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Manufacturers are hitting back hard. Consumer goods manufac- turers are doing the same. Tommy Hilfiger. The anxiety felt by brand manufacturers has been heightened in recent months by an explosion in parallel imports, largely from Asia. They can say; Today I will let you go but tomorrow I will sue you.
This law is not good. Monetary Fund has intervened to stabi- lise the rouble through ;an emergency tend- ing programme large enough to satisfy Russia's external creditors. But the Fund has left unresolved: the larger question of whether Russia should anchor its currency to the TJS dollar.
Many countries use exchange rate targets as monetary policy anchors. Bat, in. Consequently, the US can finance -' currency account deficits by selling, securities. Its central ffl prfaL fli g ht.
It is thus gnwg iw g as an indispensable tool for fore- casting US monetary policy. Other com- toodity-dependent countries tion but cannot. U rallies sharply , against almost all curren- cies. When the world econ- fi Its ' collapse set the stage for US monetary eas- ing, while its sharp rally in the late s did the reverse. The same pattern was seen when it entered a prolonged slump followed by a rally, along with commod- ity prices, in The only time when a large drop in the Australian dollar has not triggered US monetary fyK been in The Federal Reserve has been so concerned about asset inflation an Wall Street that it has not responded to the decline in commodity prices by easing monetary policy.
If the US economy slows enough to reduce cor- porate profits and damp the "irrational exuberance" on Wall Street, the Fed could well ease in order to restrain global deflationary forces.
If, this year, Rnssia had linked the rouble to the Aus- tralian. Instead of trying to keep up with America's high, technol- ogy reserve currency, Moscow would have had a monetary link to a country with a responsible central bank struggling to maintain low inflation in the face of balance of payments con- straints not dissimilar to its own. The rouble would have seen a moderate correction in line with Australia's dol- lar but not the threat of a complete loss of credibility.
Other developing coun- tries should take note. These make it dif- ficult for them to adjust to fluctuations in commodity prices or the impact of a Wall Street boom on global portfolio investors' dollar demand. It would make more sense for Latin America, South Africa and other com- modity producers to have currency boards pegged to the Australian dollar. If it emerged as the de facto anchor for n southern hemisphere currency zone, the Australian dollar could even play a more explicit role in guiding the monetary policy of the US and Europe.
Alan Greenspan has long referred to the gold price as a proxy for inflation expecta- tions but the gold market is so distorted by central bank selling that it would make more sense to use the Aus- tralian dollar. The European Central Bank will also need to use price targets as a policy guide until it can establish credible monetary aggre- The French would resent using the US dollar as a pol- icy target.
Thus, the ECB would satisfy markets and French alike by acknowledg- ing it was, instead, infor- mally targeting the currency of Australia. Its emergence as an anchor for global price sta- bility would certainly create protocol problems at meet- ings of the IMF, the Bank of International Settlements and other multilateral eco- nomic institutions.
Instead of swooning over central bankers from the Group of Seven leading Industrial countries, the world's finan- cial journalists would besiege Australia's central bank governor for quotes. The BIS would have to lei the Australians join meet- ings of the Group of Ten cen- tral bankers, not make them wait in the lobby. And once Mr Greenspan admitted he was using the Australian d ollar as an indi- cator. US cartoonists would start to depict Him as a cere- bral Crocodile Dundee and his congressional critics as reptiles trying to devour him.
That would be OK too. The author is chief economist. Two days later. I OD producers are commit- ted to output cuts of m! The US group Preeport- McMoran, which owns the mine, declared force mcgeure though insisting it was meet- ing S al P 8 f-frmmifmpntg from stocks. The strikers returned to work yesterday. Base metal prices were subdued as the Asian crisis continued to weigh heavily on demand, and prices were hit early in the week by a weaker yen.
Coffee and cocoa traded quietly on Liffe. US de equta. Moderate tomans may be tha ranit of urgent covering toy companies previously using tha stockpile as a source of supply.
The market Indcutor dosed at cants a kg, 7 cents higher an tha wade. S8 1W N»a J. Sentiment remained domi- nated by financial crisis in Russia and associated wor- ries over Asian currencies. The yen's poor fortunes against the dollar were also steering bond prices higher.
In the US, a string of eco- nomic data out yesterday underlined weak inflationary pressure in that economy. Producer prices In July rose Of! The Septem- ber year bund future set- tled 0. In the cash market, the spread between the benchmark bund and gilt contracts narrowed by 2 basis points to OaiG30 BB La to -. UK The Russian central bank was forced to issue annthpf categorical denial that a move to devalue file rouble was being considered. The dollar was also helped by tbe decision by Fitch- D3CA, the ratings agency, to downgrade file credit ratings of five Japanese banks.
By noon in New York trad- ing tbe dollar had reached DM1. The poffijd ended tbe week in Loadoo at DMZ The dollar gained heavily, against the Swiss franc; tradfflonaBy a "safe haven" 'against tur- moil. The D-Mark was also stranger against the Swiss currency.
In tbe the short sterling market is being cau- tious, as many participants have closed out positions this week - seen in tbe fall in the number of open inter- est contracts. City Index are offering any would-be George Soros odds of against tithe an offi- cial devaluation of the Hang. Kang dollar or the abbUtioa of its peg to the US dollar. Martin Belsbam. Since the book an the peg was opened yesterday, sev- eral "significant" bets have been taken.
Mr Belsham admits the odds are on the generous side; Tw going to take a hedge out on H - Tm not going to stand in tbe way of a freight train. HS ME2I4 Haaa Baa Bu tae tea toa 1. Perpetual Japanese. Hiteuia Far East exc Japan, General 6. Glossary Pgfonnaiice: Tables like these are foil of. So comparisons flatter investment trusts. As a rule of thumb, the more volatile a hind's progress, the higher the return investors demand from it to compensate for the additional risk.
Unusually volatile funds ahrmlH be avoided b; anyone Investing over the short or ynwrinm term or those who cannot afford big losses. Yield: Sven this has traps for the unwary.
Most unit trusts charge their management expenses against income, so the yield Is net of expenses. But a recent rule change means that trusts are allowed to charge some or all of thus inflating the yield.
Our managed fonds pages identify those trusts which charge to capital. Investment trusts used all to charge expmses - against income, but Borne now charge some against capital. Peps will be replaced with the individual savings account in April , which has different rules, but existing Peps will continue to operate.
Discount: Investment trust sham traditionally sell for less than their underlying asset value. The gap between the two is known as file discount. In the bear market, ' discounts were as wide as 46 per cent and although they have mainly narrowed to wen under 10 per cent in recent years, they add an additional uncertainty to investment trust share price prospects. Split eapital trusts: Caveat emptor.
If you do not already know what they are, you would probably be wiser to avoid them. They are companies with more than one class uf share capital. The traditional variety is relatively simple: income shares gat all the income; capital shares get any capital growth over the life of the trust But nowadays splits are highly complex with several different types of security with differing rights, and aimed to satisfy different investment needs.
The FTSE India started trading on the edge of a Mg tech- nical support lend and hraftafl higher throughout the day. It belled negative pointers in the futures market late on Thursday and moved forward strongly straightaway. By early afternoon, after the Dow Jones Industrial Average bad opened higher, Foofcfle hit a peak of 54l7.
The rise took some of the venom out of a market which had fatten 13 per cent- since toepeak on July At pm yesterday Tootsie was off 12 per cent over the period and 4 cent over the w eek. Ian Williams of Fanmure Gordon said in a note published yesterday; "The decoupling b e tw ee n equities and gffits has sent fl» yield ratio bade towanfa levels seen only rarely since the s. Brian Ktely, technical analyst at the Royal Bank of Scotland. Activity was weighted 55 per can towards Footsie stocks.
It echoed its performance in recent days and for much of the 'session stood at a afight discount to fair value, which is estimated at a premium to cash of about 28 points.
A surge just before the dose took Se p tember up to settle at , a premium to cash of 65 points. In option s, financial stocks were a feature, with Barclays seeing some 1, Jots traded. MlUt Jin nSESn«B6s«ir. M n 82SM M BTO » 4. B2 ' 12S2. Mor- gan was to talks that could lead to a merger or acquisi- tion. When the offer was announced it was worth p but the fall in Henlys shares during the day lowered the value of its bid. It has offered p in cash and 0.
Dennis rose strongly on the news but remained below toe level of the Henlys bid. Dennis shares dosed 47 up at ' ip. Mayflower was unchanged at I77p while Henlys was down 1 at 'ip.
The value of its offer will exceed that of Mayflower's unless Henlys shares fall to 42S l ip, where they were in March. BP rises sharply BP, which this week announced the takeover of US oil giant Amoco, ended on a positive note as the shares jumped 52 to p.
The stock has been particu- larly busy and technical trading following Tuesday's announcement of the world's biggest industrial merger saw volume soar. Yesterday's trading brought turnover of 48m. The shares closed off at p. DuPont said it was plagued by weak oil prices and the economic downturn in Asia.
Long-term bear Sutherlands said there were "uncanny parallels" between the two companies. Recent underperform anrp by construction companies drew bargain-hunters and a series of buy orders com- bined with thin August mar- kets to produce some sub- stantial share price moves. Rugby was the main bene- ficiary. Other risers included Ptlklngtou, up? Aiming the lours was British Aerospace, down 22!
U to 7Q. T ip, while Rolls-Royce eased 10 '. A major t strategic review will boost medium-term prospects. U per rent Rumours suggesting that National Power could soon be an the receivmg end of n bid Allied to impress inves- tors, leaving the stock to move against the market trend.
Devaney was poised to in- mount a bid for the genera- ra tor had done toe rounds in o a the market earlier this week. On Thurs- uj- day toe shares had risen 55p -us on speculation that Siebo uq might bid for it. Pairey ies shares closed off 9 at p bl- yesterday. Morgan on wide- spread takeover rumours, writes John Labate m New York.
By early afternoon the Dow Jones Industrial Aver- age was down 9. But small company shares did better, sending the Rus- sell 2, index up by less than a point to In a thin, market, OS Trea- sury prtees were up strongly despite relative calm in over- seas markets. Early in the session, the July producer nrice index was released, ris- fjjing 02 per cent. Oil and gas shares gained L3 per cent and pipe- lines rase 19 per cent.
Banks gained ground on active trading. The benchmark risen above the psychological resistance level of , but traders said profit-taking weighed on share prices. Amsterdam UKn Park cant premium. Volkswagen gained DM6. Boosted by recent news of solid sales plus positive bro- ker comment, France Tele- com jumped FFn9.
Phfflps added F3 4. The SMI index added Roche, the drugs group, firmed ahead of Monday's results. The shares were the most active on the market, and traders noted buying by hedge funds.
Repons that the company may move its headquarters to London also triggered buying. Astra rase SKrl to SKr! Telefonica rose PtaSO to Pta7. Telepizza added Pta60 to Ptai. Parmalat rose LSI to L3. A 10 Yen rally fails to prop up Tokyo wb. The Nikkei Avenge fell 1. Trading volume was up from the previous day, but still light, with m shares wdiangwi. Declining shares exceeded advancers to Investors concentrated on banking stocks and blue chips.
Nippon Steel was the most heavily traded stock, closing down Y4 at Y Hitachi, the electronics g rou p, slid Y1 to Y Nis- san Motor fell 72 to Y Financials were mixed.
Sanwa Bank feD Yl8 to Y Speculative shares were also heavily traded. Brokers said the strengthening yen, short covering by hedge funds and bargain hunting were the main driving forces.
The government announced a BtdOObn pack- age to shift bad assets and recapitalise its hanks. The banks index surged 10 per cent on the news. Krung Thai Bank rose Btfl. Bangkok Bank Bt3 to Bt Yantai Cbangyu. Among blue chips. BHP feQ 12 cents to A GIO tumbled 23 cents or 5. Woodside bounced 59 cents or 8 per cent to AS7JQ. Tlei OB a deterW pt Uei.
IJK Tfawy Stai«. S7J3 g2« b ia». Deb S81 S «S1. But they argued that the short-tram disadvantages for shareholders were more than outweighed by the joint company's long-term pros- pects in a global bus indus- try, which is already under fierce p ress u re s to rational- ise.
Some analysts were in cautious. Part of Henlys' and Den- nis' hopes that the deal might go through - than Is to be an extraordinary meet- ing of Hardys shareholders on Monday - is based on the high degree of commonality in the principal institutional shareholders of both compa- Tiles, ora l belief that they can be persuaded of. Henlys daimsthat its dose partnership In.
Volvo hag tbfr. Volvo's products are in the full-size- coach, and bus.. It will pay Sm, as part of an attempt to move into the production of higher val- ue-added goods.
Howard Lance, chief exec- RESULTS utive, said the company had decided some time ago that it needed to make products for the telecommunications industry. The acquisition would dilute earnings for one or two years as goodwill was written off. Astec will pay between 20 per cent and 30 par cent of the purchase price in cash rm-tu and will fund the remainder through loans. Mr Lance said gearing would remain below per cent after tbe acquisition and that interest cover would be more than five times.
Yt to March 31 O17B O02L 0. Eatings shewn basic- Dividends shown net Figures in brackets are lor corresponding period. AAfler exceptional tinge. SUS currency. Shareholders are requested to opt for cash or stock within the period set out in the time schedule below. The value of the dividend in shares will be fixed in line with the value indicated above and mil be based upon the average share price calculated over a period of five trading days following the last day of the election period.
There will be no trading in dividend coupons on the Amsterdam Exchanges. The new shares will have an apportioned right to the results and full rights to those of subsequent years. Election period. Publication of the determined dividend in shares.
Payment of dividend and delivery of new shares. Holders of shares which are not hold In custody, and who have opted for stock, will be given the opportunity to deliver the No. If no choice has been indicated by them within the above-mentioned period, the dividend will be paid in cash. If holders of shares which are hold in custody by a bank or a broker, do not indicate a preference for cash or stock within the election period, the bank or broker will generally automatically select the stock dividend.
Banks and brokers are requested to deliver the relevant dividend coupons to N. Nederlandsch Ad minis! Delivery of new shares will be based solely on the total amount of No. Note: The above dividend payment procedure does not apply to holders of New York shares. Copies of the half-yearly report are available in the U. Demand from Asia had fallen as a result of the financial crisis, and many big computer Tnaniifantur afs had cot production to com- pensate.
It does not envisage paying a final dividend. On Digital's box wiB not be sophisticated enough to run certain services. It Is thought that On Digital, which is Jointly owned by Cartton Communications and Granada Group, decided a less com- plicated box would allow it to launch as early as possible. The Independent Television Commission, the television watchdog, had been concerned about the legal wrangle between the two companies, because it cSd not want cus- tomers to be contused by conflicting technologies.
Cathy Newman. Giant operates supermarkets, most of them combined food and drug stores. Ahold bid about S2. The deal, expected to complete in September, will make Ahold one of the US's top four food retailers. The Dutch group said it was identifying buyers for the US stores likely to be sold, adding that the FTC would have to approve the buyers In quest! This offers shareholders a choice of a scaled-down version of the current trust run by the same manager, a linked tracker fond that wifi shadow the FTSE Ait-Share Index, run by Barclays Global Inves- tors, and a limited cash exit Tribune was targeted at the end of by Advance UK, a vulture fund, which acquired a stake and triad unsuccessfully to force it to convert Into unit trust Shareholders also approved a change of.
William Camp- bet! Proposals for the restructuring of the group are to be sent to shareholders shortly.
Shares in the group ware suspended yesterday at 35V6p. The: company, which, has. Stan Boland, who took over as chief e x ec utiv e after tire resignation in June of David Lee, 'said the group would seek to focus on set-' top boxes for digital televi- sions and computers fa : -which tbe memory fa sepa- rated from. No talks were- under way over the disposal of perfph- -eral activities, such as the Rise PC business and Xem- plar, the educational com- puting joint venture with- Apple.
Acorn also smnnnnfpri plans fo shed its remaining stake, in 'ARM Holdings, the microchip designer tt Spun Off fa During' the half year to June Yau -at Nomura.
Tffe shares, which peaked aboye sbqp fa Discussions over the Bank of Ireland trig- gered an option requiring its Scottish partner to buy the stake for cash. Paul D'Alton, Bank of Ireland's chief financial offi- cer, said the tank had been reviewing the stake this summer.
Since the minority position was hot of -long term strategic interest, it had decided to sen. Citizens was created when Bank of Ireland agreed to. If has brandies and assets of As they meet, statistics on US consumer prices are released. They are expected to show a monthly rise of 0. July, bringing, the annual rate down from 3. Figures for the public sec- tor net -cash requirement, the amount of money the UK state needs to raise, -are expected to show the govern- ment -is -fa the black, with income exceeding spending bySASbn,.
Exports were also sluggish because of the d ow n tu rn in south-east Asian markets. Hyundai predicted seoemd- haif results would probably be worse because of the laborer dispute over job cuts. Exports for Hyundai in July SeB 63 per cent because the company was unable to meet overse as orders. With production operating at 45 per cent capacity. Attempts to reopen the Plant since August 10 haw foiled, as striking workers' have occupied the Ulsan works, leading Hyundai yes-.
Park Bytmg-Jae. Hyundai Motor president, accused striking wtfrkers of TBegaBy occupying' the plant] axes. Exports in the first half performance might improve in the second half following a recent reduction in inter- est rates, although trnpre- first-half net profits to exports forecast at about WonZLfHm, alter a sharp rise jiibn. The company said its results.
Although both said they would stick by the deal, the stock market showed little Earth tn thrfr aanrtrjmewfl anR displayed a dear expectation the merger would have to be renegotiated. Until yesterday, the two stock prices were in line, reflecting the terms of Tel- labs' offer of one of its shares far every share. Apple is counting on its distinct appearance and clever mar- keting to capture consumer interest The publicity campaign - one of tbe largest by a per- scmal computer company - will begin on Sunday and Apple plans to spend m between sow and Christmas.
Tbe group has seen Its share of the world PC mar- ket dwindle to about 3 per. Steve Jobs. Apple co- founder. Macintosh lets anyone use a computer and iMac lets anyone get on the internet quickly and easily.
The advertising will echo this message by presenting unflattering comparisons with Windows PCs. Not geek". The combined markets would have a duly turnover of about R40bn S6. Stewart Bees, chief executive of Satex, the South Afri- can futures exchange, said'. The membership at the three exchanges will have to approve the proposals. Mr Bees sad: "We would become more efficient and cost-effective os a combined market and would make South Africa a more attractive destination for international investors.
This has created considerable pressure on exchanges to reduce costs and develop more efficient and transparent trading systems. Revenue rose 38 per cent to MSl.
The company warned its results for the entire financial year would be affected by the regional economic crisis. W- - Malaga;. CHa W Udmesta 27 — 2 8. T9 Inves alone or watte mten. Cain a directorship. V85 — A large muttrtattonef company is intaresiad in offering free Buteate Strategy Ccraultency by a team of its senior executives as part of their ctevekapmem. Can 37X Steve Weston.
Is seating a European or North American tlockbrohing partner wishing id get estabtohed in tf» London madost. Mtae id to Foment Tinea. One SoumwV Brtdoe. Supeio gtaptocal interface, fully supported by NEC. U F-F F-S-t ff; -. Salary negotiable. Applicants, educated to. Ok S outhwark Bridge. DflC Signal Teotrtf. Its most radical restructur- ing package yet aims to ease the country's deep recession by reviving flows of credit to struggling local companies.
As part of the package, the government win provide fresh capital to the banking system through the issue of special debt securities, but gristing shareholders will still be expected to take responsibility for past losses and, where nec- essary, seek foreign partners to help rebuild their Institu- tions. Yesterday, two banks and flve finance companies were nationalised, bringing the number of financial institu- tions nationalised this year to Two of the nationalised banks, Siam City and Bangkok Metropolitan, will have their bad debts written off.
Two other nationalised banks and the 12 finance com- panies will be merged with two existing government- owned institutions and recapi- talised. They will then invite in foreign strategic partners. The final two nationalised banks will be closed. The government scrapped a plan announced last week to offer foreign Investors a money-back guarantee for new capital injected into Thai financial institutions.
Conditions for the assistance will vary according to whether banks need more secondary capital, which is known as tier 2 capital, or whether they need a boost to their primary capi- tal, known as tier 1 and which includes share capital and reserves. Banks that need Her 1 capi- tal will be required to make fun provisions for all bad debts Cram existing equity.
The gov- ernment will then provide new capital but banks will be expected to match part of the injection with outside funds. Banks that need Her 2 capi- tal will get up to half the amount required provided they write off bad debts and make new.
Banks can choose not to enter either scheme. Under the plan, capital adequacy rules are being modified to increase the amount Of ca pi tal hanks can hold in tier 2 form. The markets had expected details lata - this year or in the first part of A timetable issued earlier this week showed that the two companies hope to complete the deal by the end of the year.
This niMM that any buyback would probably have to wait until early The plan was approved by BP shareholders earlier this year hut im piamwit ii tion has been delayed pending clarifica- tion of UK tax laws. The latest delay is linked to separate tax issues associated with the Amoco takeover. It may be one reason why BP last week announced a 9 per cent rise in its second quarter dividend In spite of a collapse in oil prices and a 29 per cent fen in second quarter net profits.
Although any buybacks will be delayed, they are expected to play a prominent role in the financial strategy of the new group, which wffl be Britain's biggest company. Both BP and Amoco are generating substan- tial amounts of rash in spite of low oil prices. Speaking from New York yesterday. Sir John said he was encouraged by the response of US in ve s t ors. Sir John said he "saw no reason why they should be worried" as the only competi- tion issue concerned a handful of retail petrol sites in the US.
Mr Augustsson is to be replaced from September l by Stine Carlsson, who earlier this week left a top executive post at ABB foDowtag a man- agement shake-up at the Swiss-Swedish engineering group, part controlled by the Wallenbergs. Mr Carlsson, who was head of industry and construction systems at AB B, has been a director of SKF since L SKF has been under pres- sure for some time to improve profitability by Investor, the Twain i n vestment arm of the Wallenberg empire and the company's largest shareholder.
The pressure Increased after Percy Barnevik, chairman of ABB, nlurt became rji«lrm«m of Investor last year, promising not to tolerate underperform- ance among Investor compa- nies. Mr Augustsson launched a SKR1. I can extract better results from it," he said, adding he would boost spending on marketing and increase sales. Tampentorm maximum for day. Fonc a stt ty "B? Hong Kong ' government intervening in ' the equity market far Western tares-;' ttffs, three events look fer -away.
Events in Hang Kong are only partly reassuring. But inasmuch as intervention is seen ps a sign cf weakness, it invites farther peculation. As in Japan, the author- ities face a tough task cenvtoctag investors that efforts. Asia lies at the root of the current jitters and will continue to sat the tone for future developments. It is difficult to he sanguine. True, the odds stffi favour stability: the yen holding tta value, and no devalua- tions in China or Hang Kong.
But avoiding the worst-case scenario - a confidence sapping round of devalu- ations - fa hardly cause for celebra- tion. The West wffl still have to face the economic fall-out from the region, which will continue to drag on. Yesterday a federal appeals court ruled that the Food and Drug Administration no a ptir n r iiy to regulate tobacco as a drug.
The day before, a Florida appeals court had thrown out, what was only the sec- ond individual lawsuit Big Tobacco bad ever lost, though a retrial is still poggflfle Meanwhile, several clasB action suits hare' also collapsed, for lack of wrrmnnn ground between the plain- tiffs. WHstm, which are threatened by SfeitOM which are immune from feiriy ; empty. That famishes tfire tobacco companies with a vlablffiew - strat eg y. UK equities Where dp bears who stin haVe some appetite for UK equities: - albeit defensive ones - take refbgtj?
And midway K what 'are. UK tavestoza fiefimdfag themseJws from? One fMrmttt bug-bear is eonohiga ' rellftbfHty. K course the danger in an auction jg that the winner will overpay. As for Henlys, it. Just to matatain earnings per share, ' Henlys would have to add about '. No wander its 1 riudes sank 10 per cent yesterday. Volvo's support la important on the strategic fr o nt too because of the tantaitsiiig.
So for, enough : Benlya sharriioldexs are buying thta growth story to keep it ahead in the bidding. If Mayflower dares to respond, it will have to spell out the synergies — including cost-cutting - - much more clearly to steady the already shaky nerves of its own r shareholders. Strengthening economies, widespread corporate itshuctbring and cross-border merger activity are all driving European stock markets upwards.
For investors seeking to maximise the potential of Europe, the Thread needle European Select Growth Fund has tiie quality to dehvtt.
So, bwestih Europe with confidence. Given subsequent events, it's not surprising that there are few official references in Vietnam to the Act that the founder of the nation received US military backing during the closing days of the second world war. But what happened in is fas- cinating. Long before the Vietnam war, Ho Chi Minh. He was inspired by the words of Jefferson and wrote admiringly to Ho Chi Minh was inspired by Jefferson and wrote admiringly to Roosevelt President Roosevelt from the jungles of Vietnam.
The 20th century would have been very different if Ho had remained a passionate admirer of thing s American. In , the nearest Allied forces were in the southern Chinese city of Kunming, supporting Chiang Kai- shek's nationalist Chinese armies. But as the end of the war in Europe drew closer. Beyond the reach of Moscow, and fearing domination by China, he turned first to the US.
At Ho's request. He didn't take the money. And Ho bad other proof of his new relationship with the US. Two months later, Hang, still only 18 years old, found himself accompanying the two Americans on a gruel- ling, rain-snaked, day march to a new base further inside Vietnam, at a hamlet called Tan Trao.
There, Hung began wireless train- ing with Mac Shin, and was eventually entrusted with maintaining contacts with the US base in Kunming. They were very open, and we Eked them a lot; Mac Shin liked me because I was a very fast learner, and he gave me a harmonica.
Code-named the Deer team, the Americans began training the Viet Minh to use US car- bines, machine guns, mor- tars and bazookas, which had been air-dropped from Kunming. On August 15 , Japan surrendered unconditionally after the atomic bombings of Hiroshima and Nagasaki, and Ho began his bid for power.
His small force. OSS officers went along as observers. In the capital, meanwhile, the Viet Minh had orches- trated a popular uprising, hoisting the Viet Mini's red and gold flag over the old French opera house in the city's centre as they sought to gain the upper hand over their non-communist rivals.
Facing the Soviet threat in Europe, the US needed France more than it needed independence for Vietnam, especially under a commu- nist-led government The Potsdam Conference, signed by the Allies in July , had determined that Japanese foxes In Vietnam were to be disarmed by the British and the Chinese, before Indochina was finally handed back to France.
HO especially, no doubt gained prestige by walking with OSS officers He opened with, a direct quotation from the American Declaration of Independence. By the following March, French troops had moved In and taken control of Hanoi from' the departing Chinese nattenalbtfc By the of the year, Nguyen Kzm Hung and Trieu Due Quang had begun a battle -for indepen- dence which they would fight for another 30 years.
And the stage bad been set for a tragedy which would frfp or iqjure more than 4m Vietnamese, and cost 58J American lives. Hung would go on to fight the French at Dien Bien Phu, and wage war against his old US allies in the Central Highlands, while Quang became an arti- llery officer on the Laos front ; in Vietnam itself, more than 50 years cm.
I tell them that the friendship with them was Eke my first love, something I will never forget" Rich, stylish, full of taste: the South of France in a glass nutshell. Ah, the South of Fiance.
Fabulous scenery. Beautiful people. Among them, James Herrick has created a Chardonnay that does full justice to its unique environment. Mediterranean sunshine in a bottle. A beguiling, citrusy freshness broadening into a rich and mellow balance of tropical fruit and spice. Poor Dolly 7 am my mother's sister. My daugkter is my mother's niece, t have a grandfather but she does not. Who am I? Across the the world, from the high moun- tains of Canada to the tropical forests of northern Australia, biologists are seeing a disturbing decline in numbers of frogs, toads, salamanders and newts.
The disappearance of these creatures - and the apparent extinction of some species, such as Costa Rica's golden toad - is a tragedy in its own right. And there may be a farther dimension to the problem, which should concern even those who fail to see beauty in a frog or toad.
Amphibians, breathing through their skin and living both in water and on land, are particu- larly sensitive to environmental changes. Perhaps their plight is an early warning that something is seriously wrong with living conditions on earth. Could they be a global equivalent of the canaries miners used to take underground to alert them to a build-up of dangerous gases?
Although stories of steep falls in amphibian populations have been emerging from many parts of the world over the past decade or so.
Their plight could signal a global catastrophe, says Clive Cookson fluctuations. A series of Interna- tional meetings has been held to look at the evidence, without reaching any clear conclusions. Second, at most affected sites some species are 'declining, whereas others are not Finally, there is no single cause for these declines. Some of the most serious mass deaths of frogs have occurred in pristine envi- ronments,. Scientists have suggested sev- eral factors that may be acting together or individually to kill off amphibians.
Three leading candi- dates are infectious disease, chemical pollution and increased ultraviolet radiation resulting from the thinning ozone layer in the upper atmosphere. Microbiologists who ana- lysed the bodies of dead frogs col- lected from tropical forests on Opposite sides of the world - in Panama and Queensland, Austra- lia - found that an entirely new type of chytrid fungus was responsible in both places.
Biologists do not yet know how widespread the fungus is, how fast it is spreading, and whether it is the primary cause of death or an opportunistic infection tak- ing advantage of animals weak- ened by pollution or other fac-. In temperate regions such as north America and Europe, more ultraviolet radiation from the son has been reaching the earth's surface during the spring.
Concern that this might be affecting the' eggs. The researchers shielded some salamander spawn against solar UV and left other spawn exposed to normal sunlight They found the former hatched successfully while the latter failed to hatch or produced deformed salamanders. Many herpetologists also blame Some of the most serious mass deaths have been in pristine environments direct pollution by synthetic chemicals, such as pesticide resi- dues, for killing and deforming amphibians.
There have, been many reports from the US in par- ticular of hideous deformities among frog. The news is not all gloomy. Plentiful rains over the past year in the western US have helped to restore some newt and frog popu- lations, by flushing out pollu- tants and non-native predators such as Louisiana crayfish.
But the overall picture is depressing. As concerned herpe- tologists point out, miners could get out of the mine if their canary collapsed.
We cannot leave the earth. His is not a glamor- ous, hi-tech business. Over there is the pulverising equipment, housed in an equally bright factor " of cor- rugated-iron sheeting that seems to have been liberally sprinkled with icing sugar.
The powder plant and Hu's little calcite mountain, which leaves you squinting in the glare on a sunny sum- mer's day, is tucked away In an otherwise green recess of southern China's Guangxi province. Not that he belongs to the tiny gang of multi-million- aire mainland Chinese pri- vate businessmen.
What we want most is stability. Instead, he has operated at one remove, directing his unsophisticated but lucrative product to the manufacturers. Hu's brand of pru- dence is earning a new kind of credibility.
Born in central China in Chairman Mao's Great Leap Forward a decade later helped plunge much or rural China into famine, and the year-old Hu was sent on his own sev- eral hundred miles away to live with unknown relatives in a town just outside Guilin in Guangxi, where there was at least a little to eat Come the Cultural Revolu- tion, he was sent to work in the countryside, returning in his early 20s to the state- owned L ingchuan Iron and Alloy Factory on a monthly salary of RMB More, than 10 years later, his sal- ary had crept up to RMB3S.
And so, in , Hu decided to set out on his own. Having scraped together RMB by selling bamboo for use as scaffolding to builders, he quit bis job in the state-owned factory and started trading in plastic fer- tiliser sacks, making enoug h capital to rent a machine that could reduce rocks to sand. This was used in glass manufacture for the many bottling businesses in the area, and for construction. By last year, the factory was selling more than 50, tonnes of calcite powder a year, which was distributed to almost all the big name producers of toothpaste - foreign and local - in China.
Hu is reluctant to talk about profits, but buying in the rocks at RMB80 per tonne and selling the powder at RMB per tonne suggests a healthy margin.
As is the case with most personal hygiene products in China, the market potential for toothpaste seems vast. Hu Zegang: started Ms career by seBig bamboo lot scaffolding on the basis that a person brushing his or her teeth twice a day should consume at least five tubes a year, calculates that roughly 40 per cent of people brush their teeth toothpaste every day.
But he warns that the toothpaste market is already fiercely competitive. My consumers are the manufacturers," he says, with a grin. Although Hu watches as investors pour money into real estate developments in Guangxi in the hope of mak- ing big returns, he is not inclined to join them.
If you try to juggle two, you may very well drop both. Perhaps the modest ambi- tions are explained, by the feet that Hu says he does not have any particular foibles upon which he likes spend- ing his relative fortune.
One, Tanxi Town. Lingchuan County. Solution on Saturday August Si 25 Climber accepts agree- ments by the French on purchase 9 27, 8 The last quarter day? Argyll: Gill Pickles. London Ell CtcmuurC -pommo! On this deal. East- West showed them- selves capable of overcoming their slippery opponents.
To prevail, it took two consecu- tive doubles from East - each with a different mean- ing - and two expert bids from West, both passes. This allowB partner to compete in that suit with support. South completed the trans- fer, happy with four-card support for his partner's suit.
West and North passed, and now East doubled again. This time, however, he is doubling a natural suit - hearts - and so the double is fra- takeout West now faced a tough decision.
East was likely to hold a four-card spade suit so they held a fit However. West's shortage in diamonds and hi« holding in hearts, led him to believe that defending was the better prospect When he checked the vulnerability - his oppo- nents were, his side were not - this convinced him.
This beat the cob pair who had South opened a minimum, but perfectly respectable 1NT and North bid 2D - beginning a weak take-out through a transfer. A doable of a conventional bid is lead directional, so East doubled. A play-off seemed most improbable when Sadler, two pieces up against Mark Heb- den. Britain, now has the strongest national cham- pionship in the world held on the traditional Swiss system both the Russians and Americans have gone aver, to knock-outs , and.
Black coped well with dangerous threats until the imminent time control proved fetal M Hebden v M Sadler. Sl world team championship Lucerne With pieces' scattered round the board.
How, instead, did Black win quickly? Then, citing bis poor vision and weak grip, he asked if he could bring an "assistant". Z said. Til bring my son. But we can talk anywhere. Mathur was 17 in when his high school was shut down fry the British. So he enrolled as a Congress volunteer and was sent to picket stores selling foreign goals. Mathur allied himself with lef- tists, and searched India for.
This was no Gandhian res- ponse. Mathur robbed two postal. In total, Mather has spent 13 years behind bars. He takes a sip of beer - it's slightly surprising since many Indians of Mathur's vintage frown on drink. A pianist is playing, fake fishing nets are hung around the place. Worried that my elderly guest may be hungry, Z suggest we order immediately.
The senior Mathur will have a lobster, shelled please; Mathur junior, head of his own information technology company, will have prawns Newburg. I get closest to Indian food, choosing Goa fish curry. The former freedom fighter reminisces. When he was a boy in Benares, his grandmother took him daily for a purifying ritual dip in the Ganges River, which is sacred to Hindus, the place where they scatter the ashes of their dead. But watching the priests and worshippers during Ids daily dips. Mathur says, he developed a "hatred" for the priests.
Insulting, asking for more money," he says. Later, he smashed an idol. With it were shattered the last traces of his religions faith. Mathur was drawn to the inde- pendence movement by the fierce i c. In , aged Ganrfhi was passing through. The boys pressed oranges into Gandhi's hands.
He inquired whether we had permis- sion to come. He was angry, end said. Mahatma Gandhi was very much a strict disciplinarian-" The lobster and other food arrives as Mathur is telling me about bis first spell in Jafl.
It vriB go on ewon alter my death. Approaching the meeting spot. But we all laughed. Then he realised that the body was being lifted by bamboo sticks held by his friends; It was a test, devised to ensure be would not be easily frightened. After initiation, be and his comrades sent letters to British district officials, warning them to leave or die. He says he contin- ued to respect the Congress lead- ers.
It was not practical. I ask Mathur what kind of India helhought be was fighting for when be was robbing postal workers. He only knew they wanted foreigners out. His efforts earned him another six months in jail, this time under a free Indian government. And what of India today. They want to divert the attention of the people from the bread problem, from the real problem of life, from the water problem, power problem.
Our plates are cleared. Coffee is brought. The root of India's problem. And that is why Mathur says ho feels his Job as a freedom fighter Is not yet done. My sun mid daughters, they haw to fight. Fight to develop a scientific-mind approach towards social prob- lems - not what is called mystic or religious and all that.
That is the only guarantee that will bring good people into power. This impassioned outburst seems a fitting end to our conver- sation. It is rude, I kuow, but I cannot resist. Then he and his son t;ikc their leave, and I am left in settle the hill. Instinctively, we the patient in the! Four cases are being- taken up by the Crown Pros- ecution Service. A young man in a coma after an asthma attack had food and drink withdrawn after eight weeks, : although close rela- tives were convinced he was conscious and capable of communicating by eye movements- An year-old woman was denied- intrave- nous fluids which could have kept her alive.
The author is chief economist. Two days later. I OD producers are commit- ted to output cuts of m! The US group Preeport- McMoran, which owns the mine, declared force mcgeure though insisting it was meet- ing S al P 8 f-frmmifmpntg from stocks. The strikers returned to work yesterday.
Base metal prices were subdued as the Asian crisis continued to weigh heavily on demand, and prices were hit early in the week by a weaker yen. Coffee and cocoa traded quietly on Liffe. US de equta. Moderate tomans may be tha ranit of urgent covering toy companies previously using tha stockpile as a source of supply.
The market Indcutor dosed at cants a kg, 7 cents higher an tha wade. S8 1W N»a J. Sentiment remained domi- nated by financial crisis in Russia and associated wor- ries over Asian currencies. The yen's poor fortunes against the dollar were also steering bond prices higher.
In the US, a string of eco- nomic data out yesterday underlined weak inflationary pressure in that economy. Producer prices In July rose Of! The Septem- ber year bund future set- tled 0. In the cash market, the spread between the benchmark bund and gilt contracts narrowed by 2 basis points to OaiG30 BB La to -.
UK The Russian central bank was forced to issue annthpf categorical denial that a move to devalue file rouble was being considered. The dollar was also helped by tbe decision by Fitch- D3CA, the ratings agency, to downgrade file credit ratings of five Japanese banks. By noon in New York trad- ing tbe dollar had reached DM1. The poffijd ended tbe week in Loadoo at DMZ The dollar gained heavily, against the Swiss franc; tradfflonaBy a "safe haven" 'against tur- moil.
The D-Mark was also stranger against the Swiss currency. In tbe the short sterling market is being cau- tious, as many participants have closed out positions this week - seen in tbe fall in the number of open inter- est contracts. City Index are offering any would-be George Soros odds of against tithe an offi- cial devaluation of the Hang.
Kang dollar or the abbUtioa of its peg to the US dollar. Martin Belsbam. Since the book an the peg was opened yesterday, sev- eral "significant" bets have been taken.
Mr Belsham admits the odds are on the generous side; Tw going to take a hedge out on H - Tm not going to stand in tbe way of a freight train. HS ME2I4 Haaa Baa Bu tae tea toa 1. Perpetual Japanese. Hiteuia Far East exc Japan, General 6. Glossary Pgfonnaiice: Tables like these are foil of. So comparisons flatter investment trusts.
As a rule of thumb, the more volatile a hind's progress, the higher the return investors demand from it to compensate for the additional risk. Unusually volatile funds ahrmlH be avoided b; anyone Investing over the short or ynwrinm term or those who cannot afford big losses. Yield: Sven this has traps for the unwary. Most unit trusts charge their management expenses against income, so the yield Is net of expenses.
But a recent rule change means that trusts are allowed to charge some or all of thus inflating the yield. Our managed fonds pages identify those trusts which charge to capital. Investment trusts used all to charge expmses - against income, but Borne now charge some against capital. Peps will be replaced with the individual savings account in April , which has different rules, but existing Peps will continue to operate.
Discount: Investment trust sham traditionally sell for less than their underlying asset value. The gap between the two is known as file discount. In the bear market, ' discounts were as wide as 46 per cent and although they have mainly narrowed to wen under 10 per cent in recent years, they add an additional uncertainty to investment trust share price prospects. Split eapital trusts: Caveat emptor.
If you do not already know what they are, you would probably be wiser to avoid them. They are companies with more than one class uf share capital. The traditional variety is relatively simple: income shares gat all the income; capital shares get any capital growth over the life of the trust But nowadays splits are highly complex with several different types of security with differing rights, and aimed to satisfy different investment needs.
The FTSE India started trading on the edge of a Mg tech- nical support lend and hraftafl higher throughout the day. It belled negative pointers in the futures market late on Thursday and moved forward strongly straightaway. By early afternoon, after the Dow Jones Industrial Average bad opened higher, Foofcfle hit a peak of 54l7.
The rise took some of the venom out of a market which had fatten 13 per cent- since toepeak on July At pm yesterday Tootsie was off 12 per cent over the period and 4 cent over the w eek. Ian Williams of Fanmure Gordon said in a note published yesterday; "The decoupling b e tw ee n equities and gffits has sent fl» yield ratio bade towanfa levels seen only rarely since the s. Brian Ktely, technical analyst at the Royal Bank of Scotland.
Activity was weighted 55 per can towards Footsie stocks. It echoed its performance in recent days and for much of the 'session stood at a afight discount to fair value, which is estimated at a premium to cash of about 28 points. A surge just before the dose took Se p tember up to settle at , a premium to cash of 65 points.
In option s, financial stocks were a feature, with Barclays seeing some 1, Jots traded. MlUt Jin nSESn«B6s«ir. M n 82SM M BTO » 4. B2 ' 12S2. Mor- gan was to talks that could lead to a merger or acquisi- tion.
When the offer was announced it was worth p but the fall in Henlys shares during the day lowered the value of its bid.
It has offered p in cash and 0. Dennis rose strongly on the news but remained below toe level of the Henlys bid. Dennis shares dosed 47 up at ' ip.
Mayflower was unchanged at I77p while Henlys was down 1 at 'ip. The value of its offer will exceed that of Mayflower's unless Henlys shares fall to 42S l ip, where they were in March. BP rises sharply BP, which this week announced the takeover of US oil giant Amoco, ended on a positive note as the shares jumped 52 to p. The stock has been particu- larly busy and technical trading following Tuesday's announcement of the world's biggest industrial merger saw volume soar.
Yesterday's trading brought turnover of 48m. The shares closed off at p. DuPont said it was plagued by weak oil prices and the economic downturn in Asia. Long-term bear Sutherlands said there were "uncanny parallels" between the two companies. Recent underperform anrp by construction companies drew bargain-hunters and a series of buy orders com- bined with thin August mar- kets to produce some sub- stantial share price moves.
Rugby was the main bene- ficiary. Other risers included Ptlklngtou, up? Aiming the lours was British Aerospace, down 22! U to 7Q. T ip, while Rolls-Royce eased 10 '. A major t strategic review will boost medium-term prospects. U per rent Rumours suggesting that National Power could soon be an the receivmg end of n bid Allied to impress inves- tors, leaving the stock to move against the market trend. Devaney was poised to in- mount a bid for the genera- ra tor had done toe rounds in o a the market earlier this week.
On Thurs- uj- day toe shares had risen 55p -us on speculation that Siebo uq might bid for it. Pairey ies shares closed off 9 at p bl- yesterday. Morgan on wide- spread takeover rumours, writes John Labate m New York. By early afternoon the Dow Jones Industrial Aver- age was down 9. But small company shares did better, sending the Rus- sell 2, index up by less than a point to In a thin, market, OS Trea- sury prtees were up strongly despite relative calm in over- seas markets.
Early in the session, the July producer nrice index was released, ris- fjjing 02 per cent. Oil and gas shares gained L3 per cent and pipe- lines rase 19 per cent. Banks gained ground on active trading.
The benchmark risen above the psychological resistance level of , but traders said profit-taking weighed on share prices. Amsterdam UKn Park cant premium. Volkswagen gained DM6. Boosted by recent news of solid sales plus positive bro- ker comment, France Tele- com jumped FFn9. Phfflps added F3 4. The SMI index added Roche, the drugs group, firmed ahead of Monday's results. The shares were the most active on the market, and traders noted buying by hedge funds.
Repons that the company may move its headquarters to London also triggered buying. Astra rase SKrl to SKr! Telefonica rose PtaSO to Pta7. Telepizza added Pta60 to Ptai. Parmalat rose LSI to L3. A 10 Yen rally fails to prop up Tokyo wb. The Nikkei Avenge fell 1. Trading volume was up from the previous day, but still light, with m shares wdiangwi. Declining shares exceeded advancers to Investors concentrated on banking stocks and blue chips. Nippon Steel was the most heavily traded stock, closing down Y4 at Y Hitachi, the electronics g rou p, slid Y1 to Y Nis- san Motor fell 72 to Y Financials were mixed.
Sanwa Bank feD Yl8 to Y Speculative shares were also heavily traded. Brokers said the strengthening yen, short covering by hedge funds and bargain hunting were the main driving forces. The government announced a BtdOObn pack- age to shift bad assets and recapitalise its hanks.
The banks index surged 10 per cent on the news. Krung Thai Bank rose Btfl. Bangkok Bank Bt3 to Bt Yantai Cbangyu. Among blue chips. BHP feQ 12 cents to A GIO tumbled 23 cents or 5. Woodside bounced 59 cents or 8 per cent to AS7JQ. Tlei OB a deterW pt Uei. IJK Tfawy Stai«. S7J3 g2« b ia». Deb S81 S «S1. But they argued that the short-tram disadvantages for shareholders were more than outweighed by the joint company's long-term pros- pects in a global bus indus- try, which is already under fierce p ress u re s to rational- ise.
Some analysts were in cautious. Part of Henlys' and Den- nis' hopes that the deal might go through - than Is to be an extraordinary meet- ing of Hardys shareholders on Monday - is based on the high degree of commonality in the principal institutional shareholders of both compa- Tiles, ora l belief that they can be persuaded of.
Henlys daimsthat its dose partnership In. Volvo hag tbfr. Volvo's products are in the full-size- coach, and bus.. It will pay Sm, as part of an attempt to move into the production of higher val- ue-added goods. Howard Lance, chief exec- RESULTS utive, said the company had decided some time ago that it needed to make products for the telecommunications industry. The acquisition would dilute earnings for one or two years as goodwill was written off. Astec will pay between 20 per cent and 30 par cent of the purchase price in cash rm-tu and will fund the remainder through loans.
Mr Lance said gearing would remain below per cent after tbe acquisition and that interest cover would be more than five times. Yt to March 31 O17B O02L 0. Eatings shewn basic- Dividends shown net Figures in brackets are lor corresponding period. AAfler exceptional tinge. SUS currency. Shareholders are requested to opt for cash or stock within the period set out in the time schedule below. The value of the dividend in shares will be fixed in line with the value indicated above and mil be based upon the average share price calculated over a period of five trading days following the last day of the election period.
There will be no trading in dividend coupons on the Amsterdam Exchanges. The new shares will have an apportioned right to the results and full rights to those of subsequent years. Election period. Publication of the determined dividend in shares. Payment of dividend and delivery of new shares.
Holders of shares which are not hold In custody, and who have opted for stock, will be given the opportunity to deliver the No. If no choice has been indicated by them within the above-mentioned period, the dividend will be paid in cash. If holders of shares which are hold in custody by a bank or a broker, do not indicate a preference for cash or stock within the election period, the bank or broker will generally automatically select the stock dividend.
Banks and brokers are requested to deliver the relevant dividend coupons to N. Nederlandsch Ad minis! Delivery of new shares will be based solely on the total amount of No.
Note: The above dividend payment procedure does not apply to holders of New York shares. Copies of the half-yearly report are available in the U. Demand from Asia had fallen as a result of the financial crisis, and many big computer Tnaniifantur afs had cot production to com- pensate.
It does not envisage paying a final dividend. On Digital's box wiB not be sophisticated enough to run certain services. It Is thought that On Digital, which is Jointly owned by Cartton Communications and Granada Group, decided a less com- plicated box would allow it to launch as early as possible.
The Independent Television Commission, the television watchdog, had been concerned about the legal wrangle between the two companies, because it cSd not want cus- tomers to be contused by conflicting technologies.
Cathy Newman. Giant operates supermarkets, most of them combined food and drug stores. Ahold bid about S2. The deal, expected to complete in September, will make Ahold one of the US's top four food retailers. The Dutch group said it was identifying buyers for the US stores likely to be sold, adding that the FTC would have to approve the buyers In quest! This offers shareholders a choice of a scaled-down version of the current trust run by the same manager, a linked tracker fond that wifi shadow the FTSE Ait-Share Index, run by Barclays Global Inves- tors, and a limited cash exit Tribune was targeted at the end of by Advance UK, a vulture fund, which acquired a stake and triad unsuccessfully to force it to convert Into unit trust Shareholders also approved a change of.
William Camp- bet! Proposals for the restructuring of the group are to be sent to shareholders shortly. Shares in the group ware suspended yesterday at 35V6p. The: company, which, has. Stan Boland, who took over as chief e x ec utiv e after tire resignation in June of David Lee, 'said the group would seek to focus on set-' top boxes for digital televi- sions and computers fa : -which tbe memory fa sepa- rated from.
No talks were- under way over the disposal of perfph- -eral activities, such as the Rise PC business and Xem- plar, the educational com- puting joint venture with- Apple. Acorn also smnnnnfpri plans fo shed its remaining stake, in 'ARM Holdings, the microchip designer tt Spun Off fa During' the half year to June Yau -at Nomura.
Tffe shares, which peaked aboye sbqp fa Discussions over the Bank of Ireland trig- gered an option requiring its Scottish partner to buy the stake for cash. Paul D'Alton, Bank of Ireland's chief financial offi- cer, said the tank had been reviewing the stake this summer. Since the minority position was hot of -long term strategic interest, it had decided to sen.
Citizens was created when Bank of Ireland agreed to. If has brandies and assets of As they meet, statistics on US consumer prices are released. They are expected to show a monthly rise of 0. July, bringing, the annual rate down from 3. Figures for the public sec- tor net -cash requirement, the amount of money the UK state needs to raise, -are expected to show the govern- ment -is -fa the black, with income exceeding spending bySASbn,.
Exports were also sluggish because of the d ow n tu rn in south-east Asian markets. Hyundai predicted seoemd- haif results would probably be worse because of the laborer dispute over job cuts. Exports for Hyundai in July SeB 63 per cent because the company was unable to meet overse as orders. With production operating at 45 per cent capacity. Attempts to reopen the Plant since August 10 haw foiled, as striking workers' have occupied the Ulsan works, leading Hyundai yes-.
Park Bytmg-Jae. Hyundai Motor president, accused striking wtfrkers of TBegaBy occupying' the plant] axes. Exports in the first half performance might improve in the second half following a recent reduction in inter- est rates, although trnpre- first-half net profits to exports forecast at about WonZLfHm, alter a sharp rise jiibn. The company said its results.
Although both said they would stick by the deal, the stock market showed little Earth tn thrfr aanrtrjmewfl anR displayed a dear expectation the merger would have to be renegotiated. Until yesterday, the two stock prices were in line, reflecting the terms of Tel- labs' offer of one of its shares far every share. Apple is counting on its distinct appearance and clever mar- keting to capture consumer interest The publicity campaign - one of tbe largest by a per- scmal computer company - will begin on Sunday and Apple plans to spend m between sow and Christmas.
Tbe group has seen Its share of the world PC mar- ket dwindle to about 3 per. Steve Jobs. Apple co- founder. Macintosh lets anyone use a computer and iMac lets anyone get on the internet quickly and easily. The advertising will echo this message by presenting unflattering comparisons with Windows PCs. Not geek". The combined markets would have a duly turnover of about R40bn S6. Stewart Bees, chief executive of Satex, the South Afri- can futures exchange, said'.
The membership at the three exchanges will have to approve the proposals. Mr Bees sad: "We would become more efficient and cost-effective os a combined market and would make South Africa a more attractive destination for international investors. This has created considerable pressure on exchanges to reduce costs and develop more efficient and transparent trading systems. Revenue rose 38 per cent to MSl. The company warned its results for the entire financial year would be affected by the regional economic crisis.
W- - Malaga;. CHa W Udmesta 27 — 2 8. T9 Inves alone or watte mten. Cain a directorship. V85 — A large muttrtattonef company is intaresiad in offering free Buteate Strategy Ccraultency by a team of its senior executives as part of their ctevekapmem.
Can 37X Steve Weston. Is seating a European or North American tlockbrohing partner wishing id get estabtohed in tf» London madost. Mtae id to Foment Tinea. One SoumwV Brtdoe. Supeio gtaptocal interface, fully supported by NEC. U F-F F-S-t ff; -. Salary negotiable. Applicants, educated to. Ok S outhwark Bridge. DflC Signal Teotrtf. Its most radical restructur- ing package yet aims to ease the country's deep recession by reviving flows of credit to struggling local companies.
As part of the package, the government win provide fresh capital to the banking system through the issue of special debt securities, but gristing shareholders will still be expected to take responsibility for past losses and, where nec- essary, seek foreign partners to help rebuild their Institu- tions. Yesterday, two banks and flve finance companies were nationalised, bringing the number of financial institu- tions nationalised this year to Two of the nationalised banks, Siam City and Bangkok Metropolitan, will have their bad debts written off.
Two other nationalised banks and the 12 finance com- panies will be merged with two existing government- owned institutions and recapi- talised. They will then invite in foreign strategic partners. The final two nationalised banks will be closed.
The government scrapped a plan announced last week to offer foreign Investors a money-back guarantee for new capital injected into Thai financial institutions.
Conditions for the assistance will vary according to whether banks need more secondary capital, which is known as tier 2 capital, or whether they need a boost to their primary capi- tal, known as tier 1 and which includes share capital and reserves. Banks that need Her 1 capi- tal will be required to make fun provisions for all bad debts Cram existing equity.
The gov- ernment will then provide new capital but banks will be expected to match part of the injection with outside funds.
Banks that need Her 2 capi- tal will get up to half the amount required provided they write off bad debts and make new. Banks can choose not to enter either scheme. Under the plan, capital adequacy rules are being modified to increase the amount Of ca pi tal hanks can hold in tier 2 form. The markets had expected details lata - this year or in the first part of A timetable issued earlier this week showed that the two companies hope to complete the deal by the end of the year.
This niMM that any buyback would probably have to wait until early The plan was approved by BP shareholders earlier this year hut im piamwit ii tion has been delayed pending clarifica- tion of UK tax laws.
The latest delay is linked to separate tax issues associated with the Amoco takeover. It may be one reason why BP last week announced a 9 per cent rise in its second quarter dividend In spite of a collapse in oil prices and a 29 per cent fen in second quarter net profits. Although any buybacks will be delayed, they are expected to play a prominent role in the financial strategy of the new group, which wffl be Britain's biggest company.
Both BP and Amoco are generating substan- tial amounts of rash in spite of low oil prices. Speaking from New York yesterday. Sir John said he was encouraged by the response of US in ve s t ors. Sir John said he "saw no reason why they should be worried" as the only competi- tion issue concerned a handful of retail petrol sites in the US.
Mr Augustsson is to be replaced from September l by Stine Carlsson, who earlier this week left a top executive post at ABB foDowtag a man- agement shake-up at the Swiss-Swedish engineering group, part controlled by the Wallenbergs. Mr Carlsson, who was head of industry and construction systems at AB B, has been a director of SKF since L SKF has been under pres- sure for some time to improve profitability by Investor, the Twain i n vestment arm of the Wallenberg empire and the company's largest shareholder.
The pressure Increased after Percy Barnevik, chairman of ABB, nlurt became rji«lrm«m of Investor last year, promising not to tolerate underperform- ance among Investor compa- nies. Mr Augustsson launched a SKR1. I can extract better results from it," he said, adding he would boost spending on marketing and increase sales. Tampentorm maximum for day.
Fonc a stt ty "B? Hong Kong ' government intervening in ' the equity market far Western tares-;' ttffs, three events look fer -away. Events in Hang Kong are only partly reassuring. But inasmuch as intervention is seen ps a sign cf weakness, it invites farther peculation. As in Japan, the author- ities face a tough task cenvtoctag investors that efforts.
Asia lies at the root of the current jitters and will continue to sat the tone for future developments. It is difficult to he sanguine. True, the odds stffi favour stability: the yen holding tta value, and no devalua- tions in China or Hang Kong. But avoiding the worst-case scenario - a confidence sapping round of devalu- ations - fa hardly cause for celebra- tion. The West wffl still have to face the economic fall-out from the region, which will continue to drag on.
Yesterday a federal appeals court ruled that the Food and Drug Administration no a ptir n r iiy to regulate tobacco as a drug. The day before, a Florida appeals court had thrown out, what was only the sec- ond individual lawsuit Big Tobacco bad ever lost, though a retrial is still poggflfle Meanwhile, several clasB action suits hare' also collapsed, for lack of wrrmnnn ground between the plain- tiffs.
WHstm, which are threatened by SfeitOM which are immune from feiriy ; empty. That famishes tfire tobacco companies with a vlablffiew - strat eg y. UK equities Where dp bears who stin haVe some appetite for UK equities: - albeit defensive ones - take refbgtj? And midway K what 'are. UK tavestoza fiefimdfag themseJws from? One fMrmttt bug-bear is eonohiga ' rellftbfHty.
K course the danger in an auction jg that the winner will overpay. As for Henlys, it. Just to matatain earnings per share, ' Henlys would have to add about '. No wander its 1 riudes sank 10 per cent yesterday. Volvo's support la important on the strategic fr o nt too because of the tantaitsiiig. So for, enough : Benlya sharriioldexs are buying thta growth story to keep it ahead in the bidding.
If Mayflower dares to respond, it will have to spell out the synergies — including cost-cutting - - much more clearly to steady the already shaky nerves of its own r shareholders.
Strengthening economies, widespread corporate itshuctbring and cross-border merger activity are all driving European stock markets upwards. For investors seeking to maximise the potential of Europe, the Thread needle European Select Growth Fund has tiie quality to dehvtt.
So, bwestih Europe with confidence. Given subsequent events, it's not surprising that there are few official references in Vietnam to the Act that the founder of the nation received US military backing during the closing days of the second world war.
But what happened in is fas- cinating. Long before the Vietnam war, Ho Chi Minh. He was inspired by the words of Jefferson and wrote admiringly to Ho Chi Minh was inspired by Jefferson and wrote admiringly to Roosevelt President Roosevelt from the jungles of Vietnam.
The 20th century would have been very different if Ho had remained a passionate admirer of thing s American. In , the nearest Allied forces were in the southern Chinese city of Kunming, supporting Chiang Kai- shek's nationalist Chinese armies. But as the end of the war in Europe drew closer. Beyond the reach of Moscow, and fearing domination by China, he turned first to the US. At Ho's request. He didn't take the money.
And Ho bad other proof of his new relationship with the US. Two months later, Hang, still only 18 years old, found himself accompanying the two Americans on a gruel- ling, rain-snaked, day march to a new base further inside Vietnam, at a hamlet called Tan Trao.
There, Hung began wireless train- ing with Mac Shin, and was eventually entrusted with maintaining contacts with the US base in Kunming. They were very open, and we Eked them a lot; Mac Shin liked me because I was a very fast learner, and he gave me a harmonica. Code-named the Deer team, the Americans began training the Viet Minh to use US car- bines, machine guns, mor- tars and bazookas, which had been air-dropped from Kunming.
On August 15 , Japan surrendered unconditionally after the atomic bombings of Hiroshima and Nagasaki, and Ho began his bid for power. His small force. OSS officers went along as observers. In the capital, meanwhile, the Viet Minh had orches- trated a popular uprising, hoisting the Viet Mini's red and gold flag over the old French opera house in the city's centre as they sought to gain the upper hand over their non-communist rivals.
Facing the Soviet threat in Europe, the US needed France more than it needed independence for Vietnam, especially under a commu- nist-led government The Potsdam Conference, signed by the Allies in July , had determined that Japanese foxes In Vietnam were to be disarmed by the British and the Chinese, before Indochina was finally handed back to France.
HO especially, no doubt gained prestige by walking with OSS officers He opened with, a direct quotation from the American Declaration of Independence. By the following March, French troops had moved In and taken control of Hanoi from' the departing Chinese nattenalbtfc By the of the year, Nguyen Kzm Hung and Trieu Due Quang had begun a battle -for indepen- dence which they would fight for another 30 years.
And the stage bad been set for a tragedy which would frfp or iqjure more than 4m Vietnamese, and cost 58J American lives. Hung would go on to fight the French at Dien Bien Phu, and wage war against his old US allies in the Central Highlands, while Quang became an arti- llery officer on the Laos front ; in Vietnam itself, more than 50 years cm.
I tell them that the friendship with them was Eke my first love, something I will never forget" Rich, stylish, full of taste: the South of France in a glass nutshell.
Ah, the South of Fiance. Fabulous scenery. Beautiful people. Among them, James Herrick has created a Chardonnay that does full justice to its unique environment.
Mediterranean sunshine in a bottle. A beguiling, citrusy freshness broadening into a rich and mellow balance of tropical fruit and spice. Poor Dolly 7 am my mother's sister. My daugkter is my mother's niece, t have a grandfather but she does not. Who am I? Across the the world, from the high moun- tains of Canada to the tropical forests of northern Australia, biologists are seeing a disturbing decline in numbers of frogs, toads, salamanders and newts.
The disappearance of these creatures - and the apparent extinction of some species, such as Costa Rica's golden toad - is a tragedy in its own right. And there may be a farther dimension to the problem, which should concern even those who fail to see beauty in a frog or toad. Amphibians, breathing through their skin and living both in water and on land, are particu- larly sensitive to environmental changes. Perhaps their plight is an early warning that something is seriously wrong with living conditions on earth.
Could they be a global equivalent of the canaries miners used to take underground to alert them to a build-up of dangerous gases? Although stories of steep falls in amphibian populations have been emerging from many parts of the world over the past decade or so.
Their plight could signal a global catastrophe, says Clive Cookson fluctuations. A series of Interna- tional meetings has been held to look at the evidence, without reaching any clear conclusions.
Second, at most affected sites some species are 'declining, whereas others are not Finally, there is no single cause for these declines.
Some of the most serious mass deaths of frogs have occurred in pristine envi- ronments,. Scientists have suggested sev- eral factors that may be acting together or individually to kill off amphibians. Three leading candi- dates are infectious disease, chemical pollution and increased ultraviolet radiation resulting from the thinning ozone layer in the upper atmosphere. Microbiologists who ana- lysed the bodies of dead frogs col- lected from tropical forests on Opposite sides of the world - in Panama and Queensland, Austra- lia - found that an entirely new type of chytrid fungus was responsible in both places.
Biologists do not yet know how widespread the fungus is, how fast it is spreading, and whether it is the primary cause of death or an opportunistic infection tak- ing advantage of animals weak- ened by pollution or other fac-. In temperate regions such as north America and Europe, more ultraviolet radiation from the son has been reaching the earth's surface during the spring.
Concern that this might be affecting the' eggs. The researchers shielded some salamander spawn against solar UV and left other spawn exposed to normal sunlight They found the former hatched successfully while the latter failed to hatch or produced deformed salamanders. Many herpetologists also blame Some of the most serious mass deaths have been in pristine environments direct pollution by synthetic chemicals, such as pesticide resi- dues, for killing and deforming amphibians.
There have, been many reports from the US in par- ticular of hideous deformities among frog. The news is not all gloomy. Plentiful rains over the past year in the western US have helped to restore some newt and frog popu- lations, by flushing out pollu- tants and non-native predators such as Louisiana crayfish. But the overall picture is depressing. As concerned herpe- tologists point out, miners could get out of the mine if their canary collapsed.
We cannot leave the earth. His is not a glamor- ous, hi-tech business. Over there is the pulverising equipment, housed in an equally bright factor " of cor- rugated-iron sheeting that seems to have been liberally sprinkled with icing sugar. The powder plant and Hu's little calcite mountain, which leaves you squinting in the glare on a sunny sum- mer's day, is tucked away In an otherwise green recess of southern China's Guangxi province.
Not that he belongs to the tiny gang of multi-million- aire mainland Chinese pri- vate businessmen. What we want most is stability. Instead, he has operated at one remove, directing his unsophisticated but lucrative product to the manufacturers. Hu's brand of pru- dence is earning a new kind of credibility.
Born in central China in Chairman Mao's Great Leap Forward a decade later helped plunge much or rural China into famine, and the year-old Hu was sent on his own sev- eral hundred miles away to live with unknown relatives in a town just outside Guilin in Guangxi, where there was at least a little to eat Come the Cultural Revolu- tion, he was sent to work in the countryside, returning in his early 20s to the state- owned L ingchuan Iron and Alloy Factory on a monthly salary of RMB More, than 10 years later, his sal- ary had crept up to RMB3S.
And so, in , Hu decided to set out on his own. Having scraped together RMB by selling bamboo for use as scaffolding to builders, he quit bis job in the state-owned factory and started trading in plastic fer- tiliser sacks, making enoug h capital to rent a machine that could reduce rocks to sand.
This was used in glass manufacture for the many bottling businesses in the area, and for construction. By last year, the factory was selling more than 50, tonnes of calcite powder a year, which was distributed to almost all the big name producers of toothpaste - foreign and local - in China. Hu is reluctant to talk about profits, but buying in the rocks at RMB80 per tonne and selling the powder at RMB per tonne suggests a healthy margin. As is the case with most personal hygiene products in China, the market potential for toothpaste seems vast.
Hu Zegang: started Ms career by seBig bamboo lot scaffolding on the basis that a person brushing his or her teeth twice a day should consume at least five tubes a year, calculates that roughly 40 per cent of people brush their teeth toothpaste every day.
But he warns that the toothpaste market is already fiercely competitive. My consumers are the manufacturers," he says, with a grin. Although Hu watches as investors pour money into real estate developments in Guangxi in the hope of mak- ing big returns, he is not inclined to join them.
If you try to juggle two, you may very well drop both. Perhaps the modest ambi- tions are explained, by the feet that Hu says he does not have any particular foibles upon which he likes spend- ing his relative fortune. One, Tanxi Town. Lingchuan County. Solution on Saturday August Si 25 Climber accepts agree- ments by the French on purchase 9 27, 8 The last quarter day? Argyll: Gill Pickles. London Ell CtcmuurC -pommo! On this deal.
East- West showed them- selves capable of overcoming their slippery opponents. To prevail, it took two consecu- tive doubles from East - each with a different mean- ing - and two expert bids from West, both passes. This allowB partner to compete in that suit with support. South completed the trans- fer, happy with four-card support for his partner's suit. West and North passed, and now East doubled again.
This time, however, he is doubling a natural suit - hearts - and so the double is fra- takeout West now faced a tough decision. East was likely to hold a four-card spade suit so they held a fit However. West's shortage in diamonds and hi« holding in hearts, led him to believe that defending was the better prospect When he checked the vulnerability - his oppo- nents were, his side were not - this convinced him.
This beat the cob pair who had South opened a minimum, but perfectly respectable 1NT and North bid 2D - beginning a weak take-out through a transfer. A doable of a conventional bid is lead directional, so East doubled.
A play-off seemed most improbable when Sadler, two pieces up against Mark Heb- den. Britain, now has the strongest national cham- pionship in the world held on the traditional Swiss system both the Russians and Americans have gone aver, to knock-outs , and. Black coped well with dangerous threats until the imminent time control proved fetal M Hebden v M Sadler. Sl world team championship Lucerne With pieces' scattered round the board. How, instead, did Black win quickly?
Then, citing bis poor vision and weak grip, he asked if he could bring an "assistant". Z said. Til bring my son. But we can talk anywhere. Mathur was 17 in when his high school was shut down fry the British. So he enrolled as a Congress volunteer and was sent to picket stores selling foreign goals. Mathur allied himself with lef- tists, and searched India for.
This was no Gandhian res- ponse. Mathur robbed two postal. In total, Mather has spent 13 years behind bars. He takes a sip of beer - it's slightly surprising since many Indians of Mathur's vintage frown on drink. A pianist is playing, fake fishing nets are hung around the place. Worried that my elderly guest may be hungry, Z suggest we order immediately. The senior Mathur will have a lobster, shelled please; Mathur junior, head of his own information technology company, will have prawns Newburg.
I get closest to Indian food, choosing Goa fish curry. The former freedom fighter reminisces. When he was a boy in Benares, his grandmother took him daily for a purifying ritual dip in the Ganges River, which is sacred to Hindus, the place where they scatter the ashes of their dead. But watching the priests and worshippers during Ids daily dips.
Mathur says, he developed a "hatred" for the priests. Insulting, asking for more money," he says. Later, he smashed an idol. With it were shattered the last traces of his religions faith.
Mathur was drawn to the inde- pendence movement by the fierce i c. In , aged Ganrfhi was passing through. The boys pressed oranges into Gandhi's hands. He inquired whether we had permis- sion to come. He was angry, end said. Mahatma Gandhi was very much a strict disciplinarian-" The lobster and other food arrives as Mathur is telling me about bis first spell in Jafl. It vriB go on ewon alter my death. Approaching the meeting spot. But we all laughed. Then he realised that the body was being lifted by bamboo sticks held by his friends; It was a test, devised to ensure be would not be easily frightened.
After initiation, be and his comrades sent letters to British district officials, warning them to leave or die. He says he contin- ued to respect the Congress lead- ers. It was not practical. I ask Mathur what kind of India helhought be was fighting for when be was robbing postal workers.
He only knew they wanted foreigners out. His efforts earned him another six months in jail, this time under a free Indian government. And what of India today. They want to divert the attention of the people from the bread problem, from the real problem of life, from the water problem, power problem. Our plates are cleared. Coffee is brought. The root of India's problem. And that is why Mathur says ho feels his Job as a freedom fighter Is not yet done. My sun mid daughters, they haw to fight.
Fight to develop a scientific-mind approach towards social prob- lems - not what is called mystic or religious and all that. That is the only guarantee that will bring good people into power. This impassioned outburst seems a fitting end to our conver- sation. It is rude, I kuow, but I cannot resist. Then he and his son t;ikc their leave, and I am left in settle the hill. Instinctively, we the patient in the! Four cases are being- taken up by the Crown Pros- ecution Service.
A young man in a coma after an asthma attack had food and drink withdrawn after eight weeks, : although close rela- tives were convinced he was conscious and capable of communicating by eye movements- An year-old woman was denied- intrave- nous fluids which could have kept her alive.
There is a whole list of other cases. But how -do relatives or the general pub- lic know? Consider- Gerald's case. There are th o usands of Geralds in geriatric wards and nursing homes, many lost in dementia or senile depression. There are many others enduring the unen- durable: incurable and terri- ital flaws; traumatic mental conditions. Who should, make- the decisions of life and death? Some people say. Life is sacred - whatever that means. However, even the most intransigent absolutist has to acknowledge there are.
AH the way along the gra- dient, imponderable ques- tions of motivation are posed. How do we know what a person really intended, patient cur doctor, particularly if the patient is dead?
Does an earlier inten- tion while of sound mind Some people say life and death belong to God and no mortal can presume to pre-empt God's role carry more' weight than a later one expressed. Can people sensi- bly c h ang fl their minriq at the last moment? The problems of euthana- sia are complex and fearful, but It is too fate to draw a line In the sand and say it is immoral and illegal under all. It is already widely practised by doctors, and assisted suicide is focraaringly common and increasingly, if tacitly, - approved.
Instinctively, we all know that in this case or that case, assisted death really is the better thing. So we pretend it isn't hap- pening and hope doctors will have the wisdom and compassion to let It happen quietly behind the scenes, as mast do already. But the Merseyside study shows, that among the benign releases there are some less happy involun- tary deaths.
The genie is out or the bottle, and the doctor is in the dock. If our society is going to take on the issues of life and death - as I believe we will have to - one basic principle must be followed. We must not leave it to the doctors. But there are other social, family and legal factors that must bear, upon every case about which doctors do not have any privileged judgment Even more important is the need to preserve at all costs the complete trust of the patient in their doctor as the mediator of life and health.
I wont no scintilla of doubt about the true inten- tion of the kindly figure leaning over me in my hos- pital bed. The next step of eulhana-. Never- theless, it is a step which, like it or not, society will take sooner or later. It is high time we built on our experience of ethical panels with legal, social work, psychiatric and lay experts working alongside doctors not only to relieve them of a burden that should not be placed on tbem, but also to protect their professional integrity.
It would help us to be more transparently truthful to our own moral intuitions abbot life and death: and to accept it is our own moral responsibility to make the difficult choices. We should not shuffle it off on to the professionals. Nor should, we be terrified of Pandora's box; after all, it is only our own psyche.
The spooks it contains may be alarming but surely we have the courage and intelligence to tame them. C T«l i -f. But did he find the true path? R ichard Nixon is cred- ited with having opined that a man is not defeated when he is beaten - only when he gives up. Full of anticipation and curios- ity, 1 have been aspiring to team Vlpassana Meditation on a visit to Burma, but so far my efforts seem to have gone completely unrewarded.
Indeed, is it time to call it a day? It promises a form of insight into the object of meditation that transrands some Of the limi tations of logical deductive thinking.
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