. The consor¬
tium win subcontract most of
foe construction work.
The consortium, into which
other members may later be
admitted, establishes only the
structure to create a means for
Kazakhstan to export oil from
the Tengiz field.
A decision to proceed with
foe pipeline will depend on
reaching agreement with coun¬
tries including Russia, Azerbai¬
jan, Georgia, Turkmenistan,
Iran and Turkey which foe
pipeline may cross.
Oman’s partnership with
Kazakhstan arose through its
aid in helping the republic
negotiate with Chevron, the US
oil company, a deal signed in
May this year to develop the
Tengiz field. Tengiz is believed
to hold reserves of between 6bn
and 20 bn barrels of oiL
The skill of foe Gulf sultan¬
ate at low-key diplomacy and
its good relations with all
countries over which an pipe¬
line may cross also helped
cement foe agreement
NEC to
boost US
chip output
Canada to
By Steven Butler in Tokyo
NEC, the Japanese electronics
company, {dans to triple pro¬
duction of semiconductors at
its plant in Roseville, Calif¬
ornia, by the end of next year,
through investment of $200m.
The expansion will lift capac¬
ity from 10,000 6-inch wafers a
month for 4-megabit dynamic
random access memory chips
(DRAM) to 30,000 wafers a
month.
The decision is a sign of
NEC's renewed confidence in
the market for memory chips,
which is currently deeply
depressed. The company
believes the recent increase in
demand coming from US buy¬
ers will continue strongly info
next year. The expansion of
production will also help NEC
to increase sales into foe US
market without exacerbating
the tense trade relations with
the US. The US has applied
pressure on Japan to increase
purchases of foreign-made
chips. NEC may introduce to
the Roseville plant production
of 16M DRAM chips, foe most
advanced memory devices. -
tig
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ontry, wealtl
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But
would i
Immigration
a k° get new
turn at
gee sts
ajrpeai
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«6«uise reraj
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The a
of appli
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isexpec-
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j It#
companies" that would Issue
bonds in the domestic and
international markets, and
whose interest and principal
was backed by toll payments.
The government would then
sell shares in the highway
companies.
■ The Mexican government has
backed down over its threat to
suspend all US Drug Enforce¬
ment Agency activity in .its
country made in. retaliation to
a decision by the US Supreme
Court that foe kidnapping and
spiriting to the US of a Mexi¬
can murder suspect was legal
The government said it
would resume “temporarily”
drug co-operation with the US
so as not to give an equivocal
signal to drug smugglers. The
DEA never received notifica¬
tion that co-operation had been
broken off, despite Mexico's
announcement on Monday
night that its activities had
been suspended. The tempo¬
rary “resumption” of co-opera¬
tion will be made permanent
once foe revision of an extradi¬
tion treaty is agreed, according
to foe Mexican foreign minis¬
try. The US assured the Mexi¬
can government on Tuesday
that co-operation over legal
and drug matters would
respect its sovereignty.
See International Capital
Markets; World Stock Markets
jg StH
■Mil m
• r rT Mautiii
try bargaining on market
access to restart
The US/EC tariff deal, when
complete, wifi set the pattern
for others, under the non-dis¬
crimination rule of the General
Agreement on Tariffs and
Trade (Gatt).
But at a meeting-called yes¬
terday by Mr Germain Denis,
foe Canadian chairman of the
market access negotiations, the
US and EC agate refused to
show their hands.
Both regard the outstanding
tariff issues as too sensitive to
display In a wider forum, while
admitting that these issues are
unlikely to be resolved without
an accord on farm trade.
The tariff negotiations are
intended to produce an overall
one-third cut in customs duties
on farm and industrial goods.
(t -Z: . -
h 1 'v ii wriP
7
FINANCIAL TIMES THURSDAY JUNE 18 1992
Yeltsin appeals
Congress for
to
By George Graham
In-Washington:-'
MR Boris Yeltsin, the Russian
president, yesterday took his
request Tor; aid directly to the
US Congress, with a plea for
the passage of a bill that would
help Russia in its transition to
a market economy.
He pledged that his country
would never return to commu¬
nism,'but; warned the US that,
in its own interests, it must
play Its part, by supporting his
-political and economic reforms.
’“We have lea behind a
period when America and Rus¬
sia looked at each other
through gunslghts ” Mr Yeltsin
said.. ..
. “Today, the freedom of
America is being upheld in
Russia. IT the reforms fail, it
will cost hundreds of billions
tooffset that failure," he
warned, -
'The president said the US-
wriuld gain from supporting
reform in Russia, “ft will not
be a. wasteful endeavour; On
the contrary, it will promote a
more efficient solution of your
problems as well as ours, and
of course it will create new
jobs in Russia as well as in the
NEWS: THE BUSH-YELTSIN SUMMIT
United State," he said
In a speech to a joint session
of Congress - the first by a
Russian leader and only the
fifth by a foreign head of state
- Mr Yeltsin said that passage
of the aid bill; would be an
important first step towards
ensuring the success of market
reforms in Russia.
The Freedom: Support Act, as
it is called, would combine aid
measures specifically targeted
at Russia with approval of a
S12bn US contribution to the
International Monetary Fund.
This latter measure is not
directly tied to Russia, but
without it the IMF would be
handicapped in its efforts to co¬
ordinate the $24bn package
which the Leading industrial
countries have agreed to pro¬
vide for Russia.
Departing from his prepared
text, Mr Yeltsin took to task
those US Congress members
who have said that the bill
should not be passed until any
US prisoners who may still be
alive in Russia have been
found and returned home.
“You are telling me: 'First do
the job and then well support
you in passing the act' I don't
quite understand you." Presi-
SHAKR ON IT: Presidents Yeltsin (left) and Bush cement their nuclear arms accord
dent Yeltsin complained
The prisoner-of-war issue
appeared yesterday to have
overshadowed the goodwill
Rassla might have expected to
stem from the agreement on
Tuesday regarding dramatic
cuts in nuclear weapons.
However, Mr Yeltsin made
another effort to demonstrate
the sincerity of his desire to
put behind him all hostility
between Russia and the US. He
told Congress that he had
already ordered the multiple-
warhead SS-18 missiles -
viewed by the US as by Car the
most threatening Russian
weapon - to be taken off alert.
Russia is to scrap the SS-18
missiles under the arms con¬
trol agreement reached by Mr
Bush and- Mr Yeltsin on Tues¬
day.
The latter warned the US
that It must “take a fresh look"
at Its policies towards Russia.
He singled out the imposition
of 160 per cent duties on US
imports of Russian u ranium as
one area where the US was
hindering cooperation by the
two countries.
US prisoner of war issue
poses danger for Bush
By Jurek Martin, US
Editor, In Washington
PRESIDENT George Bush is
always proclaiming his opti¬
mism and his summit with
Russian President Boris Yelt¬
sin, especially its substantive
agreement on nuclear arms
cuts, offers prime fade justifi¬
cation, not only for this point
of view but for his reputation
as an international statesman.
In election-year politics,
though, the glass he sees as
half-full, potentially brimming,
is elsewhere perceived as half-
empty and draining. In this
respect, Mr Yeltsin’s presum¬
ably well-intentioned declara¬
tion that Russia would help
ascertain the fate of Americans
missing in action, or held as
prisoners of war, may also turn
out to be a double-edged sword
for the US president
The Russian summit has
given Mr Bush a necessary lift
after the unfortunate and ill-
planned excursions to Panama
and Rio de Janeiro last week,
which did nothing for a falter¬
ing reflection campaign partly
predicated on his competence
in foreign affairs.
Mr Bush has seen his popu¬
larity plummet since the heady
days after the Gulf War last
year, as national attention has
turned increasingly to domes¬
tic issues, his weaker suit
This fact alone had already
raised serious doubts about
Congressional backing for the
US contribution to the $24bn
programme to assist Russia:
Mr Thomas Foley. Democratic
Speaker of the House of Repre¬
sentatives, said on Tuesday
that political and economic
instability In Russia made pas¬
sage of the grandiosely titled
Freedom Support Act doubtful.
Other Democrats have been
blunt Ln stating that scant
resources should first be spent
at home.
Conservative Republicans
may now have been given by
Mr Yeltsin a cause to block
assistance. They are exempli¬
fied by Senator John McCain of
Arizona, a former prisoner of
war in Vietnam, who said that
no aid should be forthcoming
until there had been a full
accounting of Americans held
on Russian territory, including
the release of any found alive.
Further complicating politi¬
cal matters is the position of
Mr Ross Perot, the prospective
Independent presidential candi¬
date in the US, who has made a
crusade out of trying to find
Americans missing in Indo¬
china.
Also, Mr BUI Clinton, the
presumptive Democratic pesi-
dential candidate, is due to see
Mr Yeltsin today and can
hardly avoid subsequent com¬
ment on such a politically
charged topic.
Until the unexpected
announcement on Tuesday
afternoon of the deep cuts in
nuclear arms, the Russian ini¬
tiative on US prisoners of war
had dominated the summit.
The offer was variously inter¬
preted as a well-meant gesture,
an inducement to Congress to
approve assistance, and an
attempt to enhance Mr Yelt¬
sin’s own image in the US,
which has not warmed to him
as It did to Mr Mikhail Gorba¬
chev, former Soviet president,
on his US visits.^
Sensing that-it might be
backfiring, Mr Yeltsin himself
said yesterday that Russia
“should not be penalised" for
its offer. He then departed
from his prepared text, in his
powerful address to Congress,
to emphasise his personal com¬
mitment to American families
of those missing, eliciting from
the legislators a protracted
standing ovation.
It also means that Mr Bush
will now have to redouble his
efforts to get Congress to act
Success would be good for his
reputation, but failure, or ’a
stalemate, would again be seen
as evidence of his domestic
political shortcomings.
aiS Big stride away
tar! from megadeath
TOgftS Robert Mauthner assesses the
US-Russian nuclear arms pact
id On
ie deal
E VERY time a major ington’s concession in the
nuclear arms control ' main area of overriding US
agreement Is reached, it superiority, that of submarine-
tends to be described as a , launched ballistic missiles. Yet
“landmark’* in the history of the compromise on a matter on
disarmament. That was so in which the US had adopted a
- July last year when US Presi- remarkably rigid position, was
dent George Bush and Soviet by no means insignificant The
President Mikhail Gorbachev number of nuclear warheads
announced in London that, on US submarines will be
after nearly 10 years of tongh reduced to 1,750 - a cut of 50
negotiations, they- had agreed per cent on the limits laid
on substantial cuts hi their down in Start
strategic arsenals. > As both Mr Bush and-Mr
■I:.•.- But,> if: the Strategic Arms Yeltsin, emphasised! • the fact
Reduction Treaty (Start) was that an armed conflict between
•, important as the first-ever -
agreement , to reduce, rather
than just limit strategic weap-
. ons, ft. Is. a pale version of the
accord to which Mr Bush and
Russian President Boris Yelt¬
sin put their signature in
Washington on Tuesday.
Under Start (yet to be rati¬
fied) each country was due to
cut the number of strategic
nuclear weapons in its arsenal
by about 30 per cent The US
was to have reduced its num¬
ber of nuclear warheads and
bombs from 12,000. to about
9,000; the Soviet Union under¬
took to cut its nuclear war¬
heads from 11,000 to 7,000.
The latest agreement, how¬
ever, goes much farther than
that ft provides for reductions,
in two stages, to less than half
the Start totals. By the year
' 2003, each country will be left
with only 3,000 to 3,500 - a
reduction of some two-thirds in
present arsenals. However,
Russia, already finding it diffi¬
cult to meet its commitments
under the Start treaty to
destroy nuclear weapons, will
require much more US help to
achieve the new targets.
Mr Yeltsin, probably with an
eye on the quid pro quo he
hopes to obtain from the US
and other western countries in
the form of economic aid. made
very substantial concessions
which were opposed by Rus¬
sia's military establishment.
The agreement provides for the
scrapping of all heavy Land-
based intercontinental ballistic
missiles, notably more than 300
of Russia's SS-18 multiple¬
headed missiles, which the US
has always considered as the
most dangerous and most
destabilising strategic weapon.
Russia’s agreement to the
elimination of those weapons,
in which it had a clear advan¬
tage over the US, has been
matched only in part by Wash-
the two countries Is now con¬
sidered inconceivable made
agreement much easier. The
prohibitive cost of large
nuclear arsenals, particularly
for a country in such dire eco¬
nomic straits as Russia, also
contributed to a rapid accord.
“We cannot afford it/* the Rus¬
sian leader said bluntly.
“Therefore we most have a
minimum security leveL*
The unanswered question,
however, is wbat that mini¬
mum level Is. Why did Mr
Bush and Mr Yeltsin stop at
3.000 to 3,500 nuclear warheads
each, more than-enough to
destroy their countries and
populations several times over?
Even if it is accepted that
nuclear deterrence has proved
its worth by giving the world
nearly 50 years of peace, most
experts believe that the same
result could be achieved at a
much lower level of nuclear
weapons than those just
agreed. The other ride erf the
coin is that the US and Russia
are not concerned only with 1
each other’s nuclear forces.
They have to plan for crises in
which other nuclear powers -
such as China, India and Israel
- might be Involved.
T he US-Russian agree¬
ment also again raises
the question of when
other nuclear powers - such
as Britain, France and China
- should join negotiations on
the reduction of nuclear weap¬
ons. The UK and France have
refused to say.exactly when
that might be, stating merely
that their forces are still insig¬
nificant compared to those of
the US and Russia, even after
the latest reductions.
However, the new US-Soviet,
agreement will put added pres-,
sure on Britain and France to
follow suit in the field of stra¬
tegic weapons.
IMF Moscow talks show
conflicts over reform
By John Lloyd in Moscow
TALKS between the Russian
government and the Interna¬
tional Monetary Fund in
Moscow, on the implementa¬
tion of economic reform are
going slowly and show numer¬
ous points of conflict
No agreement Is thought
likely before President Boris
Yeltsin meets the leaders of
the Group of Seven industrial
countries in Munich on July 8>
after the G7 summit.
The fftnd wants assurances
that the Russian central bank
has firm agreements with the
central banks of the other .14
former Soviet republics on the
use of the rouble (still their
common curency) before it
releases $8bn to stablise the
Russian currency. The R ussian
government wants to make the
rouble internally convertible
next month.
Other former Soviet repub¬
lics. including Estonia and
Ukraine, say they win intro¬
duce their own currencies
soon.
The IMF also wants a firm
commitment on the repayment
of the former Soviet debt, for
which Russia is now responsi¬
ble. Russia is paying neither
principal nor interest on the
g60bn-plus debt to Western
countries.
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MX Look at the models everybody else is buying.
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The Sensible Citations
$
THE BIG LIE: INSIDE MAXWELL'S EMPIRE
Sins of the
father
Only a small fraction of the £933m plundered by
Maxwell is likely to be recovered. He will be remem¬
bered for this. But he did not run the empire on his
_ own. During 1991 he had decreasing influence on a
day-to-day basis. He came to rely on a small core of executives,
and on his sons — Kevin and Ian. Broriwen Maddox reports
K evin maxwell
hurried out of his
office on the ninth
floor of Maxwell
House into its central
reception lobby at ll^Oam on
November 5 199L
Behind him the double doors lead¬
ing to Robert Maxwell’s vast office
were closed. He turned into his
brother Ian’s office and asked the
secretary to leave. On her way out
she overheard Kevin say: “It’s Dad.”
One thousand eight hundred
miles away, off the coast of Gran
Canaria, a full-scale air and sea
search was under way for Robert
Maxwell, who had been reported
missing from his yacht, the Lady
Ghlslalne.
“Give me 20 minutes to call the
bankers,” Kevin told Ernest Bur¬
lington, then managing director of
Mirror Group Newspapers (MGN),
who was drafting a press release.
Kerin - anticipating the urgent
steps needed to save his father’s
empire - called Samuel Montagu,
MGN's merchant bank, and Sir
Michael Richardson, chairman of
Smith New Court, stockbrokers to
MGN and Maxwell Communication
Corporation (MCC).
As the directors of MCC assem¬
bled at 3pm In Kevin’s office for an
emergency board meeting, an elec¬
tronic message flashed across City
dealing screens that MGN and MCC
shares were suspended. A second
message, 10 minutes later, told the
world what the directors now knew:
Robert Maxwell was missing at sea,
feared lost
“Kevin told me just before the
board meeting that his father was
missing,” says Basil Brookes, MCC
finance director, whose own depar¬
ture had been planned for that day.
“I agreed to stay and help. I didn't
have the heart to say no."
The UK’s clearing banks, which
had financed the Maxwell empire,
held emergency meetings with
Kerin. “The lad was really upset"
said one UK bank director that
afternoon. “But there was tremen¬
dous dynastic loyalty: ’We are the
Maxwells and It will carry on."*
The week after Robert Maxwell’s
death his sons, fielding press confer¬
ences and emergency bank syndi¬
cate meetings, attracted widespread
sympathy.
Bankers, initially sceptical that
two young men in their early 30s
could carry the huge burden, dis¬
cussed bringing In a senior accoun¬
tant as a father figure. But they
changed their minds. "It’s an
almost unimaginable weight on
them, but I think they’re going to
make it," said one rearing hank
director in admiration.
Behind the composure the prob¬
lems were pressing. On Wednesday,
the day after his father’s death,
Kerin told Swiss Bank Corporation
that the private Maxwell companies
were reneging on the promise he
had given the week before to repay
its £57.5m loan.
On Friday, as the Maxwell family
began leaving for the funeral on
Jerusalem's Mount of Olives, half a
dozen Swiss Bank executives were
closeted with lawyers from the City
firm Allen & Overy.
On Monday, 24 hours after Robert
Maxwell was buried, Swiss Bank
met the City of London police -
and the Serious Fraud Office was
called In to investigate the Maxwell
empire.
Kevin and Ian inherited their
father’s empire for less than four
weeks. On December 3 they were
forced by fellow directors and banks
to resign as chairmen of MCC and
MGN. A month after Maxwell died
Headington Investments, the parent
company of the Maxwell empire,
was put Into administration under
UK insolvency laws.
When the Maxwell empire col¬
lapsed It emerged that MCC, MGN
and the Maxwell pension ftmds had
been stripped of £933m In cash and
assets. Only a small fraction is
likely to be recovered. That is the
legacy for which Robert Maxwell
will be remembered.
However Maxwell did not run the
empire on his own. Several of his
directors and bankers say that dur¬
ing i 99 i he had increasingly little
influence on a day-to-day basis. Hie
relied on a small core of executives,
anH on hlS SOUS Kevin mm* Tan.
Kevin had a particularly impor¬
tant role. Interviews with Maxwell
directors and bankers show that he
took day-to-day control of much of
the financial planning and the com¬
plex treasury departments of many
of the businesses for several years
before his tether's death.
Papers obtained by the Financial
Times also reveal that Kevin signed
- although be may not have known
the Implications - some of the doc¬
uments authorising transactions
that led to the loss of money from
the Maxwell pension funds and pub¬
lic companies.
Part of the explanation for how
Kevin appeared able to take on his
father's largest companies so
smoothly after the death was that
‘The banks dealt
with Robert for
signings, but real
discussion was
with Kevin, for
MCC and private
companies 1
he had already been carrying much
of the burden.
In 1988 when Robert Maxwell
recruited Jean Pierre Auselmini as
MCC deputy chairman. Maxwell
said: “I am 65, and I have two young
sons in their early 30a. Join us and
participate In their education for a
few years.”
The education was rapid. In early
1991 Maxwell promoted Kevin to
chief executive of MCC and Ian to
deputy chairman of MGN. The two
were also directors of many parts of
the Maxwell empire’s “private side"
- a tangled web of nearly 400 differ¬
ent companies - and directors of
Bishopsgate Investment Manage¬
ment (HIM), the company managing
much of the £700m Maxwell pension
funds.
Kerin was head of the larger com¬
pany, valued in May at £I.2bn com¬
pared with MGN’s £500m. It had
become dear that Kevin was taking
on the more financially complex
jobs within the empire.
“Ian is a salesman, a marketing
person, very good with people,"
says one MCC director. Peter Jay,
the former British ambassador to
the US who worked for Maxwell for
three years as chief of staff, says
that fen “is a conciliator, looking
for solutions”. It seemed natural
within Maxwell House that Ian
would gravitate towards MGN, with
the newspapers’ need for marketing
talent
Ian also acted as his father's nego¬
tiator and envoy on many of the
eastern European “investments"
where - it has become even clearer
in retrospect than it was at the time
- profit was not a priority.
In contrast Kevin took on much
of the responsibility of running
MCC, It was a formidable diaHengt>,
straddling the Atlantic, with huge
( SBidwtouhr O M Mi naSwtql 1
I n it>mi« nr uri— *r—1*~
movements of foreign currency to
manage and a debt burden of more
than J 2 bn. By 1990, according to
MCC directors, he had also taken
effective day-to-day control of the
complex treasury department,
under his father’s authority.
Until fete 1991 the treasury was
shared by MCC and the private
companies - although not the pen¬
sion funds — an d f-hgftnpnwi much
of the dally flow of millions of
pounds between the Maxwell com¬
panies their hante
“How that young man dealt with
all those issues is beyond me - he
must have a brain like a Hewlett
Packard," says one of Maxwell’s
main UK bankers. The Maxwell
House Joke was that managing
directors were nothing; finance
directors were king. By 1991 Kevin’s
flrwunrial skill had made him clearly
the crown prince.
Kevin's Importance in the organi¬
sation could not have been guessed
from the nature of his office in Max¬
well House. It was an unprepossess¬
ing room, only a third the size of his
father's. Bare and L-shaped, it held
only a desk and table and was lit by
one narrow window.
Kevin's style was In marked con¬
trast to that of his father. An ana¬
lyst for the Maxwell finance depart¬
ment says: “He hated anyone who
was excitable or who got agitated,
and it was very obvious he was
trying to be different from his
father.” Both Maxwell sons, how¬
ever, were capable of their father’s
customary flashes of anger and
extreme rudeness.
Kerin and Ian were also subject
to their father’s extreme disruptive-
ness. Les Williams; one of the office
managers, remembers that Kerin,
under orders from his father, once
moved his wife Pandora and his
children from London to New York
- only to be pulled hack to London
after three weeks.
Maxwell would also shout at both
sons is public, which onlookers
found deeply embarrassing. He
would shout “You’re a fool, you’re
such an idiot, how can you give
that answer?”
Many of the directors found fen
easier company; Kevin's intensity,
and preoccupation with the figures
led one Maxwell House aide to
regard him as a “desiccated accoun¬
tant” He was distant from many of
the publishing executives.
Instead, Kerin was closer to the
finance executives. Brookes, at 33
the same age as Kevin Is now, says:
“I felt for him, the way the old man
treated him. We went to football
together. One day he said: *Whafs
your team?* I said Blackburn, so he
arranged to go, arranged for park¬
ing for me. He said: Don’t tell my
father we’re here - I’ve told turn
you and I are sorting out the work¬
ing capital this afternoon."’
Many, however, commented on
his extraordinary self-possession.
“Kerin is unbelievably cool,” says
one MCC director; a bank director
adds: “Quite extraordinary sang¬
froid."
As Maxwell became progressively
less involved in the day-to-day run¬
ning of the businesses through 1990
and 1991, it was Kerin who took on
the burden.
He was the regular point of con¬
tact for the banks as the financial
strains on the empire increased.
“The banks dealt with Robert Max¬
well for signings, but real discus¬
sion was always with Kevin, both
for MCC and private companies,”
says one UK clearing banker.
He adds: “We could always get
hold of Kevin, but given the pres¬
sure the boy was under it was
hard.” Another bank's senior direc¬
tor confirms: “He was not one to
avoid phone calls. He would always
call back, even if it was at mid¬
night"
The hanks were clear about the
centrality of Kevin’s role. One direc¬
tor comments: “The others didn't
realise the whole picture. They
would say: “We must refer this to
Kerin.’”
. During the summer the pressure
intensified. One banker says: . “We .
were conce r ned about his (Kevin's!
health. He was working seven days
a week, 25 hoars a day. He was
being strategic director, he was
being treasurer, assistant treasurer,
assistant assistant treasurer. 1 "
Maxwell had kept the inner core
of executives small A finance
department analyst says: “Kevin
kept trying to involve more people
in running the company, but his
father kept refusing to let him."
One of toe administrators to the
Maxwen empire, surveying a map of
MCXTs astonishing total of 400 sub¬
Boxing eleven Kevin and lan remove their belongings after resigning their chairmanships
sidiaries next to the 400 private
Maxwell companies, recently said in
wonder “When you think of it, 800
companies were run by a man and a
boy."
With that central a role in his
father's empire, how much did
Kevin know? On resigning as chair¬
man of MCC on December 3 Kevin
said: “My father had a style based
on a need-to-know basis.”
It is clear his father kept ultimate
authority for many of the fina n cial
decisions In toe empire. It is also
clear, however, from documents
obtained by the Financial Times,
that Kevin was closely involved in
many of toe transactions that are
now seen to be central to the even¬
tual removal of money from the
public companies and pension
fluids. He was also central to some
that are now the focus of the SFO’s
investigation.
Through his day-to-day control
over the treasury department and
as an MCC director Kevin was
closely involved in the loans made
by MCC to the private Maxwell
companies in 1991.
Loans of cash from MCC to these
private companies reached a peak
of £3 00m in July. Kerin’s signature
was on at least 11 of these transfers
of cadi, totalling £l45m. The signa¬
ture was always accompanied, as
required, by another director’s, and
the transactions were not illegal.
However MCC’s loans to the private
Maxwell companies provoked
intense rows during August
between the Maxwells and the other
MCC directors..
One of the most controversial epi¬
sodes. which some MCC directors
and bankers now concede might
have alerted them to the looming
problems, was an extraordinary pat¬
tern of highly irregular foreign
exchange dealings through the trea¬
sury in July.
During three weeks MCC traded
in tens of millions of pounds of for¬
eign currency with some 20 of the
world’s biggest banks. In most cases
it paid for the currency late; the
condition for such spot deals is that
they are paid within hours. The
effect was to give it a three-week
unofficial “loan” of around £l00m.
Copies of the bank authorisations
show that some of the foreign
exchange deals were authorised by
Robert Maxwell and the dealing
conducted by Kevin; some were
authorised by Kevin and dealt by
Junior treasury officers.
One of the Serious Fraud Office’s
investigations focuses on an alleged
scheme to support the share prices
of MCC and MGN.
The collapsing share price of the
two companies was draining away
the what was left of the Maxwell’s
empire’s lifeblood. Investigators
have now discovered that the pri¬
vate companies routed some £300m
- obtained from many different
routes through the empire - to
secretive Liechtenstein and Swiss
trusts which then bought MCC and
MGN shares.
A letter and a corroborating fax
show that Kevin Maxwell was inti¬
mately involved in the purchase of
9m MCC shares by Yakosa, a Swiss
trust, and a further 16m shares by
Servex. another Swiss trust - both
df which have said they are inde¬
pendent of the Maxwells.
On May 29 last year, Kevin Max¬
well sent a signed fax to Goldman
Sachs, the US bank, saying that toe
shares would be bought by the
trusts with £ 55 . 33 m provided by
BIT, a Maxwell private company.
Goldman's lawyers say the firm
acted properly.
The SFO is investigating whether
Robert or Kerin Maxwell breached
toe Companies Act by failing to dis¬
close the purchases of the shares by
the Swiss trusts; if either had a
financial interest in the trusts, the
purchases should have been dis¬
closed under company few, because
the Maxwells were both directors of
MCC. The trusts’ lawyers have said
that they are independent.
Documents show that Kevin Max¬
well was closely involved in the
management of “stocklending” from
the pension ftmds. Stocklending is a
legal and common practice whereby
pension funds lend out their assets
for a few days or weeks to other
finanrial institutions as a way of
boosting their income.
In retrospect, however, it Is dear
that stocklending from the Maxwell
pension funds was highly unusual,
particularly during 1991. This was
partly because of the length of time
for which the stocks were lent, and
partly because the pension funds
were not always adequately pro¬
tected.
The main way the Maxwell pen¬
sion funds were eventually stripped
of assets was through stocklending
to Maxwell's private companies
which could not pay them back.
A memo to Kerin Maxwell from
Larry Trachtenberg, a director of
private Maxwell investment compa¬
nies, is dated December 17 1990,
nearly a year before Maxwell’s
death. Headed: "Outstanding items
and action for week commencing
17.12J50," it reminds Kevin to send
letters to Cape! Cure Myers and
Invesco MIM, the investment
houses which managed some of the
Maxwell pension money. Trachten¬
berg says toe letters “request that
we roll over the stock borrowing
positions until 31*1-91. As we have
agreed the BIM [pension manage¬
ment company! year end is not
until April 5 so this should not
cause a problem"
The significance of this is partly
that it suggests that Kevin had
some responsibility for dealing with
the Maxwell pension money and for
negotiation of stocklending arrange¬
ments with banks and investment
managers.
One of the most controversial
‘How Kevin dealt
with all those
issues is beyond
me — he must
have a brain like
a Hewlett
Packard 5
actions by both Kevin and Ian
emerged in the weeks immediately
after their father’s death; the issue
of Berlitz, the international lan¬
guage instruction company. Berlitz
was a central part of why the MCC
directors turned against the Max¬
well brothers.
Brookes says: “Kevin's attitude
after his dad died was: ‘Let's sort it
out and worry about who did what
later/ That's why Coopers &
Lybrand Deloitte [the accountants
in charge of estimating the empire's
financial position] wanted to
him on and why we could wc
with him, at first."
On November 7, two days after
Maxwell’s death; MCC announced
that it had agreed to sell its 56 per
cent stake in Berlitz to Fukutake,
toe Japanese publisher. The pros¬
pect of $265m flowing Into MCC was
welcomed by bahlosrs.
Just under two weeks later, how¬
ever the MCC board was plunged
into bewilderment and anxiety.
. According to Brookes, that day
Kerin told the MCC board that 13m
of MCC’s total of 10.6m Berlitz
shares “were not where they should
be". It emerged that they had been
already pledged to banks to raise
loans for private Maxwell compa¬
nies - the private companies had
in effect appropriated an MCC asset
Brookes says that he had no idea
that this had been done. It was an
explosive issue for the MCC board
because MCC had nearly ©bn of
debt, Its “jumbo loan’’, famous in
banking circles. One of the condi¬
tions of the loan was a stHStiled
“negative pledge" - a promise that
MCC would not sell or mortgage
assets of more than £10m without
the permission of the banking syn¬
dicate.
Brookes asked Kevin if any other
share certificates were missing.
Kevin replied: “Could you make
sure there aren’t?”
• Brookes now says: "In feet we
couldn’t have checked." Some of toe
shares had been transfered to a
company in the heart of the Max¬
well labyrinth of private companies
- Bishopsgate Investment Trust. It
is s imilar ly named, but entirely dis¬
tinct from Bishopsgate Investment
Management, the pension manage¬
ment company. , , ,
Brookes says: “We had no way of
tracing them once they had gone
into BIT; no one else but Kevin was
a dire ctor of both.” Later, it was
revealed that some of the shares
had been transfered to BIT a year
earlier - in November 1990.
The issue of whether the transfer
of the Berlitz shares to BIT was
Improper is not clear-cut. Nor is it
clear whether, when BIT later
pledged the shares to banks for pri¬
vate Maxwell company loans, this
was a breach of MCC's bank cove¬
nants. What is dear is that Kerin
knew;about the pledging of the
shares long before his father's death
and knew that, therefore, they
could not immediately be sold to
repay MCC’s debt
The memo from Trachten¬
berg to Kevin discusses - as long
ago as December 1990 - whether
shares in “BTZ", believed to refer to
Berlitz, could be used as security
for hank loans.
A signed letter from Kevin to Leh¬
man Brothers International, the US
bank, dated September 20 1991, also
confirms the “transfer of 1.37m
shares in Berlitz from ourselves
(BIT) to yourselves... by way of
security for the loan of $117m
United States Treasury Bills from
Lehman to BIM".
On Sunday November 24th MCC’s.
US lawyers discovered that 2.4m
more Berlitz shares were missing.
Documents dated November 13
1991 - eight days after Maxwell's
death - were signed by Ian Maxwell
and Trachtenberg and confirm the
pledge of 2.4m Berlitz shares to
Swiss Volksbank, in return for a
$35m loan.
Some of the banka who received
pledges of shares are now claiming
the right to keep the shares - mak¬
ing the sale to Fukutake impossible.
The pledging of Berlitz' blasted a
£144m hole in MCC.
On Sunday December . 1, at a
meeting of all the Maxwell bankers,
Coopers announced that they had
uncovered a hitherto undetected
pattern of loans within the empire.
■ The private companies - now
..effectively bankrupt - ojved MCC,
MGN and- the pension fluids hun¬
dreds of millions of pounds which
would never be repaid.
The next morning, MGN and MCC
shares were suspended a second
time on toe stodk market A fax
. from MCC's US office slid on to
Brookes’ desk. It revealed Kerin's
signature before Maxwell’s death,
arranging the pledging of Berlitz
shares - and the signatures of Ian
and Trachtenberg after his death.
One MCC director says: “I had
thought Kevin was on our side but
after tins I realised what we had in
our middle."
Kerin rang Auselmini at bis Paris
home late that night According to
Anseknini he said: “It is being said
we are responsible for hundreds of
million of pounds missing. I cannot
go into explanations, but I did not
want you to know from the press or
the other directors. Also, the banks
are demanding that my brother and
I quit Could you call them and see
if they can be persuaded?”
Auselmini soon called Kevin,
back. He had discovered that it was
the other directors more than the
banks who wanted him out
Peter Laister told Kevin the direc¬
tors wanted him out
On the morning of Tuesday 3rd
December the Maxwell brothers
resigned their chairmanships : of
MCC and MGN.
That evening they moved their
offices. After his father’s death, Ian
had moved from Maxwell House's,
ninth floor to the adjoining-MGN
building - but he now moved to an
office on the south side of Maxwell
House's sixth floor, one of the pri¬
vate Maxwell company suites.
Kevin moved down from the ninth
to join him, taking an office on toe
north side. Trachtenberg had an
office between them.
Maxwell House staff helped the
boys move during Wednesday. The
brothers took their personal posses¬
sions out of the offices, their word
processors together with their elec- -
tronlc files, and some papers.
On December 4 Brookes circu¬
lated a memo in Maxwell House
prohibiting the shredding’ of any
docu me nts. The following day.toe
Maxwell private companies went
into administration under UK instd- -
vency laws.
MCC struggled on for ll days, but
finally on December 16 filed for
a dministra tion under UK and; US
insolvency laws. One MGC director —
says: “It was both the money lnanoH ‘
out of the bank account that fin¬
ished us off - and Berlitz.” ■
The SFO subsequently annourtf ied
that it was launching five separate
fraud investigations Into-the col¬
lapse of the Maxwell empire. Mean¬
while Kevin Maxwell has attempted
to keep trading. One of his friends,
commented that he is obsessed with -
making a comeback, as his-father
did. He has told friends: “Nothing in -
your life prepares you for fighting '-
for your own survival" -TV
Document signed by Kerin Maxwell, confirms the transfer of
Berlitz shares from a private Maxwell company to a US bank
, _^ Jmonsthan 150peopleIni 3 ___..
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THE British government
yesterday pledged to stick to.
the ecoz&mac policy -goals <rf
low Inflation and sound public
1 finance enshrined in ti» ilaas-
treaty despite the Danish
rejection of .European eco¬
nomic and monetary -union.
•r Speaking -shortly after the
release of mildly encoura g i ng
industrial production and
retail sales data, Mr Nonnan.
Lamont, -the chancellor, held
: out the prospect of "lower pay
settlements leading to lower
earnings growth” and British
industry entering a "virtuous
circle oC Jow ir^flaHtw rising
Inquiries from prospective
home buyers have risen but
Sales are taking a long time
to complete and many
would-be purchasers pull out
at the last minute, acenrriing
to a survey of more than 100
... ..—, r .
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market-share”.
. - In a speech to__
he indicated that this achieve¬
ment, could take a long time.
He . drew a parallel between
conititions in. the OK and
France^ which in 1983
embarked on a tough counter-
inflation poEcy and now has
one of the’ industrialised
world's lowest inflation' rates.
• In Fiance- "years of tight
monetary and fiscal poli¬
cy.. .are beginning to pay oft”,
the chancellor said. "It -has
been done toe. difficult way;
but that lathe only way.” Mr
Lamont did nothing to enoour-
The Royal Institution of
Chartered Surveyors’ survey
said: "Despite Increasing
levels of buyer Interest
across the country, we are
still a hang- way from any
sustained improvement tn
the housing market”
age recent speculation that toe
government might be planning
to cut UK bank base rates from
their present 10 per cent.
Instead he reaffirmed its deter¬
mination to take sterling "in
due course" into the narrow
bands of -the European
exchange rate mechanism
(ERM) at a rate of DM2J5.
While he was carefhl not to
commit the UK to eventual
membership of a angle Euro¬
pean currency zone, he laid
stress on Britain's commitment
to the ERM and the economic
convergence criteria of the
Maastricht treaty. The "con¬
quest Of inflation* was at the
centre of UK economic policy,
be said. The government was
beginning to break' the infla¬
tion-prone mentality that had
"dogged Britain for decades".
Mr Lamont said the past 18
months had been “extremely
difficult”. Rat he predicted that
people would see that the right
decisions were taken.
Nonetheless, Mr Lamont said
be was encouraged by yester
day's news that manufacturing
output had risen in April for
the third successive month and
that retell sales had increased
slightly in May.
Figures from toe Central Sta¬
tistical Office suggested that
the Tory election victory had
foiled to trigger a spending
boom with consumers reluc¬
tant to spend in toe fore of
rising unemployment and
depressed conditions on the
housing market
Compared with the-previous
three months, retail sales vol¬
umes were virtually
unchanged in the three nrnntha
to May 31 and were down 0.3
per cent compared with the
same period a year ago.
Although last month's
increase was toe second con¬
secutive monthly rise, the
three-monthly trends suggest
that British consumers are still
reluctant to spend.
Lex, Page 18
NFC results, Page 19
output edges up
By Emma Tucker,
Economics SMI
-THE iL3 per cent rise in
manufacturing output in April
continued ah upward trend
that began in. February and
was broadly, basal across man¬
ufacturing's seven sectors.
The monthly increase meant
that growth, in the. three
months to April was l per cent
compared with the- previous
three month period although
compared with a year ago, was
1 per cent-lower. - -
The Central Statistical Office
saidtoe highest growth was in
metals and toe "other manu¬
facturing? sector..! which
indudes-plasttes, paper,, print¬
ing and publishing- •> -
: Every component of the con¬
sumer -goods industries 'experi¬
ment was in the production of
cars. Output in fids sector rose
by 9 per cent compared with
the previous. three month
period and by 3 per cent com¬
pared with toe same period a
year ago. Clothing and foot¬
wear grew by ZjB per cent on
tha previous three months.
Within the engineering sec¬
tor, which accounts for over 40
per cent erf manufacturing, out-
pui of motor vehicles - care
and commercial vehicles such
as lorries and buses --rose by
7.3- per' cent in . the three
months to April compare^ with
the previous . three month
period. Mechanical engineering
fared less weft: faffing by I per
cent in . the three months to
April, as did aerospace and
shipbuilding production which
contracted ^ 2.9 per cent an
the previous.three months,:
ehrad. growth with the sector; . _
overall growin g by.-i.8per cent - The'chemicals industry con-
in the three months to April. tinned to thrive although the
The most , marked improve 1 • 03 per cent-three month on
three month growth was the
lowest for a year. A buoyant
pharmaceuticals industry
meant that the sector had the
most robust annual growth -
almost 4 per cent - within
manufacturing Industry.
Output of investment goods
continued to fall Production
was down 43 per cent on a
year ago and down by 03 per
cent on toe three monthly com¬
parison.
A sharp fall in North Sea oil
and gas production in March
meant that overall energy out¬
put in the three months to
April was 2 per cent Jower than
in the previous three month
period.
The CSO, however, said that
the index of energy output in
the first quarter had been
: revised upwards which would
gfft** the revision of first quar¬
ter GDP growth. This was pro¬
visionally estimated to have
fallen by 0.6 per cent
Dutch insurer rules
out credit price war
By David Dodweil,
World Trade Editor -
AN EXPORT credit price war
in the UK has to be avoided,
Mr Harry Groen, bead of NCM,
the Dutch credit insurer that
recently - acquired the
short-term credit arm of
Britain's Export Credits Guar¬
antee Deportment (ECGD), said
yesterday.
- Mr Groen said that under
Dutch management the ECGD
would be "focused on increas¬
ing the market rather than
pinking up bits of the business
of our competitors".
The ECGD is the former
state agency responsible for
granting credit insurance to
exporters. _•
Mr Green's statement corned
just two months after NCM
launched a domestic credit
insurance policy warning. It
said then: "We haven't entered
this market to be a marginal
player.”
Yesterday; however, Mr
Groen said: “We -are not pre¬
pared to enter [the UK market]
in a cut price kind of way.?
1be sta te men t Is -likely to be
welcomed by the beleaguered
Trade Indemnity (TI) toe mar¬
ket leader with 82 per cent
share. TI has been hard hit by
claims resulting from the
recession over the past , two
years and announced pre¬
tax losses of £46.6m ' for
1991.
Mr Groen, meanwhile, said
radical changes were likely in
Europe’s export credit insur¬
ance market this year, trig¬
gered by the expected release
next month of European Com¬
mission proposals for all "mar¬
ketable” risk to . be handled by
private sector insurers.
This is likely to include all
policies up to three years, and
will exclude political risk,
which will continue to be at
least reinsured by national
governments.
These proposals have drawn
concern in France and Ger¬
many, where government agen¬
cies still manage short term
export insurance, but are likely
to be welcomed by NCM; which
has been offering such Insur¬
ance cover since 1938.'
Unions win
clearance
for merger
By Michael Smith,
Labour Correspondent
THE CREATION of toe biggest
public-service union in Europe,
with 1.4m members, became a
virtual certainty yesterday
when leaders of Nalgo defeated
attempts to wreck a planned
merger with two other unions.
Delegates to Nalgo’s annual
conference defeated a series of
motions aimed at ending or
delaying the amalgamation
with the Nupe public-service
union and Cohse health union,
which is planned to take effect
from July next year.
Nalgo’s conference had been
viewed by leaders of all three
unions as the last and poten¬
tially most serious threat to
"final proposals” for amalgam¬
ation drawn up this year.
Its backing, with the earlier
support of toe Nupe and Cohse
conferences, means the propos¬
als will go to a ballot of mem¬
bers at toe end of the year. It is
hi ghly unlikely that members
would vote against the advice
of their leaders.
Mirror Group executives step down
By Raymond Snoddy
THE BOARD of Mirror Group
Newspapers (MGNT) yesterday
announced that Mr Ernest Bur¬
lington had stepped down as
chairman of the popular news¬
paper group. Mr Burrington,
former editor of The People,
who is 65, will stay on as a
non-executive director until
the company’s annual meeting
in July.
He has been replaced by Sir
Robert Clark who has been
deputy chairman since Decem¬
ber.
At the same time Mr Law¬
rence Guest, finance director of
MGN, who has worked at the
group for 30 years has resigned
as a director and will be leav¬
ing the company.
Sir Robert expressed sadness
at the resignation of Mr Bur¬
rington who joined the com¬
pany In 1950 and paid tribute
tribute to Mr Guest as a "most
loyal and committed member
of the company”.
It is almost certain that the
resignations were sought and
the news that they would be
leaving came as a surprise to
both men.
The decision was taken at
meetings of the other directors
on Tuesday and Mr John Tal¬
bot, the Arthur Andersen
administrator to the Maxwell
private interests was consulted
before toe decision was imple¬
mented. A group of banks
effectively controls the 54 per
emit of MGN that used to be
owned by Maxwell private
interests, because the shares
were pledged to support loans.
No impropriety of any kind
was alleged against either Mr
Burrington or Mr Guest It Is
clear, however, that at least
some of their fellow directors
felt they had not acted deci¬
sively enough when the first
hints of possible' Irregularities
surfaced last August
Others said that their oust¬
ing was more of a coup by the
younger operational directors
keen to make a break with toe
past and that the decision had
been taken “to thrown a few
Christians to the lions”.
MGN wlH next week issue
accounts detailing officially for
the first time the financial
state of the company and the
pension funds. A relisting of
MGN’s suspended share price
is also being sought There is
likely to be a considerable
delay in toe sale of the group
which includes the Daily Mir¬
ror, Sunday Mirror, People,
Scottish Daily Record and Sun¬
day Mafi.
All Mr Talbot the adminis¬
trator, will say is that there are
no {dans to sell toe company
but that the Issue will be kept
under review.
Following the appointment
of Department of Trade and
Industry inspectors to look
into MGN affair s and in partic¬
ular the flotation it could be
well into next year before there
is any sale.
Soon after taking over as
chairman in December, follow¬
ing the death of Mr Robert
Maxwell, Mr Burrington
expressed disgust at what his
former employer b ad done.
“Robert Maxwell didn't just
put his hands on the money of
toe banks which can look after
themselves but on the money
of toe common man and his
missus," said Mr Burrington in
a reference to the fact that Mir¬
ror readers were invited to buy
shares in the company.
Endangered species: A keeper watches a rhinoceros at London Zoo yesterday
London Zoo to close in September
LONDON ZOO. the world's
oldest zoo and formerly one of
the capital's top tourist attrac¬
tions, will close hi September
unless a private hacker can be
found, writes Be than Hutton.
The zoo, at Regent's Park,
has been in fbianrial difficul¬
ties for some time. Its demise
was announced last year, but
after a cost-cutting programme
it broke even In March this
year and cancelled closure
plans. However, attendance
figures have continued to fall
to 30 per cent below target and
the zoo has a deficit of £2m on
annual running costs.
Sir John Chappie, president
of the Zoological Society of
London which runs the zoo,
said: "Sadly, the closure of
London Zoo Is now the only
option facing us that will
ensure the survival of the soci¬
ety as a whole.” A government
ball-out is unlikely. Last year
ft refused farther grants, and
told the zoo to put its house In
order. The zoo has cut jobs
over the past few years, and
the remaining ISO staff are
likely to be made redundant
As a royal park, the zoo is
fpfhwipolly toe p rope rty of the
Queen, but is managed by the
Ministry of National Heritage
and leased to the society for a
peppercorn rent Options for
the 36 acre site are Knitted Tty
usage regulations. The minis¬
try said there was “no ques¬
tion at all" of office or residen¬
tial development
Nine listed buildings need
repairs estimated at £15m.
Under the terms of the lease
the society Is responsible for
repairs, but last year the gov¬
ernment agreed to assume the
responsibility if the zoo sur¬
rendered the site. The heritage
ministry-is not bound by plan¬
ning regulations, but said it
would seek planning permis¬
sion if it derided to demolish
one of the buildings.
Dr Jo Gipps, curator, said it
would take six months to find
homes for the animals but
none would be destroyed.
Some may be moved to the
society's other site at Whips-
nade WUd Animal Park.
Lloyd’s rescue plan
runs into difficulties
By Richard Lapper
PLANS TO set up a bail-out
fond to help Names hardest hit
by the losses at Lloyd's of Lon¬
don. are running into difficul¬
ties and could be abandoned..
An emergency meeting of
toe Lloyd’s council, the mar¬
ket’s governing body, was held
yesterday to discuss a number
of schemes. The council will
announce its c oncl usions today
but a Lloyd’s official admitted
that a bail out plan "is looking
less and less likely.”
The purpose of a hail-out
would be to cap the losses of
Names - the individuals
whose assets support under¬
writing - who have been
worst affected by Lloyd’s
recent losses, which are fore¬
cast to reach £2bn in the 1989
underwriting year. In line with
Lloyd's three-year accounting
system, these figures will be
announced next week
Officials working on the
scheme are understood to have
been unable so for to solve
complex legal and practical dif¬
ficulties.
A minority of market’s
Names, who are members of
“spiral” reinsurance syndicates
- which provided high level
catastrophe cover to other syn¬
dicates and companies - face
a disproportionate share of the
market's loss.
Chatset, the company which
tracks the results of Lloyd’s
syndicates, says that Names on
just 15 of the 401 syndicates
trading could face losses of
£948m.
A decision not to help them
will be bound to stir contro¬
versy ahead of the society’s
annual general meeting next
week.
US-style plea bargaining urged for courts
By Robert Rica,
Legal Correspondent
THE "Bar Council, the
governing body for barristers,
yesterday called for the intro¬
duction of a formal system erf
plea bargaining in England
and Wales. '
- A system under which, the
judge-indicates the likely sen¬
tence if a defendant pleads
guilty and does not opt for a
contested trial would cut
delays and Improve the effi¬
ciency of the Crown Courts,
toe Bar says. . ■
- Has type of arrangement is
common in the US but remains
illegal in England and Wales,
although not all forms of plea
bargaining are outlawed.
Arrangements by which the
prosecution agrees not to pro¬
ceed with a more serious
charge if the accused pleads
guilty to a lesser offence are
quite common.
The difference between these
arrangements and the US sys¬
tem is that no guarantees are
made in the UK in respect of
Law Society warns of cash threat to training
The solicitors’ profession Is In danger of
bawiming limited to those with private means,
toe Law Society warned yesterday.
In a letter to Mr John Fatten, education sec¬
retary, Mr Philip Ely, the society’s president
said the collapse of the discretionary grant sys¬
tem on the profession’s finals course amounted
to a “pre-quaffleation means test”.
The College of law, toe largest provider of
solicitors’ fhwls courses, has told the society
that the proportion of Its Income attributable to
fees paid by local education authorities In
England and Wales has halved over two years.
The number of local authorities paying fees in.
full has declined similarly. The society calls on
Mr Patten to make it mandatory, that local
authorities provide grants for the finals course.
Mr Ely said trainee solicitors are further dis¬
advantaged by befog excluded from two govern¬
ment schemes introduced recently. .
have been pyrfnAri from the arrangements for
tax relief to be given on the costs of vocational
t raining ; and. as the finals course is a postgrad¬
uate course, students are denied access to loans
at favourable rates of interest offered by toe
student loan company-
The consequences “wm be a narrowing of toe
social base from which the profession Is drawn
with a consequential reduction In confidence in
and access to justice. That cannot be In toe
public Interest”, said Mr Ely.
penalties or the sentence the
accused will receive.
The Bar believes courts
could not function properly
without such arrangements
but a more formal plea bar¬
gaining system Is now needed.
In a report on ways of
improving the efficiency of
Crown Courts it says: “It is our
belief that many guilty defen¬
dants would plead guilty if
they knew what the sentence
would be and that such a sys¬
tem would command public
confidence."
At the moment it says defen¬
dants who. know they are
guilty will opt for trial and
fake a chance that a jury may
acquit than.
The Bar rejects the Appeal
Court's view that plea bargain¬
ing would Impose "improper”
pressure on defendants to
■plead guilty.
Safeguards could be intro¬
duced to protect the defen¬
dant's rights. All discussions
on the deal should take place
in the presence of toe defen¬
dant and Ms legal advisers; dis¬
cussion should be recorded;
and Indications of sentence
should be made in court
The report recommends the
Appeal Court should Issue min¬
imum percentage discounts on
custodial sentences where a
guilty plea is put forward.
It should make It clear that a
defendant is entitled to a credit
for a guilty idea in all cases
except where the sent e nce is
fixed by law or the offence is
so serious that that only a sen¬
tence in accordance with the
fall tariff Is appropriate. The
earlier the plea is made toe
greater the reduction.
The report prepared by Mr
Robert Seabrook QC, also rec¬
ommends the extension of
standard fees for criminal legal
aid work in the Crown Court
They eliminate cost and ensure
quick payment and efficient
use of public hinds, the report
adds.
Among other proposals the
report calls for toe introduc¬
tion erf videoconferencing facil¬
ities in -prisons for interviews
with defendants in custody;
and an Interactive computer¬
ised case listing and manage¬
ment system for Crown Courts
In England and Wales.
Britain in brief
Government
to respond
on Shirayama
The government has promised
an early statement on the
future of County Hall just
three days after Japan’s Shi-
rayama Corporation threat¬
ened to pull out' of a deal to
buy the former Greater Lon¬
don Council headquarters.
Mr John Redwood, environ¬
ment minister, said a state¬
ment would be made in the
near future. Shirayama - fac¬
ing a vigorous campaign
against its proposals by toe
London School of Economics
(USE) which wants to relocate
to the site - has warned it
would withdraw unless the
government clarifies Us stance
on future development.
Shirayama, which bought
the site from the London
Residuary Body - the organi¬
sation responsible for winding
up the affairs of the GLC -
some three months ago, plans
to turn the building into a
hotel and leisure complex.
Polys admit
more students
The number of students admit¬
ted to degree courses in poly¬
technics rose by nearly a quar¬
ter last year alone, making an
increase of more than one
third in the last two years,
according to official figures:
The Polytechnics Central
Admissions System annual
report shows an increase of
223 per rent in the number
admitted for degree courses,
unto an' IRS per cent increase
in numbers starting,on Higher
National Diploma courses.
Polytechnics are bearing toe
brunt of toe current expansion
of higher education. In the
1980s as a whole, the number
of full-time students in poly¬
technics and higher education
colleges increased by 69 per
cent, while numbers at univer¬
sities rose by only 18 per cent
Targets missed
on training
Tkke-up of toe government’s
pilot “training credits” scheme
for young people has fallen
below target in its first year, a
Department of Employment
evaluation has found.
About 60 per cent of eUglMe
16 and 17-year-olds have
started to use their credits,
compared with the govern¬
ment’s original target of 65
per cent for the first 12
months of the scheme.
Under the scheme young
people can exchange vouchers
with an average monetary face
valne of £1,500 for training
with an employer or training
organisation.
lata warns
of ‘meltdown’
Europe’s air traffic could suffer
"meltdown” this summer with
pilots and aircraft stranded in
the wrong airports as a result
of too much demand for air¬
space, according to a senior
official of lata, the Interna¬
tional Air Transport Associa¬
tion.
Mr Norman Jackson, the
technical director, said: “It
doesn't take much of an indus¬
trial problem or technical hitch
to cause serious disruption."
Iata’s warning came after it
sent a report earlier this
month to Eurocontrol, the gov¬
ernment backed air safety
group based in Brussels, on dif¬
ficulties with congestion over
European skies.
Sotheby’s plans
sale changes
Sotheby's, the OS-owned auc¬
tion house, has decided to
change toe way it sells Victo¬
rian pictures. A few years ago
it placed British 19th century
art in the auctions as
continental 19th century art in
the hope of building up an
international market.
MEPs seek
a ‘Citizen’s
Charter’
for Europe
By Ralph Atkins
CONSERVATIVE Members of
the European Parliament
(MEPs) yesterday increased the
pressure on Mr John Major to
tackle opposition to Maastricht
by adding a protocol that
would ensure decisions are
made at the lowest possible
level of government.
At an hoar long meeting at
Downing Street, the MEPs sup¬
ported the prime minister’s
determination to press ahead
with ratification of the treaty.
But they urged him to work for
a "Citizen’s ’Charter for
Europe' 1 based on decentralisa¬
tion of derision-malting from
Brussels.
Sir Christopher Prout, leader
of the Tory MEPs, said Mr
Major had been “upbeat" about
the proposals. The MEPS were
also anxious to ensure a posi¬
tive message by Tories In the
1994 European elections - in
contrast to the party's poor
oerfonuance in 1989.
Sir Christopher said the UK
government, in its presidency
of the EC from next month,
ought to carry through the
idea ministers have floated of a
protocol reinforcing the princi¬
ple of "subsidiarity”. It was
winning support in the Euro¬
pean parliament, he said
A protocol would have to be
binding on all EC members,
even though that would
require a technical negotiation
of the treaty. Sir Christopher
said. He suggested work on the
protocol would not need to
start until the 11 countries,
other than Denmark, had rati¬
fied the treaty.
Sir Christopher reiterated Mr
Major’s pledge to put Britain at
the heart of Europe, in spite of
the row over Maastricht "If we
just stand aside it will become
the thing we most fear - a
centralised Europe,” he said.
The meeting counter-bal¬
anced pressure on Mr Major
from Conservative Euro-scep¬
tics in the Commons, high¬
lighting the spread of views
across the party.
Welsh and Scottish national¬
ists, however, warned yester¬
day that a protocol on subsi¬
diarity treaty could led to them
voting against the legislation
ratifying Maastricht when it
returns to the House of Com¬
mons in the autumn. Together
the parties have seven MPs
who could be crucial if the vote
is dose.
Scottish Nationalist Party
and Plaid Cymru MPs are wor¬
ried that a subsidiarity proto¬
col would prevent any moves
towards derision making on a
regional level.
. This has not happened and
Sotheby's says In future such
works win be removed from
19th century European auc¬
tions and return to their own
specialist catalogue.
Flat beer
Beer sales were nearly 3 per
cent lower in March than in
the same month last year,
according to the Brewers' Soci¬
ety. The market remained
depressed though a sharp rise
in imports boosted the month’s
total production by 0.5 per cent
to 3m barrels. First quarter
production of 8m barrels was
about 2 per cent below output
in the same period last year.
BBC raises
pay offer
The BBC has slightly
increased Its offer to more
than 26,000 staff to 4.1 per
cent, slightly below the rate of
inflation. The corporation’s
initial offer was 3.7 per cent
The new offer includes a mini¬
mum increase of £350 a year
and an increase in London
weighting to £2^00.
Miners to lose
pit fight
The bid by redundant miners
to buy Thurcroft colliery in
South Yorkshire appears to be
doomed after British Coal said
toe miners' offer to pay less
than one-third of the cost of
beeping the mine mothballed
was unacceptable.
Union likely to
drop campaign
The health service union
Cohse looks set to drop its
campaign against self-govern¬
ing hospital trusts. The move
would mean .the Ml,000-strong
union, which represents about
20 per cent of health service
staff, accepting toe end of cen¬
tralised collective bargaining
In toe NHS and concentrating
on local deals. It would remain
opposed to the principle of
trusts.
THE NEW VOLVO 8S0.
FOR A TEST DRIVE CALL 0800 400 430.
MANAGEMENT: MARKETING AND ADVERTISING_
The emerging consumer markets of central Europe have provided challenges aixd surprises for western companies, says Guy de Jonggiggeg
S ellin g petfood for 51.50
a can might seem a
thankless task in a
country where
monthly Incomes average S150
(£82). But Mars,, the US-owned
manufacturer of Pedigree Pal,
Whiskas and chocolate bars,
has found a way.
"We tell our sales people to
convince shopkeepers to open
a can of petfood and taste it
Then they usually a gree to
stoCk it," says Andrzej Szwarc.
national sales manager of
QMS, a Warsaw company
which handles Mars' sales and
marketing in Poland.
Sales of Mars' petfood are
now booming, says Szwarc,
who knows one old lady who
regularly shares a can with her
cat “And in all-night conve¬
nience stores, Whiskas is sell¬
ing rather well with alcohol,"
he says.
Though few western compa¬
nies have resorted to quite
such unorthodox sales meth¬
ods in central Europe, most
have found that the region's
emerging markets present
challenges and surprises to
which conventional marketing
textbooks offer few solutions.
At first sight the task seems
deceptively easy. Consumers
are eager for western products
and many already knew of
western brand names from
watching western television
tong before the collapse of com¬
munism. Knee then, consumer
imports have flooded in and
the region's nouveau riche
classes have flocked to buy
anything with a designer label
White goods manufacturers
Electrolux and Philips-Whirl¬
pool say one of their best-sell¬
ers in Hungary Is microwave
ovens . almost unknown in the
country two years ago.
However, this commercial
bombardment risks back-firing
by antagonising consumers
who have not before faced the
foil blast of Madison Avenue
techniques and are bewildered
by the region's lurching prog¬
ress towards free markets.
Many foreign products in the
shops have been dumped or
imported illegally by middle¬
men interested in a quick
profit, not In building a
long-term business. Quality is
often variable, deliveries
erratic and pricing tmpredict-
able. Rafael Lopez-Apparido,
general manager of Kodak in
Hungary, says the result is
confused consumers.
Michel Olszewski of
Research International, a mar¬
Poles discover
is
cat’s whiskers
ket research firm, believes
uncontrolled and indiscrimi¬
nate imports have hurt the
image of western brands.
Building brand loyalty is a
high priority for most western
companies - and reaching
mass markets is not difficult.
In Poland and-Hungary more
than 90 per cent of tomes have
televisions and, despite recent
rate increases, air time is rela¬
tively cheap.
The problem is choosing the
message. "We aren’t yet very
clear about consumer habits,"
admits Andrd Mico, head of
Unilever in Hungary. “Western
products are perceived as bet¬
ter, but that doesn't mean you
can sell anything."
M any companies have
plunged in with
western-made com¬
mercials for western products
- with mixed results. In
Poland a commercial for Cola
Cao, a Spanish chocolate drink,
which featured a muscular
black athlete, went down so
badly that the product almost
vanished from the market
Procter & Gamble's heavy
promotion of Vidal Sassoon’s
Wash & Go backfired in Poland
when sales fell on rumours
that the shampoo-conditioner
caused hair loss. P&G's candid
peak-time commercials for All¬
ways, a sanitary tampon, have
also proved controversial,
while recent newspaper adver¬
tisements headlined "We
respect the Poles” were
regarded by many as conde¬
scending.
The company’s commercials
for Tampax and Ariel deter¬
gent have been better received.
Bat many Polish consumers
are baffled by the punch line of
Henkel's German-made com¬
mercial for Persil, which trans¬
lates as "Yon know what you
have".
“The philosophy of most
western companies is to sell
first and understand the mar¬
ket later," says Eugeniuscz
Smilcrwski of Pentor, a private
Polish market research com¬
pany. He also warns that hard¬
sell advertising can easily
rebound by "creating suspi¬
cions that companies want to
dump on us trash that they
cant sell in the west”
Some companies, though, are
praised for respecting local
sensitivities. Unilever test-mar¬
kets Its central European
advertising carefully and has
continued a popular commer¬
cial developed by the Polish
detergents maker it acquired
last year.
To appeal to Poland’s Catho¬
lic-fondly tradition, Johnson &
Johnson adapted a western
commercial for its baby , care
products to include shots of a
hnwhanrt holdin g an infant and
sharing household tasks, "We
stopped just short of putting a
cross round his neck,” says
Marek Janicki, managing
director of Ht-McCann Erick-.
son, the Warsaw agency which
handled- the rt-imrn wr-ifl ]
In Hungary, Shell has
included load scenes In a west
European commercial, white
Philips' sates of consumer elec¬
trical and electronics goods
have benefited from a locally-
made campaign.
"People have had enpng h of
western commercials, they
want something designed for
them," says Miklos Cspregi,
head erf the Budapest office of
Ogflvy & Mather,.which devel¬
oped, the Shrft and Philips cam¬
paigns. Heated believes a trend
may be developing in favour of
local products. Benckiser of
Germany has begun to stress
in advertisements local ori¬
gin of Tami, a detergent It
makes in Hungary, while Uni- ’
lever is Using the theme “Pro¬
duced locally , to International
standards'* for products it
makes in central Europe.
However^ care is needed,
Warsaw shopkeepers say sates
of some previously imported
western products fell after they
woe re-packaged with instruc¬
tions in Polish, because con¬
sumers feared the goods ware
no longer genuine.
Opinions also differ about
the use of “aspiratlonal” adver¬
tisements depleting glamorous
western lifestyles. The
approach seems to work for
familiar items ffl»> t/ittet soap.
But for new and more sophisti¬
cated .products, a more
down-to-earth, educational
treatment often seems to go
down better.,
But some western companies
believe the power of advertis¬
ing will remain limited until
retail distribution improves.
They STB griiphnaftring gaining
control of the supply chain and
ensuring that products are con¬
sistently available, in good
condition and attract iv ely dis¬
played at- the point of sale.
Many bigger companies are
also working with selected
retailers to get them to offer
better customer service.
But in such rapidly-changing
and poorly understood mar¬
kets, experimentation is likely
to remain important for some
time yet As George Swirski,
head of PepsiCo Foods Interna¬
tional in Poland, puts It "If
you don’t take risks, if yon
aren’t prepared to make mis¬
takes, then you don't deserve
to succeed.”
Supply chain in need
of wholesale reform
C uban cigars at £10 a
box of 25, chocolate
bars from Lesotho,
imported Marlboro cigarettes
30 per cent more expensive
tium local ones... the stops
and crowded street markets
of Poland often seem to obey
the random economics of an
Arab souk.
In Hung ary w talUny la
more orderly bat still has its
surprises. “You name it,
Indian toothpaste, obscure
Brazilian, brands - you can
buy almost anything,” says
Andr 6 Mico of Unilever.
In both countries erratic
deliveries mean that many
products - particularly
sported ernes - come and
go from the shelves without
warning. Western expatriate -
shoppers quickly team to bay
their favourite Items in bulk
and store them at home.
For western companies
central Europe, the
bewildering disorganisation
of the region's distribution
trade is one of the biggest and
most frustrating' obstacles.
in Poland, officials say
liberalisation has trebled the
amount of retailing space in
the past three years. Ashley
Smnmerfieldof the Central
Europe Trust, a London-based
consultancy, reckons that
110,000 new outlets have
sprung up, half of them
However, the government’s
failure to liberalise the
property market has led to
soaring shop rentals. These
have increased more than
30-fold In central Warsaw,
periling many small retailers
to the brink of bankruptcy.
Marc Pol, a three-year-old
Polish company, has setup
more than SO supermarkets
and cash-andrcarry stores.
However, Marek
SGkaridewicz, Marc Pol’s
president, admits that he now
faces a shortage of capital and
growing cash flow problems.
Though retailing reform in
Hungary has been less
sweeping, the sector was
better placed to start with,
thanks to the greater tolerance
of its former communist
rulers. Department stores and
supermarkets are relatively
common. Czemene, one of the
largest chains, has been
acquired by Julius fifeini, an
Austrian retailer, which Is
training staff in western
techniques.
But an executive of a large
western consumer products
company operating in
''' ; W
r; T .. . - -n :
■ !■
Hungary, while applauding
Meinl's efforts, says results
win take time: •We find we
can negotiate with Mrinl at
tiietop, but onthe ground
things don't work very well”.
Wholesaling in both
countries is also haphazard.
Once dominated by
state-owned monopolies, it
has been thrown open to
private competitors. Many are
individuals whose only asset
is a truck and who cannot
guarantee delivery of products
to their destination.
Determining trade
creditworthiness is difficult
for western suppliers, many
of whom insist on payment
in Many western
companies use their own
newly-created sales teams to
deliver products to larger
stores.
Another obstacle to
controlling the supply chain
is the flow of illegal imports,
which higher duties and t ariffs
have manifest ly failed to
check. As well as threatening
western suppliers' efforts to
establish orderly distribution,
“grey” imparts play havoc
with pricing policies.
Andrzej Szwarc of DMS
reckons that at least a quarter
of all Mars bars sold in Poland
are smuggled in. Though
devaluations have Increased
their cost. Mars has had to
reduce the retail price in the
past year to avoid being '
undercut by unauthorised
Imports.
DMS is also trying to build .
retailer loyalty by working
closely with larger outlets to
stock control and customer
service. Many other suppliers'
of western products are
adopting similar'tactics. By
building such relationships,
they believe they are making
worthwhile investments. '
But even the most optimistic
concede that ft may be some
time before those Investments
really pay off.
PRIVATISATION IN EASTERN EUROPE
The FT proposes lo pubfeh ihn *nvcy on
My 3 19*2.
The Asa ever FT mrvey a* iha tobjeri- w St be
pabfahed m liu FT of tfau day u>d will be primal is
London. Frankfurt- ftooboix. New Jersey and Tokyo.
Ii wiH tx fuDwied' In. 160 coomrle, worid wid e .;
For further (nfoniuiJoa about advofrising in ihb
survey plane contact.
Patricia Svridfc in London
T*fc |Wl; *73 3426
Fax; ft) 873 342* . ..
Gen] Rotkr in Viotna'
Tet ill 585 31 84 "
FmcOl S05 ft 76 .
Nuw RowdcwdtH in Wmmw
TcL (22)48 9717
. . ' Flue (22j 48 47 87.
Niaa Gokrvjatcnko.ia Moscow
Tel (095) 243 19 57 .
Fax. (OKI 251. 24 57.
FT SURVEYS
ADVERTISEMENT
ERICSSON ^
ADVERTISEMENT
ERICSSON 3
Telecommunications research perspective
Turning technology leadership
into market leadership
‘Technology is the key to our future,’ says
Bo Heritors, Ericsson's head of systems
and technology. Only by undertaking
applied research and development in all
the key areas of telecoms technology can
we be sure that we shall have the right
solutions, at the right time, to meet the
needs of our customers.’
At a time when world Industry is in
recession, Ericsson is continuing to invest
heavily in research and development.
Ericsson's R&D focusses on devel¬
oping system platforms to support
increased user mobility, greater network
flexibility and economy, and faster
introduction of new services.
The company has a world-wide
technology organisation involving 14,000
people - one in five of Ericsson's 70,000
employees.
Ericsson puts its emphasis on applied
research to gel access to work)-class
technology, supported by basic research
carried out in academic institutes, and
strategic partnerships and joint ventures
with such leading-edge companies as
Texas Instruments.
Ericsson’s own R&D organisation is a
genuinely distributed resource, with 30
centres in 1 8 countries. In the EEC alone,
there are 12 R&D centres in eight countries.
'It puts our R&D effort where it should be:
as dose to the market as possible,' says
Hedfors.
Ericsson Is at the forefront of research
into photonic technology, and has demon¬
strated its competence in optica] switching.
The telecom Industry is very software-
intensive. and Ericsson has taken a lead
in developing new software architectures
and programming languages.
Through applied research activities,
Ericsson is continuing to develop its
competence to design systems and
products for broadband networks and
universal access products based on
copper, radio, and fibre in the local loop.
Ericsson's excellence in radio research
has paved the way for Its success in
mobile telephony.
It's a global R&D effort, aimed at giving
Ericsson high-performance products and
systems to keep it at the forefront of tele¬
communications through the 1990s and
into the next century - a prerequisite to
maintain Ericsson's leadership in the.
provision of solutions to its customers.
The long-term view
‘Technology, together with aggressive.
marketing and careful cost management,
will lead us out of the recession,' says
Ericsson CEO Lars Ramqvist ‘And give
us an even stronger, competitive edge on
world markets through the 1990s.
‘It is costing money in the-short term,.
of course. But we know that what we are
doing now is the right course of action for
the tong term,
‘Our high level of investment in R&D is
essential lor ihe future,’ explains RamqvisL
'We will not reduce our activities in this'
area even if it affects our income in the
short term, and already we can see the
first signs of the Investment paying for
Itself.’
He cites, for example, the first-quarter
1992 results, with order intake up by 22%
overthe same period in 1991 . The increase
is not the result ol any change, in the
business dimate. 'It was the result of'
orders for some ot our newest systems
and products,' he points out. ‘Particularly
in the field of digital mobile telephony.'
Swiss choose Ericsson
Intelligent Network knowhow
Ericsson is to play an important role in the
development of Intelligent Network (IN)
services for ihe Swiss telephone network.
In partnership with Ascom. the .
company has been selected as prime,
contractor for the specification and
implementation of IN protocol and
services, in an initial contract worth over
SEK 8 Q million.
Ericsson's IN system Is based.on the ’
company's AXE switching system
architecture. It will provide network
features such as virtual private networks,
private numbering, plans, wide area
Centrex, and personal number services..
Creation'and management of these,
sendees will be handled by Ericsson's
Service Management . System (SMAS)
software.
IN functions will be introduced into the
existing Swiss public telephone network
infrastructure, , and Introduction of IN
services to the network's 4-5 million'
subscribers wiH start in mid-1994.
Ericsson digital cellular
technology for Tokyo network
Ericsson has been awarded astrategrcally
important order to supply, install and initiate
.a digital cellular mobile telephone system
for the Tokyo metropolitan area.
Placed by Tokyo Digital Phone Co. Ltd
the contract is worth SEK 700 mlUiori, and'
covers a network with an initial capacity of
150,000 mobile subscribers. The first
phase, which will be operational in July
1994, will use the JapaneseDigitaf Cellular.
standard, which operates in the.1500MHz
spectrum band.
Ericsson reports that discussions have
also started with other Japanese concerns
operating mobile telephone networks m
other regions of the country.
Commenting ori the order, Ericsson
CEO Lars Ramqvist said, 'The number of
World round-up
UK: Mercury Communications, one of the
■ UK's national public network operators,
has awarded Ericsson a £10 million
co ntract to supply, install and commission
a digital special services transit layer for
.its network.
> The contract Includes the SMAS
_ management system (part of the Ericsson
TMOS family of network management
systems), to provide database control.
Singapore:The CommunjcAsia exhibition
. In June saw the commercial launch of
Ericsson's digital cordless PBX system In
the Asia-Pacific region. The system uses
Ericsson's pioneering CT3 cordless
technology to give business users pocket-
sized phones they can cany around with
them al work. Radio frequencies have
been allocated for CT3 systems in
Australia. Hong Kong, Malaysia, New
-Zealand and Thailand..
New Zealand: New Zealand’s only
r^ onal mobile tetephone service provider
is to use Ericsson system technology to
offorits 70.000 subscribers digital cellular
services. Telecom Cellular Limited, a
subsidiary of Telecom Coqxjration ol New
Zealand, has signed a five-year supply
and support agreement with Ericsson,
covering the company's TDMA digital
cellular system equipment. Service roll¬
out is expected to start at the end of 1992.
Kuwait: An SEK 100 million extension
order from the Mobile Telephone System
Co. (MTSC) has Increased the mobile
telephone system being supplied by
Ericsson to Kuwait from 20.000 to 30.000
subscribers. The original contract was
signed in July 1969, but all equipment was
removed during the occupation of Kuwait.
After the war, the project was restarted,
and Ericsson quickly put a 2.000-
subserfoer network into operation.
North America: Ericsson GE has received
a number ol contracts in the USA and
Canada, including orders for the world's
smallest dual-mode telephones .which are
able to work both on analogue networks
and on the new digital networks. 40.000of
these telephones have been ordered by
McCaw Cellular Communications inc.
Ericsson's customers in North America
haye the industry’s most aggressive
sdiedufe to convert their systems to digital.
Many subscribers will be able to use the
digital service as early as the third quarter
011992.
France: Ericsson has established a
subsidiary, Ericsson Components and
Business Communications SA. in Paris,
to market voice and data communications
systems for private networks. Ericsson
cellular subserfoers in Japan has increased
dramatically since the beginning of foe
deregulation process; By foe year 2000,
Japan is expected to have 13 million
cellular subscribers, most ol them in digital
systems.'
Tokyo Digital Phone Co. is a
consortium whose major shareholders
are Japan Telecom. Pacific Telesis
International, East Japan Railway.
Metrophone Service Co. Ltd, and Cable .
and Wireless.
Ericsson, the supplier of analogue
cellular systems to 51 countries, now also
has contracts for digital cellular systems
in. 11 countries in Europe, as well as
Australia, Canada. Hong Kong, Japan,
New Zealand and foe USA.
now has local representation in al) foe lop
European business communications
markets.
First Ericsson system to be launched
in France is the Eripax X.25-basod data
communication system, MD110 digital.
PBXs, and BusinessPhone systems for
smaller offices, are scheduled for launch
in 1993.
Mexico: AXE exchanges with a total of
over 1 million lines wiH be supplied to.
Tel on os de Mexico (Tebnex); this, year
to expand Mexico's digital network
infrastructure.
This, foe biggest order ever placed by
Telmpx with Ericsson, brings orders for
AXE in Mexico to 3.7 million lines.
USA/UK: RAM Mobile Data, the mobile
data operator building up natonaJ networks
in the USA and UK. has placed a muiti-
miltion dollar order for the. recently-
launched Ericsson Mobidem portable
radio modem. Deliveries of the first
schedule of f 0,000 radio modems for use
in the USA and UK have already started..
This is the first major order for foe new'
Mobidem modem, which permits portable
Personal Computers (PCs) to be used on.
the Mobilex mobile data network.
flNAlSl*? A t: TIIVfKSTHURSI > AY JUNK 18 1902
TECHNOLOGY
^ Wellcome’s cures for despair
% ,n,hc run-up to the drug company’s share offer, FT writers look at its Aids and herpes treatments
8 s§
S 5 ss^ ;
t,a * ars b^& t
t»tst>3 aad
2SS
^they^
ateinnaW
aafiaas^
'hat it tog
iYn *1_■ ®
' ' u EW drUgS
have aroused
more passton-
' ’ ate footings, for
• \--r< \ and against.
—i i I I r .thac . Well-
• - - • - -J.COBWS AZT -
launched five years ago and
stiirthe only licensed treat¬
ment for HIV and Aids in most
parts of the. world. . • • ’
A wave of enthusiasm ear¬
ned AZT (also known by the
trade, name .of Retrovir)
through the development pro¬
cess at record speed. Less than'
three years passed between the
discovery of its antiviral activ¬
ity in November 1964 and regu¬
latory approval in March 1987.
Instead of gratitude. Well¬
come received': an onslaught
from. US.-Aide activists who
thought the UK company was
profiting unreasonably from
their suffering, by making
patients pay several thn»«Myirf
dollars a year for AZT.
The Aiiure over pricing died
away after Wellcome cut rec¬
ommended, prices and doses of
AZT- But the-drug remains,
controversial, as critics draw
’ attention to its side-effects and
cast doubt on its effectiveness.
At one: extreme are Peter
DoesbergTof the. University of
California, Berkeley, and his
small but well-publicised, hand
of followers. They attack the
conventional medical view that
Aids is .a:viral:dlsease caused
by HIV. and titty say AZT Is a
dangerous drug which can
harm, the patients and even
cause Aids-like symptoms.
Such.-arguments outrage the
medical establishment. The
evidence for Duesberg’s claim
that AZT is “Aids by prescrip¬
tion” is “about as strong as
saying, that since many people
with a toothache also take
aspirin, aspirin causes tooth¬
aches”, says Dai Rees, secre¬
tary of. the- UK Medical
Research Council. H A number
of careful clinical studies have
shown that AZT can be benefi¬
cial to patients with Aids. 1 * ,
Tony Pinching, an Aids spe¬
cialist ..at St Bartholemew’s
Hospital, London, says hostil¬
ity to AZT is partly a reaction
against “over-enthusiastic
extrapolations” from some
incomplete clinical. - trials,
which exaggerated the benefits ~
of the, dru g for Aide-patients
and particularly. for people
Infected with HIV but not
showing Aids symptoms.
“A lot reflects differences
between people’s dreams and
aspirations 2 nd what they can
actually prove from the data.”
Pinching says. Like most Euro-
. pean doctors, he believes the
clinical evidence that AZT pro¬
longs the life of Aids patients
. is overwhelming, but he is l ess
convinced by the evidence that
early treatment, of asympto¬
matic HIV carriers will help
them in the long run.
AZT is a “nucleoside anal¬
ogue” drug. It works by mim¬
icking thymidine, one of the
building blocks of genetic
material. When HIV incorpo¬
rates an AZT molecule instead
of thymidine-into its growing
DNA chain, it jams the mecha¬
nism by which the virus repli¬
cates. AZT slows down the rate
at which HIV infects cells of
the human.immune system but
it cannot eliminate the virus,
let alone “cure” Aids.
Scores of competing drugs
are at various stages of devel¬
opment Furthest advanced are
two other nucleoside anal¬
ogues: DDI (marketed by Bris¬
tol-Myers Squibb as Videx) and
DDC (Roche’s Hivid). DDI is
approved in the US as a sec¬
ond-line therapy for Aids
patients who are not respond¬
ing well to AZT and similar
approval is expected soon for
DDC. Both drugs have side
effects, though-these do not
include bone marrow suppres¬
sion, which is the most serious
problem caused by AZT.
Behind them ate more .
nucleoside analogues - includ¬
ing the promising 9TC licensed
by Glaxo from Biochem
Pharma of Canada — and oth¬
ers which claim to work
through a bewildering array of
mechanisms. They Include pro-
tease inhibitors, therapeutic
vaccines (which aim to stimu¬
late the immune response of
people already infected with
HTV) and even gene therapy.
In the short term, the new¬
comers will not necessarily
threaten AZTs sales, because
many specialists believe the
best approach to Aids therapy
is to use a combination of
drugs including AZT. The main
.reason for this is that viruses
'.«& much less likely to develop
resistance when two or more
drugs are taken together.
Sales of AZT levelled off at
about £l70m a year during 1990
and 1991 but they are now
growing again. London phar¬
maceutical analysts, who have
studied Wellcome in prepara¬
tion for this summer’s share
offer, predict growth of around
as per cent a year up to 1994.
Progress after that will
depend mi whether the com¬
pany can persuade large num¬
bers of asymptomatic HIV car¬
riers to take AZT in an effort
to ward off Aids symptoms.
And that will require clinical
evidence good enough to over¬
come the widespread antago¬
nism to A2T..
Clive CooksoD
. . REMEMBER
herpes? In the
early 1980s a
herpes epi-
’ y 1^ demic. carried
if V on a tide of
1 sexual promis¬
cuity, appeared to be sweeping
through the west. Then along
came Aids. Herpes sank from
public view.
The disease is still incurable
and its incidence Is still grow¬
ing. Up to 40 per cent of US
citizens have recurrent cold
sores caused by the herpes
virus. As for genital herpes, an
estimated 20m US citizens are
infected.
Paradoxically, herpes has
become even more significant
since the discovery of HIV. Cli¬
nicians believe that individu¬
Wellcome:antiviral sales
Retrovir
Zovirax
700 -if
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als with lesions caused by her¬
pes transmit the HIV vims
more easily. Effective treat¬
ment of herpes may therefore
help prevent the spread of
HIV. In addition. Aids patients
become highly vulnerable to
viruses or the herpes family,
which can prove fatal.
Analysts at Barclays de
Zoete Wedd, the UK brokers,
estimate that the world mar¬
ket for anti-herpes drugs
increased from $35rn (£ 19.2m)
In 1981 to $lbn last year. Well¬
come, the leading anti-viral
drug company, has about 70
per cent of this market, its
best-selling drug is Zovirax,
which last year generated
sales of £4 71m.
Zovirax is a guanine nucleo¬
side analogue which Is inert
and non-toxic to normal cells.
However, when the drug
enters a cell containing the
herpes virus It reacts with an
enzyme created by the vims to
become a triphosphate. Once
converted, the triphosphate
interacts with the virus’ DNA
structure and stops the virus
replicating.
The mechanism is similar to
the effect of AZT on HTV. Zovi¬
rax cannot eliminate the her¬
pes but by preventing the
virus multiplying It reduces
the effects and length of her¬
pes attacks.
After the drug was licensed
in 1981, Zovirax also began to
be used to prevent herpes
recurring. A recent five-year
study demonstrated that
patients with recurrent genital
herpes treated with Zovirax
were seven times less likely to
have another attack.
The drug has also been
licensed for herpes-related dis¬
eases. One is cytomegalovirus
(CMV); another is varicella
zoster which causes chicken-
pox and shingles.
Much of the sales growth of
Zovirax is likely to come from
the treatment of shingles,
which often affects the elderly.
About four people per 1,000
over 88 years old contract
shingles. Zovirax only received
a US licence for shingles in
1991 so Wellcome has just
started to exploit the market
However, because the zoster
virus is less susceptible to
Zovirax than herpes itself the
dosing needs to be at least
four times greater. BZW esti¬
mates sales for shingles alone
will be worth £100m over the
next two years.
The medicine is also being
used for transplant patients
infected with CMV or shingles.
About 31,400 people received
transplants in the US last year
and the Dumber is growing by
between 12 and 15 per cent a
year.
Transplant patients are
given Immunosuppressants to
prevent their immune systems
rejecting the organ. But an
additional effect is to make the
patients highly vulnerable to
herpes-related diseases. Myron
Levin of the University of Col¬
orado estimates about 40 per
cent of bone marrow patients
have zoster and about 75 per
cent CMV. Both diseases are
capable of killing the patients.
Hoare Govett, the UK bro¬
kers, estimates that increasing
use of Zovirax for herpes,
transplant and Aids patients
will allow sales to increase
from £47 lm last year to £875m
by 1994.
Competition to Zovirax at
present is limited. Any new
drags will need to demonstrate
they are safer, more effective,
or more powerful and so need
less frequent doses.
SmithKiine Beecham, the
Anglo-American group. Is
developing two compounds,
Famcydovir and Pendelovir.
Both are better absorbed than
Zovirax and work longer.
Meanwhile, Wellcome Is
developing two compounds,
known as 256U87 and 882U87.
At a recent conference in Ber¬
lin on herpes, clinicians were
told that 256 was absorbed
into the body three to four
times more readily than Zovi¬
rax, the existing treatment
The drag is in late clinical
trials.
Meanwhile, 882 has been
shown to be highly effective
against CMV. The drag Is in
earlier clinical trials to deter¬
mine the right dosing.
Wellcome hopes to have
both 258 and 882 on the mar¬
ket daring the mid-1990s. In
the meantime, human behav¬
iour being what it is, demand
for its viral products will con¬
tinue to increase unabated.
Paul Abrahams
Water power used
for fire-fighting
T ragedies such as the
Ore on a British Air-
tours Boeing 737 at
Manchester airport in
1985 have underlined the need
for novel approaches to ensur¬
ing aircraft safety.
The disaster, in which 55
people died, was one of the
worst in British aviation his¬
tory. Seven years later comes
the launch of a range of prod¬
ucts powered by a technology
that gives new meaning to
fighting fire with water.
The spearhead of the new
approach, developed by Hull-
based Fenner Water Hydrau¬
lics, is precisely that - a Fire
Spear which drills through an
aircraft side in seven seconds,
and then switches to a
high-pressure water spray. The
system is based on innovative
water motors, which use water
both as a power source and a
lubricant
The spear is an apt first
application for a revival of
commercial interest in water
hydraulics, neglected since the
development of hydraulic oils
but now malting a comeback.
The Fire Spear, now being
evaluated by a number of
European civil aviation author¬
ities, creates a “water curtain"
- a fine mist which can
envelop toxic gases and drop
them to the floor, preventing
the sudden spread of fire in an
effect known as flashover.
The key to the system is the
broad application of Fenner's
pump and motor technology.
With water as the power
source, a fireman can quickly
run a hose out to the fire and
then decide whether to use the
Fire Spear or attach a cutting
tool or saw, says John McCul¬
lough. Fenner project director.
The rotary equipment such
By Andrew Baxter
as the spear and saw developed
by Fenner are water-lubri¬
cated, but its water intensifier
pump for linear equipment -
such as the cutters known by
firemen as "Jaws of Life" -
will be able to handle water or
oil-lubricated tools.
According to McCullough,
the new system has a number
of advantages other than
speed. It Is quieter than the
petrol-powered oil power pack
currently used for fire-fighting
equipment, reducing stress for
the accident victims. And, in
contrast to pyrotechnic pro¬
cesses used to start much fire¬
fighting equipment, it can be
turned on and off at will
The package of mobile fire¬
fighting equipment is being
marketed worldwide by War¬
wick-based Godlva. Andrew
Thompson, sales and market¬
ing director, intends to develop
the UK market first for the lin¬
ear hydraulic tools, and has
won the first order from a UK
fixe brigade. But he sees the
Fire Spear as having immedi¬
ate international appeal
McCullough, meanwhile, has
been investigating other appli¬
cations for Fenner's water
motors, which are one third
the size of equivalent electric
motors. In particular, he sees
an opportunity in replacing
sprinkler systems currently
using halon, an ozone-damag¬
ing gas which, according to the
1989 Helsinki declaration on
CFCs, Should be phased out as
soon as feasible.
Other applications could
include subsea work, where
only a single line would be
needed. “In diving, you don't
need the water back," says
McCullough. In modified form,
the system could run on salt
water.
A
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OLYMPUS
O.
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OLYMPUS
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We trimmed the excess.
Not the technology.
Shaped-up. And slimmed down. Yet Med with
the latest innovations. That’s the new Olympus
Superzoom 110.
Designed to fit in the palm of your hand, the
Olympus Superzoom 110 weighs less than 500
grams, so it can go wherever you go. Without
weighing you down.
And its sleek shape hides the feet that it contains
apowetfiil 38mm -110mm zoom lens. With a
it tScffSjfTi»r ITo TZmwwi w
you zoom in on your subjects accurately, in seconds.
With die Olympus Superzoom 110 you also get a
My automatic state-of-the-art 35mm zoom camera
with advanced features and functions. Designed to
improve your photography at the touch of a button.
And die Olympus exclusive “Thinking Flash
System” arid spot metering capabilities bring
professional results within your reach.
lb top it off, the Olympus Superzoom 110 is
weatherproof - so a little water, dust or bad
weather won’t harm it. Or the film.
So try die Olympus Superzoom 110 on for size
Once you do you’ll see the difference. It’s a heavy
hitter. Not a heavy weight sUPERZDOmllO
. 7- ■■ .
OLYMPUS
OlYMPUS OPTICAL CO, LJTXTbfcyaN«wVbrk.Hambunj. London
14
FINANCIAL TIMES THURSDAY JUNE 18 1992
FT LAW REPORTS
Shareholders’ agreement is valid
RUSSELL v NORTHERN
BANK DEVELOPMENT
CORPORATION LTD
AND OTHERS
House of Lords
(Lord Griffiths, Lord. Jaimcey
of Tullicliettle, Lord Lowry,
Lord MustilL Lord Slynn of
Hadley):
June 111992
PART OF an agreement by
which shareholders, without
binding future shareholders,
agree personally between
themselves as to the manner
in which they will exercise
their voting powers on the cre¬
ation of share capital, is
enforceable and severable
from.that part of the same
agreement which is unenforce¬
able in that the company
agrees to fetter its own statu¬
tory power to create capital.
The House of Lords so held
when allowing an appeal by Mr
Samuel Russell from a decision
of the Court of Appeal in
Northern Ireland that an agree¬
ment between him and the
defendant shareholders of
Tyrone Brick Ltd (TBL), a com¬
pany set up by the first defen¬
dant, Northern Bank Develop¬
ment Corporation Ltd. was
invalid.
LORD JAUNCEY said that dur¬
ing the 1970s Northern Bank
and Its wholly owned subsid¬
iary, Corporation, lent or
invested substantial sums in
two brickmaking companies in
Killough, County Down, and
Dungannon, County Tyrone.
The former was unsuccessful
whereas the latter prospered.
In 1979 Corporation devised a
scheme whereby control of
both companies came to be
vested in a new holding com-
panyJTJBL, with an authorised
share';; Capital of £1.000 divided
into 1,000 shares of £1 each.
An ^essential part of the
scheme was that the four exec¬
utives who ran the Dungannon
works should manage TBL. To
that end 20 shares in TBL were
allotted to each of them. A fur¬
ther 120 were allotted to Corpo¬
ration, but no allotment was
made of the remaining 800. On
November 14 1979 a sharehold¬
ers' agreement was executed
by the'four executives includ¬
ing Mr Russell, and by TBL.
Although TBL bore to be a
party to the agreement, it
never executed it.
The agreement provided
inter alia that whereas Corpo¬
ration and the executives were
the holders of the entire issued
share capital, and the share¬
holders had agreed to regulate
their relationship with regard
to management and control of
the company, the terms of
agreement should have prece¬
dence over the articles of asso¬
ciation.
Clause 3 provided that “no
further share capital shall be
created or issued... without
the written consent of each of
the parties hereto".
On March 10 1988 the TBL
board gave notice to sharehold¬
ers of an extraordinary general
meeting on March 30 to con¬
sider two ordinary resolutions:
(1) that the capital be
increased to £4m by the cre¬
ation of £3.999m ordinary
shares of £1 each ranking pari
passu with the existing issued
ordinary shares; and
(2) that it was desirable to cap¬
italise the £3.999m and, accord¬
ingly, that the directors be
authorised and directed to
appropriate the sum for distri¬
bution to the holders of the
ordinary shares in proportion
to the amounts paid up.
Before the meeting Mr Rus¬
sell issued a writ against the
other original shareholders,
claiming an injunction to
restrain them from voting on
the resolutions.
The parties went to trial on
the issue whether the arrange¬
ment was binding on all the
shareholders, including Corpo¬
ration which had not executed
it. On that issue Mr Russell
was successful and no further
question thereanent arose.
However, during the trial Mr
Justice Murray of his own
motion ordered that TBL be
joined as defendant, and dis¬
missed the action on the
ground that article 3 of the
agreement constituted an
attempt to fetter TBL’s statu¬
tory power to increase its capi¬
tal and was accordingly
invalid.
The Court of Appeal by
majority (Lord Justice MacDer-
mott dissenting) upheld the
conclusion on invalidity, and
dismissed the appeal.
At the date of the proposed
extraordinary general meeting
TBL had statutory power to
increase its share capital.
The issue was whether
article 3 of the agreement con¬
stituted an unlawful and
invalid fetter on that statutory
power, or whether it was. no
more than an agreement
between shareholders as to
their manner of voting in a
given situation.
Both parties accepted the
long-established principle that
a company could not forgo its
right to alter its articles
(Southern Founderies v Shiriaw
[1940} AC 701).
The principle must apply
also to the right of a company
to alter its memorandum.
Mr McCartney lor Mr Russell
argued that the agreement did
not contravene the principle,
in that it was merely an agree¬
ment between shareholders
outside the scope of company
legislation, which id no way
fettered TBL’s power to alter
its memorandum and articles.
Mr Girvan ter the defendants
submitted that the agreement
was not only a voting arrange¬
ment between shareholders
inter se, but was tantamount to
an article of association which
constituted a restriction of
TBL's power to alter its share
capital
While a provision in a com¬
pany’s articles which restricted
its statutory power to alter
those articles was invalid, an
agreement dehors the articles
between shareholders as to
how they should exercise their
voting rights on a resolution to
alter the articles, was not nec¬
essarily so.'
In Walton v Saffery [1897] AC
299,331 Lord Davey accepted
that shareholders might law¬
fully agree inter se to exercise
their voting rights in a manner
which, if It were dictated by
the articles and binding on the
company, would be unlawfUL
The agreement was intended
to regulate the relationship
between the shareholders with
regard to management and
control of TBL.
However, it was executed not
only by the shareholders, but
also by TBL.
In Bushed v Faith [1929/2 Ch
438,447 Lord Justice Russell
said a company could not “by
its articles or otherwise”
deprive itself of its power to
alter Its articles. He said such
an article was ineffective, “but
a provision as to voting rights
which has the effect of making
a special resolution incapable
of being passed if a particular
shareholder... exercises his
voting rights against a pro-'
posed alteration, is not such a
provision”.
If clause 3 bad been embod¬
ied In the articles of associa¬
tion so as th be binding on all
persons who were or might
become shareholders in TBL it
would have been invalid. But it
was not so embodied.
Hu significant part of Lord
Justice Russell's dictum was
“articles or otherwise”.
Those words appeared to
recognise that it was not only
fetters on the power to alter
articles of association imposed
. by the statutory framework of
a company which were obnox¬
ious.
The purpose of clause 3
appeared to be twofold. The
shareholders agreed only to
exercise their voting powers In
relation to the creation or issue
of shares in TBL if they and
TBL agreed in writing.
That agreement was purely
personal to the shareholders
who executed it, and did not
purport to bind future share¬
holders. it was just such a pri¬
vate agreement as was envis¬
aged by Lord Davey in Walton
v Saffery. '
TBL on the other hand
agreed that its capital would
not be Increased without each
shareholder's consent.
That was a clear undertaking
by TBL in a formal agreement
not to exercise its statutory
powers for a period which
could last for as long as any
one of the parties to the agree¬
ment remained a shareholder,
and long after the control of
TBL bad passed to sharehold¬
ers who were not party to the
agreement
As such an undertaking it
was as obnoxious as if it had
been contained in the articles
of association, and was there¬
fore unenforceable, being con¬
trary to article 131 of the Com¬
panies (Northern Ireland)
Order 1986.
TBL’s undertaking was, how¬
ever, independent of and sever¬
able from that of the share¬
holders, and there was no
reason why the latter should
not be enforceable by the
shareholders inter se as a per¬
sonal agreement which In no
way fettered TBL in the exer¬
cise of its statutory powers.
The appeal was allowed.
Their Lordships agreed.
For Mr Russell- Robert
■ McCartney QC and John
Thompson (Sharpe Pritchard).
■ For the defendants: Paul Gtr-
txm QC and Ben Stephens (Her¬
bert Smith).
Rachel Davies
Barrister
PEOPLE
CUre Strowger (left), who resigned as chief executive of the
tronbled Mountieigh property group last September, seems to
have been rehabilitated In toe eyes of the City establishment He
is-to take over as group chief executive of AFV, the world’s
Mggfest food mariifawy maker, (see Observer)
AFV has been lo oking for a new chief executive for many
months following the early retirement of Fred Smith who had
headed the.group since 1984. Strowger, 50, a former finance
director of Grand Metropolitan, Is returning to the other side of
an industry he knows welL During his 12 years at GrandMet he
headed the brewing, consumer services, foods and retail and
property divisions.
AFV also announced yesterday that Richard Fenny (right), 42,
has been hired away from Fluor to be director of the group’s
Squid foods division. He replaces Mikg Smith, who resumes the
rate of corpor a te development director.
Watson ends family
monopoly of Waddington
While the game may be over
for Robert Maxwell’s tangled
web of companies, Victor Wat¬
son (right), -the chairman of
Waddington who yesterday
announced his plan to retire in
1993, can claim to have fin¬
gered the publishing baron
almost a decade ago.
Watson, the last in a line of
Watsons at the Waddington
helm which started in 1913,
successfully fended off two
bids from Maxwell, partly
because of the discovery by his
advisers Klein wort Benson of
the publisher's murky Liech¬
tenstein connections.
Watson fought off two other
bids during his 40 years at
Waddington: from Mordon in
1965 and Norton Opax in 1983.
The latter, says Watson, was
the spark for Maxwell’s first
attempt on Waddington. “He
was like a shark who smelled
blood," Watson once said.
His stalwart defence of the
games-to-packaging company
is in keeping with family tradi¬
tion. His grandfather, a Leeds
lithographer, originally res¬
cued Waddington from liquida¬
tion in 1913.
Watson's father - and prede¬
cessor as chairman - later
revived an a g ain-flaggin g Wad¬
dington by inventing a
machine to mass-produce
playing cards. Watson Jr, now
S3, plans a working retirement
on the boards of. among oth¬
ers, Yorkshire Television and
John Foster and Sons.
Although his successor has
not been named, former chief
executive and ex-England
rugby captain, David Perry
(left), has been appointed dep¬
uty chairman
■John McKeown, managing
director of Ansells,
Allied-Lyons’s
Birmingham-based pub
company, is to resign the
position to concentrate on bis
role as retail services director
for the group's retailing
division.
McKeown, who joined the
group in 1972. will be
responsible for identifying and
implementing best retelling
practices throughout the
sector, which covers Allied's
international franchise
business, UK pubs and
off-licences.
He will also be directly
responsible for acquisitions,
purchasing and leisure
machines across the UK pub
operations.
Martin Grant who joined
Allied from Whitbread two
years ago, and at present heads
Ansells’ retailing operations,
will succeed McKeown as md
cJ the pab company.
■ John Camden, chairman of
RMC Group, is to relinquish
his executive responsibilities
to the group md Jim Owen,
but will continue as
non-executive chairman .
■Henry Drea and Edwin
Stallard have been appointed
to the board of AVONMORE
FOODS.
■John Sandiford has been
appointed a director and
co mpan y secretary of SERIF
COWELLS.
■ Terry Arthur has been
appointed an independent
trustee of the board of
WIGGINS TEAPE PENSIONS.
■ Alastalr dunning, deputy
md of Associated British Ports,
and James Shaw, md rf
Grosvenor Square Properties,
have both been appointed to
the board of ASSOCIATED
BRITISH PORTS HOLDINGS.
■ Michael Smith has been
appointed to the board of
BOWATER.
■ Nicholas Hodges, md of UG’s
European division, has been
appointed a director of
LONDON INTERNATIONAL.
■Peter Robinson has been
appointed chief executive of
BIWATER.
■ Brian Whitford has been
promoted to md of RAGAL
HEALTH & SAFETY.
■ Bob Dodd has been
appointed to the board of
MOBIL OIL COMPANY as
director, personnel
■ George Van Sant is
relinquishing his role as
director, employee relations
ari d personnel matters of.
LAWSON MARDON Group,
Europe, and is appointed a
director of LMG Smith
Brothers.
■ James Schemenanr,
president and chief executive
. officer of BARRY WEHMHAER
INTERNATIONAL’S Inex
Vision systems division, has ■
been appointed to the main
board.
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Taking an early shower
Christopher Wilson, who
always knew he preferred
bathrooms to coal, is leaving
Young, the Durham-based
mining and haulage company,
after less than a year as
finance director.
Over-extension at Young
helped to prompt the removal
of company founder Bob
Young as chairman and chief -
executive and the arrival of a
new management team earlier
this month. With the help of
new financial backers. Young
is refocusing its activities in
readiness for opportunities
likely to arise from the privati¬
sation of British CoaL
Wilson, who departs with
effect from an extraordinary
general meeting (to approve
the refinancing) probably in
August, is cagey about his new
endeavour. But he terms it a
personal decision, adding that -
he is responding to the chance
to become chief executive of,
and a shareholder in, a new
London-based company in an
area “not far off” bathrooms -
an ajinmily familiar field.
Brian Calver, the new group
manag in g director, says: “He
hasn’t told me What it is. I
think a friend of bis is .setting
something up.” He remarks
that he is sorry to see Wilson
go bnt denies there is any
wider significance in the
departure. “He has seen
greener pastures, as happens
in business.”
Wilson’s previous experience
includes a spell between 1964
and 1988 as finance director of
fimaUhmm, an upmarket man¬
ufacturer of customised bath¬
rooms and kitchens, which
was acquired by Williams
Holdings. Wilson then led a
managiwnent buyout of bath¬
room products specialists B C
Sanitan, part of SmaUhone,
from williams.. But the mho
fell short of its targets and
Wilson left in 1990. He
describes himself as having
“kicked around” before get¬
ting into the coal business. •*. -
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Making Movies -
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sharp focus and giving you the facts you
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JES
... THE LOVER :
JeanJacques Annand
: paradise-
Mary Agnes Dooogiroe
AUTOBUS
Eric Roduuat
HOMEWORK
Jamie Humbert HerntosHlo
STONE COLD
Craig R- Baxley
he onslaught of saucy TV
advertisements and rumours
aT actual otwamera sex seem
to suggest that The Lover is
8°™g to be this season’s sophisticated
erotic offafog, alegitimate sKnftick on
a par with Betty. Blue at Last-Tango in
Paris, in the event, the film proves to
be a strangely staid and uninvolving
experience. Based on Marguerite
Duras’s bestselling novel, it tells the
story; of an Impoverished 15-year-old
French girl (Jane March) who enters
into an affair with a -wealthy, 32-year-
old Chinaman CFony Leang) in 1330 s
Vietnam. They meet on a barge cross¬
ing the Mekong River and are soon
spending afternoons malting prolonged
love in his hachelor pad'in the city's
noisy, exotic Cholon district. Despite
the intense, intimacy of these sessions,
it -soon becomes clear that their rela¬
tionship Is doomed by the m utual rac¬
ism otthelr fiunilies and the unbridge¬
able chasm between their cultures.
~ Director Jean-Jacques Anna nd has
stretched Duras’ brief novel into a big,
sumptuous picture, beautifully shot and
impeccable In its detailed ev ocation of
colonial Vie tnam when he trains his
ca m era on the swollen Mekong River or
the tattlly spraw ling colonial buddings
of old Saigon, you get a real sense of
what the last , days: o£ that particular
empire must have looked and sounded
like. He also draws a convincing por¬
trait of the girl’s rancorous, dissolving
family, hating one another yet forced
by their poverty and foreign status to
cling together. Most notable here is
Arnaud Giovaninetti as the dissolute
eldest stm, particularly when he mnrfra
his - mother's tears as the boat taking ,
him home in disgrace leaves harbour. •_
Where the .fdm proves sorely lacking''
is -its depiction of the central relation¬
ship. Despite the graphically sweaty
love scenes and- those languorous
silences in the back of limmupneg, the
affair between the unnamed French girl'
and Chinese man foils to Ignite.
Ahnaud^and corwriter Gerard Brgch
seem to[ think that writhing nudity in '
some way excuses the cool, detached
Jane March and Tony Leung in Jean-Jacques Axmaud’s adaptation of Marguerite JDuras’s book
banality of the clothed scenes. As a
result, you never really feel the risk
and passion involved as the lovers
break cultural taboos. They are just a
couple having lots and lots of sex. To
make matters worse. Marsh proves
unable to evoke her character’s simulta¬
neous sexual and moral awakenings,
the very qualities that made Duras'
novel so memorable. She seems old
beyond her years before the affair even
begins, a sort of petulantly pubescent
EntmanueUe. The Latter is like its hero¬
ine, nice to look at but hard to like.
Paradise is an oddly palatable serving
of cinematic syrup. It tell9 the story of a
10-year-old boy (Elijah Wood) who is
sent off from his big city, single-parent
home to spend the summer in the
southern coastal town of Paradise. At
first the place seems unlikely to live up
to zts name, with his host couple (Don
Johnson and Melanie Griffith) going
through a decidedly rough marital
patch engendered by the accidental
death of their own son a few years
back, Cfradually, however, the boy, who
has problems of his own with his
fooler's recent abandonment, proves a
salve for everybody’s psychic wounds.
It is not hard to see how this sort of
coming-of-age, coming-to-terms saga
could have gone disastrously wrong,
especially as it emanates from that bot¬
tomless well of sentimentality, Disney's
Touchstone Pictures. But writer/direc-
tof Mary Agnes Doooghue manages to .
keep things pretty, well under control,
using low-key. humour, and a nicely
wistful pace to avoid bludgeoning the
viewer’s sensibilities. She is greatly
aided by the impressive Wood, as well
as by Griffith and Johnson, who turn in
handsome and restrained performances.
Only with a needless sub-plot Involving
tomboy Thora Birch and her wayward
father does the film go over the top.
A very different form of sentimental¬
ity is at work In Autobus, a witty and
anarchic look at youthful alienation,
French style. It tells the story of a
young man (Yvan Altai) who decides to
hitch a ride to see his girlfriend. He
accomplishes this by the rather unor¬
thodox step of hijacking a bus loaded
with school children in what turns out
to be a weird attempt to impress the
girl with his devotion. Quickly dubbed
“The Sentimental Terrorist” by the
press, he eludes the police for nearly
two days before finally reaching his
goal, winning over along the way the
bus’s kids, tough guy driver and super¬
vising teacher.
Despite the rather improbable subject
matter, writer/director Eric Rochant
has created a funny, charming stray
that pokes fun at itself without under¬
mining its feeling. As with his fine first
film. A World Without Pity, Rochant
pulls of the nearly impossible stunt of
being a full-blown romantic without
giving in to cominess or pretension.
Homework, by the Mexican director
Jaime Humbert Hermosfilo, is a clever
piece of celluloid wit that will probably
only appeal to the pasty souls who
haunt arthouse dnemafc Set entirely in
the study of a small apartment, it
shows the efforts of Virginia (Maria
Rojo) to complete an assignment for her
film class, which seems to involve mak¬
ing an hour's worth of uncut documen¬
tary footage. To do this, she hides her
camera »rwdey the table and then invites
over an ex-boyfriend (Jose Alonso) with
the intention of toping her seduction of
him - without his knowledge. He spots
the camera and storms off just before
they graduate from heavy petting, only
to return a short while later, bis inter¬
est and male vanity piqued.
More a cunningly Ironic essay on tin
ematic voyeurism than a full blooded
film, Homework proves too slight to
carry the viewer the distance, even
with the twist ending It is notable pri¬
marily for a sequence of sexual gymnas¬
tics in a hammock which would make
the leads in The Latter blush and seems
to indicate that the Mexico has yet to
ratify the Law of Gravity.
The makers of Stone Cold, seem intent
on suspending other laws, such as those
governing common sense and decency.
The story, such as it is, concerns a
renegade cop (Brian Bosworth) who
infiltrates a Mississippi motorcycle
gang to bring them to justice. He suc¬
ceeds. but only after they massacre the
entire Mississippi Supreme Court,
which does not seem like much of a
victory for the farces of good. Bosworth
is a former American Football star with
a face right out of Marvel Comics and a
body that looks like 15 stone of
bleached beef. The film ends up nothing
more than a pacey bloodbath in which
motorcycles, naked women and gunshot
wounds are served up with equal dis-
pasrion.
Stephen Amidon
Tbs opening programme of the
Rambert season on Tuesday
night waa a convincing por¬
trait of the company as it has
been shaped by Rfchard Als¬
ton. Two new works, from six
the troupe has created during
the past year; : design by Rich¬
ard Smith and Paul Huxley
that marks a continuing
involvement, with distin¬
guished painters; serious mod¬
ern scores - KGgel Osborne,
David Sawer, Frederic Rzewski
- that inspire movement no
less varied and intriguing. The
image is bright,, fresh, and we
are braced by what we see.
. The evening opened with
Alston's Wildlife. Dating-from
1984, it Is one of his best pieces.
Beneath the luminous shapes
of Richard Smith’s pendant
kites, the choreography
explores activities - watchfol,
sportive, erotic' - that belong
to the fauna of some other
world. Nigel Osborne’s score is
varied in texture, and Alston
responds with vivid incidents:
a serene nocturne for Amanda
Britton; a sensual duet for
Ballet/Ctement Crisp
Rambert Dance Company
Alexandra Dyer and Paul Old;
a group dance that buoyantly
matches the ga m ela n echoes of
the score. Here is an abstrac¬
tion of animal behaviour that
seems all the more potent, and
true, for not being specific.
Alston's newest work is CaCs
Eye , with a score by David
Sawer whose punchy rhythms
are well suited to dance, and
with handsome design by Paul
Huxley - rectangles of solid
colour, flown against a mid¬
night blue cloth, that make the
stage area seem vibrant The
dance is as plotless as the
decor, but Gary Lambert is a
master of. Its ceremonies, danc¬
ing with ebullient energy, and
marking the score's jazzy
nuances with just the sugges¬
tion of a shimmy. 1 am not
sure, after one viewing, bow
the choreography holds
together - if It is, indeed.
intended to cohere - but its
varied incidents are pleating,
and offer a melting, pretty solo
to Jacqueline Jones, which she
shows off with great charm.
Siobhan Davies’ creation for
the company is Witmsbom Cot¬
ton Mill Blues. Industrial life
has rarely inspired choreogra¬
phy. Foregger's optimistic
machine dances in early Soviet
days; Gertrud Bodenwieser*s
fascination with ”1116 Demon
Machine" at about the same
time; Massine’s picture of
urban proletariat in Le Pas d'a-
der for Diaghilev, were hardly
concerned with industry itself.
Even the Marxist spectacles
staged by workers’ dance
groups during the Depression
in New York were more protest
than explanation. What Davies
has done is to make a subtle,
compassionate comment upon
an industrial community.
Her starting point is Frederic
Rzewski’s eponymous piano
score, which develops from an
rhythmic mimicry of machine
noise into a touching “blues”.
Alexandra Dyer and Amanda
Britton first appear, in a
prelude that evokes physical
exhaustion as well as
companionship, and they will
similarly provide a postinde to
the work. They are joined by
eight dancers whose
movements teR of the routine
of factory production, of the
tedium of repetitive industrial
action, even - in the way the
dance crosses the stage - of
the movement of shuttle across
loom, as if the machine
conditioned its operators.
Gabrielle McNaughton is
shown as a physically buoyant
figure, but the idea of blues as
lament imbues the
choreography with an elegiac
mood. Without literalism, and
with a characteristic finesse,
the dance speaks of the human
- and the industrially
dehumanising — condition.
In her finest work, Siobhan
Davies offers something of the
visual integrity we see in
Gwen John’s printing. In this
new piece the matching of
score, inspiration and Imagery
is acutely judged. As a.xnutical
note, I salute John .Sweeney's
performance of the Rzewski
blues, and the excellent
account of the Osborne and
Sawer scores by the Mercury
Ensemble under Roger Heaton.
The ballets were very well lit,
by Peter Mumford and Michael
Hulls. The Royalty Theatre has
one of the most hideous of
theatrical Interiors, but its
stage is well suited for troupes
of Rambert size, and the dance
looks good.
Rambert Dance Company
continues at the Royalty
Theatre until June 27 with
varied programmes.
IS
Theatre/Malcolm Rutherford
The Rise and Fall of
Little Voice
Jim Cartwright's new play at
the Cottesloe opens in the dark
with some dissonant music,
screams and a harsh Lanca¬
shire voice in the background.
When the lights go on, a gar
ish-looking woman is sick in
the sink. Then the fuses blow
because the electricity system
In this northern English town,
1992, cannot bear the record
player and the electric kettle
being turned on at the same
time. There is lot . of swearing
and some brutality. . .
The Rise and Fall af Little
Voice proceeds in this provoca¬
tively disagreeable way for
about 20 minutes. Yet since
Cartwright Is one of the most
promising English playwrights,
it is worth ho lding on: there
are surprises to come. Little
Voice has at least one startling
coup de thidtre and, in this pro¬
duction by Sam Mendes, out¬
standing performances all
round.
The title is Cartwright's lon¬
gest so for. His previous plays
were called Bed and To in that
order, but even Little Voice can
be abbreviated to LV, and usu¬
ally is. LV is the daughter of
the garish-looking woman,
Mari Hoff. She is called Little
Voice because nobody could
hear what she said as a child
or, perhaps more accurately,
because she never tried to
speak up.
She has been left a collec¬
tor’s gem of long playing
records by female vocalists by
her father, Frank. Mari’s main
memory of Frank is how
embarrassing it was at the reg¬
istry office to sign off as Mr
and Mrs F Hoff, which broadly
speaking is what Mari then
did.
LV not only listens to the
LPs incessantly - fuses per¬
mitting; she learns from them.
The theatrical coup comes
when she is overheard (not by
her mother) singing to herself.
Shiriey Bassey, Judy Garland,
Cffia Black, Grade Fields, Bil¬
lie Holiday, Edith PlaC, Marilyn
Monroe, she can do the lot It
may seem an odd but if
you see the play you Trill
understand why. The due is
Grade Fields: Cartwright Is a
consciously north country
writer.
LV is played by Jane Hor-
rocks. It is an immensely chal¬
lenging part. Not only does she
have to go through the whole
singing repertoire; she also has
to play the mixture of hurt lit¬
tle girl and potential star.
Some of Ms Horrocks's facial
expressions are superb. In the
singing role I thought that she
flagged slightly as the show
went an. Given confidence and
audience support, however,
this could grow into an unfor¬
gettable performance.
The play has its Imperfec¬
tions. There is an excess of
sentimentality. The romantic
sub-plot about the equally lit¬
tle-voiced British Telecom
engineer who is as devoted to
lasers as is LV to sing in g does
not quite work. The suggestion
at the end that LV has risen,
fallen and risen yet again
under the BT influence Is at
odds with the title.
The sight of the mother,
drinking Alka-Seltzer from a
dirty milk bottle because it is
less filthy than the caps in the
Alfred Jarry (1873-1907) wrote
the first of his four Ubu plays
In 1896. It ran for two nights
at its opening, and has been
perplexing audiences ever
since. Now, the Nada Theatre
has taken its Avignon Festival
version of the Ubu plays on
tour: this makes anarchic,
playful and life-enhancing
theatre. Jarry wrote the origi¬
nal for poppets. Nada use fruit
& veg. They tell a tale of regi¬
cide, state ceremony, political
intrigue, insurrection and war.
Hie cast amounts to two act¬
ors and a battalion of ‘Traits
et legumes”: leeks, potatoes,
cabbages and celeriac. The
exotica arrive in the form of
“ananas” and “pample-
monsse”. Vegetables without
stage presence (mushrooms,
peas, Jerusalem artichokes)
need not apply. But the cast
still needs a little purple
asparagus for the regal touch.
Ubu feels like an allegory for
something else; but as befits a
play adored by the high surre¬
alist Guillaume Apollinaire, it
d priflM nothing. Through the
alchemy of theatre, anything
can mean anything; or as Hans
Arp used to say, “the tongue is
a chair”.
Hie play does provide a full
platter of madness and inven-
siflk, over-pushes the squalor. 1
did not enjoy watching Alison
Steadman playing this part,
but I admired her performance
- and her commitment to
stick to it - no md.
The minor part that comes
off like a charm is George Rais-
trick as Mr Boo, the slightly
Atian-looking impresario who
presents LV at the local club.
As John Osborne keeps
reminding us, It is always use¬
ful to have a spot of music hall.
As a play. Little Voice is not
quite as good as To, which was
shown at the Young Vic 18
mouths ago, largely because it
is less well structured. But one
has begun to look forward to
whatever Cartwright comes up
with and to anything directed
by Sam Mendes.
Cottesloe, Royal National
Theatre. In repertoire. 071 928
2252
tion. The range of the actors
(Babette Masson and GnUbem
Pellegrin) beggars belief. Mas¬
son’s voice soars to become a
bagpipe at a military parade
and plummets to mimic the
gravelly tones of a palace
guard. She controls the vegeta¬
ble-puppets and wields the
vegetable-weapons. Pellegrin
negotiates the wonderful mim¬
ing: including a stage horse
and a final voyage out, done
with some water in a zinc
bathtub. As the actors com¬
mune with the vegetables, one
is gradually implicated into
the winning absurdity of the
evening. Where conspirators
are cabbages, the “ noblesse ”
leeks, and hi gh financiers yel¬
low peppers; life in the kitchen
garden suddenly seems to
apply everywhere. Ubu Is
acted in French, and lasts a
breathless and exhilarating
hoar.
Andrew St George
Tour Warwick Arts Centre
(June 15-16); Manchester
Green Room (June 18 - 20 );
Glasgow Tramway (Jane
22-24): all details on
041-422-2023.
Ubu
Recital/David Murray
Annie Fischer
Mias Fischer is a Hungarian
pianist-mutitian of rare, long-
matured gifts, and in her Royal
Festival Hall recital on Tues¬
day there were rewards enough
to satisfy all those in the audi¬
ence who have loved and
admired her work for decades
now.
It was nevertheless the
wrong venue, and the wrong
occasion. She had been
enlisted to take the place of
Alfred Brendel (laid low by ten¬
dinitis) in the international
piano series,, sponsored by
Technics Hi-fi. But Miss
Fischer is no longer a “hi-fi"
pianist tin* is a distinguished,
elderly lady whose technical
grip sometimes falters and
whose fingers often slip,
though her musical instincts
remain wonderfully vital.
A large part of the audience
attracted to a redial-series like
this one consists of younger
hi-fi listeners, accustomed to
nothing less than near-perfect
execution - and much discon¬
certed by wrong notes. She
should not have been playing
to them, but to an audience of
attentive aficionados in, say,
the Queen Elizabeth Hall or
the Wigmore. That said, I can
report that in Schumann and
Beethoven she was prodigal as
ever with direct, unadorned
insights.
Schumann's Kinderszenen,
the “Scenes from Childhood",
were utterly idiosyncratic: nei¬
ther chfld’s-eye nor cut-glass,
but forthright and urgently
felt Sometimes bumpy, too;
and Miss Fischer chose wilfully
to repeat section after section
ad libitum - always, of course,
with fresh lighting. That com¬
poser’s Sonata in F-sharp
minor emerged as a seamless
lyrical whole, with an impulse
so steadily consistent that one
barely noticed the breaks
between movements.
In Beethoven's Sonata op. 27
no. 2, the initial “Moonlight"
Adagio was strong, sonorous,
emphatically pointed; the
Scherzo oddly smooth and gra¬
cious, its half-staccatos and
rests melted sway by perpetual
pedalling. In the Finale Miss
Fischer generated more excit¬
ing drama than I’ve heard from
any pianist in some while. His
op. Ill Sonata rose above a lot
of finger-slips toward a grand,
humane virion. No motorised
virtuosity here, nor cosmeti¬
cally ethereal effects; but a
transparent, unblinking con¬
cern for the sense of the whole
work. It was a kind of lesson in
advanced musical ethics: just
what we love Miss Fischer
most tor.
5 o
■ AMSTERDAM
Concerfgebouw 20.15 James
De Priest conducts Netherlands
Philharmonic Orchestra in works
by Sibelius and Rakhmanlnov.
Sat: Edita Gruberova is soprano
soloist in a Schubert programme
conducted by Nikolaus
Harnoncourt Sun: piano recital
by Bruno Leonardo Gelber (6718
345)
Beurs van Bari age 20.15 ingo
Metzmacher and Peter Rundef
■ conduct Luigi Nono’s Prometeo,
also tomorrow (6270 466)
■ ANTWERP
••Be Vlaamse Opera 19.00 Silvio .
■'varviso conducts Gotz Friedrich s
production of Der Rosenkavalier,
with Marie Anne Haggander,
Jeanne Piland and Artur Korn.
Repeated on Sun afternoon, also
June 27 and 30 (233 6685)
■ ATHENS
Concert Hall 20.30 Electra's -
Laments: excerpts from the
Greek tragedies dealing with
Electro, by Aeschylus, Euripides
and Sophocles. Repeated
tomorrow and Sat (722 5511)
■ FLORENCE
MAGGIO MUSICALE
Teatro Communale 20.30 Zubin
Mehta conducts Orchestra of the
Maggio Musicals In Chopin’s
First Piano Concerto (Maurizio
Pollini) and Mahler’s Filth
Symphony, repeated on Sat
Tomorrow and Sun In Teatro
della Pergola: Le nozze di Figaro
(277 9236)
■ GENEVA
Grand Theatre 20.00 Gabriele
Ferro conducts Jerome Savary’s
production of Attila, also Sun
(311 2311). Tomorrow In Victoria
Hail: EHahu Inbal conducts
Mahler’s Second Symphony (311
2511)
■ LEIPZIG
Tonight and tomorrow, Natalia
Gutman plays DvoF6k*s CeIJo
Concerto in a. programme also
Including music by Ravel and
Schoenberg. These are the final
concerts In the Gewandhaus
Orchestra's season (7132 252).
John Dew's new production of
Gosi fan tutte opens at the
Opemhaus on Sun (also June
24,27 and 30) and Mara Zampieri
sings the title role in Tosca next
Thurs (7168 273}
■ LONDON
theatre
0 As You Like It: Maria Altken's
production of Shakespeare's
comedy has just opened in
Regent's Park. In repertory with
A Midsummer Night’s Dream
(Open Air 071-486 1933).
• Romeo and Juliet Michael
Maloney and Clare Holman as
the star-crossed lovers In David
Leveaux's RSC production. Starts
previewing tonight, opens next
Wed (Barbican 071-638 8891).
• The Sound of Music:
Christopher Cazenove and Liz
Robertson star in the classic
musical by Rodgers and
Bammersteln. Now previewing,
' opens on Mon (Sadler's Wells
071-278 8916).
• Six Degrees of Separation:
Phyflida Lloyd directs the first
London production of John
Guare’s play about a mugging
victim who seeks refuge at a
Manhattan dinner parly. Opens
tonight (Royal Court 071 730
1745).
• For ticket information about
all West End shows, phone
Theatreline from anywhere in
the UK: Plays 0836 430959
Musicals 0836 430960 Comedies
0836 430961 Thrillers 0836 430962
MUSIC
Covent Garden 19.30 Samson
et Dalila with Placido Domingo
and Olga Borodina, also Sat
Tomorrow and Mon: Der
fllegende Hoi Hinder (071-240
1066) •
Coliseum 19.30 Madam Butterfly
with Janice Cairns and Arthur
Davies. Tomorrow: Monteverdi’s
Ulysses. Sat Falstaff. These are
the final performances of the ENO
season. The new season opens
on Aug 27. Next week: English
National Ballet (071-836 3161)
Royal Festival Hall 19.30 Katia
Labeque and John McLaughlin
Trio In a jazz programme. Sat
Martha Argerich is soloist with
Montreal Symphony Orchestra.
Sun afternoon: Barry Douglas
piano recital (071-928 8800)
Queen Elizabeth Hall 19.00 Opera
Factory production of
Monteverdi's The Coronation
of Poppea, also Sun. Sat Tamas
Vasary conducts semi-staged
performance of A Midsummer
Night's Dream, with
Mendelssohn's complete
Incidental music (071-928 8800)
Barbican 19.45 Rafael Fruhbeck
de Burgos conducts the LSO in
works by Strauss and Beethoven,
with soloists Moray Welsh and
Nigel Kennedy. Sun: Mstislav
Rostropovich conducts concert
performance of
Rimsky-Korsakov's Golden
Cockerel (071-638 8891)
■ PARIS
Auditorium, Forum dee Halles
19.00 Kent Nagano conducts
Ensemble InterContemporain .
in world premiere of new work
by Tristan Murall, plus works •
by Stravinsky and Alain
Bancquart (4028 2840)
CMtelet 20.30 Charles Dutoit
conducts Montreal Symphony
Orchestra In Ravel's Mother
Goose, Beethoven's First Piano
Concerto (Martha Argerich) and
Falla's Three Cornered Hat (4028
2840). Sun at 18.00 in Cour
Carrte du Louvre: Dutoit
conducts a free concert with
Orchestra National de France -
(4230.2308)
Opera Bastille 19.30 Myung-Whun
Chung conducts revival of Petrika
Ionesco's production of Otello,
with Vladimir Atlantiov, Justino
Diaz and Kaffen Esperlan. Runs
till June 30, with next
performance on Mon. Domingo
sings the title role on June 24
and 30. Tomorrow. Marek
Janowski conducts Orchestra .
Philharmonique de Radio France
In Beethoven's Fifth Plano
Concerto (Brigitte Engerer) and
Bruckner’s Second Symphony
(4001 1616)
Palate Gamier 19.30 Ballet de
l’Op6ra de Paris in
choreographies by Neumeler,
Petit and Lander, also Sat and
Mon. Tomorrow, Sun and Tues:
II barblere dl SMglle (4017 3535)
■ PRAGUE
Erich Lelnsdorf conducts the
Czech Philharmonic Orchestra
in works by Richard Strauss and
Schubert, tonight and tomorrow
In the Rudolfinum (231 9164). The
Prague State Opera (formerly
Smetana Theatre) has Rienzl
tonight and Ambrolse Thomas’
Mignon tomorrow. Tonight at the
Estates Theatre; Le nozze di
Figaro. Sun at National Theatre:
Husalka. For precooking and
information about other events,
contact city centre ticket agencies
(Bohemia, Na Prikope 16,228736,
or Melantrlch, Wenceslas Square
36 in the passage, 226714) and
theatre box offices.
■ ROTTERDAM
De Doelen 20.15 Jeffrey Tate
conduces the Rotterdam
Philharmonic Orchestra in works
by Richard Strauss and BartOk.
repeated tomorrow evening and
Sun afternoon (413 2490)
■ VIENNA
Stealsoper 19.00 Bruno Weil
conducts Don Giovanni, with
Ruggero Raimondi, Cheryl Studer
and GBsta Winbergh. also Mon.
Tomorrow: Cerha's Baal. Sat
La forza del destino. Sun:
Tannhfiuser (51444 2960). Sun
In Volksoper Zemlinsky
double-bill (51444 3318)
Muslkvereln 19.30 Song recital
by Kiri te Kanawa, accompanied
by Andrd Previn. Sun morning:
Rkxardo Muti conducts Vienna
Philharmonic (505 8190)
■ ZURICH
Opemhaus 19.30 Rail Weikert
conducts Cesare Lievl's new
production of Capriccio, with
Sona Ghazartan, Josef Protsehka,
Robert Holl and Olaf Bar. Runs
till July 2, wife next performances
on Sun afternoon and next Wed.
Tomorrow and Sun evening:
ballets by Bertrand d'At and
Bemd Roger Bienert Sat Baltsa
and Carreras In Carmen. Mon:
Hermann Prey sings Wlnterreise
(262 0909)
Tonhalle 19.30 Nello Santi
conducts works by Respighi, Liszt
and Rossini Tomorrow: Lieder
recital by Kathleen Battle (201 -
1580). Sat Silvia Marcovici and
Antonio Meneses play Brahms’
Double Concerto with Zurich
Chamber Orchestra (2521737).
Sun; Brazilian programme with
Zurich Symphony Orchestra (261
1600)
European Cable and
Satellite Business TV
{all times CET)
MONDAY TO FRIDAY
CNN
2000-2030. 2300-2330 World Busi¬
ness Today - a jolim FT/CNN pro¬
duction with Grant Perry and Cohn
Chapman
Super Channel
0830-0000 (Mon) FT East Europe
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2130-22 00 (Tues) Media Europe -
what's new in European media
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2130-2200 (Wed) FT Business
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2130-2200 (Thura) FT Eastern
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ness Weekly
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CNN
0900-0930 World Business This
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Weekly
FINANCIAL TIMES THURSDAY JUNE IS 1992
FINANCIAL TIMES
Number One Southwark Bridge, London SE1 9HL
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700
_ Thursday June 18 1992 _
Partial eclipse
darkens Japan
THE CURRENT eclipse of Japan's
economic sun will not last for
ever. But there are more construe-
five ways for tbe Japanese author¬
ities to remove the shadow than
simply to sit, wait and pray to the
gods. The Bank of Japan and the
Ministry of Finance together have
the power to stimulate domestic
demand. Both economic and politi¬
cal logic suggest they use it
The ftanfc of Japan's unwilling¬
ness to acknowledge the risks the
economy faces is understandable,
if misguided. Most economies
would have buckled under the
combined strain of a harsh mone¬
tary tightening and financial mar¬
ket collapse. But the bank has so
Ear skilfully managed to deflate
Japan's frighteningly large asset
market bubble without prompting
anything more than a modest
deceleration of economic growth.
Not even the most pessimistic
observers expect Japan to suffer a
fail in output, let alone a recession
on the scale suffered by the US or
UK. More likely Japanese eco¬
nomic growth will slip to a
respectable 2 per cent this year.
What then, the central bank and
finance ministry might ask, is all
the fuss about? But Japan’s policy¬
makers cannot afford to be so san¬
guine. The risk Japan faces is not
a sharp fall in output but instead
that the return to trend economic
growth will take years rather than
months. For a sign of filings to
come, officials have only to
observe the anaemic recovery in
America and the corpse-like state
of the UK economy, and listen to
the resigned tones of once optimis¬
tic civil servants and forecasters.
Japan is, in fact, suffering from
the very same underlying problem
that has strangled economic
recoveries in the Anglo-Saxon
world. Companies, consumers and
banks are all burdened by varying
degrees of outstanding debts. The
weakness of the stock market and
the accumulation of bad debts in
the banking sector have already
depressed confidence and activity
outside tbe financial community.
Corporate profitability is weak
and expected to deteriorate; bank¬
ruptcies are rising and overtime
working is falling. Broad money
growth may be sluggish because |
companies do not want to borrow
for investment, but even if they
<fid the hanks would be in no posi¬
tion to offer new finance.
Yet Japan does not have to |
stand back and take these defla¬
tionary blows on the chin. The
Ranir of Japan, ™wir« the Rank of
England, retains the ability to set I
a flexible course for monetary pot I
icy; and reason demands more i
interest rate cuts than Mr Yoshida ;
Mieao, its governor, has so far
been willing to deliver. The infla¬
tion risk is negligible as the low
level of long rates indicates; and a
fiirther percentage point off the i
discount rate would provide wel¬
come relief to Japan's troubled
h anking sector.
Similarly, the finance ministry,
imlike the VS Treasury, has ample
room to stimulate domestic
demand through active fiscal
policy. The budget balance that
counts - that of the general
government - is in healthy
surplus, and the public sector,
unlike the private sector, has
plenty of worthwhile investment
opportunities.
The underlying strength of the
Japanese economy will ensure
that it eventually resumes its
place in the sun, although the
heat may not be quite as intense
as in the late 1960s. But file Japa¬
nese authorities have a clear inter¬
est in this happening sooner
rather than later. The longer
growth in Japan remains slow, the
more consumers will reduce their
spending on imports and the
larger Japan's current account
will become. A looser monetary
and fiscal polity is the . sensible
way to cut this deficit and smooth
international trade relations. Inac¬
tion only Increases the risk that
the US or EC will try to impose a
more brutal solution.
Fewer nukes
BY THE standards of the Cold
war, Tuesday’s Russo-American
agreement to cut nuclear arsenals
to fewer than 3.500 warheads
apiece would be a truly amazing
item of good news. Even today it
is good news, but those standards
no longer apply. Indeed, one of its
salutary effects may be to remind
world public opinion that both
superpowers still possess very
large stocks of nuclear weapons,
which would take them well over
a decade to destroy.
Few people in the west any lon¬
ger see Russian nuclear weapons
as the Instrument of a hostile pow¬
er’s quest for world domination.
Therefore, western preoccupations
are less concerned with the quan¬
titative destructive potential of
Russia’s nuclear strike force than
with the degree to which it is
under effective political control
and physically secure. The west
has eagerly, almost indecently,
hastened to recognise Russia as
the sole legal successor of the
defunct Soviet Union, mainly out
of anxiety to avoid the multiplica¬
tion of nuclear powers by a pro¬
cess of vegetative reproduction.
The fiction that the former Soviet
strategic forces devolved not to
Russia as such but to the Com¬
monwealth of Independent States
has now been abandoned. But the
precise relationship between the
Russian state and those elements
of the ex-Soviet armed forces -
both conventional and nuclear -
which remain in being outside
Russian territory remains unclear.
The difficulties involved in
"repatriating" both troops and
weapons to Russian seal, in demo¬
bilising the former and in decom¬
missioning the latter, are at once
economic, technical and political.
The im plpwiantatinn of arms con¬
trol agreements - notably CFE
and Start - signed by the Soviet
Union but not yet ratified by its
successor states, is problematic,
and dependent even in the best of
cases on western help. Mr Vadim
Osinin, an arms control expert
attached to the Russian parlia¬
mentary defence committee, spoke
yesterday of "difficulties with
implementing the Start treaty
obligations, which will go on until
1999"; and said that implementa¬
tion of the new agreement could
not begin until that of Start was
complete.
In those circumstances it is
probably best to regard this agree¬
ment as at once an earnest of Mr
Boris Yeltsin's goodwill (condi¬
tioned, in part at least, by his des¬
perate need for western economic
aid), and as a test of his control
over the ex-Soviet armed forces. It
will not be fully implemented
until tbe year 2003, or at best 2000.
But it is a very important measure
of nuclear disarmament by the
two largest nuclear powers, in
accordance with the letter and the
spirit of Article VI of the Non-Pro¬
liferation Treaty. As such it
should facilitate the extension of
that treaty in 1995. At the same
time it brings the US and Russian
arsenals down to a level where i
they can reasonably require that
the next round of disar mam ent
talks should involve the other
nuclear powers as well.
EC anti-trust
IT IS IRONIC, given Sir Leon
Brittan's firm stewardship of EC
competition policy, that the Euro¬
pean Commission’s fitness to exer¬
cise power in this field is increas¬
ingly questioned. That, however,
is as much a tribute to Sir Leon's
success in placing competition pol¬
icy higher on the EC agenda as it
is a symptom of unease at the
commission’s sometimes haphaz¬
ard record in enforcing it
The need for effective EC-wide
competition safeguards in a single
market is indisputable and has
been explicitly recognised with
the passage of the EC merger reg¬
ulation. However, the procedures
for achieving this goal are flawed.
Not only do they lack darity; but
in a community where the biggest
threats to free markets are often
the actions of governments rather
than of companies, they are too
prone to political manipulation.
This week. Sir Sydney Lipworth,
chairman of the UK Monopolies
and Mergers Commission urged
that at least some of tbe EC com¬
mission's powers be transferred to
an independent authority. Sir
Leon has rejected such demands
in the past, asserting that any
alternative to the present system
would be at least as vulnerable to
political Interference. But while
there may be some truth in his
argument, it ignores two impor¬
tant points raised by Sir Sydney
One Is that by acting as investi¬
gator, prosecutor, Judge and exe¬
cutioner, the commission risks
conflicts of interest by combining
too many incompatible roles. Sir
Sydney proposes giving responsi¬
bility for investigation and adjudi¬
cation to a body independent of
the commission, or at least of its
prosecuting arm. Secondly, such a
body should routinely publish its
detailed findings. That would
inject much-needed transparency
into a system which currently
imposes do onus on Brussels to
Justify competition decisions.
These proposals would favour
fairer and more consistent deci¬
sion-making. though they would
not of themselves safeguard
against political meddling There
is room for debate on how that
could best be achieved. But for
Brussels to persist In denying any
need for reform would be both
myopic and contrary to the princi¬
ples of rffirient and equitable pol¬
icy which Sir Leon has sought
energetically to uphold.
I t was tempting, in the late
19808, to write off Silicon
Valley. Some even called it
the "next Detroit”; the latest
example of the declining
competitiveness of American indus¬
try, It appeared that the. valley's
famed entrepreneurial spirit was
being crushed-by the . onslaught
from Japan.
Look again. Today, this northern
California complex of high-technol¬
ogy industries is brimming with
confidence.
"People think this industry is
maturing," says Mr Steve Jobs,
chairman of Next Computer and as
co-founder of Apple one of the val¬
ley’s most' celebrated entrepreneurs.
"They are so wrong. Every time a
technology window opens there is
an opportunity complkely to rear
range tbe industry." He agrees that
the targeting of a new venture has
to be more precise. "At Apple, we
threw a dart at a white wall and
where it landed we painted a bull’s
eye. At Next we are trying to do
something far more ambitions
because the market Is more sophis¬
ticated.*’
If the technological opportunities
seem boundless, so too is the vat
ley’s capacity to. exploit them.
Thanks to the momentum of inno¬
vation and entrepreneurship which
began before the war and acceler¬
ated in the 1960s, Silicon Valley has
a rich infrastructure of electronics
engineers, subcontractors, venture
capitalists, public relations advis¬
ers, headhunters and lawyers, all of
whom have a part to play in getting
a venture off the ground. T could
start a semiconductor company on
foe telephone from my home," says
Mr Wilfrid Corrigan, chairman of
tju l/ jg i o, a leading semiconductor
manufacturer.
Mr Andy Grove, chairman of
Intel, the world’s largest, maker of
microprocessors, compares it to the
theatre business in New York
which has an itinerant workforce of
actors, directors^ writers and techni¬
cians, as well as experienced finan¬
cial backers. By lapping into this
network you can quickly put a pro¬
duction together. It might be a
smash fait, like 42nd Street, or it
might be panned by the critics.
Inevitably the number of
long-running plays is -small, but
new creative Wbm keep bubbling
up- '
"Silicon Valley is a technology
crumble," says Mr Irwin Federman,
who w>n a lpadfng semiconductor
company in tbe 1970s and is now a
venture capitalist "Every engineer
in the valley at tbe back of bis
mind that zf be comes up with an
interesting product be can start a
company. Not too many opportuni¬
ties get wasted."
Mr Dick Moley, an engineering
graduate from Menefaenter , came to
the US in 1961 to work for the engi¬
neering group Westinghouse in
Pittsburgh, then for Hewlett Pack¬
ard in the valley. "I saw all these
start-ups and I thought - ni be a
wimp if I don’t try it" He was part
of the team that created Rohn, a
pioneer in computer-controlled pri¬
vate telephone exchanges. He is
now running another start-up. Stra¬
ta com, inventor of the “frame
relay” method of squeezing large
quantities of data through narrow
bandwidth telep h one lines.
Silicon Valley’s family tree, dis¬
played on many office walls, goes
back to the 1960s. Mr Corrigan, a
Liverpudlian who came to the US in
1961, and Mr Grove, a Hungarian
emigre, both worked for Fairchild
Semiconductor, tbe progenitor of a
long line of entrqnenesrial compa¬
nies. Fairchild itself was a spin-off
from Shockley Laboratories, set up
by Mr William Shockley, inventor of
California’s Silicon Valley is enjoying a
revival in innovation and entrepreneurship,
write Geoffrey Owen and Louise Kehoe
A hotbed of
high-tech
times become allies, as evidenced
by several trans-Pacific technology ,
and marketing agreements. The £
tec hnological achievements of Japa¬
nese com pan ies, in manufacturing
for example, are recognised and
even admired In Silicon Valley.
However, there remains a strong
aadereurrent of resentment - the
result of Japan's alleged refusal to
buy American chips - among
veterans of the semiconductor
indukry.
Outsiders have also dubbed US
chipmakers "Japan bashers", yet
there is no sign of racial dishar¬
mony in the valley. Indeed, it is a
melting pot of Asian, European and
South American immigrants. Get-.
Hng rich Is a strong motivator and
one that few are embarrassed to
acknowledge. Hence the importance
of stock options, which give employ- f
ees a stake in the success of ffedg- '
Eng companies.
A move by Congress to tax com¬
panies on stock options granted to
employees is being vociferously
opposed by valley executives. “It
would change everything." says Mr
Rodger Higgins, another British
transplant who arrived in Silicon
Valley 10 years ago and recently
joined Clarity Software, a start-up
company developing office applica¬
tions programs for computer work¬
stations.
B ut the Silicon Valley
method of creating
wealth Is by building,
rather than by specula- -
ting. “Whatever has
been created here that has been
really important,” says Mr Sculley.
"has been done with an incredible -jjs"
amount at passion behind it.” __
The sources of new science are
fixe universities - not only neigh¬
bouring Stanford, which bas played
a seminal role in the valley’s devel¬
opment- Apple, for example,, took
over work on speech recognition
that bad started at Carnegie Mellon
University. Radical innovations
within the valley itself, like the
integrated circuit, are rare.
“Silicon Valley people," says Mr
Sculley. “are great connoisseurs of
technology." When one of .the
socalled "paradigm shifts” occurs,
the entrepreneurs are quick to
move in. Many believe that Silicon
Valley companies are on the cusp of
just such an opportunity, created by
tiie marriage of computer and com¬
munications technology to create a
broad new class of mass market
products ranging from hand-held M
computers to interactive entertain- "•
ment systems.
Apple's recently unveiled "New¬
ton" technology, is a prime exam¬
ple. Early next year Apple.will
iflim^h a hand-held “personal digi¬
tal assistant", a device designed to
help people keep track of appoint¬
ments, and scribbled notes, send fax
messages and arrange meetings.
But Apple is not alone. Already,
dozens of new Silicon Valley ven¬
tures have, being formed iaride the
new digital consumer electronics
wave.
Whether or hot this hew technol¬
ogy fulfils its promise, Mr Grove of
Intel is surely .right to stress that
business success in tbe 1990s and
beyond will depends on speed ?*.
responding faster to market' condi¬
tions, getting information around
the country fester, making strategic
changes fester. In an environment ijfc
where product lives are shorter -
“there are no safe.havens". .as Mr
Federman puts it. - the hyper-com¬
petitive atmosphere of Silicon Val¬
ley, with its adaptable giants,
cheeky spin-offs and ambitious
start-ups, is an American asset
which no other country .has yet
been able to match.
the transistor, in 1955.
' But the valley is no respecter of
grey hairs. It is a meritocracy in
which everyone has a chance to
succeed. It matters little where you
come from, or what you have
achieved in the past, only what you
can contribute today.
“The American dream lives hi Sil¬
icon Valley.” says Mr jerry Sand¬
ers, chairman of American Micro
Devices (AMD) and another Fair-
child veteran. It attracts people,
according to Mr John Sculley of
Apple, "who are willing to roll the
dice and lose it all”.
But it is not a get-ricb-quick
casino. It is risk-taking allied to
intense effort; casual style that
lightens the grind of 60-hour weeks;
brashness combined with profes¬
sional pride and a desire to build
great companies; intense competi¬
tion tempered by a respect for the
individual.
This last characteristic is widely
attributed to Hewlett-Packard, one
of the valley’s oldest companies; it
was founded just before the second
world war. “Bill Hewlett and Dave
Packard had a very positive view of
human potential," says Mr Jobs.
“That was their greatest gift to the
valley; they saw people as part of
the solution, not part of file prob¬
lem."
Yet even Hewlett-Packard cannot
live by corporate values alone, ft is
threatened by upstarts, such as Sun
Microsystems which invented the
workstation market, aimed pre¬
cisely at the professional and scien¬
tific customers which Hewlett-Pack¬
ard had regarded as its own. Having
painfully absorbed Apollo, one of
Sun’s rivals, Hewlett-Packard is
now storming back, winning mar¬
ket share in the workstation sector.
This ability of the larger compa¬
nies to re-invent themselves under
competitive pressure is emerging as
one of the valley’s strengths. Aftra-
its success in the early 1980s, Apple
had to undergo what Mr Sculley,
ffhawnan and nhtef executive, rails
“a series of wrenching re-blrths”
before recovering its momentum.
M r Sanders at AMD
has flirted with
disaster on sev¬
eral occasions.
“When you have
survived a few crises, ft gives you a
sense of assurance about yourself; a
kind of self-worth," he says. One of
AMD’s crises came in the mid-1980s
when part of its design team left to
form Cypress Semiconductor.
There are those who question the
value of the constant fragmentation
of the industry through spin-offs
and start-ups. Mr Sanders, for exam¬
ple, argues that Cypress “will never
become an important global compet¬
itor”.
Does the Silicon Valley model dis¬
courage the creation of strong,
ginh«ii companies capable of taking
the long view? Mr Grove at Intel
insists on the need for “agile
giants” in the semiconductor busi¬
ness, but the ■ agility, he
acknowledges, comes in part from
the newcomers sniping at their
heels.
A start-up. Chips and Technolo¬
gies, caught Intel napping in tbe
mid-1980s by offering personal com¬
puter "chip sets”, a kit of semicon¬
ductor parts to build a personal
computer. Although Intel was at the
time the sole supplier of the micro¬
processor "brains” chip for PCs, the
sale of chips that surround the
microprocessor was an important
portion of its business.--•. *'■ ■ ■
“In retrospect it was' a simple
thing to do," says Mr Grove. "They
thought of It, we didn’t”. More
recently a product announcement
from another minnow, Cyrix,
caused the Intel share price to dreg)
by 15 per cent in one day.
There is also a "Wild West”
aspect to the valley. Today’s gun-
sfangem are trigger happy with law¬
suits, aimed at would-be competi¬
tors allegedly infringing patent
rights. The plethora of litigation
demonstrates that even neighbours
and personal friends can be brutal
competitors. “We have learnt to live
in an environment where we are
violent competitors one day, allies
the next,” says Mr Sculley.
Even Japanese rivals can some¬
Book Review
Plea for no muscle-play
T he German,” wrote Theo- —■— ——- — — --—-- place in European history w;
dor Heuss, West Ger- Die Grenzen der Macht become less sharp-”
many’s first president, (The limits Or Power) But Stunner also expresses irril
“appears more complex Bv Michael Stunner turn with compatriots who use tl
T he German,” wrote Theo¬
dor Heuss, West Ger¬
many’s first president,
“appears more complex
and inexplicable to himself and to
other nations because his history is
more complex than that of other
countries."
One of the- reasons for the com¬
plexity of Germany's history is its
place on the map. It has become a
cliche to affirm that Germany's
position in the middle of Europe, at
the crossroads of ideas and the
intersection of armies, has greatly
contributed to the vicissitudes of
Germany's national saga during the
past four or five centuries.
The byways of Germany's past,
and the still open questions over
the reunited nation’s future, form
fixe focal points of Stunn¬
er's book. One of tbe best-known
German historians, with-a deep
interest in the nexus between eco¬
nomics and politics, StOrmer takes
the reader on a magisterial grand
tour of the dells and . the high
ground of Ms country's history.
ffis title nnderilrifts that this is no
plea for a resumption of German
muscle-play. At the-beginning d the
1980s, StOrmer was an adviser to
Helmut Kohl in the Bonn chancel¬
lery. Some of the. misunderstand¬
ings and suspicions concerning Ger¬
many’s foreign policy during the
past two years - over its relation¬
ship with Moscow, for instance, or
its stance on the Gulf War and
Yugoslavia - might have bear dis¬
pelled had a man of Stflrmer’s for¬
midable analytical and public -rela¬
tions remained at Kohl’s
StOrmer contends that German
power, stretched beyond its Unfits
under the Third Belch, and then
squeezed to nothing by defeat and
dismemberment in 1945, will remain
highly constrained now that the
nation is whole a gain- Germany is
being reminded. Stunner notes, of
its "historical dilemma" in the cen¬
tre of the continent.
Die Grenzen der Macht
(The limits Or Power)
By Michael Stunner
SiefBer Verlag, Berlin, DM37.255 pages
Germany has the size and the
influence to shape the future of the
"European system”. But the coun¬
try itself win be shaped by the bal¬
ance of forces stemming from the
break-up of the Soviet Union, the
redefining, of the US role In the
world, and the relationship with
France. And the limits of German
power will continue to be defined -
just as they were during the years
of division - by the degree of trust
it earns from its neighbours.
Germany's influence is due to its
position straddling east and west, as
well as to the strength of its econ¬
omy. But Stunner knows that, at
the heart of Europe, the ending of
the Cold War creates risks as well
as opportunities. Stunner’s funda¬
mental question - “Where do Ger¬
many and the Germans belong?”
has to be posed afresh. “Between
the Rhine and tbe Oder lies a land
which must sSH through painful
experience, find its internal balance
and its external role.”
precisely because of the uncer¬
tainties, StOrmer is convinced that
Germany will be able to play this
role only if it resists the temptation
to became once again a “bridge”
between east and west and remains
firmly anchored in the Atlantic
community. Stflnner ascribes great
importance to maintaining tbe US
military presence in Europe.
One of Stdrmefs theses is that
rotier not only destroyed the Reich,
but also undermined "the German
future". With unity and sovereignty
now recovered. Hitler’s thrall has
weakened. Somewhat ambiguously,
Stunner alludes to the tendency for
Germans to become less apologetic
for the crimes of the Third Reich.
"With increasing distance, Hitler’s
place in European history will
become less sharp ”
But Stunner also expresses irrita¬
tion with compatriots who use the
catastrophe of the Third Reich as
an excuse to prevent Germany from
bearing its greater responsibilities,
for instance, by sending troops on
peace-keeping missions abroad. Ger¬
many will have to become “actor
and not spectator” on the world
stage. Stunner writes - but he
leaves nnciear exactly how this new
strategic role should look
There is another intriguing gap in
the book, relating to the integration
of the European Community.
Stunner is a skilful guide through
the paradoxes of German history.
But at the end of the journey.
Stunner makes clear that united
Germany's place on the political
map will be determined by the
degree of. power it wishes to assign
to supranational institutions.
StOrmer writes correctly that the
new impetus in 1990-91 to European
political and monetary union was
part of Germany’s BenMgtmgspoU-
tik (policy of calming fears), aimed
at lessening distrust about the
might of a united Germany. He also
balf-approvingly records the remark
of a French diplomat equating Ger¬
many’s D-Mark to France’s posses¬
sion of nuclear weapons. Stunner
leaves open whether Germany will
be wilting to take the step of mone¬
tary disarmament by allowing the
D-Mark to be subsumed into a sin¬
gle European currency.
Ulrg many influential Germans,
StOrmer is in fact (although he does
not say so in the book) sceptical
about whether a European central
bank will really be set up. Stunner
might have spelled out more clearly
that a premature abandonment of
the D-Mark is one limit on German
power which his country is not.
after all. willing to countenance.
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Economic Viewpoint
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I t is easier to destroy than
to tHiOd.- Thisfa the sort
eff Charchillianism that
comes to mind when I
hear of the government's deci¬
sion to' abolish the National
Economic Development Coun¬
cil. So anyone expecting me to
^^r^ocM he rafters will be
NEDC consists of a council
of ministers, business rep rese n¬
tatives," trade unionists and a
few independents, it was
mea nt to discuss economic
strategy. The maln work, how¬
ever, wasoamed-out-by an
independent office, which also
serviced the “Little Neddies”
for specific industries.
When the body was estab¬
lished by Harold Mamitltan in
1962, French-style indicative
planning was much in vogue.
Not long afterwards it went
out of fashion in France itself.
The idea of ministers and the
“two sides of industry'' fixing
things around a table went oat
of fashion-much later, basically
with , the failure of the -Soda]
e ntract" - of the : 1974-1979
hour government Neverthe¬
less there was still a useful
role for the organisation.
The - National - Economic
Development Office's director-
general, Walter Eftfa, has just
pointed out that in the 1980s
the organisation shifted from
grand macroeconomic strategy
to what he calls "supply-riding
improvements”in specific
industries. ' ..
But'there was ah important
macroeconomic element in
NEDC in the Nearly days. This
was to press the Treasury , and
the Bahk of' England to boost
demand sufficiently to secure
an annual growth rate of 4 per
cent The Treasury dug in and
said that 3 per cent was the
maximum.feasible.
The emotion- which that
debate engendered was compa¬
rable with that which occurred
later over “shadowing” the
D-Mark or joining the ERSL
Charges flew hack and forth
and friendships were broken.
This might all now. seem to;
belong to another world. Few 1
economists or economic com¬
mentators would argue with a
straight face that government
financial policies can deter¬
mine whether the economy
will grow on averageby -t ors -
per cart, ar.any other figure.
Government intervention
should be limited to improving
the efficiency with which mar¬
kets work.
And yet there is a baby with
the bath water. NEDC was set
up in part to form a lobby for
economic growth and. effi¬
ciency. There are not that
many other bodies committed
to growth. Government depart¬
ments have their own clientele
with their own vested inter¬
ests* That applies even to the
Treasury* Its goal of holding
By Samuel Britt an
Lascivious
drones
■ The jibe “No sex, please;
we're British” may. look to be
confirmed by the Automobile
Association's survey which
shows that the Brits are no
longerseduced bysexycar
ads. They’re now far more
turned on by things like
mechanical reliability and
good aH-round vision.
But lust hasn't entirely lost
its commercial pull - or so
hopes lutenlst Anthony Rooley,
at least, who is pressing it into
service in launching a record
label specialising in early
music..
Having set up the Consort
of Musicke 23 years ago, he
is seeking backers under the
tax-relieving Business
Ex pansion Scheme for a new
record-producing company
with the self-effacing name
of Musics Oscura It should
nevertheless stand out clearly
among most of the other
ventures formed under the
scheme, which is due for to
be scrapped at the end of nest
year because it had largely
degenerated into a tax-break
for private landlords.
The £35(WKJ0 the company
hopes to reuse will go towards
id new discs of works by
composers such as dpriano
De Rare and Luca Marenzio.
But while their names seem
unlikely to draw the millions,
Musica Oscura is certainly
doing all ft can to breathe fire
into their compositions. Take
for instance Its sleeve notes
for the disc featuring Marenzto,
which proclaim:
“Only classical Indian muse,
with its lascivious drones and
ululating melodies, can rival
the renaissance madrigal in
creating wanton bliss. Luca
Marenao fe one of fixe
recognised gurus of this
sensual art-form* perhaps toe
greatest - from the lofty
Petrarchan conceit addressed
; fetyrite fcr ttfajkn-1982 »-tOO (samWofl scafej V:
Vvy«V"
.Sft&iA
i-W /
\ Sv.V^
• V ■
Xxl- -
, Japan f+
, UK'. ' <
8s : ■*
Auatroifa^
•Sweden:
hark public pending may do
'more to help growth than
spending ministers think; but
the two goals are not identical.
A short-lived experiment
with an independent economic
voice in government was the
Department of Economic
Affairs under the first Wilson
g o v er nm ent There have also
been departments attached to
the prime nrinfatw or the Cabi¬
net Office, such as Lord Roths¬
child's Central Policy Review
Staff and the. Number 10 Policy
Unit now under -_;_•-
I have no doubt that ministars
found it a hnrtng tellring shop.
The frequency of council meet¬
ings had already been reduced
in 1987. But there is still some-
flung to be said for keeping a
permanent f hannui of commu¬
nication between a Conserva¬
tive government and trade
imiiwlofaj , and one that fa not
dependant pn ministers saying:
"They can always ring up my
office if they want to
see me.”
The best bet now for a
source of advice
Sarah Hogg, a and influence
Although many Are declines U1 asset no t bound by
of their mem- prices, when the cabinet line
bers genuinely •- : is an Indepen-
beiieve in consumer prices are Bank of
growth, their St31 rising, really England. Wbat-
JSJH deflation or not? tha Uaastrirht
believe in
growth, their still risil
first task is to . deflorini
serve the prime-. aeuauo1
minister of
the day.
Ministers sometimes ask
why independent forecasting
centres Eke the National Insti¬
tute or the London Business
School cannot do the job. They
forget that forecasting - of
which they claim to be scepti¬
cal - is not the same as either
lobbying for growth-centred
policies or carrying out
research into the obstacles to
growth, research which often
suggests making more use of
markets and prices.
As for the tripartite council:
When the cabinet line
•„ A „ is an indepen-
inces are dent Bank of
T, really England. What-
nrnnt? ever happens to
Or Uvi. the Maastricht
mmm^mmam Treaty, the
momentum to increased collab¬
oration among the Community
central bankers - now under a
Danish chairman — will Con¬
tinue to build up. The Bank of
England will only be able to
play its toll part if it is inde¬
pendent but accountable.
But I am not sure that a cen¬
tral bank completely meets the
biH My own preferred evolu¬
tion of the Office part of NEDO
would have been towards a DS-
style Council of Economic
Advisers - at a slightly
greater distance from govern-
Observer
to the to effabig ^ un¬
attainable Laura to the highly
erotic world of post Guarini
love poetry....”
Not to mention 40 per cent
tax relief, to boot
Too true
■ A male colleague has been
invited to a workshop on
Image and Self-Projection for
Women. The letter, posted in
Barbados, West todies, adds;
Help Stop Wasteful Duplicate
Mailings...
Tomed down
■ Could it be that the best way
to get the public to turn down
a historic proposal is to make
it a long one, and get them
to read it? Certain Danes,
reflecting on the rejection of
the Maastricht Treaty, are
beginning to think so.
Well before the June 2
referendum their government
printed the 120 -page legal text
and handed out 500,000 free
copies, one for .every 10 of the
population. The result, it
seems, was that a good many
of them took one look and
decided they could never vote
for anything so
incomprehensible.
Wfcafprice, ibeD, the
chances for the Norwegian
government? Its hill presenting
the European Economic Area
Agreement between the
European Community and the
Efta countries, just issued,
. runs to 4,707 pages and weighs
in at 161b l%oz-
Second chance
■ “Everyone is entitled to one
mistake,” says Sir Peter
Chalet, AFV’s wettconnected
chafrman. Nevertheless* a few
eyebrows will cock at the
speed with which Clive
Strowger, the ex-chief
executive of Mountleigh, has
“Tm moving you
to Ballets”
found a comfortable new berth
as AFV’s chief executive. '
APV has been looking for
a new chief ex ecu ti ve for quite
some time - which, coupled
with the fact that Strowger
has been out of a job since
September, suggests he could
hardly have been a first-choice
appointment
Be that as it may, Cazalet
- an ex-BP man who sits on
the boards of P & O and -
Wehcome - has taken
extensive soundings and is
confident he has made the
right selection. Strowger, a
respected ex-finance director
of GrandMet, has the sort of
international experience APV
needs if it Is to integrate its
collection of businesses and
avoid being taken ova-.
Strowger is certainly not
a maverick and is understood
to have been stung by last
year’s Stock Exchange
criticism of Mountlagh’s
directors, especially since he
used to be a member of the
exchange's quotations
committee. Perhaps he has
been harshly treated.
Even so. his decision to
throw in his lot with US
entrepreneurs Nelson Peltz
and Peter May in some
half-baked idea of transforming
a controversial property
wanpany like Mnimtlnl g b j ptn
a proper international
business, wasn’t just bad luck.
It was a monumental error
of judgment
Back to business
■ The Conservatives may stiQ
not he the most popular party
in Scotland but there is little
doubt that to dealing with the
media during the elation they
were the nicest and best
equipped of the Scottish
political parties.
All credit to their 32-yearald
chief press officer, Alice Luce.
She was promoted to the post
only three weeks before polling
when her predecessor Brian
Townsend suddenly resigned.
So it seems somewhat crass
of her bosses to sack bar along
with five others in
post-electoral costcnttingat
hpad nfB«»
to the macho style of City
of London firings, the normally
diplomatic party chairman
Lord Sanderson ordered bar
to dear her dedr and leave
toe building at once. Then he ’
replaced her with his personal
assistant, David Watt. '
Luce, who had worked for
the party for four years, feels
badly let down, especially as -
- for the first time in Scottish
Tory general election
campaigns since 1979 - this
year's ended with the party
increasing both its vote and
Its number of seats. Hie
party’s “commitment to
employing women to high
places seems rather hollow”
' Lady Thatcher would
doubtless agree.
Leading question
■ What's the name for a
myopic prehistoric monster
with a guide dog?
“Dyoothtokesaurus Rex.”
LETTERS TO THE EDITOR
Number One Southwark Bridge, London SE1 9HL
Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution
ment than is the case in Amer¬
ica. Papers from an outside
source in the chancellor's box
would at least be a reminder of
the variety of points of view.
Ministers need to be
reminded that, if you interpret
growth as the growth of cash
spending (nominal GDP), then
it is not so absurd to put for¬
ward a growth target of 3 or 4
per c ent per annum. This is
low enough to put a lid on
inflation but high enough to
ensure that, if pay and prices
are restrained, the results will
not go to waste in loss of out¬
put, income and employment
(In the jargon there Is a role
for a nominal demand objec¬
tive.)
Indeed that is what monetar¬
ism is all about when shorn of
the mystification and techni¬
calities. It is also consistent
with reconstructed Keynesian¬
ism. Some organisation may
well be needed to press for
some mMmaJ demand growth
even if that has to be promoted
internationally - say at the
level ctf the European Commu¬
nity or toe Group of Seven.
Such an obj arrive will be
particularly important if the
economic challenge changes
from one of inflation to one of
deflation. If that occurs, it will
not arrive neatly, with head¬
line consumer price changes
failing gradually to zero and
then below. It has already been
semi to commodity prices -
where the fall has now levelled
off - and in property prices,
where the drop Is still
continuing.
The Bank for International
Settlements remarks in its
annual report: “Real estate
price deflation, if that is what
it should be called, might be
considered to be a new phe¬
nomenon to the postwar eco¬
nomic history Of toe inriuKtrral
countries... If not contained,
it could not only have further
repercussions on financial
institutions in the countries
concerned but also affect toe
prospects for full economic
recovery."
Argument is likely to con¬
tinue on whether toBiw to
asset prices, when ordinary
consumer juices are still ris¬
ing, constitute deflation or not.
Nearly all the great deflations
with which we have been -
threatened since toe second
world war have been false
alarms and only provided
excuses for allowing inflation
to regain mommtuBi
Now, almost for the first
time, it is worth looking out
for a posable need to switch
toe direction of economic pol¬
icy from the threat of rising
prices to (me of slump and fall¬
ing prices. It would, however,
be typically British to disband
a potential pro-growth body
when there is just a chance
that there may be a need for it
Way out for
County Hall
buyer
From Mr Gideon NeQen.
Sir, You report Shlrayama's
threat to pull out of developing
County Hall unless the govern¬
ment clarifies its position
C County Hall buyer threatens
to pull out", June 15).
Far from being a blow to
the government if Shirayama
were to withdraw, it would
be a great fillip to London
and a credit to the govern¬
ment if Mr John Major were to
direct that the London Residu¬
ary Body could sell the site for
a nominal amount to the Lon¬
don School of Economics in
recognition of the benefits
such a use could bring to toe
city.
That this great building
should be required for Institu¬
tional use was anticipated by ;
the LRB End Shirayama which
have not “paid" £S0m but by
all accounts have entered into
an arrangement giving both ,
parties the option to withdraw.
It would probably help a
depressed property market if I
Shirayama were given a way
out of a development whose |
financing in better times has 1
already defeated more expert- (
enced operators.
Gideon Neilen, j
Nellen & Co, <
19 Albemarle Street, <
London WlXSHA
Pledged shares are
like stolen jewels
From DrBDM WUUams.
Sir, A thief stole some Jew¬
ellery, took it to a pawnbroker
and used It as security for a
loan. He walked out of the
shop and under a bus.
It is difficult to imagine that
toe law would find that the
jewels belonged to the pawn¬
broker and not to the people
from whom toe thief had sto-
Appeal should
be for better
statistics
From Mr Roger SaouL
Sir, City economists feel
deprived because of their lack 1
of access to the aggregated
sales figures of retailers which
are submitted to confidence to
the Treasury. The exercise is
carried out to convince the
policymakers that the official ,
retail sales statistics are, and
have been for some time, mis?
landtag
Rather than plead for privi¬
leged information. City econo¬
mists should join those who for
many years have appealed for
the provision of better-quality
official statistics.
Roger Saoul,
78 west mu,
London SW1S20J
len them. What is the differ -
ence between the pawnbroker
and the banks which are lay¬
ing claim to toe shares which
Robert Maxwell had pledged
with than shortly before his
untimely death?
B D M Williams,
White Lea.
Beech Close,
Stratford-on-Avon CV37 7EB
Assurances and
the British Gas
prospectus
From Mr Jonathan P Stem.
Sir, Your leader "Time to
review the regulators" (June
10 ) asks whether the latter are
"tearing up the prospectuses
published when the utilities
were privatised", to the case of
British Gas my answer would
be yes. This observation does
not relate to the much publi¬
cised raising of the X factor to
the price formula but rather to
the proposal by the Office of
Fair Trading, subsequently
adopted by the government, to
reduce the tariff threshold
from 25,000 therms to 2,500
therms (with a view to phasing
it out entirely).
The company's prospectus
clearly stated that the author¬
isation to act as a public gas
supplier conferred upon the
company a monopoly of its
present customers c onsum ing
up to 25,000 therms per annum
for a minimum period of 25
years unless BG failed to com¬
ply with enforcement orders
made by Ofgas or the secretary
of state for trade and industry.
The OFT report stated that BG
had complied with all under¬
takings given to all regulatory
bodies but that it considered
further remedies were required
if competition is to develop.
While not necessarily dis¬
agreeing with the OFT conclu¬
sion, this action has raised fur¬
ther important questions. For
shareholders there must be an
issue of whether assurances
given to privatisation prospec¬
tuses are of any value after the
dust has settled from the flota¬
tion and the government has
taken its revenue. For gas con¬
sumers the reduction (and
potential elimination) of the
tariff threshold should give
pause for thought At the time
of privatisation, a monopoly
was conferred on BG to return
for certain obligations towards
this class of consumers.
Removal of that monopoly
places a question mark over
the status of the company's
obligations. This is not neces¬
sarily alarming, but their con¬
sequences demand more public
attention than they have
received thus far.
Jonathan P Stern,
98 Erlanger Road,
London SE14 STB
Business in the Community should get back to its roots
Front Mr John Eversley
Sir, Charles Batchelor
reported (“Shake-up to busi¬
ness support", June 8) that
Business in toe Community,
the umbrella organisation for
Britain’s 300-plns Local Enter¬
prise Agencies, plans to reduce
its direct involvement in the
affairs of the agencies. He goes
on to quote David Grayson,
BTTC managing director, as
saying “We are not walking
away from the enterprise
agencies".
As a recently retired general
manager of one of these local
enterprise agencies (after
nearly 10 years work to the
field). I beg to differ. BTPD was
set up as an initiative to assist
local economic regeneration to
the aftermath of the Toxteth
riots to enable local and
national private sector Anns to
work with central government
to raking local initiatives in
areas of high unemployment.
These initiatives could
embrace support for small
firms creation, support for edn-
cation/industry bnks and a
variety of other community
based support activities.
Where BTTC scored was to
representing the agencies to
government, in lobbying to ini¬
tiate local mobilisation of pri¬
vate sector involvement and
persuading British industry to
give priority to community
involvement as a means of
addressing some of the social,
economic and structural prob¬
lems of the inner city and
development areas.
BTTC did its job well - until
it started trying to be all
tilings to all people. It seemed,
to the mid-1960s, to consider
that it had a mission of its own
- to support ill-conceived
environmental and urban
renewal schemes, to re-invent
a variety of educational link
schemes, and to present itself
as the voice of industry in dis¬
cussions with government on
training for the unemployed
and the establishment of busi¬
ness support networks.
As a result it has not only
totally lost its credibility in the
eyes of LEA managers like
myself - hut also, it seems, in
the eyes of government, since
BTTC influence has been mar¬
ginalised over the past four
years. Instead of groping for a
role which, one suspects, its
industrial sponsors do not
envisage, BITC should revert
to its original role.
Perhaps the failure of BTFC
has something to do with its
staffing and management at
the centre. So many of the
senior people seem to be
involved in other “causes": in
political lobbying and in sup¬
porting BITC’s president,
instead of trying to provide a
relevant service to its grass
roots base.
It would not surprise me if
the recent antics of BITC have
so alienated local and central
government that there is no
hope of any concerted action in
the areas described above.
John Eveisley,
Tyne & Wear
Enterprise Trust,
Portman House,
Portland Bead,
Newcastle upon Tyne, NE21AQ
ill
The Bank, of Scotland is the UK’s
oldest independent dealing bank.
Since 1695, it has provided genera
banking services to personaland
business customers, achieving pre¬
tax profits this year of £141 mDHoj
“The computer
systems that support our
services are of vital impor¬
tance," says Tweedie. “And .
the software that supports *52™!
these systems is absolutely * s “
fundamental.”
The Bank uses a variety of
Computer Associates’ systems
operations software for security,
scheduling and tape management.
"Our business is completely
software and CA-T" scheduling
software, so toe software has to be
reliable,'* insists Tweedie.
The CA software has enabled
his team to run their systems
operations at optimum efficiency,
helping the Bank to achieve die
best cost-to-income ratio of the UK
dealing banks.
And - having enjoyed a good
16-year relationship with CA -
Tweedie is banking on CA to
continue providing
reliable software
with multi-platform
functionality in the
future.
“Ttiey're very
responsive to our
needs, and have improved as they
have become a more substantial and
mature company."
He sums it all up: “Through
the yearn, we have always evaluat¬
ed CA software very thoroughly
against competitive products. There
are many criteria: it has to be
functional and refiabk-, it has to
interface with other software; and
it has to be cost-effective.
“Since 1976, CA has con¬
sistently delivered this- and our
business has certainty profited!"
Software superior by design.
o 1991 Bot^hgouju* foaiaes nanrinol, tat
CAQgPlttAafffcBMftBttjtWgWBWrtfflS.
pBBfafclgCg 61._Mato bwgmae 3B. tHlQO
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18 $
WIPA C
AUTOMOTIVE PARTS
& ACCESSORIES
FINANCIAL TIMES
Thursday June 18 1992
SPECIALISTS IN
PROTECTING AND
MANAGING YOUR AVIATION
INTERESTS - WORLDWIDE.
THE INTERNATIONAL BUREAU OF AVIATION
im inumtiiu >i .III *•«■>>" **"*’" V - ".' U,',* v.":
A French couple str
been protesting for
le with their baby carriage through tons of ]
past week against planned reforms in the
strewn on the road in Brest by fanners who have
C ommuni ty's Common Agricultural Policy
Ripa di Meana calls for
cities to be free of cars
By David Buchan In Brussels
MR Carlo Ripa di Meana, the
EC environment commissioner,
said yesterday he was ready to
become car-less, and so should
other city dwellers, to prevent
Europe's cities being choked
by the internal combustion
engine.
Saying he was ready to set
the example of abandoning his
Alfa Romeo, Mr Ripa di Meana
unveiled a study showing that
it would cost between two and
five times less to live and work
In car-free cities because of the
savings people could make in
not having cars to buy, park,
insure and maintafn.
Mr Ripa di Meana, an ideal¬
ist who stayed away from this
month's Earth Summit because
of its failure to take suffi¬
ciently tough action on the
planet's environment, insisted
tbe report showed that car-free
cities could be a practical prop¬
osition. Limited numbers of
car users in city centres could
be made to pay steeper fees for
parking, and city authorities
could be persuaded to invest
more in public transport, esca¬
lators and moving walkways.
Following the lead of
Amsterdam, whose residents
recently voted to restrict cars
In their city centre, other cities
ranging from Naples in Italy to
Bath in England had become
interested, Mr Ripa di Meana
said, in making the transition
from what he called “the car
dream to the dream city - the
car-less cftty”.
The Commission plans to
convene a meeting in Septem¬
ber of interested city leaders to
exchange ideas on ways of
“adapting the car to the city,
instead of the city to die car",
die c ommiss ioner said.
Mr Ripa di Meana said he
was far from hostile to cars,
which would always have a
use on longer, out-of-town
journeys. But he was ready to
mate an Italian's ultimate sac¬
rifice by giving up the use of
his own car, “a red Alfa Romeo
with a three-way catalytic con¬
verter, which runs on unleaded
petrol".
He has made sacrifices
before. “I used to own an
XK120 Jaguar of the kind that
won Le Mans after the Second
World War; But tt was very
heavy on petrol, and now 1
only have a miniature of it on
my desk".
Mr Ripa di Meana has
recently proposed levying a
special Community eco-tax on
carbon fuels.
Curbing his love affair with
the car has not been easy,
though. Three years ago he
took part in the vintage car
rally from London to Brighton.
Tt was freezing”, said the Ital¬
ian commissioner, "but I loved
it".
Undecided Irish voters key
to Maastricht referendum
By Tim Coone in Dublin
ONE in four voters in today’s
Irish referendum on the Maas¬
tricht treaty is still undecided,
according to a public opinion poll
published yesterday.
Tbe poll, published in the Irish
Times, showed that although
declared “yes” voters outnumber
“no" voters by 49 per cent to 28
per cent, more than half of those
polled believe the government
has handled its pro-Maastricht
campaign badly.
Even Mr Albert Reynolds, the
Irish prime minister, said only
that he was “cautiously
encouraged" by the results of the
polL
Campaign managers for the
“yes" vote yesterday complained
that some priests in rural areas
are actively campai g nin g against
the treaty, in spite of a decision
by Catholic bishops to keep the
Church neutral.
The 2.5m Irish voters will begin
heading for the 5,000 polling sta¬
tions after they open at 9am
today. The result will not be
available until Ireland's principal
returning officer makes a decla¬
ration around noon tomorrow.
The result will have a profound
impact on the future economic
and political course of the Euro¬
pean Community.
If the Irish follow the Danes
and vote “no", there seems little
doubt that the treaty, which
establishes the legal framework
for the creation of a common cur¬
rency and common citizenship
for some 340m people, will have
to be scrapped. If they vote “yes",
there are hopes that the remain¬
ing 10 EC states will ratify the
treaty.
As in Denmark, the opinion
polls showed a significantly
greater proportion of women
than men were undecided. And
considerably fewer women (44
per cent) than men (55 per cent)
said they would vote “yes".
Both feminists and anti-abor¬
tion groups have been campaign¬
ing actively for a “no" vote and
should the treaty be defeated in
spite of the poll predictions,
women’s votes will clearly have
been an important factor.
A large sector of the “no” camp
has run a clever campaign, cham¬
pioning liberal causes such as the
environment, neutrality, job pro¬
motion and women’s rights. It
has argued that ratification of
Maastricht will have adverse
effects in all these areas.
In addition many of those who
voted positively in previous refer-
endums on European issues, such
as the previous one in 1987 which
approved the Single European
Act, may find themselves divided
between an economic decision on
the one hand, and a moral one on
the other due to the complication
of the abortion issue. .
The overall weakness of the
“yes” campaign. In contrast to
the vitality of its opponents,
together with the continuing
large number of floating voters
have thus created considerable
uncertainty over the outcome.
Mr Michael Gallagher, a politi¬
cal science lecturer at Trinity
College In Dublin, said: “I have
no doubt the polls have been
done as accurately and as profes¬
sionally as in the past, but no one
is too confident in them now
since the recent experiences of
Denmark and the UK [election]."
Maastricht reports, Page 8
US chief executives hopeful on economy
Continued from Page 1
tions compared with those six
months ago, their expectations
for the economy six months
ahead, and predictions for their
own industries.
Tbe most recent survey notes a
sharp improvement in business
leaders* assessments of current
conditions.
Nearly 80 per cent said the
economy had Improved in the
past six months; only 30 per cent
expressed such optimism in the
previous survey.
Chief executives are also more
optimistic about the outlook for
their own Industries; 65 per cent
reported an improvement,
against fewer than 40 per cent in
the first quarter.
The "overwhelming majority"
of chief executives are optimistic,
said Mr Jason Brant, an econo¬
mist at the board.
Three out of four business lead¬
ers predicted an Increase in their
companies’ profits over the nest
year, with only 6 per cent expect¬
ing a falL
Executives cited growth of~
demand as the main source of
higher profits. Only 12 per cent
said they expected to generate
profits by raising prices, indicat¬
ing that inflationary pressures
may remain subdued during the
recovery.
Daily News
‘was conduit
for Maxwell
transfers’
By Alan Friedman hi New York
MR KEVIN MAXWELL Is alleged
to have used the New York Daily
News as a conduit for fund trans¬
fers from Maxwell companies in
London to banks and companies
around the world.
According to US newly
obtained court documents filed
by the Daily News, the transac¬
tions were outside “the ordinary
course” of the newspaper's busi¬
ness.
The newspaper, bought by Mr
Robert Maxwell in March 1991,
has named his son Kevin as hav¬
ing “authorised and directed" the
fond transfers between March 21
1991 and November 29 1991. The
other person named as directing
the transfers was Mr Robert Max¬
well. who died on November 5.
The Issue of the fund transfers
Is the subject of a legal dispute in
the US between the Daily News
and other parties, including Mir¬
ror Group Newspapers of the UK.
MGN was floated in the UK by
the Maxwell empire last May.
The Daily News court submis¬
sion was made as part of the
paper’s bankruptcy proceedings
three months ago. It alleges that
during the March-to-No vem be r
1991 period the UK funds were
received by the Daily News “and
transferred to various entities in
virtually simultaneous transac¬
tions other than In the ordinary
course” of the newspaper's busi¬
ness.
The Daily News added that tbe
funds served “no business pur¬
pose” of its own and that the
newspaper was “utilised merely
as a conduit by Robert Maxwell
or his affiliated companies or
family members for such trans¬
fers".
The News is itself being
accused in the US courts of aid¬
ing and abetting a conspiracy to
defraud MGN of £50m (|91m).
The Daily News, which has
denied any wrongdoing, is facing
niflimw from MGN and from the
UK administrators of the Max¬
well private companies for a total
of .more than $200m of Maxwell
fond transfers. This money came
to the Daily News from both pri¬
vate and public Maxwell compa¬
nies in the UK and elsewhere.
. It was learned last night that
Britain's Serious Fraud Office
(SFO) is investigating a specific
£SOm transfer from MGN to the
Dally News that occurred on
October 21199L -
Court documents filed by MGN
this week in the US concerning
the £50m transfer accuse the
Daily News of being liable for
fraud,, aiding and abetting con¬
spiracy todefraud anti aiding and
abetting MGN directors in a
breach of their fiduciary duties.
The court filing also asserts
that both Mr Robert Maxwell and
Mr Michael Storey, the former
deputy MGN managing director
in charge of finance, were respon¬
sible for tile misappropriation of
MGN funds and a violation of
their fiduciary duties to MGN.
World
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T - Thunder
THE LEX COLUMN
Cable’s calming message
Judging by the 4 per cent rise in its
shares, yesterday's annual results
from Cable and Wireless were a suc¬
cessful exercise in investor reassur¬
ance. But it is too early to conclude
that the shares deserve more than a
limited re-rating following their 15 per
cent underperformance this year.
After the abortive AT&T talks and
fumbled senior management changes,
C and W needs to do more than,
remind tire market that its busi¬
nesses have unusual scope for growth.
Management must , now convert that
into profits.
The figures were marred by a £70m
exceptional charge which held the pre¬
tax rise to 6 per cent Thanks to the
collapse of the Jamaican dollar, the.
charge was £ 18 m higher than expec¬
ted. Nevertheless, the 1JL3 per cent
full-year dividend increase was more
than adequate compensation, and the
one-third jump in Mercury’s trading
profit to £155m was a welcome bonus.
With global affiances ruled out as
insufficiently profitable, C and W's
strategy is to concentrate on basic
telecoms and mobile telephony, using
the lucrative business market as a
bridge. That will require annual
investment of £lbn for the next three
years, while gearing will rise to
around 40 per cent this year. The weak
dollar remains a hindrance - each
one-cent movement against sterling
affects the bottom line by £3m. All the
same, either Mercury or Hong Kong
Telecom should be enough to give C
and W a competitive advantage. If the
sluggish UK economy fails to push
Mercury along, Hong Kong Telecom’s
link with China should oblige. It is
hard to deny the group's long-term
attractions.
Philips
Given that the market had hoped
there would be no more bad news
from Philips, yesterday's 18 per cent
drop in the share price was perhaps an
understandable reaction to the profits
warning. The question is whether the
market over-reacted. On a negative
reading, Philips’ protracted restructur¬
ing programme has done little to
reduce the group’s vulnerability to
leaner competitors in consumer elec¬
tronics. Moreover, any dent in its
recovery has implications for Us abil¬
ity to resume dividend payments. On
this view, the shares are test avoided
until the extent of the damage
becomes clearer when second-quarter
figures are revealed in August.
Arguably, a more persuasive inter-
FT-SE Index: 2598.4 (-17-9)
•».. v* . vk*- . vjv.-.v..•• •
.* VV;V ft
' jy} &!#&& y W
issgJsiM WBM
pretation is that, while the consumer
electronics market has become even
more competitive, Philips' wider
recovery effort is scarcely off the rails.
The management’s assumption was
that consumer business would stabi¬
lise after price fella in the first quar¬
ter. Instead, May saw further pressure
on prices, particularly in Europe.
Hence, yesterday’s warning about the
second-quarter p e rformance.
As today’s results from Nokia Data
should show, Philips has not been suf¬
fering alone. Even Sony has already
felt pain. It is indeed rational for
investors to calculate that Philips will
probably not have the mettle to pay a
dividend if ea rning s are lower this
year. Doubtless they will also remem¬
ber that any payment would always be
no minal. Despite yesterday’s fall,
those who backed the shares for recov¬
ery may reflect that the long-term
odds remain in their favour.
NFC
There is something comfortably pre¬
dictable about NFC. In announcing
flat first-half profits of £45m, it con¬
firmed its forecast of £90m-£100m for
the year. Moreover it gave the City no
particular reason to question tbe fore¬
cast. That may explain the 4 per cent
jump in the shares yesterday. Recent
weakness has teen above all due to
fears NFC would not escape the down¬
grades to which much of the rest of
the transport sector has been subject.
Granted, the company could do with
some economic recovery to boost its
truck rental and home removal busi¬
ness. Its figures point to some
improvement between the first and
second quarters, but that may be
mostly due to a heavier bill for redun¬
dancies in the first quarter. Nor
should one read too much into the
planned additions to its rental fleet
Trucks can be sold as well as bought.
NFC’s current appeal owes something
to the fact that It is less of a cyclical
stock than other companies in this
sector. Its logistics division is a lead¬
ing player in the growing dedicated
distribution market which is both dif¬
ficult for competitors to enter and rel¬
atively recession proof. On the basis of
its own forecast, NFC is on a prospec¬
tive multiple of about 18. That is not
particularly expensive, but other
transport companies may eventually
have more recovery potential
UK economy
It looks suspiciously as though some
manufacturers became a little over-op¬
timistic about the economy around the
timo of the general election. While-out¬
put of consumer goods industries rose
by L5 per cent in the three months to
April, retail sales actually fell by 0.1
per cent between March and May. The
c lassi fication of consumer goods is not
quite uniform from one statistical
series to another, so there may be
no thing behind this apparent discrep¬
ancy. The standard explanation is that
increased production was going to
rebuild stocks ahead of anticipated
economic recovery. That is fine so
long as the recovery actually takes
place. If demand fails to grow, the 1
per cent rise in overall manufacturing
output over the past three months is
unlikely to reflect a lasting trend.
Yesterday’s retail sales figures did
not, however, offer much reason to
hope for solid growth in consumer
demand. The farther jump in clothing
and footwear sales looks remarkable
at first sight, but is probably no more
than a response to the unseasonably
warm weather. The depressing reality
is that seasonally-adjusted household
goods sales are back to their lowest
level since January - another
reminder that sustained recovery will
require an upturn in the housing mar¬
ket, which is still distressingly remote.
There was a farther curiousity in
yesterday’s industrial production fig¬
ures. Output of investment goods fell
by 1 per cent over the three months to
April, which sits oddly with recent
sharp increases in imports of capital
goods. The sinister interpretation is
that when recovery does finally come,
it will not be to the benefit of the UK
investment goods industry, but to its
foreign competition.
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FINANCIAL TIMES
COMPANIES & MARKETS
©THE FINANCIAL TIMS LIMITED 1992
Thursday June 18 1992
19
Brossette JB77
Numero un en France
INSIDE
IBM puts Its chips
Oil; tiie market
iBM is for. toe first time to sell microchips to
outside customers'and aims to seir SSOOm-
worth wtthini three years. The largest chip-,
maker in.the world. It has until recently used'
all its chips in Its own machines. The latest
strategy represents a marked change of prac¬
tice, and is part of an IBM move to raise $3bn
from sales< to original equipment manufactur¬
ers by next .year. Page 21
A walk-pn part for Japanese
A rush by Japanese pharmaceutical companies
to invest overseas in the late 1980s appeared
to signal their entrance on the world stage. But
Japanese pharmaceutical groups are far from
becoming the Tqyotas or Matsushitas of the
global drugs market in spite of strong efforts
by some groups, the country's pharmaceutical
Industry has been unable to.break into over¬
seas markets. Page 22
Out-negotiated in Indonesia
Indonesian government officials are celebrat¬
ing a record number of contracts signed with
foreign oil companies. But oil company execu¬
tives are looking increasingly down in the
mouth about their future in Indonesia, which
would.appear to. hold great profits for foreign
companies. As one executive admitted: “The
oil companies have proven to be poor negotia¬
tors In the past The Indonesians have tended
to get the better of us/' Page 34
Warning on Olivetti
Olivetti, the itolian computers and office equip¬
ment group, suffered a.4 per cent drop in sales
In toe first four months of this year and may
require.further restructuring before returning to
profitability, warned Mr Carlo De Benedetti,
chairman. Page 22- • -
Digital Equipment reorganises
Digital Equipment the World's third largest
Ihfoxmatfqn tBchnqlpgy group after IBM and
FOjitsUi is Reorganising itrEuropean •’ - ■
operations m a bid to restore flagging sales
and profitability. Page 21
Kenwood valued at £f05m
Kenwood Appliances, the UK kitchen equip¬
ment maker, will go on sale to the public at
235p next week, valuing the management .
buy-out from Thorrt-EMI at El 04.5m ($190m)
Half the 23.2m shares for sale were placed
yesterday with institutions: Page 26
Market Statistics
Base lending rates 42
Benchmark Gort bonds 24
FT-A Indices -86
FT-A world tndtoes Back Page
Ft/ISMA lot bond svc 24
financial futures 42
Foreign exchanges 42
London recent issues 24
London share service 35-37
title equity options . 24
London tradit. options 24
Managed fund sendee 33-42
Money markets 42
New kit bond bares 24
World commodity prices 34
World stock mkt indices 43
UK Ovkfends announced 28
Companies in this issue
AMR
APV
Air Canada -
Airtours
Antona 3
BICC
Banco Santander
Bell Caneida
Bibby (J).
Booker
Booth industries
Bra males
Bulgin (AF=)
C and W
Cabra Estates
Candy
Capital Gearing
Chemrlng Group
Coles Myer
Country Casuals
Craig & Rose
Devenlsh (JA)
Digital Equipment
Dixons
Dundee & London
Finanzauto
Finlan Group
Finsbury Trust
For. & Colonial Small
Ford
General Accident
Gestetner
21
14
21
35
20
19
19
23
28
27
28
21
28
35.28,19
28
28
28
27
22
26
28
28
21
35.26
28
28
28
28
28
21
35
27
Hafnla 23
Honeywell 21
IBM 21
-John Waddington 14
Kenwwod Appliances 28
Marlin Currie
Mazda
Mercury Comma
Merloni Elett
Metsa-Serla
Mountvlew Estates
NCC
NFC
OEM
Oceana
Olivetti
Owners Abroad
Pacific Horizon
Philips
Polly Peck
Porter Chadbum
Powell Duflryn
Rhfine-Poutenc
Riva Group
River Plate
Saatchi & Saatchi
Skis Rossignol
Total
Upjohn
Wace Group
Waddington
Yorkshire Electric
Young
28
21
28
28
20
28
20
20
28
28
22
33
28
l.M
28
35
27
22
26
28
28
20
28
19
27
26
28
14
Chief price changes yesterday
taka
OLW
FRANKFURT (DM)
780 +
57S +
AEG 1935
Odoflta Kbnwn 885
Hoesdi 277
liWenta 129
NEW YORK ft)
63% -
•39% -
41% -
45% -
47% -
67% “
PAR»(FFT)
12 BmeareCto 402
12 EuarfroncB 1*13
mta 322
9 HftSn 144
j* Radtatechn 660
6
ms
TOKYO (Yen)
Btttttf-Myas
Coca Cob
Garant Motors
TfMcrvn
Mack
Pttw
s_ Dflda Sonata
1% ww
2% B*Sd
3% IseM
Tatastibna
1% Tamara 9«He
500
800
335
3S0
401
680
UMDONftoacw)
AwnOonputer
BET .
C*tte8 HRra
fisMm'Hs* “ ‘
Up
MUtafetefe
m
Mm
Pw al n u nc n
34% +
Ataraki*
Afetoua
BAT Jam
154 +•
10
Gastrin
560 +
90 +
20
4
Onto
8%>
2
Logica
114 +
6
Magic fan
251 .+
10
Owners Abroad
95% +
5%
Pious biU
277 +
19
PStDfl
. 43b ~
3%
SWButi*
-274
18
Thorntons
758 -
20
Waca
Carton Comms 629
OecntahiJA) 278
133
710
183
94
81
400
163
270
194
120
18
47
13
115
30
18
58
110
43
40
*9
100
22
13
8
25
25
4
7
20
8
TO
7
23
Banco Santander loan probe widens
Peter Bruce on the investigation into possible tax fraud at Spanish bank
MR EMILIO BOTIN, president of
Banco Santander, one of Spain's
largest commercial banks, has
been subpoenaed to appear
tomorrow before a Madrid judge
who is conducting a preliminary
Investigation into possible tax
fraud using loans worth around
$lbn made by the bank between
1987 and 1989.
A Canary Island court earlier
this week released two Banco
Santander officials on bail of $lm
as the investigation spread
nationwide.
The tax authorities have been
trying for three years to find oat
to whom a series of off-balance
sheet loans were made. The
authorities want to know
whether these borrowers were
using the loans to launder undis¬
closed income.
The issue revolves around
cesiones de credito. or assign¬
ments of credit. These were
widely used by Spanish banks in
the late 1980s after the Bank of
Spain, the central bank, tried to
slow credit growth by sharply
raising its coefficients - obliga¬
tory, interest-free deposits made
by banks with the central bank
to cover deposits and loans.
The banks found a loophole
allowing them to sell parts of
their loan portfolios to third par¬
ties - mainly large corporate
borrowers - and thus take nor¬
mal credits off their balance
sheets. This meant they would
escape having to make deposits
with the central bank and having
to deduct withholding taxes.
The assignments were made
subject to central bank ratios in
summer 1989. Santander said yes¬
terday it had stopped making
assignments after the loophole
was dosed.
Analysts in Madrid think it
unlikely the authorities would
want to threaten Santander’s
standing in the banking sector.
Mr Antoni Zahalsa, head of the
revenue service, said there was
“no question about the bank’s
viability" when he announced
details of the investigation ear¬
lier this year.
The tax authority has been
trying to find out who the
third-party buyers were, whether
they were declaring the loans,
and whether Santander knew
what was happening to the
money.
The revenue service says it has
investigated 40.000 loans, worth
$4bn, made by Santander be¬
tween 1987 and 1989. It says it
cannot identify 3.000 of the third-
party borrowers and that a num¬
ber of them may have been ficti¬
tious.
BICC in
£55m US
power
cable deal
By Andrew Bolger
BICC, the UK-based cables and
construction group, yesterday
announced a £55m deal which
will double Its share of the
power cable market in North
America.
BICC Cables, the group’s North
American subsidiary, has provi¬
sionally agreed to buy the elec¬
trical division of Reynolds Met¬
als, a leading maker of
transmission and distribution
wMm in the US Canada
Reynolds’ electrical division
employs 900 people in factories
in Washington State, Texas and
Arkansas in the US, and LaMal-
baie in Quebec, Canada. No deci¬
sion has been made on how
many people will transfer to
BICC.
BICC*s purchase is in line with
the strategy outlined when mak¬
ing a £lS4m rights issue last
month. It said companies in the
fragmented and recession-hit
North American cable Industry
could now be bought cheaply.
The UK group itself suffered
from the downturn. In March
BICC described its slide last year
from an annual profit of £24m in
North America to a loss of £3m
as the group’s “biggest single
disappointment”.
Reynolds’ does not disclose
profits on the $200m annual
sales by Its electrical division,
but said the disposal would have
no material effect on its operat¬
ing results.
BICC also said the acquisition
would have a neutral effect on
its results in the short-term.
Although the deal will double
Buie's share of the North Ameri¬
can cable market to about 26 per
cent, the UK group said it did
not expect to face any regulatory
obstacles.
As part of the transaction.
Reynolds will have a long-term
agreement to supply BICC with
aluminium redraw rod from its
new rod mill In Becancour, Que¬
bec.
■ BICC Cables intends to inte¬
grate the Reynolds US operations
with Its Cablec Utility Cable
Company in the US and the Que¬
bec operation with the utilities
division of Phillips Cables.
BICC Cables employs 3,200 in
17 North American plants.
• BICC announced the sale to
private investors of Metal Manu¬
factures Construction, the
group's loss-making Australian
electrical and mechanica l engi¬
neering contracting business.
The consideration of A$2m
(US$l-50m) is net book value of
the business, after extraordinary
provisions of £13m (US$22.66m)
taken by BICC in March.
Stefan Wagstyl on the ebbing confidence in the Tokyo market
Profit forecasts deal further
blow to Japanese investors
A
mong the many blows
raining down on inves¬
tors in the Tokyo stock
market this week, the heaviest
have been warnings about the
grim outlook for corporate prof¬
its.
Gloomy forecasts published
this week by leading securities
groups have helped to squeeze
the last drops of confidence out
of the market
Yesterday, the Nikkei index fell
507.73 to 16,445.8, setting a new
low for the fall in stock prices
which began in 1990.
Ten top brokers' research cen¬
tres predicted pre-tax profits of
large Japanese companies would
fell in the current financial year
which ends in March 1993 - it
would be the first time since the
Second World War that profits
have fallen three years in a row.
The brokers forecast an aver¬
age decline of 95 per cent for all
industries and of 12.9 per cent for
manufacturing companies, which
are more exposed to swings in
the business cycle.
Nomura Securities, the largest
brokerage, predicted falls of 12.1
per cent and 15.5 per cent
The forecasts contrast sharply
with corporations’ own forecasts
of declines averaging around 5
per cent, except for financial
groups.
Until a few months ago, many
companies accepted the govern¬
ment’s forecast of 3.5 per cent
economic growth in the year to
March 1993 and based their prof¬
its predictions on this figure. But
there are growing doubts in
Tokyo that the economy will
actually grow at this speed.
The stockbroking companies
this week put themselves firmly
in the pessimists’ camp. For
example, Nomura’s profits fore¬
casts are based on the assump¬
tion that growth will only reach 2
per cent this financial year and
will recover only slowly to 23 per
cent next year.
Profits are being squeezed by
this slowdown in the economy, as
companies' incomes fall faster
than costs, in spite of intense
efforts to trim spending, run
down inventories and reduce cap¬
ital spending.
Groups are cutting recruitment
but cannot sack existing staff,
except as a last resort Compa¬
nies also face increased deprecia¬
tion charges from the huge
investments made in the boom of
the late 1980s, which totalled
around Y400,000bn (SS^OObh) for
the economy as a whole.
Furthermore, borrowing costs
for listed companies will rise as
around Y15,000bn of equity-
linked bond issues fell due by
March 1994.
Banks, seeking to boost their
40 YXX&
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Nikkei Average
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V V’0BBi
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■ #32&?:•
own profits, will attempt to
extract better margins from bor¬
rowers.
Smithers, a British securities
research boutique, estimates that
every 0.1 percentage point
increase in borrowing costs
reduces corporate pre-tax profits
by 2 per cent.
Finally, companies face further
losses from the financial invest¬
ments made in the speculative
boom of the 1980s.
For some groups, notably
Sharp, the electronics group,
financial revenues account for
more than half of total profits.
Even conservatively managed
groups which put their funds into
safe cash deposits face falling
income as interest rates have
fallen from their peak in 1990.
joy to stock market investors. In
spite of the near-60 per cent fell
in the Nikkei index from its
all-time high, Japanese stocks are
not cheap.
Stocks In the First Section of
the Tokyo Stock Exchange trade
at around 40 times prospective
earnings for 1992-93. That is well
below the peak of 70 recorded in
the late 1980s but is still near the
top of the 20-to40 range of the
early 1980s. The implication is
that investors still hope for a fes¬
ter recovery in profits than the
brokers are forecasting. They
might possibly be right. -
The government and the Bank
of Japan might act to boost the
economy through increased pub¬
lic spending and further cuts in
Interest rates. Construction and
interest-rate sensitive stocks
might respond and lift the whole
stock market.
Economic policymakers at the
Bank of Japan and the Ministry
of Finance have repeatedly said
that executives’ and investors'
sentiment is worse than eco¬
nomic reality. If so, then senti¬
ment could turn sharply once
executives and investors realise
that they are wrong.
But there is precious little evi¬
dence this week of an imminent
change of heart.
Nikkei falls, Back Page
Upjohn
warning
hits share
price
By Karen Zagor in New York
SHARES in Upjohn, the US
pharmaceuticals group, tumbled
to a 52-week low yesterday
morning after the company said
Its second quarter earnings
would not surpass last year's. It
laid partial blame on the damage
done by the Halrion sleeping pill
controversy.
In the 1991 second quarter,
Upjohn had net earnings of
$ 124.4m, or 70 cents a primary
share, compared with income of
Slllm, or 62 cents, in the same
period of 1990.
Upjohn also said it would offer
voluntary early retirement to
about 1,100 employees, taking
charges in the third quarter.
On Wall Street, shares in
Upjohn fell $iy* to dose at 83254.
The stock was above $47 before
concern about possible side-ef¬
fects of the world's fastest-sell¬
ing sleeping pill exploded into an
international debate over the
drug’s safety late last year.
Although Balcion will proba¬
bly remain on the market In the
US, it has been banned in the
UK. Sales dropped 39 per cent in
the first quarter of this year.
Last year Halcion brought in
$237m of Upjohn’s $3.2bn sales.
Upjohn’s agricultural busi¬
nesses has also been hurt by the
recession and drought but Mr
Theodore Cooper, chairman and
chief executive, does expect earn¬
ings and sales to increase in
1992.
The news of weaker second
quarter earnings and job cuts
comes after an announcement of
a temporary freeze on hirings
and salary increases.
Analysts have been concerned
about Upjohn’s prospects for
many months, siting the lack of
new drugs in the company’s
pipeline and the number of
important drugs that will lose
their patents by the end of 1994.
These include Halcion, the
Xanax tranquillser, the anti-in¬
flammatory agent Ansaid and
MIcnmase for diabetes.
Mr Sam Isaly, analyst at Mehta
& Isaly in New York, said:
“Upjohn faces a bleaker and
bleaker fntnre. It will lose at
least half Its sales and the equiv¬
alent in profits when its prod¬
ucts come off-patent”
Although Upjohn expects the
US Food and Drug Administra¬
tion to approve as many as six
new products or product line,
extensions this year. Hr Isaly -
does not believe these drags are
big enough to compensate for the
other drugs coming off-patent
A
recovery in profits will
depend crucially on a
, recovery in the economy.
Even the government’s Economic
Planning Agency this week
admitted It would be “difficult
but not impossible" to meet the
official target of 3.5 per cent
growth for the current year.
Private sector economists even
believe the forecast could be cut
if more evidence of weakness in
tbe economy emerges. But the
EPA still believes that a recovery
will come in the autumn.
However, a slow recovery
would mean a very weak rebound
in profits. Nomura believes that
profits in 1993-94 may rise only
9.6 per cent for leading non-finan-
cial companies. Yamaichi Securi¬
ties foresees an Increase of just
LL6 per cent
These figures will bring little
C and W rules out global
alliance as it rises 5.7%
By Roland Rudd In London
LORD YOUNG, chairman of
Cable and Wireless, the UK-bared
international telecommunica¬
tions group, yesterday said he
was talking to groups about part¬
nerships for specific projects but
ruled out a global alliance.
His comments came as the
group unveiled a 5.7 per cent
increase in pre-tax profits to
£644m ($1.17bn) for the year to
the end of March. Turnover
increased from £2£m to £3.lm.
The increase in pre-tax profits
was achieved after £70.3m of
exceptional items relating to
group rationalisation, the merger
of Mercury Personal Communica¬
tions with Unitel, a US-owned
operator, and the devaluation of
the Jamaican dollar.
Before the UK election in April
Cable and Wireless was in talks
with American Telephone and
Telegraph (AT&T) about a possi¬
ble global alliance. The talks
broke down because of AT&T’s
concern about the outcome of the
election.
Reports that AT&T wants to
reopen' talks followed re-election
of the Conservative government
However, Lord Young ruled out
farther talks about a global alli¬
ance. He said: “We do not believe
it is in our interests to farm, a
global alliance with anyone. We
are in talks with everyone about
the possibility of establishing
individual partnerships over indi¬
vidual projects."
Since Cable and Wireless
rejected a BT Syncordia-type
strategy - taking on the world’s
big telecommunications groups
- it no longer believes that a
global alliance would be in its
interest
Lord Young said: “We felt that
there was not sufficient returns
out of a Syncordia-type strategy
taking everybody on everywhere.
It also required significant capi¬
tal expenditure."
instead the group will concen¬
trate on business services, basic
teleco mmunications in Its tradi¬
tional areas of strength such as
Asia and the West Indies, and
mobile phones.
It is looking at establishing a
joint company with Intertelecom
in Russia, which would provide a
service to western Siberia, the
"Golden Ring" of large towns sur¬
rounding Moscow, and St Peters-
burg. "In 25 years people may say
this was the best decision the
group ever made," said Lord
Young.
Earnings per share were down
4 per cent to 30.1p because of
exceptional and the higher tax
charge of £l34m compared with
2115m. An increased final divi¬
dend of 9p (against 8.1p) makes a
total of 13.25p compared with
UBp.
Lex, Page 18 Details, Page 28
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FINANCIAL TIMES THURSDAY JUNE IS 1992
INTERNATIONAL COMPANIES AND FINANCE
UK transport group sayn
recession may be ending
By Roland Rudd in London
MR JAMES WATSON,
chairman of NFC, the UK'
based transport and distribu¬
tion business, yesterday said
there were signs that the UK
recession was coming to an
end.
In spite of reporting
unchanged pre-tax profits of
£&5m (572m) for the half-year
to April 18, Mr Watson said he
was encouraged by a sustained
improvement in the truck
rental market
Mr Watson said: “We have
seen signs of recovery in the
past which have not lasted,
although the present signs of
an uplift appear to be more
sustained than before.
“Nonetheless, growth Is
likely to be slow.”
NFC’s traditional transport
division reported a foil in oper¬
ating profits from £14.4m to
£12.8m.
In the second quarter, how¬
ever, it reported £7-5m profits,
just £100,000 down on the com¬
parable figure.
At the end of the August, the
group has the option of t ak ing
another 650 vehicles increasing
Its fleet of trucks from 1500 to
2200 .
The group confirmed its
“best view” of pre-tax profits
for the year end in the range of
£90m to £100m.
Half-year sales were £879m,
up from £831m.
Logistics, which provides
transportation and warehous¬
ing facilities for goods sent
from manufacturers to distrib¬
utors, increased profits by 15
per cent to £ 22 .4m, up from
£19-5m.
One of the ways NFC is
expanding Logistics is by fol¬
lowing its clients into different
countries.
For example, when Marks
and Spencer opened shops in
Spain, it asked NFC to estab¬
lish a distribution centre there.
Operating profits from Hype¬
rion’s property division were
£2.9m compared to £3.lm.
NFC is still looking for a
buyer for Its Plckfords. retail
travel business.
. Mr Watson said; “We are
having a close conversation
with, someone at the moment”
The group expanded its
international business with
acquisitions in Europe and the
US.
Mr Watson said he was confi¬
dent more than half of the
group's profits would come
from operations outside the UK
by 1995.
Overseas profits now
account for 35 per cent of the
group’s operating profits.
Interest costs were £200,000
down at £4.6m, as gearing was
reduced to 32 per cent from 45
per cent at the first quarter-
end.
Earnings per share remained
unchanged at 5.7p. A second
interim dividend of L4p makes
a total of 2.7p for the year so
for compared with 2£p.
Lex, Page 18 -
Skis Rossignol
registers
FFr54m loss
By William Dawkins In Paris
THE SKI industry's revival
will strengthen this year,
according to Skis Rossignol,
the leading French producer of
skis, tennis rackets and golf
clubs.
The group yesterday
announced a larger-than-expec-
ted loss for last year, but
expects to be profitable in the
current 12 months, thanks to
strong growth in ski equip¬
ment sales. The Grenoble-
based group also expects to
benefit trom improved produc¬
tivity and lower costs.
Net losses in the year to end-
March were FFr53.9m
($10.22m), slightly above earlier
company forecasts of FFi35m
to FFr40m. But this was less
than half the previous year’s
loss at FFrl40.8m, due to reces¬
sion and shortage of snow In
the Alps. Since then, weather,
if not economic conditions,
have Improved. Skis Rossig-
nol’s turnover rose by 6.1 per
cent to FFrl.48bn last year.
Swedish property group
advances to SKr249m
By Robert Taylor
In Stockholm
NCC, one of Sweden’s leading
property and construction
groups, improved Its profits
(after fiwann'aT items) for the
first four months to SKi249m
($44m) from SKrl58m for the
same period last year. Consoli¬
dated sales fell to SKr7J228bn
from SRr7.682bn fin- the first
four months of 1991.
Its construction division
profit (after financial items)
foil to SKt270m from SKr295m
while sales also dropped to
5Xr5.457bn from SKr5.636bn.
but orders were up by 4 per
cent to SKr6.1bn from
SKr5.8blL
The SKrlOm loss from the
international division was less
than the one of SKrlSm suf¬
fered in the first four months
of last year. But there was a
marked deterioration in NCCs
special company business with
a loss of SKr40m against
SKr5m for the same period of
199L
However, the group’s prop¬
erty activities showed signs of
improvement From a loss of
SKr48m for the January-April
period of last year it recorded*
profit of SKx92m for the same
months of 1992 with a SKrl49m
gain from property sales, while
sales rose to SKr408m from
SKrS07m for the first four
months of last year.
• Metsa-Seda, Finland’s third-
largest forestry group, reported
yesterday a FM2m (5476m) loss
for the first four months com¬
pared with a FM59m deficit for
the same period of 199L
Mr Tfmo Poranen, the com¬
pany's president and chief
executive, said he expected
“greatly improved financial
result" over last year’s
FMllTm loss, although a small
loss was likely .
Net sales climb ed by 6 per
cent in the first four months to
FM2£37bn from FM2.486bn and
the operating profit rose by
76J per cent to FM229m from
FM13Qm. However, there was a
loss per share of FM8J6-cgnq-,
pared with a loss per share bf
FM13.35 last year.
Murdoch in
boardroom
coup at
Antena 3
By.Peter Bruce In Madrid
MR RUPERT Murdoch, the
Australian-born media group
owner, yesterday joined forces
with a Spanish magazine pub¬
lisher and Mr Mario Conde,
president of the Banesto bank¬
ing and industrial group, in a
boardroom coup at one of
Spam's commercial television
channels. Antana s TV.
A board meeting in Madrid
yesterday elected Mr Antonio
Asensio, president of the
Gropo Zeta publishing group,
chairman of Antena 3 after the
resignation of Mr Javier Godo,
the Count of Godo, who
founded the channel nearly
three years ago and who is
owner of Spain's oldest news¬
paper, La Vanguardia-
Mr Murdoch and Mr Conde
were also elected to the board.
The move came after Mr Mur¬
doch and Mr Asensio formed a
joint venture and bought up to
25 per emit of Antena 3 from
minority shareholders. Mr
Conde Is separately under¬
stood to have bought a further
20 per cent of the channeL The
stealthy stock purchases,
reportedly worth some $100m,
were financed by Banesto.
Antena 3 owns the daily
newspaper, Ya, which circu¬
lates mainly in Madrid. Mr
.Murdoch's holding company.
News International, has held a
25 per cent stake in Grupo
Zeta for some time. Zeta bid
for and failed to win one of tiw
three private TV licences the
Spanish government awarded
In 1989.
The government has to
approve the new ownership
and while it was said to be
irritated by the coup - it
views Mr Conde as a poten¬
tially dangerous conservative
political rival to the ruling
socialist party - officials at
the prime minister's office
said the new shareholdings
would be respected.
Earlier tftfo year, Mr Conde
signed an agreement with Mr
Godo under which Banesto
would take stakes hi Antena 8
TV and La Vanguardla. But
after pressure from the gov¬
ernment and journalists on La
Vangoardia, he reneged on the
deal.
Old memories revived at Philips
Confidence in the Dutch group has been shaken, writes Ronald van de Krol
P HILIPS’ problems in con¬
sumer electronics could
not have come at a worst
time. Investor confidence bad
been returning gradually after
the upheavals of 1990 and 1991,
and .the Dutch company's
shares have stood around 12 -
month highs for most of May
aud June. -
But yesterday’s surprise
from Philips that it is unlikely
to meet its 1992 profit forecast
has wiped out the fragile,
emerging belief that the group
may have put the worst of its
troubles behind it
still, the d ramatic 17 £ per
cent decline in Philip s* share '
price was a sign of continued
dlsHtosiomhent with the com¬
pany's investor relations as
well as a reflection about over¬
all strategy. Analysts were
taken aback by Philips'
announcement hut were quick
to point out that the company
is in the same boat as most
other manufacturers of con¬
sumer electronics. The news
was especially surprising
because the company had
failed to indicate at a meeting
with analysts last week that its
consumer electronics business
had deteriorated farther.
Only last month, the com¬
pany had described its first-
quarter figures as “satisfac¬
tory”, despite the fact that con¬
sumer electronics had slipped
into the red.
The latest profit announce¬
ment revived memories of the
“bad old Philips" which sprung
surprises on fi ngnHal markets
and faile d to meet profit tar¬
gets. But there were also traces
of the “new Philips” which Mr
Jan Timmer has fried to create
since taking over in July 1990;
this time, the company at least
prepared Investors for the bad
news it will be issuing when it
releases second-quarter results
on August 6.
The stock market's sharp
reaction to setbacks at the
company is a continuing leg¬
acy of May 1990, when Philips
unveiled sharply lower first-
quarter results without any
warning. This touched off a
severe crisis of confidence in
Philips’ m anagement, culmin¬
ating in the early retirement of
the then president and the
early appointment of Mr Tim¬
mer.
B ut unlike the situation
in 1990, when many peo¬
ple doubted whether the
overmanned, excessively
bureaucratic Philips group
would be able to survive at all,
the company has proven its
ability to plug gaping holes in
Jan Timmer : may need to
take bold action
its profit and loss account.
Under Mr Timmer, Philips
acted quickly to cut 40,000 jobs
from a workforce of 240,000 and
slim down its computer and
semi-conductor divisions.
These moves have partly
paid off, as is demonstrated by
Philips 1 steady return to profit
since record losses in 1990. But
successes are . now becoming
quickly overshadowed by stub¬
born setbacks in consumer
electronics, the group's single
biggest business.
Even before yesterday's
news. Philips had said that its
senior managers in consumer
electronics were working on a
package of measures aimed at
reviving the profitability of
selling compact disc players,
colour television sets and video
cassette recorders (VCR) in a
recession-hit market
So for this year, Phil ips h as
moved to bolster its marketing
of consumer electronics in
Europe by centralising the
division’s marketing, sales ami
service organisations. It has
also announced that its entire
VCR business will be merged
into a joint venture with that
of GrundJg, the German con¬
sumer electronics maker
owned by Philips, in an
attempt to strengthen competi¬
tiveness in one of the most
hard-fought segments of the
market
But if consumer electronics
remains in the doldrums, Mr
T imme r will need to take bold
action if he is to restore the
confidence which yesterday’s
profit pronouncement has so
quickly swept away.
Lex, Page 18
Provisions
warning from
Groupe Suez
GROUPE SUEZ, one of
France's largest industrial and
financial groups, yesterday
warned it would be hit by
heavy property provisions this
year, writes Alice Rawsthom
hr Paris.
Mr Gdrard Worms, chairman,
told the annual meeting it
planned to buy out minority
shareholders In the group's
Compagnie Industrielle
subsidiary.
He said the economic envi¬
ronment remained “unstable”
and that Suez was having trou¬
ble in the property and small
business sectors. Its shares
slipped FFrll.80 to FFr802-20
on the announcement
Mr Worms did not specify
the likely level of Suez’ provi¬
sions for 1992. However Mr Pat¬
rick PansoUe, managing direct
NEWS IN BRIEF
tor, said there was “a risk”
that Suez would be forced to
a similar level of prop¬
erty provisions as in 1991,
when the total was more than
FFrL2bn (S227m).
Meanwhile, Suez is continu¬
ing the strategy of tidying up
its investment portfolio by
buying out the minority inves¬
tors that hold 3.8 per cent of
Industrielle's shares. It is offer¬
ing 11 shares in Victoire. an
insurance company that it con¬
trols. for two Industrielle
shares.
Suez controls Industrielle
with a 50.1 per cent holding.
Union des Assurances de Paris
(UAP), Its dual shareholder,
has 46.1 per cent UAP, which
has been locked in negotiations
with Suez to swap some of its
Victoire shares for part of
Colonia, a German insurer
controlled by Victoire, has
agreed to the proposed
buy-out
■ Deutsche Aerospace (DASA),
the aerospace unit of Daimler-
Benz, and Atonffl, the Italian
aerospace group, have formed
a joint venture, Eurocolumbus
Raumfahrtgesellschaft, to
prepare for the European space
laboratory, Columbus, Renter
reports from Berlin.
Mr Juergen Schrempp,
DASA management board
chairman, said the venture
would create the industrial
conditions for the space sta¬
tion. He called on politicians to
carry through the $5.3bn
Columbus project
Eurocolumbus will be based
in Bremen and have a branch
in Torino, Italy. DASA’s orbital
infrastructure division, ERNO
Raumforhttechnik, will own 60
per cent of Eurocolumbus.
Alenia’s state will be owned
through its Alenia Spazio
unit.
France's Matra Marconi
Space, a unit of defence and
transport group, Matra, is
expected to Join the venture
later. The venture will initially
have 150 employees, who will
be transferred from the parent
companies.
■ Swissair is to implement fur¬
ther cost-cutting measures,
including the elimination of
400 administrative jobs. Mr
Otto Lbepfe, president, said the
move followed “worldwide fore
erosion”, especially over the
north Atlantic, AP-DJ reports
from 7"rlrh.
Mr Loepfe reportedly told
employees: “We are going to
have to face up to some lean
times ahead. And it is the ones
In the best shape that are
going to come through.”
Mentioning its existing cost-
savings programme, dubbed
“Move,” the airline said it was
taking “additional steps to
enhance its competitive edge”.
The Move programme mea¬
sures “are to be further devel¬
oped and implemented at an
accelerated pace”.
Gota Bank
SEK 13,500,000,000
Five-year loan portfolio financial insurance
The undersigned initiated, structured, and acted as
financial advisor to Cota Sank in this transaction
JPMorgan
mr
FINANCIAL TIMES CONFERENCES
NORTH SEA
OIL & GAS
- New Investment Challenges
6 &7 July 1992, London
This topical conference will review North Sea activity, examine
the current investment challenges facing companies operating in the
North Sea and assess the outlook for the equipment and service
supply industry. Speakers taking part include:
Dr Chris S Gibson-Smith
Chief Executive, Europe
BP Exploration Operating Company Limited
Mr Sam Laidtaw
Managing Director
Amerada Hess Limited
Mr KnutAam
President & Managing Director
PhiHips Petroleum Company Norway
Mr Peter D Gaffney
Senior Partner
Gaffney, Cline & Associates Lid
Ms Judith Z Steinberg
Chairman
NOGEPA
Mr Edmund A Wallis
Chief Executive
PowerGenpIc
The Rt Hon Michael Heseftine mp
President of the Board of Trade
Department of Trade and Industry
Mr Johan NVbld
Executive Vice President
Statqil Group
Mr Chris Greentree
Chief Executive
LASMOplc
Mr Ron Probert
Managing Director, Gas Supply & Strategy
British Gas pic
Mr Peter H Steen
Deputy Managing Director
The Danish Energy Agency
Mr Graham J Heame cbe
Chairman & Chief Executive
Enterprise Oil pic
A FINANCIAL TIMES CONFERENCE
in association with NORTH SEA LETTER and EUROPEAN OFFSHORE NEWS
NORTH SEA
OIL&GflS
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FRVANCrAX'TfMES T HURSDAY JUNE 18 1992
INTERNATIONAL COMPANIES AND FINANCE
$
21
IBM to market components to rivals
-By Lou iso Kohoe and
. MtehiyoNakamaio.
INTERNATIONAL Business
Machihes’ is for the first time
■ actively seeking to sell its
semiconductor technology
products to outside customers.
As partof the new marketing
strategy, it hag set an: ambi¬
tious target, of achieving
' annual chip sales of SSOOm
over: the next three years. .
JBM,the world's largest chip-
maker, has until recently con¬
sumed internally all of the out¬
put of Its large chip plants.
Previous sales to third parties
have been- modest, occurring
mostly in. response to specific
requests item -customers.
The new semiconductor mar¬
keting strategy represents a
marked departure item past
practice, tt is the latest exam¬
ple of an effort by IBM to raise
S3bn in annual revenues from
sales to original equipment
manufacturers by next year.
IBM’s entry into the semi¬
conductor market potentially
creates a powerful new compet¬
itor for other chip-makers.
However, IBM is not expected
to compete in the market For
standard commodity chips.
Instead, it will focus on “high
value-added products" in
which it has a technological
advantage.
Such products include IBM's
thermal conduction modules, a
core packaging technology
used in its main frame comput¬
ers. "Everything made by the
technology products division.
of which the semiconductor
operations are a part, is on the
table," said IBM.
The company is confident
that selling a key component
to competitors will not damage
its position in the mainframe
market. '''Customers don’t buy
IBM’s mainframes only
because of this technology," it
said. Other factors, such as
software, product quality and
pricing were distinguishing
factors, the company said.
Excess capacity in semicon¬
ductors is one reason for the
decision to sell to third parties.
Technological improvements
alone have brought annual pro¬
duction gains of 20 per cent to
30 per cent, the company said.
'“We have reached a point
where IBM’s internal consump¬
tion cannot consume all its
output."
IBM’s entry Into the semi¬
conductor market adds a new
twist to the ongoing trade bat¬
tle between the US and Japan
in the computer chip field. Cur¬
rently, IBM’s sales in Japan
are excluded from the US gov¬
ernment’s preferred method or
calculating the foreign share of
the Japanese market. The US
has argued that IBM is a spe¬
cial case because it does not
sell to outside customers.
If IBM were included in cal¬
culating foreign semiconductor
sales in Japan, the figure could
increase by close to 2 percent¬
age points, bringing it to about
165 per cent, much closer to
the 20 per cent target at the
centre of the tense trade row.
Bramalea seeks debt restructuring
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ByBemard Simon In Toronto
BRAMALEA. the embattled
North'. American Teal estate
developer, has suspended divi¬
dends and asked its. banks to
restructure " Its C$4.Sbn
(US$4.03bn) debt. It also
warned that it might write
down the value of its land
holdings and other assets.
The company, part of the
resources and financial ser¬
vices; empire controlled by the
Toronto branch uf the Bronf¬
man family; has financial prob¬
lems which are at least as
severe as those of Olympia &
York, the property developer
which sought protection tram
its creditors last month.
Bramalea . has been given a
more sympathetic hearing by
creditors, than O&Y because of
a perceived willingness to
share more information with
outsiders, .as .well as Brama-
lea’s sustained efforts to raise
cash through asset sales.
Bramalea yesterday reported
a net loss of CSl8.6m, or 22
cents a share, for the six
months to April 30, against
C$3.Sm profit, or 2 cents, a year
earlier! Operations drained
C$&9m from cash-flow, against
a positive contribution of
C$29.4m last year. Interest pay¬
ments totalled C$105.3m.
-Its shares climbed 13 cents
on the Toronto Stock Exchange
yesterday, morning to C$1.18,
but they remain far below
their 1988 peak of C$28.75.
The biggest millstone around
Bramalca’s neck is the undev¬
eloped land in California and
southern Ontario which it
bought during the test boom.
Mr Marvin Marshall, chief
executive, said the asset dis¬
posal programme begun last
year was taking place "at a
slower pace than originally
anticipated". The company has
so far raised C$358m and
expects to generate C$ 2 bn by
1997 to reduce its debt
He added that a new busi¬
ness plan was being prepared.
It will include new lines of
credit to meet working capital
requirements and the exten¬
sion of maturity dates on exist¬
ing debt The main lenders are
understood to be Canadian, US
and Japanese banks.
. In contrast with family-
owned O&Y, Bramalea has
been able to call on its control¬
ling shareholder for support.
Trizec, the Calgary-based
developer with a 67 per cent
stake in Bramalea, recently
took up the lion’s share of a
rights issue, boosting Brama-
lea's equity base to C$935m on
April 30 from C$884m test Octo¬
ber. Trizec and Bramalea's
combined debt of C$14bn
exceeds GAY’S total debt
.Bramalea. - -
Share price (Canadian $)
iio
'- 0 *-
^MeaiMtoRiim'
.■f-
AMR expects second-quarter loss
By Martin Dickson
in New Yoilt
AMR, the - parent company of
American Airlines, yesterday
underscored the. impact of a
{sice-cutting war on US airline
profits whep it warned It
would almost certainly make a
second-quarter loss. •
American blainedihe redink
on fare price-cutting and a sig¬
nificant Increase in fuel costs.
American has-traditionally
led 'prS2hg In the' industry and
sparked off the current war
test April when it announced a
new, simpler domestic fare
structure- which sharply cut
the price of its most expensive
tickets. The airline said at the
time that the initiative was
likely to take as much as
liOOm off first-quarter revenue
but could eventually raise rev¬
enue by as. much, as S350m
annuafi y.
However, the new fare struc¬
ture for business passengers
was quickly undercut by rivals
desperate for customers, while
in tele May the industry tem¬
porarily'slashed tourist fares
in an effort to drum up sum¬
mer business.
""Northwest Airlines led that
round, but American then
seized the initiative with even
deeper cuts.
Northwest announced this
week it would raise domestic
teres 10 per cent from June 26
in what was seen by the indus¬
try as an attempt to regain lost
revenue and encourage its
rivals to push up teres as well
However, none of the big
three US carriers - American,
United and Delta - made any
immediate move to follow
Northwest's lead.
AMR reported net interne of
$ 20 m, or 28 cents a share, in
the first quarter of this year,
on revenues of $3.51bn. In the
second quarter of last year it
made $10.3m. or 15 cents a
share, on revenues of $3J9bn.
The company’s shares dipped
in morning trading on the New
York Stock Exchange, to stand
at $63tt. down at lunch¬
time.
Ford boosts
stake in Japan
distributor
FORD Motor of the US and
Mazda of Japan have reached a
preliminary agreement to
become equal partners in Auto-
rama, the company that dis¬
tributes Ford products in
Japan, Reuter reports from
Detroit.
Under the agreement, Ford
will boost its stake in Auto-
rama to 36.5 per cent from 34
per cent, while Mazda will cut
Its stake to 36.5 per cent from
39 per cent The remaining 27
per cent will continue to be
owned by individual investors.
The agreement is expected to
be finalised by July L •
Autoram a was created in
1982 as a sales channel for
Mazda-produced Ford models
in Japan. Imported Ford mod¬
els were added to the Auto-
rama product tine in 1988.
Mazda and Ford acquired
their equity interests in the
company in 1989. In 1991, Auto-
rama sold more than 75,000
Ford vehicles.
Ford declined to specify how
much it would pay to build up
its stake.
The US group said that the
deal was not related to the
company's previously
announced plan to purchase a
50 per cent stake in a Mazda
assembly plant in Michigan.
Honeywell buys Finnish
automation businesses
[ HONEYWELL, the US control
systems group, is to buy parts
of the automation division of
A Ahlstrom Osakeyhtio, the
Furnish diversified engineering
company, Reuter reports from
HelstnM-
Ahlstrom said the units,
which are part of Ahlstrom
Automation, had a total turn¬
over of around FM400m
($ 93 . 4 m). No other financial
ifetaiis were given.
Assets related to automation
and process control for the
pulp and paper, energy, graph¬
ics, food, chemical and steel
industries are included to the
deaL
The eight units that Hone¬
ywell will take over are based
in Germany, Finland, Sweden,
the UK, France, Austria and
the US.
Under the deal, Honeywell
will also become the owner of
the Lippke Quality Control sys¬
tem, an application for quality
control to paper production.
“By acquiring these busi¬
nesses and assets, Honeywell
gains greater capability in
core markets," said Mr D.
Larry Moore, executive vice-
president and chief operating
officer of Honeywell's Indus¬
trial and Space and Aviation
businesses.
Air Canada in aircraft sale
AIR CANADA has put its five
DC -8 cargo aircraft up for sale
as part of efforts to rationalise
its cargo operations, writes
Robert Glbbens in Montreal.
Air Canada has failed to
make its key domestic cargo
operations profitable, partly
because of toe long recession.
The airline saw overall cargo
revenues slip to C$354m
(US$297m) in 1991 from C$413m
in the previous year.
Air Cfltifldfl said it was sell-
tog the DC- 8 s to reduce debt
and bring unit costs to line
with other carriers. The five
aircraft, which were used in
Canada, are expected to fetch
between US$125m and
US$130m and should find a
receptive market
Total cargo capacity will not
change greatly after the sale
because Air Canada this spring
brought into service three new
747-400 combination passenger-
cargo aircraft on its interna¬
tional routes.
Air Canada also plans to sell
its credit card operation for
about C$S0Om.
Digital
reorganises
European
operations
By Alan Cane
DIGITAL Equipment, the
world’s third-largest informa¬
tion technology group after
IBM and Fujitsu, is reorganis¬
ing its European operations in
a bid to restore flagging safes
and profitability. The changes,
which will create a single
organisation for Europe, take
effect from July 1.
• The reorganisation, pio¬
neered by Digital's UK subsid¬
iary over a year ago, removes
the company's geographically
divided management structure
in favour of one focused on
industrial sectors.
The company has created
five industrial sectors across
Europe, including financial
services, manufacturing and
telecommunications. Within
each sector entrepreneurial
units have been formed to con¬
centrate on Individual indus¬
tries and companies.
Mr Geoffrey Shingles, chair¬
man of Digital’s UK subsid¬
iary, said: “For the first time
we can look at our business
industry by industry and com¬
pany by company.”
The reorganisation removes
one layer of management,
reducing the managerial struc¬
ture to three levels. Manage¬
ments in individual countries
will remain, but they will be
responsible principally for pro¬
viding services and resources
to the industrial units. These
include human resources,
legal, fin a nc i a l and communi¬
cations activities.
Digital is the world’s largest
manufacturer of minicompu¬
ters for commercial and tech¬
nical customers, but it has
been severely hit by moves to
networks of personal comput¬
ers and workstations which
provide equivalent power to
minicomputers at a lower cost
It reported a third-quarter
loss of $294m on operating rev¬
enues of $£L25bo, and has been
cutting staff for over two
years in attempts to restore
profitability.
X
Mass Transit Railway Corporation
(A corporation established by the Mass Transit
Railway Corporation Ordinance of Hong Kong)
HK$3,000.000,000
('or on equivalent amount in US dollars)
Medium Term Note Programme
HK$40,000,000 Floating Rate Notes due 1995
Notice is hereby given that the HfBOft applicable to the subject
notes for-the period front June 12,1992 to September 14,1992 is
3 °/ m %. The'indusioe rale is 4‘/ t Coupon amount payable
September 14 .1992 per HKS500.000 note is HKS5.23U6.
Morgan Guaranty Trust Company of New York
HongKong
As HK Reference Agent
JPMorgan
ALCATEL ALSTHOM
COMPAGNIE G£n£RALE D'ELECTRICmfe
Corporation organized under French Law (SodIU Anoayme)
Capital: Preach Francs 4A25.258.4M
Bead Office : 54 me la Bottle - 75008 PARIS
Registered Head Office : PARIS B 542 019 09fi
SECOND NOTICE
Tie CfcoMl hhttfag or the teUaw el6 W % 19900000 Bead, at MPSSOt
bnod by AUXreLALnBOMCOUPAQNIEOgNfiRAtJB OTLflCIWOrt afcfafa fad
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held a S> no Tncboot -'73DG9 PARS (Foaoe) as Jsdo 2*. 1992 K U0 (un^ fa order to
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TUB BOARD OF rXRBCTORS
NEW ISSUE
June IS. 1992
All of these securities having been sold, this announcement
appears as a matter of record only.
14,000,000 Shares
Browning-Ferris Industries. Inc. m
Common Stock
These securities were offered internationally and in the United States.
International Offering
2,400,000 Shares
Credit Suisse First Boston Limited
Goldman Sachs International Limited
Lehman Brothers International
Smith Barney, Harris Upham & Co.
Incorporated
ABN AMRO Bank N.V.
Cazenove & Co.
Commerzbank AktiengeseDschaft
County Nat West Securities Limited
Credit Lyonnais Securities
Deutsche Bank
. AklicDgeoenacboft
Nomura International
Swiss Bank Corporation
UBS Phillips & Drew Securities Limited
United States Offering
11,600,000 Shares
The First Boston Corporation
Goldman, Sachs & Co.
Lehman Brothers
Smith Barney, Harris Upham & Co.
Inco r porated
Bear, Stearns & Co. Inc.
Donaldson, Lnfkin & Jenrette
Securities Corpora Hon
Kidder, Peabody & Co.
Incorporated
J. P. Morgan Securities Inc.
Paine Webber Incorporated
Alex. Brown & Sons
Incorporated
Dillon, Read & Co. Inc.
Hambrecht & Quist
Incorporated
Merrill Lynch & Co-
Morgan Stanley & Co.
Incorporated
Wertheim Schroder & Co.
Incorporated
Morgan Keegan & Company, Inc.
Oppenheimer & Co., Inc.
Prudential Securities Incorporated
Dean Witter Reynolds Inc.
Rauscber Pierce Refsnes, Inc.
LVMH
MOET HENNESSY - LOUS VUITTON
A French m aod£r£ anonyms"
Shoe Capital of 775397J8O0 Preach Fnncs
Registered Office: 30 cretme Hocbs - 75008 PARIS - FRANCE
Registered with the Regiatre de Commerce ct des Sod£t£s
under reference PARIS B 775 670 417
US* 1800 7 PER CENT CONVERTIBLE BONDS DUE 1999
- NOTICE TO BONDHOLDERS -
Notice k hereby given to tha hoUca rf U33L000 7% conrenfato bands doc 1999 of j
LVMH by the Bond at Daecua of ibe canpnqr, tint tbo qnoaan of one qnKtex of the
Bonds oonunfiog haring not been otafeed, the General Meeting catted oo Jono In baa
beoo adjotaned and a Gcnoal Meeting (Second Aanmbtr) of Bcodholdns wffl bshdd
at the nghaanl office of LVMH. 30 avense Bocfao ~ 750M Axis, an July 3rd 1992 at
II a-m..toronaldtr djefoUoaingagenda:
« fa McoaUnoe wfai tbo paoriaiena of aadds 194, poa 5 of da> Uw rf Jbly 240i 1964.
approval by l&e Holdozs of 7% coovntihls bands doe 1999 a £ the waiv er by
ttuaeboldeB, m provided witii tbs 30* xaadfation aobadoed to tbo Ordinary and
Eanaooflnary Moating of ahtholdsa called Car May 25th 1992. of i Imju. p eoe m pthre
ngbsa b> capital dam to be famed by the company aodor an captoyoMBt stock
ofaioapha;
>H>o fln ii tina otpoa>ecau»dn»dp«gkaiocaayootthB i i Bo a iiar ylogri farB nB» »e a;
- thg dctccmnUjoa of tfac place where ibe powqa of uomey of the tspreacnied
BoMfiioIdea aad the anotes of die neatioz, as well as *» aseodace fist, will be
So<ftorvm jfjsqnfacd far dial j
T oboadmined Morbei
bonds five days ptior H
attorneys are availaUc:
| Genoa] Assembly.
; wbfa tbo fbUowin* paying tpau afaa power of
Baoketa Tteat Coeopaity
Dash wood Boose
<9 Old Btoad Street - London BC2P ZEE
Bankets Tnat Compoiy
Oapoaate tVnsi and Agency Qnsp
PeurAIbaay Stiwa-New York. N.Y. 10015
Swiss Bank Ctarpmsa oa
1 AeadwnaniadL-Basic CH 4002
- BaaqncbaJcsaez
L i i ren i lwang
39 ABfa Scfaffa-Lmembamg L3390
BUda at n^suasd bends will ooly be allowed to be adodnod to or tcpicaeaied it tbe
neetit^ if vqJsHnd on the ngitocr of Boodmldecs five dhys ptior io4a> aaeedag.
The Bond of Dhactoii
DISSOLUTION AND LIQUIDATION OF
BCa HOLDINGS (LUXEMBOURG) SA.
39, bodevard Royal In Luxembourg
By ao Order of Jane 11,1992. the District Coiat of snd m La xc mbogg. sfaing in
eonmacial bub m, has onleicd the iBnohdinn aid l i q u i da t ion of the conapmy
BOO HOLDPWS (LUXEidBOURQ) SJL. with headoffioea in Lmwnthowg.
39, bonlcrard RoyaL The Coast appointed Mrs Mssysc WELTER, Vice-
precident d Ok DMct Coett of Laxcaabotarg, at npesvisiag judge and die
SaUowing aa BqBbfaitoc
-PtorcPapl SCHUSMER. aBomey al l a w . Ln uiubut a g ,
- Qntdc PENNING, atterg ey -et-taar, L inanho arg.
The dalo of the insotvcncy of said company has been fixed cat Jatanay 9,1991.
Thcntditart of faecaaqmy aw seyeated to So their dsaatswtduhe B qBidators
oaorbeforeDecsnber31,1992. Width flgee norths ifao l i qa idrto rt will aeod to
the known or idendfiafafe oedkoas a atsndard form for filing tbtir ddns.
The Older provides faribenaere tlaat tfac saper ri aog jpSge wQJ appnkt wUlia
three months a Committee of fire creditors to be dcsignted wnoog ihc main
lui B L e med aedhocs, dnmirilnd fat die QinHMjr or c ot ai d e the OrandOuchy
of Luxna boorg.
ThoLiqffidatan: PScgo-ftnlSchlfamcr, QaadcPencinz
COM PA N V
DIRECTORS
FROM JULY 1ST
YOUR COMPANY WILL BE
CHARGED IF YOU ARE LATE
FILING YOUR ANNUAL
ACCOUNTS
from 1 JULY 1992 a new sliding scale
of late filing penalties will be Jr A
imposed on all limited companies
that fail to file their accounts on
time, just one day late and a company
will be automatically penalised. The longer the delay - the
more there is to pay (see table).
Up lo
Company 3 month, Uic
Up U}
6 month* hue
Up to
12 months lair
More than
12 month* late
PUBLIC
*500
*1000
£2000
*5000
PRIVATK
XIOU
.&25Q
£500
XtOOO
And remember, the responsibility
for filing accounts on lime lies
with you, not your accountant.
So don’t leave it too late -
make sure yon deliver your
accounts promptly.
For more information
please telephone Companies
House on Cardiff (0222)
380405/380925.
companies house
Crown Way, Cardiff CF4 3UZ.
CMp^ialtni^uanEi^uitrrAKrrWTofdKC^miBrnrorTr^^lmUBtfy.
Currency Fax - FREE 2 week trial
, j :» Anne Whitby
'.Vis UK . Tl?l 071 - 7 « 7:7 ‘ i
. .....- L - - .. Fcx C7)-439 4966
ssscijIis!
FINANCIAL TIMES THURSDAY JUNE 18 1992
Financial Times
Annual Report
Service
On 23 / 24 / 25 / 26 June, the
Financial Times will publish its
Annual Report Service.
Over te 4 days the annual reports
of 80 leading companies will be
promoted in die feature. As a free
service, FT readers will be invited to
request copies.
Don't forget to order your daily copy
of the Financial Times to take
advantage of this service.
FINANCIAL TIMES
EUROPE'S BUSINESS NEWSPAPER
INTERNATIONAL COMPANIES AND FINANCE
Olivetti warns of further restructuring
By Haig Slmonian In Rome
OLIVETTI, the Italian computers and
office equipment group, suffered a 4 per
cent drop in sales In the first four
months of this year. It may need fur¬
ther restructuring before returning to
profitability.
The warning, made by Mr Carlo De
Benedetti, chairman, came in the mid*
die of a week-long conference aimed at
restoring confidence in the loss-making
company.
Olivetti last month announced a
useifan ($387 b 0 loss for 1991, largely
due to restructuring costs, and passed
Its dividend. Although Mr He Benedetti
declined to give details on-sales or earn¬
ings ahead of next week's annual meet¬
ing. he expressed confidents that Oli¬
vetti would meet its target of breaking
even this year.
Da spite of the fell in sales, Olivetti's
volumes had increased in the first four
months of 1992. The difference was
explained by the continuing slide in
prices for many information, technology
products. Prices for a “basket" of Oli¬
vetti goods had chopped by 15 per cent
in the year to April 1992. However,
within that basket, prices for personal
computers, which account for around SO
per cent of Olivetti's turnover, had
plunged by over 45 per cent, while other
goods had remained firm.
Mr De Benedetti said there were
mixed signals in the market. While
demand was still constrained by reces¬
sion in many countries, the process of
"downsizing” - the transition to
cheaper and ever more powerful com¬
puters - had reached a taming point,
he said "I see the possibility of a quite
important recovery by the beginning of
1993,” he said.
The question of further job cute at
Olivetti, which has slimmed .Its
workforce by around 25 per cent
in the past two years, “depends on the
quantity of work". With sales still
shrinking, farther savings might be
necessary, he implied. “We will adjust
our workforce to the success we have
on the market"
Mr De Benedetti gave no indication as
to whether Olivetti might move more of
its ma nufac turing abroad, especially for
low-cost products. However, he drew
attention to the impending North Amer-,
ican .Free Trade Agreement and the
impart this could have on companies,
such as Olivetti, which are already well!
established in Mexico, where labour
costs are low. I
Japanese drug-makers slow off the mark
Pharmaceutical groups are under pressure to expand and innovate, writes Emiko Terazono
A RUSH to invest over- in the US and Europe. ing US companies and 70 to 90 have also been hurt by mounting RAO costs. Fujisan
seas by Japanese phar- Fujisawa acquired per cent of leading European c um ala tire price cuts by needs to globalise because i
maceutical companies Lyphomed, a small drugs com- - companies. the Health Ministry, which market share in Janan has h
onawco
A RUSH to invest over¬
seas by Japanese phar¬
maceutical companies
in the late ISSOs appeared to
si gnal their entrance on to the
world stage. However, it has
since become clear that Japa¬
nese pharmaceutical groups
are fair from becoming the
Toyotas or Matsushitas of the
global drugs market
Despite strong efforts by
some Japanese groups, the
country’s pharmaceutical
Industry has been unable to
develop file world-beating inno¬
vatory products needed to
break into overseas markets.
Yamanouchi Pharmaceuti¬
cal, with annual sales of
Y226bu ($L8bn) and one of the
drugs companies to expand
most aggressively internation¬
ally, hopes to be a truly global
company within the next 10
Notice Co (he Holders of
EUROPEAN INVESTMENT
RANK
ItaHan Lira 200 Button
Floating Rate Notes
Dm 1995
Coupon No. lOdnefioaJDoaU, 1992
la Docanbar 11,1992 tcD be pojabie
timing Dacanbcr 11,1992 at the m
otUJO*
m.*M23U-parm. MUJ0Q00Q Moated
m.&ML3Da-prm. HXMnebOOO NnU
taM 16,1992
SAN rAOLO-LAUANO BANK SJL
NEW ISSUE
Fujisawa Pharmaceutical,
Japan’s third-largest with sales
of Y227bn, says: “It’s essential
for Japanese companies to
globalise since domestic mar¬
ket conditions are going to be
increasingly difficult”
However, western managers
have doubts. Mr Thomas Hof-
statter, executive managing
director of Hoechst Japan, says
most Japanese drugs compa¬
nies are going to take time to
grow into leading global
operations unless a real break¬
through product is discovered.
In the 1960s, most Japanese
drugs companies started their
overseas expansion with sim¬
ple licensing agreements and
established clinical trial
offices. The more ambitious,
however, set up joint ventures
or acquired distributors
This announcement appears at a matter of record onlg.
in the US and Europe.
Fujisawa acquired
Lyphomed, a small drugs com¬
pany In the US, and Yamanou¬
chi built a manufacturing
plant in Ireland, a research
centre in Oxford and. last year,
acquired the pharmaceutical
division of Gist-Brocades, a
Compared with the
multi-billion dollar
mergers and
acquisitions of US
and European
companies, the
Japanese operations
and acquisitions
have been modest
Dutch chemical company.
Japanese drugs-makers are
now trying to build compre¬
hensive Independent
operations in research and
development, production, apd
marketing. Fujisawa is Increas¬
ing production and marketing
capacity in the US and Europe
ahead of the launch of FK-506,
an immune system suppressor
used to prevent transplant
patients rejecting their new
organs.
However, compared with the
multi-billion dollar mergers
and acquisitions of US and
European companies, the Japa¬
nese operations and acquisi¬
tions have been modest in size.
Total Overseas sales by Japa¬
nese pharmaceutical compa¬
nies remain around 5 per cent
of their turnover, compared
with 30 to 50 per cent of lead-
JUNE, 1992
#
Can $225,000,000
Electric Power Development CoLtd.
(Dengen Kaihatsu KabushikJ Kaisha}
Tokyo, Japan
8% per cent. Guaranteed Notes Due 1997
Irrevocably and unconditionally guaranteed as to payment of principal and interest by
JAPAN
-Issue Price: 101.355 per cent_
IBJ International Limited
Bank of Tokyo Capital Markets-Group
Goldman Sachs International ^united
DKB International
Paribas Capital Markets Group
Banque Bruxelles Lambert SA
Hambros Bank Limited
LTCB International Limited
Nomura International
Swiss Bank Corporation
J.P. Morgan Securities Ltd.
UBS Phillips & Drew Securities Limited
Wood Gundy Inc.
Credit Suisse First Boston Limited
Lehman Brothers International
Nikko Europe Pic
Sakura Finance International Limited
Westdeutsche Landes bank Girozentrale
ing US companies and 70 to 90
per cent of leading European
companies.
The main harrier for the Jap¬
anese companies has been
their lack of marketable prod¬
ucts. as most have lagged in
file development of important
new drugs. This was due to'
their reliance on small-step
innovations of existing drugs,
mainly lower-value antibiotics
and vitamins.
Mr MuneyuM Sakai, pharma¬
ceutical analyst at County Nat-
West in Tokyo, says an over¬
seas subsidiary needs at least
four or five original mainline
products.
Exceptions to this pattern
include Sankyo, with its anti¬
cholesterol product Mevalotin.
The drug has annual exports to
its licensees of Yl3.2bn.
Yamanouchi is known for its
anti-ulcer agent Gas tar, which
had Y90bu overseas sales last
year.
J apanese drug companies
have traditionally been
complacent about RAD
because of the government’s
pricing policy on drugs. The
Health Ministry used to award
all new drugs premium prices,
whether they were improve¬
ments or not, and failed to give
drug companies an incentive to
develop innovative drugs.
Rather than take the risk of
spending high sums on product
development, many of the
larger companies chose to only
make small improvements of
existing drugs, and distribute
drugs supplied by foreign com¬
panies under licence for the
Japanese market only.
Development programmes
have also been hurt by
cumulative price cuts by
the Health Ministry, which
started in 1981. It forced 10 to
15 per cent price reductions
every two years. This pres¬
sured cash-flow at the Japa¬
nese drug companies, which
are considerably smaller than
Rather than take the
risk of spending high
sums on product
development, many
of the larger
companies chose to
make only small
improvements of
existing drugs
their western counterparts.
However, attitudes towards
R&D are changing rapidly as
innovation has become the key
to profits.
The ministry is pushing for
innovative drugs through a
change in its pricing rules.
From this fiscal year, the only
drugs to be alio wed premium
prices will be those which rep¬
resent a new concept, are more
effective than gristing drugs,
and which make a noticeable
contribution to treatment.
At the same time, foreign
drug companies have started to
mid distribution tie-ups as they
establish their own networks
in Japan, reducing commis¬
sions at the former Japanese
partners.
Ultimately, companies will
need to establish a worldwide
presence in order to recoup
mounting R&D costs. Fujisawa
needs to globalise because its
market share in Japan has hit
a ceiling and profits have
reached their upward limit.
Companies which do not suc¬
ceed internationally will see a
pressure on profits.
In the long run, Japanese
companies are expected to
become more Innovative. How¬
ever, for companies whose
development policies are aimed
at marginal improvements,
changing direction will not be
easy. Mr John Wilson, analyst
at James Capel, says: "Compa¬
nies are under pressure, with
sales of the industry growing
at 5 per cent and costs of R&D
increasing by 10 per emit”
Since a typical drug takes 10
years and YiObn to develop,
only those companies large
enough to absorb file costs will
be able to survive. Mr Sakai at
County NatWest believes that
about 10 companies, led by
Sankyo, Fujisawa, and Yaman¬
ouchi, will be able to establish
a position in the international
pharmaceutical market
In the near future, compa¬
nies predict a wave of mergers
and acquisitions, especially
rescues of smaller companies
lacking new products. Takeda,
the industry leader, says:
“There are a lot of negotiations
going on behind the scenes."
Mergers and acquisitions by
foreign companies, in line with
Merck and Banyu hi 1983, and
more recently Behringer Ingel-
heim and Yamaguchi Seiyaku
in 1990, are also expected to
increase, as Japanese compa¬
nies are now cheaper following
the slump in Japanese share
prices.
Chairman
of French
chemicals
group stays
By WilBam Dawkins in Paris
MR JEAN-RENE Fonrtou was
yesterday reconfirmed as
chairman of Rhdne-Poulenc,
file French state-owned chemi¬
cals group, for a third three-
year term.
The reappointment of Meg
Fourtou, 52, a former manage-*
meat consultant, was expec¬
ted. The government was
pleased with bis record of
building up a profitable health
care business to counterbal¬
ance the group’s traditional
dependence on basic. chemi¬
cals. This strategy partly
exp lains why Rhone-Ponlenc
was able to lift profits by 37.5
per cent in 1991, a goo d perfor¬
mance during a tough year for
the industry.
Mr Fonrtou is among the 45
ch airmen of state-owned com¬
panies whose mandates come
op for government review In
the next month or two.
The government last month
appointed Mr Louis Schweitzer
as chairman of Renault,
groomed for the job by his
decessor, Mr Raymond Lfivy. w
Mr Bernard Attali, chairman
of Air France, yesterday
looked certain to keep his job
for a second term after being
nominated by the government
representative on his board.
• Former Foster’s
chief appointed
to Coles Myer
By Bruce Jacques fin Sydney
MS PETER BARTELS, former
Foster’s Brewing Group chief
executive, has been appointed
chief executive officer of Coles
Myer, Australia's biggest
retailer.
The appointment confirms (3
speculation fuelled by Mr
Bartels’ resignation from
Foster’s in March, reportedly
after strong disagreements
with the company's then
key shareholder, Mr John
Elliott
Mr Bartels will take op his
new appointment on July 27,
replacing Mr Brian Quinn, the
current Coles chief
CONTRACTS A TENDERS
373
Italian National Agency for New Technology,
Energy and the Environment
ENQUIRY TO TENDER FOR THE CHARTER
OF POLAR VESSELS
The VIII Campaign of the Italian National Antarctic Research Programme 1991 -1996 of the
Ministry of the University and of Scientific and Technological Research, authorised by Italian law
380/91, is planned to take place during the period October 1992 - April 1993.
For this period ENEA is interested in receiving technical-financial tenders for the charter of the
following vessels, including relative rigging and management
A) a cargo vessel with a capacity superior to 6000 cub.m.
B) an oceanographic research vessel without cargo capacity in hold
C) an oceanographic research vessel with possibility of cargo in hold of at least 1000 cub.m.
Ail vessels must belong to Ice Class 1A Super according to RINA Rules or an equivalent class.
ENEA will reserve the right to proceed to the charter of one or a combination of the above
vessels when the definition of the afore-mentioned Programme has been concluded and, in
particular, to decide with a view of the technical-scientific projects of the expedition and the
financial conditions of the tenders. For vessels A) and B) ENEA is enquiring to tender for the
1992-1993 Campaign only.
With respect to vessel C) ENEA is interested in receiving tenders for the 1992-1993 campaign, as
well as for the subsequent campaigns, always limited to the six-month Antarctic summer
season. Tenders for a long-term charter, starting from the 1993-1994 campaign or the following
one, will also be appreciated. In this latter case vessels newly built according to ENEA
specifications or of recent construction to be adapted accordingly, will be taken into
consideration.
Those companies having one or more of the vessels with the above general characteristics are
invited to contact ENEA for the submission of a technical-financial tender based on ENEA
functional specifications.
With your request for participation kindly submit the following documentation:
• specification of the general characteristics of the vessels) offered;
• declaration of the experiences acquired in navigation on polar seas.
Enquiries should be sent to the following address not later than 23rd June 1992:
ENEA - Committee for the selection of firms to tender for polar vessels,
c/o Ing. F. Saverio BIFANO
V.le Regina Margherita 126
00198 ROME (FAX 06-8528-2591)
The request for participation will not bind ENEA in any respect
BSE ^ President of the Committee
Ing. F. Saverio Bifano
k a . V . -_
ptly a INT ERNATIONAL COMPANIES AND CAPITAL MARKETS
<3 Interest rate on Resellers tap Canada’s telephones
Ol)p more foreign debt Bernard Simon examines the implications of a landmark ruling
THan,. ® -m -m TN THE two years since set up business in the past two appear. Most important, the company, LIgbtel) will reach
'. . ti vA/t - TV yr^rv~ ~ I Canada opened its doors to years. CRTC ruling should enable the CSlOOm (S83.3m) this year from
^ 11\C|I IIV } VI fr* V 11 A discounted telephone ser- The telephone companies, on resellers, especially the most about 6,000 medium and small
;r 4aT^V V m7 "** Vr vices, a host of aggressive com- the other hand, are furious at efficient ones, to widen their businesses.
rtoJ tits - . • . •. >/. panies, known as resellers, the CRTC's ruling, which also margins. The Cana di a n subsidiary of
w;# £2*V- ! * F«*er .. The government first have carved several hundred opened up the long-distance Nonetheless, some eonsum- the UK’s Gable & Wireless has
F^NANl^UL TTMES THURSDAY JUNE IS
_— % aauppomtmr
Cb*Fmmr
Fatanaana iXrtuwstmerwo fimmmsf
By Damian Fraser 1
ta Mexico City
^CStT? -
?eanihj. v-.
! aS? ;
THE MEXICAN government,
axurious to protect its economy
from the Impact of rising US
Interest, rates,, has fixed the
Interest, iate for. at least two
years bn a significant part oq
I ts floating-rate foreign
" debt by using the inte rnatio nal
.markets in options and
ifior. ftgjTjA
JtST
“nafcmjv
*•**&;,'
fnjerFd..
fef annul
Mr Pedro Aspe,. the Mexican
'finance minister; said the.gov-
'.brhment. had. also; hedged
Against passible falls in oil
pricesin the derivatives mar¬
kets.
He said the use of these mar¬
kets would protect Mexico
from unpredictable external
shocks and'enable the govern¬
ment to meet budget forecasts.
The. Finance Ministry said
the .government had locked
into, an-oil-price this year of
514 a barrel, and an. interest
rate of 6.25 per cent on the
floating rate part of the exter¬
nal debt covered by the Brady
debt ; deal' for this and next
year.. ''
■As; part of the Brady deal
with International banks,
Mexico fixed in 1990 an interest
rate, also of 6.25 per cent, on
$2Sibn of its foreign debt It
also issued about 3 l 2 JJbn of
1 floatjcng-rate bonds in exchange
for bahk debt
The government first
announced that it' had hedged
against oil price falls last year,
although it did not then dis¬
close .plans to extend the pro¬
gramme.
It said the volumes of its pur¬
chases “were very si g nificant
in relation to the size of falls
this year".
As part of its continued debt
restructuring, the Finance
Ministry has also retired $7.2bn
of its external debt at a
reported discount of 23 per
cent, through swaps and the
purchases of debt in the sec¬
ondary market
While the debt was officially
retired on June 1, the govern¬
ment has been buying back
debt over a period of months
and placing it in a special
account
The government thereby
saved around $400m a year in
interest payments and reduced
its external debt by EL9 per cent
to $73.6bn. The ratio of
Mexico's total debt to
GDP has now Men to 29 per
cent
' The government In part
bought back the debt with
funds raised from short-term
Euro-commercial paper. At the
end of May it used the 51.4bn
raised from the sell of shares !
in Telmex, the telephone
monopoly, to repay short-term
debt
I N THE two years since
Canada opened its doors to
discounted telephone ser¬
vices, a host of aggressive com¬
panies, known as resellers,
have carved several hundred
million dollars out of the estab¬
lished phone utilities* annual
revenues.
The resellers, who lease
phone lines at bulk discounts
from the phone companies and
then resell them to smaller
users, now account for about 4
to 5 per cent of all telephone
calls in Canada.
Their early success could
look modest, however, com¬
pared with what lies in store
following a landmark ruling by
the fTanHitian Radio-tele vision
and Telecommunications Com¬
mission (CRTC).
The CRTC has cleared the
way for resellers to expand the
geographical territory they
serve and to gain access to the
phone companies' own dis¬
counted services. It is also
encouraging resellers to build
their own networks, a move
which would gave them more
control over their costs and
further spur competition with
the phone companies.
“The pro-competition
approach was more than any¬
one expected," says Mr Tom
Davies, president of ACC Long
Distance of Toronto, one of the
20 to 30 resellers which have
set up business in the past two
years.
The telephone companies, on
the other hand, are furious at
the CRTC's ruling, which also
opened up the long-distance
market to competition for the
first time.
Mr Jean Monty, Bell Cana¬
da's chairman, is appealing
against the decision on the
grounds that new competitors
will make a much smaller pro¬
portional contribution than
Bell towards subsidising cheap
local rates from long-distance
revenues, and towards the cost
of connecting new entrants’
equipment to the phone compa¬
nies' networks.
Most of the resellers in the
market are expected to gear up
for expansion in the wake of
the CRTC ruling.
Until now, their marketing
efforts have centred on mid¬
sized businesses in Ontario,
Quebec and British Columbia,
and they have been able to
offer services only between a
limited number of cities.
They are now talking about
extending services to smaller
businesses and moving into the
other seven provinces. Call-Net
Communications, the biggest
reseller, also has plans for a
cut-price service to households.
An array of new products,
such as phone credit cards and
private lines, is likely to
appear. Most important, the
CRTC ruling should enable the
resellers, especially the most
efficient ones, to widen their
margins.
Nonetheless, some consum¬
ers targeted by resellers in the
US will probably be out of
reach for some time in C an ada.
The Canadian market will
continue to be more tightly
regulated than the US. As a
result, the fee charged by
C anadian telephone companies
for access to their networks Is
likely to be considerably
higher than the 3 to 3.5 US
cents per call average south of
the border.
Hie resellers’ own ranks are
expected to thin as competition
intensifies. Mr Douglas Cun¬
ningham, analyst at BBN
James Capel In Toronto, fore¬
casts that no more than four or
five companies will dominate
the market “Small resellers
will probably not survive," Mr
Cunningham predicts.
T he survivors will cer¬
tainly include some of
the British and US-
owned companies which
already dominate the resale
business.
Call-Net In which Rochester
Telephone of Rochester, New
York, has a stake of almost 20
per cent, says its revenues
(including those of a sister
company, Lightel) will reach
CSlOOm (583.3m) this year from
about 6,000 medium and small
businesses.
The Owiatflan subsidiary of
the UK’s Cable & Wireless has
5,000 network customers and
expects its resale revenues to
top C?50m this year.
Montreal-based Fonorola,
whose biggest shareholder is J
Ro thschild Holdings, will sub¬
mit expansion plans to its
board next week. The com¬
pany. whose sales are also
around C$50m a year, expects
to launch some new services -
it declines to be precise - by
next January.
The CRTC decision is espe¬
cially welcome to the Foreign-
con trolled companies because
it files in tbeface of legislation
before parliament which
would reserve a stake of at
least 80 per cent in any com¬
mon carrier for Canadian
shareholders.
The resellers are optimistic
that the CRTC's ruling, plus
their own plans for investment
and new jobs, will persuade the
government to water down the
proposed new Telecommunica¬
tions Act
For example, ACC
Long-Distance, which Is also
controlled by a US company,
has expanded Its workforce in
Canada from five to 52 in the
past 13 months.
LIT 500,000,000,000
MEDIUM TERM FLOATING RATE
MULTI-CURRENCY LOAN
ARRANGER
LEAD MANAGERS
Banca Commercials ftaliana Banco di Santo Spirito
MANAGERS I
Banca Nazkmale del Lavoro Banca Popolare di Milano j
Cradito ttsHano - Monte dei Peseta di Siena
Istituto Bancario San Paolo di Torino
PARTICIPANTS
Bancs Popolare di Novara Banca Nazionate DeB'Agricohvra,
Cassa di Risparmio defie Provincie Lombard© I
AGENT
Banca Commerdale ftaliana, London Branch
June 1992
Tlead Analysis LU
Heroes Mouse
32 Southgate Street
Winchester
Brats S023 9EH
Tet 09628797B4
ffitHde
Currencies ■ Bonds
Energy • Metals &
Oil Markets ...\^^\ —
Setting The Trend For Others To FoUow
THIS ||
NEWSPAPER
AND YOU /<=
Moody’s predicts growth in German debt
C°les it Hafnia increases share issue
?ETEEBA81E: •
• I ‘ r * BrpujMt’-
f cxecuthetgj 7
Acstrak.f
iirr. 1
r.r sopoimEffli
foefef'
'•■t 5
Sw* a Had. !
t strops is-;
•1 ctE;s
L'-It
: Bcrois b3!s. -
JSpeease..
A'.ss Sr Elat :
rant Cu.Siil
By Hilary Barnes
in Copenhagen
HAFNIA Holding, the troubled
Danish insurance group, has
inoreased its share issue from
DK^L5bn' to DKr2bn (5331m).
This issue is being underwrit¬
ten by -Danish institutional
shareholders and Paribas, the
French bank.
Hafnia's urgent need of capi¬
tal Was underlined by events In
the stock market yesterday, it
suffered heavy unrealised
losses when shares in Baltica
Holding-, its big domestic
rival, 'fell ■ by DKr77 to
DKX460, wiping some DKz35Qm
off the -value -of Hafnia’s -33J5
per cent stake in Baltics.
In a statement to the stock
exchange, Hafnia said its
equity capital at June 16 had
been reduced to DKr400m by
the fall in the value of strategic
holdings in Baltica and Skan- 1
dia, the Swedish insurer. i
Hafnia said, however, that it
believed it would be able to seD
its strategic beddings in Baltica
and Skandia at a price above
the current market prices.
Hafnia's present troubles
began when its finances !
became seriously over-ex¬
tended niter trying (together
■ with Norway’s UNI Store-
brand) to acquire control of
sfcanriia last winter.
By Sara Webb
THE NEED to raise funds for
the development of eastern
Germany is expected to lead to
farther growth in the German
bond market, according to a
report by Moody's, the US
credit rating agency.
However, this substantial
public demand for financial
funds may leave little room for
an increase in domestic corpo¬
rate bond issuance, adds the
report.
Moody’s says public sector
bands currently account for 74
per cent of total domestic out¬
standing issues, and the pro¬
portion is likely to increase
Anther as state budgets come
under pressure over the next
few years.
As a result, there may be
less scope for domestic corpo¬
rate borrowers - many of
whom have been encouraged
by the recent lifting of regula¬
tions - to raise funds in the
German market
Outstanding issues of
D-Mark bonds amounted to
about DMlJBObn at the end of
1991, with the domestic sector
accounting for 87 per cent of
the total outstanding amount,
and making Germany the third
largest bond market after the
US and Japan
The US rating agency warns
that factors such as regulation
and the competitiveness of the
other European bond markets
could threaten the develop¬
ment of the D-Mark Eurobond
market. In particular, Moody's
points to possible changes in
the taxation of interest income
in Germany, and the recent
emergence of the Ecu bond
market
The Ecu bond market has
recently taken a battering fol¬
lowing Denmark's rejection of
the Maastricht Treaty, and is
not expected to see much new
issuance in the immediate
future.
However, Moody's report
says the Ecu market “could
attract supranational and
high-grade sovereign and cor¬
porate borrowers, some of
which might reduce their DM
Eurobond issuance levels. This
could result in a lower average
credit quality of outstanding
DM Eurobonds.”
* Moody's Special Report - The
DM Bond Market: Structure,
Credit Risk Profile and Perspec¬
tives.
OutstandlnaDtt bonds
■■■■■■Pubfic sector bonda-
Other domestic bonds =
Mina DMatifbtantis^'. ■
DMhffljdn.-i'/
••mm. 1 ; . ;
K-m
If you have a complaint
about an item in this
newspaper which
concerns inaccuracy,
intrusion, harassment
or discrimination, write
to the editor about it.
If you’re still dissatisfied
you can write to the
Press Complaints
Commission,
an independent
organisation established
to uphold an editorial
Code of Practice
for the Press. i
THIS NEWSPAPER I
ABIDES BY
THE PCC’s DECISIONS
P<€
:'2«K
•->0 .III UI
■>..^987..bb: m
I SALISBURY SQUARE
LONDON EC4Y 8AE
Telephone »7I .W I24K
Facsimile <«7I 353 K355
This \ptur liut been
tloniueil by the puhh\her
ISTTTU7D BANCARKJ
SAN PAOLO DI TORINO
SFA, LONDON BRANCH
ECU 150900000
FLOATING RATE
DEPOSITARY RECEIPTS
DUE 1997
Fbr the period June 18,1992
to December 16,1992 the
new rate has been fixed
01 10,71563% PA.
Next payment date:
December 16,1992
Coupon nr: 1
Amount XEU 54,47 for the
denomination of XEU 1 000
XEU 544,71 for the
denomination of XEU 10 000
XEU5447.il tor the
denomination of XEU 100 000
THE PRINCIPAL
PAYING AGENT
SOGENAL
SOCIETE GEMffiALE GROUP
15, AVENUE EMILE REUTER
LUXEMBOURG
Consorzio Autonomo del Porto di Genova.
PORT AUTHORITY OF GENOA
An invitation to bid for the purchase of 80% of the parcel of shares
of the company Terminal Contenftori Porto df Genova Spa.
In the Supplement of the Official Journal of
the European Communities na 108 of 4 June
1992, an advertisement la published in which
the /tort Authority of Germ (henceforth
referred to as CAP), based in Genoa, via defla
Mercanzia 2, invites bids for the purchase of
shares which constitute 80% (eighty percent)
of the stock capital of the company "Temrt-
nal Contenltorf Porto dl Genova s-p-a.”
based in Genoa, Moio Nino Ronco, registered
with the Court of Genoa under no. 4593$ voL
427, Issue 64181.
This invitation is addressed to companies or
other collective Agencies:
intermediaries and fiduciaries are exclud¬
ed, as well as partnerships and individuals.
Interested parties are informed that a dossi¬
er is available ab the offices of GAP, Gsstione
Speciale Terminal Contention, containing in¬
formation and data on the' company in
question.
The companies interested In acquiring the
dossier Wni have fo request R In writing from
CAP by registered mail; the request must be
delivered by and not later than 30 days from
the date of pubficatkm of the aforesaid ad¬
vertisement in the Official Journal of the
European Communities, together with a
copy of the memorandum of association, the
articles of a^odla^, a Bst of thocorirOxfixs
to thestock capital with respective quotas, a
list of the members of the company's bodies,
and balance-sheets of the last three financial
years.
Requests without even one of the aforesaid
documents will not be taken into con¬
sideration.
CAP reserves the right to send or not the
The companies, which wfll have acquired the
aforesaid dossier, must within a time limit
which wfll be set forth by CAP, send to CAP
In a sealed envelope with the wording “Bid
for Terminal Contented Porto dl Genova
s.pa. n , an irrevocable, unconditional and firm
offer of purchase, with a minimum validity of
60 days from the deadline of the time limit
sat forth by CAP.
This invitation and the receipt of prospec¬
tive bids do not constitute any obligation or
commitment of sale on the part of CAP
towards the prospective bidders and, for the
latter, they do not give rise to any claim
or to any kind of rights whatsoever against
CAR
The present advertisement Is an invitation
to offer and, it is neither an offer to the pub-.
Be accordingto art 1336 of ftaflan cfvfl code,
nor a request to public lenders according
to art. 1/18 of Law 7 June 1974, n. 216 and
subsequent modifications and integrations.
Yasuda Trust and Banking
(Luxembourg) SLA.
USS 50,000,000
FloatngRate
Guaranteed Notes Due 2000
with Fixed Rate Option
Guaranteed by
Tbe Yasuda Trust and Banking
Company. Limited
In accordance with the
provisions of the Notes, notice
is hereby given (hat the rate of
interest for the interest period
I8th June 1992 to 18th December
1992 has been fixed at
4-525% pJL The ooupon amount
payable on 18th December
1992 will be USS 115-01 per
USS SjOOO Note.
COMPAGN/E BANCAIRE
FRENCH FRANCS SQQJHttflOO
FLOATING RATE NOTES
DUE 1997
For the period June 17, 1992 to
September 16,1992 the new
rate has been fixed
at 10,125% PA
Next payment date:
September 16,1992
Coupon nr: 8
Amount: FRF 25504 for the
denomination of. FRF 10 000
FRF 2559^8 tor the
denomination of FRP100 000
THE PRINCIPAL
SOCIETE GENERALE GROUP
15, AVENUE EMILE REUTBR
£135,000,000
Leeds Permanent Building Society
Floating Rate Notes Due 1998
Interest Rats
Interest Period
Interest Amount due
16th September 1992
per £10,000 Note
10.1875% per annum
16th June 1992
16th September 1992
£256.08
Credit Suisse First Boston Limited
Japan Leasing
Corporation
US$50,000,000
Guaranteed Floating Rate
Notes due 1995
Notice is hereby given that, in
accordance with the provterone
of the above mentioned Floating
Rale Notes, the rate of interest
for the six months period from
June 18,1992 to December 18,
1992 (133 days) has been fixed
at 4.425% per annum.
TTie interest payable on Decem¬
ber 18. 1992 will be US
$11,24£L87 in respect of each
US $500,000 Note.
SOCIETE GENERALE
FRF 500000000
SUBORDINATED FLOATING
RATE NOTES DUE 2001
For the period June 17,1992
to September 18,1992 the
new rate has been fixed
at 10,1W5% PA
Next psymsntdate:
September IB, 1992
Coupon nr: 6
Amount: FRF G15J03 for the
denomination of FRF 20 000
THE PRINCIPAL
SOCETE GENERALE GROUP
15, AVENUE EMILE REUTHt
LUXEMBOURG
EBRD makes its
Australian dollar sector
NEW INTERNATIONAL BOND ISSUES
Borrower
US DOLLARS
Salomon lne.(b]tf
Banco lntomadonal(c)t
Amount m.
300
50
Coupon %
m
M
Price
100
pq APS
lUturBy
T98S
1395
Fees
1
Book runner
Salomon Brothers
Man. Hanover-
AUSTRALIAN DOLLARS
EBRDlalt
300
9
102j482
2002
325
SBC Dominguez Berry
CANADIAN DOLLARS
BNP(a}t
12S
8V
101.40
2002
2/1%
Hambrcs Sank
SWISS FRANCS
P.T. Inti iodarayan(d)***
80
4*
100
1397
-
SBC
★★Private placement ^Convertible. ♦Wftn equity warrants. ^Floating rata note. fFinai terms.aj fton-caftaftfa. 6J Ra» set by
auction process. Backstop margin 200bp over Uttar, c} Coupon payable semi-annually. Non-callablo. d) The notes cany a
put option on 30/12/1004 at 110%.
By Simon London
THE EUROPEAN Bank for
Reconstruction and Develop*
ment yesterday launched its
first Australian dollar bond
issue, the first of a planned
A$75Qm borrowing programme.
The A$300m, 10-year Issue
was structured as a global
INTERNATIONAL
BONDS
issue. The registered bonds
were sold In the Australian
domestic market, but were also
distributed in Europe, the US
pnd Asian markets.
The EBRD lends to promote
economic development in east¬
ern Europe and has no natural
requirement for Australian dol¬
lars. The proceeds of the
issue were swapped into float¬
ing-rate Ecu and will be held
on deposit or in liquid financial
instruments until required for
loans.
The decision to borrow in the
Australian market was partly
driven by poor market condi¬
tions in Europe caused by con¬
cern over the ratification of the
Maastricht treaty.
Mr Anders ljungh. EBRD
vice-president for finance, com¬
mented: “Our natural habitat
is the Ecu market and some of
the higher-yielding currencies
of Europe. However, conditions
are such that we will have to'
look further afield.”
The 9 per cent paper priced
to yield was 12 basis points
more than Australian govern¬
ment bonds. The pricing was
initially seen as tight by some
participants in the deal, but
there was buying interest from
a range of institutional inves¬
tors.
The bonds were structured
to mirror the payment and
redemption dates of the bench¬
mark 10-year Australian gov¬
ernment bond issue. Many
institutions viewed the paper
as a proxy for government
debt.
The EBRD is owned by Euro¬
pean governments and carries
a top triple-A credit rating. In
addition, it Is a less frequent
borrower than other top-rated
debut in
supranational borrowers such.
as die European Coal and Steel
C ommunit y and the World
Bank.
Having been re-offered to
investors at a fixed price of
100.174, the bonds were quoted
at 100.1B bid, for a yield spread
of 8 basis points over govern¬
ment paper.
. Elsewhere, Hydro Quebec
priced its C$l-2bn, 30-year
global bond issue to yield 85
basis points more than Cana¬
dian government bonds, at the
tighter end of the indicated
range.
Participants in the deal
reported strong buying from
European investors, although
the long-dated maturity
appealed more to North Ameri¬
can institutions.
Salomon Inc, the parent
company of the US investment
bank, raised its first public
funding in the Euromarket
since being implicated in mal¬
practice in DS Treasury bond
auctions.
The company raised $300m
three-year funding from an
issue of auction rate notes. The
senior notes carry a margin of
55 basis points over the three-
month London interbank
offered rate, but this will be
re-set through a regular auc¬
tion process.
The structure is similar to
the long-date, subordinated
variable rate notes issue by
banks in 1990 and 1991, but
contains additional investor
protection. If an auction fails
- if all investors try to sell
their bonds at once, for exam¬
ple - the reverts to 200
basis points over Libor. If
two auctions fail, investors can
put the bonds back to the
issuer.
Under the VRN structure,
the bonds continue to trade at
the fail-back margin until an
auction is successful.
Prom the issuers perspective,
the structure allows the cost of
funding to fail -throu gh the life
of the issue. Salomon is widely
perceived as an improving
credit This week its credit rat¬
ing was raised by one notch to
A-t- by IBCA, the credit rating
age&cy.
• Nationwide Bonding Society
has had. its Aa3 credit
rating confirmed by Moody's
Investors Service, having been
nnder review for three
months.
Italian bonds fluctuate wildly on devaluation fears
BENCHMARK GOVERNMENT BONDS
Rad
Week
Merab
Coupon
Data
Prior
Chang*
YMd
te
■00
AUSTRALIA
10X00
10/02
107X773
•0.142
8X9
8X7
9.16
BELGIUM
9X00
08/01
100+000
-
8X3
8X9
878
CANADA ’
8X00
04/02
102X30
-0.150
813
8X5
8X0
DENMARK
0.000
11/00
99X900
+0030
9.11
8X4
874
FRANCE BTAN
8X00
03/97
98X293
+ 0X74
895
883
6.73
OAT
8.S00
11/02
984000
+0340
872
873.
8X3
GERMANY
8X00
01/D2
100.1900
•OXIO
7.96
7X1
7X6
ITALY
12.000
05/02
95X200
+ 0230
13X27
1X11
1255
JAPAN N0118
4X00
06/99
95X037
+ 0289
5X3
5.75
5.75
No 128
8400
03/00
105.4150
+0377
5.41
5X1
5l49
NETHERLANDS
8250
02/02
90X100
+0X90
828
8J2B
BX2
SPAM
11X00
01/02
9BX500
+0X00
1196-
11.42
10X0
UK GILTS
10X00
11/96
102.8438
_
9.19
023
9.15
9.750
08/Q2
103.6438
-2732
8.16
9.15
9.03
9.000
10/08
- 99.7816
+ 1/32
9X2 .
9.03
881
US TREASURY '
7X00
05/02
102X00
+ 5/32
7X1
7X5
7X7
8000
11/21
102X00
+3/32
7X3
7XO
7X1
ECU (Frencti GovtJ
6X00
03/D2
96X000
+ 0200
8X8
8X4
856
London dosing, ‘dsnotaa New York closing Yields: Local mertwrt st and ar d
t Gross annuel yield (Including withholding tax at 12.5 per cent payable by nofwed-
dents.]
Prices: US. UK in 32nd*. other* In decimal TmamicalOmUULM PXeeSoorces
By Sara Webb In London
and Patrick Harverson
in New York
ITALIAN government bonds
plunged cm rumours of a deval¬
uation of the lira yesterday,
but later recovered their losses
to close slightly higher on the
day after a volatile trading
session.
GOVERNMENT
BONDS
Dealers said the market
opened on a relatively bullish
note and prices rose initially
on reports that Italy's Presi¬
dent Oscar Luigi Scalfaro could
be close to appointing a prime
minister after a two-month
political deadlock.
However, traders said the
early gains were completely
wiped out in the afternoon by a
market report forecasting that
the lira would be devalued by 5
per cent The report led to a
weakening of the lira, forcing
the Rank of Italy to intervene
in the foreign exchange mar¬
kets. The news prompted
heavy futures-driven selling
from foreign bond houses. A
Bank of Italy official was
quoted dismissing the devalua¬
tion rumours as untrue.
The futures contract, which
bad opened at 95.45. foil from
its high of 9&93 to a low of
95 ^6, but later traded up to
raid the day at 95.48.
Elsewhere in Europe, dealers
noted some switching out of
Germany, Belgium and the
Netherlands into Danish gov¬
ernment bonds in anticipation
of an easing in short-term
interest rates. Following the
results of the Danish referen¬
dum on the Maastricht Treaty,
the Danish central bank
allowed short-term rates to
move up to protect the cur¬
rency, but dealers said the
rates are expected to edge
lower soon.
The rest of the European
bond markets saw dull ac ti v ity
ahead of today’s Irish referen¬
dum on Maastricht and the
public holiday in parts of
Europe.
■ UK government bonds ended
the day barely changed with
many market participants
waiting on the sidelines ahead
of the fH«h refer endum.
The Liffe gilt futures con¬
tract traded in a range of 97.32-
96.01 and ended the day around
97.30, slightly up on its opening
level of 97.29. The May retail
sales figures and April Indus¬
trial production data released
yesterday had no perceptahle
impact on the gilt market, deal¬
ers said.
The Bank of England sup¬
plied some of its index-linked
stock - the 4 per cent gilt
due 2030 - to toe market yes¬
terday at a price of 98%. Deal¬
ers estimate that approxi¬
mately £300m of the £500m
tranche has been sold so far.
■ US Treasury prices firmed
slightly across the maturity
spectrum in exceptionally
quiet trading .
The benchmark 30-year gov¬
ernment bond was . up ft at
102ft, yielding 7.838 per cent
The two-year note was up A at
100ft, yielding A987 per cent
Although the absence of
fresh economic news left the
market adrift during the morn¬
ing, there was sporadic retail
and institutional buying. This,
combined with overnight gains
on foreign markets, kept the
long end of the market in posi¬
tive territory.
The day’s only news was the
release of the Federal Reserve’s
“Beige Book”, a compilation of
reports on business conditions
in the 12 Fed districts. The
report had little effect on senti¬
ment, however, confirming
that economic recovery was
continuing, but steadily.
Later in the session, the Fed
announced that next week it
would sell a record $15bn In
two-year notes and S10-5fan in
five-year notes, another record.
■ JAPANESE government
bonds closed at the highs of
the day, lifted fay hopes of an
easing in interest rates and
helped by the US Treasury
market’s firmness overnight.
Yesterday's sharp drop in
the Tokyo stock market led to
speculation that the Bank of
Japan may allow an easing in
short-term interest rates soon.
The Nikkei average fell 507.73
points to 16,4454k), its lowest
dose since October 1986.
In the futures market, the
September contract, which
opened at 102.00, breached an
important resistance level and
ended the day at 1Q2JS3. The
next key resistance leveL is
103.12. In the cash market, the
yield on the benchmark No 129
issue opened at 5.47 per cent
and moved to 5405 per cent at
the dose of trading in Tokyo.
• AUSTRIA'S OTOB futures
and options exchange is to
launch a new Austrian Traded
Index (ATX) contract on
August 7, Reuter reports. ATX
futures and options contracts
- a weighted index based on
the 18 continuously traded
Austrian shares - will supple¬
ment the gristing options con¬
tracts on six shares listed since
OTOB was launched last year.
Pubs group to
refinance £250m
of bank debt
By Simon London
INNTREPRENEUR Estates, the
Joint venture company set up
by Grand Metropolitan and
Courage in 1990, is planning to
refinance' £25fim bank debt
with a 20-year bond issue.
Proposals for the secured
debenture issue, arranged by
NatWest Capital Markets, were
presented! to UK institutional
investors in London and Edin¬
burgh this week.
The funds raised from the
bond issue will be use to pay
down a portion of almost
£L5bn raised from a syndicate
of banks in 1991 for the acquisi¬
tion of pubs. The main
£1 J25bn credit was syndicated
among 20 banks, arranged by
Citicorp, S.G. Warburg, Bar¬
clays and Natwest The grant¬
ing of security to bond holders
has already been approved by
the company's bank lenders.
Bankers said yesterday that
the reaction of institutional
investors to the proposed deal
was positive. However, Entre¬
preneur is a unique credit and
the structure of the deal will
make direct comparison with
o utstanding bond issues diffi¬
cult
The company holds around
7,000 pubs formerly owned by
GrandMet and Coinage, a sub¬
sidiary of Foster's of Australia.
The joint venture was formed
in response recommendations
by the Monopolies and Mergers
Commission, which ruled that
brewery companies should own
only a limited number of pubs.
Inntrepreneur leases the
properties to landlords on 20-
year leases, longer than usual
in the licensed trade. The long
contracts are designed to
encourage lease-holders to
invest cash in the business and
upgrade the properties. If the
value of the businesses
increases, Inntrepreneur is
able to charge higher rents and
generate additional cash flow.
The bonds will be secured on
a pool of assets which broadly
reflects Inntrepreneur’s portfo¬
lio of propraties.
The pricing of the Issue
re mains undecided. Pub opera¬
tor Devenish this week placed
£30m long-dated debentures
secured on its estate of pubs at
a yield 125 basis points more
than long-dated gilts. However,
the issue is for and less
liquid i-han the proposed Inn-
trepreneur transaction.
The benchmark debenture
issue in the sector, a £350m
issue from Allied Lyons, trades
at a spread of around 85 basis
points. Bankers said yesterday
the Inntrepreneur bonds were
likely to be priced between
these two levels.
Computerised trading
system for Budapest SE
By Richard Waters
THE BUDAPEST Stock
Exchange has become the first
in eastern Europe to order a
computerised trading system,
reflecting Its ambitions of
becoming an international cen¬
tre for securities trading in the
region.
With Ecu 1.9m provided by
the European Community, the
exchange is buying a trading
system based on Nordex, the
cross-border market developed
for Swedish and Norwegian
shares. .
The exchange currently has
only a handful of shares and
bonds listed. But privatisation
in the coming months is expec¬
ted to add rapidly to this list
Also, tie exchange hopes that
rapid computerisation will
increase investor confidence
that it is running an efficient
and transparent stock market
The exchange intends to con¬
tinue with its open outcry mar¬
ket, and add an electronic limit
order book allowing investors’
orders to be completed auto¬
matically.
Besides the limit order book,
the automation will involve
equipping 55 booths for bro¬
kers, and two trading posts
with price display screens.
MARKET STATISTICS
FT/1SMA INTERNATIONAL BOND SERVICE
U«ad are BM laiett tatamaBenal bonds lor wMch time
IIJS. DOLLAR STRAIGHTS
wmjBn...-
ALBEHTA PROVINCE 9 3(8 95_
AUS7HA81/200_
BANK OF TOKYO 8 3/896..—.
BELGIUM 9 MW--
BFCE73/497---
BNP 8 5/8 94---
BRITISH GAS 83/8 99-
CANADA 9 96___
CABCD91/496__
CCCE91/495-
COUNCI L B1B0PE896-
CREDIT FONQER91/299-
DENMARK 81/4 94...
DENMARK 91/4 99-
ECSC81/496---...
EEC 81/496---
0B73/496__
0B91/497_
ELEC DE FRAN CE9W_
EUR0CREDCAR0TST994_
EUR0FIMA91/496 ....
EXPORT DEV QJBP91/2 96-
FINLAND77/897-
FINNISH EXPORT9 3/895_
FORD CAPITAL9 3/497_
GEN ELECCAPnAL43/896-
&MAC9U896__
GUINNESS FINANCE 8 94....
IBM WTL FIB 73/4 94__
HID BK JAPAN FIN 7 71897...
W7EHAMER0EV7OTW_
ITALY81/294___
JAPAN DEV BK894..
KANSAI ELEC PWR1096 .
LTC8FM897...
NEW ZEALAND 9 94 ..
NIPPON CUED BK10 3/895..
NIPPON TEL67H.9J/895..
ONTARIO 61/2 01...
ONTARIO HYDRO 11M894 .. .
QSTERKQCTR0LLBANK81/201.
PETRD-CAHADA7U496..
QUEBEC HYDRO 9 3/4 W... --
S PR0V 998_
IKY91/896_
SAS1099___
SBAB9U295__
SNCF91/298___ .
STATE BK NSW 61/2 96_
SWEDISH EXPORTS3/896_
TOKYO Q£C POWERS 3/4 9b_
TOKYO METR0P0US81/496.
WORLDSANltaWBW__
WORLD BAHK83/497....
XEROXCO RPN8 3/8 96.
DEUTSCHE MARX STRAIGHTS
A8U AM ROB 1/2 96 __
AUSTIUA6a/«»_
BNP 81/4 01-
DEUTSCHE FINANCE 71/295_
0853/496 ..
OB 61/499...
EUR0F1 MA83/ 496....
FIRST INTESTATES 3/4 96—
INC BK JAPAN FIN 5 S/8 96 __
INTER AMEN Q£V 9 00. ..
IRELAN061/299..
LUFTHANSA 0(T FIN 5 7/8 W_
Kra«*.:-Lr:
SWEDEN 6 UB9B ....
TURKEY 10 3/4 96 ..
WORLD B4NK019...
WOULD BANK 53/4 96_
WORLD BANK83/400.. ..
SWISS FRANC STRAIGHTS
ASIAN DEV BANK610_
AUSTRIA 4 5/8 98
OIU0U ELEC POTVE86 3/401 .
“!WJ i EOROPE4M98 _
EEC 51/200..____
□B 61/2 98____
ELEC DE FRANCE 71/406_
FINLAND 5 3ffl 95.....
GENERAL MOTORS 71/295.1.
JAPAN DEVB* 51/294...__
K0BE63/BM...T-_ :
NEW ZEALAND 47/B99..
QUEBEC HYDRO SOB_.”.
WORLD BANK 503_
WORLD BANK 701_
YEN STRAIGHTS
AUSTRIA 4 3/494...
CREDIT FONGER 51/494 .
E1B 45/894......
ELK DE FRANCE 5 5/8 96_
FIHLAND 63/496 ..
INTER AMEBKV7WM_
KANSAI ELEC PWR4 5/894_
NIPPON TEL&7EL57/896 .
NORWAY 51/895_
5HCF63/4D0.. __T”
SWEDEN 55/895. .
WORLDBANK63/400. .....I"
b an adequate Mcondaiy pibW.
CRr.
Otto '
Otter dw Yield OTHER STRAIGHTS
+k BAYERBCHEVERElNSIiT794lFr-..
+k £-26 COPENHAGEN TEL8S/896 Ur-
7.41 wnm n tum n<v. i c.
lMf 3 AW WORLD BANK896 LFr-
ENEHGKBEHEER83J49BFI-
104 -U AM WMJEVEMOBFl-
JT 4 !Hg ALBERTA.PROVINCE 105/B96C!—
IDSL +j. 74Q BELL CANADA 10 5/899 CS-
TmJ 2 A» BRITISH COLUMBIA 10 96 CS-
104? FORD CREDIT CANA0A10 94CS-
m3 +2 7JZ GENELECCAPITAL1096CS-
w KFWUrrFINlOOlCJ-
iSI 595 NIPPON TEL & TEL 101/4 99 CS_
106? -m t75 ONTARIO HYDRO 10 7/8 990.._
_2 am OSTEHWWTWLlRAliKlO 1/499 0-
% * |8 SHfcE
m 3 i
103 S, is 711 FERRO DEL STAT101/8 98 Ea-
lWi +2 630 rTALYM3/400&u-
imS +S L54 UR/TED KINGDOM 91/801 Ecs-
^ 3 il
103L 710 MCDONALDS CAHADA1595 AS-
1044 +k 630 9ATAU57JMli4BANX143/49»AS_
106? 5.41 STATE BK NSW 141/499AS-
KBS 533 UNILEVER AUSTRALIA 12 96AS-
UlS 4J, 6X1 VOLKSWAGEN 1NTU594 AS-
103k -2 732 ABBEY NATL TREAS133/895£-
1082 +2 5 97 BRITISH LAND 121/216E-
103? iS 7 94 DEUTSCHE BKFWU 94 £-
109? +2 SM HH1Q97E-
105* iS 7M SMLAN010y897£_
id +2 &61 ITALY 101/214 £-
1106 *2 7J« LAND SECS 91/2 07 £_
107k iJ 751 NORWAY 101/2 94£-
108k +2 6.99 ONTARIO HUB01 £_
1*2 i2 SEVERN TRENTU LG9?£_
109k «1 SKAN0WAVISKAEN5kl31/B95£.._
mi +k 722 TOKYO ELEC POWER 11 Ql£-
105? i2 7.03 WORLD ELAIttCllU495£-
1D6 G +u 6 42 “HP 1296 NZS ____
ft tu
IS
100 100k
500 __
750 91% 92k
200 106 100k
1000 96k 96S
400 B9k 89k
S3 ** “4
300 90k 90k
500 88V 88k
500 100- —-
600 100
300 « ..
500 100k 100k
2000 19k 20
300 92k 924,
1250 103k 103 2
0k 100k
oi ioik
,90k
87 87k
88 88k
100
100 _
m %
250 87k 88k
100 89k 90
800 97k 971
100 100k lOl
150 93k 94 k
100 99k 100
100 95k %
240 94k 95k
200 87k 87k
un 73k 74k
150 83k 84k
600 100k 100k
+k
+k 7J4
8.48
633
8J4
9/0
&09
+k 8.10
&44
+k 10.U
a 79
601
8.45
+k 6.33
1069
047
041
IBM
-k 7J0
*h 027
-k 806
-k 7JO
+k 7JZB
7M
-k 7.47
+»l 7.19
-k 098
FLOATING RATE NOTES
ALLIANCE A LE1CS 0.0894 £_
BANCO ROMA 0.03 01_
BELGIUM 1/16 97 DM_
BFCE-0.0296_
BNP05-—-
BRITANNIA 1/10961-
CCCE06 ECU ...
CITIZENS FED 01396_
CREDIT FWCER-1/I6W_
DENMARK-4/8 96---
D/ES0NER FINANCE 1/32 98 DM —
ELEC DE FRANCE1/899---
FERRO KL5TAT94-
HALIFAX 1/10941-
IRELAND 98-
ITALY DO.
LEEDS PERMANOrr 1/896£—.
LLOYOS BANK 1/10 PW S3
MITSUI FIN ASIA1/896_
SAT WEST FIN IS-
HEW ZEALAND 1/8 96_
RENFE98----
S0CIETEGENERALE96--—
STATE BKVICTDfflA 0.05 99-
UNITED KHGDOMS/896-
YORKSHIRE BS1A094E...
■M
99.63
92.91
99.95
99.91
98 JE
99.17
99X9
,99.47
107.24
99X4
100.03
10L2S
10056
99.92
99X4
10051
99X2
77 J3
99.95
92.46
10020
99 95
99.63
SB.9Q
99.99
99X9
-k
“k
+k
7X1
7X3
7.69
052
722
721
005
716
6X8
30000
?«nn
40000
40000
20000
50000
30000
60000
50000
50000
30000
20000
50000
99k lOOk
100k 100k
104k 105k
100k 100k
101k 101k
103k 1031
209 129%
99% 99k
101k Ulk
100k 100k
106k 106k
woi wik
107k 107%
4XZ
518
+k 500
+k 4.48
-Mi 532
+k 5A5
4k 530
+k 4-90
+k 5.46
♦k 5X7
tk 5.70
+k 5J2
+k 5X9
WXVESmLEMOS
BURTON GR0UP43/4 01E__
CHUBB CAPITAL 6%___
EASTMAN KODAK 63/801_
GQISKAIG0QSUE71/2M_
HANSON 91/2 06 £_;_
HAWIEY6Q2PREF_
mismmuinozt _
LAND SECS 6 3M 02 £_
LASM073/4ME,,_
MITSUI BANK 2 5/8 03__
MOUNT BA FIN 61/297_
OS DEN 6 02_
SEGAEKTERPRSES31/296_
SMITH&KPHEW4Q2£ _
SUMITOMO BANKS1/804_
TEXAS INSTRUMENTS 2 3/402 -
THORN EMI 53/404 £_
Offer
99.76
9416
100.05
100.01
98X5
99^
100.01
99X5
IOOJ 4
99.74
IQt) 14
10L 93
100.97
100.01
99.74
10083
99.69
78.9B
100.05
93X3
10051
100.07
99.74
99.13
100.03
99.78
ioxS
4.4050
9X675
3.9175
5200
10X623
10.0156
5X000
5.0000
4.1X75
9.9063
52500
4.4375
102250
4.1000
4l5000
10.9375
4X375
52300
43750
41B8Q
3X750
4X623
43625
4X625
101938
BM Bfftr mat.
134k
UB-«a23
UOk uik 428-03
89k 44596
103k 104 +22.97
U0k 106
i£0k zak.
Ok _D 43452
57% 59k +84.90
100k 101k +468
£B 82% +66,46
100k Ulk 433.92
*4737
39% +65.95
91C _
45.72
* m hdemsdon mVitto - prwtout Say's prtca
t Only ona marital maMT avnNIod ■ pile*
STHAUKr BOMBS: Th» ytaw Is B» yWd la redampOar at tha trid-prtc* Bm anuum bound la In mBNom « cumncy unite. Chg. day-Oteig* on
day. ___
NOtni OonomliMted In doNwa unboa mhoiwlM indlemL Coupon aboan b mMtnum. Soroad - Margin MM slwnondi
uDMo a taw Ite vaa-mon Qi iabova maan imlal tar US dolMra. Ccpn’Tba currant coupon.
UOHVBIIUIlE BONDS: Dmmftwad hi donn union ouwratan IndtaUed. Cmr. prion-Momhwl amount «f oond par ataro upro a iod In
cwrancy v ahmrn at eomorabn rala and «i Ihub. Pram-Parosmag* pramtum ol tha ctmm oflaedwa priea of aeouirtne ahnraa wb tea bond
ovar Dm monl racant priea at tha shvos.
The Financial Hows Lid.. 1992. Reproduction la whole or In part In «r form not permitted without written coream.
Date applied by Intcrutbal 5ecartttes Market Association.
RISES AND FALLS YESTERDAY
British Finds.
Ollier Fixed Interest..
Commercial, Industrial.
Financial & Property...
Oil & Gas...
Plantation--
Mines...
Others....
Riser
43
4
155
34
5
0
17
18
Falls
9
2
424
307
37
0
39
76
Same
29
11
862
454
44
9
97
39
Totals.
276
894
1,545
LONDON RECENT ISSUES
EQUITIES
If
tarn
IABL
1992
te
Dett
Low
F.P,
«■
238
267
—
)J*
—
4
2
—
FI*
—
32
11
—
hl*.
—
106
10?
75
F.P.
—
91)
81
no
FJ*.
-
l»
IO
00*1
F.P.
F.P.
“A
UOk
34),
—
F.P.
—
12k
-
F.P.
-
—
F.P.
—
m
—
F,P,
-
u
k
U22
FP
—
138
1.35
“
F.P.
-
26k
22k
Stock
BcazmubiTftlW*.
Brant Wafer WBtoSaB..
DnjcrA-
Cram (MS.-.
♦Hastes IT J)___
bdnstibl Caml Stns.~
LtelAA«lne&Apw.lt ..
M&GReaawybc._
Do. Caslul---
Do.Gwnllhte-
Da. Psdogt Haiti -
MMUtnat warrants_
Net
ON
H4.0
W225
Rs3X
FI 75
F3.75
F3J9
LZ29
iTTraJCradP/E
CDY4I
1.4
YWdfcrUo
5.2
37
31
tL2J
7X
41
23
16.7
173
203
FIXED INTEREST STOCKS
tear
Amoral
PWd
Urtet
1992
Oodia
Pita
P
£
V
ON
High
Lae
1 _
£
L_
*
Ff.
F.P.
F.P.
il
WOkP I
!
Rwt Walter VarRtrZte Pit'00/07 _ _
boXkptM MoMten Crr Prf 2007/10..
Casa Oil U%ta UtS94/97 ......
*8
100kP
m
F.P.
F.P.
w|
m*
48k»
mnadalUWMBkpeCoMPf-
M&GRrararyZeeDbPrlle-
“5!
+k
RIGHTS OF FERS
troswusar alter offiM tumma tar 1992.0 &m R FkwraaBMlbd MM. caotraod tferatbbHd «
TORBsarMw official edtado. W Pro Forma flgm. 4 Offnd to boUMtf Ortbwj dws 1 -rtfur". 1
MrMeelM. 9 Ratbs Mice ft WMiabeJoa f IWbted aoriUc antu * Jsate b unattuo »W)
rtaSNdsaBan, oopr « ubw. pa Price al a prtnto..
TRADITIONAL OPTIONS
• First Dealings June 8
• Last Dealings June 19
• Last Declarations SepL 3
■ For settlement Sept 14
3-month call rate Indications are
also shown on this page.
Calls in Midland & Scottish Raa*
Rainers and WBshaw. Puts In Air-
tours and Saaichl ft SaatchL Dou¬
ble (Put and call) in Ratners.
LIFFE EQUITY OPTIONS
CALLS PUTS
A Id Jm M Oct Ja
BrH. Airways 240 34
P269 1 260 L7
280 7k
SbKT b««-
dBOt A 800 87
C*8701 850 44
900 21
Boots 420 33
(*4461 460 8
43 48 lk 6 10
30 35 5k 12 17
19 24 16 23 26
BA
(*253)
24018k
260 7
112 132 3
75 99 13
50 72 38
50 57 4k
24 33 20
24 28 2k
1417k Wk
BrtUsiStrtf » 5
(*721 80 2
Bra 600 20
650 3k
8 8k
4 5
(*6021
41 48 14
20 26 52
CAWh*
(*5991
CanaM
«69 J
CM). (Man
P498)
Flaws
P240)
550 18 38 50 17 2b 30
600 3 17 2S 55 58 61
550 34 55 69
600 8k 29 42
460 45 53 63
500 15 27 39
7 16
35 «
2 10 13
13 26 30
24017k 33 42 16 25 30
260 10 26 33 27 37 41
390 16 26 37 U 23 25
420 S 13 24 27 42 44
GKN
(*392)
Grate MtL 475 20 33 -US -
(*4801 500 8 2 33 26 36 40
I.C.I. 1250 50 80 112 17 45 54
(*1271) 1300 23 56 87 45 74 »
KMhb 500 39 51 64 6k 14 20
P528) 55010k V 37 31 40 44
teterate 200 23 22 26 7 14 16
1*206 > 220 5 13 IB » 24 27
Ute Sear 390 22 37 42 5 10 13
(MQZ1 420 6 19 25 20 23 27
M&S 330 IS 2b 33 7 12 15
(*335 J 360 3 Ilk W 27 30 31
Steatery 460 16 33 44 8k 16 20
<*465 ) 500 3k 15 24 3B 40 44
7 16 19
42 48 49
9tel Trans. 500 20 32 41
(*509 1 560 2 10 18
SMna 140 13 19 24 4 8 U
P148I 160 3 9 14 17 19 22
Trafatpr 110 10 18 22 b 10 15
(*1131 120 6 13 1710k 15 20
Utd Btotts 360 17 29 35 6 13 16
0*36?) 390 4 14 20 25 • 30 32
Udfere
(“942 >
Optba
900 55 83 98 6 16 22
950 23 50 67 . 23 35 41
_ A»j Iter Ftt Ate NW H)
BrH Aeo 2BQ 28 36 43 10 20 24
P292 1 300 16 25 33 20 30 33
330 6k 14 22 42 50 53
CALLS
PUTS
CALLS
PUTS
AIMtyoB 600 TO 89 100 2k 9k 15
nS9> 658 28 54 66 13 25 32
700 8 29 42 45 S3 56
ASOA 30 5k 8k 9k lk 3k «k
P35) 35 3 6 7k 3k 6 7
40 2 3 5k 7k 9k U
15 S
31 38
56 64
8k 13
26 30
8 10
16 19
6 8
12 15
24 32
56 60
OptiM
bn
Ftii
Ate
Net
F*
Optte
Jte
SRi
Bk
tel
Ste
BK
BAA
600
84
102
U1
3
6k
U
Errattuari
330
IB
42
50
7
28
40
IW)
tbO
43
66
7b
12
19
*
(*337)
360
3
25
40
35
50
52
700
16
37
48
39
44
47
BAT tab
700
72
S3
102
8
17
22
Gbxs
700
18
55
77
9
34
47
1*7581
750
35
52
72
20
37
43
P7U)
nb
1 k
-
-
21
—
—
uoo
14
30
«
63
A)
n
8TR
420
68
72
80
lk
5k
8
HUtatam
160
6
15
19
3
7
10
C479)
460
33
41
52
8
16
70
MM>
180
l
6
11
18
19
22
500
11
20
31
2/
38
40
BriLTelrcsn
330
24
28
33
8
12
16
unrtn
80
4
8k
13
2k
7
9k
P346)
360
7
13
18
26
29
32
("811
11
MttbteBk
420
15
33
43
Zk
14
CteterrSc*
460
29
42
53
11
18
22
«32)
460
lk
13
23
31
36
42
(“471)
500
9k
22
32
34
39
42
Nation*
1
Poes
235
713k
lk
U
-
Easts* Eke
260
22
27
3?
6k
9
12
P240)
265
1
—
-
17
-
ra
(“278)
280
7k
U
21
17
18
a
Bntol
UOO
25
80
112
17
so
64
1*1112)
USD
6
50
■
52
79
90
GstaW
550
SO
64
77
8k
16
14
H. Rqjra
160
10
17
20
2k
bk
10
I*5B1)
600
18
34
47
30
38
41
1*169)
180
1
7
12
14
17
20
GEL
220
12
17
21
8
U
13
1*227)
240
3k
tt
12
22
ZJ
25
Scottlsl
Poes
lao
3
9k
11
3
U
12
(*180)
190
J
5
7k
U
18
18
H*sor
20019k
25
28
3
U1
•r
7k
C21S)
220
7k 12k
16
9k 13k
16
90
3
LASM0
200
26
35
43
14
70
24
1*91)
100
1
4
6k
U
12
14
(*208)
220
16
26
32
2b
31
34
Lucas Ms
120
14
18
21
4k
9
U
Fort*
200
15
23
27
Ik
5k
9
maj
IX
7
12
14
8k
15
17
220
2k
32
17
9
14
17
Thorn EMI
819
14
32
_
5
34
P. &0
460
29
35
50
a
32
36
(“825)
850
3
17
34
27
52
59
("464)
500
D
21
30
43
SB
62
TSB
130
10
11
17
lk
5
7
POUagua
13010k
17
20
9
13
13
(*138>
14U
2k
7
U
4k
23
25
1*130)
140
5k
12
16
16
19
20
Ytetefc
50
3
5
8
2
5
5k'
Pndntial
240 17k
23
29
6
U
13
P552)
60
1
2
3k
1011k
12
1*247)
260
7
1419k
17
22
24
Wdlcomt
900
57
95
122
3k
75
42
P944)
1000
4
38
70
52
70
91
R.TZ
(*630)
Scat 1 New
(“457)
Teen
t“283)
Thames
titer
1*417 I
Vteataw
(*341 }
600 50 65
650 21 36
420 44 52
460 15 28
280 14 21
300 5 12
390 iT 48
420 17 30
330 2b 38
360 U 23
82 10 21 25
54 33 43 48
61 6
12 16
30 32
13 U>
25 27
_ __ PHM FT-SE MSEX P2599)
842S 247S 2SS 2575 262S 267S Z72S 2775
54 4k 9 13
35 14 22 24
44 9 15 19
29 25 30 33
Jra Sw tec /at Sen Dr
AttertbL 280 5 17 24 4 12 16
1*282 1 300 lk 7k 16 20 25 27
330 1 3 7 50 50 52
fimsvaa 40 2k 6k 9 2 5 7
1*411 . 45 lk 4k 6k 5 8 U>
50 1 3k 5 10 Uk 13k
Barclays 330 U 22 31 2k 14 18
(>339 ) 360 lk 8 17 24 35 38
3<0 1 3 8k 34 60 61
ate Orth 213 U 21 2b lk 9 13
(“2211 232 lk 10 17 12 20 24
252 1 4k 10 32 35 37
British Gas 240 13 22 25k 1 4k 9k
1*253 1 260 lk 1014k 9 14 2
Man 240 15 23 33 2 12 15
(*253) 260 3 13 23 U a 26
CALLS
Jm 177
M 190
Ate 199
Sep 2Z3
Dec 275
Mar HO
128
143
78
100
U7
141
200
248
28
60
3k
31
55
75
138
184
1
13
k
5
19
32
84
130
k
2k
PUTS
Jo
1
k
.1
4
29
76
126
176
7
12
23
44
76
118
165
Ate
9
—
23
57
119
6cp
15
—
31
—
67
_
_
Dre
26
—
44
_
75
• _
Mar
.38
-
99
-
90
-
130
-
FT-SE DIBEX (*3599)
2469 2459 SOB 25N 2606 26St 2796 2750
CALLS
J»
201
151
101
51
10
lk
\
Ji 4
217
169
122
79
*2
232
186
142
104
70
Sep
446
200
UC
127
94
65
44
UKf 30}
-
220
-
152
97
PUIS
Jw
Jt
1
1
Zk
11
.56
106
156
6
8
17
34
65
107
Vi
12
19
30
50
75
ill
1*J7
Ste
13
17
27
40
58
85
117
157
23
"
46
--
80
132
Crih 15,557 PWS 10.382
25 «« OH* 6.861 Pats 4,615
E ro FT-SE Catb 58S Pub 4Qg
ynfeWte rarity prte. t La, rfatte tapir* mas
PmtaB *d* are Baite ai «i|«t rte,
TRADITIONAL OPTION 3-month call rates
■ KKIST1UALS
AJIted-LyoriS_
Amstrad..._ _
Astnc (BSR)_
BAT I rids ___
eoc__
BTR...
Barclays-
Blue Circle_
Boob..
Bowatnr...
Brit Aerospace..
Brill ah Steal
Brit T otecem .
CatBxirys-
p Charter Conn.
49 Comm Union.
S Cwruutd*-
3 Eurotunnwl.. —
58 FKl--
53 FNFG ---
35 Forte_-.
29 GKN...
24 Gen Accident....
34 G6C...
GO Glaxo---
2fi Grand Met.
7 ONE —.
25 Hanson ..
38 ICt.
37 Lad broke-
34 Legal & Gen......
43 Lex Service —
32 Lloyds Bank.
6 Lonhra....
7 Lucas Inds
19 Matte Spencer
33 Midland Bank ...
38 NalWeat Bank....
17 P a O CM..
52 Raca) Bed _....
38 RUM......
13 Bank Org..
18 Rainers..
95 Reed Inti ..
18
29
22
32
12
12*2
27
30
. 28
37
6 j 2
18
56
3
44
Sears..
Smra Be/Ml A..
Tl....
TSB_
Tosco __
Thom EMI_
TftN_
Unilever_
Victors__
WftHflunx
fit+HCOnTB whiohii
■phopehty ...
Brit Land_
Land Sec._
MEPC ..
Mo untie Ion.....
8*2
80
55
■Hh
22
63
11 %
70
' 15
73
18
30
28
i*a
■oils ..
Ayh/ia Pot..._ 25
BP--- 18
Burnali Castro/. 48
Conroy Pat- ek
Caetlcfles_ lg
Premier Cons... 2 %
Shell- l.. 35
Tuskar Ras__ Ig.
■ MINES_
•tiZ..— 47
I
%
WNANOAX,.T3CM3ES THURSDAY JUNE 18 1992
tha riocumem ndB^BniSfi^ thfa-terins and conditions of applica t ion set out below. Before deciding to apply for shares, you « sssias?^ ■*
. ^ dion 154 t*K4 of *« Rnanoal Services Act 1986 without approving the coo tents. Application has been made Id the London Stock Exchange tor the whole of Ihe ordinary share capita] of the Company, issued and now (wing issued, lo be admitted to the Official ^ aut * KH ** sd *** bSTa of
^ss.
„ -‘ l« v V
■ J ■*>•«■£ ■
i
dS-V^ei
SS
«fe.
-'• ~<-ia Hti *
s^fc'
i e “<l*
jSS?*
..i*r ^h.„ s
i %» w -wr. j r»
l/"—sd i-tts.!
basis'.
iali T\v
s »i
:, ? - ?r xh
>est St
KENWOOD
Appliances -
V' ^-" ' :: ' ' pic
(Incorporated and registered in England and Wales under the Companies Act 1985.
Registered No. 2390006)
Flaring and Public offer by
Schroders
of 23,226,366 ordinary shares of lOp each
at 285p per share *
payable in full on application |
of which 11,613,193 shares are being placed and 11,613,193 shares are being offered to the
public
-The application Hats for the shares which are the subject of the Public offer will open at 10.00 a.m. on 24th June 1992 and may be
dosed at any time thereafter. The procedure: for application and an Application Form in respect of the Public offer are set out below. It is
expected that listing will become effective and that dealings in the shares will commence on 1st July 1992.
: PP9P Admission, the shares which are the subject of the Placing and the Public offer will rank pan passu in all respects with the
existing issued ordinary shares of Kenwood Appliances pk and will rank in full for all dividends or other distributions thereafter
declared, made or paid on the ordinary share capital of the Company.
.*._ The shares have not been and will not be registered under the United States Securities Act of 1933 and may not, subject to certain
exceptions, be offered or sold within the United States. This document should not be distributed into thfe US.
Share capital immediately following the Placing and Public offer
Authorised Issued and fully paid
£20,167,874.30 in ordinary shares of lOp each £3,668,196.20
. Indebtedness
At the dose of business on 29th May 1992, the Group had outstanding borrowings or indebtedness in the nature of
borrowings of £40.8 million, comprising unsecured loan notes of £1.9 million, obligations under finance leases of £0.1
million, other borrowings or indebtedness in the nature of borrowings of £37.7 million (of which £0.4 million was
unsecured) and other contingent liabilities of £1.1 million. At the same date, the Group had cash balances of £0.7 million.
Save as aforesaid, and apart from intra-group liabilities, neither Kenwood Appliances pic nor any of its subsidiaries
had at that date any mortgages, charges, loan capital (whether outstanding or created but unissued) or any other
borrowings or indebtedness in the nature of borrowings, including bank overdrafts, liabilities under acceptances (other
than normal trade bills), acceptance credits, hire purchase commitments, obligations under finance leases, guarantees or
other material contingent liabilities.
^*‘552?
aztxtia* Terms and
* -- . l The monad
• • •-►.-I; 33. the
Bait of acceptance and dealing arrangements
'T.. : .•=* ” W Myj fautd. to B» OIB efal Ibt el
:rz ^r_-_z^
S: 23 } &«narafIteanO^nlMfiomigblte|K»lailiieiiifcof IbrappCkaaiff}tome adfautoaTK
; --- Company to the Offiefal Lilt wU butane effective on lac July 1M2. '
. . appttatiooe. and lo peaent anychequeu or banter's dnSa far paymenton nsodpt Tb» right 1*
"irrs mstfuud to rejourn ijmBcutloo In luijMdtelwtiidi ilieappfiQrat'siaittjaeoe liuntei'idniil
hi* not been drured tq'ToOpan. oaSkJoM 1982. Ita^a^ptauSiaBit keoeptad, or to
-T^. •omfttd lorievreidam thJTttenuroter m&ed forTthi mSaOm maw^oT-the case
eoi- Qfeqaeg ot Ufa ban* lor u Dmurtre t cc by aHfcMfan at aud» aocept w ee lo Unytb Sink Pk. BamWl'k
ntbefore Departinrnl. laaurSeaton, K>Bn 1000, 2nd Hoot, Bain Home. 00Chcapnde. London EQ\
bank account 6EE. Tlic busb an which MpScaUom have been atxeptrd wffl be annoanDedaenm a> ponBri
aed cheque b> ator the app&JKfcv tola cfeac. tt k exported ihu mnpamy doemamu ol Ufa. In the form tJ
hmtt tiw itcninaurer kneo sf acceptance. irifl be pooled to ncceaufa) zppUcana on XXh June IWbi
tha wfll not be aemdabb nolil latjoly 1M2. urafinu In die ahues are enwcied Mcommenoe oo
Ut Itdjr 199Z- Ci-ltog prior lo iwvipt o( renoaDoaHe lewta of aooMKancr nil beat Ihe rilk a
tM4|obnp|n affiflcaiita. A pawn io deaSng maal recognla* Uy ibk Ihu an appUoibcai may not have been
»«q*ed lo Ihe cxMH anUapated or at aL %V
AjBa »a^ a|7pl| ^ ^ ^ adl or oth w^ dlapoat o^a^ in afl ol die al«i«i fa re^i^ of
' ih
•“V.“T ‘ t
V. ..;.2 ' afl
X AfypUcaiim.(other dan Ijkoe owlar Aa teaM<ddieEambmenfaall)'oilerrtfmied *otn awyidiia lalwMioldan riaohwrtfrl to baae diawaopa il
—: ■ p .. Lp .i|i. g * Tri nrf!| i rrl It —** ^n. ifc- iw ^ flart ad hi KanyihataapB Uli aiea under the EmfHoy« pnMnr otto) aBo
^ fl T j( .7L< y rn |-||i|iHiWfc-pi TVarn ymi ,1 Vp. cZL— ^ PSPa(InamhngtheCorpoair ntit**) uritWn<2dafscner Aamiiaiea.
j~i r
'Jt K a!
aabjert tolhr Paapecnu and ttwnDnaoandniii and adUea at aiaaebdao <rf *a
Omupar.
) aathose Uoydi Sank Jlc to lend on behaV id Schscakn a letter of aocepto* tor the
muid<iidalMn»lc« whfabyonr a ppbrailnn ll aoyp«ida n dfcgaao«eddiaqucterany
nu»(7» .wlumaMa, W poat Mum Wan*}, at U» ddc nl lb. ptnon^ added lu it, lo
jnur addKH (at In An tme oi Mnt aopfcv* M that cl te IbuMiBintd apfrikant aa act
our In your ApptaHon Pooal and H^aaaB thlon neceaaary h>yioe«e that jwar name
(together wiHi die nanie(i) of any other joint ap(*icanlfBB Ware placed on the Kghtar a(
me o ttwi Wfttio Conyanyto napact of nd afaana ihe cnddwneat >o whldi baa t^t been
I agna Hut lo analdeiaden of Schndaa agudag (hai it will nei prior lo Mi hdy 1MZ
■dl any of the iharra oScced b any perron other than bjr nxnna of the piebeduiea
l e fcn e d to tn die hapm^mr appHnrtno my not be revok ed mtg a fter WiJuly
1VW and dur iWa pm^upa Ad ^adtoe e dreleul JiinItJd beTnacm jre nod
Sdaodeia uihkh *Sfl beaune UnAg on daputeh by poat lo ec. to die me of
ntaflsna daBvend hr hand, receipt by Uqda bm£ Pic. Ra^MreCa Dnrefnwnf, laaae
Sedknc. P.O. Box 100D, 2nd Hoor, B«M HauK^ SQ Cfaeapdde. Loodao E£3V CEE of the
Stamp duty and stamp duty rese rv e tax
Ure dkuaon ham beat mMaad that In ralHdDBi u the ruhBc ohen
(a) nodatga lo ad B a l aam atony^duy w g artre on the tnnrin t
(b) no SOP w «I be jyaMaoo the l ywr M ^ Mah area etualne
UllMud
aecqnancc iwhethar or not they have been m ou n ted pahar to regfa na ltnu); and
W the hdiUptotharer of d^hti to diaiciiepcmanted hr a letter c4 acmptance MS cue be
Bahia to SORT except where aacttooc S3 or » of tha finance ha 1986 apply (bamdly time
«c<ahin» «ppty where die appHaru la. or b a immure lor. rtther a pawn whuae buifataaa
ie, or faidodei. Undue depoadaiy reedpa or a oereon Mhoar brnmcaa b. or tadadea. die
p rov li tou of cfcaraoCT aervlcea for ifae fanthaac or uale of dmgeahla amoWei il. Any
tttoeaaent pmthaaer of righla to rtiaia u pt ea anle d by a letgr of aootprenee wfll be BaMe
to SUSX ganoaQr at lha ale of SDpper CMD (re 1 part thereof) of Ihe mualdcietion paid.
Tha above aMamcuU ate bunded as a gam) pdde to the cmrentnaakiiui. Am pciaon who
baa mfled far aharea In Die Rath* la nefeered to ttw pladn* letter far datafia of Im tump duty
and 5DRT potoUon. Any paraoa who b tn any doubt a» toii pohdoci shodd coondt Ui
i cheque ochanla'f dreft la not ao I
r of acceptance hi impact of Bba aha
eet of nh ihreea wkre aoduoifl i
M ^yreaa any Utter ofac o^mca towW Aym reay hw^e n t^^audnew ejra ^ ^ ^ ^
(vQ agraa dial to roped of Ihoae ihaiea tb» which your andknttou bai been uHetmd and le
£t Rjcettd. aBocatktoof sad, ihasua to ]M M be csndhited. at the dacdon of
Schnrtn*. vtthcr by nodficadoo lo dre London Stock Bndupge of lha bad* of doattm
|to trhldi mu agoumonnhafl ha on daatbaah} or by die daWndMdaa of dia nuabee af
■bam to be aBoretnl pUBaant to dar auargeoaodf made berwteo Schroder* and Lloyds
BankPhs
£f^e ofSdtondnor^SJ&^^to^^wSoo or < weedk^ toamaotion
trtthi^r amh^Mte Ucati. acopree«m or roo treck In any otfc manaer peontoad by
&k* Mgwedma^ritre.na hddagctBr hwa MJiddr the UK a> a landl el dtrfr
Procedure for application — Public offer
The faftowtog toainiBtona ihooM be reed to oeujunctloo wah ihe Appfca d on Rum.
X , burnt in Soul (hi ^naddremnAeiefafaBH far vtUAjwu am applytag. AppHcattorn
matt be fore mtahwe or IV aharea and lu one of dietollotvtog reaUpleK
• for more than 100 iban^ bw M more than 1^00 aharea. in a reidUpia of UO ahaeaae
• far ran dun WOO aharea. but not non Him &0Q0 ehaas. hi a nuduple of 500 ihareto
f far non thus 5,000 aharea. but not reour than ULOOO ibaies. In a mufUpia of mm ihareK
• far note Sian 1CUXX) aharea, but not more than 50000 thana. bn a multiple of S^JOO ehna
and
• far more than SHOW ahm*. In a multiple of ULOOO atom
An AppBouton Fepp far any other —fat of daw nary be ie |e nr d.
1 lnatet In Bou a flu flguital tba retunl af
Xbo amount of war diene or banker'* dreft ■
•ham faaeivedlu Boa 1.
by tfw number of
J SifnaaddafaBtoAppOcatfauftafafa B«X
The ApfUcattaa Fonn may be dgned ffiaomuo ai e tbeV your WuH (andfar On bt h a H of any
jolot appHanid)) If duly a uth ona ai l by powur of altoniay todoao. but Ihaptw ier of attomay
POeauM to Which fail la dona (or « copy oodfied W » «**«) renal be rndoued far
nation ihooM «%o under Ufa band of a dnly amhodiad od6oar vduae icp uu ant Ml m
r mutt ba aosed.
4 l u aefl yoaur fall naaaa and a dl rere to BtOQC CAPCCAIS In Baa 4.
A pplredon areaycadybe madaby peeaow aged uv IS- Hremcver, a parent.
that no atlar a o pH re t fan (not bthe an apeleaitaa undar die fana of fee t n ar rl la n of a paw uadar t» umy apply far tha benefit of that aatoae. To for tb, bam
x prtottty odolL bebiK made by yoa teynuromtaomaderby anofattrot of a minor, n» ihauU pal nn onm nauw to fuff fa Boa 4 gad oaujJara Ott oalnor'f detafia
ugor far vuur benefit and wlfa your toomtda for wb purpoae ur, if you are boot, wtlhln Bou 4. wfk the full names of the minor and tha ohm's dale of bhdu You are nc
thereby pree ha led fconinMldng a atagle ap pil a rt io n far your gun beneftf. Sat notaa 6 and 7 for
jWnt app Sre t toni .
other meoibma of ihu Croup oonlaioad thereto:
w S! TO, I
f Ybu naat pfn la dre caaafdaM ApuBeadunArea a afai
fan mnl pa i a Wa. Voter dwua orbaadoti'adreh mat bi
KeoMuad Appaanoa pie OffB for the amount payable an
jfaoaU he ow lid asgMtahie''.
n ur budceAt drett tar Ifae
to Uoyda Bank PI; A/C
a buurtad In Boa. 2 and
Noreodpi wfaba fatued far dda puynenl mUdi uuai be solely fat this appBadon.
bain the UK. tha
Londoo or ScoHU
to be reesentad fc
4^The fau re of tfoattt nb^ Mtoetto f^
S. b aoooedanoe wBh Sk
mad fa ^ b *’Sr^ue In favour of the
If yon me also apptytogem lha Pink
bttkm'a thah to each eompfaMd Ap
fan Fonn. you treat pin a aepatafa ehaqua or
Form.
ffwo do to. yus Burnt dm atreng* far dm AppUtadoa Form to be completed by or on btfattf
of each j nW to ^fci n tfep toito&Mm of Sm ttte.penmia. fa mMttfan fa dr fat
a»Haa4. Thefa bB Maes and aitdreaaea abould be pU In BLOCK CAPfTAXS ta Bos fa Letters
rficSpunce b fa names of |obt appftantt win he mi to far apparent named b Boa 4.
b. No pare
dntitbeUKi
> Udv nor abould he fa
httacondilfanof
AfFORTANTi tf 1
a PEP. ttytreml
jj; wsss^asssiK.'asf
I ta die Piu apec w * have the toma uieantogt b there tana
!5M»;
rm ere i rmnui n i i f i i i fa ax first daw pea toidkmat lemi mu
Key information
Sumnuiy
Kenwood is an interna tonally-recognised brand name and the Kenwood Group is a leading European manufacturer and supplier of
food preparation appliances. The Group uuufceto products with a reputation for quality and durability and is best known for the Kenwood
Chef mixer.
Kenwood's strategy in recent years has been to improve and expand its core range of food preparation products and to realise more
of the potential of the Kenwood brand name. Key to this has been the introduction of new product ranges and a continuing process of
unproving existing products. It has also broadened the geographical spread of its operations. Group sales are split approximately one
thiid to each of the UK, Continental Europe and the rest of the World.
In the five years ended 31st March 1992, the Croup’s sales have risen from £65.2 million to £92.1 million and operating profit has risen
from £1.4 million to £9.5 million. or
Kenwood's unproved capital base following the Offer will enable the Group to finance the development of more new products and to
continue to broaden its geographical spread.
Trading record
Set out below is the Group's hading record in respect of its continuing activities for the five years to 31st March 1992, which has been
extracted from the historical consolidated profit and loss accounts contained in the Accountants' report in Part 4 of the Prospectus. In
particular, your attention is drawn to page 28 of the Prospectus which sets out fuDy the profit and loss reconi of the Group for the five
yeans.
Year ended 31st March
1986
1969
1990
1991
£000
£000
£000
£000
Turnover
Operating profit before
65,166
62,438
66,740
76,009
exceptional items, interest
and other payments to
Thom EMJ
1,402
4,000
4,229
6,559
Offer statistics
Offer price per share
Number of shares in issue following the Offer
Market capitalisation at the Offer price
Percentage of enlarged share capital now being offered
Net proceeds of the Offer
Net proceeds receivable by the Company
Historical earnings per share for the year ended 31st March 1992
Pro forma earnings per share for the year ended 31st March 1992
Price-earnings ratio (based on pro forma earnings per share)
Notional net dividend per share in respect of the year ended 31st March 1992
Gross dividend yield (based on notional net dividend) at the Offer price
285p
36,681,962
'£104.5 adfikm
63 J per cent
£63 J million
£39 3 million
16.4p
18.9p
15.1 times
7Jp
3.5 per cent
The bases and methods of calculation of the pra forma earnings per share, price-eamings ratio and gross dividend yield are set oat in Financial
information in Part 2 of the Prospectus.
National Westminster Bank Pic is purchasing a total of 1,399,218 shares from existing shareholders in order to make those shares available under the
ESOP options, details of whkh are set out in Additional information in section 6(e) of Part 5 of the P otopw^no
The net proceeds receivable by (he Company will be used principally to repay £33.4 million of outstanding loans.
Copies of this document the Prospectus and the Appfica
may be obtained for a period of 14 days from 17th June 1
Availability of documents
abort Form and from the following brandies of Lloyds Bank Pic
1992, from:
). Henry Schroder Wagg
& Co. limited
120 Oteapside
London BC2V6DS
Rowe * Pitman Ltd.
1 Finsbury Avenue
London EC2M 2PA
Kenwood Appliances pk
New Lane
Havant
Hampshire POP 2NH
Lloyds Bank Pic
Registrar's Department
2nd Floor
Bolsa House
80 Cheapskk
London EC2V6EE
Birmingham
125 Cofinore Row
Birmingham B3 3AD
Bristol
55 Com Street
Bristol BS997LE
113/115 George Street
Edinburgh EH2 4TF
Havant
4 West Street
Havant
Hampshire P09 1PE
Leeds
6-7 Park Row
Leeds LSI 1NX
Liverpool
India Buildings
Water Street
Liverpool L692BT
London
132 Regent Street
London W1A4BH
Manchester
53 King Street
Manchester M60 2ES
Newcastle Upon Tyne
102 Grey Street
Newcastle Upon Tyne
NE991SL
Copies of the Prospectus are abo available for collection from the Company Announcements Office, the London %ock Exchange, Capel Court Entrance, Bartholom ew
Lane. London EC2, for a period of two days from 17th June 1992.
KENWOOD
Appliances
pic
Public offer Application Form
rm are recommended to consolt an independent financial
Before w ai tin g any application to acquire shares you aw we nm m en d e d to consolt an independent financial adviser authorised under
the Financial Services Act 1986.
Public otter by Schxoden of 11,613493 ordinary shares of 10p each in Kcmvood Appliances pie ("shares*! at 2S5p pec share, payable in
foil on application __
I/We offer to acquire
shares
at the Offer price of 28Sp per share (or any smaller number of shares for whkh this application is accepted)
payable in full on application on the terms and conditions set out in this Application Form and the Prospectus
dated 17th June 1992 and subject to the memorandum and articles of association of Kenwood Appliances pic
and 1/we attach a cheque or
banker's draft for the amount
payable to "Lloyds Bank Pk
A/C Kenwood Appliances pic Offer"
Please use BLOCK CAPITALS
Forenamcfs) (in fuE)-
Mr, Mo, Ms. Ufcn ot Htk
Surname . - ■ —.- ■■■
Minor's foienamefs) (in full)-
Surname —
Address (in full)-
(285p multiplied by the number of shares Inserted in Box 1).
Signature
Date of birth-
FOR OFFICIAL
USE ONLY
Z Acceptance no.
3. Shares aBocaied
4. Amount received
5. Amount payable
6. Amount returned
7. Cheque ao.
&- Splits rrgtuniho/i
■ur Q Pin hen your cheque or banker's draft made payable to "Lloyds Bank Pk A/C Kenwood
Appliances pic Offer" and crowed "Not negotiable" for the amount in Box 2
Fill in Boxes 6 and 7 only when there is more than one applicant. The Brat or sole applicant should sign in Box 3 and complete Box 4. Insert in Box 6
the names and addresses of the second and subsequent applicants, each of whose signa ture is required in Box 7.
N.B. If you make a joint application, yon will not be able to transfer the aharea into a PEP.
Please use BLOCK CAPITALS
Forenamcfs) fin foil) — .—.
Mr. Mis. Ms, Miss or title
Surname-
Address (in full)-
Forenamcfs) (in EuO) -
Mr. Mm. Ms. Mbs or title
Surname ..
Address yn fufl) — ■
Porenomefs) (in full) ---
Mr. Mrs. Ms. Miss or title
Surname -
Address (in foil) — —
Signature
Signature
Signature
Except hi the intent that you delete any ut the id lowing, you warrant that:
j)) VWe sm/sre not applying as, or av (a) nnmincifs) or <i££ n IM for. (a) pwvon(s) who Wju- nr may tv jvnmrt* mentaim-d in -cetiun 9^ nr section 9t» of the Finance
Act 19tt (depositary 'receipts and clearance ictvK«t).
(ii) UWc am/are not applying as. or as (a) nommcefi) ur agcnLfc) lor. (a) penwrqsj who I stare (a) market rrukerpO in the shares of Kenwood Appliances pk within ihe
meaning of section Bi of the Finance Act I Wto It lhh warranty is iMeted, ptcaav stdti! Ihe date on which application for regbdration a? a market maker in respect of
(he shares was made to the London Slock txctvmge.
(UI) UWc am/are not applying for registration as. or a- (a) iwaunccW re misteefs) for, a body m porMuis naaWKhed tor charitable purposes only. If this warren tv to
deleted, please state name of charity and icgtMcred number (where applicable).
Apphcaborts most be received by 10.00a.m. on 24th June IW1 The cranpfetvd Application fform together wilha cheque re hanker» draft for (he amount payabteshouid
be posted, or delivered by hantL to Lloyds Bank Pk. Registrar's Drpsrtmeal. Issue Section. P.O. Box I Oft). 2nd Ftoor. Botw Homo. M Choapsidc. London EC2V 6EE.
Any person signing this AppUrebun Form under a power ot altatnev mini enclose the original power ul Jituovy (or a copy certified by a sohatur) for inspection.
FINANCIAL TIMES THURSDAY JUNE 18 1992
COMPANY NEWS: UK
Kenwood flotation price set at 285p
By Richard Gourfay
KENWOOD APPLIANCES, the
kitchen equipment maker, will
go on sale to the public at 2S5p
a share next week, valuing the
management buy-out from
Thom EMI at £IDi5m.
Half the 23.2m shares for sale
were placed yesterday with a
range of institutions.
The price puts a 15.1 multi'
pie on historical earning on a
pro-forma basis - that is
adjusting for what Kenwood
would have made in the year
to March 1992 had it enjoyed
the proceeds of the share sales
throughout the year. The
notional net dividend yield is
&5 per cent.
Kenwood will raise about
£39.5m after offering for sale
a higher-than-expected 63.3
per cent of the enlarged capi¬
tal
Ttaom-EMI, which sold Ken¬
wood to a management buy-out
is 1989. will retain a 3 per cent
stake which it cannot sell in
1992 while the MBO team is
prevented from selling within
the next year.
Candover Investments, the
venture capital supplier,
will retain an 18 per cent
stake.
Mr Timothy Parker, chief
**
•
*> ' •
* V ;
■ * -
Timothy Parker: listing offns flexibility tor expansion
executive, said Kenwood would
continue to grow through
introduction of new products
but that last year's 40 per cent
growth in operating profit
would not be repeated.
In addition to repaying all
£33.4m of bank debt, the listing
would allow Kenwood greater
flexibility to expand
either through acquisition
or capital investment
and would reduce the likeli¬
hood of constraints on future
product development
Brokers to the offers are
Rowe & Pitman while the flo¬
tation has been sponsored by
Schroders.
• COMMENT
It was perhaps unfortunate
that Kenwood should price its
flotation just as Philips warned
that profits would be hit by
poor consumer spending. A
285p flotation price is also
somewhat expensive, putting
the company’s prospective
earnings on a premium to the
market as a whole. Kenwood
does, however, have a lot going
for it and should continue to
attract institutional interest
after the placing. Operating
profits, despite the recession
hitting Philips and others,
have grown rapidly through
introduction of new products
and it has strong non-UK sales,
unlike Ptfco, another kitchen
product competitor. But
according to brokers James
Capel, its strongest asset is the
Kenwood brand, a name that
was selling food mixers when
most of the subscribing public
were not even bom. Another
factor supporting yesterday’s
pricing is ^ 18 per stake
that Candover Investments
retains In the company. The
venture capital group will be
slowly reducing that stake and
will have been keen to see an
orderly and upward price
movement in the after market.
While Kenwood Is a growth
company, it is by no means
hi-tech will not maintain
last year’s phenomenal growth.
But for longer term investors,
or those simply attracted by
owning a name on their
Htrhflp counters, the pricing is
attractive.
Placing at 130p values
Country Casuals at £22m
SHARES in Country Casuals,
the women's clothing retailer
and designer, were yesterday
placed with a variety of institu¬
tions at a price of 130p, valuing
the company at £22 An, writes
Richard Gourlay.
The shares will begin trading
on June 25, but there is no
public offering for sale.
The price represented 15.9
times pro-forma earnings for
the year to January. Some 8An
of the 17.1m shares in issue
were placed.
The management team, led
by Mr John Shannon, chair¬
man, will be left with 32J5 per
cent of the enlarged capital,
while Invesco HIM, wifi retain
a 14.4 per cent stake.
Mr Shannon said he saw the
flotation of Country Casuals as
“a beginning” not the end of
the process begun in 1989 when
Coats Viyella sold the company
to his management buy-in
team.
He expected growth to come
from continued expansion of
the Country Casuals brand
through more retail outlets
and through the introduction
of Its Diffusion Sport casual
wear.
The company was in no
hurry to expand through acqui¬
sition. but ft intended to apply
the same management tech¬
niques that revived Country
Casuals to another brand
which it would buy in the
medium term.
Country Cas uals desig ns and
sells tailored and knitted sepa¬
rates for the £7bn a year outer¬
wear ladies market
Last year pre-tax profits
were gam on sales of £36m.
Having started with debt of
£10An, the company had posi¬
tive net cash at the last year-
end. Since the buy-in, trading
margins have increased from
4.4 per ent to 6.1 per cent
The company will be receiv¬
ing £4,6m after expenses from
the shares sale.
Italians invest in white
goods unit of Polly Peck
By Haig Simonlan
THE ADMINISTRATORS of
Polly Peck International, have
agreed a deal under which
Merloni Elettrodomestici, the
Italian white goods group best
known for its Aristtm brand,
has bought 25 per cent of
two Turkish white goods pro¬
ducers owned by Vestel, the
Tu rkish consumer electronics
subsidiary of the collapsed
fruit and electronics conglom¬
erate.
Separately. Candy, another
leading Italian manufacturer,
has signed a L70bn (£31-8m)
deal with the Libyan govern¬
ment to build and equip a
plant to produce 50,000 refriger¬
ators within the next two
years.
The Merloni deal, being con¬
ducted jointly with Philco
Italia, in which Merloni has a
50 per cent stake, includes an
option to buy a further
wiinimnm 26 per cent share in
the two Turkish companies
within the next two
years.
Merloni is paying $8m
C£4An) with a farther $9.5m if
it exercises its option.
It is also Injecting $8m
in capital into the two compa¬
nies, which were set up
recently.
Coopers & Lybrand Ddoitte,
Polly Peck’s administrator,
said the sale was unlikely to
provide any funds for the
£L3bn owed to the 23,000 credi¬
tors.
The two Turkish groups are
caiBed Fekei Teknik and Pefcei
Pazarlama. They have 750
employees and make fridges
and washing machines respec¬
tively.
Combined output amounted
to about 200,000 units last year,
and is forecast to rise to 300,000
this year, two-thirds of it
fridges.
Dixons
refinances
Belgian
offices
By John Thornhill .
CODIC, the Belgian property
subsidiary of the Dixons elec¬
trical retailing group, has
refinanced Its Beaulieu office
development in Brussels with
a group of International
banks, valuing the site at
£9&3m.
But the transaction will not
be reflected in Dixons profit
and less account due to expec¬
ted changes in accounting
standards practices.
The refinancing, via a new
company, Espace Beaulieu,
guarantees Codic a mintwinm
level of profit mJ removes the
risk of holding the property in
an uncertain market But fol¬
lowing the recommendations
of tire proposed Statement of
Standard Accounting Practice
ED 49, Dixons will treat
Espace Beaulieu as a consoli¬
dated subsidiary company.
“The reality Is that we have
transferred the risk have
effectively made a sale, but for
projected accounting reasons
we have been unable it to reg- 1
later tt as a sale,” Mr Robert
Shrager, Dixons finance direc¬
tor, said yesterday. “It will
have no immediate effect on
the profit and loss account
until Espace Beaulieu sells it
to a third party when the
p ro fit can be recognised.”
The refinancing was
arranged by Citibank, with
ASLK-CGER Bank acting as
the senior lead manager.
Exceptional and interest costs
leave Waddington 22% lower
By Peggy Hotllnger
HIGHER interest charges and
redundancy costs knocked pre¬
tax profits at John Wadding¬
ton, the packaging, printing
and games company, back 22
per cent to £li5m last year.
The company, which yester¬
day also announced the
appointment of managing
director Mr Martin Buckley as
chief executive, revealed a
strong performance at the
operating level, however,
where profits were just
£340,000 down at £18.3m on
turnover slightly ahead to
£23lm (£228m).
Interest charges rose by Elm
to £3.6m for the 12 months to
April 4, although gearing by
the year-end had fallen from 54
to <£2 per cent Net debt was
down by £6m to £29m.
The 140 redundancies and
other cost cutting measures
taken by the group would
result in annual savings of
more than £2m. said Mr Geoff¬
rey Gibson, finance director.
Packaging showed the great¬
est improvement with a £2m
increase in operating profits to
£11.5m.
The printing division suf¬
fered from declining demand
and severe competition in the
UK business stationery mar¬
ket Operating profits tumbled
from £4.7m to £2.5m.
Games, the business for
which Waddington is best
known with names such as
Cluedo and Monopoly, Ml by
£200,000 to £3.4m at the operat¬
ing level.
Mr David Perry, who was
appointed deputy chairman
yesterday, said the company
was set to benefit from the
£96m five-year capital expendi¬
ture programme.
Earnings per share dropped
from 14.75p to 11.59p. The
propsed final dividend was
maintained at 4.3p, for an
unchanged total of 7.9p.
• COMMENT
The only surprise in Wadding-
ton's results was its decision to
take the £5.3m charge on the
disposal of plastics business,
Pacplas, below the line. But
since this Is in accordance with
current law, there were few
quibbles. The capex pro¬
gramme has yet to prove
whether it ran bring any dra¬
matic returns, but will ensure
the company has protected
operating profits. The new
£17m carton factory is a
feather in Waddington’s cap,
but it is getting lower prices
than expected. Credit must go
to management for holding
operating profits. Nevertheless,
the jury appears to be out on
whether it can boost them
enough to provide significant
earnings growth. Forecasts are
for £17m next year, and the
shares at 204p leave a multiple
of 13 times. A solid company, If
unexciting at the moment
End seen to Riva/Hugin dispute
By Alan Cane
THE LONG-RUNNING saga of
tiie £i 0 m “black hole” in the
accounts of Hugin Sweda, the
Anglo-Swedish retailing
systems manufacturer
acquired by Riva Group in
19S9, may be dose to a conclu¬
sion.
It is believed that Riva is
now anxious to agree Elm in
settlement of its dispute with
DIVIDENDS ANNOUNCED
Ccrres -
Total
Total
Current
Date of
ponding
for
last
payment
payment
dividend
year
year
Oct 1
2.5
3.2
3 3.
Bulgtn (AF) . .-fin 0.1
Aug 14
0.1
0.1
0.1
Coble a WireJess _fin 9
Oct 1
8.1
13.25
11.8
Chemring -int 10-9
July 31
• 9.9
-
29.65
Craig A Rosa , _fin 12.5
Jury 17
13
14.5
15
Crash (Jamas)* _fin 10.4765
July 31
10.4765
18.3415 18.3415
Dundee a Ldn tnv —int 3.8
July 24
3.8
12
Geetetner .—J/il 1.8
Aug 28
1J8
-
8.2
Mountvtew Ests _fin 10
Aug 17
9
18
15
HFC int 1.4f
Oct 5
1.3
-
6.25
Oceana Constd _fin 1
Aug 14
0.75
’ 1
0.75
Office a Beet .fin nil
.
nil
0.1
0.1
River Plata — .int 3
July 31
3
-
a9
Waddington (J) . Jin 4J
Aug 1
4.3
7.9
7.9
Dividends shown pence per share net except where otherwise stated.
TOn increased capital. §USM stock. {Makes 2.7p (2-Sp) to data ♦Irish
currency.
both the former executive
directors of Hugin Sweda and
with Its own former advisers.
Peat Marwick Mdinlock, the
accountants.
Peat Marwick said yesterday
that negotiations were still
continuing and refused to com¬
ment on the size of any possi¬
ble settlement
News of a possible settle¬
ment may bring some comfort
to Riva's shareholders, who
have otherwise little to cheer
about
The stray has involved three
years of sabre rattling but little
action. At one stage JRiva
issued a writ claiming £15m
damages against the Hugin
Sweda directors and was plan¬
ning to sue Peat Marwick,
which resigned as Riva’s audi¬
tors last year, for a similar
sum.
The dispute began when
Riva, a Bolton-based manufac-
turer of electronic point-of-sale
equipment, discovered unex¬
pected liabilities of between
£10m and £i 2 m in the accounts
of Hugin Sweda, which it had
bought hoping to benefit from
its European distribution net¬
work.
It is thought that Riva Is
keen to settle now rather than
continue with expensive and
time-consuming litigation
which might bring no substan¬
tial increase in the amount
awarded.
Riva yesterday reported a
pre-tax loss of £3. 2 m in the
year to end-December 1991
compared to a profit of £778400
last time. Operational losses
were comparatively low at
£105,000, blamed on difficult
trading conditions together
with low levels of demand.
The net cost of borrowings,
however, totalled £1.95m and
there was an exceptional
charge of £l.l5m made up of
£365400 costs associated with
refinancing arrangements
approved last month and
restructuring costs of £789,000.
Turnover fell 13 per cent to
£574m (£65.9m). partly as a
consequence of strategic with¬
drawal from unprofitable mar¬
ket segments. Losses per share
amounted to 124p (2.4p earn¬
ings). There is no dividend.
The directors said the
resumption of dividend pay¬
ments could only be envisaged
once the group returned to
prafitabUity and reduced bank
borrowings significantly...
Blank
Thursday.
“So Til visit the acquisition targets
in Tuscany and. Provence , and you
can do the one in Bethnal Green.”
At Charterhouse, we can help you identify acquisition targets
anywhere in Europe, from Barcelona to Bethnal Green.
To make contact, call lain Houston on 071-248 4000.
CHARTERHOUSE
Charterhouse Bank Limited, 1 Paterno s te r Row^ St Paul's, London EC4M 7DH.
Charterhouse Bank Limited is a Member of The Securities and Futnr® Authority A Royal Bank of Scotland Company.
On Thursday 4th June, a great
deal of people wished they'd had
Equity Focus from Reuters.
The most reliable, flexible UK
equity information service there is.
if you were one of those people,
and would like to find out more,
please call us on 071-510 4044.
i cm HTY pnn ic
FINANCIAL TIMES THURSDAY JUNE 18 1992
teJ
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,c2
COMPANY NEWS: UK
A new look that sees beyond ships
Andrew Bolger on the refocused Powell Duffyn which is searching for capital growth
P .OWELE Duffryn’s recent.
declslon to get oat of
ship^ovning.^ the latest
stage in. the. group's continuing
evolution away from its isth
- eenttfry origiHs in the coal
fields of South Wales.
Cash from the 219m sale of
Stephenson Clarke, one of the
mast famous names, in British
shipping, wfll he invested In
the engineering,, fuel and bulk
liquid , storage businesses
which PowelLDufEryn has con'
centrated on since the -post-
war oationafisation of the
mines removed its founding
product ■
- Bud distribution has never.
been a glamorous business, but
It proved s nfRrftmtiy cash gen¬
erative for Powell Duffryn to
escape , a £l70m hostile bid
frour Lard Hanson in 1985 - a
trick which has proved beyond
many more dynamic- compa¬
nies. •
.The. group.maintained Its
independence by promising to.
continue paying high divi¬
dends — a pledge which has
been kept, even though the
share price has underper¬
formed the FT-Alls hare. over
the last six years.
Mr David Hubbard, ' who
stepped up from finance direc¬
tor to-become chairman of
Powell Duffryn after Hanson
was seen afl; said the takeover
was not a wholly negative
experience: “Any activity like
that is a catalyst for change -
as Id has discovered."
He and Mr fiffl Andrews, the
new chief «ecutive, set about
reducing the group's exposure
to the coastrnction indust¬
ry.
The £20m proceeds from the
sale of the group's timber busi¬
ness in 1986 helped frmd five
acquisitions made the follow¬
ing year in engineering, the
sector chosen as-having most
growth potential/
Acquisitions I
Chemring to
By Peter Poores .
BOTH ORGAkic growth and
"the successful integration of
the flflq nlgtHnns made frn 1991"
helped Chemring Group lift
pre-tax profits almost 10 per
cent from £2.41 ul to £2j5m in:
the half-year to March 27. .
Mr. Philip Billiftgt on, r who
h aamp rhair t p a n on January. .
1, said he was aiming to
Increase Che Hiring’s non-de¬
fence side to 60 per cent,
though he stressed that the
defence side made “defensive,
rather than offensive prod- .
nets", such as radar counter¬
measures and flaxes. .
Group turnover; rose almost
20 per cent to £l&5m <£L5.4m),
with acquisitions accounting
for £ 2 m of the rise.
In May 1991 the company
bought Octavius Hunt -
which makes smoke pesticides,
sparklers and specialist -
matches - for £L54m in cash,'
That focus seezned to be pay¬
ing off by 1990, when engineer¬
ing contributed 48 per cent of
the group’s trading profits. The
Impact of recession reduced
that contribution to 86 per cent
last year, but the group is still
determined to concentrate
more on engineering.
Mr Andrews said the group
had selected three areas where
it has built at least a European
position and potentially could
become a world player - com¬
bustion-technology. railway
bogies and marine products
such as pumps and compres¬
sors.
The group's Hamworthy
businesses inafaill tmfl mnnngp
burner installations in many of
the world's biggest power sta¬
tions.
Mr Andrews said: “A large
part of pollution is coming
from combustion, and there is
a very positive opportunity to
. improve that with high-tech¬
nology combustion manage¬
ment systems. If you look at
the East .European opportu¬
nity, it is almost horrifying,
and yet It has all got be dealt
with."
He added: “We intend to
grow that business, and
acknowledge that it will not be
grown sitting on our backsides
in the UK - the next target
market has got to be the
Pacific Rim."
Hamworthy is also a leading
supplier of marine equipment
such as pumps and compres¬
sors. “We have a worldwide
distribution network, with
heavy demand for spares, said
Mr Andrews.
- "The world’s shipping fleet is
nearly 16 years old, and quite
clearly the rate of replacement
of- that fleet over the next
decade is bound to rise."
Powell DufEryn’a biggest
opportunity - and current
problem - on the engineering
help boost
£2.65m
shares and loan notes, to July
it paid FFr6J5m for 49 per cent
of Traco, the French electrical
transformer manufacturer, to
combine with Sdcurelec of
which it also owns 49 per cent
•In August it added Horace
Sleep to its Vacuum Keflex spe¬
cialist clothing company and
in September the marine divi¬
sion of. Kilgore was absorbed
into the pyrotechnic operations
of Fains-Wessex.
The group has 70 per cent of
the global market for marine
pyrotechnics.
, Chemring would go to the
market for larger acquisitions,
said Mr Billington, but had
£3JLm cash at the perlodend
for smaller buys.
He was looking for compa¬
nies "with markets and manu¬
facturing, processes we under¬
stand".
Earnings emerged at 35.54p
(3L39p) and the interim divi¬
dend Is lifted 10 Sp (99p).
Powell Duffryn's performance
• : I Dividend per onfinaxy shaioVbjML- ? s ' Tv. • ■'; * ■ !'•;
.AO/rf 6ienC8)
■7dr^
mm
' 1867..-V, *9$; ; ; X • - : r=‘. ■ 9 * '&■?
side is its railway business.
It has invested heavily in
budding a freight wagon base -
known as a bogie - for use on
both sides of the Channel.
Mr Andrews said: “We have
the right product, but the
potential customers currently
don't have the capital capacity
to place the orders."
M r Hubbard said:
“This business is los¬
ing money for us at
the moment, and there must be
a question of a time bruit on
how long we are to go on doing
that"
Powell Duffryn’s fuel distri¬
bution business is now wholly
in the UK. The group's biggest
offshore investment is in its
bulk liquid storage business,
which is spread across five
continents.
The bulk liquids business
has dunged radically the
last oil price crisis, with
increased computerisation
allowing tel and chemical com¬
panies to manage their
Wace shares fall
on disappointing
trading
By Andrew Bolger
Shares in Wace Group fell 23p
to 120 p yesterday after the
printing services company
said trading in April and May
had been disappointing.
Mr Frans ten Bos, Wace’s
chairman, told shareholders at
.the annual meeting: *Tn my
statement with the results .for.
year ended December 81,1991,
I said that the first three ,
months had given us a sound !
start to the year. However,
trading for the following
two months, particularly
in May, has been i
disappointing. '
“In the UK both our printing 1
and pre-press operations are
finding t lyniK particularly dif¬
ficult. We have seen no signs
of an upturn in activity and
the market place is as tough as
it has ever been. Pressure on
margins continues to be
acute.**
This notice is issued by Morgan Grenfell 8c Co. Limited, a member of The Securities and
Futures Authority, ra compliance with the requirements of the London Stock Exchange. It
does not constitute an invitation or offer ro any person to subscribe for or purchase any
shares.
Application has been., made to the London Stock Exchange for the whole of the ordinary
share capital of the Company, issued and now being issued, to be admitted to the Official
List. It is expected that the .ordinary shares will be . admitted to the Official List and chat
deaUngs will commence on 25th June, 1992.
COUNTRY CASUALS HOLDINGS pic
(Ituorporaud and registered in England under the Companies Aet 1985 No. 2319160)
PLACING BY
MORGAN GRENFELL & CO. LIMITED
of 8,282342 ordinary shares of 5p each. _
at 13 Op per share payable In full on application
Authorised
£1,140,000
Share capital following the Placing
ordinary shares of 5p each
Issued and being
issued fully paid
£855,116.45
Copies of the listing pam'cu/ars may be obtained during norma! buriaess hours on any
weekday (Saturdays and bank holidays excepted) up to and including 2nd July, 1992 from:
Morgan Grenfell 8c Co. Limited County NatWest Wood Country Casuals Holdings pic
23 Great Winchester Street Mackenzie Sc Co. Limited 1-5 Poland Street
London EC2P 2AX 135 Bishopsgare London W1V 3DG
London EC2M 3XT
and during normal business hours on 19dt June and 22nd June, 1992 for collection only from
the Company' Announcements Office, London Stock Exchange Tower, Capel Court entrance,
i n > t _ f _- — mill — 8 — — Ln
included in the Companies Hdie Service,-available fronrExtei Financial Limited, 13-17
£pworth Street, London EC2A 4DL from 3.00 p.m. on 18th June, 1992.
18th June, 1992 .. ,
operations much more effec¬
tively, with less storage.
Powell Duffryn has
responded by specialising in
the storage of more difficult
products and by providing
more services - in the US it
packages 16 m gallons of anti¬
freeze for the retail market
Mr Hubbard said: “All of the
time we are looking for higher
value-added services in this
sector, because that is where
the future is going to lie."
The group has invested
heavily to keep its storage ter¬
minals up with increasingly
stringent environmental regu¬
lations, confident that such
expenditure will be justified by
pnhanreH profit margins when
there is economic recovery.
However, this demand for
investment came at a time
when Stephenson Clarke h ad
not replaced any vessels for
five yean and was facing the
need to buy new ships over the
next four to five years.
Mr Andrews said: “You can¬
not sustain two businesses
with that sort of appetite for
capital within our particular
group. Tm not saying they are
mutually exclusive - they just
were for us."
Despite its exit from ship-
owning, the group remains
interested in shipping-related
businesses. It recently invested
£L3.7m in the consortium Pow¬
ell DuflTyn leads, which in
December successfully bid
£ 180 m for control of the Tees
and Hartlepool Port j Authority,
the first major trust port to be
privatised.
T he group's reshaping
continues, with the sale
already this year of its '
remaining foundry interests ,
and further shrinkage likely on
the construction materials
side.
One thing that had not
changed - at least until this
month's better-than-expected
a nimal results - was the per¬
ception of Powell Duffryn as a
rather boring yield stock.
Mr Hubbard said: “I believe
that over five years, as we
develop the group, we will be
appreciated as more of a capi¬
tal growth potential stock, and
therefore less as an income
stock.
“It’s no use my going out to
shareholders and saying forget
about income, because they
would ditch us tomorrow. The
share price has kept the yield
up by performing disappoint¬
ingly. As the share price
increases, the yield comes back
into tile 7 to 8 per cent range.
That’s still a jolly good yield
for a stock with a bit of capital
potential-”
Just how much potential the
new-look Powell Duffryn has
for capital growth will depend
on the pace of economic recov¬
ery and the performance of the
engineering businesses in
which the group has invested.
Gestetner suffers further
decline to £8.2m midway
By Angus Foster
GESTETNER, the office and
photographic equipment dis¬
tributor, yesterday repeated a
further sharp fell in profits at
the interim stage after a
decline to £225m in 1990-91_
The six months to April 30
achieved pre-tax profits of
£8.2m, down by almost two
thirds from £2L7m in the com¬
parable period.
Mr Basil Sellers, chairman,
said the office systems division
suffered reduced margins due
to changing product mixes and
recession. Photographic equip¬
ment saw no recovery in sides.
But the figures intended £3m
of redundancy and other costs
as 300 more jobs went, follow¬
ing last year's cuts of 1,000.
“We’ve got the costs down and
wfll now just have to wait for
the improvement to comer Mr
Sellers said.
Group turnover fell to
£440.1m (£45Um). The UK con¬
tribution fell from £27.4m to
£19.9m due to recession,
while continental sales foil 9
per cent to £20&9m <£228.4m).
Gestetner Canada is being
restructured after suffering a
£3m loss.
Interest charges fell to £5.4m
(£7.9m) as net debt fell to
£98-4m, including £37.8m of
convertible unsecured loan
stock. This compares to net
debt of £i93m a year ago, and
follows the conversion of £78m
of loan stock last September.
As a result, the debt to equity
ratio fen to 40 per cent (114 per
cent).
Earnings fell to 6Jp (16.7p)
or 3.6p (10.4p) folly diluted. The
dividend payments of L8p per
ordinary share and 0.075p per
ordinary capital share are
unchanged on last time.
The shares fell 6p to 133p.
• COMMENT
These figures wore as expected,
but Gestetner could have done
without the Canadian losses.
Costs are now under control
although cost savings are
being cancelled out by infla¬
tion. Revenues from service
contracts have provided some
protection from the recession,
the company is more reliant an
the upturn and resumed buy¬
ing of new office equipment
However, that looks unlikely
to h a p p^ n in th te finanrid year
pud full-year forecasts of £19m-
£20m put the shares on a
slightly optimistic IS times.
While the range and quality of
the company’s products, and
its large sales force, augur well
for the longer term, the shares
may not go much higher yet.
Booker changes reporting periods
By Maggie Urry
BOOKER, the food
distribution, agribusiness and
prepared foods group, is chang¬
ing the reporting periods for its
results.
Starting in the current finan¬
cial year, the group will base
its figures on 13 four-weekly
periods rather than 12 calendar
mo nths
Booker said the change
wr M make no difference to its
div ^end policy, but would
wwiki* management accounting
more efficient and help the
group’s treasury department.
Booker shares rose lp to
As a result of the accounting
period change the current
financial year will end on
December 28 , while the next
year will end on January l
1994.
When interim profits are
announced in September they
will cover 24 weeks to June 13,
rather than six months to June
30.
However, an indicative pre¬
tax profit figure on the old
basis wfll also be given.
Booker yesterday published
the 1991 interim results on the
new basis. These figures will
provide the comparison for the
current year's interim results.
In the first 24 weeks of 1991
turnover was £i.44bn, pre-in¬
terest profits were £44J&n. and
pre-tax profits were £32£m.
Earnings per share were
UJ6p.
Mr Jonathan Taylor, chief
executive, said that the change
would cause some distortion as
the summer period was apeak
trading time for the food distri¬
bution activities.
In the last two weeks of June
1991 Booker had made pretax
profits of £4Jhn on sales of
£125£m.
The group also announced it
was busing a fish processing
complex In Grimsby from Hin¬
dus, part of NesQA
Findus said it would sell the
site nearly a year ago. The pur¬
chase price is not disclosed,
though analysts reckoned it
would he be only a few milhon
pounds.
Booker is also getting a “sub¬
stantial" grant from the
Department of Trade and
Industry.
We’d like to thank
everyone who
talked about the
world recession on
the telephone
(Record profits 1992)
“We have maintained our record of continuously rising profits since
privatisation, despite the difficult economic conditions this year in many of
our markets. The management of Cable & Wireless for the years ahead is
now in place. Our core businesses are performing strongly and we have
begun to progress our strategy. Cable & Wireless is positioned to achieve
sustained above-average levels of growthf
-Lord Young, Executive Chairman
• Turnover up 22% to £3.176m.
• Trading profit up 27% to £727m.
• Profit before taxation up 6% to £644m.
• Mercury trading profit up 34% to £155m.
• Hong Kong trading profit up 29% to £483m.
• Recommended full year dividend up 12.3% to 13.25p,
final dividend 9p per share.
CABLE & WIRELESS
On Jtey22ad, Cubic and Wirdea pic will become die fiui company ia the UK to bn>«dcm high l ight ! of io Annual Geoctal Meeting.
The 30 minute pragumme will be btoidcast on BBO wUvuion commencing at jJOtn.
Cable end Woden pie, New Mercury House, 26 Red Lion Sqtuie, London W&R 4UQ
Recommended finel dividend te9p payable I October 1992. A copy of the fuB Report and Accounts, on which the auditors hare teoed aa unqualified report, id! be posed
» shareholder* on 2&h June 1992. H you hare any enq uiries m a Cable * Wireless Shareholder please call a* on 071-315 4455. Approved for the purposes oi b57 of foe
Financial Services Act 1986 by Carenove &Co, a number of the SFA and of the London Soock Exchange. But performance is not necessarily a guide to the hitme. The value
of mvestmena sod the income derived from them can go down en well as up.
FINANCIAL TIMES THURSDAY JUNE 18 1992
COMPANY NEWS: UK
Mercury Comms rings
up 34% rise to £ 155m
By Roland Rudd
A STRONG performance from
Mercury Communications
boosted the year-end results of
Cable and Wireless.
The subsidiary Increased
tra d in g profit by 34 per cent to
£155m (£ll6m) in the 12
months to March 31, on
increased sales of £9l5m
(£702m). Group pre-tax profit
rose to £644m (£609m).
Lord Young, chairman, said
Oftel, the telecommunications
regulator, bad done a "smash¬
ing job” in imposing that BT
cut the average level of its
prices by 7.5 percentage points
below the rate of inflation,
against 6.25 points at present
“This is as good as we could
have hoped for,” he said. Tt
will prevent BT from putting
up their domestic prices where
they have no real competi¬
tion."
Mercury is committed to
increasing the number of resi¬
dential customers from 200,000
to 2m by the year 2000. In total
it has 781.000 lines.
It is also restructuring its
sales and network manage¬
ment to work, closely with
cable TV operators.
Margins in 1991 rose in spite
of a 10 per cent cut In interna¬
tional prices. The company’s
share of the UK international
market increased from 14 to IS
per cent Mercury has now cap¬
tured 31 per cent of interna¬
tional rolls to Japan and 32 per
cent to Switzerland.
From next January a BT-
style pricing regime win affect
group operations in Hong
Kong.
Its 58.4 per cent-owned Hong-
Kang Telecom has agreed to a
one-off 8 per cent reduction in
international charges in the
first year, followed by a 2 per
cent cut in each of the next
two years.
*nse rates allow the subsid¬
iary to Increase domestic
charges by inflation minus 4
per cent With inflation run¬
ning at 10 per cent prices are
likely to continue to rise.
Lord Young dismissed the
threat of competition r due in
the 2006. Its local services are
free and the group charges res¬
idential customers monthly
rental of just £5.
HongKong ' Telecom
increased trading profit by 28
per cent to M75m (£370m) on
sales of £L37bn (£1 Jbn).
Its ktternational traffic rose
by 15 per cent, while traffic
between Hong Kong and South
China increased by 35 per cent
Group trading profit
increased by 27-per cent to
£727m (£572rn). Lord Young
said growth in the current half
would prove even better.
Trevor HiMnphrtM
they have no real competi- international charges in the said growth in toe current half James Boss (left) chief executive, and Lord Young;'
Hon.” first year, followed by a 2 per would prove even better. chairman, we lcome d a “smashing job. by Oftel’'
Acquisition and rights planned to transform Finlan
By Peter Pearse
FINLAN GROUP, the property and
building materials company where toe
10 p and lp shares were suspended at
2%p and 3p respectively in May, yester¬
day announced the acquisition of a pri¬
vate company, a rights issue, a reorgan¬
isation of its capital structure and a
change of name.
It has conditionally agreed to acquire
and assume the name of Birkby, the
Huddersfield-based rental group, for
£4.05m, to be raised via the issue of
4.05m new ordinary 5p shares.
Mr Kim Taylor-Smith, finance direc¬
tor of the old Finlan and toe new
Birkby, said the name change was
appropriate because the reorganisation
of Finlan - begun last November and
in which the banks gained half the
equity - had disposed of its debts
and virtually all of its property inter¬
ests, leaving the company almost a
shell.
Birkby provides managed workspace,
especially in toe MS 2 corridor, commer¬
cial vehicle hire arid instalment credit.
It is forecast to make pre-tax profits of
at least £ 600,000 in the year to July 31
and has “good quality earnings”, Mr
Taylor-Smith said.
Finlan is to raise about £6m net of
expenses in the rights issue of up to
6.73m new ordinary 5p shares. Mr Tay-
lorBmtth said the proceeds would be
used to reduce borrowings, including
the repayment of £425,000 to Fenno-
Scandia Bank, and provide working
capital. At lOOp each seven new shares
will be offered for every three held and
one for every £3.43 nominal of loan
stock, following toe capital reorganisa¬
tion.
Finlan is to create a new class of 5p
shares to replace the lp ordinary, the
lOp ordinary and toe preference shares.
It will cancel the nominal value of the
deferred shares — about £L4m - and
release about £14.6m standing to the
credit of the shar e premium account.
This £28-6m will go to a new and
separate reserve, against which Finlan
will write off the accumulated deficit of
about £26m on toe profit and loss
account
Saatchi to
reduce debt
via US sale
SAATCHI & Saatchi has sold
its wholly-owned subsidiary,
Yankelovich Skelly White/
Clancy Shulman of the US, to
an investor group led by Wand
Partners. Proceeds will be used
to reduce group debt
Consideration consists of an
immediate cash payment of
*4.Gm (£2.52m) and a 34.5m
interest-bearing note repayable
in tranches up to the end of
1997. Saatchi will also receive
non-compete payments total¬
ling 31.5m.
Yankelovich is a public opin¬
ion and market research com¬
pany. In 1991 it made pre-tax
profits of $988,000 on revenues
of lll.lm.
Craig & Rose falls
£20,000 into loss
Craig & Rose, the paints,
household goods and hardware
group, fell 220,000 into the red
In the year to December 31. For
1990 there were pre-tax profits
of £126.000.
Losses per share worked
through at 5p (earnings 21.75p)
but toe directors are recom¬
mending a final dividend of
I2£p (I3p) for a total of 14£p
against 15p.
Turnover was static at
£5.62m (£5.59m).
River Plate net asset
value declines
River Plate & General Invest¬
ment Trust had a net asset
value per share of 106.1p at
April 30, compared with 151.1p
a year earlier. At the October
31 year end the value was
130Jp.
Total revenue for the six
months amounted to £3.32m
(£3.14m) and net revenue rose
from £2.1m to £2.23m for earn¬
ings of 4-14p (35p). The interim
dividend is held at 3p.
Bootfa Industries
slips to £677,281
Pre-tax profits of Booth Indus¬
tries, toe structural steelwork
and engineering group,
declined by some £306,000 to
£677,281 in the year to end-
March. Turnover fell from
£32.5m to £30-8m.
Mr James Booth, chairman.
NEWS DIGEST
said demand for structural
steelwork continued at a
much-reduced level, affecting
both margins and volume.
However, offshore investment
had continued at a satisfactory
level with prospects of a num¬
ber of sizeable projects pro¬
ceeding.
Earnings per share fell to
10.58p (15.99p) but an
unchanged final dividend of
2.5p is recommended maintain¬
ing the total at 3Jp.
AF Bulgin reduces
loss to £107,000
AF Bulgin reported reduced
pre-tax losses of £107,401 for
file year to January 31. For the
previous 12 months the loss
was £505,225.
Sales in the period under
review declined to £l2.2m
(£14.1m). Exceptional costs erf
£70,933 (£562,567) represented
the reorganisation of overseas
subsidiaries and redundancies.
The extraordinary charge of
£60,914 (£202) reflected termina¬
tion costs of an overseas sub¬
sidiary and provirions against
group investment
The electrical and electronic
components company is paying
an unchanged single final divi¬
dend of O.lp. Losses per share
1
TWs announcement appeals as a matter of racocd onfy
Woodchester Bank U.K. P.L.C.
£85,000,000
Revolving Credit Facility
Arranged by
Credit Lyonnais
London Branch
Credit Lyonnais Kredietbank N.V/Irish Intercontinental Bank Ltd
The Royal Bank of Scotland pic West LB Group
Via Banque Banque Francaise du Commerce Ext&ieur
Daiwa Europe Bank pic
Banque Francaise du Commerce Exterieur
Norddeutsche Landesbank Girozentrale
London Branch
Soci&e Generate
London Branch
Agent
Credit Lyonnais
London Branch June 1992
fell to 0.4p (L21p).
The directors said the first
quarter of the current year had
shown, ah improvement, but
the second half must be
regarded with caution.
Mountriew raises
dividend by 20%
Mountview Estates, owner and
dealer in real estate, is. raising
its dividend by 20 per cent for
the year to March 31, despite a
17.5 per cent drop in earnings.
Turnover slipped to £13.7m
(£14.1m), while the pre-tax
profit declined from £847m to
£6.56m after reduced interest
tehatges of £862,900 (£913,000). ' .
The final dividend Is lOp for
a total of I8p (15p). Earnings
came out at 95-8p (U6.1p).
Asset value surges
at Capital Gearing
Net asset value at Capital
Gearing Trust surged in the
second half to finish at 343Jp
at the year end April 5 1992.
At toe halfway mark it stood
at 302.3p, against 290-8p on
April 5 1991.
In 1991-92 dividends and
interest totalled £148,000
(£108,000) and earnings per
share came to 1.33p (0.14p).
The dividend is raised to 0.4p
(0.35p) and there Is also a spe¬
cial payment of 0^p.
Stockbroking side
boosts Oceana
A strong contribution from the
stockbroking side enabled.
Oceana Consolidated Company
to return a pre-tax profit of
£72,000 for the year ended
March 31 1992.
That compared with a loss of
£ 1 . 2 &m previously, after excep¬
tional charges of £1.63m relat¬
ing to an insurance claim and
the writing down of the value
of an unquoted investment
Turnover of this financial
services group increased by
£lm to £9m. Earnings per
share were 2^3 lp against losses
of 16.74p and the dividend Is
raised to lp (0.75p).
Asset growth for
Finsbury Trust .
Net asset value per share of
Finsbury Trust hardly moved
over the 12 months ended
March 31 1992, but has since
risen by 14-6 per cent
At March 31 it stood at
lll.lp, compared with llO^p a
year earlier after expanding to
U9p at September 30 1991- By
May 29 1902, however, it moved
up to 127.3p.
The trust produced pamtngs
per share of 3.2p for the year
.ended March 31, compared
with 24p, and is raising the
dividend to 3p (2A5p) through
a final of L8p (1.65p).
Total income was £1.5m
(£l-5?m) and pre-tax revenue
n.Olm (£L07m).
Foreign & Colonial
Smaller Cos higher
Foreign & Colonial Smaller
Companies reported net asset
value of 107.3p at April 30 com¬
pared with 10L3p a year ear¬
lier. However it was lower than
the 109p at October 3L
' Net 'revenue . increased
slightly to £1.78m (£L77m) for
earnings per share of 197p
C1.96p).
An increased final dividend
of Lip Is recommended making
a total of 1.75p (L65p).
OEM tumbles
£57,000 into tbe red
With the announcement of a
£57,000 pre-tax loss for 1991,
Office & Electronic Machines
has set out its plans for the
future.
Activities now comprise a
small office furniture and
office stationery business in
Burgess Hill. Sussex, but this
is too small to be viable.
The directors fed the com¬
pany needs to be much larger
and expect that over the next
few years it will evolve with a
number of stakes in a wide
variety of businesses, some
listed, same not, in a number
of industries.
In the short term they
believe that considerable
opportunity exists for a well-fi¬
nanced Investment in the prop¬
erty market. In the last few
weeks they have entered into a
joint venture to develop, on a
forward funded basis, a series
of industrial warehousing com¬
plexes.
The company's 1991 loss
compared with a pre-tax profit
of £68,000 and was struck on
total turnover of £2.07m
(£12.6m).
In continuing activities there
was a deficit of £233,000, after
an operating loss of £668,000 on
turnover of £1.43m.
Losses per share were 3.1p
(earnings 63p). Again there is
no final dividend, which makes
the total for the year an
unchanged o.lp.
Chillington
Chillington Corporation
recorded a 1991 pre-tax profit of
£646,000 and not a pre-tax loss
as reported In yesterday's edi¬
tions.
Legal row
threatens
Cabra’s
Fulham deal
By Angus Foster
A LEGAL row has broken out
between Fulham Football Club
and Cabra Estates, the heavi-
Iy-lndebted property company
which owns Craven Cottage.
Fulham's ground.
The argument could scupper
a January 1990 agreement
between the two sides for Ful¬
ham to be paid to leave its
ground early so Cabra could
re-develop the site as residen¬
tial housing.
. In torn, a separate agree¬
ment muter which Cabra was
to artntfw west London
football ground, Stamford
Bridge, to its incumbent, Chri¬
ses Football Club, is also at
risk.
Fulham had planned to
ground-share with Chelsea,
Bifoby in talks about
raising Spanish bid price
the money raised to help meet
toe £22.8Sm price tag for
Stamford Bridge.
Successful of toe
two deals is seen as central to
-Cabra’s plans to reduce its net
debt, which stood at £52m at
toe end of March.
Fulham and several of its
directors, including Mr Jimmy
ffifl, tbe TV presenter, went to
the High Court yesterday to
seek a declaration that they
are no longer bound by a
danse in toe 1990 agreement.
Onder the agreement, the
directors said they would not
provide any evidence which
could help Hammersmith and
Fulham council In a separate
yHin^ the eftnnril has hlnritafl
Cabra’s redevelopment plans.
Fulham alleged that only
one of the agreed payments
from Cabra has been made;
security for other payments
has not been provided; and
Cabra’s financial position has
deteriorated.
The directors therefore
claimed it is now in the best
interests of Fulham far “rele¬
vant evidence” to be given to a
public inquiry, now underway,
which is hearing Cabra’s
appeal a gainst H a wim a rami th
and Fulham’s rejection.
The inquiry, which Is due to
end shortly, has heard from
SaviUs. Cabra’s property
agent, that the redevelopment
project would lose money,
even if house prices rose sub¬
stantially.
Fulham Supporters Club,
which gave evidence on Tues¬
day. claimed that Cahra’s fail¬
ure to secure financial guaran¬
tees to cover two future
payments due to Fulham have
incurred penalties which are
mounting at £10,000 a day.
Cabra’s accrued penalties
owing to Fulham now exceed
£5m, a spokesman for the Sup¬
porters’ Club claimed.
Hie high court hearing and
the inquiry continue.
Martin Currie
offer for Pacific
Horizon lapses
By John A inhere
Martin Currie Pacific
investment trust yesterday
announced that it had allowed
its offer for Pacific Horizon
investment trust to lapse.
It did so although the offer
had been unanimously recom¬
mended by Pacific Horizon’s
board, and had been accepted
by 74J51 per amt of sharehold¬
ers and 5442 per cent of war¬
rant holders.
This suggested that Jupiter
Tyndall Merlin, the fund man¬
agement company which man¬
ages Pacific Horizon, had suc¬
ceeded in its attempt to block
the takeover.
Jupiter Tyndall had amassed
a 25.1 pex cent stake In tbe
company’s warrants, and used
this to block an earlier offer.
Martin Currie Pacific’s direc¬
tors said in a statement yester¬
day that Jupiter Tyndall
“placed an interpretation on
the rights of the warrants
which conflicted with that of
the board of Martin Currie
Pacific and its legal advisers’’.
The statement went on to
say that if the offers had been
made unconditional, the board
believed Jupiter Tyndall
would then have issued legal
proceedings. This situation
would not have been in toe
interests of its shareholders,
according to Martin Currie.
However, Martin Currie
made it clear that It was
reserving its position and
waiting to see the new propos¬
als which Jupiter Tyndall has
promised in toe near future.
By Peter Bruce
and Peggy Holltoger
AN ANNOUNCEMENT was
expected this morning
regarding the hostile bid
by J ■ Bibby & Sons, the
UK industrial and agricul¬
tural conglomerate owned by
Barlow Rand of South Africa,
for the monopoly Spanish
Caterp filer distributor. Flnan-
zauto.
Bibby and Finanzauto execu¬
tives were meeting in Madrid
late yesterday, negotiating a
possible Increase in the bid
price:
They were not available for
comment
The Spanish stock market
commission said Bibby
would be able to modify
the Pta 1,300 a share offer if
it got approval from its share¬
holders.
The bid, worth some 8130m
(£71.4m), is the first hostile
takeover attempt by a foreign
company in Spain.
Dundee & London
assets decline
Net asset value at Dundee and
London Investment Trust
declined to 262 p at April 30
1992. That compared with 277p
six months’ earlier and with
282p at April 80 1991.
For the half year ended
April 30 1992 pre-tax revenue
came to £1.08m (El-Sm). The
interim dividend is again 3.8p.
FT CONFERENCES
THE ALLOCATION OF RADIO SPECTRUM
London, 22 & 23 Juno
This high-level conference will review differentjvays of
allocating the radio waves, as a result of J"
technology and the and of foe Cold W«-Speakers
Edward Leigh, MP, Paitamentary Under
Technology; Ambassador Jan Baran, Chairman trfth US
delegation to WARC V2; Mr Michael Godda ^ l ^ B . E ^^l
Racftocommunlcations Committee; Mr Jean Grenier Eutefeat;
Dr John Forrest of National TransctemmunieationB; MrChns
Eamshaw of British Telecommunications and Mr Mflw Paflon of
Motorola.
WORLD GOLD
Montreux, 22 & 23 June
Mr S VenWtaraman, Governor of the Reserve Bank of India, wffl
deliver the opening address at this year’s annual FT
conference. Expert speakers form North America, Europe, the
Far E**? , Australia and Soutfi Africa will examine central bank
and investment attitudes to gold, review the short and mecSum
term outlook for the gold price and discuss the challenges
lacing the mining Industry in the 1990’s.
INVESTMENT OPPORTUNITIES IN SWEDEN
London, 1 July -
A one-day conference to examine Sweden’s large-scale
privatisation p rogramme, and the Government pofictes being
Implemented to revitatise tire economy and make Sweden more
attractive to foreign Investment Mr Per Westerbeig. Swedtoh
Minister of Industry and Commerce will give the keynote
opening address. Other speakers indude: Mr Urban Bdckstrthu
Under Secretary at the Sweetish Ministry of Finance; Dr Peter
Wallenberg, Chairman of Investor AB; Mr Rune Andersson,
Chairman erf f» Board of Sweetish Steel AB; Mr Herman C van
dor Wyck, Chairman at S G Warburg A Co and Mr Brian Knox,
Adviser at Kteinwort Benson.
TELECOMMUNICATIONS AND THE EUROPEAN BUSINESS
MARKET
London, 6&7 July
Speakers taking part at this year’s annua) FT conference
include: The Rt Hon the Lord Young of Graflham of Cable &
Wireless; Mr Ernesto Pascate of SIP; Mr John Bemdt of AT&T;
Mr Vlesturs Vuctns of Sweetish Telecom International; Dr Klaus
Grewlich of Deutsche Bundespost Telekom and Mr Kurt
HelistrOm of Ericsson Radio Systems AB.
MANAGING FINANCIAL TBSKS
London, 6 & 7 July
The workshop Is an Intensive, practical course aimed at those
who wish to understand the principles and practices of[ financial
risk management. It combines comprehensive technical
reference material with an interactive format, case etudtee and
worked examples.
AH enquiries should be address to: Financial limes Conference
Organisation, 12SJermyn Street, London SW1Y4UJ.
Tel: 071-925 2323 (24-bour answering service),
Telex: 27347 FTCONF G. Fax: 071-925 2125
POWER GENERATION
EQUIPMENT
The FT proposes to publish this survey on
July 30th 1992.
Tbe FT is read by over 1000 top European
businessmen in power, energy and water
industries and 8,500 senior businessmen who
specify or authorise the purchase of industrial
plant & equipment. This is more than any
other international publication in Europe. If
you would like further information on how to
reach this important audience, please call
Bill Castle,
on 071 873 3760
or fax 071 873 3062.
Data source: European Business Readership Surrey 1992
("^SURVEYsl
PUBLIC WORKS LOAN BOARD RATES
H hcBn Ji w 17 . • y_-
Quota loans*
*•» art wt - mump-
1 —-- 10 ,^:.
Over 1 up to 2 - 9% fiX -jo'
Over 2 up to 3--- g\ . 8 V V '
Over 3 up to 4_ 9% 9% .
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29
J V ;
FINANCIAL TIMES SURVEY
EUROPEAN BUILDING & CONSTRUCTION
most. European countries activity
f rsvdeclrnmg as the recession bites.
•! The outlook is likely to remain
j depressed, with little improvement
; next year. But one glimmer of light
is tljat infrastructure spending is
\ holding; up v says Andrew Taylor
Quietly flows
the workload
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RATIOS
T HE. .GOOD .tunes have
ended for European con¬
struction. The heavy
■earth movers, tower cranes
and mobile generators, which .-
in -the- late 1980s' gave some of
■rEnrope's biggest cities the
. appearance n of one vast build¬
ing site, are being switched off
or dismantled.
Construction, output is flag¬
ging in many countries as eco¬
nomic recession and high
interest rates have taken their
toll on private investment in
jiew offices, shops and indus¬
trial plant.
. Earnings of contractors and
■ building material companies,
as a result, are under pressure
as order books, and profit mar¬
gins have declined and compe¬
tition for a diminishing work¬
load has Increased.
Nowhere is this more appar¬
ent than , in Britain where a
steady flow of developers, con-
‘ tractors' and bunding material
suppliers, Including several
publicly quoted companies,
. have been forced into the
hands of receivers. '
Other companies which-, had ■
embarked on speculative devel¬
opment have had to- make
large provisions as the value of
residential and: commercial
property has fallen sharply.
British construction groups
may have come off worse in
the recession, but other mar¬
kets are also suffering.
French contractors and
building material companies
Thursday June 18 1992
which had expanded aggres¬
sively into other European
countries, making expensive
cross-border acquisitions, have
been hit as these markets have
gone into recession leaving the
former predators themselves
weak and vulnerable to take¬
over.
The struggling SocifitS Auxi-
liare d'Entreprises was
snapped up earlier this year by
rival French construction
group Fougerolle in a deal
worth FFr4.6bn (£468m). Ital-
cement!, Italy's largest cement
company, recently bought con¬
trol of. Ciments Franqais,
France’s second biggest cement
for FFr6bn (£6iim).
Ciments Franpais, in particu¬
lar, had been very active in
making cross-border acquisi¬
tions, leaving its balance sheet
badly stretched as building
output across Europe, includ¬
ing France, moved into
reverse. French cement sales
are forecast to fall by 5 per
cent this year with domestic
construction activity, particu¬
larly In the private sector,
expected to stagnate after ris¬
ing sharply in 1389 and 1990.
Construction output in most
northern European markets is
likely to stand still or decline
thin year. Growth in Spain -
until recently Europe’s fastest
rising construction market —
is expected to slow markedly
as a result of economic pres¬
sures and as big building pro¬
grammes for tiie Barcelona
Construction companies are now looking to work from fo^r comnuinbrt countries in Europe, the picture shows housing In ThOringon, eastern Germany
Olympics and the World Trade
Fair at Seville come to an end.
Delegates attending today’s
conference in Helsinki held by
Euro Construct, which repre¬
sents European construction
research agencies and eco¬
nomic forecasting bodies, will
be told that the outlook for
most European contractors and
hniifting material companies is
likely to remain depressed with
most countries expecting only
a slight improvement in 1993.
Even Germany, Europe’s
strongest construction market,
expects growth to slow this
year. The cost of integrating
the former east German repub¬
lic is planing an increasing bur¬
den on the domestic economy.
As & result, building invest¬
ment opportunities are being
restricted in other parts of the
country.
In some European cities,
overdevelopment of office s has
left, too many empty buildings
chasing too few tenants as
companies have been she d di n g
labour and closing unwanted
premises. Financial services,
which had expanded rapidly
during the 1980s, has been par¬
ticularly hit by the recession
which has curtailed the activ¬
ity of industrial and commer¬
cial clients.
This is most apparent in
London, one of Europe’s big¬
gest commercial property mar¬
kets which, at its height In the
late 1980s, attracted developers
from all over the world, nota¬
bly from Japan, Sweden and
north America. Many of these
co mpanies are now regretting
their enthusiasm for the Brit¬
ish market as tiie value of their
investments has plummeted.
Olympia & York, the Canadi¬
an-based property developers
owned by the Reichmann fam¬
ily, has been brought to its
knees by the failure of its
ill-fated Canary Wharf office
development to attract suffi¬
cient tenants in London’s for¬
mer Docklands. The decision to
place the development into
administrative receivership
threatens to cause further
hardship to already belea¬
guered sub-contractors which
have been working on the
development
According to a report by the
British National Economic
Development Office (NEDO).
about 33m sq ft of office space
was eit her empty or available
for occupation in London at
the end of last year. This repre¬
sented 16 per cent of the total
office space of the capital and
NEDO said it would take six
years to occupy at normal let¬
ting rates of take-up.
As a result, commercial con¬
struction in the UK is expected
to fall by about a fifth this year
and total construction by
about 5 per cent
F orecasts to be published
at.the Euro Construct
conference are expected
to show falls in output mostly
of around 3 per cent, in the
Netherlands, Sweden and Swit¬
zerland. Outpnt in France,
Italy and Belgium is likely to
show little or no growth. In
Germany and Spain growth
rates are expected to dip
sharply.
There are some glimmers of
light Spending on infrastruc¬
ture, particularly on transport.
is holding up much better than
private investment in residen¬
tial ami commercial property.
The need for central and local
government to make econo¬
mies has curtailed some of the
more ambitious proposals.
Nonetheless, infrastructure
spending is still rising in same
countries although at a slower
rate than previously.
In the advanced economies
of northern Europe there are
pian>} to upgrade many motor¬
ways and to reduce congestion
and speed the flow of goods
and services by constructing
high-speed rail links between
main cities. If these plans go
ahead, the Channel Tunnel
between Britain and France
will be a crucial link in a revi¬
talised European rail network.
In southern Europe the
demand is for new construc¬
tion to provide the roads and
services which will allow ris¬
ing economies to flourish.
European construction compa¬
nies and building material
companies seeking to take
advantage of new opportuni¬
ties for work have been busy
making acquisitions, taking
stakes and forging strategic
alliam-pg with local companies
mostly in Spain, but also in
Greece and Portugal
The decision to remove barri¬
ers to free trade between Euro¬
pean Community countries at
the end of this year has also
prompted a spate of cross-bor¬
der mergers and stakes
between between European
contractors. French and Ger¬
man companies have been
among the biggest spenders
among contractors while Brit¬
ish building material compa¬
nies have built up command¬
ing positions in the European
roof tile; plasterboard, ready-
mix concrete and glass indus¬
tries.
But not every acquisition
has been a success. Some Ger¬
man and French companies
have had a lean time of it since
they bought into British
groups at the height of the UK
construction market in the late
1980s as the value of their
investments has Mien sharply.
Hochtief, tiie West German
contractor, acquired a 25 per
IN THIS SURVEY
□ Cross-border links:
shift to the east
□ Building materials:
solid but inevitable
moves Page 2
□ Germany: upswing is
set to continue
□ Italy: contracts lead
to corruption
□ Related surveys
Page 3
□ UK market: the pain
may linger
□ The Netherlands:
specialists may benefit
□ Spain: applying the
brakes Page 4
□ High-speed train
network: the missing
links
□ France: in the
doldrums
□ Nordic region: the
bubble that burst
Page S
cent stake in Rush & Tompkins
only to see the British con¬
struction and property com¬
pany go into receivership in
1990.
Companies such as Ciments
Fran$ais in France and Steet-
Iey, the British building mate¬
rials group which made expen¬
sive cross-border acquisitions
in the 1980s, have themselves
been taken over. Steetley.
which had become France’s
biggest aggregates producer
earlier this year, fell prey to
Redland, a rival British materi¬
als group and Europe’s biggest
roof tile manufacturer, after a
bitterly contested fight •
Latterly, European contrac¬
tors and building materials
companies have focused on
making acquisitions and stake
building in the former commu¬
nist countries of eastern and
central Europe. These have a
big need for new construction
if their fledgling market-driven
economies are to thrive.
The problem is not in Identi¬
fying a need for new construc¬
tion but in finding the money
to pay for it
Fiatimpresit.
A European
system
of companies.
Design financing. Safeguarding the environment, improving
._ _ Jt 9 _the quality of urban life, creating new infra-
COnStrUCtLOn, management. f or uniting Europe-these are some
of the most urgent projects to which the civil engineering sector must contribute.
Backed by the experience of more than sixty years, Fiatimpresit has the resources, the
structures and the technologies to play its part. Today Fiatimpresit is one of Europe^ lead¬
ing general contractors. The recent acquisition of Cogefar and its merger with Impresit
have consolidated its forces. With this further strengthening of its organisational structure,
Fiatimpresit is the lead company in three major areas: the general construction business,
the specialised companies and the European affiliates. The new construction company,
which consists of Cogefarimpresit and its affiliate Impregilo, is already number one in
Italy. The specialised companies operate in the fields of engineering and industrial plants
(Fiatengineering), the environment (Fisia), territorial projects (II Nuovo Castoro, Alimen-
ta, Impreinvest, Transfima and Effepi) and services (Emmepi, Sinporl, Polis and Adria).
The European affiliates, foremost among which are the Spanish company Hasa (with its
subsidiaries Huarte, Promiber, Essa, Vyesa) and the Portuguese Soares da Costa, arc active
in their respective countries, drawing on m ri jn IiCT
their synergies with the Fiatimpresit sys~ ‘
tem. A system based on technical, oigani- JTTT a rh
sational and financial capabilities, oriented _F 1 / \ 1 Xir AJT JL
___ 1 J _r fi TRnPFAN r^FNERALCCNTRACIORS
FIATIMPRESIT
cv tdtvdcaxt ncNFDAT ffWTR ACTDRS
FINANCIAL TIMES THURSDAY JUNE 18 1992
EUROPEAN BUILDING AND CONSTRUCTION
Tarry KMc
New houses under construction at GreenhHhe in Kent
Tfwwar Humph hoa
Waterloo International under construction: (tie UK end of the Channel link
. THE DECISION to remove barriers to free
trade between European. Community coun¬
tries at the end of this year has prompted
a spate of cross-border mergers and stakes
among European contractors.
French and' German companies hare
been some of the biggest spenders. But
recently, German and French sights have
been more focused on ™*Kng acquisitions
and stake-building in former communist
countries of eastern and central Europe.
British contractors, faced with a big
upsurge In work in .the . UK in the 1980s,
were slow off the mark to make cross-bor¬
der pnnkases. They also faced difficulties
in finding opportunities in the more closed
German and French markets. But latterly,,
British' construction companies have
stepped up their attempts to gain Vlhot-
In pmriqffl tiii European markets.
Spanish companies have also been mak¬
ing cross-border purchases. Two of Spain’s
biggest civil engineering groups, CuMertas
and Entrecanales, last summer paid £24m
for a 21.5 per cent stake in Lilley, the
Glasgow-based construction, group.
. Thestakewas ^uiredbyTibestTre^a
company jointly owned by the ; two Span¬
ish contractors. Lilley, in return, paid
£8-35m to acquire 2 per cent of Cubiertas, a
public works specialist. Lilley and its
Spanish partners are currently bidding.
Jointly to build part of the £L7bn Jubilee
underground line extension in London.
The desire to make cross-border acquisi¬
tions has been .driven as much the advent
of the EC single market as by the need for
contractors to And new work opportunities
and to protect themselves from cyclical
downturns in domestic markets.
In the latest recession construction mar-
Andrew Taylor on cross-border links
Shift to the east
kets in continental Europe held up for
longer and much better than in the UK
and'US where output has Men steeply
since the late 1980s.
But: not every acquisition has been a
success. Some German and French compa¬
nies have had a lean time of it since buy¬
ing info British groups. Their investments
have Ealten sharply in value while there ; is
little evidence. that these strategic alli-
ances have led to contract opportunities.
Thus Hochtief; the west German con¬
tractor, acquired a 25 per cent .stake In
Rush & Tompkins only to see this British
construction arid property company go
into receivership. Farts of its contracting
business were then acquired by Hochtief
and Ballast Needham, a Dutch contractor
bought by British Aerospace in 1987.
. Ehillpp Holzmann, of Germany, is typi¬
cal of European contractors which have
acquired stakes In other EC companies in
the hope that this would open the door for
more work. It owns outright or holds stra¬
tegic stakes in Austrian, British, Dutch,
French and Spanish companies, including
a 20 per cent stake in Tilbury Douglas, the
UK contractor and developer, which owns
the -former Chrysler car factory at Lin-
wood in Scotland.
Tilbury, Hohmann and Girozentrale. an
Austrian bank, have formed a joint ven-'
tore to redevelop the Chrysler site. Tilbury
separately has formed a joint venture with
Hohmann and Jotsa, a Spanish contractor
of which Holzmann owns 50 per cent to
build a 370,000 sq ft industrial and office
development south of Madrid.
Mr Alan Cockshaw, chairman of Amec,
the British construction and engineering
group, says companies which want to
work in overseas markets need to have a
strong focal base to stand any chance of
winning profitable contracts. Companies
operating In overseas markets without
local knowledge and experience run the
risk of being “ripped off”, he says.
Amec recently bought a 50 per cent
stake in Klttelberger, a German building
and civil engineering group. It also holds a
20 per cent stake In Serete. France's lead¬
ing Independent design engineering and
construction management group.
Companies wishing: to gain a local pres¬
ence in European markets have three
routes to choose from:
• Forming individual joint ventures with
local companies on a project-by-project
basis. This involves no long-term financial
commitment bat does not generate any
extra business other than the job in hand.
• Acquiring an existing business out¬
right This can be costly and difficult Con¬
tractors rely on the focal knowledge and
skills of their staff. These may leave if
their company is subject to a contested bid
CONSOLIDATION of Europe's
building materials market is
for more advanced than in the
The manufacture of high vol¬
ume, low value building mate¬
rials such as bricks, cement
BUILDING MATERIALS
contracting sector.
The incidence of cross-border
acquisitions, joint ventures
and strategic alliances is for
greater among cement, glass,
plasterboard, concrete and roof
tile producers than it is among
contractors which operate in
much more fragmented domes¬
tic markets.
The prime reason for this is
that a purchaser of a building
materials company is buying
tangible assets whereas a con¬
tractor with no production
facilities is worth only the sum
of the abilities of the people it
employs. So it is more risky to
invest in a contractor whose
key personnel can walk away
at any time, particularly after
a contested bid, than put
money into a building materi¬
als producer whose key asset Is
clay or limestone reserves that
can be measured and valued.
and concrete tends naturally to
consolidate among a small
number of large suppliers.
These are able to make the
best of a low margin business
by taking advantage of econo¬
mies of scale.
That is particularly true in
Britain where public compa¬
nies can be bought up through
the Stock Exchange, unlike
continental Europe where
shares are more tightly held
and many companies privately
owned. As a result, British
material companies have been
able to build up large domestic
positions. Thus, in the cement
industry there are only three
forge domestic suppliers: Blue
Circle, Rugby Portland and the
Scandinavian-owned Castle
Cement
Until a few years ago, BPB
Industries controlled more
than 95 per cent of the UK
Solid but inevitable moves
plasterboard market. Only
recently has it faced strong
competition in its home mar¬
ket from Lsfarge-Coppde of
France and Knauf of Germany.
The British brick and con¬
crete industries similarly are
dominated by a relatively
small number of large and
medium sized publicly quoted
companies. The result has been
that British companies have
been able to use their stock
market strength to build up a
substantial asset base. They
have then used this as a
springboard to carve out posi¬
tions in the more fragmented
continental European markets.
Thus, BPB Industries is
Europe’s biggest plasterboard
manufacturer; RedHand is the
biggest roof tile producer, Pflk-
ingtbn is the largest glass sup¬
plier and BMC the biggest
ready-mix concrete producer.
Steetley, the British building
materials group which has
recently been acquired by Red-
land after a bitter takeover bid,
is the largest aggregates com¬
pany in France. Blue Circle has
became one Europe's biggest
manufacturers of domestic
heating equipment after the
takeover of Compagnie Inter¬
national e du ChauHage, a sub¬
sidiary of Nord Est of France
and of Thermopanel, Sweden's
largest radiator producer.
Mr Charles Young, chief
executive of Bine Circle's home
ADVERTISEMENT
BUILD EUROPE
products division, said the pur¬
chases would make the group
Europe’s second largest sup¬
plier of steel panel radiators
behind Stelrad, part of MB-Car-
adon, the British building prod¬
ucts and packaging group.
The takeovers are the latest
in a series of cross-border
mergers involving European
heating companies. Last
month, Robert Bosch, the Ger¬
man conglomerate, succeeded
in gaining control of Worcester
Group, the British central heat¬
ing boiler maker, for which it
had bid £7 1 . 8 m. Earlier this
year Wolseley, the Midlands
based engineering group, paid
FFi$31m (£95m) for Brossette,
a large French heating and
plnmhing supplier.
- In 1990 Hepworth, the UK
building materials and home
products group, paid £155m for
Saunier Duval, the French
boiler manufacturer.
These moves are typical of
the consolidation that has been
occurring in European building
material markets, particularly
where products are too bulky
to be exported easily and com¬
petitive pricing can be vulnera¬
ble to transport costs. In such
cases, it is important that man¬
ufacturing plants should be
close to main markets. Compa¬
nies with international aspira¬
tions have little choice but to
make acquisitions.
Most of the large European
cement manufacturers have
subsidiaries in other Commu¬
nity countries. At the end of
April, ItalcementL Italy’s big¬
gest cement company, paid
FFr6bn (£6Um) for a control¬
ling interest in Ciments Fran-
gais, the second largest cement
manufacturer in France.
A month earlier Calcestrnzzi,
the ready-mix concrete produc¬
ing subsidiary of the Italian
Ferrum group, in a joint ven¬
ture with the National Bank of
Greece took control of Her¬
acles, one of the top two Greek
cement manufacturers.
The deals marked a new
development in the battle for
market share by European
cement manufacturers, Italian
companies until now have
stood aside from making cross-
border acquisitions, preferring
to concentrate on developing
sales In a domestic market
which boasts one of the world’s
highest per capita consumption
of cement Nobody is quite
sure what the entry by Ital-
cementi into the broader Euro¬
pean market will herald.
The extent of takeovers and
stakebuilding by large manu¬
facturers In the sector might
suggest a highly competitive
European market In which
cement prices might be expec¬
ted to fall sharply as producers
battle for market share during
times of recession.
In fact, cement prices in
western Europe have proved
surprisingly stable by compari¬
son with other basic building
materials such as bricks and
plasterboard. Prices of plaster¬
board. for example, have been
slashed in Britain, France and
Germany years as BPB Indus¬
tries, Lafarge-Coppde and
Knauf have slugged it out in a
bitter war for market share.
The absence of similar price-
cutting by cement manufactur¬
ers and the relatively low level
of cement exports between
European countries, even
where works are situated close
to borders, has prompted a
European Community investi¬
gation Into possible market
sharing involving 76 compa¬
nies including Blue Circle of
the UK, Holderbank of Switzer¬
land, the world’s largest
cement manufacturer and
Lafarge-Coppde, the world's
second largest manufacturer.
Manufacturers say that they
have not colluded and that it
would be suicidal to indulge in
a price war simply'to satisfy
European commissioners.
Nonetheless, companies risk
being fined Up to 10 per cent of
their annual turnover should
the Commission prove that
relationships between competi¬
tors have become too cosy.
Andrew Taylor
WITH ITALIMPRESE
There have been two big projects in
Europe in the 90’s: “THE TUNNEL”
and “EURODISNEY".
The Italimprese group is present in
both of them.
Two of the Italian companies which
took part in the Eurodisney con¬
struction works form part of the
same group. These two companies
are 1T1N and COGEI, respective
leaders in the mechanics/metai-
lurgy and building sectors of the Ita¬
limprese Group, one of the most di¬
versified groups in ffafy.
Founded more than 40 years ago,
Italimprese is today, with a turnover
of 700 billion lira, one of the top 30
private groups in Italy, operating in
the sectors of civil, industrial,
energy, environmental and trans¬
port construction.
ITIN and COGEi took part in the
construction of Eurodisney after
having concluded two separate and
individual contracts.
In 450 working days ITIN realised
not only the installation of“Videopo-
fis”, but also the fa^des, the doors,
and the glass surfaces of this fan¬
tastic place. This contract was
awarded through a call for bids in
which 9 other important European
companies took part The two nego¬
tiations were organised by ITIN, Ita¬
limprese International. The other
contract was awarded to COGEI for
its planned construction of a long
motorway “Autopia", a restaurant,
and the foundations for a large fair¬
ground ride “Star Jet".
Let’s take a closer look at the activi¬
ties of ITIN and COGEL
ITIN is a recently-formed company
which combines efficiency with the
prestige of leader enterprises in the
mechanics/metallurgy sector of the
Italimprese group.
ITIN is present where a complete
system is needed, but it also con¬
ceives and supplies products and
guarantees services in the sectors
of civil and industrial engineering,
as well as equipment for the pro¬
duction and distribution of energy,
rail transport, protection and im¬
provement of the environment
It has realised highly prestigious
works, such as the coating of the
platforms which now exploit the
biggest oilfields in the Mediterra¬
nean and North Sea. It constructs
locomotives and advanced-concept
machinery and realises hydraulic
structures which are appreciated
for their solutions to avant-garde
engineering.
Leader in the equipment sector,
ITIN has realised numerous ventila¬
tion, illumination and control plants
in motorway tunnels, underwater
tunnels and in the physics laborato¬
ry at CERN. In the environmental
sector, ITIN, with other companies
in the Group, is reknowned for be¬
ing one of the enterprise leaders in
land drainage, water decontamina¬
tion and treatment of industrial
waste.
The COGEI company - Italian
General Constructions - has deve¬
loped over many years both in Italy
and abroad, thanks to its way of
conceiving and constructing sys¬
tems and works for everything
regarding civil and Industrial
engineering.
Strengthened by vast experience
and great capabilities, COGEI has
realised numerous works where it
Channel Tunnel - Aerial photograph
has introduced the most innovative
technology and the most suitable
resources, making use of exhaus¬
tive study and research.
COGEI has constructed hugely im¬
portant works alt over Italy: large
road works (viaducts, tunnels, wid¬
ening of motorways), rail plants,
construction of new lines and vital
infrastructures, and maritime and
hydraulic works, such as commer¬
cial ports. COGEI, having a key role
in the Building and Civil Engineer¬
ing sector, is classified amongst the
top ten Italian companies.
Like all the other companies in the
Italimprese Group, COGEI is active¬
ly present in Europe, Africa and in
the other continents.
Two of the company’s best works
concern the technology adopted in
the field of mechanics and metal¬
lurgy for the realisation of the tunnel
under the English Channel, and the
installation of the tunnel linking the
two parts of Hong Kong: these are
two particularly representative ex¬
amples of a group which views the
global world market with the inter¬
est of one feeling involved in a tech¬
nologically important challenge.
TECHNOLOGIES AND INNOVA TION
IN HOAD CONSTRUCTION
the Totfml Group has been operating in several diversified
sectors both in Italy and abroad for forty years. In the
sector of construction, the Todini Group has acquired and
consolidated a primary position mainly due forts activity for
the improvement of road safety and the adjustment of roads
to man's standards. With these aims in mind, the studies and
technologies, plant, materials and resources put to use are
always state-of-the art and high quaRty as well as in harmony
with the environment and sate for man.
laboratory
and Centre for Research
CIS€ PFEFA8BWCATI.
Sseconto Panels (R)
Tunnel lining with tight dm
panels-patented ty&mon
and plant tor the assembly -
patmUdhyToeSni
dements hi reinforced concrete.
Eurodisney - Paris
Gontrognena (Termo)
Green Screens
< 9 > Italimprese
KPMnvf Green Screens (W
Noise-abating barriers in bop
green. Sole license: Todini Sp
& Geological Recycling Train-BIT (R)
Plant for cokf recycting cf
Numinous road surfaces - patented
and assembled by Todini SpA.
53 TODINI GROUP
ITALY-00142 ROME-Via MSmfleaZQO
COSTRUZIONI E METALMECCANICA
VIA Dl VILLA PATRIZI, 7
00161 ROMA - ITALY
PHONE (+39) 6 - 8442961
TX 621252 -1
' ,.ihs r .
from a foreign predator. * *.
• Acquiring strategic stakes. This has
been the favoured route ol German and
French companies, with cross-hojding^m
each other to cement trading relationships
and as a defence against takeover bids.
British and Italian companies which dis¬
like minority Investments in companies
where they have no control have been
mistrustful of this route. And the complex
share structures of German and french
contractors have made it hard for foreign
companies to buy Into these markets.
Shares of the big five German contra*
tors - Holzmann, Hochtief, BUfU^er,
Strabag and Dywidag - are tightly held
bv each other or by banks. There are huge
crossholdings among French contractors.
The British market, by comparison, fo
much more open. There are many medi¬
um-sized contractors whose shares can be
bought readily on the stock market.
British companies, because of their vul¬
nerability to takeover moves, have to con¬
sider the impact on their share price of
any acquisition which could dilute profits
in the short term. This makes it difficult
for them to justify overseas purchases
where these appear to dilute rather than
enhance earnings. Continental .companies,
because of their ownership structure, can
take a longer-term view of acquisitions.-
Attitudes, however, are chan gin g. Brit¬
ish contractors such as Amec and John
Brown, part of Trafalgar House, the con¬
struction, property and shipping group,
have bought stakes in continental Euro¬
pean companies. Attention is shifting east¬
wards as companies try to break into the
construction-hungry markets of Czechoslo¬
vakia and Hungary. Watch this space.
tfi
31
FINANCIAI/TIMES THURSDAY JUNE 18 1992
EUROPEAN BUILDING AND CONSTRUCTION 3
jSS
»»•
?*&£■
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Christopher Pairkes, in Bonn, says the upswing is set to continue
The Germans are laughing
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Andrei
THE : PRESIDENT - of the
- German-4miWtag' industry
federation,, HDB, tried- hard to
reflect the. mood 'of gloomy,
caution jprevaatog In German
business 'circles,' but ah
nncootirdllable..8mile kept
breaktogout andspoilt the
effect Mr Hermann Becker and
his members have reasons to
be cheerfqL
- Reviewing: the industry’s
prospects far the- current year
recently, he forecast, falling
volume . sales, and groaned at.
■ the'.■ 'impact of government
. pending cuts, record interest
rates; ballooning land prices
and over-generous pay
settlements. Business in the
east was "stuttering”, he said.
Bat on the bottom line^ with
expected real, growth in west
German construction this year
of up to 3- per. cent, and 17 per
cent in' the east, the sector is
outperforming all other
industries. And (he upswing
seems likely to continue.
Overall - 1992 ' economic
growth in the west is .forecast
at ]nst 1 per cent, and around
10 per cent in the east With
all-German investment of
DMSSlbn planned for this year,
the country will account for
almost 30 per cent of total
.European- Community
Investment in building;
“The overall weakness in
busine^.condition has slowed
the. : development in
construction, bat it cannot
stop it,* Mr Becker said.
The motor In the west is the
pent-up and growing demand
for .housing. Back in 1967 the
authorities were shocked to
discover that west Germany
needed lm new hoimes. in 1990,
after, unification, they found
they needed to refurbish or
rebuild virtually the entire
eastern housing stock. Later
they were confronted with
floods - of ethnic Germans
returning “home” from eastern
Europe; -
. Orders for housing in the
west alone rose 19 per cent in
the first two months of this
year. Completions to.Bavaria
rose almost 16 per cedi in the
first quarter. Overall, Mr
Becker said, the industry
would complete 350,000 houses
and apartments this ; year,.
compared with 314.000 in 1991..-.
Public • -sector orders,'
Tony A mft » u
Con st ruc ti on wot* In central Frankfurt
meanwhile, rose only 0.5 per
cent to the first two months,
and local authority building
plans suggest a 2 per cent
overall decline. The
;govemment is committed to
limiting real public spending
growth to 2.5 per cent a year,
in effect a cap. But it is also
In cash terms, according to
the respected Ifo research
Institute in Munich, this means
spending DM2.4G0bn by the
year 2005. A study prepared for
the HDB suggests 40 per cent
of the total will be needed for
housing, 22 per cent for the
economic infrastructure -
In practical terms, this means a crash programme
to prevent impatient east Germans from uprooting
themselves, moving west and wrecking Bonn’s
efforts to build a balanced economy and society
pledged to giving east Germans
living standards that are
comparable with those in the
west as quickly as possible.
In; practical terms, this
tnpflnq a crash programme to
prevent impatient skilled and
educated “OssT workers from
uprooting themselves, moving
west, and . .wrecking Bonn's
efforts to build a balanced,
unified economy and society.
items such as energy supply -
15 per cent for road and rail
ifak« . and 6 per cent for drains,
waterworks and other
environmental projects.
This presents the
construction industry with a
challenge - increasing output
in the east by 15 per cent
annually for 15 years — which
many see as impossible.
So far this year, as investors
have registered the loss of the
early “unification dividends"
and the cooling of the boom,
German construction stocks
have tended to be marked
down or put on “hold” in
analysts’ recommendations.
But there are still a few
companies in Germany this
year where earnings per share
are expected to grow at the
rates forecast for builders such
as Bllftoger & Berger (24 per
cent) or even Strabag, exposed
to public spending cuts by its
dependence on road
construction and other public
sector contracts, and still
forecast to show a 14 per cent
rise.
And while the industry
contemplates the daunting
panorama of order prospects -
reaching for beyond the former
GDR and into Czechoslovakia,
Poland, Hungary ami into the
former Soviet Union - it also
confronts the task of
restructuring itself, the better
to compete at international
level.
German industry is
renowned for its plethora of
small and medium-sized
concerns which comprise the
so-called Mittelstand, and
construction is no exception.
Of the 65,000 building
companies registered in the
west, only 11,000 employ more
than 20 people.
According to HDB, the
advantages of scale show up in
items like personnel costs - 35
per cent of the value of
production to a company with
more than 500 employees and
41 per cent to one with 20 to 50.
Costs of materials to the larger
operators are only two-thirds
of those carried by the smaller
groups.
The trend towards
concentration is gathering
pace accordingly, to early May,
for example, Walter Bau, led
by Mr ignaz Ban, a former
apprentice bricklayer, wound
up a rapid-fire series of
acquisitions when it won
control of Munich-based
Dywidag. With an extra
DMS.Thn in sales, the company
was catapulted to a close
second place in the German big
league and its annual turnover
came within DM500m of Phillip
Holzmazm's DMllbn.
Italian industry’s image has been tarnished by political scandals
Contracts lead to corruption
THESE ABE testing times for
Italy’s construction industry.
Already hard pressed by
difficult economic conditions,
the industry has recently come
under fire after disclosures of
corruption in public contracts.
Earlier this year Milan
magistrates, investigating
irregularities in major
projects, dented the
construction Industry’s
reputation when they ordered
the arrest of senior executives
of several construction
companies, along with local
politidans.
To counteract the damage to
the industry's image, the
board of ANCE. the national
building contractors’
association, met last month to
discuss the Milan kickback
scandal. Pointing an a censing
finger at Increasing
delinq uency to Italian society
generally, ANCE put much of
the blame for corruption on
the progressive spread of
political influence.
Recognising the high
potential for corruption in the
construction industry, the
association called for clearer
separation between politics
and public administration and
for greater transparency In
awarding contracts. “The
construction industry hopes
that not only will there be
legal outcomes to the present
cases, but that there win also
be a reversal of the pollution
to relations between the public
authorities and firms."
figures from ANCE show
that the biggest public
spenders are the ANAS
highways authority (1&9 per
cent of total public sector
business of L3I,461bn last
year), the state itself (13.4 per
cent), the southern
development agency Agensud
(1L8 per cent), the PS state
railways (9 per cent) and the
ENEL state electricity
cor p or a tion (7.4 per cent). The
authorities to Italy’s many
provinces and communes
collectively accounted for 35.3
per cent of public sector
construction business to 1991.
Though public sector works
accounted for only 21.7 per
cent of total investment in
construction last year - down
from 1990’s figure of 22£ per
cent - the absolute value
nevertheless represented an
Italian construction Industry: turnover Mi Lbn
1988
1989
1990
1991
1982'
Residential: new
Residential: improvements
Non-residential: private sector
Non-resldential: public works
Total construction
Real change (%)
33^07
22.184
28,075
24.423
1Q6.1B9
2.3
36.445
23^96
31.708
27SS20
118J72
33
40,736
26,753
38423
30.187
134,099
44.435
29,327
38.730
31.461
144.953
0.1
47.101
31.396
42,535
32JM7
153.081
-0.4
appetising market for Italy’s
work-hungry contractors.
If ANCE’s forecasts are
correct, however, they will be
sharing a smaller cake to 1992.
The association published
figures earlier this year that
point to an expected 8.9 per
cent fall in the real value of
public sector construction.
Added to the 3.5 per cent real
decline between 1990 and 1991,
this will completely erode the
growth that occurred between
1986 and 1990.
But the outturn may be
worse, ANCE officials now
admit. As the recent
government decision to freeze
all non-essential work nntil
October highlights, part of the
solution to the problem of
Italy’s deficit-wracked public
sector finances is likely to be a
sharp brake on investment.
Moreover, the policy of
tightening the purse-strings
may continue until the
mid-1990s as the government
attempts to put the accounts
in order.
Fortunately for Italy's
contractors, there are some
areas of light. While local
authorities may expect a sharp
reining back, ENEL’S power
station projects should not be
affected. And ANCE Is
optimistic that work an Italy’s
TAV high-speed railway
project will be under way
before the end of the year. Hie
contractors’ association notes
that the TAV’s mixed
public-private sector financing
and management formula
Offers an Innovative solution.
With the past two years
recording significant foils in
the real value of investment in
public sector construction, and
a short to medium term that is
foil of imponderables,
companies cannot rely on
work from tills segment of the
market.
Indeed, as ANCE officials
note, the health of its
membership depends on
private sector business. And,
though registering a
significant slowdown, the
volume of private sector
construction nevertheless
continued to grow last year.
ANCE’s figures record
L73,762bn of total housing
investment last year (new and
improvements to existing
stock), compared with
L67,489bn in 1990. This
represented a volume Increase
of 1.2 per cent, a modest
performance when set against
real growth figures of 2.4 and
1.7 per cent for 196806 and
1989-1990 respectively.
Non-residential private
seetor construction provided
business worth L39,730bn last
year. Notwithstanding the
downturn in the Italian
economy, this was 1 per cent
higher to real terms than to
1990. It represented, however,
the end of strong upward
trend. Real growth of less than
4 per cent had been recorded
only twice since 1985: 1.6 par
cent to 1986-87 and SB per
cent in 1987-88.
ANCE’s 20,000 member
firms; whose payrolls account
for about half of the lm
workers employed in the
Italian construction industry,
are feeing a difficult period.
Growth in private sector work
is not expected to compensate
for this year’s sharp decline to
public sector business.
“The economy Is stagnant,
and private sector
construction activity reflects
tjiig- The recessionary e H mufa
is deterring Industrial and
commercial concerns from
investment Housebuilding has
also slowed,” says an ANCE
official. Indeed, the
association’s forecasts point to
zero growth in the
construction of new
residential property fids year.
With ANCE expecting a 0.4
per cent downturn in the real
volume of total public and
private sector construction
work this year, the first
negative outturn since 1987,
what prospects do foreign
markets offer? Performance
over the past decade, during
which Italian contractors have
registered a 75 per cent drop
in business abroad, suggests
that markets beyond Italian
borders, reachable only by the
largest firms, will not
ameliorate the pain being felt
at home.
David Lana
Borne
FINANCIAL TIMES
RELATED SURVEYS 1992
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32
FINANCIAL TIMES THURSDAY JUNE 18 1992
EUROPEAN BUILDING AND CONSTRUCTION 4
THE OFFICE tower at Canary
Wharf - Britain's tallest
building at 800 ft - dominates
the skyline of east London. It
stands as a massive monument
to the failure of the British
commercial property market in
the late 1980s.
The failure of the Canary
Wharf project and the collapse
of Its developer. Olympia &
York owned by the Reichmann
family, mirrors the misery
which has been felt by
hundreds of British
construction companies and
building material suppliers.
Just as Centre Point, an
office block which remained
empty for many years in
London's West End, became a
symbol of the 1970s property
market collapse, so the Canary
Wharf tower remains a painful
reminder of the precarious
nature of speculative
development.
The pain looks like lingering.
Property investors are unlikely
to begin new projects while
newly-completed office blocks
continue to straggle to find
tenants.
This will hit workloads and
depress profitability. Intense
competition for a diminishing
number of potential contracts
has meant that profit margins
have faiiAn sharply for other
types of construction worts.
Contractors which have
already cut bids for work as
low as possible and stHI failed
to win jobs say that some
companies appear to be taking
contracts at zero margin or
even at a loss. These
companies need to keep cash
coming in to pay interest
payments on borrowings which
were raised during the mid to
late 1980s when the
commercial and residential
Andrew Taylor says the British market remains depressed
The pain may linger
property markets were at their
height.
According to a report by the
National Economic Develop¬
ment Office, about 33m sq ft of
office space was either empty
or available for letting in
London at the end of last year.
This represented 16 per cent of
the total office space in
Britain's biggest commercial
market and would take six
years to occupy at normal
rates of take-up.
So much space remains
empty in London, including
large amounts at Canary
Wharf, that it could be several
years before Britain's biggest
commercial property market
returns to anything like
normality.
The effect on contractors and
suppliers has been to reduce
workloads while those
companies which undertook
speculative residential and
commercial developments saw
the value of their investments
fall steeply as the cost of the
money borrowed to build them
went up.
Even such companies as
Wimpey, Barrett, Costain and
Tarmac have been required to
make substantial provisions,
running into hundreds of
millions of pounds, to reflect
falls in residential and
commercial land and property
values since the markets
peaked in 1988-89. Dividends
have either been cut or have
been paid only from reserves.
There should be no further
AndrawMwi
A nine-storey building being constructed by Regallan, Just south of VauxhaO Bridge, London
writedowns unless there is a
further dip in property values.
Nevertheless, the outlook for
the British construction
market remains very depressed
- despite signs that a slow
thaw may be starting in the
housing market.
Builders and estate agents
say that more people have
recently expressed interest in
making purchases awd visiting
houses for sale, but to
persuade them to put hard,
cash on the tahle remains very
difficult
Industry is facing new problems
We offer the solution
There is often a long lag
between expressions of interest
and. the actual completion of a
sale. Purchases often foil down
at the last minute and builders
say they still have to offer
subs tantial incentives in
order to complete deals. They
are reluctant to talk of the
beginnings of a recovery,
particularly as house
purchases would normally be
expected to rise in the spring.
Nonetheless, companies such
as Wimpey, the country's
second largest housebuilder,
say that sales have been
running at about 10 per cent
higher this year compared with
the corresponding period last
house prices were up to 20 per
cent higher In south-east
England.
Average UK house prices
have continued to foil during
the first half of this year and
builders do not expect prices to
show any real increase before
There fs often a long lag
between expressions
of Interest and the
completion of a sale
TPL $ p.A has a worldwide experience sn
management, design, and coraruction cl’
Isi'gc-size industrial and cw coniDicxcs and
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TPLservcs public organtzations ar-d ;'-rfust \ y ■= u t!'■ o
lisidsof e-ergy. cnvircrinic-ntai engineering,
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chemicals, manufacturing and agfc-indusry.
T p L assures the Client M technics*, managerial
and nndneirii assistance, from the conception stage
to the cutting of the ribbon.
Builders remain concerned
at margins. One of Britain's
biggest construction groups
which has a medium-sized
housebuilding subsidiary
operating mainly in southern
England says that it is
continuing to sell homes at
little or no profit after taking
into account Interest charges
and other overheads.
The company Is still working
through high cost land bought
during the late 1980s when
1983. Even then, prices may
rise only slowly. There is
longer-term concern that
Britain’s membership of the
European exchange rate
mechanism will result in
slower growth in house prices
in future as a result of lower
general inflation rates.
Work for housing
associations, however, has
increased sharply as public
and private sector finance
available to associations has
risen substantially.
The only other glimmer of
light in an otherwise gloomy
outlook for file sector has been
the Increased spending by the
recently privatised water and
power companies which have
been catching up with their
capital investment, neglected
when they were under public
ownership.
Water companies. In
particular, have been spending
heavily, to the benefit of
tunnelling companies.
Competition among
contractors, seeking to replace
work lost in other areas of
construction, has meant that
m ^Tgina even for water and
sewerage projects have not
been as high as might have
been expected
Euro Construct, an
organisation representing
European construction
research agencies and
«w>nrmHr» forecasting bodies, is
expected to forecast today that
construction output in the UK
will foil by about 5 per cent
this year. This would follow a 9
per cent foil last year.
The biggest foil is likely to
occur in commercial building,
mainly offices and shops,
where output could decline by
more than a fifth this year.
Construction of factories and
warehouses is also likely to
define as industrial companies
continue to bold hack from
waiting new investment until
they can gauge the strength of
the recovery more clearly.
The outlook for private
industrial work is difficult to
determine rum that this sector
includes water and power
companies. Construction of the
Channel Tunnel, also classed
as private industrial work in
Environment Department
statistics, is likely to slow
however as the building phase
of the prqject is completed.
Contractors have also been
disappointed that the big
increase in road spending by
the government at the end of
the 1980s has not produced a
greater flow of orders. Margins
for road work are also
depressed, along with much of
the rest of construction work.
Profits of British
construction and building
material companies are likely
to remain under pressure this
year, even though there are
unlikely to be any further
property write-downs. There is
unlikely to be any substantial
bounce back next year, with
construction output forecast to
remain relatively flat in 1993.
Spain has gone from frenzy to second gear,
reports Tom Bums in Madrid
Dutch housebuilders may be hit
Expertise could
boost orders
for specialists
We believe in engineering!
Applying the brakes
ENGINEERING AND CONSTRUCTION
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Fax (02) 6270.9534
SPAIN'S CONSTRUCTION
industry fell to its nadir just
when It appeared to be at an
all-time frenzy.
In April the paint was still
drying on the battery of new
buildings at Expo '92, the
world exhibition that opened
that month in Seville and sign¬
posts were still going up on the
70 kilometres worth of city
ring roads that had been built
for the event. In Barcelona,
where the Olympic games will
be staged next month, a final
sprint was on to complete sta¬
diums, more expressways and
a custom-built village to
accommodate the athletes.
Then, Seopan, the construc¬
tion industry’s association,
delivered the bad news. Its
newsletter said that - though
it had little data to go on bo for
this year - everything indi¬
cated an “alarming" mid-term
future for its members.
Cement consumption in Jan¬
uary had dropped by 12 per
cent against the first month of
last year and construction jobs
had fallen by 10 per cent In the
first quarter.
The most worrying statistic
of all was that official tenders
in the first two months of this
year were 58 per cent down on
the same period in 1991, total¬
ling Ptal08-9bn (£59.67m). It
was the worst two opening
months for the past five years.
Mr Leonor Aresti, an analyst
at Madrid brokers FG Inver-
siones Bursatiles, believes the
construction sector will find
the going very tough until 1993
as the depressed market, illus¬
trated by the collapse of ten¬
ders, works its way through
the balance sheets with an 18-
month time lag.
‘Tenders started coming
down in the second half of last
year" ha says, “and they will
not begin to rally until the sec¬
ond half of this year."
The construction companies
are already feeling the pinch.
The Public Works Ministry, a
notorious late payer in an
administration that is not
noted for the urgency with
winch it settles its accounts,
has traditionally taken
between five and six months to
pay its contractors. Now the
process is taking between eight
and nine months and officials
are hinting that delays might
get longer still
Overall money owed to the .
sector is independently calcu¬
lated at Pta700bn. The big com¬
panies can survive - the
administration will pay In the
end - but many of the small
ones are in trouble. Small con¬
struction firms, which make
their living from sub-contracts
and which borrowed heavily
during the boom years of the
late 1980s, are the last in line
to receive payments.
The Spanish economy has
changed down fast from over¬
drive to second gear. It has
braked so sharply that the
effect on some sectors, such as
construction, is more punitive
than it would be in economies
that had sever known such
high growth in the first place.
GDP, the gross domestic
product, grew at an average 52
per cent in 1986-89. In 1990
growth was down to 3.6 per
cent and last year it slowed
further to 2.4 per cent. Growth
this year is expected to be
barely above the 2 per cent
mark. Internal demand stood
at 2J9 per cent last year, nearly
two foil points down on 1990.
The Finance Ministry has in
the meantime unveiled a con¬
vergence plan, which aims at
righting economic unbalan c es
and so have Spain ready to
meet the Maastricht summit's
criteria for Economic and Mon-
Barcelona, Madrid and Seville
but great swathes of these are
already near saturation point
The Finance Ministry has
said although the budget defi¬
cit win be cut investment in
infrastructure will go up by as
much as 5 per cent a year until
1997. Unfortunately, the
increase is to a large extent
dependent on EC structural
foods, the amounts of which
are in doubt and on private
sector financing which so for
has not been forthcoming. The
construction sector is keeping
Its fingers crossed.
LIKE THE Dutch economy as a
whole, the construction indus¬
try in the Netherlands Is now
facing a period of slower
growth alter enjoying a- surge
in business In the mid to late
1980s. The downturn for build¬
ers, however, Is projected to be
worse than for the economy’s
own fortunes.
Housebuilders are expected
to experience the greatest con¬
traction in their segment of
the market in flue years ahead,
while specialists in -road, soil
and marine construction
appear to have more favoura¬
ble prospects, provided' that
big infrastructure projects
rath as the expansion of the
port of Rotterdam and the
Dutch railway network pro¬
ceed as planned. -
Abroad, the Dutch will
remain important players in
hydraulic engineering, bridge-
building and dredging, all
three areas in which the
Netherlands- has become
expert through its own strug¬
gle against the sea. For exam¬
ple, the - country’s largest
builder, Hnllandsche Baton
Groep (HBG), is tipped to ben¬
efit from orders flowing from
Hong Kong's airport project.
HBG has also recently
become the first Dutch builder
to acquire a major German
construction company. Its new
subsidiary, Raulf Ban, which
has annual turnover of around
DMZ50m, gives the Dutch com¬
pany a foothold in the former
east Germany through two'
construction companies
acquired by Raulf shortly
before its own takeover.
Other frrternatianafly-active
Dutch builders such as Wilma
and Kondor Wesseb are also
stepping up their involvement
in German construction pro- -
jecte to benefit from faster
rates of growth in the Nether¬
lands’ eastern neighbour.
At home, the overall volume
of construction is expected to
dip in 1992 and then resume a
modest upwards trend in the
years until 1996. According to
the construction industry
research Institute EIB (Econ-
omlseh Instltunt voor de
Bouwnyverhe IdX the industry
as a whole will, on average,
post annual growth of &3 per
cent in the period 1989-1996.
The EJB notes that although
the expected growth rate for
the early 1990s ts relatively
small, the Dutch construction
industry entered the decade at
an historically high level. In
fact, even if average annua)
growth foils to exceed 0.3 per
cent, the early 1990a are expec¬
ted to produce the highest
average volume of construc¬
tion since 1970, as measured
by 1987 prices.
Housing, however, is an
exception. According to the
EIB, this sector could face an
annual average decifne of 3.9
per cent by 1996, reflecting the
cuts in government money for
the subsidised housing sector
as well as a slowdown in the
growth of new households.
The research institute fore¬
casts that the number of hous¬
ing units built with the help of
state subsidies will.plummet
to just 41,000 In 1996 from
61,000 in 1990. -
By contrast, the non-housing
sector - the industry's largest
- - will see an 0.8 per cent
aminal rate of growth, well
below the 35 per cent forecast
for the soil, marine and road
sector.
Besides p ro jects in the Rot¬
terdam port and the expected
construction of a high-speed
‘TGV" train line from Brus¬
sels to Amsterdam, the Dutch
construction industry also
looks forward to the launch of
Amsterdam’s urban develop¬
ment project on the banks of
the “IT* waterway later in the
1990s. Bureaucracy and out¬
standing financial problems
make If difficult to predict a
date for construction to begin.
the Industry was fined
for running a “carter.
The Dutch have
appealed and awajt a
court ruling
Dutch builders also face the
prospects of fines from the
European Commission because
of the way -the Industry- deals
with tenders. In February, the
EC imposed fines of Ecn32Jm
on. the industry for running
what Brussels calls a cartel.
The Dutch, who deny price-fix¬
ing, have appealed and await a
court ruling.
The EC’s wrath is directed at
the way 7,000 Dutch tmUding
companies (and, to a leaser
extent, foreign builders who
work- in the. Netherlands)
decide among themselves
which company should be cho¬
sen as the designated bidder
for a specific building project.
As part of the system, which
accords with Dutch law, the
various construction firms
hold a meeting to reveal the
level of the bids they have sub¬
mitted. One: of them. Is then
selected to negotiate with , the
commissioning company.
The ultimate price paid for
the construction project will
include the costs which the
other companies Incurred In
drawing up their bids. These
costs are reimbursed to the
unsuccessful Udders. -
. The EC says that the system
adds 3 pm cent to construction
prices in the Netherlands.. The
industry disputes this, saying
that building prices and profit
margins are among the lowest
in Europe, it also argues that
the Netherlands open system
is preferable to deals, in
“smoky back rooms” which it
says occur in other countries.
Ronald van de Krol
Now, the Public Works
Ministry takes eight or
nine months to pay Its
contractors. Officials
are hinting that delays
may get longer
etary Union within Europe in
1997. The bad news for the con¬
struction sector is that under
the plan the budget deficit,
which currently stands at 4.4
per cent of GDP, will be
reduced annually by 0.5 per
cent over the next five years.
If there is a silver lining for
the Spanish building industry,
it may be found in government
statements which indicate con¬
tinued efforts to improve the
nation’s infrastructure.
Finance Ministry officials
say money will be saved on
health and social security ben¬
efits but will continue to spent
on education, on job training
and on infrastructure, the
three main areas where there
is a clear competitive deficit
with the richer EC economies.
The Investment programme
that has now been completed
with Seville's Expo '92 and the
Barcelona Olympics has
brought into sharp focus the
pressing need for continued
investment elsewhere. Thus
Seville and Barcelona have
revamped airports but Mad¬
rid's airport is woefully defi¬
cient; Seville now has a high
speed train link with Madrid,
but Madrid urgently. requires
one with Barcelona; there are
four-lane highways linking
THE REBER VIADUCT
The REBER VIADUCT on the right-of-way of the Kara van ke-Brega na
highway bridges the volley between the villages of Reber and Mali Vrh. It is
composed of two separate structures of 607.6 and 582.0 m. length, with
intermediate sparing of 45.0 m.
For this construction, one of the most advanced technologies known in the
world was used: the cantilever travelling formwork construction technology. It
enables to build a viaduct in length of 45.0 m. in wily 14 days.
The formwork construction is applicable to highway as well as railway bridges
or viaducts. This technology offers the following advantages: a small number of
junctures, feasibility in straight and/or in bending,' independence of the
configuration of land and a small working group.
Our company is able to offer performance of work* using the above mentioned
technology as well os hire of relevant formwork, itself.
SLOVENUA,
61001
LJUBLJANA Slovenska 56
Phone: + 38 61/319 853 Fax + 38 61/319 276
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Richard Tomkins on prospects of completing Europe’s train network
The still-missing links
EUROPEAN BUILDING AND CONSTRUCTION 5
EUROPE'S high-speed - rail
network represents a potential
goldmine for construction and
engineering. companies. The
project is colossal: at the last
count, it was estimated to
Involve spending of more than
£ 100 tm to the year 2010 .
But the project’s scale raises
questions about how realistic it
ia. While parts of the network
are already in place or u nde r
. construction, geographical,
technological and financial
considerations stand in the
way of its completion. '
The outline plan for the
high-speed .'network was
devised by an EC working
group is 1990. Taking as Its
basis the-high-speed rail pro¬
jects already planned indepen¬
dently by- member states, it
was completed by pencilling in
the missing cross-frontier links
needed to Join these disparate
systems into a coherent whole.
On -the face of it, construc¬
tion of the network has got off
to a strong -start. The train a
grande Vitesse, or TGV, is well-
established in France: the TGV
Sud-Est between Paris and
Lyons was completed In 1983. :
In Germany, the first two
lines of the Intercity Express
high-speed network opened last
year, between Hanover and
Wurzburg and. between Mann¬
heim and Stuttgart; in Spain,
the first line of the plent y}
Alta Velocidad Espanola high¬
speed system opened between
Madrid and Seville In April
Other lines are under con¬
struction. France is building
the TGV Nerd from Pads to
Calais, a TGV interconnection
by-passing Paris, and the TGV
RhOne-Alpes from Lyon to
Valence. Germany is extending
its high-speed lines northwards
to Hamburg and southwards to
Munich. Italy is extending the
Rome-Florence Dlrettissima
northwards to Milan and
southwards to Maples.
Yet, almost by definition, the
high-speed rail lines that have
Almost by definition, the
lines already built or
commissioned are the
most attractive
already been built or commis¬
sioned are the most attractive
- either because they fulfil the
greatest need or because they
are the cheapest or easiest to
construct. A number of factors
could impede progress on sub¬
sequent projects.
One obvious obstacle is geog¬
raphy. Mountains and seas, for
example, are extremely expen¬
sive to tunnel under witness
the Eflbn-plus bDl for the Chan¬
nel tunnel. And high-speed
lines are highly unpopular
when they pass through dense¬
ly-populated conurbations or
areas of natural beauty, as
France Is beginning to discover
with its TGV extensions.
A second factor is finance.
Even relatively straightfor¬
ward high- speed lines are not
cheap to build. The greater the
geographical difficulties, the
more the cost goes up. The
planned high-speed link
between London and the Chan¬
nel tunnel for example, just 69
miles long, is expected to cost
more than £4bn because of the
need to make it environmen¬
tally acceptable to the people
of Kent.
A third factor is the so-called
frontier effect Traffic flows
tend to be higher within coun¬
tries than between them, so
while there may be a fi n ancia l
case for a high-speed line
between two cities lathe same
country, the case for extending
the same line over the border
often does hot sfcahk up.
That said, there are commit¬
ments to building at least some
of the lines needed to complete
the European network.
• France has' adopted a TGV
master plan paving the way for
16 projects involving 4,700km
of new lines. These include a
new TGV line from Paris to
Calais via Amiens; an exten¬
sion of the TGV Atlantique to
Bordeaux and Toulouse; exten¬
sions of the TGV Sud-Est to the
Spanish border and to Nice;
and a new line, the TGV Est,
from Paris to Strasbourg.
• Germany faces pressure to
build a high-speed line from
Hanover to Berlin following
east-west unification, though
there are no firm plans yet
• Britain has promised to
build a line from London to the
Channel tunnel though there
arc still no Indications as to
who Is to pay for it or when it
will be built.
• Belgium is to build a
high-speed line linking Brus¬
sels with France's TGV Nord at
Lille, and continuing beyond
Brussels to Libge.
• Italy is planning a
high-speed line between Turin
and Venice and a line from
Milan to Genoa. It is also
studying the feasibility of a
line from Turin to Lyon In
France, plugging into the TGV.
• Spain may build a high¬
speed Madrid-Barcelona line,
though no firm plans exist
Europe, then, is looking at a
considerable expansion of its
high-speed rail network: but it
may not take place on quite
the scale envisaged by the EC.
Without an agreement to set
up a substantial EC transport
infrastructure fund, most of
the so-called missing links in
the network seem destined to
remain exactly that: missing.
And while large, thinly-popu¬
lated countries (eg France)
may find the benefits of
high-speed lines outweigh the
costs, smaller and more
densely populated ones (eg
Britain) may prefer to upgrade
existing lines.
THE FRENCH economy may be picking up
steam, taut the building and construction
Industry is still -straggling and is not
expected to dart reviving until mid-1993.
Some analysts are forecasting a decline
In volume of- property construction and
public works of between 2 and 4 per cent
between 1991 and 1992, with new housing
and office bonding plunging particularly
sharply. “The private sector does not
want to invest In property”, laments a
Paris-based analyst
One dear Indicator of the gloom ahead
is that cement production in France is
forecast to drop by . 5 per cent France
exports and imports virtually no cement
Earlier this month, Mr Jean-Louis-
Bianco, the housing minuter, gave details
of a plan to bolster building and pufafic
works, hut a na l y sis, say it is not enough
to pull the sector out of the doldrums.
, -:
A new housing loan seheme and
assorted tax breaks are aimed to boost
housing starts from the projected 290,000
this year to at least 300,000, adding a
total of 35,000 by the end of next year. By
the end of May, the forecast of 290,000
was already looking over-optimistic.
Although not as pessimistic as some,
the country’s building federation, or F6L-
fration Nattonale dn Bailment (FNB) says
that the first four months of this year
suggest that turnover for residential and
commercial property construction will
shrink by 1 per cart this year.
This compares with a forecast growth in
gross domestic product of more than 2 per
cent for the year, and represents the big¬
gest gap between the two since 1984. If
the government wants the sector to
recover, it will have to narrow the differ¬
entials in yields on property and securi-
Barbara Casassus on the French outlook
In the doldrums
ties, says an FNB official.
The outlook is not quite as grim for
public works. The public works federa¬
tion, or Federation Nationals des Travaux
Publics, was very worried when the 1992
public spending programme was unveiled
In December. But since then, an extra
FFrl.2bn has been allocated for new
motorways, increasing the networks by a
total of 250 kilometres.
A further FFrlbn has been earmarked
for other infrastructure and public trans¬
port, which the government has promised
will not be taken out of other allocations.
Even so, the federation is betting only on
2.5 per cent growth in turnover in 1992,
down from 3 per cent in 1991.
Now that France has readied the bot¬
tom of the economic cycle, analysts expect
the restructuring of the sector to acceler¬
ate for building works, ft has been slow
so far. The five “majors'* accounted for 11
per cent of building in 1990, only 1.4 per
cent more than in 1987.
Concentration has come mainly through
the takeover by large groups of medium-
sized rather than small enterprises, and Is
predicted to continue that way. “Large
groups sub-contract work to small local
firms in order to keep their payroll down,
which Is their biggest operating cost,”
says one analyst “Medium firms could be
In difficulty in the months ahead, and
may be bought up cheaply by the majors.”
The public works sector, which is more
capital-intensive, is more concentrated. In
-1990, the majors held 26 per cent of the
market and small firms only 5 par cent
About 120 companies with more than 200
employees accounted for the rest
An exception to the pattern of medium-
sized firms being the takeover targets was
tile FFrtSbn takeover of Socl6t£ Auxt-
llalre d'Entreprises (SAE) by competitor
Fougerofie In the spring. This created a
group with a turnover of about FFr31bn
in building and construction last year,
ranking Gronpe SAE-FougeroUe fourth
among the majors after Bouygues and
Sodete Gdndrale d’Entreprises (SGE), a
subsidiary of Compaguie Generate des
Eaux, and Lyonnaise des Eaux-Dumez.
The flnanriai position of most of the
large gronps is healthier than 10 years
ago, even though their net margin ranges
from l per cent for Spie-Batignoiles to
only 3 per cent for Fougerofie. Spie-Batig-
nolles reported a net loss of FFiSSOm last
year and analysts Insist it will have to
form a link-up sooner or later. Bouygues
has attempted a takeover more than once,
but the price has never been right
Brightening the picture for the
“majors” Is the fact that most are active
internationally. Orders are expanding
overseas and margins are more generous
than on the domestic market particularly
in eastern Europe, Spain and Asia.
-THE PRESENT recession
afflicting most-of the Nordic
region’s - construction sector
lobkd 'l&t to continue' until: the
middle of. the ,1990s. -Indeed,
ova: the- next two years a drop
of 30 per cent is expected in
Swedish residential property
investment, the severest
decline the country* has seen in
its building Industry since
before the Second World War. .
It marks quite a contrast
with the booming 1960s when
construction and real estate
were the focus for a specula¬
tive but lengthy expansion,
based on-rocketing property
values and frenetic demand
across Scandinavia.
The construction bubble
really burst jn the fourth quar-
ter-ctf 1990 but Its negative
after-effects cehtmafe to blight
much of the region in the
shape of bad loans to most of
the commercial hanks, spiral¬
ling bankruptcies of many
small and medium-sized real
estate and property companies
and a sharp contraction in new
construction projects.
Mr' Lars-Ove Hakansson,
chief executive of Skanska. the
largest construction and real
estate company in the Nordic
area, warned his shareholders
this spring that the Swedish
building Industry would have
to live with the adverse market
Robert Taylor on the problems of the Nordic region’s industry
The bubble that burst
situation for another three to
four years, just as Norway took
a long time to adjust after its
economic crisis in 1986. To
make matters worse, he also
suggested the Swedish real
estate market faced five more
difficult years ahead. *
His pessimism is shared by
the Swedish government. Its
recently published medium-
term economic survey forecast
cmp
G R U P P O
IRITECNA
IRITECNA
CONTRACT IN DENMARK
CMF-Sud, a company in the Iritecna Group, has
acquired an important and significant contract on the
European market for the realisation of the longest
suspension bridge in the world: the East Bridge,
which will link the Sprogoe and Zealand islands in
Denmark.
The whole infrastructure, consisting of two viaducts
and a steel suspension bridge supported by towers in
reinforced concrete, will be completed by 1997.
The bridge is meant for road traffic, having two
carriageways each with two lanes and an emergency
lane..
The central span, measuring 1624 metres, makes the
East Bridge the longest of this kind in the world. The
whole structure will reach a total length of 6.8 km.
The contract is worth around 570 billion lira. The
client is Storebaelt, a public ad hoc company set up
by the Danish government. CMF Sud will build the
steel sections of the infrastructure, while the civil
work will be realised by a German group. The work
will be carried out in compliance with Danish
regulations, especially according to the rules of
Quality Assurance and Quality Control.
Considerable spin-offs in Italy and Denmark are
predicted forthe supply of raw materials (sheet steel,
steel sections, pipes and cables) to be used for the
structural parts of the bridge and viaducts (around
75,000 tons).
a sharp slump in residential
construction investment of
-16.5 per cent this year and a
further -15.5 per cent in 1993.
The trouble is that the con¬
struction industry Is not just
suffering from a cyclical down¬
turn but the consequences of
an underlying structural
change that is transforming
the pr op e rt y market across the
Nordic region. All the govern¬
ments plan to reduce the high
levels of subsidisation that
have distorted the building sec¬
tor as it adapts to the 19-nation
European Economic Area that
comes into force next January.
The Swedish government in
particular Is seeking to free the
property sector from controls
that have tended to distort free
market forces. The reform of
corporate taxation is. making
mortgage financing of property
investment less advantageous
while a sharp rise In val¬
ue-added tax on housing trans¬
actions from 12.87 to 25 per
cent has added to cost burdens.
An Investment grant specifi¬
cally aimed at construction has
been abolished.
The overdue deregulation of
the Nordic region’s over-pro¬
tected construction industry
seems unlikely to stimulate
any increase in business activ¬
ity. On the contrary, it looks as
though it could dampen
already weak demand still fur¬
ther. Moreover, under the
agreed rules of the EEA the
Nordic countries will have to
accept the principle of open
tendering for construction con¬
tracts and this looks set to
Increase competition at a time
when there are limited busi¬
ness opportunities.
However, if the recession in
housing and commercial real
estate persists until 1994-1995,
that does not mean there will
be a complete stagnation in the
Nordic construction industry.
Even governments that are
determined to maintain tight
control over public expenditure
programmes seem , prepared to
encourage selective investment
projects to improve the infra¬
structure, most notably
through the construction of
better roads and railways.
The scheme to build a road
and rail bridge over the waters
of the Oresund between Den¬
mark and Sweden should pro¬
ride plenty of opportunities for
Nordic companies in the next
few years just as the Great Belt
construction scheme in Den¬
mark which is expected to link
Zealand with the island of
Funen by 1997 has given a
boost to several western Euro¬
pean building contractors, not
just from the Nordic region.
But as Mr Hakansson
warned recently, a doubling of
transportation infrastructure
investments to SKr8-10bn a
year will “only offset a small
fraction of the shortfall In
honing and commercial real
estate construction".
However, for Skanska and
other large companies the
recession has provided the
opportunity to become more
cost-conscious, to strengthen
marketing operations and
improve efficiency. When the
upturn comes, they will be in a
better position to compete suc¬
cessfully In what will be a
more global and open market
COSTAIN
ENGINEERING & CONSTRUCTION
Worldwide experience
in Europe
Costa in GMBH
Qiarionenstrasse 77
D-1080 Beilin
Tel: 0104930203420
Fax: 010 49 30 20342471
. —tofa Crt rod la 1839
John Sisk and Son GmbH
Building Conlradors
Bauuntemehmen
Stresemannstrawe 46, D-4000 DGssdkiorf
Telephone: (021 \] 90609V Fox: [02 1 1) 90609-12
SMAMPR0GETT1, the international ei^-
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OTthedevdopnw^des^articonstiuc-
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FINANCIAL TIMES THURSDAY JUNE 18 1992
Copy-cat contract war
breaks out in New York
By Barbara Durr in Chicago
THE NEW York Commodity
Exchange (Comes) has begun a
copy-cat contract war with the
New York Mercantile
Exchange (Nymex) in a drive
to raise its trading volume. It
has applied to the Commodity
Futures Trading Commission,
the US futures industry regula¬
tor, to list platinum futures
and options and palladium
futures, products already
traded at Nymex.
“These contracts will com¬
plement our existing metals
products. 1 * said Ms Donna
Redel, Comex’s new chair m an.
The exchange said that'
industry users had asked to
have the contracts listed, in
part because traders would
benefit from being able to
cross-margin platinum and pal¬
ladium with its gold and silver
contracts. It plans to launch
the new products immediately
after receiving CFTC approval
The move follows the news
early this month that Comex
intended to list a jet fuel
futures contract that would
compete with Nymex’s heating
oil futures, which are at pres¬
ent used to hedge jet fuel phys¬
ical trading. Comex expects to
make a formal application to
the CFTC to list the contract
before the end of 1992.
Earlier this year, Comex won
CFTC approval for a Dubai
sour crude contract, although a
sour crude contract began trad¬
ing at Nymex in February.
The contract for platinum -
the more Important of the two
metals - to be listed at Comex
will be for 50 ounces of 99.9 per
cent purity, specifications that
match the current Nymex con*
tract But Nymex, which has
traded platinum since 1956,
decided some 18 months ago
that it would change its con¬
tract's specifications to corre¬
spond more closely to interna¬
tional standards, which now
require 9935 per cent purity.
Nymex's October 1992 plati¬
num contract, now holding
6437 lots of 50 troy ounces in
open interest, and those
beyond that date are already
for the new purity standard.
Mr Lou Guttman, Nymex
chairman, said: H As an
exchange, we have to do what
international standards
demand, or else our contract
becomes antiquated".
He conceded that some in
the industry might have been
peeved at the change in con¬
tract specification, but he
believed that his exchange’s
platinum contract would con¬
tinue to enjoy deeper liquidity
and that the trade would
always go where the liquidity
was. Mr Guttman predicted
dismissively that Cemex's new
platinum futures “will join the
others on the shelf of fafiwi
contracts at Comes".
In recent years Comex has
felled to extend its range of
active contracts beyond cop¬
per, silver and gold. According
to figures from the Futures
Industry Association, trading
on Comex fell 26 per cent
between 1987 and 1991, from
173m lots to EL6m, while trad¬
ing at Nymex grew by 53 per
cent, from 22L5m to 34Am, over
the same tone pedod.
Ms Redel, aggressively trying
to achieve a turn-around in her
exchange's fortunes, is casting
a wide net for new products.
She has even snagged a new
financial future on the Eurotop
100, an equity index that trades
at the European Options
Exchange in Amsterdam. But
in the process, Ms Redel seems
to be willing to step deliber¬
ately on Nymex’a toes.
Hl-will permeates relations
between the two exchanges.
Their on-again-off-again
merger talks filled once more
last year and a decision, early
this year by Nymex to with¬
draw from a joint project with
afl of the New York exchanges,
including Comex, to build a
new trading floor embittered
relations further.
COMMODITIES AND AGRICULTURE ___
Belgian sale Mixed feelings on Indonesian oil
Market ^ n< ^ ustr ^ execut i ves are down in the mouth, writes William Keeling
® rp HE INDONESIAN oil is dominated by seven large tries. Some industry officials amongst the toughest in 1
m predicted By David BJactawn I sector is proving the fields, some oaf which are reach- believe the day of reckoning wond. . . .
Cemex's new JL adage that there are two ins? maturity. The maioritv of mav be as early as 1997, Government onioais a
NEWS THAT the Belgian
National Bank bias sold 202
tonnes of gold worth abont
821m unsettled the London bul¬
lion market yesterday.
“ft fat very difficult in such
quiet times to pitch one's tent
and say yes. It’s bullish, or
yes, it’s bearish," one trader
South Africa may abolish
agricultural marketing boards
By PMRp Gawftti in
Johannesburg
SOUTH AFRICAN agriculture
could be faced with a radical
overhaul of its marketing
structures following the gov¬
ernment's decision to appoint
an independent committee to
investigate whether agricul¬
tural control boards should be
abolished.
The decision follows in the
wake of a report published by
the Board an Tariffs and Trade
into food prices, which recom¬
mends that the statutory pow¬
ers of control boards be abol¬
ished, with farmers free to
market their produce as they
choose.
Agricultural control boards
- there are 22 in the country
- suffered a farther setback
earlier this month when the
Cape Supreme Court ruled null
and void charges levied by the
Milk Board on farmers. All
marketing boards finance their
activities by levying producers.
The BTT report arose out of
concern at the very high level
of food price inflation. Public
criticism rose to a crescendo
earlier this year when the Cen¬
tral Statistical Service pub¬
lished figures suggesting that
food price inflation was run¬
ning at 29 per cent per annum.
The board focused on the
divergence between producer
and consumer prices In respect
of six basic food sectors - red
meat, maize, dairy, vegetables,
broiler chickens and wheat -
which averaged 5.1 per cent
during the period 1980-91.
The report concluded that
control board schemes contrib¬
uted L5 per cent of the 54 per
cent discrepancy. One of its
recommendations for breaking
the Inflationary spiral was to
scrap control boards, which it
felt were contributing to a high
degree of concentration in the
intermediate levels of the food
supply chain.
The government has dearly
had Its hand forced in announ¬
cing the investigation.
Although the trend in agricul¬
tural policy in recent years has
been towards allowing greater
play to market forces, Mr Kraai
van Niekerk, the minister of
agriculture, showed little
enthusiasm in a recent inter¬
view for grasping the nettle of
the control boards.
He noted, correctly, that
agriculture was In a transition
phase from controls to free
markets, bathe was dear that
the Initiative for reform should
come from formers not the gov¬
ernment
“If government is too pre¬
scriptive you run the risk of
failure, it comes back to you.'
The formers must decide. Fm
not willing to decide” said Mr
van Niekerk. The BTT report,
and the attendant clamour
about food prices, forced him
to change his tune.
Although there are excep¬
tions, like deciduous fruit and
sugar, control boards in many
industries have become alien¬
ated from the producers they
purport to represent They are;
seen in the public we not. so
much as representatives of
agriculture as a self-serving
and unnecessary layer of
bureaucracy.
The boards are not going to
give up without a fight Mr
Fame van Rensburg, chairman
of the Agricultural Marketing i
Boards Co-ordinating Commit- 1
tee has criticised the BTT
report as prejudiced and said it I
would be strongly contested 1
■ r ea
The Belgian deal was com¬
pleted two weeks ago. Alter
this morning's announcement
the gold price moved ahead on
relief that such a large sale
had been completed without
disrupting the market. But
fears of possible copy-cat sales
from other central banks
checked the advance. Gold
closed at $34245 a troy ounce,
up 20 cents on the day.
Mr Andy Smith, precious
metals analyst with Union
Bank of Switzerland, said the
gold market bad to ponder two
variables:' how much of the
gold had come on to the spot
market and over what period?
The sale also raised questions
about the ride of central hanfca
in the gold market
Ms Rhona O’Connell, analyst
with Williams de Broe,
pointed out that when the Bel¬
gians sold 127 tonnes of gold
in March 1989 moat of the ,
trade had been done with
other central famir* and away
from the spot market i
Mr Wfirtor Btelskl of Carr I
Kttfeat & Aitken said that the ,
Belgian move had left about 50
per cent of the bank’s total
reserves In gold - which took
it into line with its EC neigh¬
bours. It would be logical to
see a shift of gold from the
central banks of Europe and
the developed countries to cen¬
tral banks of the developing
countries in the Far East,
where gold reserves are low,
he suggested.
There is speculation in the
market over whether gold will
be counted as reserves when a
new European Central Bank is
opened.
“If you are in any doubt that
gold will be allowable, then
yon move it now,” said rate
observer.
Another pointed out that
while tiie sale had been han¬
dled sensitively, it was never¬
theless a sale at low prices.
“Who’s next?” he asked.
• The Belgian sale will yield
.about. BFrSbn (£85m) of.
annual Interest income for the
treasury, according to a senior
official, reports Reuter from
Brussels.
Extra revenue would be wel¬
come for the Belgian state,
struggling to reduce its budget
deficit and saddled with a crip¬
pling BFr8,000bn debt, the
highest in the European Com¬
munity in terms of gross
domestic product
T HE INDONESIAN oil
sector is proving the
adage that there are two
sides to every story. Govern¬
ment officials are celebrating a
record number of production
sharing contracts signed with
foreign oil companies. But at
the same time the executives
of the latter are looking
increasingly down in the
mouth about the industry’s
I future to Indonesia.
“Something doesn’t add up,"
explained one company execu¬
tive, head to hands.
The figures compiled by gov¬
ernment give the industry a
rosy hue. Government officials
say -22 production sharing con¬
tracts were signed last year,
and a total of 61 to the last four
years, more than during the
most active periods of explora¬
tion in the 1960s and early
1980s.
There have also been higher
levels of seismic work: 84,000
sq km to 1990, more than dou¬
ble the average for the past 15
years. Such a level has not
been reached since the initial
broad seismic mapping of
Indonesia between 1969-1972.
With only 36 of Indonesia's
60 known basins so far
explored, the country would
appear to hold great potentiaL
Talk to some of the oil compa¬
nies. however, and a very dif¬
ferent picture emerges.
The last block to have
reserves discovered to excess
of 100 m barrels was awarded in
1971, officials say. Production
fe dominated by seven large
fields, some of which are reach¬
ing maturity. The majority of
Indonesia's fields, however, are
small and discoveries have not
kept pace with demand.
QO executives say the level
of drilling relative to the num¬
ber of new contracts of work Is
low. In 1990 actual exploration
and development expenditure
of $L26bn fell short of bud¬
geted levels by $90 ul The com¬
panies believe last year also
saw an expenditure shortfall
and that the government's tar¬
get of ITS exploration wells a
year, necessary for maintain¬
ing existing proven reserves,
estimated at lCLSbn barrels, is
not being met.
Government officials say
new technology may boost
recoverable reserves and esti¬
mate that there are 20bn bar¬
rels with “proven ultimate
recovery".
However, neither enhanced
recovery nor the assigning of
new contract areas are expec¬
ted to arrest a decline to out¬
put The World Bank estimates
current production (including
condensate) at 1.6m b/d, but
expects this to decline to L35m
b/d by the turn of the century.
With domestic consumption
of about 520.000 bfd last year
and increasing by at least 6 per
cent a year, government offi¬
cials concede that Indonesia
will become a net importer of
oil by 200 S and will have to
leave the Organisation of
Petroleum Exporting Coun¬
tries. Some industry officials
believe the day of reckoning
may be as early as 1997,
Some of the problems faring
the industry are Intractable.
The bulk of Indonesia’s proven
reserves lie in the western half
of the archipelago where past
exploration has been most
intense. The future lies in the
pioneer country of the Timor
Gap and the seas and islands
between Sulawesi and Irian
Jaya.
The geological structure of
the area, however, is
immensely complex - twisted
rock formations crushed
between two converging conti¬
nental shelves. Potential fields
are likely to be small and. even
with three-dimensional ctfiemte
technology, the search for
them will be a hit-and-miss
affair . On the land mass of
Irian Jaya, building pipelines
from the interior to enable the
export of production would be
hugely expensive.
Oil companies admit that
tapping the oil fields of coun¬
tries of the former Soviet
Union is likely to divert funds
from I mVmffgia for the immedi¬
ate fa tore. The problem is com¬
pounded, they say, by an
industry wide shortage of
funds.
'Indonesia is getting a
smaller share of a diminishing
pool of finance," one executive
explained. The situation is
worsened, he says, by contract
terms which, particularly in
relation to tax structure, are
amongst the toughest to the
world.
Government officials dis¬
count many of the oil compa¬
nies' complaints as simple pos¬
turing. They say conditions for
deep water and pioneer areas
have been relaxed and point to
the high number of new con¬
tracts as evidence of the oil
companies' commitment to
Indonesia.
The contracts, however, may
be at the heart of the indus¬
try's problems. Whilst' their
conditions remain tough, the
contracts have comini ted com¬
panies to relatively low levels
of exploration; under the 45
contracts signed between
1987-1990, companies agreed to
spend JSJSbn over a six to ten
year period. The contracts
have opened up new areas for
exploration, but the financial
commitments of the companies
are unlikely to be adequate for
the task
The contracts win prove dif¬
ficult to renegotiate should the
government' wish to boost
exploration and it may rue the
derision to sign so many con¬
tracts so quickly.
Company executives admit,
however, that the government
may yet get the last laugh.
“The oil companies have
proven to be poor negotiators
in the past The lna«teniwn«
have tended to get the better of
us,” one executive admitted, ft
need rally take one big discov¬
ery to prove the government
right
Cuban industry goes international
Ian Rutledge and Phil Wright on the country’s first licensing round
C UBA WILL offer right
or nine blocks for pro¬
duction-sharing con¬
tracts with foreign oil compa¬
nies later this year, and a
British company, Simon-
Robertson (previously Robert¬
son Research and now part of
the Stockport-based Simon
Group) has won the contract to
organise the country's first lic¬
ensing round. An official
announcement of Cuba's new
oil policy will come on Sunday
and presentations, probably
Involving senior Cuban indus¬
try ministers, will be held in
London and Calgary in Novem¬
ber and December.
A number of blocks have
already been allocated to for¬
eign companies in separate
bilateral deals. From next
August a French consortium
involving Total and Compagnie
Europdene des Petioles, which
signed a contract with the
Cubans fa December 1990, will
begin drilling to its northern
ofl zone blocks. Brazil's Petro-
bras. Canada Northwest
Energy, and the Swedish com¬
pany. Torus, have also been
allocated blocks.
The northern oil zone is
more than 1,000 km (620 miles)
long and between 80 and IOO
km deep, running parallel to
Cuba's northern coast and
extending into the promising
and largely unexplored off¬
shore area. It already accounts
for most of the country’s
domestic production (15,000
barrels of heavy crude and and
L5m cu ft of gas a day).
The southern oil zone con¬
sists of about 60,000 sq km,
occupies practically the whole
of the onshore area and
extends to adjacent offshore
areas to the south.
"" Cuba’s state oE company
Cupet was formed out of the
amalgamation last December
of the upstream enterprise
Union de Petroleo with the
downstream company Cuba
Petroleo. At the same time a
specialist subsidiary called
Commercial Cupet has been
established to concentrate on
dealing with foreign partners.
The country previously
depended for 95 per cent of its
oil needs on the Soviet Union,
which gave gave its oE indus¬
try a distinctly downstream
character. A fourth refinery
built by Cuban engineers
according to Soviet specifica¬
tions has only recently been
completed, giving the country
a total r efining capacity of Urn
tonnes a year. But there is a
strong impression that the
upstream segment was tending
to lag behind.
The main producing fields,
Boca de Jaruco and Varadero,
were discovered in 1969 and
1971 respectively. While their
very heavy, high sulphur crude
has swelled Cuba's production
considerably once then subse¬
quent discoveries proved disap¬
pointing until 1989 when a
small new field. Pina, was dis¬
covered In the central part of
the southern oil zone.
It has 30m barrels of proved
reserves of medium gravity,
medium sulphur oil, compared -
with the more than 80m bar¬
rels of proved reserves in Boca
de Jaruco and Varadero. Cuba
has 20 distinct oil basins with
to situ reserves estimated at
1,100m barrels.
Ironically Cuba is now com¬
peting with its old ally the for¬
mer Soviet- Union for foreign
capital investment. Russia and
the other states of the CIS cer¬
tainly have the oil bat to date
foreign companies have not
always found it easy to negoti¬
ate contracts in what Is often
an unpredictable and turbulent
political environment.
Xn contrast, evidence from
recent visitors suggests that
Cuba’s commercial relations
with foreign companies are
handle d. to a brisk and h nsi -
ness-like manner. Moreover the
country has firmly established
foreign investment laws dating
from 1982, which have already
proved effective to attracting
Spanish capital into its rapidly
growing tourist industry.
. Asked if they would welcome
OS oil companies Into Cuba,
the unanimous. answer
received from Cuban officials
is “yes - if their Government
would let them come”.
?r;ide
- : ’-r.
WORLD COMMODITIES PRICES
MARKET REPORT
The premium for LME cash ZINC
over three-month metal dosed
at $88 a tonne compared with
$136.25 on Tuesday. At one
stage it narrowed to around $70
under the pressure of continued
liquidation of nearby positions,
prompted by foe Monday
announcement of limits on the
daily backwardation. The market
is starting to reflect its
unspectacular demand levels
and high stocks after three
months of being supported by
foe developing June squeeze,
dealers said. LME COPPER
closed at foe highest level for
seven months, encouraged by
an early break through previous
resistance levels. Traders said
London Markets
Owda off (par band F OB) + m .
Dufra* Si 8 . 90 -fl. 0 Qi +.006
8ra« Btend (dated) S 2 l. 00 -T.l 5 -.175
Brent Bland (Aug} S2D.SO-1-00 ..126
WXI p pm ost) S 2 XI 5 X 20 Z -.125
OH product* — "
fNWE prompt delivery par tome GIF) + ot -
Premium Gasoline $ 234-236 s
Gu 011 ( 165-186 -3
Heavy FuaJ Oil 182 - 8 * +1
S2KW02 -05
PMmtoum Argus Estimates.
+«■:
GaW (per trey oz)+ $ 342-35 1-020
Silver (per trey az) 4 » 4 ti. 0 c -i.o
PlaUown (per troy ez) S 3 GXBS + 0.10
Palladium (p er (ray 02J $81.00 - 0.23
Copper (US Producer] 107 +0JJ1
Lead (US Producer) 37.00
Un (Kuala Lumpur martial) 1132 r + 0.03
Tin (New Yo*} 307 . 50 c
Zinc (US Prim e Western) atoc
Caffle (live weightf HUMp + 1 . 78 -
Sheep (Hue we/gtt)fr|» 82 X 6 p -IIS'
Plga (Hue weight)! 95 -BOp +XB 2 -
London dally sugar (raw) SS&IJH
London dally sugar (white) S 294 £t - 1.0
Tate end Lyle export price CM8.6 -ia
Barley (English toed) Unq
UaU« (US No 3 yellow) £ 14 X 0
Wheat (US Parte Northern) Unq _
Rubber (Jul)V SXOOp
Rubber lAugjy Stoop
Boater (KL RSS NO 1 Juty 22 X 0 r _
Coconut oil (PhBIppffteajf S 605 . 0 W -SO
Palm Oil (Maiayciugg S«l 7 .sy - 7 JJ
Copra (PhlGppmesja WOCLOy
Soyabeans (US) t[ 45.0
Cotton *A“ index frUJOe - 0.40
Waanopa ( 84 a Super) «Xp
S d Hone unteaa otherwise stated. p-pencaJkg.
c-flintsrtb. r-tinggn/kg. t-Jun/Jul ysWy t+JwU
Aog x-Aug. . tMeat commission average taet-
tockprteas.’ change from a week ago Wumdon
physical. 5 CU= Rotterdam. 4 Bullion market
dose. m-Malaysian o#nte/kg.^Sh#ep prion are
now Hwo wetota prices.
an absence of recent Chinese
selling on rises by three-month
copper to around $2,280 a tonne
prompted early short covering
that touched off buy stops.
Comex copper futures were
extending gains at midday. New
York raw SUGAR prices were
sharply ahead at midday on
strong trade house buying,
constructive chart factors and
continuing sentiment that nearby
supplies are tight London
COCOA managed by foe close
to claw back some of the ground
lost earlier, when trade selling
sent the second position contract
tumbling to a fresh IG^-year
low of £523 a tonne.
Compiled from Reuters
****** ~ Loorioe POX (S pgr tonne)
Raw Gtose Previous High/Law
Aug 2*830
Oct 22680
Psc 210,00
WWto Qobo
Aug 291 JM
OM 274.50
Doe 273.00
Mar 278.00
Close
Pravtous
High/low
Aug
81.11
21.12
81.13 2051
Sep
21.01
2152
2 X 98 2052
Oct
2058
2050
2050 2 X 73
Nov
20.76
20.78
2 X 78 2053
Dec
90.69
2058
20.87 2050
Jan
2050
3054
2 X 45 2044
IPE Index
2150
21.18
2159
Iurnovr 15.739 [ 129*61 _
0**°*.- IPX _ S/ton
Clow Previous High/Low
•lid 187.25 189.00 188.00 18 X 25
Aug 18900 130.25 18825 188.00
Sap 101.00 102.50 191.50 19 X 25
oa 19150 195.00 133.75 BP 91
No* . 10x25 iaua iosm was
Doc 198.75 13800 197.00 103 JO
•tan 184.60 105.73 1 B 4 J 0
mao mso . moo
Mw 188.00 laa oo imjoo
temow 13788 (G(34)toto oi too tom»i
WOOL ~~
Australian wool prices continued to sflde
tfti» wo ok. The wool an offer dM not cover a
taN range end dad kies were not large, bur
tfto prompter of m aaator Hnctoncy at toe
dose arf tha hdl wMng season iuud week
(facoureges business all down ih* One. The
Australian wool Corporation has lowered
ITs torecaa tor prices next MBaon. now*
WrUaOwoly auggosHng en average tor the
marmot Indkator el 800 cento a
wftti 820 cents forecast wfton
On market lot*ad bettor and supplies wore
expected to be lower. The market kwfcaar
on June 17 was 501 cento a kg. .compared
with 577 a week before.
Close
Previous
HfgML 0 W
Jul
518
520
518 807
Sep
833
637
536 623
DM
583
868
585 55 H
Mar
EB 3
585
598 883
May
612
BIS
814 604
Jul
831
83 «
835 824
Sep
680
6 S 3
883 645
Mar
703
708
710 706
7 i/nwar 898 T ( 8827 ] lots at TO Mines
tCCO Indicator prices (SDRa per tonne). Daily
price lor Jun 18 688 J 8 ( 889 X 71 10 day average
lor Jun T 7 674 . 1 * [ 674 J 4 )
Ctoee
Previous
High/Low
JU
711
7 H 1
7 IS 710
Sep
738
738
740 734 .
Nov
750
760
763 758
Jen
779
781
778 778
Mar
815
819 '
(Spar tonne)
Hlgh/Low
240.60 225.00
227 JO 222.00
acajo 203.00
Hlgh/Lovr _
291 JO 28800
273 JOZ 7 OS 0
270-00 26950
277.00 275.00
Turnover: Raw 207 ( 944 ] tola of 50 tonne*.
White 1131 (400)
Parts- While (FFr par tonne); Aug 1588.88 Oct
M81J1
Turnover. (2983) Lota erf 5 tonne*
ICO Indicator price* (US canto par pound) tor
Jun 16 : Comp, deity 49 JM ( 48 . 19 ) 18 dey average
*903 ( 48 . 11 )
WATOn ~ London WX _
Close Previous Mflfa/Low
Apr me Bf -0 9 T 3 90 L 0
Turnover 8 S ( 86 ) Iota of 20 tonne*.
_Cioso P rovtooe rtph/Low
Aug 123.00 la&OO
Turnover 0 ( 0 )fots of 20 tomes.
810/lnttoK point
Close
Pravtous
High/Low
Jun
1140
1105
1140 1115
Jul
1045
1022
1068 1080
AUg
10 BD
1035
1085 1040
Oct
1190
1189
1200 1175 ‘
BR
.1184
. 1158
1154 -
Turnover <17 ( 1 WJ
aura - London ffOX
Wheel dote Previous HlgttfLow
Jun
122.00
12256
12255 122.00
Sep
11050
11 X 90 11 X 76
Nov
11350
1 W»
11350 11 X 75
Jen
11750
1 T 75 S
11740 11750
Mar
12 X 40
12 X 60
12 X 48 12056
Barley
Ctoee
Pravtous
> 8 gML 0 »
Nov
11155
111.40
11 M 0 11155
Mar
11756
urns
Turnover Wheat 7 B ( 168 ). Bailey 70 ( 58 J.
Turnover lot* ot 100 Tonnes.
HQS - l a slto ti TO (Quh Sato ament) pftp
_ Close Previous HiflfULow
Jut f 1 *J> 114 JS 114.3 113 JS
Aug . K&O 104 X 104 . 710 *J
sep loti! ifls .0 mo
Turnover 17 (S£J tote of & 28 D kg
_ Ctoee
Atomtohee, 98 JS pc
Cash 1274-5
among* MOM
Commr, Orade A (C p
Cash 1234-5
3 monffta 12 S 4 - 4 J
Usd (g per tonne)
Cash 290-1
3 montfw 307 . 5-2
Wohal (I par tonne)
Cash 7160-5
3 months 73*0-6
Ha (5 per tonne)
Cash 6010-5
3 worth* 88208
2 *ic. Spnctot High Or
Cash 1305-10
3 months 1221-2
LME Closing C /3 tm
SPOT: 1 J 883 S
ftw jwa
r (Spar tonne)
1270-1
1298-7
tonne)
1225 L 5 - 3 JS
1244.84
i (S par tome)
(Prices auppBed
Hfeh/Low AM Official
1275-8
130 V 1299 1301 - 1.5
1232/1231 1231-14
125771250 12815-2
290-1
9 BSUK 9 Q 2 301 JW
713877137 713840
■mamas 722540
6805 88004
86408815 68304
1330/1300 1295-300
123771217 1225-5
by Amalgamated Metal Trading)
JferOctaa* Op1 1 nterest
Total daMy turnover 12,730 tote
13005-1 157,197 tote
Total dally turnover 23 JH 9 tote
1257-8 _ 103,748 tote
Total dally turnover 3 J»fl krfa
301-2 _ tflJC 3 tote
Total dally turnover 1613 lota
T 3404 23.647 tot*
Total dally turnover 2,415 lota
883 S -40 9,448 fata
Total dally turnover 20.742 Iota
CRUDE OH. (Light) 42^)00 US gaits S/berret
Cftma
Previous
fUgh/Low
Jul
V2 9Q
2250
2251
22.05
Aug
2254
MM
22.38
22.12
Sep
2258
WM
2 X 28
2207
Oct
22.18
22.19
22.19
2201
Nov
2259
2259
22.10
2152
Uec
2250
21.99
22.03
2152
Jen
2157
2155
21.79 .
21.72
Feb
21.74
21.71
2152
2 l.fiO
Mar
2150
2157
0
0
Apr
21.48
21.43
0
0
Chicago
SOYABEANS 6,000 ter mht; oenta/BOtb buahal
Close Previous High/Low
Juf 80248
Aug 606/4
Sep 61 I/O
Nov 818/4
Jan 828/4
Mar 634/0
May 837/0
Jot 63 SV 0
5K/4 east)
589/2 809/4
803/4 814/4
811/0 822/0
BIB/2 829/0
earn ea7ro
631/4 640/0
833/D 040/0
KEATING OL 42400 US gaRs, cents/US garia
3 months: 1.8265
8 months: 1.8022
9 months: IJBM
Ctosa
Pravtous
High/Low
Jtrf
6000
6080
8110
6025
Aug
G 1 S 3
6138
8180
8090
Sep
6281
8 W 7
8270
8185
Oct
8349
6337
6335
6290
Nov
B 4 »i
8428
6436
6390
Dec
6811
6506
6820
8470
Jan
8820
8318
6520
8490
Feb
6390
8388
6405
8380
Mar
8145
8143
8190
8140
Apr
5920
5918
5930
5920
(Pricea supplied by N M RotttacMM) _
Goto (tray at)
_ • .3 price E egutvalent
Close 34220-342L80
Opening 341.60-342,00
Morning 0* 34210 183.078
Afternoon Ox 34200 184.109
Day's Mgn 343.00-34330
Pay's tow 3418 P 342 J 0 _
Laco Ufa Mesa Odd Lemflng Rates (Ve US*)
2 months
3 months
New York
GOLD 100 hoy oz; Vtroy ox.
COCOA K) lonnee a/tonnes
Close
Previous
Hagh/Low
3415
3425
3425
3415
3415
3425
0
0
3425
3445
3445
3425
3445
3455
34 X 6
3445
34 X 8
3475
3485
3475
349.1
38 X 2
3495
3495
3515
352.4
0
0
3517
3545
0
0
3565
367.4
3575
3965
Close
Pravtous
Mgh/LOw
Jul
813
800
828
790
Sep
863
854
877
848
Deo
919
914
935
908
Mar
966
964
977
900
May
1000
991
1000
966
JM
TOM
1020
1026
1014
Sep
1059
1050
1090
1080
COFFEE tr 37 . 500 I&S; cants/Hw
Ctoee Previous High/Low
ASS
p/troy oz
UScte equlv
PLATl
MUM SO
Ctoee
ray osanre
Pravtous
tyoz.
High/Law
Jul
Sep
81.45
6350
8250
64.60
87.45
82 . 85 -
6456
67.40
8156
63.45
6 X 40
22 X 70
22850
23156
24250
41 X 6 S
41450
418.76
42855
Jun
Jul
Ota
Jan
Apr
36 X 4
3615
38 X 8
3685
36 X 4
368.4
36«5
3715
37 X 4
37 X 3
0
36 X 5
37 X 6
3725
0
3615
36 X 0
370.5
0
Mar
May
Jul
Sep
69.00
73.10
7 X 8 S
77.23
7 X 30
7450
7 X 86
7 XSO
7 X 40
74.40
7 X 50
76 .DO
6950
7 X 10
7 X 50
7756
Spot
3 months
6 months
(Prices supplied by Engamard Metals) _
_ S price _ CoguWeteU
Krugerrand 3 * 2 ^ 0-34300 154 . 00 - 184.50
Maple loot 353 X 0 - 364,00 190 . 00-19050
New Sovereign 8200-8300 44 ^ 0 - 44.70
TMWDOWWWI
AlumWe* Celia _ Puta
StrOm prkao S traw Jut Sap Jut Sap
t 200 87 IK 3 1
1300 4 31 20 30
1400 _ 3 4 llfl 102
H yp er (Grade A) Cite _ PUB
iite M 3 147 3 a
2250 46 64 3 18
2350 3 18 57 87
SLVER 5.000 troy as certts/troy oz.
SUGAR WORLD * 11 " T 13-000 Rh? Hflts/U»
Am
Ctoee
40 X 4
Pravtous
4095
High/Law
0
a
Jul
409.0
4105
4125
4085
Aug
41 X 8
412.1
0
0
4125
4135
41 X 0
4115
Dae
41 X 8
41 X 1
4195
4185
Jan
4185
41 X 0
0
0
Mar
4218
42 X 2
434.0
424.0
May
42£4
42 L 8
42 X 0
42 X 0
Jul
4285
43 X 3
431.0
431.0
Sop
43 X 1
43*5
0
0
Ctose
Previous
High/Low
Jul
1155
1053
11.14
1050
Oct
1 X 02
X 83
10.18
958
Mar
954
956
X 98
958
Mey
9.75
958
958
9.62
Jul
9.70
9 .®
9.75
9.78
Oct
653
a .37
0
0
ORJUtOE JUICE ISjDOO few oeote/lbs
Clan Previous High/Low
Coffee
Jul
Sep
JU
Sep
800
111
137
1
680
61
90
4
700
12
XT
1
is
Cocos
Jul
Sop
Jul
Sep
14 M 31
a » aa
4 84 71
MQH QRAQg CC 9 *PEfl 25,000 IPX earrts/Jbs
Close Previous High/Low
Jon 10420 .0355 10450 I04."i»"
Jtd 10420 10355 10470 103.85
Aim 104.30 103.65 0 * 0
Sag 10*45 10360 10480 104.20
Ctec 104.25 KDJS MM.00 . 10485
dan 10390 10335 10380 10X80
Feb 103.60 10X00 0 0
Uar 1W46 10SL85 10X85 103.05
CQTTOW 50,000: oants/lla
C hao Previous ifghfljow
Jul BUG 8X36 61 95 81.20
Oct 6X8* 8435 6481 63*3
Jul
12 X 85
12650
127.68
125.75
Sep
11 X 10
moo
11950
118.10
Nov
11 X 75
11350
115.00
11 X 50
Jan
11353
11 X 75
11 X 90
11 X 00
Mar
moo
113.00
113 60
11350
May
11250
11 X 60
0
0
Jul
11 X 80
11 X 80
0
.0
Sep
tt&eo
11 X 80
0
0
Nov
11 X 80
11 X 80
0
0
REUTERS (Base!’ September 18 1981 ■ 1W)
■Am.17 Jun.16 mntt ego yr *8°
1584.8 158X1 139X2 17793
Dow JQWE3 (Baser oee, yi 1974 ■ mg)
•lun.16 Jun.15 mnth ago yr ago
Spot 11X98 11938 11X58 130.71
Futures 119.79 119.73 J18-47 >20113
SOYABEAN Oft. 6X000 Ba; cents/lb
Ctoac Previous Hlgh/Lpw
M 2 X 75 20.42 2 XB 3
Aug 2081 2 X 62 2099
S*p 21.12 2 X 8 S 21-20
ora si xt am 21 jo
Dec 21.67 21.19 21.03
Jan 21 X 7 21.30 21.73
Mur 21.97 21.58 22.00
May 22.18 81 X 5 2 SL 15
SOYABEAN WEAL 100 tons; 3/ton
Ctoee Previous Mgh/Low
Jul
1815
1 QX 5
1825
Aug
18 X 2
161.1
18 X 8
Sep
1825
1815
184.4
Od
1995
199.0
2015
Dec
2005
19 X 4
an 95
Jan
201.1
199.7
202.4
Mar
2015
201.0
2015
May
201.0
2005
0
MACS 5.000 bu min; oents/3Bto bushel
Jul
Ctose
Previous
4 JAID
High/Low
S«p
h i/ra
2 K /0
8 S 3/2
254/2
258/4
. 250/2
264/0
Dec
269/2
238/4
261/6
267 /Q
Mar
268/4
284/0
268/6
264/2
May
289/2
267/4
271/4
26814 .
Jul
272/2
270/2
273/4
271/4
Sep
259/0
2 S 7/4
259/0
258/4
Dec
254/4
253/0
25 B /0
253/6
WHEAT 5J300 bu ntlw; cenOuBOft -bustiol
Ctoee P revious High/Low
Jut 3 S 4 /B 3 S 3/2 35 B/tT
Sep 358/0 355/8 360/4
Dec 38 STO 382/2 3 G 6 M
Mar 366/0 382/2 apart
Mey 355/0 381/9 ' 33 &TZ
Jul 336/4 332/2 336/0
S«p 342/4 330/2 0
Pec 352/4 34 W 2 Q
UVE CATOE 40 JOO ibe: cente/lbe
CtOae Pravtous Htgh/Law
73.400
7 X 850
73525
71.050
71.175
71.425
-71500
71,175
71300
7 X 225
70525
7 X 450
89.750
B 957 S
89 . 925 '
7 X 700
70550
71.000
6 X 100
68300
6 X 300
UVE HOQ3 4X000 lb; cemaritw
Pftse Prwkwa .Wgh/tpw
Jwi ^450 4X975 49J00 *
Jut 4 X 250 45.700 46 JS 0
Aug 4 X 525 4 X 775 4 X 800
Dd 39700 39.725 39.825 .
Dec 41 S 25 41350 . 4 Z 100
Pet) 43.400 4 X 200 . 4 X 5 SQ
Apr 42350 4 X 250 42350 - -
Jw <7500 47 J 0 Q 47.600
PORK BELUE9 4XQ00 tbr. C«lfa^~~
Ctew PnBvtotfg Mgh/tnw
Jul 32.975 31,750
**•9 30.700 2 X 775
Rob 42900 42425
Mar 42250 41.850
groups bit
«s;
S 7 -.-..J-Ti.-t.
SSpL
UVN^i'e^' 1
aits
21©.
f viv
4 3«a3y
^ Sillw
?5*$
, a ®»^'
*«2i?
sjfe
«*»
;.i$
tase s*TTS
. loss of £30m.
\T*n] Mr Steven Bird, Smith’s
Jli(X\ insurance analyst, said: “We
think that, ahead of interims
r on August 11, the: composites
ij 5 rOliij will see Anther strength, in
particular General Accident.
ol i® 25 j The market has underesti-
mated the speed of recovery,
r»i. particularly in die UK, and
ij C-bs s with GA's yield being 7.6 per
a :s ■,'£&# cent investors will be increas-
r. la..;-- ingiy confident that the drvi-
p^T 116,111 will be maintained.”
r&f -Elsewhere in the sector,
fjs" r.j Commercial Union was firm at
icailrVrsj! 409p and Sun Alliance hard-
— ened a penny to319p.
-■'* iTi ilZi;
Dixoflsfinn
‘J'v-.- " Dlxons > ifl> a penny at.253p r
1. r^Z-Z failed to gain much advantage
''r'-.^y'Zr from news that its Belgian'
; property subsidiary bad refin-
‘ ; “ anced an office development in
"it, " Brussels for;£9hn. The group
cannot make' any-profit fins
x :—!’ 22 i theidbal until the bunding is
* sS * :E sold, becaoseof a receht-pre-
niar limfoary- accounting standards
-• — draft, butIts'subsidiary, Godic,
T - —• -3K can book a profit immediately.
>~S .Mr Andy Hughes,analyst at
i Nomura, said the net conhfbu-
:-r.» — 1 tion to Dixons was likely to be
t: £■* les3 than hoped, however, and
Lv“ could produce a downgrading
:! 5:a=f in profits forecasts. He has cut
s' the estimate for 1992/93 to
£97.5m from £l08m.
_Holiday groups bit
A gloomy prognosis of over¬
capacity and tight margins in
the holiday industry hit the
— two leading listed package tour
groups. Threats of an all-out
[ price war have been simmering
: for some time, with market
Z leader Thomson promising to'
- protect itsmarket share in the
l face of possible discounting by
_i its nearest rivals, Airtours and
—:rT\^ Owners Abroad.
- - 1L -rrT .Yesterday, industry figures
showing 1.5m spare places
:■ unlikely to be filled this sum-
mer sent shivers through the
sector, with nervous investors
■z :*i only too aware of the indus-
.C ~; try’s reputation for fallen oper-
a tors. Airtours weakened 18 to
~Cyr\^ 274p and Owners 7 to 81p.
Notepaper and labels pro-
NEW HIGHS AND
LOWS FOR 1992
•rXizixE
.ZZ r JC :
*si:.3;cs £*
lv“ Cshs
Z.zdf'
selling pressure hits shares
FINANCIAL TIMES STOCK INDICES
j" Jum T«v 1882 Sine* Comaflaflon
17 _ 18 IS q. II Aflo High Low High ^U»w
88 715 88 74 88 70 S5i S7l SM8 89-82 Sail 127.40 4S.18
__ (29/S) {1/4) (8/1/36) (3/1/7S)
IMJS 5 0437 104.42 1Q4£3 104.44 92.90 105-82 97.15 105.82 S0.53
_ t^P) (2M) C2Wag) t3/1/7S
202Z1 2037.0 2026.4 2025.3 2030.5 107ia 2149.7 ISSU 2149.7 49^
____ (22/S) (3/4) (22/5/921 (26/6/40)
10S.1 105.3 104.3 103.7 IC3.7 19&4 180a 103.1 734.7 43J
_ (ItVl) (11/g) (1S/2/B3) (26/10/71)
2SS8.4 26184 2593.6 2603.7 *14,1 *16,0 27374 2382.7 2737.8 9664
____(11/5) (3/4) (11/5/82) (23/7/841
By Tarry Hyland,
. UK Stock Itarfwt Editor
DEPRESSING sews from the
corporate sector, hut this time
from, overseas, added to the
woes of a UK .stock-market
already ujwet yesterday by a
firm rejection overnight from
Mr Norman Lamont, the- UK
c h a nce ll o r of the exchequer, of
hopes fixr Ttn other early cat in.
domestic interest rates.
Later, the chancellor .fol¬
lowed Ids strong line on inter¬
est Tates .with a speech reaf¬
firming the government’s
commitment to file Maastricht
proposals, in particular to eco-
uomic convergence and to star-
ling's: entry to the narrow
bands of the ERM range; the
market read fids as final rejec¬
tion of political pressures for
GA gains
on broker
upgrade
A CHANGE'of heart by'one
secnrities house led to a good
showing by insurer General
Accident a^inst the generally
weak market, the stock rising 9
before - ending a net 4 up at
472p. Smith New Court
upgraded its stance on the
stock to a shortterm buy from
a hold and improved its fore¬
cast for this year to break-even
from a previously predicted
loss of £30m.
Mr Steven Bird, Smith’s
insurance analyst, said: “We
think that, ahead of interims
on August 11, the: composites
will see Anther strength, in
particular General Accident.
The market has underesti¬
mated the speed of recovery,
particularly in file UK, and
with GA's yield being 7A per
cent investors will be increas¬
ingly confident that the divi¬
dend will be maintained.”
: Elsewhere in the sector.
Commercial Union was firm at
499 p and Sun Alliance hard¬
ened a penny to 319p.-
an immediate rates cut
But It was shock waves from
Amsterdam, where Philips
warned that second-quarter
profits would be below the
comparable period, that finally
upset the UK stock market.
Having been 21 Footsie points
down in reaction to Mr Lam¬
ent's overnight speech. London
was rallying successfully
towards midsession, halving its
early foil and regaining the
Footsie 2,606 mark, until the
news from Philips threw it into
reverse.
Share prices fell for the rest
of the session and the FT-SB
Index closed down 17.S at
2JS98.4. The market's view of
near-term prospects was fairly
gloomy, although most strate¬
gists took a cautiously positive
view of the day's list of impor-
ducer Porter Chadburn was
the most heavily traded stock
on the London market yester¬
day as company broker
S.G. Warburg Securities
crossed more than istu shares
between one institution and a
number of others.
The shares- were traded at
30p each in two blocks of 9m
apiece and two blocks of &3m
shortly before the market
closed. Porter's two biggest
shareholders are Gartmore
Investment and Equitable Life.
Traders said 12m shares
would represent about 13 per
cent of tiie company’s equity
and added that a large stake
had been overhanging the mar¬
ket for same tim*. Over the
past week Porter has slipped
from 45p and yesterday, before
the trade was carried out, the
shares lost 5 to 32p.
Figures from Cable and
Wireless ahead of expectations
and an Impressive analysts
meeting with management
lifted the shares 20 to 660p.
Mr Robert Millington at BZW
liked the trend in Mercury
margins, although . he
expressed disappointment at
the slow growth in the busi¬
ness customer base.
He has left his pretax profits
forecast at £74Qm for next year,
while Mr Jim Ross at Hoare
Govett has raised his figure by
£lOm to 2770m, pointing to “the
particularly strong growth
potential in Mercury’s residen¬
tial market”. ••
Dividend worries returned to
British Aerospace and the
shares gave up some of Tues-
Aceawit P m»h b PI—
•M
Jlin 1 _ Juft 15 _ Jun 31
Opaoȣ*ctanOoBK
JUM n Jun a M 9
Lm jshImbi
junra .km a
taut economic Mata.
The rise of 0.3 per cent in
retail sales in May was slightly
above expectations, while a 0.2
per cent gain in manufacturing
output in April was regarded
as an indication of an uptrend
in production.
“Today's economic data is
consistent with a slow, steady,
recovery in the economy,” said
Mr Ian Harnett of Strauus
Turnbull, UK securities arm of
day's rally to finish 9 down
at 293p.
The announcement of a new
chief executive at APV, after a
six-month period without one,
helped the shares firm 2 to
I22p. News of recovery in its
spares business continued to
boost Rolls-Royce, which put
on 3 to 169p. Bargain hunters
were seen in Lep Group, 2
higher at 654p.
A 62 per cent interim profits
fall to £&2m at office and pho¬
tographic equipment distribu¬
tor Gestetner sent the shares
retreating 6 to 133p.
BET moved ahead 10 to 154p
after broker S.G. Warburg reit¬
erated its buy recommendation
on the stock.
NFC gained 10 to 2Slp after
reporting interim figures static
at £39,5m and holding a posi¬
tive analysts meeting. Mr Dan
White at County NatWest said:
“These are good results in a
soft economy.” However, he
trimmed his full-year forecast
by £5m to £95m.
County also downgraded a
number of other stocks in the
sector. These included Associ¬
ated British Ports, in which
the broker cut its estimate by
£llm to £55m, and the shares
fell 10 to 329p. A sizeable line
of stock was also reported to be
overhanging ABP.
Boots rose 12 to 447p as ana¬
lysts decided that the recent
weakness had overestimated
the effect of promotion costs
involving the Manoplax drug,
and did not take sufficient
account of Boot's confidence in
its prospects. County NatWest
Soriete Gendrale, However, he
drew attention to further data
due this week, led today by
statistics on wages and unem¬
ployment
The international blue chips
were held in check yesterday
by firmness in sterling which
hurts overseas revenues.
On a more domestic level,
nervousness was caused again
the prospects of tomorrow's
expiry of the June future on
the FT-SE Index. Large posi¬
tions, both bullish end bearish,
remain open on the June Foot¬
sie contract and prices of the
underlying blue chip stocks
could be in for heavy and con¬
trasting pressures as the lead¬
ing securities houses strive to
balance positions ah*ad of Fri¬
day's futures expiry deadline.
Seaq-reported trading vol-
?T~A AH-SHar* Index
•.i;3o6 —..
>ti22ft."v fc ■ _ —
V.'i % •.
EqultySharesTnide^
'
^business AGwUasfonTOVW^
; '5boo?
,200 B
said it was satisfied that some
cost increases expressed in the
company's recent results had
appeared distorted.
A rise of 554 to 95%p in Next
prompted some speculation
about a possible bid. Turnover
was a hefty 5.1m shares.
A decline of 14 to 583p for
Guinness, on above-average
turnover of 2£m shares, and of
11 to 65$) for Allied-Lyons, in
relatively thin trading, were
the main features in the drinks
sector.
An analysts meeting in
ume remained unimpressive at
423.7m shares against 391m in
the previous session, when
retail business remained well
short of the £lbn mark
regarded as the sign of a
healthy equity market How¬
ever. traders said that “some
stock came out yesterday.”
While not too happy to see
the Footsie 2,600 mark so
quickly abandoned again, mar¬
ket professionals held to the
view that, while share prices
may remain uncertain for the
near future, the relative value
of equities against gilts will
provide support The mildly
positive response to yester¬
day’s economic statistics
suggested improved confidence
but the Philips statement
turned the spotlight back onto
the corporate sector.
France with LVMH, Involved
in a 24 per cent joint share
agreement with Guinness, indi¬
cated concern about the level
of spirit sales in Japan, while
Allied was said to be soft after
a recent good rise.
Glaxo and ST p j tMnin^ Bee-
fiham were depressed in late
trading by a profits warning
from US pharmaceutical group
Upjohn. The former retreated
25 to 71 Op and SmlthlTUnp was
18 lower at 87lp.
Mining company RTZ gained
in a weaker market in response
to a rise in copper prices and a
stoppage at Poland’s big state-
owned KGHM copper mine. A
technical squeeze also pushed
the shares higher, finally 7 up
at 630p.
A presentation by ICT today
encouraged the shares to
recover 5 to 127ip.
A weak dollar and some US
selling was blamed for a poor
performance by the oil majors.
BP continued its downward
trend to end 454 off at 253V4p,
but where, said traders, it was
beginning to see support Shell
declined 5 to 510p.
Rumours of a downgrade left
Forte 4 cheaper at 214p. Thom
rmt suffered a fall of 8 to 825p
on the back of a profits warn¬
ing by Philips, the Dutch elec¬
tronics group.
MARKET REPORTRRSi
Christopher Price,
Peter John, Joel KBiazo,
Colin tlillham.
■ Other market statistics.
Page 24
Gowinmmssm
R nd Maratf
(Mkwnr stMi«e
Odd MbM*
TO IN Share
68.76 88.74 88 70 $8.82 88.71 83.66 83412
__ (29/S)
Sine* Compftufon
High Low
Fr-aEturtrirmekSBO 120227 1207.68 1199.73 1207.55 T207.41 If 78.07 1248.78 ? 120.52 T248.7B 938.62
____(ii/s) (8/i) (ii/5/g2) (raven
OOnt Ohr. Yield
eEamlng Yld %(tul|
QP/E Rrto(NDW
4J7
426
4*4
421
£70
6J9
6.66
6.S0
16.70
ia.re
1&B1
14.50
21.201
97281
22.751
28^72
6812
1098.2
1283.0
863.40
2XB14
30.736
36.449
30.301
3052
4712
520.3
446.0
1100 9M tsnoaa MB bt IS* OUn^
SEAO Barons 8.00pm 22,012 21.353 21201 27AS1 22.751 28^72 ftllT RlCnt AArruinr
Equity Turr>ov«rIEm)I - 609.1 8812 10^2 nmo SaS QIUT EDGED ACTIVITY
Equity Bargain*? - 24.465 23*14 30,736 36,449 30.381 ImJlcW June IS June 15
Shares Traded (B*T)t - 349 JS 4712 S8Q.3 445.0 -------
Onflwary Share lad—. Hourl y diagw Da y’fl High 20282 Day's Low 2018.0 ^‘L^r 3 ^ „
I Open I (a ami flOaml 111 am I 12 Pm i pm 1 2 pm I 3 pm r 4 pml •—-=- S—
|2CZ42| 12Q19lfli 12024X1 2022.61 |2027j[ 2026,71 1 202091 202291 20239 1 5- Osy average 105.5 1059
FT-aEIOQ, Hourly rhan g w _ Day» high 2 608.0 Day'a Law 25BS.0 *SE Activity 1974.
Open 1 9am I 110ami Miami 12 pm| 1 pm 1^pm I 3 pm I 4 nm tExcluding intra-marhet
2603^1 [2597^1 [26039 1260191 |aKK9j 2604.9 [260491 2 saajz 2 SW .0 business and Overseas turnover.
FT-8E Ewe t racfc 2WL H o urly cha n g a a Day's H igh 1204.19 Day's Low.120Q.18 London report and latest Share Index:
L9Kf"[ 1 1 i**kl 11 i r?jpn. i r®p«n 1
120196 I 120094 { 1201.64 j 120399 [ 12fflSo tllSSa 1MSra4 ch * ap rM ®' 48p/mlnUt6 * 4,1
1 - 1 ■■■ 1 i , , otner hitws.
TRADING VOLUME IN MAJOR STOCKS
Mir___ 11 <n -s CawalWoa-<ss ea Lijcm _i«o 127 -1 Sba* Tmmrt_
ASOAOrmp- sm A tl Cootaoi. .—--- HR ih ti HSCmdm_» SO -7 '9m„-
UtwyNNtarW_3X0 2B -I Cawtsah _ _
AbwtWwr-M 71 -1 04M-» 414 -4 IMom b _W 344 *t SoUMJilA _
4M-Lram- L200 ea -n —3n sv ♦« aril B 3p«etr _ two SM +4 aa>HiBNnlw> —
Mawd.---—*» 4B^ -1 QttOftl - 2BB 263 *1 UUnltaa-B.7C0 431 -4 Smiaem&il-
m tammmr. -mb «i -a 27 a m *9 laewnsaa. z« sm -i smOBwxremim. _
AfBD»_- m V3 +3 ECTtUkttqaBftX 7« 2S0 +1 NFC-—_ L400 2J| +W MNm! -
-L4M »1 « EngCMmOaM-5»1 S23 -■ taMBvk-- 2J00 330 -7 BMmBM.—
AqoMgk*- 573 267 -1 p 4 Wp rt- ?B-MOO 405 -3 NUonWFBWW-SB* 740 -h SMkWW»B«t_.
MLHSoa-30 434 -4 Di rc fc— NUnfc — 2 V 337 4-3 Mu--- 5,100 96>] fill 80 UB 1 WulWU ir_
Am. BdLPort»_WOO 329 -10 RO-— 12C0 79 41 Ksr»rMWttr__ 822 40a -4 S 0 M 1 Mad Bat ._
-«3 570 HEK —
» 4M -4 DM.
--2S 302 I
- 9 344 +1
BAA-ra 670 -4 Run-7.700 241 HorthwiBrnL^-TO 325-1 SeuOmWMr_
BAT lab.—--L400 73B -20 Fore- ISO 214 -4 NortbanFoedl_1*2 «n -4 SBMhUCMI —
BET -— WOO B4 t® <Nn.Ao«5j-L3M 47T +4 Nora*-106 B7+2 EMoa_
BCC- 347 320 - 5 GwnlBat- *M> 227*2 PMraon_*07 4» -1 SmANmet_
BOC- 487 an -5 OUW- 3J0B 710-25 P* 0 _ WOO 4M TIM _
BPS tom-MOD 174 -1 SpWMM-MB 342 +2 fUdnaHn_2.400 1301, + 1«2 TlOnx® -
BTH-4300 47» 4-3 Orewm- 283 298 » PowEto-27S 24> -1 T88 __
BantolScoBmd_ 1000 11 J +1 QrandUN.-3J00 401 -2 Pitdwdal-1200 747 -3 Tam:__
Btoday*-4000 SOB ♦! QU8A-JD 1533 RN- 173 221 -2 Tala BUM__
Baaa_ ZB D03 -I GflE-MOO t» -I RUC_3W S57 -2 Tajtorffioctoar_
BaiNoniM._JSa Mb -1 OOi-489 OBS -2 HTZ_B21 BOO 47 Ta*c_
BtoaOida-.23« 221 +2 Qulrawa --£100 583 -14 HvU-&800 88 -lj IhamaMM-
Bodtor-7W 482 41 millin' *-.a 362 FboXOr#---30* 833 - 9 Them EH__
Boos- iwo 447 412 Karen-- <900 ns -2 RacuACotoaa_ *a eas -11 Tonafa»___
Bmakf-103 cs 4S HtoMnWknaiH—1000 241, -h Radhnd-*79 sw 41 TrUaJovltoM*_
BrlAawpma_732 233 -O HariMBi CiWIM _ WOO CE -3 Haadlm.-*24 SB1 41 (Horn_
BristolAkreya_1700 SO -S Mwtaai-LOCO 164 Ramftl-43* UD-S IMava_
enctoiS«_<303 sah ->h M-1 » m -I Raaaa___ tx nil -2 (MMBfaatoa_
BriMland._*07 20i -1 Cl-L200 071 46 fWuBojca—_WOO 109 43 lAd Hanpaws __
BP_3.900 253^ -4lj Inchcapa-1142 «* -5 fttam—-__ <11 wee -3 Vodakma _
frtttoiStoto-_ 1700 72 KeOmtmr. - 77* 628 -T RyrSkSBXtang_<400 tbs -2 Wartarg (SO)___
BT_4X00 34* -3 K-lEava --579 831 41 KnllmmBca_Z.W0 238 -4 Watare_
BTHav ___— 1*00 123 -3* Ladftrok*-8.400 206 -8 SaucW-211 112 HMtoiWtoa----
BtoW_133 1IO -I LaalB aai i Mi l-1200 «r} -8 Bamtaav-MOD 46B 47 WremlUa __
BmtoCaW_<78 827 -b upon*-TO BIB -1 Scctosn & Nre.___ 542 458 -3 WMbraad'A' ——.
Baton___t.SX SO -h UQto 1 Cataal __ 3W SB -6 8W.H»*S-Etoct_784 M2
OfitolYttra.__ 4^00 580 43 Lk3»* Aboajr- 108 378 SoMtolPmw --WOO II
Cadburyadmnre-8TC 472 -S Uoyd»B«*--1700 407 -3 Ston_MOO 31 mny»r_
Odor bsito __,75 191 LAtilO - 1900 2DB SWawtok--1,300 207 42 WotoBay-
CMUCaa_1.100 B2B -22 LonOonEJact-«3 320 Sreuanl-70 388 TaloNnBact. _
MS -1 tarto.
Ratoand __«7B ski 41 TVtoaJoaHoiM_
IWK-824 661 41 IMgato_
RamsU-436 UD-S IMava_
Bitoai_634 ITU -2 UMBtoB_
An Korea-1500 TO43 UdNmpapaS —
ftwanaa—-_— <11 wee -3 VoUakna -_
WR1MM_MOO TBS -r Watregrsoi__
Btoallmufanw_HDD 230 -4 Wataaa__
SauchJ-211 112 HMtoiWtou-—
Saretury-woo «s 47 Wwawa_
StxOafl Imw. ^—_ 542 458 —3 WNbrnB'A'._^_
Scot H*ri»-Elai_ 784 192*3 _
SreatoiPom-LBDO tW -*j WOhComaai _—
Sana-MOO 31 Wtopw-
Svsowfck-„ipoo an 42 WotaetoT-
a resoart-70 SB* YmtotoaBacL —_
-1 Bavaa Tire WNar _ 434
-1 rorioMratotoa.
Bread on ttw rndna wiiurna tar a aat a c d o n of Alpha aacufttre tea* Birau^i Ota SEAO syotara yaatarday reUI OOpm. Tra
paor a are rreated (town.
EQUnfY FUTURES AND OPTIONS TRADING
Cook rrem raenyi
.WOO 610-8
_*0 T08 -3
_ 1,100 m -1
_288 486 41
_ 2,70) 14811 -1
_ LUOO 871 -U
_91 3883 -73
225 283 -2
_S02 291 -1
.. . BB 384 41
„ 143 397
_32 » -2
_ Z7S 401 41
_ 1200 **8
_ 2.100 HB 44
_ 2jBOO SW 41
_ ia» ur 4i
-WOO 3*7 -1
_ LTO 138 -1
_2JOO 118-3
.ism » -7
..1.800 98 -2
.1000 2B4 43
_ 339 41# -2
_ 888 825 -8
_H2 «0 -1
. 1608 114 42
_ 2*8 327 -2
-2.MD 943 -I ,
^ 22Q7 387*2 -T2*J
_31 418-2
. 5AOO 341-3
_ 25 64* -1
_ M 944 -3
*61 428 41
_«J « 42
— M2 444 -7
. 1,600 SZ7
— 725 244 -2
_TO 1S4 -4
_312 TO -9
_ 6*2 350 -1
— 373 «0 -3
a or ona mllNon or
THE strong rally in stock
index futures recorded on
Tuesday petered out following
overnight in Tokyo and
the lack of news an a cut in
interest rates, writes Joel
Kibazo.
June opened around 2,605,
well down on Tuesday’s levels
bat at a premium to cash of
about 2. However, it was sent
into retre at by selling mainly
from independent traders and
had fafigi to 2,592, below the
cash market level, by 9am.
After a bout of sideways
trading, June recovered due to
support at the lower levels
coupled with the release of
two sets of UK economic data.
One showed a rise in manufac¬
turing in April and another
showed a slight rise in high
street sales, all of which sent
the contract cHwihfag back to
2,609.
With little In the way of fea¬
tures in the afternoon, June
drifted lower, while the poor
opening on Wall Street
ensured that any attempts at a
rally were kept In check. June
closed at 2^99. down 21 on the
previous close but Just ahead
of the underlying cash market
Turnover at 6,810 was poor.
Traded options remained
dull with turnover reaching a
mere 25,939 lots of which
11,476 was recorded in the
FT-SE 100 option. GEC was the
most actively traded stock
option. It traded 1,620 con¬
tracts with the February 240
colls the busiest series.
■, * FT-ACTUARIES SHARE INDICES
® Hw Financial Timas Ltd IMS. Campled bp the HamririTkMS Ltd
In conjunction wffh thw fnstftute of Actuaries and the IRactdty of Actuaries
EQUITY GROUPS
& SUB-SECTIONS
Figures In parentheses show number of
stocks per section
Wednesday June 17 1992
Gross
Dta.
7Wd%
(Max.) | (Act at
<25%;
.77
.26} -0.8
.10[ HJ
.98
0.81 10.12
132 6.48
6.83 457
733 3.44
7.74 3.41
52 4.15
.28 331
.06 2.71
.03
.82
.73 2562.71
L72| 1SW23
IJ6
,S5 -0.1
.64'
.42
.64
2358
29.32
23.82
4451
3633
21321 23.50
2008/ 25.83
1429
1535
12.44
19.74
1514
3L75
23.62
4958
17.21
1736
54.92
23.41
81937
103621
1248.48
2345J0
1747.04
'52 418.96
8S 444.46
1.73 -44935
.94 324.15
L46 1502.93
39 146052
.05 181324
116387
259550
351139
BRITISH FUNDS
+or
Note Plica £ .
"SUorto" (Uvre to Rw Yrere]
Emil 12 Vpc 1992- TO 7, _
PC 1992- we* -
Tiare8*«pcigB3- 9*3 +3
10pel993#- wsy —
12 4 pc 199311- 103 -
Radios 6pc 1993*3— 37« _
Trres 13 Vpc 19ff3H_ MBH _
B >a pc 1994- 33% _
14 laPC 1994»- 167S -
EnM3<2pc1BB4- IMjj _
Trare-IOpoUv I99*n~ WtA +,>•
6*h 12>apc 1994- 1M _
Turetoc J994»*_ 33J3 +&
ISpc 199S- 136 i
BccP 3pc Gas 90-95— 93*2 _
10>«pClS8S- Utflto +i
Treas 12 Vpc I995tt_ WiU 4£
1 toe 1996- 4*
9pc I992-96H- Mfi +A
194*36199641- IttA
Ere* 13 Vpc I9B6U— Ilia —
Contorted iQpe 1996- IBZJj +&
Traa* 13**pc 19973*— 134AM . —
Exdi 10^2 pc 1997- 1»*Ii
1992
Ng* Ire
nm tooii
1BH 10C^
■A »7H
INI* 90G
TOC lOiC
na B6A
TOH 104H
»A 96V
TOV 106)1
W7B 1QSA
W1C SOU
mi 103a
MB 96V
TO& 103%
**fl MV
W2fi 99i
nt% 100%
114A 110A
TOA 96 a
TWA 1UU
mv iobv
TO* MB
TMa 110A
w» 100B
n*a to fflui n Yrere
Trare6Vpc1BB7tt— 300
8% pc 1997 D- MV
Exsfa ISpc 1997- 12ta
9Vpc1996- mud
Trass BVpe 19B5-96tt 12%
isvpcvatt- mi
Each I2pc 1906- tun
nres9Voc19Sm— ttfA
Eadi 12%pc19B9- 1«5
Treat 10 %pc 1999_ 1661]
fA 99 94
MA 98A
mj] 118 a
♦a vna wa
♦i »i Wl
♦a t29.\ 1234
14. m% Wfl
♦A 162% W*
+4 USA 109%
+% 117)3 101C
TWd
taL Rad.
1221 ITS
TUi 9X3
121 922
1M 9.44
12.13 646
616 LIB
tUi 941
LM 919
WTO 943
1264 934
U1 924
1176 936
164 917
TUT 920
321 530
LM 925
11» 934
1231 940
963 907
TUi 940
1170 930
L» 910
ItN 930
1901 91B
LM 900
LM 911
1224 951
UK 917
MS 946
1261 942
MJ4 929
<26 902
1931 931
664 919
BRITISH FUNDS
Camaten I0%pc 19M-
9L 2000C—
Traa* 13pe H*
10pea»j_
14pC "96-01-
FT-SE 100
Where next?
MEMBER SFAl Cal) (or our currcftl views
9Vp2002C-
lOpe 2003 B--
Trret 11 Vpc 2001-04.
Fun(»m3VpcV»-04_
0omwten9>zpe2004.
0*2 PC 2005-
Trrea 12Vpc 2003-05.
tee 2002-0634-
Onr ra.an Yrere
Tiarelivpcaom-W-
Tmre 8 Vpc 200733_
B% pc 2007 A-
.13%BcU4-0e-
Bpc2D0833-
8PS2Q0B-
CanvBpcLnZOII 33—
9pc2QU B _
Treat 9pc 2012-
Traa 5 VPC 2006-1233
7 % pc 2012-15»-
EsehifeKU-T?-
Tra B% pc 2017_
UndaM
Comte 4pc-—
W*rUre3Vpc33-
Com 3 Vpc AB—
Trereapc-MAlt-
Comte 2Vpe_
Trees. 2%pc__
CAL Future. I jd
162 Queen
Victoria Sued
Ijmdoo ECiV 4B5
TeL 071-329 3030
Fu: 071-329 3918
- Cont
+ar
Price E •
TOV +%
MV +%
n a
MB -
TO +A
wv +A
«« +A
TOV -S
TOV -A
112& +A
MU -A
TOB +A
1KV 4*
uin +a
61V +4
1992
HM kM
TOA 100)5
TOB 34V
49A MH
121V 114U
tov ns
in iieH
TOV 96V
TO a 96 A
167A 100A
167 V 105 V
1WH 107 A
M« S8V
194)1 96«
194V M»
124*, 116&
MB 85V
H9fi 110*3
•7A MS
97A 89U
1S2A 123H
. mu 93c
93V BSA
1UA 93 [J
TO S3U
TOV 33 a
MV 62V
MB BIB
TOA 120%
7»X «7V
vw
H. Red.
972 919
■63 906
M 90S
1664 941
- 634 916
11X7 048
9M 914
LM 915
IM 91S
946 918
1621 938
L23 766
929 913
32* 912
1629 934
6Jt 911
1L12 931
691 966
666 60S
UL4S 934
6tt am
631 902
662 902
667 650
601 902
667 693
6M 699
640 064
6M 864
BRITISH FUNDS-Coat
+w
NOB* Ms £ •
todu-Uidtod
ft)
Tra 2 pc -94—-(10291 TOV -l
2PC90-(876) WM, -i
6VPt»l-(793) 14*4 -5
2 Vpc TO-(766) M4V _
2PCU6-(695) 14M ~i
•or 1092 YMd
Ugb lo» to. Ihd
tu cu
-A «V 122V 227 361
-A 164 A 178V 626 396
-A «*U 143 461 426
2PCD6-(695) -MM -A W7A 139A 16 424
2VPC-09-(786) TJ4 -134V 1»A Ml 426
2 Vpc 11-(746) TOV +A TO« TOV Ml 433
2VPC13-(8912) 114 +A IMA 418 430
2VPC16-(816) «V +A dll 112V Ml 428
2 Vpc "20 -(836) mil +5 mv io7« <n 425
2Vpc "24*4-(07.7) 97 *H «A 88V 4*7 421
_4VpC"»W—.(135.1) M +V H 98V 484 419
-(8912) 114 +A IMA ’«A
.(816) TOV +A 12113 «2V
2Vpc74«-(07.7) n +V 97A 88V 4*7 421
OVpeUOtt— (1391) M +v M 98V 414 419
Prmpectiw real redearetlon rata re praJaded luftailon of 0 }
10% and (2) 5%. (b) Flaurts In parwlfioM show RPl base for
Indexing, (la 0 months prior to Issue) and hare been adjusted to
reflect rebaslng af RPl to IOO in January 1987. ComMou factor
3.945. RPl far October 1991:135.1 and for May 1992:139J
OTHER FIXED INTEREST
+or 1992
+or 1992 YMd
Prat - lU to it U
IMA +A IMA 105V 6*1 953
TOV +4 109 H 100A MB
IM - til 1<£i, 1*4* 1034
- 90V MV 960
+V MV SO 6S -
- TOV 103V 1167
+A MSB 130V 1060 1034
-u 1718 112 V 1644 940
-A TOV 05V 6*6 945
MV — MV Z7 692
«V -7MV TOV 1067 1034
66V - B S3 011 866
- ltd HaSbta iBijpe 2004-
% =
118 -
«V _
A S3 8.11 088
-T1IV 103V - 537
— iiBV iMV - s-ia
TO 121V 1688 1297
iU
T.\\-rRi : iv sprx i i. vnoN
in i in HI'S
Itoobteiynrbrr Cwltentaw yoarFknadri BoataBAoeaitelp
yau.alMUtodM>re»yartoi/er*laBaaOTl*8a67ZM orwitj
■our 1C bio Pie. 411 tinreaMrCadOM, toodmSWIW 06D
FT-SE IM SHARE INDEX*
Index Oar's Oar's DWj j« Jun Jib Jm Jo
No. ttanre Htobla) LwrCfc) 16 15 12 II 10
2596.41 -17.41 2606.01 2545.01 261631 259361 2603.71 261411 263611 2484.7
s vroi o n
REAL-TIME EUROPEAN AND Ui. STOCK MARKET DATA AND
ANALYSIS AT REALISTIC PRICES
* ALSO FUTURES * OPTIONS * BONDS * FX AND NEWS *
CALL • LONDON 71-329-3377 - FRANKFURT 49-6S-63912S
FIXED INTEREST
Wed Day's
Jun change
17 %
8.10 9.07
8.%| 10.13
S.%
919
9.09
9.07
9.40
9.28
9.231 10.41
9-231 10.30
3.65,
40.03
155.27) 40.02
m
.25 -0.01
11 Inflation rale 596
1.83 12 Inflation rale 5%
2.04 13 loflail(»rnelO%
14 Inflation rate 10%
^15
16
17
Sito?^i«rh*mn)lSTAT"fa | l Floor, 126 Jerapm StnetLoiuJM SW1Y 4U
WORLD STOCKMARKETS.
WHERENEXT?
Ik you have a View, take a Poeomm
Contmt: Amuk 6Vitols cm 071-115 ID 10
HunwreiM pii./»t)M«iftu>, .s'tt’ixmf.
MliWI t» Till Sul ■isMiiiin |( b* Aiimivjit
WALES
The FT proposes to
publish this survey on
September 16 1992.
from its print centres
in Tokyo, New York,
Frankfurt, Roubaix
and London. It will be
read by senior
businessmen and
government officials in
160 countries world
wide. It will also be of
particular interest to
the 130,000 directors
and managers iu the
UK.. Who read the
weekday FT. If you
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whilst maintaining a
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Pncre tor Urtndtr tono ntoii tor to»
... Mftiiatoftra
TvraoiUJte miiax
Pool real Pool
Wire* pmftua ewtoau atotop
aariotf *fca pure prtca
Mtona zn<WB CAWh omm
41 17 A 1
FINANCIAL TIMES THURSDAY JUNE 18 1992
AMERICANS
Abbott Ufa*-J»
fAlegMnyA w.-
AimrCymmkt--
tokAm wi a,
BaihnNV-
M AUmtic—-
+a
Wat £ -
U%ra -4
m +6
m -o
» -%
HA* -A
-A
«% -«%
»%*> -A
MAN -%
1999 tti
Irigb law C«En
Ui, U% 12,08
33b 22 tp 18U
v&r aisp « 22 J
37 30 2,741
VBMMtmSMl—
fCwta Land Ins-
CtftonAEngy--
CsmptaflSoue-
Chase Mwtanai-
Ctoystor-
■A«l -J*
a% -%
M% -
«A“ -%
IMM -II
23% +%
2BS$ >11
9423 -
«A -%
1 **«l -i
11 jW -A
11W +%
0%te —
3*1p -IQ
23^«( -A
41019
iB'ld -A
23% -52
48% -%
Mte -%
«w-
FMMoter_-
Gm BeCL_
fGenerteHwl-
IngoraoHUnd.
HenflLyndi-
Morgan fJP)--
Moots (ROpl-
For Psc*c AgdcaOnnl sea
Rep MY-
Sew. Roebuck-
Sttiwestem Bel-
San Go_
TamcQ_
Texaco-.-
fime Wwiwr-
WnlaD--
Utd Tecta-
It Sal -»»
22%te -6
«S +.’«
41%* +%
2*3
15% -%
38%*d -A
23% -
45114 -%
a%« -s
a% -%
2231p -9
24%sS -*l
MA4 -A
17H4 -1%
42% -%
Cadb M he
13% -%
a%* -A
MAN -%
»* ~S
Z2%ri +,■*
21%td -%
a% -%
15* -A
sa 3
Sbft +%
«7p -2*
37 30 2,744
13% 1QU MSI
24% 20% 30234
M{1 24% 1M17
zr% isvi «,m
37% M%
a% 23% 18,171
23% a 12,773
9% 7 HU
ttttp 10780 4186
M% 22% MM
342p Ififlp
H* 6370 «M
as 17S M»
16% 9% M*<
11% 6% *271
11% S% U82
as a% ua
103BP 4*P «58J
34% 14S UB
MHO 413? mi
2 <% 18 % mi
33% 27% Xta
*6% 32% 1473
11 7% HU
a 18% 9.148
a 21 UM
H% 15 H!H
45% 40A 3M51
5330 3Kp
a% 24i MB
M 12% UW
48 34 % 2JS9
a 23 M*t
54% 46% 2UM
Mi 14A VMS
3% 22% V4M
2805 1631p ItU
MU 24% U»
37% 2SS 1575
452 37U SUM
44% M% 1532
BUIUHNG MATERIALS - Coot.
+4t 1992 MB
Note Pto - - 4 mC«2M
SGofcwaFFf™— U7% -ii «l% 241 MM
ShaptSMtK— SB — M 72 149
«9w(A)- S3 — M 21 188
SMBtedtate- Ml — Til 70 XU
■Spring Ren_ 153 H 131 138 8844
■Stanch.__ 12 — *1tf 10% 8U
MTanac_ m -3 Ml m MX
CTton_1 171 _ «• « 1M
■Travis Perl**— 188 -fl 23 175 MU
*Mdor_ M -8 81 31 183
■Mura*_ 9 M B% 24*
WWftttup_«—4 nr _ fl 62 M3
fWatetnin- IT « n 23 18
■WWub_ M _ *1M S MU
■Wbfta*_ 38% +% 18% 8 % 1 U
■Wotateff-- . MB -8 4M 385 OBJ
Worcester_+ » _ 2S 138 IM
YU
eta HE
40 *
SO -
30 4
7.1 377
03 zu
33 IIS
62 4U
20 149
5.7 3X5
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SERVICES
+« 1992 MB
Price - MM tor Cap&i
473 -6 533 343 B 8 U
YU
0% «
- . «
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tow Of Em
ra <4 *137
97
2144
07 _ IB
BS
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508
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91
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604
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9
349
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467 43 ’Ml
354
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IBB -H 221
159
3403
W -4 MB
108
4441
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VM
6f5 WE
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Cteyai_ 1 » — MB » 1 M
Coneartifc_ 5 a -I « S W
OOktosin- D — £ 16 U7
■Dobra Park- 73 -e It 62 KB
Dyson (JOJ)_ 94 —- W 9 19
A_ 68 9 57 7J3
BS_ SB "41» 372 1415
W f rir _ H W — » W% 1M
■SoHIB)_ 4 24 3% 2 .W
■RO_ t 79 +1 BJ 51 MU
■Hr*_ 416 H 421 302 MU
gang. ■■-» 11 _ tu* 80 3U
•%mira__- 49% II W HI
FiteMsaf.- 83 81 63 883
■F«HMN/V_ 41% +% 51 41 112
saintt_ TVS — MS 78 417
__ _ 125% as 743
ftfeOei* tads_ t 88 _ * fl 1»
He* Eng_ 1M _ 1M <17 «
RHete BL - th m _ tM !« X37J
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6%plWPL- 17 - 93 B7 U8
Kay (K)_ M _ 41 18 US
Hera_ «4 _ 1M 111 W
MJSattk_b m - Mi KS 477
MWMaon— 9% _ 11% 4 ITS
■Kxridesons_ If -1 N B HI
Wotedtei-4 56 _ T2% S9W
IBM!_ 272 -1 888 224 MU
Jones & Srifsnan—t m - 5* 3D 131
XkaanaBNXr_ E77 ~A W* M M2
Locker (T)_ 3M _ S 11 23
A_ MM _ M 14 451
MSM_ 27 — 39 19 732
■ttqflow_ a _ a 31 9M
■Ingoftl. 97 _ *W M 2963
■bra_b tu — m 90 tu
■Cn&AHed_ M% _ 22% 15 537
Mata_ 671 _ 392 340 1163
He sps e od _ M — 31 22 fiJt
SPCT_ «W _ *132 136 113
Mtanec_ - M _ tl « 333
«Pteb»be_ 31 _ 34 a im
■ P pm uue en_ 277* -4 M 2M SMO
Vraspecl tads- M% - 31 15% 273
Protean_ MM _ Mi 98 911
■ Ba n aems _ .29-1 M 21 H4
6%pPt- 41 — M 21 03
RecaM- M _ *M9 II 81
■traU_ . B5 —% « 46 36.1
RcJwtiSooWWt— M - m 51 1M
Rotork_ 385 -2 346 258 963
MEPIM- 11 _ M 14 147
SKFSXr_ £11% -% £12 ail 717.1
■SOdor_ 8S% -% -M 58% 1973
■Sebe_q 7M -3 7M 511 1389
SamnteesC_ ta M _ 45 27 713
■aeon_ MS -3 3M 227 3414
■GOOGmp_ 4U _ B 32 243
■Sptm-Baco_ 306 _ 825 231 TOM
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Uykes-fidr_ M -B M 55 78
Sytooe- 1 » — m 235 2U
■nQrtkp_ 30 —1 972 260% 17M
■TTSoxsl. -- 232 _ 2M 167 t5B3
Tort^r Certs*_ 71 _ M 71 113
TbnTse_g 441 _Tt4% 266% 03
ELECTRICALS
_ fl
_ 248
_ 1*7
H 182
-HO XH
■SMQettMaMlR 148 _
-3 2M
— 26%
_ 185
Notes Met -
Areofeobfe A NV_ 38 -I
Aden____ M _
ASEA BSXr_ EM% _
■BCC- 3M -5
Cop Hn 10% pc— «8%* +1
Bastes Neuter._tq Z74 -4
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28 194 7*441
M% 32% 9388
18% 144 1391
252 16% 2389
31% 301] US3
12% 4fi% 1X22
SS7P tip 403
81% 27 8384
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18% 14% 13M
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-4% 194%
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m te j?
Um _1 ■% HI «% 4% 114
MTTE_1 MB - 2M MB 9U
MmxmwS_ 787 HI 957 725 MU
■MlWCutepa-- 38 - 89 32 838
B%ga[M)- 41 -% 44 86% Ml
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CANADIANS
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126 &P aon
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1175fl S99p 2394
878p Tllp
24% 19% IMS
9S7p 71« HU
33p 6p 15J
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SS 312p Ml
J 21 % 4453
10% 8U
1343p 491.1
2Uj 18% 33M
M% 13% V785
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4 ^p 34%p 151
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134p 148%p 283
M4p 743p 2318
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7 - 9 6 US
887 - SM M «4J
445 - 4M 365 474
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M _ 81 54 413
298 - 288 234 273
7 - IS 7 3M
TU -5 1*2 134% 13M
23U _ 2M 180 M3
Mi H 896 234 nu
17* _ 48 31 248
M2 _ 172 96 408
•% - 12 1% Ml
8M -t -B5 556 7*3
276 _ MS 132 M3
Ml _ «7 110 TU
61 -I « 48 446
337 - 637 270 7SJ
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6% -% *11% 7% 07)
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MteuY- 267 -6
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J—pJlSSd 271 _
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1992 m
Htei Im Cap Cm
a 30 iji
22 12 172
£37 £28% IBM
386 291% UBS
121 90 1833
■M2 234 8U
» 11 M2
1% 7 288
IM 150 M3
ZB 110 3381
14% 7 274
184 80 144
MB 81 M4
M6 400 7673
no 148 119
U 38 332
55 65 883
£27 D9% 1397
26% 13 174
56 25 305
CI4i £9 2376
MS 243 ua
67 45 IM
f» 190 4U
Ml S3 MU
n u in
n 48 442
819 280 1U
12% 8% 193
58 51 UB
4M 305 803
850 178 4,781
V 75 91
£41% £34% 1687
5H 352 5*417
l» 579 573
B4 205 1613
078 £9% 24«>
06 ZJD 9461
388 310 117
an 290 iu
134 100 4U
£M% £15% MU
fltti £14% 310
> 4 US
110 96 M3
287 217 9316
8M 250 SM
857 260 HI
M 11 148
267 245 4U
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19 174
80 170
104 -
45 114
- 73
17 -
14 309
28 -
93 09
7.4 83
30 183
11 103
17 105
11 182
S3 2SO
83 -
117 -
24 413
1.7 ♦
13 17
40 173
14 320
34 SO
61 136
62 216
HOTELS & LEISURE-ConL
YU +er TS82 Ua
91 WE Ntees Met Mgb to* CepCai
30 - Baton- 72 - 90 fl Hi
41 164 Bar & WAT A- MB* -fl - 217 135 194
- 46 ftx»y*f(Wkc- IBM - MM 795 424
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7.1 125 ■eudrinpan-1 6% — 15 5 748
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30 144 Cteyateo- W — SI 71 217
42 - MSty Centre- 82-2 Tl 82 T16.7
- - Gtnpass-» 48M — 6M 419 88U
t 210 4C0Btyad Veil— » — S 19 201
U 144 MSmcantp-R SM — MO 293 874
t 319 K£tn Dowy FFt_ 118S HD 1691 1090 1077
or a&nDptzi Lw_ t s% — M 2% 644
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67 11.7 FafcteBcote-1 MM -fl 4*8 248 Ui
T2S 90 M asM te- *% — M I 14
t 12 ■FtotLdAPt- M7 -t 338 282 4813
72 IM Bfrrtu- IU H 262 «l 1,711
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too - 7%pC*P!_ ItU -t *MZ 94 14U
46 - ■ HteUM n y lBB— 7 — 12 0% IM
23 tfl4 M-Tk Spate- 187 -3 -298 164- 613
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- AtoflRasat—~ 33 9 — 41 32 171
7.1 128 JwysHoM- 181% — 181% 97% 268
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t 354 teLajbroka. 386 H *267 204 23M
IS -«»*»__ M - 98 81 U
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293 674 3.4 M3 Wanntt-
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25 174
248 U6 t 4.4 MMngAnalarL 177% -I %
8 IM — — 7ptCvUi'9S ««7% - ,C18 ^ Cl6 ^
282 4613 25 713 nntkvOMtlM. ** “5 35 m
211 1.7B 62 603 BMiofinqMife. v! ^ .. «
188 XU 39 . .♦ Warrants-- * -« JJ .2
192 UB 33 210 Fkntao&rt t 148% -6% «
94 T4U 64 - Renting Ear ndge_ M - ® 53 i
0% IM - - Warrants- 18 — » ®
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3% 9M - - Hmtecnedfw_ *4 -« 271 233
INVESTMENT T RUSTS ■ C^ 1 *
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63 523 297
117 - -
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17 914 12.1
94 1166 10
30.1219 169
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U 512 410
tU H 282
Ml - 249
256 -fl TM
11U -I TO
7 — 12
M7 -3 198
* - 4%
338 — 41
U2M6 132
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-1100-32
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192 U68
94 -MU
6% IM
IM- IU
3% 3LM
30 1805 142
- 722 120
32 171 KM 69 Renting Wgh tea—
111% _ 181% 97% XU U 100 Warrants_
-% *tt%
-3 M
-fl *217
40 173 flPsfan
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45 100 flfttemL
BO 82 Mtteadro
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204 23 a 73 110 ZamUvPt_
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289 333 83,103 ZmW«-
17% 2M.1 M 111 Btetnlrra Japan—ft
289 33J
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81 12X4
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254 -4
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W 83%
19 12
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117 94
B 30%
81 24%
1.1 2213 IU
14 271 B 65
U S84 -75
u - -
63 - -
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_ 76
— i«
ELECTRICITY
CHEMICALS
AkzoR_ £47%
■UMCMttfe- 117
■Amts utd-g 17
BASF DM_ £88%
■arc-i mi
■otp _u m
BTfl Nytex AS- 197
Bayer DM_ £M%
►or 1192 MM
Hgh h» CapO*
+a £M% £39% 2,177
-1 m IM 8tU
_ -31% 18 863
-% EH £76% 1761
-6 7M 896 8321
-I M 211 88*3
-2 IM 103 1584
—ii£M6% EK% UN
BANKS
ABM tom n _
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■Abbey Nattatat—
■AteMbbbtE-
■Anglo ktabH-tg
Banco da Ban Pta_
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Price -
^
282 -1
IM _
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Saak Learn (UK)— 330 —
119 -H
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571 ”
311 H
282 -9
407 -9
431 -4
£»%
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£74% £13%
*167% 157
117 251
185 IM
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£M% £13%
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m 141
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. £16% 456
£261% £231%
W% ElTjl
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M 81 183
M 70 8U
44 29 173
179 122 HI
U I tu
6W 493 23N
MS 142 MU
12S 76 117
211 180 IMS
MM 1557 9273
U 8 ZM
79 52 SU
H 56 BJ
473 342 IU
16 7 UI
45 30 171
■287 IBB JS1B
30% £75% SUB
YU
BY PIS
4.1 124
27 fl
12S -
74 -
43 H7
46 ISA
66 IU
18 65
7j0 23.4
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10 220
109 -
-for 1992 Md
Price trite) tea CapOn
278 H 295 196 MU
2M 44 3M 203 7SU
380 _ 8M 218 SOU
344 -M Ml 254 414
217 7B3
■iaitentePower—q 24 -% 746 IBS IBM
» -t 3*7 225 4961
837 42 Ml 228 YOU
247 —1 SB 196 UH
IM% _ ZB 14 UN
IN -% 1M% 142 £B
8H _ K 227 «8U
291 -f 3M 200 >7U
Ml 44 391 243 4494
2M H M9 23J 4311
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55 u
69 U
51 &6
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5L4 64
S3 62
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60 77
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44 119
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52 105
55 95
49 93
■MnonM- 1 7 M 6% 674
■ten_ .Mi H IN 134 4204
Vfctstec-h 361 4N 335 MU
Votex Enwgy Sya_ 17 _ M 17 B59
MtaporTboni- 33M +1 344 240 NU
wsiusi- a — a 17 14 *
Wwjonla*_ 446 -fl «B7 360 14U
■War_ MS -< 579 435 (SU
■Wetan_ 34_ 36 30% MS
Whosaoe_fg 297 -t *3M 210 MS
■Wtenvay_- n -% *84 17 284
■Wtrinoy_ M 12 9 631
Wtasil)_;_ 141 _ <07 130 283
Wyta_t 87 H M 49 22S
- - 7%peCvPI_ 181% +1% 111 32% 2MJ 61
29 fl flttoa*de)<S(H)- «a -2 T77 126 438 11
26 72 itebnkOrn—1—. M3 -6 772 587 £H1 65
24 lit 8%p CvPl 11M -» 128 91 2444 .103
- - HpRegal HoteL— 4% — I 3% 941-
200 -SSThoWS-M 70 -1 -M% 64 MS 65
54 123 BtyaiHMMsK— M - 16 21 157 Sri
25 ♦ SawoyA- 6M W IMS >i
8LO 113 flStetpsmofCWri. - a - 41 28 IS
44 167 flStemKkto— M - 12 7 ISO
14 -SSdS——t 34 -i 87 » SU i
34 - RentoyLeto_f 238 -4 8» 187 SU U
54 125 MKattgb_~ 8 _ 18 7 748. -
35 116 MSSuny-Qt 2% -% 4 2% 856-»lti
138 11.1 Tanking-L 295 296 IM 6wWo.1
87 IU MThomBU-q SO -fl IM 704 SJigJgUl
7.4 - flTgnomrwY Loto— a — ^73 37
62 163 ■Werabtey- 44 HI IB 23 1154® it
94 204 M lW b Begate .- 12 — M% 9 348 1«
44 <24 afWluvfedato- W% — 24% 15 739
37 175 2mm _—? HO - IM 110 731 31
32 154
as <23 INSURANCE BROKERS
♦ 4 -v 1992 MM YU
~ Notes Price - Mtei tow Capa* 6rt
I? AtonAAtarS- £11% +& £12]] £10% 4744 .41
28 tU tlpcOvS_£46% _ £51% 8*6 1183 tU
~ ~ AoJwfAJ)-U 44 - M 30 M3 14J
u ♦ WenyBbch_ W6 — IN 75 839 «
~ ~ ■BrodstoCfc_ IM _ MB HO IU U
flOnrtoniDG)- 4 — 11 »% MO -
ll t7 ° HKealb (CE)_ 877te -a *477 347 MM 93
J® * ■Hogg- 153 188 161 MU 67
82 tfCO_ 8%# 6% 6% 178 -
127 1,2 MSB_L 178 -2 808 170 1984 5C
~ ~ «JoydT»*msn_tti 8M -6 Z88 211 MU 21
“ 72 ■Lowndes Lam^L 2B -6 354 287 67J S3
63,163 ZteOOlwW- M% — 81% »%
64 111 Mtarirrg Jap8H—tr IM -fl IM 109
- - M Warms_ 32 H 38 23
61 1225 5J 54 ■FfentagUerc- BMW .-6 M7 214
141 415 9.1 - Tendng<rsBas_ >77 -1% 196 177
19 372 U 184 ■Ranting Unto- 217 -fl 2M 210
280 UU 17 163 teMtetCbl- M4 -2% **» <«%
118 448 54 92 BterAOteEU—S M% - M . 29%
35 IU J44 54 Tv & Cal Earn— 1H -I *173 146
71 7611 44 11.1 tefor S Col Gsnnan. 91 -1 IN 90
156 4U SO - Wtetante- ■ +% 31 18
61 — Tor & Col High- 64 - 95 47
34 2X2 Tor&CtePac__ MB -5 MB 153
64 197 MS -fl 119 99
103 - Tor 5 CO) SM— M -fl 111 91
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35 114 Wanants—- 7 — 11 _ 5
54 165 Futaun Inc-.-g Hbr — 43% 53%
14 - Cap- 9% — M 6%
- 102
34 2743 154
34 2204 IU
17.2301 57
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64 1653 Q5
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118 92% HU 111 - Tar A Col High—
177 125 08 34 232 TorAQriPw--
771 587 &M1 54 197 Wanants-
122 91 2444 .103 - TorAColSmal—
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6% 64 764 05 114 Wanants-
*85 21 157 54 155 Frriounlnc-g
843 580 188S 14 - Cap-
40 2B 142 - 102
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16 7 TJ6. - -
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239 136 WLiwrO.1 fl P’g*”-
8S8 704 sjqS^J) I A3 —
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4% 15 72B -
MB 110 741 47 105
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L4 1»0 144
24 1051 86
- 685 306
231 - -
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30 M2 144 5.7 dp_
75 129
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144-6% ZM 137
M -t M 75
i „ 6 4
79 _ 30 25
77% _ 14% 71%
H __ S 44
is _ a 14
76 -fl - 82 76
M _ M 67
1H _ W7 96
M -1 88 45
«» _ £9M 556S
181% _ 138 109%
22% -% 27% 19%
77% -% M% 71%
94 _ 161 90
111 -1 123 108
98% -fl% TM 71
11 154B 51
14 121.1 290
ZU 357 31.4
MS - -
-22t4 633
14 -
254 211 66
* -c
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170 NM
211 MU
U 104 Stepped PI-N 144% - M8% 126%
12 174 Toman tar_ M -1 77 69
92 « Toman Sr*_ IM *-5 171 156
&7 10 Wanw rte. M _ IM M
- - ■Oasgswlnc_ 48% — 44 37%
56 131 Kona An Site! CBS. B H 91 81
26 18J TarrottOrlanM_ IM -0 170 144
IU 834-122
114 . - -
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287 874 S3 1X4 Town Strategic—
£Mi] +A £44% £40% 2432 37 - Grterams nmod—
FOOD MANUFACTURING
Hgh tow CspBn
_ ftB 75 374
AadOSAHoteh—t IM - Iffl 75 37J
Armour Trest_ t M% H 41% 32 SB
mASSOcBfX Foods 3 <M -4 479 414 LM
Assoc Rstwrin_ -m _ 147 103 <8.7
■AvanoroE_ M _ IB 6$ 731
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sr> we
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194
119
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61
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m
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1117
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278
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239
12X4
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Ml
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114 At
244
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274
224
1015
72 IU
a
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BSNFfr_CtllW -%£tM% £96% 54M
Banks (5C1_t tB « <86 l« 1V4
2M +6 Z7B 200 6L1
SM _ in 102 544
S% -t Z7% 13% SU
MU - 21 13 241
- ELECTRONICS
30 15J0
54 17.1
44 (1.1
« 15.7
22 -
»J -
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115 -
32 IU
Notea Pdca
_ 92
_ *76
+« 1992 IM
• Ngb tow Cip£ra
- 15* 56 234
_ K7 152 M64
tiZZ 00 **— ^
Ate*-1 IM
MAthnmrt:- M
Mtaotnd- 46%
MA*tec(BSR)- 82%
■B ran- 11 m
in 195 iu
M 6 2 2S
382 296 4U
tB IBB BAS
76 19 117
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02 -
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34 «
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■ tofaterisZ!-- »% -t 27%
Toakar_ 412 “+T 498
■Borttnrteka_ 33%te _ 44
■Cafirn472 -fl «9
Car's M5_- S3* 187
flCterite_0 tM -fl TB
- IM -
183 —
t 883 -
<98 400 UU
44 33 IU
MS 428 8411
187 » 5JB
IB SO 424
819 475 MS
m is iu
IB 140 114
<N 277 444
-t 4M -4 446 3S 9412
37 149
IB 28.1
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_ 34% 12 952
_ 23 17% 111
314. mi
>6 _ W 19 >0 MS
Z “Wtewtn- 76 r S3 731
H mWsOoroon_ 244 -fl 27* 224 1015 74 IU eroswnarOm_
Jj |2 Wtedsar_ 20 — 21 14 Ml - 714 tta Uer s Uflgtriand-
IS t INSURANCE COMPOSITE * ~
70 75 +» 1992 Ha YU Wanants-
g Notes Mcs - Ngh tow CapBa BrY WE
27 ,, - T Aegon Fl_ £W% _ £21% £17% UI2 54 7.1
~ -7 AtesnDM_g £779 X6WfB7B% HffH 0.7 -
tn .ji American6eiS_ EM% -% £27,*, £22% V24 A7 —
55 754 Arnertsai)lnt &_ £46A - 06% M7% M£B 04 - nSOHtaami_M
^ US Aoil- £22% -A £25% £21% MB A2 - tJT h _
44 - RteBcaDKr . EM% -9% 162% 08% 62A1 14 - ■ &sUK9n*Cot.
2 S 404 teComm Unto*— 4B _ 573 402 2jm 03 - wawtt_
32 229 *0a»AGcn__r MM -6 TIBI 940 734 * LB 1918 KMtetat
A3 37 FAJAS_ 21 +1 81 24 631 - -
66 fl flPBOC_ 1M% N4% 93% 431 42 fl KmmCr-U
U J 27 Ton AcoOent- 472 -H ra 381 UB 74 - jgsHol*ig*-_t
S5 iji BME- * fl W 10MM ill -
W <59 £8% -1% £89% £8% *L1 - - qJ_
35 t3fl HbwrriMlE_ 189 178 140 144 42 164
IM -0 170 144
204 ZU 179
in -1 114 9Z -
311 -2 419 270
82 _ 55 35
23 -fl 29 14.
M _ 42 30
29 _ 26 22
IM _ Hi 91
1H M W4 B3
XT _ £3 17
MX _ 181 146
M% _ 29 16% .
12 _ n% a
as 41.2 -64
— 954 121
U 1874 154
44 23X5 122
U 1467 203
24 3663 151
» 569 684
244 469 21.0
U 37.4 332
U m2 248
74 964 -32
U 1614 80
- 369 373
** Aegon Fl_
I .7 ATOM -g
so 149 American 601 S—
“ 214 AnrertCM lnt &_
35 174 5®*—--
63 - RteBcaDKr
20 404 ■Coon IMoa-
32 229 MBBAGcn_ t
63 67 FAJAS-
56 • flPKC-
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54 7.1
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S«WW Y .
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<99 -2
<73 232
M 346
474 204
£1tti £5%
% ah
BM 295
345 305
8M 251
CUB £130
296 147
Si «v
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- £3te<MS- 293 -
-Q £93% £75% 5MS
+5 Mil 1115 9419
-1 658 632% MU
(jpcCvHd I
■MTM-
PtMorpSXr-
SuartomaY-
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■TSB Cft-net tel_fl
Total Y-
ToyoTsUBkY—
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£5% -%
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248W +1
132 -
334 -fl
-% E?a £3%
-% £9% £4%
- 511 402
■Worse Staays^
Wctetenbotaa-
■Yortsrtra—-ft
- 323 253 MU
_ 2M 195 IU
- 290 21 374
—. 688 637 4*7
H» £22% £18% NZ.7
— an 231 nu
+1 *1M 130 2A1
- £888 £246% 1*2
_ 11 4% HI
_ 422 328 MU
- 3M 290 24.1
-a 3M Z77% ins
- 278 218 2224
4ftStendS.- 8476
■ TMTOrorpe-- ~2J3
BritHwmWB n
gfc s
ConttriToeb- 224
Mranbrook- 16
Dswttwi-— t
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■MHT ■■ “ 24
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OTtoranFUWteALs H% H%
-75 4179 2363 7824
_ 2M 206 MU
_ U 10 Ml
M ® «
_ YI6 69 Mi
— IM -
S *& —
228 193 851
M IB Ui
M 82% M74
30 14% 248
STB 263 MU
_ ”445 379 1122
E9A £5
EUi £3%
153% 115
MS 128
%
IB 132
671 312
Sec OalaProc- 1 6C
CONGLOMERATES
4-ai 1992
Jtota* Pries • teeb
- £29% -% 04% E
BREWERS ft DISTILLERS
+or 1932
NMsa Rks - Nte ton
851 -11 712 569
£29 +% £33(1 £28,’.
179 -H 197 146
305 - 317 243
19< — Ml 139
tao —. M9 112
27fcri -13 291 104
216 -3 216 145
85 ■« 19/ 62
M — M 73
43 -fl 4* 420
481 -fl 318 432
4M -5 4M 363
205 « 211 178
523 — 530 435
383 -14 644 506
328 -10 SB 279
£398% -II £4* £340%
283 -M M6 253
2250 - «M 2040
3S» -1 3M 2SS
4M -11 107 05
218 - 228 161
5BU — 620 590
6)5 — MS 555
■ flaw
477 — 477 405
383 — 395 3S3
*6 - 483 320
1% — 16% 5%
«8 -3 476 408
£18% -% £17* £14%
W -1 » 175
«« -7 « «7
16 - M 16
W2 -3 56B 543
SW - Si 453
4M — 4* 396
YM
d%
<1
22
33
49
3.7
914 A3
27.1 43
MU 30
24
42
U
1.9
32
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34
an
24
23
22
ZB
’4 XI
’4 27
04
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20
'.7 27
2 25
34
22
SAB 21
3J8 -
1*1 4 A
MM 25
2WLB 54
US3 5.1
- £29% -% OU £26%
flt_ 927 - 97* 772
IN -fl *187 159
«41 +1 441 381
29 -H B 27
IM « 212 185
U% - -M >0
34 -1 M 26
9U _ 379 315
*** S- 'S i
17 -e 97 66
197 -fl «9 155%
2H -fl *44% 194
£197% —% £112% £97%
24% -% • 61 17
132 -3 187 IM
444 -fl 4M 259
33 -1 35 26
61 -I IM 58
XM -7 *329 239
YU
Bta WE
XI 128
28 -
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26 154
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Treaty-- 194
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a
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144
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233
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140
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200
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211
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24
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227
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25
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41
18
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14
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13
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185
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74
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354
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73
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11.1
25
81 S3 IU
M 68HO
M 58 1717
<9 38 MS
283 233 207
TM 118 3442
-SDB 148 t«0
M 33 MS
T42 105% HI
15 70 IU
198 140 242
m a .ns
[Dfe_ £71% -2% EM:
73 114 ¥»«SiriUarY-g £26% -% £41% £26% 10,103
4t ft, ■RoyaMmea_ 239 -4 173 IM tWI
% -5^? 1.YSS Si
ii “ SSZSZLz m i “-ft 'S’E
. si Tontert S - CWH - 111 £10% VIM
£f USF4GJ_ «H *4 7H 3H 6722
44 17.7
li 2A i INSURANCE LIFE
"a -H
4% £71 UU
•B 30 HU
CM £10% VIM
7K 359 8722
~ KtotowortDHr_ 266
I MtebtaatlMtoA-H M
_ Zero OLv Prf- 1M%
_ teKtetowortOYos*- Mi
KteteoaiSmte- 114
K orea Bnmpe -
KcasaUbeoriS-
M2 _
384 _
£3719 -9 £3782 £3348 4*1 B
£3712 -9 £3743 £3299 MS
MB _ 5B 318 SU
MU -4 *Bi 496 VMS
48 _ 41 37 MJ
M2 _ MB 93 12U
7 - 11 6 A72
221 -fl 2S9 197 785J
51 - ff 33 ZXB
m _ 72 60 LU
3*2 -2 -MI 300 MS
3H -7 443 368 UN
M7 H MB 165 35A6
IM _ 133 83 IU
ante -2 368 ZS3 78A8
943 —t 9B 686 7SU
£88% -% EM% £53% VM
3B% H2% 448 364% UM
17 _ M 12 111
£29% - 131% £24% MAT
671 -
£81 -%
*16 —
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247 -3
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_ IM 101 7.18
■Kyrot--- a —
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52 tu
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182 nu
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76 IU
■ASDA-1 35% +1
■Albert Fitewr,-1 71 -1
■fAppteby WwotL- ZM 46
-fl *73 233 5U
+1 479 371 MU
■IWtiL- lilte 44
Pt— H "SS
146 -fl IM 123
M -4 245 92
32 -fl *M 32
4% - 1% 4%
177 _ 139 111
118 - 122 100
at 2X5
21 IU
6.J -
ZU 122
VO 227
as -
1X1 xo
11 s «
ZB IAS
S4 75
as 7.4
Newman (U- 44
Norsk Data A NW_ 61%
Bcraanriw, *
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IM 4fl *W6 109
Ml +1 Ml 103
H 143 100 M.1
-6 2*78 1548 2S4J
_ 35 13 ns
-3 SM 201 nu
__ 117 82 TU
_ 23 18 U6
_ 63 32 ua
-z m 81 % 111
_ 56 37 AM
-1 H 34 222
- 127 82 M.1
_ 61 49 226
_ M 52 *8
-0 IM 143 KL*
_ 127 104 Ui
- *17 63 IA7
I- 4M -
1 - 44 -
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>3- 82 -<
__ 13 _
lOp-1 2M —
1992
Ugh low
s
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*372 273
31 19
61 65
Ol 420
46 33
— 79 61 162
_ IT* 83 IM
CONTRACTING
ft CONSTRUCTION
-her 1992 Md YU
39X4 23
18.1 17
MS 42
6%pCvPC_ M
YAittwCarp-- M%
■Abbey l£- A
•Mien-f IM
■Amhaw*Syk 8 «_ 144
MAngtaSec__ M
BUILDING MATERIALS
1092
Notes Price - M In
♦Ateriterton- 19 — g
-- 128 -1 121 111
“TO-- tg 174 -I TU 127
gOgridga- 90 _ M2 75
£0*7*--- 81 89 54
■ftaCws-N 221 ir «*m% 215
7% PC Or PI——. 12tr +1 1M% 117
- 182 -r IBS 84
BmftaJSkXJ- in - 182 124
BntBBJfCB- 171 fl -Jte HE
KRHE- 229 43 349 201
Cakabreari Rob A_ 27 *25
C«P(L—-- 217te 236 HJ7
JWpcOf PI- CM — S3S 460
SOtietaJn- 167 120 55
|^by-1 8 / — 91 83%
-ff W -I til 162
SSsstaScr ?? - S S
•Kaptaai/V— B% — 19 B
vfiftanan^_ifl -j it 6 $
ObtyADatyA- M _ 5 S
gg” 12 —- «*% — MSh )13
■Horton Mds.— > A 3%
jjfflog- - 25 — M 21%
(ESS? 1 —s “*'««»
—tg 66 — *3 <5
■HtywoodWte— ua - 3 M 002
-fr*- - - . - 142 -4 MB m
■baockJonssw— as -4% -gg 00
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■fAssoc Energy— 3
■AvonsUS-1 IM
XI
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224 74
2X2 59
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UA 23
021 51
IU 51
373 43
222 54
2S&4 HLS
123 -
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K 1902 Md YU
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49 -t» 127 MSA SO 1O0
46 -M 74 ItU 100 -
_ M 68 739 75 86
-1 79 62 256 — —
4-1 12* 119 Ml 52 XI
-fl MB 125 ZU 42 *
— 27 12% 443 -
_ *W 125 3TX U 220
_ 4 2 248 - -
-B Ml 95 81.1 85 94
_ 27 21 272 At IU
— IN 103 *K M •
— *1 27 841 - -
_ IM 114 *12 44 -
— M S3 4* 42 *
-4 M 41 MA4 8 -
_ T 716 ML7 54 IU
... M 19 *41 - -
-2 -345 210 ITU 21 -
-fl 1* 85 124 84 ; -
_ M 29 194 7J 27
-6 228 97 IU
-% M% 45 9194
__ 48 26 7-92
- 63 25 ml
_ TM 75 741
7.1 -
93 20.7
75 TM
74 -
30 IU
17 106
44 106
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27 7U
02 -
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20 234
14 202
02 351
3J 107
129 V7
HuntaSepftk.- 4Ste -
■fcteud- 5U
■ftrtrSJns- 1 S31 M
■Low (Y7a)- 218 —
MAW .. - M -fl
■ienri iaU Rtel - 17% —
W itee n flW—h HI <<
5%pcCvP1- 295 -
TonteiPTl- 171 -
■fttrkFrMd- W —-
■SteRsbayfJ)- 468 +7
Stty«B- 629 442
teTeaco- 294 +3
■noatt B- r W4 -7
♦WadMltebtslX- 67 —
WWooAPbto-1 286 -
67 66 %
a is
<78 2M
■S3 81
448 31S
479 388
61 43
5M 412
US 514
Ml 90
•23 13%
IS 83%
2M 156
MS 1«
IB 7B%
471 337
629 291
■298 215
2W 188
ill 37
397 290
102 64 4-ai 1992
Il TU Itete, Prim - H*.
13 144
34 157
54 -
54 51
8 -
51 94
25 IIS
45 1Z1
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g INVESTMENT TRUSTS
24 115 4-or 1992
56 123 Netee Mcs - Huh
31 <05 Audi ot i— d by tern Mid Berow
29 151 AberiorfeSoIr- M3 — <44
Waranb- 61 — 61
AbartodtoSpHtoOl M -fl MB
Cep- M2 __ K7
„ IWR- M tn -1 241
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25 84 BWaiants- M -4 M
55 Hi “
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14 174 zero Dftr Pt- «% -1 129% 1
” ” AUrast Scotianri— M — 24
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taw Cop&a
762 *84
182 5151
317 1487
_ Lnvcraood Opp. __
807 15M 55 155 ItyrtitarPdrglta.
£28 14 M
343 1326
215 Mil
<99 44M
6M MAI
At 114 CapOte—^-
65 214 Ton Amer vent—
S3 34.4 m»i i L .
56 311 iM Storifc _ _
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M% -<%
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M -3
M6 -l
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£33% 4-% £36i £29% UM 27 -
411 - <29 305 8367 *0 205 |^|Sj| S
U&QDoaUnc-
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MABOutelnc- 43 -fl
Cap--- 1723 -fl
TUStacnwtacJi «%te -%
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52 2165 -74
07 1257 2J4
Uteri -fl
326 -
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H 2N 107 XU
_ 60 45 177
_ 271 179 2*9.1
_£243% £318 12421
_ W 36 AM
_ H 55 244
tl 21 14
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_ 292 <90 454
_ » 135 *U
_ 27 13 at
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HEALTH ft
tAsaocNoMig —t
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■BoatM- ft 23 — 223 140% 574 M 124
BBSEA-f» 5M - 643 25 SU t -
79% 2874 AS 415
51 Z7.1 59 -
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ENGINEERING - AEROSPACE
+or 1962 MB
Hate Pdca - !%£_ tow CSpOo
MU_ M2 -3 33 140 257
TtaWoL- 2M -43 JTt 2ffl 1£4
7%pC*rt__Z 84 -fl »s% 71 aoz
■Dosriy_♦ 1SB H MB 102 «U
Sl!_! 297 ifl *86 107 MU
102 ms
107 MU
■H 291 151 t*74
l__ . 9M 77 444
KteakxteANKr—ft
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87 - 78% 60%
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- 1 1« —, 179 138
tfBtet- TM TM% M
JPOtft- IM — 111 SB
■Hafris-fl 283 +1 295 182
BS3S~ - - IM -4 MB «%
—-B 77«a -f 17 7i
BJapOrPT- Mr -1 *87 88
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444 109
MU 44
252. 45
MU 1X3
IK -
XM 54
12U 24
TU 40
UN 4.0
Tm t
157 44
AM 11.1
•U U
3352 7.1
924 BJ
6X4 104
MM 62
154 38
171.1 87
DeM&SOKI—flg
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Bn MM ™' 38 -fl 64 XI 194
Totems w. 43 22 in IS
7 146 7 04
33 752. 44 74
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CURRENCIES, MONEY AND CAPITAL MARKETS
F INANCIAL TIMES THURSDAY JUNEJ3J992^^
MONEY MARKET FUNDS
FOREIGN EXCHANGES
FINANCIAL FUTURES AND OPTIONS
Overt intervention by Italians
EUROPEAN currencies had a
turbulent afternoon on the for¬
eign exchanges yesterday after
the Bank of Italy intervened
heavily in the open market to
support the lira, writes James
Blitz.
Although opinion polls sag'
gest that the Irish people will
vote “Yes" to the Maastricht
Treaty on European union
today, traders have been
noticeably edgy about the over¬
all prospects for European
Monetary Union (Emu) since
the Danes voted "No" in their
referendum. Yesterday, the lira
fell victim to uncertainty yet
again: the failure of the Maas¬
tricht accord would reduce the
incentive for this politically
muddled country to reduce its
massive budget deficit
Goldman Sachs, the US
investment bank, fanned the
flames over the Italian cur¬
rency yesterday. The bank said
Italy’s budget deficit could
lead to a devaluation of up to 8
per cent. Heavy lira selling
ensued, the currency dipped
below 1*758 to the D-Mark for
the first time in six months
and ended firmly at the bottom
of the grid in the European
Monetary System.
The Italian central bank
responded with Its heaviest
Intervention in the market this
month, selling D-Marks for lire.
A """k of Italy official was
forced to confirm publicly that
the speculation about a devalu¬
ation was “nonsense’'. But at
L757.50 to the D-Mark, the cur¬
rency was trading close to the
intervention point, suggesting
that the Italians’ efforts
amounted to little more than a
holding operation.
By contrast, sterling appreci¬
ated sharply against the
D-Mark after Mr Norman Lam-
ont, the UK chancellor, under¬
lined Britain's commitment to
European economic conver¬
gence. He also said the pound
could enter the narrow bands
of the EMS when the time was
right
There was nothing new In
Mr Laments remarks, but the
market's directionless mood
made his statement seem
important Sterling rose nearly
a pfennig following the state- 1
ment, peaking at DM2.9254
before closing at DM2A250. A
mixed batch of UK indicators
had little eSect on the pound:
May’s retail sales were poorer
than expected, increasing by
0.3 per cent, and May's indus¬
trial production figures were
only marginally better than
predicted, rising 0.7 per cent
Sterling was helped by a
weaker tone to the D-Mark,
which lost ground to the US
dollar. There was nothing con¬
crete behind the US currency's
strength. A dealer said that
today's holiday in Germany
had led to short-term dollar
buying, another said that an
Irish “Yes" to Maastricht
would weaken the D-Mark as
Emu tensions ease.
The dollar climbed more
than a pfennig against the
D-Mark to finish at DM1.5780 in
Europe, to New York it slipped
back to a DM1.5745 close.
LffFE LONG ELT FVTUS£S BMTOS
__
SWb CaUj-HUtenrats PBC-Mtarats
*5? «§ 4§ <u3 M2
95 >07 W7 0-15 0-55
% 2-19 2-54 0-Z7 D-52
. 97 1-36 244 0-44 MB
98 Ml M3 1-09 Ml
9* . 9-39 1-14 M7 2-12
ICO 922 W6 2-30. M*
101 0-12 0-38 320 3-36
Earn* Him b^C*MW*5»
Prate dtfs wotaLCMis 33991 Pn 29468
5 33991 Psss 29468
UFFEBfflMUKSnWS
UFFX0S TBEAfen BM futoks ovneus
niojMmfcitm* _
Strife «Hittfa*MU PuMttteWS
Na fe DK fe Ok
97 33 303 OS 1-15
96 Ui J-39 -MS Ml
99 2-00 2-05 0-54 2-07
100 1-2. • 1-40 M6 242
101 1-16 1-50 3-18
102 939 961 2-29 M3
UO (W4 M5 3-14 447
104 . 0-14 0-33 404 5-35
E&lutfe ntn ml tote 45 Pm 125
Prate rt/i ore lot. Calls 814 P#u 1345
uffejhuu an. mo am mum
OraRS . UA»9alMfeKUt%
Piu-HliJrtte
Srffe
MWite
Puts-!
Sra
Dcs
Prito-
So
Ott
SCP
0
9350
2L9
265
034
a qi
0.02
9400
L80
231
0.45
0.03
035
9450
1.45
200
OiO
0.07
0.09
9500
U4
171
0.79
0.18
015
9550
0B9
L%5
LW
035
026
MO
038 -
140
133
037
0.40
%50
030
LQ2
265
081
059
9700
DJb
084
201
iffreioroWTMsw™*
B«gfl^WpMn(lM* __
Strto W*®*"**
fig ft £ . &
aroo us in ojs
3750 0.87 L40 025 OQ
8800 056 L08 OM USl
eso QJS 031 0.71 084
3900 020 OKI ^
SS 28 8S a m
UFFE fflKT STEKOfi ffinas
{5BB | |N|NMs«rUI%_
Strife* CaSMttfo^S ■ > »® u *“*| s
as ft ft 1 1
m is $ | «•{
is ui is
S IS 8S
Money Market
Trust Funds
750| I0J5IMM
aHB53LJ# ■«»
-- - . fee*
c™ * w utcr flyesaaia.
CAF line M n agcmart Co LM n8
tu&sctip 1 "* h nav gS&b* J \st
sssgsstRJi 3 tufas
me COff Ctarftta tfepasH Aooort • QJ■ 3J0
Cent M. of FI*, of dud of Eglate# jCK Voi
Ba&.y.SB" Jwm
Cir tattM MfiMF MlllAlPfUMKlt LM r ,„ nEtwtlTT
16 - 18 Wayw*St. 0n*»6Ujg BoKEk^j.- . -jaS25
TESADBt . 0712369362 £20.000-W9.99O. . 17625
9^0 ^"xSlI 10001 Mtfe
9 JO HM
068 b-ttb
7J8 trm
3.75 -S.1S Mtt
2b) 1 36 MU
L50 102 {Ml
L13 L50I fiu
v
?y • .
SrtFrt!? 1 *.-. 993 7.44 UL17 MBS 53o«M.*H. ...1730 S2S1 /XH. MV
7-Hrfnxl _- 9.91 7.« 1AUHM niiTMilll^TI— ~■ .
SaiSaifM _ 4.47 7 47 10.43 HM ntr^TpOOMoTl7.875 ,3911 8 lit-*7
SSr-TVl_ 271 2.03 2.73 3-Utt SooS3w,999- 5-«? ?Si . &
tcsaw -J«uo 4 -j 071 ^ 34 ?
_ _ a _ , • DvUnatoa & C® LW Imsbutut ME fe
Money Market
D^b Arrnnntr SKSWCdU &H mX
Bank Accounts ■
Groa 0B. S? «cr
AIB Book High Interest Cheque Amwt w' "|9 0 m
SrJc^Utabr^lJBaiS* 03M^2U5 g^SS??^;J3:225 SSI «9 bI IIS
0 033
0 0.17
0 0X17
0 0X13
mo 071^2361425 "hfES? 1 mm 1125 6.091 l»|"lhr
Ma w 5.72 7 9^-Qjr
7.44 10.17 trBffl w2oS3?«9. ... 7X» 5251 7J9l -Of
747 auf/ter
1U - BwWr.riftJffl ?:£ ■£
: tsz s SbssrMsasar^wumjo.
nrajM»r:fe
Dirtlnqtaa & Co LW InrsinMt MM n
SSSh'W qe'fflfS-
C IN NEW YORK
Jhsc 17
dost
Prataas
Ora
£tei_
18563-L8573
LB643-1S653
Xmcntb-
3nwiH..—
0.98-0.9tcm
Ul-27ta
im.-0.99p»
276-273rt>
UmratH....
92Q-910gm
9J3-9J3pa
EMS EUROPEAN CURRENCY UNIT RATES
Fon»*d pml» aotf dfceoMG appfr ta ite US Mtar
STERUNG INDEX
Ara 17
Prate
830
9.0D
fifll _
JO rarart,
929
929
928
928
laoo
929
928
1130
92.9
928
929
928
100
929
928
230
t»n ........
93.0
928
3.00
93.0
928
430
tm —_...
933
928
PMtDHESeEsCBlO-
_
Belgian Fraac-
DutdiGBUr_
D-Mark——..
Ilf* Art-
ftowfiFwe--
Sterling-
Ecu
Ccraal
BUS
Cttrtacj
Umamn
Agrtrt Ecu
ion 17
% Chart*
(ran
com
1 Rtte
% Sgrert
nWrafest
Omrny
Dtaergra
Maur
178.735
170517
-450
5.72
75
133611
129.049
-3.43
4.44
SB
424032
423180
-0.44
130
23
231643
231086
-024
111
13
205586
235117
-0.23
109
16
CL767417
032
084
0
639599
6.90686
0.17
069
-0
0.696904
2701771
0.70
0.16
-15
734195
739785
0.71
015
-31
1S3&24
155150
0.86
030
-41
HJtelUra_| 153624 | 1»130 | 0.86 | 0.00 | -41
Enertnl*auiwtloU>’£>Bef>(rtCgn(iusIoa.ClrttndaaieindBCBi*n9ratalhtstniti6. Perantawdasgn
«e hr £at -1 pasWw cftage darter a mak cam*}. Pfrayc e Ans Ur catie betaeea Sue tpraa*; Ue
omsiuge <fim»e Between da acual wfet and Em ortral rata hr a omo; *d die ncBnuM pensttt*
percentage OnttUgo of the tumuj'i Bates me from Its Eea cerKral me.
AdjKtroBit ototatti te FhapcW Tim.
POUND SPOT - FORWARD AGAINST THE POUND
m mi i i ___ T % i ^ nr-
CURRENCY MOVEMENTS
Brtcof Morgar-
Jib 17 6ano^
SterflM_.7!? 93 j5 -190
US Dollar_ 623 -163
CaaHai Dollar__ 992 -2.7
ArtrfuS*miag.— 1102 - +123
BdgteiFnK- UL7 -18
DarttaKnat.. 109.9 43.9
D-Mark_ 119.0 «5 l4
Srtss Franc_ 1073 +13.9
DdUi Guilder. 114.8 +16.4
FiwchFraot- 104.9 -115
U*a__ 983 -202
Yte._ 14L6 +773
Potto_-I I 1079 -18.8
Morgan Goorootf dnoges: aterage
1980-I<fc-100. Bask of England lodes (Ban
Average 1985-1001. "Bate me tor Jwe 16
CURRENCY RATES
US... L8S30-L8625 LB530-L8S40
CMda 22160-22290 22200 -22210
HtthertaA . 12820 - 3.2975 32875 -12975
Belgium. 60JM-6025 60.05-6015
Dnnark.112265 -112565 112375 -112475
Mmd_ L0915 -1.0935 L0945 -1.0953
Ceram.... 2.9150 - 2.9275 19225 - 2.9275
tatojd.-.. 24220 - 343J0 242.70-243.70
SftGTL.^ 183.45 -184.05 183.70 -184.00
S3t _ 220215 - 221425 221250 ■ 221330
KorwaT_1L4015 -11.4405 11.4075 -11.4175
Fran._ 9.8140 - 98600 93500-93600
SMdB_103285 -103620 103373 -103475
_ 235XJ0 -Z36XH 235.00 - 236.00
/tortrU—... 2032 - 2039 2034 - 2037
Switzerland. 23245 - 2.6390 23250-16350
Em_ L4225- L4265 L4240-L4250 _ , _ ,
OonrtcW rati taken towards the end of lerton trading. Sh+nonlk foraard After 529-5.24pra 12 McnCh
93M300B
DOLLAR SPOT - FORWARD AGAINST THE DOLLAR
Es tim a ted totene ttUL Calls 2770 Pat s 2347
Pieeaw dan's opai hLUk64139 PBs 47030
LONDON (LUTE) -■
2HM 9% MTVMAL 6B.T •
gM89 3SBi ef U0% __
Ctar HM LM Jm
Xm 97-22 97-52 9741 97-S
Sep 97-28 98-01 97-22 97-29
Pietleus daft ogei IflL 60824 (63534)
US TKASUIY MSS 1% •
SWXM 32ods r< 104% _
J<« 10120 lOl^S 10140 204«
Sep 10045 10048 10042 10040
Eslmted wtae 732 (739)
Pitetaa day's egBt M. 1587 0391)
6% MTBNM. 6BMM GOVT. SP
DHBO.Dte lflBtoaf 180% _
Cte* hu Law Pm
59 88.12 88_L8 8a09 88J4
Dec 8847 8 830 8849 88.49
EMktBted nbm 18183 (33727) _
Proteus day's ogee tat 104343 CUBS89
6% mnsML S tejm mmSe AWT.
taWYlJOmlWtepflBnfc _
□ose High ten
S 9 18231 102.40 102 J 1
Dec 101.97
EstfnaW rotane 1446 (914)
Traded eKkaMyra APT
9% IWITOIW. ECU BW»
ECU 268X104 lOBtts ef 1M5; _
Dost Hig* low Pre*.
S 9 9933 99^
Estimated rote* 0 CO
Pteetous day's egea ml 0 (IB
12 % mmiu. mtux govt, km arm
UHA 206a IWifa ef Ut% _
Case HM Low Pm.
S<» 9535 95.93 95.26 9536
Dec 95.50 9531
Estimated lOhm 37337 013621
Prate day's 009 let. 37779 (40064)
TU8EEmru STEHiHG "•
oaiun# petofa if mu_
EsUrtW wlflM (Mai. oils 1830 PB»aa
Prate do's 99 let CaHs 14695 As 17119
CHICAGO
UX TREASURY BOMB C8D 8%
S10MM 32a* of UM
Cose High Low I
An 101-07 10M1 100-29 10
S® 100-05 10049 99-Z7 10
Dec 9941 9943 98-24 91
Mar 9842 9645 97-25 7.
)» 9744 9744 96-30 9
Sea 9643 - - *
Dec 95-15 - - V
Hr 94-24 - 9
Jar 9443 - - 9
Sep 93-16 . - 9
113. TtEASJIT IBJJ (DUD
SLn parts el Uni _
dose High Low I
J® 9633 96jfc »33 9
Sep 9623 9625 9621 9
Ote 9587. 9539 95.85 9
Mar 95.75 95.76 95.73 91
B8IT7S PtfflHO DM)
>*( _
Sep IffiS L®0
Dec L3068 LS080 L9010
Mar 1.7864 - L7820
SWISS F1MC OHM)
SFr 125,000 S per SFr
Oast HM U» Pra.
06974 16® 0.6935 0.7026
06896 03910 068® 06948
0.6836 0.6790 03888
Fdbmd TokzPe tart. Caffs 2422 Pets 22 30
teted5s£«l£ Calls 10943 Ads 1003S3
JAAUffSEratQM
rULSmSgerTW ■
Bose IWi Low - fer.
Sea OlTKO 0.7872 0.7833 0.7B9Z
Dee 0.7845 0.7867 0.7836 0-7887
M* 0.7852 0.7898 - 07372
DEUTSCHE MMX QHH)
OMWOO S per ON
- SS flS Emt R5T
Sep 0.6269 162fe 0.6240 0.6305
S ® ° ^
An 06058 - - 06091
THfEMtBITH EUEfflOLlAl (BHD
Slapnfebefim
Hot IK till
Sep 9567 95* 95.39
Dec 9S3Q 9530 9531
Mar 95 l22 95l24 9524
1® 94 82 94.84 9464
S* 905 906 9436
Dec 93.78 93.30 9330
Mar 93.64 93.67 9367
Joe 9333 9336 9336
sauma t nogs soe ntoa
Qase Khh low
401.40 407.70 40630
40230 408.40 407.10
402.90 40930 40830
40430 41030 41020
WMmSW _87S 6.561 904 Olr
QjOO^w/wl . lSiO 6.57.1 8.781- Qtr
Fidelity Monegranrtef (teserre AromT
fldcHiy PwiteSe^Ud-ttokWitee. _•
GartmarC BAooey ItaBagewS LW.
SSSSSfaamZ: uo sm m* Halifax Bldg Sot to*t RcMnc.OMMJ
SS2S34%W-q900 9AJ M* WteIrtdlUlIrtHJOa« . ^^333
MU tatSsOM0IH-lJ930 71251 9.921 MU £5.00U+9J99. - ..(830 6.UI fgT-
ADied Tnest Bank LW — ^22^ S i&ffi tSt Si S
ssrsrti? “f§ Si; ' J
- %?1 3S aWSSfeBS-"* v.
■Mi gJSgsSS ^ 42 ”” 0 ■ -SShmiffi'FteMBtBwm
WIS™ 11111 ® 11 "™ 5BartlnrWay, Hook. BjBbnstote ... 760000
£500~cSo9 -_ 325 244 330 MU t50,OW».._.. -11000 730l.tt2al Olr
14 . 000 - 3+999 .BOO 6.00 9jo Mu Leopold Joses* & Sons Limited I •
S2S§5S^:;..H8 ■ fcS IS SS t57l5w ^
000-W99™..... ?75 206 278 MA ISBKibU* Tttnrftd. Lopdm HVVS2BT- 0713671586
cZSxHS.in . 7 70 5 78 7 98 M* ■ HJ.CJLK29Q0H . 18M 6.4875143013Daily
£&&&&!&■ -11 S I?? SI? "S Lhryris Bank - Investment Aenuut
®dn § si s
Bn* or Ireland High Interest cW* Acc g®-.;”I lS sis) 7SI'S?
««gaav.
Bter of Seatlamd •.03ro„ i _-|834 tix\ ss mb
SBTtooaiknedleSl, EC2P2CH ,0714016446 £25.000+_8.82 6 il
nCWUBSr«3tn&65 699 4.001. Men £50 000+_ 934 7.15 S-Tslb-MU
123.000+ .._IC88 *631 9251. MB TESSA.-1930 ‘ -J 4.50171*6
Snsei Howe. 8*e*i HB
west 5UOO. RK139AW0444 ZJ82J0
1U9 Orr
10.92 Otr
10.38 'Qtr
<*- -
r'. ■,
•SSSSm liS
k - Investment Aecoeurt
6.90,
_17.40 5351 7 40]e®6
£25.000+ -
Barclays Select
6631 9251. MB TESSA._1930 - -(
.' MatWest Craww Resem Accoont
6.07 8.25 b-OUk
625 BOO 6-MU
6U 9J» 6-Mtt
7.15 4.75 b-IU
■ -J 4.50 Vtetr
Jrt
Onse
89.94
89/6
tow
89.93
Pra.
89.95
Sra
9026
9027
90 ZZ
9023
Dec
9055
9057
9052
9053
Mv
90 76
90 78
90 73
9074
JIM
9095
90.95
90.92
90.94
Sq>
9101
9L02
90.98
9100
POLADOntU SE iff omoM
131258 teh per EU _
Sot* Mts
Price j* km Sep Dec
1.750 1002 ' loa loa 1030
1.775 7.75 7 75 7J5 Oil
L800 627 552 5.72 632
1825 4.05 3MS 4.00 4.83
1850 L65 236 2.75 3.64
1875 0.73 141 L80 2.M
1900 0.40 0.78 UO Z23
Prate day's opealM: Calts 186363 Puts 33L<W (Ml c
Prate day's rtmc C*s 7!5®Ws 6,410 (AUcant*
7 to U VEA818% MmOML FSENOI MU OUTIF) FVimES
is
£50,000*...J473 7321 9.731 vete Provlnctel Bank PUT
Barclays Prime Account H-I-CJL »AMey W, AartacbaoL Ombk* ,061-9789011
PO8<B 125. N»0«nrtow - , 0604252891 M cXULOMh^TIb25 6341 8371 MU
&2nS3S'£o"''T§'im IS Tibi £ Rail Batk of Bcstlanl pic Prenthm Acc
?.« 0? ^*^aWteEH22yE -I MW2B5Mp
Arts
0% Si
0.73 L41
135 221
229 3S
3.48 434
523 6.25
734 8.08
EsL V6I. Oac. flgs. not ten) 3134J133013
Prate daTsitetaL 2159410186961 .
THREE HOWTO EraJWLLAI •
Urn pete ef 180% _
Ckw Hrti Low Pm.
Sep 95.88 95.88 9^86 95.B4
Os 9528 95JO 95.28 9523
Hr 9522 95.24 9521 9515
An 94.32 9473
ESL VbL One. figi oonkae*) 1874(1436)
Aette tar* epee tot 23953 03519)
Ora
Seuprfc*
o<w
M*
Lor
yiHd
10730
10732
+034
10738
10720
837
10758
107.60
+004
10736
107.46
833
107.80
10730
+034
10736
107.76
a.79
WBSFJa -fflifte'BESSEWTBrWE
B e nda no rk Baoh PIC Premier Ararat oaooo-a<9W. Jluo boo aae «r
86UewttJ.Streetwif JLD. _,071-631 Mil Ez3oo-CT.96t. j7S . 5.4+1 .7,45 5r
D^^cmooo^-Je» urn 8.77j » sate & Prasper/ltetert Hendng .
saSfsiAai-,««.«. ^“sn~dsa “.MIB
ssfs=-ffiETla uSI tfii £ ag&ftg AMig—
Caledonian Bast Pic - hiwCezS»+_ Jiooo 7501 UsSIMiu
BateewSqrae.EdtegbOU W' .®1*6B2» Tyndall & Co Ltd ' -•
^•jUteLW-^ 71251 ^ ^^.^75^ 6561^^
t *‘ 0 f8 E S v,t Virt 2 | 07 ?ff S«ed^ob6+:::- •jgl |
ss sSjzfe • 6J8 -I m s
Osarterhoase Baxfc Limited DLC Trust Umttad . , J
IhUmurtot. EMM 7Dti. ....07M4840W l(MCM*rtadPlU*gmV7AL‘0h-&B0mf
September 10730 10730 +004
Derate 107.80 10730 +004
ESUnrted whane 89AZ3 Total Opm Wte 14^417
TMECMOKm HM R7708ES OM71F7 Ms kdorl
I DU Trust Umttad , J
hmiTfflW
9019
9038
+031
9020
9037
933
9050
9050
+031
9052
90.49
951
9032
9030
-OU
9033
9030
9.19
9104
+031
9136
9135
8.97
Derate 9030 9030 +001 9032
U*tA 9032 9030 -0.01 9033
Jaee 9104 +031 9136
Estteted ram* 12388 Teed Opm Mewst 30339 _
CAC-41 FVTD8E5 BMffW Stock tea _
An 19120 19153 -19.0 19ZL0
Arty 19133 19143 -193 192D.0
Jogra 19473 19303 -193 1932.0
Estimated «o(wr* 10.402 Total Opew Urns 24.103
C2308-E19999 -8 78 636 9.11 MU OD.«»-90<%rata_JllZS 8
3raS^17«30 ag 9J8 Mtt United lteu*rirt«-niBt lid
BKjhll I -If «*®SP^
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Pydcsdale Bank PLC W qtra Tra st HIph T rtirgL
C mif w loraU Ba Bank Limited
PO Box 104. Primed
toon*
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Co ohm itif Bank . 'A .'--i -djMooratrawrnidntetiowofMsKiteteibeu*
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^*!SS2&a^ 7 “ 73U°M 9 S?
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io3H6te^ ms∑
MONEY MARKETS
Bullish trading
FT LONDON INTERBANK FIXING
TRADE IN the sterling futures
and cash markets was bullish
yesterday after the British
chancellor made a strong com¬
mitment to European mone¬
tary convergence and the pos¬
sibility that the pound would
enter the narrow bands of the
European Monetary System.
The comments from Mr Nor¬
man Lamont gave a strong
boost to sterling on the foreign
exchanges, pushing the pound
up by a pfennig a gainst the
D-Mark to close at DM2J250.
His remarks also boosted
UK clearing bank base tatting rata
lil per earn
from May 5,1392
sterling futures. The
September short sterling
contract ended up 3 Hrks at
90.26, and the December
contract up 2 ticks at 90.55.
Traders said Mr Lamonfs
speech reinforced the bullish
mood created by two tabloid
newspapers on Tuesday, both
of which said that a near-term
base rate cut could be signalled
by the UK authorities. The
longer dates in the sterling
interbank market reflected
that mood: everything from
six-month sterling iibor out to
one-year finished down £ at
9% per cent
The shorter dates were also
0130 4-Pt Am 17} 3 c ra te OS toitn
The Thteg rate an tteartUmeUc
6 oonte IJ5 Dote
softer, in spite of the large
shortages forecast by the Rank
of England this week.
One-week sterling libor ended
at 10% per cent, from a
previous close of 10% per cent
Three-month money closed
unchanged at 10 per cent,
although in the morning it had
been up at 10& per cent The
June short sterling contract
expired at 89.94. coming into
line with that rate.
The Bank of England’s
operations were in the style of
Monday and Tuesday. The
shorter dated Bands 1 and 2
were bought at 9% per cent,
Band 3 at 93 per cent and Band
4 at 9g per cent
In the morning, the Bank of
England forecast a shortage of
£1 jibn. It then purchased ffiftn
of Band 3 bank bills, £7m of
Band 4 bank bills, and £33Im of
bills for resale to the market at
9ft per cent on July 0.
Later, the Bank bought £l8m
of Band 1 bank bills, f ism of
Band 2 bank bills, £l21m of
Band 3 bank bills, £2m of Band
4 bank bills, and 2152m of bills
for resale to the market on
July 6 at SB per cent
In the afternoon, the Bank
purchased £344m of Band 1
bank bills, £l2m of Band 2
bank bills. £l4m of Band 3
bank bills and cam of Band
4 bank bills. The Bank
provided late assistance of
around £380m.
rated to the ran* oMlnratfi, M Ite bid art offend raw to JUta
_ . _ . _Bteatll.(Maj>.Bc6wgftfmte- ffeHadg «KHjoeal W est o ftsbr
Brtc of Tote Dcuudc Bart. Bmw* Mattel dc Parti art Moi» twraaj Trad.
<1 N C
P O^L r T
6 S T 0 N
E C H N | C
MONEY RATES
NEW YORK
Dot matt ...
Tteown*.
Prtaeeatt- 6>> fireman*..
Bntetauratt_ 6 Sxnrtrth_
FcdJte-- 3% Ooeyar-
ftdJterttWuiraUon.. - Twoycv„...
Fnrtftot-
nun -
Zvtdi_
Anrtdra.-
Treasury BlUsand Bonds
- 333 nwcjCM’..—
-rr IS SIS,—
- 3.82 lOyra_
— H
Tw
M«Ojs .
fire
Mortis
SU
Kortls
9.6W.75
10-UHi
9-65-9.75
1M0>»
Ml.
965-975
ID-lOif
VH-Wi
9B-10&
LONDON MONEY RATES
IdetoakOfto.
brifftac* BW...
Sterling C£H.
Ovmilgtn
7 iaji
nottcr
- 0ne
Uondi
Three
Months
Sh
Months
u*rt -
F 10*2
101,
10iV
10
101.
1 W»*4
10
9 H
—
102,
90
101,
1
ioS
10
10
loi.
lOte
~
-
—
Finance Howg (fepoittj
Treaswy Bills tBojr).
Bte Bilk (Buy)..
Fbn Trade BUM (8tqrl-
Dollar CDs.-
SDH Linked Den, Offer.
SORLMmfDepBM-
ECU Linked Oep.OWer.
ECU Linked Dep- Wd-
(aider rate of dkcont 9.4158 p.c EGGO Find tote SteHTnaEinm Finance. Make ns d» May
29 1992 Agracd rate* ter arlod June 24. 1992 to July 225. 1992. Stem I: U-M 8-t.
SdMmcs II 41II. U35 Ac. WFowee rate ter period May 1,1992 to May 29,1992. Stent
IV&V; 10.122 biC. Local AutJnrltf ana Finance House sera days' notice, otoen sewn days'
fixed. FlRuce House Base Rate 10b from Jim 1.199£ Bte Deposit Rates ter won «l wen
days notice 4 per cent Certificates « Tax Deposit (Series SI; Deposit Q 00,000 and mer MW
infer one fttoftth 7 per cent; one-tfiree months 9ij per eenc ttoee^tx raontfs 9 per cent; s/x^fhe
noott»9per eeot; ntoe-tarehe nwoiits9 percent' under £100.0007 peoem from Sept 5,1991,
Deposits wttMmm for carii S per cent
The name is
academic...
Kingston Polytechnic has conslstentty sec tbe standard
for epiaUty and innovation In higher education.
In fact, for the past two years, Kingston has headed
the academic quality ratings*-
We are now to be called Kingston University. However,
ournewname will not change the way we do things.
Kingston Polytixhnk: was a tresneodoos success story -
Kingston University will be an even greater success!
...th equality
is Kingston.
<1 H G S T 0 N
UNIVERSITY
Fnnrhyn Road Kingston upon Thames, Storey KTI ZEE
Td; 081-547 2000
Quality Catena • Quality Educatnn
..iiwrHEr. trt nra trt «frtteraa rara ..Hw qte m»».
ACROSS
1 Companion aiming to travel
round US state (8)
5 Resolve to get river police In
( 6 )"
9 Representative of a. less cor¬
rupt person (8)
10 Has tag removed, horrified (6)
12 Say worker in queue is Rose
(9)
18 Sensitive greeting left one
embracing (5)
14 Dull sweetheart with compan¬
ion (4)
15 Pressing one man to go after
divorcee (7)
19 Judge takes part in rare pro¬
duction CO
21 Bearing fuel on back is wise
(4)
24 Do air waves, for wireless? (6)
25 Ostracise dirty dancing
assembly (9)
27 Language of Slade Alice after
midnight! (6)
28 Many people departing on
choppers (8)
29 Latvian returned soldiers’
message (8)
30 Won't work without nurse
rejected for inactivity (8)
DOWN
1 The local amount raised for
shellfish (6)
2 Coolly transferred my call (6)
3 One black Japanese settler
becomes writer (5)
4 Greed of girl worried Eric (7)
6 Artist's Impression? (9) __
7 Assumed I made rum co ntain .
■. ing spirit (8)
8 Request for opening to take
food in (8) '
22 Charge first tourist to enter
gala (4)
15 Writer is taking quarter-com¬
mission (9) -
17 Being angry with a girl
. ruined song (8)
18 Live and die, possibly hot out¬
wardly dutiful (8)
20 Said you are standing by her
(4)
21 Went ahead after last shower
stopped (7)
22 Run to me. for a floral
arrangement (6)
23 Clips pupils' page inside (ft-
28 Ken'a empty greetingto Jack
(5)
Solution to Puwte No.7^75
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annDQ anmanaEna
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,0 00 DUD
aQBnHQQHB EQL1BO
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BCiaQ0BB0
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S..1* ?i
^ ^
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U 3
5
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++ -«
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if
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4. !;* ^
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I? +5
ki? $
pJl fe'
S .1
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\ f 3 :
JL-S 6 "
r^L,TIMES THURSDAY JUNE I* 1992
13
'mw.-tj.MM,',M:i:^^
GKftMAHY tceatiufri)
Dm.
KEfflEBLANK
SWEDEN IcanUated)
AGlnd& VerV -
AuknMchUteg)
Allianz AG-
tlWM-
K£e9>
CANADA
■arn*:
'ii ^ . ' rrr
Mgh Low Clou Chap
TORONTO
4,-00 pm prices June 17
QuoaOona In coma unlw marked I
7100 AMN Pr $ 18 % 18 18 -%
4800 AQfdCOfia JS% 3% 5% -%
40800 Mr Ctt 479 6*70 470 -6
MOOD AlbrtQ £n 812% 12% 12% -%
I4M0MWM1B3 *13% 13% 12% -%
130000 Man Al *25% »U 29% -%
778700 Ml Bar 933% 32% 32% -%
13800 N»a I< Ell nil H* -%
I Bk ttonirt
I Bk Nm 8 a
*5% *3%
21% 21%
206 -10
60 -50
-20
-40
-20
MOO BC Sugar A
38%
8 %
B%
430700 BCE Inc x
*44 43%
«%
"%
I7W0 Mmoral
t 2
11 %
12
+1
M300 BOR A
M%
6 %
8 %
+%
83700 SoUtfarfl *13%
U%
13%
-%
600 Sow Vtotoy
* 11 %
11 %
11 %
-%
2800 BP Canaria
*12
11 %
12
403200 Braraalaa
134
104
120
429
43500 Braocatl A
*17
16%
W%
-H
90300 Breakwater
S3
S3
S3
-2
•4000 BCTM
* 10 %
ra
19
-%
2800 Bruncor x
818%
ta%
11 %
200 Brunswick
*9%
9%
•%
-%
•7000 CAE Mi
*5%
dS%
5%
-%
*»%
•%
• %
24500 Cambridge SIS%
i»%
18%
■32100 Comoco
117%
16%
16%
-%
6000 CMI Ru
S3
S3
S3
446200 ConlmpBk
*27%
28%
28%
-%
38000 Ca OCCM
338%
2 «%
23%
+%
738400 Can Pac
su%
11
18%
~%
1000 Can Tire
S1*%
19%
10 %
48800 Can TVs A
*18%
IB
18
-%
152700 Cm iko A
St*%
1 »%
19%
-%
*00 Caa UtN B
*21
20 %
20 %
07S00 Canamut
2 S
424
26
+1
I33S00 Cantor a
326%
31%
28%
+%
419600 CnPcForaat *27%
28%
28%
-%
1000 Cara Op I
420
6*15
41*
-W
MOO Caaeedu
* 0 %
6 %
8 %
-%
4000 Col—
*30% 438%
39%
-1
rooo cnMCop
S3
23
23
8200 dam: 0*1
335
333
336
6000 CMriFriA
u470
470
470
49800 Comtoice x *21%
31
21
-1
2800 fTirf»|*Tk *~0
50
48
50
42
Mu Suck Htft LowCteu Ctmg
f2»00 Coral Sy» »»% 18 % 19% -%
SOD CoacanOe* 85% 05 S
59700 CnmiX A 130 127 127 -8
3SU Denton A 94 34 34 -1
400 Dorian 95% 5% 5% -%
103000 Datoeo 513% 13% 13% -%
294200 Domm Til 36% dS% 6 -%
16500 Oomv tac 87% 1 7 -%
1600 Do (W A *43ja 43 % 43% -%
7000 ftiatottKA 2re 268 279 -5
OSDOUlbli 37% 7% 7% -%
7000 Erato Ltd 8 B% 6 % 8 %
2700 Empire 110 % dW n% +%
13000 Euro Nm 317 17 17 -%
11300 mid 330 <0*0 340 —10
14000 FahuBW* SO 67% 8 -%
2U0 Ftnrttng 913% 13% 13% ■*%
1100 Fitim A 39% 9% 8 %
200 Foma 822 22 21%
7000 Feta Saw 920% 20 b 20 % +%
10500 FrancoNOv 827% 27% 27% -%
7500 Oalacdo 13 12 >2 -1
4M0 GwMta A > 810% 010% 18%
Mu Slock Mgh LOwOueChag
400 Luma Op 85% d$% 5%
2B7300 Loom Ibi > 88 % 9% 8 % -%
93400 LlMn a 818 17% 17%
Mu SM iMi Low Cl eu Cfcag
2000 OltoMaOU
390
349
3*9
-i
1*000 Orapgu
1 »
123
123
«
WXO GOV Lana
3M%
14%
14%
Z87BCC GW Cria R
Sd%
si
«%
200 OW LMM
»
6
6
1700 HoriiSt A x
38%
8 %
6 %
200 HoWMi
123%
23%
23%
78400 KbU tnd
*13
12 %
-%
248*00 MrOrii
* 10 %
S%
-%
3200 RoQIngar
* 11 %
11 %
u%
1100 Homo CHI
*19%
18%
w%
-%
GC900 Horahom
S%
9%
9%
-h
200 HtafcenUSS
* 6 %
8 %
6 %
12000 /todaoeaBay *29%
28%
29
-%
20100 Mackenzie
120200 Mean Bl
Oitoo Uagn baA
491300 UpiURfe
0300 Man T«T t
13000 Mark Ru
MOO IffiSHftB
■XAoa Matas mm
2300 Mfenova
300100 Uriel Crop
nauMotoonA
127700 Uotaa Carp
10Q0O Muwwrto
707000 m Bk Cm
? TOO ton M A
12SDO NtUnU F w
175100 Monad*
1500 Henna 13
28800 NotcnMVtg
305500 Mm Talk i
5400 Nortogata
i Wsoq Nova Cum
GOODNMndHSv
1400 NufflK OH
88% 8
5»% 18%
SC% 31%
818% d15%
518% dl8%
500 900
818% dtS%
912% 12%
sib die
184 170
*34% 33%
324 23%
5 3
8 % -%
18% -%
31% —1%
15% -%
18% ”%
500
18% "%
12 %
16
177 46
33% -%
23% -%
42000 Imoaco 838% 35% 30
78600 Imp OU *45% 44% 45
309200 Inco 530% 35% 35%
76600 M Corona 55% 6% 6%
325000 InlprvPipo 526 % 25 25%
1200 Invest Grp *22% 622% 22%
22100 (vaco A 400 445 445
1200 JtotoOCk *14% 14% 14%
300 Kerr*66b $15% 15% 15%
31800 Latum $25% 23% 3%
310600 Lae Mints *8% 8% 8%
800 Lotto 90 318% 16% 18
7300 LaWaw A *12% 12 12%
307200 Lntdtow B 312% 12 12%
200 Lane* Bk 317% 17% IT
I 0»U A
I Om» Carp
I Oshava A
I PWA Corp
i Pagan* A <
I PnAPli
I Pegasus
i Pioneer m
I Racafiooe
> Poeo Pat*
• Power Corp
i Power Fin
I Provtgc
I OnOim A
i Ranger(U
Roynock
i Reed Sian
i Redman 3
i Rerfsnoca
Hepap EM
Rta AJgem
i tojarCcnfl
i Rothmans
RoyaBaCen
i R)rl Oak 18)
*9% 8% 8% -%
88 % 8% 8%
*8% 8 6%+%
*«% »% 18 % -%
923% 23 23%
* 20 % 20 % 20 % +%
94*641% 41% -2%
77 77 77
*8% 8% 8% -%
»% 8 % 8 %
400 48S 480
*13% 13% 13%
97% 7% 7% 4-%
*18% 17% 17% -%
59% 9*2 6% -4
400 390 400
*28% 26% 26%
*«% »% W% -%
20 18 20 +2
*13 12% 12% -%
455 430 *50
*14% 14% 14% +%
*18% 18% 18% -%
*8% 8% 8% -%
514% 14% 14%
99 8% 8% . -%
usa% e% a% -%
528 26 28
*18% 16% 16%
*15% 15 15% ~%
415 6406 410 -5
$18 15% 15% -%
513% 13 13% -%
588 88 88
92* 23% 23% -%
184 178 184 +1
72800 RyfTrnitM
* 8 %
8 %
6 %
TSOOSUtoCnA
* 8 %
•%
n
17100 Snpirp Ri
40
39
39
■«
20600 SettttPapar
*14% 614%
l*%
84600 Sett MM I
*14%
14%
14%
220000 tegiMCe
33700 Sa+n C*n
*«%
*7%
R
*
11000 shaaCMA
*42 41%
41%
-%
7900 Sherrill G
* 8 %
8 %
a%
-h
4B8200 SHL SyS
$ 12 %
11 %
n<
-%
55100 fiNC Group
$11
11
ii
-%
SOW saaon OU
«0
18
18
-4
10500 SoMum
390
W%
18%
18000 JpiMi
31000 Stake A
18%
368
18%
385
+%
-9
137400 Tack. 8 x
* 20 %
20 20 %
-%
10100 TakgMe *
uSi3%
13%
14%
"%
173100 PWMW
su%
14%
14%
-%
35BS0O TtaDtaNi
*17%
17%
17%
1800 Tarator 8 a
S21 %
21 %
21 %
+%
15000 TOWPNAm
59%
49%
9%
-%
389600 TrauAM
*14%
10
13%
272800 Taaascan P
*17%
17
17
-%
2300 Trtmae
* 8 %
•%
• %
MOO Trine A
489
455
486
400
200 UAP A
•1*17%
*14%
17%
17%
1600 UnlanEnt
M%
14%
+%
1 10 O UMMdCorp 528%
28%
23%
11300 UWDemM
sw%
H>%
w%
“%
7800 Vkoroy R*
490
489
490
80300 WcoutE
$16%
dlS
16
MOO VMtoOaai
*38%
36%
38%
47400 MIC B X
*13%
13%
13%
1 - No voting rights or reeiricMd voting itgixa
MONTREAL
4.-00 pm prices June 17
66900 BomtrdtorB *13%
13%
»%
-%
11000 CemMer
* 8 %
8 %
8 %
208300 Canfene Bk
327%
a
2 »%
-«4
200 CanMarconl 319%
15%
-%
92100 Cnacadex
48%
a
8 %
-%
2000 OomtaTM A
*0
46
8
-%
1500 MactanHnt
*12
12
12
"%
234400 NaiBk Can
* 8 %
8 %
0
300 Provtgo
* 8 %
8 %
8 %
"If
2700 OntMcer A
*14%
M%
M%
9200 TNagiefce a
u*ia%
n%
«%
-%
MD00 VUaoiron
no%
18%
16%
1 Total Sains 1B.T76.lOO sham
JZL
'i
&
4*8*11*
3387.78 3324.49 3354.40 33fi4Jil
Home Seek
n/n lottos 49 . 4 * run
Trasport
131820 1342A8 134380 1346U
UUMto
21282 214.63 2193? 214.07
AUSTRALIA
Al) OnOuie 0/1/801
U.11 1
1834.4
1647J
18513
Ml Hhfcai (U1/8SD
HUajI
■ill
anna mm
1 NYSE COM*
22145
2X72
22SM
225.51
Aon Hitt. Value
374.74
385.12
388.78
34132
HAS0AQ Qnpofftc
553.24
564.07
55401
55952
' 92__ __
U) <15/1/92 (25/4/42) Hi 5wj Bto Olfl/W
.74 418.99 2931 IRELAND
W Q2/2/92 (9/12/72 BUlhMUWt
(12/2/92 01/10/72 b» Qm. U (1972
yur aoo (approx.)
584606 5846.75
U 5819.87 1 6062JO B7/5J
131607 1363.78 135726 1356521 146957 (17/D
46959 46BJ9 47185 474.94
925.9 925.0 934.0 9JM
7.50 *0.25
26.75 *0.80
year ago ("PPi
74
.24
61906QD/2
1.510 -30
1.000 -HO
(IKK Coni
MOKCorp
GEEEE. P
Jim* 17 AmtS + or-
Metal Momrf_
2-30
“0-05
Mkiproc_
0.10
40.01
Kal Amt Bank.....
735d
-0.09
NewcrestMlBloB..
0J>7
-0.01
New Corp..
2054
-OJf.
Nmndy Pweidan ..
1.04
-10.01
North BH Peko ...
9 9%
-0.02
Pacific Dunlop _..
5.07
-0.05
0.S5
+0.02
Famines..
1.48
Pioneer loU..
3A0
+0.02
Placer Pacific —
260
+0.04
QCr Resources .
1.08
Renfecxi Bold_....
5.20
7.85«l
+0.15
SA Brewing ..
3
+0.01
Santos -.—
2.59
-O.Ol
Smith (H«d).
5.40
-0.04
4.25
-0.04
StocklanriTrt.....
2.76
+0.02
TNT
1-59
-0.04
TrUavn Corp HZ —
1-50
. 4 ..
Tree km.....-
Wesfarmers......
0A8
9-82
+0.01
HtetanMtotofl-
5.28
....
Westfield Hdg....
4.22
WesUleW Trust...
2.30
+0.01
Western..
Wooilde Pet —
3.28M
384
+0.02
+0.04
—
15CJ0I9/4)
MO 30(2/1)
37224 Q/U
90L64C/U
475.53(2/1)
1749.91 Oil]
60260/1)
1813800/1)
1578.73 B/U
468.79 QWW
92500(16/6/
164458007/6)
119619(9/4)
1910 J6 WO
274.00 0/1)
19140(8/11
U7M<2S{B
10838107/31
1006.06 C24/4)
416980Q/1)
SuhMjm MeUI hd _ 24B
Sanaa* Meal Mm .... 710
TOKYO - Most Active Stocks
Wednesday 17th June 1982
Stacks Cfotong Change Stocks Closing Change
Traded Prkaa on day Trwted Prices on day
M*gj Milk Pred _ 7.8m Xi -27 Nomura Gee-Z9m 1J00 -100
Martnooa MW ™ 4.7m 870 -28 SumKomo M«al. SL6TO 248 -12
NPN SIM Corp.. 38m 2ffl -M MXK- i5m 248 -12
Japan Mata)_ 3Gm 662 -49 Sato Kogyo Co15m 000 -70
Satryo-Xakusaku 30m 628 -18 Md*ut>«S« Hvy 2.4m 548 -21
Price dan ag ppt /ud try Ta/Btm.
NORWAY
The FT proposes to publish this survey on
June 26th 1992.
The survey will be included with every copy of the FT on that day and will
reach over 1 million readers in some 160 countries world wide. In Europe
alone, research shows that 54% of Chief Executives of the largest Companies
read the Financial Times.*
To reach this important audience with your advertisement, please contact,
Chris Schaanning in Birmingham
Tel: 021 454 0922
Fax: 021 455 0869
or Kirsty Saunders in London
Tel: 071 873 4823
Fax: 071 873 3079
Data source:* Chief Executives in Europe 1990
FT SURVEYS
M
$ $
FINANCIAL TIMES THURSDAY JUNE 18 1992
4:00 pm prices June 17
NEW YORK STOCK EXCHANGE COMPOSITE PRICES
■ft'
CUfl*
19*2 Yld. Pf Sts CJoee Pm.
Mgb Low Stack Ur. * ElOOsHtti Lowest* Ctaee
15% 1l%AAflCerp 048 J9 IS 108 12% 131, 12% -1,
2BTO% ALIrilAx (LIB 0981 143 ?1 $®k 303,
801* 56 AMP me 1G3 £6 a 938 564* S8% 88k
80k 60% AMR Btt04(J 83(j 6Z% 8Z%
2% 1% ARX 2 183 Ik Ik Ik
53% 40k ASA 200 4 6 72 305 44k 43k 43k
34k SfikAbWBUb 0.80 22 20014 27 k 27k 27k
13% 12 AMIN Pr 050 28 9 48 13k 13% 13k
Ilk lOkACUGMIax UBS 88 2JB Ilk 11 Ilk
10k 9%«MM*gi 080 82 TO 9k 9k Bk
Bk 8k ACM Gri Sp £80 8.6 437 9% 6 9%
11k 10k *CM So 096 89 321 10% 10k 10k
9k 8k ACM Man i 09510 1 2S9 Bk 9k 9k
12k lOkKUHnUi 1-06 94 89 11% Ilk »%
11k 6kAon«CI*M 040 5.525 164 7k 7k 7k
6k 41} ACTW EteC 4 S 4k 4% 4k
33 k 18k Acuson 135105 21k 20 k 21k
19% ISk Mans Expr 048 26 0 66 16k 18% IBk
«9k 38k AH MkTO 300 79 166 39d38k 38%
21k 74k Ad MJOO 9 300207 63206 14k 614k 14%
9k 5 Admsl Grp 0.16 26 61 110 6k 6k 6k
71k 36 Aegon Aflfl 168 49 6 46 35% dTOk M%
47 36k Aetna LI 2.76 69 71479 41 k 40k 40k
12 8k AIM A 024 03 11 531 Mk 10k 10k
32k 24 AllaC 044 10 M1967 28% 97% 27k
194 15k Aftmanson 068 5 4 71083 16% 16% l*k
32k 6k Alleen Inc 6 75 8k d6k 6k
49k 38k AP Pr dim 060 1.8 183203 44k 43% 44
29k 1« Alrtme Prt 030 20 12 SO IS 14k 14%
34U 22% Alrflas Inc a 156 33k 31k 31% -2k
i2k BkAtnease I08t4.6 6 109 nk n% n% +%
104 99k /UaPw*8.16 8.16 8.1 3 101 101 100k
25% 21% AlsPw PtA 2 00 00 11 u»% 25k 35k
9.44 9.0 Z100 102kd1IBk 105 42%
107102 k AtaPvrt 44
108102% Abb P» II
106k T01 k Abb P* 9P 9.00 6.7
lOSKOk AJBb B3BC 028 90
Ilk 70%AlaPwDpP1 067 82
M% 17% Atasta Air 020 I01I4 4J7
21k 14% Albany Ira 035 24 34 114
2 104 104 104
zlOO 104 103k 103k
9 102 US KB
10 10% 10k 10k
19k 19k 19k
16 14% 14%
32 23 AKuhT B 024 1 I 19 89 a ct22 22
S5k 20% AlCulur A 024 12 18 837 21 <t»k 30k
44% 38k Albertson* 064 1 8 20100 Ok 39% 40
22k 16% Alean Atari 060 2670 712 21k Zl% 21k 7k
42% 33k AKO Stand 0.02 23 18 070 40 38k 30% -Hi
23% 15% AlexBronm 0« 25 4 558 16% 16% 16% -%
23k lOAkurAtox 1.00 4 5134 292 21% 21% 21% -k
36% 27% ABegh Lud 0 88 £5 27 490 36% 3*k 34% -k
45k 41% AU^iPni 320 7 2 11 638 44% 44% 44%
31 22% ABen Cp 175 7 0 11 26 % 25 25 -1%
3Q 19k Allen Con 020 <L9 14 IS 22k 21% 21% -%
27% 20% Allergan
12% 10% Allnce G1
21 k iBk am man x
61% 40% AIM Sig
10% 9% ABtMunTr
9% B AlrttneOp
10 9% Atmttlnlnc
9% 9% AlsMntne
40% 34% Alltel Crp
8% 5% Alhratoe
80% 61 Alcoa
55% 38% Atia Cp A
11 10k AmOovInc
8% 7 Am Precis
23% 78% Amax
(2% 8% Amoy Gold
A i Arabs-Cp
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20% 22% Am Bsrridk 0.13 06 362111 27%
33% 31% Am Qr275 2.75 8.7 3 31%
49% 42% Am Brandi 1.75 1 9 112867 48%
40% 34% An Bulk! U 058 2 6 13 86 38%
31% a% An Brand 0.70 24 17 a
8% 7%/mOplrKZ 094103 07
20% 18% ta Cap BOX 1.89 8.6 34 73 19k 19% 19% -%
20k 18% Am Cep CV 120 64 0 6 19k 18k 19k
68% 55% Am Qrammd 1.05 3.0133934 55k d54% 54% -1%
34% 30% Am Q Pom 2.40 7 6 121980 32k 32 32% -%
24% 20% Am Express 100 43 141IW 23% 22k 23%
484, 40k Aru&rtCB £08 4.5 101445 48% 46k 48%
9% 8 Am Gox In 077 88 206 8k 8% 8k
37 27% Am Midi Pr 2.66 66 15 184 31 30% 30%
30% 33 An Hwap *08424 15 2 30 30 30
84% 86k AeHMDr 260 34 154819 70 69 69
3% 2k Am Hotels 07331310zW0 2k d?k 2k
2% % Am Intml 1 4® ft X X
98% 82 Am IM Gr 036 04113581 98% 96% 99%
8% 2% Am km PI 10072 7 13 2% d2% 2k
11% 10% Am Opp Inc 100 9.0 242 Ilk 11 11%
49 30k Am Pmsdt 040 14 10 534 45% *5% 45k
10% 7% Am A*al Es 175233 5 144 7% 7% 7%
3% 2Am9*0d 4 56 2% 2% 2%
37 30% Am Stans 070 24 101447 34k 34% 34%
44% 38% AT&T 1.32 3.1 B5Z»71 43 42k 42%
18% 16% Am imm 145 72 4 16% d»% 17%
28% 20% Am Weir 042 4.1 9 157 22% 22% 22%
342 53132147 04 63% 04
126 34 19 39 33 32%
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1.06 9 4 1 39 11%
120 4 6 283865 49
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36% 29% Amann Inc
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19% 13% MM toe *
11% 10% Amev Sec
51% 41% Amoco
8% 6% AmpcoPU
12% 5% Arm* Inc
31% Zlk Amaoudl A 104 3413 332
5% 3% Anacomp 91710 3% d3%
27% 19% Anadarko 040 12 581971 28k 23% 25%
11% 6% Analog Dev 998 852 10% 10 10
40 28% Angelica x 042 3.1 12 Til 30 29% 29k
60k 51 k AnftsrBach 1.12 11 183611 54 63% 63k
29 25% ANR PpePI 2.68102 Z 100 25% Z5% 28k
47% 36% Anthem 17 941 37% 36k
14% 10 Anmony in 044 4415 13 1| 11
45% 38% Aon Corp 168 34 10 465 42% 42%
18% 12 Apache Crp 029 14 271263 19% 15%
11% WktawNnFr 041 84 495 11% 11
10% 7APH l« 114 7% 7%
102 96% AppalPwPI 8.12 84 ZlOO 06% 99%
9% 5% AppW Mag 4 124 6% Bk
32% 23k ArcfMtOan 0.10 04 153960
■47% 36% Arcs Cham/ 150 SB 21 585
11} 6} Arc Aleak 1M892
12% 6% ArUa 028 O1UB2604
39% 29% Arid* PI 340 94 20
11% 10 Arfcla Exp) 040 1452 37
44% 32% Aimed 45P 440 102 13
7% 4% ArmCO Inc 12634
24 19 Armco HP 110 9.1 ZlOO
37% TO Armstrong 140 3530 7H7
31 25 Arrw 0 PI 1.94 65
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1982 Yld. « 6k CSaea Pm.
JtMi Law 8tMk Dta. % E 106a IM UmOaoM Ctoa*
54% 4i% Hrtggt & 3 1.00 3413 616 48% «a% 44% -1%
41% 28% BrtrdrsrJni 48 420 >1% Si % 31%
80% 82% Bristol M 176 43 tflMt 64% 83% 64%
57% 39% B« Atari 2.0S 43 T 877 50 49% 49% -«%
48% 40% Brit Gaa 3.76 7411 60 47% 47% 47%
09% 50% BP AIM 444 74 703607 56% 56% 56%
31% 27% BP Pradhm 2b8 94 9 191 30% 30 30%
1% ABPWM93 1679 £ dO 16 0.15 -045
15% 11% Brit Steel 1.70124 8 383 U 13k 13%
68% 63% Bril To> 4.18 £5111388 95 63% 6*
21 18% Breed Me 020 14 10 698 18% 16 10%
33 26% BridnPM 247 9.1 3 27% 27% 27
31% 28Brooklyn U 154 02 12 67u31% 30% 31%
90 72toe*grtafik 144 11 13 407 76% 77% 77%
29% 21% Brown Grp 1.60 7.441 300 22 21% 2f%
10% 6% fra«ii&&iirp 042 4638 64 8% d6% 6%
»% 19% Manana F 1 048 34172430 20% 20% 20%’
3% 2BHT 1 B 2% 2%
17k 13% Brunswick 144 3.1*752736 14% 14%
19 12% Bmh9M 1 020 14 9 51 16% 16%
26% 2S% Buckeye P| 2.00 94 10 9 28% 26
16% 16% Bunker HU 142 94 0 4 16% 16%
14% 11% Huger K I 14911410 40 14 13%
25% 16% Bud Ca« 9 186 18% 17%
47% 37k Biel Naan x 140 3 2123193 38% 37% 37%
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37%30%CaikHl 048 1420 333 32% 32% 22%
209k 132% CBS Inc 1.00 15 32 601 199% 197 197
1% % OCX Inc 3 20 1% 1 I
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22% 14% CMS Energy £46 34318 695 1« 15% 16
104% 76% CNA PMI B 152 85k 64k 04% -%
40 59k CPC Imf 140 aSWlBSB 44% *3% 43% -1%
27% 22% CPt Corp 056 15 13 460 22% d&% 22% -%
07% 54% CSX 153 14 951664 63% 62% 62k -1%
24k 17% CTS Corp 075 31 29 12 23% 23% 23% -%
33% 26% CdhUlln 0.73 13 18 204 31% 30% 31% +%
06% 42% Cablatran 222547 48% 46% 46%
47% 31% CBOOt Carp 1.04 12 » 847 47% 48% 48% -1%
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29% 19CedncaO*gn 372049 20% 20%
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2% Ik CM Real E 02S115 7 33 2 1%
4% 2k Catted Inc 012 17 02859 U4k 4%
26k MkCMgcBOax 21512 18% 19k
20% &k Ctfnat Cb * 0.64 15 41 SB 26% 26
1% k Canon me 0 296 A A
43k 32 Campbell S 0.78 14 171363 32% 832
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16% 13% Can Pee 032 11 52007 15% 15%
407419% Cap CTWa 030 00 21 283474% 480% 465% -9%
83k 52Cep Hldg 152 13 10 767 38% 67% 57% -%
31% 24%0|Mn5x 150 45 13 29 29% 20%
35 k 27% cmuug** 350 HX2 10 2SI 52% 31%
% k Ceraareom 0 11 % %
45% 3S% CerlbOe 150 19 62 34 43% 43%
3% % Cento Pc 0 3 1% 1%
20k raCeroTnafr 050 4638 233 13k d13
54% 48% Cerates Pw 3.10 65 10 584 00% 49%
50k 44% Carpenter 140 46 10 203 49% 48
2% 1% Carter Haw 0 583 1% 1%
45% 24% CarterWal 033 1.4 691500 24% d22%
23% 20% Carada W 0 1.40 6.5 18 44 21% 2i% 21%
13 8% Cash Am«r 009 0.5 11 455 10% 10 10%
62% 41 k Ceterpffir 000 1 1 102857 36k 63% 63% -0%
10% 6% CW C«p 21 185 9% 6% 8%
21% 17k Ceder Pair 156 7.711 184 20% 20 20k
26 23% CrMadCBT* 165 73 6 25% 23% 25%
47% 37k Center Op 090 3.1 2ISS99 29% d29% 29%
20 10% Certertor 160 9.0101908 16% 18% 18%
66 30% caotaxCcpa o«J i6Wi64a 4i 40% 40%
29% 25% Cenlr Hdn 162 7.011 S3 27% 27k 27%
26k 22k Cerar Loul 176 11.0 12 321 25% 23 25%
22% 19% Cantr Main 166 7.1 11 722 22 2lk 22
23% tgCm-NMp 040 1621 20 22% 22% 22
34% 29% Cantr Vrrnr 106 6.7 11 16 31% 31% 31%
27% 24k Cemr&sw 164 6 6 132627 u2B 27% 27%
38% 27% Century Tl 044 1620 497 28% 28 26%
30% 23% Ctamptan x 050 075422740 Z7% 26% 27%
12% 9% Chaparral 050 1624 74 11% tl 11%
13 8 Chert Has 14 60 8% 8% 8%
ES% 49% ChaaaMIOS 656100 10 32% 62% 52%
47% 35%ChaaaMPIF 3.93 8.4 30 46k 40% 46%
30% 17% CtiaaaMann 150 46 84203 27% 26k 2Vk
7% 2% Chausa B 18 113 8% 6% 6%
49% 42% Om 9k PI 1 3.09 06 26 48% 46% 49%
10k 8k CbaattC x 083 0.0 0 340 10% 10k 10%
51% 44%Chan<nMx 4.45 96 19 48% 48% 49%
1% &ClMn Big B 05828 0 0 215 1 1 1
29k 2S Chanted 100 7.4 19 203 27k 26% Z7
39% 21% Chem Bkg 150 3.4. 8HOW 38k 34% 34%
23% 18% Chao M x 050 15 336483 17% 17 17%
29% 21% QaMpeake 072 35 29 151 22% 22% 22%
73k 00% Chevron 360 4.7 234886 71% 76% 70%
145% 134Chic MtMe 26 3 144% 143k 144%
64% 76 CMC Ml Pf 5.00 59 0 84% 94% 04%
41 24 Chile Fund 3.18 66 393 38% 36% 37 -1%
40% 16k CNqutte B 01 SB AO 93610 10% dlB% 16%
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34% 28% Christiana
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16% 10% Chic Mllac 059 17 4 146
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281 % 295% AH Rich 2
19% 14% Arrow Elec 54 S98 10% 16 10% -%
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27% 20% Artrin Ind x 068 28 25 124 20% 25k 76%
31% 19k Aaarco Me 090 17 272068 30% 29% 30
38 2Bk AsMd Coat 0.40 1.3121037 31k 30% 30%
34 29% Aslriod OH 160 36 11 863 29% d26% 25% -1%
169 16% 16% 18% -%
135196 6 380 12% 11% 11% -%
0.12 05 3* 102 23% 23% 23% +%
1.00 65 13 107 *8% 16 » -%
. . . . 260 1.0 2276% 270% 201% 45%
37% 30% Adnta Gea 100 5615 84 36% 38% 35% -%
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23% 19% A*fc EOT « 152 66 10 293 22% 22 22 -%
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23 19% ABnoa Engv 154 5915 21
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10% 5% Aucto/VW 10 96
12 8% Augai 040 3.4 9 129
10% 8% Austria Fd 0.14 18 35
49 41 % Autom Data 046 1.1 237016
■*% 2% Avatoh Egy 6 94 . _ _ _ .
28 24% Aeemco 040 1 622 522 26% 25% 2Sk
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15% 7k BET ADR 1.05 95 8 180 11*
8% 6% Ba/rneo x 0 20 18 15 107 7
19 17 Baker Fart 090 4 4 60 IB . _
34% ISk Baker Hugh 046 11 213220 22% 21% 21% -1%
27% 22% B*tot Be * 062 1120 3 25% 36 25 -%
39% 33% Ball Corp 120 3b 13 111 35% 34%
B% 4% Bally Mfg 31336 5% 4%
23 I9k Bandit, 1-44 06 13 762 22% 21%
0% 4% BdD Bnkcjj 080 8.6 0 370 7% 6k
50 42 k Bin: Ooe t 1 16 26143450 49% 44%
0% 2% BancFlrda 3 10 7% 7%
30 26k BaneoBil V 105 73 9 TO 28% 26%
52 41kBcrpHawaU 1.28 19 10 501 45 44
69% 59% Bandag Inc 060 0922 371 B9 87
49% 35% BankAmrfcn 1 30 3.0 B7S02 44% 42%
■rak 55 Bank Boa 500 &2 7 69% 98%
40k 31 BY. Bonn P 320 32 8 39% 39%
24% 11%Bai*BMtn 040 1 7 193876 23 % 23
48k 3O0<uik Rv> 7 1J2 3.911 972 39% 36%
45% «% BankAm A 325 73 59 45% 44%
79*, 72k BankAm 8 4.00 78 32 77 78% 76%
66% 50Bankers Tr 2 90 5 0 72172 S6k 55% SS %
30% 30% Banda ADR 1 78 S3 13 14 25% 25% 29*
34 24% Bard (C H) 0.48 2.1 191042 24% «a% 22
38% 31% Bernes Grp 1.40 43 11 2 32V 32k
40% 31 Barnet! Bk 132 4.1 183364 32% 33%
8% 4} BeioM x 020 365*9 585 5% 5%
9% 5% Baida in ato 1.499153* 7% 7
60% 45 Beascti Lmb 060 1 6 291022 45% <144%
50% 43% Baxter Pd 3 15 03 2 49% 48k
40% 33% Baxter I 060 2 4 174066 38% 35%
24% 20k Bay Si Gal 138 &a 15 105 23 % 23
23k 21% Bd Tl IS38 162 70 m 23% 23% 23% +%
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44% 30% Bata AH A 052 12 39 341 43% 43 43%
28% 19k Semis 0.46 10 22 306 a% 24k 24%
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1% % Bengunt B 48 339 1 1 1
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14% 10% Berry Pep* 0 80 S217 53 11% 11% 11%
28 15 Beet Buy 14 443 19k 814% 14%
26 20% Beth Si 2. 2.50108 91 33% 23% 23%
Sl% 40% BWUtm PI 00010 9 7 46% 46% 46%
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10% 7% Beverly En 189190 7% «J7%
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30% 20%Shawm «H 0^4 1618 901 27% 27% 27%
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24% P»o 164.8.113107 22% 22% 82% ♦% 14 B% ToH Bras
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1% 11% 11% 30% 24 fond Cacp ■ OkBO 26 19 269 24% d23% 23% -%
12010% II -1 26% 2S% TotaiSyn * 068 1125 31 28 28% 28% -%
i% 15% 18% -% 38% 30% Toys R lA 28B434 33 % 32% 33 -1%'
>% 3% 8% 2% 1% Trammel Cr 028146 KUO 2 2 2
1% 8% 6% -% 3% I TWA 225 2JSU0J1 34 1% 1% 1% +%
1% 8 9%-% 26% 24% Tronaaadnc 2.01 8111 19 24% 24% 24% 4%
61 60% 60% -1% 46% 37% Tranawnaf £00 4.626 272 42% 41% 41% -%
72 70% 70% -1% 39% 29% TrareaUaa * 034 06 0 130 29% 029% 29% !
1% 026 % 28% -% 20% 9% T>arttca Ed 060 4.4 1 171 19% 13% 13% -%
(% 28 26% +% % % Transco E* . 1 32 U tl 11
[% 32% 32% -% 8% S% Trsnacnl fl 0 63 5% 9% 6% +% 1
’% 7 7 -% .11 8% Traanach 212 151 8% 8% 8% +%l
24 22% 22% -1% 23% 19% Trantars 150 7.9 71130 20% 20% 20%
A " u i 19 9% Tradagar % 0J4 1420 S7 17 16% 10% -%
% 37% 37% -% 35% 33% TrBooafi * 250 72 S 54% 34% 34% +% 1
29% M% SHhMnGr. 20 «4B “17% 16% 17 -% 17% 13% Tore Carl
■a 10% Sjaalar . 150 6526 90 «% 11 % 11 % 304 MlowOu
“!? 11? ' ■ ft ’8- !•* 15 S06 12010% II -1 26% 29% TotalSyai
a%M%mqrltnaa 0.4fl 3-232 31 19% 15% 19% -% 38% 30% Toys R U
4% .3% SLMa - atl 32 2 2 3% 3% 9% 2% 1% Trammel (
9%. «% SmUtiCwo * 020 £4 13 689 8% B% 6% -% 3% I TWA 225
10%” 6%SmimM> S3 571 9% 9 9%-% 28% 24% Tronaaml
.66 IO% au «a un B IJS 1J17 89. 61 80% 80% -1% 46% 37% Tranawnc
B0%_K>%5*a*BEa 1=94.26 777 72 70% 70% -1% 39% 29%TranwUw
43%. SBSmhhaFd 0 44. 15.17 586 29% 028% 26% -% 20% 9% TrarHca I
39 M% Smodiaf J-0.46 1.622 >0 36% 28 26% +% % % Trantco I
49 32Sn*pOnTl* 1.06 3J M 239 63% 32% 32% -% 8% S% Trsnacnl
7% 5%8«Ur0B» 020 U-16 260 7% 7 7 -% . II 5% TraatUdl
29% 16% Stdacbm 261503 24 22% 22% -1% 23% 19% TnrWara
? % Sontron D . ; A no A A A .19 9% Tradagar
29% Sonar (ns £00 65 22 319 37% 37% 37% 35% 33% TrtCooOJS
30 2B% Sony AOft. 059 0514 926 31% 31% 3l% ~s 47% 40TritaUoa
tWi, 10 % 'SodMbya 0.60 &1 61 EDO 12% 11% 11% -% 28% K% TrtCotd *
hgfa «Sourc Cap 300 78 27 46% 45% 46 -% 34 25%TilnHy
K 3®% SwaatfH * 250 7.3 ztoo 34% 34% 34% -% 26% ig% Tfinova
91%'19% SaiJarMnd a 1.44 8.7 14 16 21% 21% 21% +% 48% 26% TiRon En
.16 11 % SouAdam 050 4,2 4 106 12% il% Tf% -% g% 4 % Tucson El
.16 ll%&wMown 050 4,2 4 106 12%
26% >9% rrinova
48% 26% Tinon En
9% 4% Tucson El
058 2421 990 40% d»% 40
256 9.6 108 27% 26% 26%
050 2530 949 31% 31% 31%
066 29 8 173 23% £3% 23%
OH 03202749 29% 76% 29
0 102 9 % 9% 5%
nSWflUCp 0.40 Z911 25 16% 16% 16% -% 10% 6% TuUk Crp 020 £4 2B 155 B% 6% 6%
55% 30% Soutfia Co £20 «J 11294 Tu33% 3<% .35% -%
STurlUi In. 031 EXt
6% 6% 6% +%,
33% 23% SowhnH3E . 156 3514 78 11% 31% 31 % +% 25% 17% Twtti Cant 062 2 4 10 214 22% 21% 21% -%
33% 28% SodWWT i. 1.79 54 19 491 32 % 32% 30%
23% 17% T»fti Dtac 0.70 35 74 2 16% 18 % 18% +%
47% SS% SouUWAIrl 0.10 0539 683 40% 44% 44% ^1%{ 30% 33% Tyco Labor 056 10131804 34%
14% tt% SoutflWGss 0,70 3045 204(114% >4% 14%
33% 27% BouUJWEdot 060 £013 (9 31 30% 30%
23% 16% Tyco Toy* ftW 06 I3SQH Mdf4% 15% -2%,
S% 2% Tylar 25 216 4% 4% 4%
Si-T* V 34% »% SorthWnPSr £20 70 Q 99 31% 31% 3i% -% 12% 12% Tylar Cb x 156105 4241 11\dl1% 11%
it ? V 13% IQ % Spain fund 037 3.7 266 10% d9% » -%
:? ',■> > 8% BSpartCW Cp 6 64 ' 7% 7% 7%
9'i -L 9 5% SprafluaTac 056 a>17 24 6% 6% 8% - U -
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158 112 UAL Core
12% 7%UDClln
20% 14 UJB PM
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101291 115% 114% 115%
150235 5 25 8 7% 7%
050 35 29 441 18% 16% 16%
11% 9%.8td Motor QJ2 £529 3a 13% 12% 12% -% “7 71 n 10 . 7% drS
14 7% SandPaem 0.12 t.92i 612 6% 7% 7% -% 11? J? 41 410 oi ^ «u 2%
36% 23%SMPred .046 1563 696 U37 36% 37 4-% *\*\™*g™ 4 V> 91 * ^
u I.M1JUI0 rK •• *1. 2 llBacore 6 «? _}*■
34 2£SMndax . 0,78 54 U 127 31% 31 31% +%
41% 32 3w*«ne x 052 2.7 H 84 33%'33% 33%
48% 30% fimnloyWk 124 £216 612 39% (06% 38% -%
29 23% SarrsLx 058 26 222100 24% 24% 24%
11% 10% State Mist 057 AS «u!7% IT% 11%
29% 18% 8MLFbdBh 0.44 £1 9 816 21% 20% 20% -%
9% 5% SUdgOgip 1 020 2411 24 e% 8% 8% -%
5% 3%SWlgQl«ffi 0.30 7 5 44 284 4% 4 4-%
25% t4%‘Si6rtgSwre . -'. 12 69 n% 14% 14% -%
10% 6% SOW Fin ... 41 30 6% d6% 0%
ai 23V8to»a&wab 050 £225 165 27 % 27 27 -%
32% 22% Stem Cent £72 .3.1 2S 748 23 % 23% 23% -%
2 % £3hnwfdga . ' S 2 2% 2% 2%
.10 'BSlgnm'Eqk 054 9.810 29.-8% 6% 0%
n78 32% SMragaTa 192067 86% 33% 34% -1%
64% 42Stratus ; 18.188 44% 43% 43% -%
53% 28% U8T Inc 050 £1 204667 29% dSS% 29% -'ll*
60% 47% USX CmbPI 458 65 16 48% 49 49 -%
I 19% 16% UOH C«P 150 69 23 816 U19% 19% 19% 4%
3% 1% Ultimate 0 S2 1% 1% 1%
6 9% UNC Inc 4 93 6% 9% 6
42% SZUnBI Inc 050 15 28 449 37% 37 37 -%
I 28 21 UnHhm a 0.12 0817*100 21% 21% 21% -%
68% 64% Uniterm 0.40 £818 61 u68% 68% 68% +%
112% 07UaUNV 252 £7 151200 105% 104% 104% -1%
63% 46% IMoa Camp 158 £4 281370 48%
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5 5 2? ~u Ju -U 29% 20 % ualon care U» 38 456284 K% 27% 2S -%
“ 7 *t *» 24% 18% Union Core 17 50 W% 19% 18% +%
.5 * ;? ;? ?? 102 83% UnB H 650 £4 2 84% 94% «
48 43% UnQ 350 350 85 3 48 « 44 -1
2? Sv "U! 60% 96 Uld 450 450 75 2 57 57 57
JL25? Si S? "7 36% 31% IMoa Qac» £24 £4 11 <29 35% 85% 35% -%
% 0.15 valley I no
H% 12% Van Own
8 6% VMKmpMi
d% 7%(WteR«vi
11 % U% Yaamudli
7% 4% Varoo inn
*2 34% Vartan Asa
17% 12% Vartiy I 3
19% 12% Vartiy Cp
15% M% Vasnur
67% 63 VliEAPS 00
2S% »% Vtahay Ini
17% 8% Vlain Rm
33‘z 2TH vhnru Inc
72% 63% Voaatona
4% 2% iMuntaer
29% 23% Von Coe
34% 26% Vomado
44 39 Vulcan Mai
23% 13% WUS Indual
34% 28% WPL held In
26% 15% Waban Inc
86 56% Wachovia
31% 25% Wackanhul
5% 3% Watnaco
39% 30% Walwaon
27% 23% WaltecaCS
58% fio% wanton
5% ewamar Inc
79% sa% wamMUnh
35% 31% Washgl 061.
20% 19% HtashgWH *
246192% WaahotPaiB
46% 36%«t4Mteteci
12% 6% WatMnajn
6% 4% WMnWi
8% 2 Wean Inc
23% 15% WabO (Del)
36% 89% Walnganon
6% 3% WWrton St
27% 34 Vhila MUa
31% 21% Waflnwn
6S% 56% WhMFargo
13% 9% Woody* Ini
21% M% Wni Co
42% 25% WoatptP
16% 13% Wooktet E
9% 2% Waste NAm
5% 2% Wat Dio
S3 14% WdstnOas
18% 13% weetn Mng
26% 25% Warn Rea
21% 16% VteaUngiiEl
16% 11 Wsbi Waste
17% 12% Weatpoe x
41% 33% Westvace x
37% 36% t fa yart im a
38% KMMNaMlx
48% 34% Whirlpool
13% W% WNIehaN
16% 12% Whitman x
14% io% Whittaker
36% 32% Wtcor UK
10% 7% WUtMt&Q
40% ZaWUHams
9% 6% Wllshlre
6% 4% Wind mere
44% 36% Wlnnoaio*
6% 3% Wtainebiioo
40% 35% WtocErtorgy
26% 36% WISQPiltlSv
<8% 40«ncoCBipF
14 B% Wohiertne
32% 26Wonlwe(«>
14% 12% World Wide
12 % 7% Worldcorp
66% 66% Wrifltey
16% 12% W)4a Labor
22% 16 % Wynns lid
3lV3l% SttkteRa* aW -WlffMW »% «% I 55% 44% IkUte P* * 156 £71482716 52% 50% 50% -£%
34% 26% Stem Rgar 150 3812 61 32% 31 32 44
7% 4% Bum Shoe 050 48 6 24' 7% 7 7 -%
10% gSisrOtaA .1,10105 9 31B ulO% 10% 10% -%
4% 2%BuntMaB £13 35 3 30 3% 3% 3%
li% 6% Bun Elactr 11 33 8% 9% 9% -%
9% 7% Sun Ensrgy 05210.7172 46 6% 8% 9% -%
47% 34% Sundstrand 150 £1133831 39% 38% 38% +%
2% 1% SurohlnoPI 1.1956.0 32 2% 2% 2% -%
1% % SunttteaUn ' 168 1% 11
40% 33% Suntrwt. iJOO £6 13 642 30% 38 30 -1%
V 20% 13% UiUooPtart 0.60 £3 10 76 16% 16 16% 4-%
'!• 20% 18% UnlonTexu £20 15 6 101 17 16 % 17 +%
2% i Unfed Pin 0 10 1% 1% i%
, 11% 4%UnteyaCre 150118 1 m 6% 8% 6% 4%
7 2% 1% UnB Core . 28 44 2% 2 2% 4%
? 32% 22% UtdAsaal £64 2018 312 22% d22% 22% -%
7 28 10% UtttOomRly 158 £1 63 236 21% 21 21 -%
10% 8% UtdDandnd 050 £2 U 10 9 9 6%
-x-Y-Z-
03 68% .UWHUhCr*
31614 64% 82% 62% -1%
*.■
J. I 1 *
• f 7 ".7 j{l"
: 41 ll
- ® ~ 11 * 36% 34% Utdflhinsi • £56 7813 46 36% 36% 36%
IQ 9% Super (toad 054 35 31 137- 6% 69% 9% BUMInduat £64 £4 12 52 10% 10 10 ~%
27% M% Super Vaiil £7£'B5 6 220 £4% 624% 24% -% «% »% UxlliwMgml 050 1512 40 »% 22% 22%
81 32%Swwrlor 059 05 24 398 94% 33%. 54 —% n% 8% UUlKpctelFnd £60 6 7 40u1Q% 10% 10% 4%
IB 12% Swfcn Hohr 0.03 05 ' 80 14% 13% 13% -% Q A ITWParkCM 16 23 % S %
26% )8%Symbol Tee. . . 52 680. 22% 21% 21% -% l8%11%USAir £12 1.0 22088 12611% 11% ~%
12% 6%Syn<*Core - '10 12* *% 66% 8% -% 13% 7% USFM £20 T.6 72B« 12% «% 12% ~h
28% W%%«»UT%«. 046 £119 401 33%-2Z% 22% -% ^ f«. • *®2 12. Ak aaJ H
54% MSynteu Cre-1»55 166480 98% 3*% --% ^ Mb Su
5 4 t3sSS£3 034 “5-S 7 % £i 1? -% oJS 8BSA»?§ £ -?%
16 7% Systems.Cn 14 644 7% <StH 7% -% 38 % 3Z%US TteM £12 50233039 38% 35 36% -%
62% 86% Xerox
53% 50% Xarex4.l2S
28% 24% XMi 1.04
37 26% JCtm Core
27 25% YaitHoo Egy
1% % Zapaia
11% 8% ZanWiElac
16% 14% Zanlih Nat
7% BZanii Inc x
13% iizareCcre
38 28% Zura ind x
14% t2Z«Mg Fund
11 9% ZWIg Tod x
£00 45 173064
*100
104 70 31
£80 2513 M
106 £4 11 8
56 23
3 304
100 SO 6 14
002121 GO
£40 30 17 160
008 £1 31 538
1.16 90 79
1.00105 606
69% 66% 60
S3 S3 53
27% 27% 27%
36% 35% 35% -%
28 25 % 2* 4%
1 % 1 1 %
7% 7% 7% •
17% 17% 17% -%
6 % 6 % 6 %
11 % 11 % 11 % -%
26% 698% 26% -%
12 % 12 % 12 % -%
9% 9% 9%
•1 r 4 . 1
v r. .■
1 .!■-!.
ifc-
- T - ..
6% OTCWr Enter 0150. 55 14 M6 - 4 63% 3%
26% 17% TCP Flnanc 060 2.1 13 323 -24 23% 23%
0% 8%1 BWCmw6 0O4 M 228 9..8V- 0
37% 27% TDKCflpA 058 1520 23 31% 31% 31%
8% 6%TI3«0* £92127 7 . 42 7%' 5% TV
20 16% TJX Cos . 0.48 2 7 17 SOI . 18% 17% 17%
21% 18% 1NP Entere 1.63 RB 0. 38 19% » 19
. 58 4f7RWMr 160 £4341448 34% 33% 33%
. ;■ %y 1 % ATanmaBoat 0 .49 A 051 031
. S’?f30% ait Taiwan Fd 240 5i%d2i% 21%
4% 2% TaHayind . £20 TO 0 68 3 2% 2%
7% 6TaUayJ>t. . I.OOT&7 :*«» 6% 5% B
70% 56% Tambrando 108 £5 281164 62% 60% 80%
16% IITangam _ 172365.12% 12% 12%
31% 24 Tandy Core 0 80 £3 121400 26% 20% 26%
13%1I%TMMIUX £82 7.4 60 12% 12% 12%
41% 38 Taco Enarg 182'45 15 >13 38% 39 39%
22% 16% Taktranta 050 £2 18 816 19% «% 16%
1% ilTateconCO . 2 13 1% 1% 1%
26% 19% Teladyna £80 35 38 431 21 20% 20%
38% 28% TWsEspSA IM 46 61999 32% 32 32%
60 46% MnaiADHl 0.48 1.1 H«l <7%d<2% 44%
57 48% UtdTadma 150 £6 65103 62 51 51%
10% ttUttWawr £02 6513 31 14 13% 13%
8 % 5% UnRrede 5 148 7% 7% 7%
98% 27% Uidw Food* £54 £112 881 77% d£7 27%
19 .MUBteHMlx 154 £411 37 11% 17% 17%
’ 3% 2 %UidVMadL 11* 10 3% 2% 2%
, 12 % 10 % UnNar Cip 050 £540 64 11 % 11 % 11 %
2 33% 22% UnJvH Crp 050 3511 183 26% 24% 23
J, 10 % 3 % Unlval Mho 1921136 0 % 0% 9%
V 28% 20% Unocal Crp £70 £74274810 26% 28% 23%
-!• 40% 32UNUM Core 0.08 1.7111048 38% 38% 38%
49% 3Z% uptofm 106 45 I094S8 32% OSS 32
, . 20% 17% USUCO 150 65 U 28 18 16 16
~% 10% 8%USLFE.Inc 002 85 0 40 B% 8% 8%
~% 24% 10% USX MB*. 1.40 8.1 252982 23% 22% 22%
_ 50% 22% USX US 30 150 £8 31481 26% 28% 28%
■f 36% 22% Utlcpl.773 1.78 7.7 112 23% d22% 23%
~% 20 22% UUIIcorp 100 £9 111806 23% 22% 33%
60 46% rum ADA
M 47% 642% 44
20 22% IWIIoorp 150 £9 111806 23% 22%
- V-
7% 38% VF Core x IK 25131350 42% 41%
a U VMS Idgi F 0 51 & £
3% 23% Valero En 044 20 33 » £4622%
1% 7% ValeroNOa* £50265 S * 8% 8%
57% 48%TaoipMnl £90 £1 191X37 47 % 648 % 46% -l%l 7% 6% Valin Inc X £20 35 16x100
41% - 1 %;
226 - 2 %
8 % *%l
6
Price due supplied by TelePurm.
Yearly Wgha and lows reflect dm partod I rent Jan 1,
redlining the laiaM trading day. Where a apm or Mock
dividend amounting to25 percent or more has been paM. Via
year’s high-only range and dtvldend are shown tor dm new
Stock only. Untess othmwtee noted, rates at dtvtdand an
annual dlabur a emanii hated on ma Waal declaration. Sates
IlgiMa* are unoUctel.
a-dhrldand also xtra<s). breonual rets ol dMdand phis slock
dhddcnd. c-UquWMlrtfl dvfctand. Md-callad. d-new yearly low.
a-dtvktand declared or paid M preceding 12 month*. g-6M-
dend in Canadian hinda, aubtoci to 15% non-reaUtence lax
Fdlvtdend dactered oiler cpOHip or nock drldand. |-dMdend
paid dde year, omitted, deterred. or no aaton token at totesr
drldand maedng- hdMaand declared or pekl tfu* year, an
acciamdaiWa Issue whh dMdandi In arreara. n-new issue in
tea past 62 weeks. The high-low range beglnx wOh Oia start at
trading, nd-naxt day deiluary- WE prioe-aanilfiga ratio, r-dlwi.
(tend declared or paid In preceding 13 month*, plus stock
dividend wench aplh. Dhrtdandi begin with dew of split
sto-oaleo. MMdend paid In stock in preceding 12 month*,
estimated cun value on ax6lvldand or *»6MrttHidon dole,
u-riaw ynarty hlgft. v-trading hailed. vHn bankruptay or
tecatvamup or being reorgaoiaed tutor Dm Bankruptcy Act
or sacurfttee asaumad by such companies. wd-Os&lbutod.
wMehan Issued, ww-whh warrants. x-a»xflvkJond or ex-rights.
xdto-eiHiWributton. mwwttiout warrants. yHUMtMdand and-
aale* In tod, rkknekt am« In ML_
AMEX COMPOSITE PRICES
4.00 pm prices June 17
MHCp
r’.^AmExpl
' • Anretech
Abart
AtteCMB
Mldon A
W 81a
Oh*. £ IBOs
0 3
ai6 14 40
2 SB
143 29
£50 13 2
£54 ID 38
134 4 1201
£10748 .682
4 630
17 77
20 43
6 116
1 16
1 60
056 7 6
004 » 26
44 31
061 26 290
0 88
0*0 14 87
1.00181 22
16 56
D.4S 19 401
6 408
3 *100
12 6
053 10 118
056 38 . W
050 12 18
Cal Engy 16 592
Caltrop 0 20
Caravl A £62 14 2546
Cm line OJH 13 5
OmbrsA 8 1179
Owners B 10G
Champion 46 3
CnJ tea 0 412
Hgh Low
5% S%
28% »%
1 % 1 %
2 % 2 %
48% 48%
21 20 %
6 65%
15% 18
2 % 2 %
4% 4%
6% e%
i% i%
CtoasChag
5%
28% +%
1 %
2 %
40% +%
81 +%
5% -%
i .« -%
2 % -%
4% -%
1 6% *H
1%
, A
, 2 % -%
W 81 *
Dir. E IBB* High LowCteaa Chop Meek
051 m 3% 3% “A A
0.44 41 4 18 18 18 -% HHMNan
9 3 1% 1% 1% Homan*
ISO 7 4% 4% 4% +% HtMWnhn
£10443 332 4% 4% 4A
158 18 237 a % 23% 23% „ whico-,
0.40 35 25 22% 22% 22% -% PlrX
£40 17 1255 20% 019% 18% -1%
£63 12 33 19% »% 19%
8 10 2 2 1%-%
£38 42 5% 5% Mt
27 31 H n U -A
6 26 4% 4% 4%
£48 27 16 12% 12% 13%
12 1216 0% B% 9% +% ' aHCa “*
6% S% S
3% 03% 3%
5% 5% 5%
rail i>% «H
i di i
19% 19% 19%
28 23 23
10% 19 >9%
6 % 8 % 8 %
12% 11% «%
9% 9% 8%
1% 61%. 1%
15% V*% 14%
W 13% 13%
7 8% 7
12 11 % «%
2 % 2 % 2 %
22 % 22 % 22 %
13% 13% W%
7% 6% 6%
7% 7% 7%
4% 4% 4%
1 1 1
Bam Co 0.46 8 2 12%
-% Exstgraup 15* 8 6 13%
-% Ette Bar < £07589 3292 8%
—% Ecul Es A 052 11 31 14%
. Edbno 0 411 %.
Eogy S«n 7 287 1%
Fab Mds 050 « « 32%
FhakKA 350 40 5 73%
_j_ FHcagenc aio n s29 •*%
ZZ Flub* M 058 40 77 29%
I? FMU 28 635 30%
_? Fnqurecy 7 15 4%
i Frslrea 18 6426 32%
-% bfi.Mf 1.08 133 U0%
GUM FdA £58 15 737 20%
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m
LAC JLEMAN
The FT proposes to publish this survey on ^ ^
This survey will be seen by leading international businessmen in 160 countries worldwide, including Switzerland
where it will be widely distributed.
In Europe 92% of the professional investment community regularly read the FT.
If you would like to promote your company's involvement in this region to this important audience, please contact
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on 071 S73 3426.
Datax*rtr:Tht Ptofemanal Anvsmwm Commoily WorbMde IWI (MPG Itn'li
r FT SURVEYS I
NASDAQ NATIONAL MARKET
Wga
Ctos* Pro*.
LawQaauCteM
o 2 A A ii
£60 35 78 23 15% 15% 16%
0 5710.9 483 uB 7% 5 +%
000 Ml 101 8% 8% 8%
050 7.3 153 11% It Ii
11 533 6 d4% 4% -%
036 10 15 237 36% 36% 36% -%
1 JO £1 75 16% 16 16 -%
BUM T7% 16% 16% -%
MB 75 I 2 14% 14% 14%
&0D 74 2u6T% 66% 67%
191346(125% 25% 25%
9 41 14% 14% 14%
31 » 39 27% 27* -%
1 19 1021 7M 64% 62% 02% -1%
10 II 4 3% 4
14 303 23% 032% 23 -%
166 SA 34 7 31% 31% 3l ■«
130 £6 27 238 43% 42% 42% -%
- w -
20 676 15% 15% 15% -%
1.68 55 13 SS 33% 33% 33%
19 802 21% 20% 90% -%
£00 3221 222 62% 61% 61% -%
069 2.1 14 195 28% 29 39 -%
a iaa 3% 3% 3%
052 1.7 IB1B8B 81% 31% 31% -%
054 £3 13 154 23%d22% 23% -%
021 04 377963 54% 54% 54% -%
17 23 6 % 8% 6% -%
£04 3-1 <62751 60% 60% 60% -%
2.14 61 14 34 35 34% 35 4-%
IK 5616 135 19% 19% 19% -%
400 1.9 21 66 2» 217 217 -4
052 1 4 276723 36% 35% 36% -%
£48 4.7 3 138 10% 10% 10%
£12 £5 79 7 4% 4% 4% +%
10 4 2% 2% 2%
tWO 1.2151814 15% 16 16% -%
IK 6029 65 33% 33% 32% -%
0.64 107 2 32 6 6% 6 -%
OK £7 14 *9 25 24% 25
012 £5 15 173 22% 22% 22% -%
206 26*322604 73% 71% 71% -2%
024 £3 199166 10% 10 10%
040 £0 3S 2W 20% 20% 20% -%
11$ 22 36 38 38
057 4 9 12 11 13% dl3% 13% -%
0 403 3 % 3% 3%
1 417 5 4% 4% -%
0.20 1521 637 20% 20 »% +%
as? 3.4 11 31 15% 15% 15% -% 1
449 26% S6% 26% ■*■%
0.72 4 1 32657 18 17% 17% -%
fit 166 11% 11% 11% -% I
1.7514.1 7 62 12% d12% 12% -% I
1.10 30 IB 8M 38% »% *% -%
120 3.7992782 33 % 32% 32% -%
0.04 0.1 171205 27% 26% 27 -%
1.10 3 2 1358U 35 34% 34% -%
3 25 11% 11% 11%
£26 201S3346 13% 012% 12% -%
8 111 13% 13 15 -%
1.46 £218 142 23% 23% 23% -%
0.10 10 491600 9% 9% 0% +%
152 54 12 822 29 026 25% -%
62 52 7% T% 7% -%
It 497 5% 4% 4% -%
120 25 17 MB’ 42% 42% 42% +%
12 62 4% 4% 4% 4%
105 4014 IK 39% 39% »% -%
1.70 60 (2 66 £6% 87% 26% 4%
154 4013 192 46 4S'i 45% ~%
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1.12 42 092694 26% 26% 26% -%
0 64 50 91 14% 14% 14%
17 8S1 7% d7 7 —%
100 1520 138 71 U% 60% -1%
£26 1016 94 IS 14% IS
£60 £7 7 56 u23% 21% 21% +%
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AIMretoi £44 20 676 33% d3l% 32% -1%|agSMBI
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4M pm prices June 17
Dfv. E 160* Mgh Law Lauding
1.12 9 «< U20% 19% 19%
7 3856 14% 13% 13% -%
B 7733 11% 06% B% -2%
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13 40* 1Q% 10 10% -%
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M SEAk £48 13 251 26% 25% 26 -% Raw lot
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Sandwaao £30 21 127 #4% M 14 .
-.U MM( 0J2 12 706 18% 16 18 -%
_L SctoabfA £25 20 173 20% 28% 28% +t
J! KltajL a 3499 54% 51% 52% -1%
IZ Sa9p» 749 209 7% 7% 7% -%
X Scfas 7 3088 10% <B? •% 1%
Wfc *Op 0.4911 mi 32% 481% 67% "%
to** fled 1811993 20% d15 17 HI
SaaftaU 10D 39 173 W 28 % 26% -1%
Sea gate 80212327 !B% 14% 15% “%
+% SSCpr aiS77 1»S 34%d»% »% “%
+%l8WbW*B OK 2 128 5% 6% 5%
INDIA 1992
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HJPG foil}
FT SURVEYS
__"... _ __;__ l r ~.•_ __ _t
WORLD STOCK MARKETS
AMERICA
Optimistic Fed report
falls on stony ground
FINANCIAL TIMES Thursday June 18 1992
j Casualties and rewards on eastern tack'
Emerging markets divided along geographical lines last month, writes Antonia Sharpe
C asualties among the Mr Fidel Ramos in the presi- jpc KfiERGIMG riarkbts PRICE INDICES
emerging markets in dential race, as well as an ---——— ; - - r-„r^nav term
May were to be found improving economic perfor- ^ r.™. ib»so % Change % Chang.
41 s .
Wall Street
US STOCK markets continued
their sharp decline yesterday
after a Federal Reserve report
that the economy continued to
improve at a modest pace
dampened hopes of a further
cut in interest rates, writes Pat¬
rick Harverson in New York.
At the close the Dow Jones
Industrial Average was 41.73
lower at 3.287,76. The more
broadly based Standard &
Poor’s 500 fell 6.04 to 40248.
while the American SE com¬
posite lost 6J38 to 379.74 and
the Nasdaq composite dropped
10.83 to 553.24. Turnover on the
New York SE was fairly heavy
at 228m shares.
Prices opened weaker In the
wake of the steep fall in Tokyo
to a 5 'A-year low and on con¬
cern about the fragility of the
US markets. The selling, how¬
ever. did not start in earnest
until after midday, when the
Fed's “Beige Book" report on
business conditions across the
US was released.
The book indicated that the
economic recovery was con¬
tinuing, and that inflationary
pressures in the economy were
light. Investors, however,
chose to sell on the report,
probably because they believed
the news of improving eco¬
nomic conditions further
reduced the chances of another
interest rate cut A late burst
of program selling added to the
Sad Paulo’s Bovespa index
recovered an early 4.4 per cent
.drop to stand 0.2 per cent
down at ZIJ814 at noon yester¬
day, Bill Hinchberger writes.
On Tuesday the index
reached January levels after a
7.4 per cent drop, the steepest
since last October. Telebras,
which was 26.4 per emit below
January levels in dollar terms
by Tuesday’s dose, lost a fur¬
ther 2.1 per cent
In Mexico, the stock
exchange index was SJ5 per
cent lower at midmomlng. Tel-
mex L shares, heavily sold in
New York, were off 450 pesos
or 55 par cent
drugs group said it did not
expect second-quarter net
income to exceed the 70 cents a
share earned a year ago. The
news depressed some other
drug stocks, with Pfizer dip¬
ping $1% to 267%, Merck $1%
to 247%i Glaxo ADRs 2% to
225% and Schering-Plough 21%
to 250%. •
AMR, parent of American
Airlines, eased 2% to 162% on
news that it will probably
report a second-quarter loss
because of higher fuel prices
and the recent air fares war.
Medical Care International
dropped $6% to 248% after
agreeing to merge with Critical
Care America.
downward pressure, sending
the Dow tumbling past its sup¬
port level of 3,300.
The losses were spread
throughout blue chip issues.
General Motors fell 22% to
$41%, General Electric 21 to
276%, Westinghouse 2% to
217% and Coca-Cola 21% to
239%. Coca-Cola was also
affected by reports that the
soft drinks group had told ana¬
lysts that second-quarter esti¬
mates of 42 to 44 cents a share
were appropriate.
Telefonos de Mexico Shares,
heavily bought by US investors
in the wake of the group's pri¬
vatisation last year, continued
to suffer, falling a further $3%
to $45%.
Upjohn declined 21% to $32%
in heavy trading after the
Canada
THE Toronto market mirrored
the Wall Street weakness, the
TSE 300 composite index fin¬
ishing down 39.1 at 3,3684 as
declines outpaced advances by
347 to 221 after substantial
volume of 30 . 2 m shares valued
at C336L7m.
Traders noted that the sell¬
ing was broad-based, touching
every sector except the real
estate and construction index.
Bramalea was a bright excep¬
tion, rising 15 cents to C$1.20
in spite of reporting a first-half
loss of 22 cents per share, com¬
pared with a profit of 2 cents
for the same period last year.
The diversified real estate com¬
pany also halted payments on
its common dividends.
C asualties among the
emerging markets in
May were to be found
in South and East Asia and in
the eastern Mediterranean,
while Latin America as a
region held steady. The biggest
fails came in India ?nri Turkey,
two long-term sufferers,
allhough the Philippines pro¬
duced the biggest on the
month, reaching record levels
following the largely peaceful
presidential election.
Mr Michael Paterson, a direc¬
tor of Asia Equity, believes
that Philippine equities are due
for a period of consolidation
after the recent rally, but that
their long-term p respects are
favourable. “The market Is
poised to go higher," he says.
There is considerable excite¬
ment In the oil sector following
the recent discovery by Royal
Dutch and Occidental in the
Malampaya oilfield. The dis¬
covery is expected to make a
considerable contribution to
the country’s energy require¬
ments. First Philippine Hold¬
ings is expected to buy into the
Royal Dutch/Occidental joint
venture.
Increased political confi¬
dence following the victory of
Mr Fidel Ramos in the presi¬
dential race, as well as an
Improving economic perfor¬
mance - merchandise imports,
a leading economic indicator,
jumped 52 per cent In the first
quarter of this year compared
with the year-ago period -
should attract foreign inves¬
tors back to the Philippines.
News yesterday that the capi¬
tal's two stock exchanges had .
agreed to merge is also seen as
a positive move.
Political uncertainty, on the
other hand, has upset the
Athens stock market, which
dropped 11 per cent in dollar
terms last month. Having
reached a 1992 peak of 1,009 in
early February, the general
Index has since fallen to
around 800 as individual inves¬
tors, troubled by Yugoslavia’s
claim on Macedonia, switched
into government bonds, which
are tax free.
Mr Stuart Harley, part of the
Greek team at Schroder Securi¬
ties, says the ill-health of the
president, Mr Constantine
KaramanUg , is compo unding
tiie country’s political unease.
The government’s narrow
majority In parliament, which
traditionally elects the coun-
IFC EWEBOIMC MARKETS PRICE INDICES _
Dollar term* toraw
No. of May 30 % Change % Change May 30 % Change % Change
stocks 1992 over month on Dec *91 1992 over month on Dec *91
Latin America
Argentina
129)
1,634.74
+ 6.9
• +32.0
93,078,615
Brazil
(69)
15346
-34
+4&1
133.609.587
Chile
(35)
2,010.63
+0.0
+30.4
5539-1$
Colombia
(20)
900.33
+ao
+ 11.7
5517.06
Mexico
(66)
1.771.18
+ 1.1
+224
28.460.34
Venezuela
(ID
534.10
-7.9
-21.0
4,531.09
East Asia
South Korea
(91)
220.40
-10.9
-224
208.76
Philippines
(30)
1.830.73
+ 104 '
+27.4
2562.60
Taiwan, China
(70)
605.83
+0.7
-35
377.97
South Asia
India
(62)
360.79
-24.7
+ 31.1
81956
Indonesia*
(63)
67.12
+ 84
+20.4
75.65
Malaysia
(62)
16451
+05
+ 145
17047
Pakistan
(58)
289.99
+ 3.7
-0.2
471.23
Thailand
(51)
31651
-65
-0.1 •
297.24
Eura/MkJ East
Greece
(32)
383.68
-11.0
-124
544.54
Jordan
(27)
9949
-3.4
+ 3.3
174.97
Portugalt
(30)
42053
+ 1.1
-2.0
360.82
Turkey*
(25)
40.50
-24.3
-52.4
363.89
-20.4
+24.2 -
-7.1
Srnrar tot on m tkN*l ftaanc* Corporation. 9 m (fan.- 0 m r884-100. -Dae ISW-IOO. Man tom-100. tDac nmS-1
try’s president, is seen as a
potential difficulty and could
prompt a general election:
As a result, investors are
ignoring the improving eco¬
nomic and corporate news, and
the arrival of summer is likely
to delay any recovery in the
stock market until the third or
fourth quarter.
Good first-quarter - results
have also gone largely unno¬
ticed in Turkey, which has suf¬
fered from a heavy fall in the
lira and the dashing of the gov¬
ernment's unrealistically high
expectations on inflation. The
surprisingly good headline fig¬
ure for April is unlikely to
revive the market, since it was
kept artificially low by the
decision of state enterprises
not to raise prices ahead of
load, elections.
EUROPE
Philips sinks by 18% after profits warning
ASIA PACIFIC
Nikkei drops to 5 !4-year
low on arbitrage selling
Tokyo
ARBITRAGE selling drove
equities down sharply and left
the Nikkei average at a closing
5%-year low. writes Emiko
Terozono in Tokyo.
The 225-issue Index plunged
507.73 to 16,445.80. its lowest
finish since November 1986. It
opened at the day's high of
16423-32 and reached the ses¬
sion’s low of 16,444.70 near the
close. Volume increased from
230m shares to 280m.
Buying by pension funds and
investment trusts failed to
absorb continued arbitrage
selling. Declines overwhelmed
advances by 908 to 83, with 105
issues unchanged. The Topix
index of all first section stocks
lost 30.60, or 25 per cent, to
1,276.61, while in London the
ISE/Nikkei 50 index receded
5.37 to 992.08.
Negative sentiment spread
as constant buying by public
pension funds failed to counter
selling by dealers and retail
and institutional investors.
Stricter disclosure on futures
and options trading by the
Osaka stock exchange also dis¬
couraged dealers.
Indications by the Economic
Planning Agency that it might
be forced to revise downwards
its 35 per cent growth target
for the year to March 1993, in
view of the continued sluggish¬
ness of the economy, also dis¬
rupted the market
Rumours that Daikyo, a lead¬
ing condominium maker, was
in financial trouble, addition¬
ally depressed investors.
Daikyo later denied the
rumours.
Brokerages were heavily sold
on reports of operational losses
Japan <; % *-.xv. v A. - *
'. • • • . • • ■ m .•
.'4ok)fliy ^ ^
. iiM*' i '‘.•j i
' 3sio&
foomu:- ‘mtfwmPk
from April to June. A Japanese
brokerage official said low vol¬
ume and high costs, including
summer bonus payments, have
been hurting the firms.
Nomura Securities weakened
Y100 to Yl^OO and Daiwa Secu¬
rities Y46 to YB 10 .
Steel, construction and real
estate companies also Cell on
heavy selling. Traders said
domestic institutions, that
bought the Issues in 1968 and
1989 were liquidating holdings.
In Osaka, the OSE average
shed 41758 to 19502.13 in vol¬
ume of 20.1m shares.
Roundup
THE TOKYO market drop and
Wall Street weakness damp¬
ened general sentiment in the
Pacific Basin region yesterday.
The Manila and Makati stock
mar kets announc ed that they
were to merge. Mr Rosario
Lopez, chairman of the Securi¬
ties and Exchange Commis¬
sion. said it might take six
months to a year for t^e new
market to begin operations.
HONG KONG gained 30
points in early trade before
profit-taking drove the mark et
back. The Hang Seng index
closed just 7.09 up at 5,85354.
Turnover was HKS24tm.
Banks were generally higher,
with Bank of East Asia ahead
50 cants at HKS3250. In the
property sector. Sun Hung Kai
gained 50 cents to HK23250.
AUSTRALIA slid further for
the market’s sixth consecutive
M L The All Ordinaries index
finished 8.3 lower at 1531.1 in
turnover of A$270m.
MANILA fell on profit-taking
after the announcement that
Mr Fidel Ramos had been con¬
firmed as the new president
The composite index retreated
42.66 to 153552 in combined
turnover of 265m pesos.
BANGKOK gained ground in
heavy volume. The SET index
rose 655 to 75659 in turnover
of Btl0.34bn. Advances led
declines by 141 to 77.
TAIWAN declined moder¬
ately in active trading and
the weighted index relin¬
quished 83.88 to 4,603.90 in
turnover of T$385bru
SINGAPORE had selected
blue cbip a stronger as shipyard
Issues lost ground on profit¬
taking. The Straits Times
Industrial index eased 2.44 to
1517-44.
SEOUL’S composite index
lost 353 to 576.72 in t urno ver of
Won3265bn, while NEW ZEA¬
LAND slipped in spite of for¬
eign interest in Carter Holt
Harvey, which rose 5 cents to
NZ$2.65. The NZSE-40 Index
shed 2.67 to 153050.
BOMBAY'S brokers contin¬
ued to refrain from trading.
Meanwhile in DHAKA, the all¬
share index jumped 956, or 35
per cent, to 322.7 ahead of
today's budget for Bangladesh.
A PROFITS warning from
Philips sent tremors through
the Dutch market, writes Our
Markets Staff.
AMSTERDAM was shocked
by Philips's announcement
that it was making a sharp
reduction in Its 1992 earnings
forecasts. A wave of sell orders
wiped over 20 per cent off the
stock before a dose FI 650, or
18 per cent lower at FI 31.10 in
volume of 6m shares. The CBS
Tendency index ended 1.4
lower at 127.4.
Analysts were taken aback,
as many had attended a meet¬
ing with the electronics group
last week during which the
company made no hint that It
was about to take this step,
which It blamed on weakness
in the consumer electronics
division.
Yesterday most analysts cut
their 1992 EPS forecasts from
an average of FI 350 to around
FI 2.70. However, some believe
that the group will pay a divi¬
dend this year, estimated at
between 50 and 75 emits. Poly¬
gram, in which Philips has an
80 per cent stake, shed M 1.10
to M 5050.
MILAN recovered from a
weak start to the new account
on news that the socialist
leader, Mr Bettino Craxi, had
withdrawn his bid to become
the next prime minister, pav¬
ing the way for the formation
of a government The Comit
index, which reached a 1992
low on Tuesday, rose 0.9 to
48959 in turnover estimated at
more than Tuesday's L104bn.
The Craxi news prompted
short-covering and lifted
shares which had already been
officially fixed. Buying more
than made up for the payment
of dividends by 56 companies
yesterday, which took more
than 1 per cent off the index.
Stet, whose placement was
oversubscribed, closed L102
FT-SE Euro track lOO - Jun 17
Hourly changes
Open 1050am 11 am 12 pm 1 pm 2 pm 3 pm dose
1158.75 1158.17 1159.36 1160.43 1159.48 115950 1158.90 1158.46
Day’s High 1160.77
Day's Low 1158.12
Jun 16
1165.38
Jun 12
1167.48
Jun 10
117458
Baaa vafua woo pviaiBO).
down at U .510 but rebounded
to L1559 later.
PARIS eased ahead of the
Irish referendum on Maastricht
and a further batch of negative
company announcements made
traders nervous. The CAC 40
index fell from a high of
1,91554 to close 2257 or L2 per
cent lower at 1,90854 In turn¬
over of FFr2.45bn.
Suez dropped FFrll.80 to
FFr30250 alter the company
said it would have to make
another FFrL2bn in property
provisions this year. SynthdL-
abo dropped FFr127 or 11.1 per
cent to FFrl.020 in heavy vol¬
ume of 149,650 shares after the
company said clinic al tests on
its anti-anxiety drug, Alpidem,
had been halted. Its parent,
L'Oreal , lost F Fr21 to FFT869.
FRANKFURT moved tenta¬
tively into today’s Corpus
Christ! holiday and Friday's
options expiry. Turnover fell
from DM4J.bn to DM35bn as
the FAZ index fell 2.71 to 70659
at midsession, and the DAK by
752 to 1,771.78 at the close.
Lufthansa, a perceived vic¬
tim of the airfares war, fell
DM6 to DM129, approaching its
low for the year. AEG, down
DM9 to DM19350, might have
been carried down by Philips.
Hoesch, DM11 lower at
DM277, reflected a general
downturn in steels on talk of
another broker's downgrade
for the sector. Preussag fell
DM450 to DM417 and Thyssen
lost DM2.60 to DM23450.
ZURICH saw Swissair bear¬
ers fall SFr7 to SFr732 as the
SMI index fell 85 to 1573.1.
After hours the airline said
that it was cutting 400 jobs
from its 6,000 administrative
workforce.
BRUSSELS'S Bel-20 index
lost 12.41 or 1 per cent to
1,189.99. Barco, the electrical
group, shed BFr48 to BFrl512,
reflecting the fell in Philips.
COPENHAGEN saw Balfica
Holding drop DKr77 to DKr460
after Hafnia Holding, which
owns 335 per cent of BaWca,
said its equity capital was
down to DKr400m, Hilary
Barnes’ writes. The all-share
index fell 359 to 31942.
Hafnia Holding B. fell DKi9
to DKrlQ2. Banks were also hit,
with Danske Bank declining by
DKr5 to DKr271 and Unibank
by DKr7 to DKrl58.
STOCKHOLM'S Afffirs-
v&rlden General index ended
65 lower at 9435. The insurer,
Trygg-Hansa saw its B shares
down SKr4 to SKr53, having
insured the loan portfolio of
the banking group, Gota, In
which it Is a major share¬
holder. Gota A however, rose
SKH50 to SKrl750.
OSLO registered Its 12th con¬
secutive decline, the all-share
Index falling 453 to 428.791
• 'v. ■</?;•?
'Tsp.-j! rC'-^■!■. COT VAV
MVIDEN
.lyj.i:? 1 ,. / B .*s
*<■
KEY FIGURES FOR
(data ai 5 »ovjKlhy.ffiMs
*• ■:.. . ■ ■,? '
' .1991V i99i ; g
•a . .a
255,241
36,500
SOUTH AFRICA
JOHANNESBURG ended
mixed to softer. The overall
index dosed 7 down at 3,700
And the Industrial index was
off 3 at 4545. The gold index
rose 4 to 1,152, Remgro rose 40
cents to R26.75 while Barlow
Band was heavily traded.
Net eaijfejfr’?
12,846
15,910
\rQ'2
254,801
, 33,900
12,866
12,440
7,893:-'
//./•'V. v
V-rV
Solvay S-A>#nBEF per share)
Net dividend
Exchange rate 1991: USD 1-EEF32J8
are c
FT-ACTUARIES WORLD INDICES
Jointly compiled by The Financial Times Limited, Goldman, Sachs & Co., and County NatWest/Wood
Mackenzie, in conjunction with the Institute of Actuaries and the Faculty of Actuaries
NATIONAL AND
REGIONAL MARKETS
WEDNESDAY JUNE 17 W2
TUESDAY JUNE IB 1992
DOLLAR IHOCX
Figures In paranttisses
Show number ot Unas
Of stock
Japan (473)..
us
□attar
index
Change
%
Pound
Starting
Index
Yen
Index
DU
Index
Local
Currency
Index
Local
% chg
on day
Grou
Dtv.
YUM
US
Dollar
Max
148.61
-0.5
11747
117.74
12048
129.40
-0.0
4.22
14742
171.81
-1.4
13746
13752
140.79
14050
-1.3
409
174.04
14258
-05
114.05
11450
11647
114.10
-05
545
143.75
125.61
-1.3
100.48
10058
103.05
108.79
-1.4
349
12743
231.91
-15
18550
18845
19048
19140
-1.5
1-92
236.47
77.00
-1.8
6159
61.85
63.18
6949
-1.4
2.03
78.23
15951
-1.9
12759
128.09
13055
133.05
-1.1
353
16255
124.07
-15
9944
99.65
101.78
101.78
-05
247
12547
246.81
+0.0
197.42
19841
2QSM
245.01
+0.0
344
246.80
160.31
+ 0.3
12843
128.74
13151
133.11
-1-04
458
159.00
6951
-0.1
55.60
55.82
5742
6148
+05
347
89.59
98.29
—2.7
7852
78.83
80 64
7843
-25
1.08
101.05
241.48
-0.1
193.15
19342
198.10
234.13
-0.1
2.87
241.64
Pound Local
Storting Yaa OK Cwteocy M82
kadax Index Index Index Higfi
Year
1962 . ago
Low (approx)
Four major agreements that affect
our future have been concluded
recently. They will have an impact
on oui 1992 figures and confirm
the growing diversification of the
Group toward sectors and prod¬
ucts that have more added value
and are not cydical
Nathertand (25). 16258
New Zealand (14).... 48.34
Norway (23). f79.39
Singapore (38)_. 228.08
South Africa (81). 237.10
Spain (50). 15417
Sweden (27). 19350
Switzerland (63)...7 108.01
United Kingdom (227). 193.14
USA (522). !. . 18350
-2.5 1190.74 1195.53 122158 6080.55
-1.9 129.65 130.17 13257 131.42
+0.1 37.08 3752 3842 4557
-1.7 143.48 144.07 147.17 14953
+0.0 182.44 183.17 167.11 170J59
+14 18948 190.42 19442 188.77
-0.6 12352 123.82 128.48 116.74
-14 16451 15554 15858 182.75
-15 88.39 88.75 88.62 95.05
-1.0 154.49 166.10 158.44 164.49
-1.4 131.09 131.63 134.46 153.89
447 16542
449 4649
158 182.42
145 228.17
276 233.82
546 155.11
2.73 19748
245 109*43
120.02
141.79
117.11
103.79
192.65
63.73
132.41
102.13
201.07
13047
56.69
8254
19646
1244.06
13450
37.71
146.61
185.88
190.48
12658
160.68
4.82 195.12
.3.05 186.25
130.12
14233
114.68
11052
194.18
7057
134.56
10213
244.99
13248
6156
8043
234.48
5207.47
133.13
4552
151.78
17051
188.87
116.16
164.91
95.48
15653
16845
« A strategic alliance with the
Upjohn company covering two
central nervous system pharma¬
ceuticals, an alliance which man¬
ifests our interest in the Health
sector.
« Recovery of the Bemburg plant
in Eastern Germany, which opens
new prospects for our products in
Central Europe.
♦ Take-over of 100% of the
Interox companies' activities in
hydrogen peroxide, persalts and
related products, which will en¬
able us to reinforce a core busi¬
ness with good margins and
prospects for growth.
• Acquisition of a soda ash ac¬
tivity from Tenneco Inc., which
gives us access to production of
^natural soda asiw and enhances
our geographical diversification
in the United States.
Ar
ser vices
In 1991, the Solvay Group wit¬
nessed a gradual economic slow- „ „ ...
down and increasingly stronger charmum Executive
competition. Although results are
down in the Plastics and Alkalis ^^7
sectors, they are virtually un- /
changed m the Feroxygens sector
but aie on the rise in the Proces- ^ _ _v*
sing and Health sectors. ^
The dividend approved by the
General Assembly remains at the
1990 level
Europe (793)...
Nordic (100).
Pacific Basin (71B).._.
Euro-Pacific (1511).
North America (637).
Europe Ex. UK (588).
Pacific Ex. Japan (245)....
World Ex. US (1705)_
World Ex. UK (2000)..
World Ex. So. Af. ( 2166 )..
World Ex. Japan (1754)...
-1.2 122.39
-1.9 14157
-2,4 84,00
-1.8 9952
-14 129.17
-15 10342
-04 13658
■1.7 10144
■1.7 106.40
- 1.6 110.02
-1.2 12858
3.92 15450
248 18052
155‘ 107.54
267 128.68
3.06 18351
345 130.70
3.52 171.42
268 120.75
256 13547
253 13952
358 16248
SOLVAY
The World Index (2227)...
-15 110.54 110.99 11358 122.48
252 140.43
Copyright The Financial Times Limited, Goldman, Sachs & Co. and County NatWest Securities Limited. 1987
The annual muon Is available to Rnqflsh , French, Dutch aod German an rer yiogf fmm rho fVmpany Zonrar o rj ^
SdvaySA, rue du Prince Albert 33, B-1050 Brussels
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FINANCIAL TIMES SURVEY
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TELECOMMUNICATIONS IN BUSINESS
SECTION HI
Thursday June 18 1992
P
T ODAY'S business tele¬
communications user
may sometimes feel In
need of a guide for the per¬
plexed. Such Is-the. variety of
services now available in the
marketplace.
The first reason for confu¬
sion is that users can become
drowned in techno-babble. Ser¬
vices.tend to have acronyms,
which, even when spelt out,
Teave. customers none the
wiser.
: For example, ISDN stands for
Integrated Services Digital Net¬
work, and MAN stands for Met¬
ropolitan Area Network/ But
such translations on their own
would hardly, enlighten the
uninitiated. Meanwhile, expres¬
sions such as the fashionable
“outsourcing” have different
meanings for different people.
A second reason for cus¬
tomer oonfusion la that,
although the state of technol¬
ogy Is similar throughout all
the world’s developed econo¬
mies, the availability of ser¬
vices is far from uniform. This
is to a large extent the result of
Above; BTs now desk-top video-conferencing units allow small groups to meet and send pictures and videos, using document
readers and auxiliary cameras: see details on page 5. Pictured left Is a construction engineer using a PhHtps Telecom portable
phono; and, right, office staff using an Orbital cellular phone on the new pan-European GSM digital network — see page 8 _
The industry’s jargon is explained by Hugo Dixon for perplexed customers of the latest equipment
A guide through the maze of technology
restrictive regulations which
protect monopoly telephone
companies in many countries.
A third reason for confusion
is that telephone companies
have not traditionally been
good at marketing their ser¬
vices, though this is now
changing.
Often services have felled to
make a breakthrough because
of inadequate marketing. For
example, fre e-phone services -
which have been a great suc¬
cess in the US - have so far
made comparatively tittle
impact in Europe because their
benefits have not been sold to
customers.
At other times, the telecom¬
munications industry has
pushed services Which are
strong on technology but do
not address customer-needs.
ISDN, which allows, customers
to speak and send pictures or
data simultaneously down a
telephone line, is a case in
point. Now, after 10 years of
hype by the phone companies,
services are only just begin¬
ning to take off.
Nevertheless, users have an
incentive to cut through the
jungle of concision because of
Qie large productivity benefits
new. telecommunications ser¬
vices can offer.
Communicating with cus¬
tomers, suppliers or colleagues
is at the heart of modem busi¬
ness. New services can
i nc re a s e efficiency in two main
ways: first, by Increasing the
number of contacts people can
make, so speeding up every
aspect of business from desig n
through production to retail¬
ing; second, by improving qual¬
ity so that communication is
more accurate.
It is possible to classify new
telecommunications services
under four wain headings.
□ First, services which make
it easier to track down people.
Traditionally, telephones
have not been an effective
mftnnc of making contact with
people. The person wanted
may be engaged, not at his
desk or there may be nobody to
take a message.
O NE solution to this
problem is mobile com¬
munications. In the
developed economies, cellular
systems, the main established
form of mobile communica¬
tions, are being converted to
digital technology which will
provide clearer communica¬
tion.
At the same time, new forms
of mobile communications are
being introduced. For example,
over the next year the UK will
see the introduction of per¬
sonal communications net¬
works which eventually prom¬
ise to use smaller handsets
than traditional cell phones at
a lower price.
Another solution to the prob¬
lem of not mairirig contact is
messaging. Phone companies
are increasingly offering their
customers voice mail, the
equivalent of an answerphone
in the heart of the network.
Such services can also be
installed on a company’s
switchboard.
Alternatively, calls can be
forwarded to a different tele¬
phone number when a person
moves location. A variation on
the idea is personal numbers
which forward calls destined
for pa rticular individuals but
not those destined for particu¬
lar locations. The first such
personal numbers were
launched in the US earlier foig
year by American Telephone
and Telegraph.
□A second group of new ser¬
vices provides businesses with
alternatives to the traditional
arrangement of charg in g naiu
to the line where they origi¬
nate.
The most popular, freephone
services, involves the receiver
of the call paying the bill.
These services have been such
a success in the US that they
have phangnd the nature of the
retailing industry. Many com¬
panies have discovered that
they can dispense with shops
and use “800“ numbers instead
to encourage customers to buy.
their goods.
At the other extreme, pre¬
mium rate services charge cal¬
lers more than the normal rate,
which is then shared between
a service provider and the
phone company. Such services
have proved a useful way for
companies to get paid for pro¬
viding entertainment and
information over the phone.
Another alternative billing
arrangement is the telephone
card, which allows people to
charge calls to their compa¬
nies’ accounts irrespective of
where they make calls.
□ A third group of new ser¬
vices relfes on the feet that it
is now pnasihie to pump more
information down a telephone
Una than in the past.
Traditional analogue lines,
are adequate for ordinary con¬
versation, although even then
Continued on page 2
IN THIS
SURVEY
■ Switchboard systems;
telemarketing.PAGE 2
■ On-line credit check¬
ing; inquiry-handling; vir¬
tual private networks;
electronic mall ....PAGE 4
■ New vldeo-conterence
systems.PAGE 5
■ Freephones; local area
networks.PAGE 6
■ Answering machines
and voice-messaging;
teleworking; audio-con¬
ferencing .PAGE 7
■ Mobile phones; fax
systems.PAGE 8
■ Smart phones; technol¬
ogy application case
studies.PAGE 9
■ Milestone for ISDN; EDI
systems; more help for
foe deaf...PAGE 10
■ Charge cards; new
global link-ups PAGE 11
Editorial production:
Michael Wiltshire
v *
most successful banks today
are converting to another gold standard.
&
An entirely new standard of faster
services is now possible with Northern Telecom
phone-to~compufer links.
itt
northern
fefccam
Technology the world calls on.
A leader in digital communications, supplying equipment in over 80 countries.
6 1002 Northern Telecom
•_- n
*
\-
r : - ; •'
f
II
FINANCIAL TIMES THURSDAY JUNE 18 1992
TELECOMMUNICATIONS IN BUSINESS 2
FIRST IMPRESSIONS
Badly handled calls cost sales, money and customers
Many company switchboards have a built-in frustration
IXASPERATION under¬
states your feelings.
I Attempting to ’phone
he marketing department, you
each the wrong site and are
hen passed to the right site,
rat the wrong department. As
he operator struggles to find
lomeone - anyone - to
mswer, the obligatory Vivaldi
'Four Seasons” begins to play,
/ainly suggesting an element
if urgency.
Eventually you are put
forough. There is no reply.
Sach time the operator checks
you are still on the line, she is
to quick you have no chance to
isk to leave'a message. Your
last quarter’s telephone bill
was horrific - it’s not too diffi¬
cult to work out why. The only
possible compensation is that
you’ll save money by never
buying any thing from the sales
department - if you ever
reach it
Such experiences are com¬
monplace, but no less frustra¬
ting for that For this article, it
took four days of left messages
and increasingly urgent
appeals to public relations offi¬
cers to reach any executive at
GPT-Slemans competent to
talk on the subject. At one
stage it took ten minutes of
shuffling through one organi-
factor, but new technology is helping to ease the problem of misrouted calls, says Paul Abrahams .
they can call back, enter a code action, or even broadcast to number calling in, interrogate
through a touch-tone telephone everyone else’s electronic a database, and bring up the
and then hear the result of voice-box. caller’s name and his relevant
their request The hank filters Th* market for ACD is domi* information on to a screen in
Efficiency boost: new automatic call distribution systems are
making life easier for switchboard operators
sation to discover all its press
officers were out to lunch.
The problem is no joke.
Missed and badly handled calls
generate more than ill-will.
They can cost sales, money
and customers.
But technology may be rid¬
ing to the rescue. The cavalry
is in the shape of three letters
- ACD, more easily under¬
stood in this acronym-ridden
Industry as automatic call dis¬
tribution.
ACD is designed to allow cal¬
lers to reach a person rather
than an engaged or non-an¬
swering line. A sophisticated
software system monitors
incoming calls and directs
tJipm to the personnel, known
in the trade as "agents’', who
have been free the longest -
Simultaneously, a real-time
information system provides,
data to managers about how
calls are staplting up and how
individual agents are perform¬
ing.
Mr Nick Doughty, marketing
manager of business systems
group at GPT of the UK, one of
the leading manufacturers of
ACD equipment, explains how
the system can monitor the
average time taken to respond
and the number of people
abandoning their calls through
frustration. Some companies
have been able to cut the num¬
ber of abandoned calls by as
much as 30 per cent, he says.
About 6#X) ACD systems are
installed world-wide, according
to Mr Richard Reid, managing
director in the UK of private
switching for the European
subsidiary of . Northern Tele¬
com, the Canadian telecoms
manufacturer. Users include
banks, airlines, insurance coin-'
panics, credit card companies,
and mail order houses.
Telephone operators' effi¬
ciency can be increased by up
to 30 per cent using ACS
systems, claims Philips Busi¬
ness Systems (see page Sr Lost
calls mean lost business).
In Britain, BT. the XJK tele¬
communications group, has
installed 47 Meridian systems
supplied by Northern Telecom.
The group has also Installed
5,000 ACD telephones as part of
its customer first programme.
The aim is to answer 90 per
cent of all customer service
calls and sates enquiries within
15 seconds.
Mr John Turner, head of
planning for the programme,
explains BT will now be able to
offer fault reporting 24 hours a
day, 365 days a year. The sys¬
tem will work on a regional
basis, allowing agents to pick
up calls from outside their
local area. Each agent has a
regional database allowing
them to access the relevant
data on each caller.
. Other users include British
Airways which according to Mr
Doughty has Installed a system
in-four or five of its airports,
linking some 300 agents
together. When one airport is
'over-loaded by calls they can
be transferred to the other
sites. In the US, large organisa¬
tions had even redirected
inquiries to different time'
zones, and even different coun¬
tries.
In New York, one bank uses
ACD to deal with loan inqui¬
ries. Once customers have
been Interviewed for the loan
out the vast majority of cus¬
tomers who are given a posi¬
tive response and can then
deal more effectively with the
minority of those refused.
About half of ACD systems
are sold integrated with voice¬
messaging, says Mr Reid at
Northern Telecom. The most
recent technology records not
only the message, but also the
number of the caller. The sys¬
tem will then call back auto¬
matically when required Mes¬
sages can be subsequently
annotated and redirected
within the organisation for
action, or even broadcast to
everyone else's electronic
voice-box.
The market for ACD is domi¬
nated by Ericsson, the Swedish
group, AT&T of the US. Sie¬
mens of Germany. GPT In the '
UK and Northern Telecom. The
UK market is worth only 230m*
a year, according to Mr
Doughty, but it is growing at
about 10 per cent a year.
Meanwhile, the technological
prospects for ACD will be
enhanced by the introduction.
of integrated services digital
network, ISDN (see page 10:
Milestone for integrated ser¬
vices). Once in place, ISDN will
allow companies to use com¬
puters to identify the telephone
front of the agent The agent
could pick up the telephone
and respond with the caller's
name before he, or she, has
evenspoken.
That sounds rather better
than being lost in the usual
telephone system paying for
the privilege of listening to an tj
undistinguished recording of
Vivaldi.
□ Order handling: koto to
speed up inquiries: see page 4.
□ Freephone senncwc-page &
□ Haw to make the right con¬
nections: new answering
machines: see page 7.
Better business services
Continued from page 1
the quality of the sound is
fairly poor. But they are not
good enough to transmit mov¬
ing pictures or large amounts
of data.
For some time, telephone
companies have catered for
businesses needing high-speed
communication by providing
private circuits.
The carriers are now provid¬
ing high-speed facilities on
their public networks. This is
the main feature of ISDN,
which converts an ordinary
analogue line into two
high-speed data channels (see
page ten). These can then be
used for applications such as
high-speed facsimile, video
telephones and desk-top video
conferencing.
Other services cater for busi¬
nesses needing even foster data
Unks. For example, metropoli¬
tan area networks (WANs)
allow computer networks in
different parts of the same city
to communicate as though
they were part of a single com¬
puter network. MANs are
already available in cities such
as Munich and Amsterdam
and, according to Mr Stefan
Zehle, a project director for
Frost & Sullivan, the market
researchers, such'services will
grow very fast in coming
years.
□ The fourth group of new ser¬
vices can be loosely described
as “outsourcing”. This involves
a company contracting out
part or all of the running of its
telecommunications network.
The main idea Is that trie-
communications has become so
complex that most organisa¬
tions do not want the hassle of
employing the specialist staff
needed to run their own
systems.
The term “outsourcing” cov¬
ers a wide range of services, '
from the fairly basic to the all-
singing. all-dancing variety.
At the simpler end is cen-
trex, which involves a com¬
pany contracting out the run¬
ning of its switchboard to the
local telephone company.
Slightly more complicated
are “virtual private networks”.
These give organisations the
impression that they are using
their own private networks to
communicate between
branches while in feet calls are
routed over the telephone com¬
pany’s public network.
There are also many types of
public data network, alterna¬
tives to companies running
their own private data net¬
works. Such “managed data
networks” started as domestic
services but have increasingly
developed a global reach.
At the top end of the out¬
sourcing category, carriers are
positioning themselves to pro¬
vide multinational companies
with comprehensive telecom¬
munications services across
the globa (seepage II). BT, the
UK group, has been the most
aggressive company in this
market through its Syncordia
subsidiary, based in Atlanta,
Georgia.
The essential idea is that a
multinational deals with only
one carrier - instead of -one
for every country - receives a
single bill and gets 24-boor
multilingual support to deal
with problems.
Such top-end services are
expensive. But, for customers
perplexed by the myriad of
offerings in the market, they
are the ultimate solution.
A
T leapt 50 per cent of all
businesses already use
the telephone as part
of their marketing activities in
a planned and controlled man¬
ner, according to the British
Direct Marketing Association.
Mostly it is used to take
orders, handle customer inqui¬
ries or make appointments.
The trend, however, is to
extend the use of the telephone
in marketing to such new
areas as esta blishing new busi¬
ness or managing relationships
with existing customers.
Telemarketing has several
advantages over traditional
marketing methods. Its propo¬
nents say that it allows most
companies to significantly
Increase customer contact,
lower unit-cost of sales, reduce
the number of salesmen and
cars on the road, and add new
dimensions of flexibility in
relationships with customers.
But most important, they
say, telemarketing can allow
organisations to offer a signifi¬
cantly better level of service to
their customers.
Recent technological
advances In telephone call-han¬
dling such as automatic call
distribution - where rather
than hearing an engaged l tone
when the call handlers are all
occupied, callers are placed in
a queue few article above)
- and computer integrated
telephony (CTT) - where com¬
puter databases are linked to
the incoming call, allowing call
handlers to quickly access
information about the cus-
TELEMARKETING
Area with high
potential
tomer such as payment
records, product preferences or
credit rating - are allowing
companies to give a much
higher level of service, increas¬
ingly the most significant crite¬
rion by which customers
choose their suppliers.
Another contributing factor
for the increasing use of the
telephone in maritpHng Is the
lower cost of phone calls In
real terms. New services such
as 0800 automated freephone
numbers have also increased
the use of the phone for plac¬
ing orders, (see page & free¬
phone services herald intelligent
network end- ,
According to Mr Richard
Dorgan, the product manager
responsible for Mercury's new¬
ly-launched FreeCall and
Local Call freephone services,
some £150m worth of calls a
year are made via Britain's
freephone numbers - “we
expect this figure to double
over the next five years as
organisations increasingly use
the service to help maintain
established customer-bases and
to attract new business.”
Customers, too, are increas¬
ingly attracted by companies
which use the phone as their
main point of contact - as wit¬
nessed by the rise in popular¬
ity of those offering their ser¬
vices by phone such as home
banking, motor insurance and
travel agents.
Younger people are particu-,
larly attracted to buying by
phone, according to Mr Simon
Roncoroni, partner in Leider-
man and Roncoroni a London-
based telemarketing consul¬
tancy - "younger people are*
much more used to using the
phone,” says Mr Roncoroni,
“and these young people are
the customers of today.”
M
ANY businesses that
now operate oat of
retail outlets or on a
face-to-face basis will move
towards the telephone to han¬
dle customers, says Elisabeth
Gluck, chairman of Pro¬
grammes UK, a leading tele¬
marketing agency.
Most banks, also, are looking
at home banking as a way of
extending their services and
opening hours.
One of the pioneers has been
the Midland Bank with its
First Direct subsidiary.
Launched over three years ago,
First Direct says it is now
Britain's fastest-growing bank
with 1 OfrOO new customers Join¬
ing every month. Every day, it
says, it receives up to 10,000
calls, with nearly 50 per cent of
calls occurring outside banking
hours.
“There's no longer any doubt
that the market for direct
hanking in the UK will be. sub¬
stantial,” says Mr Kevin New¬
man, First Direct’s chief execu¬
tive, “Our research Indicates ad
potential market of up to six
million people by the end- of
the decade.”
- Business-to-business sales
are also increasingly achieved
by plume. Even big purchases,
such as computers, are being
sold in this way and stationery
and consumables have been
sold in this way for many
years. But Just picking up the
-phone is no guarantee for Sales
success - “companies put a tot
of budget towards technology
but not in developing commu¬
nications skills” observes, Elis¬
abeth Gluck. Good communica¬
tions skills, however,, can
significantly improve produc¬
tivity, she says.
Many in the industry fern:
what the European Commu- .
nity may soon have to say on ,
the issue of telemarketing and W-
“cold: calling.” The EC’s direc¬
tive on data protection will
attempt to standardise the free
flow of data across Europe.
How this data is gathered and
subsequently used is now up
for discussion.
Marfa Madfson
^ptarpiEJojnplu
W3
i • . <•: •:
•- ■ -: • - ' r . . - . ;
'A..
Some companies solve
every problem with the same solution.
Meet one with a broader perspective.
Many suppliers have one solution for an entire range of problems. So it doesn’t
matter to them what your particular set of circumstances are or how you see things,
A
•a-
•" '
At AT&T, we think every company and every set of problems are unique.
So before we ever recommend any course of action, we listen. Closely. Then we
go back and think for a while, and consider a range of solutions.
It’s an attitude we’ve developed supplying consumers, business customers,
and telephone companies. And it’s an attitude that comes from manufacturing,
selling, and servicing everything from microchips, telephones, and switches to
computers and communications networks. This same philosophy reaches right
down to the heart of our company at AT&T Bell laboratories.
When you’re ready to discuss your telecommunications or networked
computing needs with us, you’ll find that well be ready to listen. Because of all
perspectives, youts is the most important to us.
1
tflW2AWF.
-= r ^ 74V-V*”
... ^. -
iflMKitli
f^^^^ TTMES T'HURSDAY JUNE 18 1992
With 3 million phones connected to our
networks Mercury now handles over 30 million
calls, per week. Thousands of businesses, large
their trust in Mercury.
And with us,you pay less for a high quality
service - thanks largely to the speed and
created by Mercury at a cost of £L5 billion.
we can help you make connections all over
the world.
Switch to Mercury, and you can start
telephones. Mercury can handle all your
by fax, telex or even onto a pager.
We can streamline your fax usage to
minimise costs and cut down on the time spent
sending faxes. Using SUREFAX, you*ll never
have to wait to send a fax again.
network, even helping you manage your own
national or international network.
We automatically include itemised billing
our systems efficiently, allowing even greater
costcontroL
Switch to Mercury now - it makes better
For more information on how Mercury can
meet all your business communications needs
phone Mercury FreeCall 0500 424194*
Or complete the coupon, indicating which
products and services you would like to know
more about.
Mr/Mrs/Ms
Position
PAGING
COMMUNICATIONS
■L 1 ^ '
^ l
St
IV
FINANCIAL TIMES THURSDAY JUNE 18 1992 /'
TELECOMMUNICATIONS IN BUSINESS 4
CREDIT-CHECKING SERVICES
Information at your fingertips
Ian Gregory examines on-line information services for credit controllers,
marketing executives arid business analysts
T HIS MORNING postmen
will be delivering
around 13,000 sum¬
monses, 6,500 county court
judgements and 150 bank¬
ruptcy orders to Britain's debt¬
ors - both corporate and indi¬
vidual.
The anxiety caused by this
“paupers’ progress" is not only
telt by the Insolvent them¬
selves. It also causes consider¬
able grief to credit-controllers
as each debt represents a
costly failure In terms of
administrative expense, as well
as the impact of the debt itself.
A perfect system for credit
control will never exist, but on¬
line systems are proving supe¬
rior to relying on hunches or
even in-house analysis, when
assessing potential clients.
“Apart from making for
quicker decisions when a sales¬
man has found a new cus¬
tomer, It also saves the need,
for in-house expertise in ana¬
lysing accounts," comments
Guy Glover, finance manager
for British Steel £350m-a-year
welded tubes business.
The established credit vet¬
ting agencies like CCN. Dun &
Brads treet and Infocheck have
provided on-line access to their
databases for several years.
These give details of corporate
accounts, county court judge¬
ments and - most importantly
- their credit view on hun¬
dreds of thousands of British
companies.
International databases are
accessible through services
such as Infocheck's Global
Scan which provides instant
access to information on most
European Countries as well as
South Africa and Canada.
“The appealing thing about
Global Scan is that you can see
through the index which coun¬
tries a company like Colgate,
for example, has a presence in.
- so you don’t waste your
time looking in overseas data¬
bases in countries where it
does not exist," says Mercury’s
Guy Robinson.
Furthermore, if clients need
information on, say, a German
company, “they used to have
to hunt around for a week for
it. Now they have access to
that and other information
from one source,” says Simon
Underwood of Global Scan.
“Our custom service also
provides information on any
private or public company in
any country in the world
within, at most, three weeks.”
On-line “libraries" of busi¬
ness databases are now being
built up by companies includ¬
ing BT and Mercury - “this is
one-stop shopping for informa¬
tion. You don't have to have
separate subscriptions to each
database and our help-desk
acts as an honest broker as to
which Is the best service for
your needs,” says David Rosen¬
baum. of BT Tymnet, which
provides access through both
Telecom Gold and PresteL
Such services certainly cut
down on bad debt The Charity
Christmas Card Council's use
of tits CCN database through
Prestel has helped keep its bad
debt total down to £2,000 out of
a £2m turnover. Where poten¬
tial customer's credit refer¬
ences may be dubious, it
insists on payment in advance
and last autumn found that six
of these businesses failed to
send in a cheque.
“One of these was a firm
which CCN showed had four
county court judgements
against fit during the previous
12 months,” says 4C‘s Neville
Bass. "Lo and behold, .two
weeks later they appeared in
the Gazette after going bust.”
The growing range of
on-line "libraries*’ of
business information Is
proving superior to
relying on hunches or
even in-house analysis
With on-line credit-checking
services, the main drawback
for some users is the cost
which, with BT, is £3.15 a min¬
ute - “there are simply too
many pages on each report
which you have to wade
through before you get to what
you really need which are the
county court Judgements and
the credit view,” comments Mr
Bass, who finds that the aver¬
age search takes around four
minutes.
“You start to wonder
whether they put in a lot of
guff just to keep you on-line.
It's like the long announce¬
ments on the 0898 numbers
seem to be designed to dock
op the biH And about quarter
of the time there's no credit
view - just a message saying:
'Sorry, these accounts are
being updated.’ ”
BT Is aware that tune-based
pricing is proving unpopular,
particularly among less-experi¬
enced users - “we are already
beginning to introduce ‘per
report* pricing and intend to
phase in this method for all
our high-value services,"
explains David Rosenbaum.
Direct access to particular
databases will, however, con¬
tinue to be cheaper for those
using over a few hundred
reports a year because of the
bulk discounts which are
offered by the databases;
"For high-number, low-value
orders, Infocheck is delightful
because it is simple and
straightforward.
“AH the other databases can
be a sledge-hammer to crack a
nut,” comments British Steel's
Guy Glover. “On ICC and CCN,
the Information is a great deal
more sophisticated and useful
but the cost of getting in is
fairly high.”
B3s division has bought
“unlimited access” to Info¬
check but he also uses both
BTs Prestel and Telecom Gold
as an additional executive tool
- “they offer services galore
and are instantly available. For
example, this morning I went
into FT Profile to see what the
papers were saying about a
possible., merger which we’re
Interested in.”
A communications package
enables him to dial into Prestel
and take "snapshots"’ of cer¬
tain pages which are- then
saved on to his disk.
“It . takes: less than two min¬
utes on-line and then , if any
ofthe information is Interest¬
ing, such as company news or
foreign exchange rates, I can
dial-in for more details."
Dun & Brads tree t, a market
leader hi credit-rating is gener¬
ally only on-line to direct cus¬
tomers. although it is in nego¬
tiations with BT and Mercury.
“I have a greater “hit rate’
when looking for a particular
company when rm using Dun
& Bradstreet,” says one finance
director, “because it includes
trade names and not just for¬
mal company names. But the
expense of the service has
often meant that, having found
the company, I then switch to
a cheaper service to do the
credit check." .
In reaction to such criticism,
Dun & Bradstreef s Philip Mel-
lor says that, over the past few
weeks, the company has intro¬
duced "the facility to select
items from an individual
report rather than take the
whole report.”
He claims that “no other
database aian has such a com¬
prehensive payment analysis
system as ours which shows
the delay in payment over the
In London, Nicholas Thompson uses Global Scan to check credit reports at Ho skyns, Hie
computer services company. He has access to 20 on-line databases from three sources - Data
Star, Pergamon and BT. Picture by Tony Andrews
past 18 months for companies
in comparison with their
industry sector ■
Rival databases emphasise
different strengths - Info-
check's Ray Raffles says “our
direct customers also get
access to our Instant on-line
credit insurance service, as
well as free usage of our added-
value services, including com¬
pany news and monitoring”
Mercury admits that its
credit checking library is “still
in its infancy,” but it does
seem well-placed to take
advantage of the growth in the
market Last year it secured a
contract with Companies
House to be the sale on-line
outlet for its database.
"It has become a magnet for
all the other business informa¬
tion databases as they want to
appear on the same menu as
Companies House,” says Mer¬
cury’s Guy Robinson.
Mercury has also signed a
letter of intent for a five-year
contract with the British
Chambers of Commerce for its
Chambernet database which
should be on-line in November.
This DTI-sponsored project
fliTna to enable users to pro¬
duce lists of information such
as which companies produce a
given product, which compa¬
nies import or export from a
specified country as well as
lists of company officials such
as IT directors.
Mercury has also been
invited to join an EC-funded
ORDER-HANDLING
How to speed up inquiries
O RGANISATIONS with
large volumes of tele¬
phone calls for tele¬
sales, repair and service
enquiries have the apparently
conflicting object of blending
fast, efficient call-throughput
with impressive, personal
attention to the caller. This is
the compound target of call-
centre systems.
There are three computer-
based functions within the
umbrella call-centre title: auto¬
matic call-distribution; voice .
processing and computer-sup- ’
ported telephony. Once dis¬
tinct, the integration process is
now well advanced.
Automatic call-distribution,
ACD, manages call-input so
that every caller is answered
as quickly as possible and call¬
handling efficiency is kept at
peak. Voice processing, VP,
deals with callers using auto¬
matic voice systems, rather .
than human call-handlers.
Computer supported tele¬
phony, GST, is the automatic
screening for the call-handler
of database information about
the caller. Both ACD and CST
also have outgoing call han¬
dling roles.
ACD queues incoming callers
before answering them. The '
first-come-first-served principle
may be varied by such pro¬
grammed influences as priori¬
ties given to callers using cer¬
tain telephone numbers and
call handlers' specialisations in
given subjects or products.
Calls are allocated to call-
handlers to give an even work
flow unless the system is pro¬
grammed to release certain
handlers when possible and
bring them back when
required. Such reconfiguration
may be by supervisor com¬
mand or automatic as call traf¬
fic levels fluctuate, or both,
and may involve co-ordinating
several sites on a network.
The ACD function may be on
dedicated hardware or may be
optional software in the PBX.
Either way, it should provide
supervisors with full manage¬
ment information both in real
time and as statistical trends.
Special Telephone Systems’
Supercall series contains both
dedicated ACD systems and
ACD/PBX. hybrids based on
their SDX switch and with
Combining speedy and
efficient handling of
large volumes of calls
with personal attention
to callers is riot easy
computersupported telephony
links. The company suggests
that In most cases the hybrid
answer will suit smaller instal¬
lations of less than 50 call-han¬
dlers.
Hybrids include Northern
Telecom's Meridian ACD addi¬
tion to its PBX range of the
same name, Mitel’s Supervi¬
sion system for its SX 2000
range and DTS International’s
ACD 25 package call-handlers.
Voice processing may pre¬
cede the ACD function if cal¬
lers are simply to be asked
their account number, phone
number and type of enquiry to
route them correctly -
although good ACD Integration
will queue them, putting them
to the VP only when they will
be forwarded to tbe relevant
call handler without further
delay. Linked to a host com¬
puter, VP may complete the
call where enquirers simply
need recorded, mailed or faxed
information.
Computer-supported tele¬
phony, CST. starts with some
identification of the caller -
such as an up-front VP system
would provide - and obtain
information about that caller
from a host database.
BT describes four roles for
CST:
□ Capturing diaUed-number
information service data from
. the incoming call and match¬
ing with product or service
information from the host com¬
puter (where each product or
service has its own number).
□ Transfer of a call, together
with data pertinent to the call,
to others without the need for
the caller to repeat information
or questions.
□ Proactive generation by
the host computer of outgoing
calls along with presentation
of data on the reason for those
□ Matching CLT (calling-line
identification) where available,
to the host for customer infor¬
mation to be presented to the
call handler with the call
One CST-user is Hong Kong
Bank. Harris Telecom Systems
link ed to an IBM mainframe
use a recorded announcement
to ask callers for their PIN
number with which the system
locates their customer file. The
customer is also asked the
required service so that the
agent given the call has the
customer's name and the
nature of the enquiry and hnn
the information on screen to
deal with both.
Norweb take this one step
further. Their Aspect Telecom¬
munications system hag links
to sales representatives* elec¬
tronic diaries. Call-handlers.
make appointments directly
and provide sales staff with the
information they will need
when they arrive.
Butlins' reservation centres
illustrate the outgoing calls
role. After seven days, an
Aspect system automatically
calls back people who made
unconfirmed provisional reser¬
vations, allocating the call to a
call handler along with a
scripted screen to confirm the
sain .
To obtain data from - and
eventually update It back Into
- a database, CST requires a
fast interface. Industry stan¬
dard interfaces are well sup¬
ported by vendors - X25,
3Z70SNA (for IBM, LAPB (typi¬
cally Digital and Hewlett Pack-
, aid) and so on. Further, the
European Computer Manufac¬
turers’ Association is working
with other bodies influential
on standards issues on sets of
CST messages.
The next development
awaited eagerly by call centre
systems purveyors is Caller
Line Identification, CLL by
which the public telephone ser¬
vice tells the PBX or telephone
the number of the person call¬
ing it The CST system, there¬
fore, can obtain database infor¬
mation on callers still in the
queue and can identify, for
later callback, any who ring off
before getting through.
Geoffrey Tyler
B arclays bank has a
private telephone network
for 250 of its offices and
branches in the UK. The network
is made up of private circuits
that are leased from BT and
Mercury Communications, and
switches that it has bought
directly from manufacturers to
route calls between its sites.
But having built and refined
the network over a number of
years, Barclays Is about to
dismantle it and go back to using
a service provided and managed
by BT.
The UK bank is a guinea-pig
for for a new service called
FeatureNeL This is BT's name
tor what have become known
as virtual private network (VPN)
services.
Virtual private networks start to
make an impression in Europe
Hybrid service
now set for
rapid growth
yPNs' were' first offered to large
corporate telecommunications
users In the US in toe m id-19803,
but are only now starting to make
an Impression in Europe.
Virtual private networks are
Barclays Bank will save
millions of pounds a
year by using VPNs
a cross between private networks
and toe public switched telephone
network. A. private network is
a closed network, and toe
telephone lines that make up toe
network only carry toe calls
generated by the owner of the
network. Tbe public switched
telephone network carries all
the telephone traffic that is not
on private networks.
VPN services offer reserved
private capacity on the public
switched telephone network
through toe use of sophisticated
switches. Each user effectively
has its own private network, but
toe network is defined by toe
software In the system rather
than by the physical location of
toe plant
The switches enable the VPN
customer to access a range of
advanced services that are hot
available to people using the-
public switched telephone -
network.
Ovum, the London-based
telecommunications consultancy,
forecasts that by 1997; VPN
services will account for eight
per cent of toe revenues of
European telephone operators
derived from national services,
and 17 per cent of the revenues
of US operators.
The Impact of virtual private
networks will be even greater
for international services. Ovum
predicts that by 1997,21 per cent
of toe international revenues of
the world’s largest telephone
operators will be accounted lor
by international VPN.
Cost-savings are the main
Incentive for companies to start
using VPN services. In the US,
there were price wars between
the long-distance operators in
1988 and 1989 which led to a
rapid take up of VPN services.
Today, most of toe top 1,000
companies use VPN services,
but as a complement rather than
as an alternative to private
networks.
Cable and Wireless offers big
businessness a comprehensive
telecoms services with products V
such as its ‘global virtuar private
networks.' Multinational users
include Esso, Rockwell
international and Grand
Metropolitan;
in Europe, where virtual private
network sendees are only now
starting to become available.
Ovum analysts have found that
large users expect to receive
discounts that will enable them
to make reductions of between
15 per cent and 20 per cent in '
their total telecommunications
bills. . . .
Barclays says that the switch
to the VPN service will lead to
savings of millions of pounds
a year in lower call costs, plus
a one-off saving tola year of £5 .
million from not having to renew
Its telecommunications
equipment Lower tariffs are not
toe only way in which VPN
services can bring about cost
savings. The fact that the network
Is built and managed by BT
means that companies no longer
need to keep a full-time group ?.
of professionals to maintain the;
network.
BT says that this will tree toe
professionals to "tackle more . " :
Important issues of planning
resources and develop new ways
of Improving business .
performance,”
In reality, tt is more likely to
lead to a number of staff being
made redundant. Cost savings
are not. however, the only -
benefits of VPNs over private - ; -
networks. For. a number of users,
one of the key benefits of VPN -
services is the fact'that they can
be extended to outlying sites .
which are too expensive to serve
via a company’s private network.
Barclays, for example, intends
lo extend Its VPN to .1,400 sites
; by spring 1993. iteprivAtier -• t.
network only covers 250 sites
and the rest have to rely on'Uro
public switched telephone...
network. .. .. . ».-■ ... /
VPN can also provide more
In the US, most of the
top 1,000 companies
now use VPN services
flexibility than a private network.
Many companies which lease ';:
private circuits use them to their
maximum capacity only at certain
times of (he year.
In the retail sector, for
example, there is higher capacity
utilisation before Christinas .and
at sale times than-at other-times
of the year. - ' .
With a VPN service, companies
can mould their capacity around
. these seasonal variations and -
avoid paying for capacity toat_
they do not require. ’v
Mark Newman
- ■ ■ • ' - :a
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9-11 OPT V2
LECTRONIC mail has
had a rough press over
the years. It arrived in
Europe in the early 1980s, to
the mildest of fanfares, only to
be overshadowed almost imme¬
diately by the phenomenal suc¬
cess iff the facsimile machine.
The few press reports there
were tended to concentrate on
how awkward electronic mail
(or “e-mail”), was to use com¬
pared with facsimile or other
disadvantages such as how
information - or even worse,
usage accounts - could fall
prey to hackers.
In one notable case in 1986,
Prince Philip’s electronic mail¬
box on British Telecom’s Pres¬
tel service was hacked. In
another, just last year, hackers
managed to disrupt what
should have been a public rela¬
tions coup for e-mail when they
filled an astronaut’s mailbox
with -more than 80 messages,
preventing the first e-mail mes¬
sage being sent between the
Earth and the Space Shuttle
Atlantis.
And in Germany, the Ham¬
burg-based Chaos group of
hackers polled off a series of
stunts on Deutsche Bundespost
Telekom's e-mail services
which regularly earned them
space on the front pages of
German newspapers, until they
decided to call it a day last
ELECTRONIC MAIL
transmit data via their cp^niriar
lines. •
Brighter prospects
What is worse for the indus¬
try, the income generated by e-
mail users is substantially less
than that from users of other
communications technologies.
For example, while the average
US fax machine is used to run
up a monthly phone bill of 890
and the average cellular phone
user spends 875 a month, the
average e-mail user spends
only $ 25 .
But now It looks as If things
may at last he looking up for
electronic mall. In an era of
personal communications,
there is a promise that the idea
of sending each other elec¬
tronic correspondence may
gain a new lease of life.
E-mail's “store and forward"
nature - where the recipient
decides when and where be or
she wants to receive a mes¬
sage - is very compatible with
the mobility and flexibility of
the personal communications
concept New innovations are
making it even more so.
year.
Given all this bad-publicity.
It is-not surprisingly that-the
take-up of electronic mail has
been generally disappointing.
Even in the US, for example,
where e-mail was pioneered
and still has the highest pene¬
tration, there are only about &
mfilionjisers compared to 6m
users of fax terminals, 8m cel¬
lular phone users and almost
200m phone subscribers.
A big perceived drawback
of e-mail systems has
been Incompatibility
between many systems and the
inability to send messages
between users of different
systems.. New systems are
being based on so-called open
system principles, however. In
particular, the X.40Q series iff
message handling system stan¬
dards developed by the Inter-
nation al Te lecommunications
Union (ITU) during tbe 1980s
are now forming the basis for
e-mail systems which allow
their users to communicate
with users of other systems.
Another ITU series of specifi¬
cations, the X-500 series, prom¬
ises to extend this inter-system
compatibility even farther by
providing a standard for elec¬
tronic messaging directo¬
ries - so that it is as easy to
look up the correct dialling
code and number for another
e-mail user as it is for another
telephone user.
At the same time new. more
sophisticated, software “front-
ends” are being developed for
e-mail users so that they do
not have to memorise compli¬
cated commands to access
their mall or send messages.
Many of these now exploit all
the tricks of the computer
trade such as windows and
Icons to make using e-mail as
easy as using a facsimile termi¬
nal. But the icing on the cake,
many observers are predicting,
will be the ability to combine
e-mail with highly portable
computers and radio communi¬
cations networks.
Modems in portable comput¬
ers have now become standard
accessories. But these still
require access to a fixed tele¬
phone line which can make
their use while on the move
awkward. Last year, however,
US computer manufacturers
IBM and NCR and the Japa¬
nese electronics giant Canon
all introduced laptop comput¬
ers with built-in radio commu¬
nications facilities.
At the same time, radio net¬
works are being planned or
built capable of supporting
these kinds of terminals. In the
UK. for example," Dowty,
Hutchison and Ram have ail
launched or are in the process
of launching mobile data ser¬
vices. Cellular radio mobile
telephone networks are also
capable of carrying data
although not very well — fewer
than 100,000 of the 8m mobile
telephone users in the US
A new technology being
jointly developed by IBM and
nine US cellular network oper¬
ators promises to change' this,
however. By exploiting thoffifa
moments of airtime between
voice conversations.. the group
believes data rates of.np to
19,200 bits of information a-sec¬
ond can be achievedr'ozi^q bar
with the best fixed network
dial-up modems. v '*
When it becomes av ailable lh
the US, early next yedr,'some
e-mail experts ate predicting a
wireless - electronic; mail- boom
with a market passing , the
$lbn-a-year mark yery-sbqifc' .
Pcier^
jiti‘
consortium to produce a pilot
scheme for a European busi¬
ness register.
Although Mercury’s vision iff
a system providing pan-Euro¬
pean credit-checking and mar¬
keting information is alluring,
the obstacles to its realisation
range from the incompatibility
of European accounting stan¬
dards to the difficulties of
translating the Greek alphabet
*
Meanwhile, the key decision
for financial controllers is to
find which one or more data¬
bases offer the information
they require - and the cheap¬
est form of accessing it Other¬
wise the credit checking bill
might be greater than the
savings in bad debts.
snxr;.£
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f i
v
V
IMES THURSDAY* JUNE 18 1992
TELECOMMUNICATIONS IN BUSINESS
VIDEO-CONFERENCING
An alternative to
ostlv. tirina travel
to.
to its S
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V mEO^CttJFBKBNCING.
is a technology and
business. * communica¬
tions medium whose, time may.
.finally 'have arrived. Equip¬
ment prices are falling . simjrie-
■ to-use desktop and - PG-card
systems are appearing and for
the first thrift video-conferenc¬
ing and videO-telephony are
beginning to offer a reaialter-
native to easily,inconvenient-
and tiring trimk- - ■
According, to the OS-based
Gartner Grotto the worid mar¬
ket for videoconferencing
equipment is now worth about'
9200 m and is . tumbling each
year. Dial-up; high perfor¬
mance systems are toe fastest
growing sector accounting for
about 70:per_cent of-toe total
market and are forecast to
account for about 98 per cent
or the market by 1995. '
The bigtoree vidao-confiwen- -
dng'system manufacturers are
PictureTel, which has about 75
per cent of the US market for
dial-up .video-conferencing at
data rates oT under -384 kilobits
per second (Kbps), GEC Ples-
sey Telecommunications of the
OK, and California-based Com- -
-pression tabs-which produce-
high-end systems with data,
rates of above 884Kbps. Indicat¬
ing the .-market's dynamism,
PictureTel’s turnover doubled
last year to 97Bm: .Frost and
Sullivan, the market research
group, estimated recently that
- toe number of installed video-
cotffewacing-units In the US
.would surge from 4.680 in 1990
to lfflJXJO in 1995.
In the UK market, analysts
estimate that 3400 videocon¬
ferencing systems, big studio-,
type systems and transportable
“‘roTI-around” or. “roll-about”
systems, were sold last year
and that sales are roughly dou¬
bling each year. . .
Several factors are driving
the recent rapid growth in
dial-up video-conferencing.
□ Firstly, the cost of equip¬
ment has fallen dramatically
from about £200,000 in 1986 to
about £20.000 in mid-1991 (for
one end). According to Picture¬
Tel's UK subsidiary, prices are
roughly halving every two
years. PictureTel, which has its
European headquarters at
Slough in toe UK, introduced a
£17,000 dial-up roU-about sys¬
tem in September which is
designed to work on 64kbps
ISDN lines.
These foiling costs have been
made possible by the availabil¬
ity of VLSI codecs, the
advanced integrated circuits
used in sy ste ms to digitise and
compress toe picture.
□ Secondly, the availability
of dial-up high-speed data con¬
nections like Mercury’s Switch-
hand 64kbps-1920kbps dial-up
bandwidth-on-demand service,
launched last arrhimn , means
that users are charged on the
ha«in of bandwidth only.
tnrtpad of having to own or
lease expensive data connec¬
tions which are not used all
the time, companies can now
dial-up the capacity they
require without pre-booking as
and when they want it
In the UK now. Inland video
re»nw can cost as little as £15 an
hour - cheaper than a taxi to
Heathrow from central London
- and a transatlantic call costs
about £160 an hour. In The US,
costs are even lower with a
coast-to-coast call costing
between $15 to 920 an hour.
□ Thirdly, technical improve¬
ments have resulted in higher
quality sound and pictures
over lower levels of bandwidth.
Old systems used to produce
jerky images on 2Megabit lines
while today’s systems produce
much more acceptable video
on 128kbps lines. While foiling
equipment and usage charges
make video-conferencing
affordable to more organisa¬
tions, a growing awareness of
other issues like the time and
cost of travelling - and its
impact on the environment -
are also adding to its attrac¬
tions. This means that video-
conferencing is no longer just a
boardroom novelty, but is also
being used by geographically
dispersed project and sales
teams, consultants, specialists
and others at executive and
miridift management leveL
'~a? ,.*>
Futuristic phones: shades of Dan Dare and the Mekon
□ A talking head, left, appearing out
of a desk is just one of the futuristic ideas
in telecoms being pioneered by research
experts at BT.
The three-dimensional head image
projected in the "Future Desk” could
have wide applications in video
conferencing.
□ Pictured above: an office free from
wires could be ‘the business look 1 of
the future with the optical wireless
telephone.
Each phone will have its own
personal receiver and transmitter in
the form of an attached aerial which
uses infra-red light pulses. The system
Is being developed at BT's research
laboratories at Martlesham in Ipswich.
a*..-' ■>
, ;'
Vfdeo-conterencfDg Is moving but of ttm boardroom and Into tho office. Pictured here Is dial-up
video-conference system at under £20,000 by. PictureTel, using low-cost dialup 64KWs circuits
- “as easy o*» phgrio caff. 1 ? Typical costs are around £2.50 a minute for a transatlantic call
In the US, the biggest cus¬
tomers lor dial-up videoconfer¬
encing are still the Fortune 500
multinationals who mainly use
it for internal communications.
But companies are also encour¬
aging their suppliers to use
videoconferencing to improve
communications.
Another factor which has
helped boost equipment sales
has been the agreement of a
CCTTT standard called PX64 or
IL261 which will ensure that
dial-up video-conferencing
systems interconnect with
each other.
In toe UK, both BT - which
bolds about an 80 per cent
share of the UK videoconferen¬
cing market and doubled its
turnover from videoconferenc¬
ing sales last year - and Mer¬
cury offer public video-confer¬
encing farilTrtns for hire by the
hour and multipoint video-con¬
ferencing connecting multiple
sites, as well as selling video
conferencing packages.
For example. Mercury, which
has distribution agreements
with the main equipment sup¬
pliers, can provide a full execu¬
tive videoconferencing system
including an electronics mod-
ole, monitors, cameras and
desktop keypads and a choice
of network services options
including Switchband.
Mr Andy Gent, business
development manager with
Mercury Data corns, says with
confidence, "we’re at the right
time and the right place - vid¬
eo-conferencing is what people
want and the market Is grow¬
ing rapidly.”
In the past year, a new low-
end videoconferencing market
segment has also begun to
open up and promises to have
a dramatic. impact on the
office: Desktop and plug-in PC-
card video-conferencing
systems built around small
video cameras and ISDN tele¬
phone lines have begun to
appear and although only a
few hundred systems are
expected to be sold this year
perhaps as many as 50.000
could be sold in 1993 including
an estimated 8,000 in the UK.
Among the suppliers ol PC-
based videophones and desktop
video-conferencing systems in
the UK is BT which has spent
over £20m developing visual
services in the last five years.
E arlier this year BT, in
partnership with IBM,
unveiled a PC-based vid¬
eophone which wifi cost about
£4,000 and be available next
year. The system comprises a
plug-in videocodec card, a
email video camer a and a con¬
nection to the ISDN network.
Similar systems are promised
by Compression Laboratories
of the US which has developed
its Cameo personal video sys¬
tem with Apple Computer and
by PictureTel which has been
working with both IBM and
Siemens of Germany.
Meanwhile, Hitachi has
begun selling a desktop tele¬
conferencing system weighing
131bs and toe size of an ordi¬
nary video recorder. The
$14,900 machine,- on sale in
Japan and the US, has two
transmission speeds, 64 and 128
kbps. Hitachi says it expects
annual sales of 2,000 systems
in each country.
By the end of this year, BT
also promises dedicated desk¬
top video-conferencing units
which will cost about £7,000 to
£8,000 and can have document
readers and auxiliary cameras
added to them. (BT’s desktop
videoconference unit is pictured
on page one of this survey.)
Mr Ian Fox, a senior consul¬
tant with BIS, the IT consul¬
tancy, believes that the longer-
term trend will be towards
these desktop and PC-based
systems. Until now he argues
only a few companies with
“megabucks” could afford the
sophisticated high-end
systems. But the potential mar¬
ket for low-cost video-conferen¬
cing Is huge and he predicts
that “we will see major
growth,” particularly because
the recession has focused
attention on reducing travel
ling costs - “in my view, it’s
one of the most exciting, if not
the most exciting move in
information technology today.”
However, he is much less
enthusiastic about the
short-term prospects for home
videophones already on sale in
France and Japan and those
like toe £400 analogue model
BT plans to launch by the end
of the year, or the $1,500 model
launched recently in the US by
AT and T. because he argues
the video quality available at
present is “not sufficient.”
Mercury’s Andy Gent agrees
that “it is debatable how fast
that (video-telephony) market
will develop.”
Nevertheless, Frost and Sul¬
livan forecast that toe world
market for visual communica¬
tions in general will be worth
about 93bn by the mid-1990s. If
toe analysts are right, the
1990s may well indeed be
remembered as the decade
when video telecommunica¬
tions came of age.
Paul Taylor
i4\..
VI
FINANCIAL TIMES THURSDAY JUNE 18 1992
TELECOMMUNICATIONS IN BUSINESS S
F reephone services,
still in their infancy in
Europe, have spawned a
telemarketing: industry worth
about $8bn annually in the US.
As with hamburgers, blue
jeans and credit cards, analysts
believe it is. only a matter of
time before the mass freephone
habit crosses the water.
The term “freephone" is
something of a misnomer. In
fact, organisations receiving
0800 -type calls foot the bill for
the service in return for the
greater volume of customer
contacts which result from cal¬
lers not having to pay to make
inquiries or place orders.
Two variations on the theme
are long-distance calls to corpo¬
rate sales or service centres in
which callers are charged only
local rates and the recipient
picks up whatever the tele¬
phone company deems to be
the difference, and country-to-
country 0800 cal ling .
Either way. freephone is
seen as a cost-effective way for
companies to generate large
volumes of new sales leads or
service an existing customer
base.
“One of the reasons that a
lot of these services have taken
off in the US is that corporate
customers have realised they
offer a real competitive advan¬
tage," says Mr Tony Cobbe,
group director for GPTs tele¬
communications systems
Freephone services herald intelligent network era
A way to generate larger sales
group, along with Its partner -
Siemens, a main supplier of
freephone equipment
Freephone calls exploit what
the telecommunications Indus¬
try dubs "Intelligent Network"
(IN) technology. Put simply,-an
IN involves the addition of
computer Intelligence to the:
telephone network to allow a
number of permutations on the.
traditional function of connect-
Freephone calls'exploit
what the
telecommunications -;
Industry dubs
“intelligent Network 1 *
lag one wireline subscriber to'
mother and charging the call
originator for the privilege.
As well as reversing normal
charging procedures, computer
intelligence facilitates the
Introduction of a whole range
of new services. Included are
offerings such as virtual pri¬
vate networks, In which
unused public network capac¬
ity is partitioned off for private
company use; credit card call-
' ing; calls-to and from personal
numbers regardless of-an indk
. vidual’s physical location in
the network; the display of
incoming caller numbers; auto;
matic re-routing of . calls
- around a network to a$bommo-
date traffic surges following-
televised appeals or disasters;
• and pay-per-use -telephone
information services ;which -
, encompass anything from
weather reports to so-called
• "sex lines”. GeRular telephony
is itself a species of IN service.
initial IN offerings such, as
-freephone were built to be
accessed nationwide but, to
reduce operator coats, used'a
small number of large central¬
ised data bases which were
interrogated over a. special
transmission network as the
need arose. Future implemen-
- tations are likely to be more
specialised both in terms of
content and geographic avail¬
ability. This has increased net¬
work design, options to include
smaller and more widely dis¬
tributed iwtpTUg*>n t ngrips
"None of the operators are
going to want to put in huge
amounts of extra' transmission
capability 'just to' haul stuff to
central or " regional nodes if
some of the services are more
economically deployed more
■ locally,” says Mr Cobbe.
Telephone operators world¬
wide are investing in IN
systems'.because they generate
new revenues with much
higher margins than conven-
. tional telephony. They are also
a way of. responding to compe¬
tition, where this is permitted,
: and provide' better tools for the
overall management, and con¬
trol-of networks and sendees.
Adding to Its attractions, the
IN can provide access to new
global' service markets.
However, public telecommu¬
nications operators do not
have the field to themselves. In
the case of "value added” ser¬
vices such as recorded pop
music dr sports results,' reve¬
nues are split with the inform
matfon providers.
How big the European IN
value-added sector win become
depends to some extent on the
interpretation of Open Net¬
work Provision (ONF) Legisla¬
tion being prepared by the
European Commission.
QNP ripfiwft!; the conditions
under which public networks
can be accessed by private sec¬
tor service providers and the
trick for-the EC will be to bal¬
ance the ideal of equal access
with the need to preserve the
integrity of the network.
Because some IN services
imply that operators relinquish
a degree of network control to
their customers, developments
on the ONP- front will also be
relevant to some corporate
users of IN services.
“I don't think that anywhere
in the world yet there’s been
enough experience of operating
with a significant, amount of
user control,” says Mr Cobbe.
"We don't know whether there
are, or are not, any network
risks which arise from that”
Like the operators, telecom¬
munications vendors such as
Alcatel, AT&T NSL Ericsson,
Fujitsu. GPT, NEC, Nokia,
Northern Telecom and Sie¬
mens are keen supporters of
IN. Manufacturers view it both
as a parallel market opportu¬
nity for their established
exchange systems and, because
the technology is becoming
switch-independent, as a possi¬
ble means .of entering new
national markets.
Tf you’re big in the industry,
you're big in intelligent net¬
works,” says Mr Jim Cochrane,
director of the switching busi¬
ness unit at AT&T NSL
Just as IN services are not
the sole preserve of the opera¬
tors. so IN system supply is not
an- activity exclusive to - telfi-
B tininesses receiving :
0800 calls foot the bill
for the service In return
for the greater volume
of customer contacts
communication vendors. Some
of the spoils of the new market
have already gone to the data
processing sector.
Although AT&T does not yet
have a leading partnership in
the IN sector with a computer
system company, other tele¬
communications vendors have
deemed it appropriate to work
closely with the likes of IBM,
DEC and Tandem.
It is a moot point whether
d fftw processing (DP) vendors
.will eventually dominate the
IN sector. According to IBM
Europe "The product focus in
the period 1S05 to 2000 will be
the service management envi¬
ronment, where the DP tech¬
nology strengths take place."
. Mr Cochrane believes the
computer companies still have
some way to go to adapt to the
stricter reliability disciplines of
the telecommunications busi¬
ness: "The computer industry
has not emphasised fault-toler¬
ance to a great degree and
they've not introduced non¬
stop fault tolerance at alL It’s
just beginning to be a factor in
their-equations nowadays.”
Whatever the truth of this, it
is clear that the gathering
momentum of IN win present
opportunities and challenges to
service operators, system sup¬
pliers and users alike.
“It will dominate the tele¬
communications market in the
first part of the 2 lst century",
says Mr Steven Timms, princi¬
pal consultant at the UK's
Ovum consultancy. "At a con¬
servative estimate, IN services
will account for 22 per cent of
US telco revenues and 10 per
cent of European revenue by
2000 .”
John Williamson
The author is the editor of
Telephony Magazine.
T HE LOCAL area network
revolution is in full
swing and shows no sign
of slowing. By the end of this
year, around 35m personal
computers used for business,
or a third of the total installed
worldwide, will be connected
to networks within a single
site, according to Mr Lee
Doyle, a research director at
International Data Corpora¬
tion.
He estimates that by 1996
around 40 per cent of the PCs
in the world will be networked
and - in Europe - the LAN
proportion will rise from 42 per
cent to 59 per cent
Market research produces
very different statistics on the
size of the market, because of
widely differing definitions.
Figures for the total world
market for LAN products in
1992 vary between $10bn and
$20bn. Where all the analysts
agree is that it is growing East,
probably at 3540 per cent a
year.
This growth has been
boosted by a sharp drop in
prices for many types of essen¬
tial LAN products such as
routers, which help to gather
and disseminate Information.
Most LANs have one of two
configurations, Ethernet or
Taken Ring, both of which are
well-established.
At the lower level, involving
cabling, bridges and routers,
the principal suppliers are
IBM, Digital and BT, although
Increasingly challenged by
many others such as Mercury’s
DataComs subsidiary, BICC
and Ungerman Bass.
At the higher level, the bene¬
ficiaries are companies such as
Compaq, which provides the
powerful workstations, and
Novell the dominant software
supplier. ,
The first phase of network¬
ing began in the mid-1980s,
when users began to find' that
their standalone personal com¬
puters were not able to do
what they wanted. They had to
be able to exchange data for
most practical purposes.
The networking movement
was pioneered chiefly by Amer¬
ican businesses such as Ameri¬
can Airlines, which now has
over 20,000 networks.
A second phase is being
The networking
revolution
brought about by the trends to
"downsizing,” "client/server
structures” and “workgroup
computing.”
“Downsizing" and “rightsiz¬
ing” are the vogue words to
describe the process by which
many or ganisations are mov¬
ing systems to smaller
machines which are more eco¬
nomical
Many are also splitting their
systems in what is called a cli¬
ent/server structure, whereby
large databases remain on the
centralised servers but users
can communicate with them
from applications on their
desktop PCs.
At the same time some are
starting to adopt applications
known as "workgroup” com¬
puting, “groupware" or "work-
flow automation,” that enable
teams to share information
more effectively. Mr Ben
Smith, UK sales director of
Novell, talks of two cultures -
the corporate culture and the
workgroup culture - and says
that the barrier between them
is gradually being broken
GEORGE BLACK
reports on Hie way that
local area networks are
sweeping the
business world
down by local area networks.
He takes the view that many
senior information systems
managers in large companies,
who grew up In the world of
centralised mainframe-based
computing, remain hostile to
local area networks and are
obstructing their expansion.
This opinion is shared by some
other industry-watchers.
Ben Smith expects that
LANs will reach a form of co¬
existence with mainframes,
rather than replacing them.
Mr Hugh Jenkins, systems
products manager for Compag,
agrees on this point. He notes
that Compag is now building
PCs specifically designed to
run on LANs, with special
security features essential for
LAN management.
The ability to disable partic¬
ular disk drives to protect sen¬
sitive data and to guard the
LAN against software viruses
are among the features that
are becoming standard in LAN-
specific PCs.
The rapid growth in the mar¬
ket for laptops is not evidence
for a return to standalone PCs,
as Half of thwn are now used in
conjunction with LANs, he
says.
Many large companies world¬
wide are finding real communi¬
cation benefits from connect¬
ing their personal computers,
especially through shared data¬
bases, both local and remote,
online order processing, shared
printers and electronic mail
Large computer users are
transferring more and more
routine applications such as
accounting and desktop pub¬
lishing to local area networks.
There are also industry-specific
applications emerging - for
Instance, to run a doctor's
practice or a shop.
LANs can connect from five
to 250 users. Ten-user and 20-
user systems systems are still
the most common, but there
are signs of a shift to larger
groups.
More than half of the new
installations are greater titan
20-user. This may reflect the
experience'of users who report
that groups of 20-30 people
derive most advantage from
the new workgroup software
products such as Lotus Notes.
LANs of 100 or more users
are becoming common and
many large companies have
400-500 user configurations.
More LANs are being linked to
each other to create very large
user groups, sometimes of up
to L500 people.
Mercury has recently won
several contracts for network¬
ing British hospitals, including
St Thomas’s in London, where
2,000 PCs in five buildings wfll
be tied together. This is
believed to be the largest
National Health Service hospi¬
tal network so far and will be
watched closely by other hospi¬
tals to see if the doctors and
nurses get the hoped-for
improvement in information
service.
BT, the UK’s largest com¬
puter user, is in the middle of
an internal office automation
project on a much greater
scale, linking local area and
wide area networks with the
aim of connecting 50,000 users
in the next two years.
This huge scheme is
intended to integrate several
proprietary office automation
systems.
IN
London's first voice
technology show
VOICE '92 .EUROPE, the
exhibition and conference
planned for London’s Olympia
from October WL 1992, will
include new applications for
voice technologies, including
PABX and ACD systems,, awfl-
otex equipment, voice
response and speech-recogni¬
tion systems. A special focus
will be computer-supported
telephony. .
Among the leading US and.
UK companies taking part in
the event will be AT&T, Rock¬
well International. GPT. Hacai
and As com Telecommunica¬
tions. Speakers at a parallel
Voice 92 conference will
include Vivienne Peters, direc¬
tor general of the Telecom
Users’ Association; Dr John
Daniel, vice-chancellor of the
Open University; Nigel Hart of
Mercury Communications; and
Charlie Foskett, president of
National Micro Systems.
□ More details available on
061.891 1314.
European market
poised for growth
EUROPE'S fledgling market
for PC LANs - local area net¬
works used for connecting per¬
sonal computers in offices* so
that users can share files and ■ -4jr
resources - is poised for steady
growth, says a new report from
mar ket analysts, Frost and Sul¬
livan.*
Although only just over five
years old, the penetration for
PC LANs reached an estimated
7 to 12 per cent of all PCs by
the end of last year. The grow¬
ing market for PC LAN hard¬
ware, software and file server
products is likely to be worth
more than $3bn by 1996, the
report adds.
* For more details, telephone
071-730 3438.
Hospital’s improved
switchboard service
EAST BIRMINGHAM Hospi¬
tal, which adopted trust status
in April, has purchased a cus¬
tomised Callmaster voice pw
cessing system from Racal
Recorders, to. handle.its large
number of incoming calls.
The £100,000 system will han¬
dle up to 50 per cent of exter¬
nal calls, routing these
through extension numbers,
allowing operators more time
to deal with specific Inquiries.
HANG ON
TO YOUR
CUSTOMERS
DON’T
KEEP THEM
HANGING
ON
DIAL 0800 555655 AND DISCOVER HOW AN AUTOMATED VOICE
PROCESSING SYSTEM COULD STREAMLINE YOUR SWITCHBOARD.
RACiAiL
Rseai Recorders Ltd, Hardtop Industrial Esi,'Hytrw, Southampton 504 6ZH. Tel: 0703 843365 Exl ill.
CALL
/MQtLlAWMDICRS
iW
FINANCIAL TIMES CONFERENCES
TEIEC0MMUNICAI10NS
AND THE
EUROPEAN BUSINESS MARKET
LONDON, 6&7July, 1992
I his year's annual Financial Times conference will focus on the
I liberalisation of the European telecommunications market and the
I growing debate on haw to create a more dynamic telecom¬
munications market, with lower prices and more services. The new
alliances that are being formed to meet the global communications
needs of customers will be reviewed, as well as haw fast Eastern
European telecommunications facilities are being upgraded.
Speakers indude:
Dr Claus-Dieter Ehlermann
Commission of the European Communities
Mr John E Bemdt
AT&T
Mr Viesfurs Vucins
Swedish Telecom International AB
Dr Klaus W Grewlich
Deutsche Bundespost Telekom
Dr Herbert Ungerer
Commission of the European Communities
Mr Peter Cook
BT Tymnet Europe
Mr Nicholas Garthwaite
Touche Ross Management Consultants
Mr Kurt Hellstrom
Ericsson Radio Systems AB
Mr Alajos Kauser
Hungarian Telecommunications Company
Dr. Edouard Wylleman
European Bonk for Reconstruction
and Development
A FINANCIAL TIMES CONFERENCE m assodmion with TELECOM MARKETS
TELECOMMUNICATIONS
ANDTHE
EUROPEAN
BUSINESS MARKET
H w oi ic M 'finm ContwiMi M Oigewfartlon
126 Jmnyn Shari, London SW1Y4UJ, UK' .
W: 071-925 2323. Tlx. 27347 FTCONFG. Fax; 071-925 2125
□ please send me conference details
□ Please send me details about exhibiting
at the conference
WE
FINANCIAL TIMES
CONFERENCES
Name
Position . .
Comoonv/Oroannatjon
Address
-
...
. Gtv - ' .
Post cods
• •
-- i
--•-fen
: -r
Type of Bvaineu
HN
J~. -
(
X.
Ki
_ L.
tow t
|"£Financ
bounce 1
'^munici
VII
FINANCIAL TIM$S THURSDAY JUNE 18 1992
TELECOMMUNICATIONS IN BUSINESS 7
R rBSEABm, Stiidtes have
shown that up ter 75 per
eent. trf all -tetephoce
'fell to find the
right person. One solution. to
this proMem Is to fastallan
answering machine or other
■naritet
flrowa,
sdgliagi
B
:
iR&
"*sHg
^lAS*
ig* “int
ij 1^,
> improve
i«i service
V.lNGHiil k
^cdcisa-
s piirci^y
■Tonir •
!er. from
o f'Jadie
acaasjsh’
:.- 3 l£- S2t
>.r ;tads
ss
I?":su3 :2E
;Ta*. v - aiis
1 >:£. -lju*
:T
; The answering machine fe a
simple and effective means for
paiwii^ oo tofonnatjoh to an
individual or a.small-group of
people -if they we-unavaliahie
at the time o£ a .call >
. ■ The latest - models boast
sophisticated; refinements
which* for example, allow, own¬
ers - to access -the - machine .'
remotely then, 7 ,by tapping out
a code on thetelephone key¬
pad, go straight to the stored
messages.
Other features on new
machines like .the Panasonic ;
KX-T1456, which casts less
than £85 and is designed for
private or. small business use*
include a message memo facil¬
ity which enables messages to
be left by family or a secretary
while the user is away.
1 Most mobile telephone-users
now have access to messaging
sendees. For example..in the.
UK, Cellnet launched its 24-
hour answering services for
cellphoner customers last
autumn. The system called
Callback, will record all calls
automatically and then call the
mobile phone user to transmit
the messages.-
TO use the service, the Cell-
net customer simply taps in a
short divert code and from
then on all unanswered calls
are automatically handled by
Callback.
The competing -Vodafone
mobile phone system launched
a similar service called Recall
last month. Once connected to
the service, all calls are
answered, .even if the custom¬
er's mobile phone is switched
off, and they are then alerted
by a call when they switch
back on. The Recall service
Answering machines and voice-messaging
systems become more sophisticated
How to make the
right connections
also offers a number of other
features including a simple
help menu for example to
repeat or skip messages, secu¬
rity code message protection, a
choice of greeting message for
callers.
More generally, .voice and
call processing technology
enables a standard telephone
to function as a computer ter¬
minal by allowing the user to
access computer applications
using voice commands, the
telephone keypad or a combi¬
nation of the two.
.- .The European market for
voice and call processing
systems is projected to grow
from £100m last year to £850ra
In 1995 and is being targeted by
companies like Hampshire-
based Advanced System Archi¬
tectures which has launched a
range of voice and call process¬
ing systems and products
offered as “productivity boost¬
ers” to businesses and to soft¬
ware houses and systems inte¬
grators.
Using the technology, voice
mail and voice-messaging
systems, which represent a
kind or corporate answering
machine where messages are
recorded to be picked up by the
recipient dialling a personal
mailbox number, were pio¬
neered in the US by companies
like Octal. AT and T, VMX,
Northern Telecom and Centi¬
gram.
Although used widely in the
US, companies in Europe have
only recently begun using
voice messaging technology
■Tnrt implementation of systems
in the UK is running about
three years behind the US.
However, the UK is generally
ah«id of the rest of Europe,
probably because it was the
first country in Europe to liber¬
alise the provision of phone
services and equipment
As a result the number of
touch-tone telephones is quite
The European market
for voice and call
processing systems will
be worth £850m in 1995
large in the UK, and that is a
pre-requisite for voice messag¬
ing unless people carry touch¬
pads around in their pockets
the whole time.
Many large companies first
begin to use voice-messaging
services through a telephone
company bureau. This enables
them to become familiar with
the technology by using a
small number of voice mail
boxes.
Once they appreciate the
advantages, many install their
own equipment which can then
handle more complicated pro¬
cessing tasks like combining
voice messaging with elec¬
tronic mail and faxes.
By providing a fink between
the company computer system
and the in-house voice-process¬
ing system, electronic mail -
usually sent from one com¬
puter user to another - can be
stored digitally in the recipi¬
ent’s mailbox.
A caller interrogating the
messaging system will then be
told that there are, say, two
voice and one electronic mail
messages. The caller can then
listen to the voice mall mes¬
sages and, if required, the elec¬
tronic mail can also be “read”
to the caller by a digitised com¬
puter voice.
Some systems can even go
further, storing facs imile mes¬
sages which can then be for¬
warded to a fax machine near
the caller.
While technologies such as
voice mail enables callers to
leave, retrieve or exchange dig¬
itally recorded voice-messages,
audiotex enables callers to
access a wide variety of pre-re¬
corded information, for exam¬
ple aircraft flight times.
Most recently, interactive
voice response products have
emerged which allow callers to
input information to, and
retrieve information and ser¬
vices from a company com¬
puter database using a touch-
tone telephone.
These different voice pro¬
cessing technologies are gradu¬
ally merging together and
becoming increasingly sophis¬
ticated with the use of voice
recognition, voice synthesis
and image processing to han¬
dle more complex transactions.
One example of this was un
veiled earlier this year by Syn
celled, an Arizona-based com¬
pany which launched what it
claims is the first multilingual
interactive voice response sys¬
tem.
SynteUect's new Global-Se¬
ries of Interactive Voice
response (IVR) systems was
designed to enable callers from
anywhere in the world to call
at any time of day or night and
to and leave or receive a mes¬
sage, place an order, obtain a
quote or get an answer a tech¬
nical query.
Using sophisticated voice
synthesis and processing tech¬
niques the system “under¬
stands” six different languages
at first contact level. Once onto
the system the caller can then
communicate in any of 26 lan¬
guages.
The IVR system can be con¬
nected to almost any sort of
host computer system allowing
the caller to access his target's
database, either to input infor¬
mation or to retrieve informa¬
tion and services.
It also allows the caller to
leave, retrieve or exchange dig¬
itally recorded messages or
access pre-recorded informa¬
tion using audiotex. The sys¬
tem is aimed at organisations
like h anks and other financial
services companies, transport
companies, governments and
company sales and customer
service departments.
Using systems like this it is
claimed that costs can be
reduced because there is less
need for human telephone
switchboard operators and cus¬
tomers benefit from improved
24-hours service. Like their
less-sophisticated counterparts,
they may also help increase
the proportion of calls and
messages that do eventually
find their way to the intended
recipient.
Paul Taylor
AUDIO-CONFERENCING
Now the technology comes of age
T HERE MAY be many
new and exciting tech¬
nologies for business
commumcatums; but the tele¬
phone is; coming back into its
own In the electronic office, as
the medium for time-critical
conferencing applications.
Swanning'around the coun¬
try, or hopping on Concorde
just to attend a half-hour brief¬
ing meeting, could be; a thing
of the_pasL_AudJ.p-conferenclrig_
has been available tor many
years, of course, , but 1992
marks a turning point in terms
of the technology, according to
Steve Gandy, manager market¬
ing & sales, BT Visual &
Broadcast Services: ’
“In fact, things have started
changing quite radically. The
key change has been the intro¬
duction of low-cost audiocon¬
ferencing equipment which is
purpose built for the conferenc¬
ing. environment, enabling a
number of people to partici¬
pate, no matter where they are
located. . .
“More importantly, the new
generation of systems feature
full-duplex operation and the
latest echo cancelling technol¬
ogy, which means that every-
*-* >. >
Twenty-live per cent of audio-conference users In the UK are in the financial sector. Above: a
conference under way around a new BT AC2000 terminal
one in the room, and people in
remote locations, can all speak
at the same time and be beard
by each other as if they were
all in the same room, with no
clipped sentences or lost mean¬
ings," he says.
■ The market: according to
researchers. Frost & Sullivan,
the US market for audioconfer¬
encing in 1990 was worth
$726.6, of which $87.8m was
equipment sales, $180m val¬
ue-added services revenues and
(458.8m transmission revenues.
A five-fold jump is forecast
over five years, which suggests
it will represent a $3.54bn mar¬
ket by 1995. Since it is esti¬
mated by other sources that
North America accounts for 82
per cent, and Europe for 12 per
■ EL
FINANCIAL TIMES CONFERENCES
The Financial Times is pleased to
announce the dates for two major annual
communications events: —
WORLD MOBIL!
COMMUNICATIONS
London, 12 & 13 October 1992
WORLD
TELECOMMUNICATIONS
London, 1 & 2 December 1992
For. further details, please return this advertisement, [together with
your business card to:
FINANCIAL TIMES CONFERENCE ORGANISIfflON
126 Jermyn Street, London SW1Y 4 UJ, UK
Tel: 071-9252323 Fax:071-9252125 Tlx: 27347 FTCONFG h-d
cent of the worldwide market,
audio-conferencing was worth
around $880m in 1990 and will
rise to $4bn in 1995, with net¬
work operators, service provid¬
ers and equipment manufac¬
turers all able to look forward
to a slice of the action. Indeed,
BT says that the audioconfer-
encing in the oCDce-to-offlce
business communications sec¬
tor alone will be worth $49m in
Europe by 1995.
■ The applications and bene¬
fits: auciio-conferenting is set
to become one of the most
important communications
tools for the 1990s, helping peo¬
ple to Tun their businesses
more effectively and save costs
- not just the upfront
expenses of air fares and hotel
accommodation, but the below-
line costs associated with the
time, inconvenience and effort
spent gathering people
together in a single location
and taking them away from
their core activity. -
Face-to-face meetings will
not, of course, become, a thing
of the past but the physical
presence of participants will
not always be necessary. In
fact, it will be possible for peo¬
ple to hold meetings more
often, without adversely effect¬
ing the time spent on their
core activities.
The improvements in the
decision-making process could
be dramatic. Using their own
equipment, or the service of a
bureau, businessmen can set
up telephone meetings in what¬
ever combination they like, it
could be half a dozen execu¬
tives, each in their own offices
but linked together; it could be
two groups, one in the London
boardroom and the other in the
New York office, or it could be
one person, linked to many dif¬
ferent individuals spread
around the country.
Another application might
be telephone broadcasting,
using the telephone system
like a radio transmitter to send
a message to the whole work¬
force simultaneously. The
broadcast can'be turned info a
phone-in programme, allowing
key regional managers to quiz
the boss on an important pol¬
icy issue
■ Users: audioconferencing is
being used for crisis manage¬
ment in commercial
operations. The AA and RAC
are big users for control of traf¬
fic and general operations. It is
also used in the professions.
such as law and management
consultancy, where time is
money and fee-earners must be
seen to be offering a cost-effec¬
tive service.
BT says that 25 per cent of
its user base is in the financial
sector, where audioconferenc¬
ing is used for the early morn¬
ing “prayer meeting," as well
as for time-critical meetings,
where, for example, dealers
need to discuss how to react to
a financial crisis before the
news breaks.
A large proportion - around
30 per cent of users - is in
sales and marketing, where
audio-conferencing is used for
weekly briefings and sales
update meetings.
“The alternative is for the
manager to ting each sales per¬
son individually or take every¬
one off the road to gather in
one location, reducing their
selling time The cost, time and
effort Involved normally means
it just doesn’t happen', says
Mr Gandy.
But what about the all-im¬
portant psychology factor
where face-to-face meetings
enable those participating to
determine what mood someone
is in, or what their attitude is
by interpreting body language?
“That is where the new tech¬
nology plays an important
part. Providing you know the
person, you can tell their reac¬
tion by detecting the nuances
in the tone of someone’s
voice,” Mr Gandy suggests.
■ The technology: though
there are a number of audi-
oconferendng equipment man¬
ufacturers, UK-based GPT Tele¬
com being one of them, most
tend to focus their marketing
effort on the seemingly more
glamorous videoconference
market. However, those manu¬
facturers whose products are
marketed by BT are likely to
be the market leaders, not
least because BT claims 80 per
cent of the £5.4m UK audio¬
conferencing market.
As well as offering a Confer¬
ence Call bureau service, BT
has four products in its portfo¬
lio, with prices starting at £680,
and moving up the range in
terms of sound level quality,
duplex operation, and the num¬
ber of people that can comfort¬
ably participate In a confer¬
ence.
The low-cost entry unit for
desk-to-desk audioconferencing
is the AC2000 which is manu¬
factured in the UK by Caim-
tek. For desktop or small
roundtable conferences, the
AC4000, manufactured by NEC
of Japan and sold by them as
the Voicepoint, is priced at
£ 1 . 200 , the price premium
being accounted for by the
marginally better sound level
quality and duplex operation.
For bigger rooms, BT offers
the ST3000 and ST6000 both of
which are manufactured by
US-based Shure - “the reason
we offer a choice is so that
customers can be provided
with a system that is fit for the
purpose in a particular envi¬
ronment,'’ says Mr Gandy.
The other important element
in the new generation of tech¬
nology is the bridge which con¬
nects the telephone lines for
mtiltiple-location audio-confer-
Continned on page 9
tsszr*
Small businesses can benefit from the Mid Devon Telecottage at Cotobrook, providing access to
fax, PCs, laser printers, wordprocessing, electronic mall, photocopying, desktop publishing and
data base generation
TELEWORKING/TELECOMMUTING
Boost for efficiency
W ITH plenty of empty
office space in many
of the world’s cities,
tbe growing interest in tele¬
working - or working from
home - may be bad news for
hard-hit commercial property
markets.
A rather formal definition of
teleworking (sometimes known
as telecommuting) from BT is:
“Any time when an employee,
instead of travelling to a cen¬
tral office, stays at home or at
a remote site and uses a tele¬
phone line to send and receive
work."
Though you may not have
known it, you have probably
teieworked at some time or
another - just recall those
days when you have worked at
home, making extensive use of
the phone, perhaps due to a
transport strike or because of
sickness. Furthermore, many
business activities involve
work at home.
In the UK. more than 500.000
people are thought to telework
fall-time, with a farther 1 . 5 m
part-time. Some analysts esti¬
mate that by the year 2010. at
least 20 per cent of non-manual
working in the UK will be
working from home, or near it
Teleworking's basic enabling
technology is. of course, the
telephone, but as well as allow¬
ing remote voice-communica¬
tion, the phone line can be
used, for fax machines and
modems which respectively
enable images and data to be
sent speedily from one place to
another. -
Here, office memos and cor-. -
respondence can be prepared
on the ubiquitous PC and
transported by electronic mail
services such as Telecom Gold,
Mercury Link 7500 and MCI
Mail. These facilities can also
be supported in all but the
most remote places by means
of cellular phones.
While developments such as
ISDN, Centrex, broadband and
intelligent networks will
smooth the path to telework¬
ing, the digitalisation of the
basic telephone network is
arguably the most important
factor.
Many conventional office
activities are suitable for tele¬
working: specialists, whose
work frequently has a high
“independent" content; manag¬
ers, who need intervals of
peace and quiet so that they
can concentrate on specific
tasks; “nomads," such as sales¬
men or area managers, who
Often have a roving commis¬
sion; and clerical staff who
may perform data-entry work
or telesales from home.
In the UK, interest is being
shown in a network of “telecot¬
tages" ■ or work centres in
country areas in Devon and
the Scottish Highlands where
local people call in for faxes,
electronic mail and other data.
S INCE an underlying fea¬
ture of teleworking is
the use of telecommuni¬
cations, it is hardly surprising
that both Mercury and BT are
actively promoting it. Last
October, when Mercury pro¬
duced its Teleworker Portfolio,
it published research carried
out by Gallup that showed that
it is a popular and highly effec¬
tive option for both the individ¬
ual and for the employer.
They found that of compa¬
nies operating a teleworking
scheme. 97 per cent consider
the practice to be effective, giv¬
ing increased efficiency, (42 per
cent); increased productivity,
(40 per cent)Land cost-savings,
'(38 per cent) as the most impor¬
tant reasons for teleworking.
However, as well as these
benefits that are easily quantif¬
ied and transferred to the bal¬
ance sheet, there are other
issues which need to be
addressed. To quote from a BT
Research Laboratories report,
An Overview of Teleworking :
“... over the last decade t h ere
has been a movement of popu¬
lation from cities leading to an
increasing population in urban
and rural areas. For many fam¬
ilies, their chosen environment
would be a country village.
Teleworking will help this
aspiration to be fulfilled."
Teleworking will be one way
of combatting the projected
shortages of skilled staff,- as it -
will enable companies to retain
staff who would otherwise
leave.
Since last October, Chris Rid-
gewell. Mercury’s product
manager for teleworking, has
conducted more than 70 tele¬
working workshops for groups
of up to 200 people.
These meetings have often
been followed by presentations
to companies which have then
have set up working parties of
staff, executives and trade
unions, as they consider mov¬
ing towards setting up tele¬
working schemes.
Despite the benefits to both
employer and employee, care is
needed in the introduction of
teleworking, if problems are to
be avoided. As well as the fear
of apparent “loss of status" by
the teleworker as compared to
on-site staff, there are other
factors such as the risk of
social isolation and loneliness;
also, the maintenance of com¬
pany confidentiality, and the
provision and insurance of
teleworking equipment
Britain is arguably far in
advance of the rest of Europe
in all aspects of teleworking.
Thus, the European Commu¬
nity has shown interest in the
proposed code of practice for
teleworking by the UK’s
National Teleworking Advisory
Council. It has, as its overrid¬
ing aim, the encouragement of
growth in the teleworking sec¬
tor; in particular,' by respond¬
ing to the commercial require¬
ments of large companies.
Such businesses need appro¬
priate terms of reference to
cope with this change in work¬
ing environments if telework¬
ing is to grow to its full poten¬
tial in the UK and elsewhere.
Adrian Moranft
□ Report available: -Tele-
working in the UK," from the
National Computing Centre.
Oxford Road, Manchester,
Ml ZED.
□ Case studies on the subject
are also given in "Teleworking
a Strategic Guide for Manage¬
ment ." by Steven Burch; Kogan
Page, £18.95.
AN ECONOMIST CONFERENCE
Developing Cross-Border
European Telecommunications
.15-16 September 1992. Hotel Sdiweiacihof. Berlin
SPEAKERS INCLUDE;
Pekka Aia-Pietila
President. NOKIA Mobile Phones
Finland
Steven Andrews
President, U S West Spectrum
Enterprises International. UK
Edgar L Brown, Jr
President. Beil Atlantic International
USA
Jozef Cornu
Executive Vice President. Alcatel nv
France
Professor Henry Ergas
Counsellor for Structural Policy.
OECD. France
Frerich GSrts
State Secretary. Federal Ministry of
Posts & Telecommunications
Germany
Jem Grenier
Director General. EUTELSAT, France
Dr. Klaus Grewflch
Director General. International Affairs
Department. Deutsche Bundespost
TELEKOM, Germany
Desmond Hudson
Chief Executive, Northern Telecom
Europe Limited, UK
Bruno Lasserre
Director General. Directorate of
Regulatory Affairs, Ministry of Posts &
Telecommunications. France
Richard Marriott
Director, Corporate Strategy, BT. UK
Dr Timothy Nulty
Senior Economist & Task Manager.
Telecommunications. Central Europe
Department. The Works Bank, USA
Maev Sullivan
Director of Legal & Regulatory Affairs
Mercury Communications Limited. UK
Jerker Tomgren
Head of Section, Ministry of Transport
& Communications. Sweden
Dr Herbert lingerer
Head of Telecommunications Policy
Directorate, DG XIII. The Commission
of foe European Communities. Belgium
Enrique Used Aznar
International General Manager.
Telefonica de Espafla. Spain
Dr Ben Ve rwaa yen
President. PTT Telecom
The Netherlands
SPONSORED BY:
northern
telecom
For full programme details call: Jackie Cottrell on +44(0)71493 6711
The Economist
Conferences
IVliiaMII IWMIM 1 HrP^vll 1 1l»i' l »W n IHI.
«w« t.a. a.-. .. _....
vnr
FINANCIAL TIMES THURSDAY JUNE 18 J992
TELECOMMUNICATIONS IN BUSINESS 8
MOBILE TELEPHONY
Europe withi
I N THE 1980s, mobile tele¬
phony was one of the most
dynamic service sectors
■ecording explosive growth in
he UK and worldwide. But
■eceatly Us growth has slowed
- just as a new generation of
ffgital mobile telephone
systems are launched.
In Britain, so many custom-
hts bought mobile phones in
be late 1980s that the two cel-
ular telephone network opera-
ors, CeUnet and Vodafone, had
jo Increase capacity to keep
race with the volume of calls.
Telped by steady call charges
md declining equipment prices
Britain has ended up with
no re than twice as many cellu-
■ar telephone users as Ger-
.nany, France or Italy.
But after several years of
spectacular growth, the UK
subscriber base - which is
lominated by business custom¬
ers and small businesses in
^articular - grew by just 7 per
rant last year to L23m, and
joth UK operators now have
access capacity.
This slowdown has come at a
rritical time for the industry
which, as Ur Chris Gent, man¬
aging director of Vodafone
rays, “is very fast moving and
.’hanging.” The cellular system
o the UK, In operation since
1985, uses analogue technology,
jut in future two new digital
;ystems will be also competing
'or customers in the mobile
rammunicatums market
□ The first, called Telepoint,
s an economy-style mobile sys-
:em designed for travelling
business customers, bnt its
nain drawback is that sub¬
scribers cannot receive incom-
ng calls.
□ A second set of new ser-
Aces, which can also receive
ncoming calls, are based upon
3SM (Groupe Special© Mobile),
l pan-European digital mobile
communications standard.
However, these new technol¬
ogies have got off to a shaky
start in the UK Three of the
original four consortia licensed
by the government to offer
Telepoint services pulled ont
after sustaining significant
losses and ending up with only
5,000 customers between them.
Despite this the fourth, Hutchi¬
son Telecom, went ahead with
the launch of its telepoint ser¬
vice, and a satellite-based pag¬
ing service, in April
On a Europe-wide basis, how¬
ever, most interest is focused
on GSM which Is viewed as the
most important advance since
the development of cellular
phones. It is also changing the
way existing European net¬
works operate because many
countries are using it to intro¬
duce competition for national¬
ised monopolies.
When they are operational
the GSM services will make it
possible to drive from one end
of Europe to the other using
the same cellular mobile tele¬
phone, Seventeen countries
agreed to the GSM standard
and set a target of July last
year for the launch of a limited
initial service.
Problems with the technol¬
ogy and other problems have
resulted in some delays. How¬
ever. several operators, includ¬
ing both Cellnet and Vodafone
in the UK, have already suc¬
cessfully tested GSM systems.
Mr Gent of Vodafone says the
setting of original target was
always H a bit tongue-in-cheek,”
but has, nevertheless, provided
an important initial impetus.
Indeed, the first of a new
range of GSM telephones man¬
ufactured by Orbitel Mobile
Communications, the Voda¬
fone/Ericsson joint venture
equipment manufacturer,
received UK approval at the
end of last month, ensuring
that the first equipment for use
on the new systems will be
available to customers later
this year.
Once operational mobile
phone users will be able to
make and.receive calls on any
GSM phone in any country
covered by the system. Sub¬
scribers”. details will be
recorded , on a smart -card
which will plug into a slot in a
GSM phone. Having plugged in
the user card the phone will
adopt the user's number, and
all calls will be billed to the-
card owner.
Because the system Is digi¬
tal, it should provide secure
high quality voice and data
transmission and enable sys¬
tem operators to offer addi-
H el pec] by declining
equipment prices Britain
has twice as many
cellular telephone users
as Germany or France
tional features such as call
hold, call transfer and messag¬
ing services.
The GSM systems in France,
Germany, Scandinavia and the
Benelux countries should
become operational later this
year, and Vodafone which
launched its network in
December, says it plans to
have 90 per cent of Its system
in place by the middle of 1993.
Cellnet, which is owned by BT
and Securicor, has been also
testing its GSM network and is
planning to launch the service
commercially next year.
But, in spite of its imminent
availability, it is unlikely GSM
services will replace the older
analogue systems, at least not
in the short term. GSM phones
will initially be more expensive
than existing analogue cell¬
phones and vrifi. also be much
bigger, and heavier. Many
mobile phone users are expec¬
ted to remain on the analogue
system and Mr Gent believes
there will be a slow migration
to GSM.
However, the GSM system
operators, who are investing
very heavily in digital infra¬
structure, are hoping for a
quicker take-up of the other
mass market digital services
which they will also be able to
provide. For example, Voda¬
fone {dans to launch a second
service on the back of GSM
called the Mjcro-Cellalar Net¬
work,, or MCN, which will be a
low-cost urban-based portable
telephone service aimed at
domestic customers and is due
to be launched in the south
east of England In mid 1993.
MCN call charges are expec¬
ted to be cheap, from only 10
pence a minute within a user’s
home town, to 20 pence a min¬
ute for national calls putting
the service in direct competi¬
tion with fixed telephone net¬
works. MCN subscribers who
travel will also be able to
access the nationwide and pan-
European GSM service, but at
premium rates.
Mr Gent be lives MCN and
similar services will make
mobile telephony available to
many more people. He admits
that MCN is being launched in
part as a response to the com¬
petition for the domestic mar¬
ket expected from other new
digital systems called Personal
Communications Networks.
In Z9S9, when the UK govern¬
ment asked companies to apply
for PCN- licences, companies
rushed to compete, buoyed by
predictions of 10m customers
by the end of the decade, and
the belief subscribers would
swap their ordinary phones for
PON’s pocket-sized personal
handsets.
But since then the UK econ¬
omy has plunged into deep
recession and the need for
-heavy investment has fright¬
ened many of the original
gTinreTtoMers,leading to delays
in starting the new services.
Two of the original three con¬
sortiums awarded PCN
licences, Mercury Personal
Communications and Unitel,
recently agreed to merge, white
the third, SCcrotei, was sold to
Hutchison Telecom.
PCNs will use pocket-sized
high frequency radio phones
over short distances to link
users to traditional telephone
exchanges via a system of
relay stations. Their propo¬
nents argue that PCN has a
number of advantages over
GSM, Including smaller
phones, and a greater network
capacity because cells are
smaller, and so the same fre¬
quency spectrum can carry a
greater volume of calls.
These new digital services,
together with the advanced
satellite paging systems, prom¬
ise a second revolution in busi¬
ness mobile telecommunica¬
tions. But although GSM will
be a European-wide system,
the dream of being able to use
a phone anywhere in the world
is still some way off.
Although Australia, New
Zealand, and some Middle
Eastern and African countries
have shown interest in GSM,
Japan and the US have chosen
different standards. A truly
worldwide mobile telephone
system may have to wait for a
third generation of systems,
the long-awaited universal
mobile telephone system, or
UMTS, which could be intro¬
duced by 2000.
Paul Taylor
DATA TRANSMISSION VIA TELECOM LINK
A NEW £3m telecom link is
solving “stockout” problems
— and subsequent loss of
sales - at Mothercare, the
high street retailer. Pictured
here is Richard Glanville,
commercial director of
Mothercare, inaugurating
the electronic point-of-sale
(Epos) system at the
company's Brent Cross,
London, store by selling
Babar the Elephant to
Carolyn Nlmmy. technical
director of the software
system supplier, Hoskyns
Insight Special polling
software enables
Mothercare's IBM AS/400
computer at its Watford -
headquarters to take data
straight from the tills in its.
255 stores via telecom links
for overnight analysis.
Colour fax systems on the way
Prices of machines
continue to tumble
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N little more than a decade,
facsimile machines have
become an integral part of
most offices and a vital com¬
munications tool. Now they
are appearing in homes, cars
and even brief cases.
Fax machines are also
becoming faster and more
sophisticated; and they are
being integrated with other
office equipment such as laser
printers and desktop PCs, and
new value-added communica¬
tions services are being built
around them.
Equipment sales grew rap¬
idly in the 1980s and, in spite
of the recession, they have
been buoyed more recently by
the advent of plain paper fax
machines and the emerging
consumer market, targeted by
the mainly Japanese hardware
manufacturers.
As prices continue to tum¬
ble, some analysts believe that
by tiie mid-1990s, one In three
fax machines sold will be for
personal use. Many of these
small, desktop machines com¬
bine the functions of tele¬
phone, answering machine,
photocopier and facsimile and
can switch between voice and
fax and need only a single
line.
Today, there are an esti¬
mated 15-20m fax machines
worldwide, a number which is
expected to grow to over 39m
by the end of 1993. Most are of
the Group 3 industry standard
and can send an A4 sheet
across the world in seconds for
the price of a telephone calL
The biggest installed base Is
in the (JS, bat according to the
British Facsimile Industry
Consultative Committee,
which represents suppliers,
there are more than 900,900
machines in the UK and two
out of every three employees
have access to a fox terminal.
Fax-usage is also increasing.
The UK market will be worth
about £750m this year and is
growing by about 30 per cent a
year compared to five per cent
for voice traffic.
One reason for this rapid
growth Is that fox machine!
are relatively simple to oper¬
ate. Nevertheless, there is a
trend towards more sophisti¬
cated machines and features
like number memories, one-
photograph in three minutes
and print from a palette of 255
colours using a high quality
dye-sublimation print engine.
Colour machines are expec¬
ted to meet a specialist need,
rather than replace mono
faxes, but plain paper faxes
are gradually replacing the
traditional thermal machine,
with its rolls of expensive
paper which crumple easily
and eventually fade.
Although they are generally
more expensive than thermal
machines, the price difference
is narrowing and plain paper,
like used in photocopiers anil
laser printers, is cheaper.
Indeed, the distinctions
between fax machines and
other office equipment are
becoming blurred. For exam¬
ple, Xerox-and other manufac¬
turers have recently launched
plain paper fax machines that
double as photocopiers and
Fujitsu's Faxjet turns a Laser¬
Jet compatible printer into a
fox receiver.
Plug-in cards and external
fox-modems are already pro¬
viding portable computers,
desktop PCs and networked
PCs with the power to send,
and receive foxes.
There Is also growing
demand for faster fax trans¬
mission to cut labour, time
and phone costs. Some Group
3 machines already operate at
14,400 bits per second (14.4k
bps) over the public switched
telephone network and can
receive or send an A4 page In
about six seconds. There are
Today, there are an
estimated l5-20m fax
machines worldwide, a
number which is
expected to grow to
more than 30m by . 1994
touch and speed dialling, auto¬
matic paper-cutter and activity
reports are Increasingly
regarded as standard, even on
basic manhlinm.
Some machines can now
store a fox for tr ansmiss ion
later, others remember mes¬
sages when they have run out
of paper, can be operated
remotely, or have the ability
to “broadcast” a fox to multi¬
ple destinations.
A new machine from
Yamaha can read a file from a
PC floppy disk and then send
it as a fox while others can
read, send and store faxes
from optical disks.
Meanwhile, Sony will this .
month begin to market a 1.5kg
battery operated portable fox
in Japan which can be con¬
nected to a cellular,car or a
pay phone, send an A4 sheet in
20 seconds and display Incom¬
ing faxes on an LCD screen.
Colour fox machines are also
just around the corner. Several
Japanese manufacturers have
announced colour machines
although Sharp is the only
manufacturer to unveil a
Group 3 desktop colour.
machine which will work on a
standard telephone fine.
The Sharp F09000. which
mil be available shortly in the
UK, can transmit an A4 colour
also a few Group 4 foxes which
were designed to operate on
ISDN (integrated services digi¬
tal network) circuits at 64k
bps, transmitting an A4 page
in 3-4 seconds.
But although Group 4 foxes
have been around since the
mid-1980s the introduction of
ISDN has been much slower
than expected.
In the meantime, the trans¬
mission speed of Group 3
m ac h i n es has been further
enhanced and an alternative
64k bps standard has emerged
called either Group 3bis or
G364.
While its advocates are not
suggesting that Group 3bis
machines will be much
cheaper than Group 4, they do
argue that the Group 3bis
approach will make it easier
for foxes to work on both the
ISDN and the public switched
telephone network while offer¬
ing the same speed^esolution
and other improvements as
Group 4 foxes.
In another important area,
that of error-free transmls-
sion^n industry standard was
adopted in 1988. Machines
complying with the standard
automatically resend cor¬
rupted sections of a message,
ensuring that users can be
confident that a document will
reach its destination ungar¬
bled.
Meanwhile, some telecom¬
munications groups have
seized the opportunity to gen¬
erate additional income by
offering value-added services
to fox customers.
For example in the UK, BT
offers its voice-prompted Fea-
tureFax service while In the
US American Telephone and
f
*
Telegraph offers a similar sub¬
scription service called Bnhan-
cedFAX which enables custom¬
ers to broadcast a fax,
virtually simultaneously, to as
many as 10,000 fox m«ehin«i
via nodes , in the US, Canada,
the UK, Japan and Hong Kong.
The service came to promi¬
nence during the Gulf war,
when more than lm messages
were sent to troops in 'Opera¬
tion Desert Fax.'
In the UK, Vodafone’s Vod-
ata unit began offering an
adjunct to its audiotex service
a year ago called Vodastream
Fax service. This facsimile-
based information delivery
system can either be used by
people to call in by fax to a
central number and receive
bade a fox from the Informa¬
tion provider, or by the pro¬
vider to send mnltiple fax
copies to a list of recipients.
Ike service is currently used
by, among others, the Met
Office for weather information
for pilots and yachtsmen and
by the Central statistical
Office to distribute govern¬
ment information.
The Vodastream service also
has a fax mailbox facility
where messages can be left
and recalled later by the
intended recipient using a fox
machine from anywhere is the
world.
Mercury's managed fox ser¬
vice in the UK, called Surefox,
is a particularly sophisticated
set of value-added services
aimed at multinational cus¬
tomers and launched by the
Cable and Wireless group sub¬
sidiary In October.
Mr Paul David, business
development manager In Mer¬
cury's messaging division,
says it was designed to provide
cost effective solutions to
many of the problems business
customers complain about like
busy and dropped fax fines,
costly redials and paying
unnecessary premium rates to
send non-urgent foxes during
peak perio ds.
Mercury claims its Surefox
switch is the largest In the
world with a capacity to han¬
dle over 18,000 fox pages an
hour. Eight mouths after its
launch it Is already handling
about 3,000 fax messages a
day, with an average length of
3*3 pages.
Documents can be sent to
tiie Surefox switch - a kind of
auto mated fax exchange -
from an ordinary fax machine
ria a special socket, or direct
from a desktop PC, for pasting
onto single or mnltiple. recipi¬
ents either immediately, or
sometime later.
JVmong its other features,
Surefox ensures "a never-busy
fax line” and will auto mati-
«*Uy retry a reetpient’s fine
until the fox is -sent If trans¬
mission is lost or garbled, it
will resend only those pages
that are misting ■
One significant growth area
targeted by the Surefax service
is PC-generated foxes. It is
estimated that in the. UK about
80 per cent of all foxes begin
life as a wordprocessor file ott.
a PC. But the document Is usu¬
ally printed out before being
loaded into a fax machine .for '
delivery.
Only two per cent of fax traf* .
fie is sent directly from. PCs,
but Mr Xfonlel says "ire are
convinced this is going to
change.” . „
Eventually, he' Expects opto
r V
)ansat
Irs b
*■
■Si ' ' e • r \
6
Nr
? V- -
"-JU t»
*•> ^
Eventually, he’expects un to ’<&-*-
carter of all foxes to be 1
Ut directly from a PC or ’-Ltedi
sent directly from a PC' or
from a computer network.
Paul Taylor
• - J- ^ fi
r=SS«*S3f.'- n •--
FINX^CTXt TJRfES THURSDAY JUNE 18 1992
TELECOMMUNICATIONS IN BUSINESS 9
SMART PHONES
®wA demand for more
user-friendly systems
-Telephones aie starting to seem very old-fashioned compared to
^personal computers, says George Black
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;LV -Th ^
W HILE^PCfe have prog¬
ressed- rapidly- with
graphical user Inter¬
faces, .telephones., have
remained distinctly unfriendly.
Today’s feature phones are
not much more .advanced thaw
conventional'phones. As far as
moat people are concerned, the ■
last great leap forward was the
replacement of the circular dial
bypush-buttons. .
. Most -.private, automatic
branch exchanges (PABXs)
supports number of telephone
features 'intended to make'the
user's life easier, especially if
he or she: is a senior, manager
under pressure.
These include liquid crystal
displays giving details of
incoming and outgoing calls
and dedicated function and
programmable keys which can
store numbers for access by
pressing .a single 1 key.-More
numbers can be stored in the
exchange .and accessed by
shortcodes.
If an internal number is
engaged, the exchange can be
automatically instructed to call'
back when free.
Conference calls can be set
up and a built-in microphone
can leave both hands free dur¬
ing calls. Secretaries can keep
track of a group of lines to-see
which are. engaged and alert a
manager to another incoming
call.
But most such-features are
little used. According to Mr
Paul Turton, a senior associate
at technology consultancy CSC
Index, over. 90 per cent of them
are never used and less than 10
per cent of people use any of
them regularly.
On internal training courses
it often emerges that many
people cannot even perform
simple operations such as call
transfer, pick-up, retrieval and
diversion. . -
Financial directors are reluc¬
tant to spend, money on more
complex equipment which staff
are even less likely to use.
Prices for feature phones are
Still high. .
The simplest analogue fea¬
ture phones with a few .basic
functions cost £30-£50, com¬
pared to around. Eli) for the
most basic telephone on the
market.
Digital feature phones are in
the range of £20G-£300, so they
will not be spread around
unless there is a good reason.
The problem is partly one of
training. Senior staff who
could most benefit from know-
.. tag how to use their telephones
fully aie the most reluctant to
go on training courses. But the
main reason is that the
machines are still too hard to
- use. Manufacturers have
examined in too many features
without adequate instructions
and users are not surprisingly
confused.
Ms Susan Dark, group prod¬
uct manager for Mercury Com-
munications, Wuk s that many
more types of telecommunica¬
tions services will be used once
the telephones themselves
become more user-friendly.
‘Telephones need to become
much more like personal com¬
puters,” she contends.
They are about to do so. The
next generation of smart
phones may reach the Euro¬
pean market next year.
These devices with built-in
microprocessors and much
improved displays are now
being tested by a number of
manufacturers around tbe
world.
O NE of the most impor¬
tant trials is to be con¬
ducted in the US by
AT&T later this year with
Huntington National Bank, a
regional bank based at Colum¬
bus, Ohio.
The service is aimed mainly
at home banking and home
shopping applications.
AT&T envisages that the ser¬
vices on which users will be
most keen will include trans¬
ferring cash between accounts,
reviewing their cheque pay¬
ments, paying bills and check¬
ing investment rates.
The prototype of AT&T’s
smart phone - the name is
generic and attempts to trade¬
mark it have been blocked -
has an angled touch-screen
measuring 6 ins. by 4 ins. and
plugs into the telephone line
through a transformer to pro¬
vide toe power to light up the
screen.
Its internal memory main¬
tains programs for a. year, in
the event -of "a power cut.
Inside, the smart phone is said
Video-conference network saves
hundreds of man-hours for Citibank
Transatlantic link
offers big benefits
CITIBANK’S European
headquarters in London is to
upgrade its in ter na tional vid¬
eoconferencing facilities to
provide pictures to near-broad¬
casting quality.
Video links have now been
established with the bank's
offices in New York and on the
west coast of foe US. as well as
toe Middle and Far East. Fre¬
quently. as many as 12 Citi¬
bank, staff in London take part
in transatlantic face-to-face
videoconferences, with a simi¬
lar number taking part in New
York. The bank saves an esti¬
mated 200 man-hours of travel
time by a single meeting of
this kind..
Citibank, a subsidiary of Citi-
. corp, one of the world's largest
financial institutions . with
assets of $230bn, has represen¬
tation in 100 countries with 800
branches in Europe, alone.
Prior to the setting up of toe
video-conferencing network
early last year, senior o ffi ci als
at Citibank's London head¬
quarters found it very difficult
to find time for essential meet¬
ings with colleagues in the
bank’s head office in New
York.
Howard Mills, head of graph¬
ics and audio-visual support
services and George Blake,
voice and. communications
manager, were made jointly
responsible for setting up the
video-conferencing facility
when toe decision to install the
system was made during the
Gulf War crisis. A video-confer¬
encing network was already
operated by Citicorp in the US,
but the threat of terrorist
activity during toe Gulf crisis
meant that Citicorp executives
- like those of many other US
corporations - were grounded.
Mills and Clarke were given
the task of setting up the video
operation in London as quickly
as possible; the contract for the
work was given to Internet
Technology of Bristol.
Internet also supplies video-
conferencing solutions
throughout Canada, via its
subsidiary, Internet Technolo¬
gy, based in Montreal
The company is also UK dis¬
tributor for Compression Labs,
a leading supplier of video
codecs, the devices used to
compress and digitize video
and audio signals for transmis¬
sion over standard digital tele¬
communication circuits - a
technique that dramatically
reduces transmission costs.
The new network won imme¬
diate acceptance by London
executives and has since
proved “a very viable alterna¬
tive to expensive and time-con¬
suming transatlantic travel,”
say users.
Citicorp’s chairman in New
York has used the link to
address groups in London. And
recently a cable run from the
studio to a video projector in
the Strand office's restaurant
enabled a gathering of 150 Citi¬
bank staff in London to
exchange views with the head
of the corporation.
The London studio can set
up a video link with only about
an hour’s notice. The facility,
which is used for about 70
hours a month, will probably
attract even more users after
the upgrading project is com¬
pleted.
Michael Wiltshire
to look almost exactly like a
PC. The touch-screen displays
columns of autodial button
images which form a menu-
driven system similar to that
of a PC.
For instance, an autodial
button might call up a range of
pre-set services, ask the user to
choose one and then automati¬
cally call that number. The
touch-screen can also be con¬
figured as a keyboard in sev¬
eral formats for entering data.
The smart phone will also
offer the range of facilities that
are provided by today's feature
phones in a more accessible
format It will be able to store
over 200 telephone numbers.
AT&T's version has a
built-in modem which allows
the phone to communicate via
a service platform of hardware
and software with the comput¬
ers of a bank, travel agency or
other service provider.
A key element is the protocol
for communication between
the smart phone and the ser¬
vice platform. AT&T says it is
considering placing its protocol
in the public domain to encour¬
age the development of the
market.
Mr Mike Grisham, AT&T’s
strategic planning manager at
Bell Laboratories in New Jer¬
sey, has been leading the com¬
pany's smart phone project
since the early 1980s.
He believes that AT&T will
be first to market with the new
machines, but others will not
be Ear behind
The manufacturers say it is
hard to predict when foe smart
phone will become a mass mar¬
ket The key to creating that |
market appears to be agree- ,
merits between the manufac¬
turers and potential service
providers. AT&T Is at present
in talks with some such compa¬
nies in the US, Europe and
Asia and plans to launch
experiments in Europe in 1993.
European manufacturers
such as Philips and Alcatel are
expected to join the martlet
soon after. Their machines
may well have very different
designs. Far Eastern manufac¬
turers are expected to follow
and help to bring down prices,
which will be crucial.
George Black
Satellite
networks
cut costs
COMPANIES needing high
quality telecommunications at
lower costs are increasingly
considering services provided
by satellites, particularly in
toe US.
Ninety per cent of the costs
of running an integrated satel¬
lite business network (ISBN) is
fixed and predictable, claims
Hughes Network Systems
whhto provides networks for
companies to communicate
through data, voice and video
to remote sites.
Hughes - a subsidiary of the
Hughes Aircraft Company In
the US - has developed VSAT
(very small aperture terminal)
technology, using small dishes
for two-way communications.
Equipment at remote sites
supports a variety of user
applications, via packet-switch¬
ing and local area network
technology, plus business TV
reception. Typical users in the
US include Chrysler, the car
manufacturer; Wal-Mart
Stores, the national retail
chain; and Chevron, the petro¬
chemical company.
In the retailing sector, VSAT
technology is being applied at
"TV Answer," the interactive
video pioneer at Reston, Vir¬
ginia. Hughes are installing
1.000 satellite terminals for the
company, to allow TV viewers
across the US to access their
bank and brokerage accounts
and respond directly to broad¬
cast promotion offers.
“Once it was something of a
dream to be able to retail via
consumer TVs,” says Hughes.
“Now, with the systems similar
to those at TV Answer,’ it’s a
reality - and, because it's a
low-cost satellite system, it
could now be applied quickly
in Britain without high level
investment,”
I N today’s competitive
financial market, NCB
Group, toe Dublin-based
stockbrokers - along with
similar institutions - is
exercising tighter cost-controls
across its operating divisions,
writes Michael Wiltshire.
In common with many
financial houses. NCB
regularly sends information
and newsletters to its clients
which include a wide range
of Irish multinational
companies, private businesses
and substantial private
investors.
NCB Is one of the first
financial institutions to apply
toe advanced technology of
AT&T’s “EasyLink" services.
Every Friday, two newsletters
bringing clients up-to-date
with key developments are
sent to hundreds of companies
In the UK, Europe and the US
. one deals with equity
business and the other with
Irish and international bond
markets.
A typical newsletter would
run to about three pages with
commentary, prices changes
and other data.
IN BRIEF
Lost calls mean
lost business
A COMPANY with an average
sales revenue of £25 per call,
losing only ten calls a da;
through operators being busy
or absent, will have lost a
potential of £5,000 in a month
and £ 60,000 by year-end.
The recognition by the busi¬
ness community of the impor¬
tance of effective call-manage¬
ment to their service
performance - and hence their
profitability - is reflected in
the growth of the automatic
call distribution (ACD) market¬
place.
Philips Business Systems,
says that service-led companies
- which now account for 59
per cent of Britain's total Gross
Domestic Product - face
potential revenue losses of mil¬
lions of pounds a year because
they answer the phone ineffi¬
ciently.
ACD systems reduce waiting
times and spread the workload
more evenly among operators.
Apart from giving call-traffic
flexibility, they also generate
valuable management informa¬
tion for such service-led busi¬
nesses as banks, airlines,
travel agencies, hotels, booking
agents, mail order and credit
companies.
Mr Stewart Judd, senior pol¬
icy adviser at the Confedera¬
tion of British Industry, says
that as the UK’s economy
becomes increasingly meshed
in the information age, “many
businesses have become more
dependent on toe speed and
effectiveness with which they
answer queries and provide
quotations, demonstrating that
the organisation meets the
highest standards of quality
and service."
Research by Philips shows
that a business handling more
than 200 calls a day would nor¬
mally recover the cost of
installing an ACD system
within six months while
increasing the productivity of
phone operators by around 30
per cent.
The type of companies that
benefit most from these
systems are:
□ Where there is a group of
people mainly taking incoming
calls.
□ When customers want a ser¬
vice, not a person.
□ Where there is a need for
performance indication.
□ When there is a need to bal¬
ance the call-load.
□ Where incoming calls gener¬
ate revenue.
Restructuring
assignment In
Bulgaria
TOUCHE ROSS, the UK man¬
agement consultants, has been
awarded an £880,000 contract,
to assist in toe redevelopment
of the telecommunications
market in Bulgaria, The proj¬
ect, part of tbe European Com¬
munity's PHARE programme
to fund reconstruction in cen¬
tral and eastern Europe, will
be carried out in conjunction
with the Danish Telephone
Company.
Touche Ross will make a
financial review of Bulgarian
Post and Telephone Company
and project Its performance
over the next five years. Their
findings win be passed on to
the European Investment Bank
and the World Bank.
The consultants’ tasks are
STOCKBROKERS FIND BETTER WAY TO UPDATE CLIENTS
Audio-conferences in stereo-quality sound
Continued from page 7
enemg . Bridges are modular in
concept, starting with a five-
line bridge-costing £34)00 that
can connect five locations into
the conference.
There is no theoretical top
limit to the number of bridges
that can be provided. The limit
comes with meeting dynamics.
BT .tends to flnd.that toe opti¬
mum rise uring their computer
controlled bridge, the PC Elite
is 40. lines. As to operating
costs, through the bureau ser¬
vice the average audio-confer¬
ence call charge is between £25
for local area point-to-point call
and £85 for an international
can. Obviously, calls from user
premises will be at the normal
telephone rate.
According to Malcolm Bart¬
lett of NEC (UK) Telecoms
Division, the cost of the equip¬
ment could be covered if just
two executives can avoid hav¬
ing to cross toe
Developments in audio-con¬
ferencing as a business com¬
munications technology are
continuing apace. Enhanced
facilities will enable an opera¬
tor to take control of confer¬
ences, bringing people into a
meeting and taking individuals
out as the conference prog¬
resses; send foxes to each par¬
ticipant simultaneously, and
use tbe keypad to access a
bureau service, as and when
required.
The availability of ISDN (the
integrated service digital net¬
work) adds further dimensions
to desktop-to-desktop audiocon¬
ferencing. Among the benefits
will be stereo-quality sound.
since ISDN provides a 7Kh2 fre¬
quency range compared with
the 3-4Khz maximum offered
by public switched telephone
network (PSTN), with no
crackles on the line to drown
out speech.
Also, it will he possible to
have audio with simultaneous
multimedia transmissions,
using one of the two 64K chan¬
nels on toe ISDN line for voice
and toe other for fox or data
transmissions.
Julie Harnett
NCB newsletters are sent electronically to customers each Friday
Before the introduction of
Enhanced Fax to toe
operation, just over a year
ago, NCB used a fax card in
a PC to communicate the
weekly update to its clients.
Although adequate, NCB
found Its original system
also to assist the Bulgarian
telecommunications authority
to set a new tariff structure
and to put in place a new, com¬
mercially-orientated financial
management system to replace
ageing and Inadequate prac¬
tices, allowing the Bulgarian
company to monitor its perfor¬
mance in the new commercial
environment
Fax costs not well
controlled
THIRTY-ONE per cent of
respondents to a survey of FT
Top 500 companies have
increased their usage of fax
systems over the last year,
despite the recession. And 91
per cent believe that fax
machines have helped to
increase their productivity.
Regular fox users among the
FT Top 500 companies and the
US Fortune 500 companies now
send an average of 40 docu¬
ments a day, with UK compa¬
nies receiving an average of 61
documents a day.
These are some of the main
findings of a Gallup interna¬
tional survey of fox usage,
commissioned by Pitney
Bowes, a leading independent
supplier of fax machines.
Fifty per cent of UK users
have thermal fox machines:
among respondents who do not
time-consuming and costly.
As Nod Doyle, the
telecommunications manager
at NCB, points out “Using
a fox card in a PC was a
feasible way of communicating
with a small to medium-sized
client-base, but as we grew
have a plain paper fox, 29 per
cent wanted such a machine
(53 per cent in tbe US and 32
per cent in Canada). The sur¬
vey also shows that costs of
foxing were not well-controlled
- "while fax usage has
increased considerably, opera¬
tional costs are not being con¬
trolled." says Meredith Fischer
of Pitney Bowes.
Thermal paper, for example,
is relatively expensive, tends to
fade and bas to be copied if it
needs to be kept. At about 1.7p
per copy for paper and toner,
that can add more than £950 a
year per machine.”
In the UK, 94 per cent of
transmissions are made during
normal business hours, with 27
per cent likely to sent in the
morning at peak charge rates
- despite features such as
delayed transmission which
enables non-urgent documents
to be sent at off-peak rates.
Frustration over
“taxlock”
FRUSTRATION arises in
many offices when staff try to
send fox messages to busy fox
machines - a problem some¬
times known as "faxlock"
which can prove expensive in
terms of lost orders and busi¬
ness opportunities.
But with computer fox
and numbers increased, this
method became cumbersome.”
NCB has found that the
application of AT&T’s
Enhanced-Fax has brought
cost-savings and cut
administration time. The
company simply keys in toe
systems, the fox message does
the queuing, not the expensive
office worker.
As com Telecomm uni cations
of Camberley, Surrey, have
made a cost comparison
between sending faxes manu¬
ally versus computer-faxing.
Even assuming that the
machine is not busy with an
out-going or incoming mes¬
sage, it can take about 10 min¬
utes to send a fax manually,
once it has been prepared.
So, if the salary of the sender
is £10 an hour, each fox can
cost £1.60 in manpower alone
- and any business sending 25
faxes a day will waste £40 a
day or £10,000 a year.
Buying more fox machines is
the easy palliative for "fax-
lock," but it does not address
the underlying problem, says
Peter Champion of As com -
"the answer is staggeringly
simple: let the computer itself
send the fax... instead of
printing it out on paper, and
then having expensive people
queue up to feed it into the fox
machine."
Phone system for
small businesses
A TELEPHONE system suit¬
able for small offices and busi¬
ness has been launched by BT -
the “2+8” system, offering two
wmn
mm.
list of its customers into a
H maQbox M node at Rasy Link,
where It is stored.
Since toe list is held at
EasyLlnk and not in the PC,
time spent on toe line sending
the fox, is reduced 1
considerably.
The Enhanced-Fax
"broadcast” facility uses
AT&T’s dedicated
international fibre-optic
network. The digitised
transmission has an automatic
error-correcting protocol
which ensures a
higher-than-normal quality
of transmission.
NCB staff no longer have
to undertake a laborious
Monday morning routine of
manually * w| " T i |n f tor
transmissions that failed to
be seat, it for example, the
receiving fax terminal was
not in operation.
With E-fax, the days of
cross-checking more than 200
fox deliveries are over, since
a folly comprehensive report
is issued to NCB indicating
any foxes that remain
undelivered.
lines and up to eight exten¬
sions was trialled on a wide
range or businesses such as
doctors’ practices, dental sur¬
geries, farms, dairies, print
shops, leisure centres and
homes for the elderly.
While offering the benefits of
a large “start-of-the-art"
switchboard, the easy-to-use
“2+8” is a fraction of the cost
of larger systems - prices
start at £445, although a typical
2+8 system with lines, four
extensions and a "system-
phone” (which allows users to
take advantage of advanced
features) costs £862, plus VAT.
Ann Brosnan, BTs voice
products manager, says: The
price of the 2+8 and toe foot
that it can be used with ordi¬
nary telephones mean that a
customer can go from having
no telephone at all to having
the best on the market without
any significant investment
The aim is to give users real
freedom as to how they set the
system up - whether they
want to buy, rent or lease.”
Features of toe flexible sys¬
tem include universal line
access (for fast call-making and
taking by any extension); oper¬
ator control; a dedicated line;
intercom calls, using the sys-
temphone; and hold/trans¬
fer/enquire facilities.
Michael Wiltshire
.' ! ;r M * ;
For Centuries, we ha^been a teiecornro u rocatiotis network that has lured
fobster using an and&iti; fcut ' - over 900 top mterriatSritjai maw&awring and
method " V ; ' V . ‘: • : v .. service companies to our shores;; -^ f-. .■* ' .
But, to tempt foreign mufti- Betaase,^Europe,
-nationals re locate here iji lt^lanri;^^ir|je<i^sthe£rue
Ireland, we needed more state-<jf- ^ pioneer- of te&mological advance
the-art equipment. * . and 'frinoyatloR,; -. setting new
Our seafood'may be. the’. standards Qf commftineht and ;
world, but it’s not enough to whet the - responriyePesst. •
corporate appetites of .diet world's rrtosr/ . A- - But; of course, thesle days, we*re a
successful companies.. . ; -nation tef famous for our natural resourcefulness
. Happily, we had the skill and resources to create
as our
t resources.-.
IT'S A SMALL WORLD
TEfCOM IRELAND, SO HAlfcOUItf.STREET, DUBllN2, IRELAND. TEL: 353.1-7B3576. FAX: 353-1-/5253$.
•1
Milestone for integrated services
Ci *
After twelve years of promises and many missed deadlines; it looks as if ISDN, the integrated
Services Digital Network, really will be 100 per cent deliverable throughout the UK by the end
of 1992, as a full national dial-up, integrated voice and data service, says Julie Harnett .
T HE Important milestone
for ISDN in Britain will
be reached when all BT
switching centres are digitised
and the so-called C7 signalling
programme has been com*
pleted, with Memo? and BT
ISDN networks fully intercon¬
nected.
Another milestone will be
reached in 1993 when the
Nonnes Europdennes des Tele¬
communications (Net) ISDN
standard is implemented,
creating one common Euro¬
pean ISDN network with all
systems operating to the same
set of regulations. This will
enabled companies to use the
same ISDN equipment
throughout Europe.
ISDN is available to all busi¬
nesses in France, Germany,
Japan and Singapore. In the
UK, it is available to 86 per
cent of businesses and 78 per
cent of homes, with users cur¬
rently able to connect to 24
networks in 16 countries.
In the US, according to Bell¬
core, availability now is 40 per
cent of all phone lines, with 60
per cent not expected to be
reached until 1994.
But while some say ISDN is
one of the most Important
developments in telecommuni¬
cations since Alexander Gra¬
ham Bell invented the tele¬
phone, sceptics say it is a
solution looking for a problem
and will take up to 10 years
before it Is accepted by the
wider community, if ever.
Take-up has been slow to
date but, without the all-impor¬
tant infrastructure, that was to
be expected. Many potential
suppliers argue, however, that
the problem is a deeper one.
As Don Winston, general
manager and vice president of
modem manufacturers, Mjcto-
com UK points out: “Take-up
of ISDN will not happen until
it can offer customers benefits
they do not already have, or
something they have but for
less money.
At the moment, it does nei¬
ther. As a result, the dial-up
modem business is still grow¬
ing by 25 per cent a year, with
modems capable of transmit¬
ting data at 57.6kbps (kilobits
per second), not far off ISDN's
64kbps.
“When the CCITT (the
Comite Consultatif Interna¬
tional Telephone et Tele-
graphe) has finalised the
V-Fast standard, transmission
times will be pushing close to
100 kbps. If ISDN is the way to
the fiiture, why are such tech¬
niques even being considered?"
Reid Melntzer, director, of
sales and marketing at dealer-
board suppliers, IPC Informal
ticra Systems, believes lack of
enthusiasm for ISDN among
communications. managers jur
the City of London is largely *
the fault of manufacturers who
rushed into the marketplace
with products that were not
ready.
Ifis point is echoed by Peter
Edmondson, product develop¬
ment manager of fax suppliers,
Canon UK, who also lays the
blame partly at the door of the
media: “Over the past 4-5
years, expectations have been
raised too high. It is almost
here now and it is a useful
practical tool, if there is an
application for It. The point
about ISDN is not that it can
be used for data communica¬
tions without the need for a
modem, but that it provides
-the infrastructure to support a
whole new generation of Inte¬
grated computer and communi¬
cations applications, enabling
us to communicate in ways we
have not even dreamt about
yet"
The ISDN connection
An ISDN connection is made
up of two types of communica¬
tion channe l: bearer channels
(called B-channels), each offer¬
ing 64Kbps capacity transmis¬
sion rates to carry information
from ter minal to terminal; and
16kbps signalling channels
(called D-chan n els) that cany
the messages that establish
and control the call.
Primary Rate ISDN30, also
called 30B+D in Europe
(23B + D in the US), is used
mainly for voice calls by large
companies with advanced tele¬
phone systems (ISPBXs) and
provides a 2mbps (megabits per
second) interface to the digital
network.
Facilities and
applications
ISDN2 and ISDN30 both offer
certain faHUtfea that are not
possible on the conventional
PSTN (public switched tele¬
phone network). They indude
railing ifn a H); siifmririr pssing
for routing rails to a particular
terminal; call diversion; and
three-way calling.
However, before malting an
investment in either service,
businesses would need to jus¬
tify the application. For the
true benefit of ISDN Is not sim¬
ply that it offers improved fea¬
tures, higher quality speech
and more sophisticated routing
and connections; or even that
it offers higher speed, error-
free file transfer with high
speed call setup.
Its advantage is that one net¬
work can support multiple
applications, with users able to
transmit speech, data, graphics
and video communications
over a single line and to plug
any type of terminal into one
type of socket
Up to eight terminals can be
connected to each ISDN2 line,
with two items able to commu¬
nicate simultaneously. Also
because one network can be
used for multimedia applica¬
tions, rather than two or three
different networks, time and
cost spent on network manage¬
ment and maintenance is
reduced.;
■ ; JSDN, together with intelli-
;gtmt' switch software, also
-enables the creation of sophis¬
ticated services such as virtual
private networks (VPNs).
into ISDN terminals are avail¬
able from Fujitsu, Maxim Net¬
works and Network Designers.
Group .4 fax machines are
available from BT, HCS Infotec
and Ricoh. Video-conferencing
is available from BT, GFT and
PictureTel.
There are a number of col¬
laborative ventures under way
to supply multifunction and
multimedia ISDN-compatible
terminals. Olivetti arid BT, for'
example, have signed a joint
development a giwment which
will address the needs of banks
md financial Institutions, with
trials starting this summer in
the UK and other European
countries.
Telecoms system manufac¬
turer GFT has worked with
modem manufacturer Hayes
Microcomputer Products to
produce the Connect ISDN ter¬
minal which offers plug-in con¬
nection for personal comput¬
ers. ■ •
This makes it possible for
any machine with a serial port
to transmit down an ISDN 2
line at 38kbps; with an optional
XJH interface making possible
PC t ransmis sion at full 64kbps,
as well as Group 4 fox or video¬
phone transmissions.
Modem manufacturer Data-
flex Design and Symicron have
collaborated to provide an
ISDN TA that offers X.2S con¬
nection to ISDN 2 service from
a standard PC card. Not con¬
tent just to announce an ISDN
product, Dataflex Design ran
tests at a public exhibition to
compare the times taken to
transfer a 50,000-byte data file
desktop to desktop over the
two main networks.
Using various modems for
connection to the PSTN, it took
between 26 seconds and four '
minutes to transfer the data
plus up to one minute to estab¬
lish a satisfactory link. With
V24 TAs over a BT ISDN2 link. !
it took 15 seconds plus one sec-
ond to establish a constant
error-free link.
For users sending data files
on a regular basis, the trans¬
mission cost savings could be
substantial, despite the pre¬
mium paid for the ISDN con¬
nection. Keen to encourage
more business users to move
over to ISDN, BT has just
launched a range of low-cost
TAs manufactured by North¬
ern Telecom, priced at around
£1,395.
Aimed at small businesses,
telecommuters, retail outlets
and educational establish¬
ments, they will allow users to.
connect personal computers,
point-of-sale terminals, LAN
servers, multiplexers, fox and
video-conferencing equipment
to the ISDN network without
having to re-invest in new
equipment - ‘,
mg computers and telephones
Into a global, standardised digi¬
tal network. By adding tele¬
phony control to the desktop
computer equipped with a
■graphical user-interface, ease
of use by allis assured.
The costs.of ISDN
While ISDN gives users flexi¬
bility in the type of terminals
that can be used and the type
of communications traffic that
can be transmitted, the costs of
the service in terms of connec¬
tion charges and rental costs
will be critical to widespread
acceptance.
There will, for example, be a
break-even calculation to be
made to determine whether the
digital public switch network
or private circuits would be
bettor for corporate users. A
rough guide is that , if the lines
between two points are in con¬
stant use throu gh out the day,
it makes sense to have a dedi¬
cated link, because calls are
free of charge.
However, if the links are
only in operation part of the
day, a fixed link is an expen¬
sive option. BT makes a con¬
nection charge of £4Q0 for
ISDN2 (for 2 channels) with a
quarterly rental charge of £84.
ISDN30 is charged at £152.75
connection and £32.12 per quar¬
ter per channel (minimum 30),
with extra charges for each
facility required. Call charges
per channel are at the normal
voice rate for inland calls and
higher for international data
calls. A private link between,
say, London and Aberdeen
would cost £8,692, including
the £920 connection charge in
the first year; £7,772-for rental
only in year two. TO reach that
cost level using ISDN, you
would need to make 121 stan¬
dard rate (91 peak rate) three-
minute ISDN! calls a day in
the first year and 1,114 stan¬
dard (86 peak) in year two.
Assuming a 5-day week and a
52-week year, It would cost
£1,310 a year for 20 average
4-unit duration. ISDN calls per
day at standard rate, £3,932 a
year for 60 and £10,486 for 160 a
day.
mZ --
Mercury’s offer
Many product suppliers have
voiced their disappointment at
BT*s charges, perhaps hoping
that there would be conces¬
sions to kick-start take-up. By
the end of 1992, greater compe¬
tition from Mercury may be
the spur. While BT offers
either ISDN2 or ISDN30, Mer¬
cury is about to offer a lower
entry point for medium-sized
business. Charges will be
£1,380 for Installation and
£1,710 annual rental, with each
line thereafter costing £92 to
install and £114 annual rental
When you get to 30 lines, the
cost is £2,760 for installation (a
saving of £405 on the BT
charge) and £3,420 per year
rental (an il per cent annual
saving). - ■
New world of communication for deaf people
DEAF people who use
text-phones now have a new
world of communications
opened up for them with the
introduction of “Typetalk.”
The telephone/text service,
developed jointly by the
Royal National Institute for
foe Deaf and BT, with £Am
BT funding over three years,
was launched this month.
Pictured above, left, Is
Tricla Parry, an operator
who converts the spoken
word Into writing In the
TypetaHc switchroom at
Speke, near Liverpool.
Pictured right is Dr John
Stuart, who - thanks to
Typetalk - is now able to
carry out fifs work more
quickly and efficiently. Dr
Stuart, who Is the hazard
Information officer at
Manchester University,
reads Incoming
conversation on the screen
of bis terminal, but uses the
mouthpiece to speak directly
to the caller. .
Typetalk calls are relayed
to and from text-users
through the UK to hearing
people worldwide. The new
service is available :
round-the-clock as specially
trained operators relay text
messages to hearing
customers and return the
spoken reply by texL
in most cases, the cost
of toe call is no more than
a hearing person would pay
by calling direct
There is a rebate scheme,
funded by BT and operated
by Typetalk, entitling users
to claim back 60 per cent
of the cost of non-business
calls from one phone line,
up to a maximum of £160
per person a year.
□ More details on the
service are available from
Typetalk, at Pauline Ashley
House, Ravens!de Retail
Park, Speke Road,
Liverpool, L24 8QB
Michael Wiltshire
Trading data with business partners
Orders at the press of a button
New equipment
A range of equipment is now
being made available by equip¬
ment suppliers, often with
assistance from BT on issues
such as standards, approvals
and marketing.
On the BT list of companies
which can supply Terminal
Adapters (TAs) with full BABT
approval are Cray com, Data¬
flex, Fivemere, Gandalf, Grava-
com, IBM, Jaguar and New¬
bridge Networks.
Slot-in line cards which
transform personal computers
Power computer users
Sun Microsystems is target¬
ing the power computer users
In the fields of engineering and
design with their new 8PARC-
station 10. While it is not the
first-ever integrated data/voice
workstation, it is said to be the
first of a new generation of
desktop systems with built-m
ISDN capabilities.
The reason for the develop¬
ment is that Sun believes ISDN
will become as prevalent as
Ethernet Is today and is, thus,
the logical choice for integrat-
E DI (electronic data inter¬
change) systems, which
rely on telecommunica¬
tions, can create information
networks between retailers and
manufacturers, allowing both
to align their operations more
closely to sales patterns.
These networks replace labo¬
rious paperwork by transfer¬
ring orders and invoices
between computers in the
retailer's depot and those In
their supplier's warehouse —.
all at the press of a button.
Users of these systems range
from high street food retailers
to air-cargo operators, as appli¬
cations have developed rapidly
over the past two years,
according to Ovum, a consul¬
tancy specialising in telecom¬
munications market and policy
work.
In its latest EDI market fore¬
casts for Europe, Ovum sug¬
gests that growth is dose to 45
per cent a year. Although the
UK has led the way m EDI
applications, the rest of Europe
is catching up fast
Two years ago, Britain
accounted for 60 per cent of
European EDI-users. Now, .the
proportion is down to 40 per
cent
This trend is expected to
accelerate sharply with the
wider European market as
companies, large and small,
realise the benefits of using
EDI technology.
The number of users in the
UK was 12,000 in 1991 and is
expected to reach 65,000 by
1995 according to both Ovum
and BIS Strategic Decisions.
The latter further projects that
the number of European users
will have reached 110,000 by
1996.
Only about two per cent of
European EDI traffic is inter¬
national - both within and
outside of Europe - according
to industry analysts.
Nevertheless, international
traffic Is likely to grow foster
in Europe than elsewhere due
to the progress of European
trade initiatives.
Sending orders and
invoices electronically
between companies is
now a crucial facility for
many business sectors
The EC’s Trade Electronic
Data Inte rchan ge systems pro¬
gramme, TEDIS (launched in
1987) was instrumental during
its three-year span to 1990 in
creating the infrastructure for
the launch of the EDI concept
in Europe.
The second phase, lasting
until 1995, is supported by an
EC budget of Ecu 25m and will
consolidate the advances made
to the fields of standardisation,
telecommunications, law, secu¬
rity and services In general.
• Ovum, in conjunction with
Belgium consultancy, XCOMS
Internation al, has been
awarded the TEDIS European
EDI Inventory Project
.. This will gather data from a
number of organisations, both
national and international, cur¬
rently engaged in EDI activi¬
ties.
The information will be com¬
puterised and updated during
the 314 years of the TEDIS II
programme.
The outcome should be be
the most up-to-date and reli¬
able source of EDI information:
this database is designed to
become a standard reference
point for EDI developers, ser¬
vice providers, public bodies
and private companies
throughout Europe.
Information from this project
could well be of immense value
to potential users and thus
book EDI usage.
In the UK, INS and AT&T
1 st el, dominate specific sectors
- the former being the key
player in retail and distribu¬
tion; the latter in manufactur¬
ing.
The INS "EDI Community"
has a membership of JL252. Its
list of members is classified
into "trading clusters,” i.e.
organisations using INS' EDI
Services to exchange commer¬
cial documents.
However, one of the prob¬
lems in this apparently neat
and tidy classification is that
many companies on the list
actually use its services to
trade electronically with sev¬
eral trading dusters. Thus, INS
recognises that industry-by-in¬
dustry vertical demarcations
are breaking down even
though there is no universal
inter-connectivity.
The challenge, according to
Michael Naughton, chairman
of Applied Network Research,
is "the 80/20 rule of EDI - 80
per cent of your transactions
are with 20 per cent of your
suppliers. But, what about the
remaining 20 per cent - do
they stay manual?”
The trading partnership
between MD Foods and Tesco"
is a good example of the up¬
side of that rule. One of the
world's top dairy producers .
the Danish company, MD
Foods - was the first of Tes-
co's overseas suppliers to join
the growing EDI community
by taking advantage of INS-
Tradanet's international facil¬
ity. . ..
It Is owned by the 14,000
diary farmers who annually
supply it with 70,000 tonnes of
butter (its Lurpak butter
accounts for nearly 20 per cent
of the UK market), as well as
more than 200,000 tonnes of
cheese.
Though electronic trading is
not new to MD Foods, the com¬
pany's marketing systems
manager Aksel Poulstrup
points out: "Electronic data
interchange is very important
to us. Tesco is the first of our
international customers to
trade electronically with us,
but we're keen to extend the
use of EDI to other retailers in
the UK and Europe.
“In doing so. we can capital¬
ise on the substantial technical
benefits that we have already
seen on a domestic scale." ,
Even though it is relatively
easy to extend its utility by
adding additional users and
services, the down-side of the
rule, is . the cost of entry for
newcomers - especially in
management time.
. : As Digital points out “The
key to successful EDI imple¬
mentation is careful planning.
Technology alone is not
enough.
. “EDI implementations
require 80 per cent manage¬
ment focus and only 20 per
cent technology focus. Without
the right approach, the process
can be slow and adversely
effect your business effi¬
ciency.'”
Thus, as with computers
systems in the past, the blind
adoption of technology will not
always guarantee the benefits
needed to compete in the
marketplace.
-Adrian Morant
Roke
Manor
Research
Cost savings and security? - just check the bottom line
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F4NANCIAX T*IMES THURSDAY JUNE 18 1992
TELECOMMUNICATIONS IN BUSINESS
‘Super-carriers’ target corporate communications sector
Fierce battle among
global players
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Adrian i&
W ith. -the. announce¬
ment bet year of its
US-headquartered
. Syncordla venture, the UK's
BT fired the first shot tn what
experts, say-will become an
increasingly ferocious' battle
for the private telecommunica¬
tions business erf the world's
leading globalcorpOrations.
The international private
telecommunications sector is
valued at nearly Ifflm and is
growing annually at between
15 per cent and 20 per cent
Ironically; rthla market came
into being iatbeflret place as
a result of the failure of public
network operators to provide
adequate solutions to the speci¬
alised communications needs
of large corporate users. Now
the public carriers are trying
to claw back this lucrative
business: : .i
Based in Atlanta, Georgia,
Syncordla was originally
intended to marry the. talents
of BT with those of its German
and Japanese counterparts,
Deutsche Bundespost Telekom
(DBT) and Nippon Telegraph
and Telephone (NTT).
The plan .was that this
“super-carrier’* would divide
up the leading US, European -
and Aslan Pacific markets
between its members, offering
“outsourced” packages for the
management of existing pri¬
vate networks, and the con¬
struction and operation of new
ones.--
As well as end-to-end man¬
agement and round-the-clock,
multi-lingual, customer help-
desks in a number of centres
around the world, Syncordla's
repertoire was to be extended
to include international cash¬
less calling, worldwide private
numbering and mobile services
for corporate users.
"We have great ambition? for
Syncordla,” said BT chairman
lain VaHance at the company's
launch; “We intend to be the
leading providers of out¬
sourced networking services
and we intend to set the indus¬
try standard for those ser¬
vices."
The. ambitions remain, but
the effort to expand Syntor-
dia's membership did not pan
out as its progenitors intended.
While discussions about NTT's
membership continue, DBT
has broken away and, with
France Telecom, formed a rival
enterprise known as Bunet-
com. BT is. now in discussion
with one of the US long dis¬
tance carriers with a view to
replacing DBT.
Some observers believe that
additional partners are vital to
establish Syncordla’s credibil¬
ity with the biggest of the cor¬
porations it is targeting. Bert
Roberts, president of the US
carrier MCI, argues that any
outsourcing venture will fail in
the all-important US market if
it does not include a US part¬
ner. -
A different view is taken by
some of BT*s senior manage¬
ment who think that BT can go
it alone in Syncordla. No doubt
Syncordia’s recent success in
picking up a reported $30m
contract to manage some of
IBM's European data network
business, together with the
riers in March to offer a range
of private and public services
to the international banking
and finance sectors.
Belgacom, the Belgian car¬
rier which could sign up with
Unisoorce after the middle of
the year, is a founding FNA
member. Belgacom director
and chief engineer Joris Cla-
ereboudt believes that the les¬
sons FNA learns in servicing
the financial community could
later be applied to other types
of user.
Another contender is the Sci-
tor subsidiary of the airline
telecommunications service
organisation, Societe Interna¬
tionale de Telecommunication
Aeronautiques, (SITA).
Set up in April, it is now
offering managed data network
services alongside its portfolio
of value-added services and
electronic messaging products.
As the number of players on
tiie field increases, the poten¬
tial for business failures in the
Public network operators are trying to claw back
business from the International private telecom
sector which Is valued at nearly $3bn and growing
at between 15 per cent and 20 per cent a year
growing volume of business
handled by BTs existing, sole¬
ly-owned International man¬
aged network business, dubbed
Global Network Services
(GNS), lends some weight to
Oils belief. Two new additions
to the GNS client list are the
Gillette Company and JJ?. Mor¬
gan.
Regardless of whether Syn-
cordia has one owner or sev¬
eral, achieving success in the
outsourcing marketplace will
require cast-iron commitment
and a very persuasive sales
pitch.
Potential competition is on-
the increase; Not only are gen¬
eral purpo se carrier aiifawcpg
forming, including Eunetcom
and the Swedish-Dutcb enter¬
prise called Unisource, but
industry-specific partnerships
are looking at wider possibili¬
ties.
One such is the Financial
Network Association (FNA).
This was formed by twelve car-
outsourcing sector will grow.
This may prevent some
would-be corporate customers
from farming out their net¬
work operations until the sec¬
tor is better understood.. .and
less populated.
Undoubtedly, Syncordla and
other super-carrier outsourcers
will be able to tweak their
rates and system features to be
highly competitive with those
of privately-run networks.
They will also have superior
resources to resolve the
in creasingly com plex tec hnical
and contractual telecommuni¬
cations choices facing busi¬
nesses operating internation¬
ally.
However, many telephone
companies stiff suffer some¬
thin g of a credibility gap with
their would-be customers. In a
survey of 20 large international
corporations and organisations
carried out by the UK’s Yankee
Group consultancy two years
ago. some of the respondents
CHARGECARDS
.vrrviu.ss
y the tip of
iceberg
I F youi wallet is already
bulging with bonk cards
and your head has been tied
in knots by different personal
identification numbers, you
might not take kindly to BTs
suggestion that- your life
would be made.easier with one
of Its Chargecards.
But. this Is the message that
Beattie has been putting over
to television audiences for the
past year; And judging by
Chargecard subscriptions, the
message has been getting
through..
BT .hiss supplied 700,000
Chargecards since January
1991, having distributed only
500^00-cards In the previous
five years following its launch
in 2986-
BT believes that this is stiff
only the tip of the iceberg. It
wants people to view the Char¬
gecard as an extension of their
-home or office, using it to
.access: other services such as
voice or. electronic mail and
facsimile.
‘ Mr Tony Vardy, BTs direc¬
tor oiT service development,
acknowledges that most peo¬
ple still associate Chargecards
with public payphones. The
point that Beattie was making
. in her Chargecard commercial
is that you can use the Charge-
' card from any phone and the
call win automatically be
billed to your home or office
account,
In the advert, Beattie
. wanted .to.make a call from a
clothes shop and bad to reas¬
sure the shop assistant that
using the shop’s private phone
did sot.mean.that it would
"have to pay.
Chargecards are free, like
-credit cards , used to be. They
tank like bank cards, with the
ourifiolderis name, his or her
- ai yo uhinmnber and an expiry
date.
- : When yam . need to make a
caff, you dial 144 on those
niuvu ^ —-
_ pads, and get recorded mes-
whlch asks you to tap is
your call/ --
Calfa made with a Charge
lord, are -billed at the same
"rate as public payphones,
' wtodtismore than if the call
to made from your home or
; Wfcett BT first launched Us
Chargecard service, calls had
..to be rented via a BT operator.
If you still have a phone that
uses the old dial m echanis m,
you still have to use an opera¬
tor. This makes the Charge-
card more expensive and
slower than using the new sys¬
tem.
Increasingly, BT is looking
. to the Chargecard to increase
its revenues from people call¬
ing home while they are away
on business or on holiday.
Abroad, the card can be used
in the same way as In the UK.
It can avoid problems of find¬
ing the right coins to make
calls, and can save money for
those people who usually
make calls from hotels
- which often charge four to
five times the standard rate.
. The Chargecard can be used
from 63 countries around the
world, but it is not yet possi¬
ble to call a third country
using a Chargecard. If you
were in Milan and needed to
Callers can use (he
Chargecard from any
phone and the call will
automatically be billed
to their home or
office account
make a call to Paris, you
would either have to use a
public payphone or phone
from your hotel room.
However, three American
telephone companies, Ameri¬
can Telephone and Telegraph,
Sprint mid MCI, have launched
services for third party calling
for their American chargecard
customers in the past few
weeks. BT hopes to start offer¬
ing a similar facility to its
Chargecard customers this
summer. It will be called UK
Direct
The Improved ease of use
and the new UK Direct service
have combined to make the
Chargecard a more attractive
service than when it first came
_-A JiLabo In AMA Ilf
the service that is giving con¬
siderable cause for concern
tors of chargecard services.
Fraud affects BTs (Surge-
card service as much as it does
banks with credit cards. When
a Chargecard call is made, the
caller tots to tap In his PIN on
a number pad in the same way
as yon would enter enter your
PIN number at a cash dis¬
penser.
If someone sees the number
you are dialling, he can use it
to make calls that will be
charged to your account with¬
out even needing to use the
card.
At airports and railway sta¬
tions where there are likely to
be a number of Chargecard
users, fraud has become big
business and when a PIN is
obtained, it is rapidly passed
on to a number of people ready
and waiting to make costly
overseas caffs.
BT reckons it has cut down
fraud by "putting up wanting
flags” when a Chargecard
holder makes calls that do not
coincide with his normal call¬
ing patterns. But fraud is still
a worry and will have to be
eliminated if users are to have
the confidence to use Charge-
cards tor new services that
often involve sending and
receiving sensitive commercial
information.
The Chargecard is not the
only piece of plastic that can
be used to make calls. Both BT
and Mercury Communications,
its domestic rival, have pre¬
paid phone cards as an alter¬
native to coins.
Calls can also be made with
credit cards and an agreement
between BT and Visa last
month means that the benefits
of the Chargecard will be
extended to owners of Fisa
cards worldwide at the start of
next year.
Part of- the thinking b ehin d
this is that "people who come
to the UK don’t make any¬
where near as many phone
calls as we’d like them to,"
according to Mr Vardy. The
VisaPhone service, as It is
called, will permit visitors
from abroad to make calls
from telephones in the UK
which will be hilled to their
Visa card in the local cur¬
rency.
BT may embark cm similar
ventures with other leading
iwnitil PAmiunlgc tn ^1u
future. But BT still sees itself
“working with, rather than
cards,** according to Mr Vardy,
and will not follow the exam¬
ple of American Telephone and
Telegraph in the US which has
set np a joint venture with
American Express to supply
cants that combine the func¬
tions of chargecards and credit
cards.
Mark Newman
already used third parties,
such as GE Information Ser¬
vices and Infonet to provide
certain network services and
resources, but none was pre¬
pared at that time to outsource
any significant portion of net-
work management to a public
telecommunications carrier.
One user summed up the
view of those who were sympa¬
thetic to outsourcing: “We’re
interested In sharing manage¬
ment (with a third party), but
it would have to be cost-effec¬
tive, and we’d have to keep
enough people to ensure we
knew when the suppliers were
lying to us... and we‘d have to
be able to take back control at
short notice if we felt that was
necessary..
“We don’t really expect to
see carriers develop this capa¬
bility for another five years."
As well as overcoming scep¬
ticism about their competence,
carriers must sell the outsourc¬
ing concept initially to corpo¬
rate communication managers,
a body of individuals whose
status, if not livelihood, could
be adversely affected by the
decision to buy outsourced ser¬
vices.
Some consultants have que¬
ried the basis of the super car¬
riers’ stated business case. In
addition to recognising that
not all the players currently
trying to enter the global ser¬
vices market will succeed, a
new report from the UK’s Ana-
lysys consultancy advises cau¬
tion on the part of putative
customers.
Susan Ablett, the report’s
lead author, says that the pace
of technological change and re¬
regulation *... means that
long-term agreements negoti-
Intemational telecom nerve-centre: duty managers at BTs new £4ra Worldwide Network Management Centre can Instantly
pin-point trouble spots and remedy problems, thus protecting networks against congestion. The centre at Oswestry, Shropshire,
features a constantly-changing video wall of maps and charts - 25m (80ft) long, foe largest video wall In Europe.
ated now may not be to the
advantage of the user within a
matter of one or two years."
As the Syncordla experience
demonstrates, the construction
of super-carrier alliances is not
necessarily straightforward.
Klaus Grewlich, director gen¬
eral of the DBTs international
affair s department, has noted
that some carriers are compet¬
ing with each other to provide
end-to-end services for some
global customers, and trying to
co-operate with each other to
bring the optimum spread of
services to other customers.
With a degree or understate¬
ment, Grewlich characterises
this d eli cate balancing act as
“stimulating."
Last, but not least, the super¬
carrier idea faces an uncertain
regulatory future. In 1988 the
European Commission's Direc¬
torate General IV (which is
responsible for preventing
unnecessary restriction of com¬
petition through monopoly or
cartel creation), forced the can¬
cellation of toe MDNS man¬
aged data alliance planned by
22 European telephone compa¬
nies.
More recently, the same
body has required the Infonet
data operation, which is jointly
owned by some of Europe's
leading carriers, to open its
accounts for public inspection
to ensure that it is not in
receipt of cross subsidies
which give it an unfair com¬
mercial advantage.
So Car, regulatory Interven¬
tion In the super-carrier
marketplace has been a Euro¬
pean phenomenon.
The odds are that this will
not be the case for much lon¬
ger.
John Williamson
The writer is International
Editor ; Telephony Magazine
Thank you
for flying
Ascom Timeplex.
Next time you fly over Manhattan and lean forward in
your seat (37K, window seat non-smoking) to look at the
Statue of Liberty, chances are that your spectacular view is
thanks to the company that, for over 20 years, has probably
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tween New York. Tokyo, London and ail points in between
than any airline: Enterprise Networking from Ascom Timeplex.
You could say we do the groundwork for many of the
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hitch: the transfer of information in the form of voice, data,
video and image for flight and seat reservations and fares. As
a leading supplier of enterprise networks, we at Ascom
Timeplex make it possible for even the smallest travel agency
to access information from any place in the network. By
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Simply, what this means is that whenever you travel by air,
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aSCOm Timeplex thinks ahead.
>
FINANCIAL TIMES THURSDAY JUNE 18 1992
*11
You’ve done
you can to improve cash flow.
Positive?
THERE MAY BE ONE AVENUE which, as yet,
you’ve not fully explored: communications. There
are obvious ways in which it can help - like calling
to chase payment - and unexpected ways like the
ideas on this page.
They were culled from over 2,000 interviews
with business people to probe how communi¬
cations can help with the issues businesses face
today. They show that a positive approach can help
keep your cash flow positive.
]
1 . .. ..
I | ... .....
\\
.... ; ' ’j
j
if <
it .
1 1
..
f
outstanding amount to pay - and
usually that’s sufficient to do the trick?
Forms UK pic.
Colin Davies, Chief Executive Officer.
. "* ’
■ ••• yw*0r...-
£
0
■ •..
srf** ■ . . ■
• •
* y . .: * ’ ...
!’• S. . •
•’f
* •• <. * >
Midland Management Services ..
Malcolm Jones, General Manager.
“ELECTRONIC MAIL. IS
WHERE THE FUTURE IS -
the distribution of information to
everyone’s desk. We use it very
effectively - to the factory, suppliers
and so on, which saves us having
to type it out, send it out, photocopy
and distribute it manually. Over a year,
that’s a lot of time and money saved?
“In our business it’s vital to
generate new work all the time, to
keep the cash coming in. If potential
customers can't get through to the
right person straight away, they may
go elsewhere, and that could be next
month’s cash flow down the drain.
Call diversion is the answer With
call diversion you’re ALWAYS
AVAILABLE TO TAKE AN
ORDER, to keep the money
flowing the next quarter?
. . *
■ *•* •'* ♦ . vV-'V :
Lyndoe Holdings pic
Mikal Lyndoe, Chief Executive Officer.
“We use the fax to encourage
prompt payment, and we find that
people pay faster than their standard
terms of business. We’ve got it down
to about 21 days, instead of the
normal 60.
Our method is to increase the size
of the type with each successive fax.
We start at around 24 point, which
grabs attention. If it doesn’t work first
time we fax again in BIG BOLD
LETTERS that there is still an.
The Home Service.
Sharon Baxter, Sole Trader.
“Two of our people work from home,
using purely the telephone It isn’t
just selling - they also research the
market process orders, and chase
payment Obviously, WORKING
FROM HOME HELPS OUR
CASHFLOW by saving on office
overheads. It also suits our people,
who can make calls and generate
business outside normal office hours,
and improve earnings for us and them?
BR & M Holmes.
Barry Holmes, Partner
“We encourage our customers
to send their orders by fax rather
than post, which speeds up the
whole business process. For our part
we FAX INVOICES AND
STATEMENTS, which definitely
gets the money in faster. Used
properly, a fax is one of the best
investments you can make?
Pandoro Ltd.
Michelle Webster, Administration.
“We operate a team of over 200
drivers, which means a lot of people
out on the road at any one time. When
they need to call in - which is often -
they have A SPECIAL FREE
0800 NUMBER which is routed
directly through to the traffic
department - so the call doesn’t go
through our switchboard. This is
a very cost-efficient arrangement,
which saves the driver time on the
call, and eases the staff pressure
on our switchboard?
Industrial Information Index.
Melvyn Lebetkin, Director.
“We’re an on-line information
service. Customers access our data
base, for which we charge them
upfront membership and usage time.
For smaller customers, whose usage
is not great enough to charge an
upfront fee, we have an 0891
NUMBER, which means they’re
accessing our information on a
premium line. So instead of invoicing
the customer, we earn our margin
through BT
This eases our cash flow
considerably because instead of
waiting for lots of people to pay us
we get paid by just one?
Discover more about these
and other ideas in this new
BT information pack ‘MAKE
COMMUNICATIONS MAKE
A DIFFERENCE 9 * For your
copy post the coupon. Or - simpler,
quicker and cheaper - call us free
on 0800 800 933 anytime.
f
CAUL US FREE ON 0800 800 988
Yes, I would like a copy of BT’s ‘Make
communications make a difference.’ I am
specifically interested in (please tick):
□ Electronic Mail □ Fax □ Call Diversion
□ Working from Home □ 0800 □ 0891
d I would like a sales call from BT in the
next week
Name:
Surname:
Job Title:
Company Name:
Address:
_ Postcode:
Daytime Phone No: (Code)
Number:
i Please send to: BT Dept, GKD, FREEPOST I
j 800 CBS 3333), Bristol. BSl 6GZ. No stamp 1
required. GKD212 l
1 ---1
>ssi
, a sys* 1
- f
Emotions
a, ' ■ .
CSi •*: *
» r „
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